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HomeMy WebLinkAbout1982-020-01/19/1982-SETTING FORTH THE INTENTION OF THE CITY OF FORT COLLINS TO ISSUE INDUSTRIAL REVENUE BONDS FOR COLORA :- - STATE OF COLORADO ) COUNTY OF LARIMER ) ss CITY OF FORT COLLINS ) The City Council of the City of Fort Collins, in the County of Lari- mer, and the State of Colorado, met in regular session in full conformity with law and with the Charter and rules of such City at the new City Hall Building, 300 West LaPorte, Fort Collins, Colorado, being the regular meeting place of the Council , on Tuesday, the 19th day of January, 1982, at the hour of 5 30 p m , at which meeting there were present and answering the roll call the following, constituting a quorum Present Mayor Elery Wilmarth Assistant Mayor Gary Cassell Councilmembers E John Clarke William Elliott Gerry Horak John Knezovich Peggy Reeves Absent None constituting all the members of the City Council There were also present City Clerk Wanda Krajicek Acting City Manager Verna Lewis Acting City Attorney Gregory Denton Councilmember Cassell introduced a resolution which was thereupon read by title, copies of the resolution being available to the City Council and to the persons in attendance at the meeting, and is as follows RESOLUTION 82- 20 OF THE COUNCIL OF THE CITY OF FORT COLLINS BEING A RESOLUTION SETTING FORTH THE INTENTION OF THE CITY OF FORT COLLINS TO ISSUE INDUSTRIAL REVENUE BONDS FOR COLORADO STATE UNIVERSITY RESEARCH FOUNDATION WHEREAS, the City of Fort Collins, Colorado (the "City") is authorized by the County and Municipality Development Revenue Bond Act, constituting Article 3 of Title 29, Colorado Revised Statutes 1973 , as amended (the "Act") , to finance one or more projects or parts thereof to the end that more adequate research facilities be provided upon such conditions as the City Council of the City of Fort Collins may deem advisable, and WHEREAS , the City is further authorized by the Act to issue its revenue bonds for the purpose of defraying the cost of financing any project, and WHEREAS, the City has had preliminary conferences with Colorado State University Researcn Foundation, a Colorado corporation not for profit (the "Corporation") , concerning the financing of research facilities to be acquired, constructed and installed at Colorado State University, Fort Collins, which location is within the City (the "Project") , which Project will qualify as a "project" within the meaning of the Act, and WHEREAS, the City intends to proceed with the authorization, issuance and delivery of its Revenue Bonds (Colorado State University Research Foundation Project) in the principal amount presently estimated not to exceed $153,000,000 (the "Bonds") in one or more series of the same issue or in one or more issues to pay the cost of the Project, together with the costs incident to the authorization, issuance and sale of the Bonds, and WHEREAS, it is contemplated that one or more financing agreements (as defined by the Act, hereinafter referred to as the "Financing Agreement") , with respect to the Project will be executed by and between the Corporation and the City, providing for the payment by the Corporation of sums suffi- cient in amount to pay the principal of, premium, if any, and interest on the Bonds, together with all trustee' s and paying agent' s fees and any expenses of the City in connection with the Bonds as the same become due and payable, and WHEREAS, it is contemplated that the Bonds will be issued under and secured by one or more Indentures of Trust (the "Indenture") by and between the City and a trustee or trustees to be named, and WHEREAS, the City has determined that the Project will serve the purposes of the Act, and WHEREAS, it is deemed necessary and advisable that a Memorandum of Agreement be executed by the City and the Corporation setting forth the agreements of the parties with respect to the financing of the Project NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT COLLINS, COLORADO Section 1 ( i ) The recitals set forth in the preambles of this resolution are true and correct, ( ii ) the total amount of money necessary to be provided through the issuance of the Bonds for the financing of the Project is presently estimated not to exceed $15,000,000, and (iii ) the Corporation has sufficient financial resources to place the Project in operation to continue its operation and to meet the obligations of the proposed Financing Agreement Section 2 The cost of financing the Project will be paid out of the proceeds from the sale of the Bonds , and none of the Bonds will be general obligations of the City nor shall any of the Bonds including interest thereon constitute the debt or indebtedness of the City within the meaning of the Constitution or statutes