HomeMy WebLinkAbout1998 Resolution No. 047•
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RESOLUTION NO . './1_
SERIES OF 1998
A RESOLUTION OF THE CITY OF ENGLEWOOD, COLORADO DECLARING ITS
OFFICIAL INTENT TO REIMBURSU ITSELF WITH THE PROCEEDS OF A FUTURE
TAXABLE OR TAX-EXEMPT BORROWING FOR CCRTAIN CAPITAL
EXPEIIDITURES TO BE UNDERTA.iEN BY THE CITY; IDENTIFYING SAID
CAPITAL EXPENDITURES AND THE FUNDS TO BE USED FOR SUCH PAYMENT;
AND PROVIDING FOR CERTAIN OTHER MATTERS IN CONNECTION
THEREWITH .
WHEREAS, the City of Englewood (the "C ity"), in the State of Colorado (the "State"), ill a
municipal corporation duly organized and existing p.irsuant to its Home Rule Charter aml
the Constitution and Jaws of the State; and
WHEREAS, the City Council of the City (the "City Council") is the governing body of the
City; and
WHEREAS, the City Counci l has determined that it is in the best interest of the City to
make certain capital expenditures on the Safety Services Communication Center Project
(the "Project"); and
WHEREAS, the City Council currently intends and reasonably expeds to participate ir. a
taxab le or tax-e:r.empt borrowing to finance such capital expenditures, said amount not t1J
exceed $851,500; to reimburse the City for the portion of such capital <penditures incurred
or to be incurred subsequen t to a date which is 60 days prior to the dat, hereof, but before
such borrowing and which is within 18 months of the date of such capital expenditures or the
placing in service of the Project, whichev er is later (but in no event more than 3 years afte-
the date of the original ex penditure of s uch moneys ); and
WHEREAS, the City Council hereby de sires to declare its official in tent, pursuant to 26
C.F .R. Section 1.150-2, to reimburse the City for such capital expenditures with the proceeds
of the City's future ta.1able or taic-exempt borrowing;
NOW , THEREFORE , BE IT RESOLVED BY THE CITY COUNC IL OF THE ~!TY OF
ENGLEWOOD , CO LORAD O, THAT :
~. Declaration of Official Intent. The City shall , presentl y intends , an d
r easona bl y expects to finance the Project with legally nvuilable funds .
~. Wuance of Bonds or Notes. Th e City presently intends and reasonably
expects to participate inn tnxnble or tax-exempt borrowing within 18 months of the date of
the expenditu re of mon eys on the Project or the date upon which the Project is placed in
serv ice, whic hev~r is Inter (but in no event mor e than 3 yea rs ufter th e date of the original
expenditure of such moneys ); end furthe r intends to allocate from said borrowing an
amount, not to exceed the Reimburs ement Amount, to reimbu rse the City fo r its
expenditures in connection with the Project .
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~ C:ma:matian of Prior Acta -Al l prior act& of the officials , agents and
employees of tho Oity which are in conformity with the purpose and lntl!llt of this
Resolution, ,nd il:l furtherance of the Project, shall be and the ,amo hereby are in all
r e•pects ratifiecl,, approved and confirmed.
ADO PTED AND APPROVED this 17th day of February , 1998 .
I , Loucrishiz A. Ell:s, City Clerk for,~• City of Englewood,
aoove is a true c:,py cf Resolution No.!f./, Series of 1998 .
• COUNCIL COMMUNICATION
Date Agenda Item SUbject Hesolutlon declaring
tt:>e intent of the City to
reimburse itse If with the
liJlroCl!eds of a future borrowing
for capital outlays at the Safety
Services Communications
February 17, 1998 11 C ii Center
Initiated By
Department of Financial Services
j staff Source
Frank G ryglewicz, Director
COUNCIL GOAL AND PREVIOUS COUNCIL ACTION
The City Coun ci l has made pub li c safety a continuing goal. The Sale Services Department operates
efficiently only ii the ir communications systems are adequate. The new Communications Center was
built to add ress present and future communication needs. City Counciil appropriated funds to build the
Center in the 1997 Budget and the lease payments in the 1998 Budge
RECOMMENDED ACTION
• Staff recommends the City Council approve the attached resolu tion.
BACKGROUND , ANALYSIS , AND ALTERNATIVES IDENTIFIED
The City of Eng le wood placed a referred measure asking the voters ff cney wante d to keep the
com mun ica tions op erat ions in the City on the November 2 , 1993 balloL This referred measure passed
by an overwhe lming margin. On November 7, 1995 a ballot question was pla ced on th e ballot to issue
debt for the construct io n of a new communications :anter, this que.<tiot:u 1ailed ove rwhelm ing ly . The
City used reserves to build the "bricks and mortar' portion of the ct nter. The cost of the computer and
co mmu nicat io ns hardware and software will be financed by a lease-pur.chase agreement when the final
implementation phase is completed.
This re soluticn allows the City to re imburse itself with th e proceeds of a lease-purchase arraignment
that will occur after the equipment is del ivered , installed. and tested .
No aI1er~atives were ideri.ified.
FINANCIAL IMPACT
This action does not directly impact the Ci ty 's fin ancial condition . e :.,,tal system cost will be
S851 ,497 . Th is will be leased over ten years at an annual cost ,n the r2c,ge o S115 ,000 to S130 ,000 .
LIST OF ATTACHMENTS
• Proposed reso lution