HomeMy WebLinkAboutOrdinance 11800
ORDINANCE NO l/~D~
AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE ENGINEERING FUND IN THE
AMOUNT OF $180,148.00 FOR THE PURPOSE OF PROVIDING
INTERIM FINANCING OF LAND ACQUISITION PENDING THE
EXECUTION OF THE .PHASE II ECONOMIC DEVELOPMENT
CONTRACT, 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
1994-95 and in the Budget of the City Manager, there shall also be increased estimated receipts and
appropriations in the Engineering Fund in the amount of $180,148.00 for the purpose of providing
interim financing of land acquisition pending the execution of the .Phase II Economic Development
contract.
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. 11645 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provisions of said prior ordinances and appropriations are hereby expressly repealed.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
~~
Rest. City Attorney
Date
Adopted
Effective
~' City of Fort Worth, Texas
Mayor and Council Communication
DATE REFERENCE NUMBER LOG NAME PAGE
01 /17/95 G1O951 12NORTH 1 of 2
SUBJECT ADOPTION OF SUPPLEMENTAL APPROPRIATIONS ORDINANCE AND APPROVAL OF
FUND TRANSFER FOR PURCHASE OF 3 165 ACRES, LOTS 2 THROUGH 9, BLOCK
216, NORTH FORT WORTH ADDITION, AND TRACT A, BLOCK 216 (JOHN BAUGH
SURVEY, ABSTRACT NO 115) FROM FIRST NATIONAL BANK OF WEATHERFORD
RECOMMENDATION
It is recommended that the City Council
1 Adopt the attached appropriations ordinance increasing estimated receipts and
appropriations in the Capital Projects Reserve Fund by 5180,148 00 from increased
revenues, and
2 Authorize the transfer of 5180,148 00 from the Capital Projects Reserve Fund to the
Engineering Fund, and
3 Adopt the attached supplemental appropriations ordinance increasing estimated receipts
and appropriations in the Engineering Fund by 5180,148 00 from increased revenues for
interim financing of land acquisition pending the execution of the Phase II Economic
Development contract
DISCUSSION
The City Council approved acquisition of this property contingent upon receipt of Phase II
Economic Development Grant funds by adoption of M&C L-11479 on November 8, 1994 The
property is to be utilized as a Main Street Park and Ride facility and public parking lot
The City has now received notice of approval of the federal grant In order to expedite closing
of the transaction in accordance with the contract of sale, prior to actual receipt of the federal
funds, staff requests that the City Council authorize use of Capital Project Reserve Funds in the
amount of 5180,148 00 to cover the purchase price (earnest money deposits of 53,500 have
already been made which will be credited toward purchase price) and closing costs When
federal grant funds are received, they will be utilized to reimburse the Capital Project Reserve
Fund for the full amount of the purchase price and closing costs
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City of Fort Worth, Texas
Mayor and Council C~crrrimunication
DATE REFERENCE NUMBER' LOG NAME PAGE
01 /17/95 G10951 12NORTH 2 of 2
SUBJECT ADOPTION OF SUPPLEMENTAL APPROPRIATIONS ORDINANCE AND APPROVAL OF
FUND TRANSFER FOR PURCHASE OF 3 165 ACRES, LOTS 2 THROUGH 9, BLOCK
216, NORTH FORT WORTH ADDITION, AND TRACT A, BLOCK 216 (JOHN BAUGH
SURVEY, ABSTRACT NO 115) FROM FIRST NATIONAL BANK. OF WEATHERFORD
FISCAL INFORMATION/CERTIFICATION
The Director of Fiscal Services certifies that upon approval of the above recommendations and
adoption of the attached appropriations ordinances, funds required for this land acquisition will
be available in the current capital budget of the Engineering Fund The cash balance in the
Capital Projects Reserve Fund after this transfer will be 52,946,682 55 Upon execution of the
grant contract, the 5180,148 00 utilized as interim financing will be transferred back to the
Capital Projects Reserve Fund
CB v
Submitted for City Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY
Office by: (to)
1) GC10 472040 013010001000 180,148.00
Charles Boswell 8500 1) GC10 538070 013010001000 180,148.00
Originating Department Head: 2)3)PI19 472010 0301000 180 148.00
3)PI19 541100 0301000 180,148.00
Wade Adkins 7623 (from)
2) GC10 538070 013010001000 180,148.00
For Additional Information
Contact:
David L. Yett 7619
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