HomeMy WebLinkAbout136 - 11/05/1996 - APPROPRIATING REVENUE IN THE DOWNTOWN DEVELOPMENT AUTHORITY DEBT SERVICE FUND FOR PAYMENT OF DEBT SE ORDINANCE NO. 136, 1996
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING REVENUE IN THE
DOWNTOWN DEVELOPMENT AUTHORITY DEBT SERVICE FUND
FOR PAYMENT OF DEBT SERVICE FOR THE YEAR 1997
WHEREAS,the Council of the City of Fort Collins, in Ordinance No. 149, 1984, authorized
the issuance of Tax Increment Refunded Bonds, Series 1984,dated October 1, 1984, in the aggregate
principal amount of EIGHT MILLION TWO HUNDRED THOUSAND DOLLARS ($8,200,000);
which bonds were subsequently refunded in 1985 and 1988; and
WHEREAS,through the adoption of Ordinance No. 36, 1992,the City Council most recently
authorized the issuance of new Tax Increment Revenue and Refunding Bonds (the "1992 Bonds"),
in order to invoke an early call provision on the City's 1988 Downtown Development Authority Tax
Increment Revenue Refunding and Improvement Bonds, in the aggregate principal amount of
ELEVEN MILLION THREE HUNDRED EIGHTY THOUSAND DOLLARS ($11,380,000); and
WHEREAS, interest on the 1992 Bonds is due and payable annually.
NOW,THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated for expenditure from the Downtown Development
Authority Debt Service Fund the sum of ONE MILLION FOUR HUNDRED THIRTY-SEVEN
THOUSAND EIGHT HUNDRED SIXTY DOLLARS ($1,437,860)for payment of debt service in
1997 on the bonds authorized by Council in Ordinance No. 36, 1992.
Introduced and considered favorably on first reading and ordered published this 15th day of
October,A.D. 1996, and to be presented for final passage on the 5th day_c November, A.D. 1996.
Mayor /
l
ATTEST:
City Clerk
Passed and adopted on final reading this 5th day of Nov 1996.
ayor
ATTEST:
144. !�Ie -.
City Clerk