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HomeMy WebLinkAboutResolution-2006-0037 CITY OF WHEAT RIDGE, COLORADO RESOLUTION NO 37 Series of 2006 TITLE: A RESOLUTION APPROVING AN APPLICATION FOR A $3,000,000 LOAN FROM THE COLORADO ST ATE INFRASTRUCTURE BANK FOR FUNDING OF THE 40TH A VENUE UNDERPASS OF INTERSTATE HIGHWAY 70 WHEREAS, the City Council wishes to provIde for the construction of certain hIghway improvements at the crossing of 40th Avenue with 1-70; and WHEREAS, the CIty IS negotiating a contract with the Colorado Department of Transportation, for the purpose of havIng the 40th Underpass Included In a Colorado Department of Transportation construction project, and; WHEREAS, the cost of the 40th Underpass project constructIOn, Including construction engineering and matenals testmg is estimated to be $5,200,000, and WHEREAS, the Colorado State Infrastructure Bank is a possible source of a $3,000,000 loan for the 40th Underpass project. NOW, THEREFORE, BE IT RESOLVED by the Wheat Ridge City CounCIl, that: Section 1. ApplicatIOn Approved, The application to the Colorado State Infrastructure Bank in the amount of $3,000,000 for use in funding the 40th Avenue Underpass project is hereby approved, Section 2,Effective Date ~ August 14,2006, This Resolution shall be effective ImmedIately upon adoption, DONE AND RESOLVED thIs 141; day of A-W(M~r ,2006 ldA<D