Title
Amend Ordinance S-46390 for Issuance of Excise Tax-Funded Obligations to Include Short-Term and Long-Term Financing and Refunding of Short-Term and Long-Term Obligations (Ordinance S-53054) - Citywide
Description
Request the City Council amend Ordinance S-46390 to include short-term and/or long-term financing through a bank or financial institution; refund short-term obligations and/or long-term obligations; and grant an exemption to Phoenix City Code Section 42-18 (A) and (B) to include indemnification and limitations on liability for those financial transactions which include such language in standard documents. Further authorize the City Treasurer to accept all funds related to this item.
Report
Summary
Ordinance S-46390 provides authorization to fund the replacement of Solid Waste vehicles and other improvements, acquisitions, and replacement of Solid Waste facilities and equipment through the issuance of obligation bonds. This amendment enables the City to obtain a loan from a bank or financial institution and to refund short-term and long-term obligations. This amendment is solely to provide staff with greater flexibility in meeting the capital needs for Solid Waste with no additional funding required and no impact on Solid Waste rates. Ordinance S-46390 authorizes the City Controller to expend funds, and this amendment will further provide authorization for the City Treasurer to accept funds.
All other conditions and stipulations in Ordinance S-46390 remain the same.
Financial Impact
This amendment has no additional financial impact and no impact on Solid Waste rates.
Concurrence/Previous Council Action
Ordinance S-46390 was adopted on February 19, 2020.
Department
Responsible Department
This item is submitted by City Manager Ed Zuercher and the Finance Department.