HomeMy WebLinkAboutEPURA RESOLUTION 456
RESOLUTION 45
A RESOLUTION OF THE ESTES PARK URBAN RENEWAL AUTHORITY
APPROVING THE 1986 BUDGET
WHEREAS,THE BOARD OF COMMISSIONERS OF THE ESTES PARK URBAN
RENEWAL AUTHORITY has been presented a proposed budget for fiscal
year 1986;and
WHEREAS,the proposed budget has been reviewed by the Board;
and
WHEREAS,all legal requirements related to consideration and
approval of the budget have been complied with.
NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF
THE ESTES PARK URBAN RENEWAL AUTHORITY THAT:
SECTION 1.The estimated expenditures for the Urban
Renewal funds are as follows:
General Fund $360,000
Restricted Fund 3,327,205
SECTION 2.The estimated resources for each fund are
as follows:
General Fund 360,000
Restricted Fund 4,252,205
SECTION 3.The amounts set forth for the general fund and
restricted fund are hereby appropriated for expenditures as
provided in the 1986 budget documents.
SECTION 4.The Executive Director is authorized to certify
the budget in accordance with applicable legal requirements.
ADOPTED this 16th day of December,1985.
ESTES PARK URBAN RENEWAL AUTHORITY
BY:
Cha es H.P’haies,Chairman
Arthur L.Ande-r-n,Secretary
0CERTIFIEDRECORDOFPROCEEDINGSOFTHEBOARDOFCOMMISSIONERSOFTHEESTESPARKURBANRENEWALAUTHORITYRELATINGTOARESOLUTIONAUTHORIZINGTHEISSUANCEOf$2,200,000AGGREGATEPRINCIPALAMOUNTOFESTESPARKURBANRENEWALAUTHORITY,TAXINCREMENTBONDSSERIES1985December13,1985
0STATEOfCOLORADOCOUNTYOFLARIMERss.TOWNOFESTESPARKTheBoardofCommissionersoftheEstesParkUrbanRenewalAuthority,metinspecialsessionattheEstesParkTownHall,170MacGregorAvenue,EstesPark,Colorado,onWednesday,the13thdayofDecember1985,atthehourof8:00a.m.ThefollowingmembersoftheBoardofCommissionerswerepresent:ThefollowingmembersoftheBoardofCommissionerswereabsent:Thefollowingpersonswerealsopresent:ExecutiveDirectorandSecretary:CounseltoAuthority:AftertheChairmanoftheBoardofCommissionerscalledthemeetingtoorder,thefollowingproceedings,amongothers,werehadandtaken:CommissionerintroducedthefollowingResolution.TheResolutionwasthereuponreadbytitle,copiesthereofhavingpreviouslybeenmadeavailabletotheBoardofCommissionersandtothoseinattendanceatthismeeting:
00RESOLUTION$2,200,000ESTESPARKURBANRENEWALAUTHORITYTAXINCREMENTBONDSSERIES1985December13,1984
0RESOLUTIONNO.44ARESOLUTIONOFTHEBOARDOFCOMMISSIONERSOFTHEESTESPARKURBANRENEWALAUTHORITYAUTHORIZING,APPROVINGANDDIRECTINGTHEISSUANCE,SALEANDDELIVERYOF$2,200,000INAGGREGATEPRINCIPALAMOUNTOF“ESTESPARKURBANRENEWALAUTHORITY,TAXINCREMENTBONDS,SERIES1985,”TOFINANCECERTAINPUBLICIMPROVEMENTSINCONNECTIONWITHTHE“ESTESPARKDOWNTOWNREDEVELOPMENTPROGRAM,”TOFUNDCERTAINFUNDSANDACCOUNTSCREATEDINCONNECTIONTHEREWITH,INCLUDINGTHEFUNDINGOFACERTAINRESERVEFUND,ANDTOPAYINCIDENTALEXPENSESTOBEINCURREDINCONNECTIONWITHTHEISSUANCEOFSUCHBONDS;RATIFYINGCERTAINACTIONSHERETOFORETAKEN;AUTHORIZING,APPROVINGANDDIRECTINGTHEEXECUTIONANDDELIVERYBYTHEAUTHORITYOFSUCHBONDS,AFIRSTSUPPLEMENTALINDENTUREOFTRUST,