HomeMy WebLinkAbout1981-180-12/15/1981-SETTING FORTH THE INTENTION OF THE CITY OF FORT COLLINS TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BOND 1
-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 December 15
1981 , 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 William Elliott
E John Clarke
Gerry Horak
John B Knezovich
Margaret Reeves
Absent None
constituting all the members of the City Council
There were also present
City Clerk Molly Davis, Deputy
City Manager John E Arnold
City Attorney Gregory C Denton, Acting
Thereupon the following proceedings , among others, were had and
taken
Councilmember Elliott introduced a resolution which was there-
upon 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 81-180
OF THE COUNCIL OF'THL CITY OF FORT COLLINS
BEING A RESOLUTION SETTING FORTH THE INTENTION
OF THE CITY OF FORT COLLINS TO ISSUE INDUSTRIAL
DEVELOPMENT REVENUE BONDS FOR THE BUCAIN CORPORATION
WHEREAS, representatives of the Bucain Corporation have met with
officials of the City of Fort Collins, Colorado (the "City") , and have
advised the City of the interest of the Corporation in developing, owning
and operating an 18 hole golf course within the City which course shall be
available for use by the general public upon payment of a fee, subject to
the willingness of the City to finance the cost of development of said golf
course, to be located on approximately 200 acres of land on the East side
of Lemay Avenue, three-quarters of a mile South of Harmony Road in the
City, as a REVENUE bond project pursuant to SECTION 20 3, ARTICLE V, OF THE
CHARTER OF THE CITY OF FORT COLLINS AND LEGISLATION BY ORDINANCE OF THE
CITY COUNCIL TO BE ADOPTED PURSUANT THERETO (THE "CHARTER") , 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, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS, COLORADO
Section 1 In order to induce Bucain Corporation to locate the project
within the City, the City shall , subject to the provisions hereof, take all
necessary or advisable steps to effect the issuance of industrial develop-
ment revenue bonds (the "Bonds") pursuant to the CHARTER in the maximum
aggregate principal amount of $7,500,000 or such lesser amount as shall be
determined and agreed upon by Bucain Corporation 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 in-
debtedness of the City within the meaning of any limitation of the Consti-
tution 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
_Bucain Corporation pursuant to financing agreements within 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 relating thereto, or in connection with services provided
by any legal or financial consultants retained in connection 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 Bucain Corporation
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 submitted 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 The following conditions shall be met by Bucain Corporation
prior to further action by the City Council
1 The off-site development cost totaling $836,000 as identified in
the application shall not be financed from the proceeds of the
proposed bond issue
2 Evidence of additional financial security (such as letters of
credit from responsible financial institutions) which will
guarantee the payment of the principal amount of the bonds and
interest due on the bonds shall be submitted to the City
3 A market analysis and/or a feasibility study which includes
financial projections for each of the seven phases of the
project shall be submitted to the City
4 A recognized bond counsel 's opinion supporting the legality of
the financing of the project and the utilization of the bond
proceeds shall be submitted to the City
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 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 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 This resolution shall take effect immediately upon its
introduction and passage
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19£31 INTRODUCED , READ , -,PASSED AND 'ADOPTED this 15th day of December,
ATTEST Mayor
2?
City Clerk-J �
v / It was thereupon moved by Councilmember Elliott and seconded
by Councilmember Clarke that the foregoing resolution be passed and
adopted by the Council The question being upon the passage and adoption of
the resolution, the roll was called with the following results
Those Voting AYE Cassell
Clarke
- Elliott
Knezovich
Horak
Reeves
Wilmarth
Those Voting NAY None
Those Absent None
Seven members of the City Council having voted in favor
thereof, the presiding officer thereupon declared said motion carried and
the resolution duly passed and adopted
-On motion duly adopted, it was ordered that, after signature of the
Mayor and by the City Clerk , the resolution be recorded according to
law
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After consideration of other business unrelated to the industrial
development revenue bonds, on motion duly made, seconded and adopted, the
meetinq was adjourned
e�
Mayor
ATTEST
2219Lah&2,J--(-�City Cle
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