HomeMy WebLinkAbout121 - 09/18/1979 - AUTHORIZING THE CITY TO ENTER INTO A GRANT AGREEMENT WITH THE FEDERAL AVIATION ADMINISTRATION FOR TH ORDINANCE NO 121 , 1979
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE CITY TO ENTER INTO A GRANT AGREEMENT
WITH THE FEDERAL AVIATION ADMINISTRATION FOR THE
CONSTRUCTION OF A PARALLEL TAXIWAY AND AUTHORIZING
THE CITY TO BORROW AN AMOUNT NOT TO EXCEED $201 ,553 96
IN ORDER TO PROVIDE MATCHIiiG FUNDS FOR THE CONSTRUCTION
OF A PARALLEL TAXIWAY AT THE FORT COLLINS-LOVELAND
MUNICIPAL AIRPORT
WHEREAS, the Federal Aviation Administration has provided a grant to
the City of Fort Collins and the City of Loveland, Project No 5-08-0023-
05, in the amount of One Million Five Hundred Thousand Dollars ($1,500,000)
for the construction of a parallel taxiway at the Fort Collins-Loveland
Municipal Airport, and
WHEREAS, as a conaition of said grant, the Cities of Fort Collins
and Loveland are required to provide matching funds in the amount of Three
Hundred Sixty-Seven Thousand Nine Hundred Eighty-Three Dollars and 52/100
($367,983 52) ,and
WHEREAS, the project will also require the sum of Thirty-Five Thousand
Eighty-Two Dollars and 40/100 ($35,082 40) in funds not eligible for a
Federal match, and
WHEPEAS, in the considered opinion of the Council of the City of
Fort Collins and the Council of the City of loveland, it is estimated that,
given proper long term financing, airport revenues will be sufficient to
retire the cost associated with the matching funds for the construction of
the parallel taxiway, 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 antici-
pation of revenues on a short term basis
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORS
COLLINS AS FOLLOWS
Section 1 That the City of Fort Collins shall accept the Airport
Development Aid Grant Offer from the United States of America for tiie
purpose of obtaining Federal aid for the development of Fort Collins-
Loveland Municipal Airport and that such grant offer snall be as attached
hereto
Section 2 That the City of Fort Collins does hereby ratify and
adopt all statements, representations, warranties, covenants, and agree-
ments contained in the Application for Federal Assistance which is incorpo-
rated by reference in said grant offer
Section 3 That the Mayor of the City of Fort Collins is hereby
authorized and directed to execute said Airport Development Aid Grant Offer
on behalf of the City of Fort Collins and the City Clerk is hereby author-
ized and directed to attest said execution and impress thereon the official
seal of the City of Fort Collins
Section 4 A true copy of the grant offer referred to is attached
hereto, incorporated herein, and by reference made a part hereof
Section 5 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, a sum of money not to exceed Two Hundred
One Thousand Five Hundred Thirty-Two Dollars and 96/100 ($201,532 96) plus
interest, and to issue short term notes to evidence the amount so bor-
rowed 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 repaid from
revenues derived from the operation of the Fort Collins-Loveland Municipal
Airport To the extent, if any, which revenues from the Fort Collins-Love-
land Municipal Airport are insufficient to repay the amount so borrowed,
other, general revenues of the City may be utilized to pay the difference
The amount so borrowed shall be payable in full within twelve (12) months,
provided, however, that options may be utilized to extend payment for
additional twelve-month periods upon proper action of the Council of the
City of Fort Collins The amount so borrowed pursuant to this Section
may, at the discretion of the Director of Finance, be represented by a line
of credit with a principal amount not to exceed the sum of Two Hundred
One Thousand Five Hundred Thirty-Two Dollars and 96/100 ($201,532 96)
Section 6 The monies so borrowed pursuant to the foregoing Section
shall be utilized for the purpose of providing the City of Fort Collins'
share of matching funds necessary to pay for the construction of a parallel
taxiway at the Fort Collins-Loveland Municipal Airport, and for no other
purpose
Section 7 Passage of Ordinance That the immediate adoption of the
foregoing measures are 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
ier,uiiino the immediate F,,ssige of this Cidinince and this 0 dinance i ,
therefore, enacted pursuant to Section b oT article II of the Charter of
the City of Fort Collins as an Emergency Ordinance and shall become effec-
tive upon its passage
Introduced, considered favorably by seven members of the City Council
upon reading, finally passed as an Emergency Ordinance and ordered pub-
lished this 18thday of September A D 1979
i1a
ATTEST
f �
CiFty Clerk
-2-