ABONDPURCHASEAGREEMENT,ANDCERTAINAGREEMENTSANDDOCUMENTSINCONNECTIONTHEREWITH;AUTHORIZINGANDAPPROVINGTHEDISTRIBUTIONANDUSEOFANOFFICIALSTATEMENTINCONNECTIONTHEREWITH;RATIFYINGANDCONFIRMINGTHEDISTRIBUTIONOFAPRELIMINARYOFFICIALSTATEMENTINCONNECTIONTHEREWITH;APPOINTINGATRUSTEE;APPROVINGTHEFORMOFCERTAINANCILLARYDOCUMENTS;ANDREPEALINGANYACTIONHERETOFORETAKENINCONFLICTHEREWITH.WHEREAS,theEstesParkUrbanRenewalAuthority(the“Issuer”)isapublicbodycorporateandpoliticdulycreatedandestablishedbytheTownofEstesPark,Colorado(the“Town”)underandpursuanttotheColoradoConstitutionandthelawsoftheStateofColorado(the“State”);andWHEREAS,theIssuerisauthorizedtotransactbusinessandexerciseitspowersasanurbanrenewalauthority,allunderandpursuanttotheColoradoUrbanRenewalLaw,Section31-25-101etColoradoRevisedStatutes(the“Act”);and
QWHEREAS,TheBoardofTrusteesoftheTownhaveheretoforeapprovedthe“TownofEstesParkDowntownRedevelopmentProgram,”asanurbanrenewalplanundertheAct(the“Plan”);andWHEREAS,thePlanprovidesforanurbanrenewalproject,asdefinedandauthorizedbytheAct,andsaidurbanrenewalprojectincludesinparttheredevelopment,expansionandrehabilitationbytheAuthorityandtheTownofcertainrealproperty,theacquisitionanddevelopmentoflandforpublicparking,redevelopmentandtheconstructionofcertainpedestrianandpublicimprovementsincludingrestorationandbeautificationofarivercorridorarea(collectivelyreferredtohereinasthe“Project”);andWHEREAS,theBoardofCommissionersoftheIssuerisdesirousofundertakingtheProjectpursuanttoandinaccordancewiththeActandthePlan;andWHEREAS,inordertoaccomplishtheProjectpursuanttothePlanandtheAct,theBoardofCommissionersoftheIssuerisdesirousofenteringintocertainagreementswiththeTown,allasmorefullydescribedherein;andWHEREAS,pursuanttoSection31-25-109oftheAct,theIssuerhasthepowerandauthoritytoissue“bonds”(definedbytheActtomeanandincludenotes,interimcertificatesorreceipts,temporarybonds,certificatesofindebtedness,debentures,orotherobligations)tofinancetheactivities
00oroperationsoftheIssuerpermittedandauthorizedundertheActtobeundertakeninconnectionwiththeaccomplishmentoftheProject;andWHEREAS,the“EstesParkUrbanRenewalAuthority,TaxIncrementBonds,Series1985,”intheaggregateprincipalamountof$2,200,000(the“Series1985Bonds”),willbeissued,soldanddeliveredbytheIssuertoKirchnerMoore&Company(the“OriginalPurchaser”),underandpursuanttotheBondPurchaseAgreementhereinauthorizedandapproved,inordertoprovidefundstofinancetheProject,tofundcertainfundsandaccountsinconnectiontherewith,includingthefundingofacertainreservefundandtopaycertainincidentalcostsincurredinconnectionwiththeissuanceoftheSeries1985Bonds;andWHEREAS,therehavebeenpresentedtotheBoardofCommissionersoftheIssuer:(a)theproposedformofIndentureofTrust,datedasofDecember1,1985(the“FirstSupplementalIndenture”),betweentheIssuerandCentralBankofDenver,abankingcorporation,astrustee(the“Trustee”)amendingandsupplementinganIndentureofTrustdatedasofMay1,1984betweentheAuthorityandtheTrustee(the“OriginalIndenture”togetherwiththeFirstSupplementalIndenture(the“Indenture”));(b)theproposedformofBondPurchaseAgreement,datedDecember13,1985(the“BondPurchaseAgreement”),betweentheIssuerandtheOriginal
