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HomeMy WebLinkAbout080 - 05/18/1999 - APPROPRIATING BOND PROCEEDS IN THE WATER FUND EMERGENCY ORDINANCE NO. 80, 1999 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING BOND PROCEEDS IN THE WATER FUND WHEREAS,the City of Fort Collins,Colorado,Water Utility Enterprise,in cooperation with the Colorado Water Resources and Power Development Authority, has arranged for low-cost financing for certain capital improvements identified in the Council-adopted Water Treatment Master Plan (the 'Project") ; and WHEREAS, the initial phases of the Project have been undertaken by the Water Utility, using previously appropriated funds; and WHEREAS, the Colorado Water Resources and Power Development Authority has sold bonds for several Colorado municipalities and is scheduled to close on a financial transaction through which additional funds for the Project will be provided to the Enterprise on May 20, 1999; and WHEREAS, upon approval by the Enterprise Board of an emergency bond ordinance,to be considered this same date, and final closing of the bond transaction, the City will receive funds in the amount of$4,998,395,to be appropriated in the Water Fund for additional capital improvements related to the Project and called for in the Water Treatment Master Plan; and WHEREAS, Article V, Section 9 of the Charter of the City of Fort Collins allows the Council to make supplemental appropriations provided that the total amount of such supplemental appropriations for the fiscal year does not exceed the then current estimate of actual and anticipated revenues to be received by the City during the fiscal year; and WHEREAS, Article II, Section 6, of the Charter of the City of Fort Collins allows the Council to pass an emergency ordinance on the first reading upon the affirmative vote of at least five (5)members of the Council,provided that the ordinance contains a specific statement of the nature of the emergency; and WHEREAS, City staff has determined that pending Project improvements will be substantially delayed, and progress on the implementation of the Water Treatment Master Plan impaired at a substantial cost to the City, if the proceeds of the proposed bond transaction are not available for expenditure immediately upon final completion of the financing transaction. NOW, THEREFORE, BE 1T ORDAINED BY rHE COUNCIL OF THE CITY OF FORT COLLINS as follows: Section 1. That,contingent on approval by the Enterprise Board of Ordinance No. 4, there is hereby appropriated upon receipt from bond proceeds the sum of FOUR MILLION NINE HUNDRED NINETY EIGHT THOUSAND THREE HUNDRED NINETY FIVE DOLLARS ($4,998,395) in the Water Fund Water Treatment Master Plan capital project. Section 2. That the immediate adoption of this Ordinance is necessary to preserve, protect and advance the general welfare of the residents of the City of Fort Collins, and the Council hereby determines that an emergency exists requiring immediate passage of this Ordinance to prevent unanticipated delays in completion and cost increases that would result from suspension of construction of capital projects required according to the Water Treatment Master Plan,which capital projects are intended to protect the health, safety, and welfare of all citizens of Fort Collins. Section 3. That, for the foregoing reasons, this Ordinance is enacted pursuant to Article II, Section 6,of the Charter of the City of Fort Collins as an emergency Ordinance and shall be effective immediately upon its passage. Introduced,considered favorably by 7-0 members of the Council of the City of Fort Collins and finally passed as an Emergency Ordinance and ordered published this 18th day of May, A.D. 1999. Mayor ATTEST: 6 i City Clerk ����F