HomeMy WebLinkAbout1986-03 The Intent of the TOV to Issue Industrial Development Revenue Bonds to Finance a Project for Kiandra Hotel Partners Limited Partnership1,
RESOLUTION N0. 3
Series 1986
A RESOLUTION SETTING FORTH THE INTENT OF THE TOWN
OF VAIL, COLORADO TO ISSUE INDUSTRIAL DEVELOPMENT
REVENUE BONDS TO FINANCE A PROJECT FOR KIANDRA
HOTEL PARTNERS LIMITED PARTNERSHIP
WHEREAS, the Town of Vail, Colorado (the "Town") is a
municipal corporation duly organized and existing as a home rule
town under Article XX of the Constitution of the State of
Colorado and under the Charter of the Town; and
WHEREAS, representatives of Kiandra Hotel Partners Limited
Partnership, a South Carolina Limited Partnership (the
Partnership"), have met with officials of the Town and have
advised the Town of the Partnership's interest in purchasing and
renovating an existing hotel (the "Project") within the Tawn,
subject to the willingness of the Town to finance a portion of
the cost of such acquisition and renovation as an industrial
development bond project pursuant to the Colorado County and
Municipality Development Revenue Bond Act, constituting Article
3, Title 29, Colorado Revised Statutes, as amended (the "Act");
and
WHEREAS, the Town has considered the Partnership's proposal
and has concluded that the Project will be economically
beneficial to the Town and its inhabitants and that the Town
wishes to proceed with the financing of the cost of the Project;
and
WHEREAS, the Town finds, considers, and declares that the
issuance and sale of the bonds in the amount and for the purpose
hereinabout set forth will be appropriate and consistent with the
objectives of the Act, and that the adoption of this Resolution
is and constitutes and is intended as (i) an inducement to the
Partnership to proceed with providing for the acquisition and
renovatian of the Project and (ii) the taking of affirmative
official action by the Town, acting by and through its Town
Council, towards the issuance of the bonds within the meaning of
Federal income tax law with respect to interest on the bonds to
finance certain facilities to be financed by the issuance of
exempt small issue bonds or exempt facilities, including Treas.
Reg. Section 1.103-5 {a} (5).
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE
TOWN OF VATL, COLORADO:
1. In order to induce the Partnership to acquire and
renovate the Project, the Town shall take all steps necessary or
advisable pursuant to the Act to effect the issuance of
industrial development bonds in the maximum aggregate amount of
10,000,000 or such lesser amount as shall be mutually agreed
upon to finance the cost of the acquisition and renovation of the
Project.
2. No costs are to be borne by the Town in connection with
this transaction. Prior to the execution of the necessary
financing documents as shall be mutually agreed upon in
connection with the Project and the bonds, such documents will be
2
subject to the authorization by ordinance of the Town Council
pursuant to law.
3. The agreements of the Town set forth above are expressly
conditioned upon the ability and willingness of the Town to issue
the bonds as tax-exempt obligations under the Federal income tax
laws existing on the date of the issuance of the bonds. Nothing
contained in this resolution shall be construed as requiring the
Town to issue the bonds and the decision to issue the bands shall
be in the complete discretion of the Town. Without limiting the
generality of the foregoing, the willingness of the Town to issue
the bonds is expressly conditioned upon the bonds and the
financing of the Project satisfying any criteria established by
the Town prior to or subsequent to the adoption of this
resolution.
PASSED by the Tawn Council on
SEAL)
t~(/~u~,~t,C~ ~ 19 8 5 .
Mayor
test:
Town Clerk Q
3
CERTIFICATE FOR RESOLiJTION
SETTING FORTH THE INTENT OF THE TOWN OF VAIL, COLORADO
TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS
TO FINANCE A PROJECT FOR
KIANDRA HOTEL PARTNERS LIMITED PARTNERSHIP
THE STATE OF COLORADO )
COUNTY OF EAGLE ) ss.
TOWN OF VAIL )
I, the undersigned officer of the Town of Vail, Colorado
the "Town"), do hereby execute and deliver this certificate far
the benefit of all persons interested in the proceedings of the
Town and the validity thereof, and do certify as follows:
1. I am the duly chosen, qualified and acting officer of
the Town for the office shown below my signature; as such I am
familiar with the facts herein certified and I am duly authorized
to execute and deliver this certificate.
2. In accordance with the ordinances and rules of the Town,
the Town Council of the Town of Vail {the "Council") held a
meeting at 76 South Frontage Raad, Vail, Colorado, on Tuesday,
January 7, 1986 (the "Meeting"), and the roll was called of the
duly constituted members of the Council, to wit:
Paul Johnston
Kent Rose
Dan Corcoran
Eric Affeldt
Gordon Pierce
Hermann Staufer
Gail Wahrlich-Lowenthal
Mayor
Mayor Pra-Tem
Councilmember
Councilmember
Councilmember
Councilmember
Councilmember
All of such persons ~re~p~ es~n ., except the following absentees:
r.~'w~rU~N C~.C~
thus constituting a quorum. Also present were:
Pam Brandmeyer Town Clerk
Larry Eskwith Town Attorney
Where a written:
RESOLUTION
SETTING FORTH THE INTENT OF THE TOWN OF VAIL, COLORADO
TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS
TO FINANCE A PROJECT FOR
KIANDRA HOTEL PARTNERS LIMITED PARTNERSHIP
the "Resolution") was duly moved and seconded and, after due
discussion, said motion, carrying with it the adoption of the
Resolution, prevailed and carried by the following votes:
AYES: ~ NOES: D ABSTAIN: O
3. A true, full, and correct copy of the Resolution adopted
at the Meeting is attached to and follows this Certificate.
SIGNED AND SEALED THIS ~Q ~ day ~f--J3nu~ry, 1986.
5 EAL )
Attest:
To~~n Clerk
BY : ~ ~ . ~~~~ ~~~ r,_.~
Mayor
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