HomeMy WebLinkAbout1981 Ordinance No. 049r ...
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ORDINANCE No • .d:!/_
SERIES OF 1981
BY AU'lliORITY
COUNCIL BILL NO. 60
INTRODUCED BY COUNCIL
MEMBER BRADSHAW
AN ORDINANCE APPROVING THE LOAN TO THE ENGLEWOOD HOUSING AUTHORITY
BY THE CITY OF ENGLEWOOD IN THE SUM OF $79,000, SECURED BY A DEED
OF TRUST AND DECLARING AN EMERGENCY.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ENGLEWOOD,
COLORADO:
Section 1. That the City of Englewood shall loan to Englewood
Housing Authority the sum of $79,000 at an interest rate of 12.0%
per annum to be secured by a deed of trust on that property the
Englewood Housing Authority currently possesses an option to
purchase legally described as:
Parcel 11
2213 -2215 West Vassar Avenue
South 120 feet of Lot 29, except West 16.75 feet,
Block 12, Southlawn Gardens, County of
Arapahoe, State of Colorado.
Parcel 12
3121 South Lincoln Street
Lots 42r 43, 44, Block 4, Rose Addition
to Englewood, County of Arapahoe,
State of Colorado.
Parcel 13
3726 -3730 South Inca Street
Lots 7 and 8, Block 5, Logandale Subdivision
County of Arapahoe, State of Colorado.
Said loan shall be repaid not later than October 31, 1981. Should
said option not be exercised, the loan shall not be made.
Section 2. The City Council hereby authorizes the City Manager
of the City of Englewood, the Director of Finance ex officio City
Clerk-Treasurer, and the City staff to execute those documents
as are necessary to carry out the provisions of Section 1 hereof.
Section 3. That the Englewood Housing Authority provides needed
housing for the City of Englewood and that they have an option to
purchase additional property for said needs, and that the City
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Council desires t o loan sums to the Enqlewood Housinq Authority
to allow the exercise of an option on or before June 30, 1981,
this being necessary for the health, safety and welfare of the
residents of the City of Enqlewood and therefore declares an
emerqency.
Introduced, read in full, and passed on first reading on
the 18th day of June, 1981.
Read by tit le and passed on final reading on the 22nd day
of June, 1981.
Published in full as Ordinance No. 4tJ , Series of 1981,
on the 24th day of June, 1981.
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" EuCjine L. Otis, Mayor
Attest:
(o<J ~EL /7~
ex Mfic1o <;jtY CI~rlf-~surer
I, Gary R. Hiqbee, ex officio City Clerk-Treasurer of the
City of Englewood, Colorado, hereby certify that the above and
foregoing is a true, accurate and complete copy of the Ordinance
passacfn final readinq and published in full as Ordinance
No. , Series of 1981.
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