Resolution 1985-12 - Laserfiche WebLink

Home Browse Search

VJHEREAS, the proposed issuance of the industrial development revenue bonds and the execution of related financing documents are not prohibited by any ordinances, resolutions, or rules of the City; NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO: Section l. In order to induce the User to complete the Project within the City, the Ci ty shall take all steps necessary or advisable to effect the issuance of industrial development revenue bonds or other obligations (the "Bonds" ) in a maximum aggregate principal amount of $7,500,000. Th is Resolu tion is and constitutes the taking of affirmative official action by the City toward the issuance of the Bonds. Section 2. The tenus and conditions of the Bonds and of the financing documents relating to said Bonds or other obligations will be mutually agreed upon by the City and the User, and prior to their execution, such documents will be subject to authorization by Ordinance of the City Council pursuant to law and any ordinances, resolutions, or rules of the City. Section 3. No costs are to be borne by the City in connection with the issuance of the Bo n d s . The User will be liable for all such costs and will agree to reimburse the City for all expenses incurred or to be incurred by the City related to the Us er IS proj ect. Section 4. Neither the Bonds, including interest and any premiums thereon, nor anything contained in this Resolu tion shall constitute a debt or indebtedness of the City within the meaning of the constitution or statutes of the State of Colorado, nor give rise to a pecuniary liability of the City, or a charge against its general credit or taxing power s. The Bonds shall be payable solely from and secured by a pledge of the revenues derived from and payable pursuant to the financing documents referred to in Section 2 hereof. Section 5. All commitments by the City made herein are subject to the condition that on or before twelve (l2) months from the date hereof, the City and the User shall have agreed to mutually acceptable terms for the Bonds or other obligations provided for hereunder, in an amount not to exceed $7,500,000, and for the sale and delivery thereof. Section 6. The City agrees to do all acts necessary to obtain an allocation of a portion of the Statewide Balance for Indu str ial Development Bo nds for the Project from the Colorado Department of Local Affairs pursuant to ~24-32-1401, et ~, C.R.S. - 3 -