2017-251s:\legal\our documents\ordinances\17\exhibit 2- downtown reinvestment fund proposed ordinance 2017.doc
ORDINANCE NO. 2O 1%-ZS 1
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF DENTON, TEXAS,
AMENDING THE ESTABLISHMENT OF THE DOWNTOWN REINVESTMENT FUND;
DEFINING AND REMOVING THE COMMITMENT OF CERTAIN REVENUES OF THE
CITY; COMMITTING THE FUND BALANCE REMAINING IN THE FUND; PROVIDING A
SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Council of the City of Denton established the Downtown
Reinvestment Fund, a Special Revenue Fund, through Ordinance No, 2013-237 and desires to
amend such ordinance; and
WHEREAS, the Governmental Accounting Standards Board ("GASB") has adopted
Statement 54, which states Special Revenue Funds are used to account for and report the
proceeds of specific revenue sources 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 remove the commitment of
$100,000 annually of the mixed beverage taxes previously accounted for in the General Fund for
downtown reinvestment activities starting with fiscal year beginning October 1, 2016; and
WHEREAS, the City Council of the City of Denton elects to retain the commitment of
any remaining fund balance as of September 30, 2017 in the Downtown Reinvestment Fund for
downtown reinvestment activities; NOW, THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS:
SECTION 1, The City Council hereby defines and removes future commitments of
revenues to 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,
PASSED AND APPROVED this the ���' da of �"�.��'� 2017.
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TTS, MAYOR
s:\legal\our documents\ordinances\17\exhibit 2- downtown reinvestment fund proposed ordinance 2017.doc
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
:
APPR��v"1':^W1�� AS ��"�� LEGAL FORM:
LEAL,INTERIM CTTY ATTORNEY
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