HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 06/19/2001 - SECOND READING OF ORDINANCE NO. 96, 2001, APPROPR AGENDA ITEM SUMMARY ITEM NUMBER: 8
DATE: June 19, 2001
FORT COLLINS CITY COUNCIL
FROM: Alan Krcmarik
SUBJECT:
Second Reading of Ordinance No. 96, 2001, Appropriating Unanticipated Revenue and Prior
Year Reserves in the Downtown Development Authority Debt Service Fund.
RECOMMENDATION:
Staff recommends adoption of the Ordinance on Second Reading.
EXECUTIVE SUMMARY:
On April 17, Council adopted Ordinance No. 50, 2001, which refunded a portion of the
Downtown Development Authority ("DDA") Tax Increment Revenue Refunding Bonds, Series
1992, through the issuance of City of Fort Collins Downtown Development Authority Tax
Increment Revenue Refunding Bonds Series 2001, as approved by the Council in Ordinance No.
50, 2001,the amount of$3,640,000. This refunding will save the City and DDA about $200,000
over the next five years. Some of the costs of the refinancing were not known at the time of the
second reading and therefore, staff was unable to have Council appropriate the exact amounts
needed for the refunding costs. This Ordinance, which was unanimously adopted on First
Reading on June 5, 2001, makes the required appropriations to adequately cover the costs of the
refinancing.
AGENDA ITEM SUMMARY ITEM NUMBER: 10
DATE:
lip FORT COLLINS CITY COUNCIL STAFF: June 5, 2001
Alan Krcmarik
SUBJECT:
First Reading of Ordinance No. 96, 2001, Appropriating Unanticipated Revenue and Prior Year
Reserves in the Downtown Development Authority Debt Service Fund. t
RECOMMENDATION:
Staff recommends adoption of the Ordinance on First Reading
FINANCIAL IMPACT:
The annual appropriation ordinance for the, a. town Development Authority for 2001
included $1,303,483 for debt service payments. ding of existing bonds earlier in 2001
yielded additional proceeds of$3,677,678 and accra rest of$12,133. To accomplish the
objectives of the refunding, the C' make ad appropriations for the Series 2001
DDA Refundingl�1s
Bonds. a !x .$1,227,3 reserves, which had not been
appropriated in the annual.ppropriation o for 200 ,-ad to this amount, the
DDA Debt service fund needs an additional as 'ation of$3gF76,777 to cover payments to
the escrow that will pay oW the 1992 Series BondrsgW,,
EXECUTIVE SUMM Y:
z tr4
On April 17, Council adopf6d10i'dinance No.' 50, 2001, which refunded a portion of the
Downtown Development Authority'-,(',MDN")'Tax Increment Revenue Refunding Bonds, Series
1992, through the issuance of City of Fort Collins Downtown Development Authority Tax
Increment Revenue Refunding Bonds Series 2001, as approved by the Council in Ordinance No.
50, 2001, the amount of$3,640,600. This refunding will save the City and DDA about $200,000
over the next five years. Some of the costs of the refinancing were not known at the time of the
second reading and therefore, staff was unable to have Council appropriate the exact amounts
needed for the refunding costs. Ordinance No. 96, 2001, makes the required appropriations to
adequately cover the costs of the refinancing. The appropriations include the use of prior year
reserves ($1,227,306) and bond proceeds netted against existing appropriations in the fund
($3,476,777).