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