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Home My WebLink About2001-12 Amending the Redemption of the TOV Singe Family Revenue Refunding BondsRESOLUTION # 12 SERIES OF 2001 TOWN pF VAIL, COLORADO A RESOLUTION AUTHORIZING THE REDEMPTION OF THE TOWN OF VAIL, COLORADO, SINGLE FAMILY REVENUE REFUNDING BONDS, 1992 SERIES A (THE "BONDS"~; AUTHORIZING THE SALE OF i nr, MORTGAGE LOANS HELD WITH RESPECT TO THE BONDS; AUTHORIZING i nr, EXECUTION OF DOCUMENTS AND INSTRUMENTS NECESSARY OR CONVENIENT TO CARRY OUT THE PURPOSES OF TH[S RESOLUTION; MAKING CERTAIN APPOINTMENTS AND DESIGNATIONS; AND CONTAINING OTHER PROVISIONS RELATING THERETO. WHEREAS, the Town of Vail, Calorada (the "Town ") is a political subdivision of the State of Colorado, duly organized and existing under the laws and Constitution of the State of Colorado; and WHEREAS, the County and Municipality Development Revenue Bond Act, Article 3, Title 29 of the Colorado Revised Statutes (the "Act "), authorizes the Town to finance and acquire one or more projects, including any land, building or other improvement and real and personal properties (other than inventories, raw materials and working capital) suitable or used far or in connection with residential facilities for law- and middle-income families and persons intended for use as the sole place of residence by the owners or intended occupants, to the end that a sufficient supply of adequate, safe and sanitary dwellings may be provided; and WHEREAS, the Town is further authorized by the Act to issue revenue bonds for the purpose of defraying the cost of financing and refinancing any project, including the payment of principal and interest on the proposed revenue bonds for not exceeding three years, the funding of any reserve funds which the Town may deem advisable to establish in connection with the retirement of the proposed revenue bonds and all incidental expenses incurred in issuing such bonds, and to secure payment of such bonds as provided in the Act; and WHEREAS, the Town, pursuant to the Act, has issued its Single Family Revenue Refunding Bonds, 1992 Series A, in the aggregate principal amount of $7,505,000 (the "Bonds ") pursuant to a Trust Indenture, dated as of 3uly 1, 1992 (the ".Indenture"), by and between the Town and First Interstate Bank of Denver, N.A.; and WHEREAS, pursuant to the Indenture, the Bonds are subject to optional redemption an 3une 1, 2002; and WHEREAS, the Town has determined to sell the mortgage loans held with respect to the Bonds (the "Mortgage Loans") and use the proceeds from such sale to redeem the Bonds on such date pursuant to the Indenture; and WHEREAS, the Town has further determined to enter into a mortgage loan purchase contract {the "Purchase Contract "), pursuant to which the Town. will sell the Mortgage Loans, such Purchase Contract to be in a form acceptable to the Town; and WHEREAS, the Town has determined to authorize the sale of the Mortgage Loans and the redemption of the Bonds, the execution and delivery of such documents and the taking of such other actions as may be necessary or convenient to further carry out the purposes of the Resolution; and NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO: Section 1. Approval of Sale of Mortgage Loans and Redemption of Bonds. The Town hereby approves the sale of the Mortgage Loans and the redemption of the Bonds pursuant to the Indenture. 1-12 Section 2. Redemption of Bonds. That the Mayor of the Town and the Town Manager of tie Town (collectively, the "Authorized Signatories "} are hereby authorized to execute any notices, certificates, contracts, documents, instruments, letters of instruction, written requests and other papers, required by the Indenture in connection with the redemption of the Bands. Section 3. Approval, Execution and Delivery of the Purchase Contract. That the Purchase Contract is hereby approved and that the Authorized Signatories are each hereby authorized to execute the Purchase Contract and to deliver the Purchase Contract to the other parties thereto. Section 4. Execution and Delivery of the Qther Documents. That the Authorized Signataries are hereby authorized to execute and attest such other agreements, assignments, certificates, contracts, documents, instruments, releases, financing statements, letters of instruction, written requests and other papers, whether or not mentioned herein, as may be necessary or convenient to carry out or assist in carrying out the purposes of this Resolution. Section 5. Power to Revise Form of Documents. That, notwithstanding any other provision of this Resolution, the Authorized Signataries executing the documents authorized herewith