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HomeMy WebLinkAbout045 - 07/15/1975 - AMENDING CHAPTER 16 OF THE CITY CODE RELATING TO LOCAL PUBLIC IMPROVEMENTS (EMERGENCY ORDINANCE) ORDINANCE NO 1975 BEING AN ORDINANCE AMENDING CHAPTER 16 OF THE CODE OF THE CITY OF FORT COLLINS RELATING TO LOCAL PUBLIC IMPROVEMENTS AND DECLARING AN EMERGENCY BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS Section 1 That Section 16-24 of the Code of the City of Fort Collins be and the same hereby is amended to read as follows §16-24 Payment of assessments in installments In case of such election to pay in installments the assessments shall be payable in installments of not less than two (2) nor more than twenty (20) equal installments of principal the first of which installment shall be payable in not less than thirty (30) days nor more than five (5) years and the last in not more than twenty (20) years with interest on the unpaid principal payable semi- annually at a rate to be established by the City Council in the ordinance making such assessments which rate shall not exceed the interest rate payable on the bonds issued to pay the cost of the improvements The number of installments the period of payment and the rate of interest shall be determined by the Council and set forth in the assessing ordinance Section 2 That Section 16-28 of the Code of the City of Fort Collins be and the same hereby is amended by deleting therefrom the last sentence thereof and by substituting therefor the following "Said bonds shall be negotiable in form and shall bear interest as may be fixed by the City Council payable semiannually evidenced by coupons bearing the facsimile signature of the City Clerk Section 3 The City of Fort Collins now has organized improvement districts and is in the process of constructing improvements in connection with such districts It is necessary that the City issue and sell bonds to pay the cost of such improvements as soon as possible and the provisions of the within ordinance are necessary in order to issue and sell such bonds Therefore an emergency exists for the actual preserva- tion of the public peace health safety and property and this ordinance is passed as an emergency measure and shall immediately take effect upon its passage Introduced and adopted by the unanimous vote of all members of the City Council at a regular meeting held this 15th day of July A D 1975 ATTEST Mayor 7 1 City C erc t i t -2-