HomeMy WebLinkAbout143 - 10/16/1979 - AUTHORIZING THE CITY TO BORROW THE SUM OF $65,000 IN ORDER TO PAY FOR THE EXERCISE OF A RIGHT OF FIR 4!4'
ORDINANCE NO. 143, 1979
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE CITY TO BORROW THE SUM OF
$65,000 IN ORDER TO PAY FOR THE EXERCISE
OF A RIGHT OF FIRST REFUSAL TO PURCHASE
THIRTEEN (13) T HANGARS LOCATED AT THE
FORT COLLINS-LOVELAND MUNICIPAL AIRPORT
WHEREAS, by Agreement dated September 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 Municipal
Airport 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 appearing to the Council. of the City of Fort Collins, that
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
WHEREAS, in order to exercise said right of first refusal , both the
City of Fort Collins and the City of Loveland shall each be required to pay
the sum of Sixty-Five Thousand Dollars ($65,000.00) ; and
WHEREAS, 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 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.
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 lie hereby is, authorized to borrow on a short-term basis on behalf
of the City of Fort Collins the sum of Sixty-Five Thousand Dollars ($65,000)
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
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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-
Loveland Municipal Airport are insufficient to repay the amount..so borrow-
ed, other general revenues of the City may be utilized to pay the differ-
ence. 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.
Section 2. The monies so borrowed pursuant to the foregoing Section
shall be utilized. for the exercise of the right of first refusal , above
mentioned, and for no other purpose.
Section 3. . 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
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 effec-
tive upon its passage.
Introduced, considered favorably by six members of the City Council
upon reading, finally passed as an Emergency Ordinance and ordered pub-
lished this 16th day of October A.D. 1979.
,ayor
ATTES iT;
y Clerk
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