HomeMy WebLinkAbout1992-054-03/17/1992-BOND PURCHASE AGREEMENT DDA TAX INCREMENT REVENUE REFUNDING BONDS RESOLUTION 92-54
AUTHORIZING THE EXECUTION OF A
BOND PURCHASE AGREEMENT RELATING TO
THE CITY OF FORT COLLINS, COLORADO,
DOWNTOWN DEVELOPMENT AUTHORITY TAX INCREMENT REVENUE
REFUNDING BONDS, SERIES 1992, DATED MARCH 1 , 1992,
IN THE AGGREGATE PRINCIPAL AMOUNT OF APPROXIMATELY $11 ,410,000
WHEREAS, on March 3, 1992, the Council (the "Council ") of the City of Fort
Collins, Colorado (the "City") , approved on first reading an ordinance
authorizing the issuance of its Downtown Development Authority Tax Increment
Revenue Refunding Bonds, Series 1992, dated March 1 , 1992, in the aggregate
principal amount of $11 ,410,000 (the "Bonds") ; and
WHEREAS, the Financial Officer of the City thereupon authorized and
directed A. G. Edwards & Sons, Inc. and other participating underwriters
(collectively, the "Purchaser") to market the Bonds at such time as may appear
to the Purchaser to be most favorable to the City; and
WHEREAS, as of the date hereof the Bonds have not yet been marketed; and
WHEREAS, the Purchaser anticipates that the Bonds may be marketed at a time
substantially in advance of the next regular meeting of the Council ; and
WHEREAS, investment banking customs and practices require that the
Purchaser enter into a bond purchase agreement reasonably soon after the
marketing of the Bonds; and
WHEREAS, there has been filed with the City Clerk the form of a Bond
Purchase Agreement dated March , 1992 (the "Bond Purchase Agreement") between
the City and the Purchaser.
NOW, THEREFORE BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS
that:
1 . The City Manager is hereby authorized to execute the Bond Purchase
Agreement on behalf of the City in substantially the form heretofore filed with
the City Clerk with such changes thereto as may be necessary to accomplish the
purposes thereof as approved by the Financial Officer of the City, the City
Attorney and the City' s bond counsel .
2. All action not inconsistent with the provisions of this Resolution
heretofore taken by the City or its officers directed toward the authorization
and execution of the Bond Purchase Agreement is hereby ratified, approved and
confirmed.
3. All resolutions, bylaws, orders and other instruments, or parts
thereof, inconsistent herewith are hereby repealed to the extent only of such
inconsistency. This repealer shall not be construed to revive any resolution,
bylaw, order or other instrument, or part thereof, heretofore repealed.
4. If any section, subsection, paragraph, clause or other provision of
this Resolution shall for any reason be held to be invalid or unenforceable, the
invalidity or unenforceability thereof shall not affect any of the remaining
sections, subsections, paragraphs, clauses or provisions of this Resolution.
5. This Resolution shall take effect immediately upon its adoption.
Passed and adopted at a regular meeting of the Council of the—City of Fort
Collins held this 17th day of March, A.D. 1992.
ayor Pro Tem
ATTEST:
City Clerk