HomeMy WebLinkAbout008 - 01/05/1982 - APPROVING THE DOWNTOWN DEVELOPMENT AUTHORITY'S CALL FOR A SPECIAL ELECTION SUBMITTING TO THE QUALIFI r, i4kic(rct wh
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ORDINANCE NO 8, 1982 Q-E -ter date
OF THE COUNCIL OF THE CITY OF FORT COLLINS
BEING AN ORDINANCE APPROVING THE DOWNTOWN
DEVELOPMENT AUTHORITY'S CALL FOR A SPECIAL
ELECTION SUBMITTING TO THE QUALIFIED ELECTORS
OF THE DOWNTOWN DEVELOPMENT DISTRICT QUESTIONS
REGARDING THE ISSUANCE OF BONDS AND THE
RREVOCABLE PLEDGE OF PROPERTY TAX INCREMENTS
AND SALES TAX INCREMENTS FOR PAYMENT OF THE
PRINCIPAL OF, THE INTEREST ON, AND ANY PREMIUMS
DUE IN CONNECTION WITH THE BONDS OF, LOANS, OR
ADVANCES TO, OR INDEBTEDNESS INCURRED BY,
WHETHER\FUNDED, REFUNDED, ASSUMED, OR OTHERWISE,
THE CITY OF FORT COLLINS FOR FINANCING OR
REFINANCING, IN WHOLE OR IN PART, DEVELOPMENT
PROJECTS WITHIN THE BOUNDARIES OF THE PLAN OF
DEVELOPMENT
WHEREAS , on Decembe\, 9.q
, 1981 , at a special meeting of the Fort
Collins Downtown Development Authority, hereinafter referred to as the
"Authority" , the Authority, by resolution, called for a special election of
the electors of the Downtown Development District, hereinafter referred
to as "District" , to answer the following questions
1 Whether the City of Fort Coll ins shall issue bonds or
otherwise provide for loans, advances or indebtedness
from time to time in an amount not to exceed
$50,000,000 00 during the five year period following
this election, the use of which shall be to finance
capital improvements and capital projects within the
parameters of the Plan of Development of the Fort
Collins Downtown Development Authority, and\
2 Whether the City of Fort Collins shall irrevocably
pledge this special fund into which all that portion of
property taxes in excess of such taxes which are pro-
duced by the levy at a rate fixed each year by and for
any public body upon the valuation for assessment of
taxable property within the boundaries of the District
last certified prior to the effective date of approval
by the Fort Collins City Council of the Plan of Develop-
ment of the Downtown Development Authority, or as to an
area later added to the boundaries of the District, the
effective date of the modification of the Plan of
Development from which special funds shall be paid the
principal of, the interest on, and any premiums due in
connection with the bonds of, loans or advances to, or