HomeMy WebLinkAbout072 - 07/05/2022 - MAKING SUPPLEMENTAL APPROPRIATIONS INTHE GOLF FUND FROM ANTICIPATED LEASE FINANCING PROCEEDS AND AUTORDINANCE NO. 072, 2022
OF THE COUNCIL OF THE CITY OF FORT COLLINS
MAKING A SUPPLEMENTAL APPROPRIATIONS IN THE GOLF FUND FROM
ANTICIPATED LEASE FINANCING PROCEEDS AND AUTHORIZING TRANSFERS
FROM THE GOLF FUND FOR THE SOUTHRIDGE GOLF COURSE IRRIGATION
PROJECT AND RELATED ART IN PUBLIC PLACES
WIIEREAS, on June 7, 2022, the City Council adopted Ordinance No. 062, 2022, to
authorize and approve the issuance of certificates of participation in a lease -lease back transaction
for the funding of certain City capital projects ("2022 COPs"); and
WHEREAS, one of the City capital projects designated to be funded with some of the
proceeds from the 2022 COPS is the installation of a new irrigation system at the City's Southridge
Golf Course (the "Project"); and
WHEREAS, the purpose of this appropriation and transfer of funds is to authorize the use
of a portion of the proceeds the City will be receiving from the issuance of the 2022 COPs to fund
the Project and the related expenditures under the City's Art in Public Places program ("APP
Program"); and
WHEREAS, this appropriation and transfers benefit the public health, safety and welfare
of the citizens of Fort Collins and serve the public purpose of funding a new irrigation system for
the Southridge Golf Course and providing public art under the APP Program; and
WHEREAS, since the Project involves construction estimated to cost more than $250,000,
Section 23-304 of the City Code requires one percent of these qualified appropriations to be
transferred to the Cultural Services and Facilities Fund for use in the APP Program; and
WHEREAS, the total cost of the Project is $5,181,415 and includes a prior appropriation
of $125,000 completed in the City's 2019 annual appropriation and a prior appropriation of
$1,200,000 in Ordinance No. 001, 2022, ("Ordinance No. 001") and the total cost of the Project,
excluding the closing costs of $181,415, has been used to calculate the contributions to the APP
Program; and
WHEREAS, contributions to the APP program in the total amount of $13,250 was included
in Ordinance No. 001 and the total amount to be contributed in this Ordinance is $36,750; and
Wl IEREAS, it is intended that $1,200,000 of the proceeds received from the 2022 COPs
are to be used to reimburse the Golf Fund for the funds appropriated in and previously expended
under Ordinance No. 001 for the Project by depositing such proceeds in the reserves of the Golf
Fund, as such reimbursement has been authorized by City Council in Resolution 2022-058; and
WHEREAS, Article V, Section 9 of the City Charter permits the City Council, upon
recommendation of the City Manager, to make a supplemental appropriation by ordinance at any
time during the fiscal year, provided that the total amount of such supplemental appropriation, in
combination with all previous appropriations for that fiscal year, do not exceed the current estimate
of actual and anticipated revenues and all other funds to be received during the fiscal year; and
WHEREAS, the Interim City Manager has recommended the appropriations described
herein and determined that these appropriations are available and previously unappropriated from
the Golf Fund and will not cause the total amount appropriated in the Golf Fund to exceed the
current estimate of actual and anticipated revenues and all other funds to be received in this Fund
during this fiscal year, which will include proceeds from the issuance of the 2022 COPs; and
WHEREAS, Article V, Section 10 of the City Charter authorizes the City Council, upon
recommendation by the City Manager, to transfer by ordinance any unexpended and
unencumbered appropriated amount or portion thereof from one fund or capital project to another
fund or capital project, provided that the purpose for which the transferred funds are to be expended
remains unchanged, the purpose for which the funds were initially appropriated no longer exists,
or the proposed transfer is from a fund or capital project in which the amount appropriated exceeds
the amount needed to accomplish the purpose specified in the appropriation ordinance; and
WI IEREAS, the Interim City Manager has recommended the transfer of $36,750 from the
Golf Fund to the Cultural Service & Facilities Fund and determined that the purpose for which the
transferred funds are to be expended remains unchanged; and
WHEREAS, Article V, Section 11 of the City Charter authorizes the City Council to
designate in the ordinance when appropriating funds for a capital project that such appropriation
shall not lapse at the end of the fiscal year in which the appropriation is made but continue until
the completion of the capital project; and
WHEREAS, the City Council wishes to designate the appropriation herein for the Project
as an appropriation that shall not lapse until the completion of the Project.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1. That the City Council hereby makes and adopts the determinations and
findings contained in the recitals set forth above.
Section 2. That there is hereby appropriated from new revenue or other funds in the
Golf Fund the sum of THREE MILLION NINE HUNDRED EIGHTY-ONE THOUSAND FOUR
HUNDRED FIFTEEN DOLLARS ($3,981,415) to be expended in the Golf Fund for the Project.
Section 3. That the unexpended and unencumbered appropriated amount of
TWENTY-EIGHT THOUSAND SIX HUNDRED SIXTY-FIVE DOLLARS ($28,665) in the
Golf Fund is hereby authorized for transfer to the Cultural Services and Facilities Fund and
appropriated therein for the APP Program art projects.
Section 4. That the unexpended and unencumbered appropriated amount of SEVEN
THOUSAND THREE HUNDRED FIFTY DOLLARS ($7,350) in the Golf Fund is authorized for
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transfer to the Cultural Services and Facilities Fund and appropriated therein for the APP Program
operation costs.
Section 5. That the unexpended and unencumbered appropriated amount of SEVEN
HUNDRED THIRTY-FIVE DOLLARS ($735) in the Golf Fund is authorized for transfer to the
Cultural Services and Facilities Fund and appropriated therein for the APP Program maintenance
costs.
Section 6. That the appropriation herein for the Project is hereby designated, as
authorized in Article V, Section 11 of the City Charter, as an appropriation that shall not lapse at
the end of this fiscal year but continue until the completion of the Project.
Section 7. That ONE MILLION TWO HUNDRED THOUSAND DOLLARS
($1,200,000) of the proceeds received from the 2022 COPS shall be deposited into the reserves of
the Golf Fund to reimburse it for the funds appropriated in and previously expended under
Ordinance No. 001, 2022 for the Project, as intended by City Council Resolution 2022-058.
Introduced, considered favorably on first reading, and ordered published this 21st day o,.
June, A.D. 2022, and to be presented for final passage on the 5th day op*, A.D. 2022.
Passed and adopted on final reading this 5th day of JuIye*.D. 2022.
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City Clerk, SEAL
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