2013-237
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AmendedbyOrdinanceNo.201725109/28/17TJ
ORDINANCE NO. 2013 "237
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF DENTON, TEXAS,
ESTABLISHING A DOWNTOWN REINVESTMENT FUND; DEFINING AND
COMMITTING CERTAIN REVENUES OF THE CITY; PROVIDING A SEVERABILITY
CLAUSE; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Council of the City of Denton elects to establish a Special Revenue
Fund to be called the Downtown Reinvestment Fund; and
WHEREAS, the Governmental Accounting Standards Board ( "GASB ") has adopted
Statement 54, which states that Special Revenue Funds are used to account for and report the
proceeds of specific revenue sources that are restricted or committed to expenditures for
specified purposes other than debt service or capital projects; and
WHEREAS, the City Council of the City of Denton elects to commit $100,000 annually
of the mixed beverage taxes previously accounted for in the General Fund for downtown
reinvestment activities beginning with fiscal year ending September 30, 2014; and
WHEREAS, the City Council of the City of Denton approved a budget of $100,000 for
FY 2012 -13 for downtown reinvestment activities and elects to commit and transfer any unspent
balance from the General Fund unassigned fund balance for the fiscal year ending September 30,
2013 to the Downtown Reinvestment Fund; and
WHEREAS, the City Council of the City of Denton elects to establish the Downtown
Reinvestment Fund in conjunction with its financial statements beginning with fiscal year ending
September 30, 2013; NOW, THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS:
SECTION 1. The City Council hereby creates the Downtown Reinvestment Fund, an
official fund of the City of Denton, Texas.
SECTION 2. That if any section, subsection, paragraph, sentence, clause, phrase or word
in this ordinance, or application thereof to any person or circumstances is held invalid by any
court of competent jurisdiction, such holding shall not affect the validity of the remaining
portions of this ordinance, and the City Council of the City of Denton, Texas hereby declares it
would have enacted such remaining portions despite any such validity.
SECTION 3. This Ordinance shall become effective immediately upon its passage and
approval..__.._....
. ....... X
PASSED AND APPROVED this the day 2013. „�"�
A'A. .... . M A 11 RR,0'- MAYOR
YOR
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
APPROVED AS TO LEGAL FORM:
ANITA BURGESS, CITY ATTORNEY
. -
BY: /�°
70-
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