Loading...
HomeMy WebLinkAbout1979-38 Authorizing the Execution and Delivery by the Town of a First Supplemental Trust Indenture to the Indenture between the Town and First National Bank of Denver~. ~ ~ ~ ORDINANCE N0. ,'3 Q` SERIES 1979 AN ORDINANCE AUTHORIZING THE EXECUTION AND DELIVERY BY THE TOWN OF A FIRST SUPPLEMENTAL TRUST INDENTURE TO THE INDEN- TURE BETWEEN THE TOWN AND THE FIRST NATIONAL BANK OF DENVER AUTHORIZING THE ISSUANCE AND SALE BY THE TOWN OF VAIL, COLO- RADO, OF ITS $12,885,000 AGGREGATE PRINCIPAL AMOUNT OF SINGLE FAMILY MORTGAGE REVENUE BONDS, SERIES 1979 (SECURED BY PLEDGE OF MORTGAGE NOTES); AND REPEALING ACTION HERETOFORE TAKEN IN CONFLICT HEREWITH. WHEREAS, the Town of Vail, Colorado (the "Town") is a duly created political subdivision of the State of Colorado (the "State") organized and existing as a home rule municipality under the provisions of the Constitution of the State and Charter of the Town; and WHEREAS, on July 31, 1979, the Town Council adopted Ordinance No. 31, Series 1979, authorizing the issuance and sale by the Town of its $12,885,000 Single-Family Mortgage Revenue Bonds, Series 1979 (Secured by Pledge of Mortgage Notes) (the "Bonds"); and WHEREAS, the Town executed and entered into a Trust Indenture, dated as of August 1, 1979, with The First National Bank of Denver, as Trustee (the "Trustee") authorizing the Bonds and pursuant to which they were issued and delivered (the "Original Indenture"); and WHEREAS, Section 3.01 of the Original Indenture provides, among other things, that the Bonds are subject to redemp- tion, at the option of the Town, in whole, on August 1, 1982, and on any principal payment date thereafter from the proceeds of any issue of refunding bonds of the Town at a redemption price equal to 101$ of the principal amount of the Bonds so redeemed, together with accrued interest to the redemption date; and -2- .. ,. s WHEREAS, E. F. Hutton & Company, Inc., the Underwriter for the Bonds, and certain purchasers of the Bonds from it have re- quested that the Town and the Trustee enter into a First Supplemental Trust Indenture amending such provision to extend the date on which Bonds may be redeemed from the proceeds of any issue of refunding bonds to August 1, 1989, at a redemption price equal to 102 of the principal amount thereof; and WHEREAS, Section 10.01(b) of the Original Indenture provides that the Issuer and the Trustee may, without the consent of, or notice to, any of the Bondholders enter into indentures supplemental to the Original Indenture for any one or more of the purposes, including making a change which, in the judgment of Trustee, is not to the prejudice of the Bondholders; and WHEREAS, the Town and Trustee have been advised that the proposed change to be made by the First Supplemental Trust Indenture is a change that is not to the prejudice of the Bondholders; and WHEREAS, there has been presented to the Town Council a proposed form of First Supplemental Trust Indenture between the Town and the Trustee changing and supplementing the Original Indenture to extend the call date of Bonds redeemed in whole pursuant to any refunding of the Bonds, and increasing the premium payable upon call. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO: Section 1. All action (not inconsistent with the pro- visions of this ordinance) heretofore taken by the Town Council and the officers of the Town be, and the same is hereby ratified, ap- proved, and confirmed. Section 2. The forms, terms, and provisions of the First Supplemental Trust Indenture, dated as of September 18, 1979, between the Town and the Trustee, in the form filed with the Town -3- . ~ ~ Clerk of the Town be, and it hereby is, approved, and the Mayor is hereby authorized and directed to execute and deliver, and the Town Clerk to affix the Town Seal to and to