Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My WebLink
About
ORDINANCE 13-85
0!(rSTATEOFCOLORADOCOUNTYOFLARIMER)ss.TOWNOFESTESPARKTheBoardofTrusteesoftheTownofEstesPark,LarimerCounty,Colorado,metinregularsession,infullconformitywithlawandtheordinancesandrulesoftheTown,attheMunicipalBuilding,170MacGregor,inEstesPark,ColoradoonMonday,December16,1985,at7:30p.m.Thefollowingmemberswerepresent,constitutingaquorum:Mayor:H.BernerdDannelsTrustees:NorbertL.AldrichMarkT.BrownByronL.GravesGeorgeJ.HixPaulaL.LaingRichardWoodPmongthosealsopresent:TownClerkProTem:MonteL.VavraTownAttorney:GregoryA.WhiteTownManager:DaleG.HillAbsent:NoneThemeetingwascalledtoorder.Thereupon,thefollowingproceedings,amongothers,werehadandtaken:TrusteeLaingintroducedandmovedtheadoptionofthefollowingOrdinancewhichwasreadbytitle,withcopiesbeingdistributedinwrittenformtoallmembersoftheBoardandmadeavailabletothemembersofthepublicinattendance.—1— 0TOWNOFESTESPARK,COLORADOORDINANCENO.13—85SERIESOF198W0ANORDINANCEPROVIDINGFORTHEISSUANCEANDSALEOFTOWNOFESTESPARK,COLORADO,INDUSTRIALDEVELOPMENTREVENUEBONDS,(STANLEYVILLAGESHOPPINGCENTERPROJECT),SERIES1985BINTHEAGGREGATEPRINCIPALAMOUNTOF$4,600,000;ANDAPPROVINGTHEFORMANDAUTHORIZINGTHEEXECUTIONOFCERTAINDOCUMENTSRELATINGTHERETO;WHEREAS,TheTown“Town”),isbyTitle2amended(the“Act”),tooneormoreprojects,andallrealorpersonalwithamanufacturing,enterprise,andtoenterpaymenttotheTownofprincipalofandinterestofEstesPark,LarimerCounty,Colorado(the9,Article3,Part1,ColoradoRevisedStatutes,asissuerevenuebondsforthepurposeoffinancingincludinganyland,buildingorotherimprovementspropertiessuitableorusedfororinconnectionindustrial,commercial,agriculturalorbusinessintoaLoanagreementwithauserprovidingforrevenues5ufficientforthepaymentoftheontheBonds;andWHEREAS,byaResolutionNo.39-84dulyadoptedonNovember23,1984,asextendedbyResolutionNo.19—85,dulyadoptedonOctober22,1985,(the“InducementResolution”),theTowndeclareditsintentiontoauthorizeitsindustrialdevelopmentrevenuebondsinanaggregateprincipalamountnottoexceed$9,500,000inaccordancewiththeprovisionsoftheActforthepurposeofpayingthecostoffinancingaretailshoppingcenteratStanleyVillageShoppingCenter;andWHEREAS,theTownnowdesirestoauthorizeandissueiPark,LarimerCounty,Colorado,IndustrialDevelopment(StanleyVillageShoppingCenterProject),Series19858,principalamountof$4,600,000(the“Bonds”);andtsTownofEstesRevenueBonds,intheaggregateWHEREAS,theproceedsoftheBondissuewillbeloanedtoStanleyCommercialDevelopment,Ltd.,aColoradolimitedpartnership,(the“Partnership”)forthe.acquisition,constructionandinstallationofPhaseIIofStanleyVillageShoppingCenter(the“Project”);andWHEREASTrusteesof“Clerk”)andthefollowingdocumentshavebeensubmittedtotheTownandfiledintheofficeoftheTownareavailableforpublicinspection:theBoardofClerk(the(a)actuallyAgreement”Partnership;aLoanAgreement,datedasofDecember1,1985,andtobeexecutedonthedateofdeliveryoftheBonds(the“Loan),proposedtobemadeandenteredintobetweentheTownandthe—2— 00*(b)aTrustIndenture,datedasofDecember1,1985,andtobeactuallyexecutedonthedateofdeliveryoftheBonds(the“Indenture”),proposedtobemadeandenteredintobetweentheTownandCentralBankofDenver,abankingcorporation,inDenver,Colorado(the“Trustee”);(c)aBondPurchaseAgreement,tobeexecutedonthedateofdeliveryoftheBonds(the“BondPurchaseAgreement”),proposedtobemadeandenteredintobetweentheTownandCapitalMarketsCorporation(the“Underwriter”);andWHEREAS,itisnecessarytoauthorizetheissuanceoftheBondsbyOrdinanceandtoapprovetheformandauthorizetheexecutionofdocumentsinconnectionwiththeissuancethereof,BEITORDAINEDBYTHEBOARDOFTRUSTEESOFTHETOWNOFESTESPARK,COLORADO:Section1.ApprovalsandAuthorizations.Theform,termsandprovisionsoftheLoanAgreement,theIndentureandtheBondPurchaseAgreementintheformspresentedtotheBoardofTrusteesareherebyapproved.TheMayorandtheClerkareherebyauthorizedanddirectedtoexecutetheLoanAgreement,theIndenture,andtheBondPurchaseAgreementandaffixthesealoftheTownthereto,andfurthertoexecuteandauthenticatesuchotherdocuments,instrumentsorcertificatesasaredeemednecessaryordesirablebybondcounselinordertoissueandsecuretheBonds.Suchdocumentsaretobeexecutedinsubstantiallytheformhereinaboveapproved,providedthatsuchdocumentsmaybecompleted,correctedorrevisedastheMayoroftheTownshallapproveinordertocarryoutthepurposesofthisBondOrdinance,theMayor’sexecutionthereofbeingdeemedconclusiveofhisapprovalofsuchcompletion,correctionorrevision.Copiesofallofthedocumentsshallbedelivered,filedandrecordedasprovidedtherein.TheproperofficersoftheTownareherebyauthorizedanddirectedtoprepareandfurnishtobondcounselcertifiedcopiesofallproceedingsandrecordsoftheTownrelatingtotheBondsandsuchotheraffidavitsandcertificatesasmayberequiredtoshowthefactsrelatingtotheauthorizationandissuancethereofassuchfactsappearfromthebooksandrecordsinsuchofficers’custodyandcontrolorasotherwiseknowntothem.Allsuchcertifiedcopies,certificatesandaffidavits,includinganyheretoforefurnished,shallconstituterepresentationsoftheTownastothetruthofallstatementscontainedtherein.Theapprovalherebygiventothevariousdocumentsreferredtoaboveincludesanapprovalofsuchadditionaldetailsthereinasmaybenecessaryandappropriatefortheircompletion,includinginterestratesandanynumbersderivedtherefrom,andsuchmodificationsthereto,deletionstherefromandadditionstheretoasmaybeapprovedbybondcounselpriortotheexecutionofthedocuments.Theexecutionofanyinstrumentbythe—3— approprievidencethetermsSection2.BondDetails.TheDevelopmentRevenueBonds,(StanleySeries1985B,intheaggregateprincipalDecember1,1985,asfullyregisteredpurpose,intheformanduponthetermsandtheIndenture.TownshallissueitsIndustrialVillageShoppingCenterProject),amountof$4,600,000,datedasofbondsnumberedR—1upwards,forthesetforthinthisBondOrdinanceTheTrusteeshallactasPayingAgent,TransferAgent,TenderAgentandRegistraroftheBonds.Principalofandpremium,ifany,ontheBondsshallbepayableattheprincipalcorporateofficeoftheTrustee,oritssuccessortrustee,uponmaturity,priorredemption,orpurchase,uponpresentationandsurrenderoftheBondtotheTrustee.PaymentofinterestshallbemadetotheregisteredownerthereofbycheckordraftmailedbytheTrustee,onorbeforesuchinterestpaymentdatetotheregisteredownerthereofattheaddressshownontheregistrationbooksatthecloseofbusinessontherecorddateforsuchInterestpaymentdate.TheBondsaresubjecttomandatoryredemptionandoptionalinaccordancewiththeIndenture;noticeofsuchpriorredemptigivenbytheTrusteeinaccordancewiththeIndenture.redemptiononshallbeThemaximumneteffectiveinterestrateauthorizedfortheBondsshallnotexceedfourteenpercent(14%),unlessotherwiseapprovedbytheTown,thePartnershipandtheTrustee.Section3.BondRegistration.TheBondswillbeissuedinthedenominationof$5,000,oranyintegralmultiplesthereof,registeredastobothprincipalandinterest.ThepersoninwhosenametheBondisregisteredshallberegardedastheownerofthatBondforallpurposes.PaymentofprincipaloforinterestonanyBondwillbemadeonlytotheregisteredowneror,uponawrittenorderoftheregisteredownerthereof,tohislegalrepresentative.TheregistrationandexchangeoftheBonds,deliveryofBondsinsubstitutionformutilated,BondsorBondsnotdeliveredforpurchaseshallIndenture.andtheauthenticationandlost,stolenordestroyedbeinaccordancewiththeSection4.FormandExecutionofBonds.Theform,termsandprovisionsoftheBonds,substantiallyintheformsetforthintheIndenture,shallbeandherebyareapproved;andtheMayorisherebyauthorizedanddirectedtoexecutetheBonds,andtheTownClerkisherebyauthorizedanddirectedtoattesttheBonds,substantiallyintheformsetforthintheIndenture,butwithsuchchangesthereinasshallbeconsistentwiththeIndentureandthisOrdinanceandastheMayorexecutingtheBondsshallapprove,hisexecutionthereofbeingdeemedconclusiveofhisapprovalofanysuchchanges.TheBondsshallbeexecutedbytheoateofficersoftheTownhereinauthorizedshallbeconclusiveoftheapprovalbytheTownofsuchinstrumentinaccordancewithhereof.-4- 0CmanualqrfacsimilesignaturesoftheMayorandTownClerkandshallbeauthenticatedbythemanualsignatureofanauthorizedrepresentativeoftheTrustee.AmanualorfacsimilesealoftheTownisherebyauthorizedanddirectedtobeaffixedtoorimprintedontheBonds.ShouldanyofficerwhosemanualorfacsimilesignatureappearsontheBondsceasetobesuchofficerbeforedeliveryoftheBondstothepurchaser,suchmanualorfacsimilesignatureshallneverthelessbevalidandsufficientforallpurposes.Section5.Determinations.declaredthat:Itisherebyfound,determinedand(a)theLoanAgreementprovidesthatthePartnershipshallmaintaintheProjectandcarryallproperinsurancewithrespectthereto;(b)theLoanAgreementrequwhichthetaxingentitiesspecifiedentitledtoreceivewithrespecttoiresthatthePartnershippaythetaxesinSection29-3-120(3)oftheActaretheProject;(c)theamountnecessarytopaytheprincipalandinteresthasbeencalculatedandthepaymentsrequiredintheLoanAgreementtobemadearesufficienttopaytheprincipalof,intereston,andanypremiumdueinconnectionwiththeBondswhendueandtopayallothercostsrequiredintheLoanAgreementtobemade;(d)constitutesoftheAct,theProject,asmorefullydescribedaprojectauthorizedbyanddescribedandwillserveavalidpublicpurpose;intheLoanAgreement,inSection29—3-103(10)Ce)theissuanceandsaleoftheBonds,theexecutionanddeliveryoftheLoanAgreement,theperformanceofallcovenantsandagreementsoftheTowncontainedintheLoanAgreement,andallactionsrequiredunderthelawsoftheStateofColoradotomaketheLoanAgreementandBondsvalidandbindingobligationsoftheTowninaccordancewiththeirterms,areauthorizedbytheAct;and(f)NomemberoftheBoardofTrusteeshavingacteduponthisBondOrdinanceinhisorherofficialcapacity:Ci)hasadirectorindirectinterestintheProject,theLoanAgreement,theIndenture,theBondPurchaseAgreement,ortheBonds,(ii)ownsanyinterestintheProjectorthePartnership,(iii)isapartneroremployeeofthePartnership,(iv)willbeinvolvedinsupervisingthecompletionoftheProjectonbehalfofthePartnership,or(v)willreceiveanycommission,bonusorotherremunerationfororinrespecttotheProject,theLoanAgreement,theIndenture,theBondPurchaseAgreement,ortheBonds.Section6.NatureofObligation.UndertheasprovidedintheLoanAgreement,theBondsobligationsoftheTownpayablesolelyfrom,andtherevenuesderivedfromtheLoanAgreementor,provisionsoftheAct,andshallbespecial,limitedsecuredbyapledgeof,totheextentprovidedin—5— theLoanAgreement,theproceedsoftheBondsandtheinterestthereon.TheofitspropertyorsecurethepaymentoftheBondsBondsshallneverconstitutethedebtorindebted—themeaningofanyprovisionorlimitationoftheatutes,orhomerulecharter,andshallnotcon—apecuniaryliabilityoftheTown,itsagents,orachargeagainstitsgeneralcreditortaxingtheLoanAgreement,theTownwillnotobligateicationoftherevenuesderivedofthebondproceedsfortheitsgeneralfundorotherwise(assaidtermisdefinedintheSection7.BondFund.The“IndustrialDevelopmentRevenueBond,(StanleyVillageShoppingCenterProject)BondFund