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HomeMy WebLinkAbout161 - 10/28/1980 - AUTHORIZING THE SHORT TERM BORROWING OF $201,532.96 FOR THE PROVISION OF MATCHING FUNDS TO PAY FOR T ORDINANCE NO 161, 1980 OF THE COUNCIL OF THE CITY OF FORT COLLINS AUTHORIZING THE SHORT TERM BORROWING OF $201,532 96 FOR THE PROVISION OF MATCHING FUNDS TO PAY FOR THE CONSTRUCTION OF A PARALLEL TAXIWAY AT THE FORT COLLINS-LOVELAND MUNICIPAL AIRPORT WHEREAS, the Federal Aviation Administration provided a grant to the Cities of Fort Collins and Loveland, Project No 5-08-0023-05, in the amount of One Million Five Hundred Thousand Dollars ($1,500,000 00) for the construction of a parallel taxiway at the Fort Collins-Loveland Municipal Airort, and WHEREAS, as a condition of said grant, the Cities of Fort Collins and Loveland were required to provide matching funds in the amount of Three Hundred Sixty-Seven Thousand Nine Hundred Eighty-Three Dollars and 52/100 ($367,983 52) , and WHEREAS, the project also required the sum of Thirty-Five Thousand Eighty-Two Dollars and 40/100 ($35,082 40) in funds not eligible for a federal match, and WHEREAS, in the considered opinion of the Councils of the Cities of Fort Collins and Loveland, it was estimated that revenues would be suffi- cient to retire the cost associated with the matching funds for the con- struction of the parallel taxiway, 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 in anticipation of revenues on a short term basis and by Ordinance No 121, 1979 the Council of the City of Fort Collins did authorize the borrowing of the sum of Two Hundred One Thousand Five Hundred Thirty-Two Dollars and 96/100 ($201,532 96) in order to provide matching funds for the construction of the parallel taxiway at the Fort Collins-Loveland Municipal Airport, and WHEREAS, bonds to provide revenue to retire said costs were never issued and revenues from the Airport operation were insufficient to retire said costs NOW, THEREFORE, BE IT OPDAINED 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 ne 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 Two Hundred One Thousand Five Hundred Thirty-Two Dollars and 96/100 ($201,532 96) plus interest, and to issue short term notes to evidence the amount so borrowed It is the intent of the City Council of the City of Fort Collins that to the extent possible the amount so borrowed shall be repaid from revenues derived from the operation of the Fort Collins-Loveland Municipal Airport To the extent, if any, which revenues from the Fort Collins-Loveland Municipal Airport are insufficient to repay the amount so borrowed, other, general funds of the City may be utilized to pay the difference The amount so borrowed shall be payable in full within twelve (12) months, provided, however, that options may be utilized to extend payment for additional twelve-month periods upon proper action of the Council of the City of Fort Collins The amount so borrowed pursuant to this Section may, at the discretion of the Director of Finance, be represented by a line of credit with a principal amount not to exceed the sum of Two Hundred One Thousand Five Hundred Thirty-Two Dollars and 96/100 ($201 532 96) Section 2 Passage of the Ordinance That the immediate adoption of the foregoing measure is necessary to preserve, protect and advance the general welfare and safety of the residents of the City of Fort Collins 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 imme- diately effective upon its passage Introduced, considered favorably by five members of the City Council upon reading Finally passed as an emg gency ordinance and ordered pub- lished this 28thday of October , P 80 1a ' ATTEST City Clerk -2-