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