HomeMy WebLinkAbout2002 Resolution No. 049• RESOLl"TI O:. N
SERIE " OF :!00~
A RESOLL"T[ON OF THE CITY COt.:NC [L OF THE CITY OF E. 'GLE\1"00D.
COLORADO, DECL \f\[N , [TS OFF[CL.\L L "TE. ·r TO RE!~IBL"R E !TSELF WITH THE
PROCEEDS OF AF _-rem, BORROW[, G FOR CERTAIN CAP ITAL EXPl':ND IT RES TO
BE LSDERTAKE •. :: THt: CITY : IDENTIF'il:SG S.\ID CAPIT.-\1. EXPDiD ITL"l{ES A. iD
THE FL"! ·os TO BE USEU FOR SUCH PAD[ENT: -~-D PRO'vlDING FOR CERTA[N
OTHER ~L~TTERS l 1 CONNECTION THEREWITH.
ll"HER EA S, the Ci ty of Eng le wood (the "City"), in the State of Co lorad o (t ~• "$•3te "), is a
politi cal s ubdivision d uly or g:infae l nnri existin g pursuant to the Co n stit·Jtion artl ln ws of
th e State ; and
\\"HE REAS , the City Co un cil of the City (the "City Cou ncil'') is the gove rn ing bod y of the
Ci ty; a nd
WHER~.\.S, d· ... ity Cot;.ncil has determined that 1t 1s in the best mterest ofth~ City to
ma ke ,:pr ... ~t ,: .. ,·~a l expendtures on co mpute r hardware a nd opero.cmg softwa r e co m prising
the ente•·, ·:;t •·1>:1:l'' .~·r.p,, planning project a lso known as t he IBI S or "i mprovi ng business
improving sen1ce· iJrojec t ("P roject''); and
\V HER[AS, t he City Co uncil curl'ently intends a nd l'eason ably ex pects to pa l'tu.:1 pate 111 a
taxable or tD.X•exempt bo r row in g to finance s uch capital e xpenditures, including a n amount
which is c urrently es trmatcd not to e xc~ed S 1,000,000.00 (the .. Finani:ed A.m ount''), to
re imbw·se t he Ci t y fo r a ll or a portion of s uch capital e nditures incurred or to be inc urre d
s ub::.e qut:!nt to a period ..:o wme ncing GO days pt'io r to ~.u! dote he reof, and e nding prior to t h e
later of 18 months of the date of s uch ca p ital e:ocp enditures or the placing in se rvi.c !? of the
Project (but in no event more than 3 ye:.irs ufte r t h t:! date of the original e xpenditl.1.ft! of .:iuc h
mon eys); a nd
WH E REAS , t he City Coun cil hereby desi res t o dl?cl .re its official htenc, purs uant to 20
C.F.R. §1.150•2, to reimb urse the City fo r s uch capital expe nditures with the proceeds of the
Cit~{s fu ture taxabl e or tax-e xempt borrowing:
NOW . THEREFORE . BE IT RESOLVE D BY THE C[TY COU'./C IL OF THE CITY OF
E, GLEWOO D, COLORADO . THAT :
~-Decl or;uion of offi.c;ial lmem . The Ci ty s lh ~. presen tly inte nds, and
reason:ibly exp ec ts to finance the ProJect wit '.1 legally avail able fu n ds.
~-ll~~.1ll .... C..iU2.HO:l Esnendirn res . All of the ca pital expenditures cove red by this
Re soluuon we re or will be made on and afte r the date which is sbay (GO) days prior to the
l!ffe..:u ,·e dote of tlus R~solu ti on.
5.eJ:..rJ.sm.... fos uuos·e of Bonda Notes or n Le0tie Purc hase Fino n,.ing . Th e City presently
inte nds a nd reaso nab ly expects to pa rticipate 111 a taxable or tax -exempt bo rrowing within
eightee n (18) months of the da te of the exp endi t ure of moneys on the ProJec t or the date
upo n which the Project is placed in sen'lce, whichever is la te r (but in no event mo re tha n
three (3) year s ufte r the da te of the original expe ndi t ure of s uch moneys), a nd to a ll ocate
fr om said bo rrowi ng nn a.mou nt not to excee d the Financed Amo unt to reLm hurse the City fo r
its expe nditures in co nnectio n with the Project.
~-Confirmnti on of Prior Acts All pri or ott.t ~rn J do in gs of the offi cia ls, agentfi
and employees of the City which ur e in conformity with ,;l,e purp ose and intent of this
Resolution, and in furtherance of the Pr oject, s hall bt und the s orc.e h e re by are in kll
respects ra tified, approved and confirm ed .
ADOPTED AND APPROVED this 15th of April , l:u0 2.
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COUNCIL COMMUNICATION
Dale Age nda Item Subject
April 15, 1001 11 c iii A reso lution decla ring the inten t of the City of
Englewood to reimburse itself w ith proceeds of a
fut ure borrowing for capi tal outlays re lated to the
IBIS Proiect (Enterpri se Resources Pl anninR Sys tem)
Initialed By
I
Staff Source
Ci ty o f Englewood, Finance and Administrafr,e Fran C ryglewicz, Directo r
Services Department
COUNC IL GOAL ~-~,D PREVIOUS COUNCIL ACTION
Th e City Counci l has made this project a priority becaus e it safegua rds the City's ability to i:,rovi d e internal
and external services .
RECOMMENDED ACT ION
Staff recom mends th e City Co un ci l approve the ,ttached res olution.
BACK GROUND , ANALYSIS , AND ALTERN ATIVES IDENTIFIED
Th e City of Englewood has made ext raordin ary use of its legacy computer systems. T,,ese sys t em s have
been used fo r over twenty years and have exceeded thei r usefu l techno1ogica l li fe. Realizing thi <, th e City's
In formation Technology D epartment fo rm ed the Im proving Business , Im proving Serv ice (IBIS ) Project
Team. The team was charged with coordina ti ng all acti vities that wou:d l ead to both fun ctio nal and
financial success. Activities, to name a few, incl ud ed nee ds ana lysis , change managemen t, documen tati on
of current practices, crea ti ng requests for pro posal, si te isits , reference checks, etc. TI1 e process
culminated in choosing Oracle as th e softw are ver~or and So lbo urne as th e City's implementation pa rt ner.
City staff had p lanned o n using lease-pu rchase fi nanc ing on an applicab le portion of th e cost of this project.
Th is resolution allows th e City to rei mbu rs e itself with th e proceeds of a l ease-purchJse arraign ment that
will occur aiter th e equ i pm ent is delivered, installed, and tes ted .
No al terna tives were ide ntified.
FINANCI AL IMPACT
The total system cost is estimated at S2,089, 131. Th e total port ion that ca n be lease d is est im ated at
$6 66,000, th e rei mburse ment res olution allows th e lease to be up to S1 ,000,000. The es timat ed lease
pa ym ents a, er seven should be approxima tely S 15 0,000 per yea r.
LIST OF ATT ACHMENTS
Prop os ed res olu ti o n