of the State of Colorado nor give rise to a pecuniary liability of the City or a charge against its general credit or taxing powers but shall be secured and payable only by a pledge of the revenues derived from the Corporation pursuant to the Financing Agreement Section 3 A Memorandum of Agreement by and between the Corporation and the City, detailing the obligations and responsibilities of the Corpor- ation and the City, shall be entered into upon approval of said Memorandum by the City Council Section 4 The following requirements shall be met by the Corporation prior to further action by the City Council 1 A marketing plan to be determined by the Corporation' s finan- cial advisor for the sale of the Bonds to be issued by the City for financing of said Project 2 Evidence of additional financial security to provide for the timely payment of the principal amount of the Bonds and inter- est due on the Bonds shall be submitted to the City 3 A recognized bond counsel ' s opinion regarding the legality of the financing of the project and the utilization of the Bond proceeds shall be presented to the City 4 A recognized bond counsel ' s opinion concerning the income to be derived from the Project and its relationship to a not for profit corporation -2- Y Section 5 Nothing contained in this resolution shall constitute the debt or indebtedness of the City within the meaning of the Constitution, statutes of the State of Colorado or Charter and Ordinances of the City of Fort Collins, nor give rise to a pecuniary liability of the City or a charge against its general credit or taxing powers Section 6 Nothing herein shall be deemed to prevent the City from delegating to any other Colorado county or municipality, or its officers or employees, authority to act on behalf of the City in the financing of the Project Section 7 If any section, paragraph, clause or provision of this resolution 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 resolu- tion Section 8 All bylaws, orders and resolutions, or parts thereof, inconsistent herewith are hereby repealed to the extent only of such inconsistency This repealer shall not be construed as reviving any bylaw, order or resolution, or part thereof, heretofore repealed Section 9 All action (not inconsistent with the provisions of this resolution) heretofore taken by the City Council of the City of Fort Collins and the officers thereof with respect to the Project and the authorization, issue and sale of the Bonds be, and the same hereby is, ratified, approved and confirmed Passed and adopted at a regular meeting of the Council of the City of Fort Collins held this 19th day of January 1982 q;Z' 211-9 Ma or ATTEST A"C I eXr yk -3- Whereupon it was moved by Councilmember Cassell and seconded by Councilmember Clarke that all rules of the City Council of the City of Fort Collins which might prevent, unless suspended, the final passage and adoption of said resolution at this meeting be, and the same hereby are, suspended for the purpose of permitting the final passage and adoption of said resolution at this meeting The motion was put to a vote, the vote being as follows Those Voting Aye Cassell Clarke Elliott Horak Knezovich Reeves Wilmarth Those Voting Nay None Those Absent None A motion to adopt the foregoing resolution was then duly made by Councilmember Cassell and duly seconded by Councilmember Clarke, was put to a vote, the vote being as follows Those Voting Aye Cassell Clarke Elliott Horak Knezovich Reeves Wilmarth Those Voting Nay None Those Absent None Thereupon, the Mayor declared said motion carried and said resolution duly passed and adopted After other action on business not related to the foregoing resolu- tion, on motion duly made, seconded and adopted, the meeting thereupon adjourned ATTEST Mayor 14"��x YIS4�0�kl_ City Clerk -4- STATE OF COLORADO ) ss COUNTY OF LARIMER ) I , Wanda Krajicek , the duly appointed, qualified and acting Clerk of the City of Fort Collins, Colorado, do hereby certify 1 The foregoing pages numbered 1 to 4 , inclusive, are a true, perfect and complete copy of the record of proceedings of the City Council of the City of Fort Collins had and taken at a lawful meeting of the Council held at 300 LaPorte Avenue, Fort Collins , Colorado 80521 , on Tuesday, January 19, 1982 , commencing at the hour of 5 30 P M , as recorded in the regular official book of the proceedings of the City kept in my office, said proceedings were duly had and taken as therein shown, the meeting therein shown was duly held, and the persons therein named vrere present at said meeting as therein shown 2 All members of the City were duly notified of said meeting, pursuant to law IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the City this 19th day of January 1982 n _ n City Clerk (SEAL)