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HomeMy WebLinkAbout1983-071-04/05/1983-SETTING FORTH THE INTENTION OF THE CITY OF FORT COLLINS, COLORADO TO ISSUE INDUSTRIAL DEVELOPMENT RE RESOLUTION 83-71 OF THE COUNCIL OF THE CITY OF FORT COLLINS SETTING FORTH T4E INTENTION OF THE CITY OF FORT COLLINS, COLORADO TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR POUDRE VALLEY ONCOLOGY CENTER ASSOCIATES, A COLORADO JOINT VENTURE WHEREAS, representatives of Poudre Valley Oncology Center Associates, a Colorado Joint Venture (the "Joint Venture") have met with officials of the City of Fort Collins, Colorado (the "City") , and have advised the City of the interest of the Joint Venture in constructing and operating a community cancer treatment center in the City adjacent to Poudre Valley Memorial Hospital , subject to the willingness of the City to finance the project (the "Project") as an industrial development bond project, pursuant to the Colorado County and Municipality Development Revenue Bond Act constituting Article 3, Title 29, Colorado Revised Statutes 1973, as amended (the "Act") , and WHEREAS, the Joint Venture has represented to the City that the Project will qualify as a project within the meaning of the Act, and WHEREAS, the Project consists of the construction and establishment of a community cancer center in the City to prevent, detect, diagnose and treat cancer, and WHEREAS, the City Council has considered the proposal and has con- cluded that the economic benefits to be derived therefrom by the City will be substantial , and WHEREAS, the City Council desires to indicate its intent to proceed with financing the Project through the issuance of such revenue bonds NOW, THERFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS, COLORADO Section 1 In order to induce the Joint Venture to locate and con- struct the Project within the City, the City shall , subject to the provi- sions hereof, take all necessary or advisable steps to effect the issuance of industrial development revenue bonds (the "Bonds" ) pursuant to the Act in the maximum aggregate principal amount of One Million Three Hundred Fifty Thousand Dollars ($1,350,000 00) or such lesser amount as shall be determined and agreed upon by the Joint Venture and the City to finance the Project The Bonds will not be general obligations of the City Neither shall the Bonds, including interest thereon, constitute the debt or indebtedness of the City within the meaning of any limitation of the Constitution or statutes of the State of Colorado or the Home Rule Charter of the City, nor give rise to a pecuniary liability of the City or a charge against its general credit or taxing powers The Bonds shall be payable solely from and secured by a pledge of revenues derived from and payable by the Joint Venture pursuant to financing agreements with the City Section 2 No costs or expenses, whether incurred by the City or any other party in connection with the issuance of the Bonds, the preparation of any documents by any legal or financial consultants retained in connec- tion therewith, shall be borne by the City All such costs or expenses shall be paid from the proceeds of the Bonds or otherwise borne by the Joint Venture Section 3 Prior to any execution of a financing agreement, mortgage and indenture of trust, bond purchase agreement or any other necessary documents and agreements in connection with such Bonds, such documents and/or agreements shall be submited for approval to the City, and, if satisfactory to the City, their execution shall be authorized by ordinance of the City Council pursuant to law Section 4 Prior to any further action by the City Council , the Joint Venture shall provide the City with the opinion of a recognized Bond Counsel supporting the legality of the financing of the Project and the utilization of bond proceeds for said Project Section 5 Nothing contained in this resolution shall constitute the debt or indebtedness of the City within the meaning of any limitation of the Constitution or statutes of the State of Colorado or the Home Rule Charter of the City, nor give rise to a pecuniary liability of the City or a charge against its general credit or taxing powers Section 6 All commitments of the City contained herein are subject to the condition that within twelve (12) months of the date hereof, unless otherwise extended by agreement between the City and the Joint Venture, the Bonds to be issued pursuant hereto shall be issued and sold In the event that said Bonds to be issued pursuant hereto are not issued within twelve (12) months, the City of Fort Collins shall be under no obligation to perform any of the terms and conditions contained herein Section 7 All orders, bylaws and resolutions, or parts thereof, in conflict with this resolution are hereby repealed to the extent of such conflict This repealer shall not be construed to revive any order, bylaw or resolution, or part thereof, heretofore repealed Section B If any section, paragraph, clause, or provision of this resolution with the exception of any section, paragraph, clause or provi- sion limiting the City' s financial obligation shall for any reason be held -2- CI to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remain- ing provisions of this resolution Section 9 This resolution shall take effect immediately upon its introduction and passage Passed and adopted at a regular meeting of the City Council held this 5th day of April , A D 1983 Mayor ATTEST City clerk -3-