ORDINANCE AND RESOLUTION FACT SHEET					City of Shreveport
TITLE			DATE			ORIGINATING DEPT./DIV.
AN ORDINANCE ADOPTING THE 2010 DEBT SERVICE FUND BUDGET, APPROPRIATING THE FUNDS AUTHORIZED THERIN, AND OTHERWISE PROVIDING WITH RESPECT THERETO			Oct. 1, 2009			EXECUTIVE OFFICE
						SPONSOR OR COUNCIL MEMBER
						MAYOR CEDRIC B. GLOVER
PURPOSE
To adopt the 2010 Debt Service Fund, in accordance with State law and City Charter.
This Ordinance or Resolution will have direct impact on Council District:							All
BACKGROUND INFORMATION
The 2010 Debt Service Fund continues to accumulate a sizeable fund balance. This budget fund and its fund balance shows that the ability for the City of Shreveport to service debt is very healthy.
TIMETABLE
Introduction:	October 13, 2009
Final Passage:	By December 15, 2009
SPECIAL PROCEDURAL REQUIREMENTS
A public hearing must be held on this budget for adoption by Council.
FINANCES				SOURCE OF FUNDS
CONCLUSION
Approval of this ordinance is recommended.
FACT SHEET PREPARED BY:		Rick Seaton, Assistant CAO

ORDINANCE NO. OF 2009

AN ORDINANCE ADOPTING THE 2010 DEBT SERVICE FUND BUDGET, APPROPRIATING THE FUNDS AUTHORIZED THEREIN, AND OTHERWISE PROVIDING WITH RESPECT THERETO

BY:

WHEREAS, the City of Shreveport has created a Debt Service Fund to provide for the payment of principal and interest on the General Obligation Bonds of the City for the year 2010; and

WHEREAS, the City Council has the authority to levy a special property tax whose proceeds are allocated to the Debt Service Fund.

NOW, THEREFORE, BE IT ORDAINED, by the City Council of the City of Shreveport, in legal session convened, that:

1. Estimated Receipts - The estimated receipts of the Debt Service Fund for the year 2010 are hereby established as follows:

Estimated Fund Balance as of 1/1/2010 $60,664,500

Ad Valorem Taxes 37,100,000

Hotel-Motel Tax Revenues 1,800,000

Interest Income 200,000

TOTAL $99,764,500

2. Appropriations - The funds set forth in the following classes of expenditures are hereby appropriated out of the Debt Service Fund’s receipts for the year 2010:

2010 Requirements - Principal and Interest $42,860,000

Less: Operating Transfer (Riverfront Fund) (980,000)

Less: Operating Transfer (General Fund) (9,700,000)

NET EXPENDITURES $32,180,000

Fund Balance 12/31/10 $67,584,500

TOTAL $99,764,500

3. The Debt Service Fund budget presented to the City Council by the Mayor on October 1, 2009, as amended by subsequent action by this Council, be and the same is hereby adopted.

4. Administration - The Mayor is hereby authorized to execute all contracts, deeds, grant documents and other legal instruments necessary to expend or receive funds herein authorized.

BE IT FURTHER ORDAINED that if any provision or item of this ordinance or the application thereof is held invalid, such invalidity shall not affect other provisions, items or applications of this ordinance which can be given effect without the invalid provisions, items or applications; and to this end, the provisions of this ordinance are hereby declared severable.

BE IT FURTHER ORDAINED that all ordinances or parts thereof in conflict herewith are hereby repealed.

BE IT FURTHER ORDAINED that this ordinance will be effective on January 1, 2010.

APPROVED AS TO LEGAL FORM:

____________________________

City Attorney’s Office