Loading...
HomeMy WebLinkAboutResolution-1981-0747 RESOLUTION NO. 747 SERIES OF 1981 TITLE: A Resolution Supplementing Resolution No. 731, Series of 1981 WHEREAS, the City of Wheat Ridge (the "Issuer"), State of Colorado, is authorized by the County and Municipality Develop- ment Revenue Bond Act, 5 29-3-101, et ~, C.R.S. 1973, as amended (the "Act"), to issue industrial development revenue bonds to finance land, buildings or other improvements and all necessary and appurtenant real or personal property suitable for commercial or business enterprises in order to develop trade and other economic activity and to secure and maintain a balanced and stable economy within the State, which will promote the public health, welfare, safety, convenience and prosperity of the inhabitants of the Issuer and the State; and WHEREAS, the Issuer adopted Resolution No. 731 on March 23, 1981, which authorized the issuance of its industrial development revenue bonds or other obligations (the "Bonds") in a maximum aggregate principal amount of $4,700,000 to finance a shopping center (the "Project"), as more fully described therein; and WHEREAS, the principals of Marquette Properties, Ltd., the "User" named in Resolution No. 731, have E1articipated with Victorio Investment Company in the formation of Ridge village Partnership, a Colorado partnership, and Ridge village Partner- ship or a new entity to be formed by the partners of Ridge Village Partnership (the "Partnership") desires to borrow the proceeds of the Bonds from the Issuer and will develop the Project; and WHEREAS, the Project, the maximum aggregate principal amount of the Bonds and the benefits from the Project are all the same as contemplated by Resolution No. 731 and the principals of the User and the Partnership are substantially similar, and the benefits to the inhabitants of the Issuer and State are the same; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WHEAT RIDGE, COLORADO: The user of the Project and the borrower of the proceeds of the Bonds will be the Partnership. Resolution No. 731 shall be effective through September 1, 1982. With the exceptions stated in the previous two sentences, the Issuer hereby reaffirms the findings and the resolutions contained in Resolution No. 731. Neither the Bonds, the interest or any premiums thereon, nor anything contained in this Resolution shall constitute a debt or indebtedness of the Issuer within the meaning of the Constitution or statutes of the State of Colorado, nor give rise to a pecuniary liability of the Issuer or a charge against its general credit or taxing powers. No costs are to be borne by the Issuer in connection with the issuance of the Bonds. DONE AND RESOLVED this J ,c day of " , , I " L , 1981. '--- I J./"" ~.--L r!::, Frank Stites, Mayor Attest: / , / , . ~ Carol F. Hampf, City ~lerk -2-