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HomeMy WebLinkAbout1986-19 Relating to Sports Facilities Revenue Refunding Bonds, Series 1986..:,. I"~` Q~ Q9/86 ,. .~ ~~ SU~~'~T TO C~Ai~GE ~~ d`~~-t.~~~_ I ~i PROCEEDINGS OF THE TOWN COUNCIL OF THE TOWN OF NAIL. COLORADO RELATING TO SPORTS FACILITIES REVENUE REFUNDING BONDS (NAIL ASSOCIATES PROJECT]. SERIES 19$5 IN A PRINCIPAL AMOUNT NOT TO EXCEED $2.500.000 .i. . ~`~ N ~ ~~ /~. r ~ STATE OE COLORADO } GOUNTY OF EAGLE } ss. TOWN OF VAiL ~ } The Town Council. of the Town of Vail, Colorado, met in regular session at the Vail Municipal Building, the regular meeting place thereof in the Town, on Tuesday, the 15th day of July, 1986, at the hour of 7:30 p.m. The following members of the Town Council were present: Mayor: Paul Johnston Mayor Pro Tem: Kent Rose Council Members: Eric Affeldt Dan Corcoran Gail Wahrlich-Lowenthal. Gordon Pierce Hermann Staufer The .following members of the Town Council were absent: None The following persons were also presents - - - Town Manager: Rondall Phillips Town Director of Finance: Charles Wick Town Attorney: Lawrence A. Eskwith Town Clerk: Pamela A. Brandmeyer Thereupon, the following proceedings, among others, were had and taken: Council Member Aau~ 7ahn~5.~an introduced the following Ordinance, which was read by title, sufficient copies haying previously been made available to the Council and to the public: D4813 1 Q7/09/86 ~ h ., ~ , ~- . ~, s~, ` • • "~ ~ ~ ' i ':~. ~ • M ~• ORDINANCE N0, IQ Series of 1986 AN ORDINANCE AUTHORIZING AND DIREC"T"ING •+~~M; ISSUANC-n OE UP TO $2,600,000 AGGREGATE PRINCIPAL AMOUNT OF ~~~ TOWN'S SPORTS FACILITIES REVENUE REFUNDING BOLAS, EXECUTION AND DELIVERY OF A SPOizTS FACILITIyS REFINANCING AGREEMENT WITH VAIL ASSOCIATES, INC. AI+tD RELATED DOCUMENTS; AUTHORIZING AND DIRECTIL`'G •,-.~ EXECUTION AND DELIVERY OE SUCH BONDS; PROVIDING P'OR ;~:~ PRINCIPAL AMOUNT, NUMBERS, PROVISIONS FOR REDE~TIOH AND MATURITIES OF, AND RATES OF Ilvir~xcEST ON, ire, BOIrDS, AND AUTHORIZING CERTAIN TERMS TO BE D~,~~.rcMINED By SUBSEQUENT RESOLUTION; DETERMINING REVENUES TO BE PAID FOR SUCH PROJECT; AUTHORIZING Ilv~r.STMr"~N'rS; APPROt'rING COUNSEL; AUTHORIZING INCIDENTAL ACTION; CALLING A SPECIAL PUBLIC HEARING;. AND REPEALING INCONSIS~;1~ ACTIONS . ~ ~ _ _ 1,~ „ ,.;F:: V' ~i ,~ x., :.. ~1 f ter, l f~~i1 r ~ S ~~ S '' i..~~t .P}1 _. r`, ' WHEREAS, the Town Council by Ordinance No. 29, Series of 1981, approved a sports and recreational facilities project (the "Project") for Vail Associates, Inc, {the "Company} pursuant to the County and Municipality Development Revenue Bond Act {the "Act") and issued $2,600,D00 aggregate principal amount of Sports Facilities Revenue Bonds (Vail Associates Project}, Series 1981 (the "1981 Bonds") which have. been Bailed for redemption on September 1, 1986 pursuant to the tests of the Trust Indenture under which such 1981 Bonds were issued; and- _ WHEREAS, the Town has determined to enter into a Sports Facilities Refinancing Agreement {the "Agreement"} with the Company and to refund the 1981 Bonds and re-finance the Project and its related costs by the issuance and delivery of up to $2, 600,000 in principal amount of its bonds to be known as "Sports Facilities Revenue Refunding Bands {Vail Associates Project), Series 1986" (the "Bonds") to RepublicBank Dallas, National Association (the "Lender"). ;~ NOW, inr.REFORE,~ BE ~IT ORDAINED BY_ its. TOWN COUNCIL OF iris. TOWN OF VAIL, COLORADO, AS FOLLO~TS: -_ - - _ - ~ _ ~. - SECTION 1. APPROVAL DF AGF M ~ iriENT.. The form of the ~. Agreement betweer~ the Town;y. and the Company presented to the-~ ~ ' meeting at which thia Ordinance is considered for ~ final ' readinq• (cop~.es of which ahaXl be~filed with the records of the Town) are hereby appro~~ed, and tb~ Mayor 3s hereby authorized to execute, accept or consent to,:.