HomeMy WebLinkAboutMINUTES Town Board 1988-03-31i`ofnn of Estes
rk, Larimer County, Colorado, Ma? C.1i . .... ,
Minutes of a special
meeting of the Board of Trustees of the Town of Estes
Park, Larimer County, Colorado. Meeting held in the Town Hall in said Town of Estes Park
on the 31st day of March , A. D. 19. 88 at regular meeting
hour.
Meeting called to order by Mayor H. Bernerd Dannels
Present: Mayor H. B. Dannels Trustees: Norbert L. Aldrich,
David Barker,
Milan A. Dickinson,
Gregory A. White, David Habecker,
Also Present: g y George J. Hix
Town Attorney,
Vickie O'Connor,
Town Clerk
Absent: Mark T. Brown, Trustee
Dale G. Hill, Town Administrator
Mayor Dannels called a special meeting of the Board of Trustees
to order at 7:30 P.M. to consider a Second Amendment to the
Contract to Purchase 35 units of Windy Gap water by M.D.C. Land
Corporation.
Based upon negotiations between both party's legal counsel and
the Municipal Subdistrict, Town Attorney White presented a Second
Amendment to the aforementioned Contract. The second amendment
allows a redemption period should the water district default.
M.D.C. will make the annual assessment for the Town to the
Subdistrict due April 1, 1988; however, the Town recognizes its
obligation to pay its portion of the bonded indebtedness of the
Subdistrict relating to the Windy Gap Project will continue to
exist. There is little risk to the Town for the first five
years (the first year, M.D.C. will make the annual assessment
payment; a Letter of Credit or Bond will cover each following
year). Upon closing, the Town will receive an additional
$50,000.
Boettcher and Company has verbally stated that the Town will not
impair its ability to issue GO or Water Revenue Bonds by entering
into these agreements.
Public Works Director Widmer stated the Town should receive
sufficient funds in this transaction to allow work to begin on
the Water Master Plan.
Following discussion, Trustee Barker moved the Mayor be au-
thorized to execute the Second Amendment to the Contract to
Purchase Windy Gap water. Trustee Aldrich seconded the motion
and it passed unanimously.
Trustee Hix moved the Mayor be authorized to execute the Applica-
tion for Transfer of Allotment. Trustee Aldrich seconded the
motion and it passed unanimously.
Trustee Habecker introduced, and Town Attorney read in full, the
following ordinance and moved it be passed and adopted:
AN ORDINANCE AUTHORIZING AND DIRECTING THE
MAYOR AND TOWN CLERK OF THE TOWN OF ESTES
PARK TO EXECUTE AND FILE, ON BEHALF OF THE
TOWN OF ESTES PARK, COLORADO, SUCH DOCUMENTS
AS ARE NECESSARY TO TRANSFER 35 UNITS OF
WATER OF THE THE MUNICIPAL SUBDISTRICT,
NORTHERN COLORADO WATER CONSERVANCY DISTRICT
Trustee Hix seconded the motion and it passed by the following
votes: Those voting "Yes" Trustees Aldrich, Barker, Dickinson,
Habecker and Hix. Those voting "No" none. Whereupon Mayor
Board of Trustees - March 31, 1988 - Page two
Dannels declared said ordinance duly passed and adopted and
ordered it numbered 4-88 and published according to law.
Trustee Aldrich introduced, and Town Attorney read in full, the
following resolution, and moved it be passed and adopted:
RESOLUTI ON 8-88
Whereas, the Town of Estes Park has entered into a
Contract with M.D.C. Land Corporation, including a
First and Second Amendment thereto; and
WHEREAS, this Contract provides for payment of the
annual debt service for 35 units of Windy Gap water by
M.D.C. Land Corporation or its assigns, Superior
Metropolitan District #1; and
WHEREAS, the Contract between the Town of Estes
Park and M.D.C. Land Corporation to purchase 35 units
and the Allotment Contract of he Superior Metropolitan
District #1 are subject to the approval of the Board of
Directors of the Municipal Subdistrict, Northern
Colorado Water Conservancy District; and
WHEREAS, said approval is contingent upon the
Municipal Subdistrict receiving an opinion of its Bond
Counsel stating that the terms and provisions of the
Allotment Contract do not impair the security of the
bonds; and
WHEREAS, M.D.C. Land Corporation or Superior
Metropolitan District #1 will pay the Town of Estes
Park $783,250 prior to receipt of said opinion from the
Bond Counsel.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
TRUSTEES OF THE TOWN OF ESTES PARK, COLORADO:
1. That the Town of Estes Park shall immediately
reimburse M.D.C. Land Corporation or the
Superior Metropolitan District #1 for any
amount paid to the Town on April 1, 1988 in
the event that the Bond Counsel opinion does
not approve the Allotment Contract between
the Municipal Subdistrict and the Superior
Metropolitan District #1.
Trustee Barker seconded the motion and it passed unanimously.
Town Attorney White reported Left Hand Water Supply Company
should be delivering a preliminary check for $5,000 for the sale
of 1 unit of Windy Gap water. The Town will retain 4 units for
its use.
There no further business, Mayor Dannels adjourned the meeting at
8:57 P.M.
Mayor
Town Clerk