Title
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $103,671 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 $103,671 in internal notes to fund an ambulance for the EMS Department. The EMS Fund will pay down the original note of $138,231 by $34,560.
Body
Legislative History
Ordinance No. 16-50 authorized an advance from the General Fund to the EMS Fund for the purchase of the ambulance for $172,790.74.
Ordinance No. 16-125 authorized the issuance of notes for $172,791 to repay the advance to the General Fund.
Ordinance No. 17-114 authorized the issuance of notes for $138,231, the EMS Fund paid down the balance by $34,560.
Purpose & Explanation
This Ordinance authorizes the internal borrowing to issue the balance of the notes due that were used to repay the General Fund advance. The original advance was made in March 2016 to purchase a replacement ambulance for EMS.
The EMS Fund will make annual payments to repay the notes.
Timing Considerations
Staff would like this Ordinance to be passed immediately to allow for timely repayment of the original note issue.
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
Jeff Knoblauch, Finance Director