HomeMy WebLinkAbout081 - 06/07/1988 - APPROPRIATING MONEY FROM GENERAL FUND RESERVES TO REPLENISH THE SURPLUS AND DEFICIENCY FUND ORDINANCE NO. 81 , 1988
APPROPRIATING MONEY FROM GENERAL FUND RESERVES
TO REPLENISH THE SURPLUS AND DEFICIENCY FUND
WHEREAS, the Charter of the City of Fort Collins at Article V, Section
20.5(c) authorizes the creation of a surplus and deficiency fund and the
use of money in the fund to meet the payment of outstanding securities and
interest on the securities whenever there is a deficiency in any special or
local improvement district fund; and
WHEREAS, since 1985, the Surplus and Deficiency Fund (the "Fund") has
yearly expenditures which are greater than incoming revenues; and
WHEREAS, it is anticipated that, in 1988, the Fund will be required to
make expenditures that are approximately Three Hundred Thousand Dollars
($300,000) greater than there are revenues remaining in the Fund; and
WHEREAS, it is the policy of the City of Fort Collins to use money
from the Fund to prevent the default in payment of principal and interest
to the holders of special or local improvement district bonds issued by the
City; and
WHEREAS, there is money available in General Fund Reserves to transfer
to the Fund so that there will be adequate money to prevent default in
payment to bondholders.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated from General Fund Reserves the
sum of THREE HUNDRED THOUSAND DOLLARS ($300,000.00) to the Surplus and
Deficiency Fund.
Introduced, considered favorably on first reading, and ordered
published this 17th day of May, A.D. 1988, and to bp presented for final
passage on the 7th day of June, A.D. 1988.
Mayor
ATTEST::
4�
City Clerk
Passed and adopted on final reading this 7th day of June, A.D. 1988.
Mayor
ATTEST:
I�
City Clerk