HomeMy WebLinkAbout150 - 11/18/2003 - APPROPRIATING REVENUE IN THE DOWNTOWN DEVELOPMENT AUTHORITY DEBT SERVICE FUND FOR PAYMENT OF DEBT SE ORDINANCE NO. 150, 2003
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 2004
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, 1992, and 2001; and
WHEREAS, through the adoption of Ordinance No. 50, 2001, the City Council authorized
the issuance of new Tax Increment Revenue and Refunding Bonds (the"2001 Bonds"),in order to
invoke an early call provision on the City's 1992 Downtown Development Authority Tax Increment
Revenue Refunding and Improvement Bonds, in the aggregate principal amount of THREE
MILLION SIX HUNDRED FORTY THOUSAND DOLLARS ($3,640,000); and
WHEREAS,the DDA's payment for principal,interest,and debt service requirements on the
2001 Bonds is ONE MILLION THREE HUNDRED EIGHTY-TWO THOUSAND THIRTY-EIGHT
DOLLARS ($1,382,038); and
WHEREAS,through the adoption of Ordinance No. 142,2003,the City Council authorized
the issuance of new Tax Increment Revenue Bonds (the"2003 Bonds"), in order to finance certain
capital improvements and capital projects, and providing for the pledge of certain incremental ad
valorem tax revenues to pay the principal of, interest on, and any premium due in connection with
the redemption of the bonds in the aggregate principal amount of ONE MILLION DOLLARS
($1,000,000); and
WHEREAS, interest on the 2003 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 DDA Board of Directors ("DDA Board")
include the power to borrow money and to finance public improvements within the boundaries of
the DDA; and
WHEREAS, Ordinance No. 142, 2003, also allows Council to appropriate tax increment
funds for purposes of debt service payments for obligations other than those of the 2003 Bonds; and
WHEREAS, on October 2, 2003,the DDA Board adopted a 2004 Budget that provided for
the payment of debt service on the 2003 Bonds; 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 2004 lease payments for the Parking Structure is
$281,224; 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 2004 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
EIGHTY-TWO THOUSAND THIRTY-EIGHT DOLLARS ($1,382,038) for payment of debt
service in 2004 on the 2001 Bonds authorized by Council in Ordinance No. 50, 2001.
Section 2. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of ONE MILLION DOLLARS($1,000,000)for
payment of debt service in 2004 on the 2003 Bonds authorized by Council in Ordinance No. 142,
2003.
Section 3. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of TWO HUNDRED EIGHTY-ONE
THOUSAND TWO HUNDRED TWENTY-FOUR DOLLARS($281,224),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 THIRTY-FIVE THOUSAND ONE
HUNDRED TWELVE DOLLARS ($35,112) for interest payment in 2004 on the 2000 Bonds.
Introduced and considered favorably on first reading and ordered published this 4th day of
November, A.D. 2003, and to be presented for final passage on the 18th day of November, A.D.
2003.
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 18th day of November,-A.D. 2003.
ayor
ATTEST:
A71
City Clerk �9(;y AA