~d._deliver, and (where appropriate) the , Town Clem i g hsrfby ~attthoicized to affix the corporate seal of the Town to, and attest a document in substantially such form and D4813 Lk },. /~ 07/09/86 - ..x . _- ,~ j5,\. . 3 :,`,;: s ~L~y~;~ c`.,r` ~' 11 - :,~, i~-ti' ~~ ~.j . '"-., .i„ ^,:~•._ ~~" .. ,. ~3`":, .. ti--- • - ~~. upon the terms and conditions therein set forth under .such date and with such changes therein as such officers shall approve, such approval to be evidenced by their execution thereof. SECTION 2: ISSUANCE 0E BONDS. The issuance of the Bonds is hereby authorized. The form of the Bonds set Earth in the Agreement is hereby approved; the Bands shall be executed on behalf of the Town by the Mayor and the Town Clerk in substantially the form approved herein with appropriate insertions and variations, and the corporate seal. of the Town is hereby authorized to be affixed thereto; and the Mayor, Town Manager or Town Clerk is authorized and directed to deliver the Bonds to the Lender against receipt by an Escrow Agent or Trustee in respect of the 1981 Bonds of the principal amount of the Bonds for deposit as provided in the Agreement and related documents. SECTION 3. TERMS OF BONDS. The Bonds shall be dated as of their actual date of delivery, shall bear interest at a fixed or variable rate, shall mature not Later than September 1, 2001, and shall be issued as fully registered bands in such denomination, as shall be specified in the Agreement, not to exceed $2,600,000. Pursuant to Section 6 of the Act, the maximum net effective interest rate for the Bonds shall not exceed ~~~ per annum. The principal amount, numbers, maturities and provisions for redemption or prepayment of, the rate of interest on, any registration and exchange privileges of and the rights upon default of, the Bonds shall be as set forth in the aforesaid; form of such Bonds and in the form of Agreement hereinbefore approved. which forms are hereby incorporated by reference as if: set Forth herein in full. The final aggregate principal amount, maturity schedule, fixed or variable interest rate or method far determination thereof, redemption prices, and any Escrow Agent,,..;; trustee, registrar, or paying agents, for the Bonds shall be established by subsequent resolution of the Town Council adopted pursuant to Section b of the Act. - ,. .. .~. SECTION 4. DETERMINATION OF REVENUES: In accordance.- with the Act, it as hereby determined that (a) no amount is. necessary for payment into any reserve fund for retirement of thee- Bonds and maintenance of the Project and (b) the amounts that will be necessary for the payment of maturing principal. and.-,t interest on the Bonds, shall. be set forth in a debt service-", -- schedule to be approved by subsequent resolution of the Town Council. It i5 hereby determined that the Company shall be required, under the terms of the Agreement, to maintain the,;. Project and carry all. proper insurance with respect thereto: Further, it is hereby determined that the Company shall be. required under the terms of the Agreement to pay all taxes levied-' by the State of Colorado and local taxing bodies with respect to.,~ the Pro j ect-_ D~813 3 07 fog/86 ~. -,, ;~'~:~ ~..;, ~<-~ ..{:, i~;~ S: ~ ':. - . i~ :' K;` . ~~' ~~;~ x'., SECTION 5. INVESTMENT OF FUNDS. Any Trustee or Escrow Agent shall be, by virtue of this Ordinance and without further authorization from the Town, authorized, directed and requested to invest and reinvest all moneys available therefor held by it pursuant to the Agreement or related documents, which by the terms of said Agreement may be invested, or to deposit and redeposit such moneys, all subject to the terms and limitations contained in the Agreement. SECTION 6. APPROVAL OF COUNSEL. The firm of Ballard, Spahr, Andrews & Ingersoll is hereby approved as band counsel in connection with the issuance of the Bonds to the Lender. SECTION 7. INCIDENTAL ACTION. The Mayor, Town Manager, Finance Director and Town 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 