HomeMy WebLinkAbout007 - 02/03/2009 - APPROPRIATING REVENUE IN THE DOWNTOWN DEVELOPMENT AUTHORITY DEBT SERVICE FUND FOR PAYMENT OF DEBT SE ORDINANCE NO. 007, 2009
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING REVENUE IN THE
DOWNTOWN DEVELOPMENT AUTHORITY DEBT SERVICE FUND
FOR PAYMENT OF DEBT SERVICE ON BOND SERIES 2008A FOR THE YEAR 2009
WHEREAS, the 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. 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 City Council, in Ordinance No. 147, 2008, authorized the issuance of
$10,488,000 of Subordinate Tax Increment Revenue Bonds, Series 2008A, dated December 16,
2008and
WHEREAS, the DDA's payment for principal and interest debt service requirements on
the 2008A bonds will be $3,604,813 in 2009; 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 that there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of THREE MILLION SIX HUNDRED
FOUR THOUSAND, EIGHT HUNDRED AND THIRTEEN DOLLARS ($3,604,813) for
payment of debt service on the 2008A Taxable Subordinate Tax Increment Revenue Bonds.
Introduced, considered favorably on first reading, and ordered published this 20th day of
January, A.D. 2009, and to be presented for final passage on th d day of February, A.D. 2009.
ayor
AT-17' ST:
r J .
UL
City Clerk
Passed and adopted on final reading on the 3rd day of February, A.D. 2009.
lop
Mayor
ATTEST:
City Clerk