HomeMy WebLinkAboutResolution-1985-0928
RESOLUTION NO. 928
Series of 1985
TITLE: RESOLUTION AUTHORIZING THE CITY OF WHEAT RIDGE TO ENTER INTO
AN INTERGOVERNMENTAL AGREEMENT WITH THE CITY OF ARVADA TO
PROVIDE CITIZENS OF WHEAT RIDGE WITH PROGRAMS AND SERVICES IN
THE ARTS AND HUMANITIES THROUGH THE ARVADA CENTER FOR THE ARTS
AND HUMANITIES
WHEREAS, the City of Wheat Ridge desires to furnish cultural
and educational programs and services to the citizens of Wheat
Ridge, and
WHEREAS, the City of Arvada, through the Arvada Center for
the Arts and Humanities, desires to offer its services in programs
and services in the arts and humanities to the citizens of Wheat
Ridge, and
WHEREAS, Section 14.2 of the Horne Rule Charter of the city
of Wheat Ridge, authorizes the City of Wheat Ridge, by Resolution,
to enter into Intergovernmental Agreements.
NOW, THEREFORE, BE IT RESOLVED by the city Council of the
City of Wheat Ridge, that the Intergovernmental Agreement attached to
this Resolution be approved, and the Mayor be authorized to sign said
Intergovernmental Agreement.
DONE AND RESOLVED this 14th day of January , 1985.
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FRANK STITES, MAYOR
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'WANDA SANG,
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CITY OF WHEAT RIDGE, COLORADO
RESOLUTION NO. 929
SERIES OF 1985
A RESOLUTION OF THE CITY OF WHEAT RIDGE, COLORADO,
SETTING FORTH THE INTENT OF THE CITY TO COMMIT THE
AGGREGATE AMOUNT OF ITS AUTHORITY TO ISSUE PRIVATE
ACTIVITY BONDS AND TO APPLY TO THE STATEWIDE BALANCE
FOR AN ADDITIONAL ALLOCATION IN ORDER FOR THE CITY
TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR AN
OFFICE BUILDING TO BE OCCUPIED IN PART BY FIRST BANK
OF WHEAT RIDGE, N.A.
WHEREAS, the City of Wheat Ridge, Colorado (the "City"), is
authorized by the County and Municipality Development Revenue
Bond Act, constituting Article 3, Title 29 of Colorado Revised
Statutes, as amended (the "Act"), to finance one or more projects
for profit or nonprofit corporations, including any land, building
or other improvement and all real or personal properties suitable
or used for or in connection with any manufacturing, industrial,
commercial, agricultural or business enterprise, upon such condi-
tions as the City Council may deem advisable; and
WHEREAS, the City is further authorized by the Act to issue
its revenue bonds for the purpose of defraying the cost of
financing any such project; and
WHEREAS, the City passed Resolution No. 742, Series of 1981,
on October 12, 1981, approving a resolution setting forth the
City's intent to issue industrial development revenue bonds in
3.n aggregate principal amount not to exceed $7,000,000 (the "Bonds")
to finance an office building to be owned by a corporat~on,
partnership or other entity and leased in part to First Bank of
Wheat Ridge, N.A. (the "Project"); and
WHEREAS, the City corrected Resolution No. 742 with Resolution
No. 811, Series of 1982, adopted on October 12, 1982, and extended
to October 1, 1985, the time period of Resolution No. 742 with
Resolution No. 855, Series of 1983, adopted on September 26, 1983;
and
WHEREAS, the Internal Revenue Code of 1954, as amended by the
Tax Reform Act of 1984 (the "Code") limits the total principal
amount of certain private activity bonds ("Private Activity Bonds")
which may be issued by any state or its political subdivisions
during each calendar year (the "State Ceiling"); and
WHEREAS, pursuant to the Code, the Governor of the State of
Colorado issued Executive Order D62-84 on December 21, 1984,
(the "Order"), establishing an allocation process for the Colorado
State Ceiling on Private Activity Bonds and allocating to the City
the authority to issue an amount of Private Activity Bonds equal
to $2,349,450 (the "Allocated Share"); and
WHEREAS, the City desires to commit its Allocated Share to
the issuance of the Bonds in conjunction with an allocation from
the Statewide Balance (as defined by the Order); and
WHEREAS, the principal amount of the Bonds for the Project is
not presently expected to exceed $5,000,000.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WHEAT RIDGE, COLORADO:
SECTION 1. In order to effect the issuance of the Bonds
and finance the Project, the City by its City Council does hereby
commit its Allocated Share to the issuance of the Bonds.
SECTION 2. The officers of the City are hereby authorized
and directed to apply to the Colorado Department of Local Affairs
for an allocation from the Statewide Balance and for the authority
to issue Private Activity Bonds in the amount of $2,650,550 which
equals the total princioal amount of the Bonds less the Allocated
Share.
SECTION 3. The commitments of the City set forth above are
expressly conditioned upon the securing by the City from the
Colorado Department of Local Affairs of an amount of allocation
and authority sufficient to issue the Bonds. Notwithstanding
any language in this Resolution indicating a City approval of the
issuance of the Bonds, there will be no obligation on the part
of the City giving approval to the issuance of bonds until an
ordinance containing this approval is passed on final reading.
SECTION 4. All orders, bylaws and resolutions, or parts
thereof, in conflict with this Resolution are hereby repealed.
This repealer shall not be construed to revive any order, bylaw
or resolution, or part thereof, heretofore repealed.
SECTION 5. If any section, paragraph, clause or provision
of this Resolution shall for any reason be held to be invalid
or unenforceable, the invalidity or unenforceability of such
section, paragraph, clause or provision shall not affect any
of the remaining provisions of this resolution.
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SECTION 6. This Resolution shall take effect immediately
upon its introduction and passage.
INTRODUCED, READ AND ADOPTED by a vote of 7 for and
--L- against at a regularly scheduled meeting of the City Council
of the City of Wheat Ridge on the 14th day of January, 1985, at
7:30 p.m., at Council Chambers, 7500 West 29th Avenue, Wheat
Ridge, Colorado.
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Frank Stites, Mayor
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Warid'a Sang,
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