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RESOLUTION NO. 14394
A RESOLUTION TRANSFERRING FIVE MILLION DOLLARS
($5,000,000) FROM THE 1992-2021 SALES AND USE TAX
CAPITAL IMPROVEMENT PROJECTS FUND TO THE COVID-19
EMERGENCY PROJECT
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
The City Council finds and determines that the expenditure of $5,000,000 to financially
support local businesses which have been adversely affected by the COVID-19 pandemic is for
a public purpose and in furtherance of a municipal function and will maintain employment
opportunities justifying the expenditure of public funds. The City Council further finds the
incentives granted to the Company hereby meet the standards established by Section 14-4-85 of
the Pueblo Municipal Code, as amended.
SECTION 2.
Funds in the aggregate amount of $5,000,000 are hereby authorized to be transferred,
expended and made available out of the 1992-2021 Sales and Use Tax Capital Improvement
Projects Fund and into the COVID-19 Emergency Project for the sole purpose of supporting local
businesses which have been adversely affected by the COVID-19 pandemic. The funds hereby
authorized to be transferred and expended, shall be released, disbursed and paid by the City’s
Director of Finance.
SECTION 3.
The officers and staff of the City are authorized and directed to perform any and all acts
consistent with this Resolution which are necessary or appropriate to implement the transactions
described therein.
SECTION 4.
This Resolution shall become effective immediately upon final passage.
INTRODUCED: April 13, 2020
BY: Robert Schilling
MEMBER OF CITY COUNCIL
APPROVED:
PRESIDENT OF CITY COUNCIL
ATTESTED BY:
CITY CLERK
City Clerk’s Office Item # T-1
Background Paper for Proposed
Resolution
COUNCIL MEETING DATE: April 13, 2020
TO: President Dennis E. Flores and Members of City Council
VIA: Brenda Armijo, City Clerk
FROM: Mayor Nicholas A. Gradisar
SUBJECT: A RESOLUTION TRANSFERRING FIVE MILLION DOLLARS ($5,000,000)
FROM THE 1992-2021 SALES AND USE TAX CAPITAL IMPROVEMENT
PROJECTS FUND TO THE COVID-19 EMERGENCY PROJECT
SUMMARY:
Attached is a Resolution transferring $5,000,000 from the 1992-2021 Sales and Use Tax Capital
Improvement Projects Fund to the COVID-19 Emergency Project.
PREVIOUS COUNCIL ACTION:
Not applicable to this Resolution.
BACKGROUND:
The COVID-19 pandemic and the State of Colorado’s subsequent stay-at-home public health
orders have been catastrophic for many local businesses, particularly those deemed by the State
of Colorado to be non-critical or non-essential. The failure of those at-risk local business and the
resulting loss of jobs would cause the City and its residents irreparable harm.
FINANCIAL IMPLICATIONS:
The Half Cent Sales Tax Fund currently contains sufficient unobligated monies to allow the
funding of the COVID-19 Emergency Project.
BOARD/COMMISSION RECOMMENDATION:
Not applicable to this Resolution.
STAKEHOLDER PROCESS:
Not applicable to this Resolution.
ALTERNATIVES:
Without this Resolution, the loan or expenditure of half-cent sales tax funds in support of local
businesses which have been negatively impacted by the COVID-19 pandemic would not be
possible.
RECOMMENDATION:
The Pueblo Economic Development Corporation supports this proposed Resolution.
Attachments:
Proposed Resolution.