appropriate in order to effectuate the execution and delivery of the aforesaid Agreement, the performance of the Town's obligations thereunder, and the issuance and delivery of the Bonds, all in accordance with the foregoing Sections hereof. Notwithstanding any other provision of this Ordinance, the Mayor, Town Manager and Town Finance Director are hereby authorized to make or approve such revisions in the Agreement, as, in the opinion of counsel to the Town, may be necessary or convenient to carry out the purposes of this Ordinance and the refinancing of the Project through the refunding of the 1981 Bonds, including but not limited to, redeeming the 1981 Bands and determining the actual principal amount of the Bonds and the fixed or variable interest rate{s) on the Bonds or method for determination thereof. SECTION 8. BONDS SHALL NOT CONSTITUTE A PECUNIARY LIABILITY OF ~.~xua TOWN, As required by the Act,, the Bonds shall be, special, limited obligations of the Town, payable solely from the revenues derived from the Project and shall never constitute the debt or indebtedness of the Town within the meaning of any provision or limitation of the Colorado Constitution. Colorado Statutes, or the Town"s Home Rule Charter, and shall not constitute or give rise to a pecuniary Liability of the Town or a~, charge against its general credit or taxing powers. SECTION 9. REPEAL. Any prior ordinances or.:~ resolutions or parts thereof inconsistent herewith are hereby~~:` repealed, _ ~ ~. < . SECTION 10. ORDINANCE IRREPEALABLE. This Ordinance is, and shall constitute, a legislative measure of the Town, and after the Bonds hereby authorized are issued, this Ordinance shall constitute a contract between the Town and the Lender or D4813 4 07/09/86 '~ ti; other owner of the Bonds and shall be and remain irrepealable until. the Bonds and the interest accruing thereon shall have been fully paid, satisfied and discharged. .~ ' SECTION Il. RECORDING; EFFECTIVE DATE. This Ordinance, after final. passage, shall be recorded in a book kept for that purpose, shall be published as provided in the Home Rule Charter of the Town and shall be authenticated by the sa.gnatures of the Mayor and the Town Clerk and by the certificate of publication. This Ordinance shall take effect five days after publ.icatian fallowing the final passage upon second reading hereof. w SECTION z2. SPECIAL PU~LiC HEARING. As required by Section 7.03(k) of the Internal Revenue Code of 1.954, as amended, a public hearing shall be held by the Town Council. at the time' and place as is indicated in the farm of notice set .forth below, far the purpose of considering the issuance by the Tvwn of its aonds to refinance the Fraject. The hearing shall be conducted in a manner that provides a reasonable opportunity for persons with differing views to be heard on the issuance of the Bonds. i,IOTICE OF PUBLIC HEARING . REGARDING ISSUANCE OF TOWN OF VAIL INDUSTRIAL DEVELOPMENT " REVENUE REFUNDING BONDS FOR - VAIL ASSOCIATES PROJECT NOTICE I5 HERESY GIVEN that the Town Council- of the Town of Vail, Colarado, will hold a public hearing at the Vail Municipal Building, SoutYs Frontage Road, Vail., Colorado, on August 19, 198fi, at the hour of 7:30 p.ID., or as soon thereafter as possible, nn the propased issuance by the Town of its industrial development revenue refunding bonds in a principal arnaunt of $2,600,000, for the purpose of refunding certain bonds issued by the Town in I981 to finance snowmaking equipment and other improvements and additions to the Vail Mountain recreation camplex awned and operated by Vail Associates, Inc. to be located at various locations on Vail Mauntairx in unincorporated Eagle County within 8 miles of the corporate limits of the Town. Fallowing the hearing the Town Council will consider and act upon a resolution authorizing the financing of the project and the issuance of the bonds. The Eagle County Board of County Commissioners are also required to approve the issuance of such bonds. All, interested persons 3.n the Town of Vail and elsewhere in Eagle County, Colorado ors invited to attend the public hearing. D4813 5 07/09/$6 .