Resolution 1985-04 - Laserfiche WebLink

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WHEREAS, the proposed issuance of the industrial deve lopmen t revenue bonds and the execution of Telated Tinancing documents are not prohibited by any ordinances, resolutions, or rules of the City: NOO 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 Ci ty , the City shall take all steps necessary or advisable to effect the issuance of industrial development revenue bonds or other obliqations (the "Bonds" ) in a maximum aqqregate principal amount of $1,700,000. This Resolution is and constitutes the taking of affirmative official action by the City toward the issuance of the Bonds. Section 2. The terms 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 Bonds. 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 User's Project. Section 4. Neither the Bonds, including interest and any premiums thereon, nor a nythi ng contained in this Resolution shall constitute a debt or indebted ness of the City within the meaninq of the constitution or statutes of the State of Colorado, nor give rise to a pecuniary liability of the City, or a charge aqains t its genera 1 credit or taxing powers. The Bonds shall be payable solely from and secured by a pledge of the revenues deri ved 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 t e r ms for the Bonds or othe r obligations provided for hereunder, in an amount not to exceed $l,700,000, and for the sale and delivery thereof. Section 6. The City hereby ag rees to allocate to the Project its entire 1985 authority to issue private activity bonds in the amoun t of $467,025 pursuant to Section 3, parag raph I, of Executive Order No. D006 284. The City also agrees to do all acts necessary to obtain an additional allocation of a portion of the - 3 -