HomeMy WebLinkAboutIR 9492 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9492
To the Mayor and Members of the City Council May 15, 2012
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SUBJECT: REDEMPTION OF CITY OF FORT WORTH WATER AND
rF WASTEWATER SYSTEM SUBORDINATE LIEN REVENUE BONDS, SERIES
2005A
The purpose of this Informal Report is to provide information concerning redemption of City of
Fort Worth Water & Wastewater System Subordinate Lien Revenue Bonds, Series 2005A Project
ID 711722 (CWSRF), Loan 133000 in the amount of $2,180,000. Retirement of these bonds was
necessary as required by the Section 12(c) of the Bond Ordinance (16660-10-2005) adopted on
October 18, 2005.
In 2005 the City issued $19,390,000 in revenue bonds through the State Revolving Fund Loan
program (Series 2005 $7,890,000 and Series 2005A $11,500,000). The Water Department used
the proceeds of above mentioned loans in construction of Main 244-A Village Creek Parallel
Relief sewer line. Upon completion of this project, $2,184,095 of the loan proceeds remained
unspent due to favorable pricing on the construction contracts related to the project and other
savings in engineering and administrative costs. The Bond Ordinance calls for unspent proceeds
to be used to redeem these obligations.
Construction Costs
City Secretary Engineer's Original Original Construction Final Construction
Contract Construction Contract Bid Prices Contract Costs
Estimates
Contract 1 - 31892 $4,000,000.00 $3,967,659.93 $3,937,336.00
Contract 2 - 33332 6,103,977.00 6,151,138.14 6,179,347.00
Contract 3 - 33358 4,797,022.00 3,314,838.69 3,335,083.00
Contract 4 - 34002 3,603,876.00 3,497,272.99 3,448,020.00
Total $18,504,875.00 $16,930,819.75 $16,899,786.00
The funds were wired to the Texas Water Development Board through Wells Fargo on April 4,
2012 to redeem the following amounts:
Maturity Date Amount
March 1, 2023 $620,000
March 1, 2024 $765,000
March 1, 2025 $795,000
Total $2,180,000
Further information may be obtained from Andy Cronberg at 817-392-5020.
Tom Higgins
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS