HomeMy WebLinkAbout1986-048-03/04/1986-FORGIVENESS FORT COLLINS LOVELAND AIRPORT LEASE PAYMENTS RESOLUTION 86-48
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE FORGIVENESS OF CERTAIN LEASE PAYMENTS
FROM THE FORT COLLINS-LOVELAND AIRPORT AUTHORITY
AND A CREDIT OF CERTAIN CONTRIBUTIONS FOR LEASE PAYMENTS
FOR 1986
WHEREAS, on the 20th day of December, 1983, the cities of Fort Collins
and Loveland leased the Fort Collins-Loveland Airport to the Fort
Collins-Loveland Airport Authority pursuant to written lease; and
WHEREAS, in accordance with the Lease, the Airport Authority is to pay
to the City semi -annual lease payments in the amount of One Hundred
Thirty-Seven Thousand Eight Hundred and Ninety Dollars ($137,890.) on April
1 and October 1 of each year; and
WHEREAS, the lease payments to be paid by the Airport Authority are
equal to the payments by the City of Fort Collins for debt incurred by the
City for improvements at the Airport; and
WHEREAS, the Airport Authority has not developed sufficient revenues
for the lease payments required under the terms of the Lease; and
WHEREAS, the cities of Fort Collins and Loveland have separately
budgeted for and have paid the necessary semi-annual payments toward the
retirement of the cities' debt for Airport improvements; and
WHEREAS, the cities of Fort Collins and Loveland have each budgeted in
the year of 1986, the sum of One Hundred Thirty-Seven Thousand Eight
Hundred and Ninety Dollars ($137,890.) as a contribution to the Airport
Authority to aid in the operations of the Airport and payment of the Lease;
and
WHEREAS, the Airport Authority has requested that it be forgiven from
the debt for the lease payments which were required to be made in the years
of 1984 and 1985 and, further, be credited with the 1986 contributions from
the cities of Fort Collins and Loveland in the amount of One Hundred
Thirty-Seven Thousand Eight Hundred and Ninety Dollars ($137,890. ) on April
1 and similar sum of One Hundred Thirty-Seven Thousand Eight Hundred and
Ninety Dollars ($137,890. ) on October 1 of the year of 1986.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1. The obligations of the Fort Collins-Loveland Airport
Authority for 1984 and 1985 lease payments for the Fort Collins-Loveland
Airport are forgiven and satisfied.
Section 2. Fort Collins-Loveland Airport Authority shall be credited
with the sums of One Hundred Thirty-Seven Thousand Eight Hundred and Ninety
Dollars ($137,890.) on April 1 and October 1 of the year of 1986 as
contributions by the cities of Fort Collins and Loveland to the Airport
Authority for the Airport Authority's lease payments of the Fort
Collins-Loveland Airport.
Section 3. The Director of Finance of the City of Fort Collins is
authorized to issue to the Airport Authority checks for the City's
contribution to the Airport Authority for the April 1 and October 1 lease
payments, each check in the amount of Sixty-Eight Thousand Nine Hundred and
Forty-Five Dollars ($68,945. ) from funds which were previously budgeted and
appropriated by the City for expenditure for that purpose in the year 1986.
Passed and adopted at a regular meeting of the City Council held this
4th day of March, A.D. 1986.
Mayor
ATTEST:
U&2� I".
City Clerk'
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