HomeMy WebLinkAbout1973-013-02/22/1973-ESTABLISHING A SCHEDULE FOR THE REPAYMENT OF MONIES ADVANCED TO THE GENERAL FUND FOR THE ACQUISITION PESOLUTION 73-13 '
OF THE COUNCIL OF THE CITY'OF FORT COLLINS ESTABLISHING
A SCHEDULE FOR TM REPAY-0a OF-MONIES ADVANCE) TO THE
(EtruM M4) FOR T}M ACQ_{ISITION AND CONSTRUCTION OF THU
COLLINDAM GOLF COURSE
TEM:AS, the City of Fort Collins recently acquired and constructed
the Collindale -Golf Course, and "
IMMAS, a portion of the-funds for t%a same were acquired and
advanced from tic ;rater Capital Improvement Fund pursuant to Resolution duly
adopted by the City Council- on the;10#t day of October., 1968, and
1111 E~''MAS, the amount not, owing on account of.Collindale C1olf Course
for such funds advancod'as of December 31; 1973, including interest accruing
on said sums, will be $395,974.00, and.
IAHMAS, the City has now had experience in the operation of such
golf course and it is possible to project the ability, of the golf course
operation to repay t:le fuzids advanced from the Water Capital Improvement Fund,
and
1HMMS, the City Council desires to establish a schedule for the
repayumnt of the funds advanced by said Fund in accordance with the recommenda-
tions heretofore made oy the City rbnager.
K.W, -IT01 .F0Mj BE IT RESOLVED, BY 11M Ca MIL OF ME CITY OF FORT
COLLINS, that the funds advanced for the acquisition and construction of the
Gollindale Golf Course from the Water Capital Improvement Fund shall be re-
paid from revenues from said golf course in accordance with the following
schedule:
Principal at Begin- Total Payment
Year ning of Year Interest Payment Principal-Payment During Year
1973 "$26,293.00 Abne . . $269293.00
1974 $3699681.00 14,787.00 : $18,481.00 33,268.00
197S 3510200.00 14,048.00 192220.00 33,268.00
1976 331,980.00 139279,00 " 192989.00 339268.00
1977 3112991.00 12,479.00 201,789.00 33-,268.00
1978 2919202.00 11,648.00 ,21,62.0.00• • 331,268.00
1979 269,582.00 - , 10;783:60 122,485.00 339268.00
1980 •247.0097.00 99883.00 23,385.00 33,268.00
1981 2239712.00 8,948.00 240320.00 33,268.00
1982 199,392.00 •'.79975.00 25,293.00 339268.00
1983 174,099.00 6,963.Q0 _' 26,305.00 332268.00
1984 147,9794.00 S0911.00 27,357.00' 33,268.00
1985 1200437.00 4,817.00 280451.00• 33,268.00
1986 91,986.00 3,679.00 '- 29,589.00 33,268.00
1987 62,397.00 2,495.00 309773.00 330268.00
1988 31,624.00 10265-.00, -. 31,624.00 329889,00
128,960.06 • 369,681.00
and,
BE IT Fnn aR izrsavr-b that all funds ro}aid in accordance with the
foregoing sI:all be traz sferred to-the Water Capital Improvement Fund which
originally advanced the same. ,-
Passed and,adopted•at a regular meeting of the City Council held
this 22nd day of February, 1973.',
ATTEST: '
City Laerk,
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