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HomeMy WebLinkAbout071 - 06/07/1994 - APPROPRIATING UNANTICIPATED REVENUE IN THE NATURAL AREAS CAPITAL PROJECT WITHIN THE CAPITAL PROJECTS ORDINANCE NO. 71, 1994 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING UNANTICIPATED REVENUE IN THE NATURAL AREAS CAPITAL PROJECT WITHIN THE CAPITAL PROJECTS FUND WHEREAS, Article V, Section 14, of the Charter of the City of Fort Collins (the "Charter") authorizes the City Council to appropriate unanticipated revenues which are the result of new revenue sources at any time during the year in which such revenue is received; and WHEREAS, the City Council passed Resolution 94-20 on February 1, 1994, which authorized the purchase of 25 acres of land and the purchase of water rights for public natural areas and storm drainage purposes, for $273,025; and WHEREAS, said land acquisition was structured as a bargain-sale in which the total value of the land and water rights was estimated at $335,000, and the sale included a gift of $61,975 to the City of Fort Collins; and WHEREAS, the foregoing land acquisition was to be accomplished using funds from the 1/4 cent sales & use tax dedicated for natural areas totalling $217,279, and appropriation from reserves in the Storm Drainage Fund totalling $55,746; and WHEREAS, subsequent to CounciT approvaT, the seffers of the property elected to restructure the acquisition agreement such that the City paid the full value of the property and simultaneously received a cash donation of $61,975; and WHEREAS, under the restructured agreement, the additional funds for the full value purchase price came from the Natural Areas capital project budget within the Capital Projects Fund. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS that a cash donation totalling SIXTY-ONE THOUSAND NINE HUNDRED SEVENTY-FIVE DOLLARS ($61,975) received by the City and resulting from the acquisition of twenty-five (25) acres of land and the purchase of water rights which was previously approved by the City Council , is hereby appropriated for expenditure from unanticipated revenue in the Capital Projects Fund, Natural Areas capital project. Introduced, considered favorably on first reading, and ordered published this 17th day of May, A.D. 1994, and to be presen o final pa on the 7th day of June, A.D. 1994. yor ATTEST: City Clerk Passed and adopted on final re:or his 7t :of�June, A1994. ATTEST: City Clerk