HomeMy WebLinkAboutResolution-1992-1290
RESOLUTION NO.
1290
SERIES OF 1992
TITLE:
A RESOLUTION OF THE CITY OF WHEAT RIDGE APPROVING THE
"AGREEMENT BETWEEN THE CITY OF WHEAT RIDGE AND PUBLIC
SERVICE COMPANY REGARDING 1% MONIES" AND AUTHORIZING THE
MAYOR AND CITY CLERK TO EXECUTE THE SAME.
WHEREAS, the City Council of the City of Wheat Ridge has
determined that it wishes to undertake the West 38th Avenue Street
Improvement Project from Wadsworth Boulevard to Kipling Street,
within the City of Wheat Ridge, Colorado;
WHEREAS, as part of said Street Project, the City wishes to
have existing overhead utility transmission lines placed
underground, which undergrounding of said overhead lines will be
an aesthetic benefit to the City of Wheat Ridge and its residents;
WHEREAS, the City, through negotiations, has agreed with
Public Service Company of Colorado, as Franchisee of electrical
services within the City, and Public Service Company has agreed
with the City, regarding a mechanism for repayment to the City of
1% monies contemplated in Article 9 of the Franchise Agreement
between the City and Public Service Company, which 1% monies, upon
payment to the City by Public Service Company, may be utilized to
repay any revenue bonds which might in the future be issued by the
City to finance said undergrounding of overhead utilities;
WHEREAS, attached hereto is an "Agreement Between the City of
Wheat Ridge and Public Service Company Regarding 1% Monies" which
has been negotiated by and between the parties;
WHEREAS, the City Council of the City of Wheat Ridge wishes
to approve said Agreement, and to authorize the Mayor and the city
Clerk to execute the same.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Wheat Ridge as follows:
1. The "Agreement Between the city of Wheat Ridge and Public
Service Company Regarding 1% Monies" attached hereto as Exhibit A
is hereby ratified and approved by the City Council of the City of
Wheat Ridge.
2. The Mayor and City Clerk are hereby authorized to execute
said "Agreement Between the city of Wheat Ridge and Public Service
company Regarding 1% Monies."
DONE AND RESOLVED this 27th day of
April
, 1992.
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.lJI L'}J ' L,
Ray J. , ger,
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JiJ. " >layor
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ATTEST:
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Wanda Sang,
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C{ty q{erk
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