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HomeMy WebLinkAbout163 - 10/20/1987 - APPROPRIATING UNANTICIPATED REVENUE IN THE DOWNTOWN DEVELOPMENT AUTHORITY FUND FOR PAYMENT OF DEBT S ORDINANCE NO. 163, 1987 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING UNANTICIPATED REVENUE IN THE DOWNTOWN DEVELOPMENT AUTHORITY FUND FOR PAYMENT OF DEBT SERVICE FOR THE YEAR 1988 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 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 DOLLARS (b8,885,000) ; and WHEREAS, interest on the bonds is due and payable. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS that there is hereby authorized for expenditure from the tax increment fund the sum of SEVEN HUNDRED SIXTY-NINE THOUSAND FIVE HUNDRED THIRTY-FIVE DOLLARS ($769,535) for payment of debt service in 1988 on the bonds authorized by Council in Ordinance No. 142, 1985. Introduced, considered favorably on first reading, and ordered published this 6th day of October, A.D. 1987, and to be presented for final passage on the 20th day of October, A.D. 1987. f}ss,sfu f Mayer '—�- ATTEST- City Clerk 1987.Passed and adopted on final reading this 20th day of October, A.D. l/M ATTEST:: Dina. City Clerk