HomeMy WebLinkAbout133 - 11/07/1995 - APPROPRIATING REVENUE IN DOWNTOWN DEVELOPMENT AUTHORITY FUND FOR PAYMENT OF DEBT SERVICE FOR 1995 ORDINANCE NO. 133, 1995
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING REVENUE IN THE
DOWNTOWN DEVELOPMENT AUTHORITY FUND FOR
PAYMENT OF DEBT SERVICE FOR THE YEAR 1995
WHEREAS,the Council of the City of Fort Collins, in Ordinance No. 149, 1984, authorized
the issuance of Tax Increment 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 and 1988; 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 "1988
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 1988 Bonds is due and payable annually.
NOW,THEREFORE,BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated for expenditure from the Downtown Development
Authority Debt Service Fund the sum of ONE MILLION ONE HUNDRED FIFTY-SIX
THOUSAND TWENTY-TWO DOLLARS ($1,156,022)for payment of debt service in 1996 on the
bonds authorized by Council in Ordinance No. 36, 1992.
Introduced and considered favorably on first reading and ordered published this 17th day of
October, A.D. 1995, and to be presented for final passage on the ay of November, 95.
ayor
ATTEST:
City Clerk �—
Passed and adopted on final reading this 7th day of Nov er A.D. 1995
Mayor
ATTEST:
�,g,,�City Clerk