HomeMy WebLinkAbout173 - 11/16/1999 - APPROPRIATING REVENUE IN THE DDA DEBT SERVICE FUND FOR PAYMENT OF DEBT SERVICE FOR THE YEAR 2000 ORDINANCE NO. 173, 1999
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 2000
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, 1988, and 1992; 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"1992 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 1992 Bonds is due and payable annually; and
WHEREAS,the Downtown Development Authority (the"DDA") 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 ofthe State of Colorado,Section 31-25-801
et. seq (the "Act"), and the powers of the authority include the power to borrow money and to
finance public improvements within the boundaries of the DDA; and
WHEREAS,Ordinance No.36, 1992,also allows Council to appropriate tax increment funds
for purposes of debt service payments for obligations other than those of the 1992 Bonds; and
WHEREAS,on October 7, 1999,the Board ofthe DDA adopted a 2000 Budget that provided
for the payment of debt service on the 1992 Bonds; and
WHEREAS, in addition, the Board of the DDA is continuing its program to assist and
encourage downtown renovation and revitalization by providing funding to pay debt service incurred
for the acquisition and renovation of facades, construction and installation of public improvement,
acquisitions of property interests and any other purpose authorized under CRS 31-25-801 et sec.,and
the funds received for this purpose must be transferred from the Downtown Development Authority
Debt Service Fund to the Downtown Development Authority Operations and Maintenance Fund;and
WHEREAS,the Council of the City of Fort Collins,in Ordinance No. 128, 1998 authorized
the issuance of Tax Increment Revenue Refunding and Lease Certificates of Participation Series
1998,dated August 1, 1998 in the aggregate amount of SEVENTEEN MILLION TWO HUNDRED
TEN THOUSAND DOLLARS ($17,210,000) of which SIX MILLION NINE HUNDRED
TWENTY THOUSAND DOLLARS ($6,920,000) is applicable to the Parking Structure; and
WHEREAS,the Downtown Development Authority will participate in the financing of the
Civic Center Parking Structure; and
WHEREAS, the Downtown Development Authority's share of the 2000 payments for the
Parking Structure is $282,129; and
WHEREAS, pursuant to Section 31-25-816, the DDA budget is subject to approval by the
Council.
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 TWO HUNDRED SIXTY-
EIGHT THOUSAND EIGHT HUNDRED TWENTY DOLLARS($1,268,820)for payment of debt
service in 2000 on the 1992 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 ONE HUNDRED THOUSAND DOLLARS
($100,000) and authorized for transfer to the Downtown Development Authority Operations and
Maintenance Fund to be used for purposes of debt service payments incurred for facade acquisitions
and sidewalk improvements.
Section 3. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of TWO HUNDRED EIGHTY-TWO
THOUSAND ONE HUNDRED TWENTY-NINE DOLLARS($282,129)and authorized fortransfer
to the City of Fort Collins General Fund to be used to cover the Downtown Development Authority's
one-third share of the debt service payment on the Civic Center Parking Structure.
Introduced and considered favorably on first reading and ordered published this 2nd day of
November, A.D. 1999, and to be presented for final passage on the 16t1z day of November, A.D.
1999.
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 16th day of November, A'.ID. 1999.
Mayor
ATTEST:
City Clerk