HomeMy WebLinkAbout043 - 05/18/2010 - APPROPRIATING UNANTICIPATED REVENUE AND ELECTRIC REVENUE BOND PROCEEDS FOR THE SMART GRID INVESTMENT ORDINANCE NO. 043, 2010
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING UNANTICIPATED REVENUE AND ELECTRIC REVENUE
BOND PROCEEDS FOR THE SMART GRID INVESTMENT GRANT PROJECT
IN THE LIGHT AND POWER FUND AND FOR BOND ISSUANCE COSTS
WHEREAS, the City has been awarded a Smart Grid Investment Grant in the amount of
$18,101,264 (the "Grant") from the Department of Energy (DOE); and
WHEREAS, the Grant requires matching funds of$15,741,501; and
WHEREAS,the Electric Utility Enterprise Board(the"Board")has approved on first reading
Ordinance No. 001 of the Board authorizing the issuance of $17,000,000 in Electric Utility
Enterprise Revenue Bonds; and
WHEREAS, the proceeds of such bond issuance will be used for the required Grant match
and for bond issuance costs in the approximate amount of $211,137; and
WHEREAS,the Grant provides the City with an opportunity to install an Advanced Metering
Infrastructure(AMI)system and accelerate the implementation of the City's long range information
technology(IT) needs, and to begin the modernization of its electrical distribution system; and
WHEREAS, the Cities of Loveland, Longmont and Fountain are also participating in this
project; and
WHEREAS, Article V, Section 9, of the City 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 combination 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 Grant revenue and the
bond proceeds will not cause the total amount appropriated in the Light and Power Fund to exceed
the current estimate of actual and anticipated revenues to be received in that fund during any fiscal
year.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1. That there is hereby appropriated from unanticipated grant revenue in the
Light and Power Fund the sum of EIGHTEEN MILLION ONE HUNDRED ONE THOUSAND
TWO HUNDRED SIXTY FOUR DOLLARS($18,101,264)for expenditure in the Light and Power
Fund for the Advanced Metering Infrastructure (AMI) and smart grid technology project.
Section 2. That there is hereby appropriated from electric revenue bond proceeds in the
Light and Power Fund the sum of SIXTEEN MILLION SEVEN HUNDRED EIGHTY EIGHT
THOUSAND EIGHT HUNDRED SIXTY THREE DOLLARS($16,788,863)for expenditure in the
Light and Power Fund for the Advanced Metering Infrastructure (AMI) and smart grid technology
project.
Section 3. That there is hereby appropriated from electric revenue bond proceeds in the
Light and Power Fund the sum of TWO HUNDRED ELEVEN THOUSAND ONE HUNDRED
THIRTY SEVEN DOLLARS ($211,137) for expenditure in the Light and Power Fund for bond
issuance costs.
Introduced, considered favorably on first reading, and ordered published this 20th day of
April, A.D. 2010, and to be presented for final passage on the 18 ay of May, A.D. 2010.
ayo
ATTEST:
City-Clerk
Passed and adopted on final reading on the 18th day of y,A.D. 2010.
May r
ATTEST:
City Clerk'