HomeMy WebLinkAbout038 - 04/20/2010 - AMENDING SECTION 26-392 OF THE CITY CODE REGARDING THE CITY'S ELECTRIC UTILITY ENTERPRISE ORDINANCE NO. 038, 2010
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AMENDING SECTION 26-392 OF THE CODE OF THE CITY OF FORT COLLINS
REGARDING THE CITY'S ELECTRIC UTILITY ENTERPRISE
WHEREAS, by Ordinance No. 060, 1993, the City has heretofore established the City of
Fort Collins, Colorado, Electric Utility Enterprise (the "Enterprise"), as an enterprise of the City
within the meaning of Article X, §20 of the Colorado Constitution; and
WHEREAS,the City Council desires to authorize the Enterprise to have and exercise certain
powers in furtherance of its purposes.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS, COLORADO, as follows:
Section 1. That Section 26-392 of the Code of the City of Fort Collins is hereby
amended by the addition of two new subparagraphs (c) and (d) which read in their entirety as
follows:
Sec. 26-392. Utility considered a City-owned enterprise.
(c) The enterprise shall also be authorized to have and exercise the following
powers in furtherance of its purposes: to hold meetings concurrently with regular or-
special meetings of the City Council; to have and use a seal; to issue its revenue
bonds for purposes related to the electrical utility system in the manner in which City
revenue bonds may be issued; to pledge any revenues of the City's electrical utility
system to the payment of such revenue bonds and to pay such revenue bonds
therefrom; to enter into contracts relating to the electrical utility system in the
manner in which City contracts may be entered into; to make representations,
warranties and covenants relating to the electrical utility system on behalf of the
City; to exercise rights and privileges of the City relating to the electrical utility
system; and to bind the City to perform any obligation relating to the electrical utility
system other than any multiple-fiscal year direct or indirect debt or other financial
obligation of the City without adequate present cash reserves pledged irrevocably
and held for payments in all future years.
(d) All revenues and expenditures of the City or the Enterprise relating to the
electrical utility system shall be considered revenues and expenditures of the
Enterprise.
Section 2. That all action not inconsistent with the provisions of this Ordinance
heretofore taken by the City or its officers and otherwise directed toward the authorization of the
Enterprise to have and exercise certain powers in furtherance if its purposes is hereby ratified,
approved and confirmed.
Section 3. That all ordinances,resolutions,bylaws,order and other instruments,or parts
thereof, inconsistent herewith are hereby repealed to the extent only of such inconsistency. This
repealer shall not be construed to revive any ordinance,resolution,bylaw,order,or other instrument,
or part thereof, heretofore repealed.
Section 4. That, if any section, subsection,paragraph, clause or other provisions of this
Ordinance shall for any reason be held to be invalid or unenforceable, the invalidity or
unenforceability thereof shall not affect any of the remaining sections, subsections, paragraphs,
clauses or provisions of this Ordinance.
Introduced, considered favorably on first reading, and ordered published this 6th day of
April, A.D. 2010, and to be presented for final passage on the 2 ay of April, A.D. 2010
Mayo
ATTEST:
City Clerk
Passed and adopted on final reading on the 20th day of phi- , A.D. 2010.
Mayo
-ATTEST: -
7711k�a _ `
City'Clerk