HomeMy WebLinkAbout034 - 03/17/2015 - APPROPRIATING UNANTICIPATED REVENUE FROM INTEREST EARNINGS AND REAPPROPRIATING EXISTING PROJECT FUNDORDINANCE NO. 034, 2015
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING UNANTICIPATED REVENUE FROM INTEREST EARNINGS AND
REAPPROPRIATING EXISTING PROJECT FUNDS
FOR EXPENDITURE ON PROJECTS AND PROGRAMS IN ACCORDANCE
WITH THE DOWNTOWN PLAN OF DEVELOPMENT
WHEREAS, on April 21, 1981, the City adopted Ordinance No. 46, 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 of the
City 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 from 2008 through 2012 have accrued interest earnings in
the amount of $29,220; and
WHEREAS, DDA and City staff have identified previously committed project funds in
the amount of $438,611 which are currently available and are not needed in 2015 for the
planned project; and
WHEREAS, on February 12, 2015, the Board of Directors of the DDA voted to
recommend to the City Council of the City the appropriation of the above -referenced interest
earnings and previously committed project funds for expenditure on the Old Town Square
Renovation; 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, the appropriation of the unanticipated 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 the fiscal year.
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 FOUR HUNDRED SIXTY SEVEN THOUSAND EIGHT HUNDRED
THIRTY-ONE DOLLARS ($467,831) to be used for the Old Town Square Renovation Project.
Introduced, considered favorably on first reading, and ordered published this 3rd day of
March, A.D. 2015, and to be presented for final passage on the l7th day of March, A.D. 2015.
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Passed and adopted on final reading on the 17th day of March, A.D. 2015.
City Clerk
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