HomeMy WebLinkAbout06151ORDINANCE NO. 6151
AN ORDINANCE APPROVING AN INTERGOVERNMENTAL
AGREEMENT BETWEEN THE COLORADO STATE FAIR
AUTHORITY AND THE CITY OF PUEBLO
WHEREAS, the City of Pueblo (the "City "), in the County of Pueblo and the State of
Colorado (the "State "), is a municipal corporation duly organized and existing under the laws of the
State and its Charter (the "Charter "); and
WHEREAS, pursuant to Section 18(2)(a) and (b) of Article XIV, Constitution of the State
of Colorado, the General Assembly has enacted part 1 of article 2 of title 29, Colorado Revised
Statutes, as amended, concerning intergovernmental contracts, and
WHEREAS, the Colorado State Fair Authority (the "Authority ") is a duly and regularly
created, organized and existing political subdivision of the State, existing as such under and by
virtue of the Constitution, statutes and laws of the State providing governmental services through
the operation of the Colorado State Fair and thereby directly benefitting the City and the inhabitants
thereof, and
WHEREAS, the Authority is authorized by article 65 of title 35, Colorado Revised Statutes,
as amended (the "Act "), to issue obligations payable from revenues received by the Authority as
provided in the Act; and
WHEREAS, the Colorado State Fair Authority Guaranty Corporation (the "Guarantor ") is
a duly and regularly created, organized and existing nonprofit corporation under and by virtue of
the statutes and laws of the State; and
WHEREAS, the Guarantor has been formed by the Authority for the sole and express
purpose of acting on behalf of the Authority, including providing funds to guaranty obligations
issued by the Authority; and
WHEREAS, the Authority proposed to issue its Subordinate Lien Revenue Note, Series 1996
in the aggregate principal amount of $1,800,000 (the "Authority's Note ") for the purpose of
refunding on a current refunding basis the Authority's outstanding Term Note, 1994 -A, originally
issued to Colorado National Bank on November 29, 1994 (the "Refunding Project "); the Term Note,
1994 -A was originally issued to refund prior obligations of the Authority which were issued to
finance additional public and governmental facilities for the Authority; and
WHEREAS, pursuant to the terms of the Guaranty Agreement, dated as of November 1,
1996, from the Guarantor for the benefit of the holder of the Note (the "Guaranty Agreement ") the
Guarantor has guaranteed the payments to become due under the Note; and
WHEREAS, pursuant to Section 29 -1 -203, Colorado Revised Statutes, as amended, the
Authority and the City are authorized to provide for the joint exercise of any function, service, or
facility lawfully authority to each of them; and
WHEREAS, to provide an economical means to accomplish the Refunding Project, the City
has determined and hereby determines that the Intergovernmental Agreement, dated as of November
1, 1996 between the City and the Authority (the "Intergovernmental Agreement ") is necessary for
the public health and welfare in order to encourage economic development and a stable employment
base within the City, and to encourage the development of the City; and
WHEREAS, the City has determined and hereby determines that the activities proposed to
be undertaken in the Intergovernmental Agreement are public and governmental services and
function for the benefit of the City and the inhabitants thereof, and
WHEREAS, the Home Rule Charter of the City provides that the Council may, by
ordinance, enter into contracts with other governmental bodies to furnish governmental facilities and
services.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1
The Intergovernmental Agreement is hereby approved and the President of the City Council
of the City (the "Council ") and the City Clerk are hereby authorized to execute and attest such
agreement on behalf of the City with such amendments, revisions and completions not inconsistent
with this Ordinance as may be approved by the President of the City Council and the City Attorney.
SECTION 2
The officers of the City be, and they hereby are, authorized and directed to take all action
necessary or appropriate to effectuate the provisions of the Intergovernmental Agreement.
SECTION 3
All action heretofore taken by the Council and officers of the City, not inconsistent with the
provisions of this Ordinance and toward the Intergovernmental Agreement, be and the same is
hereby ratified, approved and confirmed.
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SECTION 4
If any section, paragraph, clause or provision of this Ordinance 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 Ordinance.
SECTION 5
All ordinances, resolutions, bylaws, and regulations of the City in conflict with this
Ordinance, are hereby repealed to the extent only of such inconsistency.. The repealer shall not be
construed to revive any ordinance, resolution, bylaw, or regulation or part thereof, heretofore
repealed.
SECTION 6
This Ordinance shall be effective upon final passage.
ATTEST:
r ,L- . - - - 0 J\
City Clerk
INTRODUCED: November 11, 1996
By Cathy Garcia
Councilperson
.•••• �
i
Presid t of the City Council
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INTERGOVERNMENTAL AGREEMENT
THIS INTERGOVERNMENTAL AGREEMENT is made as of the 1st day of November,
1996, by and between the Colorado State Fair Authority, a political subdivision organized pursuant
to the laws of the State of Colorado (the "Authority ") and the City of Pueblo, Colorado (the "City "),
a municipal corporation and political subdivision of the State of Colorado.
