HomeMy WebLinkAbout1985 Resolution No. 036I
RF.SOLUTIO~ NO . .:,:jiL_
SE RlE S OF !98S
A RESOLUTION AGRE ElNG TO ISSUE lNDUSTRl AL DEVE LOPMENT REVENUE BO NDS TO
FINAN CE A PROJr.CT FOR THE 38 MANAGEMENT COMPANY, A GENERAL PARTNERSHIP.
WHER EAS , th e City of Englewood (the 11 City 11
), State of Co l orado ,
is author ize d by the County and Municipality De velopment Revenue Bond
Act , Titl e 29 1 Arti cle 3, Pa rt 1, C.R .S. 1973, as ame nded (th e "Act'1
),
for the benefit of the inhab itan ts o f the S tat e and for the promo tion
o f th ei r h e al th , i;afe ty , 1.,1 elfare , conven1ence and prosperity, to finance
t.'l e or mo r e projec ts, in cluding a ny land , buildin g or other imp rovements
a ni al l necess ary and appurtenan t real or p e r sonal properties su it able
for ::':=?111fa ct u ri ng , i ndustrial, comm erci a1 1 ag r icul t ural, or business
en terprises , u pon s uc h cC1ndition s as the Ci t y Co un cil o f the City may
deem advisable; and
\..1\EREAS 1 the City is furth e r authorized by the Act to issue its
revenue bonds or othe r ob ligations f o r th e purpose of defraying the cost
o f finan cing any such p r ojec t; and
,~•H[Rl:/\S , Ke n Bagus . r ep r esenting 3B Man a gement Comp any , ( the
"User ") has met with o ffic1.als o f the City a n d has advised t h e Cit y o f
the lis e r'!-interest in acq uir ing , con s tructing , i mprovi ng and equipping
a f acil it y "''ithin t he City , inc l ud ing all n ec e ss ary and appurt enant real
nnd persona l pr o p e rties (the "P r o je ct") f or a Buyers Club complex s ub -
jec t t o th e wil11n gncss o f the City l o ft.nan c e t he Pr oject by the l ssuA.nce
of indu st ri a l dev e lopment r ev e nu e bond s o r o t he r o b ligati on s pursuant t o
the Act; and
\-!l!E REAS , th e Us e r h as r ep r esented to the City that the Proj e ct
has been des i gned t o qualify as a "projec t" with in the mea ni n g o f the
Act ; an d
WHEREAS , t.he City has considered th e llse r's proposal and has
con cl ud ed that th e economic be nefit t o the City will be s ubs t a ntial due
t o an increase in employment and the promo t i o n of in dust ry and deve l 1Jp-
ment o f trade and other eco nom ic acth·ity ...,ithin the City; an d
WHER F.AS , the City has h e reby de termi ned th a t i ssuin g its in-
dus tri a l r e venue bonds for t h e P rojec t ,..,111 b e nefit th e health , we lfa r e ,
sa f ety , conv e n 1e n ce and p r o s pe r it y o f th e inhnh itants o f the City ; and
\,'lll:REA S , the Cit y wi s hes t o proceed ,..,1th t he f in anc i ng o f th e
Prn jec t , s uh_jec t t o the c ond iti 0ns h e r ein con t a ine d : and
l-7!f.RF.AS , t he p ropo s ed issuan c e o f th \. indus tri a l cle '.'c>1 0 pm e nt
Tl.!\'CtHLe ti ondf. a nd t he e xec uti o n o f r e latc•d fin 1:1cinf; doc ume n t~ a re no t
pro!1 i t-ir cd hy a ny 0 r d l nancc or rul C's o f t h l' Ci !y ;
~O'.', Tl![R!:rOR[, BF lT RESOL\'f.D II\' TIIF ClTY cou:;c JL OF ll!E
Cl TY (I, r:;cu:.:onn , COL ORADO :
-2-
Section 1. 1n o r de r t o induce the User t o comp lete the P ro-
ject within th e City , the City sha ll t ake all s teps n ecessary or advisable
to effect th e !~sun.nee o f Jn du s tria l development r evenue b onds o r other
obligations (the "B onds '1
) in a max i mum agg rega te principal amount o f
$10 million. This Re so lutio n is a nd constitutes the taking o f affirmative
off i cial action by the City t o,,.•a r d the issuance of th e Bon ds. No costs
arc t o be borne by th e City in connec t:l on with the issuanc e o f t he Bonds .
Secti on 2. The t e rm s a nd conditions of the Bo nds a nd o f th e
finan ci ng documents rela ti ng to ~aid Bonds o r othe r obligations will b e
mutuaUy a g r eed up on by th e City a nd the User, a nd prior to their e x-
l!c ution, such documents ,."'111 be subject to authorizatio n by Ordinan ce
o f the City Coun c.11 purs uant to lm,• a n d a ny o r dfn unce o r rules o f the
City.
Section 3. The User has agreed t o pr ovide f or r eimbu rsement
of all expenses in curred o r t o be incurred by the City r e lated to th e
User 's Project.
Sec ti on 4, ?\e ither th e Bonds , including in teres t and an y pr emi-
ums the r e on, no r an y thing contained i n this Resolution shall co nstitute
a debt o r indebtedness of the City .... -tthin th e mean ing of t he Co n s titutio n
or statut es o f th e Slate of Colorado , nor give rise to a pecun ta r y
l i abil it y of th e City o r a cha r ge against it s general credit or taxing
powers. Th e Bonds shall be payable solely from a nd secured by a pledge
of the r evenue s derived f r om and payable pursuan t t o the fi n a n cing docu-
ments referred to in Sect ion 2 hereof .
Se c t i on 5 . Al 1 c 0rnmi t mcnts by the City made herein are sub-
ject l o th e condition t hat on o r before o ne year f r om the date he r eo f,
the Ci t y and t he Us er shal 1 have ag r eed t o mutually acceptab le terns
for t he Bonds or othe r obligat i o ns provided for he r e unde r, in an amoun t
n o t t o exceed $10 million, and f o r the sale and de l ivery thereof .
Sect i on 6 . The ~!aye r of the Ci t y , City Clerk , City Att o rne:,·,
an d other officers a:1d agen ts of the City ar e herehy autho ri zed t o i niti a te
ilnd assist in th e preparation of s uch documents as may be appropriate t o
the Bonds.
ADOPTED A};D APPROV ED on
(S f. A L)
ATT,STi:!J :
1, G.:iry R. lli t '•l ~·. ,.,._ uffido C.lty C]("rk -Tr cnsur(r of thf" Clt y
(i f l ng !C'-...'i't'd . Culu r ;il!0 , h(rdiy n ·rtifv th at tla· :ih o \'c• ,1nd fo rego ing 1s a
trm , :irc·u r a U.· a'ld c1,.,J,lt lt' r P p \' r :.c·:o lutl on 'K o .~J ~. Se ri es o f I9S'.fi_.
I ' 7. ,