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HomeMy WebLinkAbout10965RESOLUTION NO. 10965 A RESOLUTION AUTHORIZING THE TRANSFER OF $12,500 FROM THE CONTINGENCIES ACCOUNT IN THE 2007 GENERAL FUND BUDGET TO THE OUT OF CYCLE REQUESTS TO FUND THE ROCKY MOUNTAIN RAIL AUTHORITY FEASIBILITY STUDY FOR COMMUTER RAIL SERVICE ALONG THE FRONT RANGE OF COLORADO BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SFOTinN 1 The transfer of $12,500 from the Contingencies Account in the 2007 General Fund budget to the Out of Cycle Requests Fund is hereby approved. SECTION 2. Said funds shall be disbursed from the Out of Cycle Requests Fund to fund the Rocky Mountain Rail Authority Feasibility Study for commuter rail service along the front range of Colorado. INTRODUCED March 26, 2007 APPROVED: ESID NTof City Council ATTESTED BY: CITY CLERK BY Michael Occhiato Councilperson Background Paper for Proposed RESOLUTION AGENDA ITEM # / /q DATE: March 26, 2007 DEPARTMENT: OFFICE OF THE CITY MANAGER DAVE GALLI, CITY MANAGER DOUG FITZGERALD, ASSISTANT CITY MANAGER TITLE A RESOLUTION AUTHORIZING THE TRANSFER OF $12,500 FROM THE CONTINGENCIES ACCOUNT IN THE 2007 GENERAL FUND BUDGET TO THE OUT OF CYCLE REQUESTS TO FUND THE ROCKY MOUNTAIN RAIL AUTHORITY FEASIBILITY STUDY FOR COMMUTER RAIL SERVICE ALONG THE FRONT RANGE OF COLORADO ISSUE The Rocky Mountain Rail Authority (RMRA) is looking at the feasibility of having a high speed passenger rail system along the Rocky Mountain Front Range from Casper, Wyoming through Pueblo to Belen, New Mexico and along the corridor 1 -70 corridor from Denver to Grand Junction. In order to for this study to be initiated the Colorado Department of Transportation (CDOT) is requiring RMRA to raise at least $311,500 as a local match for the RMRA study. The City has pledged financial support for this initiative in the amount of $12,500 that is contingent upon an equal amount of financing from Pueblo County. If the feasibility study is not awarded to the RMRA, the City's financial contribution will be refunded. Furthermore, RMRA in the proposed study. Approval of the Resolution. FINANCIAL IMPACT the City will also participate with Funds in the amount of $12,500 will be transferred from the Contingencies Account in the 2007 General Fund Budget (see attached spreadsheet for the balance in the contingencies account).