HomeMy WebLinkAboutCOUNCIL - SUMMARY AGENDA - 09/17/2002 - REGULAR MEETING AGENDA (SUMMARY) AGENDA
OF THE
COUNCIL OF THE CITY OF FORT COLLINS, COLORADO
September 17, 2002
Proclamations and Presentations
5:30 p.m
A. Proclamation Proclaiming September 19, 2002 as "Grandparents Appreciation Day".
B. Proclamation Proclaiming September 23, 2002 as "Race Equality Week".
C. Proclamation Recognizing the Fort Collins Elks Lodge #804 for its Contributions to City
Park and Sheldon Lake.
D. Presentation of Plaque from USTA (U.S. Tennis Association) for "Outstanding Public
Facility Award".
Regular Meeting
6:00 p.m.
PLEDGE OF ALLEGIANCE
1. CALL MEETING TO ORDER.
2. ROLL CALL.
3. CITIZEN PARTICIPATION (limited to 30 minutes)
4. CITIZEN PARTICIPATION FOLLOW-UP:
This is an opportunity for the Mayor or Councilmembers to follow-up on issues raised during
Citizen Participation.
5. AGENDA REVIEW: CITY MANAGER
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6. CONSENT CALENDAR
The Consent Calendar consists of Item Tgumbers 7 through 25. This Calendar is
intended to allow the City Council to spend its time and energy on the important
items on a lengthy agenda. Staff recommends approval of the Consent Calendar.
Anyone may request an item on this calendar to be "pulled" off the Consent
Calendar and considered separately. Agenda items pulled from the Consent
Calendar will be considered separately under Agenda Item #35, Pulled Consent
Items. The Consent Calendar consists of:
1) Ordinances on First Reading that are routine;
2) Ordinances on Second Reading that are routine;
3) Those of no perceived controversy;
4) Routine Administrative actions.
CONSENT CALENDAR
7. Consideration and approval of the Council meeting minutes of August 20, 2002.
8. Second Reading of Ordinance No. 120, 2002, Appropriating Unanticipated Revenue in the
Golf Fund for the Purpose of Fundin f Capital Improvements.
In 1999 and 2001 the City executed lease transactions to provide funding for capital
improvements at the City's three golf courses. The total amount of the transactions allocated
to the Golf Fund was $5,085,000 to fund several high priority improvements such as the
$2.65 million Collindale Clubhouse replacement project. Due to unexpected circumstances
beyond the control of the City, several of the improvements were delayed. Proceeds from
the two transactions were invested at competitive interest rates. When the projects were
delayed,the investments earned greater amounts of interest than originally anticipated. This
Ordinance, which was unanimously adopted on First Reading on September 3, 2002,
appropriates these extra interest earnings to allow the Golf Division to complete additional
capital improvements at Collindale, SouthRidge, and City Park Nine Golf Courses.
9. Second Reading of Ordinance No. 122, 2002, Appropriating Proceeds from the Issuance of
City of Fort Collins. Colorado, General Obligation Water Refunding Bonds, Series 2002,
Dated September 15, 2002, in the Aggregate Principal Amount of$19,460,000.
Ordinance No. 122, 2002, which was unanimously adopted on First Reading on September
3, 2002, appropriates the proceeds of the bonds.
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10. Second Readin¢of Ordinance No.123, 2002, Appropriating Proceeds from the Issuance of
City of Fort Collins. Colorado, Stormwater Utility Enterprise, Storm Drainage Revenue
Refunding Bonds, Series 2002, Dated Sentember 15, 2002, in the Aggregate PrinciRal
Amount of$2,800,000.
The Board of the Stormwater Utility Enterprise is scheduled to consider, at its meeting
subsequent to the meeting of the City Council, Ordinance No. 007 of the Stormwater Utility
Enterprise Board authorizing the issuance of City of Fort Collins, Colorado, Stormwater
Utility Enterprise,Storm Drainage Revenue Refunding Bonds,Series 2002,Dated September
15,2002,in the Aggregate Principal Amount of$2,800,000. Authorizing the issuance of the
Bonds and appropriating the proceeds are both necessary to complete the bond transaction.
This Ordinance, which was unanimously adopted on First Reading on September 3, 2002,
appropriates the proceeds of the Bonds, contingent upon the final approval and issuance of
the Bonds.
