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Home My WebLink About098 - 09/07/2021 - APPROPRIATING PRIOR YEAR RESERVES FOR USE AS CONTINGENCY CAPITAL FUNDING FOR THE BROADBAND SYSTEM CO ORDINANCE NO. 098, 2021 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING PRIOR YEAR RESERVES FOR USE AS CONTINGENCY CAPITAL FUNDING FOR THE BROADBAND SYSTEM CONSTRUCTION WHEREAS, upon passage of Ordinance No. 003 (2018), of the Board of the City of Fort Collins, Colorado, Electric Utility Enterprise (the "Enterprise Ordinance"), the Electric Utility Enterprise(the"Enterprise") issued its"City of Fort Collins,Colorado, Electric Utility Enterprise, Tax-Exempt Revenue Bonds, Series 2018A" (the "2018A Bonds") and its "City of Fort Collins, Colorado,Electric Utility Enterprise,Taxable Revenue Bonds,Series 201813"(the"2018B Bonds" and, together with the 2018A Bonds, the"Bonds"); and WHEREAS, per the Enterprise Ordinance, the Bonds were issued and sold to fund construction of a municipal broadband system by the City's Electric Utility (the"Electric Utility") to provide telecommunication facilities and services, including the transmission of voice, data, graphics and video, to customers within the City, which facilities and services the Electric Utility had not previously provided but is authorized to provide pursuant to City Charter Article XII, Section 7 and City Code Section 26-570 et seq. (the"Broadband System"); and WHEREAS, pursuant to Ordinance No. 056, 2018, City Council appropriated $115,356,991 of the net proceeds ($142,815,541) from the sale of the Bonds to fund construction of the Broadband System, including capital, operating and debt service expenditures, leaving an unappropriated amount of $27,458,550 for future Broadband System operation and expansion costs; and WHEREAS, in 2018,the City engaged Atlantic Engineering Group(AEG)under a design- build contract to construct the Broadband System, and the parties have since executed four amendments to that contract in 2019, 2020, and 2021 to address changes in quantities and underground conditions, without requiring additional appropriation of Bond proceeds; and WlIEREAS, in 2019, 2020, and 2021 annual budgets, as customers subscribed to City broadband services, City Council appropriated unanticipated and excess broadband operating revenues to complement the appropriation in Ordinance No. 056, 2018 and fund ongoing construction of the Broadband System; and WHEREAS, in anticipation of completing construction of the Broadband System in 2022, Broadband staff has identified the need for additional appropriation from the Bond proceeds in the amount of EIGHT MILLION TWO HUNDRED THOUSAND DOLLARS ($8,200,000) as contingency capital funding, which purpose qualifies for use of unappropriated Bond proceeds under Ordinance No. 056, 2018; and WIIEREAS, this appropriation benefits the public health, safety and welfare of the residents of Fort Collins and serves the utility purpose of enabling timely and cost-effective completion of the Broadband System construction; and -1- WHEREAS, Article V, Section 9 of the City Charter permits the City Council, upon recommendation of the City Manager, to appropriate by ordinance at any time during the fiscal year such funds for expenditure as may be available from reserves accumulated in prior years, notwithstanding that such reserves were not previously appropriated; and WHEREAS, the City Manager has recommended the appropriation described herein and determined that this appropriation is available and previously unappropriated from the Broadband Fund and will not cause the total amount appropriated in the Broadband Fund to exceed the current estimate of actual and anticipated revenues and all other funds to be received in that Fund during any fiscal year; and NOW,THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS as follows: Section 1. That the City Council hereby makes and adopts the determinations and findings contained in the recitals set forth above. Section 2. That there is hereby appropriated for expenditure from prior year reserves in the Broadband Fund the sum of EIGHT MILLION TWO HUNDRED THOUSAND DOLLARS ($8,200,000) to allow for the use of contingency capital funding of the Broadband System construction. Introduced, considered favorably on first reading, and ordered published this 4th day of August, A.D. 2021, and to be presented for final passage on the 7th day of Se ember, A.D. 2021. or ATTEST: FoRT coy SEAL Interim City Clerk ''••.,,•,,.