Ordinance 1990-1027 - Laserfiche WebLink

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ORDINANCE NO. 1027 AN ORDINANCE PROVIDING FOR THE AMENDMENT OF THE CITY OF LOUISVILLE, COLORADO, INDUSTRIAL DEVELOPMENT REVENUE BOND (KLISTER PROPERTIES PROJECT) SERIES 1985; APPROVING THE FORM AND AUTHORIZING THE EXECUTION OF CERTAIN DOCUMENTS RELATING THERETO; AND DECLARING AN EMERGENCY IN CONNECTION THEREWITH. WHEREAS, the City of LOUisville, Colorado (the "Issuer"), acting through its City Council (the "Council"), is authorized by the provisions of Part 1 of Article 3 of Title 29, C.R.S. (the "Act"), to finance, refinance, acquire, own, lease, improve and dispose of properties to the. end that manUfacturing, industrial, commercial or business enterprises will locate, expend, or remain in the City of LOUisville, and the Issuer is further authorized thereby to issue revenue bonds for the purpose of defraying the costs of financing, refinancing, acquiring, improving and equipping such facilities; and WHEREAS, the Issuer has previously issued its $1,200,000 Industrial Development Revenue Bond (Klister Properties Project) Series 1985 (the "Bond"), to financ~ the construction of a manUfacturing and office facility located within the boundaries of the Issuer (the "Project"); and WHEREAS, the Issuer, Klister Properties, a Colorado general partnership, and the First National Bank in Boulder (the "Lender") entered into a Loan Agreement, dated as of July 15, 1985 (the "Loan Agreement"), whereby the Lender agreed to purchase the Bond from the Issuer and Klister Properties agreed to pay to the Lender for the account of t:he Issuer the amounts due from the Issuer to the Lender pursuan1: to the terms and conditions of the Bond; and WHEREAS, Klister Properties now wishes to sell the Project to Engineered Data PrOducts, Inc., a Michigan corporation (the "Borrower"), and to assign all of its rights and obligations under the Loan Agreement to the Borrower; and - 16 -