HomeMy WebLinkAbout2008-05 Approving the Execution of the First Amendment to IGA between TOV and the Solaris Metropolitan District 1, 2, and 3RESOLUTION No. 5
Series of 2008
A RESOLUTION APPROVING THE EXECUTION OF THE FIRST
AMENDMENT TO INTERGOVERNMENTAL AGREEMENT BY AND
BETWEEN THE TOWN OF VAIL, COLORADO AND THE SOLARIS
METROPOLITAN DISTRICT NOS.1, 2 AND 3; AND SETTING FORTH
DETAILS IN REGARD THERETO.
WHEREAS, the Town of Vail, Colorado (the "Town") and the Solaris Metropolitan
District Nos. 1, 2, and 3(the "Districts") entered into an Intergovernmental Agreement (the
IGA") on March 22, 2007, pursuant to the provisions of the Districts' Service Plan, as approved
by the Town on September 19, 2006; and
WHEREAS, the IGA was executed while the Districts were operating under a debt cap of
twenty million dollars ($20,000,000), as set forth in the initial Service Plan; and
WHEREAS, the Districts' Amended Service Plan was subsequently submitted and
approved by the Town in April, 2007, which raised the debt cap to forty million dollars
40,000,000); and
WHEREAS, the IGA was not revised at the time the Amended Service Plan was
approved and needed to be brought current with the contents of the Amended Service Plan to
reflect the appropriate debt caps; and
WHEREAS, in order to accurately characterize the Town's intent with respect to the debt
caps applicable to the Districts, the Town and Districts desire to enter into the First Amendment
to the IGA, pursuant to paragraph 16 of the IGA; and
WHEREAS, the actions under this Resolution comply with all applicable laws and
regulations of the State of Colorado and the Town.
NOW THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN
OF VAIL, COLORADO:
1.That the Town Council of the Town of Vail, Colorado, hereby approves and adopts the
First Amendment to Intergovernmental Agreement between the Town of Vail, Colorado and
Solaris Metropolitan District No. 1, Solaris Metropolitan District No. 2, and Solaris Metropolitan
District No. 3, as attached hereto, which brings current the terms of the IGA and the Districts'
Amended Service Plan with regard to Town-approved District debt caps, currently at forty
million dollars ($40,000,000), with all other terms and conditions of the IGA as originally
executed left in full force and effect.
2.The Town Council hereby finds, determines and declares that this Resolution is necessary
and proper for the health, safety and welfare of the Town of Vail and the inhabitants thereof.
Resolution No. 5, Series 2008
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3.This Resolution shall be effective immediately upon adoption.
INTRODUCED, READ, APPROVED AND ADOPTED this 4TH day of March, 2008.
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Dick Clevelan ,
SEAL =Mayor, Town of Vail
e'~••;~;.ATTEST:
rel kDonaldson,
Town Clerk, Town of Vail
Resolution No. 5, Series 2008 2