Loading...
HomeMy WebLinkAbout1980-02 Issuing of Revenue Bonds to Dinance Residential Facilities for Low and Middle Income Families or PersonsCk,~ ~.. ~ _. ~r - RESOLUTION N0. 2 Series of 1980 A RESOLUTION OF THE TOWN COUNCIL, TOWN OF VA IT.., FOR THE I SSU ING OF REVENUE BONDS :©F THE TOWN OF VAIL TO FINANC;'E RESIDENTIAL FACILITIES FOR LOW AND MIDDLE-INCOME FAMILIES OR PERSONS; APPOINTING E.F. HUTTON TO AID THE TOWN WITH SAID BONDS; APPOINTING DAWSON, NAGEL, SHERMAN AND HOWARD AS BOND COUNSEL; AND SETTING FORTH DETAILS RELATING THERETO. WHEREAS, Tawn of Vail, Colorado (the "Issuer") pursuant to Title 29, Article 3 of the Colorado Revised Statutes, 1975, as amended (the "Act"), is authorized to issue revenue bonds to finance single-family residences; and, WHEREAS, the Town of Vail has formulated a program to finance single-family residences and has determined to implement such program through the issuance of single-f amity mortgage revenue bonds (the "Bonds"). The program allows the widest possible participation by financial institutions doing business in the Town of Vail or Eagle County; and, WHEREAS, the Town of Vail wishes to provide for the implementation of such a program and wishes to declare its intention to authorize the issuance of one or more issues of Bonds fox the purpose of paying the cost of such program, upon such terms and conditions as may then be agreed upon ,1~~, the Town of Vail. NOW, THEREFORE, BE IT RESOLVED BY THE VAIL TOWN COUNCIL QF THE TOWN OF VAIL, COLORADO, THAT: Section 1. E.F. Hutton & Company, Inc. ("E.F. Hutton") is hereby authorized and selected to assist the Town of Vail in the implementation of the Town of Vail program to finance single-family residential mortgages to be originated by any financial institution doing business in the Town of Vail .which desires to participate and to be serviced in such manner as the Town of Vail and E.F. Hutton shall reasonably determine. Reso7.utzon No. 2 Page 2 Section 2. The Town of Vail does hereby declare its intention to authoz°ize the issuance and sale of the Bonds, in one or more series, in such an amount necessary to pay the cost of financing the single-family residential program presently estimated to be $ construction notes and $ million short--term million long-term financing bonds, upon such terms and conditions as may be mutually agreed upon by the Town of Vail and E,F. Hutton, the issuance and sale of the Bonds to be authorized by resolution or resolutions of the Town Council at the meeting or meetings to be held for such purposes. Section 3. In consideration of E.F. Hutton's services in assisting the Town of Vail in implementing such program, the Town of Vail agrees that the Bonds shall be sold to E.F. Hutton or a group of underwriters represented by E.F. Hutton pursuant to such terms and conditions as shall be negotiated in good faith by the Town of Vail and E.F. Hutton (the sale of the Bonds to E.F. Hutton shall constitute the sole compensation of its services). The Town of Vail shall be under no obligation to use, and shall not use, any of its general funds in connection therewith, and shall not be liable to E,F. Hutton for any expenses incurred in connection therewith. Section 4. The Town of Vail hereby agrees to appoint Dawson, Nagel, Sherman & Howard as Bond Counsel. Section 5. The Mayor is authorized to take all action necessary to carry out the authority conferred by this Resolution and to execute and deliver all documents necessary to carry out that authority or to evidence the exercise thereof. i Resolution No. 3 Page 3 ection 6. Th.e issuance of tk~te Bonds pursuant to the aforefnentioned pxogram is subject in all respects to the approval by the Town of Vail acting in good faith, of all agree- ments and other documents reasonably necessary to complete such issuance. Section 7. This Resolution shall become effective immediately upon its adoption and approval. INTRODUCED, READ, APPROVED AND ADOPTED, THIS 15th day of January, 1980. J ~ ~,/~ mayor f - ,~~ ATTEST: w erk