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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