HomeMy WebLinkAbout4.0 Resolution 85-105STATE OF COLORADO
COUNT -OF GARFIELD
At a
Commissioners for Garfield County, Cbloraao, held at the Courthouse
in Glenwood Springs on Nfonday the
of �_:.. July,- .D> , 19., 5 _,, there were present:
L P a 1985
Ramtion DKLE) P.LFOCRF, RECORDER
(3,%P. 1EL9e COUNTY, COLORADO
repiar �R W meeting of the Board of County
i, h e n the.
Robert Richardson
Don DeFord
Nildreci Alsdorf�
fof1nwinf:!
proceedings,.
22nd
Commissioner Chairman
Cornrnisuioner
Commissioner BODX
County Attorney
Clerk to the Board
day
672 reE",48
among: others were had and done-, -
RESOLUTION NO. 35 l05
RESOLUTION AGREEING -TO ISSUE INDUSTRIAL DEVELOPMENT. REVENUE
B -,NDS TO FI..NANCE A PROJECT FOR STORK• KING i IN S, INC , A
- COLORADO CORPORATION
WHEREAS, The County of Garfiei.d (the "County"), State of
Colorado, is authorized by the County and Municipality Development
Revenue Bond Act, Title 29, Article 3, C.R.S as amended (the
"Act"), for the benefit of the inhabitants of the State and for the
roniotion of their health, safety, welfare, Convenience, and
prosperity, to finance one or more projects, including any land,
building or other improvements, and all necess.;ry and appurtenant
or Personal _nper,-.?.e suitable for manufacturing, industrial,
commercial, agricultural,- or business enterprises,upoii such
conditions as the Board of County Commissioners of the County fray
c'een, advisable; and
i C: s
the
WHEREAS, the County is further authorized by the Act to issue
revenue bonds or other obligations. for the purpose of defraying.
cost of financing any such projects and
WHEREAS, representatives of Storm King. Mines, Inc., a Colorado
corporation, (the "User") have met with officials of the County and
have advised the County of the User's interest in the building and
ecirtioping an undergrounds ,'hydraulic cro1 mine, including the purchase
of ec uu.f stent, and the development of rock tunnels and in -coal -seam
entries located near New Castle within the County, (the 'Project")
subject to the willingness of the County to finance the Project by
the issuance of industrial development revenue bonds or other
obligations pursuant to the Act; and
WHEREAS, the User has represented to the County that the
� .&. hao been designed to qualify as a "oro j .ci: " within the
meaning of the Act; and
WHEREAS the County has considered the User's proposal and has
concluded that the economic benefit to the County will he
substantial due to an increase in employment and the promotion of
industry and development of 'trade and other economic activity ;Vithin
he County; and
WHEREAS, the County has hereby determined
Ti u cia1 ( vF 7opru nt-re;rnnue bonds • for the
the health, welfare, 'safety, convenience,
iiiiirb Lant.s -cf• the -County; and
that issuing its'
Project will benefit
and'property of the.
WHEREAS, the - Count`s wishes to proceed with the inancin0' of
Che Project, Subject- LCA conditions- imposed by the Cos_?ilty' policy
will regard to. i.ndurctrial_ development- revenue bonds; and
sQt): 672 rAGE749
WHEREAS, the proposed issuance of the industrial development
revenue bonds and the execution of related financing documents are
not prohibited by any Resolution or rules of the County.
NOW; THE'.�EPQRE, BE IT RESOLVED by the Board of County
Commissioners of Garfield. County, Colorado
In order to induce the User or its assigns to
:complete the Project within the County, the County shall take all
steps necessary or advisable to effect the issuance of industrial
development revenue bonds or other obligations (the "Bonds") in a
maximum acgregate principal amount of $9,000,000. This Resolution
- J A.. L y J- -. .. the
L- of 1
iS and Constitutes taking affirmative official action by the
County toward the issuance of the Bonds, The Bonds and the
financial documents relating to said Bonds shall be subject to the
terms and conditions of the policy of the County with regard to
industrial development revenue bonds incorporated herein by specific
reference. No cost are to be borne by the County in connection
with the issuance of the .Bonds.
Section_:2 The terms and conditions of the Bonds and of
the financing documents relating to said Bonds or other obligations
will be mutually agreed upon by the County and the User; and prior
to their execution, such documents will be subject to authorization
by Resolution of the Board of County Commissioners pursuant to lay
and resolutions or rules of the County,
The riser has agreed to pay the County- a fee as
outlined in the County's policy, Resolution iso. 85-93., with regard
to industrial development revenue bonds. The User also has paid the
amount of $500.00 as the non-re:undable application fee, which
amount will be applied toward the fee set forth in the preceding
sentence;
e .tion ° Neither the Bonds, including interest and any.
premiums thereon, nor anything contained in this Resolution shall
constitute a debt or indebtedness of the County within the meaning
of the Constitution or statutes of the State of Colorado, nor give
rise to a pecuniary liability of the County or a charge against its
general credit or taxing powers. The Bonds shall be payable solely
from and secured by a pledge of the revenues derived from and
payable pursuant to the financing documents referred to in Section 2
hereof.
Section 5. All commitments by the County made herein are
subject to the condition that, on or before one year from t the date
hereof, the County and the User shall have agreed to mutually
acceptable terms for the Bonds or other obligations provided for
hereunder, to an amount not to exceed $9,000,-000 and for the sale
and delivery thereof.
Section 6. In addition to all other requirements of
Resolution tea the User Shat i tender to the County an irrevocable
and acceptable letter of credit in an amount not less than the'
maximum , gr egate principal amount requested pursuant to this
Resolution.
cection?_ Prior to the issuance of any Bonds- described
herein, the User... shall 'or.,ply With all. zoning and subdivision
regulations of Gart ield' County applicable to the development of this
;Oro] e.ct
kection 8, - • .she Charman- - of _the Board of. County
Commsssicr, r , -County Clerk, County Atto;.riey and other officers and
agents of talc: Court are hereby auLhori2ed•trJ iI1it•iate and assist: in
the preparation of such documelt_s as may be appropriate to the
Bond'.
'oor. 6'(.4, nuE75O
the
READ and ADOPTED at a regularly scheduled meeting
of
the Board of County Commissioners of the Countv _of Garfield,
Colorado, on the 22nd day of July,` 1985, at =y ' p.m. at the
Garfield County _Courthouse, Glenwood Springs, Colorac.o.
ATTEST:
r »•
r/
Cler% to the Board
BOARD OF CuNT',C IIS SIGNERS OF
GARFIELD,C':°?lUjdf-1:/, _CYLOP Q
/77:--/ f;fi/. �. -/ 7
CL i. r.m a-,i'fi s
Upon motion duly made and tieconded the
was adopted by the following vote:
foregoing Resolution
Rgb.eft 'Bich rds,on. , ?Lye
i arr ,Schmu.eser�_ ��1 {� Conflict, of interest
Aye
Commissioners
,T OF COLORADO
COUNTY OF GARFIt'L.D
`5s
the L:o1, _�__..__ ---��_, County Clerk and ex --officio Clerk of
rd of County Commissioners in and for the Coun,:y and State
aforesaid do hereby certify that the annexed and foregoi_nq
edi
Resolution is truly copied from the Records of the Proceedings gs of
the Board of County Commissioners for said Garfield County, now in
my office
IN WITNESS WHEREOF, 1 have hereunto set my hand
the seal of said County,, at Glenwood Springs, this
n ,
D 19
County• Clerk and e: --officio Clerk of
the hoard of County Commissioners
and affixed
day