HomeMy WebLinkAbout1992-099-06/02/1992-CERTIFICATES OF PURCHASE DEBT SERVICE FUND RESERVE FORECLOSURE SID SPECIAL ASSESSMENT RESOLUTION 92-99
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE FORECLOSURE OF CERTIFICATES
OF PURCHASE
WHEREAS, the City, acting pursuant to state and local law, has previously
authorized the construction of certain local improvements through the creation
of special improvement districts, and has financed such improvements through the
issuance of special improvement district bonds and has assessed the property
owners within such districts in order to pay the principal and accrued interest
on the bonds; and
WHEREAS, certain property owners have elected to pay their assessments in
installments and are in default in the payment of the same; and
WHEREAS, pursuant to the applicable provisions of law, the City has
advertised and sold certain of the district properties which are in default in
the payment of assessments and presently holds approximately $7.5 million in
certificates of purchase issued by the Larimer County Treasurer; and
WHEREAS, the City, by Ordinance No. 34, 1990, has established a Special
Assessment Debt Service Fund Reserve ("the Reserve") for the purpose of
satisfying certain bonded indebtedness of the City with respect to special
assessment bonds until such time as the City is able to obtain clear title to the
properties for which certificates of purchase are presently held; and
WHEREAS, it is in the best interests of the City to aggressively pursue the
acquisition of title to such properties as expeditiously as possible; and
WHEREAS, the provisions of Section 31-25-532(4) , C.R.S. , enable any
municipality which is a holder of certificates of purchase to bring a civil
action for foreclosure thereof in order to realize the greatest possible amount
from such property for the benefit of all persons and tax bodies having liens
thereon; and
WHEREAS, the City Council has approved on second reading Ordinance No. 5_3__,
1992, which also authorizes the foreclosure of certificates of purchase held by
the City under certain circumstances.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS
as follows:
Section 1 . That the City Attorney is hereby authorized to commence such
foreclosure actions as are available by law and to foreclose all , or any portion,
of the certificates of purchase presently held by the City or which may
subsequently be acquired by the City which are eligible for such foreclosure
under the provisions of the City Code. The City Attorney is directed to consult
with the City Manager and the Financial Officer to identify those properties
which should be included in such foreclosure actions in order to restore such
delinquent property to the tax rolls and realize the greatest possible amount
from such property for the benefit of the City's taxpayers.
Section 2. That the Financial Officer is hereby directed to utilize the
Reserve to pay all costs and fees associated with the enforcement of the City's
special improvement district assessment liens, including costs and fees
associated with the aforementioned foreclosure actions and any subsequent sale
of the subject properties. Such costs and fees shall include, without
limitation: publication costs; service of process fees; attorneys' fees; title
insurance costs; appraisal and marketing costs; fees paid to the County
Treasurer; and any general taxes due or past due on the subject properties. Upon
the sale of any properties acquired through such foreclosure actions, all costs
and expenses incurred by the City in maintaining such actions shall be reimbursed
to the Reserve from the proceeds of such sales, with the balance of such proceeds
to be deposited into the appropriate special improvement district bond fund or
surplus and deficiency fund or utilized in such other fashion as may subsequently
be approved by the Council by ordinance.
Passed and adopted at a regular meeting of the Council of the City of Fort
Collins held this 2nd day of June, A.D. 1992.
Mayor
ATTEST:
City Clerk