HomeMy WebLinkAbout096 - 09/20/2005 - APPROPRIATING PROCEEDS FROM THE ISSUANCE OF CITY OF FORT COLLINS, COLORADO, WASTEWAER UTILITY ENTERP ORDINANCE NO. 096, 2005
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PROCEEDS FROM THE ISSUANCE OF CITY OF FORT COLLINS,
COLORADO, WASTEWATER UTILITY ENTERPRISE, SEWER REVENUE REFUNDING
BONDS, SERIES 2005, DATED OCTOBER 3, 2005, IN THE MAXIMUM AGGREGATE
PRINCIPAL AMOUNT OF $11,900,000
IN THE WASTEWATER UTILITY FUND
WHEREAS, upon passage on first and second reading of Ordinance No. 4 of the Board
of the City of Fort Collins, Colorado, Wastewater Utility Enterprise (the "Bond Ordinance"), the
Enterprise intends to issue City of Fort Collins, Colorado, Wastewater Utility Enterprise, Sewer
Revenue Refunding Bonds, Series 2005, Dated October 3, 2005, in the Maximum Aggregate
Principal Amount of$11,900,000 (the "Bonds"); and
WHEREAS, the issuance of the Bonds, and the appropriation of the proceeds thereof, is
necessary to complete the refunding of the City's Sewer Revenue Refunding Bonds, Series 2005;
and
WHEREAS, proceeds from the Bonds of $11,900,000 were not included in the 2005
budget, the appropriation of which is necessary to authorize the payment to the refunded bond
escrow agent and 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, does 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 $11,900,000 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 the 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
ELEVEN MILLION NINE HUNDRED THOUSAND DOLLARS ($11,900,000) are hereby
appropriated in the Wastewater Fund for payment to the refunded bond escrow agend and bond
issuance costs 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 6th day of
September, A.D. 2005, and to be presented for final passa o the 20th day of Septem r, A.D.
2005.
i
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 20th day of September, A.D. 2005.
Mayor
ATTEST:
City Clerk