HomeMy WebLinkAbout010 - 03/02/2010 - APPROPRIATING PROCEEDS FROM THE ISSUANCE OF CITY OF FORT COLLINS, COLORADO, WASTEWATER UTILITY ENTER ORDINANCE NO. 010, 2010
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PROCEEDS FROM THE ISSUANCE OF CITY OF FORT COLLINS,
COLORADO, WASTEWATER UTILITY ENTERPRISE, SEWER REVENUE REFUNDING
BONDS, SERIES 2010A, IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF
$4,100,000, IN THE WASTEWATER UTILITY FUND
WHEREAS, upon passage on first and second reading of Ordinance No. 005 of the Board
of the City of Fort Collins, Colorado, Wastewater Utility Enterprise (the "Board Ordinance"), the
Enterprise intends to issue City of Fort Collins, Colorado, Wastewater Utility Enterprise, Sewer
Revenue Refunding Bonds, Series 2010A, to be issued during 2010, in the Maximum Aggregate
Principal Amount of$4,100,000 (the "Bonds"); and
WHEREAS, the issuance of the Bonds, and the appropriation of the proceeds thereof, is
necessary to complete the refunding of the City's Sewer Revenue Refunding Bonds, Series 2010A;
and
WHEREAS,proceeds from the Bonds of$4,100,000 were not included in the 2010 budget,
the appropriation of which 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 City Charter provides that an enterprise
board of the City shall not exercise powers reserved to the Council by the City Charter or otherwise
(other than the power to issue revenue bonds and other obligations); and
WHEREAS, Article V, Section 9, of the City Charter authorizes 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 combination 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$4,100,000 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 the fiscal year; and
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 FOUR
MILLION ONE HUNDRED THOUSAND DOLLARS ($4,100,000) are hereby appropriated in the
Wastewater 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 16th day of
February, A.D. 2010, and to be presented for final passage on 2,d day of March, A.D. 2010.
ayo
ATTEST:
City Clerk
Passed and adopted on final reading on the 2nd day of rcW A.D.,2010.
i
Mayo
ATTEST:
City Clerk