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CITY OF CORTEZ
123 ROGER SMITH AVENUE
CORTEZ, CO 81321

Kelly Koskie
Director of Finance
123 Roger Smith Ave
Cortez, CO. 81321
kkoskie@cortezco.gov

Memorandum

To:

CORTEZ CITY COUNCIL

From:

KELLY KOSKIE, DIRECTOR OF FINANCE

Date:

06/28/2023

RE:

Resolution No. 14, Series 2023

DISCUSSION

As a part of the financing to lease four new refuse trucks the Obligor Resolution must be submitted to Kansas State Bank.

BACKGROUND

On November 22, 2022 Council approved the bids to lease four new Refuse Trucks. This was also approved as part of the 2023 budget process.

FISCAL IMPACT

The lease agreement will be for a total of $1,182,188.50 with annual payments of $248,951.68 each year of the five-year lease agreement.

RECOMMENDATION

Staff recommends that Council approve Resolution No. 14, Series 2023, to be included in the financing packet for Kansas State Bank, approving Exhibit D, Government Obligation Contract dated as of June 5, 2023, between KS StateBank (Obligee) and City of Cortez, Colorado (Obligor).

MOTION

If agreed upon by the City Council, a possible motion would be: Council approves Resolution No. 14, Series 2023, to be included in the financing packet for Kansas State Bank, approving Exhibit D, Government Obligation Contract dated as of June 5, 2023, between KS StateBank (Obligee) and City of Cortez, Colorado (Obligor).

Attachments

Resolution 14-23

Previous Council Approval