HomeMy WebLinkAboutResolution 5848-11-2023A Resolution
NO, 5848-11-2023
STATEMENT EXPRESSING
OFFICIAL INTENT TO REIMBURSE
EXPENDITURES WITH PROCEEDS OF -FUTURE DEBT FOR THE WHITE
SETTLEMENT WHOLESALE CUSTOMER METER REPLACEMENT AND SANITARY
SEWER MAIN
WHEREAS, the City of port 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 White Settlement Wholesale Customer Meter Replacement
and Sanitary Sewer Main 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
$1,750,000.00 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 28'h day of November 2023,
ATTEST:
A
By:
Jannette S. Goodall, City Secretary
MAYOR AND COUNCIL COMMUNICATION MAP
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City of Fort Wortit, Texas
Mayor and Council Communication
DATE: 111=23 M&C FILE NUMBER: M&C 23-1021
LOG NAME: 60SSM517&WSMCMREPLACE - TNP
SUBJECT
(CO 7) Authorize Execution of an Engineering Agreement with Teague Nall & Perkins, lnt in the Amount of $1,126,385.00 for the Write settlement
Meter Replacement and Sanitary Sewer Main M-517 Project, Adopt Resolution Expressing Official intent to Reimburse Expenditures and
Proceeds of Future Debt Project and Adopt Appropriation Ordinance to Effect a Portion of Water's Contribution to Fiscal Years 2024-2028
Capital improvement Program
RECO MEN TON:
it is recommended that the City Council:
1. Authortze execution of an engineering agreement with Teague Nall & Perkins, Inc. in the amount of $1,126,385.00 ror White Settlement Meter
Replacement and Sanitary Sewer Main M-517 project;
2. Adopt the attached resolution expressing Official Intent to Reimburse expenditures with proceeds of future enterprise fund debt for file White
Settlement Meter Replacement and Sanitary Sewer Main M-517 project; and
3. Adopt the attached appropriation ordinance adjusting appropriations In the Water & Sewer Commercial Paper Fund by increasing
appropriations in the White Settlement Meter Replacement and Sanitary Sewer Main M-517 project (City Project No.104982) in the amount
of $1,455,835.00 and decreasing appropriations in the W&S Commercial Paper project (City Project No. UCMLPR) by the same amount, to
effect a portion of Water's contributlon to the Fiscal Years 2024-2028 Capital improvement Program.
This Mayor and Council Communication (M&C) is to authorize a contractwith Teague Nan & Perkins, Inc. in the amount of $1,126,385.00 for the
preparation of plans and specifications for Sanitary Sewer Main M-517 and White Settlement Wholesale Customer Meter Replacements to allow
for construction of the project.
In addition to the contract amount, $329,450.00 Is required for project management, real property acquisitions, utility coordination, and material
testing. This projectwill have no impact on the Water ❑epartmenrs operating budget when completed.
This project is anticipated to be included in a future revenue bond Issue for the Water & 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 expanses to be reimbursable. Adoption of the attached resolution does nc
obligate the City to sell bonds, but presences the ability of the City to reimburse itself from tax-exempt bond proceeds.
it is the practice of the Water Department to appropriate its CIP plan throughout the Fiscal Year, instead of within the annual budget ordinance, as
projects commence, additional funding needs are identified, and to comply with bond covenants. The actions In the MSG will appropriate funds In
support of the Watees portion of the City of Fort Worth's Fiscal Years 2024-2028 Capital Improvement Program, as follows:
60SSM5178,WSMCMREPLACE - TNP
Capital
Fund Project
FY2024CiP
Authorlfyl�
Budget Change
Revised
FY2024
Name Name
Appropriations
(increase/Decrease)
Budget
Fund 104982-
56022- WS Mete
W&S
$0.00
This M&C
$1,455,636.00
1,455,835.00
Repi and
Commercial 53 Main
Paper
Funding is budgeted in the Commercial Paper project within the W&S Commercial Paper Fund for the purpose of funding the WS Meter Repl t
SS Main project.
Funding for the Sanitary Sewer Main M-517 and White Settlement Wholesale Customer Meter Replacements project depicted below:
Fund Existing Additional project Total"
Appropriations Appropriations
Fund 56022-W&S $0.00 $1,456,835.00 $1.455,836.00
Commercial Paper
Protect Total $0,00 $1,d55,835.00 $1,455,835.00
`Numbers rounded for presentation purposes.
BUSINESS EQUITY OFFICE: Teague hail & Perkins, Inc. Is in compliance with the City`s Business Equity Ordinance by committing to 15
percent MWBE participation on this project. The City's MWBE goal on this project is 10 percent.
The project is located In COUNCIL DISTRICT 7.
FISCAL INF RMATiON 1 CERTIFICATION',
The Director of Finance certifies that funds are available in the Commercial Paper 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 WS Meter Repi, and SS Main project to support the above recommendations and execution of the agreement. Prior to any
expenditure being incurred, the Water Department has the responsibility to validate the availability of funds.
Submitted
for Cj>iy Manager's
Office by:
Dana Surghdoff
8018
Originating
Business
Unit Head:
Chris Harder
5020
Additional Information Contact: Liam Conlon 6824
Expedited