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HomeMy WebLinkAbout1982-19(a) Authorizing the Town to Commit the sum of $47,360.00 for Lift Operating Budget for 1983t { RESOLUTION ,~19 - q Series of 1982) A RESOLUTION OF THE TOWN COUNCIL ~r3TFI0RIZING T'iE TOWN TO CUMivIIT THE SUl4i OF $47 , 360.00 FOR T`HE LII'T OPERATING BUDGET FOR 1983 ; AND r~T1TH0:-IZING THE TOWN MANAGER TO EXECUTE ALL NECESSARY rOCiJMENTS PERTAINING HERETO. WHEREAS, the operating budget for Thr~ Lift for 1983 is 132,200.00; and WHEREAS, the Federal Government is contributing $67,340.00 to The Lift budget for 19$3; and WHEREAS, revenues from The Lift are projected to be $1.7,500.00 for 1983; and WHEREAS, a local commitment in the amount of $47,360.00 is required; and WHEREAS, the Town of Avon and the County of Eagle will be reimbursing the Town one third (1/3} each of said local commitment; NOW, THEREFORE, be it resolved by the Town Council of the Town of Vail, Colorado, that: Section I. The Town of Vail commit $47,360.00 to The Lift budget for the year 1983. Section II. The Town Manager is hereby authorized to execute for and on behalf of the Town all documents necessary to comply with this Resolution. Section III. The Town Clerk is directed to attest to the signature of the Town Manager and to affix the seal of the Town to any said documents. INTRODUCED, READ, APPROVED AND ADOPTED this 3rd day of August, 19s2 . Ro ney E. ~Iifer, I4I ors ATTEST: Col een'"M. Kline, own Clerk-' RESOLlJ7s° ~' 2~ 1 r '- t Seri ~. _~s2 R~SOLUTI{~N iPANSFI;RRING TO 2'IESA COUNTY, COLORADO THE ALLO- CATION ©F THE `1'Oli.IkOF VAIL, COLORADO UNDER SECTION 29-4-803 AND SECTION 29-4-805 OF COLORADO REVISED STATUTES 1973, AS AMENDED, TO FINANCE MORTGAGE LOANS Ta PROVIDE N,ORE ADEQUATE RESIDENTIAL HOUSING FACILITIES FOR LOW- AND MIDDLE-INCOME FAI`1IL IES AND PERSONS WITHIN I~iESA COUNTY AND WITHIN THE CITY WHICH IS I.,OCATED WITHIN EAGLE COUAT7.'I', AND ELSEWHERE IN THE STATE OF COLORADO; DELEGATING THE AUTHORITY TO ISSUE REVEI`UE BONDS TO FINANCE SAID AORTGAGE LOANS 4JITHIN TI3E CITy~ ANp AUTHORIZING THE EXECUTION AND DELIVERY BY THE CITY OF AN F~LOCATION TRANSFER AGREEMENT AND A DELEGATION AGREEI`iENT. dHEREAS, the City of Vaii, Colorado {the "City") and Mesa County, Colorado {"Mesa County") are each authorized by the County and I•Iunicipal ity Development Revenue Bond Act, constituting Article 3 of Title 29, Colorado Revised Statutes 1973. as amended (the "Project Act'T) , to f ir_ance, ref finance, acquire, own, lease, improve and dis- ease of proper ties to the end that mare adequate residential housing facilities for J.ow- and middle-income families and persons may be provided, which promote the public health, welfare, safety, conve- nience and prosperity; and WHEREAS, the I~iortgac~e Subsidy Band Tax Act of 1980, codi-. f ied as Section 103A of the Tnterral Revenue Code of 1954, as amended the "Federal Act"}, restricts the amount of tax exempt obligations which may be issued by the Calorado Housing Finance Authority and local governmental units in the State of Calorado (the "State") to finance singlE-family mortgages to an amount not exceeding the State ceiling; and WHEREAS, the Federal Act authorizes the states to provide a formula for aZlocatirig the respective state ceilings among the gov- ernmental units in such states in a manner different from the federal allocation formula, and the State of Colorado has provided for such 2- t an alternate formula for allocation by the enactment into law of Senate Bill No, 112, codified as Part $ of Article 4 of Title 29 of Colorado Revised Statutes 1973, as amended (the "Allocation Act"); and t~,HEREAS, the Allocation Act authorizes governmental units in the State to transfer all or a part of their allocations provided for in the Allocation Act to any other entity otherwise authorizes to issue bonds to finance single-family mortgages and to accept trans- fers of such allocations; and 7HEREAS, the Project Act and Part 2 of Article I of Title 29, Colorado Revised Statutes 1973, as amended, provide, in effect, that any county and municipality may by resolution or ordi- nance delegate to any other county