• IT TS HEREBY CERTIFIED that on the 15th day of July, 1986, this Ordinance was introduced, read on first reading, approved, and ordered published once in full in The Vail Trail on Ju],y 18, 1986, and =that this Ordinance will be presented for final passage and a public hearing thereon has been scheduled for a special meeting of the Town Council of th~ Town of Vaal, Colorado, on the 29th day of July, 1986, at 2' 0 p.m., in the Municipal Building of the Town. INTRODUCED, READ ON FIRST READING, APPROVED AND ENACTED, AND ORDERED PUBLISHED ONCE IN FULL, this 15th day of July, 1986. (TOWN} (SEAL) TOWN OF VAIL, COLORADO ATTEST: Town Clerk Pau'1`~o ns o ~ Ma or INTRODUCED, READ AND FINALLY APPROVED AND ENACTED ON SECOND READING AND ORDERED PUBLISHED BY TITLE ONLY this 29th day of July, 1986. (TOWN) ~ - ( SEAL ) - - ~ - ATTEST: lY~+ • 11 I ~~r f YV _ - Town Clerk TOWN OF VAIL, COLORADO .. ~ .. P~ J ~- .. ,. . ~, ayor .....~ M... 4 ~ D~813 07/09/86 6 Council. Member A~~¢,L'd~ moved that the foregoing Ordinance heretofore introduced and read by title be approved on first reading. . Council. Member Ra~2 seconded the motion, and the question being upon the approval on first reading of the Ordinance, the roll was called with the following results: Council Members voting "YES": Mayon : Jahcvsxa~. Mayor Fro Tenn: Rode Council Members:A~j~~dt ~,~~rce ~lctGr~.icGi-- Cawe.~~h.a,~. S~au~ elL Can.~anccri Council Members voting "NO": Nane 7 members n£ the Town Council present having voted in favor thereof, the Mayor thereupon declared the motion was carried and the Ordinance duly approved on First reading. Thereupon, the Mayor directed that the Ordinance be published once in full in The Vail Trail, a newspaper of general. circulation within the Town, in its issue dated ,duly l8, 1.985. After consideration of other business to come before the Town Council, the meeting was adjour7 ~~+~ {Town) {SEAL) ' ``' ATTEST .,, _ ~~ ~~ - Town Clerk ~ .-, Town of Vail, Colorado D4813 7 Mayor Town of V Colorado 07/09/85 •~.. ~"~. r ~~ ~' STATE OE COLORADO ) ) - COUNTY OE EAGLE ) ss. TOWN OF VAIL ) •~ The Town Council of the Tawn of Vail, Colorado, met in [special] session at the Vail Municipal Building, the regular meeting place thereof in the Town, on Tuesday, the 29th day of July, 1986, at the hour of 2: a~ u.m. . The following members of the Town Council were present: Mayor: Paul Johnston Mayor Pro Tem: Kent Rase Council Members: Eric Affeldt Dan Corcoran ., .. Gail. Wahr~,ich-Lawentha~ C.. L San-i'ie~ ~ c Hermann' Staufer The following members of the Town Council were absent: Gordon Pierce The following persons were also present~._. _ Town Manager: ~ Rondall Phillips ~~ Town Director of Finance: ~ Charles Wick Town Attorney: Lawrence A. Eskwith Town Clerk: ,: Pamela A. Brandmeyer The Mayor informed the Town Council that Ordinance No. _, Series of 19B6, which was introduced, approved on first reading and ordered published once in full at a regular meeting of the Town Council, held on July 1S, 1986, was duly published in The Vail Trail, a newspaper of general circulation published in the Town, in its issue of~July 1B, 1986. Council Member Johnston then read sa~.d ordinance by its title. D4813 8 07/09/B5 . ~. . - ~~'~~ r' 2 ,~ ' i Thereupon, Council. Member Affeldt moved the final passage of Ordinance No. 19 Series of 1986. Council Member Corcoran seconded the motion, and the question being upon the final passage of said Ordinance, the roll was called with the following result: Council Mezr~bers voting "YES": Mayor: Mayor Pro Tem: Council Members: Council Members voting "NO": Paul Johnston Kent Rose Eric Affeldt Dan Corcoran Gail ~[ahrlich-Lowenthal ilermann Staufer None Six (6) members of the Town Council present having voted in favor thereof, the Mayor thereupon declared the motion was carried and the Ordinance finally passed. Thereupon, the Mayor directed that the Ordinance be published by title only in The Vail Trail, a newspapez of general circulation within the Town, in its issue dated August 1, 1986. After consideration of other business to come before the Town Council, tk~e meeting was adjourned (TOWN) Mayor {SEAL) ~ Town of Va~Colorado AT EST: J~ . ~~ Town Clerk Town of Vail., Colorado D4813 9 07/09/86 i ~ „ - i f~~ !