HomeMy WebLinkAbout175 - 11/04/1997 - APPROPRIATING REVENUE IN THE DOWNTOWN DEVELOPMENT AUTHORITY DEBT SERVICE FUND FOR PAYMENT OF DEBT SE ORDINANCE NO. 175, 1997
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 1998
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 and 1988; 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 "1988 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 1988 Bonds is due and payable annually; and
WHEREAS, the Authority 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 of the State of Colorado, Section 31-25-801 et seq, as amended(the"Act"), and the
powers of the Authority include power to borrow money to finance public improvements within the
boundaries of the Authority; and
WHEREAS, the Board is considering a plan to provide for the construction of street and
sidewalk capital improvements near the corner of Mountain Avenue and Mathews Street (the
"Project"); and
WHEREAS, the City is empowered by its Charter and the provisions of the Act to borrow
proceeds from financial institutions and repay such indebtedness from tax increment proceeds
collected by the County on behalf of the Authority; and
WHEREAS, staff plans on bringing to City Council a recommendation that the City borrow
$200,000, on a short term basis, in order to permit the use of DDA funds to finance the construction
of the Project through the repayment of the aforementioned short term loan; and
WHEREAS, staff is recommending that $200,000 be appropriated in the 1998 Downtown
Development Authority Debt Service Fund to be used for debt service,contingent upon the approval
by the Council of the borrowing arrangment in connection with the improvements to the corner of
Mountain Avenue and Mathews Street.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of ONE MILLION FOUR HUNDRED SIXTY-
FOUR THOUSAND FIVE HUNDRED EIGHTY-FIVE DOLLARS ($1,464,585) for payment of
debt service in 1998 on the bonds authorized by Council in Ordinance No. 36, 1992.
Section 2. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of TWO HUNDRED THOUSAND DOLLARS
($200,000) for payment of debt service in 1998, contingent upon the approval by the Council of a
short-term borrowing arrangement in cooperation with the City, for the purpose of funding right-of-
way improvements at the corner of Mountain Avenue and Mathews Street.
Introduced and considered favorably on first reading and or ed published thi t day of
October,A.D. 1997, and to be presented for final passage on e 4th,,day of Nov er, . 1997.
ATTEST:
lu�k -
City Clerk
Passed and adopted on final reading this 4th day of November, A.D. 1997.
r'
Mayor
ATTEST:
City Clerk