attest, such First Supplemental Trust Indenture in substantially the form heretofore filed with the Town Clerk, with such omissions, insertions, endorsements, and variations as to any recitals of fact or other provisions as may be required by the circumstances, be required or permitted by this Ordinance, or be consistent with this Ordinance, and as may be neces- sary or appropriate to conform to the rules and requirements of any governmental authority or any usage or requirement of law with respect thereto; provided, however, that the Mayor and the Town Clerk shall execute such First Supplemental Trust Indenture only after receipt by the Town from the Trustee of its written statement to the effect that the proposed change made by such First Supplemental Trust Indenture is, in the judgment of the Trustee, not to the prejudice of the Bondholders. 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 documents hereby approved, are hereby repealed to the extent only of such inconsistency. This repealer shall not be construed as reviving any bylaw, order, resolution, or ordinance, ar part thereof. INTRODUCED, READ BY TITLE, FINALLY ADOPTED AND ORDERED PUBLISHED BY TITLE THIS 2ND DAY OF OCTOBER, 1979. // ~ ~~ Ma' or w~ y v [SEAL] ATTEST: .,~~ ~- - Town Clerk -~- • . Whereupon it was moved by Council Member ~/1~~L..'TC7 and seconded by Council Member yk,~ that all rules of the Town Council which might prevent, unl ss suspended, the final passage and adoption of said ordinance at this meeting be, and the same hereby are, suspended for the purpose of permitting the final passage and adoption of said ordinance at this meeting. The motion was put to a vote, the vote being as follows: Those Voting Yes: ,~/LTja ~owC Those Voting No: ~~) Those Absent: Drg-t.ry~ ~.-~ GCI~ j S7`~'7l'~,~~'1~28 ~~pJ110(1,4.1~/ A motion to adopt the foregoing ordinance was then duly made by Council Member (/1)l L7' ~ and duly seconded by Council Member ~ was put to a vote, the vote being as follows: Those Voting Yes : (~! (..'r"~ ~. S (..l -~E7'Z iV D h/c Those Voting No: Those Absent : P~'~-r-'~ ~}-/ ~.C'~7e ~ ST~'~J~I~EI~G j ~/1/AU~-T~ Thereupon the Mayor declared said motion carried and said ordinance duly passed and adopted, according to the procedures required for the passage of an ordinance. -5- ~ , • After action on business not related to the foregoing resolution, on motion duly made, seconded and adopted, the meeting thereupon adjourned. Ma or ° [SEAL] Attest: ' . ,~,~ l.r Town Clerk PUBLISHED by title in The Vail Trail on the 5th day of October 1979. - Mayq~ .~ [SEAL] Attest: ' Town Cler ~ -~6- . -, . ~ ~8' 'STATE OF COLORADO ) COUNTY OF EAGLE ) SS. TOWN OF VAIL ) The Town Council of the Town of Vail, Colorado, met in a duly called, open regular session pursuant to due notice and in full conformity with law and the ordinances and rules of the Council, at the Municipal Building, in Vail, Colorado, on Tuesday, October 2, 1979, at 7:30 p.m. There were present at said meeting the follow- ing, constituting a quorum: Present: Mayor: Other Council Members: Absent: ~/~ .~1 L~ '~t ~ d ~©r3 (~uD~2. .~o~! ~Dxro ~~1 constituting all the members thereof. `~ ~ S~ ~ ~'~C- There were also present: Town Clerk: Colleen Kline Town Attorney: Lawrence C. Rider Council Member 5~..(-~~~L introduced the following ordinance which was read by title and is as follows: -1- • • • STATE OF COLORADO ) COUNTY OF EAGLE ) SS. TOWN OF VAIL ) I, Colleen Kline, the duly qualified and acting Town Clerk of the Town of Vail, Colorado, do hereby certify: 1. The foregoing pages numbered 1 to 6, inclusive, are a true, perfect and complete copy of the record of proceedings of the Town Council of the Town of Vail had and taken at a lawful regular meeting of the Council held at the Municipal Building in Vail, Colorado, on Tuesday, October 2, 1979, commencing at the hour of 7:30 p.m., as recorded in the regular official book of the proceedings of the Town kept in my office. Said proceedings were duly had and taken as therein shown, the meeting therein shown was duly held, and the persons therein named were present at said meeting as therein shown. 