HomeMy WebLinkAbout112 - 07/07/1998 - APPROPRIATING PRIOR YEAR USE TAX CARRYOVER RESERVES FOR THE MANUFACTURERS USE TAX REBATE PROGRAM ORDINANCE NO. 112, 1998
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR USE TAX CARRYOVER RESERVES
FOR THE MANUFACTURER'S USE TAX REBATE PROGRAM
WHEREAS,in March 1996,City Council approved a temporary rebate program for use tax
paid on manufacturing equipment; and
WHEREAS, the goal of the program is to support the local economic base by providing
modest tax relief to manufacturing concerns located in Fort Collins; and
WHEREAS, in December, 1997, 31 applications were sent to qualified manufacturers; and
WHEREAS, the City received 15 applications requesting a rebate for 1997, for a total of
approximately $550,000 to be paid to the manufacturers: and
WHEREAS, the funds to provide these rebates is available in the Sales and Use Tax Fund
Use Tax Carryover Reserve; and
WHEREAS,Article V, Section 9,of the Charter of the City of Fort Collins permits the City
Council to appropriate by ordinance at any time during the fiscal year such funds for expenditure as
may be available from reserves accumulated in prior years,notwithstanding that such reserves were
not previously appropriated.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated for expenditure from the Sales and Use Tax Fund Use
Tax Carryover Reserve the sum of FIVE HUNDRED AND FIFTY THOUSAND DOLLARS
($550,000) for the 1997 Manufacturer's Use Tax Rebate Program.
Introduced,considered favorably on first reading and ordered published this 16th da of June,
A.D. 1998, and to be presented for final passage on the 7th day of Jul . 1998.
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ATTEST:
City Clerk
Passed and adopted on final reading this 7th day of July, A.D. 192$.
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' Mayor
ATTEST-
City Clerk