HomeMy WebLinkAbout010 - 02/05/2002 - APPROPRIATING PROCEEDS FROM THE ISSUANCE OF CITY OF FORT COLLINS, COLORADO, STORMWATER UTILITY ENTER ORDINANCE NO. 010, 2002
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PROCEEDS FROM THE ISSUANCE OF CITY OF FORT COLLINS,
COLORADO, STORMWATER UTILITY ENTERPRISE, STORM DRAINAGE
REVENUE BONDS, SERIES 2002, DATED FEBRUARY 1, 2002, IN THE
AGGREGATE PRINCIPAL AMOUNT OF $12,300,000
WHEREAS, upon passage on first and second reading of Ordinance No. 6 of the Board of
the City of Fort Collins, Colorado, Stormwater Utility Enterprise, the Enterprise intends to issue
City of Fort Collins, Colorado, Stormwater Utility Enterprise, Storm Drainage Revenue Bonds,
Series 2002, Dated February 1, 2002, in the Aggregate Principal Amount of $12,300,000 (the
"Bonds"); and
WHEREAS, the issuance of the Bonds is consistent with the City's Stormwater
Financing Plan, adopted by Council on August 21, 2001; and
WHEREAS, the issuance of the Bonds, and the appropriation of the proceeds thereof, is
necessary to complete construction of $12,000,000 of improvements in the City's Canal
Importation and Dry Creek storm drainage basins; and
WHEREAS, proceeds from the Bonds of$300,000 were not included in the 2002 budget,
the appropriation of which is necessary to authorize the payment of bond issuance costs; and
WHEREAS, Section 19.3(b) of Article V of the City Charter provides that an enterprise
board of the City shall not exercise powers reserved to the Council by the City Charter or
otherwise (other than the power to issue revenue bonds and other obligations); and
WHEREAS, Article V, Section 9, of the Charter of the City of Fort Collins permits the
City Council to make supplemental appropriations by ordinance at any time during the fiscal
year, provided that the total amount of such supplemental appropriations, in conjunction with all
previous appropriations for that fiscal year, do not exceed the current estimate of actual and
anticipated revenues to be received during the fiscal year; and
WHEREAS, City staff has determined that the appropriation of the previously
unappropriated proceeds of the Bonds in the amount of $12,300,000 will not cause the total
amount appropriated in the relevant funds to exceed the current estimate of actual and anticipated
revenues to be received during any fiscal year.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
FORT COLLINS that the previously unappropriated proceeds of the Bonds in the amount of
TWELVE MILLION THREE HUNDRED THOUSAND DOLLARS ($12,300,000) are hereby
appropriated in the Storm Drainage Fund as follows: Storm Drainage Fund Operations and
Maintenance (for bond issuance costs) THREE HUNDRED THOUSAND DOLLARS
($300,000); Canal Importation Basin Project TEN MILLION SIX HUNDRED THOUSAND
DOLLARS ($10,600,000); and Dry Creek Basin Project ONE MILLION FOUR HUNDRED
THOUSAND DOLLARS ($1,400,000), contingent upon the final adoption of the Bond
Ordinance and the final sale and issuance of the Bonds by the Enterprise.
Introduced, considered favorably on first reading, and ordered published this 15th day of
January, A.D. 2002, and to be presented for final passage on the 5th day of February, A.D. 2002.
Mayor
ATTEST:
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City Clerk
Passed and adopted on final reading this 5th day of February, A.D. 2002.
Mayor
ATTEST:
City Clerk