HomeMy WebLinkAbout172 - 11/07/2006 - APPROPRIATING REVENUE IN THE DOWNTOWN DEVELOPMENT AUTHORITY DEBT SERVICE FUND FOR PAYMENT OF DEBT SE ORDINANCE NO. 172, 2006
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING REVENUE IN THE
DOWNTOWN DEVELOPMENT AUTHORITY DEBT SERVICE FUND
FOR PAYMENT OF DEBT SERVICE FOR THE YEAR 2006
WHEREAS, the Downtown Development Authority(the"DDA") is a body corporate duly
created, established and authorized to transact business and exercise its powers, all under and
pursuant to the Downtown Development Authorities Act of the State of Colorado, Section 31-25-
801, C.R.S. et seq. (the "Act"), and the powers of the DDA Board of Directors include the power
to borrow money and to finance public improvements within the boundaries of the DDA; and
WHEREAS,the Council,in Ordinance No.088,2004,authorized the issuance of$6,235,000
of Subordinate Tax Increment Revenue Bond, Series 2004A, dated June 14, 2004; and
WHEREAS, the DDA's payment for principal, interest, and debt service requirements on
the total outstanding bonds will be $1,407,430 in 2007; and
WHEREAS, the Council, in Ordinance No. 128, 1998, authorized the issuance of Lease
Certificates of Participation Series 1998 in the amount of$17,210,000 of which $6,920,000 is
attributable to the Civic Center Parking Structure (the 'Parking Structure"); and
WHEREAS,pursuant to its intergovernmental agreement with the City and Larimer County,
the DDA has agreed to pay one-third of the lease payments attributable to the Parking Structure each
year through 2011; and
WHEREAS, the DDA's share of the 2007 lease payments for the Parking Structure is
$281,824; and
WHEREAS,pursuant to Section 31-25-816, C.R.S.,the appropriation of DDA debt service
is subject to approval by the City Council.
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 Debt Service Fund the sum of ONE MILLION FOUR HUNDRED SEVEN
THOUSAND FOUR HUNDRED THIRTY DOLLARS ($1,407,430) for payment of debt service
on previously issued and outstanding bonds.
Section 2. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of TWO HUNDRED EIGHTY-ONE
THOUSAND EIGHT HUNDRED TWENTY FOUR DOLLARS ($281,824), which amount is
hereby authorized for transfer to the City of Fort Collins Capital Leasing Corporation Fund to be
used to cover the DDA's one-third share of the lease payment on the Civic Center Parking Structure.
Introduced, considered favorably on first reading, and ordered published this 17th day of
October,A.D. 2006, and to be presented for final passage on t day of November, . 2006.
MayovLj
ATTEST:
City Clerk
Passed and adopted on final reading on the 7th day of tuber, A.D. 2006.
i
May
ATTEST:
City Clerk