2. All members of the Town Council were duly notified of said meeting, pursuant to law. 3. Ordinance No. 3 ~ was duly introduced on first reading at a regular meeting of the Town Council held pursuant to due notice according to law at the Municipal Building in Vail, Colorado, on Tuesday, September 18, 1979, commencing at the hour of 7:30 p.m. and was read by Title, duly adopted on first reading, ordered published and set for public hearing on October 2, 1979, at 7:30 o'clock p.m. at the Municipal Building in Vail, Colorado. 4. Ordinance No. 3 ~ was published in full in The Vail Trail on the 21st day of September, 1979. IN WITNESS WHEREOF, I have hereunt set my hand and affixed the seal of the Town this Z'I day of 1979. (SEAL) n ~G~ Town Clerk -7- ~. ORDINP.LICE NO. ~g SERIES 1979 AN ORDIN~'-.NCE AUTHORIZING THE ~,'XECUTION AND DI;'LTVERY BY THE TOWN OF A FIRST SUPPLEMi;i7TAL '1'i;UST TNDI;NTURE TO `I'HE INDEN- '~'I1RE BE`i'W1-:EN THE '1'O~v'N AND `1.'IIE FIRST NATIONAL BANK OF DENVER AUTHORIZING THE IS`~U~~NC`E AND .SALE BY THE TGL7N OF VAIL, COLO- RADO, OF ITS $).2, 885, 000 AGGREGATE PRINCIPAL PS~OUNT OF SINGLE FAMILY Iv1ORTGAGE RiVENUE BONDS, SEP,IES 1979 (SECUi',FD BY PLEDGE OF r4ORTGAGE NOTES) ' AND REPEALING ACTION HERETOFORE TAKEN IN CONFLICT HEREWITH. WHEREAS, the Town of Vail, Colorado (the "Town") is a duly created political subdivision of the State of Colorado (the "State") organized and existing as a home rule municipality under the provisions of the Constitution of the State and Charter of the Town; and WHEREAS, on July 31, 1979, the Town Council adopted Ordinance No. 31, Series 1979, authorizing the issuance and sale by the Town of its $12,885,000 Single-Family Mortgage Revenue Bonds, Series 1979 (Secur_ed by Pledge of 'vortgage Notes) (the "Bends"); and WIIERFAS, the Town executed and entered into a Trust Tr.denture, dated as of August 1, 1979, with The First National Bank of Denver, as Trustee (the "Trustee") authorizing the Bonds and pursuant to which they were issued and delivered (the "Original Indenture"); and WHEREAS, Section 3.01 of the Original Indenture provides, among other things, that the P..onds are subject to redemp- tion, at the option of the Town, in whole, on August 1, 1982, and on any principal payment date thereafter from the proceeds of any issue of refunding bonds of the To~•m at a r.~~c7cmption price equal to 101% of the princi~~al amount of the Bonds so redeemed, together with accrued interest to the redemption date; and :Z _ .r WHEREAS, E. F. Hutton & Company, Inc., the Underwriter for the Bonds, and certain purchasers of the Bonds from it have re- quested that the Town and the Trustee enter into a First Supplemental ']'rust Indenture amending such provision to extend the date on which Bonds may be redeemed from the proceeds of any issue of rof_unding bonds to August 1, 1989, at a redemption price equal to 1020 of the principal amount thereof; and WHEREAS, Section 10.U1(b) of the Original Indenture provides that the Issuer and the Trustee may, without the consent of, or notice to, any of the Bondholders enter into indentures supplemental to the Original Indenture for any one or more of the purposes, including making a change which, in the judgment of Trustee, is not to the prejudice of the Bondholders; and WHEREP.S, the Town and Trustee have been advised that the proposed change to be made by the First Supplemental Trust Indenture is a change that is not to the prejudice of the Bondholders; and WHEREAS, there has been presented to the Town Council