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HomeMy WebLinkAbout046 - 05/15/1990 - APPROPRIATING STORM DRAINAGE FUND PRIOR YEAR RESERVES FOR PRINCETON/DRAKE STORM SEWER ORDINANCE NO. 46, 1990 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING STORM DRAINAGE FUND PRIOR YEAR RESERVES WHEREAS, storm drainage fees are collected in the Spring Creek Basin to fund the construction of master plan basin improvements as well as minor capital improvements; and WHEREAS, the Stormwater Utility has identified the installation of the Princeton/Drake storm sewer as a minor capital item in the Spring Creek Basin Improvements capital project; and WHEREAS, the City wishes to construct Phase III of the Princeton/Drake storm sewer ahead of schedule in order to realize substantial cost savings; and WHEREAS, Article V, Section 5 of the Charter of the City of Fort Collins (the "Charter") requires that capital projects be itemized in the budget by individual project; and WHEREAS, the result of such itemization is that each individual capital project in the budget is treated as a separate fund; and WHEREAS, Article V, Section 8 of the Charter authorizes the City Council to provide by ordinance for payment of any expense from reserves accumulated in prior years, notwithstanding that such reserves were not appropriated for expenditures in the annual appropriation ordinance; and WHEREAS, funds to cover this expenditure are available from prior year reserves in the Storm Drainage fund. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS that there is hereby appropriated from prior year reserves in the Storm Drainage fund the sum of Two Hundred Fifty Thousand Dollars ($250,000) for transfer to and expenditure in the Spring Creek Basin Improvements capital fund to construct Phase III of the Princeton/Drake storm sewer. Introduced, considered favorably on first reading, and ordered published this 1st day of May, A.D. 1990, and to be presented for final passage on the 15th day of May, A.D. 199 Mayor ATTEST: City Clerk Passed and adopted on final reading this 15th day of May, A.D. 1990. r r Mayor ATTEST: t City Clerk