HomeMy WebLinkAbout13407RESOLUTION NO. 13407
A RESOLUTION RELATING TO THE LOAN AGREEMENT
WITH THE COLORADO WATER RESOURCES AND
POWER DEVELOPMENT AUTHORITY AND REMOVING
GENE MICHAEL AND DEBORAH MORTON AND
APPOINTING NANCY KELLER AND RONI KIMBREL AS
THE AUTHORIZED OFFICERS UNDER SAID AGREEMENT
WHEREAS, The City of Pueblo has entered into a Loan Agreement with the
Colorado Water Resources and Power Development Authority, dated May 1, 2014 (“Loan
Agreement”); and
WHEREAS, PURSUANT TO Exhibit B of the Loan Agreement, the Wastewater
Director and the Director of Finance were designated as the Authorized Officers, as
defined in the Loan Agreement, for the purpose of performing any act or executing any
document relating to the Government Agency Bond, Series 2014, or the Loan Agreement.
WHEREAS, with the retirement of Gene Michael from the position of Wastewater
Director and the resignation of Deborah Morton from the position of Finance Director of
the City of Pueblo, both individuals should be removed as Authorized Officers for the City
of Pueblo with respect to the Loan Agreement; and
WHEREAS, with the appointment of Nancy Keller to the position of Wastewater
Director and with the appointment of Roni Kimbrel to the position of Finance Director of
the City of Pueblo, both individuals should be appointed as Authorized Officers with the
Colorado Water Resources & Power Development Authority pertaining to the Water
Revenue Bonds 2014 Series A.; NOW THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
The City hereby removes Gene Michael and Deborah Morton and appoints Nancy
Keller, Wastewater Director, and Roni Kimbrel, Finance Director, as Authorized Officers,
as defined in the Loan Agreement, for the purpose of performing any act or executing any
document relating to the Government Agency Bond, Series 2014, or the Loan Agreement.
A copy of this Resolution shall be furnished to the Colorado Water Resources and Power
Development Authority as evidence of such designation.
SECTION 2.
The officers and staff of the City are directed and authorized to perform any and
all acts consistent with the intent of this Resolution and the attached agreement to
effectuate the transactions described therein.
SECTION 3.
This Resolution shall become effective immediately upon passage and approval.
INTRODUCED: March 28, 2016
BY: Ed Brown
City Clerk’s Office Item # M-6
Background Paper for Proposed
Resolution
COUNCIL MEETING DATE: March 28, 2016
TO: President Stephen G. Nawrocki and Members of City Council
CC: Sam Azad, City Manager
VIA: Gina Dutcher, City Clerk
From: Nancy Keller, Wastewater Director
A RESOLUTION RELATING TO THE LOAN AGREEMENT WITH THE
SUBJECT:
COLORADO WATER RESOURCES AND POWER DEVELOPMENT
AUTHORITY AND REMOVING GENE MICHAEL AND DEBORAH
MORTON AND APPOINTING NANCY KELLER AND RONI KIMBREL AS
THE AUTHORIZED OFFICERS UNDER SAID AGREEMENT
SUMMARY:
Attached is a resolution removing Gene Michael, former Wastewater Director and
Deborah Morton, former Finance Director as authorized officers to represent the City in
matters pertaining to the current outstanding debt with the Colorado Water Resources &
Power Development Authority, and appointing Nancy Keller, Wastewater Director and
Roni Kimbrel, Finance Director as such authorized officers.
PREVIOUS COUNCIL ACTION
:
On March 24, 2014, Ordinance No. 8707 was passed and approved by City Council to
authorize the issuance of A Governmental Agency Bond for the purposes of financing
certain improvements to the system.
BACKGROUND
:
February 29, 2016, Gene Michael, Wastewater Director retired from the City of Pueblo;
Nancy Keller has been appointed to the position of Wastewater Director. March 31, 2015,
Deborah Morton, Finance Director resigned from the City of Pueblo; at such time Roni
Kimbrel was appointed to the position of Finance Director.
FINANCIAL IMPLICATIONS
:
There are no financial implications.
BOARD/COMMISSION RECOMMENDATION
:
Not applicable
STAKEHOLDER PROCESS
:
None
ALTERNATIVES
:
There are no alternatives. Currently the authorized officers on this loan are Gene Michael,
Wastewater Director and Deborah Morton, Finance Director, both of which are no longer
associated with the City of Pueblo.
RECOMMENDATION
:
Approval of the Resolution.
Attachments
: None