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HomeMy WebLinkAbout058 - 06/01/2010 - APPROPRIATING $200,000 FROM PRIOR YEAR RESERVES IN THE GENERAL FUND FOR THE CITY'S CONTRIBUTION FOR ORDINANCE NO. 058, 2010 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING $200,000 FROM PRIOR YEAR RESERVES IN THE GENERAL FUND FOR THE CITY'S CONTRIBUTION FOR THE BOXELDER OVERFLOW PROJECT WHEREAS, the City and the Town of Timnath (the "Town") entered into an intergovernmental agreement dated February 17,2009,which was approved by the City Council by the adoption of Ordinance No. 011, 2009 (the "IGA"); and WHEREAS, the IGA states that the City and the Town will share the cost of the Boxelder Overflow Project (the "Project") as such Project is defined in the IGA ; and WHEREAS, pursuant to the IGA, the maximum amount of the City's contribution to the Project is $2 million, and the IGA establishes a schedule (the "Contribution Schedule") by which the City is to appropriate and transfer its contribution to an escrow account established pursuant to the IGA; and WHEREAS,the Contribution Schedule requires that the City irrevocably pledge toward the City's contribution the sum of$806,000 in undesignated General Fund reserves and such pledge was made by Ordinance No. 012, 2009 (the "Pledge"); and WHEREAS,the City's initial contribution under the Contribution Schedule is in the amount of$200,000; and WHEREAS,Article V,Section 9,ofthe City Charter 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. WHEREAS,City staff has determined that the appropriation described herein will not cause the total amount appropriated in the General Fund to exceed the current estimate of actual and anticipated revenues to be received in that fund during the fiscal year. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS that there is hereby appropriated for expenditure in the General Fund the sum of TWO HUNDRED THOUSAND DOLLARS ($200,000) for transfer to the escrow fund for the Boxelder Overflow Project.. Introduced, considered favorably on first reading, and ordered published this 18th day of May, A.D. 2010, and to be presented for final passage on the 1 a of June, A.D. 2010. Mayor ATTEST: City Clerk Passed and adopted on final reading on the 1 st day of J e, .D. 2010. Mayo ATTEST: City Clerk