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HomeMy WebLinkAbout1981-29 Confirming a Prior Resolution; Authorizing and Directing the Issuance of up to $2,600,000 Aggregate Principal Amount of the Town's Sports Facility Revenue Bonds .~~ ORDINANCE NO, 29 ~ ~ .._'.~ -, ;~ J Series of 1981 ~~~~~~ ~~~ ,~;~~~,_~',.~'' 75 r,. ~rnn~,: " ro,7d vail, coior~c~o $1657 office of tev~r~ clerk AN ORDINANCE CONFIRMING A PRIOR RESOLUTION; AUTHORIZING AND DIRECTING THE ISSUANCE OF UP TO $2,6p0,Op0 AGGREGATE PRINCIPAL AMOUNT OF. THE TDWN'S SPORTS FACILITY REVENUE BONDS, EXECUTION AND `DELIVERY OF A SPORTS FACILITIES FINANCING AGREEMENT WITH VATL ASSOCIATES, INC., AN UNDERWRITING AGREEMENT AND A TRUST INDENTURE; APPROVED A LIMITED OFFERING MEMORANDUM IN CONNECTION THEREWITH; AUTHORIZING AND DIRECTING THE EXECUTION AND DELIVERY OF SUCH BONDS AND INTEREST COUPONS PERTAINING THERETO; PROVIDING FOR THE PRINCIPAL AMOUNT,~NUMBERS, PROVISIONS FOR REDEMPTION AND MATURLTIES OF, AND RATES OF INTEREST ON, THE BONDS, AND AUTHORIZING CERTAIN TERMS TO BE DETERMINED BY SUBSEQUENT RESOLUTION; DETERMINING REVENUES TO BE PAID FOR SUCH PR0~7ECT; REQUESTING THE TRUSTEE TO AUTHENTICATE THE BONDS; AUTHORIZING INVESTMENTS BY THE TRUSTEES APPROVING COUNSEL; AUTHORIZING INCIDENTAL ACTION; AND REPEALING INCONSISTENT ACTIONS, WHEREAS, the Town Council by Resolution No. 5, Series of ].981, adopted February 17, 1981, approved a commercial development and sports and recreational facilities project (the "Project") for Vail Associates, Inc. (the "Company") pursuant to the County and Municipality Development Revenue Bond Act {the "Act"); and WHEREAS, the Company will own, occupy, operate and maintain the Project, and the Project will promote the purposes of the Act; and WHEREAS, the Town has determined to enter into a Sports Facilities Financing Agreement dated as of September 1, 1981 (the "Agreement") with the Company and to finance the Project and its related costs by the issuance of up to $2,600,ppp in aggregate principal amount of its bonds to be known as "Sports Facility Revenue Bonds (Vail Associates Project), Series 1981" {the "Bonds") pursuant to a Trust Indenture dated as of September 1, 1981 (the "Indenture") with a corporate trustee to be designated by~the Company, as Trustee (the "Trustee"); and -1- •- ~ WHEREAS, Goldman, Sachs & Co. (the "Underwriter") proposes to purchase the Bonds and to enter into an Underwriting Agreement (the "Underwriting Agreement") relating thereto with the Town, and the Company will join in said Underwriting Agreement. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, that: SECTION 1. TITLE« This ordinance shall be known as the "Ordinance Authorizing and Directing the Issuance of up to $2,600,000 Aggregate Principal Amount of the Town's Sports Facility Revenue Bands". SECTION 2« CONFIRMATION OF PRIOR RESOLUTION. Resolution No. 6 of 1981, adopted February 17, 1981, including the findings and approvals therein set forth, is hereby ratified and confirmed, and such findings and approvals are hereby incorporated by reference herein the same as if set forth in full. SECTION 3. APPROVAL OF AGREEMENT, TRUST INDENTURE AND LIMITED OFFERING MEMORANDUM. The form of the Agreement between the Town and the Company, the form of the Indenture between the Town and the Trustee, and the form of the Limited Offering Memorandum in respect of the Bonds presented to this meeting {copies of which shall be filed with the records of the Town) acre hereby approved, and the Mayor is hereby authorized to execute, accept or consent to, and deliver, and (where appropriate) the Town Clerk is hereby authorized tc affix the corporate seal of the Town to, and attest, documents in substantially such forms and upon the terms and conditions therein set forth with such changes therein as such officers shall approve, such approval to be evidenced by their execution thereof . -2- ~~~~ ~ l SECTION 4. ISSUANCE OF BONDS; AUTHORIZATION TO ENTER It~FTO UNDERWRITING AGREEMENT. The issuance of the Bonds is hereby authorized: The Mayor and the Town Glerk are hereby authorized and directed to execute and deliver, and to affix the Town 5ea1 to and attest, the Underwriting Agreement in accordance with the terms of this Ordinance with such additional terms and conditions therein set .Earth as such officers shall approve, such approval to be evidenced by their execution thereof. The form of the Bonds and the form of the interest coupons pertaining thereto set forth in the Indenture are hereby approved, the facsimile signatures of the Mayor and the Town Clerk of the Town are hereby authorized and directed to be printed on the face of the Bonds in substantially such form with appropriate insertions and variations, and the facsimile corporate seal of the Town is hereby authorized to be imprinted