HomeMy WebLinkAbout109 - 09/02/2003 - APPROPRIATING FUNDS FROM THE DOWNTOWN DEVELOPMENT AUTHORITY OPERATIONS AND MAINTENANCE FUND FOR THE ORDINANCE NO. 109, 2003
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING FUNDS FROM THE DOWNTOWN DEVELOPMENT AUTHORITY
OPERATIONS AND MAINTENANCE FUND FOR THE PURPOSE OF MAKING CERTAIN
CAPITAL IMPROVEMENTS IN THE DOWNTOWN AREA OF FORT COLLINS AND
APPROPRIATING PRIOR YEAR RESERVES DESIGNATED FOR CAPITAL
IMPROVEMENTS
WHEREAS, on April 21, 1981, the City of Fort Collins, Colorado, adopted Ordinance
No. 46, 1981, establishing the Fort Collins, Colorado, Downtown Development Authority; and
WHEREAS, the Downtown Development Authority's Plan of Development was
approved by the City on September 8, 1981 which established the purpose of the Authority and
the types of projects in which the Authority would participate; and
WHEREAS, on June 1, 1982, a special election was held pursuant to Section 31-25-
807(b) of the Colorado Revised Statutes approving the issuance by the City of up to $25,000,000
in tax increment obligations to finance certain projects of the Downtown Development
Authority; and
WHEREAS, the City anticipates authorizing the issuance of Downtown Development
Authority Taxable Subordinate Tax Increment Revenue Bonds, Series 2003 ("Bonds") in the
aggregate principal amount of$1,000,000 later this year; and
WHEREAS, the appropriation of the funds thereof, are necessary to complete the
construction of certain improvements in the downtown area of the City; and
WHEREAS, Article V, Section 9, of the Charter of the City of Fort Collins (the
"Charter") permits the City Council to make supplemental appropriations, in conjunction with all
previous appropriations for that fiscal year, provided that the total amount of such supplemental
appropriations, in combination 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; and
WHEREAS, Article V, Section 9, of the Charter permits the Council to appropriate by
ordinance at any time during the fiscal year such funds for expenditure as may be available from
reserves accumulated in prior years, notwithstanding that such reserves were not previously
appropriated; and
WHEREAS, it is the desire of the Council to appropriate the sum of$850,000 from prior
year reserves designated for certain improvements in the downtown area of the City in the
Downtown Development Authority Operations and Maintenance Fund.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
FORT COLLINS as follows:
Section 1. That, contingent upon the issuance and sale of the Bonds, there is hereby
appropriated for expenditure from bond proceeds in the Downtown Development Authority
Operating Fund the sum of ONE MILLION DOLLARS ($1,000,000), to be used for capital
improvements in the downtown area.
Section 2. That there is hereby appropriated for expenditure funds in the sum of EIGHT
HUNDRED FIFTY THOUSAND DOLLARS ($850,000), from prior year reserves in the
Downtown Development Authority Operations and Maintenance Fund, to be used for capital
improvements in the downtown area.
Introduced and considered favorably on first reading and ordered published this 19th day
of August, A.D. 2003, and to be presented for final passage on the 2nd day of September, A.D.
2003.
Mayor -----
ATTEST:
City Clerk
Passed and adopted on final reading this 2nd day of September, A.D. 2003.
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ATTEST:
City Clerk