HomeMy WebLinkAbout120 - 10/02/1979 - AUTHORIZING THE CITY TO BORROW THE SUM OF $66,250 IN ORDER TO PAY FOR THE EXERCISE OF AN OPTION TO P ORDINANCE NO 120, 1979
OF 1HE COUNCIL OF THE CITY OF FORT COLLINS
AUTHOPIZING THE CITY TO BORROW THE SM OF
166,250 IN ORDER TO PAY FOR THE EXERCJSF
OF AN OPTION TO PURCHASE 20 T-HAilGERS LOCATED
AT THE FORT COLLIHS-LOVELAND iUNICIPAL AIRPORT
WHEREAS, by agreement dated August 31, 1978, the City of Fort Collins
and the City of Loveland, Colorado, dio enter into an agreement with iiax R
Floffaian and Katheryn E Hoffman under the terms of which the City acquired
an option to purchase 20 T-Hangers located at the Fort Collins-Loveland
Municipal Airport, and
WHEREAS, the Council of the City of Fort Collins and the Council
of the City of Loveland, Colorado, have determined that it is in the best
interest of the City of Fort Collins and the City of Loveland tnat said
option be exercised immediately, and
WHEREAS, in order to exercise said optioii, both the City of Fort
Collins and the City of Loveland shall each be required to pay the sum of
Sixty-Six Thousand Two Hundred Fifty Dollars ($66,250 00) , and
NH EREAS, in the considered opinion of the Council of the City of
Fort Collins arid the Council of the City of Loveland, it 1 ,, estiiliated that,
qiven proper long term financing, airport revenues will be sufficient to
retire the costs associateD with the exercise of the option, and
WHEREAS, pursuant to Section 20 2 of Artie le V of the Cirai ter of
the City of Fort Collins, the City is permitted to borrow funds rii antici-
pation of revenues on a short term basis
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCJI OF THE CITY OF FORT
COLLINS AS FOLLOWS
Section 1 That the Director of Finance of the CiLy of Fort Collins
be, and he hereby is, authorizEa to borrow on a short term basis on behalf
of the Cit of Fort Collins the �,uia o, S vt;-Siv Thousand lrlo Hlydred Fifty
Dollars ($66,250 OU) plus interest, and to issue short term notes to
evidence the amount so borrowed It is the intent of the City Council of
the City of Fort Collins that to the extent possiDIC, the amount so borrow-
ed shall be repaid from revenues derived from the operation of the Fort
Collins-Loveland Municipal Airport To the extent, if any, r,liich revenues
from the Fort Collins-Loveland Municipal Airport are insufficient to repay
the amount so borrowed, otl er , ae ier al rep enues of the City may be uti 1 i led
to pay the difference The amount so borrowed shall be payable in full
►rithin twelve (12) months, provideo, however, that options nay be utilized
to extend payment for additional twelve (12) month periods upon proper
action of the Council of the City of Fort Collins
Section 2 The monies so borro�.ed pursuant to the foregoing section
shall be utilized for the exercise of the option above mentioned, ana for
no other purpose
Introduced, considered favorably on first reading, and ordered pub-
lished this 18th day of September 1979, and to be presented for final
passage on the 2nd day of October 1979
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Mayor
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Passed and adopted on final reading this 2nd ddy of October
1979 --
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