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HomeMy WebLinkAbout176 - 11/18/1986 - APPROPRIATING $10,287 IN THE DOWNTOWN DEVELOPMENT AUHTORITY CAPITAL PROJECTS FUND FOR ESCROW FEES ON ORDINANCE NO. 176 , 1986
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING TEN THOUSAND TWO HUNDRED EIGHTY-SEVEN DOLLARS
($10,287) IN THE DOWNTOWN DEVELOPMENT AUTHORITY CAPITAL
PROJECTS FUND FOR ESCROW FEES ON THE
1984 REFUNDED $8.2 MILLION TAX INCREMENT BOND ISSUE
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, the 1985A Bonds were used to refund the 1984 $8.2 Million
issue causing the 1984 $8.2 Million bond issue to be placed in escrow; and
WHEREAS, there is a one time fee to place said bonds in escrow; and
WHEREAS, escrow fees are due and payable now relating to the $8.2
Millions refunded tax increment bonds.
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
Capital Projects fund the sum of TEN THOUSAND TWO HUNDRED EIGHTY-SEVEN
DOLLARS ($10,287) for payment of escrow fees on the $8.2 Million tax
increment authorized by Council in Ordinance No. 142, 1984.
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. 86.
ATTEST: Mayo
City Clerk
1986. Passed and adopted on final reading this 18th day of November, A.D.
Mayor
ATTEST:
City Clerk