HomeMy WebLinkAbout058 - 06/01/2010 - APPROPRIATING $200,000 FROM PRIOR YEAR RESERVES IN THE GENERAL FUND FOR THE CITY'S CONTRIBUTION FOR ORDINANCE NO. 058, 2010
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING $200,000 FROM PRIOR YEAR RESERVES IN THE
GENERAL FUND FOR THE CITY'S CONTRIBUTION FOR THE
BOXELDER OVERFLOW PROJECT
WHEREAS, the City and the Town of Timnath (the "Town") entered into an
intergovernmental agreement dated February 17,2009,which was approved by the City Council by
the adoption of Ordinance No. 011, 2009 (the "IGA"); and
WHEREAS, the IGA states that the City and the Town will share the cost of the Boxelder
Overflow Project (the "Project") as such Project is defined in the IGA ; and
WHEREAS, pursuant to the IGA, the maximum amount of the City's contribution to the
Project is $2 million, and the IGA establishes a schedule (the "Contribution Schedule") by which
the City is to appropriate and transfer its contribution to an escrow account established pursuant to
the IGA; and
WHEREAS,the Contribution Schedule requires that the City irrevocably pledge toward the
City's contribution the sum of$806,000 in undesignated General Fund reserves and such pledge was
made by Ordinance No. 012, 2009 (the "Pledge"); and
WHEREAS,the City's initial contribution under the Contribution Schedule is in the amount
of$200,000; and
WHEREAS,Article V,Section 9,ofthe City Charter 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.
WHEREAS,City staff has determined that the appropriation described herein will not cause
the total amount appropriated in the General Fund to exceed the current estimate of actual and
anticipated revenues to be received in that fund during the fiscal year.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated for expenditure in the General Fund the sum of TWO
HUNDRED THOUSAND DOLLARS ($200,000) for transfer to the escrow fund for the Boxelder
Overflow Project..
Introduced, considered favorably on first reading, and ordered published this 18th day of
May, A.D. 2010, and to be presented for final passage on the 1 a of June, A.D. 2010.
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading on the 1 st day of J e, .D. 2010.
Mayo
ATTEST:
City Clerk