HomeMy WebLinkAbout1990-084-06/05/1990-1989 CONSOLIDATED ABATEMENT OF PENALTY INTEREST BRITTANY KNOLLS NORTH INC SID RESOLUTION 90-84
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE ABATEMENT OF PENALTY INTEREST IN
THE 1989 CONSOLIDATED SPECIAL IMPROVEMENT DISTRICT
WHEREAS, on April 3, 1990, City Council adopted Ordinance No. 27,
1990, which amended the Code so as to permit the Council , by resolution, to
abate all or any portion of an assessment in special improvement districts
under certain circumstances; and
WHEREAS, City staff has recommended the abatement of a portion of the
penalty interest due from Brittany Knolls North, Inc. for the delinquent
payment of assessments in the 1989 Consolidated Special Improvement
District ("the District") ; and
WHEREAS, Council has reviewed the criteria contained in Section
22-95(d) of the Code and has determined that the abatement of a portion of
the penalty interest due and owing from Brittany Knolls North, Inc. would
be consistent with the criteria contained in Section 22-95(d) of the Code.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1 . That the City Council hereby finds and determines that the
aforementioned abatement of penalty interest recommended by the Financial
Officer is necessary and advisable to avoid any possible injustice to
Brittany Knolls North, Inc. and to protect the financial interests of the
City; that adequate funds are anticipated to be available from the payment
of assessments in the District or from other funds appropriated by the City
Council to pay all principal and interest due on the Special Assessment
Bonds issued by the City for the construction of improvements in the
District; and that the waiver of penalty interest will not contravene any
covenant made by the City for the benefit of the holders of such Special
Assessment Bonds.
Section 2. That the penalty interest owed on the assessments for
Provincetowne/Portner SID #81 for Phase II and Phase III of Brittany Knolls
P.U.D. be calculated at one percent per month for the period of November 1,
1989 to August 31, 1990 and that 50% of the penalty interest owed for the
period November 1, 1989 to June 30, 1990 is hereby abated by the City.
Section 3. That the abatement of penalty interest approved in Section
2 shall be effective only to the extent that Brittany Knolls North, Inc.
becomes current in the payment of all other amounts currently due and owing
for the payment of assessments in the District on or before August 31,
1990. To the extent that Brittany Knolls fails to become current in the
assessment obligation for any lots or parcels of property in the District
on or before said date, that portion of the abatement attributable to such
delinquent assessment shall be null and void and of no effect whatsoever.
Section 4. The waiver of penalty interest approved by this Resolution
shall in no way be construed to prevent the City from exercising all rights
and remedies otherwise available under the law to protect the financial
interests of the City and to ensure the payment of assessments by Brittany
Knolls North, Inc. and the full and timely payment of principal and
interest on the bonds issued for the construction of improvements in the
District, including, without limitation, the right to advertise and sell
such real property within the District as may be subject to the City's lien
for assessments in the event that full payment of the assessments,
including accrued interest and remaining penalty interest not abated by
this Resolution are not paid on or before August 31, 1990.
Passed and adopted at a regular meeting of the City Council held this
5th day of June, A.D. 1990.
M yor
ATTEST:
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City Clerk