HomeMy WebLinkAboutResolution-2002-0026
RESOLUTION NO. 26-2002
SERIES OF 2002
TITLE:
A RESOLUTION APPROVING THE PREPAYMENT OF THE CITY
OF WHEAT RIDGE, COLORADO, CERTIFICATES OF
PARTICIPATION SERIES 1998 (RECREATION CENTER
PROJECT), AND AMENDING THE FISCAL YEAR 2002 BUDGET
ACCORDINGLY.
WHEREAS, the City of Wheat Ridge entered lllto a finanCIal agreement in 1998 to secure
fundIng for the constructlOn of a recreatlOn center located in the City of Wheat Ridge
WHEREAS, the City has completed the constructIOn of the facility, and no further funds are
needed to complete the project.
WHEREAS, the CIty CounCIl deSIres to prepay the Certificates of PartiCipatIOn issued to
finance the project, SIX years early, in the amount of $9,270,000.00
WHEREAS, the City will realize a savings of $1,654,156.00, in future lllterest obligations.
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Wheat
Ridge, Colorado, as follows:
A. The City hereby authorizes prepayment of the Certificates of Participation.
B. The City of Wheat Ridge fiscal year Budget be amended accordIngly, speCifically addlllg
$9,270,000.00 lllto the RecreatIOn Center bond pnncIpal account (61-700-900-90 I).
DONE AND RESOLVED THIS ~ day of October, 2002.
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ATTEST:
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Wanda Sang, City cferk