HomeMy WebLinkAbout1990-055-05/01/1990-1989 CONSOLIDATED ABATEMENT OF PENALTY INTEREST DUECK PROPERITES LAKE SHORE ESTATES SID RESOLUTION 90-55
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE ABATEMENT OF PENALTY INTEREST IN
THE 1989 CONSOLIDATED SPECIAL IMPROVEMENT DISTRICT
WHEREAS, on April 3, 1990, City Council adopted Ordinance No. 27,
1990, which amended the Code so as to permit the Council , by resolution, to
abate all or any portion of an assessment in special improvement districts
under certain circumstances; and
WHEREAS, City staff has recommended the abatement of a portion of the
penalty interest due from the Dueck Properties and Lake Shore Estates ("the
Property Owners") for the delinquent payment of assessments in the 1989
Consolidated Special Improvement District ("the District") ; and
WHEREAS, the recommended abatement of penalty interest would be for
the period of time from September 1 , 1989, through May 31, 1990, during
which time: (a) the City considered and decided the method of
reallocating the Property Owners' assessment in the District and (b) the
City reviewed and approved, through the passage of Ordinance No. 27, 1990,
legislation establishing the circumstances under which assessments could be
partially cancelled or entirely abated by the City; and
WHEREAS, Council has reviewed the criteria contained in Section
22-95(d) of the Code and has determined that the abatement of a portion of
the penalty interest due and owing from the Property Owners would be
consistent with the criteria contained in Section 22-95(d) of the Code.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1 . That the City Council hereby finds and determines that the
aforementioned abatement of penalty interest recommended by the Financial
Officer is necessary and advisable to avoid any possible injustice to the
Property Owners and to protect the financial interests of the City; that
adequate funds are anticipated to be available from the payment of
assessments in the District or from other funds appropriated by the City
Council to pay all principal and interest due on the Special Assessment
Bonds issued by the City for the construction of improvements in the
District; and that the waiver of penalty interest will not contravene any
covenant made by the City for the benefit of the holders of such Special
Assessment Bonds.
Section 2. That the payment of penalty interest by the Property
Owners for the period from September 1 , 1989, through May 31, 1990, is
hereby abated by the City Council on the express condition that the
Property Owners become current in the payment of all other amounts
currently due and owing for the payment of assessments in the District on
or before May 31 , 1990.
Section 3. The waiver of penalty interest approved by this Resolution
shall in no way be construed to prevent the City from exercising all rights
and remedies otherwise available under the law to protect the financial
interests of the City and to ensure the payment of assessments by the
Property Owners and the full and timely payment of principal and interest
on the bonds issued for the construction of improvements in the District,
including, without limitation, the right to advertise and sell such real
property within the District as may be subject to the City' s lien for
assessments in the event that full payment of the assessments, including
accrued interest and remaining penalty interest not abated by this
Resolution, are not paid on or before May 31, 1990.
Passed and adopted at a regular meeting of the Council of the City of
Fort Collins held this 1st day of May, A.D. 1990.
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Mayor
ATTEST:
City Clerk ` �