Loading...
HomeMy WebLinkAbout129 - 11/03/2015 - APPROPRIATING PRIOR YEAR RESERVES IN THE DOWNTOWN DEVELOPMENT AUTHORITY FUND FOR EXPENDITURE ON PROJ ORDINANCE NO. 129, 2015 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING PRIOR YEAR RESERVES IN THE DOWNTOWN DEVELOPMENT AUTHORITY FUND FOR EXPENDITURE ON PROJECTS AND PROGRAMS IN FISCAL YEAR 2015 IN ACCORDANCE WITH THE DOWNTOWN PLAN OF DEVELOPMENT WHEREAS, on April 21, 1981, the City adopted Ordinance No. 046, 1981, establishing the Fort Collins, Colorado Downtown Development Authority (the "DDA"); and WHEREAS, the DDA's Plan of Development was approved by the City Council on September 8, 1981, and established the purpose of the DDA and the types of projects and programs in which the DDA would participate; and WHEREAS, bond proceeds received from City bonds issued on behalf of the DDA in 2008 and 2010 have accrued interest earnings in the,amount of$13,508; and WHEREAS, DDA staff has also identified project savings of $63,836 from bond proceeds currently in reserves; and WHEREAS, on April 9, 2015, and August 13, 2015, the DDA's Board of Directors voted to recommend to the City Council the appropriation of the above-referenced funds for expenditure on DDA projects and programs as hereinafter provided in fiscal year 2015; and WHEREAS, said projects and programs are authorized in the Downtown Plan of Development and are projects and programs that can be funded with these bond proceeds and with this interest that has accrued from bond proceeds; and WHEREAS, Article V, Section 9, of the City Charter 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 current estimate of.actual and anticipated revenues to be received during the fiscal year; and WHEREAS, City staff has determined that the appropriation of the anticipated revenue as described herein will not cause the total amount appropriated in the DDA Fund to exceed the current estimate of actual and anticipated revenues to be received in that fund during fiscal year 2015. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT'COLLINS that there is hereby appropriated for expenditure from reserves in the DDA Fund the sum of SEVENTY SEVEN THOUSAND THREE HUNDRED FORTY-FOUR DOLLARS ($77,344) to be used in fiscal year 2015 for the. DDA projects and programs stated below: 1 _ Old Town Square Maintenance $42,344 Holiday Lights—2015/2016 Season 35,000 Total Projects/Programs $77,344 Introduced, considered favorably on first reading, and ordered published this 20th day of October, A.D. 2015, and to be presented for final passage on the 3rd day of November, A.D. 2015. pORTCO``y Mayor ATTEST: U. l. y COLORP�� City Clerk Passed and adopted on final reading on the 3rd day of November, A.D. 2015. rs�It C•°[L.Y Mayor ATTEST: � � •s .'10 ••co OAP City Clerk - 2 -