HomeMy WebLinkAbout174 - 11/18/1986 - APPROPRIATING UNANTICIPATED REVENUE IN THE DOWNTOWN DEVELOPMENT AUTHORITY FUND FOR PAYMENT OF DEBT S ORDINANCE NO. 174 , 1986
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING UNANTICIPATED REVENUE IN THE
DOWNTOWN DEVELOPMENT AUTHORITY FUND FOR
PAYMENT OF DEBT SERVICE FOR THE YEAR 1986
WHEREAS, pursuant to Ordinance No. 15, 1983, the Council of the City
of Fort Collins established a special fund consisting of separate accounts
for: (1) Operation and Maintenance expenses of the Fort Collins Downtown
Development Authority; (2) tax increment funds received by the Fort Collins
Downtown Development Authority; and (3) project funds consisting of
proceeds of bonds, loans and other forms of indebtedness; and
WHEREAS, the Council of the City of Fort Collins, in Ordinance No.
142, 1985, authorized the issuance of Tax Increment Refunded Bonds, Series
1985A, dated December 1, 1985, in the aggregate principal amount of EIGHT
MILLION EIGHT HUNDRED EIGHTY-FIVE THOUSAND DOLLARS ($8,885,000) ; and
WHEREAS, Section 3 of Ordinance No. 142, 1985 provides that tax
increment monies will be pledged to the payment of interest on the bonds;
and
WHEREAS, interest on the bonds is due and payable.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby authorized for expenditure in 1986 from the
tax increment fund the sum of SEVEN HUNDRED THIRTY-ONE THOUSAND SIXTY THREE
DOLLARS ($731,063) for payment of debt service in 1986 on the bonds
authorized by Council in Ordinance No. 142, 1985.
Introduced, considered favorably on first reading, and ordered
published this 4th day of November, A.D. 1986, and to be presented for
final passage on the 18th day of November, A.D. 1
Mayor
AT�T�ESTn
City Clerk
1986. Passed and adopted on final reading this 18th day of November, A.D.
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ATTEST: Mayor
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