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HomeMy WebLinkAbout6416RESOLUTION NO. 6416 A RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS TO THE URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO FOR THE PURPOSE OF EXTENDING THE URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO TAX INCREMENT REVENUE BONDS BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1_ Pursuant to the Authority of §531 -25 -105 and 112 and the Cooperation Agreement dated August 25, 1986 between the Urban Renewal Authority of Pueblo, Colorado, (the "Authority ") and the City of Pueblo, a municipal corporation, (the "City ") relating to the Phase One Urban Renewal Project of the Downtown Pueblo Amended Urban Renewal Plan, the City Council of the City does hereby authorize the transfer of an amount not to exceed $48,000 from the Urban Renewal /Hotel Account No. 64 -6072 to the Authority to be used solely for the purpose of extending the Authority's Tax Increment Revenue Bonds (the "Bonds ") for a period of two (2) years. RFC'TTnN 9 The amounts transfered to the Authority pursuant to this Resolution shall be repaid by the Authority to the City out of either the proceeds of the Bonds or property taxes received by the Authority under X31 -25- 107(9) C.R.S. INTRODUCED: July 24, 1989 By MICHAEL OCCHIATO Councilman ATTEST: i 4 CitClerk APPROVED: President of the City Council