HomeMy WebLinkAbout1988-059-05/03/1988-AUTHORITY DOWNTOWN DEVELOPMENT IMPROVEMENT BONDS REFUNDING TAX INCREMENT REVENUE RESOLUTION 88-59
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE FINANCIAL OFFICER TO DIRECT
THE ISSUANCE OF CITY OF FORT COLLINS, COLORADO,
DOWNTOWN DEVELOPMENT AUTHORITY TAX INCREMENT
REVENUE REFUNDING AND IMPROVEMENT BONDS
WHEREAS, the City Council is empowered under Article V, Section 19 of
the Charter to borrow money and issue tax increment securities to finance
public improvements within the City of Fort Collins Downtown Development
Authority area boundaries; and
WHEREAS, Ordinance No. 95, 1987, Authorizing the Issuance of City of
Fort Collins Downtown Development Authority Tax Increment Revenue Refunding
and Improvement Bonds, was adopted on First Reading on June 2, 1987, with
final adoption subject to certain market conditions; and
WHEREAS, the Downtown Development Authority has recommended changes to
the financial structure of the Refunding and Improvement Bonds approved by
Council on First Reading; and
WHEREAS, the Council of the City of Fort Collins wishes to refund the
existing debt and issue additional bonds for projects within the Downtown
Development Authority area.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the Financial Officer be, and he hereby is, authorized, prior
to Second Reading of the Bond Ordinance No. 95, 1987, to direct the issue
and sale of a sum of Downtown Development Authority Tax Increment Revenue
Refunding and Improvement Bonds sufficient to refund, pay, and discharge
the currently outstanding Eight Million Eight Hundred Fifty Thousand
Dollars ($8,850,000) of the City of Fort Collins, Colorado, Downtown
Development Authority Tax Increment Refunding Bonds, Series 1985A, and
sufficient to finance projects within the Downtown Development District
area through the issuance of approximately Three Million Three Hundred
Thousand Dollars ($3,300,000) of additional parity bonds.
Passed and adopted at a regular meeting of the Council of the City of
Fort Collins held this 3rd day of May, A.D. 1988.
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ATTEST:
City Clerk