HomeMy WebLinkAbout031 - 03/04/1980 - AUTHORIZING THE CITY TO BORROW THE SUM OF $16,500 IN ORDER TO PAY FOR THE EXERCISE OF A RIGHT OF FIR OPDINANCE NO 31 1980
OF THE COUNCIL OF THE CITY OF FORT COLI INS
AUTh041ZIiJG THE CITY TO BOPRM, THE SUM OF $16,500
IN ORDER TO PAY FOR THE EXERCISE OF A RIGHT OF FIRST
REFUSAL TO PU''CHASE THREE (3) T-HANGARS LOCATED AT THE
FORT COLLINS-LOVELAND MUdICIPAL AIRPORT
WHEREAS, by Agreement uated Septembe- 21, 1977, the Cities of Fort
Collins and Loveland did acquire a right of first refusal to purchase any
of forty (40) T-Hangars located at the Fort Collins-Loveland Municioal
Airport in the evert said T-Hangars were offered for sale, ano
WHEREAS, the City of Fort Collins has been notified of the pr000sed
sale of tnree (3) T-Hangars for a total consideration of Thirty-Three
Thousand Dollars ($33,000 00) , and
WHEREAS, it appearing to the Council of the City of Fort Collins tnat
it is 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
I'HEREAS, in order to exercise said right of first refusal , both the
City of Fort Collars and the City of Loveland shall be required to pay the
sum of Sixteen Thousand Five Hundred Dollars (g16,500 00) , and
rMERCAS, in tyre considered opirion of the Council of the City of Fort
Collins and the Council of the City of Loveland, it is estimated that,
g ve r pr oper Iona-teen T . ancing, airourL revenues r r 1 r be sufficienr. Lo
retire the costs associated with the exercise of the option, and
IJHEREAS, pursuant to Section 20 2 of Article V of the Cnarter of the
City of Fort Collins, the City is permitted to borrow funds in anticipation
of revenues on a short-term basis
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS AS FOLLO4S
Section 1 That the Director of Finance of the City of Fort Collins
be, and he nereby is, authorized to borrow on a short-terii basis on behalf
of the City of Fort Collins the sum of Sinteen Thousand Five Hundred
Dollars ($16,500 00) , plus interest, and to issue short-term notes to
evidence the amount so borrowed It is the intent of tree City Council of
the City of Fort Collins taut to the extent possible, the amrUnt so bor-
ro"ed shall be repaid froir, revenues derived from the operation of the Fort
Collins-Loveland Yunicipal Airport To the extent, if any, which revenues
from she Fort Collins-Loveland Municipal Airport are insufficient to repay
the mount so borrowed, other general revenues of the City may be utilized
i
to pay the difference The amount so borrowed snall be payable in full
within twelve (12) months, provided, however, that options may be utilized
to iextend pay^nent for additional twelve-month periods upon proper action of
the Council of the City of Fort Collins
Section 2 The monies so borrored pursuant to the foregoing Section
shall be utilized for the exercise of the right of first refusal , above
menitioned, and for no other purpose
Section 3 Passage of Ordinance That the irmediate 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 emeraency does exist
requiring the immediate passage of this Ordinance, and this Ordinance is,
therefore, enacted pursuant to Section b of Article II of the Charter of
the City of Fort Collins as an Emergency ordinance and shall become eftec-
tive upon its passage
Introduced, considered favorably by 7 members of the City Council
uporn reading, finally passed as an Emergency Ordinance and oraered pub-
lished tnis 4th day of March LAD jI ,
TE T
Ci y Clerk
-2-