HomeMy WebLinkAbout066 - 06/05/2007 - APPROPRIATING PROCEEDS FROM THE REFUNDING CERTIFICATES OF PARTICIPATION, SERIES 2007, TO REFUND THE ORDINANCE NO. 066, 2007
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PROCEEDS FROM THE REFUNDING CERTIFICATES OF
PARTICIPATION, SERIES 2007, TO REFUND THE 1998 AND 1999 CERTIFICATES OF
PARTICIPATION AND FOR COSTS OF ISSUANCE OF THE
REFUNDING CERTIFICATES
WHEREAS,on March 6,2007,City Council adopted Ordinance No.041,2007,authorizing
the Council to execute and deliver an amended and restated site agreement and lease agreement, a
continuing disclosure undertaking, an official statement and related documents, concerning the
leasing of the Mason Office Building and the Mason Street Parking Structure, ratifying action
previously taken,and providing other matters related to Refunding Certificates in a principal amount
not to exceed $16,000,000; and
WHEREAS, the marketing and the sale of the refunding certificates of participation at par
resulted in gross proceeds of$14,595,000; and
WHEREAS, proceeds from the refunding certificates of participation of$14,595,000 were
not included in the 2007 budget, and the appropriation of such proceeds is necessary to authorize
the payment to the refunded certificates of participation escrow agent and of issuance costs; 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 combination with all previous
appropriations for that fiscal year, does not exceed the current estimate of actual and anticipated
revenues to be received during the fiscal year; and
WHEREAS, it is the desire of the Council to appropriate the sum of $14,595,000 in
unanticipated revenue in the Fort Collins Leasing Corporation Debt Service Fund for the purpose
of refunding the 1998 and 1999 Certificates of Participation that were originally issued for the
construction of the Mason Street Parking Structure, the 215 North Mason Office Building and an
off-site Police Facility and the payment of costs associated with the 2007 refunding transaction.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that, subsequent to the closing of the Series 2007 refunding certificate of participation
transaction on May 3,2007,the proceeds of the transaction in the amount of FOURTEEN MILLION
FIVE HUNDRED AND NINETY-FIVE THOUSAND DOLLARS ($14,595,000) are hereby
appropriated in the Fort Collins Leasing Corporation Debt Service Fund for payment to the
refunding certificates escrow agent and refunding certificates issuance costs.
Introduced, considered favorably on first reading, and ordered published this 15th day of
May, A.D. 2007, and to be presented for final passage on the 5 y of June, A.D. 2007.
J �
May r
ATTEST:
City Clerk
Passed and adopted on final reading on the 5th 4Mayo
,A.D. 2007.
'
ATTEST:
City Clerk