HomeMy WebLinkAboutResolution-2002-0033
CITY OF WHEAT RIDGE, COLORADO
RESOLUTION NO 33-2002
Series of2002
TITLE
A RESOLUTION CLOSING THE RECREA TION CENTER
CONSTRUCTION FUND
WHEREAS, the City Council created the Recreation Center Construction Fund Account
(the "Account") on June 23, 1997; and
WHEREAS, the purpose of the Account was to facilitate the construction of a new
recreatIOn center for the residents of the City; and
WHEREAS, m order to assist fundmg of the proposed RecreatIOn Center, the CounCil
transferred $582,419 mto the Account from the Capital Fund Account No 30-303-800-845 by
ResolutIOn No. 1609 on June 23, 1997, and
WHEREAS, m order to provide complete fundmg for construction of the proposed
RecreatIOn Center the Council caused a ballot question to be placed before the voters of the City
at the regular election m November 1997, proposmg a one-half cent sales tax for that purpose;
and
WHEREAS, the voters approved the baUot measure and the sales tax mcrease was
implemented, ralsmg a total of$12,559,881 84 as of November 30,2002, and
WHEREAS, the RecreatIOn Center was constructed With bond proceeds guaranteed by
the proceeds of the sales tax mcrease; and
WHEREAS, the City CounCil has approved final payment of said bond obligatIOns with
the proceeds of the sales tax increase, thereby completing the RecreatIOn Center project and
makmg It appropnate to close the Recreation Center Fund Account; and
WHEREAS, before the Recreation ConstructIOn Center Fund Account can be closed a
supplemental budget appropnatlOn from unaUocated reserves must be approved m the amount of
$908.50 to account 61-700-900-903 to pay for agent fees and to account 61-602-800-80 I m the
alllount of $22,673.80 to pay for miscellaneous expenses at the Recreation Center; and
WHEREAS, all of the monies rmsed by the voter-approved sales tax increase have been
used, as reqUired, for constructIOn of the RecreatIOn Center; with the exception of a remammg
excess of $2,059, 198 02, and
WHEREAS, in closmg the Recreation Center Fund Account, It IS appropnate to transfer
back to the Capital Fund those amounts transferred from those funds m June 1997; and
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WHEREAS, remammg funds m the amount of $2,059,198.02 (or the remaming balance
m the RecreatIOn Center Construction Fund) after such transfers, together with any additional
mOllles raised by the voter-approved sales tax increase yet to be received by the City, constitute
resIdual proceeds of the sales tax increase and must be devoted to "construction and operation"
of the RecreatIOn Center, as reqUired by the approved 1997 ballot measure, and should therefore
be transferred to or deposited in the Recreation Center OperatIOn Account No 64-590-00-592.
NOW, THEREFORE, BE IT RESOLVED that:
The followmg transfers are hereby approved:
(a) $908.50 from the Recreation Center Construction Fund unallocated
reserves to account 61-700-900-903.
(b) $22,673 80 from the Recreation Center ConstructIOn Fund unallocated
reserves to account 61-602-800-801
(c) $582,419 from Recreation Center ConstructIOn Fund Account 61-902-
890-892 to the Capital Fund Account 30-590-00-592.
(d) $2,059,198.02 (or the current remammg balance) from Recreation Center
ConstructIOn Fund Account 61-902-890-892 to the RecreatIOn Center
OperatIOn Account No. 64-590-00-592.
2. The RecreatIOn Center Construction Fund IS hereby closed.
3 Any mOllles generated by the one-half cent sales tax increase approved by the
voters m November of 1997 for the "constructIOn and operation" of the Recreation Center that
are received by the CIty subsequent to the effective date of thiS ResolutIOn shall be deposited m
the Recreation Center OperatIOn Account No 64-590-00-592
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DONE AND RESOLVED thiS ~ day of i ',( iC ( , I j),,",~p2.
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ATTEST:
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Wanda Sang, City Clerk
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