HomeMy WebLinkAbout129 - 11/03/2015 - APPROPRIATING PRIOR YEAR RESERVES IN THE DOWNTOWN DEVELOPMENT AUTHORITY FUND FOR EXPENDITURE ON PROJ ORDINANCE NO. 129, 2015
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE DOWNTOWN DEVELOPMENT
AUTHORITY FUND FOR EXPENDITURE ON PROJECTS AND PROGRAMS IN FISCAL
YEAR 2015 IN ACCORDANCE WITH THE DOWNTOWN PLAN OF DEVELOPMENT
WHEREAS, on April 21, 1981, the City adopted Ordinance No. 046, 1981, establishing
the Fort Collins, Colorado Downtown Development Authority (the "DDA"); and
WHEREAS, the DDA's Plan of Development was approved by the City Council on
September 8, 1981, and established the purpose of the DDA and the types of projects and
programs in which the DDA would participate; and
WHEREAS, bond proceeds received from City bonds issued on behalf of the DDA in
2008 and 2010 have accrued interest earnings in the,amount of$13,508; and
WHEREAS, DDA staff has also identified project savings of $63,836 from bond
proceeds currently in reserves; and
WHEREAS, on April 9, 2015, and August 13, 2015, the DDA's Board of Directors voted
to recommend to the City Council the appropriation of the above-referenced funds for
expenditure on DDA projects and programs as hereinafter provided in fiscal year 2015; and
WHEREAS, said projects and programs are authorized in the Downtown Plan of
Development and are projects and programs that can be funded with these bond proceeds and
with this interest that has accrued from bond proceeds; 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 has determined that the appropriation of the anticipated revenue as
described herein will not cause the total amount appropriated in the DDA Fund to exceed the
current estimate of actual and anticipated revenues to be received in that fund during fiscal year
2015.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
FORT'COLLINS that there is hereby appropriated for expenditure from reserves in the DDA
Fund the sum of SEVENTY SEVEN THOUSAND THREE HUNDRED FORTY-FOUR
DOLLARS ($77,344) to be used in fiscal year 2015 for the. DDA projects and programs stated
below:
1 _
Old Town Square Maintenance $42,344
Holiday Lights—2015/2016 Season 35,000
Total Projects/Programs $77,344
Introduced, considered favorably on first reading, and ordered published this 20th day of
October, A.D. 2015, and to be presented for final passage on the 3rd day of November, A.D.
2015.
pORTCO``y
Mayor
ATTEST:
U. l. y
COLORP��
City Clerk
Passed and adopted on final reading on the 3rd day of November, A.D. 2015.
rs�It C•°[L.Y Mayor
ATTEST: � � •s
.'10
••co OAP
City Clerk
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