HomeMy WebLinkAbout1990-135-09/18/1990-ABATEMENT OF INTEREST HORSETOOTH COMMONS PUD SID TRACT A RESOLUTION 90-135
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE ABATEMENT OF INTEREST IN THE
CONSOLIDATED SPECIAL IMPROVEMENT DISTRICT
WHEREAS, on April 3, 1990, City Council adopted Ordinance No. 27,
1990, which amended the Code so as to permit the Council , by resolution, to
abate all or any portion of an assessment in special improvement districts
under certain circumstances; and
WHEREAS, City staff has recommended the abatement of a portion of the
interest due on the first installment of assessments in the 1989
Consolidated Special Improvement District (the "District") levied on
property known as Tract A of Horsetooth Commons PUD; and
WHEREAS, Council has reviewed the criteria contained in Section
22-95(d) of the Code and has determined that the abatement of a portion of
the interest due and owing on Tract A of Horsetooth Commons PUD would be
consistent with the criteria contained in Section 22-95(d) of the Code.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1 . That the City Council hereby finds and determines that the
aforementioned abatement of interest recommended by the Financial Officer
is necessary and advisable to avoid any possible injustice to the property
owner and to protect the financial interests of the City; that adequate
funds are anticipated to be available from the payment of assessments in
the District or from other funds appropriated by the City Council to pay
all principal and interest due on the Special Assessment Bonds issued by
the City for the construction of improvements in the District; and that the
waiver of interest will not contravene any covenant made by the City for
the benefit of the holders of such Special Assessment Bonds.
Section 2. That 11 months of interest owed on the first assessment
installment for the Cunningham Corner SID #82 for Tract A of Horsetooth
Commons PUD in the amount of Six Hundred Twenty and 15/100 Dollars
($620. 15) is hereby abated by the City.
Section 3. That the waiver of interest approved by this Resolution
shall in no way be construed to prevent the City from exercising all rights
and remedies otherwise available under the law to ensure the full and
timely payment of all future assessments by the owner(s) of Tract A of
Horsetooth Commons PUD. Such rights and remedies shall include, without
limitation, the right to advertise and sell the aforementioned real
property in the event that full payment of the assessments, including all
accrued interest and penalty interest not abated by this Resolution, are
not paid when due.
Passed and adopted at a regular meeting of the Council of the City of
Fort Collins held this 18th day of September, A.D. 1990.
i
Mayor
ATTEST:
City Clerk