HomeMy WebLinkAbout077 - 07/18/2000 - APPROPRIATING PROCEEDS FROM THE ISSUANCE OF WASTEWATER UTILITY ENTERPRISE SEWER REVENUE BONDS IN THE ORDINANCE NO. 77, 2000
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PROCEEDS FROM THE ISSUANCE OF CITY OF FORT COLLINS,
COLORADO, WASTEWATER UTILITY ENTERPRISE, SEWER
REVENUE BONDS, SERIES 2000, DATED JULY 1, 2000, IN THE
AGGREGATE PRINCIPAL AMOUNT OF $5,665,000
IN THE WASTEWATER UTILITY FUND
WHEREAS, upon passage on first and second reading of Ordinance No. 3 of the Board
of the City of Fort Collins, Colorado, Wastewater Utility Enterprise (the "Bond Ordinance"), the
Enterprise intends to issue City of Fort Collins, Colorado, Wastewater Utility Enterprise, Sewer
Revenue Bonds, Series 2000, Dated July 1, 2000, in the Aggregate Principal Amount of
$5,665,000 (the"Bonds"); and
WHEREAS, the issuance of the Bonds, and the appropriation of the proceeds thereof, is
necessary to complete the construction of improvements in the City's sanitary sewer system; and
WHEREAS, Section 19.3(b) of Article V of the City Charter provides that an enterprise
board of the City 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, in anticipation of the issuance of the Bonds, the Council has previously
appropriated for the current fiscal year bond proceeds in the amount of $2,500,000, and has
included in the budget for 2001 bond proceeds in the amount of$2,500,000, to be appropriated
in the 2001 Appropriation Ordinance, for expenditure for construction of the above-described
improvements; and
WHEREAS, Article V, Section 9, of the Charter of the City of Fort Collins permits the
City Council to make supplemental appropriations by ordinance at any time during the fiscal
year, provided that the total amount of such supplemental appropriations, in conjunction with all
previous appropriations for that fiscal year, does not exceed the current estimate of actual and
anticipated revenues to be received during the fiscal year.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
FORT COLLINS that the previously unappropriated proceeds of the Bonds in the total amount
of $665,000 are hereby appropriated in the Wastewater Utility Fund, $500,000 for expenditure
for the cost of the Project, as defined in the Bond Ordinance, and $165,000 for expenditure for
bond issuance costs, contingent upon the final adoption of the Bond Ordinance and the final sale
and issuance of the Bonds by the Enterprise.
Introduced, considered favorably on first reading, and ordered published this 20th day of
June, A.D. 2000, and to be presented for final passage on the 18th day of July, A.D. 2000.
Mayor
ATTEST:
A, "lG.
City Clerk rA,Py--
Passed and adopted on final reading this 18th day of July, A.D. 2000.
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Mayor
ATTEST:
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City Clerk �«h