M&C Review


COUNCIL ACTION:  Approved on 6/26/2018 - Ordinance No. 23265-06-2018

DATE: 6/26/2018 REFERENCE NO.: **G-19311 LOG NAME: 13SERIES 2018 GPBOND APPROPRIATION ORDINANCE
CODE: G TYPE: CONSENT PUBLIC HEARING: NO
SUBJECT:   Adopt Ordinance Appropriating $982,313.00 in the General Debt Service Fund for Cost of Issuance on the City of Fort Worth General Purpose Bonds, Series 2018 (ALL COUNCIL DISTRICTS)

RECOMMENDATION:

It is recommended that the City Council adopt the attached appropriation ordinance increasing receipts and appropriations in the General Debt Service Fund in the amount of $982,313.00 for costs of issuance associated with the 2018 General Obligation Bonds sold as part of the 2014 Bond Program.

 
DISCUSSION:

The purpose of this Mayor and Council Communication (M&C) is to appropriate funds for the costs of issuance associated with the previously approved General Purpose Bonds, Series 2018, which were issued as part of the City's 2014 Bond Program.

On April 10, 2018, the City Council adopted the Ordinance authorizing the Issuance of City of Fort Worth, Texas General Purpose Bonds, Series 2018 (the Bonds), in an aggregate principal amount not to exceed $65,000,000.00 (M&C G-19265).  Those bonds, which were sold in early June, provided $65,000,000.00 for the purpose of funding projects within the 2014 Bond Program to include (i) constructing permanent street and transportation improvements, parks, recreation and community center improvements, library system improvements, fire safety improvements, and animal care and control improvements, and (ii) paying the costs of issuance associated with the issuance of the Bonds.

However, the authorizations within M&C G-19265 erroneously omitted a recommendation to adopt an appropriation ordinance increasing estimated receipts and appropriations in the General Debt Service Fund to pay cost of issuance for the bonds.   The purpose of this M&C is to adopt the missing ordinance in support of the previously approved sale of the series 2018 General Purpose Bonds.

This M&C does not request approval of a contract with a business entity.
 
FISCAL INFORMATION/CERTIFICATION:

The Director of Finance certifies that upon adoption of the attached ordinance, funds will be available in the General Debt Service Fund to pay cost of issuance expenditures related to the issuance of the Series 2018 General Purpose Bonds. Prior to an expenditure being incurred, the participating department has the responsibility to validate the availability of funds.


TO
    Fund Department
ID
Account Project
ID
Program Activity Budget
Year
Reference #
(Chartfield 2)
Amount

FROM
    Fund Department
ID
Account Project
ID
Program Activity Budget
Year
Reference #
(Chartfield 2)
Amount

Submitted for City Manager's Office by:
Susan Alanis (8180)
Originating Department Head:
Aaron Bovos (8517)
Additional Information Contact:
Alex Laufer (2268)

 
 
ATTACHMENTS
  13SERIES 2018 GPBOND APPROPRIATION ORDINANCE 2018_40100_AO18_V1.docx
  GP Bonds Series 2018 FINAL.pdf