2013-219ORDINANCE NO. 2013-219
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF DENTON, TEXAS,
AMENDING THE STREET IMPROVEMENT FUND; DEFINING AND COMMITTING
CERTAIN FEES AND OTHER REVENUES OF THE CITY TO THE STREET
IMPROVEMENT FUND; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the City Council of the City of Denton established the Street Improvement
Fund, a Special Revenue Fund, through Ordinance No. 2011 -154 and desires to amend such
ordinance to commit certain revenues to the Street Improvement Fund effective October 1, 2012;
and
WHEREAS, the Governmental Accounting Standards Board ( "GASB ") has adopted
Statement 54, which states that Special Revenue Funds are used to account for and report the
proceeds of specific revenue sources that are restricted or committed to expenditures for
specified purposes other than debt service or capital projects; and
WHEREAS, the City Council of the City of Denton elects to commit a portion of
franchise fees previously accounted for in the General Fund to the Street Improvement Fund for
street maintenance and improvement activities; and
WHEREAS, the City Council of the City of Denton elects to determine and approve the
specific amounts of franchise fees to be accounted for and committed in the Street Improvement
Fund each year through adoption of the Annual Program of Services; and
WHEREAS, the City Council of the City of Denton elects to commit street cut fees and
other related revenues, including interest income to provide a dedicated funding mechanism to
account for street maintenance and improvement activities; and
WHEREAS, the City Council of the City of Denton elected to issue Certificates of
Obligation in lieu of Utility System Revenue bonds due to the interest cost savings that can be
achieved; and
WHEREAS, the City Council of the City of Denton has determined the interest cost
savings associated with the issuance of Certificates of Obligation in lieu of Utility System
Revenue bonds should be transferred from each of the respective utility funds to the Street
Improvement Fund; and
WHEREAS, the City Council of the City of Denton elects to commit the interest cost
savings from the issuance of Certificates of Obligation to provide a dedicated funding
mechanism to account for street maintenance and improvements activities; NOW,
THEREFORE,
s: \legal \our documents \ordinances \13 \street improvement fund proposed ordinance 2013.doc
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS::
SECTION 1. The City Council hereby defines and commits certain fees and revenues to
the Street Improvement Fund, an official fund of the City of Denton, Texas.
SECTION 2. That if any section, subsection, paragraph, sentence, clause, phrase or word
in this ordinance, or application thereof to any person or circumstances is held invalid by any
court of competent jurisdiction, such holding shall not affect the validity of the remaining
portions of this ordinance, and the City Council of the City of Denton, Texas hereby declares it
would have enacted such remaining portions despite any such validity.
SECTION 3, This Ordinance shall become effective immediately upon its passage and
approval.
PASSED AND APPROVED this the day of , 2013.
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YOR
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
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PPlZ I�," rl AS LEGAL FORM.
ANITA BURGESS, CITY ATTORNEY
BY: "
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