HomeMy WebLinkAboutOrdinance 12245Ordinance No ~j?p~~~
AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND APPROPRIATIONS IN
THE SEWER COMMERCIAL PAPER FUND IN THE AMOUNT OF $10,000,000 00 FOR
THE PURPOSE OF FUNDING CASH FINANCE FOR MISCELLANEOUS SEWER 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 1995-96 and in the Budget of the City Manager, there
shall also be increased estimated receipts and appropriations in the
Commercial Paper Fund in the amount of $10,000,000 00 for the purpose of
funding cash finance for miscellaneous sewer 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 judgement 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ordinances and appropriations are hereby expressly repealed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 and after the
date of its passage, and it is so ordained
APPROVED AS TO FORM AND LEGALITY
Assistan ity Attorney
i~ f 8 ~9~
Date
J /- /
Adopted
Effective
City of Fort Worth, Texas
Mayor and Council Communication
DATE REFERENCE NUMBER LOG NAME PAGE
11 /7/95 **G11291 60CASH 1 of 2
SUBJECT SUPPLEMENTAL APPROPRIATION TO CASH FINANCE MISCELLANEOUS SEWER
PROJECTS
RECOMMENDATION
It is recommended that the City Council
1 Adopt the attached supplemental appropriations ordinance increasing the Water and Sewer
Operating Fund appropriations by $10,000,000 and decreasing the Unreserved,
Undesignated Retained Earnings of the Water and Sewer Operating Fund by the same
amount, and
2 Transfer $10,000,000 from the Water and Sewer Operating Fund to the Sewer Commercial
Paper Fund, and
3 Adopt the attached appropriations ordinance increasing estimated receipts and
appropriations by 510,000,000 in the Sewer Commercial Paper Fund from increased
revenues
DISCUSSION
During the 1995 Retail Cost of Service Studies, it was determined that a proposed rate increase
could be reduced if Unreserved, Undesignated Retained Earnings were used to cash finance
sewer capital projects that would otherwise require debt financing In order to postpone a bond
sale to convert Commercial Paper to Revenue Bonds, it is necessary to make 510,000,000
available for immediate use These funds will be used to finance sewer rehabilitation projects
that will be competitively bid and presented to Council before contracts are awarded
FISCAL INFORMATION/CERTIFICATION
The Director of Fiscal Services certifies, that upon adoption of the supplemental appropriations
ordinance, approval of the funds transfer, and adoption of the appropriation ordinance, funds will
be available in the current capital budget of the Sewer Commercial Paper Fund to cash finance
projects due to start prior to January 1, 1996
>,
City of Fort Worth Texas
Mayor and Council Communication
DATE
1 1 /7/95 REFERENCE NUMBER
**G11291 LOG NAME
60CASH PAGE
2 of 2
SUBJECT SUPPLEMENTAL APPROPRIATION TO CASH FINANCE MISCELLANEOUS SEWER
PROJECTS
The Unreserved, Undesignated Retained Earnings of the Water and Sewer Operating Fund will
be 5216,626,634 00 after this supplemental appropriation action is complete
MG a
Submitted for City Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY
Office bY: (to) ~, ,
(1) PE45 538070 0709020 $10,000,000.0( p p~~p~l f~~
Mike Groomer 6140 (2) PS46 541200 070460459010 $10,000,000.0
Originating Department Head:
(3) PS46
541200
070460459010
$10,000 000 O(k ~~~~ ~d'~+~I`6!a ~L.
e ~,/
Lee Bradley Jr 8207 )
(from ,
~ ~ ~YJ
(2) PE45 538070 0709020 $10,000,000.00•• ~. ~ , ~
For Additional Information ~
~~
G~<L6,~
~acret'&r'p ~`> ~'!~
Cfit
Contact: ~ ~
(~¢~r ag Fert i''ergrt~s. q*e ~9
Lee Bradley Jr 8207