HomeMy WebLinkAbout159 - 10/28/1980 - AUTHORIZING THE SHORT-TERM BORROWING OF $60,405.41 FOR PAYMENT OF THE PURCHASE OF 13 T HANGARS AT TH D
t
ORDINANCE NO 159, 1980
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE SHORT TERM BORROWING OF $60,405 41
FOR PAYMENT OF THE PURCHASE OF THIRTEEN (13)
T HANGARS AT THE FORT COLLINS-LOVELAND MUNICIPAL AIRPORT
WHEREAS, by agreement dated September 21, 1977, the Cities of Fort
Collins and Loveland acquired a right of first refusal to purchase any of
forty (40) t-hangars located at the Fort Collins-Loveland Municipal Air-
port In the event said T Hangars were offered for sale, and
WHEREAS, on September 24, 1979, the City of Fort Collins was notified
of the proposed sale of sixteen (16) T Hangars from Max R Hoffman to F A
Gillespie & Sons Company of Tulsa, Oklahoma for a total consideration of
One Hundred Sixty Thousand Dollars ($160,000 00) subject to the condition
that Hoffman would then immediately purchase back from Gillespie three (3)
t-hangars for a cash consideration of Thirty Thousand Dollars ($30,000 00),
and
WHEREAS, it appeared to the Council of the City of Fort Collins that
it was in the best interests of the City of Fort Collins and the Fort
Collins-Loveland Municipal Airport, that the right of first refusal on the
aforementioned hangars be exercised, and
WHEREAS, in order to exercise said right of first refusal both the
Cities of Fort Collins and Loveland were each required to pay the sum of
Sixty Five Thousand Dollars ($65,000 00) , and
WHEREAS, in the considered opinion of the Councils of the Cities of
Fort Collins and Loveland, it was estimated that, Airport revenues would be
sufficient to retire the costs associated with the exercise of the option,
and
WHEREAS, pursuant to Section 20 2 of Article V of the Charter of the
City of Fort Collins, the City is permitted to borrow funds in anticipation
of revenues on a short term basis and by Ordinance No 143, 1979 the
Council of the City of Fort Collins did authorize the borrowing of the sum
of Sixty Thousand Four Hundred Five Dollars and 41/100 ($60,405 41) in
order to pay for the exercise of the option to purchase thirteen (13)
T Hangars at the Fort Collins-Loveland Municipal Airport, and
WHEREAS, bonds to provide revenue to retire said costs were never
issued and revenues from the Airport operation were irsufficient to retire
said costs
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows
Section 1 That the Director of Finance of the City of Fort Collins
be, and he hereby is, authorized to borrow on a short term basis on behalf
of the City of Fort Collins the sum of $60,405 41 plus interest It is the
intent of the City Council of the City of Fort Collins that to the extent
possible, the amount so borrowed shall be repayed from revenues derived
from the operations of the Fort Collins-Loveland Municipal Airport
However, to the extent that the revenues from said Airport operation are
insufficient to repay the amount so borrowed, then other general revenues
of the City may be utilized to pay the difference The amount so borrowed
shall be payable in full within a twelve month period
Section 2 The money so borrowed pursuant to the foregoing section
shall be utilized for the purpose of paying for the purchase of the speci-
fied thirteen (13) T-hangars located at the Fort Collins-Loveland Municipal
Airport and for no other purpose
Section 3 Passage of the Ordinance That the immediate adoption of
the foregoing measure is necessary to preserve, protect and advance the
general welfare and safety of the residents of the City of Fort Collins
Therefore, the City Council hereby determines that an emergency does
exist requiring the immediate passage of this ordinance and this ordinance
is therefore enacted pursuant to Section 6 of Article II of the Charter of
the City of Fort Collins as an emergency ordinance and shall become imme-
diately effective upon its passage
Introduced, considered favorably by five members of the City Council
upon reading Finally passed as an emergency ordinance and ordered pub-
lished this 28th day of October 1 0
a "_
ATTEST
City Clerk
-2-