”(the“BondFund”),isherebycreatedandfurtherestablishedundertheIndentureandalldepositsintotheBondFundshallbeappliedsolelyforthepaymentoftheprincipalof,premium,ifany,andinterestontheBonds,untiltheBondsshallbefullypaid,satisfied,anddischarged.Section8.RevenueFund.The“IndustrialDevelopmentRevenueBond,(StanleyVillageShoppingCenterProject)RevenueFund”(the“RevenueFund”),isherebycreatedandfurtherestablishedintheIndentureinanamountindicatedintheIndenture,forthepurposeofpayingtheprincipalof,premium,ifany,andinterestontheBonds.PaymentsmadebythePartnership,moniesdrawnunderCreditFacilityorpayableunderthePledgeAgreement,ifany,orinterestpaidorinvestmentofmoneysondepositintheProjectLoanFundorintheBondFundwillbedepositedintotheRevenueFundandshallbetransferredbytheTrusteetotheBondFund.Inaddition,upontheoccurrenceofanEventofDefaultundertheIndentureortheLoanAgreementandtheexercisebytheTrusteeoftheremedyofdeclaringtheprincipalandaccruedinterestonalloutstandingBondsdueandpayable,anymoneysintheRevenueFundshallbetransferredbytheTrusteetotheBondFundandappliedinaccordancewiththeIndenture.Section9.ProjectLoanFund.The“IndustrialDevelopmentRevenueBonds(StanleyVillageShoppingCenterProject)ProjectLoanFund”(the“ProjectLoanFund”),isherebycreatedandfurtherestablishedundertheIndenture.TheproceedsoftheBonds(afterdepositsofaccruedinteresttotheBondFund)willbedepositedtotheEscrowAccountoftheProjectLoanFundandusedorexpendedasprovidedintheLoanAgreement.Section10.ElectionUnderInternalRevenueCode.TheTownshalldoallactsnecessarytocompletetheelectionfortheapplicationofthe$10,000,000small—issueexemptionpursuanttoSection103(b)(6)(D)oftheInternalRevenueCodeof1954,asamended,andallregulationsthereunder.00Townwillnotpledgeanywithitsproperty.ThenessoftheTown,withinstateConstitution,ststitutenorgiverisetoemployeesorofficers,powers.Inenteringintoitself,exceptwithrespecttotheappifromtheLoanAgreementandthelendingProject.TheTownwillnotpayoutofcontributeanypartoftheProject’sCostsLoanAgreement).-6- Section11.OpinionofBondCounsel.TheissuanceoftheBondsbyTownissubjecttothereceiptofanunqualifiedopinionbyanation—recognizedbondcounselfirmregardingthetax-exemptstatusofthe____________________________theBondsareissued,econtractbetweentheremainirrepealableifany,andinterest,Section13.Ratification.AllactionsheretoforetakenbytheTownandbytheofficersthereofnotinconsistentherewithdirectedtowardthefinancingoftheProjectandtheissuanceandsaleoftheBondsareherebyratified,approvedandconfirmed,includingtheadoptionandpublicationofthenoticeofhearingforTEFRApurposes.Section14.Repealer.Allacts,orders,ordinances,orpartsthereof,takenbytheTownandinconflictwiththisBondOrdinanceareherebyrepealed,exceptthatthisrepealershallnotbeconstruedsoastoreviveanyact,order,ordinance,orpartthereofheretoforerepealed.Section15.Severability.IfanypartorpartsofthisBondOrdinanceareforanyreasonheldtobeinvalid,suchdecisionshallnotaffectthevalidityoftheremainingportionshereof.TheBoardherebydeclaresthatitwouldhavepassedthisBondOrdinanceandeachpartorpartshereof,irrespectiveofthefactthatanyonepartorpartsbedeclaredinvalid.Section16.LimitationofActions.PursuanttoSection29—3—122oftheAct,noactionshallbebroughtquestioningthelegalityoftheLoanAgreement,theIndenture,theBondPurchaseAgreement,ortheBonds,oranyothercontractorproceedingexecutedinconnectionwiththeProjectonorafterthirtydaysfromtheeffectivedateofthisBondOrdinance.Section17.OfficialStatement.ThePreliminaryOfficialStatement,datedNovember21,1985,relatingtotheissuanceandsaleoftheBondsisherebyapprovedinthe.formheretoforepresented