HomeMy WebLinkAbout2009 Resolution No. 003•
•
•
RESOL TI ON NO . 3
SE RI ES OF 2009 --
A RE~OL lIT ION DECLARING THE INTE'IT OF TH E CITY OF ENGLEWOO D TO
REIM BURSE IT SELF WITH PROCEEDS JF A FUTURE BORR OW IN G FO R CA PIT AL
OUT LAYS INC RRED BY THE UT ILITIES DEP ART ME IT .
WH EREA S, the Ci ty Counci l of the Cit y of Englewood has made improvi ng th e City of
En glewood's wa ter facil iti es a top priorit y: an d
WHERE AS. improve me nt to water tanks and other projects will help ad dress thi s long-tenn
goal : and
WH EREAS , the Cit y recogn izes the need 10 constantl y impro ve, repair. update and rep lace
compo nent s of its water sys tem ; and
WH EREAS. to that end , the entire Allen Pl ant wa s renova ted in 2000 and othe r improvements
ha ve been completed sinc e th at time; and
WH EREAS. th e City Co unci l has recognized the importance of a relia ble . safe and secure
water suppl y; and
WHEREAS , consequentl y, staff has deve loped long-t erm plans 10 updat e. repair , renova te and
repla ce various compo nent s of th e Water Utility sys tem ; and
WHEREAS . the passage ofthi s propo sed reso luti on allow s the City to reimb urse it sel f wit h
the proceeds of ge nera l obli ga tion bonds 1~ • (:i1 y will iss ue in 2009 ; and
WHEREAS . it is anti cipated that additi ona: bo nd s may be issued in comi ng yea rs to com plete
other needed water projects ;
NOW , TH ERE FORE , BE IT RESOLV ED BY TH E CITY COUN CIL OF TH E CITY OF
ENGLEWOOD. CO LORADO. THAT:
Sc'Ction I. The Cit y Council of the Ci ty of Englewood, Co lora do here by dec lare s the int ent of
the Ci ty of Englewood to reimburse it self with proce eds of a futur e bo rrow ing fo r ca pi tal outla ys
incurred by the Utiliti es Departmen t.
ADOPTED AND APPROVE D thi s 20th day of January. 2009 .
I. Loucn slua A Eilt s, Cny Clerk fo r 1h~Ci1y of Englewood , Co lorado, hereb y certi fy the
above is n tru e co py of Reso luu on No . _J_. Sen es of 2009. 1 . M-(; •
Loucri sltia A. Eilt s. Cit y Clerk
•
•
•
•
•
CO UNCIL COMMUN ICAT ION
Da te: Age nd a It em : Su bject:
January 20, 2009 11 c II A Resolll tlon decl ari ng the In tent of the City of
Englew uD d to reimburse It se lf with proc eeds of a
fu tu re borrowi ng fo r apllal ou tl ays ir• irr ed by th e
Utili ties Depar tment
In itiate d By: I Staff Source:
Departm ent of Fina nce and Ad mini strative Serv ice~ Fra nk Grvglewlcz , Direc tor -
COUNCIL GOAL AN D PREVIOUS COU NCIL ACTION
The City Co un cil has mad e improvi ng th e City of Englewood 's wa ter fo clll tl es a top prio ri ty in the
pas t. Improve ments to wa ter tanks and othe r proje cts will help addr ss thi s long-term goa l.
RECO MMENDED ACTION
Sta ff recr. ·emends City Co uncil ap prove the attac hed Reso lution declari ng the Int ent of th e Ci ty of
Englew ood to reimb urse itsel f with pr oc ee ds of a futur e bo rr owi ng fo r cap llal outl a1•s in c~rred by
th e Util ities Departm ent.
BACKGROUND, ANA LYSI S, AND Al TERNA TI VES IDE NTI FIED
Th e City of Englew ood has recog ni ze d the nee d to co nstan tl y impr ove , rep air, upda te, and replac e
co mp onents of its wa ter sys tem fo r many yea rs. To tha t end , th e entire All en Pi nnt was renova ted
in 20 00 and oth er improve ments ha ve bee n co mpleted sin ce that ti me.
Co mmuni ty memb ers, staff, and Ci ty Co unci l have recognize d th e hnp ort ar re of a r ,llalJI , safe ,
an d secure water supply. Conse qu ently, staff has developed long-term pla ns to upda te, repa ir,
re nova te, and repl ace var ious co mpo nents of the Wa ter Utili ty system.
Th is reso luti on all ows th e City to reimbu rse itself wi th th e procee ds of gener,1 I ob liga tion bonds th e
City w ill iss ue In 2009.
It is anti cipa ted th at additional bonds ma y be is sued in comi ng ye ars to co mp lete other n edcd
wa ter projec ts.
FINANCI AL IMPACT
Th is ac ti on does not direc tly imp ac t th e Ci ty's Gene ral Fun d. The total bond Iss uan ce w ill nos t
li ke ly range betwee n $2 milli on and $3 milli on fo r 2009 . Whil e thes e are genera l obli ga tion bonds,
gua ra nte ed by th e "full faith and cr ed it" of the City, reve nu es genera ted by wa ter sal es" Ill be us ed •
to repay the de bt.
LIST OF ATTACHMENTS
Prop osed Reso lution
•
•