City Council Minutes 2005 04 05 - Laserfiche WebLink

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City Council Meeting Minutes April 5, 2005 Page 7 of 12 requests that the public hearing on Ordinance No. 1467,2005 be continued until April 19, 2005 to allow proper publication of the notice. MOTION: Mayor Sisk moved that the public hearing on Ordinance No. 1467, Series 2005 be continued to April 19, 2005, seconded by Council member Keany. Roll call vote was taken. The motion carried by a vote of 7-0. RESOLUTION No. 11, SERIES 2005 - A RESOLUTION AMENDING THE 2005 BUDGET BY INCREASING REVENUES AND APPROPRIATIONS IN THE LIBRARY CAPITAL CONSTRUCTION FUND FOR THE CITY OF LOUISVILLE, COLORADO - public hearing (advertised Daily Camera 4/3/05) Mayor Sisk requested a Staff presentation. Finance Director Patty Leslie explained Resolution No. 11, Series 2005 will create an inter-fund loan from the Fleet and Capital Projects Fund to the Library Fund to cover $1.6 million of the additional appropriations. The loan will be repaid to those funds from the expected $1.6 million sale of the current library building at 950 Spruce Street. An inter-fund loan from the Capital Projects Fund in the amount of $800,000 will be made from the 2005 unreserved and undesignated fund balance as of February 28,2005 of $7,235,760. An inter-fund loan from the Fleet Fund in the amount of $800,000 will be made from the 2005 unreserved and undesignated fund balance as of February 28,2005 of $1 ,382,072. The loans are expected to be paid on the closing date of library. Mayor Sisk requested public comment. There were no comments. COUNCIL COMMENT Council member Brown asked what would happen if the library did not sell for $1.6 Million dollars. Finance Director Leslie stated if the Library sale fell short, other funding would have to be sought. Mayor Sisk stated that this matter was discussed at Finance Committee. He noted there may be a possibility of using the lodging tax for any shortfall, should the library sale fall short of the $1.6 Million dollar figure. MOTION: Council member Marsella moved that Resolution No. 11, Series 2005 be approved, seconded by Council member Brown. Roll call vote was taken. The motion passed by a vote of 7-0. RESOLUTION No. 12, SERIES 2005 - A RESOLUTION AMENDING THE 2005 BUDGET BY INCREASING REVENUES AND APPROPRIATIONS IN THE LIBRARY CAPITAL CONSTRUCTION FUND FOR THE CITY OF LOUISVILLE, COLORADO - public hearing (advertised Daily Camera 4/30/05)