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HomeMy WebLinkAbout176 - 11/18/1986 - APPROPRIATING $10,287 IN THE DOWNTOWN DEVELOPMENT AUHTORITY CAPITAL PROJECTS FUND FOR ESCROW FEES ON ORDINANCE NO. 176 , 1986 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING TEN THOUSAND TWO HUNDRED EIGHTY-SEVEN DOLLARS ($10,287) IN THE DOWNTOWN DEVELOPMENT AUTHORITY CAPITAL PROJECTS FUND FOR ESCROW FEES ON THE 1984 REFUNDED $8.2 MILLION TAX INCREMENT BOND ISSUE WHEREAS, pursuant to Ordinance No. 15, 1983, the Council of the City of Fort Collins established a special fund consisting of separate accounts for: (1) Operation and Maintenance expenses of the Fort Collins Downtown Development Authority; (2) tax increment funds received by the Fort Collins Downtown Development Authority; and (3) project funds consisting of proceeds of bonds, loans and other forms of indebtedness; and WHEREAS, the Council of the City of Fort Collins, in Ordinance No. 142, 1985, authorized the issuance of Tax Increment Refunded Bonds, Series 1985A, dated December 1, 1985, in the aggregate principal amount of EIGHT MILLION EIGHT HUNDRED EIGHTY-FIVE THOUSAND DOLLARS ($8,885,000) ; and WHEREAS, the 1985A Bonds were used to refund the 1984 $8.2 Million issue causing the 1984 $8.2 Million bond issue to be placed in escrow; and WHEREAS, there is a one time fee to place said bonds in escrow; and WHEREAS, escrow fees are due and payable now relating to the $8.2 Millions refunded tax increment bonds. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS, that there is hereby authorized for expenditure in 1986 from the Capital Projects fund the sum of TEN THOUSAND TWO HUNDRED EIGHTY-SEVEN DOLLARS ($10,287) for payment of escrow fees on the $8.2 Million tax increment authorized by Council in Ordinance No. 142, 1984. Introduced, considered favorably on first reading, and ordered published this 4th day of November, A.D. 1986, and to be presented for final passage on the 18th day of November, A.D. 86. ATTEST: Mayo City Clerk 1986. Passed and adopted on final reading this 18th day of November, A.D. Mayor ATTEST: City Clerk