HomeMy WebLinkAbout122 - 11/19/1991 - APPROPRIATING ANNUAL EXPENDITURES FOR, FIXING THE MILL LEVY FOR, AND APPROVING THE BUDGET OF THE DOW ORDINANCE NO. 122 , 1991
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING THE ANNUAL EXPENDITURES FOR,
FIXING THE MILL LEVY FOR,
AND APPROVING THE BUDGET OF THE
DOWNTOWN DEVELOPMENT AUTHORITY FOR THE
FISCAL YEAR BEGINNING JANUARY 1 , 1992, AND
ENDING DECEMBER 31 , 1992
WHEREAS, the Fort Collins Downtown Development Authority has been duly
organized in accordance with Section 31-25-804, C.R.S. ; and
WHEREAS, on October 3, 1991 , the Board of Directors of the Downtown
Development Authority, under the provisions of Section 31-25-816, C.R.S. , adopted
a budget for the fiscal year ending December 31, 1992, and determined the mill
levy necessary to provide for payment during the ensuing budget year of all
properly authorized demands against the Downtown Development Authority; and
WHEREAS, the City of Fort Collins recommends that the Downtown Development
Authority appropriate THIRTY-NINE THOUSAND THREE HUNDRED FIFTY-NINE DOLLARS
($39,359) in addition to the appropriations adopted by the Downtown Development
Authority Board of Directors on October 3, 1991 ; and
WHEREAS, the additional appropriations would be used to transfer monies
to the Downtown Development Authority's Debt Service Fund in order to bring
reserves to the level required by the provisions pursuant to which the DDA tax
increment bonds were issued; and
WHEREAS, it is the desire of the Council of the City of Fort Collins to
approve said budget of the Downtown Development Authority as revised to include
the additional appropriations as recommended by the City, and to appropriate
the sum of TWO HUNDRED THIRTY-SEVEN THOUSAND THREE HUNDRED FORTY-ONE DOLLARS
($237,341) for Operations and Maintenance of the Downtown Development Authority;
and
WHEREAS, the Board of the Downtown Development Authority has recommended
to the Council of the City of Fort Collins adoption of a mill levy of 4.05 mills
upon each dollar of assessed valuation of all taxable property in the Downtown
Development Authority District; and
WHEREAS, Section 39-5-128(1) , C.R.S. , requires certification of any tax
levy to the Board of County Commissioners no later than December 15, 1991 .
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS:
Section 1 . That the budget for the Downtown Development Authority be, and
it hereby is, approved for the fiscal year ending December 31 , 1992, as follows:
Operating Expenses
Personal Services $ 88,356
Contractual 95, 126
Commodities 4,000
Capital Outlay 500
Other 49,359
Total $237,341
Section 2. That there be, and hereby is, appropriated out of the revenues
of the Downtown Development Authority for the fiscal year beginning January 1 ,
1992 and ending December 31 1992, the sum of TWO HUNDRED THIRTY-SEVEN THOUSAND
THREE HUNDRED FORTY-ONE DOLLARS ($237,341) , to be raised by taxation and
otherwise, to be expended for the authorized purposes of the District.
Section 3. That the mill levy rate for taxation upon each dollar of the
assessed valuation of all taxable property within the Downtown Development
Authority District for the fiscal year ending December 31, 1992, shall be 4.05
mills. This levy represents the amount of taxes needed to provide for payment
of all properly authorized expenditures to be incurred by the District during
this budget year. Said mill levy shall be certified to the County Assessor and
the Board of County Commissioners of Larimer County, Colorado by the City Clerk
as provided by law.
Introduced, considered favorably on first reading, and ordered published
this 15th day of October, A.D. 1991, and to be presented for final passage on
the 19th day of November, A.D. 1991 .
ayor
TTEST:
City Clerk
Passed and adopted on final reading this 19th day of November, A.D. 1991 .
Mayor
ATTEST:
City clbw