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HomeMy WebLinkAbout2024 - RESO 51 - 2E Supplemental and CloseCITY OF WHEAT RIDGE, COLORADO RESOLUTION NO. 51 Series of 2024 TITLE: A RESOLUTION AMENDING THE FISCAL YEAR 2024 2E BUDGET IN THE AMOUNT OF $9,404,727 TO DEFEASE THE 2017 BONDS AND TRANSFER REMAINING FUNDS TO THE CAPITAL IMPROVEMENT PROGRAM BUDGET WHEREAS, in 2023, Wheat Ridge voters continued the half cent sales tax originally authorized in 2017 to provide for transformative investments in infrastructure; and WHEREAS, City Council established a new fund, the 2J Next Chapter Bond Fund, to separate the revenues and expenditures associated with the extended half cent sales tax; and WHEREAS, the 2E Fund, established to separate the revenues and expenditures associated with the 2017 bonds, has a remaining balance of $12.6 million; and WHEREAS, City Council desires to allocate $7.4 million of remaining 2E funds to defease the majority of the 2017 bonds, transfer the remaining $5.2 million balance to the CIP Fund and close the 2E Fund. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Wheat Ridge, Colorado, as follows: Section 1. A supplemental appropriation in the amount of $4,107,033 is hereby approved from the 2E Fund undesignated reserves to account 31-610-900-901 to defease the remaining principal on the 2017 bonds. Section 2. A supplemental appropriation in the amount of $48,583 is hereby approved from the 2E Fund undesignated reserves to account 31-610-900-902 to defease the remaining interest on the 2017 bonds. Section 3. A supplemental appropriation in the amount of $5,249,111 is hereby approved from the 2E Fund undesignated reserves to account 31-610-890-892 to be transferred to the Capital Improvement Program account 30-590-00-592. Section 4. Upon payment of the remaining debt service, the 2E Fund is hereby closed with an ending fund balance of $0.00. DONE AND RESOLVED this 9th day of December 2024. _______________________________ Bud Starker, Mayor ATTEST: ____________________________ Margy Greer, Sr. Deputy City Clerk