are each hereby authorized to make or approve such revisions in the form of the documents presented herewith as (the execution thereof being conclusive evidence of their approval of such revisions} may be necessary or convenient to carry out or assist in carrying out the purposes of this Resolution. Section 6. Designation of Investment Banker. The Town hereby designates George K. Baum & Company as investment banker (the "Investment Banker") to the Town in connection with the sale of the Mortgage Loans and the redemption of the Bonds. Section 7. Designation of Bond Counsel. The Town hereby designates Chapman and Cutler as bond counsel ("Bond Counsel") to the Town in connection with the sale of the Mortgage Loans and the redemption of the Bonds. Section 8. Authorization of Certain Actions. The Town authorizes the Investment Banker and Bond Counsel to take such actions on behalf of the Town as may be necessary in connection with the sale of the Mortgage Loans and the redemption of the Bands. Section 9. Effective Date. That this Resolution shall be in full force and effect from and upon its adoption. Section 10. Severability. If any section, paragraph, clause or provision of this Resolution 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 Resolution. Remainder of Page Intentionally Left Blank] rNTRODUCED, READ, APPROVED AND ADOPTED #his 4th day of December, 2001. rte`` `t W sE~~, ATTEST: ~• i~Ubi,CQulllt111ppt1Uti~4 G vCc~~~U--~ Corele~Donaldson. Town Clerk Ludwig Kur~if, Mayor o' m x 0 c m w a 4 0 m ~ C) O p' O ~ a ~ g o D O W Q C~ O n p O m g a 8 •« ~. m~~ gs $~: Q m~ p~ Q m m ~ ~ ~ m Q - 3 cD 'C3 ~~„ ~ ~ ~ n O ~' m Q cD ~ a p O p p Z c ~, m o o- ~ m z m m~° cu m ~ N~~ a Q m ~ ~ ~. ~Q ~ ~ (D ~ cD ~. cQ ~ ~_ CD (D C (D y ~. (D ~_ .~ p CxD ~ ~ Q o Q DQ ~ Q () ~ ~ Q ~ , K C O Q p ~ O b Q~ w Q -~ Q 1j;~ O Ck p cD Q -r C7 c~D ~ ~ L ~ QN N ~ ~ ~ ( D S ~ ~ ~ ~ Q m N ~ ~ o ,~, ~ ~, o Q ~ (~-D~+ ~ D N ~ m o ~ ~ ~ N ~ U ~ O ~ W ~ ~ ~ ~ o~ Q cD ~~ ~ N p D a -~, c3D ~ N n Q ~ ~ ~ ~ a4cfl ~ (D QcDOO ~ ~ Q p ~ c4 -+ C) ~' O m z ~ O C? m ~ rD~n O 0 0 O C l 0 Z 9y pS d~~1~iEY ~ -~ mozOmm .w i~zyx~.~o,o ~a mG~Mizz ~ ~ ~. .,mMO~~~y a ' ~ t7 Oxs~. T~c ~ 2Z .~: i~~~~:~~o c ~~ Q pmmm0~ o.:. - N ~} i~~aZn~ e m~~r w ~~ a sw a erd P~ 1 1311ntie. 711e Town ~~ tlw . ~~a i+l.._ , ~ SECTION 2. Radamgdon d Batas. That the Mayor d psv Town and. Town .MSneper d tlta Town (aoM lectively, the 'Authorized SlQnataleeq era hereby authorized 4o execute ~ , ~. contracts, daGUnlenta, ht_ structlon. wrfltan requests and other papers re• q~ired by the Indenture In oonnecdat wflh-the re- demption d the Ronde. ECTION 3. et, Executlon and udhrery d g,a Pur- chase That the Prxdreae Contract 1s t~oriegs~ere~her~ atuth~arized x~eart Purohese Contrsct and b dealer the Purehaes Cornraet a Ina deer panlea ihsroto. sECrlaN,. Execution and d tire Other Daar- menle. That the AuGIMiz~3ignebrks are Itera- hr atdhaiaed to exewite aarrww std suds alher agreements, assfpnmente, rxrtilieatas..• .a, doaunenta, inetrumeda, releases, tlnprrdnp etetements, Nttera d ku7trUCliat, written and otirer papers, wttieiher a not rtlens~d herein, u may Ee ry or .. 1 to rry asetst h cenyhig out rho purposes d s~cnoN s. Paver b Revlee Fam d Oowntente. That. no~~o ~ ~lotion, the doaanartte autitorized - ere each hereby autttoritsd b [RefOe ar eltdY h Mrs form d tIM doQUn9nte ~,.. IlwetNlh as the.weafiMonthenetlreltpYAIY4~IretY.e~ d tlteir ~ 1 d ettetr nvhlor~l mm~ayy ~ nsa esaery o1 ostirwtleeft.b 17enY ort a Wl{t h cer• rylrip out rite puposes d t1Ne AMONrtlon. t3fCTiON 8. Townherd ~ Yn . K. Baum & CampanY ~ ~restinsm trankarine "irnreavnerrt p tl~e Town h .. wile rtes safed~fhe~MarApeye t-0erte and the redsmption d iha tom. SECTION 7. . C ..: „ , ton d Bond Camael. The Torn hereby dedignatss an gird Cutler as bond caunset ('Bard re ihs Term h conrtec- Gort with Ore-pale d the Warn and the redemption of rile Bonds. ECTION 8. AWrorittiGat.d Cettedn Aatlons. The Tbrm authorkes the Irrveetrnsnt BaNrer and Band Counsel to take each actions on behalf d ti,e Town es:rnsy be .,.: ry h oarmectiar wkh the cab d Cre Mortppge luane end the redam~ tion rH the Bte+de. . sECtioN.e.' Etlacllye beb, mat this Aesokdfon ~,au be In foil tome and etlect trom and upon its adoption. SECTION 10. SevaratriAtyr. R anY clause a provlelon d ftde Resolution B 1! or any reason be held !Q be ktttefld or unartforoeade, the InvelkQly or urrodoroeaf~ty of such aerlfon, Paregrapt~, cdaue9 a ; .: >n shell net eRect any d ins remeGdng ,.. i.1. , al this Reeolu- li~n. INTROpl1C£D, .REAL), APPROVEt] AND A[)OPTEp thEe 4th deyd Qecempar 2001. Tt]~YJJ t)F VAIL KWz ATTE 7: Pilhiht~tl iti ilia pi QjcMn6M1',-~ -..- .