HomeMy WebLinkAbout1980-067-05/20/1980-AUTHORIZING CERTAIN CHANGES TO BE MADE IN STREET IMPROVEMENT DISTRICT NO. 74 (NOT CONSIDERED) RESOLUTION 80-67
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING CERTAIN CHANGES TO BE MADE IN
STREET IMPROVEMENT DISTRICT NO 74
WH REAS, heretofore by resolution the Council of the City of Fort
Collins id accept the recommendation of the Director of Public Works
concern in the formation of Street Improvement District No 74, and
WHEREAS, it was anticipated in the formation of said District that
the maximum in erest rate on assessments would not exceed ten percent (10%)
and that said m ximum interest rate would be sufficient to sell improvement
district bonds, d
WHEREAS, it w also anticipated that interest to be charged during
construction at the ate of six percent (6%) would be economically fea-
sible, and
WHEREAS, economic fluctuations in the bond market have rendered it
impossible to sell bonds at the aforementioned ten percent (10%) rate or to
pay interest during construction at the rate of six percent (6%), and
WHEREAS, Section 16-9 of\ve Code of the City of Fort Collins permits
the City Council to make certai changes in improvement districts prior to
the commencement of construction, and
WHEREAS, following Notice to the affected property owners a Public
Hearing was held before the Council of the City of Fort Collins on May 20,
1980 to consider changing the maximum ajlowable interest rate to be charged
on assessments from ten percent (10%) to\fifteen percent (15%) and authori-
zing interest to be charged during construction to be set at an annual rate
of not to exceed fifteen percent (15%)
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS AS FOLLOWS
Section 1 That the maximum interest rate to be charged on assess-
ments in Street Improvement District No 74 be, an the same hereby is, set
at fifteen percent (15%)
Section 2 That interest to be charged during construction in Street
Improvement District No 74 be, and the same hereby is, set at a rate not
to exceed fifteen percent (15%) per annum
Passed and adopted at a regular meeting of the Ci y Council held
this 20th day of May, 1980
Mayor
ATTEST
City Clerk
Not Co�s�dQrnd