HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 05/18/1999 - FIRST READING OF ORDINANCE NO. 81, 1999, APPROPRIA AGENDA ITEM SUMMARY ITEM NUMBER: 18
DATE: May 18, 1999
FORT COLLINS CITY COUNCIL STAFF
• Dave Agee
SUBJECT:
First Reading of Ordinance No. 81, 1999,Appropriating Proceeds from the Issuance of City of Fort
Collins, Colorado, Stormwater Utility Enterprise, Storm Drainage Revenue Bonds, Series 1999,
Dated June 1, 1999, in the Aggregate Principal Amount of $20,060,000, and Appropriating
Unanticipated Revenues in the Storm Drainage Fund for Bond Debt Service.
RECOMMENDATION:
Staff recommends adoption of the Ordinance on First Reading.
FINANCIAL IMPACT:
The Ordinance would appropriate$20,060,000 ofbond proceeds in the Storm Drainage Fund for the
acquisition and construction of storm drainage improvements and the cost of issuing the bonds as
well as amounts to pay debt service on the bonds in 1999.
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EXECUTIVE SUMMARY:
The Board of the Stormwater Utility Enterprise will be considering an Ordinance later during
tonight's Council Meeting to consider the issuance of City of Fort Collins, Colorado, Stormwater
Utility Enterprise, Storm Drainage Revenue Bonds, Series 1999, Dated June 1, 1999, in the
Aggregate Principal Amount of $20,060,000. Authorizing the issuance of the bonds and
appropriating the proceeds are both necessary to complete the bond transaction.
• ORDINANCE NO. 81, 1999
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PROCEEDS FROM THE ISSUANCE OF CITY OF FORT COLLINS,
COLORADO, STORMWATER UTILITY ENTERPRISE, STORM DRAINAGE
REVENUE BONDS, SERIES 1999, DATED JUNE 1, 1999, IN THE
AGGREGATE PRINCIPAL AMOUNT OF $20,060,000,AND APPROPRIATING
UNANTICIPATED REVENUES IN THE STORM DRAINAGE FUND
FOR BOND DEBT SERVICE
WHEREAS,on October 6, 1998,the Council approved Ordinance No. 168, 1998, adopting
a city-wide approach to stormwater monthly capital fees; and
WHEREAS, staff and the Water Board developed an approach whereby prioritization of
storm drainage improvements and financing of these projects would be handled through a
combination of debt financing and fee revenues; and
WHEREAS,the approach developed by staff and the Water Board provided for a fifteen-year
construction schedule for completing remaining improvements in basins with adopted Master Plans;
and
WHEREAS,upon passage on first and second reading of Ordinance No. 4,of the Board of
• the City of Fort Collins,Colorado,Stormwater Utility Enterprise,the Enterprise intends to issue City
of Fort Collins, Colorado, Stormwater Utility Enterprise, Storm Drainage Revenue Bonds, Series
1999, Dated June 1, 1999, in the Aggregate Principal Amount of$20,060,000; and
WHEREAS, the issuance of the bonds, and the appropriation of the proceeds thereof, are
necessary to complete construction of improvements in the City's stormwater basins; and
WHEREAS, appropriations are needed in 1999 to pay debt service on the bonds; 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 conjunction with all previous
appropriations for that fiscal year, do 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 the sums required to make the payments specified in Section 5 of Ordinance No. 4.
of the Cir} of Fort Collins, Colorado, Stormwater Utility Enterprise, incorporated herein by
reference. are hereby appropriated in the Storm Drainage Fund upon receipt of said sums as bond
proceeds. for said purposes. including, but not limited to, amounts required to pay the Cost of the
Project,bond issuance costs.and the Debt Service Requirements of the Bonds in 1999,all as referred
to in said Ordinance No. 4, contingent upon the final sale and issuance of the bonds by the
Enterprise.
Introduced, considered favorably on first reading, and ordered published this 18th day of
May, A.D. 1999, and to be presented for final passage on the 1 st day of June,A.D. 1999.
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this I st day of June, A.D. 1999.
Mayor
ATTEST:
City Clerk