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HomeMy WebLinkAbout05783ORDINANCE NO. 5783 AN ORDINANCE AMENDING TITLE XIV OF THE 1971 CODE OF ORDINANCES RELATING TO UNCLAIMED FUNDS AND INTANGIBLE PROPERTY, AND PROVIDING PENAL- TIES FOR VIOLATION THEREOF BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, COLORADO, that: (Brackets indicate material being deleted; underscoring indicates new material being added.) SECTION 1 Title XIV of the 1971 Code of Ordinances of the City of Pueblo, as amended, is hereby amended by the addition of a new Chapter 10 thereto, to read as follows: TAXES AND FINANCE CHAPTER 10 SECTION 14 -10 -1 14 -10 -2 14 -10 -3 14 -10 -4 14 -10 -5 14 -10 -6 14 -10 -1: DEFINITIONS UNCLAIMED FUNDS AND INTANGIBLE PROPERTY SUBJECT Definitions Legislative Intent Procedures for Disposition of Unclaimed Property Rules and Regulations Property Credited to City False Claims Prohibited; Penalties The following definitions shall apply to words and phrases used in this Chapter: (a) "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. The term "unclaimed property" shall not include any real or personal property seized and forfeited to 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. (b) "Owner" shall mean a person or other lawful entity, other than City, which owns unclaimed property held by the City. (c) "Director" shall mean the Director of Finance or his authorized representative. 14 -10 -2: LEGISLATIVE INTENT The City Council hereby finds and declares: that the City has a local and municipal interest in the fair and orderly disposition of unclaimed property which is held by the City; that there is a need to establish finality con- cerning the disposition of unclaimed property after reason-_ able efforts have been undertaken to notify the owner of unclaimed property; that the procedures established in this Chapter are both fair and reasonable based upon the value of the unclaimed property, and are intended to supersede procedures under state law concerning unclaimed property which miaht otherwise be aoolicable. 14 -10 -3: PROCEDURES FOR DISPOSITION OF UNCLAIMED PROPERTY (a) Prior to disposition of any unclaimed property, other than such property having no value, the Director shall cause a notice to be published at least once in a newspaper of wide distribution and general circulation printed and published daily in the City of Pueblo. The notice shall include a description of the property, a statement of the amount or estimated value of the property, and, when available, the purpose for which the property was deposited or otherwise held. The notice shall also state where the owner may make inquiry concerning the property or assert a claim to the property. The notice shall further state that -2- if the owner fails to provide the Director with a written claim for return of the property within sixty 60) days o the date of publication of the notice, then the property shall become the sole property of the City and that any claim of the owner to such property shall be deemed forever extinguished and forfeited. More than one owner or item of property or both may be combined in a single publication. (b) With respect to any unclaimed property having an estimated value of one hundred dollars ($100.00) or more, as determined by the Director, where the last known address of the owner or purported owner is available to the City, the Director shall, prior to publication or within 10 days thereafter, also send a written notice by certified mail, return receipt requested, to the last known address of the owner of such unclaimed property. The last known address of the owner shall be the last address of the owner as shown by the records of the Department, Commission, or official of the City holding the property. The notice mailed to the owner shall contain all of the information required by subsection (a) of this section to be published, shall include a statement of the date by which a written claim must be asserted and shall state that failure to submit a claim by such date will result in the property becoming the sole property of City and that any claim of the owner to the property shall thereafter be deemed forever extinauished and forfeited. (c) In the event the Director receives no written claim for unclaimed property within the period for submission of such claims as provided in subsections (a) and (b) of this section, then the property shall become the sole property of the City and any claim of the owner to such property shall be deemed forever extinauished and forfeited. (d) If the Director receives a written claim within the period for submission of claims as provided in subsections (a) and (b) of this section, the Director shall evaluate the claim and give written notice to the claimant within ninety (90) days thereof that the claim has been accepted or denied in whole or in part. The Director may investigate the validity of the claim and may request further supporting documentation from the claimant prior to determinina the validity of the claim. (e) In the event that there is more than one claim or claimant for the same property, the Director may, in the Director's sole discretion, resolve said claims or may resolve such claims by depositing the disputed property with the registry of the District Court in an interDleader action. (f) In the event that all claims filed with respect to an unclaimed property are denied, the property shall there- after become the sole property of the City and any claim of -3- the owner to such property shall be deemed extinguished and forfeited. (g) The decisions and determinations of the Director under this section shall be final and conclusive unless judicial review has been taken pursuant to Rule 106 of the Colorado Rules of Civil Procedure within thirty days of the date of the decision or determination sought to be reviewed. 14 -10 -4: RULES AND REGULATIONS The Director is hereby authorized to adopt rules and regulations not inconsistent with the provisions of this Chapter regarding the administration of this Chapter and the disposition of unclaimed property hereunder. A copy of all such rules and regulations shall be available for public inspection in the office of the Director. 14 -10 -5: PROPERTY CREDITED TO CITY Whenever any unclaimed property has been forfeited to the City hereunder, such property, or the proceeds thereof, shall be credited and deposited to the General Fund; provided however, that if the Department, Commission or official of the City which had held such property held same to the credit of or in connection with any local improvement district fund or capital improvement fund, then such property, or the proceeds thereof, shall be credited to such local improvement district fund or capital improvement fund. 14 -10 -6: FALSE CLAIMS PROHIBITED; PENALTIES (a) It shall be unlawful and a municipal offense for any person to make or submit any false claim for property under this Chapter; or in connection with any claim under this Chapter, to knowingly make or submit any false statement or representation. (b) Any person convicted of violation of this section shall be punished by a fine of not more than $300 or by imprisonment for a period not to exceed 90 days, or by both such fine and imprisonment. SECTION 2. This Ordinance shall become effective upon final passage and approval, and shall apply to all unclaimed monies and intangible -4- property held by City on or after July 1, 1992. ATTEST: C' y Clerk INTRODUCED: November 9 By MICHAEL OCCHIATO Councilperson , 1992 APPROVED: Presid nt of t e City Council TF 49.21 -5-