HomeMy WebLinkAbout132 - 11/07/1995 - APPROPRIATING FUNDS FOR THE OPERATIONS AND MAINTENANCE OF THE DOWNTOWN DEVELOPMENT AUTHORITY FOR THE ORDINANCE NO. 132, 1995
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING FUNDS FOR THE OPERATIONS AND
MAINTENANCE OF THE DOWNTOWN DEVELOPMENT AUTHORITY FOR THE
FISCAL YEAR BEGINNING JANUARY 1, 1996, AND ENDING DECEMBER 31, 1996,
AND FIXING THE MILL LEVY FOR THE DOWNTOWN DEVELOPMENT AUTHORITY
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 5, 1995, 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, 1996, 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 Board of Directors of the Downtown Development Authority has
recommended to the Council of the City of Fort Collins adoption of a mill levy of 3.7853 mills upon
each dollar of assessed valuation of all taxable property in the Downtown Development Authority
District; and
WHEREAS, the City of Fort Collins recommends that the mill levy set by the Board of
Directors of the Downtown Development Authority be set at the same rate as was adopted for 1995
(4.05 mills) rather than reducing the mill levy, because of the potential ramifications of such a
reduction under Article X, Section 20 of the Colorado Constitution; and
WHEREAS, the Board of Directors of the Downtown Development Authority has also
recommended to the Council of the City of Fort Collins an appropriation of TWO HUNDRED
FIFTY-FOUR THOUSAND SIX HUNDRED SEVENTY-FOUR DOLLAR ($254,674) for
operation and maintenance of the Downtown Development Authority for the fiscal year beginning
January 1, 1996, and ending December 31, 1996; and
WHEREAS, the City's Financial Officer has advised the Council that the appropriation
amount requested by the DDA exceeds by $8,865, the amount actually needed to satisfy the debt
service obligations of the DDA in fiscal year 1996; and
WHEREAS, it is the desire of the Council of the City of Fort Collins to appropriate the sum
of TWO HUNDRED FORTY-FIVE THOUSAND EIGHT HUNDRED THIRTY-NINE DOLLARS
($245,839) for operation and maintenance of the Downtown Development Authority for the fiscal
year beginning January 1, 1996, and ending December 31, 1996; 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, 1995; and
WHEREAS, the Council of the City of Fort Collins recommends that the operations and
maintenance budget for the Downtown Development Authority be resubmitted to the Board of
Directors of the Downtown Development Authority for its approval based upon the appropriations
and mill levy approved for the Downtown Development Authority,pursuant to the provisions of this
Ordinance for the fiscal year beginning January 1, 1996, and ending December 31, 1996.
NOW,THEREFORE,BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS:
Section 1. That there be, and hereby is, appropriated out of the revenues of the
Downtown Development Authority for the fiscal year beginning January 1, 1996 and ending
December 31, 1996,the sum of TWO HUNDRED FORTY-FIVE THOUSAND EIGHT HUNDRED
THIRTY-NINE DOLLARS ($245,839), to be raised by taxation and otherwise,to be expended for
the authorized-purposes-of the District.-
Section 2. That the mill levy rate for the 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, 1996, shall be 4.05 mills, which levy represents the amount of taxes for
the District purposes to provide for payment during the aforementioned budget year of all properly
authorized expenditures to be incurred bythe District. SaiLlmill levy shall'oe certified to the County
Assessor and the Board of County Commissioners of Larimer County, Colorado by the City Clerk
as provided by law.
Introduced and considered favorably on first reading and ordere published this 17th day of
October, A.D. 1995, and to be presented for final passage on the d of Novembe 1995.
Mayor
ATTEST:
liaa"
City Clerk
Passed and adopted on final reading this 7th day of N emJ r, A.D. 19
s
ayor
ATTEST:
j City Clerk