HomeMy WebLinkAbout1992-090-05/19/1992-EFFLUENT REVENUE BONDS WASTEWATER TREATMENT PLANT 1 WASTEWATER TREATMENT PLANT 2 WASTEWATER UTILITY RESOLUTION 92-90
DECLARING THE OFFICIAL INTENT OF
THE CITY OF FORT COLLINS, COLORADO, TO
REIMBURSE ITSELF FOR COSTS INCURRED FOR
WASTEWATER UTILITY IMPROVEMENTS TO BE
FINANCED THROUGH THE ISSUANCE OF WATER
POLLUTION CONTROL REVENUE BONDS
WHEREAS, the City of Fort Collins, Colorado (the "City") , expects to incur
significant costs for the acquisition, construction, installation and equipping
of the sewerage facilities described in Exhibit A hereto (the "Project" ) ; and
WHEREAS, the City intends to finance the cost of the Project by issuing
long-term bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS, COLORADO, THAT:
Section 1 . Official Intent to Finance Capital Expenditures: Maximum
Principal Amount of Capital Expenditures. The City hereby declares its intention
pursuant to Treas. Reg. §1. 103-18 (the "Regulations") to reimburse itself for the
costs of the Project from the proceeds of tax-exempt bonds hereafter to be issued
(the "Reimbursement Bonds") . The City intends that the Reimbursement Bonds shall
be issued, and the reimbursements made, by the later of one year after the
payment of the costs or one year after the Project is placed in service. The
City anticipates that the maximum amount of such capital expenditures that it
expects to reimburse will not exceed $25,000,000.
Section 2. Source of Funds. The City expects that the source of funds
that will be used to pay Project costs to be reimbursed from proceeds of the
Reimbursement Bonds will be the Sewer Fund of the City. Funds are available for
this purpose only on a temporary and short-term basis, and there are no other
funds which are reasonably expected to be reserved, allocated or otherwise set
aside for this purpose on a long-term basis pursuant to the budget and financial
policies of the City.
Section 3. Nature of Project Costs. The Project consists entirely of
property having a useful life of more than one year, and no cost of the Project
to be reimbursed with the proceeds of the Reimbursement Bonds is a cost of
working capital .
Section 4. Public Availability of Resolution. This Resolution will be
made continually available for inspection by the general public during normal
business hours of the City during the period beginning 30 days after the date of
adoption of this Resolution and extending through, and including, the date of
issue of the Reimbursement Bonds. This Resolution will be kept for such purpose
at the office of the City located at 300 West LaPorte Avenue, Fort Collins,
Colorado.
Section 5. Incidental Action. The appropriate officers of the City are
hereby authorized and directed to take or approve the taking of such actions as
may be necessary or appropriate in order to preserve the ability of the City to
finance its capital expenditures in accordance with the Regulations and this
Resolution.
Section 6. Effective Date; Reveal . This Resolution shall take effect
immediately. All prior resolutions or portions thereof inconsistent herewith are
hereby repealed.
Passed and adopted at a regular meeting of the Council of the City of Fort
Collins held this 19th day of May, A.D. 1992.
� CJ
May r
ATTEST:
q ity Cle`W-�
Exhibit A
(Project Description)
Modification and expansion of Wastewater Treatment
Plant No. 1 and Wastewater Treatment Plant No. 2 to maintain or
increase treatment capacity and improve effluent quality,
together with all necessary incidental and appurtenant
properties, facilities, equipment and costs.
BD23839.A(PF) 3