11. Second Reading of Ordinance No. 124, 2002,Appropriating Unanticipated Revenue in the
Transvortation Services Fund for the Operation of the North Front Ranee Transportation&
Air Ouality Planning Council's 2001-2002 Metropolitan Planning Organization Program
Year and Authorizing the Transfer of Existing Appropriation Between Funds.
The North Front Range Transportation&Air Quality Planning Council(NFRT&AQPC),or
MPO, received additional federal funding on its 2001-2002 contracts with Colorado
Department of Transportation as well as some unanticipated State grant funding which
wasn't originally budgeted or appropriated for the current fiscal year. These funds, along
with required local matching funds from the City's Equipment Fund,MPO member entities,
and additional VanGo program revenue will be used for the administration of the MPO's
projects during its 2001-2002 contract period.
Additionally,the funds to pay the personnel costs of non-City MPO employees, which were
previously budgeted and appropriated in the Transportation Services Fund, now need to be
transferred to the NFRT&AQPC Fund. This Ordinance, which was unanimously adopted
on First Reading on September 3, 2002,will not appropriate additional funds; rather, it will
serve as a transfer of existing appropriations to the fund that incurred the expenditures.
12. Second Reading of Ordinance No. 125, 2002, Appropriating Unanticipated Revenue in the
North Front Ranee Transportation & Air Ouality Planning Council Fund for the Operation
of the North Front Ranee Transportation & Air Quality Planning Council's 2002-2003
Metropolitan Planning Organization Administration Program Year.
The North Front Range Transportation&Air Quality Planning Council (NFRT&AQPC) is
the regional Metropolitan Planning Organization. The administration/program budget for
the NFRT&AQPC is funded with federal transportation program dollars administered by the
Colorado Department of Transportation (CDOT) based on the federal fiscal and program
year of October 1, 2002 to September 30, 2003. This period does not correspond to the
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City's calendar year appropriation time frame, and this time differential causes some
accounting and budget management problems.
This Ordinance, which was unanimously adopted on First Reading on September 3, 2002,
enables staff to more consistently manage and track the NFRT&AQPC's budget and
expenditures.
13. Second Reading of Ordinance No. 126, 2002, Amending the Definition of Disabled
Individual as Set Forth in Section 13-16 of the City Code.
The City's anti-discrimination ordinance was first adopted in 1972, well before Congress
adopted the Americans With Disabilities Act (ADA) in 1990. The proposed revision sets
forth a definition of disabled individual that is identical to the definition set forth in the
ADA, is more comprehensive than the current definition, and one that is more consistently
applied among jurisdictions than the City's current definition. Ordinance No. 126,2002,was
unanimously adopted on First Reading on September 3, 2002.
14. Second Reading of Ordinance No. 127,2002,Amending Section 2-474(2) of the City Code
Relating to Membership of the Housing Authority.
The Board of Commissioners of the Fort Collins Housing Authority has requested that its
membership be increased from seven members to nine members. Section 29-4-205,C.R.S.,
provides that the Housing Authority shall consist of no more than nine commissioners
appointed by the Council. The Board of Commissioners believes that currently the Housing
Authority has good representation from different areas of the community but believes that
two additional members would bring more diversity and experience to the Housing
Authority. Ordinance No. 127, 2002, was unanimously adopted on First Reading on
September 3, 2002.
15. Second Reading of Ordinance No. 128, 2002, Amending Chapter 20, Article III of the City
Code Concerning the Prohibition of the Use of Indoor Furniture in Certain Outdoor
Locations.
The City Code presently prohibits the use of indoor furniture in certain outdoor locations.
It does so by including the use of indoor furniture in those locations within the definition of
"discarded furniture" which, in turn, is part of the definition of"rubbish." An accumulation
of rubbish is subject to removal by the City as a nuisance under the City Code. This
Ordinance, which was unanimously adopted on first reading on September 3, 2002,
establishes a different approach to prohibiting indoor furniture in outdoor locations and
would directly prohibit such furniture in yards and on uncovered porches.
Pursuant to direction received from the Council on first reading, a new subsection has been
added on second reading to allow for the immediate,temporary use of upholstered furniture
out-of-doors as long as the furniture does not remain in the outdoor location overnight.
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16. Second Reading of Ordinance No. 129,2002,Amending the City Code to Create a Standard
Procedure for Administrative Aooeals to the City Manager.
This Ordinance, which was unanimously adopted on First Reading on September 3, 2002,
amends the City Code to create one standard procedure for appeals to the City Manager of
administrative decisions, when such an appeal is authorized by the Code.
