HomeMy WebLinkAbout087 - 08/07/1990 - APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL FUND FOR THE PURCHASE OF 281 NORTH COLLEGE ORDINANCE NO. 87 , 1990
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL FUND
WHEREAS, the City of Fort Collins is the purchaser under an Agreement
of Purchase and Sale of Real Property dated May 10, 1990, entered into with
the Resolution Trust Corporation, as conservator of Topeka Savings, a
Federal Savings and Loan Association, (hereinafter "the RTC Agreement") ;
and
WHEREAS, pursuant to the RTC Agreement, the City has agreed to
purchase that certain real property commonly known as 281 North College,
Fort Collins, Colorado (hereinafter "the Property") ; and
WHEREAS, pursuant to Resolution 90-114, the City Council has found
that the purchase of the Property is in the best interests of the City and
has approved the RTC Agreement, subject to the appropriation of funds
necessary to meet the City's obligations under the RTC Agreement on or
before September 7, 1990; and
WHEREAS, the selling price of the Property is $715,000; and
WHEREAS, Article V, Section 8, of the Charter of the City of Fort
Collins authorizes the City Council to provide by ordinance for payment of
any expense from reserves accumulated in prior years, notwithstanding that
such reserves were not appropriated for expenditure in the annual
appropriation ordinance; and
WHEREAS, $172,000 has already been appropriated for the lease purchase
of the Property and is now available for the purchase of the Property; and
WHEREAS, the remaining funds of $543,000 are available in the General
Fund Undesignated reserve.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated for expenditure from undesignated
prior year reserves in the General Fund the sum of FIVE HUNDRED FORTY THREE
THOUSAND DOLLARS ($543,000) for the purchase of the Property.
Introduced, considered favorably on first reading, and ordered
published this 24th day of July, A.D. 1990, and to be presented for final
passage on the 7th day of August, A.D. 1990. N
ayor
AST:J�nn(e\ta\k\T�"
City Clerk
Passed and adopted on final reading this 7th day of August, A.D. 1990.
/! J
MKiyor
ATTEST:
City Clerk