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Home My WebLink AboutEPURA RESOLUTION 140RESOLUTIONNO.iLARESOLUTIONOFTHEESTESPARKURBANRENEWALAUTHORITYAPPROVINGACOOPERATIONAGREEMENTWITHTHETOWNOFESTESPARKANDTHECENTRALBANKANDTRUSTCOMPANYOFDENVERREQUIREDFORTHEISSUANCEOFBONDSTOFUNDREDEVELOPMENTPROJECTSBEITRESOLVEDBYTHEBOARDOFCOMMISSIONERSOFTHEESTESPARKURBANRENEWALAUTHORITYTHAT:TheproposedCooperationAgreementbetweentheEstesParkUrbanRenewalAuthority,TheTownofEstesParkandtheCentralBankandTrustCompanyofDenverrequiredbybondcounselregardingthe$1,320,000TaxIncrementBondIssueisherebyapprovedinsubstantiallythesameformasthecopyofsaidAgreementattachedhereto.ADOPTEDMay2,1984.(_pI41CharlesH.Pliares,ChairmanATTEST:BararaCole,Secretary \CERTIFIEDRECORDOFPROCEEDINGSOFTHEBOARDOFCOMMISSIONERSOFTHEESTESPARKURBANRENEWALAUTHORITYRELATINGTOARESOLUTIONAUTHORIZINGTHEISSUANCEOF$1,320,000AGGREGATEPRINCIPALAMOUNTOFESTESPARKURBANRENEWALAUTHORITY,TAXINCREMENTBONDSSERIES1984May2,1984 0STATEOFCOLORADOCOUNTYOFLARIMER]ss.TOWNOFESTESPARKTheBoardofCommissionersoftheEstesParkUrbanRenewalAuthority,metinregularsessionattheEstesParkTownHall,1700MacGregorAvenue,EstesPark,Colorado,onWednesday,the2nddayofMay1984,atthehourof9:00amThefollowingmembersoftheBoardofCommissionerswerepresent:ThefollowingmembersoftheBoardofCommissionerswereabsent:Thefollowingpersonswerealsopresent:AftertheChairmanoftheBoardofCommissionerscalledthemeetingtoorder,thefollowingproceedings,amongothers,werehadandtaken:Commissioner_________introducedthefollowingResolution.TheResolutionwasthereuponreadbytitle,copiesthereofhavingpreviouslybeenmadeavailabletotheBoardofCommissionersandtothoseinattendanceatthismeeting: 0CDRESOLUTION$1,320,000ESTESPARKURBANRENEWALAUTHORITYTAXINCREMENTBONDSSERIES1984May2,1984 0RESOLUTIONNO._____ARESOLUTIONOFTHEBOARDOFCOMMISSIONERSOFTHEESTESPARKURBANRENEWALAUTHORITYAUTHORIZING,APPROVINGANDDIRECTINGTHEISSUANCE,SALEANDDELIVERYOF$1,320,000INAGGREGATEPRINCIPALAMOUNTOF“ESTESPARKURBANRENEWALAUTHORITY,TAXINCREMENTBONDS,SERIES1984,”TOFINANCECERTAINPUBLICIMPROVEMENTSINCONNECTIONWITHTHE“ESTESPARKDOWNTOWNREDEVELOPMENTPROGRAM,”TOFUNDCERTAINFUNDSANDACCOUNTSCREATEDINCONNECTIONTHEREWITH,INCLUDINGTHEFUNDINGOFACERTAINRESERVEFUND,TOCAPITALIZEAPORTIONOFTHEINTERESTPAYABLETHEREON,ANDTOPAYINCIDENTALEXPENSESTOBEINCURREDINCONNECTIONWITHTHEISSUANCEOFSUCHBONDS;RATIFYINGCERTAINACTIONSHERETOFORETAKEN;AUTHORIZING,APPROVINGANDDIRECTINGTHEEXECUTIONANDDELIVERYBYTHEAUTHORITYOFSUCHBONDS,ANINDENTUREOFTRUST,ABONDPURCHASEAGREEMENT,ANDCERTAINAGREEMENTSANDDOCUMENTSINCONNECTIONTHEREWITH;AUTHORIZINGANDAPPROVINGTHEDISTRIBUTIONANDUSEOFANOFFICIALSTATEMENTINCONNECTIONTHEREWITH;RATIFYINGANDCONFIRMINGTHEDISTRIBUTIONOFAPRELIMINARYOFFICIALSTATEMENTINCONNECTIONTHEREWITH;APPOINTINGATRUSTEE;APPROVINGTHEFORMOFCERTAINANCILLARYDOCUMENTS;ANDREPEALINGANYACTIONHERETOFORETAKENINCONFLICTHEREWITH.WHEREAS,theEstesParkUrbanRenewalAuthority(the“Issuer”)isapublicbodycorporateandpoliticdulycreatedandestablishedbytheTownofEstesPark,Colorado(the“Town”)underandpursuanttotheColoradoConstitutionandthelawsoftheStateofColorado(the“State”);andWHEREAS,theIssuerisauthorizedtotransactbusinessandexerciseitspowersasanurbanrenewalauthority,all 