HomeMy WebLinkAbout120 - 07/20/2004 - APPROPRIATING PROCEEDS FROM THE LEASE PURCHASE CERTIFICATES OF PARTICIPATION FOR THE POLICE BUILDING ORDINANCE NO. 120, 2004
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PROCEEDS FROM THE LEASE PURCHASE CERTIFICATES OF
PARTICIPATION OF THE CITY OF FORT COLLINS, COLORADO, SERIES 2004A
FOR THE PURPOSE OF MAKING CERTAIN CAPITAL IMPROVEMENTS (THE POLICE
BUILDING AND THE STREETS DEICING FACILITY PROJECTS), THE ACQUISITION
AND CONSERVATION OF NATURAL AREAS, AND FOR COSTS OF ISSUANCE OF THE
LEASE CERTIFICATES TRANSACTION
WHEREAS, on July 6, 2004, City Council adopted Ordinance No. 099, 2004,
authorizing the Council authorized the execution of issuance of the City of Fort Collins,
Colorado, Lease Certificates of Participation, Series 2004A (the "COPS"), in the aggregate
principal amount $48,650,000; and
WHEREAS, the marketing and the sale of the certificates of participation using
premiums an discounts resulted in net proceeds of$50,365,732; and
WHEREAS, the execution of the agreements associated with the lease transaction, and
the appropriation of the proceeds thereof, are necessary to complete the construction of certain
capital improvements and the acquisition and conservation of open lands and natural areas by the
City; 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 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, it is the desire of the Council to appropriate the sum of $50,365,732 in
unanticipated revenue in the Capital Project Fund and the Natural Areas Fund, representing
proceeds from the lease financing described herein, to be used for the Police Building Project,
the Streets Deicing Facility Project, the acquisition and conservation of open lands and natural
areas, and the payment of costs associated with said lease financing.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
FORT COLLINS as follows:
Section 1. That, contingent upon the closing of the Series 2004A lease certificate of
participation transaction, there is hereby appropriated for expenditure from certificate of
participation proceeds in the Capital Projects Fund, the Police Building Project, the sum of
THIRTY-THREE MILLION THREE HUNDRED-EIGHTY-NINE THOUSAND FIVE-
HUNDRED-TWENTY-EIGHT DOLLARS ($33,389,528).
Section 2. That, contingent upon the closing of the Series 2004A lease certificate of
participation transaction, there is hereby appropriated for expenditure from certificate of
participation proceeds in the Capital Projects Fund, the Streets Deicing Facility Project, the sum
of ONE-MILLION SEVEN-HUNDRED-THIRTY-ONE-THOUSAND FIVE-HUNDRED-
SIXTY-THREE DOLLARS ($1,731,563).
Section 3. That, contingent upon the closing of the lease certificate of participation
transaction, there is hereby appropriated for expenditure from certificate of participation
proceeds in the Natural Areas Fund the sum of FIFTEEN MILLION TWO-HUNDRED FORTY-
FOUR-THOUSAND SIX-HUNDRED-FORTY ONE DOLLARS ($15,244,641).
Introduced and considered favorably on first reading and ordered published this 6th day
of July, A.D. 2004, and to be presented for final passage on the 20th day of July, A.D. 2004.
Mayor !
ATTEST:
City Clerk
Passed and adopted on final reading this 20th day of July, A.D. 2004.
Mayor y
C
City Clerk