Loading...
HomeMy WebLinkAbout10476RESOLUTION NO. 10476 A RESOLUTION OF INTENT FOR THE CITY OF PUEBLO, A MUNICIPAL CORPORATION, TO BUDGET AND APPROPRIATE $400,000 TO THE HISTORIC ARKANSAS RIVERWALK PROJECT AUTHORITY FOR THE COMPLETION OF PHASE III CONSTRUCTION DURING THE FISCAL YEARS 2006 THROUGH 2009 BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. City Council intends to allocate $400,000 of the realized savings from the refinancing of the City's 1996 Limited Tax General Obligation Refunding Bonds to the HARP Authority for the completion of Phase III construction. SECTION 2. City Council intends to allocate the $400,000 savings realization over a four -year period of time at an annual rate of $100,000. SECTION 3 These funds are subject to annual appropriations by the City Council, and the City Manager is hereby directed to include these appropriations in the budgets for fiscal years 2006, 2007, 2008, and 2009. INTRODUCED August 8, 2005 .. T - C w IL A, V BY Randy Thurston Councilperson Background Paper for Proposed RESOLUTION AGENDA ITEM # a3 DATE: August 8, 2005 DEPARTMENT: OFFICE OF THE CITY MANAGER DAVE GALLI, CITY MANAGER DOUG FITZGERALD, ASSISTANT CITY MANAGER TITLE A RESOLUTION OF INTENT FOR THE CITY OF PUEBLO, A MUNICIPAL CORPORATION, TO BUDGET AND APPROPRIATE $400,000 TO THE HISTORIC ARKANSAS RIVERWALK PROJECT AUTHORITY FOR THE COMPLETION OF PHASE III CONSTRUCTION DURING THE FISCAL YEARS 2006 THROUGH 2009 ISSUE The Historic Arkansas Riverwalk Project (HARP) Authority has requested the savings of the refinanced City's 1996 Limited Tax General Obligation Refunding Bonds to be designated for the construction and completion of Phase III for this project. The HARP Authority gave a presentation to City Council during the Work Session scheduled on July 18, 2005, requesting the realization of these savings to invest in the Phase III construction. It was requested by City Council that City Administration meet and discuss with HARP officials the feasibility of this action. From this meeting, it was determined and deemed plausible by HARP officials and City Administration that $400,000 can be allocated to the HARP Authority over a four -year period subject to an annual appropriation of $100.000 per year. The City Manager will be responsible for designating this money as an annual budget item for the next four years. RECOMMENDATION It was the direction of City Council to proceed with this matter after the July 18, 2005, Work Session presentation by the HARP Authority. FINANCIAL IMPACT Monies will be utilized from the savings of the refinanced City's 1996 Limited Tax General Obligation Refunding Bonds, thus costing the City of Pueblo $400,000 over a span of four years.