HomeMy WebLinkAbout139 - 01/05/1993 - AMENDING CITY CODE RELATING TO REDUCTION OF STATUTORY REDEMPTION INTEREST ACCRUING ON TAX CERTIFICAT ORDINANCE NO. 139, 1992
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AMENDING SECTION 22-97 OF THE CODE OF THE CITY
OF FORT COLLINS RELATING TO THE REDUCTION OF
STATUTORY REDEMPTION INTEREST ACCRUING ON TAX
CERTIFICATES OF PURCHASE HELD BY THE CITY FOR
SPECIAL IMPROVEMENT DISTRICT ASSESSMENTS
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS that Section 22-
97 of the Code of the City of Fort Collins is hereby amended by the addition of
a new subparagraph (c) , with the subsequent relettering of the remaining
subparagraphs, which new subparagraph (c) shall read as follows:
Sec. 22-97. Receiving of payments; sale of property for default.
(c) The City Council may, by resolution, approve the reduction
of the redemption interest rate established by state statute
accruing on any certificate of purchase held by the city, provided
that: (1) the statutory redemption interest rate is not reduced
below the highest rate of interest owed on any of the bonds which
are paid with assessments collected from the property described in
the certificate of purchase; and (2) the City Council finds that
such reduction in the rate of statutory redemption interest will not
impair the full payment of principal and interest owing under the
affected bonds and that such reduction in the rate of statutory
redemption interest is in the best interests of the city.
Introduced, considered favorably on first reading, and ordered published
this 15th day of December, A.D. 1992, and too be presented for final passage on
the 5th day of January, A.D. 1993.
Mayor
ATTEST
City Clerk '
Passed and adopted on final reading this 5th day of January, A.D. 1993.
�&�Illkb 44 �
Mayor
ATTEST:
City Clerk