HomeMy WebLinkAbout142 - 10/18/1988 - APPROPRIATING UNANTICIPATED REVENUE IN THE DOWNTOWN DEVELOPMENT AUTHORITY FUND FOR PAYMENT OF DEBT S ORDINANCE NO. 142 , 1988
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 1989
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. 95,
1987, authorized the issuance of Tax Increment Refunded Bonds, Series 1987,
dated May 15, 1988, in the aggregate principal amount of THIRTEEN MILLION
FIVE HUNDRED FORTY-FIVE THOUSAND DOLLARS ($13,545,000) ; 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 ONE MILLION ONE HUNDRED SIX THOUSAND DOLLARS
($1,106,000) for payment of debt service in 1989 on the bonds authorized by
Council in Ordinance No. 95, 1987.
Introduced, considered favorably on first reading, and ordered
published this 4th day of October, A.D. 1988, and to be presented for final
passage on the 18th day of October, A.D. 1988.
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading th0181,,,,, of October, A.D.
1988.
Mayor
EST:
M
LW6"-. -
City Clerk