HomeMy WebLinkAbout1992-145-09/15/1992-GENERAL OBLIGATION WATER REFUNDING BONDS 1992 WATER SYSTEM IMPROVEMENTS RESOLUTION 92-145
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING CITY STAFF TO PROCEED
WITH THE ISSUANCE OF GENERAL OBLIGATION WATER REFUNDING BONDS
SERIES 1992, DATED SEPTEMBER, 1992
IN THE AGGREGATE PRINCIPAL AMOUNT
OF $11,000,000
WHEREAS, the City Council authorized the issuance of the 1989 General
Obligation Water Bonds (the "Refunded Bonds") for the purpose of financing the
acquisition of water rights and construction of improvements to the City's water
system; and
WHEREAS, market conditions are favorable to a refunding of the 1989 bonds
which would result in a net present value savings of $350,000 to the City in
payment of the debt service; and
WHEREAS, the City will establish an escrow account for the payment of the
Refunded Bonds into which most of the proceeds of the 1992 issue will be
deposited; and
WHEREAS, interest rates are moving so rapidly that it may be in the City's
best financial interest to proceed with the issuance of the General Obligation
Water Refunding Bonds, Series 1992 (the "Refunding Bonds") before first reading
of the bond ordinance.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS
that the City Manager be, and hereby is, authorized to proceed with the issuance
of the General Obligation Water Refunding Bonds, Series 1992, not to exceed
$11,000,000.
Passed and adopted at a regular meeting of the Council of the City of Fort
Collins held this 15th day of September, A.D. 1992.
Mayor
ATTEST:
e
City Clerk