Loading...
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 ATTEST: pp kn : roY� City Clerk