HomeMy WebLinkAboutResolution-1985-0949
RESOLUTION NO. 949
Series of 198~
TITLE:
A RESOLUTION PROVIDING FOR THE ACQUISITION, CONSTRUCTION AND
DEVELOPMENT OF A MULTIFMlILY HOUSING PROJECT LOCATED WITHIN THE
BOUNDARIES OF THE ISSUER AND PROVIDING FOR THE FINANCING OF ALL
OR A PORTION OF THE COST THEREOF BY THE ISSUANCE OF THE ISSUER'S
INDUSTRIAL REVENUE BONDS AT SUCH TIME OR TIMES AS SHALL BE
APPROPRIATE.
WHEREAS, the City of Wheat Ridge (the "issuer") is duly
organized and existing under and pursuant to the provisions of the
Constitution and laws of the State of Colorado, and is authorized and
empowered under the County and Municipality Development Revenue Bond Act
(the "Act") to issue its revenue bonds to finance the cost of
Multifamily Housing projects; and
WHEREAS, Harcourt Development Company (the "Applicant") has
advised the Issuer that (i) it has under consideration the acquisition,
construction and development of one or more Multifamily Housing projects
located within the boundaries of the Issuer (the "Project") and (ii) the
cost of the Project and expenses incidental thereto is estimated not to
exceed $30,000,000 (the "Bond Amount"); and
WHEREAS, the Applicant has requested that the Issuer consider
issuing its revenue bonds in an aggregate principal amount not to exceed
the Bond Amount, as is necessary to pay the costs of the Project; and
WHEREAS, the Applicant has further advised the Issuer that a
determination by the Issuer to issue its revenue bonds under the Act
will constitute a substantial inducement to proceed with the
acquisition, construction and development of the Project;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Wheat Ridge that:
1. The Issuer finds and determines that the issuance of its
revenue bonds under the Act to finance the acquisition, construction and
development of the Project will serve the purposes provided in the Act.
2. There is hereby authorized to be issued, and the Issue
hereby preliminarily determines subject to approval by Ordinance of all
final documentation, to issue pursuant to the Act, its industrial
revenue bonds (the "Bonds") in an aggregate principal amount agreed to
by the Issuer and the Applicant, not to exceed the Bond Amount, as is
necessary to pay the costs of the Project and to expend the Bond
proceeds to finance all or a portion of the cost of the Project.
3. The Bonds are to be secured by and payable solely from
revenues or other payments to be derived by the Issuer under the terms
of a loan agreement (the "Loan Agreement") to be entered into between
the Issuer and either the Applicant or a financial institution (the
"Lender") which will relend the proceeds of that loan to the Applicant.
The Loan Agreement shall provide that the Lender or Applicant will be
obligated to make payments sufficient to pay the debt service on the
Bonds, as and when the same shall become due and payable. The Bonds
shall not be general obligations of the Issuer and neither the faith and
credit nor the taxing power of the Issuer is or may be pledged to the
payment of the Bonds.
RESOLUTION NO. 949
Page -2-
4. The Bonds shall bear such dates, mature at such time or
times, bear interest at such rate or rates and contain such other terms
or provisions as shall be determined by subsequent action of the Issuer
and approved by the Applicant.
5. Such rulings, approvals, consents, certificates of
compliance, opinions of counsel and other instruments and proceedings
satisfactory to the Applicant and the Issuer as to such matters with
respect to the Bonds and the tax exemption of interest thereon, the
project, the Loan Agreement and other necessary documents as shall be
specified by the Applicant and the Issuer, shall have been obtained from
such governmental, as well as non-governmental, agencies and entities as
may have or assert competence or jurisdiction over or interest in
matters pertinent thereto and to the Project, and shall be in full force
and effect at the time of the issuance of the Bonds.
6. This resolution is an affirmative official action of the
Issuer toward the issuance of the Bonds as contemplated herein. The
Issuer intends to issue the Bonds provided all legal and financial
requirements are met and a further determination is made by the Issuer
or a representative that the project will serve a public purpose and
that the financing of the Project is within the purview of the policy
and authority of the Issuer and the Act, provided, however, no action of
the City of Wheat Ridge shall be final until such time as the Wheat
Ridge City Council, acting in its legislative capacity and possessed of
its full legislative discretion, shall have enacted an Ordinance
authorizing issuance of such bonds.
7. Miller & Schroeder Municipals, Inc. is named underwriter for
the issuance of the Bonds.
8. wolfson & Frankel lS named bond Counsel for the issuance of
the Bonds.
9. This resolution shall take effect immediately.
DONE AND RESOLVED THIS
12th day of August 1985.
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Frank Stites, Mayor
ATTEST:
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Wanda Sang,