HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 05/01/2001 - SECOND READING OF ORDINANCE NO. 54, 2001, APPROPRI AGENDA ITEM SUMMARY ITEM NUMBER: 8
DATE: May 1,2001
FORT COLLINS CITY COUNCIL STAFF:
Dave Agee
SUBJECT:
Second Reading of Ordinance No. 54, 2001, Appropriating Proceeds from the Issuance of City
of Fort Collins, Colorado, Stormwater Utility Enterprise, Storm Drainage Revenue Bond, Series
2001, Dated May 1, 2001, in the Aggregate Principal Amount of$9,845,000.
RECOMMENDATION:
Staff recommends adoption of the Ordinance on Second Reading.
EXECUTIVE SUMMARY:
On April 17, 2001, the Board of the Stormwater Utility Enterprise authorized the issuance of
City of Fort Collins, Colorado, Stormwater Utility Enterprise, Storm Drainage Revenue Bond,
Series 2001, Dated May 1, 2001, in the Aggregate Principal Amount $9,845,000. Authorizing
the issuance of the bond and appropriating the proceeds are both necessary to complete the bond
transaction.
Proceeds of $3,200,000 from the issuance of the Bond were appropriated in the Storm Drainage
Fund by the City Council as part of the 2001 annual appropriation ordinance. This Ordinance,
which was unanimously adopted on First Reading on April 17, 2001, appropriates the remainder
of the proceeds. This Ordinance is being amended on Second Reading to reflect the actual
principal amount and the premium on the bond.
AGENDA ITEM SUMMARY ITEM NUMBER: 17
DATE:
FORT COLLINS CITY COUNCIL April 17, 2001
STAFF:
Dave Aizee
SUBJECT:
First Reading of Ordinance No. 54, 2001, Appropriating Proceeds from the Issuance of City of
Fort Collins, Colorado, Stormwater Utility Enterprise, Storm Drainage Reven'W Bond, Series
2001, Dated May 1, 2001, in the Aggregate Principal Amount of Not More Th 10,400,000.
RECOMMENDATION:
Staff recommends adoption of the Ordinance on First Reading.
-.4011111106.
FINANCIAL IMPACT: or
The Ordinance would appropriate bond proceeds to rainage Fund for the acquisition
and construction of various improvements in three ity's storm drainage basins and the
cost of issuing the bond.
EXECUTIVE SUMMA
Later to ' d o stewater Utili nterprise will be considering the Second
Readi an Ordinance au issuan City of Fort Collins, Colorado, Stormwater
Utili nterprise, Storm Draina ond, Series 2001, Dated May 1, 2001, in the
Ag ate Principal Amount of not more than $10,400,000. Authorizing the issuance of the
bon d appropriating the proce ds are both necessary to complete the bond transaction.
Proc f$3,200,000 from th ssuance of the Bond were appropriated in the Storm Drainage
Fund City Council as of the 2001 annual appropriation ordinance. This Ordinance
approp emainder a proceeds.
It is anticipate a Bonds will be sold on April 17. This Ordinance will be amended prior
to Second Reading to reflect the actual principal amount.
ORDINANCE NO. 54,2001
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 BOND, SERIES 2001, DATED MAY 1, 2001, IN THE
AGGREGATE PRINCIPAL AMOUNT OF ,
WHEREAS, upon passage on first and second reading of Ordinance No. 5 of the Board
of the Cit of Fort Collins, Colorado, Stormwater Utility Enterprise, the Enterprise intends to
City of Fort Collins, Colorado, Stormwater Utility Enterprise, Storm Drainage
Revenue Bond, Series 2001 Dated May 1, 2001, in the Aggregate Principal Amount of not more
tharr$1498,669 ; and
WHEREAS, the issuance of the bond, and the appropriation of the proceeds thereof, is
necessary to complete construction of improvements in the City's storm drainage basins; and
WHEREAS, Section 19.3(b) of Article V of the City Charter provides that an enterprise
board of the City shall not exercise powers reserved to the Council by the City Charter or
otherwise (other than the power to issue revenue bonds and other obligations); and
WHEREAS, in anticipation of the issuance of the Bond, the Council has previously
appropriated for the current fiscal year bond proceeds in the amount of $3,200,000 for
expenditure for construction of the above-mentioned improvements, and has included in the
budget for 2001 bond proceeds in the amount of$10,000,000; and
WHEREAS proceeds from the bond nits ;thy»w,._ , pne` of
$2+0-,0% were not included in the 2001 budget, the appropriation of which is
necessary to authorize the payment of bond issuance costs; 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 previously unappropriated proceeds of the Bond in the amount of
$7,200,000 are hereby appropriated in the Storm Drainage Fund as follows:
■ Old Town Basin Project $5,700,000
■ Canal Importation Basin Project $1,100,000
■ Cost of Issuance and Pricing Prenrinmsor $ I9O,
Discounts
Introduced, considered favorably on first reading, and ordered published this 17th day of
April, A.D. 2001, and to be presented for final passage on the 1st day of May, A.D. 2001.
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 1st day of May, A.D. 2001.
Mayor
ATTEST:
City Clerk