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Home My WebLink AboutRESOLUTION 10-9600RESOLUTIONNO.10-96ACCEPUNGTHEPROPOSALOFTHEESTESPARKBANK,ESTESPARK,COLORADO,TOPURCHASE$165,000TOWNOFESTESPARK,COLORADO,PARKENTRflCEESTATESSPECIALIMPROVEMENTDISTRICTNO.95-1,SPECIALASSESSMENTBONDS,SERIES1996.WHEREAS,TheEstesParkBank,EstesPark,Colorado(the“Bank”)hassubmittedaproposaltopurchaseOneHundredSixty-FiveThousandDollars($165,000)oftheTownofEstesPark,Colorado(the“Town’),ParkEntranceEstatesSpecialImprovementDistrictNo.95-I(the“Disu-ict”),SpecialAssessmentBonds,Series1996(the“Bonds”);and‘WHEREAS,itisinthebestinterestoftheTowntoacceptsuchproposal;andWHEREAS,theBankhassubmittedtotheTownaproposedformofinvestmentlettersettingforththetermsandunderstandingsunderwhichitispurchasingtheBonds;THEREFORE,THETOWNOFESTESPARKRESOLVES:1..ToaccepttheproposaloftheBanktopurchasetheBondsatapriceofpar,withdeliveryoftheBondstobeonoraboutJuly2,1996.2.TheTownherebyacceptstheInvestmentLetter,attachedheretoasExhibitAandincorporatedhereinbythisreference.3.Allorders,bylaws,andresolutionsoftheTown,orpartsthereofinconsistentwiththisResolution,areherebyrepealedtotheextentonlyofsuchinconsistency.4.IfanyoneormoresectionsorpartsofthisResolutionshallbeadjudgedunenforceableorinvalid,suchjudgmentshallnotaffect,impair,orinvalidatetheremainingprovisionsofthisResolution,itbeingtheintentionthatthevariousprovisionshereofareseverable.ADOPTEDAI’IDAPPROVEDthis28thdayofMay,1996.(SEAL)ATTEST:..TownClerkDeputyTOWNOFESTESPARK,LARIMERCOUNTY,COLORADOMayor175742v.215 00Thereupon,theResolutioncametoavoteoftheBoard.TrusteeDoylenmovedthattheResolutionbeadoptedasread.TrusteePauleysecondedthemotion.ThequestionbeingupontheadoptionofthemotiontoadopttheResolutionasread,therollwascalledwiththefollowingresult:ThosevotingYES:JeffBarkerJohnBaudekSusanL.DoylenGeerge.441xWilliam3.Marshall3.DonaldPauleyThosevotingNO:NoneThoseabstaining:GeorgeHixThepresidingofficerthereupondeclaredthatnotlessthanamajorityoftheTrusteespresenthavingvotedinfavorthereof,themotionwascaffiedandtheResolutionadoptedasread.Thereupon,afterconsiderationofothermatterstocomebeforetheBoard,themeetingwasadjourned.(SEAL)TownClerkDeputyi’kayor#175742v216 00STATEOFCOLORADO))COUNTYOFLARDvWR))TOWNOFESTESPARK)TipaKuehiDeputyI,‘ñce-O6oimur,TownClerkoftheTownofEstesPark,Colorado,doherebycertify’thattheforegoingpagesnumberedito18,inclusive,constituteatrueandcorrectcopyoftherecordofproceedingsoftheBoardofTrusteesoftheTown,takenataregularmeetingthereof;heldattheTownHail,170MacGregorAvenue,inEstesPark,Colorado,theregularmeetingplaceoftheBoard,onTuesday,the28thofMay,1996,insofarassaidproceedingsrelatetotheissuanceofspecialassessmentbondstofinancepublicimprovementswithinParkEntranceEstatesSpecialImprovementDistrictNo.95-1.Attachedheretoalsoistheaffidavitofpublicationoftheauthorizingordinancefromsuchproceedings.INWIThTSSWHEREOF.IhavehereuntosubscribedmynameandaffixedtheofficialsealoftheTownofEstesPark,Colorado,this28thdayofMay,1996.(SEAL)JL-rn}4LtJ20TownClerká175732v217 00EXHIBITA(AttachInvestmentLetter)#175742v.2A—I 0-THE-ESTESPAPKBPNiZ1IMay28,1996BoardofTrusteesTownofEstesParkBox1200Estespark,CO80517PiperJaffray,Inc.105017thStreet,Suite2100Denver,Co80265HolmeRobertsandOwenLLC1700Lincoln,Suite4100Denver,CO80203RE:SpecialAssessmentRevenueBonds,Series1996,ParkEntranceEstatesSpecialImprovementDistrictNo.95—1,TownofEstesPark,ColoradoLadiesandGentlemen:TheEstesParkBank(the“Purchaser”),hasagreedtopurchase$165,000inprincipalamountoftheabove—referencedspecialassessmentbonds(the“Bonds”),datedasofthedateoftheirdeliveryandissuedpursuanttoanauthorizingbondordinance(the“Ordinance”)dulyadoptedbytheBoardofTrustees(the“Board”)oftheTownofEstesPark,Colorado(the“Town”)attheregularmeetingoftheBoardheldonMay28,1996.Inconnectionwithsuchtransaction,thePurchaseracknowledgesandrepresentstotheTownasissueroftheBonds,PiperJaffray,Inc.,