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Home My WebLink AboutResolution 6081-04-2025A Resolution NO.6081-04-2025 STATEMENT EXPRESSING OFFICIAL INTENT TO REIMBURSE EXPENDITURES WITH PROCEEDS OF FUTURE DEBT FOR THE NORTHSIDE IV ELEVATED STORAGE TANK—30INCH WATER TRANSMISSION MAIN EXTENSION 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 Northside IV Elevated Storage Tank — 30 Inch Water Transmission Main Extension 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 $388,000.00 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 wilI be issued by the City in furtherance of this Statement after a date which is later than 18 months after the later of (I) 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 22ND day of April 2025. ATTEST: By: Jannette S. Goodall, City Secretary MAYOR AND COUNCIL COMMUNICATION MAP 60NSIVEST-30I NWTM EXT-WESTWOOD FUTURE HALL NANCE LN # BELLA Alpha Ranch VISTA Phase 4 ADDN -- - . • ~ Renaissanc TND r I • ALPHA RANG+ W� �•m 7DIQ LL � I ■ FUTURE °G' °iv�E7c"TV S""q EAGLE PARKWAY 'T;"� COMANCHERIA WAY SENDERA RANCH NORTH • I OAS A924 ■ ! 9Q .. R , SENDERA RANCH ;l ■ s � � ` yr�w�■r■� &APO y� -----.-.-.-_----_- ------- 7Sy; O PRIVATE ROAD 4921 NORTHSTAft ka FORT WORTH,, { City of Fort Worth, Texas Mayor and Council Communication DATE: 04/22/25 M&C FILE NUMBER: M&C 25-0329 LOG NAME: 60NSIVEST30[NWTMEXT-WESTWO0D SUBJECT (CD 10 and Wise County) Authorize Execution of an Engineering Agreement with Westwood Professional Services, Inc. in the Amount of $173,000.00 for the Northside IV Elevated Storage Tank -- 301rich Water Transmission Main Extension Project, Adopt Resolution Expressing Official Intent to Reimburse Expenditures from Proceeds of Future Debt Project and Adopt Appropriation Ordinance to Effect a Portion of Waters Contribution to Fiscal Years 2025-2029 Capital Improvement Program RECOMMENDATION: It is recommended that the City Council: 1. Authorize execution of an engineering agreement with Westwood Professional Services, Inc. in the amount of $173,000.00 for the Northside IV Elevated Storage Tank— 30 inch Water Transmission Main Extension project; 2. Adopt the attached resolution expressing Official Intent to Reimburse expenditures with proceeds of future enterprise fund debt for the Northside IV Elevated Storage Tank— 30 inch Water Transmission Main Extension project; and 3. Adopt the attached appropriation ordinance adjusting appropriations in the Water & Sewer Commercial Paper Fund by increasing appropriations in the Northside IV Elevated Storage Tank -- 30 inch Water Transmission Main Extension project (City Project No. 106202) in the amount of $323,700.00 and decreasing appropriations in the Commercial Paper project!(City Project No. UCMLPR) by the same amount, to effect a portion of Waters contribution to the Fiscal Years 2025-2029 Capital lmprovement Program. U &T!01*1C+1►f# This Mayor and Council Communication (M&C) is to authorize a contract with Westwood Professional Services, Inc. in the amount of $173,000.00 for the preparation of plans and specifications for Northside 1V Elevated Storage Tank— 30 inch Water Transmission Main Extension project. The proposed project will provide for the design of a 30-inch water main extension to deliver water to the Northside 1V Elevated Storage Tank that will be constructed by the Water Department at the southwest comer of the Alpha Ranch property. The tank will provide capacity and delivery reliability in the Northside IV service area. In addition to the contract amount, $150,700.00 is required for project management, real property acquisitions, utility coordination, and material testing. This project will have no impact on the Water Department's operating budget when completed. 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. It is the practice of the Water Department to appropriate its CIP plan throughout the Fiscal Year (Fl in of within the annual budget ordinance, as projects commence, additional funding needs are identified, and to comply with bond covenants. The actions in the M&C will appropriate funds in support of the Water's portion of the City of Fort Worth's Fiscal Years 2025-2029 Capital lmprovement Program, as follows: 60NSIVEST30I NVdTMEXT-WESTWOOD Capital Fund Project FY2025 CIP Authority Budget Change Revised FY2025 Name Name Appropriations (increase/Decrease) Budget 1106202- Fund 56023i - W&S 1301N Commercial: NSIVEST $0.00 This M&C' $323,700.00 $323,700.00 Paper T E Funding is budgeted in the Commercial Paper project within the W&S Commercial Paper Fund for the purpose of funding the NSIVEST-301N WTM EXT project. Funding for the NSIVEST-301N WTM EXT project depicted below: Existing J Additional Project Fund Appropriations Appropriations TotaV Fund 56023 - W&S Commercial Paper $0.00 $323,700.00� $323,70Q.00 Project Total =1 $0.00 $323,700.00� $323,700.00 BUSINESS EQUITY OFFICE: The Business Equity Division placed a 12.31 percent business equity goal on this solicitation/contract. Westwood Professional Services, Inc., will be exceeding the goal at 21.39 percent, meeting the City's Business Equity Ordinance. Any changes in subcontractors will be reviewed by the Business Equity Division. i The project is located in COUNCIL DISTRICT 10 and Wise County. FISCAL INFORMATION 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 NSIVEST — 301N WTM EXT 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 availabilityjof funds. Submitted for City Manager's Office hy: Jesica McEachern 5804 Originating Business Unit Head: Chris Harder 5020 Additional Information Contact: Bijay Upreti 8909