HomeMy WebLinkAbout1988-092-06/07/1988-BUREAU OF RECLAMATION JOE WRIGHT RESERVOIR LETTER OF INTENT PREPAY LOAN U S DEPT OF INTERIOR RESOLUTION 88-92
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE CITY MANAGER TO SIGN A LETTER OF INTENT TO
PREPAY THE CITY'S $4,598,000 LOAN WITH THE
UNITED STATES DEPARTMENT OF THE INTERIOR, BUREAU OF RECLAMATION
WHEREAS, the City of Fort Collins is indebted to the United States
Department of Interior, Bureau of Reclamation (hereinafter referred to as
"the Bureau") by virtue of a loan in the amount of $4,598,000, in
accordance with the Joe Wright Reservoir Contract dated April 21, 1978; and
WHEREAS, the Bureau has solicited participation by the City in a
program to prepay such loan in accordance with Section 5301 of the Budget
Reconciliation Act of 1987; and
WHEREAS, financial benefit will be derived to the Water Fund of the
City from participation in said program.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the City Manager be, and he hereby is, authorized to sign a
letter of intent to participate in a program to prepay such loan in
accordance with Section 5301 of the Budget Reconciliation Act of 1987 and,
further, is directed to pursue financing alternatives to effect the
prepayment of the aforementioned loan.
Passed and adopted at a regular meeting of the Council of the City of
Fort Collins held this 7th day of June, A.D. 1988.
M
ATTEST:
City Clerk