HomeMy WebLinkAbout2018CV149 - SUTHERLAND V. CITY OF FORT COLLINS, STEVE MILLER & IRENE JOSEY - 030P - EXHIBIT 12(a)
(b)
(c)
Sec. 26-392. - Utility considered a city-owned enterprise.
The utility shall constitute an enterprise of the City which may, by ordinance of the
City Council, acting ex officio as the board of such enterprise, 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. The ordinance issuing any such revenue
bonds or other obligations shall be adopted in the same manner and shall be
subject to referendum to the same extent as ordinances of the City Council.
Any pledge of net revenues derived from the operation of the enterprise shall be
subject to limitations on future pledges thereof contained in any ordinance of the
City Council authorizing the issuance of outstanding bonds or other obligations of
the City payable from the same source or sources. All bonds or other obligations
issued by ordinance of the City Council payable from the net revenues derived
from the operation of the enterprise and all revenue bonds or other obligations
issued by ordinance of the board of the enterprise payable solely from the net
revenues derived from the operation of the enterprise shall be treated as having
the same obligor and as being payable in whole or in part from the same source or
sources.
The enterprise shall also be authorized to have and exercise the following powers
in furtherance of its purposes: to hold meetings concurrently with regular or
special meetings of the City Council; to have and use a seal; to issue its revenue
bonds for purposes related to the electrical utility system in the manner in which
City revenue bonds may be issued; to pledge any revenues of the City's electrical
utility system to the payment of such revenue bonds and to pay such revenue
bonds therefrom; to enter into contracts relating to the electrical utility system in
the manner in which City contracts may be entered into; to make representations,
warranties and covenants relating to the electrical utility system on behalf of the
City; to exercise rights and privileges of the City relating to the electrical utility
system; and to bind the City to perform any obligation relating to the electrical
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DATE FILED: July 18, 2018 8:12 PM
FILING ID: BF0E70FBC34B1
CASE NUMBER: 2018CV149
(d)
(e)
utility system other than any multiple-fiscal year direct or indirect debt or other
financial obligation of the City without adequate present cash reserves pledged
irrevocably and held for payments in all future years.
All revenues and expenditures of the City or the enterprise relating to the electrical
utility system shall be considered revenues and expenditures of the enterprise.
The enterprise shall annually operate and maintain the City street lighting system
as an additional payment in lieu of franchise fees otherwise paid by the enterprise
pursuant to Article V, Section 23 of the City Charter.
(Ord. No. 60, 1993, § 3, 7-20-93; Ord. No. 038, 2010, § 1, 4-20-10; Ord. No. 146, 2014, § 5, 12-16-
14 )
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