HomeMy WebLinkAbout1981-044-03/17/1981-SETTING FORTH THE INTENTION OF THE CITY OF FORT COLLINS TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BOND RESOLUTION 81-44
A RESOLUTION SETTING FORTH THE INTENTION
OF THE CITY OF FORT COLLINS , COLORADO TO
ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS
FOR HAPIMONS & ASSOCIATES , A COLORADO
GENERAL PARTNERSHIP
WHEREAS , representatives of Hammons & Associates ,
a Colorado general partnership (the "Partnership") , have met
with officials of the City of Fort Collins , Colorado (the "City") ,
and have advised the City of the interest of the Partnership in
acquiring, constructing and installing a hotel and convention
center in the City, subject to the willingness of the City to
finance the project (the "Project") as an industrial development
bond project, pursuant to the Colorado County and Municipality
Development Revenue Bond Act constituting Article 3, Title 29 ,
Colorado Revised Statutes 1973 , as amended (the "Act") , and
WHEREAS , the Partnership has represented to the City
that the Project will qualify as a project within the meaning
of the Act, and
WHEREAS, the City Council has considered the proposal
and has concluded that the economic benefits to be derived
therefrom by the City will be substantial, and
WHEREAS , the City Council desires to indicate its in-
tent 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 the Partnership 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 development revenue bonds
-2-
(the "Bonds") pursuant to the Act in the maximum aggregate
principal amount of $10 ,000 , 000 or such lesser amount as shall
be determined and agreed upon by the Partnership and the City
to finance the Project The Bonds will not be general obliga-
tions of the City Neither shall the Bonds , including interest
thereon, 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 The Bonds shall
be payable solely from and secured by a pledge of revenues
derived from and payable by the Partnership pursuant to financ-
ing agreements with 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 finan-
cial 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 the
Partnership
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 satisfac-
tory to the City, their execution shall be authorized by
ordinance of the City Council pursuant to law
Section 4 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
-3-
Section 5 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 6 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 resolution
Section 7 This resolution shall take effect imme-
diately upon its introduction and passage
INTRODUCED, READ, PASSED AND ADOPTED this March 17 ,
1981
J
May r
[SEAL]
Attest
City Clerk
-4-
It was thereupon moved by Councilmember Wilkinson
and secondea by Councilmember Bowling 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 Nancy P Gray
Elery Wilmarth
Charles Bowling
Burton C Kross
-Peeled-Reese s-
Lloyd St Croix
Earl Wilkinson
Those Voting Nay Peggy Reeves
Those Absent None
Six 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 by the Mayor and by the City Clerk, the resolution
be recorded according to law
After the consideration of other business unrelated
to the industrial development revenue bonds , on motion duly
made, seconded and adopted, the Je'ti►ng was ad3ourned
I
U Mayo
�'�
[SEAL]
Attest
City Cl rk
-5-
1
STATE OF COLORADO )
COUNTY OF LARIIMER ) SS
1
CITY OF FORT COLLINS )
I , Wanda Kra3icek, City Clerk of the City of Fort
Collins (herein the "City"Z , in the County of Larimer, and
State of Colorado, ao nereby certify that
1 The foregoing pages numbered from 1 to 5 , inclu-
sive , constitute a full and correct copy of the record of the
proceedings taken by the City Council of the City at a regular
meeting thereof held on the 17th day of March, 1981 , so far as
said minutes relate to a resolution (consisting of pages 2
through 4) , a copy of which is therein set forth
2 The copy of said resolution contained in said
minutes is a full, true, and correct copy of the original of the
resolution as considered by the City Council at said meeting and
acted upon as stated in the foregoing proceedings , and the orig-
inal of said resolution has been duly authenticated by the
signatures of the presiding officer of said City Council and
myself, as Clerk of said City
3 The Mayor and six other members of said Coun-
cil voted on said resolution, as in said minutes set forth
IN WITNESS TdHEREOF, I have hereunto set my hand and
affixed the seal of the City this 17th day of March, 1981
41;�� r
City le
[SEAL]
-6-