•�oo COL0 Passed and adopted on final reading on the 7th day of mber, A. 021. Y ATTEST: h�0, FORT coti Interim City Clerk :y SEAL cOLO,�QCt -2- Account#: FTC-003160 1 F®RT-COLLINS W Invoice Text _� 1 J NOTICE IS HEREBY GIVEN that the Fort Collins City Coum 001—W__ STATE OF COLORADO ) )ss:AFFIDAVIT OF PUBLICATION COUNTY OF LARIMER) CITY OF FC-CLERK-LEGALS 300 LAPORTE AVE FORT COLLINS CO 80521 I,being duly sworn,deposes and says that said is the legal clerk of the Fort Collins Coloradoan;that the same....is.a_.daity newspaper__of general._circulation and printed and published in„the City pf Fort, . Collins, in said county and state; that the notice or advertisement, of which the annexed is a true copy, has been published in said daily newspaper and that the notice was published in the regular and entire issue of every number of said newspaper during the period and time of publication of said notice, and in the newspaper proper and not in a supplement thereof; that the publication of said notice was contained in the issue of said newspaper on 08/10/21 that said Fort Collins Coloradoan has been published continuously and uninterruptedly during the period of at least six months next prior to the first publication of said notice or advertisement above referred to;that said newspaper has been admitted to the United States mails as second-class matter under the provisions of the Act of March 3, 1879, or any amendments thereof; and that said newspaper is a daily newspaper duly qualified for publishing legal notices and advertisements within the meaning of the laws of the State of Colorado. f f AoTIC IS FIEREBY GIVEN:that the Legal Clerk orf; Coll€ns`.City Council on.Wedne.s /the'Xuduwtng 20oir Oa swan.'d6pte Subscribed and sworn to before me,within the County of Brown,State of Wisconsin this reading ,These ordinances,will"be pre-; I Oth of August 2021. sented for`'=.final `,�pdssage"nn Tuesday,.' September 7,10211 ORDINANCE NO.098,2021 OF7HE COUNCII,OF,THE CITY OF APPROPRIATING'PRIOR YEAR RESERVES FOR USE AS j CONTINGENCY CAPITAL FUNDING FOR THE BROADBAND SYSTEM:` Votary Public CONSTRUCTION ORDINANCE NO 099,2027 OF.THE COUNCIL OF THE CITY OF FORT COLLI NS 7EMPORAR I LY �. SURERSEDING;CITY,CODE AND ll .,:. q SETTING`THE COMPENSATION OF, THE INTERIM CITY MANAGER Notary Expires The`full fexf'of these'ordlnanaes can be`1 found `at ' e7r e2,2d2t6 s6 n5h1t5-t p://1'COv;corn/publicnotices orby collins'the City Clerks Office at VICKY FELTY70(9a Notary Pubic Legal No.0004861266ao State Of WisconsinA Ad#:0004861266 Affidavit Prepared P O: 814 First Reading Tuesday,August 10,2021 3:03 ant This is not an invoice #of Affidavits 1 Account#: FTC-003160 1171 FORT-COLLINS Invoice Text —1 — 001— _ NOTICE IS HEREBY GIVEN that the Fort Collins City Council,on"I STATE OF COLORADO ) ss: AFFIDAVIT OF PUBLICATION COUNTY OF LARIMER } CITY OF FC-CLERK-LEGALS 300 LAPORTE AVE FORT COLLINS CO 80521 I,being duly sworn,deposes and says that said is the legal clerk of the Fort Collins Coloradoan;that the same is a daily newspaper of general circulation and printed and published in the City of Fort Cot(ins,.in„said county,and state;-that the notice or advertisement,of which the annexed is a true - copy,has been published in said daily newspaper and that the notice was published in the regular and entire issue of every number of said newspaper during the period and time of publication of said notice,and in the newspaper proper and not in a supplement thereof;that the publication of said notice was contained in the issues of said newspaper dated on 09/12/21 that said Fort Collins Coloradoan has been published continuously and uninterruptedly during the period of at least six months next prior to the first publication of said notice or advertisement above referred to; that said newspaper has been admitted to the United States mails as second-class matter under the provisions of the Act of March 3, 1879, or any amendments thereof; and that said newspaper is a daily newspaper duly qualified for publishing legal notices and advertisements within the meaning of the laws of the State of Colorado. NOTICE IS::HEREB Gl'';t LegalCEer[c Fort Collins' City Counc' September 2021; pas Subscribed and sworn to before me,within the County of Brown,State of Wisconsin this the following ordinr `Z readtns 20th of September 2 02 1. ORDINANCE`, OF THE COUNCI FORT-COLLINS 0.PPR0 : PRIOR YEAR.<.RESERVES: �c l AS.CONTING.ENCY CAP1la Q FUNDING FOR THE BROA013 ;;SYSTEM COSTRUCT,ION ORD.INANCE NO 099 2021 OF.THE:COUNCIL OF THE CITY OF' Notary Public FORT%COLLINS TEMPORARILY SUPERSEDING CITY CODE AND SETTING:THE COMPENSATION OF :,,THE I,NTERIMGlTYMANAGER ,: ��1�� The full text of these ordinances con'.be found at .http:llfcgovcom/publlcnotices ;i or.by willing theiClty Clerk's OfficeSat; Notary Expires (.9701 221-651.5 `-r; 0004905019 V I C K Y FELT Y Coloradoan; `ft E 3 xt} y�t r a Sebt 12 2021 Notary Q fi t�f y U�7 I C Legal tYo.OD04905019 . . E7St� afi Wisconsin� Ad#:0004905019 nilidavit Prepared P 0:Second Reading Monday,September 20,2021 t l:t4 am This is not an invoice #ofAffdavits: 1