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Home My WebLink About5.0 Resolution 85-105STATE OF COLORADO ) 1985 P 4Von N*Xis ._:...__ Nitr.Uk:F:D L)CRF, RECORDER GRFIELD COL!NTY, COLORADO At a ._,. ,re uiareeFRe eee __ e:e meeting of the Board of County Corrirnissioners for • Gar.f.i.eld County, Colorado, field: at the Courthouse in. Glenwood . rings on Monday ,..SSp, the 22nd day _� � of July , A -D_., i95, there were present: • COUNTY OF . GARFIELD •Rober.t Richardson Dor, DeFord f i hen the'.foiiowi.ng proceedings; Commissioner Chairman Commissioner Commissioner BOOK 672 eiin748 County Attorney Clerk to the Board amongothers were had and done, RESOLUTION NO > 85- 1!75.;x;.: RESOLUTION AGREEING TO ISSUE INDUSTRIAL DEVELOPMENT. REVENUE -BONDS TO FINANCE A PROJECT FOR STORM• KING MINES,. INCtl ,. A COLORADO -CORPORATION NBEREZ:S, The County of Garfield (the "Count r`I) , State' of Co1_or ac o, is authorized by the County and Municipality Development Revenue Bond Act, Title 29-, Article 3, C.F.S as amended (the "Act"), -for the benefit of the inhabitants of the State and for .the promotion of their health, safety, welfare, convenience, and prosperity, to finance one or more .projects, including any land, building. or other i.?±iprovements, and all necessry and appurtenant real orpersonal propertieS..Sui.table for manufacturing, .i.ndustrial, commercial, agricultural, or business enterprises, upon such conditions as the _Board of County Commissioners of the County: may. deem advisable; and WHEREAS, the County is 'further authorizecl••by the Act.to.issue its revenue bonds or other. • ohl.iga't~ions for the. • nur.pose of ..defraying: the cost of fi.n-,ancing any. such project, and WHEREAS, repL•es.ent.atives of ,Storm iCi.ng. Mines, corperation.; (the•"User haVe met with officials of • the County and.: have advised' the CountYe of the User's•interest in the, building. and• .equipping an underground. 'hydraulic •�..oal mine, including• the purchase of equipment, and- •thee developmentof •rock tunnels and in -coal -seam entries located near..New Castle within the County, (the "Project"). subject to :thee willingness .of the County to finance the Project_ by. the ,issuance of- industrial development • revenue bonds or other obli.gations pursuant to the -Act; and WHEREAS,- -the, User has represented to the County that the - Pry; jpr- has h e_n des1.gned to Dual 1:fy as. a "oro jeci. " within the - _meanina of the Act; and WHEREAS, the County has considered the User's proposal and has concluded that the economic benefit to the County will be substantial due to an increase in employment and the promotion of industry and development of trade and other economic activity within the County : and WHEREAS, the • County has hereby determiirtedl • that issuing its industrial development •revenue bonds for the Project will benefit the health, welfare, • safety, convenience, and property of the inhabitants -of the County; and WHEREAS, the County wishes to pr.oceed with the .•financing of the Project, Subject to conditions imposed by the County's policy with regard to .i nu trial development revenue bonds; and WHEREAS, the proposed issuance of the industrial development revenue bonds and the execution of related financing documents are not prohibited by any i esolutiori .or: rules of the County. NOW, THE:ZEFORE, .BE :IT '. RESOLVEDr by the Board of . County Commissioners of Garf i.elc. County, Colorado: • In order to induce the User or its assigns to :complete the Project within the County, the County sha,1.l take all steps necessary or advisable to effect the issuance of industrial development revenue bonds or other. obligations (the "Bonds") in a maximum' aggregate principal amount of $9,00.0,000. This Resolution is and constitutes the taking of affirmative official action by the County Locrard the issuance of the Bonds. The Bonds and the financial documents relating to said Bonds shall be subject to the terms and 'condition's of the policy of the County with regard to industrial development revenue bonds incorporated herein by specific reference. No costs are -to be t?orne by the County in connection wi h the issuance of- the Bonds.. Seco c�nw:; 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 e Boa;.d of County. Conrmis:sioners pursuant to :law. and resolutions or rules of the County. .Sect i.on`j... The riser has agreed_: to pay . the County.a fee as outlined in the .County's policy, Resolution No. 85-93., With -regard to industrial development reverie bonds. The User also has --paid the anoint of $500.00 as the nor-rei;undable application fee, Which amount will be applied toward the fee set forth in .the .preceding sentence, -r SEie; ion 4 . .Neither the Bonds., including interest and any premiums thereon, nor anything contained in this Resolut;on 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. derivedfrom and payable pursuant to the financing documents referred to in Section hereof. Sect i Qn , , All commitments by the County made herein are subject to the condition that, on or before one year from . the date hereof, the County and the User snail have agreed to mutually acceptable terms for the Bonds or other obligations provided for hereunder,. in 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 8'•-93, the User shall tender :to the County an irrevocable and acceptable letter of credit in an amount not less than • the maximum aggregate principal amount.. requested _ pursuant to this. Resolution. S€Qt ion, .7, Prior to the • issuance. of any Bonds described herein, the Use shall eornply with all zoning and subdivision regulations of Garfield County applicable to the development of this 'project, kect.ion8, The Chairman• • . of ..the Board of County Commiss±or.2r,, County Clerk, County •At-Lor.riey and other officers and - agents of the Court are hereby authorized -to initiate and assist in the .preparation of such documents as may be appropriate to the Bonds, . 4 :INTRODUCED, READ and ADOPTED at a regularly scheduled meeting' of the Board of County Commissioners of the Count'r ,of Garfield, Colorado, on the 22nd day of July, : 1935, at .fg?y p.me at the' Garfield County Courthouse, Glenwood Springs, Colora:o. ATTEST: . I). . 1 , Clerrk to the Board was BOARD OF CO INTY.- c SISSIONERS OF GARF:iEL j �1�!'i�,✓ OU ,/g2,I10RA/T49 .f Ch irpan s Upon. motion duly 'made and seconded the foregoing Resolution adopted by the following vote: Rgbext Bicklsarcison ..• -- Aye . _ . Larry,,Sghnuese?� 1 X6t Conflict of interest _..I aVen J Cer ase • Aye Commissioners •.STAT: OF COLORADO COUNTY OF GARFIELD I, County Clerk and ex.' -'officio Clerk of the Board chi Courit_y Commissioners in and , for the County and ::State aforesaid do hereby certify that the annexed and foregoing. Resolution is truly copied from the Records of the Pr.oceeciings of the Board of 'Couriry Commissioners for said Garfield County, now in my office, IN WITNESS WHEREOF, 1 have hereunto set my hand and, affixed the seal of said County, at Glenwood Springs, this day F A.D. 19 .. .. County Clerk and. ex -officio Clerk of the. Board of County Comrnis_si.oners