HomeMy WebLinkAbout115 - 11/20/2007 - APPROPRIATING DOWNTOWN DEVELOPMENT AUTHORITY OPERATING FUNDS AND FIXING THE MILL LEVY FOR FISCAL YEA ORDINANCE NO. 115, 2007
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING DOWNTOWN
DEVELOPMENT AUTHORITY OPERATING FUNDS
AND FIXING THE MILL LEVY FOR FISCAL YEAR 2008
WHEREAS, the Fort Collins Downtown Development Authority (the "DDA") has been
duly organized in accordance with Section 31-25-804, C.R.S.; and
WHEREAS, on September 13, 2007, the DDA Board of Directors (the "DDA Board"),
acting under the provisions of Section 31-25-816, C.R.S., adopted a budget for the fiscal year
beginning January 1, 2008, and determined the mill levy necessary to provide for payment
during fiscal year 2008 of all properly authorized expenditures to be incurred by the DDA; and
WHEREAS, it is the desire of the Council to appropriate the sum of SIX MILLION,
SEVEN HUNDRED NINE THOUSAND, ONE HUNDRED FOUR DOLLARS ($6,709,104) in
the DDA Operation and Maintenance Fund for the fiscal year beginning January 1, 2008 and
ending December 31, 2008, to be used as follows:
DDA Projects from anticipated bond proceeds $5,802,900
DDA Operations & Maintenance 906,204
WHEREAS, the DDA Board has recommended to the Council a mill levy of 5.0 mills
upon each dollar of assessed valuation of all taxable property within the DDA District, such levy
representing the amount of taxes for DDA purposes necessary to provide for payment during the
ensuing fiscal year for all properly authorized expenditures to be incurred by the DDA; and
WHEREAS, Section 39-5-128(1), C.R.S., requires certification of any tax levy to the
Board of County Commissioners no later than December 15 of each year.
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 Operations and Maintenance Fund the sum of NINE HUNDRED SIX
THOUSAND TWO HUNDRED FOUR DOLLARS ($906,204), to be expended for the
authorized purposes of the DDA.
Section 2. That there is hereby appropriated for expenditure from the Downtown
Development Authority Operations and Maintenance Fund the sum of FIVE MILLION EIGHT
HUNDRED TWO THOUSAND NINE HUNDRED DOLLARS ($5,802,900), to be raised by
bond proceeds anticipated to be issued in 2008.
Section 3. That the 2008 mill levy rate for the taxation upon each dollar of the
assessed valuation of all taxable property within the boundaries of the DDA as of December 31,
2007 shall be 5.0 mills, which levy represents the amount of taxes for DDA purposes to provide
for payment during the aforementioned fiscal year of all properly authorized expenditures to be
incurred by the DDA. Said mill levy shall be certified to the County Assessor and the Board of
County Commissioners of Larimer County, Colorado,by the City Clerk as provided by law.
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.
O
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading on the 20th day of N ber, A.D. 2007.
v
May
ATTEST:
City Clerk