HomeMy WebLinkAbout171 - 11/07/2006 - APPROPRIATING OPERATING FUNDS OF THE DOWNTOWN DEVELOPMENT AUTHORITY FOR THE FISCAL YEAR BEGINNING JA ORDINANCE NO. 171, 2006
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING OPERATING FUNDS OF THE
DOWNTOWN DEVELOPMENT AUTHORITY
FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2007,
AND FIXING THE MILL LEVY FOR THE
DOWNTOWN DEVELOPMENT AUTHORITY FOR FISCAL YEAR 2007
WHEREAS,the Fort Collins Downtown Development Authority(the"DDA")has been duly
organized in accordance with Section 31-25-804, C.R.S.; and
WHEREAS,on September 7,2006,the DDA Board of Directors(the"DDA Board"),acting
under the provisions of Section 31-25-816, C.R.S., adopted a budget for the fiscal year beginning
January 1, 2007, and determined the mill levy necessary to provide for payment during fiscal year
2007 of all properly authorized expenditures to be incurred by the DDA; and
WHEREAS, it is the desire of the Council to appropriate the sum of SIX MILLION ONE
HUNDRED THOUSAND EIGHT HUNDRED SIXTY SEVEN DOLLARS ($6,196,867) in the
DDA Operation and Maintenance Fund for the fiscal year beginning January 1, 2007 and ending
December 31, 2007, to be used as follows:
• DDA Projects from anticipated bond proceeds $ 5,262,247
• DDA Operations &Maintenance from taxation and otherwise 934,620
WHEREAS,the DDA Board has recommended to the Council a mill levy of 5.0 mills upon
each dollar of assessed valuation of all taxable property within the DDA District, such levy
representing the amount of taxes for DDA purposes necessary to provide for payment during the
ensuing fiscal year for all properly authorized expenditures to be incurred by the DDA; and
WHEREAS, Section 39-5-128(1),C.R.S.,requires certification of any tax levy to the Board
of County Commissioners no later than December 15, 2006.
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 Operations and Maintenance Fund the sum of NINE HUNDRED THIRTY
FOUR THOUSAND SIX HUNDRED TWENTY DOLLARS ($934,620), to be raised by taxation
and otherwise, to be expended for the authorized purposes of the DDA.
Section 2. That there is hereby appropriated for expenditure from the Downtown
Development Authority Operations and Maintenance Fund the sum of FIVE MILLION TWO
HUNDRED SIXTY TWO THOUSAND TWO HUNDRED FORTY SEVEN DOLLARS
($5,262,247), to be raised by bond proceeds anticipated to be issued in 2007.
Section 3. That the 2007 mill levy rate for the taxation upon each dollar of the assessed
valuation of all taxable property within the DDA District as of December 31,2006 shall be 5.0 mills,
which levy represents the amount of taxes for the District purposes to provide for payment during
the aforementioned fiscal year of all properly authorized expenditures to be incurred by the District.
Said mill levy shall be certified to the County Assessor and the Board of County Commissioners of
Larimer County, Colorado, by the City Clerk as provided by law.
Introduced, considered favorably on first reading, and ordered published this 17th day of
October,A.D. 2006,and to be presented for final pass the 7th day of Nove er,A.D. 2006.
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 7th of lwovember, A.D. 200
Mayo
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City Clerk —