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Home My WebLink AboutOrdinance 24132-04-2020 Ordinance No. 24132-04-2020 AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND APPROPRIATIONS IN THE WATER AND SEWER COMMERCIAL PAPER FUND IN THE AMOUNT OF $131,075.00, FROM AVAILABLE FUNDS, FOR THE PURPOSE OF FUNDING THE CULTURAL DISTRICT/WILL ROGERS WATER AND SANITARY SEWER IMPROVEMENTS PROJECT, PART 6-CRESTLINE ROAD AND RIVER DRIVE PROJECT; PROVIDING FOR A SEVERABILITY CLAUSE; MAKING THIS ORDINANCE CUMULATIVE OF PRIOR ORDINANCES; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH; AND PROVIDING AN EFFECTIVE DATE. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: SECTION 1. That in addition to those amounts allocated to the various City departments for Fiscal Year 2019-2020 in the Budget of the City Manager,there shall also be increased estimated receipts and appropriations in the Water and Sewer Commercial Paper Fund in the amount of$131,075.00, from available funds, for the purpose of funding Cultural District/Will Rogers Water and Sanitary Sewer Improvements Project, Part 6 - Crestline Road and River Drive Project. SECTION 2. That should any portion, section or part of a section of this ordinance be declared invalid, inoperative or void for any reason by a court of competent jurisdiction, such decision, opinion or judgment shall in no way impair the remaining portions, sections, or parts of sections of this ordinance, which said remaining provisions shall be and remain in full force and effect. SECTION 3. That this ordinance shall be cumulative of Ordinance 23835-09-2019 and all other ordinances and appropriations amending the same except in those instances where the provisions of this ordinance are in direct conflict with such other ordinances and appropriations, in which instance said conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed. SECTION 4. This ordinance shall take effect upon adoption. APPROVED AS TO FORM AND LEGALITY: l/7111 Mack(Jun0172u: �p Douglas W Black Mary J. Kayser Sr Assistant City Attorney City Secretary O� F�RT�o ADOPTED AND EFFECTIVE:April 7, 2020 U ;2 1t 1Ir �LXAS MAYOR AND COUNCIL COMMUNICATION MAP 60CDWRWSSP6C01 -CIRCLEC . - I = V MORTON_ST f . .......... 2i�n. ,_ .'4 VWV LAN CAS rz avE w 1 N Tn + RESrLlNE Rof r _ ��f� ��+ � � #' •LLB+�" � ,l} tiC IiSI� f k•.Y r 7 ,. ' "- �4.'S�•'. �,`-.�-:-7'Y�1,' I;h.•Fr '� � Its � ♦ '+4 f .�' F` r � ^O - FORT WORT �. ,: w - - City of Fort Worth, Texas Mayor and Council Communication DATE: 04/07/20 M&C FILE NUMBER: M&C 20-0173 LOG NAME: 60CDWRWSSP6CO1-CIRCLEC SUBJECT Authorize Execution of Change Order No. 1 in the Amount of$131,075.00 with William J.Schultz, Inc.dba Circle C Construction Company,for Cultural District-Will Rogers Water and Sanitary Sewer Improvements,Part 6—Crestline Road and River Drive for a Revised Contract Cost of $2,055,740.00,Adopt Resolution Expressing Official Intent to Reimburse Expenditures with Proceeds of Future Debt and Adopt Appropriation Ordinance(COUNCIL DISTRICTS 7 and 9) RECOMMENDATION: It is recommended that the City Council: 1. Authorize the execution of Change Order No. 1 to City Secretary Contract No.51918 in the amount of$131,075.00 with William J.Schultz, Inc.dba Circle C Construction Company,or Cultural District-Will Rogers Water and Sanitary Sewer Improvements Project, Part 6-Crestline Road and River Drive for a revised contract cost of$2,055,740.00(City Project No.C01468); 2. Adopt the attached Resolution Expressing Official Intent to Reimburse Expenditures with Proceeds of Future Debt for the Cultural District- Will Rogers Water and Sanitary Sewer Improvements Project, Part 6-Crestline Road and River Drive;and 3. Adopt the attached Appropriation Ordinance increasing appropriations in the Water and Sewer Commercial Paper Fund in the amount of $131,075.00,from available funds,to fund the Cultural District-Will Rogers Water and Sanitary Sewer Improvements Project,Part 6- Crestline Road and River Drive. DISCUSSION: On January 29,2019,Mayor and Council Communication(M&C C-29011)the City Council authorized a Contract with William J. Schultz,Inc.dba Circle C Construction Company,in the amount of$1,924,665.00 for the Cultural District-Will Rogers Water and Sanitary Sewer Improvements Project, Part 6—Crestline Road and River Drive. Change Order No. 1 will provide for the following increased and additional pay item quantities that are necessary on the project: • 24-inch water trenchless installation across Crestline Road to minimize disruption to traffic. • Median demolition and restoration at Crestline Road to provide access to the project site. • Traffic control at Trinity Park Drive. • Pavement milling and asphalt overlay. 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 Callable Commercial Paper Program(CP)will be used to provide interim financing for this 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 2.3 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 CP 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 approved the Water Department's Fiscal Year 2020-2024 Five Year Capital Improvement Plan on September 17,2019.This City Council adopted plan includes this specific project,with funding identified through the CP 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. Funding for the Cultural DistrictWll Rogers Area Water and Sanitary Sewer Improvements as depicted in the table below: Existing Additional Fund Appropriations AppropriationsFroje7ctTotal* Water Capital Fund $6,794,511.00 $0.00 $6,794,511.00y 5960' Sewer Capital Fund 210,652.00 $0.00 $3,210,652.00 —59607^ _� _ Water&Sewer 2015A Bond Fund $1,772,417.00 $0.00 $1,772,417.0 56007 L Water&Sewer 2017A Bond Fund $695,000.00 $0.00 $695,000.00 56011 WS Capital Project 2019 Fund 56016 $2 492,498.00 $0.00 $2,492,498.00 — — - ----- - - - — rater Sewer rcial Paper $253,865.00 $131,075.00 $384,940.00017 Project Total ][--$15,218 943.00 $131075 00�—, 5,350 018.0� ' , ' 'Numbers rounded for presentation purposes. M/WBE Office-A waiver of the goal for MBE/SBE subcontracting requirements was requested by the Department and approved by the OBD, in accordance with the BDE Ordinance, because the purchase of good or services is from sources where subcontracting or supplier opportunities are negligible. The project is located in COUNCIL DISTRICTS 7 AND 9. 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 Commercial Paper Fund(W&S Commercial Paper)for Cultural District/Will Rogers Water and Sanitary Sewer Improvements Project. Prior to any expenditure being incurred,the Water Department has the responsibility to validate the availability of funds. Submitted for City Manager's Office by: Dana Burghdoff 8018 Originating Business Unit Head: Chris Harder 5020 Additional Information Contact: John Kasavich 8480