HomeMy WebLinkAbout940520.tiff RESOLUTION
RE: CANCELLATION OF UNCOLLECTIBLE PERSONAL PROPERTY AND LEASEHOLD TAXES FOR
SUNSET HILL OIL COMPANY, INC.
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, Francis M. Loustalet, Weld County Treasurer, has submitted a list
of personal property and leasehold taxes assessed for the years 1986, 1987, 1988,
1990, 1991, and 1992, for Sunset Hill Oil Company, Inc. , which are deemed to be
uncollectible, said list being attached hereto and incorporated herein by
reference as Exhibit "A", and
WHEREAS, Francis M. Loustalet has certified to the Board that he has
exhausted all means for collecting said personal property and leasehold taxes,
and
WHEREAS, Section 39-10-114(2) (a) , CRS, as amended, provides that any taxes
levied on personal property which are determined to be uncollectible after a
period of one year after the date of their becoming delinquent, may be cancelled
by the Board of County Commissioners.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that the personal property and leasehold taxes assessed for the
years 1986, 1987, 1988, 1990, 1991, and 1992, for Sunset Hill Oil Company, Inc. ,
as set forth in detail in said list attached hereto as Exhibit "A", in the amount
of $58, 755.06, be, and hereby are, designated as uncollectible and, therefore,
are cancelled in accordance with Section 39-10-114(2) (a) , CRS, as amended.
The above and foregoing Resolution was, on motion duly made and seconded,
adopted by the following vote on the 6th day of June, A.D. , 1994.
/ BOARD OF COUNTY COMMISSIONERS
ATTEST: Liz��b��I/�� WELD COUNTY, COLORADO
Weld County Clerk to the Board i/( ini
Webster, ha' man
BY:4
Deputy C erk to the Board Da1Q>K. a 1, r Tem
APPROV S TO FORM: f (�
(//Geoorr E. Baxter
County Attor ey Y� Constance L. Harbert
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Barbara J. Kirkm yer
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OFFICE OF THE COUNTY TREASURER
FRANCIS M. LOUSTALET
COUNTY TREASURER
PHONE(303)3533845, EXT. 3250
WI I POST OFFICE BOX 458
C. GREELEY, COLORADO 80632-0458
COLORADO
Board of Weld County Commissioners
Greeley, CO
Dear Commissioners:
This letter is an explanation for the request to cancel the Leasehold and
Personal Property taxes on the company known as Sunset Hill Oil Company Inc.
On June 11, 1986 Sunset Hill filed Chapter 11 Bankruptcy (file #86BO5171E) . In
the last of part of 1986 the Bankruptcy court with approval of the creditors
appointed Kauffman and Weinberger as trustee to operated the oil wells of Sunset
Hill for the purpose of using the revenue to pay the secured creditors and to pay
the operating cost.
Unfortunately, the wells were becoming uneconomical to operate so the revenue was
not there to fully pay the creditors and pay for operating expenses. Weld County
received about $134,000.00 for pre and post petition taxes. This is money that
we would not have collected if not for the integrity of Kauffman and Weinberger
(K.P. Kauffman Company Inc. ) . In order to pay as much of the taxes as possible
K.P. Kauffman is owed $40,000.00 for operating cost which the company will never
fully collect.
With the approval of the bankruptcy court and creditors the wells were plugged
and the equipment have been sold. The outstanding taxes are uncollectible.
It is the request of the Weld County Treasurer's office that the taxes be
canceled.
Thank you for your endeavor in this matter.
Sincerely,
Gary Parker
Weld County Treasurer's Office
lsunset.cgt
940520
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