Sec. 2-596. Constitutional emergency reserve.
(a) Beginning with the budget for fiscal year 2016, any budget prepared and proposed by the city manager and adopted by the council shall specifically designate assets of the city sufficient to comply with the emergency reserve requirement imposed by article X, section 20(5) of the Colorado Constitution, the value of which shall equal three percent of the City's projected fiscal year spending as defined by article X, section 20(2)(e) of the Colorado Constitution. The following assets may constitute all or a portion of the emergency reserve as designated in the budget:
(1) Cash available in the general fund;
(2) Liquid investments in the city portfolio;
(3) The value of any capital asset of the city including real property, buildings, and structures.
(b) In order to qualify as a component of the emergency reserve:
(1) The title to the property must be sufficiently unencumbered and the conveyance of the property must not be subject to any other legal restriction that would prevent the property from being readily liquidated for fair market value in the event of a declared emergency;
(2) To the extent the property is currently serving any essential city purpose, the property is capable of being sold and leased back to the City in the event of a declared emergency.
(c) Any assets designated in the budget as constituting a portion of the City's emergency reserve shall not be utilized except upon a declaration of an emergency by the mayor and the city council as contemplated by article X, section 20 of the Constitution and the satisfaction of any other requirement of the charter or ordinances governing the liquidation of assets or expenditure of the money in question.
(d) Any unused emergency reserve designated pursuant to this section may apply to the next year's reserve. (Ord. No. 2015-48, § 1, 10-26-2015)