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Home My WebLink AboutIR 7656 INFORMAL REPORT TO CITY COUNCIL MEMBERS NO. To the Mayor and Members of the City Council W,, November 5, 1992 C, Subject: PROPOSED GENERAL OBLIGATION BOND SALE FOR 1992-93 On October 22 , 1991, Informal Report 7560 was provided to City Council outlining the proposed sale of general obligation bonds for the construction of streets and other facilities. City Council approved the sale of the bonds and the issuance of new debt. The bonds that were sold continued the City's annual street reconstruction program . Those projects have either been completed or are nearly completed and new funds for the next annual reconstruction program are being recommended by Staff to City Council for approval. Staff recommends that City Council approve the issuance of an additional $14,000,000 in previously authorized bonds. The $14, 000, 000 in proposed projects will address the most critical street construction and drainage requirements for the next twelve months. Attachment A contains a list of proposed projects from the 1986 and 1990 Capital Improvement Programs. It should be noted that the total cost of the projects on the Attachment is $16,517,500. All of the projects listed are in the design process and all designs should be complete by early 1993. Even though the cost of all the projects exceeds the amount of proposed issuance, it is anticipated that only $14, 000, 000 will be needed because of utility relocations and other Opp" actions which are prerequisite to construction. Staff anticipates that the remainder of the projects ($2, 517, 500) will be ready for construction by 1993 and will be included in next year's proposed bond sale. Staff at this time cannot predict which projects will be Attachment B contains the present debt service requirements, the debt requirements of the proposed $14,000,000 and the projected total debt requirements if the City Council approves the sale of the $14,000,000. The City's financial advisor, First Southwest Company, assumed an interest rate of 6.25% in calculating the interest shown on the Unless otherwise directed by City Council, the required rating agency presentations will be conducted on December 9 and 10, 1992, competitive bids will be received on the morning of Tuesday January 5, 1993 , and the City Council will be requested to take action at the night Council meeting on that date to award the bond sale based on the lowest net effective interest cost to the City. C" Bob Terrell 0`01k 1� City Manager *Attachment A: List of Proposed Projects Attachment B: Debt Service Projections Attachment C: Bond Status Update -ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS Attachment A PROJECTS FOR WHICH BONDS HAVE NOT BEEN SOLD - 1986 CIP CD N. Main St. 23rd to 25th 2 206,500 Terminal Rd. Weber to Deen 2 667,000 McKinley Azle to 28th Street 2 289,000 27th Street Hanna to Mckinley 2 181,000 Lincoln 23rd to 24th 2 84, 000 Currently Undesignated 2 20,896 Elizabeth Ln. Reagan to Joyce 3 265,000 Waverly Park (Balance) Drainage Improvements 3 290,334 Currently Undesignated 3 89,466 Effie St. Willie to Elgin 5 55,000 Lizzie Davis Katy to Calumet 5 34, 167 Currently Undesignated 5 343,278 Wayland/Wilkie Way Drainage 6 805,277 Lancaster Ave. Montgomery to University 7 680,000 Currently Undesigneated 7 164,955 Seminary Sycamore Crk B to Campus 8 650,000 Currently Undersignated 8 34,127 Total 1986 CIP $ 4 ,860,000 PROJECTS FOR WHICH BONDS HAVE NOT BEEN SOLD - 1990 CIP NW 26TH Refugio/Angle to Ross 2 $ 125,000 Schwartz 28th to Long 2 570, 000 Dodge Hanna to Azle 2 15,000 Ellis Long to 29th 300,000 Hanna 23rd to Dodge 2 209,000 Lula 28th to Vera Cruz 2 300,000 Locke Edgehill to Mary's Lane 3 66,000 Wedgewood Walton to Wedgmont Circle N. 3 200,000 Bangor Slade to City Limit, near Cork 3 80,000 Clover Lnae W. Vickery to Valentine 3 791000 