HomeMy WebLinkAboutPreliminary (Binder Notes) Capital Improvements Program FY03-04 T H E ' C I T Y O F
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Office tity Manager
TO: Mayor Saleh
City Council
FROM: Joe C. Hennig
DATE: March 22, 2004
RE: Interlocal Agreements - (Bedford/Grapevine)
Over the past year, we have met with Bedford on several occasions regarding their participation
on the Pipeline Road project. We have reached general agreement on their participation, with one
continuing concern. They refuse to pay interest on their$660,000 participation. They plan to pay
us back over 20 years but not to include interest. This amounts to an avoidance of debt service
cost of$3513923 over the life of the debt. I do not think their Council will approve an agreement
that requires interest repayment, at least it appears that Mayor Hurt will not recommend approval.
We have also had several meetings with Grapevine regarding our participation on the Glade Road
project. We have reached general agreement, but the estimated cost continues to increase. We
began with a general commitment of approximately $2 million for the road and waterline
relocation. In addition, we must purchase additional ROW as required by the project. Their
estimate began at $1.8 million for the road project and $200,000 for the waterline relocation. In
addition, the ROW was estimated at $90,000 for a total participation of $2.1 million. Their
current consultant's estimate has increased to $2.3 million for the road construction, $326,000 for
the utility relocation, and $90,000 for the ROW, for a total current estimate of approximately $2.7
million. They continue to emphasize that they think the project will bid lower. The current
project schedule calls for ROW acquisition and public utility relocation to occur between now
and the end of the year. The job should be let in early 2005. Construction is estimated at
approximately 12 months.
JCH/Fkt
201 N.Ector Drive,Euless,Texas 76039-3595
817/685-1400•Metro 817/267-4403•Fax 817/685-1416
www.ci.euless.tx.us
Loretta Getchell - Fwd: Re: CIP forms for completed waterline projects Page 1
From: Cynthia Daniel
To: Robert Barker
Date: 6/4/04 12:00PM
Subject: Fwd: Re: CIP forms for completed waterline projects
WT0404 Atkerson Lane
WT0403 Fairlawn Crt
>>> Robert Barker 06/04/04 11:42AM >>>
Can you supply me with the account numbers for the Fairlawn Ct. and Atkerson Drive projects. Thanks.
Preliminary
CITY OF EULESS,TEXAS
Certificates of Obligation
Series 2004
Bedford$660,000
Debt Service Schedule
Date Principal Coupon Interest Total P+I
09/30/2004 - - - -
09/30/2005 10,000.00 4.500% 38,703.00 48,703.00
09/30/2006 20,000.00 4.500% 28,296.00 48,296.00
09/30/2007 25,000.00 4.500% 27,283.50 52,283.50
__09/30/2008 25,000.00 4.500% 26,158.50 51,158.50
09/30/2009 25,000.00 4.500% 25,033.50 50,033.50
09/30/2010 25,000.00 4.500% 23,908.50 48,908.50
09/30/2011 30,000.00 4.500% 22,671.00 52,671.00
09/30/2012 30,000.00 4.500% 21,321.00 51,321.00
09/30/2013 30,000.00 4.500% 19,971.00 49 971.00
09/30/2014 30,000.00 3.800% 18,726.00 48,726.00
09/30/2015 35,000.00 3.940% 17,466.50 52,466.50
09/30/2016 35,000.00 4.060% 16,066.50 51,066.50
09/30/2017 35,000.00 4.170% 14,626.25 49,626.25
09/30/2018 40,000.00 4.280% 13,040.50 53,040.50
09/30/2019 40,000.00 4.380% 11,308.50 51,308.50
09/30/2020 40,000.00 4.470% 9,538.50 49,538.50
09/30/2021 45,000.00 4.560% 7,618.50 52,618.50
09/30/2022 45,000.00 4.640% 5,548.50 50,548.50
09/30/2023 45,000.00 4.710% . - _.-.__.._ 3,444.75 —.._...._._- 48,444.75
09/30/2024 50,000.00 4.770% 1,192.50 51,192.50
Total $660,000.00 - $351,923.00 $1,011,923.00
Yield Statistics
_Bond Year Dollars $7,900;00
Average Life _ _ __ _ 11_970 Years
Average Coupon 4.4547215%
Net Interest Cost(NICE 4.3174120%
True Interest Cost(TIC) 4.2554022%°
Bond Yield for Arbitrage Purposes 4.3404581%_
All Inclusive Cost(AIC) 4.2554022%
IRS Form 8038
Net Interest Cost 4.2076201%.
Weighted Average Maturity 11.821 Years
Bedford CO 6660K 16525K W.Pipeline Overlay I 2/11/2004 I 6:31 PM
First Southwest Company
Public Finance Department Page 1
Preliminary
CITY OF EULESS,TEXAS
Certificates of Obligation
Series 2004
Bedford$660,000
Sources & Uses
Dated 04/01/2004 I Delivered 04/01/2004
SOURCES OF FUNDS
Par Amount of Bonds $660,000.00
Reoffering Premium 15,797.45
TOTAL SOURCES $675,797.45
USES OF FUNDS
Deposit to Project Construction Fund 660,000.00
Gross Bond Insurance Premium(98.8 bp) 10,000.00
Total Underwriter's Discount (9,750%) 4,950.00
Rounding Amount 847.45
TOTAL USES $675,797.45
Bedford CO$660K I$525K W.Pipeline Overlay I 2/11/2004 I 6:31 PM
First Southwest Company
Public Finance Department Page 2
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TARRANT COUNTY IL LI DEC 3 1 2003IL)
COMMISSIONERS COURT
CITY OF EULESS
ADMINISTRATOR'S OFFICE -----------
COMMUNITY DEVELOPMENT DIVISION December 29, 2003
Ms. Susan Crim, City Secretary
City of Euless
201 North Ector Drive
Euless TX 76039
RE: B02-UC-48-0001-22-50, City of Euless
Sewer Line Improvements Serving: Limestone
Freestone, Milam, Etc., Partial Invoice
Dear Ms. Crim:
The above referenced Community Development Block Grant project in Euless is in progress.
When construction contract negotiations were held for this project, the City of Euless pledged
funding in addition to CDBG funding foi"completion of the project (City Council Meeting.of
May 18, 2003). The project costs are as follows: X
Project Cost Breakdown
Construction Cost To Date $ 309,331.29
Engineering Cost 14,999.00
Total Construction Cost To Date $ 324,330.29
Project Funding Breakdown
28th Year CDBG Allocation $ 110,000.00
Euless Partial City Pledge 214,330.29
A partial pledge billing of$214,330.29 is now.due. At your earliest convenience, please
forward your City's partial payment payable to Tarrant County in the amount of$214,330.29.
CSO DIS"TRIBUTED Si er14
' A;16C
TO f rnestine Lop aBindel
�► — Contract Comp lance Officer
1509B South University Drive, Suite 276, Fort Worth,Tx 76107, 817/338-9129,Fax 817/338-9136