HomeMy WebLinkAboutMINUTES Estes Park Urban Renewal Authority 1988-08-25BRADFORD PUBLISHING CO.RECORD OF PROCEEDINGS
Estes Park Urban Renewal Authority
'Special Meeting
August 25, 1988
Commissioners:
Present:
Also Present:
Charles H. Phares, J. Donald Pauley
Edward B. Pohl, Milt Ericson, Jim Godbolt
Pieter Hondius, Gary Klaphake
All
Jim Kreidle/Kirchner Moore & Company
Russ Caldwell/Kirchner Moore & Company
Greg Johnson/Kutak Rock & Campbell
Virginia Kellogg/Kutak Rock & Campbell
Executive Director Anderson
Technical Planner Joseph
Secretary Heifner
Chairman Phares called the special meeting to order for the purpose
of considering the adoption of Resolution No. 103 - Estes Park Urban
Renewal Authority Tax Increment Refunding Revenue Bonds, Series
1988.
Director Anderson requested consideration of an Intergovernmental
Agreement between EPURA and the Town be withdrawn from the special
meeting agenda until both Boards have had an opportunity to review
said Agreement.
Schedules indicating refunding comparisons, source/use of bond
proceeds, and estimated issuance costs were distributed and
explained by representatives from Kirchner Moore & Company.
Greg Johnson/Kutak Rock & Campbell distributed and explained
proposed Resolution No. 103 and Commissioner Pohl introduced and
moved for the adoption of Resolution No. 103, whereupon Director
Anderson read Resolution No. 103 by title:
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE
ESTES PARK URBAN RENEWAL AUTHORITY AUTHORIZING,
APPROVING AND DIRECTING THE ISSUANCE, SALE AND
DELIVERY OF $3,980,000 IN AGGREGATE PRINCIPAL
AMOUNT OF "ESTES PARK URBAN RENEWAL AUTHORITY,
(ESTES PARK, COLORADO), TAX INCREMENT REFUNDING
REVENUE BONDS SERIES 1988," TO REFUND IN ADVANCE OF
MATURITY CERTAIN OBLIGATIONS PREVIOUSLY ISSUED IN
CONNECTION WITH THE "ESTES PARK URBAN RENEWAL
PROJECT," AN URBAN RENEWAL PROJECT UNDERTAKEN
PURSUANT TO THE "ESTES PARK URBAN RENEWAL PLAN,"
AUTHORIZING, APPROVING AND DIRECTING THE EXECUTION
AND DELIVERY BY THE AUTHORITY OF SUCH BONDS, AN
INDENTURE OF TRUST, A BOND PURCHASE AGREEMENT, AN
ESCROW AGREEMENT AND CERTAIN AGREEMENTS AND
DOCUMENTS IN CONNECTION THEREWITH; AUTHORIZING AND
APPROVING THE DISTRIBUTION AND USE OF AN OFFICIAL
STATEMENT IN CONNECTION THEREWITH; RATIFYING AND
CONFIRMING THE DISTRIBUTION OF A PRELIMINARY
OFFICIAL STATEMENT IN CONNECTION THEREWITH;
APPOINTING A TRUSTEE AND AN ESCROW AGENT; APPROVING
THE FORM OF CERTAIN ANCILLARY DOCUMENTS; AND
REPEALING ANY ACTION HERETOFORE TAKEN IN CONFLICT
HEREWITH.
Commissioner Pauley seconded the motion and it passed by the
following votes: Those voting "Yes" Commissioners Phares, Pauley,
Pohl, Ericson, Godbolt, Hondius, Klaphake. Those voting No None.
BRADFORD PUBLISHING CO.RECORD OF PROCEEDINGS
Estes Park Urban Renewal Authority - page two - August 25, 1988
Special Meeting
Greg Johnson presented draft copies of documents to be executed at
the September 13, 1988 bond closing. These documents will be
reviewed by EPURA's attorney prior to bond closing.
Authorization to execute the Bond Purchase Agreement is included in
Resolution No. 103; however, since this document was not included as
a separate item at this special meeting. Director Anderson requested
the Board be polled to consider the document. Those voting "Yes"
Commissioners Phares, Pauley, Pohl, Ericson, Godbolt, Hondius,
Klaphake. Those voting "No" None.
It was moved and seconded (Pauley-Godbolt) that, following review by
EPURA counsel, the Chairman be authorized to execute the Bond
Purchase Agreement. Those voting "Yes" Commissioners Phares,
Pauley, Pohl, Ericson, Godbolt, Hondius, Klaphake. Those voting
"No" none.
Kirchner Moore & Company representatives expressed congratulations
to EPURA and commented that obtaining of a Baa-1 rating and
subsequent refunding of EPURA's 1984 and 1985 bond issues indicates
good fiscal management, sound strength of the URA Plan, and is quite
an accomplishment for a community of this size. A copy of Moody's
report will be forwarded to EPURA on or before September 13, 1988.
Kirchner/Moore will continue to monitor the insurance climate with
respect to EPURA's 1988 Bond Series.
There being no further business, the meeting adjourned.
—I1—^
Donna Heifner, Secretary