HomeMy WebLinkAbout2022-058-06/07/2022-DECLARING THE OFFICIAL INTENT OF THE CITY TO REIMBURSE THE APPLICABLE CITY FUNDS FOR EXPENDITURES RE RESOLUTION 2022-058
OF THE COUNCIL OF THE CITY OF FORT COLLINS
DECLARING THE OFFICIAL INTENT OF THE CITY TO REIMBURSE THE APPLICABLE
CITY FUNDS FOR EXPENDITURES RELATING TO FUNDING THE
CITY'S CAPITAL PROJECTS IDENTIFIED IN ORDINANCE NO. 062, 2022,
THROUGH THE ISSUANCE OF CERTIFICATES OF PARTICIPATION
WHEREAS, the City of Fort Collins, Colorado (the "City") expects to make after the date
of this Resolution, but before issuing the certificates of participation approved by City Council in
Ordinance No. 062, 2022 ("Certificates of Participation"), expenditures from applicable City funds
for the funding of(a)the acquisition of the real property on which the Hughes Stadium previously
existed, (b) the acquisition and installation of certain irrigation improvements for the Southridge
Golf Course, (c) the construction and installation of a fleet maintenance facility at 800 Wood
Street, and (d) such additional projects that benefit the City and are approved by resolution of the
City Council (collectively, the"Projects"); and
WHEREAS, the City intends to later reimburse the applicable City fund for such original
expenditures with the proceeds from the issuance of the Certificates of Participation; and
WHEREAS, the maximum aggregate principal amount of the Certificates of Participation
issued for the Projects is expected not to exceed$16,500,000.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FORT COLLINS, COLORADO, AS FOLLOWS:
Section 1. That the City Council hereby makes and adopts the determinations and
findings contained in the recitals set forth above.
Section 2. That this Resolution declares the City's"official intent,"within the meaning
of Treasury Regulation 26 C.F.R. §1.150-2, to reimburse the applicable City funds with the
proceeds from the issuance of the Certificates of Participation for its original expenditures to fund
the Projects made before issuing the Certificates of Participation.
Passed and adopted at a regular meeting of the Council of the City of Fort Collins this 7th
day of June, A.D. 2022.
F
ATTEST:
City Clerks AL :
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