HomeMy WebLinkAboutR-1999-25
,
RESOLUTION NO. 99-15
.
RESOLUTION DECLARING INTENTION TO REIMBURSE CERTAIN EXPENDITURES WITH
BORROWING PROCEEDS
WHEREAS, the City of La Porte, Texas (the "Issuer") desires to pay expenditures in connection with
the design, planning, acquisition, construction, equipping, and/or renovating the project or facility
described as the Community Library (known as the Project).
WHEREAS, Article 717k-6, Vernon's Texas Civil Statutes, as amended ("Article 717k-6") permits the
Issuer to use the proceeds of obligations to reimburse the Issuer for costs attributable to the Project
paid or incurred before the date of issuance of such obligations; and
WHEREAS, the Issuer finds, considers, and declares that the reimbursement of the Issuer for the
payment of such expenditures will be appropriate and consistent with the objectives of the Issuer's
programs 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 LA PORTE, TEXAS
THAT:
Section 1. This Resolution declared the intention of the Issuer to reimburse the expenditures for
the Project with the proceeds of obligation. The Issuer presently intends to reimburse the
expenditures by incurring obligations issued under Texas law the interest on which is excludable
from gross income under section 103 of the Internal Revenue Code of 1986, as amended.
Section 2. The Issuer reasonably expects to incur debt, in one or more series of obligations, in an
aggregate maximum principal amount now estimated to be equal to $2,750,000 for the purpose of
paying the costs of the Project.
Section 3. The Issuer intends to reimburse the expenditures hereunder not later than 18 months
after the date the original expenditure is paid or the date the Project is placed in service or
abandoned, but in no event more than three years after the original expenditure is paid unless the
Project is a construction project for which the Issuer and a licensed architect or engineer have
certified that at least five years are necessary to complete the Project in which event the maximum
reimbursement period is five years after the date of the original expenditure.
Section 4. The Issuer intends that this Resolution satisfy the official intent requirement set forth
in Section 1.150-2 of the Treasury Regulations and evidences its intentions under Article 7171k-6.
Section 5. This Resolution shall be liberally construed to evidence the intent of the Issuer to comply
with state law and federal income tax law in the issuance of tax-exempt obligations for the Project.
PASSED AND APPROVED this the 26th day of July, 1999
CITY OF LA PORTE, TEXAS
N~al~~
~lI/C I
Knox. W. Askins, City Attorney
e
~ of La Porte
Interoffice Memorandum
e
To:
oerns, Assistant City Manager
From:
Jeff Litchfield, Director of Finance/ACM
Date:
July 27, 1999
Subject:
Budget for CIP Funds
Attached is a spread sheet that lists all of the Capital Improvement Projects that I could think of.
Also attached are Fund Summary Sheets for the major capital funds 003, 005, 015, 018, 030,
and 040. The fund summary sheets contain two blanks. First is for estimated expenditures and
commitments for 98-99. This number will come from the completed worksheet and is the total of
the "98-99 Expenditures as of 6/30/99" and the "Budget Amount Needed to Complete" columns.
The second blank is the area for project costs for the 99-00 year. I have filled in the info for the
projects that fall under Finance.
I have sent Crystal a copy of the spread sheet.
Xc: Cynthia Alexander, Assistant Finance Director
Kathy Hutton, Account Manager
to determine Budget Commitments and Carryovers from the 98-99 Budget year to the 99-00 Budget
Worksheet
Notes:
Budget Amt
Needed
to Complete
Budget
Remaining
Total
Spent
98-99 Exp.
