City of Colorado Springs - File #: 19-476

• File #: 19-476
• Version: 2
• Type: Ordinance
• Status: Mayor's Office
• File created: 8/2/2019
• In control: City Council
• On agenda: 9/10/2019
• Final action: 9/10/2019
• Title: Ordinance No. 19-57 Authorizing and Approving The Lease-Purchase Of Certain Property and the Execution of Documents Related Thereto by the City of Colorado Springs, Colorado, in Connection With the Issuance of Certificates of Participation, Series 2019, in an Aggregate Principal Amount of Not To Exceed $12,500,000; Ratifying Action Previously Taken Concerning Such Matters; And Providing For Other Matters Related Thereto Presenter: Charae McDaniel, Chief Financial Officer Tom Florczak, Deputy City Attorney

Date	Ver.	Action By	Action	Result
9/10/2019	1	City Council	finally passed	Pass
8/12/2019	1	Council Work Session	referred

Title
Ordinance No. 19-57 Authorizing and Approving The Lease-Purchase Of Certain Property and the Execution of Documents Related Thereto by the City of Colorado Springs, Colorado, in Connection With the Issuance of Certificates of Participation, Series 2019, in an Aggregate Principal Amount of Not To Exceed $12,500,000; Ratifying Action Previously Taken Concerning Such Matters; And Providing For Other Matters Related Thereto

Presenter:
Charae McDaniel, Chief Financial Officer
Tom Florczak, Deputy City Attorney

Body
Summary:
Attached is an ordinance authorizing the lease-purchase of property and related issuance of Certificates of Participation, Series 2019, in an aggregate principal amount not to exceed $12,500,000 ("2019 Certificates"), which are secured by the lease payments, in order to finance the costs of improvements to certain City facilities and pay the costs of issuance of the 2019 Certificates.

The Ordinance has been modified slightly since its introduction on August 12, 2019. A red-lined version is attached for reference, as well as the clean, final version.

Previous Council Action:
N/A

Background:
The City seeks to issue the 2019 Certificates to finance the cost of needed capital improvements (a) to the Lester L. Williams Fire Department Complex property ("FDC") consisting of (i) a new fire station building with apparatus bays, living quarters, storage, and a radio shop; (ii) a new parking lot; and (iii) associated access roadways and driveways; (b) to Sertich Ice Center ("Sertich") consisting of improvements to the ice chiller and addition of a new ice rink; and (c) for a new police firing range facility.

Pursuant to a site lease to be executed contemporaneously with issuance of the 2019 Certificates, the City will lease the above properties owned by the City to the trustee, U.S. Bank National Association ("Trustee") for a lump sum rental amount to be paid upon sales of the Certificates. The Trustee will then lease the prop...