HomeMy WebLinkAbout183 - 12/02/1997 - APPROPRIATING PRIOR YEAR RESERVES IN THE SALES AND USE TAX FUND FOR REIMBURSEMENT TO THE STORM DRAIN ORDINANCE NO. 183, 1997
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE SALES AND USE TAX FUND
FOR REIMBURSEMENT TO THE STORM DRAINAGE FUND FOR THE
PURCHASE OF THE OLD COLORADO AND SOUTHERN FREIGHT DEPOT SITE
WHEREAS,the City Council adopted Resolution 94-211 on December 20, 1994,authorizing
the City to enter into an agreement with Trillium Corporation to purchase the Old Colorado and
Southern Freight Depot(the "Old Depot") located at 136 LaPorte Avenue; and
WHEREAS,the Old Depot was purchased by the City using monies in the Storm Drainage
Fund, totaling $690,000, with the intent to restore the building and to utilize the building and a
portion of the site for office space for the City's Stormwater Utility; and
WHEREAS, Resolution 94-211 also provided for the reimbursement of the Storm Drainage
Fund from other appropriate City funds by January 31, 1997, for the purchase price, including
interest, of any Old Depot property not used for Stormwater Utility purposes; and
WHEREAS, in 1996, the City decided that the Stormwater Utility would relocate to the
Utility Services Center at 700 Wood Street, rather than use the Old Depot for future office space;
and
WHEREAS,Resolution 97-61,adopted by the Council on May 6, 1997, extended the period
of time for accomplishing the reimbursement to the Storm Drainage Fund for the Old Depot site to
December 31, 1997; and
WHEREAS,the value of the Old Depot property, plus interest, now totals $821,363; and
WHEREAS,the amount owed the Storm Drainage Fund,net of credits to the General Fund
for acquisition of drainage easements made on behalf of the Stormwater Utility,totals$574,762;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; and
WHEREAS,Article V, Section 10, of the Charter authorizes the City Council to transfer by
ordinance any unexpended and unencumbered amount or portion thereof from one fund or capital
project to another fund or capital project, provided the purpose for which the transferred funds are
to be expended remains unchanged or no longer exists; and
WHEREAS, the City has adequate prior year reserves available in the Sales and Use Tax
Fund to satisfy the above-referenced reimbursement requirement imposed by the Council.
NOW THEREFORE, BE IT ORDAINED BY THE CITY OF FORT COLLINS that there
is hereby appropriated from prior year reserves in the Sales and Use Tax Fund, the sum of FIVE
HUNDRED SEVENTY-FOUR THOUSAND SEVEN HUNDRED SIXTY-TWO DOLLARS
($574,762) for transfer to the Storm Drainage Fund for reimbursement of the purchase of the Old
Depot by that Fund.
Introduced, considered favorably on first reading, and ordered published this 18th day of
November,A.D. 1997,and to be presented for final passage on the 2nd day of December,A.D. 1997.
mayor
ATTEST:
1 ..
City Clerk
Passed and adopted on final reading this 2nd day of December, A.D. 1997.
Mayor rr,o
ATTEST:
City Clerk