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HomeMy WebLinkAbout1995- 4 Authorizing a First Supplemental Trust Indenture to the Trust Indenture Executed in Connection with the Town of Vail Single Family Mortgage Revenue Refunding Bonds, Series 1992 ,~ ORDINANCE N0.4 SERIES OF 1995 AN ORDINANCE AUTHORIZING A FIRST SUPPLEMENTAL TRUST INDENTURE TO THE TRUST INDENTURE EXECUTED IN CONNECTION WITH THE TOWN OF VAIL, COLORADO SINGLE FAMILY MORTGAGE REVENUE REFUNDING BONDS, SERIES 1992; RATIFYING CERTAIN ACTION HERETOFORE TAKEN; AUTHORIZING THE EXECUTION AND DELIVERY BY THE TOWN OF SAID FIRST SUPPLEMENTAL TRUST INDENTURE; REPEALING ACTION HERETOFORE TAKEN IN CONFLICT HEREWITH WHEREAS, the Town of Vaik, Colorado (the "Town"} is authorized by the County and Municipality Development Revenue Bond Act, constituting Sections 29-3-101 through 29-3-123, inclusive, Colorado Revised Statutes (the "Act"}, to finance and refinance one or more projects, including any land, building or other improvement, and all real and personal properties, whether or not in existence, which shah be suitable for residential facilities far low-and middle-income families or persons and intended for use as the sale place of residence by the owners or intended occupants to the end that more adequate residential housing facilities far low-and middle-income families and persons may be provided, which promote the public health, welfare, safety, convenience and prosperity; and WHEREAS, pursuant to the Act, the Town has heretofore issued its Town of Vail, Colorado, Single Family Mortgage Revenue Refunding Bonds, Series of 1992 (the "Bonds"} pursuant to the terms of a Trust Indenture dated as of July 1, 1992 (the "Indenture"), between the Town and First Interstate Bank of Denver, N.A., as trustee (the "Trustee"), the proceeds of which Bonds were used to refund prior bonds of the Town the proceeds of which were used to acquire mortgage loans secured by mortgages on residential single family housing facilities owned by low- and middle-income families and persons within the boundaries of the Town; and WHEREAS, Section 511 of the Indenture provides that, subject to designated limitations, if amounts in the Mortgage Reserve Fund created by the Indenture are used to pay debt service on the Bonds, the Town will replace the amounts so used from certain Pledged Sales Tax revenues of the Town, except that the Town`s obligation to make such deposits to the Mortgage Reserve Fund may be earlier terminated upon written notice from MoodY's Investors Service that such termination will not cause the rating of the Bonds to be withdrawn or reduced below the initial rating of the Bonds; and WHEREAS, Moody's Investors Service has provided such written notice to the Town, and the Town's obligation to replace any such amounts from Pledged Sales Tax revenues has therefore been terminated; and 1 Ordinance No. 4, Series of 1985 WHEREAS, pursuant to Section 1 d01 of the Indenture, the parties thereto desire to amend the Indenture as set forth in the First Supplemental Trust Indenture dated as of January ~ , 1995 (the '"First Supplemental Trust Indenture"} between the Town and the Trustee presented to the Town council at this meeting, for the purpose of making changes which do not have an adverse effect upon the interest of the owners of the Bonds and which cure or correct defective or inconsistent provisions in the Indenture. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO AS FOLLOWS: 1 } All action {not inconsistent with the provisions of this ordinance} heretofore taken by the Town Council and the officers of the Town directed toward the amendment of the indenture as provided herein is hereby ratified, approved and confirmed. 2} The form, terms and provisions of the First Supplemental Trust Indenture are hereby approved and the Town shall enter into the First Supplemental Trust Indenture substantially in the form ofi such document presented to the Town Council at this meeting with such changes therein which are approved by the Tawn Attorney; and the Mayor of the Town is hereby authorized and directed to execute and deliver the First Supplemental Trust Indenture and the Town Clerk is hereby authorized and directed to affix the Town seal to and to attest the First Supplemental Trust Indenture. 3} The officers of the Town shall take all action in conformity with the Act necessary or reasonably for carrying out, giving effect to and consummating the transactions contemplated by this ordinance and the First Supplemental Trust Indenture. 