Title
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $172,791 OF NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF PAYING COSTS OF ACQUIRING AN AMBULANCE, INCLUDING RELATED EQUIPMENT AND APPARATUS, AND DECLARING AN EMERGENCY.
Executive Summary: This Ordinance authorizes the issuance of $172,791 in internal notes for the purchase of an ambulance for the EMS Department. The proceeds will be used to repay the advance that was made from the General Fund in March 2016.
Body
Legislative History
Resolution No. 15-147, passed October 6, 2015, authorized the City Manager to enter into a purchase agreement with Excellance, Inc. for a remount ambulance.
Ordinance No. 16-50, passed April 5, 2016, authorized an advance from the General Fund to the EMS Fund for the purchase of the ambulance for $172,790.74.
Purpose & Explanation
This Ordinance authorizes the internal borrowing to repay the General Fund advance that was made in March 2016 to purchase a replacement ambulance for EMS. The ambulance was successfully delivered in April 2016.
The EMS Fund will make annual payments to repay the notes.
Timing Considerations
Staff would like this Ordinance to be passed immediately to allow the repayment to the General Fund.
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Recommendation
Suggested Action
Staff recommends passage of the Ordinance and requests Council action on first reading.
Submitted by,
Jane Howington, City Manager
Jeffery Knoblauch, Finance Director