Ordinance 1988-960 - Laserfiche WebLink

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WHEREAS, the Corporation has requested the City to make a loan to the Corporation to finance the cost of the Project, to pay expenses of issuing the Bonds, to make an initial deposit into the Debt Reserve Fund (as defined in the Agreements, as defined below), and to pay certain costs of issuance with respect to the Bonds and, to fund such loan, the City has agreed to issue its City of Louisville, Colorado Revenue Bonds (Boulder Memorial Hospital Project) Series 1988A in the aggregate principal amount of $10,000,000 (the "Series 1988A Bonds") and its City of Louisville, Colorado Revenue Bonds (Boulder Memorial Hospital Project) Series 1988B in the aggregate principal amount of $8,000,000 (the "Series 1988B Bonds"), collectively the "Bonds"; and WHEREAS, the issuance of the Bonds by the City to finance the cost of the Project will enable or assist the Corporation to fulfill its obligations to provide health facilities; and WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), requires that the Bonds and the Project be approved by the "applicable elected representative" (the "AER") after a public hearing following reasonable public notice; and WHEREAS, with respect to Bonds issued by the City, the AER is the City Council; and WHEREAS, notice of a public hearing to be held by the City with respect to the Bonds on the date of final adoption of this ordinance was published no less than 14 days before this date in a newspaper of general circulation available to residents within the City; and WHEREAS, the City Council has held such public hearing on the date and at the time and place set out in such published notice, and has conducted such hearing in a manner that provided a reasonable opportunity for persons with differing views on the issuance of the Bonds and on the location and nature of the Project to be heard; and WHEREAS, there is on file with the City Clerk of the City (a) the proposed forms of Mortgage and Loan Agreements relating to each Series dated as of July 15, 1988 (the "Agreements"), between the City and the Corporation; (2) the proposed forms of Mortgage and Loan Agreements relating to each series dated as of July 15, 1988, (the "Brighton Agreements"), among the City, the Corporation, and Brighton Community Hospital Association d/b/a Platte Valley Medical Center; (3) the proposed forms of Mortgage and Loan -2- 1342K