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HomeMy WebLinkAbout028 - 03/06/2001 - APPROPRIATING PRIOR YEAR RESERVES TO BE USED FOR DESIGN, ACQUISITION AND INSTALLATION OF THE CITYS T ORDINANCE NO. 28, 2001 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING PRIOR YEAR RESERVES IN THE SALES AND USE TAX FUND FOR TRANSFER TO THE CAPITAL PROJECTS FUND TO BE USED FOR DESIGN, ACQUISITION AND INSTALLATION FOR THE CITY'S TRAFFIC SIGNAL SYSTEM REPLACEMENT PROJECT WHEREAS, the City has been operating the existing traffic signal system since 1979; and WHEREAS, the City's existing traffic signal system is outdated and declining in performance and usefulness, resulting in inadequate communications between twenty to thirty percent of signalized intersections on any given day, and frequent equipment failures; and WHEREAS,upgrading the existing system is not feasible due to reliance on proprietary parts and financial instability of the vendor; and WHEREAS,the City has proposed replacing the existing traffic signal system with a modern traffic management system,constructing a new Traffic Management Center to house the system and traffic operations personnel,and acquisition and installation of a fiber optic communication network (the "Project"); and WHEREAS, the cost of the Project is estimated at $5,994,205; and WHEREAS,City Council approved an appropriation of $1,000,000 in the Capital Projects Fund for 2000 through the adoption of Ordinance No. 174, 1999, on November 16, 1999; and WHEREAS, staff has recommended that funds available in the City's use tax carryover reserve in the Sales and Use Tax Fund in the amount of$4,000,000 be appropriated for transfer to the Capital Projects Fund; and WHEREAS,the City has received confirmation that it will be awarded a Federal Highways Administration Intelligent Transportation System (ITS)grant of$994,205 to fund the remainder of the Project; and WHEREAS, Article V, Section 9, of the Charter of the City of Fort Collins (the "Charter") 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; and WHEREAS,it is the desire of the Council to appropriate$4,000,000 from prior year reserves in the Sales and Use Tax Fund,for transfer to the Capital Projects Fund Traffic System Replacement Project for appropriation therein to be used to replace the existing traffic signal system with a modern Traffic Management System, construct a new Traffic Management Center to house the system and traffic operations personnel, and acquire and install a fiber optic communication network. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS that the amount of FOUR MILLION DOLLARS ($4,000,000) is hereby appropriated from prior year reserves in the Sales and Use Tax Fund, authorized for transfer to the Capital Projects Fund Traffic System Replacement Project, and appropriated therein to be used to replace the existing traffic signal system with a modern Traffic Management System,construct a new Traffic Management Center to house the system and traffic operations personnel, and acquire and install a fiber optic communication network. Introduced and considered favorable on first reading and ordered published this 20th day of February, A.D. 2001, and to be presented for final passage on the 6tb day of March, A.D. 2001. r`7w Mayor • ; e ATTEST: " City Clerk Passed and adopted on final reading this 6th day of March, A.D. 200T." Mayor ATTEST: City Clerk