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HomeMy WebLinkAboutResolution 4510-09-2015 A Resolution NO. 4510-09-2015 STATEMENT EXPRESSING OFFICIAL INTENT TO REIMBURSE EXPENDITURES WITH PROCEEDS OF FUTURE DEBT FOR THE INSTALLATION OF A 72-INCH CASING PIPE UNDER THE FUTURE INTERSECTION OF OLD DECATUR ROAD AND MCLEROY BOULEVARD AS PART OF THE-CONSTRUCTION OF OLD DECATUR ROAD FROM W J BOAZ ROAD T® BOULEVARD WHEREAS, the City of Fort Wortila, Texas (the "City") is a hom.e.-rule municdpality and political subdivision of the State of 'rexas; and WHEREAS, the (.11ity exp ects to pay expenditures in c(:mnecflon with the design, planning, acquisition and construction of a 72-inch casing pipe under the future intersection of Old Decatur Road and Mc[,eroy Boulevard as part of the Construction of Old Deeditur Road frorn W J Boaz Road to McLeroy Boulevard project as shown on the atudiched map (the "Projc;ct") prior to the issuance of" obligations by the (,lity in connection with the financing of the Project f�om available funds; and WHEREAS, the City fin.ds:, emlsiders:1, and declares that the reimbuxsement of the Clity for the payment of suell-i expenditures will lbe appropir I w I ate and eo:in.sistent with the lawful objec,-tives of the Citly and, as su.ch, chooses to declare its intention, in accordamce with. the provisions of Section 1,150-2 of the Treasury Regulations, to reimbuxse itself for quch payrneiats 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: The City reasonably eXPEacts delbt, as one or more �-,,eries of obligation.s,, may be issued or fii.cli.rred. by the City with. aii,.i aggregate maxiinum jprincipal amount n.ot to exceed $275,000.00 for the purpose of paying the aggregate costs of the project. Section 2. All costs to 11be rei.ralbursed pursuant hereto will ]be capital, �:�xpenditures. --..........- I No obligations will be issu.ed by the City in, fuii,tl-wrance ofth.is Staten..ient after a data which. is later than 18 months afteir the later of (1) the date the expenditures are paid or (2) the date on which. the property:, with respect to whic-hi. such. expenditures were made, is placed in service. Section. '13, rh.e foregoirig notwithstanding, no obligation will be issued pursuant to this Statennient more than three years after the date amy expenditure which is to be reiarnbuirsed is paid.. -'Q'w1! Adopted this I.P. day of Sep.1ppi 0000000 2 0 15. Or 44 .......................... �o ATTEST: 0 0 Tl0 0 By: ................ .................. ......................................... 0000 00 "Lgt '00 0000 Ar Mary J, Kayser, City Secretar) A MAYOR AND COUNCIL COMMUNICATION MAC' 0OLD DECATUR CONSTRUCTION AZ TO MCLEROY ..- � � Ccu � j SH ._.. ..w..... - �" 7 Ors X I BBI16n X spy w J w Bnaz .T��. t RoERTSnN s n,q _m. _.. .. ,,,��,.0 m ? r<Cd �,hr. MEF�TER coo c�i MCLEROY` P r mN pus€ A.: ry lll� m LONGHORN t ANSnnn S § - ? IF Lu uj EW F .� . 5 + �. T 4 ER�IIIN . c x LONG 199 ,, .. a r" ��.� �'�'�� u � "� z 1 �u �G. y ® l { tt 71 400 A stl I TON �: ENN f 4 � i } !!�RKV�EW { . {L FWY' t•., OLD DECATUR RD:WJ BOAZ RD TO MCLERO"N LV 'uP x* 9.W tl, P Vu 8 F P .d p 8 h 0'. W W eN Mn '"" r P 'iwypw, a �� ._u C0­...................... ............ ,.... CITY PROJECT#0174E �PP+O'{RMP PoPo1U fMD�;�M'MA V S&".%Mwb IA IXBV�Y„PYdPbMan%y hA YPPV Y@V�:�& L ! tl Y 6 DOE#6705 Styr of Fort Worth, Texas Mayor and Council Communication COUNCIL ACTION Approved on 911512015 A Resolution N©. 4510-09-2015 DATE; Tuesday, September 15, 2015 REFERENCE NO.: **C-27446 LOG NAME: 20OLD DECATUR CO STR BOAZ TO MCLEROY CHANGE ORDER NO. 1 SUBJECT. Authorize Execution of Change Order No. 1, to City Secretary Contract No. 45044, a Construction Contract with Contracting, LL.C, in the Amount of $236„526.00, for the Installation of a Seventy-Two Inch Casing Pipe Under the Future Intersection of Old Decatur Road and MclLeroy Boulevard as Part of the Old Decatur, Road from . .. Boaz Road to McLeroy Boulevard Project, Thereby Increasing the Total Contract to 921'1,400.65 and Adopt Reimbursement Resolution (COUNCIL DISTRICT 7) RECOMMENDATION: It is recommended that the City Council'. 1. Authorize the execution of Change Order No. 1, to the City Secretary Contract: No. 45044 with Contracting, LLC,, In the amount of$236,526.00 for the installation of seventy-two inch casing pipe under the future intersection of Old Decatur Road and McLeroy Boulevard as part of the Old Decatur Road from .J. Boaz Road to MoLeroy Boulevard project for a revised contract total of$4,217,430.65; and 2. Adopt the attached resolution expressing official Intent to Reimburse expenditures with proceeds of future debt for Change Order No. 1 to City Secretary No.45044 for Old Decatur Road from .J. Boaz Road to McLeroy Boulevard. DISCUSSION: On October 22, 2013, the i Council authorized a contract with JLB Contracting, I....I._C., in the amount of $3,976,902.65 for the construction of Old Decatur Road from WJ.. oaz Road to Mcl...eroy Boulevard. The project provides for the construction of the west two lanes of the roadway. Change Order No. 1 provides for the installation of a 72 inch casing pipe under the future intersection of Old Decatur Road and McLeroy Boulevard. The proposed ceasing will accommodate a planned 43-inch water main that will be installed as part of a separate project that is to begin next year. This 48-inch water main will be placed inside the proposed 72-inch casing thereby eliminating