22-1803ORDINANCE NO. 22-1803
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF DENTON, TEXAS.RENAMING AND REASSIGNING THE “ECONOMIC DEVELOPMENT rNVESTMENTFUND” TO THE “CATALYST FUND”; COMMITTING CERTAIN REVENUES OF THECITY TO THE FUND; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING ANEFFECTIVE DATE.
WHEREAS, the City Council of the City of Denton elects to rename the Economic
Development Investment Fund to the Catalyst 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 a portion of mixed
beverage taxes previously accounted for in the Economic Development Investment Fund to the
Catalyst Fund, beginning with Fiscal Year 2022-2023; and
WHEREAS, the City Council of the City of Denton elects to commit a portion of
Franchise Fees and Return on Investment (ROI) associated with the Data Center to the CatalystFund beginning with Fiscal Year 2022-2023; and
WHEREAS, the City Council of the City of Denton elects to transfer and commit the
existing hInd balance from the Economic Development Investment Fund to the Catalyst Fund
beginning Fiscal Year 2022-2023; and
WHEREAS, the City Council of the City of Denton may allocate the portion of the fees,
taxes, and other funds to be committed to the Catalyst Fund as a part of the budget process; and
WHEREAS, the City Council of the City of Denton approved a budget of $7,293,325 for
Fiscal Year 2022-23 for Catalyst Fund to support economic development activities; and
WHEREAS, the City Council of the City of Denton elects to establish the Catalyst Fundin conjunction with its financial statements beginning with Fiscal Year 2022-2023; NOW,THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS:
SECTION 1. The findings and recitations contained in the preamble of this Ordinanceare incorporated herein by reference.
SECTION 2. The City Council hereby creates the Catalyst Fund, an official fund of the
City of Denton, Texas.
SECTION 3. 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 4. This Ordinance shall become effective immediately upon its passage and
approval.
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the following vote Lq -a]:
Aye Nay Abstain Absent
Mayor Gerard Hudspeth:Vicki Byrd, District 1 :
Brian Beck, District 2:Jesse Davis, District 3 :
Alison Maguire, District 4:Brandon Chase McGee,
At Large Place 5 :
Chris Watts, At Large Place 6:
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PASSED AND APPROVED this the an b day of &f„„-F ' 2022.
, MAYOR
ATTEST:
ROSA RIOS, CITY SECRETARY 1\\1111111
BY a
APPROVED AS TO LEGAL FORM:
MACK REINWAND, CITY ATTORNEY
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