HomeMy WebLinkAbout120 - 09/17/2002 - APPROPRIATING UNANTICIPATED REVENUE IN THE GOLF FUND FOR THE PURPOSE OF FUNDING CAPITAL IMPROVEMENTS ORDINANCE NO. 120, 2002
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING UNANTICIPATED REVENUE IN THE GOLF FUND
FOR THE PURPOSE OF FUNDING CAPITAL IMPROVEMENTS
WHEREAS, in Ordinance No. 147, 1999, Council approved the execution of Lease
Certificates of Participation ("COPs") in the Golf Fund to provide $2,255,000 of funding for
improvements at the golf courses; and
WHEREAS, in Ordinance No. 141, 2001, Council approved the execution of Assignment
of Lease Payments ("ALPs") in the Golf Fund in the amount of$2,830,000 to provide additional
monies for the Golf Division to use on capital projects; and
WHEREAS,the proceeds from these transactions have been invested until they were needed
to be used for the projects; and
WHEREAS,due to delays in construction of some projects and a seller unwilling to complete
a land sale to the City, proceeds from the two financial transactions have earned $165,000 more in
additional interest earnings than was originally anticipated; and
WHEREAS, appropriating the unanticipated revenue in the amount of $165,000 from
additional interest earnings will allow the Golf Division to complete other capital improvements
such as a field restroom at SouthRidge,protective netting at Collindale and SouthRidge,maintenance
building improvements at City Park Nine and irrigation improvements at all three golf courses; and
WHEREAS,the list of the other capital improvements that will be done by the Golf Division
has been reviewed by the Golf Board; and
WHEREAS,Article V,Section 9,of the Charter of the City of Fort Collins permits the City
Council to make supplemental appropriations by ordinance at any time during the fiscal year,
provided that the total amount of such supplemental appropriations,in combination with all previous
appropriations for that fiscal year does not exceed the then current estimate of actual and anticipated
revenues to be received during the fiscal year; and
WHEREAS,City staff has determined that the appropriation of additional interest earnings,
as described herein, will not cause the total amount appropriated in the relevant funds to exceed the
current estimate of actual and anticipated revenues to be received in that fund during the fiscal year;
and
WHEREAS,it is the desire of the Council to appropriate$165,000 of unanticipated revenue,
in the form of interest earnings, in the Golf Fund for the purpose of funding capital improvements
at the City's golf courses.
NOW, THEREFORE,BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated for expenditure from unanticipated revenue in the Golf
Fund the sum of ONE HUNDRED SIXTY-FIVE THOUSAND DOLLARS ($165,000) for the
purpose of funding capital improvements at the City's golf courses.
Introduced, considered favorably on first reading, and ordered published this 3rd day of
September, A.D. 2002, and presented for final passage on the 17th day of September, A.D. 2002.
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Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 17th day of September, A.D. 2002.
Mayor
ATTEST:
City Clerk