Ordinance 1982-770 - Laserfiche WebLink

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ORDINANCE NO. 770 AN ORDIN NCE PROVIDING. FOR THE ISSUANCE AND SALE OF AN I DOSTRIAL DEVELOPMENT REVENUE BOND ( STAIRS NCORPORATED, PROJECT) , SERIES 1982, IN THE PRIN IPAL AMOUNT OF $400,000; APPROVING THE FORM OF CERTAIN DOCUM!~NTS RELATING THERETO AND AUTHORIZ NG THE EXECUTION THEREOF. WHEREAS, the City of Louisville, State of Colorado (the "City"), for the enefit of the inhabitants of the State and for the promotion of heir health, safety, welfare, convenience, and prosperity, is aut orized by Title 29, Article 3, Part 1, Colorado Revised Statutes 1973, as amended (the " Ac t " ) : ( a) to issue revenue bond s for the purpose of financing one or more projects, including any land, building or <::>ther improvements and all real or personal properties suitable or used for or in connection with a manufacturing, in ustrial, commercial, agricultural or business enterprise, and to enter into a financing agreement with a user in respect f a project, which agreement will provide for payment to the C'ty of revenues sufficient for the payment of the principal of a d interest on the revenue bonds; and WHEREAS by a Resolution duly passed and adopted on April 6 , 1982 (t e "Inducement Resolution") , the City committed itself to issue such bonds in an aggregate principal amount not-to exceed $400,000 accordance with the provisions of the Act for the purpose of financing the c"st of developing land within the City as a site f r, and constt~ucting and equipping thereon, a manufacturing bui ding" thereon for Thompson Corporation, a Colo- rado Corporation, doing business as Stairs Incorporated, pursuant to a lease betwee Larry J. and Karen K. Thompson and the Thompson Corporation, use as the Corporations principal place of business in manu acturing prebuilt woodstairs, with warehouse, storage, and office space to be used by the Corporation (the "Project"); and WHEREAS the funds fr10m the proceeds of the bond issue will be made ava lable to Larry J. and Karen K. Thompson (the "Borrowers") , for the acquisition and construction of the Project, which project wi 1 then be leased on a long-term basis to the Thompson Corporat'on (the "Corpolration"); and - - - 2 - - -- . - _. ------ --.- - --