HomeMy WebLinkAbout10957ORDINANCE NO. 10957
AN ORDINANCE ESTABLISHING PROJECT 2515 - 101
RIVERWALK UNIT 2, AND BUDGETING AND APPROPRIATING
THE PROCEEDS RECEIVED FROM THE ISSUANCE OF THE
SERIES 2025 CERTIFICATE OF PARTICIPATION AND ALL
FUTURE FUNDS RECEIVED INTO PROJECT 2515
WHEREAS, the City Council of the City of Pueblo determined it necessary and in the best
interests of the City and its citizens that the City undertake the lease-purchase financing for the
acquisition, improvement, and equipping of facilities located 101 Riverwalk Unit 2 to be used for
administrative and other offices or for other governmental or proprietary purposes (the "Project");
and
WHEREAS, for the purposes of providing funds for the completion of the Project, a single
Certificate of Participation, Series 2025 in an aggregate amount of $9,100,000 was sold and
executed April 30, 2025, NOW, THEREFORE,
BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
Project 2515 - 101 Riverwalk Unit 2, is hereby established, and the $9,100,000 received
from the Series 2025 Certificates of Participation issuance by the City of Pueblo and all future
funds received, are hereby budgeted and appropriated into said Project 2515.
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 May 12, 2025.
Final adoption of Ordinance by City Council on May 27, 2025.
____________________________
President of City Council
Action by the Mayor:
Approved on _______________.
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 _____________
____________________________
President of City Council
ATTEST
________________________________
City Clerk
City Clerk's Office Item # R5
Background Paper for Proposed
Ordinance
COUNCIL MEETING DATE: May 27, 2025
TO: President Mark Aliff and Members of City Council
CC: Mayor Heather Graham
VIA: Marisa Stoller, City Clerk
FROM: Danny Nunn, Director of Finance
SUBJECT: AN ORDINANCE ESTABLISHING PROJECT 2515 - 101 RIVERWALK
UNIT 2, AND BUDGETING AND APPROPRIATING THE PROCEEDS
RECEIVED FROM THE ISSUANCE OF THE SERIES 2025
CERTIFICATE OF PARTICIPATION AND ALL FUTURE FUNDS
RECEIVED INTO PROJECT 2515
SUMMARY:
This Ordinance establishes Project 2515 - 101 Riverwalk Unit 2 and budgets and
appropriates funds in the amount of $9,100,000 from the issuance of the Series 2025
Certificate of Participation and all future funds received into Project 2515.
PREVIOUS COUNCIL ACTION:
On March 10, 2025, by Ordinance No. 10913, City Council authorized a site lease and
lease purchase agreement between the City, and BOKF, N.A. (solely in its capacity as
trustee) to finance the acquisition, improvement, and equipping of facilities to be used as
municipal administrative and other space by issuing Series 2025 Certificate of
Participation not to exceed $9,100,000.
BACKGROUND:
On April 30, 2025, the City closed and received the proceeds from the Series 2025
Certificate of Participation (COP). A separate account with CSAFE, 101 Riverwalk, was
created for the transaction proceeds. This Ordinance will establish a project and budget
and appropriate the proceeds of this transaction.
FINANCIAL IMPLICATIONS:
The attached Ordinance budgets and appropriates $9,100,000 from the Series 2025
Certificate of Participation issuance into Project 2515 - 101 Riverwalk Unit 2.
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
establishing of Project 2515 - 101 Riverwalk Unit 2, and the budgeting and appropriation
of funds received from the Series 2025 Certificates of Participation issuance.
RECOMMENDATION:
Approval of the Ordinance
ATTACHMENTS:
None