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HomeMy WebLinkAbout1975-17 Confirming a Prior Resolution, Authorizing and Directing the Issuance of $5,000,000.00 Aggregate Principal Amount of the Town's Sports Facility Revenue Bonds~ ~ ~ .. ORDINANCE NO. 17 Series of 1975 AN ORDINANCE COTIFIR141ING A PRIOR RESOLUTION; AUTHORIZING AND DIRECTING THE ISSUANCE OF $5,000,000.00 AGGREGATE PRINCIPAL A?t'IOUNT OF THE TOL`TN'S SPORTS FACILITY REVENUE BONDS, EXECUTION AND DELIVERY OF A SPORTS FACILITIES FTNANCIPdG AGREEMENT t~TTTH VAIL ASSOCIATES, INC., AN UNDERWRITING AGREEMENT, A TRUST I?~1DETITURE, A SECURITY AGREEMENT AND AN OFFICIAL STATEMEI`dT IN CONNECTION THEREUTITH; AUTHORIZING A?~1D DIRECTING THE EXECUTIOi~d AND DELIVERY OF SUCK BONDS AND INTEREST COUPONS PERTAINING TI~ERETO; PROVIDING FOR THE PRINCIPAL AMOUNT, NUMBERS, PROVISIONS FOR REDE~'~'iPTION AND MATURITIES OF, AND RATES OF INTEREST ON, THE BOT3DS, A?`dD AUTI;ORIZTNG CERTAIN TERMS TO ~3E DETER.'vIINED BY SUBSEOUETIT RESOLUTION; DETER?'~INITIG REVENUES TO BE PAID FOR SUCH PROJECT; REQUESTING THE TRUSTEE TO AUTHEiJTICATE THE BONDS; AUTHORIZING INVESTMENTS BY THE TRUSTEE; APPROVITdG COUNSEL; AUTHORIZING INCIDENTAL ACTION; AND REPEALING INCONSISTENT ACTIONS WHEREAS, the Town Council by Resolution T1o. 3, Series of 1975, adopted March 18, 1975, ment and sports facility project Associates, Inc., (the "Company" Municipality Development Revenue published notice on August 1, 19 Ordinance; approved a commercial develop-- (the "Project"} for Vail } pursuant to the County and Bond Act (the "Act"}, and has 75 of its intent to enact this WHEREAS, the Company will occupy, operate, maintain and employ the Project, and the Project will promote the purposes of the Act; WHEREAS, the Town has determined to enter into a Sports Facilities Financing Agreement dated as of November 1, 1975 (the "Agreement") with the Company and to finance the Project and its related costs by the issuance of $5,000,000.00 in aggregate principal amount of its bonds to be known as "Sports Facility Revenue Bonds (Vail Associates Project}, series A" (the "Bonds") to be issued pursuant to a Trust Indenture dated as of November 1, 1975 (the "indenture"} to a bank or trust company (to be designated by the Company), as Trustee (the "Trustee"), and to be further secured by an Indenture and Security Agreement dated ~~ Town (clerk Ordinance 17, 1975 Page 2 as of November 1, 1975 (the "Security Agreement") from the Company to the Trustee and joined in by the Town; and Tr7HEREAS, Goldman, Sach & Co., Bosworth, Sullivan & Company, Inc. and Boettcher and Company (the "Underwriters") propose to purchase the Bonds and to enter into an Underwriting Agreement (the "Underwriting Agreement"} relating thereto with the Town, and the Company has joined in said Underwriting Agreement; NOW, THEREFORE, BE IT ORDAh1ED BY THE TO6~7N COUNCIL OF THE TOWN OF VAIL, COLORADO, AS FOLLOWS: Section 1. Title. This ordinance shall be known as the "Ordinance Authorizing and Directing the Issuance of X5,000,000.00 Aggregate Principal Amount of the Town's Sports Facility Revenue Bonds". Section 2. Confirmation of Prior Resolution. Resolution No. 3, Series of 1975, adopted March 18, 1975, including the findings and approvals therein set forth, is hereby ratified and confirmed, and such findings and approvals are hereby incorporated by reference herein the same as if set forth in full. Section 3. Approval of Agreement, Security Agreement, Trust Indenture, Underwriting Agreement and Official Statement. The form of the Agreement between the Town and the Company, the form of the Security Agreement between the Company and the Trustee, the form of the Indenture between the Town and the Trus7-ee, the form of the Underwriting Agreement in respect of the Bands among the Town, the Underwriters and the Company, and the form of the Official Statement in respect of the Bonds presented to this meeting (copies of which shall be filed with the records of the Town) are hereby approved- and the Mayor is hereby authorized to execute, accept ar consent to, and deliver, and (where appropriate} the Town Clerk is hereby authorized to affix the corporate seal of the Town to, and attest, documents Taw erk -,., ~ ~- ~ Ordinance 17, 1975 Page 3 in substantially such forms and upon the terms and conditions therein set forth with such changes therein as such officers shall approve, such approval to be evidenced by their execution thereof . Section 4. Issuance of Bonds. The issuance of the Bonds is hereby authorized. The form of the Bands and the form of the interest coupons pertain- ing thereto set forth in the Indenture are hereby approved, the facsimile signatures of the ?