as of 6/30/99
Expenditure
Carryforward
Total
Budget
Budget Budgeted
Projects Carryforward in 98-99
Fund 015 - General Capital Improvement Fund
0 Comp
498,200
75,321 B
e
0 Comp
30,800 e
150,000
11,000
A
27,836
793,157
(3,347
498,200
75,321
33,535
75,390
28,337
83,578
(24,192)
50,000
53.500
375,933
74,424
17,436
720,000
34,513
204,377
171,000
270,000
o
45,000
29,500
33,000
54,482
30.800
150,000
85,000
20,000
84,113
65,000
15,000
350,000
27,836
86,350
3,814,086
195,356
1,800
11.341
6,465
76,979
321,663
362,172
24,192
o
1,500
158,567
26,376
22,564
o
25,487
30,623
o
o
100,000
o
0
0
145,518
4,200
0
0
0
221,917
0
0
0
7,164
13,650
757.534
184,797
1,800
11,341
6,465
76,979
113,282
278,979
24,192
o
o
114,414
26,376
22,564
o
24,045
30,623
o
o
100,000
o
o
o
145,518
4,200
o
o
o
917
o
o
o
6,497
13,650
1,407,639
221
10,559
o
o
o
o
208,381
83,193
o
o
1,500
44,153
o
o
o
1,442
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
667
o
349,895
192,009
500,000
86,662
40,000
152,369
350,000
445,750
o
50,000
55,000
534,500
100,800
40,000
720,000
60.000
235,000
171,000
270,000
100,000
45,000
29,500
33,000
200,000
35,000
150,000
85,000
20,000
306,030
65,000
15,000
350,000
35,000
100,000
5,571,620
o
100,000
o
40,000
50,000
o
199,500
o
o
o
o
o
o
360,000
o
235,000
171,000
270,000
100,000
45,000
29.500
33,000
200,000
35,000
150,000
85,000
20,000
306,030
65,000
15,000
350,000
o
100,000
2,959,030
192,009
400,000
86,662
o
102,369
350,000
246,250
o
50,000
55,000
534,500
100,800
40,000
360,000
60,000
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
35,000
o
2,612,590
501 - FTF/EMS Improvements
504 - Fire/Police Training RoomlEOC
543 - Computer
675 - FY 98-99 Joint Ventures
709 - Sidewalk Repairs
716 - F101 Drainage
722 - Sea breeze IMPS
730 - Wave Pool Repair
737 - Fairmont Pkwy Intersection Imps
747 - Soccer Concession Building
751 - Fleet Fueling Facility
752 - Northside Improvements
753 - Parks Maint Yard Facility
758 - City Hall Renovation
759 - Comprehensive Plan Update
766 - Canada/East Blvd Intersection
767 - 14th and H Street
768 - Caniff Road Paving
769 - Sunrise Joint Venture
770 - Exhaust Fans and RFC
771 - Replaster Northwest Pool
772 - Pave Parking Lot at Rodeo Arena
773 - Relocate Girls Softball
774 - AlE Services for PO
775 - Offsite Storage Building
776 - Land Acquisition
777 - Repair Elevator at Municipal Court
778 - Replace Police/Courts Software
779 - Replace Scott Air Packs
780 - Electric Driven Air Compressor
781 - Install Fiber Optics
795 - Relocate Northside Park
Contingency for FY 98-99
Total
Worksheet
Page 2
Budget Amt
Needed
to Complete Notes:
to determine Budget Commitments and Carryovers from the 98-99 Budget year to the 99-00 Budget
Budget
Remaining
Total
Spent
98-99 Exp.
as of 6130199
Expenditure
Carryforward
Total
Budget
Budgeted
in 98-99
Budget
Carryforward
Projects
e
34,513
93,600
342,200
140,185
2,797
71,994
685,289
25,487
6,400
34,800
9,815
22,203
3,006
101.711
24,045
6,400
34,800
9,815
22,203
3,006
1 00,269
,442
o
o
o
o
o
,442
1
60,000
100,000
377,000
150,000
25,000
75,000
787,000
o
100,000
377,000
150,000
25,000
75,000
727,000
60,000
o
o
o
o
o
60,000
Fund 003 - Utility Capital Improvement Fund
759 - Comprehensive Plan
782 - 25th Street Water Well
783 - Antrim Waterline Replacement
725 - Developer Oversizing
786 - Replace Treatment Plant Equip
Contingency
Total
o
1
22,492
450,000
472,492
12,508
o
12,508
12,508
o
12,508
o
o
o
35,000
450,000
485,000
o
o
o
35,000
450,000
485,000
Fund 005 - Other Infrastructure Fund
787 - Community Library - AlE Services
788 - Fairmont Expansion to 6 lanes
Total
o
69,700
20,897
30,413
74,961
195,971
o
14,103
50.887
89,039
154,029
o
14,103
50,887
89,039
154,029
o
o
o
o
o
69,700
35,000
81,300
164,000
350,000
69,700
35,000
81,300
164,000
350,000
o
o
o
o
o
Fund 018 - Sewer Rehabilitation Fund
9881 Inflow/Infiltration
669 9892 City Wide Repairs
669 9883 Trenchless Repairs
669 9884 Farrington Repair
Total
o
e
150,000
20,000
170,000
o
o
o
o
o
o
o
o
o
150,000
20,000
170,000
o
o
o
150,000
20,000
170,000
Fund 026 - Hotel/Motel Fund
790 - Sylvan Beach Renovation
791 - Old City Hall Renovation
Total
o
C
262,220
460,100
9,900
o
9,900
470,000
102,000
368,000
Golf Course Fund
727 - Golf Course Improvements
Fund 028
Worksheet to determine Budget Commitments and Carryovers from the 98-99 Budget year to the 99~0 Budget
Page 3
Budget Amt
Needed
to Complete Notes:
Budget
Remaining
Total
Spent
98-99 Exp.
as of 6130199
Expenditure
CarryfolWard
Total
Budget
Budgeted
in 98-99
Budget
CarryfolWard
Projects
136,000
136,000
136,000
349,720
2,000,000
2,485,720
o
14,280
o
14,280
14,280
o
14,280
o
o
o
136,000
364,000
2,000,000
2,500,000
o
o
o
o
136,000
364,000
2,000,000
2,500,000
Fund 040 -1998 GO Bonds
722 - Sea breeze Park
792 - Parkland in West La Porte
793 - Drainage Improvements
Total
e
Fund 030 - 1998 Revenue Bonds
1,250,000
9,533,658
o
2,049,962
o
1,688,725
o
361,237
250,000
583,620
1
11
o
4,138,030
1,250,000
7,445,590
Southeast Sanitary Sewer
Total of all projects
794
377
1.191
-
Notes:
The playground equipment for this project should be installed by mid August. There will still be a delay in obtaining all of the land because of delinquent taxes.
