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HomeMy WebLinkAboutResolution-1985-0928 RESOLUTION NO. 928 Series of 1985 TITLE: RESOLUTION AUTHORIZING THE CITY OF WHEAT RIDGE TO ENTER INTO AN INTERGOVERNMENTAL AGREEMENT WITH THE CITY OF ARVADA TO PROVIDE CITIZENS OF WHEAT RIDGE WITH PROGRAMS AND SERVICES IN THE ARTS AND HUMANITIES THROUGH THE ARVADA CENTER FOR THE ARTS AND HUMANITIES WHEREAS, the City of Wheat Ridge desires to furnish cultural and educational programs and services to the citizens of Wheat Ridge, and WHEREAS, the City of Arvada, through the Arvada Center for the Arts and Humanities, desires to offer its services in programs and services in the arts and humanities to the citizens of Wheat Ridge, and WHEREAS, Section 14.2 of the Horne Rule Charter of the city of Wheat Ridge, authorizes the City of Wheat Ridge, by Resolution, to enter into Intergovernmental Agreements. NOW, THEREFORE, BE IT RESOLVED by the city Council of the City of Wheat Ridge, that the Intergovernmental Agreement attached to this Resolution be approved, and the Mayor be authorized to sign said Intergovernmental Agreement. DONE AND RESOLVED this 14th day of January , 1985. / --://",2,- {~/:r-r: FRANK STITES, MAYOR l'.TTEST: I ,~ :I ,~,J /c .-.-.,,, ,......" vV'/V 'WANDA SANG, '\ L..A4~ 'CITY "k~ ERK " CITY OF WHEAT RIDGE, COLORADO RESOLUTION NO. 929 SERIES OF 1985 A RESOLUTION OF THE CITY OF WHEAT RIDGE, COLORADO, SETTING FORTH THE INTENT OF THE CITY TO COMMIT THE AGGREGATE AMOUNT OF ITS AUTHORITY TO ISSUE PRIVATE ACTIVITY BONDS AND TO APPLY TO THE STATEWIDE BALANCE FOR AN ADDITIONAL ALLOCATION IN ORDER FOR THE CITY TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR AN OFFICE BUILDING TO BE OCCUPIED IN PART BY FIRST BANK OF WHEAT RIDGE, N.A. WHEREAS, the City of Wheat Ridge, Colorado (the "City"), is authorized by the County and Municipality Development Revenue Bond Act, constituting Article 3, Title 29 of Colorado Revised Statutes, as amended (the "Act"), to finance one or more projects for profit or nonprofit corporations, including any land, building or other improvement and all real or personal properties suitable or used for or in connection with any manufacturing, industrial, commercial, agricultural or business enterprise, upon such condi- tions as the City Council may deem advisable; and WHEREAS, the City is further authorized by the Act to issue its revenue bonds for the purpose of defraying the cost of financing any such project; and WHEREAS, the City passed Resolution No. 742, Series of 1981, on October 12, 1981, approving a resolution setting forth the City's intent to issue industrial development revenue bonds in 3.n aggregate principal amount not to exceed $7,000,000 (the "Bonds") to finance an office building to be owned by a corporat~on, partnership or other entity and leased in part to First Bank of Wheat Ridge, N.A. (the "Project"); and WHEREAS, the City corrected Resolution No. 742 with Resolution No. 811, Series of 1982, adopted on October 12, 1982, and extended to October 1, 1985, the time period of Resolution No. 742 with Resolution No. 855, Series of 1983, adopted on September 26, 1983; and WHEREAS, the Internal Revenue Code of 1954, as amended by the Tax Reform Act of 1984 (the "Code") limits the total principal amount of certain private activity bonds ("Private Activity Bonds") which may be issued by any state or its political subdivisions during each calendar year (the "State Ceiling"); and WHEREAS, pursuant to the Code, the Governor of the State of Colorado issued Executive Order D62-84 on December 21, 1984, (the "Order"), establishing an allocation process for the Colorado State Ceiling on Private Activity Bonds and allocating to the City the authority to issue an amount of Private Activity Bonds equal to $2,349,450 (the "Allocated Share"); and WHEREAS, the City desires to commit its Allocated Share to the issuance of the Bonds in conjunction with an allocation from the Statewide Balance (as defined by the Order); and WHEREAS, the principal amount of the Bonds for the Project is not presently expected to exceed $5,000,000. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WHEAT RIDGE, COLORADO: SECTION 1. In order to effect the issuance of the Bonds and finance the Project, the City by its City Council does hereby commit its Allocated Share to the issuance of the Bonds. SECTION 2. The officers of the City are hereby authorized and directed to apply to the Colorado Department of Local Affairs for an allocation from the Statewide Balance and for the authority to issue Private Activity Bonds in the amount of $2,650,550 which equals the total princioal amount of the Bonds less the Allocated Share. SECTION 3. The commitments of the City set forth above are expressly conditioned upon the securing by the City from the Colorado Department of Local Affairs of an amount of allocation and authority sufficient to issue the Bonds. Notwithstanding any language in this Resolution indicating a City approval of the issuance of the Bonds, there will be no obligation on the part of the City giving approval to the issuance of bonds until an ordinance containing this approval is passed on final reading. SECTION 4. All orders, bylaws and resolutions, or parts thereof, in conflict with this Resolution are hereby repealed. This repealer shall not be construed to revive any order, bylaw or resolution, or part thereof, heretofore repealed. SECTION 5. 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. -2- SECTION 6. This Resolution shall take effect immediately upon its introduction and passage. INTRODUCED, READ AND ADOPTED by a vote of 7 for and --L- against at a regularly scheduled meeting of the City Council of the City of Wheat Ridge on the 14th day of January, 1985, at 7:30 p.m., at Council Chambers, 7500 West 29th Avenue, Wheat Ridge, Colorado. ~ -"., / 17,7", , ._.. I_.h___:....,_ "'" L_"",--- Frank Stites, Mayor ATTEST: I I 1".i I j~r</ "C..t;__1'(.; Warid'a Sang, ~ , " / "i h"-I I C'ity C}I€rk -3-