HomeMy WebLinkAbout148 - 12/17/1996 - APPROPRIATING $55,000 FROM THE USE TAX CARRYOVER RESERVE TO PURCHASE A SURETY BOND FOR THE 1993 SALE ORDINANCE NO. 148, 1996
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING $55,000 FROM THE USE TAX CARRYOVER RESERVE
TO PURCHASE A SURETY BOND FOR THE 1993
SALES AND USE TAX REVENUE REFUNDING BONDS
WHEREAS,by adoption of Ordinance No. 140, 1996,the Council of the City of Fort Collins
has determined it is in the best interest of the City to substitute a bond surety agreement for a
previously required sales and use tax bond reserve; and
WHEREAS, there are sufficient funds in the City's 1995 and prior year use tax carryover
reserves to pay for the surety bond; and
WHEREAS, said surety agreement will result in approximately $84,000 in annual arbitrage
savings; and
WHEREAS, Article V, Section 7 of the Charter of the City of Fort Collins 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 expenditure in the annual
approrpriation ordinance; and
NOW,THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated from 1995 and prior year use tax carryover reserves in
the Sales and Use Tax Fund, the amount of Fifty-five thousand dollars ($55,000) for the purchase
of a bond surety agreement.
Introduced and considered favorably on first reading and ordered published this 3rd day of
December, A.D. 1996, and to be presented for final passage on thel7th day of D�cerffber, 16,
A.D. 1996.
Mayor L—
TTEST:
IL,�k
City Clerk
Passed and adopted on final reading this 17th day of De -:ejr,A.D. 1996.
F
Mayor
ATTEST:. J
City Clerk