HomeMy WebLinkAbout2006-083-08/15/2006-APPROVING THE DOWNTOWN DEVELOPMENT AUTHORITYS CALL FOR A SPECIAL ELECTION TO BE HELD IN CONJUNCTION RESOLUTION 2006-083
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROVING THE DOWNTOWN DEVELOPMENT AUTHORITY'S
CALL FOR A SPECIAL ELECTION TO BE HELD IN CONJUNCTION
WITH THE LARIMER COUNTY GENERAL ELECTION ON NOVEMBER 7, 2006
FOR THE PURPOSE OF SUBMITTING A PROPOSED BALLOT MEASURE
TO THE QUALIFIED ELECTORS OF THE DOWNTOWN DEVELOPMENT
AUTHORITY DISTRICT
WHEREAS,at its regular meeting on July 6,2006,the Board of Directors of the Downtown
Development Authority (the "Authority"), by resolution, called for a special election (the "DDA
Election")ofthe qualified electors of the Downtown Development Authority District for the purpose
of submitting to the electors a question regarding the issuance of debt by the City to finance
development projects in furtherance of the Downtown Development Authority plan of development;
and
WHEREAS,Section 31-25-807(3)(b),C.R.S.,requires approval by the City Council for such
DDA Election; and
WHEREAS, Section 31-25-807(3)(b), C.R.S., requires that the DDA Election be held and
conducted in the manner prescribed by law for the holding and conducting of other regular or special
elections in the municipality; and
WHEREAS, by adoption of Ordinance No. 110, 2006 this same date, the Council has
heretofore called a special election to be held in conjunction with the Larimer County General
Election on November 7,2006 and provided for the manner in which the election will be conducted.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1. That a special election, called by the Board of Directors of the Downtown
Development Authority, to be held on November 7, 2006 in conjunction with the Latimer County
General Election, is hereby approved.
Section 2. That the election shall be conducted by the Larimer County Clerk and
Recorder and coordinated with the Larimer County General Election pursuant to the provisions of
Ordinance No. 110, 2006, an intergovernmental agreement between the City of Fort Collins and
Larimer County, and the laws of the State of Colorado.
Section 3. That the question,as set forth below, shall be submitted only to the qualified
electors of the Downtown Development Authority District as defined in C.R.S. 31-25-802(9), and
no qualified elector may cast more than one vote, even though any person qualified or lawfully
designated may be entitled to cast the vote of more than one qualified elector.
Section 4. That the following question is hereby submitted to the qualified electors of
the Downtown Development Authority District at said special municipal election in substantially the
following form,provided,however,that the title of said measure,as shown below,maybe modified
so as to read "A City-Initiated Measure" if, in the judgment of the Larimer County Clerk and
Recorder,such modification is necessary to accommodate the number of ballot measures that are to
be submitted to the electorate at the November 7, 2006 general election:
CITY OF FORT COLLINS
A CITY-INITIATED MEASURE TO AUTHORIZE THE
ISSUANCE OF BONDS FOR DOWNTOWN DEVELOPMENT
AUTHORITY PROJECTS
SHALL CITY OF FORT COLLINS DEBT BE INCREASED BY NO MORE THAN
$150,000,000 WITH A REPAYMENT COST OF $250,000,000 FOR THE
PURPOSE OF FINANCING THE COSTS OF DEVELOPMENT PROJECTS TO
BE UNDERTAKEN BY OR ON BEHALF OF THE FORT COLLINS
DOWNTOWN DEVELOPMENT AUTHORITY PURSUANT TO THE
APPLICABLE PROVISIONS OF COLOR-ADO LAW AND THE FORT COLLINS
DOWNTOWN DEVELOPMENT AUTHORITY PLAN OF DEVELOPMENT,AS
SUCH PLAN MAY BE AMENDED FROM TIME TO TIME; SUCH DEBT AND
THE INTEREST THEREON TO BE PAYABLE SOLELY FROM AND SECURED
BY A PLEDGE OF THE SPECIAL FUND OF THE CITY WHICH SHALL
CONTAIN AD VALOREM PROPERTY TAX INCREMENT REVENUES
LEVIED AND COLLECTED WITHIN THE BOUNDARIES OF THE
AUTHORITY; AND SHALL SUCH DEBT BE EVIDENCED BY BONDS,
NOTES, CONTRACTS OR OTHER FINANCIAL OBLIGATIONS TO BE SOLD
OVER TIME IN ONE SERIES OR MORE FOR A PRICE ABOVE OR BELOW
THE PRINCIPALAMOUNT THEREOF,ON SUCH TERMS AND CONDITIONS,
AND WITH SUCH MATURITIES AS MAY BE PERMITTED BY LAW AND AS
THE CITY COUNCIL MAY DETERMINE, INCLUDING PROVISIONS FOR
REDEMPTION OF THE DEBT PRIOR TO MATURITY WITH OR WITHOUT
PAYMENT OF THE PREMIUM OF NOT MORE THAN 3%OF THE PRINCIPAL
AMOUNT SO REDEEMED AND SHALL THE PROCEEDS FROM SUCH DEBT
AND ANY INVESTMENT INCOME EARNED FROM SUCH PROCEEDS BE
COLLECTED AND SPENT AS A VOTER-APPROVED REVENUE CHANGE
UNDER SECTION 20 OF ARTICLE X OF THE COLORADO CONSTITUTION?
YES
NO
Passed and adopted at a regular meeting of the ou it of the ity o in hi th
day of August, A.D. 2006.
i
Mayor
ArTTEST:
UL
City Clerk