HomeMy WebLinkAboutResolution-1985-0942
RESOLUTION NO. ~42
Series of 1985
TITLE: A RESOLUTION OF THE CITY OF WHEAT RIDGE, COLORADO, MODIFYING CERTAIN
AMOUNTS CONTAINED IN RESOLUTION NO. 929, SERIES OF 1985, AND SETTING
FORTH THE INTENT OF THE CITY 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 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 an aggregate principal amount
not to exceed $7,000,000 (the "Bonds") to finance an office building to be
owned by a corporation, 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 City Council passed Resolution No. 929, Series of 1985,
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. for an amount then not expected to exceed
$5,000,000; and
WHEREAS, the City has received an additional allocation of $2,650,550
from the Statewide Balance; and
WHEREAS, the principal amount of the Bonds for the Project is now not
expected to exceed $5,300,000.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
WHEAT RIDGE, COLORADO:
SECTION 1: That Section 2 of Resolution 929, Series of 1985, be
changed to read in the fourth line "$2,950,550" instead of the current
language which states "$2,650,550".
SECTION 2: This Resolution shall take effect immediately upon its
introduction an~passage.
INTRODUCED, READ AND ADOPTED by a vote of ______ for and against
at a regularly scheduled meeting of the City Council of the City-of Wheat
Ridge on the 22nd day of April, 1985, at 7:30 P.l~., at Council Chambers, 7500
West 29th Avenue, Wheat Ridge, Colorado.
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Frank Stites, Mayor