HomeMy WebLinkAbout051 - 04/29/1980 - APPROPRIATING RESERVE FUNDS IN THE SEVEN-YEAR CAPITAL FUND OF THE CITY FOR PAYMENT INTO AN ESCROW AC ORDINANCE NO 51 , 1980
OF THE COUNCIL OF THE CITe OF FUPT COLLINS
APPROPRIATING RESERVE FUNDS IN THE SEVEN-YEAP CAPITAL FUND
OF THE CITY FOR PAYMENT INTO AN ESCROW ACCOUNT OF SUFFICIENT
SUMS NECESSARY TO PAY TOTAL PRINCIPAL AND INTERFST ON SALES AND
USE TAX REVENUE BONDS AUTHORIZED BY ORDINANCE NO 33, 1977
WHEREAS, reserves accumulated in prior years exist in the Seven-Year
Capital Fund, and
WHEREAS, Article V, Section 8 of the Charter of the city of Fort
Collins provides that the Council by ordinance may authorize payment of
expenses from reserves accumulated in prior years notwithstanding that such
reserves were not appropriated for expenditure in the annual Appropriation
Ordinance, and
WHEREAS, in order to issue sales and use tax revenue bonds, the City
must demonstrate that sufficient provisions have been made to pay the total
principal and interest which will be due on sales and use tax revenue bonds
which were authorized by Ordinance No 33, 1977, and
WHEREAS, these assurances may best be demonstrated by placing said
amount in escrow
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated from reserves accumulated in
prior years in the Seven-Year Capital Fund the sum of Twenty-Seven Thousand
Dollars ($27,000 00) to be placed in an escrow account to be hereinafter
established by the City Council for the purpose of providing sufficient
sums necessary to pay total principal and interest on sales and use to>
revenue bonds authorized by Ordinance No 33, 1977
Introduced, considered favorably on first reading, and ordered pub-
lished this 15th da) of April A D 1 0 and to be presented r final
passage on the 29thday of April , A D 80
Mayor
ATT T o
,ty Jerk
Passed and adopted on final reading its r29th day f Aril A D
1930
r �
Mayo
ATTEST
City lerl