HomeMy WebLinkAbout1983-071-04/05/1983-SETTING FORTH THE INTENTION OF THE CITY OF FORT COLLINS, COLORADO TO ISSUE INDUSTRIAL DEVELOPMENT RE RESOLUTION 83-71
OF THE COUNCIL OF THE CITY OF FORT COLLINS
SETTING FORTH T4E INTENTION
OF THE CITY OF FORT COLLINS, COLORADO
TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS
FOR POUDRE VALLEY ONCOLOGY CENTER ASSOCIATES,
A COLORADO JOINT VENTURE
WHEREAS, representatives of Poudre Valley Oncology Center Associates,
a Colorado Joint Venture (the "Joint Venture") have met with officials of
the City of Fort Collins, Colorado (the "City") , and have advised the City
of the interest of the Joint Venture in constructing and operating a
community cancer treatment center in the City adjacent to Poudre Valley
Memorial Hospital , 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 Joint Venture has represented to the City that the
Project will qualify as a project within the meaning of the Act, and
WHEREAS, the Project consists of the construction and establishment of
a community cancer center in the City to prevent, detect, diagnose and
treat cancer, 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, THERFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS, COLORADO
Section 1 In order to induce the Joint Venture to locate and con-
struct the Project within the City, the City shall , subject to the provi-
sions hereof, take all necessary or advisable steps to effect the issuance
of industrial development revenue bonds (the "Bonds" ) pursuant to the
Act in the maximum aggregate principal amount of One Million Three Hundred
Fifty Thousand Dollars ($1,350,000 00) or such lesser amount as shall
be determined and agreed upon by the Joint Venture 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 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 Joint
Venture pursuant to financing 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 by any legal or financial consultants retained in connec-
tion 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
Joint Venture
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 submited 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 Prior to any further action by the City Council , the Joint
Venture shall provide the City with the opinion of a recognized Bond
Counsel supporting the legality of the financing of the Project and the
utilization of bond proceeds for said Project
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 commitments of the City contained herein are subject
to the condition that within twelve (12) months of the date hereof, unless
otherwise extended by agreement between the City and the Joint Venture, the
Bonds to be issued pursuant hereto shall be issued and sold In the event
that said Bonds to be issued pursuant hereto are not issued within twelve
(12) months, the City of Fort Collins shall be under no obligation to
perform any of the terms and conditions contained herein
Section 7 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 B If any section, paragraph, clause, or provision of this
resolution with the exception of any section, paragraph, clause or provi-
sion limiting the City' s financial obligation shall for any reason be held
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to be invalid or unenforceable, the invalidity or unenforceability of such
section, paragraph, clause or provision shall not affect any of the remain-
ing provisions of this resolution
Section 9 This resolution shall take effect immediately upon its
introduction and passage
Passed and adopted at a regular meeting of the City Council held this
5th day of April , A D 1983
Mayor
ATTEST
City clerk
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