• / . f ~° STATE OF COLORADO ) COUNTY OF EAGLE ) ss. ') TOWN OF VAIL ~ } I, Pamela A. Brandmeyer, Town Clerk of the Town of Vail, Colorado, do hereby certify that the attached capy of Ordinance No. t9 Series of 1986, is a true and correct copy; that said Ordinance was introduced and approved on first reading by the Town Council of the Tawn of Vaal, . Colorado, at a regular meeting thereof held at the Vail Municipal Building, the regular meeting place thereof, an Tuesday, the 15th day of July, 1986; that said Ordinance was finally passed on second reading by said Town Council at a duly convened and published special meeting thereof held at the Vail Municipal Building, the regular meeting place thereof, on Tuesday, the 29th day of July, 198b; that a true copy of said Ordinance has been duly executed and authenticated by the signatures of the Mayor of the Tawn and myself as Town Clerk thereof, sealed with the ,seal of the Town, and numbered and recorded in the official records of the Town kept for that purpose an my office; and that said Ordinance was duly published in full together with a notice giving the date when said Ordinance would be presented for final passage and once by title only in The Vail Trail, a newspaper of general circulation within the Tawn, in its issues of July 18, 1986, and August 1, 3.986 as evidenced by the affidavits of publication attached hereto. I further certify that the foregoing pages constitute a true and correct capy of the record of the proceedings o£ the Town Council at its aforesaid meetings insofar as said proceedings relate to said Ordinance; that said proceedings were duly had and taken, that the meetings were duly held; and that the persons were present at said meetings as therein shown. IN WITNESS WHEREOF, I have hereunto set my hand and the seal of the Tawn of Vail, Colorado, this29~hday of ~u~Y , 1986. (TOWN) {SEAL) ~. ~Y~.u,,~~r ~~l•Gr~ Town Clerk 4 Town of Vail, Colorado D4813 10 07/09/86 j ~, . - ~ _ ~ ~ . • , f - STATE Off' COLORADO? ) ) COUNTY OF EAGLE ) ss. _ TO7WN OE VAIL ~ ) (Attach affidavit of pub~.icatian a.n full of Ordinance and notice giving date when Ordinance to be presented for final passage-) D4813 I7. 07jQ9/86 -- <t ~ I' ~ 'S h , • ~ ~ ~~i ~N ~ "- I, ~• ..: .I / STATE OF COLORADO COUNTY OF EAGLE -~ ss. ~~ TOWN OF VAIL ) (Attach affidavit of publication of Ordinance by title only.) D~8Z3 I2 07/09/85 ,~,~ ORDINANCE NO . ~. 9 Series of 1986 AN ORDINANCE AUTHORIZING AND DIRECTING THE ISSUANCE OF UP TO $2,600,000 AGGREGATE PRINCIPAL AMOUNT OF THE TOWN'S SPORTS FACILITIES REVENUE REFUNDING BONDS, EXECUTION AND DELIVERY OF A SPORTS FACILITIES REFINANCING AGREEMENT WITH 'JAIL ASSOCIATES, INC., AND RELATED DOCUMENTS; AUTHORIZING AND DIRECTING THE EXECUTION AND DELIVERY OF SUCH BONDS; PROVIDING FOR THE PRINCIPAL AMOUNT, NUMBERS, PROVISIONS FOR REDEMPTION AND MATURITIES OF, AND RATES OF INTEREST ON, THE BONDS, AND AUTHORIZING CERTAIN TERMS TO BE DETERMINED BY SUBSEQUENT RESOLUTION; DETERMINING REVENUES TO BE PAID FOR SUCH PROJECT; AUTHORIZING INVESTMENTS; APPROVING COUNSEL; AUTHORIZING INCIDENTAL ACTION; CALLING A SPECIAL PUBLIC MEETING; AND REPEALING INCONSISTENT ACTIONS. INTRODUCED, READ, AND FINALLX' APPROVED AND ENACTED ON SECOND READING AND ORDERED PUBLISHED BY TITLE ONLY this 29th day o~ July, 1986. TOWN OF VAIL, COLORADO / ~. -~ (TOWN) ~' ~ (SEAL) Mayor ATTEST: Town C~.erk D4B1S 13 07/09/85