HomeMy WebLinkAbout107 - 11/16/2010 - APPROPRIATING REVENUE IN THE DOWNTOWN DEVELOPMENT AUTHORITY DEBT SERVICE FUND FOR PAYMENT OF DEBT SE 1
ORDINANCE NO. 107, 2010
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING REVENUE IN THE
DOWNTOWN DEVELOPMENT AUTHORITY DEBT SERVICE FUND
FOR PAYMENT OF DEBT SERVICE FOR THE YEAR 2010
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. (the "Act"), 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. 088, 2004, authorized the issuance of
$6,235,000 of Taxable Subordinate Tax Increment Revenue Bonds, Series 2004A, dated June 1,
2004; and
WHEREAS, the City Council, in Ordinance No. 147, 2008, authorized the issuance of
$10,488,000 of Taxable Subordinate Tax Increment Revenue Bonds,Series 2008A,dated December
16, 2008; and
WHEREAS,the DDA's payment for principal debt service requirements on the 2004A bonds
will be $1,345,000 in 2010 instead of the payment in 2011; and
WHEREAS, the DDA's payment for interest and financial advisory fees debt service
requirements on the 2008A will be $217,232 in 2010; 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 ONE MILLION FIVE HUNDRED SIXTY TWO
THOUSAND, TWO HUNDRED AND THIRTY TWO DOLLARS ($1,562,232) for payment of
debt service on the 2004A and 2008A Taxable Subordinate Tax Increment Revenue Bonds.
Introduced, considered favorably on first reading, and ordered published this 2nd day of
November, A.D. 2010, and to be presented for final passage on th th day of November, A.D.
2010.
It
Mayo
ATTEST:.
City Clerk
Passed and adopted on final reading on the I6th day of ve ber, A.D. 2010.
May
ATTEST:.
- A,�Cl
'Chief Deputy City Clerk