HomeMy WebLinkAbout082 - 07/19/2016 - APPROPRIATING PROCEEDS FROM THE ISSUANCE OF CITY OF FORT COLLINS WASTEWATER UTILITY ENTERPRISE, SEWEORDINANCE NO. 082, 2016
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PROCEEDS FROM THE ISSUANCE OF CITY OF FORT
COLLINS, COLORADO, WASTEWATER UTILITY ENTERPRISE, SEWER
REVENUE REFUNDING BONDS, SERIES 2016A, IN THE MAXIMUM AGGREGATE
PRINCIPAL AMOUNT OF $21,900,000 IN THE WASTEWATER UTILITY FUND
WHEREAS, upon passage on first and second reading of Ordinance No. 006 of the Board
of the City of Fort Collins, Colorado, Wastewater Utility Enterprise (the "Board Ordinance"), the
Enterprise intends to issue City of Fort Collins, Colorado, Wastewater Utility Enterprise, Sewer
Revenue Refunding Bonds, Series 2016A, to be issued during 2016, in the Maximum Aggregate
Principal Amount of$21,900,000 (the "Bonds"); and
WHEREAS, the issuance of the Bonds, and the appropriation of the proceeds thereof, is
necessary to complete the refunding of the City's Sewer Revenue Refunding Bonds, Series
2016A; and
WHEREAS, proceeds from the Bonds of $21,900,000 were not included in the 2016
budget, and the appropriation of these proceeds is necessary for the payment to the refunded
bond escrow agent and of bond issuance costs; and
WHEREAS, Section 19.3(b) of Article V of the City Charter provides that an enterprise
board of the City shall not exercise powers reserved to the Council by the City Charter or
otherwise (other than the power to issue revenue bonds and other obligations); and
WHEREAS, Article V, Section 9, of the City Charter authorizes the City Council to
make supplemental appropriations by ordinance at any time during the fiscal year, provided that
the total amount of such supplemental appropriations, in combination with all previous
appropriations for that fiscal year, does not exceed the current estimate of actual and anticipated
revenues to be received during the fiscal year; and
WHEREAS, City staff has determined that the appropriation of the previously
unappropriated proceeds of the Bonds in the amount of $21,900,000 will not cause the total
amount appropriated in the relevant funds to exceed the current estimate of actual and anticipated
revenues to be received during the fiscal year; and
WHEREAS, the City Council hereby determines that the adoption of this Ordinance is
necessary for the public's health, safety and welfare and finds that it is in the best interests of the
City and its Wastewater Utility.
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.
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Section 2. That the previously unappropriated proceeds of the Bonds in the amount
of TWENTY ONE MILLION NINE HUNDRED THOUSAND DOLLARS ($21,900,000) are
hereby appropriated in the Wastewater Fund for payment to the refunded bond escrow agent and
bond issuance costs contingent upon the final adoption of the Bond Ordinance and the final sale
and issuance of the Bonds by the Enterprise.
Introduced, considered favorably on first reading, and ordered published this 5th day of
July, A.D. 2016, and to be presented for final passage on the 19th day of July, A.D. 2016.
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ATTEST: V.[' 1
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City Clerk
Passed and adopted on final reading on the 19th day of July, A.D. 2016.
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MayorSEAL
ATTEST:
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City Clerk
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