HomeMy WebLinkAbout048 - 03/31/1981 - AUTHORIZING THE CITY MANAGER TO ENTER INTO AN AGREEMENT FOR THE PURPOSE OF ESTABLISHING A SHORT TERM ORDINANCE NO 48, 1981
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE CITY MANAGER TO ENTER INTO
AN AGREEMENT FOR THE PURPOSE OF ESTABLISHING
A SHORT TERM LINE OF CREDIT NOT TO EXCEED $1,000,000 00
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 on a short term
basis in anticipation of revenues, and
WHEREAS, the City of Fort Collins presently wishes to provide for
improvements at the Fort Collins-Loveland Municipal Airport as more parti-
cularly outlined below, and
WHEREAS, it is anticipated that a short term line of credit not to
exceed $1,000,000 00 will provide the City of Fort Collins with sufficient
funds to pay for said improvements, and
WHEREAS, it is anticipated that any short term borrowing engaged in by
the City of Fort Collins for said improvenents shall be retired during
1981, at which time, it is anticipated that revenues from a sales tax
revenue bond issue shall be available
Section 1 That the City Manager be, and he hereby is, authorized to
borrow on a short term basis on behalf of the City of Fort Collins a sum of
money not to exceed $1,000,000 00 at an interest rate not to exceed 11 1/2%
per annum to be utilized for the following purposes
FBO Purchase
Water/Sewer Lines
Engineering Design, Inspection
Membership in Sanitation Dist
Electric Power Lines
Auto Access Road
Fuel farm
Parking Lot
and to issue short term notes to evidence the amounts so borrowed It is
the intent of the City Council that to the extent possible, the amount so
borrowed shall be repaid from revenues received from said revenue bond
issue If bond revenues are insufficient to repay the amount so borrowed,
other funds of the city may be utilized to pay the difference The amount
so borrowed shall be payable in full within 12 months
Section 2 This Ordinance is declared to be necessary for the immedi-
ate preservation of the public peace, health and safety 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 effective 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 31st day of March, A D 1981 i
J'
Mayor
ATTEST
City Clerk
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