HomeMy WebLinkAbout080 - 06/15/1982 - AUTHORIZING THE DIRECTOR OF FINANCE TO ESTABLISH A SHORT TERM LINE OF CREDIT NOT TO EXCEED $900,000 ORDINANCE NO 80 , 1982
OF THE COUNCIL OF THE CITY—OF FORT COLLINS
AUTHORIZING THE DIRECTOR OF FINANCE TO ESTABLISH
A SHORT TERM LINE OF CREDIT NOT TO EXCEED $900,000
AND APPROPRIATING SAID LINE OF CREDIT IN THE CAPITAL
PROJECTS FUND FOR STREET REHABILITATION
WHEREAS, the City of Fort Collins is presently ready to engage in
street rehabilitation projects through which significant costs will be
incurred for street rehabilitation prior to the issuance of Sales and Use
Tax Revenue Bonds, and
WHEREAS, it is anticipated that a short term line of credit not to
exceed $900,000 will provide the City of Fort Collins with sufficient funds
to pay for street rehabilitation completed prior to the issuance of Sales
and Use Tax Revenue Bonds, and
WHEREAS, it is anticipated that any short term borrowing engaged in by
the City of Fort Collins for the purpose of funding street rehabilitation
projects shall be retired during 1982, at which time, it is anticipated
that revenues from a Sales and Use Tax Revenue Bonds issue shall be avail-
able, 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 on a short term
basis in anticipation of revenues
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 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 $900,000 at a var-
iable interest rate, and to issue short term notes to evidence the amount
so borrowed It is the intent of the Council of the City of Fort Collins
that the amount so borrowed shall be repaid from revenues received from the
proceeds of Sales and Use Tax Revenue Bonds The amount so borrowed shall
be payable in full within twelve months The amount so borrowed pursuant
to this Ordinance may, at the discretion of the Director of Finance, be
represented by a line of credit with the principal amount not to exceed the
sum of $900,000
Section 2 That there is hereby appropriated for expenditure in the
Capital Projects Fund for Street Rehabilitation any and all funds obtained
pursuant to the short term line of credit herein authorized
Introduced, considered favorably on first reading and ordered pub-
lished this 1st day of June , 1982, and to be presented for final passage
on the 15th clay of June $�
c •
Assistant ay r
ATTEST
ity Clerk--'
1982 Passed and adopted on final reading this 15th day of June , A D
Mayor
ATTEST
4"O�� ��
City Clerk
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