HomeMy WebLinkAbout10670ORDINANCE NO. 10670
AN ORDINANCE ESTABLISHING FUND NO. 456 - 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. 456.
BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
Fund No. 456 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. 456.
SECTION 2.
The officers and staff of the City are authorized to perform any 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 February 26, 2024.
Final adoption of Ordinance by City Council on March 11, 2024.
APPROVED:
PRESIDENT OF CITY COUNCIL
Action by the Mayor:
☒ Approved on , 03/18/2024 .
□ 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
City Clerk's Office Item # R7
Background Paper for Proposed
Ordinance
COUNCIL MEETING DATE: March 11, 2024
TO: President Mark Aliff and Members of City Council
CC: Mayor Heather Graham
VIA: Marisa Stoller, City Clerk
FROM: Alexandria Romero, Director of Finance
SUBJECT: AN ORDINANCE ESTABLISHING FUND NO. 456 - 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. 456.
SUMMARY:
This Ordinance establishes Fund No. 456 - 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. 456.
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.
On January 8,2024, by Ordinance No. 10640, City Council authorized the
establishment of the Debt Service Fund No. 304 - COP-Fire Stations.
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. 456.
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. 456 and the budgeting and appropriation of funds received
from the Series 2023 Certificates of Participation issuance.
RECOMMENDATION:
Approval of the Ordinance.
ATTACHMENTS:
None