RECITALS
A. The Authority hereby represents that it is a duly and regularly created, organized and
existing political subdivision of the State of Colorado, existing as such under and by virtue of the
Constitution, statutes and laws of the State of Colorado.
B. The Authority hereby represents that it is authorized by article 65 of title 35,
Colorado Revised Statutes, as amended (the "Act "), to issue obligations payable from revenues
received by the Authority as provided in the Act.
C. The Authority has provided for the creation of the Colorado State Fair Authority
Guaranty Corporation (the "Guarantor "), a duly and regularly created, organized and existing
nonprofit corporation organized by the Authority for the sole and express purpose of acting on
behalf of the Authority, including providing funds to guaranty obligations issued by the Authority.
D. The Authority proposes to issue its Subordinate Lien Revenue Note, Series 1996 in
the aggregate principal amount of $1,800,000 (the "Authority's Note ") for the purpose of refunding
on a current refunding basis the Authority's outstanding Term Note, 1994 -A, originally issued to
Colorado National Bank on November 29, 1994 (the "Refunding Project "). The Term Note, 1994 -A
was originally issued to refund prior obligations of the Authority which were issued to finance
additional public and governmental facilities for the Authority used by the Authority to provide
governmental services.
E. The Authority hereby represents that, pursuant to the terms of a Guaranty Agreement,
dated as of November 1, 1996, from the Guarantor for the benefit of the holder of the Note (the
"Guaranty Agreement ") the Guarantor has guaranteed the payments to become due under the Note.
F. The City is a home rule municipality.
G. Pursuant to Section 18(2)(a) and (b) of Article XIV, Constitution of the State of
Colorado, the General Assembly has enacted part 1 of article 2 of title 29, Colorado Revised
Statutes, as amended, concerning intergovernmental contracts.
H. Pursuant to Section 29 -1 -203, Colorado Revised Statutes, as amended, the Authority
and the State are authorized to provide for the joint exercise of any function, service, or facility
lawfully authorized to each of them.
I. The City Council is authorized by its Home Rule Charter by ordinance to enter into
contracts with other governmental bodies to provide governmental facilities and services.
TERMS
For good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the City and the Authority, on behalf of themselves and their respective successors
and assigns, agree as follows:
Section 1. Findings It is the intention of the parties hereto to provide an economical means
to accomplish the Refunding Project. The parties hereby determine that this Agreement is necessary
for the public health and welfare in order to encourage economic development and a stable
employment base within the City, and to encourage the development of the City.
Section 2. City Benefit The City Council of the City (the "Council ") hereby finds and
determines that the activities proposed to be undertaken hereby are for the benefit of the City and
the inhabitants thereof.
Section 3. Deposits The Authority hereby requests that (i) the budget submitted to the
Council for each fiscal year during the term of the Authority's Note, contain a line item for the
deposit on January 15 of each year with the Guarantor by the City out of the City's general fund the
following amounts: $235,000 during fiscal years 1997 to 2002, both inclusive, and $135,000 each
fiscal year thereafter, and (ii) the Council then determines whether it wishes to budget and
appropriate such amount out of the City's general fund, to be used by the Guarantor solely to make
payments on the Authority's Note as they become due. The Council shall not be obligated to make
any budget and appropriation for such deposit in any fiscal year of the City, nor shall its decision
to make any budget and appropriation for such a deposit to the Guarantor in one or more years
obligate the City to make any later deposits. The City, acting by and through its Council, reserves
full discretion to decide whether to budget and appropriate moneys for such deposits. A decision
not to so budget and appropriate will not constitute a default under this Agreement nor shall the
Guarantor or the Authority, or its assigns have a right to compel such an action. The Guarantor shall
use such deposits only for the purpose of making payments on the Authority's Note as they come
due.
Section 4. Time and Place for Deposits If the City decides to budget and appropriate the
amounts requested under Section 3 of this Agreement, such deposits shall be deposited no later than
January 15 of each year with the Guarantor at the following address: Colorado State Fair Authority
Guaranty Corporation, Colorado State Fairgrounds, 1001 Beulah Avenue, Pueblo, Colorado, 81005,
Attn: President. The City and the Authority may make other arrangements as to the methodology
of receiving the deposits from the City. The Authority hereby covenants, warrants and agrees that
any such deposits shall be applied only to the satisfaction of the obligations of the Authority's Note.
Section 5. No Debt or Indebtedness of the City Nothing in this Agreement shall be
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construed as creating a debt or indebtedness or multiple fiscal year financial obligation of the City
within the meaning of any statutory, constitutional or home rule charter provision applicable to the
City.
Section 6. Term The Agreement shall terminate upon the payment and discharge of the
Authority's Note or the original maturity date of the Authority's Note, whichever occurs first.
IN WITNESS WHEREOF, the undersigned have hereunto set their hands as of the date first
above written.
ATE FAIR AUTHORITY
LM
ST
ATTEST:
City Clerk
APPROVED AS TO FORM:
City Attorneyv
I:1
OF PUEBLO
IR AUTHORITY
TION
By
Presid t of the City Council
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