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HomeMy WebLinkAbout116 - 11/20/2007 - APPROPRIATING REVENUE IN THE DOWNTOWN DEVELOPMENT AUTHORITY DEBT SERVICE FUND FOR PAYMENT OF DEBT SE ORDINANCE NO. 116, 2007 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 2008 WHEREAS, the Fort Collins 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 of the State of Colorado, Section 31-25-801, C.R.S. et seq. (the "Act"), and the powers of the DDA Board of Directors include the power to borrow money and to finance public improvements within the boundaries of the DDA; and WHEREAS, the Council, in Ordinance No. 088, 2004, authorized the issuance of $6,235,000 of Subordinate Tax Increment Revenue Bond, Series 2004A, dated June 14, 2004; and WHEREAS, the Council, in Ordinance No. 016, 2007, authorized the issuance of $5,700,000 of Subordinate Tax Increment Revenue Bond, Series 2007A, dated February 20, 2007; and WHEREAS, the DDA's payment for principal, interest, and debt service requirements on the total outstanding bonds will be $2,723,360 in 2008; and WHEREAS, the Council, in Ordinance No. 128, 1998, authorized the issuance of Lease Certificates of Participation Series 1998 in the amount of$17,210,000 of which $6,920,000 is attributable to the Civic Center Parking Structure (the "Parking Structure"); and WHEREAS, pursuant to its intergovernmental agreement with the City and Larimer County, the DDA has agreed to pay one-third of the lease payments attributable to the Parking Structure each year through 2011; and WHEREAS, the DDA's share of the 2007 lease payments for the Parking Structure is $282,079; and WHEREAS, pursuant to Section 31-25-816, C.R.S., the appropriation of DDA debt service is subject to approval by the City 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 TWO MILLION SEVEN HUNDRED TWENTY THREE THOUSAND THREE HUNDRED SIXTY DOLLARS ($2,723,360) for payment of debt service on previously issued and outstanding bonds. Section 2. That there is hereby appropriated for expenditure from the Downtown Development Authority Debt Service Fund the sum of TWO HUNDRED EIGHTY TWO THOUSAND SEVENTY NINE DOLLARS ($282,079), which amount is hereby authorized for transfer to the City of Fort Collins Capital Leasing Corporation Fund to be used to cover the DDA's one-third share of the lease payment on the Civic Center Parking Structure. Introduced, considered favorably on first reading, and ordered published this 16th day of October, A.D. 2007, and to be presented for final passage on the 20th day of November, A.D. 2007. Mayo ATTEST: City Clerk Passed and adopted on final reading on the 20th day of NADNember, A.D. 2007 May ATTEST: iu)p� .�� -". City Clerk