HomeMy WebLinkAbout1979-16 Authorizing the Execution and Delivery by the Town of a Pond Purchase Agreement in Connection with the Issuance by the Town of Bonds for the Permanent Financing of Residential Housing Facilities for Low and Middle Income Families and Persons~ • . L~
TOWN OI' VAIL, COLORADO
ORDINANCE NO. ~~~
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AN ORDINANCE AUTHORIZING THE EXECUTION AND
DELIVERY BY THE TOGTN OF A BOND PURCHASE
AGREEMETJT IN CONNECTION WITH THE ISSUANCE
BY THE TOWTI OF BONDS FOR PERMANENT FINANCII`dG
OF RESIDENTIAL HOUSING FACILITIES FOR LOW-
AND MIDDLE-INCOME FAMILIES AND PERSONS;
RATIFYING ACTION PREVIOUSLY TAKEN; AND DE-
CLARING AN EMERGENCY.
WHEREAS, the Town of Vail, Colorado (the "Yawn") is
authorized to issue its bonds for the purpose of defraying
the cost of financing residential housing facilities for low-
and middle-income families (the "Fina.ncing Project"); and
WHEREAS, the Town desires to issue and sell its Town
oP Vail, Colorado, Single-Family Mortgage Revenue Bonds, Series
1979 {Secured by Pledge of Mortgage Loans) (the "Bonds") for the
Financing Project; and
WHEREAS, there has been presented to the Town Council
(the "Council") a proposed form of bond purchase agreement re-
lating to the Bonds (together with attached exhibits, the "Bond
.Purchase Agreement") between the Tom and E. F. Hutton & Company,
Inc.; and
WHEREAS, on April 25, 1979, there was introduced in the
United States House of Representatives a bill numbered H.B. 3712,
which, if enacted into law in the form in which it was introduced,
would eliminate the exemption from federal income taxation of
interest on the Bonds.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COLJNCIL
OF THE TOWN OF VAIL, COLORADO:
Section 1. AlI action (not inconsistent with the
provisions of this ordinance) heretofore taken by the Council
and the officers of the Town in connection with the Financing
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Project and the issuance and sale of the Bonds is ratified,
approved and confirmed.
Section 2. The terms and provisions of the Bond
Purchase Agreement are approved, and the Town shall enter
into the Bond Purchase Agreement in the form filed with the
Town Clerk prior to the enactment of this ordinance. The
Mayor of the Town is hereby authorized and directed to execute
and deliver such Bond Purchase Agreement and the Town Clerk is
hereby authorized and directed to affix the Town seal and to
attest such Bond Purchase Agreement. As so executed, such
Bond Purchase Agreement shall constitute a written binding
obligation to sell the Bonds.
Section 3. If any section, paragraph, clause or
provision of this ordinance shall for any reason be held to
be invalid or unenforceable, the invalidity or unenforceability
of such section, paragraph, clause or provision shall not
affect any of the remaining provisions of this ordinance.
Section 4. All bylaws, orders, resolutions and
ordinances, or parts thereof, inconsistent herewith and with
the Bond Purchase Agreement, are hereby repealed to the extent
only of such inconsistency. This repealer shall not be con-
strued as reviving any bylaw, order, resolution or ordinance,
or part thereof.
Section 5. By reason of the introduction on April 25,
1979 in the United States House of Representatives of H.B. 3712,
the extreme shortage of and need for permanent financing for
residential housing facilities for low- and middle-income families
and persons in the Town, and the consequent need for early ratifi-
cation of the Bond Purchase Agreement, the Council finds that this
ordinance is necessary for the immediate preservation of public
property, health, welfare, peace and safety. An emergency is
therefore declared to exist, and this ordinance shall be in full
force and effect upon its final passage at this meeting. This
ordinance shall be published once within ten (10) days after
passage in a newspaper of general circulation in the Town.
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