or municipality its authority under the Project Act to finance projects under the Project Act; and ti'i?EREAS, the City and Mesa County deem it necessary and advisable that a program be made available for the origination and servicing of mortgage loans for residential housing facilities for low- «nd middle-income families and persons tthe "Mortgage Loans") in order to increase the supply of money available for mortgages so that families and persons of low-- and middle-income may finance the pur- chase of residential housing facilities at less than the prevailing market interest rate, thereby providing more adequate residential housing facilities for low- and middle--income families and persons within both the City and Mesa County and elsewhere in the State; and 7~iEREAS, the City desires to transfer to Mesa County its allocation under Section 29-4-803 of the Allocation Act to finance P;ortgage Leans to provide more adequate residential housing facili- ties for low- and middle-income families and persons within Mesa County and the City and elsewhere within the State; and WF3EREAS, the City desires to delegate to Mesa County the authority to act on its behalf in the issuance of qualified mortgage bonds pursuant to the allocation granted under Section 29-4-805 of 3- r, the Allocation Act and to transfer the City's allocation under Section 2°--'-8Q5 of the Allocation Act to fin,xnce Mortgage Loans to provide more adequate residential pausing facilities for iaw- and middle-inco;ae families and persons within Me;~a County and the City and elsewhere within the State; and Y~'fiEFEP.S, the City desires to delegate to Mesa County its power under the Project Act to issue revenue bonds to finance t~fortsage Loans to provide more adequate residential housing facili- ties for low- and middle-income families and persons within the City; and WHEREAS, Mesa Caunty desires to accept such transfers and delegation and to finance T~ortgage Loans to provide more adequate residential pausing facilities for low- and middle-income families and persons within Mesa County and the City and elsewhere within the State; and wEEREP.S, economies of time and expense will result from one governmental, unit financing P~ortgage Loans to provide more adequate residential housing facilities for low- and middle-income families and persons within both the City and Mesa County and elsewhere within the State; and Y~'T3EREAS, it is necessary to evidence such transfers and the acceptance of such transfers by the Allocation Transfer Agreement attached hereto as Exhibit A (the "Allocation Transfer Agreement") which will be e~:ecuted and aelivered by the City and Mesa County; and WHEREAS, it is necessary to evidence such delegation and the acceptance of such delegation by the Delegation Agreement attached hereto as Exhibit B (the "Delegation Agreement"? which will be executed and delivered by the City and Mesa Caunty. NOI~, THEREFORE, BE ST RESOLVED BY THE CITY COUNCxL OF THE CITY OF VAIL, COLORADO: 4- Section 1. In order to insure the financing of Mortgage Loans to provide i„ore adequate residential housing facilities far low- and middle-income families and persons within the City at the earliest possible date, which will promote the public health, wel- fare, safety, convenience and prosperity of the inhabitants of the City, it is deemed necessary and advisable that the Allocation Transfer Agreement and the Delegation Agreement be approved, executed and delivered by and on behalf of the City. Section 2. The form, terms and provisions of the Allocation Transfer Agreement and the Delegation Agreement hereby are approved and the 1~layor of the City and the City Clerk hereby are authorized and directed to execute and deliver the Allocation Transfer Agreement and the Delegation Agreement. Town bean alter Section 3. The r;ayor, /and the City Clerk hereby are autho- rized and directed to take such other steps or actions as may be required to carry out the terms and intent of this resolution, the Allocation Transfer Agreement and the Delegation Agreement, Section 4. Nothing contained in this resolution, in the Allocation Transfer Agreement or in the Delegation Agreement shall obligate the City, e xcept to the extent described in the Allocation Transfer Agreement and in the Delegation Agreement, nor constitute the debt or indebtedness of the City within the meaning of the Constitution ar statutes of the State or the home rule charter of any political subdivision thereof, nor give rise to a pecuniary Liability of the City or a charge against its general credit or taxing powers. Section ~. 