HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 09/03/2002 - FIRST READING OF ORDINANCE NO.123, 2002, APPROPRIA AGENDA ITEM SUMMARY ITEM NUMBER: 15
FORT COLLINS CITY COUNCIL DATE: September 3, 2002
STAFF: Michael B. Smith
SUBJECT:
First Reading of Ordinance No. 123,2002,Appropriating Proceeds from the Issuance of City of Fort
Collins,Colorado,Stormwater Utility Enterprise,Storm Drainage Revenue Refunding Bonds,Series
2002, Dated September 15, 2002, in the Aggregate Principal Amount of$2,800,000.
RECOMMENDATION:
Staff recommends adoption of the Ordinance on First Reading.
FINANCIAL IMPACT:
Contingent upon the issuance of the proposed Stormwater Utility Enterprise, Storm Drainage
Revenue Refunding Bonds, Series 2002, Dated September 15, 2002, in the Aggregate Principal
Amount of$2,800,000(the"Bonds"),the Ordinance would appropriate bond proceeds in the Storm
Drainage Fund for the payment to the refunded bond escrow agent and the cost of issuing the Bonds.
EXECUTIVE SUMMARY:
The Board of the Stormwater Utility Enterprise is scheduled to consider, at its meeting subsequent
to the meeting of the City Council, Ordinance No. 007 of the Stormwater Utility Enterprise Board
authorizing the issuance of City of Fort Collins, Colorado, Stormwater Utility Enterprise, Storm
Drainage Revenue Refunding Bonds, Series 2002, Dated September 15, 2002, in the Aggregate
I' Principal Amount of $2,800,000. Authorizing the issuance of the Bonds and appropriating the
proceeds are both necessary to complete the bond transaction. This Ordinance appropriates the
proceeds of the Bonds, contingent upon the final approval and issuance of the Bonds.
ORDINANCE NO. 123, 2002
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 REFUNDING BONDS, SERIES 2002, DATED SEPTEMBER 15, 2002, IN THE
AGGREGATE PRINCIPAL AMOUNT OF $2,800,000
WHEREAS, upon passage on first and second reading of Ordinance No. 007 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 Refunding Bonds, Series 2002, Dated September 15, 2002, in the Aggregate Principal
Amount of$2,800,000 (the "Bonds"); and
WHEREAS, the issuance of the Bonds, and the appropriation of the proceeds thereof, is
necessary to complete the refunding of the City's Storm Drainage Revenue Refunding Bonds,
Series 1992; and
WHEREAS, proceeds from the Bonds of $2,800,000 were not included in the 2002
budget, the appropriation of which is necessary to authorize the payment to the refunded bond
escrow agent and of bond issuance costs; 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, 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, does not exceed the current estimate of actual and
anticipated revenues to be received during the fiscal year; and
WHEREAS, City staff has determined that the appropriation of the previously
unappropriated proceeds of the Bonds in the amount of $2,800,000 will not cause the total
amount appropriated in the relevant funds to exceed the current estimate of actual and
anticipated revenues to be received during any fiscal year.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the previously unappropriated proceeds of the Bonds in the amount of TWO
MILLION EIGHT HUNDRED THOUSAND DOLLARS ($2,800,000) are hereby appropriated
in the Storm Drainage Fund for payment to the refunded bond escrow agent and bond issuance
costs contingent upon the final adoption of the Bond Ordinance and the final sale and issuance of
the Bonds by the Enterprise.
Introduced, considered favorably on first reading, and ordered published this 3rd day of
September, A.D. 2002, and to be presented for final passage on the 17th day of September, A.D.
2002.
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 17th day of September, A.D. 2002.
Mayor
ATTEST:
City Clerk