0underandpursuanttotheColoradoUrbanRenewalLaw,Section31-25-101etColoradoRevisedStatutes(the“Act”);andWHEREAS,theBoardofCommissionersoftheIssuerandtheBoardofTrusteesoftheTownhaveheretoforeauthorizedandapprovedthe“TownofEstesParkDowntownRedevelopmentProgram,”asanurbanrenewalplanundertheAct(the!?PlanhI)andWHEREAS,thePlanprovidesforanurbanrenewalproject,asdefinedandauthorizedbytheAct,andsaidurbanrenewalprojectincludesinparttheredevelopment,expansionandrehabilitationbytheAuthorityandtheTownofcertainrealproperty,theacquisitionanddevelopmentoflandforparking,redevelopmentandtheconstructionofcertainpedestrianimprovements(collectivelyreferredtohereinasthe“Project”);andVWHEREAS,theBoardofCommissionersoftheIssuerisdesirousofundertakingtheProjectpursuanttoandinaccordancewiththeActandthePlan;andWHEREAS,inordertoaccomplishtheProjectpursuanttothePlanandtheAct,theBoardofCommissionersoftheIssuerisdesirousofenteringintocertainagreementswiththeTown,allasmorefullydescribedherein;andWHEREAS,pursuanttoSection31-25-109oftheAct,theIssuerhasthepowerandauthoritytoissue“bonds”(definedbytheActtomeanandincludenotes,interimcertificates-2- &orreceipts,temporarybonds,certificatesofindebtedness,debentures,orotherobligations)tofinancetheactivitiesoroperationsoftheIssuerpermittedandauthorizedundertheActtobeundertakeninconnectionwiththeaccomplish-CmentoftheProject;andWHEREAS,the“EstesParkUrbanRenewalAuthority,TaxIncrementBonds,Series1984,”intheaggregateprincipalamountof$1,320,000(the“Series1984Bonds”),willbeissued,soldanddeliveredbytheIssuertoKirchnerMoore&Company(the“OriginalPurchaser”),underandpursuanttotheBondPurchaseAgreementhereinauthorizedandapproved,inordertoprovidefundstofinancetheProject,tofundcertainfundsandaccountsinconnectiontherewith,includ-ingthefundingofacertainreservefund,tocapitalizeaportionoftheinteresttoaccrueontheSeries1984BondsandtopaycertainincidentalcostsincurredinconnectionwiththeissuanceoftheSeries1984Bonds;andWHEREAS,therehavebeenpresentedtotheBoardofCommissionersoftheIssuer:(a)theproposedformofIndentureofTrust,datedasofMay1,1984(the“Indenture”),betweentheIssuerandTheCentralBank&TrustCompanyofDenver,d/b/aCentralBankofDenver,astrustee(the“Trustee”);(b)theproposedformofBondPurchaseAgreement,datedMay2,1984(the“BondPurchaseAgreement”),betweentheIssuerandtheOriginalPurchaser;(c)theCooperationAgreementdatedasofMay1,1984(the—3— •0CO“CooperationAgreement”)amongtheIssuer,theTrusteeandtheTown;(d)theAgreementofCooperation,ServicesandLoanofFundsdatedDecember13,1983(the“Agreement”)betweentheTownandtheIssuer;(e)thePreliminaryOfficialStatement,datedApril17,1984(the“PreliminaryOfficialStatement”),preparedforuseinconnectionwiththeofferingandsaleoftheSeries1984