HomeMy WebLinkAbout071 - 06/07/1994 - APPROPRIATING UNANTICIPATED REVENUE IN THE NATURAL AREAS CAPITAL PROJECT WITHIN THE CAPITAL PROJECTS ORDINANCE NO. 71, 1994
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING UNANTICIPATED REVENUE IN THE NATURAL AREAS
CAPITAL PROJECT WITHIN THE CAPITAL PROJECTS FUND
WHEREAS, Article V, Section 14, of the Charter of the City of Fort Collins
(the "Charter") authorizes the City Council to appropriate unanticipated revenues
which are the result of new revenue sources at any time during the year in which
such revenue is received; and
WHEREAS, the City Council passed Resolution 94-20 on February 1, 1994,
which authorized the purchase of 25 acres of land and the purchase of water
rights for public natural areas and storm drainage purposes, for $273,025; and
WHEREAS, said land acquisition was structured as a bargain-sale in which
the total value of the land and water rights was estimated at $335,000, and the
sale included a gift of $61,975 to the City of Fort Collins; and
WHEREAS, the foregoing land acquisition was to be accomplished using funds
from the 1/4 cent sales & use tax dedicated for natural areas totalling $217,279,
and appropriation from reserves in the Storm Drainage Fund totalling $55,746; and
WHEREAS, subsequent to CounciT approvaT, the seffers of the property
elected to restructure the acquisition agreement such that the City paid the full
value of the property and simultaneously received a cash donation of $61,975; and
WHEREAS, under the restructured agreement, the additional funds for the
full value purchase price came from the Natural Areas capital project budget
within the Capital Projects Fund.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS
that a cash donation totalling SIXTY-ONE THOUSAND NINE HUNDRED SEVENTY-FIVE
DOLLARS ($61,975) received by the City and resulting from the acquisition of
twenty-five (25) acres of land and the purchase of water rights which was
previously approved by the City Council , is hereby appropriated for expenditure
from unanticipated revenue in the Capital Projects Fund, Natural Areas capital
project.
Introduced, considered favorably on first reading, and ordered published
this 17th day of May, A.D. 1994, and to be presen o final pa on the 7th
day of June, A.D. 1994.
yor
ATTEST:
City Clerk
Passed and adopted on final re:or
his 7t :of�June, A1994.
ATTEST:
City Clerk