HomeMy WebLinkAbout050 - 04/15/2003 - APPROPRIATING UNANTICIPATED REVENUE IN THE GOLF FUND FOR THE PURPOSE OF FUNDING CAPITAL IMPROVEMENTS ORDINANCE NO. 050, 2003
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 the aforementioned transactions have been invested until they
were needed to be used for the projects; and
WHEREAS,due to delays in construction of some projects,proceeds from the two financial
transactions have earned $192,073 more in additional interest earnings than was originally
anticipated; and
WHEREAS,in Ordinance No. 120, 2002,Council approved the appropriation of$165,000
of these additional interest earnings to allow the Golf Division to complete other capital
improvements at the three City Golf Courses; and
WHEREAS, appropriating the additional unanticipated revenue in the amount of$27,073
from the remaining interest earnings will allow the Golf Division to complete other capital
improvements such as paving the Southridge Golf Course parking lot, and will allow the Golf
Division to close-out the remaining available funding; and
WHEREAS, the original list of capital improvements that have been or 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 Golf Fund to exceed the
current estimate of actual and anticipated revenues to be received during the fiscal year; and
WHEREAS,it is the desire of the Council to appropriate$27,073 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 TWENTY-SEVEN THOUSAND SEVENTY-THREE DOLLARS ($27,073) for
the purpose of funding capital improvements at the City's golf courses.
Introduced,considered favorably on first reading,and ordered published this 1 st day of April,
A.D. 2003, and presented for final passage on the 15th day of April A.II . 2003.
Mayor
ATTEST:
lei
City Clerk
Passed and adopted on final reading this 15th day of April A.D. 003.
Mayor
ATTEST:
City Clerk