HomeMy WebLinkAbout095 - 12/07/1976 - AMENDING SECTION 15-4 OF THE CITY CODE RELATING TO THE ISSUANCE OF BONDS IN LOCAL PUBLIC IMPROVEMENT ORDINANCE NO. 95 , 1976
BEING AN ORDINANCE AMENDING SECTION 15-4
OF THE CODE OF THE CITY OF FORT COLLINS
RELATING TO THE ISSUANCE .OF BONDS IN LOCAL
PUBLIC IMPROVEMENT DISTRICTS .
WHEREAS, heretofore by Ordinance No. 45, 1976, the City :
Council enacted Chapter 15 of the Code of the City of Fort
Collins, Colorado; and
WHEREAS, such chapter was enacted to provide greater
flexibility in the methods of creating local public improve-
ment districts, constructing improvements therein and paying
for such improvements; and
WHEREAS, the Charter of the City of Fort Collins permits
the sale of bonds either by bid or at private sale; and
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WHEREAS , in the opinion of the City Council it is
necessary and desirable that bonds in a local improvement
district organized pursuant to Chapter 15 of the Code of the
City of Fort Collins be permitted to be sold either by bid
or at private sale; and
WHEREAS, it was the intention of the City Council in $•
adopting Ordinance No. 45, 1976, that bonds of the district
would be saleable either on bid or at private sale; and
WHEREAS , a question of construction has arisen .whether
sale of bonds at private sale . is permitted and the City
Council desires to clarify its intent .in enacting Chapter 15
of the Code of the City of Fort Collins.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE
CITY OF FORT COLLINS:
Section 1. That Section 15-4 of the Code of the City
of Fort Collins be, and the same hereby is, amended by
adding thereto at the end thereof the following:
"Any such bonds authorized by the Board of Directors
may be sold on such terms and conditions as 'determined
by the Board of Directors either by public bid or at
private' sale. "
Section 2. Inasmuch as it is necessary to market the
bonds in General Improvement District No. 1, a district
formed under the provisions of Chapter 15 of the Code of the
City of Fort Collins, as soon as possible, in order that the
district can undertake the construction of the project
contemplated in the district, the City Council hereby finds
and determines that the passage ,and adoption of this ordinance
is for the immediate preservation. of the .public health,
safety and welfare, and that the ordinance should be passed :
as an emergency ordinance and become effective upon its
passage.
Introduced and finally passed and adopted this 7th day
of December, 'A.D. 1976.
Ara :.
ATTEST: r Mayor ,
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City Clerk
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