HomeMy WebLinkAbout157 - 11/21/2000 - APPROPRIATING REVENUE IN THE DDA DEBT SERVICE FUND FOR PAYMENT OF DEBT SERVICE FOR THE YEAR 2001 ORDINANCE NO. 157, 2000
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 2001
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, 1988, and 1992; and
WHEREAS, through the adoption of Ordinance No. 36, 1992, the City Council 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; and
WHEREAS, the Downtown Development Authority(the "DDA") is a body corporate duly
created, established and authorized to transact business and exercise its powers, all under and
pursuant to the Downtown Development Authorities Act of the State of Colorado, Section 31-25-
801, C.R.S.et seq. (the"Act"), and the powers of the authority include the power to borrow money
and to finance public improvements within the boundaries of the DDA; and
WHEREAS,Ordinance No.36, 1992,also allows Council to appropriate tax increment funds
for purposes of debt service payments for obligations other than those of the 1992 Bonds; and
WHEREAS,on October 5,2000,the Board of the DDA adopted a 2001 Budget that provided
for the payment of debt service on the 1992 Bonds; and
WHEREAS, in addition, the Board of the DDA is continuing its program to assist and
encourage downtown renovation and revitalization, and in furtherance thereof, to provide funding
for the acquisition and renovation of facades,construction and installation of public improvement,
acquisition of property interests and any other purpose authorized under Section 31-25-801,C.R.S.,
et seq., through the appropriation and transfer of $132,500 from the Downtown Development
Authority Debt Service Fund to the Downtown Development Authority Operations and Maintenance
Fund; and
WHEREAS,the Council of the City of Fort Collins,in Ordinance No. 128, 1998,authorized
the issuance by the City of Lease Certificates of Participation Series 1998,dated August 1, 1998, in
the aggregate amount of SEVENTEEN MILLION TWO HUNDRED TEN THOUSAND DOLLARS
($17,210,000) of which SIX MILLION NINE HUNDRED TWENTY THOUSAND DOLLARS
($6,920,000) is attributable to the Parking Structure; and,
WHEREAS,pursuant to its intergovernmental agreement with the City and the County, the
DDA has agreed to pay one-third of the lease payments attributable to the Parking Structure each
year through 2006 for the financing of the Civic Center Parking Structure; and,
WHEREAS, the DDA's share of the 2001 lease payments for the Parking Structure is
$282,429; and
WHEREAS, the Council of the City of Fort Collins, in Ordinance No. 10, 2000, authorized
the issuance of Subordinate Tax Increment Revenue Bonds, Series 2000A dated March 1, 2000, in
the aggregate amount of SIX HUNDRED EIGHT THOUSAND DOLLARS($608,000)for financing
several capital improvements in the downtown area(the "2000 Bonds"); and
WHEREAS, the DDA's 2001 interest payment for the 2000 Bonds is $35,112; and
WHEREAS,pursuant to Section 31-25-816, C.R.S.,the DDA budget is subject to approval
by the City Council.
NOW,THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of ONE MILLION THREE HUNDRED THREE
THOUSAND FOUR HUNDRED EIGHTY-THREE DOLLARS ($1,303,483)for payment of debt
service in 2001 on the 1992 Bonds authorized by Council in Ordinance No. 36, 1992.
Section 2. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of ONE HUNDRED THIRTY-TWO
THOUSAND FIVE HUNDRED DOLLARS ($132,500), which amount is hereby authorized for
transfer to the Downtown Development Authority Operations and Maintenance Fund to be used for
purposes of debt service payments incurred for facade acquisitions and sidewalk improvements.
Section 3. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of TWO HUNDRED EIGHTY-TWO
THOUSAND FOUR HUNDRED TWENTY-NINE DOLLARS($282,429),which amount is hereby
authorized for transfer to the City of Fort Collins General Fund to be used to cover the Downtown
Development Authority's one-third share of the debt service payment on the Civic Center Parking
Structure.
Section 4. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of FORTY THOUSAND ONE HUNDRED
THIRTY DOLLARS ($40,130) for interest payment in 2001 on the 2000 Bonds.
Introduced and considered favorably on first reading and ordered published this 17th day of
October,A.D. 2000,and to be presented for final passage on the 21st da f November,A.D. 2000.
7 � /
Mayor
ATTEST: n
City Clerk
Passed and adopted on final reading this 21 st day of November, A.D. 2000.
Mayor
ATTEST:
IYO
City Clerk