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