HomeMy WebLinkAboutResolution 4833-08-2017 A Resolution
NO. 4833-08-2017
STATEMENT EXPRESSING
OFFICIAL INTENT TO REIMBURSE
EXPENDITURES WITH PROCEEDS OF FUTURE DEBT FOR MARINE
CREEK INTERCEPTOR IMPROVEMENTS PROJECT
WHEREAS, the City of Fort Worth, Texas (the "City") is a home-
rule municipality and political subdivision of the State of Texas; and
WHEREAS, the City expects to pay expenditures in connection with the
design, planning, acquisition and construction for the Marine Creek Interceptor
Improvements Project (the "Project") prior to the issuance of obligations by the
City in connection with the financing of the Project from available funds; and
WHEREAS, the City finds, considers, and declares that the
reimbursement of the City for the payment of such expenditures will
be appropriate and consistent with the lawful objectives of the City
and, as such, chooses to declare its intention, in accordance with the
provisions of Section 1.150-2 of the Treasury Regulations, to reimburse
itself for such payments at such time as it issues obligations to finance
the Project;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FORT WORTH, TEXAS:
Section 1. The City reasonably expects debt, as one or more series of
obligations, may be issued or incurred by the City with an aggregate maximum
principal amount not to exceed $2,250,000.00 for the purpose of paying the
aggregate costs of the Project.
Section 2. All costs to be reimbursed pursuant hereto will be capital
expenditures. No obligations will be issued by the City in furtherance of this
Statement after a date which is later than 18 months after the later of (1) the
date the expenditures are paid or (2) the date on which the property, with
respect to which such expenditures were made, is placed in service.
Section 3. The foregoing notwithstanding, no obligation will be issued
pursuant to this Statement more than three years after the date any
ORT WO
Resolution No.4833-08-2017
expenditure which is to be reimbursed is paid.
Adopted this 15th day of August, 2017.
ATTEST: OIORT
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Ned .
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Ronald P. Gonzales, Assistant City SecretaryXPc�
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City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 8/15/20.17 Ordinance No. 22842.08-2017.&Resolution
No. 4833-08-2017
DATE: Tuesday, August 15, 2017 REFERENCE NO.: C-28340
LOG NAME: 60MCM365VARPl-CIRCLEC
SUBJECT:
Authorize Execution of a Contract with William J. Schultz, Inc., d/b/a Circle "C" Construction Company in
the Amount of$1,634,700.00 for Marine Creek Interceptor Improvements Phase I, Part 1, Provide for
Project Costs, Materials Testing and Contingencies for a Total Project Amount of$1,922,700.00, Adopt
Resolution Expressing Official Intent to Reimburse Expenditures with Proceeds of Future Debt and Adopt
Appropriation Ordinance (COUNCIL DISTRICT 2)
RECOMMENDATION:
It is recommended that the City Council:
1. Adopt the attached resolution expressing official intent to Reimburse Expenditures with proceeds of
future debt for the Marine Creek Interceptor Improvements Project;
2. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the
Water and Sewer DPN Fund in the amount of$1,922,700.00; and
3. Authorize execution of a contract with William J. Schultz, Inc., d/b/a Circle "C" Construction
Company, Inc., in the amount of$1,634,700.00 for Marine Creek Interceptor Improvements Phase I,
Part 1. (City Project No.02223)
DISCUSSION:
This project provides for trenchless pipe enlargement to upgrade and replace an existing deteriorated
sanitary sewer main located within the Marine Creek Basin beginning from Bowman Roberts
Road/Cromwell Marine Creek Road intersection southerly 5,500 feet.
This project was advertised for bids on April 13, 2017 and April 20, 2017 in the Fort Worth Star-Telegram.
On June 8, 2017 the following bids were received:
Bidder [A-
mount Time of i
Completion
William J. Schultz, Inc. d/b/a Circle "C" 320 Calendar
Construction Company, $1,634,700.00 Days
Inc.
