HomeMy WebLinkAbout07805ORDINANCE NO. 7805
AN ORDINANCE AMENDING THE 2008 CITY BUDGET, BY TRANSFERRING $464,174 FROM
GENERAL FUND RESERVES TO THE DEBT SERVICE FUND, AND APPROPRIATING AND
BUDGETING SAID AMOUNT FOR THE PAYOFF OF THE CITY OF PUEBLO PARKING
FACILITY LEASE PURCHASE AND SUBLEASE AGREEMENT, CERTIFICATES OF
PARTICIPATION, SERIES 1995
NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
That $464,174 be transferred from the General Fund Reserves to the Debt Service Fund,
and along with previously budgeted funds of $115,540, be used to payoff the balance of
$579,713.69 on the Series 1995, Pueblo Parking Garage Certificates of Participation, effective on
the regular payment date of June 15, 2008.
SECTION 2_
The City Manager is directed to include in each annual budget for the next three years,
amounts from future increased parking revenues, and reduced debt service, sufficient to replenish
General Fund reserves in the amount of $464,174.
INTRODUCED Mav 12. 2008
Ord,, - 7805
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Background Paper for Proposed
ORDINANCE
AGENDA ITEM )-3
DATE: May 12, 2008
DEPARTMENT: ROBERT F. HAIN, FINANCE DIRECTOR
TITLE
AN ORDINANCE AMENDING THE 2008 CITY BUDGET, BY
TRANSFERRING $464,174 FROM GENERAL FUND
RESERVES TO THE DEBT SERVICE FUND, AND
APPROPRIATING AND BUDGETING SAID AMOUNT FOR THE
PAYOFF OF THE CITY OF PUEBLO PARKING FACILITY
LEASE PURCHASE AND SUBLEASE AGREEMENT,
CERTIFICATES OF PARTICIPATION, SERIES 1995
ISSUE
Should the City Council authorize the early payoff of the Series 1995, Pueblo Parking Garage
Certificates of Participation and appropriate sufficient reserve funds to do so?
RECOMMENDATION
Approval of the Ordinance.
BACKGROUND
Recent economic development efforts require that the parking garage be debt free. This
means that the Certificates of participation on the facility be paid off five years early. On
June 15, 2008 the payoff balance will be $579,713.69. The 2008 budget already contains an
appropriation of $115,540 for the 2008 principal and interest. A $464,174 appropriation and
transfer from the General Fund Reserves is needed to complete the payoff.
FINANCIAL IMPACT
Early payoff will require an additional appropriation of $464,174 in 2008. The early payoff will
generate interest savings of $162,840 over the next five years. This action will also allow the
collection of an additional $60,000 per year in parking fees. The City shall use these savings
to recoup the advance payment from the general fund reserves.
Reception 1778247
08/08/2008
Document No. 8
DEED
The CITY OF PUEBLO, COLORADO MUNICIPAL BUILDING CORPORATION (the
"Corporation "), a nonprofit corporation duly organized and existing under the laws of the State
of Colorado, whose address is One City Hall Place, Pueblo, Colorado 81003, for the
consideration of one dollar in hand paid and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, hereby sells, conveys and quit claims to the
City of Pueblo, Colorado (the "City"), whose address is One City Hall Place, Pueblo, Colorado
81003, and its successors and assigns, all right, title, interest, claim and demand in and to the
real property located in the City of Pueblo, Pueblo County, Colorado, with all of its
appurtenances, as described in Exhibit A hereto.
TO HAVE AND TO HOLD the same, together with all appurtenances and privileges
pertaining thereto, and all the estate, right, title, interest and claim whatsoever of the
Corporation, either in law or in equity, to the use, benefit and behalf of the City, its successors
and assigns forever.
IN WITNESS WHEREOF, the Corporation has executed this Deed in its corporate name
and by duly authorized officers, as of the 29th day of November, 1995.
ATTEST:
By
cretary
CITY OF PUEBLO, COLORADO MUNICIPAL
BUILDING CORPORATION
By &J4
President
o2no991.1
Ord. No. 7805 _
1778247 DEED 08/08/2008 12:59:09 PM
Page: 2 of 3 R 16.00 D 0.00 T 16.00
Gilbert Ortiz Clerk JRecorder Pueblo County, Co
a STATE OF COLORADO ) mill
) ss.
COUNTY OF PUEBLO )
The foregoing instrument was acknowledged before me thisz��ay of November, 1995,
by Billy G. Martin, as President, and Fay B. Kastelic, as Secretary, respectively, of the City
of Pueblo, Colorado Municipal Building Corporation, a Colorado nonprofit corporation.
MY HAND AND OFFICIAL SEAL.
4F C0� =
x. - "My commission
No Public
expires:
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1778247 DEED 08/08/2008 12:59:09 PM
Ord #7805 Pa 3 of 3 R 16.00 D 0.00 T 16.00
^ Gilbert Ortiz Clerk /Recorder, Pueblo County. Co
® IIII�a�+t 1G�' �I�I� 'F;�I�h+rl4',IHGtiS��f��4i'tY�h �IIII
This is Exhibit A to a Deed, dated as of November 29, 1995, from the City of Pueblo,
Colorado Municipal Building Corporation to the City of Pueblo, Colorado.
DESCRIPTION OF THE LAND
Lots 1, 2, 3, 4, 5, 12, 13, 14, 15, 16 and the Easterly 1/2 of Lots 6 and 11, Block 41,
in that part of the present City of Pueblo which was surveyed and platted by H. M.
Fosdick, Civil Engineer, for the Probate Judge of Pueblo County in March 1869, as
shown by the recorded plat thereof, County of Pueblo, State of Colorado.
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