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;
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Resolution No. 15
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Pac~E; 2
INTRODUCED, READ, APPROVED, AND ADOPTED, this 1st day
of May, 1979.
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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.
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