Title
Issuance of Excise Tax Funded Obligations for Rehabilitation of Elevators in City of Phoenix Municipal Buildings (Ordinance S-43267)
Description
An ordinance authorizing the City Manager to cause the issuance of obligations of or by a municipal property corporation, including execution and delivery of one or more ground leases, leases, purchase agreements or financing agreements and the taking of any and all actions necessary or appropriate to finance or reimburse a principal amount not exceeding $6,000,000 for costs of acquiring, constructing and improving real and personal property for the Elevator Rehabilitation Project plus related financing costs; authorizing a pledge if deemed appropriate, of excise taxes or other lawfully available funds; authorizing the execution and delivery of other appropriate agreements in connection therewith, including but not limited to any official statements and bond purchase agreements and certificates necessary or appropriate for the financing and associated financing costs; authorizing the City Manager to take any and all other necessary or desirable actions in connection with such bonds; and authorizing the City Controller to expend all necessary funds therefor.
Report
Summary
Several elevators in City of Phoenix municipal buildings have been determined to have reached the end of their useful life and should be replaced. Failure to rehabilitate the equipment will result in decreasing reliability of the elevators, more frequent breakdowns, entrapments, and part failures. In addition, the rehabilitation project will result in improved energy efficiency and reliability.
On Feb. 14, 2017, the Transportation and Infrastructure (T&I) Subcommittee recommended City Council approval for the elevator rehabilitation project and authorization to issue excise tax obligations to reimburse projects costs, including related financing costs.
Concurrence/Previous Council Action
This item was unanimously approved by the Transportation and Infrastructure Subcommittee on Feb. 14, 2017.
Department
Responsible Department
This item is submitted by City Manager Ed Zuercher and the Finance Department.