HomeMy WebLinkAbout018 - 02/28/1989 - AMENDING ORDINANCE NO. 002, 1986 ASSESSING THE COST OF IMPROVEMENTS IN THE LANDMARK SPECIAL IMPROVEM ORDINANCE NO. 18 , 1989
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AMENDING ORDINANCE NO. 2, 1986 ASSESSING THE COST OF
IMPROVEMENTS IN THE LANDMARK SPECIAL IMPROVEMENT DISTRICT NO. 80
IN THE CITY OF FORT COLLINS AND
PROVIDING FOR THE PAYMENT AND COLLECTION THEREOF
WHEREAS, on January 21, 1986, the City Council adopted on final
reading Ordinance No. 2, 1986, being an ordinance assessing the cost of the
improvements and providing for the payment and collection of the same for
the Landmark Special Improvement District No. 80 (the "District") ; and
WHEREAS, the sole owner of the property in the District, Landmark
Apartments, Inc. , has requested that the City refund the outstanding bonds
issued for the District for the purpose of extending the time in which the
assessments are to be paid; and
WHEREAS, the remaining bonds for the District are included in the
aggregate refunding of special improvement district bonds which bond
ordinance has been adopted on First Reading by the City Council ; and
WHEREAS, in order to extend the period of time in which assessments
for the District can be paid, the Council must amend the original assessing
ordinance; and
WHEREAS, such amendment will in no way deny any right the City has to
collect the assessments originally levied.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that Section 2 of Ordinance No. 2, 1986 be repealed and reenacted
as follows:
Section 2. The total outstanding principal balance of $157,500 shall
be paid in eight (8) equal principal installments of $19,687.50, the first
installment of which shall be due on the 1st day of May, 1989, and on the
1st day of May each year thereafter until the full amount thereof has been
paid, together with interest on the unpaid principal at the rate of ten and
one-tenth percent (10.1%) per annum, said interest to be payable at the
time of the principal payments.
Introduced, considered favorably on first r di and ordered
published this 7th day of February, A.D. 1989, presented for
final passage on the 28th day of February, A.D
Mayo
ATTEST:
City Clerk
1989.Passed and adopted on final reading this 28th day of February, A.D. ,
Mayor
ATTEST:
City Clerk