HomeMy WebLinkAbout2017 Resolution No. 002-RESOLUTION NO. L
SERIES OF 2017
A RESOLUTION OF THE CITY OF ENGLEWOOD, COLORADO, DECLARING ITS
OFFICIAL INTENT TO REIMBURSE ITSELF WlTH THE PROCEEDS OF THE ISSUANCE
OF MUNICIPAL BONDS FOR CERTAIN CAPITAL EXPENDITURES UNDERTAKEN OR
TO BE UNDERTAKEN BY THE LOCAL GOVERNMENT; IDENTIFYING SAID CAPITAL
EXPENDITURES; AND PROVIDING CERTAIN OTHER MA TIERS IN CONNECTION
THEREWITH.
WHEREAS, the City of Englewood, in the State of Colorado is a political subdivision duly
organized and existing pursuant to the Constitution and laws of the State; and
WHEREAS, the Englewood City Council is the governing body of the Local Government; and
WHEREAS, the Englewood City Council has determined that it is in the best interest of the
City of Englewood to make certain capital expenditures relating to the acquisition, construction
and other associated expenses in the replacement of the City of Englewood Police Headquarters
Building; and
WHEREAS, the Englewood City Council intends and reasonably expects to participate in a
tax-exempt financing, including an amount which is currently estimated not to exceed
$27,000,000, to reimburse the City of Englewood for the portion of such capital expenditures
incurred or to be incurred subsequent to a period commencing 60 days prior to the date hereof,
and ending prior to the later of 18 months of the date of such capital expenditures or the placing
in service of the replacement of the City of Englewood Police Headquarters Building (but in no
event more than 3 years after the date of the original expenditure of such moneys); and
WHEREAS, the Englewood City Council hereby desires to declare its official intent, pursuant
to 26 C.F .R. § 1.150-2, to reimburse the City of Englewood for such capital expenditures with the
proceeds of the City of Englewood municipal bond financing.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ENGLEWOOD, COLORADO, THAT:
Section 1. Declaration of Official Intent. The City of Englewood, Colorado shall, presently
intends, and reasonably expects to finance a portion of the Project with legally available funds.
Section 2. Dates of Capital Expenditures. All of the capital expenditures covered by this
Resolution were or will be made on and after the date which is 60 days prior to the effective date
of this Resolution.
Section 3. Issuance of Certificates of Participation. The City of Englewood presently intends
and reasonably expects to participate in a municipal bond financing within 18 months of the date
of the expenditure of moneys on the replacement of the City of Englewood Police Headquarters
Building or the date upon which the City of Englewood Police Headquarters Building is placed in
service, whichever is later (but in no event more than 3 years after the date of the original
expenditure of such moneys), and to allocate from said financing an amount not to exceed the
Advanced Amount to reimburse the City of Englewood for its expenditures in connection with
the replacement of the City of Englewood Police Headquarters Building.
1
Section 4. Confirmation of Prior Acts. All prior acts and doings of the officials, agents and
employees of the City of Englewood which are in conformity with the purpose and intent of this
Resolution, and in furtherance of the replacement of the City of Englewood Police Headquarters
Building, shall be and the same hereby are in all respects ratified, approved and confirmed.
Section 5. Effective Date of Resolution. This Resolution shall take effect immediately upon
its passage.
ADOPTED AND APPROVED this 3rd day of January, 2017.
ATTEST:
I, Stephanie Carlile, Acting City Clerk for the City of Englewood, Colorado, hereby certify the
above is a true copy of Resolution No. _L_, Series of 2017.
2
•
COUNCIL COMMUNICATION
Meeting Date: Agenda Item: Subject: Resolution for
Reimbursement from General
January 3, 2017 llcii Obligation Bond Proceeds for
the Englewood Police
Headquarters Building
replacement
Initiated By: Finance and Administrative Staff Source: Kathleen Rinkel, Director of
Services Financ;e and Administrative Services
PREVIOUS COUNCIL ACTION
City Council approved an ordinance setting forth the ballot language and submitting to a vote of
the registered electors a General Obligation Bond (GOB) for the construction of a new
Englewood Police Department Headquarters.
Ballot Issue No. 2C was passed by the voters on November 8, 2016.
On November, 19, 2016, Council approved a Contract for Underwriter Services in support of the
sale of General Obligation Bond sale .
RECOMMENDED ACTION
Staff recommends Council approve the Resolution to declare its intent to reimbursement
spending of GOB bond proceeds prior to actual selling of the bonds.
BACKGROUND, ANALYSIS, AND ALTERNATIVES IDENTIFIED
Approving the resolution presented allows staff to continue activities to more fully define the
plans for the the replacement of the Englewood Police Headquarters Building ahead of selling
the bonds, providing a more accurate estimate of the actual funding needed.
Some examples of costs expected to be incurred before actual bond sale would be: Pre-
Architectural work to identify space needs and general criteria needed for bidding the
Architectural and Construction work, rating agency costs, travel costs related to rating agency
presentations, and legal costs to prepare documents.
FINANCIAL IMPACT
There is no financial impact for the City other than the potential cost of the construction
increasing if we delay activities and supply/demand decreases availability of contractors.
LIST OF ATTACHMENTS
Resolution for Reimbursement from Bond Proceeds