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Home My WebLink AboutOrdinance 11828ORDINANCE NO~U ~r AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND APPROPRIATIONS IN THE WATER COMMERCIAL PAPER FUND IN THE AMOUNT OF $10,340,824.00 AND WASTEWATER COMMERCIAL PAPER FUND IN THE AMOUNT OF $16,659,540 00 FOR THE PURPOSE OF TRANSFERRING MONIES TO PAY PRINCIPAL AND INTEREST ON EXISTING DEBT SERVICE AND TO FUND NEW CAPITAL PROJECTS, 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 Water Commercial Paper Fund in the amount of $10,340,824.00 and in the Wastewater Commercial Paper Fund in-the amount of $16,659,540.00 for the purpose of transferring monies to pay principal and interest on existing debt service and to fund new capital projects. 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in which instance said conflicting provisions of said prior ordinances and' appropriations are hereby expressly repealed.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 e ity Att ey ~,~ ,~ ~~/~~- Date a~ 7 ~~ Adopted Effective City of Fort T~orth, Texas Mayor and Council Communication DATE NUMBER 02/07/95 G-10969 60DEBT 1 of 4 SUBJECT TRANSFER MONIES TO PAY PRINCIPAL AND INTEREST ON EXISTING DEBT SERVICE AND TO FUND NEW CAPITAL PROJECTS RECOMMENDATION It is recommended that the City Council Authorize the transfer of the excess Water/Wastewater Capital Projects Bond Proceeds (55,740,629 00)andWater/WastewaterCapitalProjectsinterestearnings($8,544,620 70) to the Water/Wastewater. Revenue Debt Service Fund, and 2 Authorize the transfer of Water Capital Projects Fund impact fees (52,050,527 00) and Sewer Capital Projects Fund impact fees (51,821,314 00) to the Water/Wastewater Revenue Debt Service Fund, and 3 Declare 59,561,900 00 excess revenues in the Water/Wastewater Revenue Debt Service Fund to transfer to State Revolving Debt Service (55,476,400 00), Sewer Debt Service (52,664,500 00), and Commercial Paper Debt Service Funds (51,421,000 00) to pay the current principal and interest payments, and 4 Authorize the quarterly transfer of Water/Wastewater Operating Funds to the Wastewater Commercial Paper Fund (54,164,885 00) and Water Commercial Paper Fund (52,585,206 00) upon approval of this M&C plus on 3/1 /95, 6/15/95, and 9/15/95, and 5 Adopt the attached appropriation ordinance increasing estimated receipts, and appropriations in the amount of 527,000,364 00 in the Water (52,585,206 00) and Wastewater (54,164,885 00) Commercial Paper Funds upon approval of this M&C and in quarterly amounts beginning 3/15/95, 6/15/95, and 9/15/95 DISCUSSION The closing of completed projects has netted 55,740,629 17 in excess funds from previously approved Capital Projects Bond Sales The excess plus accumulated interest of 58,544,620 70 in those funds are designated to retire the principal and interest payments due in the Debt Service Fund The addition of these moneys to the debt service fund are sufficient to allow for the transfer of funds to pay FY95 principal and interest payments for the State Revolving Debt Service, Sewer Debt Service, and Commercial Paper Debt Service current principal and interest payments on current outstanding debt The amounts budgeted in the Water and Sewer Operating Fund will be used to finance appropriate FY95 Capital Projects Additionally, it has been determined that impact fees collected since 1990 can be utilized to pay principal and interest on the debt incurred in financing previously completed projects which were considered in the. calculation of impact fees Impact fees must be spent or refunded within ten years of collection +r~~ Printed on recycled paper City of Fort Worth, Texas Mayor and Council Communication DATE 02/07/95 REFERENCE NUMBER LOG NAME 60DEBT PAGE' 2 of 4 SUBJECT TRANSFER MONIES TO PAY PRINCIPAL AND INTEREST ON