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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