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HomeMy WebLinkAbout031 - 03/04/1980 - AUTHORIZING THE CITY TO BORROW THE SUM OF $16,500 IN ORDER TO PAY FOR THE EXERCISE OF A RIGHT OF FIR OPDINANCE NO 31 1980 OF THE COUNCIL OF THE CITY OF FORT COLI INS AUTh041ZIiJG THE CITY TO BOPRM, THE SUM OF $16,500 IN ORDER TO PAY FOR THE EXERCISE OF A RIGHT OF FIRST REFUSAL TO PU''CHASE THREE (3) T-HANGARS LOCATED AT THE FORT COLLINS-LOVELAND MUdICIPAL AIRPORT WHEREAS, by Agreement uated Septembe- 21, 1977, the Cities of Fort Collins and Loveland did acquire a right of first refusal to purchase any of forty (40) T-Hangars located at the Fort Collins-Loveland Municioal Airport in the evert said T-Hangars were offered for sale, ano WHEREAS, the City of Fort Collins has been notified of the pr000sed sale of tnree (3) T-Hangars for a total consideration of Thirty-Three Thousand Dollars ($33,000 00) , and WHEREAS, it appearing to the Council of the City of Fort Collins tnat it is 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 I'HEREAS, in order to exercise said right of first refusal , both the City of Fort Collars and the City of Loveland shall be required to pay the sum of Sixteen Thousand Five Hundred Dollars (g16,500 00) , and rMERCAS, in tyre considered opirion of the Council of the City of Fort Collins and the Council of the City of Loveland, it is estimated that, g ve r pr oper Iona-teen T . ancing, airourL revenues r r 1 r be sufficienr. Lo retire the costs associated with the exercise of the option, and IJHEREAS, pursuant to Section 20 2 of Article V of the Cnarter of the City of Fort Collins, the City is permitted to borrow funds in anticipation of revenues on a short-term basis NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS AS FOLLO4S Section 1 That the Director of Finance of the City of Fort Collins be, and he nereby is, authorized to borrow on a short-terii basis on behalf of the City of Fort Collins the sum of Sinteen Thousand Five Hundred Dollars ($16,500 00) , plus interest, and to issue short-term notes to evidence the amount so borrowed It is the intent of tree City Council of the City of Fort Collins taut to the extent possible, the amrUnt so bor- ro"ed shall be repaid froir, revenues derived from the operation of the Fort Collins-Loveland Yunicipal Airport To the extent, if any, which revenues from she Fort Collins-Loveland Municipal Airport are insufficient to repay the mount so borrowed, other general revenues of the City may be utilized i to pay the difference The amount so borrowed snall be payable in full within twelve (12) months, provided, however, that options may be utilized to iextend pay^nent for additional twelve-month periods upon proper action of the Council of the City of Fort Collins Section 2 The monies so borrored pursuant to the foregoing Section shall be utilized for the exercise of the right of first refusal , above menitioned, and for no other purpose Section 3 Passage of Ordinance That the irmediate adoption of the foregoing measures are 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 emeraency does exist requiring the immediate passage of this Ordinance, and this Ordinance is, therefore, enacted pursuant to Section b of Article II of the Charter of the City of Fort Collins as an Emergency ordinance and shall become eftec- tive upon its passage Introduced, considered favorably by 7 members of the City Council uporn reading, finally passed as an Emergency Ordinance and oraered pub- lished tnis 4th day of March LAD jI , TE T Ci y Clerk -2-