HomeMy WebLinkAbout034 - 04/17/1990 - APPROPRIATING $1.6 MILLION FOR TRANSFER FROM GENERAL FUND UNDESIGNATED RESERVE TO THE SPECIAL ASSESS ORDINANCE NO. 34, 1990
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING $1.6 MILLION FOR TRANSFER FROM THE GENERAL FUND UNDESIGNATED
RESERVE TO THE SPECIAL ASSESSMENTS DEBT SERVICE FUND RESERVE AND
APPROPRIATING $465,000 IN THE SPECIAL ASSESSMENTS DEBT SERVICE FUND RESERVE
FOR EXPENDITURE BY THE FINANCIAL OFFICER IN 1990
WHEREAS, there has been created by Resolution 90-49 a reserve within
the Special Assessments Debt Service Fund (the "Reserve") ; and
WHEREAS, the Financial Officer of the City of Fort Collins has
recommended that monies be appropriated for transfer to the Reserve from
the General Fund Undesignated Reserve for the purpose of satisfying certain
bonded indebtedness of the City with respect to special assessment bonds;
and
WHEREAS, the monies transferred into the Reserve shall be expended
according to such subsequent appropriations as may be approved by the
Council of the City of Fort Collins (the "Council ") by ordinance; and
WHEREAS, the Council does not intend that use of any monies
appropriated to the Reserve be pledged for payment of the debt service on
any special assessment bond or that any bondholder be entitled to compel
the City to use such monies for such purposes.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1 . That One Million Six Hundred Thousand Dollars
($1,600,000) be, and the same is, appropriated for transfer from the
General Fund Undesignated Reserve to the Special Assessments Debt Service
Fund Reserve; and
Section 2. That Four Hundred Sixty-Five Thousand Dollars ($465,000)
be, and the same hereby is, appropriated in the Special Assessment Debt
Service Fund Reserve for expenditure in 1990 for the purpose of satisfying
such bonded indebtedness of the City with respect to special assessment
bonds as may be deemed necessary and desirable by the Financial Officer.
Introduced, considered favorably on first reading, and ordered
published this 3rd day of April , A.D. 1990, and to be presented for final
passage on the 17th day of April , A.D. 990.
ATTEST: M yor
City Clerk
Passed and adopted on final reading this
. 17th day of April , A.D. 1990.
Mayo
ATT�ST�City Clerk