Ordinance 1988-959 - Laserfiche WebLink

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ORDINANCE NO. 959, SERIES 1988 AN ORDINANCE OF THE CITY OF LOUISVILLE, COLORADO, CONCERNING THE FINANCING OF A MUNI- CIPAL GOLF COURSE, AUTHORIZING THE EXECUTION OF A GOLF COURSE LEASE PURCHASE AGREEMENT AND AUTHORIZING AND APPROVING CERTAIN RELATED TRANSACTIONS. WHEREAS, the City of Louisville, Colorado (the "City"), is authorized by ~31-25-201, et seq. , C.R.S. , to establish, maintain, and acquire such lands or interests in land, within or without the municipal limits of the City, as in the jUdgment of the City Council of the City (the "Council") may be necessary, suitable, or proper for, inter alia, park or recreational purposes~ and WHEREAS, pursuant to ~31-15-801, C.R.S. , the City is authorized to enter into rental and leasehold agreements in order to provide necessary land, buildings, equipment, and other property for governmental or proprietary purposes, which agreements may include an option to purchase and acquire title to such leased or rented property within a period not exceeding the useful life of the property and in no case exceeding thirty years; and WHEREAS, the City Council of the City (the "Council") has heretofore determined, and hereby determines, that it is in the best interests of the City and its inhabitants that an 18-hole municipal golf course and related facilities, properties, and appurtenances (the "Golf Course" ) be constructed, otherwise acquired, and equipped, to be located on certain real estate located in the City (the "Site")~ and WHEREAS, it is anticipated that title to the site will be vested in the Louisville Building Authority, a Colorado nonprofit corporation (the "Lessor"); and WHEREAS, for purposes of financing the construction, other acquisition, and equipping of the Golf Course, the Council has determined, and hereby determines, that it is in the best - 2 -