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HomeMy WebLinkAbout173 - 11/16/1999 - APPROPRIATING REVENUE IN THE DDA DEBT SERVICE FUND FOR PAYMENT OF DEBT SERVICE FOR THE YEAR 2000 ORDINANCE NO. 173, 1999 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 2000 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, and 1992; and WHEREAS,through the adoption of Ordinance No.36, 1992,the City Council most recently authorized the issuance of new Tax Increment Revenue and Refunding Bonds(the"1992 Bonds"), in order to invoke an early call provision on the City's 1988 Downtown Development Authority Tax Increment Revenue Refunding and Improvement Bonds, in the aggregate principal amount of ELEVEN MILLION THREE HUNDRED EIGHTY THOUSAND DOLLARS ($11,380,000); and WHEREAS, interest on the 1992 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 ofthe State of Colorado,Section 31-25-801 et. seq (the "Act"), and the powers of the authority include the power to borrow money and to finance public improvements within the boundaries of the DDA; and WHEREAS,Ordinance No.36, 1992,also allows Council to appropriate tax increment funds for purposes of debt service payments for obligations other than those of the 1992 Bonds; and WHEREAS,on October 7, 1999,the Board ofthe DDA adopted a 2000 Budget that provided for the payment of debt service on the 1992 Bonds; and WHEREAS, in addition, the Board of the DDA is continuing its program to assist and encourage downtown renovation and revitalization by providing funding to pay debt service incurred for the acquisition and renovation of facades, construction and installation of public improvement, acquisitions of property interests and any other purpose authorized under CRS 31-25-801 et sec.,and the funds received for this purpose must be transferred from the Downtown Development Authority Debt Service Fund to the Downtown Development Authority Operations and Maintenance Fund;and WHEREAS,the Council of the City of Fort Collins,in Ordinance No. 128, 1998 authorized the issuance of Tax Increment Revenue Refunding and 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 applicable to the Parking Structure; and WHEREAS,the Downtown Development Authority will participate in the financing of the Civic Center Parking Structure; and WHEREAS, the Downtown Development Authority's share of the 2000 payments for the Parking Structure is $282,129; and WHEREAS, pursuant to Section 31-25-816, the DDA budget is subject to approval by the 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 TWO HUNDRED SIXTY- EIGHT THOUSAND EIGHT HUNDRED TWENTY DOLLARS($1,268,820)for payment of debt service in 2000 on the 1992 Bonds authorized by Council in Ordinance No. 36, 1992. Section 2. That there is hereby appropriated for expenditure from the Downtown Development Authority Debt Service Fund the sum of ONE HUNDRED THOUSAND DOLLARS ($100,000) and authorized for transfer to the Downtown Development Authority Operations and Maintenance Fund to be used for purposes of debt service payments incurred for facade acquisitions and sidewalk improvements. Section 3. That there is hereby appropriated for expenditure from the Downtown Development Authority Debt Service Fund the sum of TWO HUNDRED EIGHTY-TWO THOUSAND ONE HUNDRED TWENTY-NINE DOLLARS($282,129)and authorized fortransfer 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. Introduced and considered favorably on first reading and ordered published this 2nd day of November, A.D. 1999, and to be presented for final passage on the 16t1z day of November, A.D. 1999. Mayor ATTEST: City Clerk Passed and adopted on final reading this 16th day of November, A'.ID. 1999. Mayor ATTEST: City Clerk