HomeMy WebLinkAboutOrdinance 14643^-,_
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Ordinance No 1'`\Q
AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND APPROPRIATIONS IN THE
STREET IMPROVEMENT CAPITAL PROJECT FUND IN THE AMOUNT OF $5,125,000 FROM THE
SALE OF CERTIFICATES OF OBLIGATION, SERIES 2001 FOR THE PURPOSE OF FUNDING
VARIOUS CRITICAL CAPITAL PROJECTS, MAKING THIS ORDINANCE CUMULATIVE OF
PRIOR ORDINANCES AND REPEALING ALL PRIOR ORDINANCES IN CONFLICT HEREWITH,
AND PROVIDING AN EFFECTNE DATE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS
SECTION 1
That in addition to those amounts allocated to the various City departments for the Fiscal Year 2000-01 and in the Budget of
the City Manager, there shall also be increased estimated receipts and appropriations in the Street Improvement Capital Project
Fund in the amount of $5,125,000 from the sale of Certificates Of Obligation, Series 2001 for the purpose of funding various
critical capital projects.
SECTION 2.
That should any portion, section or part of a section of this ordinance be declared invalid, inoperative or void for any reason by
a court of competent jurisdiction, such decision, opinion or judgment shall in no way unpair the remauung portions, sections,
or parts of sections of this ordinance, which said remaining provisions shall be and remain in full force and effect.
SECTION 3
That this ordinance shall be cumulative of Ordinance No 14286 and all other ordinances and appropriations amending the
same except in those instances where the provisions of this ordinance are m direct conflict with such other ordinances and
appropriations, in which instance said conflicting provisions of said prior ordinances and appropriations are hereby expressly
repealed.
SECTION 4
This ordinance shall take effect upon adoption.
APPROVED AS TO FORM AND LEGALITY
~~
Assistant ity Attorn y
ADOPTED AND EFFECTNE. J ~'
City of Fort Worth, Texas
A o~ And aunc~l C,a1r1111un1cAt`IOn
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DATE REFERENCE NUMBER LOG NAME PAGE
6/5/01 **G-13257 13GP-BONDS 1 of 2
SUBJECT CAPITAL IMPROVEMENT PROGRAM PROJECT APPROPRIATION ORDINANCE
FOR PROCEEDS FROM SALE OF GENERAL PURPOSE BONDS, SERIES 2001 AND
CRITICAL CAPITAL PROJECTS APPROPRIATION ORDINANCE FOR PROCEEDS
FROM SALE OF CERTIFICATES OF OBLIGATION, SERIES 2001
RECOMMENDATION
In order to appropriate funds resulting from the March 2001 Bond Sale to enable staff to expend these
funds on bond projects and critical capital projects, it is recommended that the City Council
Adopt the attached appropriation ordinance increasing estimated receipts and appropriations by
$8,260,000 for Capital Improvement Projects as follows; and
• STREET IMPROVEMENTS
'`1998 Capital Improvement Program
Neighborhood Streets $1,871,276
Arterial Street and Urban Design $2,000,000
Regional Projects -City's Part $1,260,000
• PARKS AND COMMUNITY SERVICES
*1998 Capital Improvement Program $ 2,228,724
• FIRE SERVICES
`°~ *1998 Capital Improvement Program $ 900,000
*See attached listing of proposed projects
2 Adopt the attached appropriation ordinance increasing estimated receipts and appropriations by
$5,125,000 for Critical Capital Projects as follows.
• STREET IMPROVEMENTS
I-30/Lancaster Realignment Project $1,125,000
Traffic Signals Unspecified $4,000,000
DISCUSSION
In early ,December 2000, staff presented the "Un/Underfunded Capital Needs Strategy" to the City
Council, which the City Council endorsed This report identified some unfunded and underfunded
capital needs in the amount of $44 6 million that were in immediate need of funding, before the
formulation of the next Capital Improvements Program These projects were comprised of two
components.
a) .Projects in the 1998 and 1993 Capital Improvements Program, where it was anticipated that
allotted funds would be inadequate for completion, and '
b) Other capital projects which had not been anticipated, along with several federal/regional
projects in transportation, parks, and aviation whereby City participation was required
City of Fort Worth, Texas
~-~Ayar And aunc;l antinun~cAt~~rn
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DATE REFERENCE NUMBER LOG NAME PAGE
6/5/01 **G-13257 13GP-BONDS 2 of 2
SUBJECT CAPITAL IMPROVEMENT PROGRAM PROJECT APPROPRIATION ORDINANCE
FOR PROCEEDS FROM SALE OF GENERAL PURPOSE BONDS, SERIES 2001 AND
CRITICAL CAPITAL PROJECTS APPROPRIATION ORDINANCE FOR PROCEEDS
FROM SALE OF CERTIFICATES OF OBLIGATION, SERIES 2001
This report also recommended a financing plan to address these needs. Based on updated service
models, it was determined that these critical capital projects could be accommodated without a tax rate
increase, but it would be necessary to extend the implementation of some of the projects to Year 2004
At the same time, staff reported that while it was feasible to issue the remaining 1998 Capital
Improvements Program funds, it would also be necessary and feasible to issue $44 6 million in
Certificates of Obligation over the next four years to cover these needs as they materialize. As a result
,
by using a combination of Certificates of Obligation and voted funds in each of the next four years, the
critical needs could be addressed Staff also presented a Specific Project Implementation Plan for
these projects
Accordingly, on February 27, 2001, the City Council authorized the sale of $8,260,000 in General
Purpose Bonds, Ordinance No 14531, and $5,125,000 in Certificates of Obligation, Ordinance No
14532, specifically for funding these critical projects outlined in the report.
FISCAL INFORMATION/CERTIFICATION
The Finance Director certifies that funds are available as a result of the March 2001 bond sale for the
recommended appropriations
CB k
Submitted for City Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY
Office by: (to)
1) C115 541200 020115040901 $1,871,276
Charles Boswell 8511 1) C115 541200 020115023901 $2,000,000
Originating Department Head: 1} C115 541200 020115021901 $1,260,000
1) C181 541200 020181051010 $2,228,724
1) C132 541200 020132011037 $ 600,000 ~R~y~d
1) C132 541200 020132011039 $ 300,000 CITY CaUNCIL
2)C116 541200 020116021101 $1,125,000
2)C116 541200 020116031901 $4,000,000 JJN 5 2001
aim Keyes 8517 (from)
1) C115 485201 020115040901 $1,871,276 ~1
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Additional Information Contact:
1) C115
485201
020115023901
$2,000,000 ~ J
4
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Cit
S
1) 0115
485201
020115021901
$1,260,000 y
ecretary of the
City of Fort. WortA. 7®xas
1) C181 485201 020181051010 $2,228,724
1)C132 485201 020132011037 $ 600,000
1)C132 485201 020132011039 $ 300,000
2)C116 485201 020116021101 $1,125,000
Judy Walton 8334 2) C116 485201 020116031901 $4,000,000
Adopted Ord+nan~e No. ~~~~-
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