HomeMy WebLinkAbout207 - 11/17/1998 - APPROPRIATING REVENUE IN THE DOWNTOWN DEVELOPMENT AUTHORITY DEBT SERVICE FUND FOR PAYMENT OF DEBT SE ORDINANCE NO. 207, 1998
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING REVENUE IN THE
DOWNTOWN DEVELOPMENT AUTHORITY DEBT SERVICE FUND
FOR PAYMENT OF DEBT SERVICE FOR THE YEAR 1999
WHEREAS,the Council of the City of Fort Collins,in Ordinance No. 149, 1984,authorized
the issuance of Tax Increment Refunded Bonds,Series 1984,dated October 1, 1984,in the aggregate
principal amount of EIGHT MILLION TWO HUNDRED THOUSAND DOLLARS($8,200,000);
which bonds were subsequently refunded in 1985, 1988, and 1992; and
WHEREAS,through the adoption of Ordinance No.36, 1992,the City Council most recently
authorized the issuance of new Tax Increment Revenue and Refunding Bonds(the"1992 Bonds"),
in order to invoke an early call provision on the City's 1988 Downtown Development Authority Tax
Increment Revenue Refunding and Improvement Bonds, in the aggregate principal amount of
ELEVEN MILLION THREE HUNDRED EIGHTY THOUSAND DOLLARS ($11,380,000); and
WHEREAS, interest on the 1992 Bonds is due and payable annually; and
WHEREAS,the Downtown Development Authority(the "DDA") is a body corporate duly
created, established and authorized to transact business and exercise its powers, all under and
pursuant to the Downtown Development Authorities Act ofthe State of Colorado,Section 31-25-801
et. seq (the "Act"), and the powers of the authority include the power to borrow money and to
finance public improvements within the boundaries of the DDA; and
WHEREAS,Ordinance No.36, 1992,also allows Council to appropriate tax increment funds
for purposes of debt service payments for obligations other than those of the 1992 Bonds; and
WHEREAS, on September 3, 1998, the Board of the DDA adopted a 1999 Budget that
provided for the payment of debt service on the 1992 Bonds; and
WHEREAS, in addition, the Board of the DDA is considering continuation of its program
of facade acquisitions and sidewalk improvements through the appropriation and transfer of
$100,000 from the Downtown Development Authority Debt Service Fund to the Downtown
Development Authority Operations and Maintenance Fuld; and
WHEREAS, on August 18, 1998, the Council adopted Resolution 98-119 authorizing an
intergovernmental agreement pursuant to which the DDA agreed to the use of$300,000 per year
from DDA tax increment revenues for City lease payments in connection with the certificates of
participation issued to finance the Civic Center Parking Structure; and
WHEREAS, the City's Financial Officer has further advised the Council that an additional
THREE HUNDRED THOUSAND DOLLARS($300,000)should also be appropriated in the 1999
Downtown Development Authority Debt Service Fund, representing the DDA's share of the lease
payments for the Civic Center Parking Structure; and
Council.WHEREAS, pursuant to Section 31-25-816, the DDA budget is subject to approval by the
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1. That the debt service budget for the DDA be resubmitted to the Board of
Directors of the DDA for its approval based upon the additional appropriations approved for the
Downtown Development Authority, pursuant to the provisions of the Ordinance for the fiscal year
beginning January 1, 1999, and ending December 31, 1999.
Section 2. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of ONE MILLION TWO HUNDRED THIRTY-
NINE THOUSAND FORTY-EIGHT DOLLARS($1,239,048)for payment of debt service in 1999
on the 1992 Bonds authorized by Council in Ordinance No. 36, 1992.
Section 3. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of ONE HUNDRED THOUSAND DOLLARS
($100,000) and authorized for transfer to the Downtown Development Authority Operations and
Maintenance Fund to be used for purposes of debt service payments incurred for facade acquisitions
and sidewalk improvements.
Section 4. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of THREE HUNDRED THOUSAND
DOLLARS ($300,000) and authorized for transfer to the City of Fort Collins General Fund to be
used to cover the Downtown Development Authority's one-third share of the debt service payment
on the Civic Center Parking Structure.
Introduced and considered favorably on first reading and order published this 3r of
1998.
November, A.D. 1998, and to be presented for final passage o e lath day of N ber, D.
Mayor
r
ATTEST:
o
City Clerk
Passed and adopted on final reading this 17th day ofNove -A.D. 1998.
a or
ATTEST:
City Clerk