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. Section 6. All action that inconsistent with the provisions of this resolution) heretofore taken by the City Council 5- and the officers of the City directed toward the authorization of the allocation Transfer Agreement and the Delegation Agreement hereby is radified, approved and confirmed. Section 7, This resolution shall be in full force and effect upon its passage and approval. PASSED, ADOPTED AND APPROVED this 7th day of September, 7982. MRYOR I ~ V SEAL) ATTEST: r G~ , 6- r-- Thereupon, the presid~.ng officer declared the motion car- ried and the resolution duly passed and adopted. After other action or ausiness not related to the foregoing resolution, an motion duly made, seconded and adopted, the meeting thereupon adjourned. r Mayor ' SEAT,) Attest City Clerk g_ rr-._ CGUNTY 0~' EAGLE ) SS . CITY OF VAIL i L I~ Colleen hi. Kline ~ the duly qual.ii: ~.~ and acting City Clerk of the City of Vail, Colorado tthe "City"), in the County of Eagle and State of Colorado, do hereby certify: ' 1. The foregoing Forges numbered -~.- to -'~ -, inclusive, are a true, perfect and complete copy of the record of proceedings of the City Council of the City had and taken at a lawful meeting of the City Council held at Council,. Chambers , _Town.-of_Vai7 ~ , Vail ~ Colorado on Tues . ,Sept . 7 ~ 1g82 at 7 ; 30 pm., a5 recorded in the regular official book of the proceedings of the City kept i.n my off ice so far as the proceedings relate to the resolution therein set forth, the proceedings t~~ere duly had and taken as therein shown, the meeting therein shown was duly held, and the persons therein named were present at the r~~eeting as therein shown. 2. All members of the City Council were duly notified of the meeting, pursuant to law. IN WITNESS WHEREOF, T have hereunto set my hand and affixed the seal of the City this 7th day of scent-, - , 1982. City Cler k C `+uH~r gr c~ ~ ~ T.. I cn Z O nT. .-` ~ m O n ,,~~ nnvv w z ~ R D I m~ m vi YR I en f 1 I I I I C~ i ~I~I f F~ I i flp a I i~ I i--s i !~ I n! !~i I I~ „ o 3 ~ ~' I T I 11\,`~I I ~~ I I ~ 1 1 _ i ~ z F W s D ~ T2z`cm-+ I rmm~~ m Y m P I^ ---- N D ~~ z ~~ r a XZ ~~ A N `^ Hm z 1 i I 1 m'~CnO OD2~ooz~nz ~o°z~~ pZ s N1 6r m ~ ~~ ~~ ~ rS ~~ ~VNi'~` n ~YqNqhFNN i INGT NEGOTIABLEI BuB,IECT TO TARIFF NEGUUTIQNS LIABILITY:r Tait tarritr will not pry Iqt a tlnwOt clnmt Derr i1m arr thiPrMnt unltta a PMeN 1'YIW ii tl~Cllrttl Intl cletrptt Tur Wdt IIwtM Nlw gltl. RltsinWm w~wewn Tor any Dry shipment Is HmitM M uliN. 43+e T~ritt For Invleme• wr1. wr~Or il- Est FigFitk Avenue ~- - •T.~~ ., rr, i olorncf~ 8U203.371h / 303 Shl tia~~ C ~~(Or-actc~ J{~~rrtiirtc~ ~~iriiin~i .ltrtltor•it~~ -- __._ __ -- r1ugust 23, 1982 iV1r. Richard {~aplan, l4ianager City of Vail 75 S. Frontage Road Vail, CO 81657 Dear cVlr. Caplan: Re: Senate Bill 112 As authorized by the federal il~ortgage Subsidy Bond Tax Act of 1980 ("~~15BTA"), the Colorado General Assembly adapted S13 112 {the "Act"} which provides the following formula for allocation of the "state ceiling" for qualified mortgage bonds which may be issued in any calendar year by the Colorado Housing Finance Authority and local governmental units: a. one-half to the Colorado Housing Finance Authority (CHFA) b. one-half to local governmental units city, city and county, town or county) in accordance with the allocation formula specified in the Act. The 1982 state ceiling for Colorado, based upon figures published by the U.S. Treasury Department, is $293,000,000. Application of the Act's allocation formula provides authority to your governmental unit to issue up to $165,912.75 in qualified mortgage bonds. The Act stipulates that these bonds must be issued by October 1, 1982 or, alternatively, that the allocation for ail or a portion of these bonds may be transferred to the Colorado Housing Finance Authority or another local governmental unit. Any portion of an issuer's allocation as to which it has neither issued qualified mortgage bonds nor transferred its allocation is forfeited on (7ctober 1, and all unused allocations then will be pooled and reallocated. COL. .,~0 ]i0U5It~G FINAtVCE AUI'H+.