HomeMy WebLinkAbout1996-05-28 Ordinance 4350• •
ORDINANCE NO. 4350
ORDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO
AMENDING THE BUDGET FOR THE FISCAL YEAR 1995-96 70
PROVIDE FUNDING FOR A FINANCIAL ADVISOR FOR GOLF COURSE
IMPROVEMENTS
WHEREAS, pursuant to the provJ.sJ.ons of Section 12 of Article
III of the Charter of the City of Palo Altc, the Council on June
19, 1995 did adopt a budget for fiscal year 1995-96; and
WHEREAS, Council approved a Golf Course Master Plan on May 15,
1995; and
WHEREAS, improvements to the golf course are needed to preserve
the course for the future enjoyment of the golfing community; and
WHEREAS! debt financing is planned to fund these improvements;
and
WHEREAS, professional financial consultant services are
required to provide staff wi.th advice on the structuring of the debt
instruments in order to bring debt to the financial markets in
approximately July 1997; and
WHEREAS, the budget needs to be amended to fund these financial
advisor services; and
~"HE.REAS, the funding of $38,000 will initially come from the
General Fund's Budget Stabilization Reserve (BSR); and
WHEREAS, when the debt is issued, funds from the issuance of
that debt will be used to replenish funds used from the Budget
Stabilization Reserve to fund this ccntract.
NOW, THEREFORE 1 the Council of the City of Palo Alto does
ORDAIN as follows:
SECIIQN 1. The sum of Thirty Eight Thousand Dollars ($38,000)
is hereby appropriated to Contract Services in the "Debt Issuance"
Major Activity in the Administrative Services Department~ and the
General Fund Budget Stabilization Reserve is correspondingly
reduced.
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SECTION 3. The appropriation transfers approved by Section
2 will reduce the Budget Stabilization Reserve from $14 1 893,651 to
$14,855,651.
SECTION 4. 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 5 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.
SECTIQN_E. As provided in Section 2.04.350 of the Palo Alto
Municipal Code, this ordinance shall become effective upon adoption.
INTRODUCED A..~D PASSED: May 28 ·' 1996
AYES: ANDERSEN, FAZZINO, KNISS, MCCOWN, ROSENBAD11, SCHNEIDER, SIMITIAN~ WHEELER
NOES:
ABSTENTIONS:
ABSENT : HUBER
ATTEST:
;-1
C.·
APPROVED AS TO FORM:
y1.-v ~ L4c-w. (!_~
Senior Asst. City A.ttorney
1HIS DOCUMENT IS CERTIFIED TC BE AN
OROaNANCE DULY PASSED BY THE COUNCIL
OF THE CiTY OF PALO ALTO AND
THE~~-~-::R P0~1 ~ THJ :~UNCIL CHAAL.::.~S ON _IJ.!J-!~ (WITHIN tS
DAYS u;; +TS PAS!,;.!!. )
~~cn~corde~rc)underpenahy
ot pet)Cl) thar Ule foreg<Mng is true
ii'/J, h~rk ~.~~ ·~ ~ Sign~,. . ..
APPROVED: