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RESOLUTION NO. 19 Series 1986 A RESOLUTION AGREEING TO ISSUE REVENUE BONDS TO FINANCE RESIDENTIAL HOUSING FACILITIES FOR FAMILIES AND PERSONS IN THE CITY OF LOUISVILLE WHEREAS, the City of Louisville, Colorado (the "CITY"), is authorized by the County and Municipality Development Revenue Bond Act, cited as Article 3 of Title 29 of the Colorado Revised Statutes (the "Revenue Bond Ac t " ) , to finance, upon such conditions as the City Council of the City (the "Council") may deem advisable, the construction of residential housing facilitis for families and persons ("Housing Facilities"); and WHEREAS, the City is further authorized by the Revenue bond Act to issue its revenue bonds for the purpose of defraying the cost of financing any such Housing Facilities; and WHEREAS, representatives of Johnson Homes, Inc. (the "Company") , have met with officials of the City and have advised the City of the Company's interest in constructing Housing Facilities to be located at the Ponderosa Pines Subdivision on South Boulder Road in Louisville, Colorado, including without limitation the acquisition and development of land therefor (collectively, the "Project"), subject to the willingness of the City to issue revenue bonds pursuant to the Revenue Bond Act for financing all or a portion of the cost of the Project; and WHEREAS, the Council has considered the request of the Company and has concluded that the Project wi 11 promote the public health, welfare, safety, convenience and prosperity by providing more adequate residential housing facilities for families and persons, and desires to express its intent to proceed with the issuance of revenue bonds to finance the Project, subject to the conditions set forth herein. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO: SECTION 1. In order to assist and to induce the Company to locate and complete the Project within the corporate boundaries of the City, it is the Council's intent to take all steps necessary or advisable to effect the issuance of revenue bonds in the aggregate principal amount of $12,000,000 or such lesser amounts as shall be determined and agreed upon by the Company and the Council, to finance all or a portion of the cost of the Project.