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A RESOLUTION
A RESOLUTION SETTING FORTH THE INTENT OF THE CITY OF LAKEWOOD TO ISSUE NOT MORE THAN $9,000,000 OF DEVELOPMENT REVENUE BONDS THE PROCEEDS OF WHICH WILL BE LOANED TO CARMEL OAKS OF LAKEWOOD, A COLORADO NONPROFIT CORPORATION; SETTING FORTH THE CONDITIONS OF SAID INTENT; AND AUTHORIZING THE REIMBURSEMENT OF EXPENDITURES OF CARMEL OAKS MADE PRIOR TO THE ISSUANCE OF SUCH BONDS.
WHEREAS, the City of Lakewood, Colorado (the "City"), is a municipal corporation organized and existing under the laws and constitution of the State of Colorado and its home rule charter, and is authorized by the County and Municipality Development Revenue Bond Act, C.R.S. Section 29-3-101 et. seq. (the "Act"), to issue revenue bonds and loan the proceeds from the sale of said bonds to one or more parties for the purpose of acquiring, constructing and improving, and equipping land, buildings and other improvements located within the City which shall be suitable for use as a commercial or business enterprise consisting of a housing unit or complex for the elderly.
WHEREAS, the City is authorized by the Act to issue revenue bonds secured by a mortgage on all or any part of the project acquired, constructed, improved or equipped, through the issuance of such revenue bonds and payable solely out of the revenues derived from the agreement pursuant to which the proceeds from the sale of said revenue bonds are loaned to the owner of the project; and
WHEREAS, the City has been requested by Carmel Oaks of Lakewood, a Colorado nonprofit corporation (the "Company") to issue revenue bonds in an amount to be determined by the Company, but not to exceed $9,000,000, pursuant to the provisions of the Act for the purpose of defraying the cost of the acquisition of land and the constructing, improving, and equipping of a facility to be located at approximately the intersection of West Jewell Avenue and Harlan Circle (in the White Fence Farm Development) in Lakewood, Colorado, and which is suitable for use by the Company as a commercial or business enterprise consisting of a housing unit or complex for the elderly (the "Project"); and
WHEREAS, the Company has determined that the amount necessary to defray the cost of acquiring, constructing, improving, and equipping the Project, including necessary expenses incidental thereto, will require the issuance by the City of not more than $9,000,000 aggregate principal amount of its revenue bonds pursuant to the provisions of the Act; and
WHEREAS, the revenue bonds, whether one or more, if issued, shall be special, limited obligations of the City, and shall not constitute nor give rise to pecuniary liability of the City or a charge against its general credit or taxing powers, and the principal of and interest on the revenue bonds shall be payable solely out of the revenues derived from the Project to be financed by the revenue bonds and shall not constitute a multiple-fiscal year financial obligation of the City; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lakewood, Colorado, that:
Section 1. In order to induce and assist the Company to acquire and construct a housing unit or complex for the elderly in the City, it is the City Council's intent to take all necessary and advisable steps to issue revenue bonds in a total amount not exceeding $9,000,000, in one or more series, when the documents relating thereto have been submitted to and approved by the City Council of the City of Lakewood, Colorado, and when the Company has paid all expenses of the City relative to the issuance of said bonds.
Section 2. The issuance of the bonds shall be pursuant to the Act, and neither the passage of this Resolution, nor the issuance of said bonds shall obligate the City or constitute an indebtedness or a multiple-fiscal year financial obligation of the City within the meaning of any state constitutional provision or statutory limitation, and shall not constitute or give rise to any pecuniary liability or charge against the general credit or taxing powers of the City of Lakewood, Colorado, and said bonds, if issued, shall be payable solely out of the revenues derived from the Project.
Section 3. Based upon representations of the Company, it is reasonably expected
that original expenditures for a portion of the Project costs will be paid from
the Company's own funds prior to the issuance of the bonds and the City hereby
declares an official intent in accordance with Treasury Regulation 1.150-2 to
reimburse such original expenditures with proceeds of the bonds.
Section 4. All resolutions and orders or parts thereof in conflict herewith
are, to the extent of such conflict, hereby repealed, and this resolution shall
be in full force and effect immediately upon its adoption.
INTRODUCED, READ AND ADOPTED by a vote of 10 For and 0 Against at a regular meeting of the City Council on February 11, 2002, at 7 o'clock p.m. at Lakewood Civic Center, 480 South Allison Parkway, Lakewood, Colorado.
Stephen A. Burkholder, Mayor
ATTEST:
Margy Greer, City Clerk
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