HomeMy WebLinkAboutResolution 4404-02-2015 A Resolution
NO. 4404-02-2015
EXPRESSING OFFICIAL INTENT TO REIMBURSE EXPENDITURES
WITH PROCEEDS OF FUTURE DEBT FOR CERTAIN IDENTIFIED WATER AND
SEWER IMPROVEMENTS IN AN AGGREGATE MAXIMUM PRINCIPAL
AMOUNT NOT TO EXCEED $40,900,000.00
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 of the following projects: New Northside II 48-
Inch Water Main Phase II Construction; Rolling Hills Water Treatment Plant Phase VI —
Upgrade to Flocculation Basins and Plant Service Road; New Caylor 5.0 Million Gallon
Ground Storage Tank; Rehabilitation of 96" Mains 280 & 338; Replacement of
Interceptor Main 275, Sycamore Creek Basin; Water and Sanitary Sewer Main
Relocations for the Trinity River Vision — Central City Project and the Trinity Uptown
Service Area Phase 2B — Bridge and Channel Relocation, Part 7, Gateway Site E Sanitary
Sewer Relocation; and Medical District Part 9 — Water Distribution System
Improvements on 8th Avenue, West Oleander Street, Enderly Place, Jefferson Avenue,
and West Mitchell Avenue; as shown on the attached maps (collectively the "Projects")
prior to the issuance of obligations by the City in connection with the financing of the
Projects 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 Projects.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FORT WORTH, TEXAS:
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 $40,900,000.00 for the purpose of paying the aggregate costs of
the Projects.
ORTWORT
Resolution No.4404-02-2015
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 3rd day of February, 2015.
AY®�Fo 0
ATTEST: pro O,A��
oo#d.so o g
�vo o d
By — — — -- — ---------- �a 000 00 4Y
0000000 A,
Mary Kayser, Ci cretar a4tLrex �
Ou% T
For general purpos?only.Contact City of Fort Worth Transportation and Public Works at 817-392-8426 to get plan information for das+gn or construction purposes.
Maas wilft aerial anrG rorriaur rnfarma� ..rF. r I'•inn rooroa,r .,.,.!. -:..I.. ,vltho¢I I-.. .. :_.,,FP-I -.,-. .
]
low
� 1 4 Ley A
�.cNCfir re
{ t
TL
_ n
,
�j O
0
e -
cfD,o 11i\G'll L L I11•'.
00
r c
CL
y_2 V
.w_
0 M �
w x. ti
-i to
I I - (n
a co . +.
� 3 �
N
U
Date:8/1/2014 User Name:ccarter
MAYOR AND COUNCIL COMMUNICATION
MAP MED Part 9
r r r
Legend n o —a - .'' • t ,
Proposed Water Lines FROPOM an I [:yam
Proposed Water Abandonment Crt7
s
ji
� _� r• � h a � ° ,�•-w.—.+�+, �k +fir
3'H® k 1:
IL
ki
r
..1 i * 4 ..mom-+- i � .��!'*_•�: �' .S.fa,y sue.".��i.
-F�'° t ". `%°• i.J "' Tli��:Fr ill n;� �.�
• - tll --r,
1 ' •
M-M•.OUP
Ma
� �i � ,�'S� � —v-. Wit• t t�3 tl®t ;t.
,x y f ?I
k a..
J M ,
� M
i M
1?
pp ' it
VAMM um
PROPOM
YIMM LNE
° - FORT WORTH
W WATER
� I 1 "
Af
ukmw DI
- ..•:-+ - - • .. .. - �F' - —i�Af�FS,PLA AVF
E
IEFF F S(7NFAV eM
AO ,o
#, .y
_ RL _
lr BEN,,H.ALL CT
all
PND
IfkTTOiiI�
� , • � fir*'
f -
k le
r ,
,
n ' -RNA
1 `• `i
w.IEi MIME Is�■+.��
MAYOR AND COUNCIL COMMUNICATION MAP
TRINITY RIVER VISION PART 7
LEGEND
Proposed SS
///Proposed Abandonments w
►►►� Existing SS +*
Tq
. 1
r ido
it
+ 94
to y
#V4MTJIR wwwj 0 .a
f f
I {� Y -fir
+-y
FORT WORTH
WATER
dh
ll�l
F
� *CV1
WOO
1 m r
F 1
s
.�
r m ,d
vg
T 'a — a — 6xw3
All
Ph
Nm
FA
rg
F
p
± ;
N At t
Al
- I9 Iq 4 p
is
FORTWORTH COPYRIGHT 2015 CITY OF FORT WORTH
UNAUTHORIZED REPRODUCTION IS A VIOLATION OF APPLICABLE LAWS.
THIS DATA IS TO BE USED FOR A GRAPHICAL REPRESENTATION ONLY.
THE ACCURACY IS NOT TO BE TAKEN/USED AS DATA PRODUCED FOR
ENGINEERING PURPOSES OR BYA REGISTERED PROFESSIONAL LAND
WATER SURVEYOR.THE CITY OF FORT WORTH ASSUMES NO RESPONSIBILITY
FOR THE ACCURACY OF SAID DATA.
Cbb-
a
�,.
242 m \7}1 N
21.
