HomeMy WebLinkAbout163 - 10/20/1987 - APPROPRIATING UNANTICIPATED REVENUE IN THE DOWNTOWN DEVELOPMENT AUTHORITY FUND FOR PAYMENT OF DEBT S ORDINANCE NO. 163, 1987
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 1988
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 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 DOLLARS (b8,885,000) ; 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 from the tax
increment fund the sum of SEVEN HUNDRED SIXTY-NINE THOUSAND FIVE HUNDRED
THIRTY-FIVE DOLLARS ($769,535) for payment of debt service in 1988 on the
bonds authorized by Council in Ordinance No. 142, 1985.
Introduced, considered favorably on first reading, and ordered
published this 6th day of October, A.D. 1987, and to be presented for final
passage on the 20th day of October, A.D. 1987.
f}ss,sfu f Mayer '—�-
ATTEST-
City Clerk
1987.Passed and adopted on final reading this 20th day of October, A.D.
l/M
ATTEST::
Dina.
City Clerk