HomeMy WebLinkAbout150 - 11/06/1979 - ESTABLISHING A PERFORMING ARTS FUND, DESIGNATING ITS PURPOSE, SOURCE OF REVENUE, AND THE MANNER OF E - r .
ORDINA'4CE NO. 150 , 1979
OF THE CGUNCIL OF THE CITY OF FORT COLLINS
ESTABLISHING A PERFORMING ARTS FUND, DESIGNATING
ITS PURPOSE, SOURCE OF REVENUE, AND THE MANNER OF
EXPENDITURE FROH SAID FUND
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS:
Section 1 . That pursuant to Section 27 of Article V of the Charter of
the City of Fort Collins, there .is hereby established a fund to be known as
the Performing Arts Fund.
Section 2. The purpose of said fund is to provide a revolving fund to
attract cultural events to the City of Fort Collins.
Section 3 . The initial source of revenue for the Performing Arts Fund
shall be a subsidy from the General Fund of the City of Fort Collins.
Thereafter, the funds shall be replaced in a revolving fashion from fees
generated by .cultural performances within the City of Fort Collins.
Section 4. Expenditures from said fund shall be made for approved
purposes in connection with the attraction of cultural events to the City
of Fort Collins.
Section 5. Monies in the fund herein created shall be in the custody
of and managed by the Director of Finance. The Director of Finance shall
maintain accounting records and account for all of said monies as provided
by Iaw. Monies in the fund shall be invested or deposited by the Director
of Finance in accordance with the provisions of lati�;. All income from the
assets of the fund shall become a part of the fund and shall be used for
the purpose for which said fund was created; provided, hov;ever, that except
as otherwise provided in this Ordinance or by other ordinances or laws or
by the Charter of the City, the City Council may transfer out of the fund
any amount at any time to be used for such purposes as the Council may
direct.
Introduced, considered favorably on first reading, and ordered pub-
lished this 16th day of October 1979, and to be presented for final
passage on the 6th day of November , 1979.
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l _y Clerk
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Passed and adopted on final reading this 6th day_ -of—November ,
1°79.
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