17. Items Relating to Code Amendments Updating Organizational Structure. Department and
Service Area Names and Job Titles.
A. Second Reading of Ordinance No. 130, 2002, Amending Various Provisions of the
City Code as They Relate to the Names of Departments and Service Areas and the
Job Titles of Certain City Staff.
In 2001, the City Charter was amended to redefine the terms "department" and "division"
and define the term"service area",to be consistent with the current organizational structure
of the City. The organizational level that was previously called a "department"is now
referred to as a"service area", and what was previously called a"division" is now called a
"department". Following this Charter amendment, the City Attorney's office and the City
Clerk's office began reviewing the City Code and examining every use of the words
"department" and "division" in the Code, to determine whether in each instance the term
needed to be replaced. Ordinance No. 130,2002,was unanimously adopted on First Reading
on September 3, 2002.
B. Second Reading of Ordinance No. 131,2002,Amending Chapter 2,Article V of the
City Code to Bring the Administrative Organization Provisions of the Code into
Agreement with the Current Administrative Structure of the City.
Staff discovered that Article V of Chapter 2 of the Code,which describes the administrative
organization of the City,did not coincide with the City's current administrative structure,and
decided to redraft it to better reflect the"service area" structure as it now exists. Ordinance
No. 131, 2002, which was unanimously adopted on First Reading on September 3, 2002,
separating out the executive, legislative and judicial offices into one category, the existing
service areas into another category, and Fire Services (which is not directly responsible to
the City Manager and therefore, by definition, not a true "service area") into its own
category.
18. Second Reading of Ordinance No. 132,2002,Vacating a Portion of Right-of-wav for Rock
Creek Drive and Retaining a Portion Thereof for Utility Easement.
This Ordinance, which was unanimously adopted on First Reading on September 3, 2002,
vacates a portion of right-of-way for Rock Creek Drive and retains a portion for a utility
easement in order to eliminate the dedicated right-of-way "street stub".
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19. Second Reading of Ordinance No. 133, 2002, Vacating Portions of Right-of-way for
Cambridge Avenue and Retaining Portions Thereof for Utility Easement.
This Ordinance, which was unanimously adopted on First Reading on September 3, 2002,
vacates portions of right-of-way for Cambridge Avenue and retains portions for utility
easements in order to eliminate the dedicated right-of-way "street stubs".
20. First Reading of Ordinance No. 136 2002, Appropriating Unanticipated Grant Revenue in
the General Fund for the Poudre Valley Health System Reduce Intoxicated Driving Program.
Poudre Valley Health System has developed a comprehensive prevention program called
RID (Reduce Intoxicated Driving.) The RID program works in collaboration with local
government,businesses,law enforcement,health care providers,Colorado State University,
Poudre School District, and other community sectors to reduce the number of individuals
who drive intoxicated. The program includes a number of strategies to decrease the number
of people who drive intoxicated. One strategy is through public education and dissemination
of information about the hazards of drunk driving to youth in the community. This strategy
is intended to minimize the number of individuals who drive while intoxicated by using
hands-on DUI prevention activities.
21. First Reading of Ordinance No. 137, 2002, Appropriating Unanticipated Revenue in the
Capital Projects Fund-Gateway Mountain Park Capital Project and the Conservation Trust
Fund for Transfer to the Capital Projects Fund-Gateway Mountain Park Capital Project to
be Used for Improvements to Gateway Mountain Park.
Gateway Mountain Park is a 377-acre site located five miles up the Cache la Poudre River
Canyon from the intersection of Highways 287 and 14 (Ted's Place). The site is owned by
the City of Fort Collins and was previously the City's Water Filtration Plant. The City
Council has provided direction to make the property accessible to the public as a park. The
Park opened in June this year.
The City received grants of$100,000 from Great Outdoors Colorado Trust Fund("GOCO"),
and $80,000 from the Colorado Division of Wildlife("DOW"). Project contingency funds
were used to pay for the development of internal park facilities including such features as
picnic areas, restrooms, interpretive facilities, and other site amenities, to be reimbursed
through the GOCO and DOW grant funds. The City has now received the reimbursement
funds from these granting agencies, and the Ordinance appropriates them in the project.
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22. First Reading of Ordinance No 138 2002 Appropriating Prior Year Reserves in the Street
Oversizing Fund For Transfer to the Capital Projects Fund - Lemay Avenue, Fossil Creek
Bridge to Trilby Road Capital Project to Survev Existing Utilities for the Design of Roadway
Improvements on Lemay Avenue from the Fossil Creek Bridge to Trilby Road.