thereon; the facsimile signatures of the Mayor and Town Clerk are authorized and directed to be printed on the coupons pertaining to the Bonds, and the Mayor or Town Clerk is authorized and directed to deliver the Sonds to the Trustee for authentication under the Indenture and, when they have been authenticated, to deliver them or cause them to be delivered to the Underwriter, pursuant to the Underwriting Agreement against receipt of the purchase price plus any accrued interest due and to deposit the amount so received with the Trustee as provided in the Indenture. SECTION 5. TERMS OF BONDS. The Bonds shall be dated September 1, 1981 and shall be issued as coupon bonds registrable as to principal only, in the de nomination~of $5,000 each., ar as fully registered bonds in whole multiples thereof, payable at the principal corporate trust office of the Trustee or at a successor paying agent. Pursuant to Section b of the Act, the maximum net effective interest rate for the Bonds, with which the Underwriting Agreement shall. comply, shall not exceed 13~. The principal amount, numbers, maturities and provisions far redemption of, the rates of interest on, the registration privileges of and the rights upon default of, the Bonds shall _3_ r ~ ..r ~; be as set forth in the aforesaid form of such Bonds and in the form of Indenture hereinbefore approved, which forms are hereby incorporated by reference as if set forth herein in full. The final maturity schedule, interest rates and redemption prices for the Sands shall be established by subsequent resolution of the Tawn Council adapted pursuant to Section 6 of the Act. SECTION 6. DE~ERNiINATION OF REVENUES. In accordance with the Act, it is hereby determined that {a} no amount is necessary for payment into any reserve fund for retirement of the Bonds and maintenance of the Project and {b} the amounts that will be necessary for the payment of maturing principal and interest on the Bonds, shall be set Earth in a debt service schedule to be approved by subsequent resolution of the Town Council. It is hereby determined that the Company shall be required, under the terms of the Agreement, to maintain the Project and carry all proper insurance with respect thereto. Further, it is hereby determined that the Company shall be required, under the terms of the Agreement, which revenues payable thereunder shall be sufficient therefor, to pay all taxes levied by the State of Colorado and local taxing bodies which such entities are entitled to receive from the Company with respect to the Project. SECTION 7. AUTHENTICATION OF BONDS. The trustee is hereby requested to authenticate the Bonds and to deliver them and the coupons attached thereto to, or upon.the order af, the Mayor or the TowFl Clerk. SECTION $. INVESTMENT OF FUNDS. The Trustee shall be, by virtue of this Ordinance and without further authorization from the Town, authorized, directed and requested to invest and reinvest all moneys available therefor held by it pursuant to the Indenture, which by the terms of said Indenture may be invested, or to deposit and redeposit such moneys in such amounts as may be permitted by the said Indenture, all subject to the terms and limitations conta~.ned in the Indenture. _q_ SECTION 9. APPROVAL OF COUNSEL. The firm of Ballard, Spahr, Andrews & Ingersoll is hereby approved as bond counsel in connection with the issuance of the Bonds. If required by the Underwriter, the opinion of such bond counsel is hereby authorized to be printed on the Bonds and certified to by the Trustee in. accordance with he provisions of the Indenture. SECTION 10. INCIDENTAL ACTION. The Mayor and Town Clerk of the Town are hereby authorized and directed to execute and deliver such other documents, including acceptances and conveyances o£ property interests, and to take such other action as may be necessary or appropriate in order to effectuate the execution and delivery of the aforesaid Agreement, Indenture and underwriting Agreement, the performance of the Town's obligations thereunder, and the issuance anal sale of the Bonds, all in accordance with the foregoing Sections hereof. SECTION 11. BONDS SHALL NOT CONSTITUTE A PECUNIARY LIABILITY OF THE TOWN. As required by the Act, the Bonds and the interest coupons appertaining thereto shall he special, limited obligations of the Town, payable solely from the revenues derived from the Project and shall never constitute the debt or indebtedness of the Town within the meaning of any provision or limitation of the Colorado Constitution, Colorado Statutes, or the Town's Home Rule Charter, and shall not constitute or give rise to a pecuniary liability of the Town or a charge against its genezal credit or taxing powers. SECTION 12. REPEAL. Any prior ordinances or resolutions or parts thereof inconsistent herewith are Y~ereby xepealed. SECTION 13. EFFECTIVE DATE. This Ordinance shall take effect five days after publication following the final passage upon second reading hereof. --5- _ - ~ .