~-~ayor and the Town Clerk of_ the Town are hereby authorized and directed to be printed on the face of the Bonds in substantially such form with appropriate insertions and variations, and the facsimile corporate seal of the Town is hereby adopted and authorized to be imprinted thereon; the fac- simile signatures of the Mayor and Town Clerk are authorized and directed to be printed on the coupons pertaining to the Bonds; and the Mayor or Town Clerk is authorized and directed to deliver the Bonds to the Trustee for authentication under the Indenture and, when they have been authenticated, to deliver them or cause therm to be delivered to the Underwriters pursuant to the Under- writing Agreement against receipt of the purchase price plus any accrued interest due and to deposit the amount so received with the Trustee as provided in the Indenture. Section 5. Terms of Bonds. The Bonds shall be dated November 1, 1975 and shall be issued as coupon bonds registrable as to principal only, in the denomina~_ion of $5,000.00 each, payable at the principal corporate trust office of the Trustee or at a successor paying agent. The maximum net effective interest rate for the Bonds, with which the Underwriting Agreement shall comply, shall be llo. The principal amount, numbers, maturities and provisions for redemption of, the rates of interest on, the registration 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 Indenture herein- before approved, which forms are hereby incorporated by reference Town erk i ~ ~ ( Ordinance 17, 1975 Page 4 as if set forth in full. The final maturity schedule, interest rates and redemption prices for the bonds shall be established by subsequent resolution of the Town Council adopted pursuant to Section 6 of the Act (C.R.S. 1973, ss29-3-1~6, as amended). In accordance with the provisions of the Indenture, the Trustee shall establish a Series A Bonds Sinking Fund into which the Trustee sha11 transfer the amounts on or before the dates estab- lished pursuant to such subsequent resolution of the Town Council. Section 6. Determination of Revenues. In accordance with the Act, it is hereby determined that (a) no amount is necessary for payment into any reserve fund for retirement of the Bonds and maintenance of the Project and (b} the amounts that will be necessary for the payment of maturing principal, sinking fund payments and interest on the Bonds, shall be set forth in a debt service schedule to be approved by subse- quent resolution of the Town Council. It is hereby determined that the Company shall be required, under the terms of the Agree- ment, to maintain the Project and carry all proper insurance with respect thereto. Section 7. Authentication of Bonds. The Trustee is hereby requested to authenticate the Bonds and to deliver them and the coupons attached thereto to, or upon the order of, the Mayor or the Town Clerk. Section 8, Investment of Funds. The Trustee shall be, by virtue of this Ordinance and without _urther authorization from the Town, authorized, directed and requested to invest and reinvest all moneys available therefor held by it pursuant to the Indenture, which by the terms of said Indenture may be invested, or to deposit and redeposit such moneys in such accounts as may be permitted by the said Indenture, all subject to the terms and limitations contained in the Inden- ture, Town ~1erk yam.. --~ ~`' d Sl ~ A t Ordinance 17, 1975 Page 5 Section 9. Approval of Counsel. The firm of Calkins, Kramer, Grimshaw & Harring is hereby approved as special counsel to the Town in connection with the issuance of the Bonds. The firm of Ballard, Spahr, Andrews & Ingersoll is hereby approved as bond counsel in con- nection with the issuance of the Bonds. The opinion of such bond counsel is hereby authorized to be printed on the Bonds and cer- tified to by the Trustee in accordance with the provisions of the Indenture. Section 10. Incidental Action. The Mayor and Town Clerk of the Town are hereby author- ized 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, Security Agreement, Indenture and Underwriting Agree- ment, the performance of the Town's obligations thereunder, and the issuance and sale of the Bonds, all in accordance with the foregoing Sections hereof. Section 11. Bonds Shall Not Constitute a Pecuniary Liability of the Town. As required by the Act, the Bonds and the interest coupons appertaining thereto shall be special, limited obliga- tions 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 i2. Repeal. Any prior ordinances or resolutions or parts thereof inconsistent herewith are hereby repealed. Town erk cr.. -.