Ord 067-2000 6/20/2000I
ORDINANCE NO. [ol-aQOQ
ORDINANCE AUTHORIZING THE TRANSFER OF AVAILABLE CASH
BALANCES IN VARIOUS CITY FUNDS TO A COLISEUM CAPITAL
CONSTRUCTION FUND; AND THE USE OF TAX INCREMENT
FINANCING FUNDS, HOTEL /MOTEL TAX FUNDS, AND PAYMENTS
RECEIVED FROM THE WEST TEXAS UTILITIES COMPANY FOR
ANNUAL DEBT SERVICE OBLIGATIONS FOR THE COLISEUM
CONSTRUCTION PROJECT; FINDING AND DETERMINING THAT THE
MEETING AT WHICH THIS ORDINANCE WAS PASSED WAS OPEN TO
THE PUBLIC AS REQUIRED BY LAW.
WHEREAS, the City Council desires to construct a coliseum as part of the Multi -
Purpose Events Center; and
WHEREAS, the City Council desires to utilize available cash balances in various
City funds to pay for partial cost of constructing a coliseum; and
WHEREAS, it is desirable to utilize Tax Increment Financing Funds, Hotel /Motel
Tax Funds, and payments received through a contract with the West Texas Utilities
Company for annual debt service obligations on the issuance of debt for the project.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
SECTION 1. The City Manager is hereby authorized to transfer available cash
balances in various City funds, as indicated in the coliseum funding plan, attached as
Exhibit A to a Coliseum Capital Construction Fund for purposes of constructing a
coliseum as part of the Multi- Purpose Events Center.
SECTION 2. It is hereby further authorized that Tax Increment Financing Funds
in the amount not to exceed $105,000 annually for twenty years, Hotel /Motel Funds in
the amount not to exceed $314,000 annually for twenty years, and West Texas Utility
Company contractual payments in the amount not to exceed $195,000 annually for
twenty years, may be used to pay the annual debt service obligations on the issuance
of bonds for the construction of a coliseum.
SECTION 3. In the event the City Council calls for a special election for August
12, 2000 for the purpose of submitting to the qualified voters as to whether or not the
coliseum should be constructed, this ordinance shall not become effective unless said
proposition is approved.
SECTION 4. It is hereby officially found and determined that the meeting at
which this ordinance was passed was open to the public as required by law.
PASSED AND APPROVED this the 20th day of June 2000.
ATTEST:
City Clerk
O-e4-,L,w 4w,,rl� I
I�AAYOR
Coliseum Funding Plan
Exhibit A
Potential Financing:
From Future TIF Funds
$1,200,000 (20 yr bonds @ 6 %)
($105,000 annual payment) $ 1,200,000
From Future West Texas Utility Payments
$2,200,000 (20 yr bonds @ 6 %)
($195,000 annual payment) $ 2,200,000
From Future Hotel /Motel Funds
$3,600,000 (20 yr bonds @ 6 %)
($314,000 annual payment) $ 3,600,000
Total Financing Available $ 7,000,000
Total Private Donations $ 5,000,000
TOTAL FUNDING AVAILABLE 1 $ 19,877,273
30- Apr -00
_
Cash Balances:
AMOUNT
MPEC Construction Fund Balance
$
573,498
Debt Service Fund Balance
$
1,578,436
Capital Projects Fund Balance
$
2,100,000
TIF Fund Appropriation
$
250,000
West TX Util Fund Balance
$
2,066,841
Revenue Sharing Fund Balance
$
159,060
Hotel /Motel Fund Balance (over $300,000)
$
398,457
Property Sales Special Revenue
$
210,981
RV Park Fund Balance (over $10,000)
$
140,000
Sub Total Cash Available
$
7,477,273
Project Interest Earnings
$
400,000
Total Cash Available
$
7,877,273
Potential Financing:
From Future TIF Funds
$1,200,000 (20 yr bonds @ 6 %)
($105,000 annual payment) $ 1,200,000
From Future West Texas Utility Payments
$2,200,000 (20 yr bonds @ 6 %)
($195,000 annual payment) $ 2,200,000
From Future Hotel /Motel Funds
$3,600,000 (20 yr bonds @ 6 %)
($314,000 annual payment) $ 3,600,000
Total Financing Available $ 7,000,000
Total Private Donations $ 5,000,000
TOTAL FUNDING AVAILABLE 1 $ 19,877,273