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HomeMy WebLinkAbout09739ORDINANCE NO. 9739 AN ORDINANCE AMENDING CHAPTER 10 OF TITLE XIV OF THE PUEBLO MUNICIPAL CODE RELATING TO UNCLAIMED FUNDS AND INTANGIBLE PROPERTY BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that: (brackets indicate matter being deleted, underscoring indicates new matter being added) SECTION 1. Section 14-10-1 of Chapter 10 of Title XIV of the Pueblo Municipal Code is amended to read: Sec. 14-10-1. – Definitions. The following definitions shall apply to words and phrases used in this Chapter: (1) Unclaimed property shall mean any money, funds, certificates of deposit, negotiable instruments, bonds or intangible personal property, including any income derived therefrom, less any lawful charges or setoffs, that is held by or under the control of the City or any of City's departments, commissions or officials and which has not been claimed by its owner for a period of more than \[three (3) years after it first became payable or distributable to such owner\] five (5) years after the date it is presumed abandoned under Section 38-13-201(1)(j), C.R.S., as amended. The term unclaimed property shall not include any real or personal property seized and forfeited to the City pursuant to law, nor any lost, abandoned or stolen property subject to the procedures set forth in Chapter 7 of Title XI of this Code, nor any abandoned vehicle subject to Chapter 1 of Title XV of this Code and the Model Traffic Code for Colorado Municipalities, as adopted and amended by Title XV of this Code. (2) Owner shall mean a person or other lawful entity, other than the City, which owns unclaimed property held by the City. (3) Director shall mean the Director of Finance or his or her authorized representative. SECTION 2. Chapter 10 of Title XIV of the Pueblo Municipal Code is amended by the addition of a new Section 14-10-7 to read: Sec. 14-10-17. – Satisfaction of Section 38-13-504(1)(c), C.R.S. The Director shall take all actions and file all unclaimed property information with the Colorado State Treasurer necessary to satisfy the requirements of §38-13-1504(1)(c), C.R.S., as amended. SECTION 3. The officers and staff of the City are authorized and directed to perform any and all actsconsistent with the intent of this Ordinance to effectuate the policies and procedures described herein. SECTION 4. This Ordinance shall become effective on the date of final action by the Mayor and City Council. Action by City Council: Introduced and initial adoption of Ordinance by City Council on June 22, 2020 . Final adoption of Ordinance by City Council on July 13, 2020 . President of City Council Action by the Mayor: ☒ Approved on July 15, 2020 . □ Disapproved on based on the following objections: _ Mayor Action by City Council After Disapproval by the Mayor: □ Council did not act to override the Mayor's veto. □ Ordinance re-adopted on a vote of , on □ Council action on _______ failed to override the Mayor’s veto. President of City Council ATTEST City Clerk City Clerk’s Office Item # R-8 Background Paper for Proposed Ordinance COUNCIL MEETING DATE: June 22, 2020 TO: President Dennis E. Flores and Members of City Council CC: Mayor Nicholas A. Gradisar VIA: Brenda Armijo, City Clerk FROM: Charles Hernandez, Director of Finance Robert P. Jagger, Sr. Assistant City Attorney SUBJECT: AN ORDINANCE AMENDING CHAPTER 10 OF TITLE XIV OF THE PUEBLO MUNICIPAL CODE RELATING TO UNCLAIMED FUNDS AND INTANGIBLE PROPERTY SUMMARY: The proposed Ordinance makes necessary changes to City Code in order to be exempt from the Uniform Unclaimed Property Act, Article 13 of Title 38 of the Colorado Revised Statutes. PREVIOUS COUNCIL ACTION: Not applicable to this Ordinance. BACKGROUND: In 2019 the Colorado State Legislature adopted a bill that substantially revised the state's Uniform Unclaimed Property Act. The bill becomes effective on July 1, 2020. As part of that bill, the City is required to adopt certain changes to its Ordinances with respect to unclaimed intangible property to remain exempt from the Act. In order to remain exempt, the City must (a) hold intangible personal property for no less than five years after the property becomes abandoned, which occurs one year after the money became payable; and (b) report annually to the state all such property being held. FINANCIAL IMPLICATIONS: If the Ordinance is not passed, unclaimed intangible property will not become the property of the City, but will be turned over and delivered to the state. BOARD/COMMISSION RECOMMENDATION: Not applicable to this Ordinance. STAKEHOLDER PROCESS: Not applicable to this Ordinance. ALTERNATIVES: If the proposed Ordinance is not passed, the City will not be in compliance with Uniform Unclaimed Property Act, will not be able to maintain its exemption from the statute's general requirements and will be obligated to turnover and deliver unclaimed intangible property to the state. RECOMMENDATION: The proposed Ordinance be passed and approved. Attachments: Proposed Ordinance