HomeMy WebLinkAbout1980-019-02/19/1980-AUTHORIZING A SHORT-TERM LOAN FROM THE WATER FUND TO THE EQUIPMENT FUND RESOLUTION NO 80-19
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING A SHORT-TERM LOAN FROM THE IJATER
FUND TO THE EQUIPfiENT FUND
WHEPEAS, due to unforesetn contingencies, an additional appropriation
is necessary to complete construction of the equipment maintenance facility
in the City of Fort Collins, and
IIHEREAS, there is insufficient working capital remaining in the
Equipment Fund to provide for the completion of said facility, and
WHEREAS, on a short-term basis, sufficient excess revenues are avail-
able in the Water Fund sufficient to meet the requirements for the comple-
tion of the construction
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS tnat the City Manager be, and he hereby is, authorized and directed
to provide for a short-term loan of One Hundred Eighty-Seven Thousand Four
Hundred Dollars (S187,400 00) frow the Water Fund to the Equipment Fund at
an annual interest rate of 12 50/0
BE IT FURTHER RESOLVED that the CiTy Manager be, and he hereby is,
authorized and directed to maKe appropriate arrangements to earmark future
anticipated revenues of Equipment Fund for the repayment of said loan
Passed and adooted at a regular meeting of the City Council held this
19th day o" _Feb uar,_,, A D 1980
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