a proposed form of First Supplemental Trust Indenture between the Town and the Trustee changing and supplementing the Original Indenture to extend the call date of Bonds redeemed in whole pursuant to any refunding of the Bonds, and increasing the premium payable upon call. NOW, THEREFORE, BE IT ORDAINED BY THE TO~~TN COUNCIL OF THE TOWN OF VAIL, COLORADO: Section 1. All action (not inconsistent with the pro- visions of this ordinance) heretofore taken by the Town Council and the officers of the Town be, and the same is hereby ratified, ap- proved, and confirmed. Section 2. The forms, terms, and provisions of the First Supplemental Trust Indenture, dated as of Sr~ptr'mber 18, 1979, between the Town and the Trustee, in the form filed with the Town -2- 3i ` ~ Clerk of the Town be, and it hereby is, approved, and the Mayor is hE~reby authorized and directed to execute and deliver, and the Town Clerk i:o affix the Town Seal to and to attest, such First Supplemental Trust Indenture in substantially the form heretofore f_i]_ed with the Town Clerk, caith such omissions, insertions, endorsements, and variations as to any recitals of fact or other provisions as may be required by the circumstances, be required or permitted by this • Ordinance, ar be consistent with this Ordinance, and as may be neces- sary or appropriate to conform to the rules and requirements of any governmental authority or any usage or requirement of law with respect thereto; provided, ho:aever, that the Mayor and the Town Clerk shall execute such First Supplemental Trust Indenture only after receipt by the Town from the Trustee of its written statement to the effect that the proposed change made by such First Supplemental Trust Indenture is, in the judgment of the Trustee, not to the prejudice of the Bondholders. 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 documents hereby approved, are hereby repealed to the extent only of such inconsistency. This repealer shall not be construed as reviving any bylaw, order, resolution, or ordinance, or part thereof. INTRODUCED, READ BY TITLE, ADOPTED ON FIRST REAPING, ORDERED PUBLISHED AND SET FOR PUBLIC HEARING ON OCTOBER 2 , 1979, AT 730 O'CLOCK P. M. AT THE MUNICIPAL BUILDING THIS 18TH DAY OF SEPTEMBER 1.979. ~, ~~,~ Mayor ~ [SEAL] ATTEST: Town Clerk -3- ~ ~ __-- • w , • • ~ -4- INTRODUCED, READ BY TITLE, ADOPETED ON SCCOND READING AND ORDERED PUBLISHED BY TITLE OiVLY THIS 2nd DAY OF OCTOBER, 1979. • (SEAL) A-iTEST: TOWN CLERK ~~A 0 R -- -- - --- - ~ ~L.. ~_ .. , i • !~ ORDINANCE N0. ~g SERIES 1979 AN ORDINANCE AUTHORIZING THE EXECUTION AND DELIVERY BY THE TOWN OF A FIRST SUPPLEMENTAL TRUST INDENTURE TO THE INDEN- TURE BETWEEN THE TOWN AND THE FIRST NATIONAL BANK OF DENVER AUTHORIZING THE ISSUANCE AND SALE BY THE TOWN OF VAIL, COLO- RADO, OF ITS $12,8$5,000 AGGREGATE PRINCIPAL AMOUDIT OF SINGLE FAMILY MORTGAGE REVENUE BONDS, SERIES 1979 (SECURED BY PLEDGE OF MORTGAGE NOTES); AND REPEALING ACTION HERETOFORE TAKEN IN CONFLICT HEREWITH. WHEREAS, the Town of Vail, Colorado (the "Town") is a duly created political subdivision of the State of Colorado (the "State") organized and existing as a home rule municipality under the provisions of the Constitution of the State and Charter of the Town; and WHEREAS, on July 31, 1979, the Town Council adopted Ordinance No. 31, Series 1979, authorizing the issuance and sale by the Town of its $12,885,000 Single-Family Mortgage Revenue Bonds, Series 1979 (Secured by Pledge of Mortgage Notes) (the "Bonds"); and WHEREAS, the Town executed and entered into a Trust Indenture, dated as of August 1, 1979, with The First National Bank of Denver, as Trustee (the "Trustee") authorizing the Bonds and pursuant to which they were issued and delivered (the "Original Indenture"); and WHEREAS, Section 3.01 of the Original Indenture provides, among other