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2008-61
A RESOLUTION
AUTHORIZING THE CITY TO DELEGATE ITS AUTHORITY TO THE CITY OF ENGLEWOOD TO ACT
ON BEHALF OF THE CITY IN THE FINANCING OF THE BOY SCOUTS PROJECT
WHEREAS, the Denver Area Council Boy Scouts of America, a Colorado nonprofit
corporation (the "Borrower"), plans to make improvements to its Scout
camps in Elbert and Boulder Counties, Colorado, and to acquire an administrative
headquarters building in Lakewood, Colorado from which it will administer its
recreational programs (the "Project"), and has requested the City
of Englewood, Colorado (the "Issuer") to issue its bonds for the benefit
of the Borrower, in an aggregate principal amount up to $10,000,000 (the "Bonds");
and
WHEREAS, in order to achieve interest savings and savings in the costs of issuing
the Bonds, the Borrower desires that the Bonds be issued by the Issuer, and
the Bonds be issued in compliance with the requirements of the Internal Revenue
Code of 1986, as amended (the "Code"), so that interest on the Bonds
will be excludible from the gross income of the owners thereof; and
WHEREAS, the County and Municipality Development Revenue Bond Act (the "Act"),
particularly, Colo. Rev. Stat. § 29-3-104(2) (2008) permits the City of
Lakewood, Colorado (the "City") to delegate to another county or municipality
the authority to act on behalf of the City in the financing of projects (such
as the Project) permitted under the Act; and
WHEREAS, it is deemed necessary and advisable that this Resolution be adopted;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lakewood,
Colorado, that:
SECTION 1: The City of Lakewood hereby delegates to the Issuer in accordance
with the Act the general authority to act on behalf of the City in the financing
or refinancing of the Project, including, but not limited to, issuing the Bonds,
and this delegation shall be irrevocable for so long as the Bonds remain outstanding.
SECTION 2: The City hereby approves the Issuer conducting a public hearing related
to the Bonds as is required by Section 147(f) of the Code, and declares that
the conduct of such hearing will be a joint undertaking of the City and the
Issuer for the purposes of Section 147(f) of the Code.
SECTION 3: The City shall have no responsibility or liability for the payment
of the Bonds nor shall any of its assets be pledged to the payment of the Bonds.
SECTION 4: This Resolution shall take effect and be in full force immediately
after its adoption by the City Council of the City.
INTRODUCED, READ AND ADOPTED by a vote of 10 for and 0 against at a regular
meeting of the City Council on September 8, 2008, at 7 o'clock p.m. at the Lakewood
Civic Center, 480 South Allison Parkway, Lakewood, Colorado.
Bob Murphy, Mayor
ATTEST:
Margy Greer, City Clerk
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