HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 01/15/2002 - FIRST READING OF ORDINANCE NO. 010, 2002, APPROPRI AGENDA ITEM SUMMARY ITEM NUMBER: 26
FORT COLLINS CITY COUNCIL DATE: January 15, 2002
STAFF: Dave Agee
SUBJECT:
First Reading of Ordinance No. 010 , 2002, Appropriating Proceeds from the Issuance of City of
Fort Collins,Colorado,Stormwater Utility Enterprise,Storm Drainage Revenue Bonds,Series 2002,
Dated February 1, 2002, in the Aggregate Principal Amount of$12,300,000.
RECOMMENDATION:
Staff recommends adoption of the Ordinance on First Reading.
FINANCIAL IMPACT:
The City's Stormwater Financing Plan adopted by Council on August 21, 2001, directed staff to
borrow$15 million in 2002 to "jump-start" the twenty-five year improvement program approved
in the Plan before proceeding with a pay-as-you-go approach to finishing the City's storm drainage
improvements. Contingent upon the issuance of the proposed Stormwater Utility Enterprise, Storm
Drainage Revenue Bonds,Series 2002,Dated February 1,2002,in the Aggregate Principal Amount
of $12,300,000 (the `Bonds"), the Ordinance would appropriate bond proceeds in the Storm
Drainage Fund for the design, right-of-way acquisition, and construction of various improvements
in the City's Canal Importation and Dry Creek stone drainage basins and the cost of issuing the
Bonds. Issuance of the Bonds is consistent with the Stormwater Financing Plan.
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. 6 of the Board authorizing the issuance of City
of Fort Collins, Colorado, Stormwater Utility Enterprise, Storm Drainage Revenue Bonds, Series
2002, Dated February 1, 2002, in the Aggregate Principal Amount of$12,300,000 (the-Bonds").
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. 010, 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 BONDS, SERIES 2002, DATED FEBRUARY 1, 2002, IN THE
AGGREGATE PRINCIPAL AMOUNT OF $12,300,000
WHEREAS, upon passage on first and second reading of Ordinance No. 6 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 2002, Dated February 1, 2002, in the Aggregate Principal Amount of$12,300,000
(the "Bonds"); and
WHEREAS, the issuance of the Bonds is consistent with the City's Stormwater
Financing Plan, adopted by Council on August 21, 2001; and
WHEREAS, the issuance of the Bonds, and the appropriation of the proceeds thereof, is
necessary to complete construction of $12,000,000 of improvements in the City's Canal
Importation and Dry Creek storm drainage basins; and
WHEREAS, proceeds from the Bonds of$280,000 were not included in the 2002 budget,
the appropriation of which is necessary to authorize the payment 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, do 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 $12,300,000 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
TWELVE MILLION THREE HUNDRED THOUSAND DOLLARS ($12,300,000) are hereby
appropriated in the Storm Drainage Fund as follows: Storm Drainage Fund Operations and
Maintenance (for bond issuance costs) TWO HUNDRED EIGHTY THOUSAND DOLLARS
($280,000); Canal Importation Basin Project TEN MILLION SIX HUNDRED THOUSAND
DOLLARS ($10,600,000); and Dry Creek Basin Project ONE MILLION FOUR HUNDRED
THOUSAND DOLLARS ($1,400,000), 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 15th day of
January, A.D. 2002, and to be presented for final passage on the 5th day of February, A.D. 2002.
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 5th day of February, A.D. 2002.
Mayor
ATTEST:
City Clerk