HomeMy WebLinkAbout116 - 08/03/1999 - AUTHORIZING TRANSFER OF APPROPRIATIONS TO THE DEBT SERVICE-CERTIFICATES OF PARTICIPATION FUND TO MAK ORDINANCE NO. 116, 1999,
AUTHORIZING THE TRANSFER OF APPROPRIATIONS
FROM THE GENERAL FUND TO THE
DEBT SERVICE - CERTIFICATES OF PARTICIPATION FUND
FOR THE PURPOSE OF MAKING THE PAYMENTS ON THE 1998 LEASE PURCHASE
CERTIFICATES OF PARTICIPATION (CIVIC CENTER FACILITIES PROJECT)
WHEREAS, Ordinance No. 128, 1998 of the Council of the City of Fort Collins, adopted
on August 4, 1998, authorized the execution and delivery of $17,210,000 of lease purchase
certificates for the Civic Center Facilities Projects; and
WHEREAS,the Civic Center Facilities Project includes the Civic Center Parking Structure
and the Office Building to be built on the southeast corner of Block 32; and
WHEREAS,the City will be the owner of the Civic Center Parking Structure and the Office
Building; and
WHEREAS,the Downtown Development Authority will participate in the financing of the
Civic Center Parking Structure; and
WHEREAS, for 1999, the General Fund's share of the payment for the Lease Purchase
Certificates of Participation is $918,895,of which$660,015 is for the office building and$258,880
is for the parking structure; and
WHEREAS, the Downtown Development Authority's share of the 1999 payments for the
parking structure is $258,880; and
WHEREAS, the 1999 annual appropriation ordinance of the Council of the City of Fort
Collins provided for the payment of the annual payments on the lease purchase certificates; and
WHEREAS, Article V, Section 10, of the Charter of the City of Fort Collins authorizes the
City Council to transfer by ordinance any unexpended and unencumbered amount or portion thereof
from one fund or capital project to another fund or capital project, provided that the purpose for
which the transferred funds are to be expended remains unchanged; and
WHEREAS, pursuant to Section 8-59 of the Code, the City's Financial Officer, in
consultation with the City's external auditor,has determined that it would be appropriate to establish
a special fund to account for the repayment of the Certificates of Participation.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1. That the unexpended appropriated amount ofNINE HUNDRED EIGHTEEN
THOUSAND EIGHT HUNDRED NINETY-FIVE DOLLARS ($918,895)is hereby authorized for
transfer from the General Fund to the Debt Service - Certificates of Participation Fund for the
purpose of making the 1999 payments on the lease purchase certificates of participation for the Civic
Center Parking Structure ($258,880) and the Office Building ($660,015).
Section 2. That the unexpended appropriated amount of TWO HUNDRED FIFTY-
EIGHT THOUSAND EIGHT HUNDRED EIGHT DOLLARS ($258,880)is hereby authorized for
transfer from the General Fund to the Debt Service - Certificates of Participation Fund for the
purpose of making the 1999 payment,representing the Downtown Development Authority's share
of the lease purchase certificates of participation for the Civic Center Parking Structure.
Introduced and considered favorably on first reading and ordered published this 20th day of
July, A.D. 1999, and to be presented for final passage on the 3rd day of August, A.D. 1999.
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Mayor
ATTEST:
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City Clerk - �l,�f ��«h�
Passed and adopted on final reading this 3rd day of August, A.D. 1999,
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Mayor
ATTEST:
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City Clerk — C'�I�e k /i A