HomeMy WebLinkAbout1986-047-03/04/1986-AIRPORT AUTHORITY LINE OF CREDIT RESOLUTION 86-47
OF THE COUNCIL OF THE CITY OF FORT COLLINS
CREDITING THE AIRPORT AUTHORITY LINE-OF-CREDIT
AND CONVERTING THE REMAINDER OF THE LINE-
OF-CREDIT TO A NON-INTEREST BEARING LOAN
WHEREAS, the Fort Collins-Loveland Airport Authority is operating the
Fort Collins-Loveland Airport; and
WHEREAS, the City of Fort Collins and the Fort Collins-Loveland
Airport Authority entered into an Intergovernmental Agreement establishing
a Line-of-Credit in the amount of Fifty Thousand Dollars ($50,000) in 1984;
and
WHEREAS, the Fort Collins-Loveland Airport Authority has drawn $43,196
against the Line-of-Credit to date; and
WHEREAS, $34,870 of the amounts drawn against the Line-of-Credit were
expended for capital equipment or repairs to the cities property; and
WHEREAS, the Fort Collins-Loveland Airport Authority has requested
that the draws against the Line-of-Credit for capital equipment and repairs
be forgiven; and
WHEREAS, the original expiration date of the Line-of-Credit was
September 30, 1985; and
WHEREAS, the Fort Collins-Loveland Airport Authority has not obtained
sufficient revenues from airport operations to retire the Line-of-Credit;
and
WHEREAS, the Cities are willing to convert the balance due from the
Line-of-Credit in the amount of Eight Thousand Three Hundred Twenty-Six
Dollars ($8,326) to a non-interest bearing loan with repayment to be made
on or before December 31, 1988.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
1 . The City credits the sum of $34,870 toward repayment of draws of
$43, 196 obtained by the Airport Authority from a $50,000 Line-of-Credit
provided by the Cities of Loveland and Fort Collins, and converts the
balance due to be repaid from the Line-of Credit, in the amount of Eight
Thousand Three Hundred Twenty-Six ($8,326) , to a non-interest bearing loan
with repayment to be made on or before December 31, 1988.
2. The Mayor is authorized to execute on behalf of the City any
documents necessary for the accomplishment of the purposes of this
Resolution including Agreements or Acknowledgements of Credits given and
amounts due to be paid by the Airport Authority.
Passed and, adopted at a regular meeting of the Council of the City of
Fort Collins held this 4th day of March, A.D. 1986.
Mayor
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City Clerk