The Computer Project is just about completed. The remaining funds will provide get us through the Work Order/Facility Maintenance Training.
The amount shown as being needed to complete includes the Green Renovation project and $200,000 for a pavilion.
A
B
C
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City of La Porte
Utility Capital Improvement Fund (003) Summary
Working Capital 9/30/98
856,764
Plus Estimated 98-99 Revenues
583,425
Less Estimated 98-99 Expenditures
Equals Estimated Working Capital 9/30/99
1,440,189
Plus 99-00 Revenues:
Transfer from Utility Fund
Water Front Foot Fees
Sewer Front Fees
Interest Income
400,000
50,000
50,000
60,000
Total Revenues
560,000
Equals Total Resources
2,000,189
Less 99-00 Expenses:
Project Costs
Contingency
Total Expenses
Equals Estimated Working Capital 9/30/00
2,000,189
The Utility Capital Improvement Fund is used to fund projects that benefit the City Water and
Wastewater system. Projects expected to be accomplished during the fiscal year are listed
on the following pages.
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e
City of La Porte
Transportation & Other Infrastructure Fund (005) Summary
Working Capital 9/30/98
1,677,862
Plus Estimated 98-99 Revenues
91,349
Less Estimated 98-99 Expenditures
Equals Estimated Working Capital 9/30/99
1,769,211
Plus 99-00 Revenues:
Interest Income
96,000
Total Revenues
96,000
Equals Total Resources
1,865,211
Less Expenses
Equals Estimated 9/30/00 Working Capital Balance
1,865,211
The Transportation & Other Infrastructure Fund is used to prepare for future improvements
involving mobility within the City. The scope of the fund is not limited to transportation issues only,
but includes other major City wide infrastructure ventures. It is anticipated the fund will be used
in conjuction with the Section 4B Sales Tax for projects such as the City Library and Bay Area
Expansion.
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City of La Porte
General Capital Improvement Fund (015) Summary
Working Capital 9/30/98
3,441 ,293
Plus Estimated 98-99 Revenues
1.978,824
Less Estimated 98-99 Expenditures
Equals Estimated Working Capital 9/30/99
5,420,117
Plus 99-00 Revenues:
Transfer from General Fund
Industrial Payments
Street & Alley Closings
Interest Income
700,000
762,000
30,000
193,015
Total Revenues
1,685,015
Equals Total Resources
7,105,132
Less 99-00 Expenditures:
Project Costs
Contingency
Total Expenditures
Equals Estimated Working Capital 9/30/00
7,105,132
The General Capital Improvement Fund is used to fund projects that benefit the City's overall
op~ration. Projects expected to be accomplished during the fiscal year are listed on the following
pages.
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City of La Porte
Sewer Rehabilitation Fund (018) Summary
Working Capital 9/30/98
241,772
Plus Estimated 98-99 Revenues
314,909
Less Estimated 98-99 Expenditures
Equals Estimated Working Capital 9/30/99
556,681
Plus 99-00 Revenues:
Transfer from Utility Fund
Interest Income
300,000
15,655
Total Revenues
315,655
Equals Total Resources
872,336
Less 99-00 Expenses:
Project Costs
Contingency
Total Expenses
Equals Estimated Working Capital 9/30/00
872,336
The Sewer Rehabilitation Capital Improvement Fund is used to fund projects that specifically
relate to the Sewage Collection system. Past projects include emphasis on inflow and infiltration
into the collection system.
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City of La Porte
1998 WW/SS Revenue Bond Fund (030) Summary
Working Capital 9/30/98
Plus Estimated 98-99 Revenues
Less Estimated 98-99 Expenditures
Equals Estimated Working Capital 9/30/99
Plus 99-00 Revenues:
Interest Income
70,444
Total Revenues
Equals Total Resources
Less Expenses
Equals Estimated 9/30/00 Working Capital Balance
1,231,016
67,090
1,298,106
70,444
1,368,550
1,368,550
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City of La Porte
1998 General Obligation Bond Fund (040) Summary
Working Capital 9/30/98
Plus Estimated 98-99 Revenues
Less Estimated 98-99 Expenditures
Equals Estimated Working Capital 9/30/99
Plus 99-00 Revenues:
Interest Income
141,707
Total Revenues
Equals Total Resources
Less Expenses
Equals Estimated 9/30/00 Working Capital Balance
2,481,618
134,959
2,616,577
141,707
2,758,284
2,758,284