HomeMy WebLinkAbout047 - 04/17/1984 - APPROPRIATING UNANTICIPATED REVENUE IN THE DOWNTOWN DEVELOPMENT AUTHORITY FUND FOR A DOWNTOWN PARKIN ORDINANCE NO. 47 , 1984
OF THE COUNCIL OF THE CITY—OF FORT COLLINS
BEING AN ORDINANCE APPROPRIATING UNANTICIPATED
REVENUE IN THE DOWNTOWN DEVELOPMENT AUTHORITY FUND
FOR A DOWNTOWN PARKING FACILITY
WHEREAS, Article V, Section 15 of the Charter of the City of Fort
Collins permits the Council to appropriate unanticipated revenue received
at any time during the year; and
WHEREAS, the Downtown Development Authority (DDA) will be issuing
bonds in the approximate amount of $8 million; and
WHEREAS, until such time as the bond proceeds are received, the City
has by intergovernmental agreement issued a line of credit to the DDA to be
used to begin projects; and has, pursuant thereto, loaned $2,438,100 to the
DDA; and
WHEREAS, the City will be repaid for all funds advanced pursuant to
said intergovernmental agreement when the bond proceeds are received;
and
WHEREAS, the Council wishes the DDA to proceed with this project in a
timely manner.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated for expenditure from unantici-
pated revenue in the Downtown Development Authority Fund the sum of TWO
MILLION FOUR HUNDRED THIRTY-EIGHT THOUSAND ONE HUNDRED DOLLARS ($2,438,100)
to be used for a Downtown Parking facility.
Introduced, considered favorably on first reading, and ordered pub-
lished this 3rd day of April , A.D. 1984, and to be presented for final
passage on the 17th day of April , A.D. 1984.
.�yo -�.ti l
ATTEST:
City ClerK
Passed and adopted on final reading this 17th day of April , A.D.
1984.
ayor
ATTEST:
ity C I erc