Loading...
HomeMy WebLinkAbout044 - 10/11/1962 - CREATING A FUND TO BE KNOWN AS THE CAPITAL IMPROVEMENTS REVOLVING FUND, SUCH FUND TO BE USED FOR CAP ORDINANCE N0. 44 1962 BEING AN ORDINANCE CREATING A FUND TO BE KNOWN AS THE CAPITAL.IMPROVEMENTS .REVOLVING FUND, SUCH FUND TO BE USED-FOR CAPITAL EXPENDITURES..AND APPROPRIATING ' THE. SUM OF $200,000.00 OUT OF THE GENERAL FUND SURPLUS FOR SUCH CAPITAL IMPROVEMENTS REVOLVING FUND WHEREAS, Section 27 of Article V of the Charter of,the City of Fort Collins provides that the City Council may create special funds by Ordinance, -and WHEREAS, said section further`provides that any Ordinance creating a special fund shall specify the source of revenue and purposes and manner of expenditure, and WHEREAS, the Council of the City of Fort Collins desires to create such a special fund for the purpose hereinafter mentioned. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS: Section 1. There is hereby created a special fund to be known as the Capital Improvements Revolving Fund. Section 2. . Such Capital Improvements Revolving'Fund shall be used for such capital expenditures as may be authorized by the Council of the City of Fort Collins from time to time. Section 3. There is hereby appropriated and- transferred into said Fund from the General Fund Surplus of the City of Fort Collins the sum of Two Hundred Thousand Dollars ($200,000.00)' and the Council of the City of Fort Collins may from time to time hereafter add to such Fund-from such sources as may be available. Section 4. Expenditures from such Fund shall be authorized by Ordinance of the Council of the City of Fort bollins and all such .expenditures f` out of such Fund shall be for capital improvements, Section 5. All monies in said Fund shall be invested in Government bonds or bonds of the City of Fort Collins by the Director of Finance or in . such other securities as may be authorized by the City Council by resolution. Introduced, considered favorably on first reading and ordered published this 20th day of September, 1962, and to be presented for final passage on the llth day of October, 1962. J Mayor ATTEST: City Cler Passed and adopted on final reading this llth day of October, 1962. n . Mayor ATTEST: City Cle k