HomeMy WebLinkAboutResolution 4508-09-2015 A Resolution
® 4508-09-2015
STATEMENT EXPRESSING OFFICIAL INTENT TO REIMBURSE
EXPENDITURES WITH PROCEEDS OF FUTURE DEBT FOR THE
CONSTRUCTION OF HOT MIX ASPHALTIC CONCRETE STREET
REHABILITATION (2015-2) PROJECT
WHEREAS, the City of Fort Worth, Texas (the "(.. ity") is a home..-rule
municipality and political subdivision of the State ofl'exas, and
WHEREAS, the City expects to pay experiditures in connection with. the design,
planning, acquisition and constrLiction for the Construction of the Hot Mix Asphaltic
Concrete Street Rehabilitation (2015 2) project as shi)wn on the attached map (the
"Protect'"") pri(,.)r to the issuance of obligations by the City in connedion with the
financing of the Project from available furids, and
WHEREAS, the City finds, considers, and declares that the reimbtirsement. 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:
Section I The City reasonably cxpecils 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 $1,,000,000.00 for the purpose of' paying the aggregate costs of the
Project.
51ec t i o14,21. All costs to be reimbursed pursuant hereto will be capital
expenditures. No obligations will be issued by the City in furtherance of this Statement
after a date which is later than 18 months after the later of (1) the date the expenditures
are paid or (2) the date on which the property, with respect to which. such expenditures
were rnade, is placed in service.
S..ecti.on 3. The foregoing notwithstanding, no obligation will be issued pursuant
to this Statement more than three years after the date any expenditure which is to be
reimbursed is paid.
Adopted this 1„',t d a,y of 2015.
"0
0 00 0 oq�
ATTEST: xyi. 0 0-0
0
PIP.
%
By: ................................ XY
Mary J y ser, City Secretary
MAYOR AND COUNCIL COMMUNICATION MAP
HMAC STREET REHABILITATION - MAP PAGE1
r ;
r
o
rm.
� r I
r
� t
1 d
� r
,
p Y
l
1
i
i
I y�
4 Y
r
r 1
�v
° V19� 1
� N
^ fAr d
Y f
-1
w , DITRIDT 2
ISRELL RD.
, w
DISTRICT: 7
EAaTWOOD"E.
°
1
KELLST
ENOLEWOOD LN
ELI Vnll�ll
r„
DISTRICT. 7
PERSiHIN
H®FINE ST. a�
,u
g' V�
r6gyfat 20111 Clifty aaf F'aart"AbualPa Uinarstfaomirara d reprr.duua,Riion is«aa mlab on a ff:appfic alblle",aww s DO Ek 7400
pir maut rm moa m1 an rru�and a a� t have been pm pared for aalr I @tt aaihaable fear brag u1,smmgh aufnr,or su rve on auilr aosaas
niraaefuar&Ilan Esau^OrafParrsaatM1avrn suer. �,o-a^t�-uc9 u�moam man & M il V� df V V �y
rya y and ro-5presaa7fa on lNy If,,aappamraxOnaate rdaatlwaa,location of property bcr�,rx1 a�e . I �""`RO J E . 0252
,inr d IFat Mrth assurnm no r+ssfasarBsiknd9 ty$sear thie arxmraalay^of;,id dalaa
MAYOR AND COUNCIL COMMUNICATION MAP
HMAC STREET REHABILITATION - AP PAGE 1
' r
, � J
t
W
�b
f
I� �I
n �
a
D
, o
Ii
au
or
i r r u
DISTRICT: 7
HCJRNE ST.
PER SHING AVE.
DISTRICT-. 2 "
a,
ISBELL RD.
,W
DISTRICT; 7
9A t
EASTVi OOD AVE.
N ���' I `'� — �• ENGLEWOOD LN.
a
HASKELL ST
OHIO GARDEN RD.
e
h � i• I /l
/
1 /
dgIht 2011 City of Fort Worth. U n auathmarWrizud rrapaeaaaGe.colon is a wiiolatton d alplpficah e laws. CEO E#: 7408
IGanrsulo.ur0.is fm tuff&Vffiaa1P0.'bni puuurpuoses and may not have been peeppr aro-ed for or The suitable for leg ai,engineering,cn mavr✓rayonrg lowIrumes. �y .gg p�
e s not raapsre sent an amm-dio��dmaeuamnd xearrae�ey and rrrp enkas only the aapj::enrrxlm We relailve Ilcae:catlo n rat pe¢rd,oe;y IPxrauurndane s. CITY PROJECT#: 4!252
Dity of Fat Mitha assumes no reexpnnsiitlxilIlly Prai°the earx;a.pmLy of ase l d date,
MAYOR AND COUNCIL COMMUNICATION MAP
HMAC STREET H ILL TION - AP PAGE 2
11 'Il'9
r � 1
,
r
^
�r
a
r„r,
DISTRICT”. 4
i{MONT LN.
