HomeMy WebLinkAbout1991-035-03/05/1991-IMPROVEMENT BONDS SALE OF SOUTHRIDGE GOLF COURSE SALES AND USE TAX REFUNDING SOUTHRIDGE GOLF COURSE RESOLUTION 91-35
DIRECTING THE USE OF THE PROCEEDS FROM
THE SALE OF SOUTHRIDGE GOLF COURSE FOR THE
PURPOSE OF RETIRING THE CORRESPONDING AMOUNT OF
SALES AND USE TAX REFUNDING AND IMPROVEMENT BONDS
WHEREAS, the costs of construction and improvements at the SouthRidge
Greens Golf Course were initially financed through the issuance of the City of
Fort Collins, Colorado, Bond Anticipation Notes, Series October 1, 1982, in the
original aggregate principal amount of $3,300,000; and
WHEREAS, the 1982 Bond Anticipation Notes were included in the $30,060,000
City of Fort Collins, Colorado, Sales and Use Tax Refunding and Improvement
Bonds, Series 1986; and
WHEREAS, the 1986 Sales and Use Tax Refunding and Improvement Bonds
constitute a portion of the City of Fort Collins' direct debt; and
WHEREAS, the Council of the City of Fort Collins adopted a financial policy
as part of the 1991 Budget which established a target for the amount of debt as
a percentage of operating expense; and
WHEREAS, the City has received an offer of $3,200,000 from Accent
Resources, Inc. , to acquire the SouthRidge Golf Course.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS
that if the City sells the SouthRidge Golf Course to Accent Resources, Inc. , the
sale proceeds, with such additional monies as may be required, shall be used to
fully fund an escrow to legally defease that portion of the outstanding 1986
Sales and Use Tax Refunding and Improvement Bonds attributable to the remaining
debt for the costs of construction and improvements at the SouthRidge Golf
Course.
Passed and adopted at a regular meeting of the City Council held this 5th
day of March, A.D. 1991 .
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ATTEST:
City Clerk