HomeMy WebLinkAbout1998-04-06 Ordinance 4494ORDINANCE NO.
4494
ORDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO
AMENDING THE BUDGET FOR THE FISCAL YEAR 1997-98 TO
PROVIDE AN ADDITIONAL APPROPRIATION OF $250,000 IN
REVENUES AND EXENDITURES FOR THE GOLF COURSE IMPROVEMENTS
CAPITAL IMPROVEMENTS PROJECT, NUMBER 19624
WHEREAS, pursuant to the provisions of Section 12 of Article
III of the Charter of the City of Palo Alto, the Council on June
23, 1997 did adopt a budget for fiscal year 1997-98; and
WHEREAS, on May 15, 1995, Council approved a Golf Course Master
Plan for constructing various golf course improvements, which would
be funded from the sale of tax exempt bonds; and
WHEREAS, on July 21, 1997, Council approved a Budget Amendment
Ordinance to appropriate $5,400,000 to Capital Improvement Project
(CIP) Number 19624, Golf Course Improvements; and
WHEREAS, annual debt service on the bonds will adequately be
covered by golf course revenues; and
WHEREAS, that funding level of $5,400,000 was recommended in
July 1997 to cover an estimate for a base scope of golf course work
plus one add alternate for driving range improvements; and
WHEREAS, bids have come in for golf course improvements, and
staff has determined that in addition to the scope of work funded
within CIP 19624, additional funding of Two Hundred Fifty Thousand
Dollars ($250,000) would fund two additional add alternates, golf
cart path improvements and sand bunker renovations; and
WHEREAS, those two add alternates are included in the Golf
Course Master Plan approved by Council and are consistent with the
renovations already funded within CIP 19624; and
WHEREAS, funding these two add alternates would enhance the
overall golf course for use by the golfing community; and
WHEREAS, interest rates have fallen dramatically since the
$5,400,000 budget was put together, which means that annual debt
service on the bonds will be lower than forecasted in July 1997; and
WHEREAS, staff now estimates that an additional $250,000 could
be added to CIP 19624 without raising annual debt service costs over
the annual amount forecasted by staff in July 1997; and
WHEREAS, staff expects to sell bonds within 60-90 days; and
WHEREAS, City Council authorization is needed to amend the
1997-98 budget as hereinafter set forth.
NOW, THEREFORE, the Council of the City of Palo Alto does
ORDAIN as follows:
SECTION 1. The sum of Two Hundred Fifty Thousand Dollars
($250,000) is hereby appropriated to CIP Project Number 19624, Golf
Course Improvements, which will be funded from the anticipated sale
of bonds in approximately 60-90 days.
SECTION 2. These transactions will have no net impact on the
Budget Stabilization Reserve, as the sale of bonds this fiscal year
will replenish funding advanced by that Reserve temporarily.
SECTION 3. As specified in Section 2.28.080(a) of the Palo
Alto Municipal Code, a two-thirds vote of the City Council is
required to adopt this ordinance.
SECTION 4. The City Council approved a Mitigated Negative
Declaration for this project in May 1995.
SECTION 5. As provided in Section 2.04.350 of the Palo Alto
Municipal Code, this ordinance shall become effective upon adoption.
INTRODUCED AND PASSED: April 6, 1998
AYES: EAKINS, FAZZINO, HUBER, KNISS, MOSSAR, OJAKIAN, ROSENBAUM, SCHNEIDER,
WHEELER
NOES:
ABSTENTIONS:
ABSENT:
ATTESTâ–º':
Clerk
APPROVED AS TO FORM:
APPROVED:
ty Manager
Se for Asst. City Attorney Director Administrative
Services Depa
Director of Comm =' Services