Bonds;and(f)thefinalOfficialStatement,datedMay2,1984(the“OfficialStatement”),preparedfordistributiontothepurchasersoftheSeries1984Bonds.NOW,THEREFORE,THEBOARDOFCOMMISSIONERSOFTHEESTESPARKURBANRENEWALAUTHORITYDOESHEREBYRESOLVEASFOLLOWS:Section1.AllactionsnotinconsistentwiththeprovisionsofthisResolutionheretoforetakenbyanyoftheofficialsoftheIssuerandtheeffortsoftheIssuerdirectedtowardtheissuance,saleanddeliveryoftheSeries1984Bondsandtheacquisition,constructionandcompletionoftheProjectshallbe,andthesameherebyare,ratified,approvedandconfirmed.TheexecutionanddeliveryoftheAgreementforandonbehalfoftheIssueris,inallrespects,herebyauthorized,ratifiedandconfirmedastheofficialactoftheIssuer.Section2.ThedistributionanduseofthePreliminaryOfficialStatementbytheOriginalPurchaserinconnectionwiththeofferingandsaleoftheSeries1984BondsisherebyratifiedandconfirmedastheofficialactoftheIssuer.-4- 0Section3.ToprovidefundstofinanceaportionoftheProject,tofundcertainfundsandaccounts,includingthefundingofacertainreservefundtocapitalizeaportionoftheinteresttoaccrueontheSeries1984Bonds,andtopayincidentalissuanceexpenses,thereisherebyauthorizedandcreatedanissueoftaxincrementbondsoftheIssuerdesignatedas“EstesParkUrbanRenewalAuthority,TaxIncrementBonds,Series1984”intheaggregateprincipalamountof$1,320,000(the“Series1984Bonds”),issuablesolelyasfullyregisteredbondswithoutcouponsinthedenominationof$5,000oranyintegralmultiplethereof,allinaccordancewiththeprovisionsoftheIndenture.TheSeries1984BondsinitiallyissuedshallbedatedasofMay1,1984,andanySeries1984BondsissuedthereaftershallbedatedasprovidedintheIndenture,andshallbearinterestfromtheirdatespayablesemiannuallyonMay1andNovember1ofeachyear,commencingNovember1,1984,asprovidedintheIndenture,attheratesandshallmatureonthedatesandintheamountssetforthinthefollowingschedule:May1PrincipalInterestoftheYearAmountRate1988$60,0008.50%198970,0009.00199075,0009.25199185,0009.50199290,0009.751993100,00010.001994115,00010.201998725,00011.00 000TheSeries1984BondsshallbesoldtotheOriginalPurchaserinanegotiatedprivatesaleatapurchasepriceof$1,280,400,plusaccruedinteresttothedateofdelivery.TheSeries1984BondsshallbesubjecttoredemptioninadvanceofmaturityasprovidedintheIndenture.Section4.Theform,termsandprovisionsoftheIndentureshallbeandthesameherebyareauthorizedandapproved,andtheIssuershallenterintotheIndenturesubstantiallyintheformoftheIndentureaspresentedtotheBoardofCommissionersoftheIssueratthismeeting,butwithsuchchangesthereinasshallbeconsistentwiththisResolutionandastheChairmanoftheBoardofCommissionersoftheIssuershallapprove,hisexecutionthereofbeingdeemedconclusiveofhisapprovalofanysuchchanges.TheChairmanoftheBoardofCommissionersoftheIssuerisherebyauthorizedanddirectedtoexecuteanddelivertheIndentureforandonbehalfoftheIssuerinsubstantiallytheformofsuchdocumentpresentedatthismeeting.TheTreasureroftheIssuerisherebyauthorizedanddirectedtoaffixthesealoftheIssuerto,andtoattest,theIndentureinsubstantiallytheformofsuchdocumentpresentedatthismeeting.Section5.Theform,termsandprovisionsoftheBondPurchaseAgreementshallbeandthesameherebyareauthorizedandapproved,andtheIssuershallenterintotheBond-6- ccPurchaseAgreementsubstantiallyintheformoftheBondPurchaseAgreementaspresentedtotheBoardofCommis-sionersoftheIssueratthismeeting,butwithsuchchangesthereinasshallbeconsistentwiththisResolutionandastheChairmanoftheBoardofCommissionersoftheIssuershallapprove,hisexecutionthereofbeingdeemedconclusiveofhisapprovalofanysuchchanges.TheChairmanoftheBoardofCommissionersoftheIssuerisherebyauthorizedanddirectedtoexecuteanddelivertheBondPurchaseAgreementforandonbehalfoftheIssuerinsubstantiallytheformofsuchdocumentpresentedatthismeeting.TheTreasureroftheIssuerisherebyauthorizedanddirectedtoaffixthesealoftheIssuerto,andtoattest,theBondPurchaseAgreementinsubstantiallytheformofsuchdocumentpresentedatthismeeting.Section6.Theform,termsandprovisionsoftheCooperationAgreementshallbeandthesameherebyareauthorizedandapproved,andtheIssuershallenterintotheCooperationAgreementsubstantiallyintheformoftheCooperationAgreementaspresentedtotheBoardofCommissionersoftheIssueratthismeeting,butwithsuchchangesthereinasshallbeconsistentwiththisResolutionandastheChairmanoftheBoardofCommissionersoftheIssuershallapprove,hisexecutionthereofbeingdeemedconclusiveofhisapprovalofanysuchchanges.TheChairmanoftheBoardofCommissionersoftheIssueris-7— 0herebyauthorizedanddirectedtoexecuteanddelivertheCooperationAgreementforandonbehalfoftheIssuerinsubstantiallytheformofsuchdocumentpresentedatthismeeting.TheTreasureroftheIssuerisherebyauthorizedanddirectedtoaffixthesealoftheIssuerto,andtoattest,theCooperationAgreementinsubstantiallytheformofsuchdocumentpresentedatthismeeting.Section7.Theform,termsandprovisionsoftheSeries1984Bonds,insubstantiallytheformsetforthintheIndenture,shallbeandtheyherebyareapproved;andtheChairmanoftheBoardofCommissionersoftheIssuerisherebyauthorizedanddirectedtoexecutetheSeries1984Bonds,andtheTreasureroftheIssuerisherebyauthorizedanddirectedtoattesttheSeries1984Bonds,insubstantiallytheformsetforthintheIndenture,butwithsuchchangesthereinasshallbeconsistentwiththeIndentureandthisResolutionandwhichtheofficersoftheIssuerexecutingtheSeries1984Bondsshallapprove,theirexecutionthereofbeingdeemedconclusiveoftheirapprovalofanysuchchanges.ThesealoftheIssuerisherebyauthorizedanddirectedtobeaffixedtoorimprintedontheSeries1984Bonds.Section8.TheCentralBank&TrustCompanyofDenver,d/b/aCentralBankofDenver,astatecharteredbankingcorporationwithitsprincipalcorporatetrustofficelocatedinDenver,Colorado,isherebyappointedTrustee,-8- 