HomeMy WebLinkAbout1980-045-04/01/1980-AMENDING RESOLUTION NO. 1980-022 BY INCREASING THE AUTHORIZED INTEREST RATE ON UNPAID INSTALLMENTS F RESOLUTION 80-45
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AMENDING RESOLUTION NO 80-22 BY INCREASING
THE AUTHORIZED INTEREST RATE ON UNPAID INSTALL-
MENTS FOR ASSESSMENTS ON STORM SEWER IMPROVEMENT
DISTRICT NO 17
WHEREAS, heretofore by resolution and ordinance, the Council of the
City of Fort Collins has authorized the creation of Storm Sewer Improvement
District No 17, and
WHEREAS, the preliminary resolution giving notice of the proposed
formation of Storm Sewer Improvement District No 17 specified a maximum
interest rate of ten percent (10%) on unpaid installments of the assess-
ment, and
WHEREAS, that Ordinance No 199 1980 which authorized the creation
of Storm Sewer Improvement District No 17 provided that interest on
assessments should be charged at the same rate as payable on bonds issued
to pay the cost of the improvements, and
WHEREAS, economic fluctuations in the bond market have conclusively
demonstrated that it is no longer possible to sell improvement district
bonds with a ten percent (10%) interest rate, and
WHEREAS, the lowest interest rate presently available on the sale
of improvement district bonds is thirteen percent (13%), and
WHEREAS, the participants in the Storm Sewer Improvement District
have provided the City with a signed waiver of notice and hearing on the
formation of the aforementioned Storm Sewer Improvement District
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that Resolution 80-22, which resolution adopted the report of the
City Engineer on the estimates, costs and assessments for Storm Sewer
Improvement District No 17, and which resolution set the date for the
holding of a hearing by the City Council for the purpose of considering
whether the Council should order by ordinance the proposed improvements,
' be, and the same hereby is, amended by repealing the existing Section 5
thereof and substituting the following new Section 5
Section 5 That said assessments shall be payable in
ten (10) equal annual installments, with interest on the
unpaid installments at the rate of thirteen percent (13%)
per annum
Passed and adopted at a regular m ting of the City uncil held
this lst day of April A P
1 80
/ZMay
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