HomeMy WebLinkAboutResolution 5527-02-2022 A Resolution
NO. 5527-02-2022
STATEMENT EXPRESSING
OFFICIAL INTENT TO REIMBURSE
EXPENDITURES WITH PROCEEDS OF FUTURE DEBT FOR THE BIG FOSSIL
CREEK SEWER PHASE IVA
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 Big Fossil Creek Sewer Phase IVA
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, THAT:
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 $4,600,000.00 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
expenditure which is to be reimbursed is paid.
Adopted this 81h day of February 2022.
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ATTEST: `;Cr
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B y. 40hette S.Goodall(Feb 10,2022 11 CST) ?! 4
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Jannette S. Goodall, City Secretary "' � „
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City of Fort Worth, Texas
Mayor and Council Communication
DATE: 02/08/22 M&C FILE NUMBER: M&C 22-0096
LOG NAME: 60BFCPM402P4A-BGE
SUBJECT
(CD 4)Authorize Execution of an Engineering Agreement with BGE, Inc.,in the Amount of$1,595,280.00,for the Big Fossil Creek Collector
Parallel, Phase IVA from Belknap Street To Interstate 820,Adopt Attached Resolution Expressing Official Intent to Reimburse Expenditures with
Proceeds of Future Debt and Adopt Attached Appropriation Ordinance
RECOMMENDATION:
It is recommended that the City Council:
1. Authorize execution of an engineering agreement with BGE, Inc.,in the amount of$1,595,280.00,for the Big Fossil Creek Collector Parallel
Main 402, Phase IVA from Belknap Street(State Highway 183)To Interstate 820 project;and
2. Adopt the attached resolution expressing official intent to reimburse expenditures with proceeds of future debt for the Big Fossil Creek
Collector Parallel Main 402,Phase IVA from Belknap Street(State Highway 183)To Interstate 820 project;and
3. Adopt the attached appropriation ordinance adjusting appropriations in the Water and Sewer Commercial Paper Fund by increasing
appropriations in the amount of$3,858,320.00 in the Big Fossil Creek Collector Parallel Main 402, Phase IVA from Belknap Street(State
Highway 183)To Interstate 820 project(City Project No. 103289)and decreasing appropriations in the Unspecified project(City Project No.
UNSPEC)by the same amount.
DISCUSSION:
This Mayor and Council Communication is to authorize the preparation of plans and specifications for the Big Fossil Creek Collector Parallel Main
402, Phase IVA project.The proposed project will provide additional capacity to support existing and future development in North Fort Worth and
several customer cities.
The proposed scope of services includes route analysis,design survey,sewer main design,easement preparation,floodplain permits and sub-
surface utility engineering.BGE, Inc., proposes to provide the necessary work for a fee not to exceed$1,595,280.00. In addition to the contract
amount,$2,263,040.00 is required for project management, utility coordination, real property acquisition and material testing.This project is part
of the Water Department's Sanitary Sewer Overflow Initiative Program.
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 project until debt is issued. 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. Under federal law,
debt must be issued within approximately three years in order for these expenses to be reimbursable.Adoption of the attached resolution does not
obligate the City to sell bonds, but preserves the ability of the City to reimburse itself from tax-exempt bond proceeds.
Funding for the Big Fossil Creek Collector Sewer Parallel Phase IVA project, are as depicted below:
Additional
FUND Existing Projec�Total-,�
Appropriations Appropriations
W&S Commercial
$0.00 $3,858,320.00$3,858,320.00
Paper Fund 56020;
Project Total $0.00 $3,858 32000$3,858,320A0'
This project will have no impact on the Water Department's operating budget.
The Water and Sewer Commercial Paper Fund includes authority of$150,000,000.00 for the purpose of providing interim funding for Water and
Sewer Capital Projects until revenue bonds are issued.The current remaining balance is$52,915,071.00.After this transfer of$3,858,320.00,the
balance will be$49,056,751.00 for future capital projects.
Business Equity: BGE, Inc. is in compliance with the City's Business Equity Ordinance by committing to 19 percent Business Equity participation
on this project.The City's Business Equity goal on this project is 10 percent.
The project is located adjacent to COUNCIL DISTRICT 4,In Haltom City and North Richland Hills.
FISCAL INFORMATION/CERTIFICATION:
The Director of Finance certifies that funds are currently available in the Unspecified-All Funds project within the W&S Commercial Paper Fund
and upon approval of the above recommendations and adoption of the attached appropriation ordinance,funds will be available in the W&S
Commercial Paper Fund for the Big Fossil Creek Sewer PHIV A project to support the approval of the above recommendations and execution of
the agreement.Prior to any expenditure being incurred,the Water Department has the responsibility of verifying the availability of funds.
Submitted for City Manager's Office by: Dana Burghdoff 8018
Originating Business Unit Head: Chris Harder 5020
Additional Information Contact: Walter Norwood 5026
Expedited