EXISTING DEBT SERVICE AND TO FUND NEW CAPITAL PROJECTS Approval of the recommendations will implement the financial plan presented to Council in conjunction with the FY95 Water and Sewer rate study FISCAL INFORMATION/CERTIFICATION The Director of Fiscal Services certifies that upon approval and execution of the above recommendations, sufficient funds will be available in the current operating budgets, as appropriated, of the Water/Wastewater Revenue Debt Service Fund, Wastewater Commercial Paper Fund, and Water Commercial Paper Fund MGI Submitted for City Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY Office by: (to) (2) PE52 472XXX 0132000 $1,411,000.00 (2) PE15 472XXX 0132000 $5,239,300.00 (2) PS48 472Xxx 0132000 $2,664,400.00 VE D R APP O (2) PE47 472XXX 0132000 $4,970,549.87 (~ ( ~ ~ ` C ~~ Y V ~! ~ ~ i Charles Boswell 8511 (3) PW77 541200/472042 060770159010 $2,585,206.00 Originating Department Head: (4) PS46 541200/472045 070460139010 $4,164,885.00 °C,. ~ ~ , E° ~.r' (5) PE47 472053 0132000 $2,050,527.00 (5) PE47 472058 0132000 $1,821,314.00 ~~"" ~ (ut.4t,/ Richard Sawey 8207 Ct ~etetctty of of Fbtt iiPort~ Cit (2) PW09 441612 013090110000 $865,844.02 , y q L~ Printed on recycled paper City of Fort Worth, Texas Mayor and Council Communication DATE 02/07/95 REFERENCE NUMBER ~-10969 LOG NAME 60DEBT PAGE 3 of 4 SUBJECT TRANSFER MONIES TO PAY PRINCIPAL AND INTEREST ON EXISTING DEBT SERVICE AND TO FUND NEW CAPITAL PROJECTS (2) PW09 441632/538070 060090159010 $21,358.70 (2) PW50 488272/538070 060500149010 $54,637 08 (2) PW51 488162/538070 060510159010 $6,316.26 (2) PW51 488602/538070 060510159010 $5,807.27 (2) PS54 441022 013540110000 $362,615.58 (2) PS08 441022 013080110000 $1,027,172.65 (2) PS08 448062/538070 070080139010 $76,145.93 (2) PS08 488152/538070 070080139010 $173,681.01 (2) PS08 488182/538070 070080149010 $2,141.87 (2) PS54 441032/548070 013540149010 $225,000.00 (2) PS54 448462/548070 013540149010 $410,359 70 (2) PS54 448462/548070 070540149010 $8.95 (2) PW55 441022 013550110000 $217,847.38 (2) PW55 488262/538070 060550159010 $141,031.53 (2) PW55 411032/538070 060550159010 $217,000.00 (2) PS56 441322 013560110000 $1,765 793.39 (2) PS56 488152/538070 070560139010 $1,158,910.51 (2) PW57 441022 013570110000 $125,985 73 (2) PW57 441032/538070 013570159010 $26,000.00 (2) PW57 488242/538070 060570159010 $11,259.02 (2) PSSO 441562 013800110000 $862,431.25 (2) PS80 488362/538070 070800139010 $171,577 12 (2) PS80 488362/538070 070800149010 $51,904 00 (2) PS80 488432/538070 070800149010 $43,426.29 (2) PW81 441352 013810110000 $743,600.35 (2) PW81 441362/538070 013810159010 $25,000.00 (2) PW81 488192/538070 060810159010 $214,098.88 (2) PS82 441022 013820110000 $1,479,268.79 (2) PS82 488102/538070 070820149010 $31,864 14 (2) PS82 488162/538070 070820169010 $119,190.81 (2) PW83 441952 013830110000 $1,899,810.50 (2) PW83 441952/538070 060830159010 $70,491.00 (2) PW83 472045/538070 060830159010 $1,000.00 (2) PW83 488022/538070 060830159010 $535.54 gpp~~~D (2) PW83 488682/538070 060830159010 $1,579,307 19 ~~ Ty GQU N (2) PS84 441082 013840110000 $60,095.08 (2) PS84 441102/538070 070840169010 $9,720.73 ~~~ 7 ~~ (2) PS84 472045/538070 070840169010 $25 495.00 ` (4) PE45 538070 0709020 $4 164,885.00 ~~~ (4) PE45 538070 0609020 $2,585,206.00 af ~ ~ ~ ~ (5) PW53 488013/538070 060530200040 $635,663.37 o Ci IL :rte •~i Printed on recycled paper City of Fort Worth, Texas Mayor and Council Communication DATE 02/07/95 REFERENCE NUMBER G-10969 LOG NAME 60DEBT PAGE 4 of 4 SUBJECT TRANSFER MONIES TO PAY PRINCIPAL AND INTEREST ON EXISTING DEBT SERVICE AND TO FUND NEW CAPITAL PROJECTS { r (5) PW53 488023/538070 060530200050 $1,414,863.63 (5) PS58 488343/538070 070580200040 $582,820.48 (5) PS58 488353/538070 070580200050 $1,238,493.52 ~~ Printed on recycled paper