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HomeMy WebLinkAbout183 - 12/17/2002 - APPROPRIATING PRIOR YEAR USE TAX CARRYOVER RESERVES FOR THE MANUFACTURERS USE TAX REBATE PROGRAM FOR ORDINANCE NO. 183, 2002 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING PRIOR YEAR USE TAX CARRYOVER RESERVES FOR THE MANUFACTURER'S USE TAX REBATE PROGRAM FOR SYMBIOS LOGIC WHEREAS, in March 1996, the City Council originally approved a temporary rebate program for use tax paid on manufacturing equipment; and WHEREAS, the City Council extended that temporary program on an annual basis through tax year 1999, and in December 2000, adopted Ordinance No. 173, 2000, approving the rebate program for tax years 2000 and 2001; and WHEREAS, the goal of this program is to support the local economic base by providing modest tax relief to manufacturing concerns located in Fort Collins; and WHEREAS, after discussion with Symbios Logic it was decided that $12,611 of Manufacturing Use Tax Rebate was due to Symbios Logic from the City for the years 1996, 1997, and 1998; and WHEREAS, the money to rebate these funds 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 TWELVE THOUSAND SIX HUNDRED AND ELEVEN DOLLARS ($12,611) for payment to Symbios Logic for the Manufacturer's Use Tax Rebate Program. Introduced, considered favorably on first reading and ordered published this 19th day of November, A.D. 2002 and to be presented for final passage o .the, 7th day of December, A.D. 2002. ayar .. . TEST: City Clerk Passed and adopted on final reading this 17th day of December, A.D. 2002. All Mayor - ATTEST: City Clerk