HomeMy WebLinkAbout117 - 10/21/2008 - APPROPRIATING PROCEEDS FROM THE ISSUANCE OF CITY WATER UTILITY ENTERPRISE, WATER REVENUE REFUNDING B ORDINANCE NO. 117, 2008
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 2008, IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $19,000,000
WHEREAS, upon passage on first and second reading of Ordinance No. 006 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 2008, in the Maximum Aggregate Principal Amount of
$19,000,000 (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 2008;
and
WHEREAS, a portion of the Bonds proceeds, in the amount of $19,000,000, was not
included in the 2008 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 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 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 $19,000,000 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
NINETEEN MILLION DOLLARS ($19,000,000) 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 7th day of
October, A.D. 2008, and to be presented for final passage on 1st day of October, A.D. 2008.
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Passed and adopted on final reading on the 21st day o ct er, A.D. 2008.
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ATTEST:
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