HomeMy WebLinkAbout1985 Resolution No. 020I
I
RES OJ,UTION NO. dO
SE RIES OF -HIM-
/q f; 5
A RESOL!Tl'ION AGREEING TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE
BONDS TO FINANCE A PROJECT FORS . BUD BRADY
WHEREAS , the City of Engl ewood (the "City"), Stele o f Colorado, is
authorized by the Co unt y end Municipality Development Reve nue Bond Acl, Title
29, Article 3 , Perl 1,. C.R.S. 19 73, es emended (the "A c l"), for the benefit of lhe
inhebile nls of lhe Stele end for the promotion of their henl lh, safely, welfare,
conv enience e nd p r osperit y, l o finance one or more project s , includin g nny Jund,
building or other improve ment s e.1d ell ne cessary end eppur lenenl r,nl or pcrsonnl
properties s uitable for manufacturing, in dustrial, commercial, egricullurel, or
busi ness e nterpr ises, u pon s uch conditions es lhe C ity C ouncil of lhe C ity may deem
advisable; end
WHEREAS, the Ci ty is furthe r authorized by lhe Acl lo iss ue its revenue
bonds or other o bligations for lhe pur pose of de fraying lhe cos t of financing any
s uch projec t; and
WHEREAS , S. Bud Bredy (the "User") hes m e t with officials of the C ily and
he s advised lhe Ci t y o f lhe User's interest in acquiring, constructing, improving and
equippi ng e f acili t y within lhe C it y, including ell necessary end eppurlenenl r e al
e nd pe rsonal properti es (lhe "Proj e c t ") fore releil , r es l aurenl e nd lheelre oper ation
s ubj ect l o lhe willingn es.s of lhe City to finance lhe Project by the issuance of
indus trial development reve nue bonds or othe r obligations pursuant lo lhe Acl; end
WHEREAS , t he User ho s r e present ed t o the C it y \hn\ t he P r oject ha s been
de s igne d t o qualify e s e "proj ect " within the mea ning o f the Ac t ; e nd
WHEREAS , the Ci t y he s c onsidered the User's proposal end hes concluded
lhet the eco nomic bene fit to t he Ci t y will be s ubs tantial due t o en increase in
e mployment end the prom oti on of industry and de velo pme nt o f trade end other
economic act ivity wi thin the C ity; end
WHEREAS , the C ity he s her e by deter mined tha t issui ng its ind us trial
revesoe bonds for the Project will benefit lhe heal t h, welfare, safety, convenience
end prosperit y of lhe inhabitants of the C ity; end
WHEREAS , the C ity wishe s t o proce ed with t he financing o f lhe Project,
subject t o the conditions he rein cont oined; en d
WHEREAS , the propos ed iss uance of the indus t ri nl de velopm ent r e ve nu e
bon ds end the e xec ution o f r e lated f inancing documents a r e not prohibi t ed by any
or di nance or rules o f the C it y;
NOW, THEREPORE, BE rr RESOLVED BY THE :ITY COUNCIL OF THE
CITY OF ENGLEWOOD, COLORADO;
Section J. In or de r t o in d uce the Us er t o compl e te the Proj e c t withir, the
C it y, t he C it y s ha ll t ake all s t eps ne ces sar y or adv isa ble t o effect t he iss ua nce of
in d ustrial de velopment reve n ue bo nds or other o bli ga t ions (the ''B onds") in e
ma xi m um a ggr e ga t e princi pa l a m ount of $9 milli on. This Resoluti on is end
c ons t itut es t he tu kin i; of affirm ative offi cial a cti on b;• the C it y toward t he issuance
o f th <:' 8nnd s . No r0su, n rc t o be bornc-hy the_• Ci t y in conn{'c tion with
t ht:-i B!i ut1n c t.· o f th e Bo nds .
Sec ti on 2 . Th e t e rm s and con dit i on s of the Bo nds a nd o f th<' fi -
nanci ng doc ume n ts r e l a ting to said Bonds or oth e r obligat i o n s w:111 be
mutua lly a g r ee d upon b y the City a n d thf' Use r, a nd p ri or t o their ex-
ecution , such docume nts wi l l be sub j ect t;o au tho rizat ion by Ordinance
of th e City Co un c il pur s ua n t to la\..' and any or dinan ce o r rules of the
City.
Sec ti o n 3. The Use r h as agr ee d t o p rov i de f o r r e tmhu r seme nt o f
all expensc:s in c u rred or t o be i n c ur r e d b y the City r e l ate d to the
Use r's Projec t.
Sec tion 4 . Nei the r th e Bonds , inc ludi n g inte res t r.nd any premi-
ums th e reon , nor any thing contained in this Resolu tion :;hall cons titute
a de bt o r ind e btednes s o f the City "''ithin ::h e mean i n g c,f the Co n stitu-
tion o r s t a tutes of the S t ate of Colorado, n o r g i ve ri se t o a pecun i ary
l iability of t h e City or a c h a rge against its general c r e dit or taxi n g
po"'e r s . Th e Bond s s h a ll be payable so l e l y fror.i a nd se c ure d b y a pledge
of th e r eve nues de rived from and pay abl e p u rsuan t t o the fina n cin g d ocu-
me nt s r efer r e d t o in Sec tion 2 h e rr;:of .
Sec tion 5 . All ommi tm e n t s by the Ci t y ma d e h erei n are s ubj e ct t o
the condi t ion that on o r before one y ea r f rom the d a te h e r eo f, the City
and the Use r s h.ill h ave agr eed t o mutua ll y acceptable t erns for th e Bonds
or o th e r obligat ions provi ded f o r h e r t:!unde r, in an amount n o t to excee d
$9 million, and for th e sale and d e liver y the r eof .
Section 6. Th e Ma yor of the City , Ci ty Cl e r k , City Attorney , a nd
ot he r officers and agents o f the Ci t y arc h e r eby authorize d t o init iate
and a ssist in the pre paration of s u c h d oc um e nt s a s may b e app r op riate
t o th e Bonds.
ADO PTED Al\'D APPROVED on the /:;-f:h day of~• 19:?5.
(S E A L)
ATTESTED :
I , Ga r y R. Higbe e , e-x officio Ci t y Cl '!r k -Tr easurer of t h e City of
En g l e ...,.ood , Co lo r ado, h e re by ce rt ify th~t tt,e ab ove and f o r ego ing i s a 0 ._.
true, acc ur.:itf.! and complet<! Lup y o f Reso l u ti r,n No .Gi.iJ__, Se ri e s of 19~.
I