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)