Overhill Southwest Blvd. to Valhalla 3 290,000 Rowan Clayton Rd. E. to Woodstock 3 300,000 Slade Bangor to Chapin 3 170,000 Tamworth Floyd to Fortune 3 151,000 Willis Overhill to Borden, incl RR Xi 3 70,000 Wren Wedgemont Circle N. to Wonder 3 175,000 Wesleyan Rosedale to Vickery 5 249,000 Collard Ave. Rosedale to Ave. H 5 88,000 Conner Burchill to Hanger 5 40,000 Eisenhower Maceo to Bunche 5 186,000 Hanger Conner to Mckenzie 5 55,000 Owl` 1990 CIF PROJECTS (CONTINUED) Hooks Truman to Vel 5 $ 43, 000 Lucas Ramey to Maceo 5 219,000 N. Littlejohn Ayers to Wallace 5 72,000 Patton Stalcup to Maceo 5 125,000 S. Littlejohn Ayers to Wallace 5 72,000 Sydney Berry to Crenshaw 5 294,000 Truman Cravens to Flemmings 5 171, 000 Wales Welch to Walton 6 249, 000 Waltham Walton to Welch 6 153, 000 Altameas Trail Lake to Hulen 6 675, 000 Southcrest James to Twonsend 6 120, 000 Wedgwood Walton to Wedgmont Circle S. 6 340,000 Halloran Goodman to Curzon 7 340, 000 Blanche Sondra to White Settlement 7 80, 000 Clover Lane Valentine to West Freeway 7 183, 000 Hervie Vickery to Bonnell 7 390, 000 Littlepage Kilpatrick to Libbey 7 80,000 Sondra Bailey to University 7 155,000 Mississippi Glen Garden to Berry 8 216,000 Bowie Evans to Mississippi 8 200,000 Bratcher Old Mansfield Road to Hunting 8 87,000 Evans/Shaw North of Devitt to Todd 8 354,000 Exeter Stella to Vickery 8 120, 000 Hattie McCurdy to Sycamore 8 42, 000 Morphy Yuma to Kuroki 8 150, 000 Mulkey Evans to Mississippi 8 214, 000 New York Berry to Shaw 8 210, 000 Richmond Riverside to Yuma 8 100, 000 Rolling Hills Drive Riverside to Timberline 8 260, 000 Sycamore Vickery to Hattie 8 85, 000 St. Louis Biddison to Ripy 9 66, 000 St. Louis Morningside to Lowden 9 236, 000 Arlington May to Granger 9 65, 000 Butler Livingston to Henderson 9 407, 000 Devitt 5th Avenue to Henderson 9 81, 000 Dickson Hemphill to 6th Avenue 9 290,000 Fairmount Arlington to Elizabeth 9 310,000 Henderson Berry to Biddison 9 331,000 6th Avenue Biddison to Drew 9 355,000 Total 1990 CIP $ 11,658, 000 TOTAL 1986 AND 1990 PROGRAMS $ 16, 518, 000 Attachment B GRAND PRESENT THIS $14,000,000 ISSUE TOTAL REQUIREMENTS PRINCIPAL INTEREST TOTAL REQUIREMENTS 1993 $ 60,757, 392 $ 0 $ 0 $ $ 1994 57,262, 170 0 1,424, 306 1, 424, 306 58, 686,476 1995 54,373,746 700,000 853, 125 1, 553, 125 55,926,871 1996 53 ,914,745 700, 000 809, 375 1, 509, 375 55,424, 120 1997 51, 251, 308 700, 000 765, 625 1,465, 625 52 ,716, 933 1998 47 ,592, 058 700, 000 721,875 1,421,875 49, 013,933 1999 44, 145, 533 800, 000 675, 000 1,475,000 45, 620,533 2000 42, 143,886 800, 000 625,000 1,425, 000 43, 568,886 2001 38,806,505 800, 000 575, 000 1,375, 000 40, 181,505 2002 35,830,625 800, 000 525, 000 1, 325, 000 37, 155,625 2003 22,499, 093 800, 000 475, 000 1,275,000 23,774, 093 2004 17, 579, 290 800, 000 425, 000 1,225,000 18,804 ,290 2005 12,813, 357 800,000 375, 000 1, 175, 000 13 ,988,357 2006 12, 331, 270 800,000 325, 000 1, 125,000 13, 456,270 2007 11, 793, 698 800,000 275, 000 1, 075,000 12 ,868,698 2008 5,232 ,148 800,000 225, 000 1, 025,000 6,257,148 2009 3,497 ,689 800,000 175,000 975, 000 4,472,689 2010 2,490,206 800,000 125,000 925, 000 3,415,206 2011 1, 083, 850 800,000 75,000 875, 000 1,958,850 2012 0 800, 000 25,000 825, 000 825, 000 $ 575, 398, 569 $ 14, 000, 000 $ 9,474, 306 $ 23 ,474, 306 $ 538, 115,483 Attachment C r AMOUNT AMOUNT AUTHORIZED DATE AMOUNT PREVIOUSLY THIS UNISSUED PURPOSE AUTHORIZED AUTHORIZED AUTHORIZED ISSUE BALANCE Streets 5-22-82 $ 77,285, 000 $ 77, 050, 000 $ -0- $ 235,000 Streets 3-22-86 115, 600, 000 109,865, 500 4,860, 000 874,500 Streets 7-10-90 20,000,000 7,855, 000 9, 140, 000 3, 005,000 Libraries 3-22-86 10, 000,000 7,370, 000 -0- 2, 630, 000 Public Safety 3-22-86 5,750,000 5, 110,000 -0- 640,000 Park & Rec. 3-22-86 16. 650. 000 15, 521,500 -0- 1.128,500 $ 245, 285,000 $ 222,772, 000 $ 14 , 000, 000 $ 8, 513,000 ook