HomeMy WebLinkAbout108 - 09/02/2003 - APPROPRIATING FUNDS FROM DOWNTOWN DEVELOPMENT AUTHORITY DEBT SERVICE FUND FOR THE PAYMENT OF DOWNTOW ORDINANCE NO. 108, 2003
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING FUNDS FROM CITY OF FORT COLLINS,
COLORADO, DOWNTOWN DEVELOPMENT AUTHORITY DEBT SERVICE
FUND FOR THE PAYMENT OF DOWNTOWN DEVELOPMENT AUTHORITY TAXABLE
SUBORDINATE TAX INCREMENT REVENUE BONDS
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, there is sufficient remaining bonding authorization available to fund
additional projects in the downtown area, and there is sufficient tax increment revenue available
in 2003 to pay the debt service on the anticipated bonds issued; 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, 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.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
FORT COLLINS that, contingent upon the issuance and sale of the Bonds, there is hereby
appropriated for expenditure from the Downtown Development Authority Debt Service Fund the
sum of ONE MILLION DOLLARS ($1,000,000) to be used for the payment of the Bonds.
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: �
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City Clerk
Passed and adopted on final reading this 2nd day of September,A.D. 2003.
Mayor
ATTEST:
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City Clerk