ORIGINAL ORDINANCE NO.                 

INTRODUCED BY

                                              
ENROLLED ORDINANCE NO.                

AN ORDINANCE CREATING THE SHERIDAN
DOWNTOWN DEVELOPMENT AUTHORITY FOR THE PURPOSES
SET FORTH IN AND PURSUANT TO W.S. 15-9-201 et seq.  

The City Council of the City of Sheridan, Wyoming, finds that it is in the public interest and will serve a public use to create and establish a downtown development authority having the purposes and powers as set forth in Wyo. Stat. §§15-9-201 through 15-9-223 and amendments thereto (hereinafter referred to as the “Act”), and that such authority is necessary for the public health, safety, prosperity, security and general welfare and to carry out the purposes of an authority as stated in W.S. §15-9-201. 

THEREFORE IT IS ORDAINED BY THE GOVERNING BODY OF THE CITY OF SHERIDAN, WYOMING:

 Section 1. Creation of Downtown Development Authority. There is hereby created the Sheridan Downtown Development Authority (hereinafter referred to as the “Authority”) pursuant to the provisions of the Act. The Authority shall be a body corporate and shall operate pursuant to and in accordance with the Act.  

Section 2. Designation of Downtown Development District. The boundaries of the Sheridan Downtown Development District, (hereinafter referred to as the “District”), within which the Authority shall exercise its powers are hereby established as set forth on Exhibit “A: attached hereto. 

Section 3. Budget Review and Approval; Financial Reports. The board of the Authority shall, before the first (1st) day of _______ each year, submit to the City a proposed operating budget for the forthcoming fiscal year which will be from _________1st until ________  of the ensuing year. Copies of the proposed budget shall be provided to the City Manager, the City Treasurer, and each member of the City Council. Before becoming effective this budget shall also be approved by the City Council in accordance with the Act. 

Section 4. Powers and Duties of the Authority. The Authority shall have all of the powers and duties, and shall be managed and supervised, as provided in the Act. In the event that the Sheridan City Council adopts an ordinance or resolution by which bonds are issued pursuant to the Act, the ordinance or resolution will specify the maximum net effective interest rate of the bonds.

Section 5. Termination and Dissolution. The Authority shall continue in existence until dissolved by ordinance of the City Council of the City of Sheridan. The Authority may be dissolved if there is no outstanding indebtedness of the Authority, or if adequate provision for the payment of such indebtedness is provided.

Section 6. Severability. Should any part or provision of this Ordinance ever be judicially determined to be invalid or unenforceable, such determination shall not affect the remaining parts and provisions hereof, the intention being that each part or provision of this Ordinance is severable.

Section 7. Effective Date. The effective date of this Ordinance shall be immediately upon enactment and publication as provided by law.

PASSED AND APPROVED the                 day of                         , 2001.

 

SHERIDAN CITY COUNCIL
By:                                                                    
Jim Wilson, Mayor
By:                                                                    
President of the City Council
 

 

 

ATTEST:
                                                                   
City Clerk
 
First Reading:                                                
Second Reading:                                               
Public Hearing:                                                
Third Reading :                                               
  

Duly published in the Sheridan Press this _____ day of ____________, 2001.