HomeMy WebLinkAbout098 - 07/15/1997 - APPROPRIATING PRIOR YEAR USE TAX CARRYOVER RESERVES FOR THE MANUFACTURERS USE TAX REBATE PROGRAM ORDINANCE NO. 98, 1997
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR USE TAX CARRYOVER RESERVES
FOR THE MANUFACTURER'S USE TAX REBATE PROGRAM
WHEREAS, in March 1996, City Council approved a temporary rebate program for use
tax paid on manufacturing equipment; and
WHEREAS, the goal of this two-year program is to support the local economic base by
providing modest tax relief to manufacturing concerns located in Fort Collins; and
WHEREAS, in December 1996, twenty-seven (27) applications were sent to qualified
manufacturers; and
WHEREAS, the City has received ten applications requesting a rebate for a total of
approximately $380,000 to be returned to the manufacturers; and
WHEREAS, the money to rebate these funds is available in the Sales and Use Tax Fund
Use Tax Carryover Reserve; and
WHEREAS, Article V, Section 9, of the Charter of the City of Fort Collins permits the
City Council to appropriate by ordinance at any time during the fiscal year such funds for
expenditure as may be available from reserves accumulated in prior years, notwithstanding that
such reserves were not previously appropriated.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated for expenditure from the Sales and Use Tax Fund Use
Tax Carryover Reserve the sum of THREE HUNDRED EIGHTY THOUSAND DOLLARS
($380,000) for the Manufacturer's Use Tax Rebate Program.
Introduced, considered favorably on first reading, and ordered,)ublished-this lst,day of
July, A.D. 1997, and to be presented for final passage on the 15thday of July, A.D. P97.
Mayor ,
ATTEST:
iLl
City Clerk �1
Passed and adopted on final reading this 15th day of Jul 1997.
r.:
Mayor
ATTEST:
lu-)IA� e
City Clerk