HomeMy WebLinkAbout1992 Resolution No. 041RESOLUT ION NO. !i.L
SERI!:;$ OF l!l92
A RESO LUTI ON APPROPRIATI NG FU NDS FRO M 'lri E Cl'IY O F ENG LEWOO D Gf.N l"1J\J.
FU ND. FOR PAYME NT OF THE l~'STALLATION AN D CONSTRUCTION OF
IM PROVE ~1E NT WITHIN SPECIAL IMPR OVE ME NT DISTRI CT NO . 1992· icC !C .
WH E REAS, the City Council ha s by Ordina nce No. 6 , S erl es of 19 92 , created a
S pecia l Improve ment Di s trict NO . 1992-ECIC a nd h as orde red the constructi o n a nd
Ins tallati on of certain Improvements within that Dl s lrlcl , a nd:
WHEREAS. the Iol a ! cost for s a id Improvem ents Is es llrna led al $:Jt ,1.900: a nd
WH E REA S, the pro perty within the Special Improve ment Di s trict s h all be
nsscssed fo r the tot a1 cos t of those tmprovemenls: and
WHE REAS, II. Is n ecessary lo a lloca te funds to pay for s aid Improve ments s ubject
to rdmbursemenl by assessme nt of the p ro perly wit hin th e Di s tric t:
NOW, THEREFORE . BE IT RESOLVED BY THE cm COUN CIL OF THE CllY OF'
l=:N GL~VOOD. COLORADO . AS FOLLOWS :
~-Thr. total estimated cost of the Improvements within Specia l
Improveme nt Dlslrtct N->. 1992-ECIC shall be appropriated from the City's General
Fund and shall be placed Into a fund designated "Special Improvement Distric t 1992-
ECIC Conslrucllon Fu:1ct."
Sl:l:l..ll!n..2. The property specially bencntted within the Special Improvement
District shall be a ssessed for the Improvements according lo an a s sessment ordinance.
upon completion of part or all of the Jmprov ements within the District. or when ever.
the total cost ca n be r eli a bly ascertained.
~ The following change In appropr ia tion Is hereby ma d e to the 1992
General Fu nd of the C ity of Englewood:
Sou rec of Fu ods ·
Ci ty of Engl ewood Gen eral Fund
Ao ollcauo o of f unds·
S pec ia l Improvement Dist r ict No . 1991-ECIC
$31 4 ,900
$3 !•1.000
The Clly Ma na~cr rmd t he Direc tor of Fl mm cial Se rvices .\re hereby m 1th nrlzcd
to m ake the above ch anges to the 1992 Bu clgct of th e City of Engle\\'Ood .
ADOPTED AND APPROVED this 18th day of februat)'. !!l!l2 .
...,l.o ucrls hla r\. Ellis. D eputy ity Cle rk
I I.Olli 11c;.h1;1 ,\ t·:llis. !)cp11ty City Cil'l"k fr-r t he Cit\" nr t·:1ulkW('Od. ("oh 11,ul11.
IH 1t·l \" 1 l It 1r~· lhc 11hm·L' Is ,l tnie lOJ)\' nf Rl'SOl11l l11n \"n. -!!..._. &-i f ·c; nl l '1!1~~
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Date
February 18, 1992
INITIATED BY
STAFF SOURCE
COU?,/1'.:JL COMMUNICATION
Agenda Item
11 b
Subject Appropriation for
Special lmprove-
mem Dl~trtct No . 1992-ECIC
Depr,rtment of Financial Services
Lorraine Hayes, Director of Financial Services
ISSUE/ ACTION PROPOSED
Staff recommends that City Council apprc,v e the attached resolution arncndl:,g the
1992 Annual Budget and appropriating monies for the construction of Special
Improvement District No . 1992-ECIC .
PREVIOUS COUNCIL ACTION
January 6 . 1992:
February 3 , 1992:
Febr u ary 3, 1992:
STAFF ANALYSIS
Resolution of Intent to form Special Improvement District
No. 1992-ECIC.
Public Hearing on formation of the dlstrtct.
Approval on first reading of bill for ordinance cr eating the
district.
In order to finance' the lmprove;nents contained In Special Improvement Dlstrt 't No .
1992-EC IC, s taff orit11ally planned to Include this project In last year's speclai
assessment district and Issue special assessment bonds to finan ce U1e construction.
After co nsulting wtti1 local Investment banking profession als, h oweve r , staff
co n cludccl s p ecial assessme nt bonds backed by undeve lop ed pro per ty would b e
llnattractive to Investors . Ther efor e , lhe project was r em oved fro m Ute 1991 dJ s trl c t.
S ta ff r eco mmends that U1e dbt:ric t be funded in 1992 wtti1 existin g Ge n er al Fund
reserv es. No de bt will be issu ed: the as5essm ents agai n s t U1 e property will p ay b ack
th e Gene ral Fllnd wiUt interest.
f'INAN CIAL
The a me ndme nt 11 11 d appropriatio n Wlll red \l ce Ut e Ge n er al Fut.ti h a lance by -
S3 14 .900 in 1992. Howe \'er. tl is expec ted tha t th e en tire amo unt witl t interes t \\111
be paid back to U1 e General Fund wllhlu te n years.