HomeMy WebLinkAbout105 - 07/06/1999 - RATIFYING APPROPRIATIONS OF BOND PROCEEDS IN THE STORM DRAINAGE FUND ORDINANCE NO. 105, 1999
OF THE COUNCIL OF THE CITY OF FORT COLLINS
RATIFYING APPROPRIATIONS OF BOND PROCEEDS
IN THE STORM DRAINAGE FUND
WHEREAS, Section 19.3(b)of Article V of the City Charter provides that an enterprise of
the City may issue its own revenue bonds or other obligations on behalf of the City; and
WHEREAS,on August 19, 1997,the board ofthc City of Fort Collins,Colorado,Stormwater
Utility Enterprise (the 'Board") adopted as an emergency measure Ordinance No. 3 of the Board;
and
WHEREAS, Ordinance No. 3 authorized the issuance of City of Fort Collins, Colorado,
Stormwater Utility Enterprise, Storm Drainage Revenue and Refunding and Improvement Bonds,
Series 1997,dated August 1, 1997, in the aggregate principal amount of$9,465,000(the"Bonds");
and
WHEREAS, Ordinance No. 3 by its terms appropriated the proceeds of the Bonds for uses
appropriate to the purposes of the Bonds; and
WHEREAS, the Bonds were issued, and the proceeds of the Bonds managed and used in a
manner consistent with the terms of Ordinance No. 3; and
WHEREAS, Section 19.3(b) of Article V of the City Charter further provides that an
enterprise board shall not exercise powers reserved to the Council by the City Charter or otherwise
(other than the power to issue revenue bonds and other obligations); and
WHEREAS, under Section 9, Article V of the City Charter, the City Council is authorized
to make supplemental appropriations by ordinance at any time during the fiscal year,provided that
the total amount of such supplemental appropriations, in combination with all previous
appropriations for that fiscal year, do not exceed the then current estimate of actual and anticipated
revenues to be received during the fiscal year; and
WHEREAS, for the foregoing reasons,the Council wishes to ratify, by the adoption of this
Ordinance,the appropriation of the proceeds of the Bonds, as previously set forth in Ordinance No.
3, and any and all encumbrances and expenditures made thereafter in reliance on Ordinance No. 3.
NOW, THEREFORE, BE IT ORDAINED BY fHE COUNCIL OF THE CITY OF FORT
COLLINS that the Council hereby ratifies, nunc pro tunc, the appropriation of the proceeds of the
Bonds as previously set forth in Ordinance No. 3, and any and all encumbrances and expenditures
made thereafter in reliance on Ordinance No. 3.
Introduced, considered favorably on first reading, and ordered published this 15th day of
June, A.D. 1999, and to be presented for final passage on the 6th day of July, A.D. 1999.
Mayor
ATTEST:
- �" �4 7� I ".
City Clerk
Passed and adopted on final reading this 6th day of July, A.D. 1999.
Mayor
ATTEST:
16LW
City Clerk