HomeMy WebLinkAbout112 - 10/19/1993 - APPROPRIATING PRIOR YEAR RESERVES AND UNANTICIPATED REVENUE IN THE SPECIAL ASSESSMENTS DEBT SERVICE ORDINANCE NO. 112, 1993
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES AND
UNANTICIPATED REVENUE IN THE
SPECIAL ASSESSMENTS DEBT SERVICE FUND
WHEREAS, Article V, Section 7, of the Charter of the City of Fort Collins
authorizes the City Council to provide by ordinance for payment of any expense
from reserves accumulated in prior years notwithstanding that such reserves were
not appropriated for expenditure in the annual appropriation ordinance; and
WHEREAS, Article V, Section 14, of the Charter of the City of Fort Collins
permits the City Council to appropriate by ordinance unanticipated revenue which
is the result of rate or fee increases or new revenue sources at any time during
the year in which such revenue is received; and
WHEREAS, the Council of the City of Fort Collins adopted Ordinance No. 34,
1990, which appropriated $1.6 million from Undesignated Reserves to provide money
to pay the debt service on special improvement district bonds, pending the
redemption of certificates of purchase held by the City; and
WHEREAS, staff recommends that $400,000 be appropriated from this reserve
for special assessment debt to pay the interest on the unpaid assessments of
properties held for sale; and
WHEREAS, the early payment of assessments has generated $800,000 of
unanticipated revenue which is available for calling of bonds on December 1,
1993, and which should be appropriated for that purpose; and
WHEREAS, $1,416,000 of unanticipated revenue from the recovery of property
underlying the City's special assessments is expected in 1993.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS
as follows:
1. That there is hereby appropriated for expenditure from prior year
reserves in the Special Assessments Debt Service Fund the total sum of Four
Hundred Thousand Dollars ($400,000) for the payment of accrued interest due and
payable by the City on bonds issued in connection with the creation of special
improvement districts.
2. That there is hereby appropriated from unanticipated revenue in the
Special Assessments Debt Service Fund the sum of Two Million Two Hundred Sixteen
Thousand Dollars ($2,216,000) for special assessment bond payments and to
authorize the acquisition of the property held by the City for resale.
Introduced, considered favorably on first reading, and ordered published
this 5th day of October, A.D. 1993, and to be presenttod-f'or final pass n the
19th day of October, A.D. 1993.
Mayor
ATTEST: -!
�LL'A�k a1
City Clerk Qs
Passed and adopted on final reading this 19th day of October, A.D. 1993.
Mayor
ATTEST:
71 L .NiN t.i-6.
City Clerk