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A RESOLUTION
AUTHORIZING THE CITY OF LAKEWOOD TO TRANSFER FUNDS FROM THE SEWER FUND TO THE CAPITAL IMPROVEMENT FUND, AND FURTHER AUTHORIZING A LOAN AGREEMENT BETWEEN THE SEWER FUND AND THE CAPITAL IMPROVEMENT FUND FOR REPAYMENT.
WHEREAS, the City Council has authorized the expenditure of funds from the Capital Improvement Fund for the City to either purchase or lease computer hardware, software, and associated costs related to the implementation of the new Computer Aided Dispatch/Records Management System (CAD/RMS) for the Police Department and;
WHEREAS, it is deemed to be in the best interest of the City to pay cash for the majority of the project costs, supplemented with a short-term loan agreement between the Capital Improvement Fund and the Sewer Fund, and
WHEREAS, there are sufficient funds in the Sewer Fund to enable the City to transfer a portion of such funds to the Capital Improvement Fund for the purchase of the CAD/RMS system, which approach has been designed to avoid the additional interest costs and other costs associated with entering into a lease agreement with an outside lending institution, said savings are estimated to be $200,000, and
WHEREAS, the Capital Improvement Fund will enter into a 3 year loan agreement with the Sewer Fund requiring unequal annual payments to the Sewer Fund with interest at 4.75%, which rate is consistent with the Wall Street Journal Prime rate.
NOW, THEREFORE BE IT RESOLVED by the City Council of the City of Lakewood, Colorado, that:
SECTION 1. The City Council of the City of Lakewood hereby authorizes and approves, pursuant to Section 12.7 of the Lakewood Charter, the transfer of $2,350,000 from the Sewer Fund to the Capital Improvement Fund. This amount represents anticipated expenditures to complete the purchase and installation of the Computer Aided Dispatch/Records Management System.
SECTION 2. The City Council of the City of Lakewood hereby authorizes a loan, not to exceed the amount of $2,350,000, from the Sewer Fund to the Capital Improvement Fund. The repayment of such loan is to occur as the Capital Improvement Fund has currently planned for corresponding expenditures. The terms of the loan require interest to be paid periodically from the Capital Improvement Fund to the Sewer Fund at a fixed rate equal to the Wall Street Journal Prime Rate as of the date of the adoption of this resolution.
SECTION 3. The City Manager is authorized and directed to take all action necessary to implement the provisions of this Resolution.
SECTION 4. If any section, paragraph, clause or provision of this Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of any such section, paragraph, clause or provision shall not affect any of the remaining provisions of this Resolution.
SECTION 5. This Resolution shall be in full force and effect upon its passage and approval.
INTRODUCED, READ AND ADOPTED by a vote of 8 for and 0 against at a regular meeting of the City Council on April 22, 2002 at 7 o'clock p.m. at Lakewood Civic Center, 480 South Allison Parkway, Lakewood, Colorado.
Ray Elliott, Mayor Pro Tem
ATTEST:
Margy Greer, City Clerk
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