4} Nothing contained in this ordinance or in the Bonds, the Indenture, the First Supplemental Trust Indenture or any other instrument given rise to a pecuniary liability of the Town or a charge upon the general credit or taxing powers of the Town, nor shall the breach of any agreement contained in this ordinance, the Bonds, the indenture, or the First Supplemental Trust Indenture impose any pecuniary liability on the Town or a charge upon the general credit or taxing powers a# the Town. Nothing contained in this ordinance or in the Bonds, Indenture, or the First Supplemental Trust Indenture shall give rise to any personal or pecuniary liability of any officer, employee or agent of the Town. 5} If any section, paragraph, clause or provision of this ordinance shall for any reason be held to be invalid or unenforceable, the invalidity or unenfarceability of such section, paragraph, clause or provision shall not effect any of the remaining provisions of this ordinance. 2 Ord4nance No. 4, Series of 1995 6) All bylaws, orders, resolutions and' ordinances, or parts thereof, inconsistent herewith and wi#h documents hereby approved, are hereby repealed to the extent only of such inconsistency. This repealer steal! not be construed to reviving any bylaw, order, resolution or ordinance, or part thereof. 7) This ordinance, as adopted by the Town Council, shall be numbered and recorded by the Town Clerk in the official records of the Town. The adoption and publication shall be authenticated by the signatures of the Mayor, or Mayor Pro Tem, and Town Clerk, and by the certificate of publication. 8) This ordinance shall be in full force and effect upon five days after its publication upon final passage as provided in Section 4.9 of the Town Charter. INTRODUCED, READ, APPROVED, AND ORDERED PUBLISHED ONCE IN FULL ON FIRST READING this ~1-~fday of February, f995, and a public hearing shalt be held on this Ordinance on the 7 `" day of m~~ ~c~li. , 1995, at 7:30 p.m. in the Council Chambers of the Vail Municipal Building, Vail, Colorado. Margaret A. Ostertoss, IVlayor ATTEST: L ' ~~~, ~ Pamela A. Brandmeyer, Deputy Town Clerk READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED ~,~, ~cc,~ this '~~i `day of ~~~ ~~~ , 1994. w Mar aret A. Osterfoss, M for ATTEST: -- ~. ~t~W -~ wamela A. Brandmeyer, Deputy Town Clerk C:10RD95.4 Ordinance No. 4, Series of 1995 ~~~i n~ •Jr~~r ac Ei~rt~ri.u L-x i-ate , xr ~a~~, JG.ItV IGLJ UCJn~ ~}u~:3G1i7r ;h b/ i1 FIRST SUPPLEMENTAL INDENTURE Or'I'Ri1S'T Dated as of Febniary 1, 1995 By and Between TOWN Or VAIL, COLURADC? and FIRST TN l~tJltSTATE RANK nF DENV'ER, N_A_ as Trustee Relatiag To: Town of Vail, Colonldo Single-Family Mortgage Revenue Refunding Bonds Series 1932 ~,t1~ 1 tSl ~ Jn A1ti Or tiurietc.u G - i l ~a ; 1. i ~ ;~~ ' ~t=KY i u~~ Ut,Sn~ ;?U~~: i .7 r ; m ~1 1 i ~, FIRS'T' Si.IAPLEMENTAL TRUST 1NT)ENTiJRE '[HIS FIRST SUl'l'LEl1~NTAi. TRUST INUENI'URE is nia~de and critered intU as of the first day of Febtvaxy, 1995, by and betwc~n the 'TOWN OF VAII., COLORADO (the "Town"),apolitical ~tbdivisipn of the State of Colorado, and FIRST INTERSTATE BANK Or DENVER, A1,N.., a nadpnal 1lattking association duly nrgaaired, existing and authorized to accept and execute trusts under and by virtue of the laws pf the United States of America, as trustee (the 11~' f,,y~,,,mNl Vi+ITNESSETH: WHEREAS, the 'T'own is authorized by the Cnvstty and Muatieipality Developtxtent Revenue Hand ACt+ constituting Sections 29-3-1 D1 through 29-~-] 23, inclusive, Colorado Revised Std (the "Act"), to finance and refinance one or more projects, including any land, (wilding or other improvement, and all real and ~.~ sonal properties, whether or not in existence, which shall be suitable for residential facilities for low- ai,d middle-income families or persons anti intended for use as the snic place of residence by the owners or intended occupants to tt:e end that more adequate residential housing facilities for fow- and middle-income farniiies and perst)ns may be provided, which prompts the public hcal#h, welfare, safety, convenience and prosperity; and VirHEREAS, pursuant to the Act, the Town has hercti?fore issued its Town of Vail, Colorado, Single Family Mortgage Revenue Refunding Bands, Series 1942 (the "Aonds"} pursuant to the terms of an Trust Indenture dated of as of July 1, 1992 (the "Indenture"),between t#te Town and the Trustee, the proceeds of which Bonds were used to refund prior bonds of the Town the ~~.,,,xds of which were used to acquire mortgage leans secured by mortgages an residential single farniiy housing facilities owned by l~~w- and middle-income families and pcr~stras within the btyundarics of the Town; and WHEREAS, Section 507A of the Indenture pror~idcs that arty amounts ir, the Debt Setvit:e Reserve Fund established thereunder th excess of the Debt Service Reserve Requirement shall be transferred to the Extraflrdinary Reti~.,.a~;;on necount, but the cash flow pm}ectionc prepared in connection with the issuance of the Bands assumed that any such execsse, woald be transferred to the Revenue Fcu~,d; and WHEREAS, pursuant to Section 1 DO 1 of the Indenture, the parties hereto desire to amend the Indernurc as ;set forth in this First Supplementail 'T'rust Indenture, S'or the purpose of making changes which do not have an nclverse effect upon the interest of the owners e3T'the Bonds and which cure or correct dcfccHve or inconsistent provisions in the Indent, as described above. WHERIrAS, all things necessary to rnakc this First Supplemental Tratit Indenture have, in all . ,.or.:.