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HomeMy WebLinkAbout1979-15 Agreeing to Issue Revenue Bonds to Finance Residential Facilities for Low and Midle Income FamiliesRESOLUTION N0. 15 Series of 19'7 9 RESOLUTION AGREEING TO ISSUE REVENUE BONDS OF THE TOWN OF VAIL TO FINANCE RESIDENTIAL FACILITIES FOR LOW AND MIDDLE INCOME FAMILIES OR PERSONS, TO BE DEVELOPED BY VAIL ASSOCIATES, INC., AND AUTHORIZING THE EXECUTION OF A MEMORANDUM OF AGREEMENT IN CON- NECTION THEREWITH BETWEEN THE TOWN OF VAIL AND VAIL ASSOCIATES, INC. WHEREAS, the Town of Vail (the "Issuer"), a body politic and corporate and a political subdivision of the State of Colorado is authorized and impowered by the provisions of the County and Municipality Development Revenue Bond Act, C.R.S. Section 29-3--101 et sec (the "Initial Act"), to finance a project, as that term is defined in the Act, and to issue its Industrial Revenue Bonds far the purpose of paying the cost of financing the project; and WHEREAS, Vail Associates, Inc., (the "Corporation") has requested the Issuer to issue and sell, to the First National Bank of Denver, Denver, Gvlorado (the "Purchaser") its Industrial Revenue Bonds pursuant to the provisions of the Act for the purpose of financing a housing facility constituting a project as that term is defined in the Act (the "Project") for the corporation; and WHEREAS, the Issuer wishes to declare its intention to authorize an issue of its Industrial Revenue Bonds for the purpose of paying the cost of financing the project, when so requested by the Corporaticn, upon such terms and conditions that may then be agreed upon by the Issuer, the Corporation and the Purchaser. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL AS THE ISSUER that it does hereby declare its intention to authorize the issuance and sale of Industrial Revenue Bonds of the Issuer to the Purchaser under and in accordance with the Act, in such an amount necessary to pay the cost of the project that is described in Attachment, A", presently estimated to be $6,000,000, and upon such terms and conditions, as may be mutually agreed upon by the Issuer and the Corporation, the issuance and sale of such bonds to be authorized by an Ordinance of the Issuer at meetings to be held for such purpose. Y Mayor / ATTEST; Tow~Cl f Resolution No. 15 i Pac~E; 2 INTRODUCED, READ, APPROVED, AND ADOPTED, this 1st day of May, 1979. r F I~~11 a r Q f~ ,r 3 ,~ F ~ o o ~ , R µ A 1 Q~, o~ ~. ~ ~ o o b. Z x I s 4~ y~~^ m=~ .m ~c`i ~~ c ~'~~~ Q .~~~.g ~ ~' ~. o aC7 _,.N Q.P '~ ~ -~ `r' Q. ~ -'' m m Cl 7-~ OL~{D C~,~Q~m~~ O 4 ATTACFIMENT A 1. The project will be located in the Town of Vail, Colorado. 2. The Project will generally consist of a rental housing facility constituting approximately 100 living units for low and middle income families nr persons residing or in- e tending to reside in the Town of Vail and Intended as the sole place of residence of such families or persons and related and subordinate equipment and facilities. r G