HomeMy WebLinkAbout031038 ORD - 01/17/2017 ORDINANCE NO. 031038
AUTHORIZING THE APPROPRIATION AND TRANSFER OF
APPROXIMATELY $2,781,207.34 OF BOND PROCEEDS
FROM VARIOUS CITY UTILITY SYSTEM CIP FUNDS TO
FUND 3543 STREETS TMPC CO CIP FUND AND THE
APPROPRIATION AND TRANSFER OF APPROXIMATELY
$2,781,207.34 OF RELATED DEBT LIABILITY FROM VARIOUS CITY
UTILITY SYSTEM OPERATING FUNDS TO FUND 2010
GENERAL OBLIGATION DEBT SERVICE FUND; AMENDING THE
FISCAL YEAR 2017 OPERATING BUDGET ADOPTED BY
ORDINANCE NO. 030965 TO INCREASE REVENUES AND
EXPENDITURES BY APPROXIMATELY $2,781,207.34 EACH; AND
PROVIDING AN EFFECTIVE DATE
WHEREAS, there exists an appropriation of funds within the City of Corpus Christi,
Texas (the City) Utility System Fund to pay, when due, principal and interest on debt incurred
for the completion of certain capital improvement projects within the City properly allocable to
the Utility System; and
WHEREAS, in 2007, the City issued debt obligations to finance projects (the Projects)
properly allocable to City streets and the Utility System and, as a result, a portion of those debt
obligation proceeds and a portion of debt liabilities were appropriated to Fund 2010 General
Obligation Debt Service Fund, Fund 4010 Water Fund, Fund 4200 Wastewater Fund, and Fund
4300 Storm Water Fund(collectively, the Utility System Funds); and
WHEREAS, pursuant to an ordinance of the City adopted on February 24, 2015, the City
has amended the scope of the Projects to increase the amount allocated to capital improvements
to City streets; and
WHEREAS, as a result of the amended scope of the Projects, a portion of the proceeds
from debt obligations incurred by the City in furtherance of the Projects is now properly
allocable to Fund 3543 Streets TMPC CO CIP Fund; and
WHEREAS, as a result of the amended scope of the Projects, a portion of the debt
liability incurred in furtherance of the Projects is now properly allocable to and paid from Fund
2010 General Obligation Debt Service Fund(rather than the Utility System Funds); and
WHEREAS, pursuant to Article IV, Section 3 of the Home Rule Charter of the City, the
City Manager of the City has provided written recommendation to the City Council of the City
that the now unencumbered appropriation of funds in the Utility System Funds be transferred to
Fund 3543 Streets TMPC CO CIP Fund, and
WHEREAS, to reflect the foregoing transfer of funds and debt from the City's Utility
System Funds to Fund 3543 Streets TMPC CO CIP Fund and Fund 2010 General Obligation
Debt Service Fund,respectively,
82477294.5
031038
INDEXED
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,
TEXAS THAT:
SECTION 1. The transfer of approximately$72,818.33 from 4086 Water CIP Fund to
Fund 3543 Streets TMPC CO CIP Fund is hereby approved.
SECTION 2. The transfer of approximately $197,806.69 from 4246 Wastewater CIP
Fund to Fund 3543 Streets TMPC CO CIP Fund is hereby approved.
SECTION 3. The transfer of approximately $2,510,582.32 from 3489 Storm Water
CIP Fund to Fund 3543 Streets TMPC CO CIP Fund is hereby approved.
SECTION 4. The transfer of approximately$72,818.33 of debt from Fund 4010 Water
Fund to Fund 2010 General Obligation Debt Service Fund is hereby approved.
SECTION 5. The transfer of approximately $197,806.69 of debt from Fund 4200
Wastewater Fund to 2010 General Obligation Debt Service Fund is hereby approved.
SECTION 6. The transfer of approximately $2,510,582.32 of debt from Fund 4300
Storm Water Fund to 2010 General Obligation Debt Service Fund is hereby approved.
SECTION 7. The Fiscal Year 2017 operating budget adopted by Ordinance No.
030965 shall be amended in accordance with this Ordinance.
SECTION 8. This Ordinance shall be in force and effect from and after its fmal
passage, and it is so resolved.
[The remainder of this page intentionally left blank]
82477294.5 -2-
The foregoing ordinance was read for the first time and passed to its second reading on this the
10th day of January,2017, by the following vote:
Dan McQueen /L.I Rudy Garza /
Carolyn Vaughn /1 / Paulette Guajardo I
O
Li
Ben Molina , .A 1 Michael Hunter Al..
Lucy Rubio ��I Joe McComb
Greg Smith MI /
i
The foregoing ordinance was read for the second time and passed finally on this the 17th day of
January, 2017, by the following vote:
Dan McQueen Rudy Garza I L
Carolyn Vaughn OvC A Paulette Guajardo LT°
Ben Molina h 0
ILA 1 Michael Hunter A
i
Lucy Rubio S °° Joe McComb Icy i
Greg Smith t �.1i. /
PASSED AND APPROVED, this the 1 th day of January, 2017.
ATTEST:
INR_c6,,e.64. t,l.e4.-4 --- ULLet-t-ILO - "Iii'i
Rebecca Huerta Mayor `PVC em,
City Secretary
82477294.5 S-1
LI 3103E,
CITY OF CORPUS CHRISTI
CERTIFICATION OF FUNDS
(City Charter Article IV, Sections 7 & 8)
I, the Director of Financial Services of the City of Corpus Christi, Texas (or his/her duly authorized
representative), hereby certify to the City Council and other appropriate officers that the money required
for the current fiscal year's portion of the contract, agreement, obligation or expenditure described
below is in the Treasury to the credit of the Fund specified below, from which it is to be drawn, and has
not been appropriated for any other purpose. Future payments are subject to annual appropriation
by the City Council.
City Council Action Date: January 17, 2017 Legistar Item No. 17-0014
Agenda Item:
Ordinance authorizing the appropriation and transfer of approximately $2,781,207.34 of bond
proceeds from various City Utility System CIP funds to Fund 3543 Streets TMPC CO CIP Fund;
and the appropriation and transfer of approximately $2,781,207.34 of related debt liability from
various City Utility System operating funds to Fund 2010 General Obligation Debt Service Fund;
amending the Fiscal Year 2017 operating budget adopted by Ordinance No. 030965 to increase
revenues and expenditures by approximately $2,781,207.34 each; and providing an effective
date.
Amount Required:
Transfer bond proceeds:
Water CIP Fund 4086-60000-777 548500 $ 72,818.33
Wastewater CIP Fund 4246-60000-777 548500 197,806.69
Storm Water CIP Fund 3489-60000-777 548500 2,510,582.32
Streets TMPC CO CIP 3543-888 352000 ($2,781,207.34)
Transfer debt:
General Obligation Debt 2010-60130-777 548499 $2,781,207.34
Service Fund
Water Fund 4010-30000-888 353000 ($72,818.33)
Wastewater Fund 4200-33000-888 353000 ($197,806.69)
Storm Water Fund 4300-32000-888 353000 ($2,510,582.32)
Total $0
❑ Certification Not Required
Director of Financial Services
Date: JAN 0 9 71117