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