HomeMy WebLinkAbout1987-190-12/15/1987-$500,000 DRAW LINE OF CREDIT STREET OVERSIZING RESOLUTION 87-190
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING A $500,000 DRAW
ON STREET OVERSIZING LINE-OF-CREDIT
WHEREAS, the City Council of the City of Fort Collins has approved in
Ordinance No. 197, 1984 a Street Oversizing Line-of-Credit with First
Interstate Bank of Fort Collins in the amount of Two Million Dollars
($2,000,000.00) : and
WHEREAS, the City Council wishes to draw upon the Line-of-Credit to
cover anticipated expenditures in the Street Oversizing Fund during 1987.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the City of Fort Collins is authorized to draw upon the
Line-of-Credit for Street Oversizing established by Ordinance No. 197, 1984
in the amount of an additional Five Hundred Thousand Dollars ($500,000.00) ,
making the total principal amount authorized on the note to $1,000,000.
Passed and adopted at a regular meeting of the Council of the City of
Fort Collins held this 15th day of December, A.D. 1987.
Mayor
TT
City Clerk