HomeMy WebLinkAbout060 - 06/04/1991 - APPROPRIATING $400,000 FROM THE SPECIAL ASSESSMENTS DEBT SERVICE FUND FOR EXPENDITURE IN 1991 ORDINANCE NO. 60, 1991
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING $400,000 FROM THE SPECIAL ASSESSMENTS
DEBT SERVICE FUND FOR EXPENDITURE IN 1991
WHEREAS, in 1990, the City Council adopted Ordinance No. 34, 1990, which
appropriated $1 .6 million from Undesignated Reserves to provide money to pay the
debt service on special improvement district bonds, pending the redemption of
certificates of purchase held by the City; and
WHEREAS, staff projected that $465,000 would be needed each year to meet
the debt service attributable to properties on which the City holds certificates
of purchase; and
WHEREAS, the City Council requested that each year it review the status
of the Designated Reserve for Special Improvement Districts and approve the
expenditure of funds from that reserve; and
WHEREAS, staff recommends that $400,000 be appropriated for expenditure
in 1991 ; and
WHEREAS, the City Council desires to maintain its policy of making timely
payment of the interest portion of the debt service attributable to properties
on which certificates of purchase are held by the City.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS,
that Four Hundred Thousand Dollars ($400,000) be, and the same hereby is,
appropriated in the Special Assessment Debt Service Fund Reserve for expenditure
in 1991 for the purpose of paying principal and/or interest on bonds issued by
the City to fund improvements constructed through special improvement districts,
with such payments to be made in the best financial interests of the City
according to the discretion of the Financial Officer.
Introduced, considered favorably on first reading, and ordered published
this 21st day of May, A.D 1991, and to be presented for final passage on the 4th
day of June, A.D. 1991 .
Mayor
ATTEST:
City Cl'er�
Passed and adopted on final reading this 4th day ofJune A.D. 1991 .
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M yor
ATTEST:
City Clerk