HomeMy WebLinkAbout087 - 08/20/1985 - AUTHORIZING AN INTERFUND LOAN FROM THE WATER FUND TO THE NATATORIUM AND ICE ARENA PROJECT (EPIC) ORDINANCE NO. 7 , 1985
OF THE COUNCIL OF THE COF FORT COLLINS
BEING AN ORDINANCE AUTHORIZING AN INTERFUND
LOAN FROM THE WATER FUND TO THE NATATORIUM
AND ICE ARENA PROJECT
WHEREAS, the Council of the City of Fort Collins has appropriated
funds for the construction of a Natatorium and Ice Arena; and
WHEREAS, said funds are to be provided from borrowings and are not
currently available; and
WHEREAS, the Council of the City of Fort Collins does not desire to
delay construction of the facility; and
WHEREAS, the Council of the City of Fort Collins is authorized by its
Charter and Codes to transfer amounts between Funds.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS:
Section 1. That there are sufficient monies available in the Water
Fund of the City to provide for the Operations of the Fund and to provide
progress payments for the Natatorium and Ice Arena construction contracts .
Section 2. That the Water Fund will advance monies to the Natatorium
and Ice Arena Project to meet construction draws for the next six months or
until other financing is obtained.
Section 3. That the advances from the Water Fund will draw interest
at the same rate the monies would have drawn if they had been invested with
the balance of the City 's portfolio.
Introduced, considered favorably on first reading, and ordered
published this 6th day of August, A.D. 1985, and to be presented for final
passage on the 20th day of August, A.D. 1985.
Assistant ay or
ATTEST:
7� GiI
y
r
Passed and adopted on final reading this 20th day of August, A.D.
1985.
m1yor
ATTEST:
City Gierk