0RegistrarandPayingAgentfortheSeries1984Bonds(assuchtermsaredefinedintheIndenture).Section9.TheIssuerherebyauthorizesandapprovestheuseoftheOfficialStatementbytheOriginalPurchaserinconnectionwiththeofferingandsaleoftheSeries1984Bonds.TheChairmanoftheBoardofCommissionersoftheIssuerisherebyauthorizedanddirectedtoexecutetheOfficialStatementsubstantiallyintheformpresentedtothismeeting,withsuchchangesthereinasshallbeconsistentwiththisResolutionandasheshallapprove,hisexecutionthereofbeingdeemedconclusiveofhisapprovalofsuchchanges.Section10.TheofficersoftheIssuershalltakeallactionwhichtheydeemnecessaryorreasonablyrequiredinconformitywiththeActtofinancetheProject,includingthepayingofincidentalissuanceexpenses,whichareherebyauthorizedtobepaid,andtheIssuerRepresentative(asdefinedintheIndenture)isauthorizedtoexecuteallrequisitionstopayissuanceexpenses,andforcarryingout,givingeffecttoandconsummatingthetransactionscontemplatedbythisResolution,theIndenture,theAgreement,theCooperationAgreementandtheOfficialStatement,including,withoutlimitation,theexecutionanddeliveryofanynecessaryorappropriateclosingdocumentstobedeliveredinconnectionwiththeissuance,saleanddeliveryoftheSeries1984Bonds.-9- 00Section11.TheSeries1984Bonds,togetherwithinterestpayablethereon,arespecial,limitedobligationsoftheIssuerpayablesolelyasprovidedintheIndenture.TheSeries1984Bondsareandshallbeequallysecuredbyanirrevocablepledgeof,andpayableastoprincipalof,premium,ifany,andintereston,theTrustEstate,asdefinedintheIndenture.Theprincipalof,premium,ifany,andinterestontheSeries1984BondsshallnotconstituteanindebtednessoftheTownortheStateofColoradooranypoliticalsubdivisionthereof,andneithertheTown,theStateofColoradonoranypoliticalsubdivisionthereofshallbeliablethereon,norinanyeventshalltheprincipalof,premium,ifany,andinterestontheSeries1984BondsbepayableoutofanyfundsorpropertiesotherthantheTrustEstate.Further,theSeries1984BondsshallnotconstituteadebtoranindebtednessoftheTownwithinthemeaningofanyconstitutional,statutoryorcharterdebtlimitationorprovision.NeithertheCommissionersoftheIssuernoranypersonsexecutingtheSeries1984BondsshallbeliablepersonallyontheSeries1984Bonds.Section12.AftertheSeries1984Bondsareissued,thisResolutionshillbeandremainirrepealable,andmaynotbeamendedexceptinaccordancewiththeIndenture,untiltheSeries1984Bondsandinterestthereonshallhavebeenfullypaid,canceledanddischargedinaccordancewiththeIndenture.-10- CSection13.Ifanysection,paragraph,clauseorprovisionofthisResolutionshallforanyreasonbeheldtobeinvalidorunenforceable,theinvalidityorunenforceabilityofsuchsection,paragraph,clauseorprovisionshallnotaffectanyoftheremainingprovisionsofthisResolution.Section14.Allbylaws,orders,resolutionsandordinances,orpartsthereofinconsistentherewithorwiththedocumentsherebyapprovedareherebyrepealedtotheextentonlyofsuchinconsistency.Thisrepealershallnotbeconstruedasrevivinganybylaw,order,resolutionorordinance,orpartthereof.Section15.ThisResolutionshallbeineffectfromandafteritsfinalpassagebytheBoardofCommissioners.ADOPTEDANDAPPROVEDTHIS2NDDAYOFMAY1984.ESTESPARKURBANRENEWALAUTHORITYAttest:[SEAL]By_______________________ChairmanoftheBoardofCommissionersBy________________________TreasurerBy________________________Secretary—11—