The Street Oversizing Program, in conjunction with the City's construction of Fossil Creek
Community Park, is completing the engineering design of Lemay Avenue from the Fossil
Creek bridge(near Muirfield Way)to Trilby Road. Lemay Avenue will be widened to a four
lane arterial with curb and gutter, landscaped medians, bike lanes and sidewalks. A
pedestrian underpass for the Fossil Creek Recreation Trail will cross Lemay Avenue as part
of this project.
The engineering design is 80% complete for Lemay Avenue. However, numerous utility
concerns between the pedestrian tunnel,existing 24"waterline,existing electrical duct banks,
existing fiber optic data lines and the road widening,make construction tolerances extremely
tight and with little margin for error.
To address these utility concerns, staff is recommending that a contractor be hired to do a
utility survey to verify the actual locations of the utilities and incorporate them into the
design plans. The completion of this survey will result in a more accurate design and reduce
utility relocations. This will in turn reduce construction costs and field change orders and
realize significant savings to the project. This ordinance is required to appropriate prior year
reserves in the Street Oversizing Fund for transfer into the Capital Projects fund.
23. First Reading of Ordinance No 139 2002 Appropriating Prior Year Reserves in the Water
Fund to Construct Backwash Water Reuse Facilities.
This Ordinance authorizes a $1,544,000 appropriation of prior year reserves in the Water
Fund for a capital project to construct backwash water reuse facilities at the Water Treatment
Plant. Once constructed,the recycling process would conserve approximately 1,500 acre-feet
of water annually.
24. Resolution 2002-086 Authorizing the City Manager to Execute a Grant Agreement with the
Federal Aviation Administration Regarding the Design of an Airport Snow Removal
Equipment Building.
The Airport is required by the FAA to properly maintain and operate the snow removal
equipment. Presently the Airport's snow removal equipment consists of a 1975 Ford Dump
Truck with a snow blade, John Deere Tractor with snow blade, a Snow Blast snow blower
and a Unimog with snow blade/blower.This equipment is stored at various locations on the
Airport including hangar storage units and the outdoors. This situation makes maintenance
of the vehicles difficult and creates an inefficient use of space. The FAA supports the
construction of a new SIZE building for the proper storage and maintenance of the equipment.
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This project will enhance the safety and operation of the Airport and is on the Airport's
current Capital Improvement Plan.
Once the construction costs are identified through a federal bidding process the FAA will
issue another grant for the construction and supervision of the project. The Snow Removal
Equipment Building construction will be about 3,000 square feet and cost approximately
$360,000. FAA Grant funds will total 90%of the projects costs,the State has issued a grant
in the amount of$30,000 towards the project and the Airport's budget contains $30,000 of
matching funds.
25. Routine Easements.
A. Easement for construction and maintenance of public utilities from Terry A. and
Holly E. Robertus, to underground electric services, located at 146 North College
Avenue. Monetary consideration: $100. Staff: Patti Teraoka.
B. Easement for construction and maintenance of public utilities from Harold & Reta
C. Brown, to underground electric services, located at 634 Whedbee. Monetary
consideration: $250. Staff: Patti Teraoka.
***END CONSENT***
26. Consent Calendar Follow-up.
This is an opportunity for Councilmembers to comment on items adopted or approved on the
Consent Calendar.
27. Staff Reports.
a. Introduction of representatives from Cebu, Philippines.
28. Councilmember Reports.
ITEMS NEEDING INDIVIDUAL CONSIDERATION
29. Second Reading of Ordinance No. 135 2002, Amending Emergency Ordinance No. 112,
2002 Prescribing Temporary Restrictions on the Use of City Treated Water for Lawn
Watering to Reduce Weekly Watering from Two Days to One Day,to Modify Related Permit
Procedures and to Eliminate the Requirement That Warnings Be Issued.
