Resolution 1983-02 - Laserfiche WebLink

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WHEREAS, pursuant to the Tax Equity and Fi s c a I Re- - sponsibility Act'of 1982, in order to secure a federal tax exemp- tion for the interest on the Bonds issued by the City to finance the Project, the Council held a public hearing on the issuance of the Bonds following reasonable public notice; NOW THERE FORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO: Section 1 . In order to induce the User to complete the Project within the City, the City shall take all steps necessary or advisable to effect the issuance of one or more series of industrial development revenue bonds (the "Bonds" ) pursuant to the plan of f.inancing authorized hereby, In a maximum aggregate principal amount of $1,000,000. Said Bonds and the financing documents relating to said Bonds shall be subject to the terms and conditions of the Memorandum of Agreement between the City and the User attached hereto as Exhibit "A" and incorporated herein by specific reference. No costs are to be borne by the City in connection with the issuance of the Bonds. Section 2. The terms and conditions of the Bonds and of the financing documents relating to said Bonds or other obI ig a- tions will be mutually agreed upon by the City and the User, and prior to tl)eir execution, such documents will be subject to authorization by Ordinance of the City Council pursuant to law and any ordinances or rules of the City. Section 3 . The User has agreed to provide for re- imbursement of all expenses incurred or to be incurred by the City related to the User's Project pursuant to the Memorandum of Agreement attached hereto as Exhibit "A". Section 4. Neither the Bonds, including interest and any premiums thereon, nor anything contained in this Resolution shall constitute a debt or indebtedness of the City within the meaning of the constitution or statutes of the State of Colorado, nor giv.e rise to a pecuniary liability of the City or a charge against its general credit or tax i ng powers. The Bonds shall be payable solely from and secured by a pledge of the revenues derived from and payable pursuant to the financing documents referred to in Section 2 hereof. Section 5. All commitments by the City made herein are subject to the condition that on or before twenty-four months from the date hereof, the City and the User shall have ag reed to mutually acceptable terms for at least one series of the Bonds provided for hereunder, in an amount not to exceed $1,000,000, and for the sale and delivery thereof. Section 6. The form of Memorandum of Agreement pre- sented to the City Council is hereby approved, and the Mayor of the City and the City Clerk are authorized to execute the Memoran- dum of Agreement, with such changes as the City Attorney may - 1 1 -