HomeMy WebLinkAbout138 - 01/05/1993 - AMENDING CITY CODE PERTAINING DISPOSITION OF PROCEEDS OF SALE OF SPECIAL IMPROVEMENT DISTRICT PROPER ORDINANCE NO. 138, 1992
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AMENDING SECTION 22-97 OF THE CODE OF THE CITY TO
REINSTATE CERTAIN PROVISIONS PERTAINING TO THE
DISPOSITION OF THE PROCEEDS OF SALE OF SPECIAL
IMPROVEMENT DISTRICT PROPERTIES
WHEREAS, on December 3, 1991, the City Council of the City of Fort Collins
adopted Ordinance No. 134, 1991, amending the lien enforcement provisions of the
Code of the City of Fort Collins pertaining to special improvement districts; and
WHEREAS, said Ordinance No. 134, 1991, added a new subparagraph (e) to
Section 22-97 of the Code, which defined the manner in which the City is to apply
the proceeds of sale of any certificates of purchase held by the City and the
proceeds of sale of any real property acquired by the City through the
foreclosure of a special assessment lien; and
WHEREAS, on June 2, 1992, the City Council adopted Ordinance No. 63, 1992,
which further amended Section 22-97 of the Code in several other respects, and
added new provisions dealing with other matters relating to the sale of such
properties and certificates of purchase; and
WHEREAS, the adoption of Ordinance No. 63, 1992, was not intended to result
in the deletion of the subparagraph 22-97(e) , dealing with the disposition of the
proceeds of sale; and
WHEREAS, the aforementioned subparagraph was, in fact, inadvertently
deleted from the City Code by reason of the adoption of Ordinance No. 63, 1992;
and
WHEREAS, the Council wishes to reinstate said provisions relating to the
proceeds of sale.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS
as follows:
Section 1 . That Section 22-97 of the Code of the City is hereby amended
so as to include the following subparagraphs (f) and (g) :
Sec. 22-97. Receiving payments; sale of property for default.
(f) The proceeds of any sale of certificates of purchase held by
the city, and the proceeds of the sale of any real property acquired
by the city through the foreclosure of a special assessment lien,
shall be credited to the fund created by ordinance for the payment
of such assessments respectively. The city shall deduct therefrom
all expenses incurred in securing deeds and taking proceedings for
the sale or foreclosure, including without limitation: publication
costs; costs of sale; service of process fees; attorney's fees;
title insurance costs, including costs for foreclosure certificates
or litigation guarantee certificates; fees paid to the county
Treasurer; and any general taxes due or past due on such property,
all interest and penalties thereon, and any fees and costs
associated therewith. In the event that the amount to be credited
to the special assessment fund, after the deduction of expenses,
exceeds the amount of principal and accrued interest remaining to be
paid on the bonds issued to pay the cost of constructing the
improvements for which the property was assessed, or refunding
bonds, the city may transfer such excess proceeds into the city's
surplus and deficiency fund, to be expended for the purposes for
which such fund is established, or to the general fund of the city
to be utilized for any municipal purpose approved by the Council .
(g) When the city has sold or conveyed at fair market value
certificates of purchase or property which it has acquired in
satisfaction or discharge of special assessment liens, or has sold
certificates of purchase for less than face value according to the
procedures provided in § 23-111 , such sales and conveyances are
hereby validated and confirmed as against all parties having or
claiming any interest in such property or the proceeds of such sale.
Section 2. That said amendment of the Code shall relate back to June 12,
1992, the effective date of Ordinance No. 63, 1992.
Introduced, considered favorably on first reading, and ordered published
this 15th day of December, A.D. 1992, and t'b be presented for final passage on
the 5th day of January, A.D. 1993.
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ATTEST:
City Clerk
Passed and adopted on final reading this 5th day of January, A.D. 1993.
X�llt4w
mayor
ATTEST:
City Clerk
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