HomeMy WebLinkAbout034 - 05/05/2009 - APPROPRIATING PROCEEDS FROM THE ISSUANCE OF CITY OF FORT COLLINS, COLORADO, WATER UTILITY ENTERPRISE ORDINANCE NO. 034, 2009
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PROCEEDS FROM THE ISSUANCE OF CITY OF FORT COLLINS,
COLORADO, WATER UTILITY ENTERPRISE, WATER REVENUE REFUNDING BONDS,
SERIES 2009, IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $8,500,000
WHEREAS, upon passage on first and second reading of Ordinance No. 007 of the
Board of the City of Fort Collins, Colorado, Water Utility Enterprise (the "Bond Ordinance"),
the Enterprise intends to issue City of Fort Collins, Colorado, Water Utility Enterprise, Water
Revenue Refunding Bonds, Series 2009, in the Maximum Aggregate Principal Amount of
$8,500,000 (the "Bonds"); and
WHEREAS, the issuance of the Bonds and the appropriation of the Bond's proceeds are
necessary to complete the refunding of the City's Water Revenue Refunding Bonds, Series 2009;
and
WHEREAS, a portion of the Bonds proceeds, in the amount of $8,500,000, was not
included in the 2009 budget, and the appropriation of those 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 City Charter provides that an enterprise
board of the City shall not exercise powers reserved to the Council by the City Charter or
otherwise (other than the power to issue revenue bonds and other obligations); and
WHEREAS, Article V, Section 9, of the City Charter authorizes 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 $8,500,000 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 the 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
EIGHT MILLION FIVE HUNDRED THOUSAND DOLLARS ($8,500,000) are hereby
appropriated in the Water 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 21st day of
April, A.D. 2009, and to be presented for final passage on the 5 ay of May, A.D. 2009.
Mayor
ATTEST-
v � J
L•
City Clerk
Passed and adopted on final reading on the 5th day of May A.D. 2009.
Mayo
ATTEST:
City Clerk
J