HomeMy WebLinkAbout089 - 06/18/1996 - APPROPRIATING UNANTICIPATED REVENUE TO FUND AFFORDABLE HOUSING RELATED ACTIVITIES ORDINANCE NO. 89, 1996
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING UNANTICIPATED REVENUE IN THE GENERAL FUND
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 rate or fee increases
or new revenue sources at any time during the year in which such revenue is received; and
WHEREAS, the City has received a payment from the Fort Collins Housing Authority (the
"Authority") of$18,512.51 as a payment in lieu of taxes for 1995 ("PILOT"); and
WHEREAS,the Authority has requested that the 1995 PILOT payment be appropriated by
the Council for expenditure by the Authority to fund affordable housing related activities and to
attend to the housing needs of low-income Fort Collins residents; and
WHEREAS, said payment of$18,512.51 was not projected as a revenue source in the 1996
budget of the City; and
WHEREAS,the City Council has determined that the provision of affordable housing serves
an important public purpose and is an appropriate use of these funds.
NOW,THEREFORE,BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated from unanticipated revenue in the General Fund the sum
of EIGHTEEN THOUSAND FIVE HUNDRED TWELVE DOLLARS AND 51 CENTS
($18,512.51) to be returned to the Authority to fund affordable housing related activities for Fort
Collins residents consistent with the Federal Department of Housing and Urban Development
guidelines.
Introduced and considered favorably on first reading and ordered published this 4th day of
June, A.D. 1996, and to be presented for final passage on the 1,Wdaylof June, A.D,1996.
ATTEST:
City Clerk
Passed and adopted on final reading this 18th day of June, 6.
ATTEST:
�OLML
City Clerk