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Home My WebLink About1979-13 Authorizing to Proceed with Steps Preliminary to the Issuance of Revenue BondsSTATE OF COL ~~OR.ADO ) COUNTY OF EAGLE ) SS. TOWN OF VAIL ) The Town Counca.l of met in regular session at the on , April /7, 1979, present at said meeting the fs Present: the Town of Vail., Colorado, Town Hall, ~.n Vail, Colorado, at 7,',3op.m. There were allowing: Mayora Rodney E. Slifer other Council Mer~berss John F. Donovan Paula Palmateer E a 4dil l iam Wil to 17r. Thomas T. Steinberg Robert Ruder Absents sc~ b tT t-}-O~-icfl-h1 constituting all the members thereof. There were also present: Town Clerks Colleen Kline Town Attorneys I.,awrence C. Rider Council Member ~,,~~~-~ introduced the following resolution, which was read in full and is as follows: TOWN OF VAxL, COLORADO R.ESOLUTxON NO. LESOLUTxON AUTHORIZING E. F. HUTTON & COMPANY, INC., TO PROCEED WITH STEPS PRELIMINARY TO THE ISSUANCE OF REVENUE BONDS OF THE TOWN OF VAxL, COLORADO, TO FINANCE P.ESSDENTIAL FACILITIES FOR x.OW AND MIDDLE-INCOME FAMILIES OR PERSONS. WHEREAS, the Town of Vail, Colorado (the "Town") is authorized by the County and I`~unicipality Development Revenue Bond Act constituting Article 3 of Title 29, Colo- rado Revised Statutes 19`73, as amended (the "Act"}, to acquire, own, lease, improve, and dispose of properties to the end that more adequate residential housing facilities for low'and middle°3ncome families and persons may be pro- vided; and WHEREAS, the Town is further authorized by the Act to issue its revenue bonds {as defined in the Act, in° cludinc~ Hates and other forms of securities} for the pur- pose of defraying the cost of financing, refinancing, acquiring, improving and equipping any projects and$ f WHEREASy the Town desires to take the necessary steps to authorize, issue, sell and deliver its revenue bonds pursuant to the Act in the aggregate principal amount presently estimated not to exceed $10,500,000 for temporary financing and Hat to exceed $14,000,000 for permanent financing collectively, the °'Bonds } in one ar more series to pay the cost 2° of residential housing facilities for middle°income fami3.ies and persons, which will constitute residEntial read. property for fama.ly units within the meaning of ~~ 103 (b} (4} (A} , Tnter-- nal Revenue Code of 1.954, as amended, and the regulations thereunder (the "Project") to be developed by Pitkin Creek. 3Park, Tnc. (the °'Company"} and to be constructed at a site within the Town, together with the costs of funding any re- serve funds far the Bonds and costs incidental to the auth° orization, issuance and sale of the Bonds WHEREAS, pursuant to that certain resalution of the Town Council. duly adopted on July il, 1978. it was provided that the Town wi11 authorize and issue its Bonds upon the terms provided in a Memorandum of Agreement between the Company and the Town; and WHEREAS, it is now necessary to modify said July 11, 1978 resolution as provided belowo i~iUW, THEREFORE, $E TT RESOLVEI? BY THE TOWN COUNCTL OF THE TOWN OF VAxL, COLORADOs Section 1. The Town hereby agrees that it will authorize and issue Re~crenue Bonds in the amount not to exceed 10,500,004 for temporary financing and not to exceed $14,000,000 for permanent financing to pay the cost of the Project, upon terms acceptable to the Town, the Company, and E. F. Hutton & Company, Tnc. ("Hutton"), as set forth in a bond resolution to be hereafter adopted and to take all further action which is necessary or desirable in connection therewith, and Hutton d 3-- f ~ ~ is hereby authorized and directed to take all actions necessary or desirable in connection with such financing, including,' without limiting the generality of the fore-- going, the following: 1, Obtain a rating far the Bands from one or snore nationally recognized rating agencies and to furnish such information to said rating agencies as may be required; 2. Prepare a preliminary official statement describing the Project and Bonds; and 3. Form an underwriting