~ ~ f ~ ~ •~ IT IS ~~~;RE~iY CERTiFTEi7 that an the 21st day of .7uly, 1981, this Ordinance~t,ras introduced, read an first reading, app.raved, and oxdered published once in full, and a public hearing has been scheduled at the regular meeting of the '.'own of Vail, Colorado, on the nth day cif August, 1983, at 7:30 p.m_, in the Municipal Buildings of the Town. INTRODUCED, FtE?~D ON FIRST i FADING, APPROVED AND ~~.NACTED, AND ORDEP.LD PUBLTSI~ED ONCE TN FULZ, this 2J~st day of July, 1981. TOWN OF VAIL ATTEST: ~~ :~~ Town l/1 Col leery K1 ine ~_~ -- ~~ ~~~~ ,- Rodney Slifer, Mayor INTRODUCED, READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED ~,r ~~?~,., ~~ t.his nth day of Augus~G, 1881. 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DETERMINATION OF 4 in aocordenoa with the Act, it is mined Thal (eF no amaun[ is payment into any reserve toed for the Bonds entl mafnfenance of the (b> the amounW that will be or the.- payment of maturing interest on the Bonds, shall beset t sarvFCeechedule to be approved tt resolution at the Town Counc,l. etarmined that the Companysnau trader file terms of the Agreement, the pioiect and carry all proper hereby delgtminatt: that the Crtimpany seats pe required, under the terms of the Agreement. ~ which revenues payeWtt Mereuntler shall be sulficiertt iharetor, to pay ati taxes levied by the State of Colorado end Focal Taxi rag bodies which . euah entltkes ere entitled to receive irom the GOrn¢gny with, reapxtlo the Project. ~.~~ SHCTIOf~I 7: 1\UTHENTICATK7N OF 801+5, The trustee M Hereby requested to auth@nticate th@ Sonde end 10 def fiver ih em and the soupone attaCfted thereto io, or upon the order ot, tfre Mayor or the T~+rrn Clerk. SEOTION 8. INVESTMENT OF FUNDS. Tha Trustee shall be, byvirtue of this Ordinance anti wNhout further authorization ,fmm the Tvwn, authorized, directed and requested to'invtnat. and reirnrest all moneys evaitlsttle therefor heltl by It pursuant to the Indenture, which by the terms of safd Indenture may ba irnested, or to daposh and redeposit such moneys In such amounts as may be permitted by the said Indenture, all subject to the terms and limitations contained ~in [he Fndantura. SECTION 9, APPF40VAL OF COUN6EL The firm of Ballard, Spahr, Andrews and Ingersoll is hereby approved as Mond counsel in connection with the isscancc of the Bands. It required by the Uhderwsitar, the opinion dt such pond counsel {s hereby authorized to be rioted on the Bends and certified to by the Trustee In accordance with the provisions of the Indenture. SECTION 1f7. INCIDENTAL ACTION, The Mayor and Town Clerk of [he Town are hereby authorized and directed to exec ute and deliver Such other tlocuments, including acceptances and cofiveyanrss of property interests, and to take such other action as may be necessary or appropriate in order to effectuate the exacutlan sod delivery vt the aforesaid Agreement, Indenture and Untlerwriting Agreement, the performance of the Town's Obhgaiions thereunder, and the issuance end sale of the Bonds, al! in acc ordenoa with the toregoing Sections hereof SECTION 11. BANDS SHALL MOT CONSTITUTE A PECUNFAR Y LIABFLITY OF THE TOWN. Ae required by the Act, the Bonds and the interest oaupolts appertainingg thereto shall be special, limited ahugadons of the Town, payable solely lrom the revenues derived from the Project and shall never constFture the debt or Indebtedness of the Town within the meanlrlg of. any provision or limitation a[ the Colorado Constitution. Coioradc Statutes, or the Town's Hama Awe Charter. end shall not constitute or gi ve rise to a pecuniary FiabllFry of the Town or a, charge against Ira general credit or taxing powers. SECTION 12. REPEAL. Any prior ordinances or resolutions or parts thereof ~~ InCansietant herewith are hereby repealed. I 8ECTION 13. EFFECTIVE DATE. This Orrnance shah take- effect five days after publleation fallowing the final passage upon second reading hereof. IT kS HEREBY CERTIFIED that on the 21st day of Jutg 1981, -this Ordinance was introduced, read on tlrst reading, approved, a nd ordered published onus in full, and s public (tearing has been scheduled at the regular meeting of tftB Town of Vail, Colorado, Cn the Atli day of August, 1981 at 7:30 p.m. in 4he Municipal Sutiding of the Towrt. INTRODUGEO, READ ON FIRST REAOINCs. i APPROVED ANP ENACTEQ, ANO OR~EREa PUBLlSHEt] ONCE iN FULL, this 21st day of ' JuIY, 1981. - TOWN OF VAIL Rodney E Stiler Mayer ATTEST`. Colleen M. Kline Town Clerk - Published In The Vail Trail i on July 24, 1981 • . , • ~~ 0 7 X n ~.> ;_; ~, v~ ~_, ~~ t~ .~ i.., ~_. 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