In response to the extreme drought conditions, the City Council adopted, at its regular
meeting on July 16, 2002, Emergency Ordinance No. 112, 2002, prescribing temporary
restrictions on the use of City-treated water for lawn watering. At its regular meeting on
September 3, 2002, the City Council adopted on second reading Ordinance No. 118, 2002,
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adjusting the period of watering allowed for newly seeded and sodded areas, and further
reviewed information regarding the effectiveness of the restrictions. The Council generally
concluded that, given the seriousness of the drought, saving additional water, above and
beyond the water savings resulting from the existing water restrictions, would be prudent
As a result,the Council directed staff to draft an ordinance for consideration at an adjourned
meeting on September 10, 2002. Ordinance No. 135, 2002, states that the temporary
restrictions on the use of City treated water for weekly lawn watering is reduced from two
days to one day. It also makes certain modifications to permit procedures as well as
eliminating the requirement that warnings be issued.
Ordinance No. 135, 2002, was unanimously adopted on First Reading at an adjourned
meeting on September 10,2002. Because the version of Ordinance No. 135,2002 that was
adopted on First Reading on September 10 was proposed at that meeting, the Ordinance,
showing amendments to Emergency Ordinance No. 112,2002 as amended by Ordinance No.
118, 2002, is attached for reference.
30. First Readine of Ordinance No 140 2002 Declaring the Parking of Vehicles in Front Yards
to Be a Nuisance and Prohibiting the Same.
The City's Land Use Code currently contains provisions regulating the parking of vehicles
in front yards of new development lots on which single family or two-family dwelling units.
This proposed Ordinance would provide stricter regulations that would declare the parking
of vehicles in front or side yards of new and existing lots to be a nuisance, and would
prohibit such parking under the nuisance provisions contained in Chapter 20 of the City
Code, unless the vehicle is parked in a designated alley or on a hard surface of asphalt,
concrete, rock, gravel or other similar inorganic material.
Parked vehicles on front and side yards that abut public streets present both a traffic safety
hazard and a negative aesthetic appearance to the neighborhoods of Fort Collins. These
parked vehicles are dangerous as they do not allow an orderly ingress and egress to a public
street. They also track mud and dirt onto the public street and their presence on yards has a
negative impact on the land and looks both disorderly and unappealing.
Adopting this Ordinance will better preserve an acceptable level of safety and aesthetic
appearance in the neighborhoods of Fort Collins.
31. Items Relating to Posting Notices and Handbills on Premises.
A. Second Reading of Ordinance No. 134, 2002, Amending Section 17-42 of the City
Code Regarding Posting Notices and Handbills on Premises to Create Different
Categories of Offenses.
B. First Reading of Ordinance No. 141, 2002,Amending Section 17-42 of the Code of
the City of Fort Collins Regarding Posting Notices and Handbills on Premises to
Create a Separate Offense for Failure to Remove an Illegally Posted Notice or Sign.
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Ordinance No. 134, 2002, which was adopted 6-1, on First Reading on September 3, 2002,
amends Section 17-42 of the City Code, which makes it an offense to post notices or
handbills on public or private premise without permission of the owner, to create four
separate categories of offenses depending on whether the notice is commercial or non-
commercial in nature, and whether it is posted on public or private property. Creating
subsections to Section 17-42 will allow the Municipal Judge to establish a different standard
fine for each category of offense, in recognition of the more serious problem caused by the
posting of commercial notices on public property. Section 17-42, as amended,would retain
the existing exception for fastening materials to the entrances to private residences unless
access is restricted or a"No Trespassing" or "No Solicitation" sign is posted.
On First Reading of Ordinance No. 134, 2002, Council directed staff to make a number of
changes to the Ordinance prior to second reading. The primary changes were to exempt
garage sale signs from the definition of"commercial or business sign"and to add a provision
that would make it a violation of the Code for a business or individual whose name is
advertised or promoted on an illegally posted sign to fail to remove such sign when notified
to do so by the City.
Ordinance No. 134, 2002, as revised for second reading, specifically includes in the
definition of"non-commercial sign" those signs that promote yard sales or garage sales in
a residential area lasting no longer than three consecutive days and occurring no more than
five times annually at the same location. This language was chosen because sales fitting this
description are already exempted from needing an outdoor vendor license under sections 15-
381 and 15-382 of the Code. The ordinance has also been amended to add the word
"handbill" to the definitions of"commercial or business sign" and non-commercial sign",
to make them more consistent with the existing title, and to add "election-related" to the
definition of"non-commercial sign".
Ordinance No. 141, 2002 would add a new subsection (e) to Section 17-42 making it a
violation of the Code for a business or individual whose name is advertised or promoted on
an illegally posted sign to fail to remove such sign when notified to do so by the City. This
change is being made by a separate ordinance because it is beyond the scope of the original
Ordinance No. 134, 2002.
