HomeMy WebLinkAbout043 - 04/03/1984 - APPROPRIATING UNANTICIPATED REVENUE IN THE DOWNTOWN DEVELOPMENT AUTHORITY FUND FOR RAILROAD TRACK RE ORDINANCE NO. 43 , 1984
OF THE COUNCIL OF THE CITY OF FORT COLLINS
BEING AN ORDINANCE APPROPRIATING UNANTICIPATED
REVENUE IN THE DOWNTOWN DEVELOPMENT AUTHORITY FUND
FOR RAILROAD TRACK RELOCATION
WHEREAS, Article V, Section 15 of the Charter of the City of Fort
Collins permits the Council to appropriate unanticiapted revenue received
at any time during the year; and
WHEREAS, the Downtown Development Authority (DDA) will be issuing
Bonds in the approximate amount of $8 million; and
WHEREAS, until such time as the bond proceeds are received, the City
has by intergovernmental agreement issued a line of credit to the DDA
to be used to begin projects; and has, pursuant thereto, loaned $745,000 to
the DDA; and
WHEREAS, the City will be repaid for all funds advanced pursuant to
said intergovernmental agreement when the bond proceeds are received;
and
WHEREAS, Burlington Northern will not sign the agreement allowing the
Railroad Track Relocation project to begin until the DDA's share of the
funding has been appropriated; and
WHEREAS, the Council wishes the DDA to proceed with this project
in a timely manner.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated for expenditure from unantici-
pated revenue in the Downtown Development Authority Fund the sum of SEVEN
HUNDRED FORTY-FIVE THOUSAND DOLLARS ($745,000) to be used for the DDA's
portion of Railroad Track Relocation and Mason Street Construction.
Introduced, considered favorably on first reading, and ordered pub-
lished this 20th day of March, A.D. 1984, and to be presented for final
passage on the 3rd day of April , A?. 84.
ATTEST:
e
City Clerk
Passed and adopted on final reading this 3rd day of April , A.D.
1984.
Mayor
A�TT�En(S1�Tl�Q,T,
City Clerk