Y
/ =.
r"
l� e
r
r
r
t o
k
� art I I y� ,yy77
I
it
y.
r
G
! u „
7
r�
an �
aw ,.
r
sr
�y
�� ql
, r
� I
,dgl-42011 Cltyr of Fort F/r7aartlhi Unau.utlhxririzuxa'd raagxrcttuaa tpnn is a aruculnstio n d alplFficaltNe laws. E .
prcK. eli is tang mni tsanaation Ituu l,poses and may not Mawr^krsren propau aad trau°m be mAtalble tsau legal,anrrro @tineemng,nn sumaying ICauilposes.
eS not represent an on-kroa ground survey and rep�reawts'only this a2poxirnWe alAlve loc abon of pratarp paaurc ddd as.
aamQ Vwbfth assonas no rast a stitlty fDr the ar ma f r aalid data. CITY ® OJ EC P
. 0252
,,ky st Il
City of Fort Worth, Texas
Mayor and Council Communication
w w.uwamwmummwwwwu�uwwwuu�mammmwwxmimuuu wmwmmuuuuuuuuuuuouwmmwuwwwwwuu mwwiwuww.wnmmmmmmwiouuuuwuuuuuuuuuuuuuuuuuuuuuuwi uuuuwww�wwmuuuuuuuuwww,�wunawwuw.a'bwwmwuwwwmuuwwwwrwomuumww�wuuuuumwmnoouuuouuuuuuuwwwowwoommuum wwmmmwwoowwwaam000000u
COUNCIL ACTION: Approved on 9/1/2015 - Resolution No. 4508-09-2015
�www. www�wwww ��w.n .w.ww. wwww .www�wwwo wwuwwww.w..wwwwo ....www� w�� wwwwwwwwwwwww
DATE: Tuesday, September 01, 2015 REFERENCE NO.: C-27442
LOG NAME: 20H MAC I IT { (2015-2)
SUBJECT:
Authorize Execution of a Contract with Peachtree Construction, Ltd., in the on $1,644,944.14 for
Hot Mix Asphaltic Concrete Street Rehabilitation (2015- ) at Multiple Locations ro the City of Fort
Worth and Adopt Reimbursement Resolution (COUNCIL DISTRICTS 2, 4 and 7)
RECOMMENDATION:
It is recommended that the City Council:
1.. Authorize the execution of contract with Peachtree Construction, Ltd., in the amount of$1,644,944.14
for Hot Mix Asphaltic Concrete Street Rehabilitation (2015- ), on roi l seven lane miles at
multiple locations, as listed on the attachments provided.
2. Adopt the attached resolution expressing the official Intent to Reimburse expenditures with proceeds of
future debt for Hot Mix Asphaltic Concrete Street habilitation (2015-2) Improvements roj ct.
DISCUSSION:
These street rehabilitation projects will be undertaken in conjunction with a separate utility
contract for the replacement of water and sewer sanitary lines. The Transportation and Public
Works and Water Departments share in resurfacing costs in lieu performing trench repair
under the utility contract. Transportation and Public Works' share on this contract will be
$822,472.14, which is available in r c Street Maintenance et.
The City reserves the right to increase or decrease quantities individual pay items within the
contract, provided that the total contract amount remains within plus or minus 25 percent of the
contract award.
This project was advertised for bid in the Fort Worth Star-T—ele_qram on 1 , 2015 and
January 1 r 1 , 2015, the following bids were received:
Bidders Amount
Peachtree nrucion, Ltd, ,944.1
JLB Contracting, LLC. $1,687,909.90
Advanced vin 1, . 0
Upon approval this Mayor and Council Communication, appropriations for the Hot Mix
Asphaltic Concrete Street Rehabilitation (2015-2) roj c ill consist of the following:.
Lo e: 20H MAC STREET REHABILITATION (2015--2) Page I of 3
....... . .... „_..._.. _ _.... ,,__ ,...._......., . __..
