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RESOLUTION
RE: DEBT OWED BY LARIMER-WELD COUNCIL OF GOVERNMENTS TO WELD COUNTY.
WHEREAS, the Board of County Commissioners of Weld County, Colorado,
pursuant to Colorado Statute and the Weld County Home Rule Charter, is vested
with the authority of administering the affairs of Weld County, Colorado, and
WHEREAS, an audit conducted by Anderson & Whitney, Certified Public
Accountants, for the Larimer-Weld Council of Governments indicated that as
of December 31 , 1978, COG owed Weld County $18,831 and Larimer County
$4,785, and
WHEREAS, the governing board of the Larimer-Weld Council of Governments
requested that the Board of County Commissioners of Weld County and the Board
of County Commissioners of Larimer County absolve COG of the above debts, and
WHEREAS, Larimer and Weld County shared in the funding of the Larimer-
Weld Council of Governments during the period audited above, and the COG
governing board agreed that the two counties should share equally in any debt
owed by COG to the respective counties, and
WHEREAS, the Board of County Commissioners of Larimer County have previously
acted not to forgive the amount owed, but to formally recognize as an interest
free, working capital loan of an infinite term the amount of $11 ,808, and
WHEREAS, the Board of County Commissioners of Larimer County have stated
that in order for both counties to share equally, the burden of the working
capital advance, Larimer County shall disperse to the COG the sum of $7,023
which will raise the sum due Larimer County to $11 ,808, and then COG will
disperse the amount of $7,023 to Weld County in order to reduce the COG's in-
debtedness to Weld County to $11 ,808, which is equal to Larimer County's loan,
and
WHEREAS, the Larimer-Weld Council of Governments has remitted to Weld
County a check in the amount of $7,023 towards the accounts receivable for the
Council of Governments, and
WHEREAS, the Director of Finance and Administration of Weld County has
recommended to the Board of County Commissioners of Weld County that the warrant
in the amount of $7,023 be applied towards the accounts receivable for the
Larimer-Weld COG, and to treat the remaining debt in the amount of $11 ,808 on
Weld County accounting records in the same manner as Larimer County, which is
an interest free working capital loan of indefinite term, except that the debt
and the ability of COG to repay the loan will be reviewed annually by the Board.
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NOW, THEREFORE BE IT RESOLVED by the Board of County Commissioners of
Weld County, Colorado, that the above recommendation of the Director of Finance
and Administration of Weld County, is hereby adopted, and he is directed to
apply the warrant received from COG in the amount of $7,023 towards the accounts
receivable for the Council of Governments on the Weld County accounting records,
and to treat the remaining $11 ,808 as an interest free working capital loan of
indefinite term to the Larimer-Weld Council of Governments on the accounting
records of Weld County until further action by the Board of County Commissioners
of Weld County, Colorado.
BE IT FURTHER RESOLVED that the Board of County Commissioners will annually
review the loan and COG's ability to repay all or part of the loan to Weld
County until payment in full is received from COG.
The above and foregoing resolution was, on motion duly made and seconded,
adopted by the folowing vote on the 2nd day of April , A.D. , 1980
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
Lt �
C. w.OUKirhS', /
Chaj'rman
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Leonard Roe, Pro-Tem
Norman Car son
L Dun ar
J e . tein ar
ATTEST: 'tY1 •4. J- . ~P: ;. :.
Weld County Clerk and Recorder
and-Clerk to the Board
iBy: = -, . :h.ltt,.j el---f
--{Deputy County Clerk
/� APPR-OV AS TO FORM:
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County Attorney
DATA; PRESENTED: APRIL 7, 1980
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