-.. ,.-~ Ordinance 17, 1975 Page 6 Section 13. Effective Date. This ordinance shall take effect five days after publication following the final passage hereof. IT IS HEREBY CERTIFIED that on the 16th day of September, 1975, this ordinance was introduced, read on first reading, approved, and ordered published once in full, and a public hearing was scheduled at the regular meeting of the Town Council of the Town of Vail, Colorado, on the 7th day of October, 1975, at 7:30 P.T1., in the Municipal Building of the Town. INTRODUCED, READ ON SEC0~1D READING, APPROVED AS AMENDED, ENACTED, AND ORDERED PUBLISHED ONCE 2N FULL, this 7th day of October, 1975. 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INVESTMENT OF FUNDS- The Trustee shall be, by virtue of this Ordinance and without further authorization from the Town, authorized, directed and requested to invest antl reinvest all moneys avail- ~abls therefor held by It pursuant to tM Indenturs, whith by the terms of said Indenturs may be inrestetl, or to deposit antl redeposit such-moneys in such accounts as may ifs permitted ~Y this laid InWnture, all subject to the bans antl limitations contained in the Indenture, t'~t~ , , ,~ SEGTION 9. APPROVAL OF COUNSEL. The firm of Gallons, Kramer, Grimshaw and Herring is hereby approvetl as special counsel to the Town kn Connection with "the issuance of the Bands. The firm of Ballard, Spahr, Andrews 6 Ingersoll is hereby approve-d as pond cefunsel in connection with the issuance of the Bonds. The opinion of such bond counsel is hereby suttforized tb' be printed on the Bonds antl certified to -by the Trustee in accordance with the provisions of the Intlenture. SECTION 10. INS~IDENTAL AC- TION, The Mayor and Town Clerk of the Town are herby authorized and directed to execute and deliver such other documents, inGUding accep- tances antl conveyances of property interests, antl to, take such other action. as may be necessary or appropriate in order toyeffectuate the execution and delivery of-the afore- said Agreement, Secur[ty Agreerrlent, indenture antl Underwriting Agree- ment, the performance of ule Town's obligations thereunder, and the issu- ance and safe of the 8ontls, all in accordance with the foregoing Sec- tions hereof. - SEGTION 11. BONDS SHALL NOT CONSTITUTE A PECUNIARY LIABILITY OF THE TOWN. As required by 'the Act, the Bonds antl the Interest coupons appertaining thereto shall ba special, limited obligations of the Town, payable solely from the revenues tlerived from the Project and shall never constitute the debt _ or indebtedness of the Town within the meaning of any provi5ipn Or (imitation of the Cdloratlo Constitution, Colorado Statytes, or the Town'S Home Ruie Charter, and shall not constitute or give rise to a pecuniary liability pf [he Town or a charge against its general credit or taxing powers. SECTION 12. REPEAL. Any prior ordinances or resolutions or parts thereof inconsistent herewith are hereby repealed. SECTION 13. EFFECTIVE BATE. This ordinance shall take affect five ~ pays alter publication tollowing the final passage hereof- 1T IS HERESY CERTIFIED that on the 16th day of September, 1975, ~ this ordinance was introduced, read on first reading, approved, and ortlered pubi[shetl onw in full, and a public hearing was scheduled at th• regular meeting of. the Town Council of the- Town of Vail, Colorado, on the 7th day of October, 1975,,at 7:3o p. m., in the frlunleipal Building of the Town. INTRODUCED, READ ON S>=CON^ REABiNG, APPROVED AS AMENDED, ENACTED, AND ORDERED PUBLISHED ONCE IN FULL, this 7th pay • Of October, 1975. TOWN OF VAIL John A. Dobson ~ Mayor ATTEST; Rosalie Jeffrey Town-Gierk Published in The Vail Troll on . °~r~~ - -~`i 'e C] ~• H w m 0 0 ti a .~" y c`_ ~C a d ' d m a a !~ff a 0 O m m Q `'~ C ~ I~ ~~ of 0 c~p ~ tlt ~~, ,~ ~1 m i a• ~ a o off. E ry' ~ e~p ~~ m ~ a ~ vE. n o "~ ~ p a ~ ~ ' ~ m ~ r; ~ a F to m ro ~ a' + ~„ ' ~--~ G. ep = n ~• ¢ ~ .T o w H ~, ~ e+ . 00 Cs ro ~ ~~6.'-R~ a ~ J1 fS . 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