HomeMy WebLinkAbout062 - 07/07/2015 - APPROPRIATING UNANTICIPATED REVENUE RECEIVED FROM THE ESTATE OF PAUL N. GWYN IN THE RECREATION FUND ORDINANCE NO. 062, 2015
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING UNANTICIPATED REVENUE RECEIVED FROM THE ESTATE OF
PAUL N. GWYN IN THE RECREATION FUND FOR THE SENIOR CENTER AND IN THE
GENERAL FUND FOR THE POUDRE RIVER PUBLIC LIBRARY DISTRICT
WHEREAS, Paul N. Gwyn, a resident of Fort Collins since 1988, left a portion of his
estate to the City of Fort Collins for the benefit of the Senior Center and for the benefit of Poudre
River Public Library District; and
WHEREAS, Mr. Gwyn's last will and testament provides that $398,233 is to be used for
the exclusive benefit of the Senior Center and $398,233 is to be used for the exclusive benefit of
the Poudre River Public Library District (the "Library District"); and
WHEREAS, $50,000 will be used for the Community Gardens and other facility
upgrades at the Senior Center and the remaining $348,233 will be transferred to the Community
Foundation of Northern Colorado ("Community Foundation"); and
WHEREAS, the Community Foundation of Northern Colorado holds an endowment fund
for the Senior Center and, through an agreement with the Foundation, the Recreation,Fund will
receive a perpetual source of interest income that the Senior Center may draw on to support
programs at the Senior Center; and
WHEREAS, $348,233 will be paid to the Library District; and .
WHEREAS, Article V, Section 9, of the City Charter permits the City Council to make
supplemental appropriations by ordinance at any time during the fiscal year, provided that the
total amount of such supplemental appropriations, in combination with all previous
appropriations for that fiscal year, does not exceed the current estimate of actual and anticipated
revenues to be received during the fiscal year; and
WHEREAS, City staff have determined that the appropriation of the revenue as
described herein will not cause the total amount appropriated in the Recreation Fund to exceed
the current estimate of actual and anticipated revenues to be received in that fund during any
fiscal year; and
WHEREAS, City staff have determined that the appropriation of the revenue as
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 any fiscal
year.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
FORT COLLINS as follows:
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Section 1. That the City Council hereby acknowledges and agrees that Mr. Gwyn's
gifts to the City and the Library District under his will are conditional gifts requiring that they be
appropriated and used exclusively for the benefit of the Senior Center and the Library District.
Section 2. That it is hereby appropriated for expenditure from unanticipated revenue
in the Recreation Fund the sum of THREE HUNDRED NINETY-EIGHT THOUSAND TWO
HUNDRED AND THIRTY-THREE ($398,233) for the Community Gardens and other facility
upgrades at the Senior Center and for distribution to the Community Foundation to be deposited
in the City's endowment fund held and administered by the Community Foundation to be used
for the exclusive benefit of the Senior Center located at 1200 Raintree, Fort Collins, Colorado
80526.
Section 3. That it is hereby appropriated for expenditure from unanticipated revenue
in the General Fund the sum of THREE HUNDRED NINETY-EIGHT THOUSAND TWO
HUNDRED AND THIRTY-THREE ($398,233) to be used for the exclusive benefit of the
Library District.
Introduced, considered favorably on first reading, and ordered published this 2nd day of
.Tune, A.D. 2015, and to be presented for final passage on the 7th day of July, A.D. 2015.
Qnnt Cow �r
Mayor
6.
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ATTEST: ' S
COLORP
City Clerk
Passed and adopted on final reading on this 7th day of July, A.D. 2015.
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ATTEST:
City Clerk
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