HomeMy WebLinkAbout1984-068-04/03/1984-AUTHORIZING THE MAYOR TO ENTER INTO AN INTERGOVERNMENTAL AGREEMENT BETWEEN THE CITY AND THE FORT COL RESOLUTION 84- 68
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE MAYOR TO ENTER INTO AN
INTERGOVERNMENTAL AGREEMENT BETWEEN THE CITY
AND THE FORT COLLINS-LOVELAND AIRPORT AUTHORITY
ESTABLISHING A LINE-OF-CREDIT FOR THE AUTHORITY'S USE
WHEREAS, the Fort Collins-Loveland Airport Authority is operating the
Fort Collins-Loveland Airport; and
WHEREAS, the Fort Collins-Loveland Airport Authority has not obtained
sufficient revenues from airport operations to fund its current activities;
and
WHEREAS, it is anticipated that the Fort Collins-Loveland Airport
Authority will have sufficient future revenues to fund its ongoing opera-
tions with a sufficient excess to pay the City for funds advanced; and
WHEREAS, the City is willing to advance monies to the Fort Collins-
Loveland Airport Authority as an interim line-of-credit to enable the
Airport Authority to continue its operations and management of the Fort
Collins-Loveland Airport.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the Mayor be, and he hereby is, authorized to enter into an
Intergovernmental Agreement between the City of_ Fort Collins and the Fort
Collins-Loveland Airport Authority establishing a line-of-credit in the
amount of Fifty Thousand Dollars ($50,000) for the Airport Authority to
utilize such monies on a revolving basis with repayment to be made to the
City of Fort Collins on or before September 30, 1985 upon such terms and
conditions as are acceptable to the City.
Passed and adopted at a regular meeting of the City Council held this
3rd day of April , A.D. 1984.
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Mayor
ATTEST:
City Clerk