Title
Ordinance Authorizing the Issuance of Obligations for the Acquisition, Construction, Expansion and Improvement of Municipal Facilities and Personal Property (Ordinance S-51810) - Citywide
Description
Requesting authorization for the City Manager, or his designee, to issue, or to cause the issuance of, obligations of or by the City, a municipal property corporation or a corporate trustee or a loan from a bank or financial institution as short-term and/or long-term obligations to refund short-term obligations or long-term obligations, including execution and delivery of all leases and other agreements necessary or appropriate for the financing, refinancing, or reimbursing of costs for acquiring, constructing, and improving real and personal property for municipal facilities for the City and associated financing costs; authorizing a pledge, if deemed appropriate, of excise taxes or other lawfully available funds for such purposes and to pay for financing costs. Further granting an exemption to Phoenix City Code § 42-18 to include indemnification and legal remedy limitations; and authorizing the City Controller to expend and the City Treasurer to receive all funds related to this item.
Summary
This ordinance provides authorization to issue obligations up to $175,000,000 principal amount, plus related financing costs to acquire, construct, expand, and improve real and personal property; and issue obligations to refund current short-term and/or long-term obligations for technology upgrades, public safety property, systems and equipment, and other municipal facilities for the City.
Financial Impact
The City will pledge excise taxes or other lawfully available funds to the repayment of the obligations.
Department
Responsible Department
This item is submitted by City Manager Jeffrey Barton and the Finance Department.