HomeMy WebLinkAbout1991-016-02/05/1991-NORTH POUDRE IRRIGATION CO PURCHASE OF SHARES RESOLUTION 91- 16
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE PURCHASE OF SHARES IN THE
THE NORTH POUDRE IRRIGATION COMPANY
WHEREAS, population and water demands are expected to continue to grow
moderately during the next several decades; and
WHEREAS, there will likely be increased competition and speculation for
water resources along the Northern Colorado Front Range causing prices to
continue to rise quite rapidly; and
WHEREAS, the Council and the Water Board have determined that it is in the
best interest of the City to purchase additional supplies in advance of actual
use; and
WHEREAS, 40 shares of stock of the North Poudre Irrigation Company have
been offered for sale to the City for the sum of $216,000; and
WHEREAS, the Water Board and staff recommend that the City purchase this
water; and
WHEREAS, the amount of the purchase price has been appropriated and is
available for expenditure in the Water Fund.
NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS
that the City Manager be, and hereby is, authorized to purchase forty (40) shares
of stock in the North Poudre Irrigation Company from the Farm Credit Bank of
Wichita for the purchase price of Two Hundred Sixteen Thousand Dollars
($216,000) .
Passed and adopted at a regular meeting of the Council of the City of Fort
Collins held this 5th day of February, A.D. 1991 .
Mayor
ATTEST:
Q
City Clerk