HomeMy WebLinkAbout079 - 07/17/2007 - APPROPRIATING PROCEEDS FROM THE ISSUANCE OF CITY OF FORT COLLINS, COLORADO, STORMWATER UTILITY ENTER ORDINANCE NO. 079, 2007
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PROCEEDS FROM THE ISSUANCE OF CITY OF FORT
COLLINS, COLORADO, STORMWATER UTILITY ENTERPRISE,
STORMWATER UTILITY REVENUE REFUNDING BONDS, SERIES 2007A and
SERIES 2007B, IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT
OF $21,820,000 IN THE STORMWATER UTILITY FUND
WHEREAS,upon passage on first and second reading of Ordinance No 008,of the
Board of the City of Fort Collins, Colorado, Stormwater Utility Enterprise (the "Bond
Ordinance"), the Enterprise intends to issue City of Fort Collins, Colorado, Stonmwater
Utility Enterprise, Stormwater Utility Revenue Refunding Bonds, Series 2007A and Series
2007B, in the Maximum Aggregate Principal Amount of$21,820,000 (the"Bonds"); and
WHEREAS,the issuance of the Bonds,and the appropriation of the proceeds thereof,
is necessary to complete the refunding, paying and discharging or all or a portion of the
Stormwater Enterprise's outstanding Storm Drainage Revenue Refunding Bonds and
Improvement Bonds, Series 1997,and a portion of the outstanding Storm Drainage Revenue
Bonds, Series 1999; and
WHEREAS, proceeds from the Bonds, in the amount of $21,820,000, were not
included in the 2007 budget,and the appropriation of such proceeds is necessary to authorize
the payment to the refunded bond escrow agent and of bond issuance costs; and
WHEREAS, Section 19.3(b) of Article V of the Charter of the City of Fort Collins
(the "Charter") provides that an enterprise board of the City shall not exercise any power
reserved to the City Council by the Charter or otherwise, except the power to issue revenue
bonds and other obligations; and
WHEREAS, Article V, Section 9, of the Charter 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, does not exceed the current estimate of actual and
anticipated revenues to be received during the fiscal year; and
WHEREAS, City staff has determined that the appropriation of the previously
unappropriated proceeds of the Bonds in the amount of$21,820,000 will not cause the total
amount appropriated in the relevant funds to exceed the current estimate of actual and
anticipated revenues to be received during any fiscal year.
NOW,THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
FORT COLLINS that the previously unappropriated proceeds of the Bonds in the amount
of TWENTY-ONE MILLION EIGHT-HUNDRED TWENTY THOUSAND DOLLARS
($21,820,000) are hereby appropriated in the Stormwater Fund for payment to the refunded
bond escrow agent and bond issuance costs contingent upon the final adoption of the Bond
Ordinance and the final sale and issuance of the Bonds by the Enterprise.
Introduced, considered favorably on first reading, and ordered published this 19th
day of June, A.D. 2007, and to be presented for final passage on the 17th day of July, A.D.
2007.
r
Mayo '
ATTT,,EST:0I1
City Clerk
Passed and adopted on final reading on the 17th f July, A.D. 2007.
Mayo
ATTEST:
City Clerk