HomeMy WebLinkAbout2018CV149 - SUTHERLAND V. CITY OF FORT COLLINS, STEVE MILLER & IRENE JOSEY - 030O - EXHIBIT 11(a)
(b)
Section 19.3. - Revenue securities.
The city, by Council action and without an election, may issue securities made
payable solely from revenues derived from the operation of the project or capital
improvement acquired with the securities' proceeds, or from other projects or
improvements, or from the proceeds of any sales tax, use tax or other excise tax,
or solely from any source or sources or any combination thereof other than ad
valorem taxes of the city.
The Council may, by ordinance, establish any one or more of the city's water,
wastewater, storm drainage or electrical utilities as an enterprise of the city. The
Council may also, by ordinance, authorize any such city-owned enterprise, acting
by and through the Council, sitting as the board of the enterprise, to issue its own
revenue bonds or other obligations (including refunding securities) on behalf of
the city, which revenue bonds or other obligations shall be payable solely from the
net revenues (including special assessments) derived from the operation of the
enterprise. Such revenue bonds or other obligations may be additionally secured
by mortgages on or security interests in any real or personal property of the city
used in the operation of the enterprise. Such revenue bonds or other obligations
shall be issued by ordinance of the board of the enterprise, adopted in the same
manner and subject to referendum to the same extent as ordinances of the
Council.
The Council shall not appoint any persons other than its own members to serve on
the board of the enterprise or delegate to any other person or entity the powers
reserved to the board of the enterprise hereunder. Neither shall the Council
authorize the board of the enterprise to acquire, construct or install or hold title to or
dispose of any city-owned property used in the operation of the enterprise, to
impose or adjust rates, fees, tolls or charges for the use of any such property or for
any service or commodity furnished by the enterprise, to levy special assessments or
to exercise any power reserved to the Council or other city officials by this Charter or
otherwise (other than the power to issue revenue bonds and other obligations).
(Ord. No. 18, 1973, 2-15-73, approved, election 4-3-73; Ord. No. 18, 1993, § 1, 2-16-93, approved,
election 4-6-93)
Fort Collins, CO Municipal Code Page 1 of 1
about:blank 7/12/2018
DATE FILED: July 18, 2018 8:12 PM
FILING ID: BF0E70FBC34B1
CASE NUMBER: 2018CV149