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HomeMy WebLinkAbout1980-047-04/01/1980-PROVIDING FOR NOTICE AND THE SETTING OF A HEARING DATE TO CONSIDER MODIFICATIONS OF THE PROCEEDINGS RESOLUTION 80-47 OF THE COUNCIL OF THE CITY OF FORT COLLINS PROVIDING FOR NOTICE AND THE SETTING OF A HEARING DATE TO CONSIDER MODIFICATIONS OF THE PROCEEDINGS FOR STREET IMPROVEMENT DISTRICT NO 74 AS THEY RELATE TO THE MAXIMUM ALLOWABLE INTEREST RATE ON ASSESSMENTS AND INTEREST TO BE PAID DURING CONSTRUCTION WHEREAS, heretofore the Council of the City of Fort Collins by resolu- tion and ordinance did undertake the necessary steps to create Street Improvement District No 74, and WHEREAS, it was anticipated in the formation of said District that the maximum interest rate on assessments would not exceed ten percent (10c/01) and that said maximum interest rate would be sufficient to sell Improvement District Bonds, and WHEREAS, economic fluctuations in the bond market have rendered it impossible to sell bonds at less than thirteen percent (13q) , and WHEREAS, in the considered opinion of the Council of the City of Fort Collins it is appropriate that the question of increasing the maximum permissible interest rate on assessments to fifteen percent (15%) be submitted at a public hearing with the property owners within the District NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS that a public hearing be held before the Council of the City of Fort Collins at the hour of 5 30 P M on the 20th day of May, 1980, of as soon thereafter as the matter may be heard in the Council Chambers of the City of Fort Collins to consider the question of ordering by ordinance the increase in the maximum permissible interest rate to be levied upon assess- ments in the District to the rate of fifteen (15%) percent and to authorize interest to be paid during construction to be set at an annual rate of fifteen (15A) percent BE IT FURTHER RESOLVED that the City Manager be, and he hereby is, directed to provide notice of this hearing and the proposed ordinance by publication and by mailing to the property owners in the District as required by Chapter 16 of the Code of the City of Fort Collins Passed and adopted at regular me ng f the City Council held this 1st,day of April , 1980 Ma or T ST i Ci y Clerk