~~~~~ Y Senate bill 112 Fage -2- After reviewing the amount allocated to your governmental unit, you may decide that the issuance of bonds is not feasible. If you elect not to issue bonds with the above allocation, your governmental unit has three options: 1. You may transfer all or a part of your allocation to the Colorado Housing Finance Authority by ordinance or resolution {as required by applicable law). However, it is unlikely that the Authority, which recently sold $66 million in qualified mortgage bonds, will be in a position to issue additional bonds by the October 1 deadline. if you still wish to transfer your allocation to the Authority, an ordinance or resolution must be adopted and must be effective as of September 15, 1982. Please contact the Authority as to the form of such ordinance or resolution. 2. You may trans#er all or a part of your allocation to one or more other "local governmental units". 3. You may do nothing, in which case your allocation is forfeited as of October 1, 1982, pooled with all other unused allocations, and reallocated pursuant to the procedures set forth in the Act. Whatever you decide to da with respect to your original allocation, you also may wish to participate in the pool of unused allocations. To receive an allocation from the pool, you must take "official action" by September 15, indicating your intent to issue qualified mortgage bonds pursuant to the x'vf513TA by December 31, 1982, and file with the Qirector of the State Division of Housing by September 15 a copy of the resolution or motion adopted by your governing body evidencing such official action. The allocation you receive from the pool may be used to issue bonds or may be transferred to the Colorado Housing Finance Authority or to another governmental unit. Unce you receive your allocation, and if you wish to transfer all or a portion of it to the Authority, please contact the Authority as to the form of resolution or ordinance. The Authority intends to issue additional qualified mortgage bonds by December 31. The Authority would make every effort to use any allocation you may choose to transfer in such band issue and to see that funds in the amount of the transfer are used to provide mortgage loans in your jurisdiction. If you have any questions please Gail aim t~oberts, Faye Allman or the undersigned at our office. Sincerely, i!,~u-tom'/`"~.~ ~~ "~-L ~-~-~ 1.~ -- David W. Herlinger . l~xecutive Director DWH/tmw i: C~,~.G~~O~a"~"~ CERTIFIED RECORD OF PROCEEDINGS OF THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO RELATING TO A RESOLUTION INITIATING A SPECIAL AND LOCAL IMPROVEMENT PROJECT FOR THE LIONSHEAD MALL STATE OF COLORADO ) COUNTY OF EAGLE ) ss, TOWN OF VAIL ) The Town Council of the Town of Vail, Colorado, met in regular session at the Vail Municipal Building, Vail, Colorado. the regular meeting .p lace thereof, on Tuesday, the 5th day of October, 1982, at the hour of 7:30 p.m. The following members of the Town Council were gresent; Mayor: Rod Slifer Council Members: Chuck Anderson Paul Johns -.~ Herman Stauf~er Ronald Todd - Gail Wahrlich Bill Wilto The following members of the Town Council were absent: s`.~~ The following persons were also present: Town Manager: Richard Gaplan Town Director of Finance; Wiliam Pyka Town Attorney: Lawrence A. Eskwith Town Clerk: ~ Colleen~Nl. Kline Thereupon the following proceedings, among others. were had and taken: J 1- Council Member , ~~ ,~~nF,.,,~~, ~.~ _ ~t.~.t~, ~.rftroduced and L~1 ~ ~1~~ mov1ed the passage and adoption of the following Resolution which was then read by title, sufficient copies thereof having previously been made available to the Town Council and to the public: 2-