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HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 10/05/1999 - ITEMS RELATING TO THE APPROPRIATION OF PROCEEDS FR AGENDA ITEM SUMMARY ITEM NUMBER: 9 FORT COLLINS CITY COUNCIL DATE: October 5, 1999 STAFF: Alan Krcmarik SUBJECT: Items Relating to the Appropriation of Proceeds from the Execution and Delivery of City of Fort Collins Lease Certificates of Participation Series 1999. RECOMMENDATION: Staff recommends adoption of the Ordinances on First Reading. FINANCIAL IMPACT: Through the execution and delivery of lease certificates of participation, the City has received $3 360,000 to be used for capital improvements at the City's golf courses and for street and sidewalk improvements in the City's downtown area. The two ordinances in this agenda item specifically allocate and appropriate the proceeds of the lease certificates. EXECUTIVE SUMMARY: A. Ordinance No. 147, 1999,Appropriating Proceeds from the Execution and Delivery of City of Fort Collins Lease Certificates of Participation for the Golf Enterprise Fund for Golf Course Improvements. B. Ordinance No. 148, 1999.Appropriating Proceeds from the Execution and Delivery of City of Fort Collins Lease Certificates of Participation in the Capital Projects Fund for the Do-,,,ntown Intersection Renovation Project. On September 7, 1999, Council authorized the execution and delivery of $3,360,000 of lease certificates of participation for Street and Recreational Improvements. The proceeds are now being allocated specifically to the projects for which the certificates were issued. Ordinance No. 147. 1999, appropriates $2 255,000 of lease certificate proceeds in the Golf Fund. The proceeds will be used to make capital improvements at the City's golf courses. Approximately $1.2 million will be used to replace the irrigation system at Collindale Golf Course. The remaining amount will be used for a combination of land acquisition near SouthRidge Golf Course and other capital improvements at City Park Nine Golf Course,Collindale Golf Course,and SouthRidge Golf DATE: October 5, 1999 2 ITEM NUMBER: 9 Course. Revenues from the golf courses will provide the source of repayment for the lease certificates. The appropriation includes $40.000 to cover the Golf Fund's share of the costs of issuance for the certificates. OrdinanceNo. 148,1999,appropriates$1,105.000 in the Downtown Intersection Renovation Project in the City's Capital Project Fund. The certificate proceeds will be used to finance pavement replacement and streetscape improvements along College Avenue. Annual revenues from General Improvement District No. I will be used to make the payments on this portion of the financial transaction. The appropriation includes $20,000 of issuance costs. ORDINANCE NO. 147, 1999 . OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING PROCEEDS FROM THE EXECUTION AND DELIVERY OF CITY OF FORT COLLINS LEASE CERTIFICATES OF PARTICIPATION FOR THE GOLF ENTERPRISE FUND FOR GOLF COURSE IMPROVEMENTS WHEREAS, upon passage on first and second reading of Ordinance No. 136, 1999, the Council approved the delivery and execution of 53,360,000 of lease certificates of participation;and WHEREAS, the execution and delivery of the lease certificates of participation and their appropriation are necessary to complete the construction of$2.3 million in improvements,including associated costs of issuing the certificates, which improvements will be made at the golf courses owned and operated by the City of Fort Collins; and WHEREAS,Article V,Section 9 of the Charter of the City of Fort Collins permits the City Council to make supplemental appropriations by ordinance at any time during the fiscal year provided that the total amount of such supplemental appropriations,in combination with all previous appropriations for that fiscal year, does not exceed the current estimate of actual and anticipated revenues to be received during the fiscal year. NOW, THEREFORE,BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS that there is hereby appropriated in the Golf Fund of the City of Fort Collins the amount of TWO MILLION TWO HUNDRED FIFTY FIVE THOUSAND DOLLARS ($2,255.000)for the purpose of paying the costs of the project and the associated costs of issuing the certificates of participation. Introduced and considered favorably on first reading and ordered published this 5th day of October, A.D. 1999, and to be presented for final passage on the 19th day of October. A.D. 1999. Mayor ATTEST: City Clerk Passed and adopted on final reading this 19th day of October, A.D. 1999. Mayor ATTEST: City Clerk . ORDINAL\ICE NO. 148, 1999 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING PROCEEDS FROM THE EXECUTION AND DELIVERY OF CITY OF FORT COLLINS LEASE CERTIFICATES OF PARTICIPATION IN THE CAPITAL PROJECTS FUND FOR THE DOWNTOWN INTERSECTION RENOVATION PROJECT WHEREAS, upon passage on first and second reading of Ordinance No. 136, 1999, the Council approved the delivery and execution of$3,360,000 of lease certificates of participation;and WHEREAS, the execution and delivery of the lease certificates of participation and their appropriation are necessary to complete the construction of $1.105 million in improvements, including associated costs of issuing the certificates,which improvements will consist ofintersection renovation improvements in the downtown area of Fort Collins; and WHEREAS,Article V, Section 9 of the Charter of the City of Fort Collins permits the City Council to make supplemental appropriations by ordinance at any time during the fiscal year provided that the total amount of such supplemental appropriations,in combination with all previous appropriations for that fiscal year, does not exceed the current estimate of actual and anticipated revenues to be received during the fiscal year. . NOW, THEREFORE. BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS that there is hereby appropriated in the Downtown Intersection Renovation Project of the Capital Project Fund of the City of Fort Collins the amount of ONE MILLION ONE HUNDRED FIVE THOUSAND DOLLARS ($1.105,000)for the purpose of paying the costs of the project and the associated costs of issuing the certificates of participation. Introduced and considered favorably on first reading and ordered published this 5th day of October, A.D. 1999, and to be presented for final passage on the 19th day of October. A.D. 1999. Mayor ATTEST: City Clerk Passed and adopted on final reading this 19th day of October, A.D. 1999. Mayor ATTEST: City Clerk