HomeMy WebLinkAboutResolution-1985-0943
RESOLUTION NO. q4:i
A RESOLUTION APPROVING AN INDUSTRIAL DEVELOPMENT
PROJECT FOR INTERNATIONAL BANCORP, A COLORADO CORPO-
RATION AND REGULATED BANK HOLDING COMPANY, OR ITS
ASSIGNS, MAKING CERTAIN FINDINGS AND DETERMINATIONS,
PRIMARILY APPROVING THE ISSUANCE OF APPROXIMATELY
$2,700,000 PRINCIPAL AMOUNT OF INDUSTRIAL DEVELOPMENT
REVENUE OBLIGATIONS (INTERNATIONAL BANCORP PROJECT) IN
CONNECTION THEREWITH AND AUTHORIZING REPRESENTATIVES OF
THE CITY TO TAKE ACTION INCIDENTAL THERETO.
WHEREAS, the City of Wheat Ridge, in the State of Colorado
(the "City") is authorized by the County and Municipality
Development Revenue Bond Act, constituting Ti tIe 29, Article 3
Colorado Revised Statutes (the "Act"), to acquire, own, lease,
improve, and dispose of properties to the end that the City may
be able to promote industry and develop trade or other economic
activity by inducing profit or nonprofit corporations, federal
governmental offices, hospitals, and agricultural, manufacturing,
industrial, commercial, or business enterprises to locate,
expand, or remain in the State of Colorado, to mitigate the
serious threat of extensive unemployment in parts of the state,
to secure and maintain a balanced and stable economy in all parts
of the State, and to further the use of its agricultural products
or natural resources; and
WHEREAS, representatives of International Bancorp, a
Colorado corporation and regulated bank holding company, or its
assigns (the "Corporation") have met with officials of the City
and have advised the City of the Corporation's interest and need
in obtaining financing for a proj ect consisting of the acquisi-
tion of certain real property and the building and equipping of
one or more buildings thereon, to be used as a bank facility and
retail shopping facilities, (collectively the "Project") located
or to be located in the City; and
WHEREAS, the City has considered the Corporation's proposal
and has concluded that the economic benefit to the City will be
substantial and it wishes to proceed with the financ ing of the
Project; and
WHEREAS, the action herein contemplated is not prohibited by
any resolutions or rules of the City;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WHEAT RIDGE, COLORADO:
Section 1. Approval of the Obligations. In order to induce
the Corporation to complete the proj ect, the Ci ty, subj ect to
terms and conditions of the Memorandum of Agreement (attached
hereto as Exhibit A and by this reference made a part hereof),
intends to take all steps necessary or advisable to effect the
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issuance of industrial development revenue obligations in a
maximum aggregate princ ipal amount not exceed ing $2,700,000, or
such lesser amount as shall be mutually agreed upon to finance
the Project. No costs are to be borne by the City in connection
with this transaction.
Section 2. Final Authorization of Details. Prior to execu-
tion of the necessary financing documents as shall be mutually
agreed upon in connection with the Project and such obligations,
such documents will be subject to authorization by resolution of
the City Council of the City of Wheat Ridge (the "City Council")
pursuant to law and any resolutions and rules of the City.
Section 3. Re imbursement of Expenses.. The Corporation has
agreed to provide for reimbursement of all expenses incurred or
to be incurred by the City related to the Project.
Section 4. Findings and Determinations. The City Council
hereby finds and declares that the Project will meet the public
purposes set forth in the Act.
Section 5. Nature of Obligations. Nothing contained in
this Resolution shall constitute the debt or indebtedness of the
City within the meaning of the Constitution or statutes of the
State of Colorado, nor give rise to a pecuniary liability of the
City or a charge against its general credit or taxing powers.
Section 6. No Conflicts of Interest. No member of the City
Council having acted upon this Resolution in his or her official
capacity (i) has a direct or indirect interest in the Project,
loan agreement, mortgage or obligations, (ii) owns any interest
in the project or the City, (iii) is an officer or employee of
the City, (iv) will be involved in supervising the completion of
the Project on behalf of the City or (v) will receive any commis-
sion, bonus or remuneration for or in respect to the Project, the
loan agreement, the bonds or the mortgage.
Section 7. Tax Reform Act of 1984 Allocation. The Tax
Reform Act of 1984 requires that the obligations contemplated by
this Resolution must have an allocation of the state cap imposed
by that Act. Upon receipt of such an allocation, the City
Council intends to call a public hearing on the issuance of the
bonds and publish notice as required.
Section 8. Information Reporting Under Internal Revenue
Code. The City intends to do all acts necessary to complete the
information reporting requirements required by Section 103 of the
Internal Revenue Code of 1954, as amended, and all regulations
thereunder.
Section 9. Effective Date. This Resolution shall take
effect immediately upon its adoption.
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DONE AND RESOLVED upon the affirmative vote of
of the City Council present at a meeting held this
April, 1985.
6 members
22nd day of
CITY OF WHEAT RIDGE
State of Colorado
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Mayor
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City Clerk' ~
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