HomeMy WebLinkAboutOrdinance 13700T
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ORDINANCE NO ~~/DD
AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND
APPROPRIATIONS BY $75,000,000 IN THE WATER AND SEWER
COMMERCIAL PAPER FUND FROM PROCEEDS OF THE SALE OF WATER
AND SEWER SYSTEM REVENUE REFUNDING AND IMPROVEMENT
BONDS, SERIES 1998 TO RETIRE $20 MILLION IN COMMERCIAL PAPER
AND DISTRIBUTE $55 MILLION TO PROJECTS AWARDED THROUGH THE
LINE OF CREDIT AUTHORIZATION, PROVIDING FOR A SEVERABILITY
CLAUSE, MAKING THIS ORDINANCE CUMULATIVE OF PRIOR
ORDINANCES AND REPEALING ALL PRIOR ORDINANCES IN CONFLICT
HEREWITH, AND PROVIDING AN EFFECTIVE 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 1998/99 and in the
Budget of the City Manager, there shall also be increased estimated receipts and appropriations by $75,000,000 in
the Water and Sewer Commercial Paper Funds from proceeds of the sale of Water and Sewer System Revenue
Refunding and Improvement Bonds, Series 1998 to retire $20 million commercial paper and distribute $55 million
to projects awarded through the line of credit authorization.
SECTION 2.
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 impair the
remaining 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 13540 and all other ordinances and appropriations
amending the same except in those instances where the .provisions of this ordinance are in 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and appropriations are hereby expressly repealed.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 ordmance shall take effect and be in full force and effect from and after the date of its passage, and it is so
ordained.
APPROVED AS TO FORM AND LEGALITY
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Assistant y Attorney
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Date
a~ 9-~~
Adopted
Effective
City of Fort North, Texas
M'Ayar and Cauncil CammunicAtian
DATE REFERENCE NUMBER LOG NAME PAGE
2/9/99 **G-12461 60SERIES 1 of 1
SUBJECT APPROPRIATION OF $75,000,000 PROCEEDS FROM WATER AND SEWER SYSTEM
REVENUE REFUNDING AND IMPROVEMENT BONDS, SERIES 1998
RECOMMENDATION
It is recommended that the City Council adopt the attached appropriation ordinance increasing estimated
receipts and appropriations by $75,000,000 in the Water and Sewer Commercial Paper Funds from
proceeds of the sale of Water and Sewer System Revenue Refunding and Improvement Bonds, Series
1998
DISCUSSION
On November 10, 1998, the City Council adopted Ordinance No 13640, the Sixth Supplemental
Ordinance authorizing the issuance and sate of City of Forth Worth, Texas, Water and Sewer System
Revenue Refunding and Improvement Bonds, Series 1998 An amount of $20 million of the proceeds is
being used to retire commercial paper, thus freeing up the line of credit. The remaining $55 million will be
distributed to projects where contracts have been awarded by the City Council, through the line of credit
authorization
FISCAL INFORMATION/CERTIFICATION
The Finance Director certifies that funds are available in the Water and Sewer Commercial Paper Funds
for the recommended appropriations as a result of the December bond sale.
MG k
Submitted for City Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY
Office by: (to)
PW77 485198 060770159010 $42,750,000.00 APPROVED
Mike Groomer 6140 PS46 485198 070460139010 $32,250,000.00
Originating Department Head:
PW77
541200
060770159010
$42,750,000.00 ~~~~ ~~~~`~~€L
@
PS46 541200 070460139010 $32,250,000.00
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Lee Bradley, Jr 8207 (from) ta~~
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Additional Information Contact: ,
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Lee Bradley, Jr 8207 Git}° ob oe~ ~~L~°ua,
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ado~ged Ordinance Flo. ~ OT