Fund Existing Additional Revised Encumbrances Remaining
Appropriations ppropriations ppropriations and Balance
Expenditures a
__. _......._..._.. ... _.......p ... _......._ ,._ . ........ _._._ --------------_
Contract $1,898,244 $0.00 1,898,244.14 .____.,.._...$237.23 $1,898,006.91
Street
Maintenance
and (293)
2017 Water $0.00 $822,472.00 I $822,472.00 $0.00 $822,472.00
and Sewer
Revenue
Bonds Capital y
Projects Fund �!
(266) f
Project Total $1,898, 44 14 f $822,472 00 �$ ,7_ ,716 14 $237..23 2,720,478 91
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 i ' olio along with the
appropriation authority authorized r the Direct Purchase Note Program will be used to
provide interim financing for this project until debt is issued, To the extent resources other than
the Water and Sewer portfolio are used to provide interim financing, the Water and Sewer Fund
will be charged interest that is iv I overall rate of return being earned by the City
portfolio (currently r i I y one-percent annu ll ). Should the City's olio not support
the liquidity needed to provide an interim . - r financing r another funding source will
be required, which could mean issuance rii r the Direct Purchase Note Program or
earlier issuance of Water and Sewer revenue bonds than is currently lan Once debt
associated with this project is sold, bond proceeds will be used to reimburse the Water and
Sewer portfolio and the City's oli in ccr n with attached Reimbursement
Resolution.
In accordance with the provisions of the Financial Management Policy , Staff
anticipates presenting revenue-supported debt issuances to the City it for consideration
within the next three years. The Financial Management Services is currently r i
with all departments to ensure that ulti- r capital i r Ins are in place. Newly
developed and already existing Ins, such as the Water Department's current multi-year capital
improvement plan, will be presented i it for review i . If the City Council-
adopted plan does not include issuance of debt for this specific project, the project will be funded
utilizing pay- s-you go financing r . If the City Council- Inc Its for debt
issuance, that debt must be issued within r i I r ee years to provide reimbursement for
these expenses. If that does not occur, the costs will no longer be reimbursable issuing tax-
exempt debt and the funding source will have to be made whole through other budgetary
methods. Adoption of this resolution li gate the City to sell bonds, but preserves the
ability to reimburse the City from - o proceeds.
Construction is anticipated to commence in r 2015, with contract time of 190 calendar
days, the construction is estimated complete by the end of April 2016.
I.,og o; 20HMAC STREET REHABILITATION (2015-2) Page 2 of 3
Upon completion of this capital project, there is no anticipated annual operating impact to the
Transportation and Public Works budget within the first five years and it will have no impact on
the Water Department's operating budget.
M/WBE OFFICE - Peachtree Construction, Ltd., is in compliance with City's BDE Ordinance by
committing to 12 percent MBE participation and documenting good faith effort. Peachtree
Construction, Ltd., identified several subcontracting supplier opportunities. However, the MBE's
contacted in the areas identified did not submit the lowest bids. The City's MBE goal on this
project is 15 percent.
These projects are located in COUNCIL DISTRICTS 2, 4 and 7, Mapsco 61 L, 61 Q, 61V, 61Z,
65Q, 74H, and 75D.
FISCAL INFORMATION CERTIFICATION:
The Financial Management Services Director certifi es that appropriations are available as
directed by M&C G-18375 in the 2017 Water and Sewer Revenue Bonds Capital Project Fund
and the Contract Street Maintenance Fund for transfer from Unspecifi ed funding to the Hot Mix
Asphaltic Concrete Street Rehabilitation (2015-2) improvements project for this contract and the
contract street maintenance fund as depicted in the table below:
............ 'Ira---------
Fund Available I nsfer Remaining
Appropriation Available
Amount Appropriation
mount
................ ........................................ ........ .....................
2017 Water and $48, . . ....980,679.45 $822,472.00 $48,158,207.45
Sewer Revenue
Bonds Capital
Project Fund
.. ... ........
Contract" , Street, '', $12,108, 00,4 6,1 $,8,2 2,4,72.,1,4, 11,285,532.47
Maintenance
Fund
ITot'al.... .... ....... --------- 61,0'88681........ ......t1',d,44,§4"4A 4( $59,443,739 92
...__p__.....4."06......
. ............... -----------------
FUND CENTERS:
TO Fund/Account/Centers FROM Fund/Account/Centers
P266 541200 602170252083 $411,236.00
P266 541200 702170252083 1411236.00
0293 541200 202620252083 $822_
CERTIFICATIONS:
Submitted for City Manager's Office by: Jesus J,. Chapa (5804)
Originating Department Head: Douglas W. Wiersig (7801)
Additional Information Contact: Kristian Su grim (8902)
Logname: 20 HMAC STREET REHABILITATION (2015-2) Page 3 of 3