HomeMy WebLinkAbout2018CV149 - SUTHERLAND V. CITY OF FORT COLLINS, STEVE MILLER & IRENE JOSEY - 088T - EXHIBIT TELECTRIC UTILITY ENTERPRISE .BOARD
April 3, 2018
9:00 PM
• CALL MEETING TO ORDER
PRESENT: Overbeck, Troxell, Cunniff, Horak, Martinez, Stephens, Summers
Staff Present: Atteberry, Daggett, Jensen
1. Consideration and Approval of the Minutes Frorri the March 20, 2018 Electric Utility Enterprise
Board Meeting. (Adopted)
The purpose of this item is to approve the minutes from· the March 20, 2018 Electric Utility Enterprise Board
meeting.
Vice Chair Horak made a motion, seconded by Boardmember Overbeck, to approve the minutes
of the March 20, 20 t 8 meeting.
RESULT:
MOVER:
SECONDER:
AYES:
ADOPTED [UNANIMOUS]
Gerry Horak, District 6
Bob Overbeck, District 1
Overbeck, Troxell, Cunniff, Horak, Martinez, Stephens, Summers
2. Items Relating to Electric Utility Enterprise Revenue Bonds, Series 2018. (Adopted on Second
Reading)
A. Second Reading of Ordinance No. 003, Authorizing the Issuance and Sale of Its Tax-Exempt
Revenue Bonds, Series 2018A, and Its Taxable Revenue Bonds, Series 2018B, Providing for the
Sources of Payment of the Bonds and Providing Other Details Concerning the Bonds and the
Enterprise's System. ·
B. Second Reading of Ordinance No. 004, Authorizing the Defeasahce of the Enterprisf!s Taxable
Revenue Bonds (Di(eCt Pay Qualified Energy Conservation Bonds), Series 2010B.
· These Ordinances, unanJrrfously adopted on First Reading on March 20, 2018, relate to the Electric Utility
Enterprise's issuance of revenue bonds for the City's proposed Broadband System. Ordinance No. 003,
authorizes the financing and construction of a Municipal Broadband System to provide telecommunication
facilities and services, including the transmission of voice, data, graphics, and/or video to customers within
Fort Collins. This agenda item is consistent with Strategic Objective 3.9 from the 2016 Strategic Plan:
Encourage the development of reliable; high spe.ed internet services throughout the community.
Ordinance No. 004, authorizes the defeasance of the Electric Utility Enterprise's 2018~ outstand[ng bonds,
for which remaining payments total $5,270,000 principal and $513,328 interest . . through.. .. ~~ . maturity .. ~ . .in.2_-'\ 020.
This defeasance is necessary to eliminate certain restrictive covenants in the 20108 bonds 'that would
· otherwise affect the Enterprise's af;JilifY._to issue the 2018 bonds for the Broadband System.
The aggregate principal amount of the Bonds being issued shall not exceed $150, 000, 000. The net effective
interest rate shall not exceed 5.45% on either the 2018A or 2018B Bonds. The 2018A Bonds shall mature
no later than December 1, 2042, and the 20188 Bonds shall mature no later than December 1, 2032.
Colin Garfield complimented the progress and work on the broadband project.
Erk Sutherland stated these meetings do not meet City Charter requirements. He stated none of
the thousands of residential units recently constructed in the community have been designed to
accommodate or utilize the benefits the AMI project could have delivered to energy consumers or
have been constructed to take advantage of a fiber optic hook up to the building. f
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. City of Fort Collins Page 13 -r-_
DATE FILED: March 8, 2019 6:07 PM
FILING ID: 8864D66F6104C
CASE NUMBER: 2018CV149
April 3, 2018
James K. Lane commended the founders of the Fort Collins Citizens' Broadband Committee and
thanked Council and staff for their work on the effo11.
Vice Chair Horak made a motion, seconded by Boardmember Cunniff, to adopt Ordinance No.
003, on Second Reading. .
RESULT:
MOVER:
SECONDER:
AYES:
ORDINANCE NO. 003 ADOPTED ON SECOND READING [UNANIMOUS]
Gerry Horak, District 6
Ross Cunniff, District 5
Overbeck, Troxell, Cunniff, Horak, Martinez, Stephens, Summers
Vice Chair Horak made a motion, seconded by Boardmember Cunniff, to adopt Ordinance No.
004, on Second Reading.
RESULT:
MOVER:
ORDINANCE NO. 004 ADOPTED ON SECOND READING [UNANIMOUS]
Gerry Horak, District 6
SECONDER: Ross Cunniff, Distriet 5
AYES: Overbeck, Troxell, Cunniff, Horak, Martinez, Stephens, Summers
• OTHER BUSINESS
Boardmember Cunniff requested staff follow-up to a-memo received from th~ Fort Collins
Sustainability Group relative to PRPA. Vice Chair Horak replied PRPA is on the correct path and
is moving at the correct speed.
• ADJOURNMENT
The meeting adjourned at 9: 15 PM.
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