HomeMy WebLinkAbout1968-075-10/10/1968-AUTHORIZING THE CONSTRUCTION OF AN 18 HOLE GOLF COURSE AND REQUIRING THE REPAYMENT OF THE COST THERE fir' r—
RESOLUTION
OF THE COUNCIL OF THE CITY OF FORT COLLINS AUTHORIZING THE
CONSTRUCTION OF AN 18 HOLE GOLF COURSE AND REQUIRING THE
REPAYMENT OF THE COST THEREOF TO THE GENERAL FUND
WHEREAS, a well-rounded recreational program for the residents of the
City of Fort Collins requires the addition of an 18 hole golf course to the
recreation facilities of the City and
WHEREAS, the City of Fort Collins has previously purchased land to be
used for such purpose and for the additional purpose of providing an additional
community park for the City of Fort Collins and
WHEREAS, it is estimated that it will require a sum in the amount of
Two Hundred Fifty Thousand and No/100 Dollars ($250,000 00) to install such
golf course, and
WHEREAS, funds are available for such purpose in the water capital
improvement fund arising from interest received by the City by investment of
the bond proceeds from the sale of bonds authorized by Ordinance No 16, 1965,
which said interest proceeds have not been previously committed, and which said
proceeds are not required to complete the water construction project for which
said bonds were issued and
WHEREAS, it is the opinion of the members of the City Council that it
will be for the best interests of theCity of Fort Collins to construct an 18
hole golf course on the lands acquired by the City for such purpose and
WHEREAS, it is the further opinion of said members that a portion of
the fee charged for use of the new golf facilities be returned to the general
fund of the City of Fort Collins until the cost of said golf course, together
with interest thereon as herein set forth, has been repaid to the general fund
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the sum of $250 000 00 being interest earnings on bond proceeds,
be transferred from the water capital improvement fund to the general fund of
the City of Fort Collins and be appropriated in the 1969 budget for the purpose
of constructing a new 18 hole golf course, and
BE IT FURTHER RESOLVED that when said golf course has been constructed
and is put in use by the public that reasonable fees be established for such
r ^
use and that a portion of said fees as may be determined reasonable by the City
Council from time to time be returned to the City of Fort Collins to be deposited
in the general fund until the cost of construction of said golf course and
interest thereon as hereinafter specified have been paid in full, and
BE IT FURTHER RESOLVED that the interest to be paid shall be determined
when full payment of the cost of construction of said golf course has been made,
and such interest repayment shall be simple interest at four per cent (4/) per
annum and shall be computed for the period of time the money was used
Passed and adopted at a regular meeting of the City Council held this
101, day of October, A D 1968
May
ATTEST
City Cler
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