HomeMy WebLinkAbout1991-165-12/17/1991-APPLICATION LOW INTEREST LOAN REVOLVING FUND STATE OF COLORADO WATER POLLUTION CONTROL RESOLUTION 91-165
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE APPLICATION FOR A LOW INTEREST
LOAN FROM THE STATE OF COLORADO WATER POLLUTION CONTROL REVOLVING FUND
WHEREAS, pursuant to Resolution 89-186, the Council of the City of Fort
Collins established the Wastewater Treatment Master Plan Committee and charged
said committee to review and make recommendations to the City Council regarding
the Master Plan for Wastewater Treatment Expansion Program prepared by J.M.
Montgomery Engineers and further charged said Committee to review and make
recommendations to the City Council regarding issues related to wastewater
treatment expansion financing, including proposed changes in rates, plant
investment fees and the method of financing recommended improvements; and
WHEREAS, the Committee, in April 1990, issued its report, entitled "Report
to the Fort Collins City Council on Wastewater Treatment Expansion, " which was
reviewed by Council members; and
WHEREAS, the Council , in August 1990, accepted the report and approved the
recommendations contained therein which provided direction to the staff of the
City in the development of the wastewater treatment expansion program; and
WHEREAS, one of the recommendations contained in the report was for City
staff to evaluate the advantages and disadvantages of financing the initial phase
of the expansion program through the State of Colorado Water Pollution Control
Loan Program; and
WHEREAS, such financial evaluation has been conducted and shows that using
the Colorado Water Pollution Control Loan Program to finance the initial phase
improvements offers substantial savings to the City when compared to a
traditional revenue bond issue; and
WHEREAS, Article V, Section 19.3 of the City Charter provides that the
City, by Council action and without an election, may issue securities made
payable solely from revenues derived from the operation of the project or capital
improvement acquired with the securities' proceeds.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS
that the staff of the City of Fort Collins is hereby directed to complete and
file an application for a low interest loan from the State of Colorado Water
Pollution Control Loan program for the amount of Twenty-five Million Dollars
($25,000,000) and to proceed to take all other actions necessary to complete the
financing of the improvements using the proceeds from said loan program.
Passed and adopted at a regular meeting of the City Council held this 17th
day of December, A.D. 1991 .
ayor
ATTEST:
City Clerk ��