HomeMy WebLinkAbout115 - 10/21/2008 - APPROPRIATING REVENUE IN THE DOWNTOWN DEVELOPMENT AUTHORITY DEBT SERVICE FUND FOR PAYMENT OF DEBT SE ORDINANCE NO. 115, 2008
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 FISCAL YEAR 2009
WHEREAS, the Fort Collins 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., 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 City 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,
in Ordinance No. 016, 2007, authorized the issuance of$5,700,000 of Subordinate Tax Increment
Revenue Bond, Series 2007A, dated February 20, 2007; and
WHEREAS, the DDA's payment for principal, interest, and debt service requirements on
the total outstanding bonds will be $2,724,975 in 2009; and
WHEREAS, by the adoption of Ordinance No. 128, 1998, the City Council has also
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 the Intergovernmental Agreement by and among the City,Larimer
County and the DDA, dated August 17, 1998, (the"IGA"),the DDA has agreed to pay one-third of
the lease payments attributable to the Parking Structure until 2011; and
WHEREAS, on September 2, 2008, the City Council adopted Ordinance No. 93, 2008,
approving an amendment to the IGA whereby the DDA agreed to continue to make its one-third
share of the lease payments attributable to the Parking Structure until the Parking Structure debt has
been fully paid; and
WHEREAS, the DDA's share of the 2009 lease payments for the Parking Structure is
$284,685; 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 TWO MILLION SEVEN HUNDRED
TWENTY FOUR THOUSAND,NINE HUNDRED SEVENTY FIVE DOLLARS($2,724,975)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 FOUR
THOUSAND, SIX HUNDRED EIGHT FIVE DOLLARS ($284,685), 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 payment on the Civic Center Parking Structure.
Introduced, considered favorably on first reading, and ordered published this 7th day of
October, A.D. 2008, and to be presented for final passage on th t day of October, A.D. 2008.
i
Mayo
ATTEST:
,emu s
Chief Deputy City Clerk
Passed and adopted on final reading on the 21 st day tober, A.D. 2008.
May
ATTEST:
4LML�\
City Clerk