HomeMy WebLinkAbout187 - 12/18/1984 - AUTHORIZING A SHORT-TERM LOAN FROM THE WATER FUND TO THE CAPITAL PROJECTS FUND FOR THE BLOCK 31 PROJ ORDINANCE NO. 187, 1984
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING A SHORT-TERM LOAN FROM THE WATER FUND
TO THE CAPITAL PROJECTS FUND FOR THE BLOCK 31 PROJECT
WHEREAS, the City and County have entered into an Intergovernmental
Agreement for the joint acquisition, master plan development, management
operation and maintenance of improvements for Block 31; and
WHEREAS, such agreement authorizes the establishment of a City/County
center fund for the purpose of accomplishing the above policy; and
WHEREAS, the Intergovernmental Agreement requires a $1.2 million
dollar contribution from each party; and
WHEREAS, anticipated bond proceeds or General Fund reserves will be
deposited in the Capital Projects Fund for the repayment of this loan
within one year when the 1985 Sales and Use Tax Revenue securities are
issued and the proceeds received; and
WHEREAS, there are monies available in the Water Fund sufficient
to provide for a loan to fulfill the requirements of the Intergovernmental
Agreement for Block 31 until the 1985 proceeds are received; and
WHEREAS, Article V, Section 8 of the Cha
rter of the City of Fort
Collins , as amended, provides that Council may authorize the payment of any
expense from reserves accumulated in prior years , notwithstanding that such
reserves were not appropriated for expenditures in the annual appropriation
Ordinance; and
WHEREAS, Article V, Section 20.1 of the Charter of the City of Fort
Collins , as amended, provides that Council may authorize the borrowing of
money in anticipation of the collection of revenues payable within twelve
months .
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the City Manager be, and hereby is, authorized and directed to
provide for a short-term loan totalling One Million Two Hundred Thousand
Dollars ($1,200,000) for the Block 31 Project with interest paid thereon,
at maturity not later than twelve (12) months hereafter, at an interest
rate equal to the interest rate the City would have received if such funds
had been prudently invested elsewhere.
Introduced, considered favorably on first reading, and ordered pub-
lished this 4th day of December, A.D. 1984, and to be presented for final
passage on the 18th day of December, A.D. 1984.
Mayor
ATTEST:
City Clerk
r
Passed and adopted on final reading this 18th day of December
A.D. 1984.
Mayor
ATTEST:
City Clerk
-2-