things, that the Bonds are subject to redemp- tion, at the option of the Town, in whole, on August 1, 1982, and on any principal payment date thereafter from the proceeds of any issue of refunding bonds of the Town at a redemption price equal to 101 of the principal amount of the Bonds so redeemed, together with accrued interest to the redemption date; and ~ _ _ ,~ ~L WHEREAS, E. F. Hutton & Company, Inc., the Underwriter for the Bonds, and certain purchasers of the Bonds from it have re- quested that the Town and the Trustee enter into a First Supplemental Trust Indenture amending such provision to extend the date on which Bonds may be redeemed from the proceeds of any issue of refunding bonds to August 1, 1989, at a redemption price equal to 1020 of the principal amount thereof; and WHEREAS, Section 10<Ol(b) of the Original Indenture provides that the Issuer and the Trustee may, without the consent of, or notice to, any of the Bondholders enter into indentures supplemental to the Original Indenture for any one or more of the purposes, including making a change which, in the judgment of Trustee, is not to the prejudice of the Bondholders; and WHEREAS, the Town and Trustee have been advised that the proposed change to be made by the First Supplemental Trust Indenture is a change that is not to the prejudice of the Bondholders; and WHEREAS, there has been presented to the Town Council a proposed form of First Supplemental Trust Indenture between the Town and the Trustee changing and supplementing the Original Indenture to extend the call date of Bonds redeemed in whole pursuant to any refunding of the Bonds, and increasing the premium payable upon call. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO: Section 1. All action (not inconsistent with the pro- visions of this ordinance) heretofore taken by the Town Council and the officers of the Town be, and the same is hereby ratified, ap- proved, and confirmed. Section 2. The forms, terms, and provisions of the First Supplemental Trust Indenture, dated as of September 18, 1979, between the Town and the Trustee, in the form filed with the Town -2- ,, ~~ ~ r ~` Clerk of the Town be, and it hereby is, approved, and the Mayor is hereby authorized and directed to execute and deliver, and the Town Clerk to affix the Town Seal to and to attest, such First Supplemental Trust Indenture in substantially the form heretofore filed with the Town Clerk, with such omissions, insertions, endorsements, and variations as to any recitals of fact or other provisions as may be required by the circumstances, be required or permitted by this • Ordinance, ar be consistent with this Ordinance, and as may be neces- sary or appropriate to conform to the rules and requirements of any governmental authority or any usage or requirement of law with respect thereto; provided, however, that the Mayor and the Town Clerk shall execute such First Supplemental Trust Indenture only after receipt by the Town from the Trustee of its written statement to the effect that the proposed change made by such First Supplemental Trust Indenture is, in the judgment of the Trustee, not to the prejudice of the Bondholders. 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 documents hereby approved, are hereby repealed to the extent only of such inconsistency. This repealer shall not be construed as reviving any bylaw, order, resolution, or ordinance, or part thereof. INTRODUCED, READ BY TITLE, ADOPTED ON FIRST READING, ORDERED PUBLISHED AND SET FOR PUBLIC HEARING ON OCTOBER 2 , 1979, AT 7~3~ O'CLOCK P. M. AT THE MUNICIPAL BUILDING THIS 18TH DAY OF SEPTEMBER 1979. (sEAL] ATTEST: Town Clerk Mayor -3- t ~~ ~ ~ ~ .,'~ '4- INTRODUCED, READ BY TITLE, ADOPETED ON SECOND READING AND ORDERED PUBLISHED BY TITLE ONLY THIS 2nd DAY OF OCTOBER, 1979. M YOR ~ (SEAL) ATTEST: TOWN CLERK ti