TC Res. No. 1980-066 i
RESOLUTION NO. 80-6
OF INDUCEMENT TO AUTHORIZE ISSUANCE OF INDUSTRIAL
REVENUE BONDS FOR CITY MARKET - AVON PROJECT
WHEREAS, the Town of Avon, County of Eagle, State
of Colorado (the "Issuer"), a body politic and corporate
and a political subdivision of the State of Colorado,
is authorized and empowered by the provisions of the County
and Municipality Development Revenue Bond Act, Colorado
Revised Statutes 1973 §29-3-101 et seq., as amended (the
"Act"), to finance a project, as that term is defined in
the Act, and to issue its industrial revenue bonds for the
purpose of paying the cost of financing a project; and
WHEREAS, City Market, Inc. has requested the
Issuer to issue and sell its industrial revenue bonds
pursuant to provisions of the Act for the purpose of
financing the construction of a super-market facility
constituting a project, as that term is defined by the
Act (the "Project"), for City Market, Inc. or an entity
to be organized by it (the "Corporation"), such project
to be commenced during the year 1980; and
WHEREAS, the Issuer wishes to declare its intention
to authorize an issue of its industrial revenue bonds for
the purpose of paying the costs of financing the Project,
when so requested by the Corporation, upon such terms and
conditions as may then be agreed upon by the Issuer and
the Corporation; and
WHEREAS, the Corporation has agreed to reimburse
the Issuer for any expense incurred in connection with
issuance of the bonds;
NOW, THEREFORE, be it resolved by the Town Council
of the Issuer that it does hereby declare its intention
to authorize the issuance and sale of industrial revenue
bonds of the Issuer under and in accordance with the Act,
in an amount necessary to pay the cost of the Project,
and conditions as may be mutually agreed upon by the Issuer
and the Corporation, the issuance and sale of such bonds
to be held for such purpose. Such bonds and the interest
coupons, if any, appurtenant thereto shall never consti-
tute the debt or indebtedness of the Issuer within the
meaning of any provision or limitation of the Colorado
constitution or statutes, and shall not constitute nor
give rise to a pecuniary liability of the Issuer or a
charge against its general credit or taxing power.
PASSED AND APPROVED this ,;Z- day of ?Vat_,
1980.
TOWN OF AVON
COUNTY OF EAGLE, STATE OF COLORADO
May pr
ATTEST:
r
Town Clerk