HomeMy WebLinkAbout164 - 12/16/2003 - APPROPRIATING UNANTICIPATED REVENUE IN THE CAPITAL PROJECTS FUND FOR TRANSFER TO THE CAPITAL LEASING ORDINANCE NO. 164, 2003
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING UNANTICIPATED REVENUE IN THE CAPITAL PROJECTS FUND
FOR TRANSFER TO THE CAPITAL LEASING CORPORATION FUND
TO BE USED TO FOR INTEREST ASSOCIATED WITH THE
DEBT SERVICE PAYMENTS ON THE
CITY OFFICE BUILDING AT 215 NORTH MASON AVENUE
AND THE CIVIC CENTER PARKING STRUCTURE
WHEREAS,on August 4, 1998,City Council adopted Ordinance No. 128, 1998,approving
and authorizing the City to enter into agreements in connection with the execution and delivery of
lease certificates of participation, thereby approving a mechanism to secure funding for projects
associated with the Civic Center Plan, including the Office Building, located at 215 N. Mason and
the Civic Center Parking Structure (the "Projects"); and
WHEREAS, the total amount of financing for the"Projects"was$17.2 million dollars; and
WHEREAS, during the design and construction of the "Projects," proceeds from the
financing were invested, and earnings on the invested funds were more than originally estimated;
and
WHEREAS,now that the"Projects"are substantially complete,the aforementioned interest
earnings, totaling $718,668, are available in the Capital Projects Fund, but have not yet been
appropriated; and
WHEREAS, the said interest earnings can be used for "Project" improvements and/or
payment of interest on semi-annual lease payments associated with the lease certificates of
participation; and
WHEREAS, the City's General Fund transfers money to the Capital Leasing Corporation
Fund,annually,for the purpose of making debt service payments associated with the"Project,";and
WHEREAS, staff recommends using the unappropriated interest earnings on the lease
certificates of participation to pay interest on the Project debt service payments, thereby saving the
General Fund $718,668; and
WHEREAS, Article V, Section 9, of the Charter of the City of Fort Collins (the "Charter")
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 combination with
all previous appropriations for that fiscal year, does not exceed the then current estimate of actual
and anticipated revenues to be received during any fiscal year; and
WHEREAS, staff has determined that the appropriation of interest earnings on the issuance
of lease certificates of participation,as described herein,will not cause the total amount appropriated
in the Capital Projects Fund-Office Building capital project to exceed the then current estimate of
actual and anticipated revenues to be received during the fiscal year; and
WHEREAS, it is the desire of Council to appropriate the sum of$718,668 in unanticipated
interest earnings in the Capital Projects Fund - Office Building capital project for transfer to the
Capital Leasing Corporation Fund,and appropriated therein,to be used for interest associated with
the debt service payments on the City Office Building at 215 N.Mason and the Civic Center Parking
Structure.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated for expenditure from unanticipated revenue in the
Capital Projects Fund - Office Building capital project, for transfer to the Capital Leasing
Corporation Fund and appropriated therein, the sum of SEVEN HUNDRED EIGHTEEN
THOUSAND SIX HUNDRED SIXTY-EIGHT ($718,668), in the form of interest earnings on the
proceeds from the issuance of lease purchase certificates of participation, to be used for interest
associated with the debt service payments on the City Office Building at 215 N.Mason and the Civic
Center Parking Structure.
Introduced and considered favorably on first reading and ordered published this 2nd day of
December, A.D. 2003, and to be presented for final passage on the 16th day of December, A.D.
2003.
Mayor
ATTEST:-Ah //
ol.0 S
City Clerk
Passed and adopted on final reading this 16th day of December, A.D. 2003.
Mayor
ATTEST:
ALI
City Clerk