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HomeMy WebLinkAbout10640 City Clerk's Office Item # R1 Background Paper for Proposed Ordinance COUNCIL MEETING DATE: January 22, 2024 TO: President Heather Graham and Members of City Council CC: Mayor Nicholas A. Gradisar VIA: Marisa Stoller, City Clerk FROM: Alexandria Romero, Director of Finance SUBJECT: AN ORDINANCE ESTABLISHING FUND NO. 304 - COP-FIRE STATIONS AND BUDGETING AND APPROPRIATING THE PROCEEDS RECEIVED FROM THE ISSUANCE OF THE SERIES 2023 CERTIFICATES OF PARTICIPATION AND ALL FUTURE FUNDS RECEIVED INTO FUND NO. 304. SUMMARY: This Ordinance establishes Fund No. 304 - COP-Fire Stations and budgets and appropriates funds in the amount of $34,450,000 from the issuance of the Series 2023 Certificates of Participation and all future funds received into Fund No. 304. PREVIOUS COUNCIL ACTION: On October 23, 2023, by Ordinance No. 10570, City Council authorized a site lease and lease purchase agreement between the City, and BOKF, N.A. (solely in its capacity as trustee) for the purpose of financing the construction, improvement, and equipping of three fire stations by issuing Series 2023 Certificates of Participation to not exceed $37,000,000. BACKGROUND: On December 21, 2023, the City closed and received the proceeds from the Series 2023 Certificates of Participation (COP). A separate account with ColoTrust, Fire Stations COP, was created for the transaction proceeds. This Ordinance will establish a debt service fund for the Series 2023 COPs. FINANCIAL IMPLICATIONS: The attached ordinance budgets and appropriates $34,450,000 from the Series 2023 Certificates of Participation issuance into Fund No. 304. BOARD/COMMISSION RECOMMENDATION: Not applicable to this Ordinance. STAKEHOLDER PROCESS: Not applicable to this Ordinance. ALTERNATIVES: Failure to adopt this Ordinance will result in the City Council not authorizing the establishment of Fund No. 304 and the budgeting and appropriation of funds received from the Series 2023 Certificates of Participation issuance. RECOMMENDATION: Approval of the Ordinance. ATTACHMENTS: None ORDINANCE NO. 10640 AN ORDINANCE ESTABLISHING FUND NO. 304 - COP-FIRE STATIONS AND BUDGETING AND APPROPRIATING THE PROCEEDS RECEIVED FROM THE ISSUANCE OF THE SERIES 2023 CERTIFICATES OF PARTICIPATION AND ALL FUTURE FUNDS RECEIVED INTO FUND NO. 304. BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. Fund No. 304 is hereby established, and the $34,450,000 received from the Series 2023 Certificates of Participation issuance by the City of Pueblo and all future funds received, are hereby budgeted and appropriated into said Fund No. 304. SECTION 2. The officers and staff of the City are authorized to perform any and all acts consistent with this Ordinance to implement the policies and procedures described herein. SECTION 3. 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 January 08, 2024. Final adoption of Ordinance by City Council on January 22, 2024. APPROVED: PRESIDENT OF CITY COUNCIL Action by the Mayor: ☒ Approved on January 30, 2024 . ☐ 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