HomeMy WebLinkAbout105 - 09/06/2011 - APPROPRIATING PROCEEDS FROM THE ISSUANCE OF CITY OF FORT COLLINS STORMWATER UTILITY ENTERPRISE, STOR ORDINANCE NO. 105, 2011
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PROCEEDS FROM THE ISSUANCE OF CITY OF FORT
COLLINS, COLORADO, STORMWATER UTILITY ENTERPRISE,
STORMWATER UTILITY REVENUE REFUNDING BONDS, SERIES 2011 A,
IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT
OF $8,750,000 IN THE STORMWATER UTILITY FUND
WHEREAS, upon passage on first and second reading of Ordinance No. 009, of the Board
of the City of Fort Collins, Colorado, Stormwater Utility Enterprise (the "Bond Ordinance"), the
Enterprise intends to issue City of Fort Collins,Colorado,Stormwater Utility Enterprise,Stormwater
Utility Revenue Refunding Bonds, Series 2011 A,in the Maximum Aggregate Principal Amount of
$8,750,000 (the "Bonds"); and
WHEREAS, the issuance of the Bonds, and the appropriation of the proceeds thereof, is
necessary to complete the refunding, paying and discharging or all or a portion of the Stormwater
Enterprise's outstanding Storm Drainage Revenue Refunding Bonds and Improvement Bonds,Series
2002; and
WHEREAS, proceeds from the Bonds, in the amount of$8,750,000, were not included in'
the 2011 budget, and the appropriation of such 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 any power reserved to the City Council by the City Charter or
otherwise, except the power to issue revenue bonds and other obligations; 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 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$8,750,000 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 any 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 SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($8,750,000) are hereby
appropriated in the Stormwater 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 16th day of
August, A.D. 2011, and to be presented for final passage on the 6th day of September, A.D. 2011.
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Passed and adopted on final reading on the 6th day of September, A.D. 2011.
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