11 w
B�
Sou thlaA >5
s S
Prlicaa Keller
sky
3
Timano 0
acs £ s country H
�i LL C"6
j N
N
Egfr E a,e � � u'
Mxxxtalx ountam
Eagle Mountain Watauga
Water Treatment �'�" °
Plant Blxr
• and c
Sisinaw 040 b z
FeM YNirth P t st F10/tfl{
Mr1la Calla Creak North _
and Relupa c
E'looue74��ry 1'620 E— e20 W-1 020 F Richlan d
Hu'rA X-t7t•5— Fle o
100 N
N f Cr
I ak,%
{ 9 ,e� Etxl 11ya14 r,
I a►r e1 N µtactatn' Haltom Richland
t'otlh 1nnAnoeht City Hills
dt°
P.
X000 .f NE2e1h
WM raad 5•PthPOtt.
Park ,;, , +.`1,• - ��?80
rte; Rm„were Village Creek
Fo
? . Wastewater
North Holly Water «tea+ rr-1-00E �y3+�EaabFwy_--,•ava+ —yr--10
n' %vb t%vohi11 l >twohlh t^Oti l Peck >�F+tY e'� Treatment'Plant
Westside Water ' Nfi”"e Treatment?Plant E'
Settlement, Sou'th'Holly Water h
Treatment Plant, �h���
K' �arh Treatment Plant a>tt�y�l1b•E m^�'
1
'
170 L WesuFwY� � w
Ln
0
Pantr
3 �t°'s a
L t Tax" h Pad e,\ ..
Christian s °i
o Unkemlly
m �Bi � _ [lahvollhanrl
{ i Gardees
0.{y R � �b
�1-20 W 41p Ro*ling _
R rnbnm
\�C Hills Water z �Rq,std Reapan•Memonal•Hwy
wtste btteh.paq� �o.W�ele,�Fdrr.11tl s10,e1'?0 Tre�atme nt Plant W M
one Goff ��OhrRatlar) Mra Vista Hill
Cltt Parll Pak Golf Club Lt✓✓ <
Kennedale 4s
- 'ae
L Z
Ndltisy P
Park F,v
ah.: c',r
Lxkr .add v
INrt
thA t
Pak
<� ti
1,<
crehele;^ - Legend
1"""ohln •Treatment Plant
Ant
— N1a
Burleson —Sewer Main
-_- - - ---- r2sizi►rrr �= -- - _..._t2La mom: oaks
IUHNsvri
r
1 in = 3 miles NAD 1983 StatePlane Texas North Central FIPS 4202 Feet
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 2/3/2015 - Resolution No. 4404-02-2015
DATE: Tuesday, February 03, 2015 REFERENCE NO.: G-18408
LOG NAME: 60JAN 2015 REIMBURESEMENT RESOLUTION
SUBJECT:
Adopt Resolution Expressing the City's Official Intent to Reimburse Expenditures of Approximately
$40,900,000.00 for Water and Sewer System Projects and Improvements with Proceeds of Future Debt, if
Issued (ALL COUNCIL DISTRICTS)
RECOMMENDATION:
It is recommended that the City Council adopt the attached resolution expressing its official intent to
reimburse expenditures of approximately $40,900,000.00 for Water and Sewer system projects and
improvements with proceeds of future debt, if issued based upon the funding requirements of the Water
and Sewer System's capital improvement plan.
DISCUSSION:
The purpose of this Mayor and Council Communication is to take action to preserve the ability of the City
to reimburse itself from future debt issuances for certain Water and Sewer improvements that are
expected to be initiated prior to the debt being issued, using a combination of interim cash funding and the
contracting and appropriation authority provided by the Direct Purchase Note (DPN) program. The
projects in the attached Reimbursement Resolution are anticipated to be included in a future revenue
bond issue for the Water and Sewer Fund. Available cash within the Water and Sewer fund's portfolio and
the City's portfolio along with the appropriation authority authorized under the Direct Purchase Note
program will be used to provide interim financing for these projects until debt is issued. Once debt
associated with the projects is sold, bond proceeds will be used to reimburse the Water and Sewer fund's
portfolio and the City's portfolio in accordance with the attached Reimbursement Resolution.
In accordance with the provisions of the Financial Management Policy Statements, Staff anticipates
presenting revenue-supported debt issuances to the City Council for consideration within the next three
years. The Financial Management Services Department is currently working with all departments to
ensure multi-year capital improvement plans are in place. Newly developed and already existing plans,
such as the Water Department's current multi-year capital improvement plan, will be presented to City
Council for review and adoption. If the City Council-adopted plan does not include issuance of debt for
these specific projects, the projects will be funded utilizing pay-as-you go financing sources. If the
Council-adopted plan calls for debt issuance, that 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 other 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. Federal regulations require approval of
reimbursement resolutions on a periodic basis to preserve the City's ability to reimburse itself from future
debt issuances.
Under the Water Department's current capital plan, the issuance of public securities in the form of a
revenue bond is anticipated to occur in fiscal year 2017, with the timing dependent upon the funding and
Logname: 60JAN 2015 REIMBURESEMENT RESOLUTION Page 1 of 2
cash flow needs identified in the Water and Sewer capital improvement program. The long-term strategy
of the Water and Sewer capital plan continues to call for both debt financed and pay-as-you-go funding for
the infrastructure investment.
FISCAL INFORMATION /CERTIFICATION:
The Financial Management Services Director certifies that this action will preserve the City's ability to be
reimbursed for project expenses from future debt issuances if they are required.
FUND CENTERS:
TO Fund/Account/Centers FROM Fund/Account/Centers
CERTIFICATIONS:
Submitted for City Manager's Office by: Fernando Costa (6122)
Originating Department Head: Andy Cronberg (5020)
Additional Information Contact: Jan Hale (8438)
Logname: 60JAN 2015 REIMBURESEMENT RESOLUTION Page 2 of 2