syndicate and confer with the syndicate members and others concerning the in- tercet rate or rates for the Bonds and the other detai~.s of the bond resolution to be hereafter passed by the Town. Section 2. The Bonds and interest coupons, if any, appurtenant thereto shall never constitute the debt or indebtedness of the Town within the meaning of any pro-- vision or limitation of the Constitution or statutes of the State of Colorado, and shall not give rise to a pecuni- ary liability of the Town or a charge against its general credit or taxing powers, but shall be secured and payable only by a pledge of the revenues derived from the Project. Section 3. If any section, paragraph, clause or provision of this resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unen- forceability of such section, paragraph, clause or provision a 4- e . • shall noic affect any of the remaining provisions of this resolution. Section 4. All bylaws, orders and resolutions, or parts thereof, inconsistent herewith are hereby repealed to the extent only of such inconsistency. This repealer shall not be construed as reviving any bylaw, order or resolution, or part thereof. Section 5. All action {not inconsistent with the provisions of this resolution) heretofore taken by the hoard of County Commissioners and the officers of the County with. respect to the Project and the authorization, issue and sale of the Eonds be, and the same hereby is, ratified, approved. and confirmed. PASSED, ADOPTED, SIGNED AND APPROVED this ~ 7!~ day of ~~ ~ , 1.979. i ~ I f Mayor / ' SEAi,) ATTEST: ~ Town~Cler 5~ Whereupon it was moved by Council Member ~~ and seconded by Council Member N~ ~ that al~ rules of the Town Council which ;night prevent, unless sus- pended, the final passage and adoption of said resolution at this meeting be, and the same hereby are, suspended for the purpose of permitting the final passage and adoption of said resolution at this meeting. The motion was put to a vote, the vote being as follows: Those Voting Yes; Rodney E. Slifer John F. Donovan Paula Palmateer Ee William Wi1to fir. Thomas I, Steinberg Robert Ruder Those Voting No: '" " Those Absent: ~ ~ ~~ ~ ~ ~ PI'S A motion to adopt the foregoing resolution was then duly made by Council Member ~~'`7~ ~/~. ~ and duly seconded by Council Member ~r~~t1fJU+~rr71~ ~, was put to a vote, the vote being as follows; Those Voting Yes; Rodney E< Slifer John F. Donovan Paula Palmateer E. William Wilco Dr. Thomas 1. Steinberg P.obext Ruder Those Voting No: ~ " Those Absent: ~ n~~ ~Dp~~/ Thereupon the Mayor declared said motion carried and said resolution duly passed and adopted. 6- S ~ • Auer action on business not related to the foregoing resolu~~.on, on motion duly made, seconded and adopted, the meeting thereupon adjourned. e Mayor =' SEAL} ATTESTS own ~1erk r 4 7 f r ~ STATE 4F coLOxADO 3 CQUNTY OF EAGLE ) SS. TOWN OF VAIL ) 1, Colleen Kline, the duly qualified and acting Town Clerk of the Town of Vail, Colorado, do hereby certify: 1. The foregoing pages numbered l to 7, a:nclu- sive, are a txue, perfect and complete copy of the record of proceedings of the Town Council. of the Town of Vaal had and taken at a lawful. regular meeting of the Council held at the Town Hall in Vail, Colorado, an Aprii ~, ].979, commencing at the hour of `];~~ ~.m., as recorded in the regu- lar official. book of the proceedings of the Town kept in my office. Said proceedings were duly had and taken as therein shown, the meeting therein shown was duly held, and the per- sons therein named were present at said meeting~as therein Shawn. ~ 20 All members of the Town Council were duly. notified of said meeting, pursuant to lawe 1N WITN_ESS WHEREOF, I have hereunto set~~~'ny~hand and affixed the Sealy of the Town this ,~~ day of L~~l'~~ r 197'9. SEAL) C.v~L_/' yTown e~k s STATE ~~ C~'L~`RA.DO~ SS CCU TY OF EF~GI.E i I-1E F~~F~ G~:'! C IS R FULL. TRUE AND CJ~,~•.F'::.T C~`ar=`~' Ai Ti°iE S;li~,'iE.FPi?EARS P~N T~-;F: t:;~~G;iDS Oi" 1ti9Y OFFICE. DATE• ~ 'fir `~ GI TIMEe ..l ~~~~ TO N CLERK .~.~---