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HomeMy WebLinkAboutresolution.council.069-93 - -'.W ",-", Il_ 1/,"11" l~\ \~ '...."- RESOLUTION NO. ~ Series of 1993 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO, DIRECTING THE FINANCE DIRECTOR TO DESIGNATE THE WATER FUND, THE ELECTRIC FUND, THE GOLF FUND, THE TRUSCOTT PLACE HOUSING FUND, THE MAROLT RANCH HOUSING FUND, AND THE REUDI HYDROELECTRIC FUND AS ENTERPRISE FUNDS CONSISTENT WITH SECTION 20 OF ARTICLE X OF THE COLORADO CONSTITUTION. WHEREAS, the electorate of the State of Colorado in the general election of November . 3, 1992, approved an amendment to Article X, Section 20, of the Constitution of the State of Colorado submitted to voters as Amendment One; and WHEREAS, said Amendment One imposes certain requirements and limitations upon local governments; and WHEREAS, according to its terms, the requirements and limitations imposed by Amendment One do not apply to "enterprises" of the City, that is, City-owned businesses which are authorized to issue their own revenue bonds and which receive under ten percent of their annual revenue in grants from all Colorado state and local governments combined; and WHEREAS, the City Council considers it to be in the best interests of the City that the Water Fund, the Electric Fund, the Golf Fund, the Marolt Ranch Housing Fund, the Truscott Place Housing Fund, and the Reudi Hydroelectric Fund be designated as enterprise funds and accounted for as Amendment One enterprises in any fiscal year in which the funds qualify as enterprises in accordance with Article X, Section 20(2)(d) of the Colorado Constitution, and Section 24-77-102(3) of the Colorado Revised Statutes; and WHEREAS, the City Council believes that the designation of the Water Fund, the Electric Fund, the Golf Fund, the Marolt Ranch Housing Fund, the Truscott Place Housing Fund, and the Reudi Hydroelectric Fund as enterprises is consistent with the intellt of Amendment One, "e', t1 ~,. ~a" 0_ ~-~. I, <s;, NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ASPEN, COLORADO: Section \, That the Director of Finance is hereby directed to designate the Water Fund, the Electric Fund, the Golf Fund, the Marolt Ranch Housing Fund, the Truscott Place Housing Fund, and the Reudi Hydroelectric Fund as enterprise funds and account for each fund so established as an enterprise consistent with Section 20 of Article X of the Colorado Constitution in any fiscal year in which the fund qualifies as an enterprise as that term is defined by Article X, Section 20(2)( d) of the Colorado Constitution and Section 24-77- !O2(3) of the Colorado Revised Statutes. Section 2. That the Water Fund, the Electric Fund, the Golf Fund, the Marolt Ranch Housing Fund, the Truscott Place Housing Fund, and the Reudi Hydroelectric Fund shall constitute enterprises of the City which may, by ordinance of the City Council, acting ex officio as the board of each sllch enterprise, ,issue its own revenue bonds or other obligations (including refunding securities) on behalf of the City, which revenue bonds or other obligations shall be payable solely from the net revenues derived from the operation of each such enterprise. Such revenue bonds or other obligations may be additionally secured by mortgages on or security interests in any real or personal property of the City used in the operation of each of the enterprises. The ordinance issuing any such revenue bonds or other obligations shall be adopted in the same manner and shall be subject to referendum to the same extent as ordinances of the City Council. Section 3. That the Director of Finance is hereby directed pursuant to Article IX of the City of Aspen Home Rule Charter to allocate revenues to and expend monies from the Water Fund, the Electric Fund, the Golf Fund, the Marolt Ranch Housing Fund, the Truscott Place Housing er, ~.. _.J \( , ",' , \1~. l~.", \{:\, -- -.... , Fund, and the Reudi Hydroeleetrie Fund in accordance with the annual budget as may be amended by supplemental appropriation ordinanees of the City Couneil. INTRODUCED, READ AND ADOPTED by the City Council of the City of Aspen on the .:?'7 day of ~, 1993. 1.[1' __--.>t ohn S. Bennett, Mayor I, Kathryn S. Koch, duly appointed and acting City Clerk do certify that the foregoing is a true and accurate copy of that resolution adopted by the City Council of the City of Aspen, Colorado, at a meeting held on the day hereinabove stated, ('nl'~lllI'2.!l'S