PM Construction, Inc. $1,999,365.00
ARK Construction Company, Inc. $2,500,400.00
In addition to the contract cost, $206,200.00 is required for project management, material testing and
inspection and $81,800.00 is provided for project contingency.
Logname: 60MCM365 VARP I-CIRCLEC Page I of 3
This project is anticipated to be included in a future revenue bond issue for the Water and Sewer Fund.
Available cash within the Water and Sewer portfolio and the City's portfolio along with the appropriation
authority authorized under the Direct Purchase Note (DPN) Program will be used to provide interim
financing for this project until debt is issued. To the extent resources other than the Water and Sewer
portfolio are used to provide interim financing, the Water and Sewer Fund will be charged interest that is
equivalent to the overall rate of return being earned by the City portfolio (currently approximately one-
percent annually). Should the City's portfolio not support the liquidity needed to provide an interim short-
term financing source, another funding source will be required, which could mean issuance of securities
under the DPN Program or earlier issuance of Water and Sewer revenue bonds than is currently planned.
Once debt associated with this project is sold, bond proceeds will be used to reimburse the Water and
Sewer portfolio and the City's portfolio in accordance with the attached Reimbursement Resolution.
The City Council adopted the Water Department's Fiscal Year 2017-2021 Five Year Capital Improvement
Plan on January 24, 2017, Mayor and Council Communication (M&C G-18927). This City Council adopted
plan includes this specific project, with funding identified through the DPN program to be reimbursed with
future revenue bonds. In accordance with the provisions of the Financial Management Policy Statement,
Staff anticipates presenting revenue-supported debt issuances to the City Council for consideration within
the next three years. This debt must be issued within approximately three years to provide reimbursement
for these expenses. If that does not occur, the costs will no longer be reimbursable by issuing tax-exempt
debt and the funding source will have to be made whole through budgetary methods. Adoption of this
resolution does not obligate the City to sell bonds, but preserves the ability to reimburse the City from tax-
exempt bond proceeds.
Construction is anticipated to commence in November 2017 and be completed by October 2018. The
overall project budget is estimated to be $1,922,700.00. This project is part of the Water Department's
Sanitary Sewer Overflow Initiative Program. This project will have no impact on the Water Department's
Operating Budget when complete.
M/WBE OFFICE —William J. Schultz, Inc., d/b/a Circle "C" Construction Company, is in compliance with
City' s BDE Ordinance by documenting good faith effort. The City's MBE goal on this project is six
percent.
The project is located in COUNCIL DISTRICT 2.
FISCAL INFORMATION /CERTIFICATION:
The Director of Finance certifies that upon approval of the above recommendations and adoption of the
attached appropriation ordinance, funds will be available in the Water& Sewer DPN Fund for the Marine
Creek Interceptor, Phase 1, Part 1 Project as depicted in the table below.
FUND Existing Additional Project Total*
Appropriations Appropriations f
Sewer Capital
Fund - Legacy $1,070,956.00 $0.00 $1,070,956.00
59607
Water & Sewer [$1,922,700.00 $1,922,700.00
DPN Fund 56011 $0.00
Project Total $1,070,956.00 0,922,700.001$2,993,656.00
*Numbers rounded for presentation purposes.
Logname: 60MCM365VARP1-CIRCLEC Page 2 of 3
FUND IDENTIFIERS (FIDS):
TO
Fund Department ccoun Project Program ctivity Budget Reference # moun
ID ID Year (ChartField 2)
FROM
Fund Department ccoun Project Program ctivity Budget Reference # moun
ID ID Year ChartField 2
CERTIFICATIONS:
Submitted for City Manager's Office by: Jay Chapa (5804)
Originating Department Head: Kara Shuror (8819)
Additional Information Contact: Robert Sauceda (2387)
Logname: 60MCM365VARPl-CIRCLEC Page 3 of 3