Ordinance 1986-911 - Laserfiche WebLink

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Section 1 That the forms, terms and provisions of the Lease and Agreement, be and are hereby approved in substantially the form set forth in the document presently before the Council. Section 2 That the City, acting through the Mayor, is hereby authorized and directed to enter into and execute and the Lease and Agreement in substantially the form set forth in the document presently before the Council, and the City Clerk is authorized and directed to affix the City's seal to and to attest and countersign such document, which document shall be available for public inspection at the offices of the City Clerk. Section 3 That said Lease and Agreement shall be in the maximum aggregate principal amount of $154,525.00 (inclusive of $7,025.00 legal and underwriting fees), bearing interest at a rate not to exceed 10% per annum and not to be less than 6% per annum, as set forth in Articles IV and VI of the Lease and Agreement, said Lease and Agreement to contain an option to purchase said real property as therein set forth. Section 4 That the Mayor and all other appropriate officers of the City are hereby authori zed and d i rec ted to sign, fil e, or cause to be signed or fi 1 ed, or approve, accept or concur in all necessary or appropriate documents for consummating the transactions contemplated by this ordinance and the Lease and Agreement. Section 5 That the City's obligation under said Lease and Agreement s ha 11 be annually renewable by the City and expressly subject to annual appropriation by the Council, and that such obligation under said Lease and Agreement shall not constitute a general obligation of the City or an indebtedness within the meaning of the Constitution and laws of the State. Section 6 If any section, subsection, sentence, clause, phrase or portion of this ordinance is for any reason held invalid or unconstitutional in a court of competent jurisdiction, such portion shall be deemed a separate, distinct and independent provision and shall not affect the val i dity of the remaining portions thereof. Section 7 A public hearing on the ordinance shall be held on the 19th day of August 1986, in the City Council Chambers, City Hall, Louisville, Colorado. INTRODUCED, READ AND ORDERED published as provided by law of the City