HomeMy WebLinkAbout056 - 06/02/1992 - APPROPRIATING $600,000 FROM THE SPECIAL ASSESSMENTS DEBT SERVICE FUND FOR EXPENDITURE IN 1992 ORDINANCE NO. 56, 1992
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING $600,000 FROM THE SPECIAL ASSESSMENTS
DEBT SERVICE FUND FOR EXPENDITURE IN 1992
WHEREAS, the City Council adopted Ordinance No. 34, 1990, which appropriated
$1 .6 million from Undesignated Reserves to provide money to pay the debt service
on special improvement district bonds, pending the redemption of certificates of
purchase held by the City; and
WHEREAS, staff projected that approximately $465,000 would be needed each
year to meet the interest portion of the debt service attributable to properties
on which the City holds certificates of purchase; and
WHEREAS, the City Council requested that each year it review the status of
the Designated Reserve for Special Improvement Districts and approve the
expenditure of funds from that reserve; and
WHEREAS, staff is recommending that the City Council also authorize the
expenditure of $108,000 for principal as well as the interest portion on tax
certificate properties which are estimated to have little or no market value; and
WHEREAS, staff recommends that $600,000 be appropriated for expenditure in
1992; and
WHEREAS, the City Council desires to maintain its policy of making timely
payment of the interest portion of the debt service attributable to properties
on which certificates of purchase are held by the City.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS,
that Six Hundred Thousand Dollars ($600,000) be, and the same hereby is,
appropriated in the Special Assessment Debt Service Fund Reserve for expenditure
in 1992 for the purpose of paying principal and/or interest on bonds issued by
the City to fund improvements constructed through special improvement districts,
with such payments to be made in the best financial interests of the City
according to the discretion of the Financial Officer.
Introduced, considered favorably on first reading, and ordered published
this 5th day of May, A.D. 1992, and to be considered for final passage on the 2nd
day of June, A.D. 1992.
I
ayor
ATTEST:
loykk�
City Clerk
Passed and adopted on final reading this 2nd day of June, A.D. 1992.
"9 I i
Mayor
ATTEST:
City Clerk