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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-