HomeMy WebLinkAboutResolution 4524-09-2015 A Resolution
NO. 4524-09-2015
STATEMENT EXPRESSING OFFICIAL INTENT TO REIMBURSEEXPENDITURES
WITH PROCEEDS OF FUTURE DEBT FOR THE HOT MIX ASPHALTIC CONCRETE STREET
REHABILITATION (2015-3) PROJECT
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 Hot Mix Asphaltic Concrete Street Rehabilitation (201.5-3) project
as shown on the attached map (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:
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 $1,250,000.00 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 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 29th day of September, 2015.
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ATTEST: o�
Mary J °I a er, City Secretary t
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MAYOR AND COUNCIL COMMUNICATION
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City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 9/29/2015 - Resolution No. 4524-09-2015
DATE: Tuesday, September 29, 2015 REFERENCE NO.: C-27499
LOG NAME: 20HMAC STREET REHABILITATION (2015-3)
SUBJECT:
Authorize Execution of a Contract with JLB Contracting, LLC, in the Amount of$2,262,468.76 for Hot Mix
Asphaltic Concrete Street Rehabilitation, 2015-3, at Multiple Locations Throughout the City of Fort Worth,
Provide for Project Management Costs in the Amount of$590,600.00 for a Total Project Cost of
$2,853,068.76 and Adopt Reimbursement Resolution (COUNCIL DISTRICTS 2, 3 and 8)
RECOMMENDATION:
It is recommended that the City Council:
1. Authorize the execution of a contract with JLB Contracting, LLC, in the amount of$2,262,468.76 for
Hot Mix Asphaltic Concrete Street Rehabilitation, 2015-3, on approximately eleven lane miles at multiple
locations, as listed on the attachments provided; and
2. Adopt the attached Resolution expressing official Intent to Reimburse Water Department expenditures
with proceeds of future debt for Hot Mix Asphaltic Concrete Street Rehabilitation, 2015-3, Improvements
Project.
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 these resurfacing costs in lieu of performing trench repair under the utility contract.
The Water Department's share on this project will be $1,131,234.38, which is available in the Direct Note
Program. Transportation and Public Works' share on this project will be $1,721,834.38, which is available
in the Fiscal Year 2015 Contract Street Maintenance Fund Budget.
The City reserves the right to increase or decrease quantities of 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-Telegram on March 5, 2015 and March 22,
2015. On April 2, 2015, the following bids were received:
Bidders Amount
JLB Contracting, LLC $2,262,468.76
Peachtree Construction, Ltd. $2,378,037.90
McClendon Construction, Inc. $2,401,424.25
Advanced Paving Acquisition, Ltd. $2,503,725.50
The budget for this project is as follows:
Logname: 20HMAC STREET REHABILITATION (2015-3) Page 1 of 3
IDescription
lConstruction $2,262,468.76
Project Management, etc. [__�__590,149.81
[T_o&_1Project Budget [—$2,852,168.57
Appropriations for the Hot Mix Asphaltic Concrete Street Rehabilitation (2015-3) project will ooneistofthe
following:
Fund Appropriations F-En—cum brances Remaining Balance
and Expenditures
.ontract Street 1,721,384.19 .19 $1,720,934.00
Maintenance Fund (293) 1
2017 Water and Sewer §P-11,131,234.38 .00 131,234.38
Revenue Bonds Capital
Projects Fund (266)
This project is anticipated to be included inafuture revenue bond issue for the Water and Sewer
Fund. Available cash within the Water and Sewer 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 this project unti| debtieiaeued. 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 rata of return being earned by the City portfolio (currently approximately one-
percent annually). Should the City's portfolio not support the liquidity needed to provide an interim short-
term financing eource, another funding source will be naquired, which could mean issuance of securities
under the Uinsot Purchase Note Program or earlier issuance of Water 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 Sewer portfolio and the City's portfolio in accordance with the attached Reimbursement
Resolution.
In accordance with the provisions of the Financial K8onogennant PV|/oy Statements, Staff anticipates
presenting revenue-supported debt issuances to the City Council for consideration within the next three
years. The Financial Management Services Department ia currently working with all departments to
ensure that multi-year Capital Improvements Plans are inplace. 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. |f the City Council-adopted plan does not include issuance ofdebt
for this specific project, thepr jectvvi|| befundeduU)jzingpay-oe-yougofiD8OoingoourcaG. |f the Council-
adopted p|onca|/efordabtieeuanoe. thatdebtmuutbei8nuedvvithinappnnximate|ythre8yeanatoprovide
reimbursement for these expenses. |f that does not occur, the costs will no longer b8 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 ae/| bondo, but preserves the ability to
reimburse the City from tax-exempt bond proceeds.
Construction ie anticipated to commence in October 2D15. With a contract time of21O calendar days, the
construction is estimated tobe completed by the end of April 2O18.
This project vvi|| havenoi0paotontheoffectaddapartmanto' opar3bngbudget.
T.ogu8uze: 20}{MAC STREET REHABILITATION (20l5-3) Page 2of3
M/WBE OFFICE - JLB Contracting, LLC, is in compliance with the City's BDE Ordinance by committing to
16 percent MBE participation on this project. The City's MBE goal on this project is 16 percent.
These projects are located in COUNCIL DISTRICTS 2, 3 and 8, Mapsco 61B, 61G, 61H, 62F, 73V, 73Z,
74W, 88A, 91 U, and 92F.
FISCAL INFORMATION / CERTIFICATION:
The Financial Management Services Director certifies that appropriations are available as directed by
M&C G-18375 in the 2017 Water and Sewer Revenue Bonds Capital Project Fund and funds are available
in the current capital budget, as appropriated, of the Contract Street Maintenance Fund as depicted in the
table below:
Fund Available Transfer Remaining
Appropriation Available
Amount Appropriation
Amount
2017Water and $40,556,639.97 $1,131,234.38 $39,425,405.59
Sewer Revenue
Bonds Capital
Project Fund
Contract Street $12,108,004.61 $1,721,834.38 $10,386,170.26
Maintenance Fund
FUND CENTERS:
TO Fund/Account/Centers FROM Fund/Account/Centers
P266 541200 603170255083 $565,617.19
P266 541200 703170255083 $565,617.19
C293 541200 203620255083 $1.131,234.38
CERTIFICATIONS:
Submitted for City Manager's Office by_ Jay Chapa (5804)
Originating Department Head: Douglas W. Wiersig (7801)
Additional Information Contact: Kristian Sugrim (8902)
Logname: 20HMAC STREET REHABILITATION (2015-3) Page 3 of 3