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HomeMy WebLinkAbout1975-18 Amending Ordinance No. 17, Series of 1975 i .- ORDINANCE NO. 18 Series of 1975 AN ORDINANCE AMENDING QRDINANCE N0. 17, SERIES OF 1975, BY PROVIDING FOR THE DETERMINATION BY RESOLUTION OF TI3E AGGREGATE PRINCIPAL AMOUNT, WHICH SHALL BE $5,000,000.00 OR ANY LESSER AMOUNT, OF THE TOWN'S SPORTS FACILITY REVENUE BONDS, AND BY INCREASING THE MAXIMUM NET EFFECTIVE INTEREST RATE FOR THE BONDS FROM llo TO 12$ WHEREAS, the Town Council of the Town of Vail, Colo- rado, hereinafter referred to as the "Town", by Resolution Na. 3, Series of 1975, adopted March 18, 1975, and by Ordinance No. 17, Series of 1975, enacted October 7, 1975, approved the financing of a commercial development and sports facility pro- ject for Vail Associates, Inc., hereinafter referred to as the "Company", by the issuance of $5,000,000.00 in aggregate princi- pal amount of the Town's Sports Facility Revenue Bonds (Vail Associates Project), Series A, hereinafter referred to as the "Bonds", pursuant to the County and Municipality Development Revenue Bond Act, C.R.S. 1973,529-3-101 et cetera, as amended; and WHEREAS, the Company has requested that the Town amend Ordinance No. 17, Series of 1975, to authorize that the aggregate principal amount of the Bonds shall be $5,000,000.00 or any lesser amount, rather than precisely $5,000,000.00 as specified in said ordinance, and to increase the maximum net effective interest rate for the Bonds from llo to 120; NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, A5 FOLLOWS: Section 1. Title. This ordinance shall be known as the "Ordinance Amend- ing Ordinance No. 17, Series of 1975". Section 2. Amendment to Ordinance Na. 17, Series of 1975. Section 5 of Ordinance r1a. 17, Series of 1975, of the Town of Vail, Colorado, is hereby amended to read as follows: Town ~C1erk i r ~ . ~. ~ t ' _ ( Ord. 18, 1975 Page 2 Section 5. Determination of Aggregate Principal Amount of Bonds; Terms of Bonds. A. The aggregate principal amount of the Bonds shall be $5,000,000.00 or any lesser amount as determined by subsequent resolution of the Town Council adopted pursuant to Section 6 of the Act (C.R.S. 1973, ss29-3--106, as amended). The Agreement, the Security Agreement, the Trust Indenture, the Underwriting Agree- ment, and the Official Statement approved by Section 3 hereof shall be amended as necessary to reflect such aggregate principal amount together with any consequent changes related thereto. B. The Bonds shall be dated November 1, 1975, and shall be issued as coupon bonds registrable as to principal only, in the denomination of $5,000.00 each, payable at the principal corporate trust office of the Trustee or at a successor paying agent. The maximum net effective interest rate for the Bonds, with which the Underwriting Agreement shall comply, shall be 12~. The principal amount, numbers, maturities, and provisions for redemption of, the rates of interest on, the registration privi- leges of, and the rights upon default of the Bonds shall be as set forth in the aforesaid form of such Bonds and in the form of Trust Indenture hereinbefore approved, which forms are hereby incorporated by reference as if set forth in full. The final maturity schedule, interest rates, and redemption prices for the Bonds shall be established by subsequent resolution of the Town Council adopted pursuant to Section 5 of the Act (C.R.S. 1973, 529-3-10E, as amended}, In accordance with the provisions of the Trust Indenture, the Trustee shall establish a Series A Bonds Sinking Fund into which the Trustee shall transfer the amounts on or before the dates established pursuant to such subsequent resolution of the Town Council. Section 3. Effective Date. This ordinance shall take effect five days after publi- cation following the final passage hereof. Toc~n Jerk "~ i _. , ~,~ r e _ ir \ '_ Ord. 18, 1975 Page 3 TNTRODi1CED, READ Ord FIRST READING, APPROVED, AND ORDERED PUBLISHED ONCE Ird FULL, this 21st day of October, 1975, and a public hearing on this ordinance shall be held at the regular meeting of the Town Council of the Town of Vail, Colo- rado, an the 4th day of November, 1975, at 7:30 P.A4., in the Municipal Building of the Town. ``~ 1 _7 /= i :~' , ....~~~ " ~ Mayor ATTEST; / ~, ~'~ l - Town C1.e72 / i #~' ~~ Ord. 18, 1975 Page 4 INTRODUCED, READ ON SECOND READING, APPROVED, ENACTED, AND ORDERED PUBLISHED ON CE ZN FULL, this 4th day of November, 1975. 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