ofDenver,ColoradoinitscapacityasprivateplacementagentfortheBonds(the“PlacementAgent”),andHolmeRobertsandOwen,initscapacityasbondcounsel,whothePurchaserunderstandswillrelyuponitsrepresentationsandwarranties,asfollows:1.ThePurchaserisa“sophisticatedinvestor”withinthemeaningoftheSecuritiesActof1933,asamended(the“Act”)andhassufficientknowledgeandexperienceinfinancialandbusinessmatters,includingpurchaseandownershipoftax—exemptobligationsandobligationssecuredbyrevenuesfromoperationsofbusinessenterprises,tobeabletoevaluatetherisksandmeritsoftheinvestmentrepresentedbytheBonds.2.ThePurchaserisabletobeartheeconomicrisksofsuchinvestment.TheoverallcommitmentofthePurchasertoinvestmentswhicharenotreadilymarketableisnotdisproportionatetoitsnetworth,anditsinvestmentintheESTABLISHED1908363EASTELKHDRNRD.BOX2270ESTESPARK.COLORADO80517(303)586-4412DENVER573-9060MEMBEFFDIC CBondswillnotcausesuchoverallcommitmentstobecomeexcessive.ThePurchaserhasadequatemeansofprovidingforitscurrentneedsandhasnoneedforliquidityinitsinvestmentintheBonds.3.ThePurchaserunderstandstheBondsarebeingissuedtofinancecertainpublicimprovementstobemadebytheTownwithintheboundariesofageographicareaoftheTowndulycreatedinaccordancewithColoradostatelawasParkEntranceEstatesSpecialImprovementDistrictno.95—1(the“District”).ThePurchaserfurtherunderstandstheprincipalofandinterestontheBondsarepayablesolelyfromtherevenuesgeneratedbyspecialassessmentsimposeduponpropertieswithintheDistrictspeciallybenefittedbysuchpublicimprovements.ThePurchaserfurtherunderstandsthattheBondsarenotgeneralobligationsorindebtednessoftheTownwithinthemeaningofanyconstitutionalorstatutorylimitationanddonotconstituteorgiverisetoageneralpecuniaryliabilityoftheTownorchargeagainstitsgeneralcreditortaxingpowers.4.ThePurchaseracknàwledgesthatithaseitherbeensuppliedwithorhashadaccesstosuchadditionalinformation,includingthemostcurrentvaluationforassessmentofeachofthepropertieswithintheDistrictwhichissubjecttothespecialassessmentsandotherfinancialandoperatinginformationhavingtodowiththeBonds,theDistrict,andthespecialassessments,towhichareasonableinvestorwouldattachsignificanceinmakinginvestmentdecisionsandhashadtheopportunitytoaskquestionsandreceiveanswersfromknowledgeableindividualsconcerningtheBonds,theDistrict,andthespecialassessmentssothatasareasonableinvestorithasbeensufficientlyinformedtomakethedecisiontopurchasetheBonds.5.ThePurchaseracknowledgesthattheTownhasfiledwiththeColoradoDivisionofSecuritiesa“ClaimofExemptionFromRegistrationForCertainMunicipalSecurities”pursuanttotheColoradoMunicipalBondSupervisionActoftheColoradoRevisedStatutesandinaccordancewithSection11—59—110(2)thereof.ThePurchaserunderstandsthattheBondsarenotbeingregisteredundertheSecuritiesActof1933,asanended,andarenotbeingregisteredorotherwisequalifiedforsaleunderthe“BlueSky”lawsandregulationsofanystateotherthanColorado,andwillcarrynoratingfromanyratingservice.6.ThePurchaserrepresentsthatitispurchasingtheBondsforitsownaccountsolelyforinvestmentandnotwithaviewtoresaleorotherdistributionoftheBondsoranyoftheBonds.ThePurchaserdoesnototherwiseintendtoresellorotherwisedeposeofalloranypartoftheBonds.ThePurchaserherebyrepresentsandagreesthatitwillnotselltheBonds,oranyinteresttherein,exceptincompliancewithapplicablelaws,includingtheSecuritiesActof1933,asamended. o07.WerecognizethatinthistransactionHomeRobertsandOwenisnotresponsibleforanyinformationcontainedinoromittedfrommaterialsfurnishedusbytheTownorthePlacementAgent,andweacknowledgethatwedonotlooktothentoobtainsuchinformationonourbehalf.Therepresentations,warranties,andagreementsmadeinthisletterbyusaremadeandgiveninconsiderationoftheissuanceanddeliveryoftheBondstousandtoinducetheTowntoissueanddelivertheBondsandtoinducethePlacementAgenttoactinsuchcapacity.VeryTrulyYours,TheEstesParkBakBy:_________Title:President 0(AttachAffidavitofPublicationofOrdinanceNo.____#175742v.2