From
Donna Villafranca
Title
Resolution declaring expectation to reimburse expenditures with proceeds of future debt in the amount of $57,995 for a Professional Service Contract with PBS&J for Jefferson Bridge over Mountain Creek Tributary
Presenter
Ron McCuller, Director of Public Works
Recommend Action
Approve
Analysis
The funding for the FY11 Bridge Repair was approved by City Council at the September 21, 2010 council meeting; however, the funding mechanism via bond sale will not occur until early 2011. Therefore, a reimbursement resolution is necessary.
The cost for the Jefferson Bridge over Mountain Creek Tributary Professional Service Contract with PBS&J for engineering and technical services is in the amount of $55,233, plus a 5% contingency of $2,762, for a total of $57,995.
This project consists of engineering and technical services for the design plans, specifications and estimates (PS&E) and related documents for bridge rehabilitation and creek improvement for the bridge at Jefferson Street over Mountain Creek Tributary. This bridge repair has been set at a higher priority due to recent damage to the bridge railing.
Financial Consideration
Interim funding in the amount of $57,995 is available from the unobligated fund balance in the Street Capital Projects Fund (400192) by transferring and appropriating to WO #01104003 (FY 11 Bridge Repair).
Body
A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS, DECLARING EXPECTATION TO REIMBURSE EXPENDITURES WITH PROCEEDS OF FUTURE DEBT
WHEREAS, the City of Grand Prairie, Texas (the "Issuer") intends to issue debt for the purchase of FY11 Bridge Repair, (the "Project") and further intends to make certain capital expenditures with respect to the Project and currently desires and expects to reimburse the capital expenditures with proceeds of such debt;
WHEREAS, under Treas. Reg. 1.150-2 (the "Regulation"), to fund such reimbursement with proceeds of tax-exempt obligations, the Issuer must declare its expectation to make such reimbursement; and
WHEREAS, the Issuer desires to preserve its ability to reimburse the capital expenditures with proceeds of tax-exempt obligations,
NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of GRAND PRAIRIE, Texas that the Issuer reasonably expects to reimburse capital expenditures with respect to the Project with proceeds of debt hereafter to be incurred by the Issuer, and that this resolution shall constitute a declaration of official intent under the Regulation. The maximum principal amount of obligations expected to be issued for the Project is $57,995.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, ON THIS THE 16TH DAY OF NOVEMBER, 2010.