Loading...
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 Y F _ 1 3.This Resolution shall be effective immediately upon adoption. INTRODUCED, READ, APPROVED AND ADOPTED this 4TH day of March, 2008. JF;jz~ Dick Clevelan , SEAL =Mayor, Town of Vail e'~••;~;.ATTEST: rel kDonaldson, Town Clerk, Town of Vail Resolution No. 5, Series 2008 2