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HomeMy WebLinkAbout079 - 07/17/2007 - APPROPRIATING PROCEEDS FROM THE ISSUANCE OF CITY OF FORT COLLINS, COLORADO, STORMWATER UTILITY ENTER ORDINANCE NO. 079, 2007 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING PROCEEDS FROM THE ISSUANCE OF CITY OF FORT COLLINS, COLORADO, STORMWATER UTILITY ENTERPRISE, STORMWATER UTILITY REVENUE REFUNDING BONDS, SERIES 2007A and SERIES 2007B, IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $21,820,000 IN THE STORMWATER UTILITY FUND WHEREAS,upon passage on first and second reading of Ordinance No 008,of the Board of the City of Fort Collins, Colorado, Stormwater Utility Enterprise (the "Bond Ordinance"), the Enterprise intends to issue City of Fort Collins, Colorado, Stonmwater Utility Enterprise, Stormwater Utility Revenue Refunding Bonds, Series 2007A and Series 2007B, in the Maximum Aggregate Principal Amount of$21,820,000 (the"Bonds"); and WHEREAS,the issuance of the Bonds,and the appropriation of the proceeds thereof, is necessary to complete the refunding, paying and discharging or all or a portion of the Stormwater Enterprise's outstanding Storm Drainage Revenue Refunding Bonds and Improvement Bonds, Series 1997,and a portion of the outstanding Storm Drainage Revenue Bonds, Series 1999; and WHEREAS, proceeds from the Bonds, in the amount of $21,820,000, were not included in the 2007 budget,and the appropriation of such proceeds is necessary to authorize the payment to the refunded bond escrow agent and of bond issuance costs; and WHEREAS, Section 19.3(b) of Article V of the Charter of the City of Fort Collins (the "Charter") provides that an enterprise board of the City shall not exercise any power reserved to the City Council by the Charter or otherwise, except the power to issue revenue bonds and other obligations; and WHEREAS, Article V, Section 9, of 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 conjunction with all previous appropriations for that fiscal year, does not exceed the current estimate of actual and anticipated revenues to be received during the fiscal year; and WHEREAS, City staff has determined that the appropriation of the previously unappropriated proceeds of the Bonds in the amount of$21,820,000 will not cause the total amount appropriated in the relevant funds to exceed the current estimate of actual and anticipated revenues to be received during any fiscal year. NOW,THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS that the previously unappropriated proceeds of the Bonds in the amount of TWENTY-ONE MILLION EIGHT-HUNDRED TWENTY THOUSAND DOLLARS ($21,820,000) are hereby appropriated in the Stormwater Fund for payment to the refunded bond escrow agent and bond issuance costs contingent upon the final adoption of the Bond Ordinance and the final sale and issuance of the Bonds by the Enterprise. Introduced, considered favorably on first reading, and ordered published this 19th day of June, A.D. 2007, and to be presented for final passage on the 17th day of July, A.D. 2007. r Mayo ' ATTT,,EST:0I1 City Clerk Passed and adopted on final reading on the 17th f July, A.D. 2007. Mayo ATTEST: City Clerk