HomeMy WebLinkAbout044 - 10/11/1962 - CREATING A FUND TO BE KNOWN AS THE CAPITAL IMPROVEMENTS REVOLVING FUND, SUCH FUND TO BE USED FOR CAP ORDINANCE N0. 44 1962
BEING AN ORDINANCE CREATING A FUND TO BE KNOWN AS
THE CAPITAL.IMPROVEMENTS .REVOLVING FUND, SUCH FUND
TO BE USED-FOR CAPITAL EXPENDITURES..AND APPROPRIATING
' THE. SUM OF $200,000.00 OUT OF THE GENERAL FUND SURPLUS
FOR SUCH CAPITAL IMPROVEMENTS REVOLVING FUND
WHEREAS, Section 27 of Article V of the Charter of,the City of Fort
Collins provides that the City Council may create special funds by Ordinance,
-and
WHEREAS, said section further`provides that any Ordinance creating a
special fund shall specify the source of revenue and purposes and manner of
expenditure, and
WHEREAS, the Council of the City of Fort Collins desires to create
such a special fund for the purpose hereinafter mentioned.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS:
Section 1. There is hereby created a special fund to be known as
the Capital Improvements Revolving Fund.
Section 2. . Such Capital Improvements Revolving'Fund shall be used
for such capital expenditures as may be authorized by the Council of the City
of Fort Collins from time to time.
Section 3. There is hereby appropriated and- transferred into said
Fund from the General Fund Surplus of the City of Fort Collins the sum of Two
Hundred Thousand Dollars ($200,000.00)' and the Council of the City of Fort
Collins may from time to time hereafter add to such Fund-from such sources as
may be available.
Section 4. Expenditures from such Fund shall be authorized by
Ordinance of the Council of the City of Fort bollins and all such .expenditures
f`
out of such Fund shall be for capital improvements,
Section 5. All monies in said Fund shall be invested in Government
bonds or bonds of the City of Fort Collins by the Director of Finance or in .
such other securities as may be authorized by the City Council by resolution.
Introduced, considered favorably on first reading and ordered published
this 20th day of September, 1962, and to be presented for final passage on the
llth day of October, 1962.
J
Mayor
ATTEST:
City Cler
Passed and adopted on final reading this llth day of October, 1962.
n .
Mayor
ATTEST:
City Cle k