HomeMy WebLinkAboutOrdinance 12687c r ~.~
ORDINANCE NO 1~~~' (f/U
AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE TEXAS MOTOR SPEEDWAY STREET
IMPROVEMENT FUND IN THE AMOUNT OF $7,100,000.00 FROM
INCREASED REVENUE FROM PROCEEDS FROM THE SALE OF
COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION,
TAXABLE SERIES 1996 FOR THE PURPOSE OF FUNDING STREET
IMPROVEMENTS IN THE VICIlVITY OF THE TEXAS MOTOR SPEEDWAY,
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 1995/96 and in the
Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the Texas
Motor Speedway Street Improvement Fund in the amount of $7,100,000.00 from increased revenue from proceeds
from the sale Combination Tax and Revenue Certificates of Obligation, Taxable Series 1996 for the purpose of
funding street improvements in the vicinity of the Texas Motor Speedway
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. 12074 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and appropriations are hereby expressly repealed.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 ordinance 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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Adopted
Effective
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Mayor and Council Communication
DATE
09/24/96 REFERENCE NUMBER
G-11614 LOG NAME
20SALE PAGE
1 of 1
sUBJECT APPROPRIATION OF PROCEEDS FROM THE OF SALE OF COMBINATION TAX AND
REVENUE CERTIFICATES OF OBLIGATION, TAXABLE SERIES 1996A
RECOMMENDATIONS
It is recommended that the City Council appropriate 57,100,000 for street improvements in the
Texas Motor Speedway Street Improvement Fund
DISCUSSION
The City Council authorized the sale of 57,100,000 of Combination Tax and Revenue Certificates
of Obligation on July 23, 1996 (M&C G-11544) for construction of street improvements in the
vicinity of the Texas Motor Speedway These certificates were sold on August 17, 1996 (M&C
G-11586) to First Tennessee Bank at a true interest rate of 7 2256%
FISCAL INFORMATION/CERTIFICATION
The Director of Fiscal Services certifies that funds are available as a result of the August sale
for the recommended appropriation
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ubmitted for City anager s FUND ACCOUNT CENTER AMOUNT CITY SECRETARY
Office by: (to) ^1I
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Mike Groomer 6140 ^~~y (~(~,! [A!(1tl
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Originating Department Head: f lJ i
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Hugo A. Malanga 7800 (from) S~p ~~ ~~~b
or trona ormatron [~~~stJ ~,ccAwt.I(,.J
Contact: Gq g~ek~q of the
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Hugo A. Malanga 7800 i ~'Qit W~~th~ raxaa
City
Printed on RecyGed Paper Adopted Ordnance No. ~~~~~