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HomeMy WebLinkAbout043 - 04/16/1996 - AMENDING CITY CODE CREATING A NEW FUND FOR THE HOME PROGRAM AND APPROPRIATING UNANTICIPATED REVENUE ORDINANCE NO. 43, 1996 OF THE COUNCIL OF THE CITY OF FORT COLLINS AMENDING CHAPTER 8, ARTICLE III, DIVISION 2 OF THE CODE OF THE CITY OF FORT COLLINS CREATING A NEW FUND FOR THE HOME PROGRAM AND APPROPRIATING UNANTICIPATED REVENUE FOR THE 1995-1996 HOME PROGRAM AND TRANSFERRING 1994-1995 HOME PROGRAM APPROPRIATIONS WHEREAS, the HOME Program was authorized by Congress in the National Affordable Housing Act, to provide funds for a variety of housing related activities including acquisition, rehabilitation, new construction, tenant based assistance, home buyer assistance, planning, and support services; and WHEREAS, on March 1, 1994, the City Council passed Resolution 94-42 authorizing the Mayor to submit to the Department of Housing and Urban Development (HUD) a notification of intent to participate in the HOME Program: and WHEREAS, on May 26, 1994, HUD designated the City as a Participating Jurisdiction in the HOME Program, allowing the City to receive an allocation of HOME funds as long as Congress re-authorizes and continues to fund the program; and WHEREAS, pursuant to Ordinance 127-94 the City appropriated fiscal year 1994-1995 HOME Program grant funds in the amount of$500,000 in the General Fund; and WHEREAS, Article V, Section 15, of the Charter of the City of Fort Collins authorizes the Council to transfer by ordinance, upon the recommendation of the City Manager, any unexpended appropriated amount or portion thereof from one fund to another, provided that the purpose for which the transferred funds are to be expended remains unchanged; and WHEREAS,the City has been notified by HUD that the City's HOME Program grant for the fiscal year 1995-96 is $455,000; and WHEREAS,Article V, Section 14,of the Charter of the City of Fort Collins permits the City Council to appropriate by ordinance unanticipated revenue which is the result of new revenue sources at any time during the year in which such revenue is received; and WHEREAS,funds may be created for any purpose pursuant to Article V, Section 26 of the Charter of the City of Fort Collins; and WHEREAS, the City wishes to segregate grant funds to facilitate more effective financial management of revenues and expenditures related to the HOME Investment Partnership Program ("HOME Program") by the creation of a new fund called the HOME Program Fund. NOW,THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS as follows: Section 1. That the Code of the City of Fort Collins is hereby amended by adding a section, to be numbered Section 8-91, which section reads as follows: Sec. 8-91. Home Program Fund. Section 2. That appropriations of FIVE HUNDRED THOUSAND DOLLARS ($500,000) are hereby authorized for transfer from the General Fund to the HOME Program Fund for the 1994- 1995 HOME Investment Partnership Program and appropriated therein. Section 3. That there is hereby appropriated from anticipated grant revenue from the Department of Housing and Urban Development in the newly created HOME Program Fund the sum of FOUR HUNDRED FIFTY-FIVE THOUSAND DOLLARS ($455,000) for the 1995-1996 HOME Investment Partnership Program. Introduced, considered favorably on first reading, and ordered published this 2nd day of April, A.D. 1996, and to be presented for final passage on the 16tb..day of April, A 13-199-6. or ATTEST: City Clerk Passed and adopted on final reading on 16th day of Apri D. 19 6. r ATTEST: Q ]i1 U \�1eA�A�R City Clerk \