HomeMy WebLinkAbout1988-093-06/07/1988-AMENDING RESOLUTION 88-82 INDUSTRIAL DEVELOPMENT REVENUE BONDS VIPONT VENTURES RESOLUTION 88-93
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AMENDING ITS RESOLUTION 88-82 SETTING
FORTH THE INTENTION OF THE CITY OF FORT
COLLINS, COLORADO TO ISSUE INDUSTRIAL DEVELOPMENT
REVENUE BONDS FOR VIPONT VENTURES, A PARTNERSHIP
WHEREAS, the Council adopted Resolution 88-82 on May 17, 1988, which
Resolution sets forth the intention of the City to finance a project for
Vipont Ventures, a Partnership (the "Company") , consisting of the
acquisition and development of land and construction and equipping of a
manufacturing facility designed to house a non-polluting manufacturing
operation of Vipont Pharmaceutical , Inc. (the "Project") , which will create
additional jobs within the City; and
WHEREAS, in Resolution 88-82 the Council indicated its intent to
proceed with financing the Project through the issuance of industrial
development revenue bonds in the amount of $2,600,000.
WHEREAS, the Company has determined that the amount of bonds necessary
to finance the Project will be $2,900,000.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS, COLORADO:
Section 1 . That the first paragraph of Section 1 of Resolution 88-82
is hereby amended to read in its entirety as follows:
"Section 1 . In order to induce the Company to locate and
construct the Project within the City, the City shall , subject to
the provisions hereof, take all necessary and advisable steps to
effect the issuance of industrial development revenue bonds (the
"Bonds") pursuant to the Act in the maximum aggregate principal
amount of Two Million Nine Hundred Thousand Dollars ($2,900,000)
or such lesser amount as shall be determined and agreed upon by
the Company and the City to finance the Project. "
Section 2. That in all other respects, except as herein amended,
Resolution 88-82 of the City Council is hereby ratified and confirmed.
Section 3. That all resolutions or parts thereof concerning the
subject matter hereof in conflict with this Resolution are hereby repealed
to the extent of such conflict.
Section 4. That if any section, paragraph, clause, or provision of
this Resolution with the exception of any section, paragraph, clause or
provision limiting the City's financial obligation shall for any reason be
held to be invalid or unenforceable, the invalidity or unenforceability of
such section, paragraph, clause or provision shall not affect any of the
remaining provisions of this Resolution.
Section 5. That this Resolution shall take effect immediately upon
its introduction and passage.
Passed and adopted at a regular meeting of the City Council held this
7th day of June, A.D. 1988.
Mayor
ATTES
City Clerk