the need to cut new concrete pavement when the ter main project begins next year. The 43-inch water ruin will increase the volume of water available to supply the Caylor Ground Storage Tank which services the Northside II Pressure Plane and customer cities such s Southlake, Keller, Westlake and 'Trophy Club. Funding for this Change Order will be provided from the Water Capital Projects Fund and will have no impact on the transportation fund budget. Subject to approval of this Mayor and Council Communication ( C)„ appropriations for Change Order No. 1 will consist of the following: Lo name: 200LD DE(.111,A,r1.J CONSTR.BOAZ TO faJt"LI� "ROY (¢11ANG1”. ORI)ER.T O. t Page t of _ _... _ _....._ _ ..._1 ...... items mount �Pro"ect ��C No. A roved _. Description 6ii inaC tr"act $3,978,902.65 onstruction 26526 1 0/22/2013 four-lane divided _ .. ._....Ww....__.. _ .' . _. roadway ...... .__._.__. _.. �__... ...__ Change Order $ d 72.1 c casing Pending_.._... Pending N0. 1 or future r line installation i, _... _.... . . ..... ........ _ ._........ _.._ ..._..._..... ........ .. ...... _..... ._..... Total Revised ��4,217,430.65 � ��� _ .. _ Contract Upon approval of this , funding for the contract, Change Order No. 1 and other project costs will consist the following: Existing Additional Revised Encumrbrances ._...�._. �......._....... Appropriations Appropriations Appropriations & Ex enditures Reliance _._.._._.�.........._ p balance Water Capital Projects $ 715,180.00 $ 0.00 $ 715,180.00 $ 698,319.09 $ 16,860.91 Fund (P253) _.... _. _ ... . _..._ ._..__...... �...... .... -----..___------ ... __....m._ .... .... 12017 Water and Sewer Revenue Bonds $ 0.00 $238,528.00 $ 238,528.00 $ 0.00 $238,528.00 Capital Project Fund (P26 ) (C204) ,777.53 - ,777.53 949777.53 (C223 .... -$4,603,825.3 _..._. _ .�... I$4,603,825.35....... 4,603 .8......5v 5...... ._ .$.55 ,240. ._5... I 10.88 5 998 921.97 _ . ......... .__..... Iota roject 6,013,782.88 ,252, , 255,388.91 l This project is ici included in a future revenue band issue for the r and Sewer Fund. it I within the at r and Sewer portfolio and the City's portfolio along with the appropriation utorit uori under the Direct Purchase Note Program will be used o 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 equivalent to the overall rate of return being earned y the City's portfolio (currently approximately one- percent annually). Should the City's portfolio not support the liquidity needed to provide an interim short- term financing source r funding source will be required, which could mean issuance of crii s under the Direct Purchase Note Program or earlier issuance of t r and Sewer revenue bonds than is currently planned. Once debt associated with this project is sold, bond proceeds will be used to reimburse the Water and ewer portfolio and the City's portfolio in ccor ance with the ache Reimbursement Resolution. n nPPATTTR MNqTR ROAZ TO SIC LEROY CHANGE ORDER NO. 1 aLe 2 of 3 In accordance with the provisions oft Financial Management Policy Statements, Staff anticipates presenting revenue-supported debt issuances tote City Council for consideration within the next three years. The Financial Management Services Department is currently working with all departments to ensure that multi-yearc ital improvements 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 it Council-adopted plan does not include issuance of debt for this specific project, the project will be funded utilizing pay-as-you go financing sources. If the City Council-adopted plan calls for debt issuance, that debt must be issued within approximately three years to provide reimbursement fort s xpenses. 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 on preserves the ability to reimburse the City from tax-exempt bond proceeds. Construction is anticipated to commence in September 2015 and October 2015. Contract time for completion of this or is 28 calendar days. Upon completion oft is capital project, there is no anticipated annual operating impact t o t he Transportation and Public Works Department/Street Division or the Water Department. MMBE OFFICE -A waiver of the goal for MBE subcontracting requirements are requested by the Department and approved by the M/WBE Office, in accordance with the BDE Ordinance, because the purchase of goods o r s ervices from source(s) where subcontracting or supplier opportunities are negligible. This project is located in COUNCIL DISTRICT 79 Mapsco 33T and 33X. FISCAL INFORMATION / CERTIFICATION: The Financial Management Services Director certifies that funds are available in the 2017 Water and Sewer Revenue Bonds Capital Project Fund for this contract. Currently, available revenue in the 2017 Water and Sewer revenue Bonds Capital Project Fund is $53,415,534.06. After appropriation of the $238,528.00.00 to the project, the amount of$53,177,006.66 in available revenue will remain in the 2017 Water and Sewer Revenue Bonds Capital Project Fund. This project will have no impact on Water Department operating budget. FUND CENTERS: TO Fund/Account/Centers FROM Fund/Account/Centers P266 541200 607140174983 I236,528.00 P266 541200 601159990100 1211528.00 CERTIFICATIONS: Submitted for City Manager's Office by: Jesus J. C (5804) Originating Department Head: Douglas W. Wiersig (7801) Additional Information Contact: Wilma it (87 85) r%crnnmi-- ')OC)T n DF.C.ATT TR C NSTR BOAZ TO MCLEROY CHANGE ORDER NO. I Page 3 of 3