HomeMy WebLinkAbout081 - 06/01/1999 - APPROPRIATING PROCEEDS FROM THE ISSUANCE OF STORMWATER UTILITY ENTERPRISE, STORM DRAINAGE REVENUE BO ORDINANCE NO. 81, 1999
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PROCEEDS FROM THE ISSUANCE OF CITY OF FORT COLLINS,
COLORADO, STORMWATER UTILITY ENTERPRISE, STORM DRAINAGE
REVENUE BONDS, SERIES 1999, DA"fED JUNE 1, 1999, IN THE
AGGREGATE PRINCIPAL AMOUNT OF $20,060,000, AND APPROPRIATING
UNANTICIPATED REVENUES IN THE STORM DRAINAGE FUND
FOR BOND DEBT SERVICE
WHEREAS, on October 6, 1998,the Council approved Ordinance No. 168, 1998,adopting
a city-wide approach to stormwater monthly capital fees; and
WHEREAS, staff and the Water Board developed an approach whereby prioritization of
storm drainage improvements and financing of these projects would be handled through a
combination of debt financing and fee revenues; and
WHEREAS,the approach developed by staff and the Water Board provided fora fifteen-year
construction schedule for completing remaining improvements in basins with adopted Master Plans;
and
WHEREAS, upon passage on first and second reading of Ordinance No. 4, of the Board of
the City of Fort Collins,Colorado,Stormwater Utility Enterprise,the Enterprise intends to issue City
of Fort Collins, Colorado, Stormwater Utility Enterprise, Storm Drainage Revenue Bonds, Series
1999, Dated June 1, 1999, in the Aggregate Principal Amount of$20,060,000; and
WHEREAS, the issuance of the bonds, and the appropriation of the proceeds thereof, are
necessary to complete construction of improvements in the City's stormwater basins; and
WHEREAS, appropriations are needed in 1999 to pay debt service on the bonds; 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 conjunction with all previous
appropriations for that fiscal year, do not exceed the current estimate of actual and anticipated
revenues to be received during the fiscal year.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the sums required to make the payments specified in Section 5 of Ordinance No. 4,
of the City of Fort Collins, Colorado, Stormwater Utility Enterprise, incorporated herein by
reference, are hereby appropriated in the Storm Drainage Fund upon receipt of said sums as bond
proceeds, for said purposes, including, but not limited to, amounts required to pay the Cost of the
Project,bond issuance costs,and the Debt Service Requirements of the Bonds in 1999,all as referred
to in said Ordinance No. 4, contingent upon the final sale and issuance of the bonds by the
Enterprise.
Introduced, considered favorably on first reading, and ordered published this 18th day of
May, A.D. 1999, and to be presented for final passage on the 1 st day of June, A.D. 1999.
Mavor
ATTEST:
City Clerk -C*tf lul
Passed and adopted on final reading this 1 st day of-June, A.D. 1999.
Mayor
ATTEST:
,L4 L.A.'YL A
City Clerk