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HomeMy WebLinkAbout1975-14 Determining the Principal Amount, Bond Numbers, Provisions for Redemption and Maturities of and Rates of interests of the Town's Sports Facility Revenue Bondsu ~NAL TO~~N OF NAIL, COLORADO RESOLUTION N0. l4 Series of 1975 A RESOLUTION SUPPr.,~rr~~TZrrG oz~i~z~v~c~ rro. z7, SERIES OF 1975, AS AMF~NDED; DETERMINING THE PRINCTPAL AMOUNT, BOND NUI~IBERS, PROVISIONS FOR REDEI~iPTION AND MATURITIES OF, AND RA'C'ES OF INTEREST ON $3,500,000 OI" TTIE TOWN'S SPORTS FACILITY REVENUE BONDS (NAIL ASSOGIAT~'S PROJECT); DETERMINING REVENUES TO BE PAID FOR SUCH PROJECT; AUTHORIZING INCIDENTAL ACTION; AND REPEALING INCONSISTENT ACTIONS, WHEREAS, the Town Council by Resolution No. 3, Series of 1975, adopted March 18, 1975, and by Ordinance No. l7, Series of 1975, finally passed October 7, 1975, as amended by Ordinance No. l8, Series of 1975, approved the financing of a corr~ercial developmentandsportsfacilityproject (the "Project"} for Vail Associates, Inc. the "Company") pursuant to the Caurzty and-Municipality DevelopmentRevenueBondAct {the "Act"); and, WHEREAS, the Town has approved a Sports Faci.liti_es Financing Agreement dated as of November 1, 1975 (the "Agreement") with the Company and has determined to finance f~he initial portion of the Project and its related costs by the issuance of $3,500,000 in aggregate principal amount of its bonds to be knoz~n as "Sports Facility Revenue Bonds (Vail Associates Project), Ser~.es A" (the Bonds") to be issued pursuant to a Trust Tndenture dated as of November ~., 1975 {the "Indenture") to Central Bank of Denver as Trustee (the "Trustee"), and to be further secured by an Tndenture and Security Agreement dated as of Nove~.~ber 1, 1975 (the "Security Agreement") from the Company to the Trustee; and, WHEREAS, Ordinance No. 17, Series of 1975, as so amended, authorized the issuance of the Bonds and the determination of final terms thereof by subsequent resolution of the Town Council; and, HEREAS, Goldman, Sachs & Go., Bosworth, Sullivan & Company, Xnc., and Boettcher and Company (the "Underwriters") have offered to purchase the Bonds at 942 percent of the principal amount thereof, with stated maturity and redemption dates and interest rates and propose to enter into an Underwriting Agreement (the "Underwriting Agreement") relating thereto with the Town, and the Company will join in said Underwriting Agreement. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF NAIL, COLORADO, that: Section 1. TITLE, This Resolution shall be known as the Resolution Determining the Aggregate Principal Amount and Terms of the Town's Sports Facility Revenue Bonds". Section 2. TERMS OF BONDS. The Bonds shall be dated November 1, 1975, shall be in the aggregate principal amount of 3,500,000, and shall be issued as coupon bonds registrable as to principal only, in the denomination of $5,000 each, payable at the principal corporate trust office of the Trustee or at a successor paying agent. The Underwriting Agreement is hereby found to comply with the maximum net effective interest rate for the Sends stated in Ordinance No. l7, Series of 1975, as so amended. The principal amount, numbers, maturities and provisions for redemption of, and the rates of interest on, the Bonds sha11 be as set Earth below and in the final Town rk Offiesa~- Statement Bonds Numbered AC- ) n respect of the o~. ~~x Yu~ av u~~t i4 Aggregate Principal Amount Bonds to be aptpzav~d ~Y `5 ctie~ It dL tZt'LS' '~LS'~1ut~or! Interest Rate Per Annum ' Maturity Date February 1) 1-90 4'50,000 8 4°/0 150 91-160 350,000 8 1/2%1981 161-220 300,000 8 5/8%1982 221-300 400,000 8 3/4%1983 301-340 200,000 8 718%1984 341-380 200,000 9 1985 381-700 1,600,000 9 3/$%1990 In accordance with the provisions of the Indenture, the Trustee shall establish a Series A Bonds Sinking Fund into which the Trustee shall transfer the following amounts on or before the following dates: Year February 1)Amount 1986 3ao,ooo x987 300,000 1988 ~300,000 1989 300,000 In addition to other redemption provisions of the Bands as contained in the form of Indenture previously approved, the Bonds shall be subject to redempt~.on prior to maturity at the option of the Town in whale or in part, and if in part then in the inverse order of maturity and by lot within a maturity, on any date on or after February 1, 1986. The Redemption Price to be paid in such event shall be the amount shown below as a percentage of principal amount, plus interest accrued to the redemption date: Redemption Dates Optional Redemption Price February 1, 1986 to January 3l, 1987 ---------___....__ZQ3% February 1, 1987 to January 31, 1988 ---------------__--102°/, February 1, 1988 to January 31, 1989 ----_--------______101°/Q February 1, 19$9 and thereafter ----------------------100% Section 3. DETERMxNATION OF REVENUES. Tn accordance with the Act, it is hereby determined that (a) no amount is 'necessary fvr payment into any reserve fund for retirement of the Bands and mainte- nance of the Project, and (b) the following amounts,~in addition to the amounts set forth in Section 2 hereof far the payment off' maturing principal and sinking fund payments, will be necessary for the payment of interest on the Bonds: Year Ending February 1 1976 78,375 1977 313,500 1975 313,500 1979 313,500 1980 313,500 1981 27b,375 1982 246,625 1983 220,750 1984 185,750 own ~xk Year Ending February 1 1985 7.68,000 1986 150,000 1987 121,875 1988 93,750 1.989 65, 625 1990 37,500 Total $2,898,675 Section 4. INCIDENTAL ACTION. The Mayor and To Clerk of the Town are hereby authorized and directed to execute and deliver such other documents, including acceptances and conveyances of property interests, and to take such other action as may be necessary or appro- priate in order to effectuate the execution and delivery of the afore- said Agreement, Security Agreement, Indenture, .Official Statement and Underwriting Agreement {including the approval of changes. in such docu- menCs which the Town's special ~ounse]. approves and which do not alter the basic terms and substance of the proposed transactions, such approval to be evidenced by the execution by such officers),. the performance of the Town's obligations thereunder, and the issuance and sale of the Bonds to the Underwriters at a price.of 94~% of the principal amount thereof, plus ,interest accrued to the date of closing, all in accordance with the foregoing Sections hereof and the provisions of Ordinance No. 17, Series of 1975 as so amended. Section 5. REPEAL. A11 prior resolutions or parts thereof inconsistent herewith are hereby repealed. Section 6. EFFECTIVE DATE. This Resolution shall. take effect n the 13th day .of November, 19'76. INTROD~ICED, READ, APPROVED AND ADOPTED, THIS 4th day of November, 1975. ATTEST: r Town Cler /O Mayor Town erk