HomeMy WebLinkAbout1997-10-27 Ordinance 4461ORDINANCE NO. 4461
ORDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO
AMENDING THE BUDGET FOR THE FISCAL YEAR 1997-98 TO
PROVIDE AN ADDITIONAL APPROPRIATION FOR PROFESSIONAL
FINANCIAL ADVISOR SERVICES
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, there are a number of potential debt financing
projects that may be undertaken over the next 2-3 years; and
WHEREAS, it would be optimal to plan for these potential
projects by using: the most cost effective financing mechanisms;
knowledge of the financial markets; and an in-depth understanding
of Palo Alto's financial planning needs; and
WHEREAS, professional financial advisory services would support
cost effective debt and financial planning; and
WHEREAS, the City proposes to retain the firm of Stone and
Youngberg to provide for as -needed financial advisory services at
a cost not to exceed $30,000 annually; and
WHEREAS, the budget must be amended to provide additional funds
for these services; 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 Thirty Thousand Dollars ($30,000) is
hereby appropriated to non -salary expenses in the Functional Area
"Money Management" in the Administrative Services Department, and
the Budget Stabilization Reserve is correspondingly reduced.
SECTION 2. This transaction will reduce the Budget
Stabilization Reserve from $25,479,446 to $25,449,446.
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SECTION 2. 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 Council of the City of Palo Alto hereby finds
that the enactment of this ordinance is not a project under the
California Environmental Quality Act and, therefore, no
environmental impact assessment is necessary.
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: OCTOBER 27 , 1997
AYES: ANDERSEN, EA}CINS, FAZZINO, HUBER, KNISS, ROSENBAUM, SCHNEIDER, WHEELER
NOE(':
ABSTENTI NS :
ABSENT :
MCCOWN
APPROVED AS TO FORM:
Senior Asst. City Attorney
Actin • Director, Administrative
Services Department
THIS DOCUMENT t5 CERTIFIED TO DEAN
ORDINANCE DULY PASSED BY THE COUNCIL
OF "P -IF CITY OF PALO ALTO AND
THr/1. EAr i ER POSTED IN THE COUNCIL
CHAMC!R = ON /2i / 0 7 tWiTHlN 1 S
DAYS OF ITS PASSAGE)
"1 cenify (or doc!are) under penalty
o1 perjury that the foregoing is true
and correct"
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