HomeMy WebLinkAbout150 - 12/05/2029 - MAKING A SUPPLEMENTAL APPROPRIATION FOR THE OAK STREET STORMWATER IMPROVEMENTS PROJECTORDINANCE NO.150,2023
OF THE COUNCIL OF THE CITY OF FORT COLLINS
MAKING A SUPPLEMENTAL APPROPRIATION FOR THE OAK STREET
STORMWATER IMPROVEMENTS PROJECT
WHEREAS,on October 3,2023,the Stormwater Utility Enterprise Board adopted
Ordinance No.011,2023 authorizing the issuance of bonds in the Stormwater Fund for the
construction of the Oak Street Stormwater Improvements Project (the “Project”);and
WHEREAS,the Project is a priority project among several the City has developed as part
of the Downtown Stormwater Improvement Program,which is a basin-wide evaluation of existing
stormwater systems and the development of a comprehensive strategy to mitigate flood risk and
damages in the Old Town Basin;and
WHEREAS,the City closed on the bonds on October 31,2023,and the gross proceeds of
approximately $40.4 million have been deposited in the Stormwater Fund;and
WHEREAS,this requested appropriation of $375,931 will allow the City to pay the
expenses of professional services rendered during the bond issuance,including closing costs,legal
fees,advisor fees,rating fees,and underwriter’s fees;and
WHEREAS,this appropriation benefits the public health,safety and welfare of the
Stormwater Utility ratepayers of Fort Collins and serves the public purpose of the City paying the
necessary expenses from the bond issuance with the proceeds from said issuance to be used for
stormwater improvements in the Old Town Basin that will contribute to mitigating flood risks and
damages;and
WHEREAS,Article V,Section 9 of the City Charter permits the City Council,upon the
recommendation of the City Manager,to make supplemental appropriations by ordinance at any
time during the fiscal year such funds for expenditure as may be available from reserves
accumulated in prior years,notwithstanding that such reserves were not previously appropriated;
and
WHEREAS,the City Manager has recommended the appropriation described herein and
determined that this appropriation is available and previously unappropriated from the Stormwater
Fund and will not cause the total amount appropriated in the Stormwater Fund,as applicable,to
exceed the current estimate of actual and anticipated revenues and all other funds to be received
in these funds during this fiscal year;and
NOW,THEREFORE,BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS 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 there is hereby appropriated from new revenue or other funds in the
Stormwater Fund the sum of THREE HUNDRED SEVENTY-FIVE THOUSAND NINE
HUNDRED THIRTY-ONE DOLLARS ($375,931)to be expended in the Stormwater Fund for
the Oak Street Stormwater Improvements Project.
ATtEST:
Introduced,considered favorably on first reading and ordered publu
November,2023,and to be presented forfinal passage on-tflt 5th da’
ATtEST:
this 21st day of
2023.
Passed and adopted