.TheMayorandothermembersoftheBoardofTrusteesandemployeesoftheTownareherebyauthorizedanddirectedtoassistincompletinganOfficialStatementincludingsuchchangesastheofficialsandemployeesoftheTowndeemnecessarytoupdatetheinformationinthePreliminaryOfficialStatement.CopiesofthePreliminaryOfficialStatementandtheOfficialStatementareherebyauthorizedtobedistributedtoallinterestedpartiesinconnectionwiththesaleoftheBonds.TheMayorisherebyauthorizedanddirectedtoexecutetheOfficialStatementsubstantiallyintheformofthePreliminaryOfficialStatement,withsuchchangesthereinasshallbeconsistentwiththisOrdinance,theIndentureandtheLoanAgreementandasheshallapprove,hisexecutionthereofbeingdeemedconclusiveofhisapprovalofsuchchanges.CCtheallyBondsSection12.BondOrdinanceIrrepealable.AfterthisBondOrdinanceshallconstituteanirtevocablTownandtheOwnersoftheBondsandshallbeanduntiltheBonds,astobothprincipal,premium,shallbefullypaid,cancelledanddischarged.—7— Section18.DirectiontomembersoftheBoardofTrusteesallotheractionsnecessaryorapthisOrdinance,including,butcertificatesandaffidavitsasmayoftheBonds.TakeAction.Theappropriateofficersandareherebyauthorizedanddirectedtotakepropriatetoeffectuatetheprovisionsofnotlimitedto,theexecutionofsuchreasonablyberequiredbythepurchaserSection19.Emergency,RecordingandAuthentication.TheBoardofTrusteesherewithfinds,determinesanddesignatesthatthisOrdinanceisnecessaryfortheimediatepreservationofpublicpeace,healthandsafetyinviewofthefavorablefinancingtermsnowavailableandbecauseoftheextremelyunstableconditionsrelatingtothemarketingof,andinterestrateon,theBonds;anemergencyisdeclaredtoexist;andthisOrdinanceshalltakeeffectandbeinforceimediatelyafteritspassage,adoptionandsignatureoftheMayor.ThisOrdinance,imediatelyonitspassage,shallbenumberedandrecordedintheofficialrecordsoftheTownkeptforthatpurposeandshallbeauthenticatedbythesignaturesoftheMayorandTownClerk.ThisOrdinanceshallbepublishedinalegalnewspaperofgeneralcirculationintheTown.INTRODUCED,READAPPROVED,ADOPTEDdayofDecember,1985.APublicHearingonregularmeetingoftheBoardofTrustees16thdayofDecember,1985priortoadoption.(SEAL)ANDORDEREDPUBLISHED,this16ththisOrdinancewasheldattheofEstesPark,Colorado,ontheATTESTED:______TnCterkProTern0CMayor-8- 0TrusteeBrownsecondedthemotiontoapproveOrdinance13-83hequestionbeingtheadoptionofthemotion,therollwascalledviiThthefollowingresult:ThosevotingYES:Trustees:MarkT.BrownByronL.GravesGeorge3.HixPaulaL.LaingRichardWoodThoseAbstaining:NorbertL.AldrichThosevotingNO:NoneThepresidingofficerthereupondeclaredthemotioncarried,andtheOrdinanceapprovedandadopted.Thereupon,afterconsiderationofothermatters,themeetingwasadjourned.(SEAL)___________________MayorATTEST:)ØnClerkProTern—9- 00STATEOFCOLORADOCOUNTYOFLARIMER)ss.TOWNOFESTESPARKI,MonteL.Vavra,TownClerkProTernoftheTownofEstesPark,LarimerCounty,Colorado,doherebycertifythattheforegoingpagesnumber1to9,inclusive,constituteatrueandcorrectcopyoftherecordofproceedingsoftheBoardofTrusteesoftheTown,takenataregularmeetingthereof,heldattheMunicipalBuilding,theregularmeetingplaceoftheBoardofTrustees,onTuesday,the16thdayofDecember,1985,insofarassaidproceedingsrelatetoanOrdinanceconcerningtheissuanceofIndustrialDevelopmentRevenueBonds,(StanleyVillageShoppingCenterProject),Series1985Bintheaggregateprincipalamountof$4,600,000andcertainagreementsanddocumentsinconnectiontherewith.Inaddition,attachedheretoisanAffidavitofPublicationoftheNoticeofHearingrequiredbyTEFRA,suchhearinghavingbeenheldonDecember16,1985;andanAffidavitofPublicationoftheOrdinance.(SEAL)ClerkProTern-10-