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HomeMy WebLinkAbout1979-42 Ratifying, Approving and Confirming All Action Heretofore Taken by the Town Council with Respect to Financing Residential Facilities for Low and Middle Income Families or Persons~ • • ORDINANCE NO. a2 SERIES 1979 AN ORDINANCE RATIFYING, APPROVING AND CONFIRMING ALL ACTION HERETOFORE TAKEN BY THE TOWN COUNCIL WITH RESPECT TO FINANCING RESIDENTIAL FACILITIES FOR LOW AND P4IDDLE INCOME FAr4ILIES OR PERSONS AND THE AUTHORIZATION, ISSUANCE, AND SALE OF THE TOWN OF VAIL, COLORADO, RESIDENTIAL FACILITIES NOTES (SECURED BY PLEDGE OF CONSTRUCTION LOAN). WHEREAS, the Town of Vail, Colorado (the "Town") is a duly created political subdivision of the State of Colorado (the "State") organized and existing as a home rule municipality under the provisions of the Constitution of the State and charter of the Town; and WHEREAS, the County and Municipality Development Revenue Bond Act, Article 3 of Title 29, Colorado Revised Statutes, 1973, as amended (the "Act"), authorizes the Town to finance any land, buildings, or other improvements and all real or personal properties, whether or not in existence, which shall be suitable or used for or in connection with any residential facilities for low and middle income families or persons intended for use as the place of sole residence by the owners (the "Project"); and 6VHEREAS, the Town is further authorized by the Act to issue notes evidencing a special obligation of the Town under the Act for the purpose of defraying the cost of fi- nancing the Project, and to secure payment of such notes as provided in the Act; and WHEREAS, the Town is authorized by the Act to enter into financing agreements with others for the purpose of providing revenues to pay the securities authorized to be issued and pursuant to such authorization the Town has entered into a Financing Agreement, dated as of September 1, 1979, between the Town and Pitkin Creek Park, Inc. (the "Financing Agreement") providing for the financing of the Project and repayment of the Notes; and WHEREAS, the Town Council has heretofore taken action in connection with the authorization of the Project, the authorization of the Financing Agreement, and the au- thorisation, issuance, and sale by the Town of its Residential Facilii:ies Notes (Secured by Pledge of Construction Loan), -2- • i t dated as of September 1, 1979, in the aggregate principal amount of $10,500,000 (the "Notes") for the purpose of financing the Project, including Resolution No. 14, Series 1978, adopted July 11, 1978, agreeing to issue reven~:e bonds to finance residential facilities to be developed by ~Pitkin Creek Park, Inc.; Resolution No. 13, Series 1979, adopted April 17, 1979, authorizing E. F. Hutton & Company, inc. to proceed with steps preliminary to the issuance of the Notes; Ordinance No. 17, Series 1979, adopted I~7ay 1, 1979, authorizing the execution and delivery by the Town of a Note Purchase Agreement; and Ordinance No. 37, Series 1979, adopted September 11, 1979, as an emergency ordinance at a meeting of the Town Council called and held in the Town of Eagle, Colorado, authorizing the issuance of the Notes and execution and delivery of the Financing Agreement, a Trust Indenture between the Town and The First National Bank of Denver, as Trustee, dated as of September 1, 1979 (the "In- denture"), and closing documents in connection therewith; and WHEREAS, it is now the desire of the Town to formally ratify, approve and confirm all such action taken with respect to the Notes. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO: Section 1. All ordinances and all proceedings heretofore had or taken, or purportedly had or taken, by and y on behalf of the Town preliminary to or in connection with the _ issuance of the Notes, including, specifically, but without limitation, Ordinance No. 37, Series 1979, are hereby ratified, - approved and confirmed. Section 2. 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. ORDERED ` '. v/ ~~ (SEAL ) INTRODUCED, READ BY TITLE, FINALLY ADOPTED, AND PUBLISHED BY TITLE THIS 6TH DAY OF NOVEP~IBER, 1979. . ;. ATTEST Town Clerk ~ Mayor ~ 7iro~~ -3- • • • Whereupon it was moved by Council Member and seconded by Council Member L'1a ~ L_'t~D that all rules of the Town Council which might prevent, unless suspended, the final passage and adoption of said ordinance at this meeting be, and the same hereby are, suspended for the purpose of permitting the final passage and adoption of said ordinance at this meeting. The motion was put to a vote, the vote being as follows: Those Voting Yes : / ~)/Yf rl (~ /1~Iv" C1~ r ~ ~t-d ~~~ ~.u ~ x'12 ~~©,~ ~: Those Voting No: Those Absent: j~Jp~E A motion to adopt the foregoing ordinance was then duly made by Council Member ~; ~ and duly seconded by Counci 1 Member ~'~ r (~-`~"d was put to a vote , the vote being as follows: Those Voting Yes : ~) %l(©C- ~~~~ ~ ~~~ i.a~~L~~Z ~ ~ fi ~~~ ~ Those Voting No: Those Absent : ~~ A.'~ Thereupon the Mayor declared said motion carried and said ordinance duly passed and adopted, according to the procedures required for the passage of an ordinance. -4- . ~ - After action on business not related to the foregoing resolu~••'~n, on motion duly made, seconded and adopted, the meeting thereuF~~ ~~~ adjourned. ~, , .~ ~ "~~ . ~ G /Mayor Attest: . ~,~ Town Clerk PUBLISHED by title in The Vail Trail on the 9th day of November, 1979. ayor ~ ~'~ ; u . [SEAL] .~^ ` ~ ~~a~i:?,i ~ ~~. Attest: Town Clerk -5- -• • t STATE OF COLORADO ) COUNTY OF EAGLE ) SS. TOWN OF VAIL ) I, Colleen Kline, the duly qualified and acting Town Clerk of the Town of Vail, Colorado, do hereby certify: 1. The foregoing pages numbered 1 to 5, inclusive, are a ~ true, perfect and complete copy of the record of proceedings of the Town Council of the Town of Vail had and taken at a lawful regular ' meeting of the Council held at the Municipal Building in Vail, Cc;iorado, on Tuesday, November 6, 1979, commencing at the hour of 7:30 p.m., as recorded in the regular official book of the proceedings of the Town kept in my office. Said proceedings were duly had and taken as therein shown, the meeting therein shown was duly held, and the persons therein named were present at said meeting as therein shown. 2. All members of the Town Council were duly notified of said meeting, pursuant to law. 3. Ordinance No. 42 was duly introduced on first reading e at a regular meeting of the Town Council held pursuant to due notice ;according to law at the Municipal Building in Vail, Colorado, on Tuesday, October 16, 1979, commencing at the hour of 7:30 p.m. and was read by Title, duly adopted on first reading, ordered published and set for public hearing on November 6, 1979, at 7:30 o'clock p.m. at the Municipal Building in Vail, Colorado. 4. Ordinance No. 42 was published in full in The Vail Trail on the 19th day of October, 1979. - IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the Town this ~ day of ~f~~~.2~ti~~t,~~-- 1979 . e y (SEAL) ~ , ///1 A .. .v / l ''' ~ Town Clerk ~''G -6~