HomeMy WebLinkAbout147 - 11/18/2003 - APPROPRIATING PRIOR YEAR RESERVES IN THE WASTEWATER FUND FOR PREPAYMENT OF DEBT SERVICE ORDINANCE NO. 147, 2003
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES
IN THE WASTEWATER FUND FOR PREPAYMENT OF DEBT SERVICE
WHEREAS, the City of Fort Collins Wastewater fund is projected to have $17,600,000 of fund
balance at the end of 2003; and
WHEREAS, $2,275,000 of such funds have not been committed to or appropriated for any other
use and are available for the prepayment of outstanding bonds; and
WHEREAS,Ordinance No. 2 of the Wastewater Utility Enterprises provides that the outstanding
2004 and 2005 bonds may be prepaid, without penalty, on December 1, 2003; and
WHEREAS, the Council of the City of Fort Collins finds that avoidance of future debt service
interest costs is prudent and in the best interest of the Wastewater Utility; and
WHEREAS, Article V, Section 9, of the Charter of the City of Fort Collins permits the City
Council to appropriate by ordinance at any time during the fiscal year such funds for expenditure as may
be available from reserves accumulated in prior years, notwithstanding that such reserves were not
previously appropriated.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated for expenditure from prior year reserves in the Wastewater
Fund the total sum of TWO MILLION TWO HUNDRED SEVENTY FIVE THOUSAND DOLLARS
($2,275,000)for payment the principal portion of debt service on the Series 1996 bonds maturing in 2004
and 2005.
Introduced,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 Nove er, A.D. 2003.
ayor
TT
City Clerk
Passed and adopted on final reading this 18th day of November, A.D. 2003.
ayor
ATTEST:
City Clerk /gjfe�G u/J