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RESOLUTION NO. 76 <br /> SERIES 2010 <br /> A RESOLUTION APPROVING A PROGRESS FUNDING AGREEMENT BETWEEN <br /> THE CITY OF LOUISVILLE AND ZIONS CREDIT CORPORATION FOR FUNDING OF <br /> A PHOTOVOLTAIC (PV) POWER SYSTEM IN THE CITY <br /> WHEREAS, there has been proposed between the City of Louisville and Zions Credit <br /> Corporation a Progress Funding Agreement for Zions to fund certain costs for the design, <br /> engineering, procurement, permitting, construction, installation and commissioning of a <br /> Photovoltaic (PV) Power System "System in the City, with Zions to acquire such System and <br /> lease the same to the City; and <br /> WHEREAS, the City of Louisville has reviewed the Progress Funding Agreement and <br /> desires to enter into such Agreement; and <br /> WHEREAS, the City Council finds that the proposed Progress Funding Agreement is in the <br /> best interests of the City and its citizens; <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br /> OF LOUISVILLE, COLORADO: <br /> 1. The proposed Progress Funding Agreement between the City of Louisville and <br /> Zions Credit Corporation for funding of the costs of a Photovoltaic (PV) Power System is hereby <br /> approved in essentially the sarne form as the copy of such Agreement accompanying this <br /> Resolution. <br /> 2. The Mayor is hereby authorized to execute the attached Agreement on behalf of the <br /> City Council of the City of Louisville, except that the Mayor and City Manager, and either of them, <br /> are hereby granted the authority to negotiate and approve such revisions to said Agreement as are <br /> determined necessary or desirable for the protection of the City, so long as the essential terms and <br /> conditions of the Agreement are not altered. <br /> 3. The foregoing approval and authorization extends to execution of such Agreement <br /> with Zions Credit Corporation or its affiliated entities or affiliated bank (Vectra Bank) licensed to do <br /> business in the State of Colorado. <br /> 4. City Staff is hereby authorized and directed to perform all actions and execute all <br /> documents necessary to effectuate the Agreement and perform the City's obligations thereunder. <br /> PASSED$ND ADOPTED this ,2,� day of i 1 ,14 i 010. <br /> fl\ <br /> Charl:r. Mayor <br /> A r, ST:` <br /> 4. 1 <br /> ancy Varr:, City Clerk <br /> Resolution No. 76, Series 2010 <br /> Page 1 of 1 <br />