HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 10/19/1999 - ITEMS RELATING TO THE APPROPRIATION OF PROCEEDS FR AGENDA ITEM SUMMARY ITEM NUMBER: 8 A-B
DATE: October 19, 1999
• FORT COLLINS CITY COUNCIL STAFF
• Alan Krcmazik
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 Second Reading.
EXECUTIVE SUMMARY:
A. Second Reading of 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. Second Reading of 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 Downtown Intersection Renovation Project.
Ordinance No. 147, 1999, which was unanimously adopted on First Reading on October 5, 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 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.
Ordinance No. 148, 1999,which appropriates$1.105,000 in the Downtown Intersection Renovation
Project in the City's Capital Project Fund,was unanimously adopted on First Reading on October
5, 1999. The certificate proceeds will be used to finance pavement replacement and streetscape
improvements along College Avenue. Annual revenues from General Improvement District No. 1
will be used to make the payments on this portion of the financial transaction. The appropriation
includes $20,000 of issuance costs. i
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AGENDA ITEM SUMMARY ITEM NUMBER: 9
DATE: October 5, 1999
FORT COLLINS CITY COUNCIL 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 ofthe Ordinanceson Fgst Reading.
FINANCIAL IMPACT:
Through the execution and delivery of lease certificates of participation, the City has received
$3,360,000 to be used for capitatamprovements at th"" ity's go"1f coiitses and for street and sidewalk
improvements in the City's do'"town area. The t�ordinagces in this agenda item specifically
10 allocate and appropriate the proceeds of the lease c
EXECUTIVE SUMMARY:
A. First Reading of Ordinance No. 147, 1999,Appropriating Proceeds from the Execution and
Delivery of City of Fort<Collins Lease Ce tes of Participation for the Golf Enterprise
Fund for Golf Course Improvements :
B. First Reading of Ordinaribe 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 Downtown 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 f
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 r
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.
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