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ORDINANCE NO. 9151
AN ORDINANCE BUDGETING, APPROPRIATING AND
TRANSFERRING FUNDS IN THE AMOUNT OF $140,550
FROM THE GENERAL FUND TO THE STORMWATER
ENTERPRISE FUND FOR REIMBURSEMENT OF PAID
ESCROW FUNDS
BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
Escrow funds in the amount of $140,550 in the General Fund are hereby budgeted,
appropriated and transferred to the Stormwater Enterprise Fund,account number
53542100 55001, for reimbursement of paid escrow funds.
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 Ordinance.
SECTION 3.
This Ordinance shall become effective immediately upon passage and approval.
INTRODUCED July 24, 2017
BY: Ed Brown
PASSED AND APPROVED: August 14, 2017_____
City Clerk’s Office Item # R-2
Background Paper for Proposed
Ordinance
COUNCIL MEETING DATE: July 24, 2017
TO:
President Stephen G. Nawrocki and Members of City Council
CC:
Sam Azad, City Manager
VIA:
Gina Dutcher, City Clerk
From:
Earl Wilkinson, Public Works Director
SUBJECT:
AN ORDINANCE BUDGETING, APPROPRIATING AND TRANSFERRING
FUNDS IN THE AMOUNT OF $140,550 FROM THE GENERAL FUND TO
THE STORMWATER ENTERPRISE FUND FOR REIMBURSEMENT OF
PAID ESCROW FUNDS
SUMMARY:
This Ordinance will reimburse funds paid by the Stormwater Enterprise to refund escrow
monies to Hamilton Builders, LLC.
PREVIOUS COUNCIL ACTION
:
None
BACKGROUND
:
Hamilton Builders, LLC, (developer) on October 13, 2016, wanting to obtain a Temporary
Certificate of Occupation (TCO) paid an escrow amount of $140,550 for required
subdivision improvements remaining to be completed on the Oakshire Trails Apartments
located at 2300 Oakshire Lane. Escrow funds received where deposited into the General
Fund which requires Council action to transfer those funds.
The developer completed the remaining subdivision requirements and a refund of their
escrow funds was sent to them on June 8, 2017.
FINANCIAL IMPLICATIONS
:
None. This action reimburses the Stormwater Enterprise the same amount paid to the
developer when refunding the escrow funds.
BOARD/COMMISSION RECOMMENDATION
:
Not applicable.
STAKEHOLDER PROCESS
:
None.
ALTERNATIVES
:
Alternative No. 1 – No Action
Under this alternative, the Stormwater Enterprise will not be reimbursed with the funds
received for escrow payment.
RECOMMENDATION
:
Approval of the Ordinance.