HomeMy WebLinkAbout2024 - RESO 21 - Reimbursement for Storm Sewer Expenditures
CITY OF WHEAT RIDGE, COLORADO RESOLUTION NO. 21 Series of 2024
TITLE: A RESOLUTION AMENDING THE 2024 FISCAL YEAR CAPITAL IMPROVEMENT PROGRAM BUDGET TO REFLECT THE APPROVAL OF A SUPPLEMENTAL BUDGET APPROPRIATION IN THE AMOUNT OF $1,000,000 AND EXPRESSING THE INTENT OF THE CITY TO BE
REIMBURSED FROM FUTURE SALES AND USE TAX REVENUE BONDS FOR CERTAIN EXPENSES RELATED TO EMERGENCY STORM SEWER REPAIRS
WHEREAS, the City of Wheat Ridge, Colorado (the “City”) is a home rule municipality and political subdivision of the State of Colorado (the “State”) organized
and existing under a home rule charter (the “Charter”) pursuant to Article XX of the
Constitution of the State; and
WHEREAS, the members of the City Council of the City (the “Council”) have been duly appointed and qualified; and
WHEREAS, it is the current intent of City to construct certain capital improvements of the City, specifically emergency storm sewer repairs, as approved by the voters of the City at an election held in November 2023 (the “Project”); and
WHEREAS, the City has determined that it is in the best interest of the
City to finance the Project through the issuance of sales and use tax revenue bonds or by any other means legally available to the City; and WHEREAS, the Council has determined that it is necessary to make
capital expenditures to acquire and construct the Project prior to the time that the City arranges for the specific financing of such Project; and WHEREAS, it is the City’s reasonable expectation that when such financing occurs, the capital expenditures will be reimbursed with the proceeds of the
financing; and WHEREAS, to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), it is the City’s desire that this resolution shall constitute the “official intent” of the Council to reimburse such capital expenditures within the
meaning of Treasury Regulation §1.150-2. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL FOR THE CITY OF WHEAT RIDGE, COLORADO:
Section 1. All action (not inconsistent with the provisions of this resolution) heretofore taken by the Council and the officers, employees and agents of the City directed toward the Bonds is hereby ratified, approved and confirmed.
Section 2. The City intends to finance approximately $75,000,000 to pay the costs of the Project, including the reimbursement of certain costs incurred by the City prior to the receipt of any proceeds of a financing estimated to be approximately $1,000,000, upon terms acceptable to the City, as authorized in a resolution to be
hereafter adopted and to take all further action which is necessary or desirable in
connection therewith. Section 3. The officers, employees and agents of the City shall take all action necessary or reasonably required to carry out, give effect to and consummate the
transactions contemplated hereby and shall take all action necessary or desirable to
finance the Project and to otherwise carry out the transactions contemplated by the resolution. Section 4. The officers and employees of the City are hereby
authorized and directed to take all action necessary or appropriate to effectuate the provision of this resolution. Section 5. The City shall not use reimbursed moneys for purposes prohibited by Treasury Regulation §1.150-2(h).
Section 6. This resolution is intended to be a declaration of “official intent” to reimburse expenditures within the meaning of Treasury Regulation §1.150-2. Section 7. If any section, paragraph, clause or provision of this
resolution shall for any reason be held invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this resolution. Section 8. All acts, orders and resolutions of the City, and parts thereof,
inconsistent with this resolution be, and the same hereby are, repealed to the extent only of such inconsistency. This repealer shall not be construed to revive any act, order or resolution, or part thereof, heretofore repealed. Section 9. The resolution shall be in full force and effect upon its
passage and approval. Section 10. A transfer of $1,000,000 is hereby approved from the Capital Improvement Program undesignated reserves to account 30-302-800-833.
PASSED AND ADOPTED this 22nd day of April 2024.
CITY OF WHEAT RIDGE, COLORADO
By
Bud Starker, Mayor
Attest:
By Margy Greer, Sr. Deputy City Clerk