HomeMy WebLinkAbout1985 Resolution No. 041RESOLUT ION NO. 4 / SERIE S OF 1985 __ _
J.. RESO LUTION DECLARING THE INTENT OF THE CITY OF ENGLEWOOD, COLORADO,
TO I SSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS TO PROVIDE FINANCING
FO R Sl·IEDISH ...M . O:'B .1-,--· PROJECT FOR THE ACQUISITION, CONSTRUCTION,
u:PROVEHENT AND EQUIPPING OF A M.EDICAL OFFICE BUILDING AS DESCRIBED
HER EIN.
WHEREhS, the City of Englewood, State of Colorad o (the
"I ssuer"}, a city existing as a politica l subdivision of the
S tot~ cr ·colorado , is authorized and empowered by the
p r ov isions of the County and Municipality Development Revenue
B~nd Act, Colorado Revised Statutes, §29-3-101 et seq ., as
am~n de d (t he ''Act''), t o finance a project, as that term is
d e ~in ed in the h c t, and t o issue its industrial development
r e~enu e bonds for the purpose of pay ing the cost of fi nancing
a proJec t; and
1-,"HEREhS, Swed i sn M. O.·fl'. h, Limited, a Colorado limi ted
p a ,·:nershi p ( the "Partnersh i p"), has requested the Issuer t o
lSSU E: and sell to Underwood , Neuhaus & Co. Incorpo ra t ed and
Ehrlich -Bober & Co., Inc . (the "Purcha se rs"), sub j ect to the
u n(J"&ll f i ed approvi n g opinion of Kutak Rock & Campbe 11 ( "B ond
Counse l "), it s indu s trial development re v enue bond s pursuant
to provi si on s of the Act for the purpose of financi n g a
medical offi ce building constituting a project, as that term
15 defined in the Ac t (the "Project"), fo r the Partnership;
a nd
WHEREhS, the facil i ty to be financed by the revenue bond
proceeds will be used a s collateral to secure the bond i s sue;
and
WHEREAS, MBank Houston , National Associ ati o n, a n ational
banking association will issue a letter of cred i t t o s erve as
a c redit enhancement to t he bond is s ue; and
WHEREAS, the Is s uer wishes to declare its i n t ention to
auth o rize the isEuance from time to time of i ts indu stri al
de~elopment revenue bonds f o r the purpo se of paying th e cost
o f f inancing t he ProJect, when so requested by the
Partne rsh i p , upon suc h term s and conditions e s may then be
a gre ed upon by the I ssu e r, the Par tnersh i p and the Purchaser .
NOW, THEREFORE, be it resolved by the City Council of
the I ssuer that it does h ereby d e cl are its intention tu
authorize the issuance and sale of industrial development
revenue bonds of the Is s uer to the Purchasers, subject to the
unqua lified approv ing op i nion of Bond Counsel, under and in
ac c ordance with the Act , from time to time, and in such
amoun ts as are nec ess ary to pay the costs of the Project as
described in the application of the Partnership, presently
estimate d to total an aggrega t e amount of $9,000,000 and upon
such terms and conditions as set forth above and as may be
mut u ally agreed upon by the Issuer, the Partnership and the
Pu rchase rs , the issuance and sale of such bonds to be
auth o rized by a resoluti on of the Issuer at a meeting to be
helu for su ch purpose ; provide(, however , that no costs or
expenses shal l be b orne by the Issuer, nor shall the Is suer
hav e any li abili ty i n co n nection with said fina n cing or the
issu an ce a nd s ale of such b onds.
Su c h b o nd s shall ne v er constitute the debt or
indebtedn e s s of the Issuer wi thin the meaning of any
provision or limitat ion o f the Colorado Constitution or
s tatutes, and s h all not conEtitute nor give rise to a
pecuniary l iabi lity of the lssuer o r a charge a g a i nst its
g en eral credit or taxi ng power.
~ RESOLUTI ON ADOP TE D _AND APPROVED , This •fil day of
,1:·~ 1985.
I SE/..L]
ATTEST:
I, Gary R. Higbee , ex officio Ci ty Clerk-Treasurer of the
Ci ty of En g lewood, Colorado , h e reby certify t he above and fore-
g o ing t o be a true and complete c opy of Reso lutio n No.:1:...1__, Se r ies
of 198 5 .