HomeMy WebLinkAbout160 - 10/28/1980 - AUTHORIZING THE SHORT-TERM BORROWING OF $61,567.06 FOR PAYMENT OF THE PURCHASE OF 20 T HANGARS AT TH ORDINANCE NO 160, 1980
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE SHORT TERM BORROWING OF $61,567 06
FOR PAYMENT OF THE PURCHASE OF TWENTY
(20) T HANGARS AT THE FORT COLLINS-LOVELAND MUNICIPAL AIRPORT
WHEREAS, by agreement dated August 31 , 1978, the Cities of Fort
Collins and Loveland, entered into an agreement with Max R Hoffman and
Catherine E Hoffman under the terms of which the City acquired an option
to purchase twenty T Hangars located at the Fort Collins-Loveland Municipal
Airport, and
WHEREAS, the Councils of the Cities of Fort Collins and Loveland
determined that it was in the best interest of both cities to exercise said
option, and
WHEREAS, in order to exercise said option, both the cities of Fort
Collins and Loveland were required to pay the sum of $66,250 00, 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 and by Ordinance No 120, 1979, the
Council of the City of Fort Collins did authorize the borrowing of the sum
of $66,250 00 in order to pay for the exercise of the option to purchase
twenty T Hangars located at the Fort Collins-Loveland Municipal Air-
port, and
WHEREAS, at that time, it was the considered opinion of the Councils
of Fort Collins and Loveland that revenues would be sufficient to retire
the costs associated with the exercise of the option, 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 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 he hereby is, authorized to borrow on a short term basis on behalf
of the City of Fort Collins the sum of $61,567 06 plus interest 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 repayed from revenues derived
from the operations of the Fort Collins-Loveland Municipal Airport
However, to the extent that the revenues from said Airport operation are
insufficient to repay the amount so borrowed, then other general revenues
of the City may be utilized to pay the difference The amount so borrowed
shall be payable in full within a twelve month period
Section 2 The money so borrowed pursuant to the foregoing section
shall be utilized for the purpose of paying for the purchase of the speci-
fied twenty T-hangars located at the Fort Collins-Loveland Municipal
Airport and for no other purpose
Section 3 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 emergency ordinance and ordered pub-
lished this 28thday of October--, D 1980
ATTEST
City Clerk
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