HomeMy WebLinkAbout1975-18 Amending Ordinance No. 17, Series of 1975 i
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ORDINANCE NO. 18
Series of 1975
AN ORDINANCE AMENDING QRDINANCE N0. 17,
SERIES OF 1975, BY PROVIDING FOR THE
DETERMINATION BY RESOLUTION OF TI3E AGGREGATE
PRINCIPAL AMOUNT, WHICH SHALL BE $5,000,000.00
OR ANY LESSER AMOUNT, OF THE TOWN'S SPORTS
FACILITY REVENUE BONDS, AND BY INCREASING
THE MAXIMUM NET EFFECTIVE INTEREST RATE FOR
THE BONDS FROM llo TO 12$
WHEREAS, the Town Council of the Town of Vail, Colo-
rado, hereinafter referred to as the "Town", by Resolution Na.
3, Series of 1975, adopted March 18, 1975, and by Ordinance
No. 17, Series of 1975, enacted October 7, 1975, approved the
financing of a commercial development and sports facility pro-
ject for Vail Associates, Inc., hereinafter referred to as the
"Company", by the issuance of $5,000,000.00 in aggregate princi-
pal amount of the Town's Sports Facility Revenue Bonds (Vail
Associates Project), Series A, hereinafter referred to as the
"Bonds", pursuant to the County and Municipality Development
Revenue Bond Act, C.R.S. 1973,529-3-101 et cetera, as amended;
and
WHEREAS, the Company has requested that the Town amend
Ordinance No. 17, Series of 1975, to authorize that the aggregate
principal amount of the Bonds shall be $5,000,000.00 or any
lesser amount, rather than precisely $5,000,000.00 as specified
in said ordinance, and to increase the maximum net effective
interest rate for the Bonds from llo to 120;
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF
THE TOWN OF VAIL, COLORADO, A5 FOLLOWS:
Section 1. Title.
This ordinance shall be known as the "Ordinance Amend-
ing Ordinance No. 17, Series of 1975".
Section 2. Amendment to Ordinance Na. 17, Series of
1975.
Section 5 of Ordinance r1a. 17, Series of 1975, of the
Town of Vail, Colorado, is hereby amended to read as follows:
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Ord. 18, 1975 Page 2
Section 5. Determination of Aggregate Principal
Amount of Bonds; Terms of Bonds.
A. The aggregate principal amount of the Bonds shall
be $5,000,000.00 or any lesser amount as determined by subsequent
resolution of the Town Council adopted pursuant to Section 6 of
the Act (C.R.S. 1973, ss29-3--106, as amended). The Agreement, the
Security Agreement, the Trust Indenture, the Underwriting Agree-
ment, and the Official Statement approved by Section 3 hereof
shall be amended as necessary to reflect such aggregate principal
amount together with any consequent changes related thereto.
B. The Bonds shall be dated November 1, 1975, and
shall be issued as coupon bonds registrable as to principal only,
in the denomination 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 12~.
The principal amount, numbers, maturities, and provisions for
redemption of, the rates of interest on, the registration privi-
leges 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
Trust Indenture hereinbefore approved, which forms are hereby
incorporated by reference 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 5 of the Act (C.R.S. 1973,
529-3-10E, as amended}, In accordance with the provisions of
the Trust Indenture, the Trustee shall establish a Series A Bonds
Sinking Fund into which the Trustee shall transfer the amounts
on or before the dates established pursuant to such subsequent
resolution of the Town Council.
Section 3. Effective Date.
This ordinance shall take effect five days after publi-
cation following the final passage hereof.
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Ord. 18, 1975
Page 3
TNTRODi1CED, READ Ord FIRST READING, APPROVED, AND
ORDERED PUBLISHED ONCE Ird FULL, this 21st day of October, 1975,
and a public hearing on this ordinance shall be held at the
regular meeting of the Town Council of the Town of Vail, Colo-
rado, an the 4th day of November, 1975, at 7:30 P.A4., in the
Municipal Building of the Town.
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Ord. 18, 1975 Page 4
INTRODUCED, READ ON SECOND READING, APPROVED, ENACTED,
AND ORDERED PUBLISHED ON CE ZN FULL, this 4th day of November,
1975.
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