4800 West 92nd Avenue Westminster, CO 80031

City Government

 

17. Private Activity or Industrial Development Revenue Bonds

PDF version 

9/97 

CHAPTER 17

PRIVATE ACTIVITY OR INDUSTRIAL DEVELOPMENT
REVENUE BONDS

 

1-17-1: PRIVATE ACTIVITY OR INDUSTRIAL DEVELOPMENT REVENUE BOND FEES

1-17-1:  PRIVATE ACTIVITY OR INDUSTRIAL DEVELOPMENT REVENUE BOND FEES:  (2534)

(A)  FEES:  The following fees shall be paid to the City by applicants for the issue, reissue, refunding or remarketing of private activity or industrial development revenue bonds:

          1.  A five hundred dollar ($500) original application fee shall be paid to the City by every applicant for industrial development revenue bonds.  This original application fee shall be payable one (1) time only and shall be non-refundable.

          2.  No issue, reissue, refunding, or remarketing of any private activity or industrial development revenue bonds of the City shall occur or be valid, except upon the payment to the City of a document review fee in the amount of one-quarter (1/4) of one percent (1%) of the principal amount of the bond issue or two thousand dollars ($2,000), whichever amount is greater.

          3.  Upon request of the City Attorney, the City Council may retain special legal counsel to represent the City in connection with the issue, reissue, refunding, or remarketing of any private activity or industrial development revenue bonds, and may require the applicant for such bonds to pay the fees of such special legal counsel.

          4.  At the request of the applicant, the City Council may, in its sole discretion, permit any fee required by this Section to be paid at the closing for the bonds or at such other time as the City may deem appropriate.

(B)  RATING REQUIREMENT:  No issue, reissue, refunding or remarketing of any private activity or industrial development revenue bonds of the City shall be approved unless such bonds shall be rated "AA" or higher by Standard and Poor's, Moody's, or Finch, or such other nationally recognized rating agency as may be acceptable to the City.

 

 

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