32. Items Relatinf to the Adontion of the East Mulberry Corridor Plan, as an Element of City
Plan and Implementation Recommendations to Amend the City Structure Plan and Master
Street Plan.
A. Resolution 2002-087 Adopting the East Mulberry Corridor Plan as an Element of the
Comprehensive Plan of the City.
B. Resolution 2002-088 Amending the City's Structure Plan Map to Comport with the
Recommendations of the East Mulberry Corridor Plan.
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C. Resolution 2002-089 Amending the City's Master Street Plan to Comport with the
Recommendations of the East Mulberry Corridor Plan
The preliminary financial assessment included in the implementation chapter shows that
most of the identified future public improvement will be financed by new development for
such projects as future parks, streets and segments of trails. Some of these public facilities
will require a combination of funding between the public and private sectors.
Existing developed areas needing upgrades and improvements for existing streets and storm
drainage facilities will require the property owners to initiate special improvement districts
to finance these projects. If annexed,the City will work with the affected property owners,
and potentially partner in funding a portion of the improvements if the impacts are
determined to extend outside of the immediate area. A future capital project may be
identified with the extension of International Boulevard (between Lemay Avenue and
Timberline Road) if it is determined that new development cannot fund this alignment.
33. Resolution 2002-090 Expressing the Council's Support For the Allocation of Funds Within
the Natural Areas Program for Operations and Maintenance Through 2021, as well as for
Acquisition of Community Separators and for Other Land Conservation Opportunities.
This Resolution expresses the Council's support for the allocation of natural areas program
tax revenues to long-term operations and maintenance through 2021, and to acquisition of
community separators and other land conservation activities.
Based on City Council direction from study session discussions on April 9,2002,and August
27,2002,Natural Resources Department staff has prepared a long term funding plan that will
provide stewardship(operations and maintenance)of the City's Natural Areas through 2021.
This stewardship period is three years past the expiration of the Larimer County Help
Preserve Open Spaces ("HPOS") tax in 2018.
The use of the projected tax revenues for operations and maintenance only through 2021
allows for the use of remaining funds in the approximate amount of$16 million (in 2002
dollars) for other purposes. The Council directed staff to include in its long-term funding
plan the use of these remaining funds for the acquisition of community separators and for
other land conservation opportunities. At its August 27 study session,Council directed staff
to prepare a resolution documenting the Council's support for this long-term plan for
allocation of funds in the Natural Areas program.
34. Second Reading of Ordinance No. 121 2002, Authorizing the Issuance of City of Fort
Collins Colorado General Obligation Water Refunding Bonds, Series 2002, Dated
September 15 2002, in the Aggregate Principal Amount of$19,460,000.
Ordinance No. 121, 2002, which was unanimously adopted on First Reading on September
3, 2002, authorizes the issuance of the bonds. Bond Counsel will file a copy of the bond
ordinance in the office of the City Clerk,on or before September 13, 2002. The bonds will
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be sold on September 17. The Financial Officer will read the final numbers into the record
at the regular meeting on September 17.
35. Pulled Consent Items.
36. Other Business.
37. Adjournment.
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MEETING OF THE BOARD OF DIRECTORS OF
THE STORMWATER UTILITY ENTERPRISE
1. Call Meeting to Order.
2. Roll Call.
3. Second Reading of Ordinance No 007 Authorizing the Issuance of City of Fort Collins.
Colorado Stormwater Utility Enterorise Storm Drainage Revenue Refunding Bonds,Series
2002 Dated September 15 2002 in the Aggregate Principal Amount of$2,800,000.
The City of Fort Collins and its Stormwater Utility Enterprise have issued bonds to raise
funds to provide for needed capital improvements that provide a storm drainage service to
property owners within the city. In 1992, the City issued $4,335,000 of bonds to provide
funding for capital improvements in various stormwater basins within the City. According
to the provisions of the 1992 Bonds, they are now eligible to be refinanced. The City will
be paying off higher cost bonds with new bonds that will have much lower interest rates.
The 1992 issues carried interest rates up to 6.4.% The refunding Bonds in this Ordinance
will likely carry interest rates under 3.5%. The savings on the lower rates should be over
$150,000. The final rates will be determined by selling the Bonds at a competitive sale on
September 17. Ordinance No. 007, was unanimously adopted on First Reading on
September 3, 2002.
4. Other Business.
5. Adioumment.
City of Fort Collins