~ts, been duly authorized. NOW, THERL:f'OR£, THIS FIRST S[JI'PT.EMENTAI. "TRUST INll1:NTURF 'iUt'I'NESSETI-I: au~i n~ •~nr~~ ~ nunr-n~ ~--1 r -~~ ;l~ -,~~ aC1~~ tl~t~ Ut..tiny ~U;~~~l~i ;~iul ~1 Section I . Section 507A of the Indenture is hereby mended to read as follows: A. Na more than. five Business Days prior to cash interest payment date on the Bands, the Trustee stroll calculate the amount, if any. then in the Debt Service Reserve Fond which is in excess of the Debt Service Reserve Requirement. The runount of such excess shall be ttansferted to the Revenue Fund. Sectitrn 2. The transfer of moneys from the Debt Service Reserve Fund by the Trustce in conarxtion with the December i ,19g4 interest payment date feu the I3onds cansi,~w,.~;: with the above arncnd~ment made by this First Supplemental Trust Ind:...:..re is hereby ratified aac~ arY~. ,.,vecl. Section 3. 't'his First Supplemental Trust Indenture may be simultaneously executed in Several counterparts, each of which shall be an orEg'inal arrd all of which shad constitute but one and the same instrument. Section 4. The pevvi~~icRZy of this First Supplemental 'frost Inderrtur~e shall become effective imrneciiately upon the execution and delivery hereof by the parties hereto. Except as otherwise provided in this First Supplemental Trust Indenture, the pnavisions efthe Indenture are hereby ratified, approved and confiz~rned. No refere-nee to this First Supplemental Trust Indenture need be mncle in any instrument or document at cony time referring to the Indenture, a reference to the Indenture in any of such to be deemed to be reference to the Indmtur~ as amended hereby. IIrI WITNESS WHERF.OT', the Town of Vasil, Colorado, has cause this First Supplemental I>adenturc of Trust to be executed on it.5 hehaIf by its Mayor and its official seal to be hereunto affixed and attested by its Town Cleric, and the Trustee, to evidence itg acceptance of the trusts hereby created, has mused this First Supplemental Indenture of Trust to be executed in its _z_ ~ i ~ name and behalf by its duly authorized officer and its official seal to be hereunto affixed and attested, all as of the date Brst above written, TOWN OF VAIL, COLORADO {SEAL} Attest: Town Clerk B U Mayor ~~~ G FIRST INTERSTATE BANK OF DENVER, N.A., as Trustee By Title: Attest: Title: - ~- STATE OF COLORADO } } COUNTY OF EAGLE } SS. CITY OF VAIL ) The Town Council of the Tawn of Vail, Colorado, met in regular session, in full conformity with the Tawn Charter and the applicable laws, rules and regulations of the Town, at the Vail Municipal Building, Vail, Colarada, the regular aneeting place thereof, on Tuesday, February 21, 1995, at the hour of 7:30 p.m. The fallowing were found to be present, constituting a eluorum: Ivlayor: Mayor Pro Tem: Councilmembers: Margaret Osterfoss Merv Lapin Paul Johnston Sybill Navas Jim Shearer Tom Steinberg Absent: Jan Strauch There were also present; Town Manager: Deputy Town Clerk: Town Attorney: Robert W. McLaurin Pamela A. Brandmeyer R. Thomas Moorhead Thereupon the following proceedings, among others, were had and taken: Sybili Navas Couneilmember introduced and moved the arY~„val on first reading of the following Ordinance, which was then read by title, sufficient copies of the full Ordinance having previously been made available to the Town Council and tb the public: Merv Lapin Councilmember duly seconded the motion, and the question begin upon ~e approval on first reading of the foregoing Ordinance, the roll was called with the following result: Those voting Yes: Margaret Osterfoss Merv Lapin Paul Johnston 5vbiil Navas Jim Shearer Tom Steinber.~ Those Voting No: Those Absent: Jan Strauch AlI Councilmembers having voted in favor of said motion, the Mayor thereupon declared the Ordinance duly approved on first reading and directed that the Ordinance, as approved, be published once in full in The Vail Trail, a newspaper of general circulation within the Town and legally qualified for Town publications, and that notice of the March 7, 1995 public hearing on the Ordinance be published as required by the Vail Code. 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