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HomeMy WebLinkAbout159 - 10/28/1980 - AUTHORIZING THE SHORT-TERM BORROWING OF $60,405.41 FOR PAYMENT OF THE PURCHASE OF 13 T HANGARS AT TH D t ORDINANCE NO 159, 1980 OF THE COUNCIL OF THE CITY OF FORT COLLINS AUTHORIZING THE SHORT TERM BORROWING OF $60,405 41 FOR PAYMENT OF THE PURCHASE OF THIRTEEN (13) T HANGARS AT THE FORT COLLINS-LOVELAND MUNICIPAL AIRPORT WHEREAS, by agreement dated September 21, 1977, the Cities of Fort Collins and Loveland acquired a right of first refusal to purchase any of forty (40) t-hangars located at the Fort Collins-Loveland Municipal Air- port In the event said T Hangars were offered for sale, and WHEREAS, on September 24, 1979, the City of Fort Collins was notified of the proposed sale of sixteen (16) T Hangars from Max R Hoffman to F A Gillespie & Sons Company of Tulsa, Oklahoma for a total consideration of One Hundred Sixty Thousand Dollars ($160,000 00) subject to the condition that Hoffman would then immediately purchase back from Gillespie three (3) t-hangars for a cash consideration of Thirty Thousand Dollars ($30,000 00), and WHEREAS, it appeared to the Council of the City of Fort Collins that it was in the best interests of the City of Fort Collins and the Fort Collins-Loveland Municipal Airport, that the right of first refusal on the aforementioned hangars be exercised, and WHEREAS, in order to exercise said right of first refusal both the Cities of Fort Collins and Loveland were each required to pay the sum of Sixty Five Thousand Dollars ($65,000 00) , and WHEREAS, in the considered opinion of the Councils of the Cities of Fort Collins and Loveland, it was estimated that, Airport revenues would be sufficient to retire the costs associated with the exercise of the option, 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 143, 1979 the Council of the City of Fort Collins did authorize the borrowing of the sum of Sixty Thousand Four Hundred Five Dollars and 41/100 ($60,405 41) in order to pay for the exercise of the option to purchase thirteen (13) T Hangars 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 irsufficient 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 $60,405 41 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 thirteen (13) 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 28th day of October 1 0 a "_ ATTEST City Clerk -2-