00Purchaser;(c)theCooperationAgreementdatedasofDecember1,1985(the“CooperationAgreement”)amongtheIssuer,theTrusteeandtheTown;(d)theAgreementofCooperation,ServicesandLoanofFundsdatedDecember13,1983(the“Agreement”)betweentheTownandtheIssuer;(e)thePreliminaryOfficialStatement,datedDecember9,1985(the“PreliminaryOfficialStatement”),preparedforuseinconnectionwiththeofferingandsaleoftheSeries1985Bonds;andff)thePreliminaryOfficialStatement,datedDecember9,1985(the“PreliminaryOfficialStatement”),preparedfordistributiontothepurchasersoftheSeries1985Bonds.NOW,THEREFORE,THEBOARDOFCOMMISSIONERSOFTHEESTESPARKURBANRENEWALAUTHORITYDOESHEREBYRESOLVEASFOLLOWS:Section1.AllactionsnotinconsistentwiththeprovisionsofthisResolutionheretoforetakenbyanyoftheofficialsoftheIssuerandtheeffortsoftheIssuerdirectedtowardtheissuance,saleanddeliveryoftheSeries1985Bondsandtheacquisition,constructionandcompletionoftheProjectshallbe,andthesameherebyare,ratified,approvedandconfirmed.TheexecutionanddeliveryoftheAgreementforandonbehalfoftheIssueris,inallrespects,herebyauthorized,ratifiedandconfirmedastheofficialactoftheIssuer.
CCSection2.ThedistributionanduseofthePreliminaryOfficialStatementbytheOriginalPurchaserinconnectionwiththeofferingandsaleoftheSeries1985BondsisherebyratifiedandconfirmedastheofficialactoftheIssuer.Section3.ToprovidefundstofinanceaportionoftheProject,tofundcertainfundsandaccounts,andtopayincidentalissuanceexpenses,thereisherebyauthorizedandcreatedanissueoftaxincrementbondsoftheIssuerdesignatedas“EstesParkUrbanRenewalAuthority,TaxIncrementBonds,Series1985”intheaggregateprincipalamountof$2,200,000(the“Series1985Bonds”),issuablesolelyasfullyregisteredbondswithoutcouponsinthedenominationof$5,000oranyintegralmultiplethereof,allinaccordancewiththeprovisionsoftheIndenture.TheSeries1985BondsinitiallyissuedshallbedatedasofDecember1,1985,andanySeries1985BondsissuedthereaftershallbedatedasprovidedintheIndenture,andshallbearinterestfromtheirdatespayablesemiannuallyonMay1andNovember1ofeachyear,commencingMay1,1986,asprovidedintheIndenture,attheratesandshallmatureonthedatesandintheamountssetforthinthefollowingschedule:
CC)May1PrincipalInterestoftheYearAmountRate198601987019880198901990$25,0008.50%199125,0008.75%199250,0009.00%199375,0009.25%1994100,0009.50%1995150,0009.75%1996150,00010.00%1997175,00010.20%1998200,00010.40%1999500,00010.50%2000750,00010.50%TheSeries1985BondsshallbesoldtotheOriginalPurchaserinanegotiatedprivatesaleatapurchasepriceof$2,135,000,plusaccruedinteresttothedateofdelivery.TheUnderwritershallalsoretain$27,000ofproceedsoftheSeries1985Bondstopaycertaincostsofissuance.TheSeries1985BondsshallbesubjecttoredemptioninadvanceofmaturityasprovidedintheIndenture.Section4.Theform,termsandprovisionsoftheIndentureshallbeandthesameherebyareauthorizedandapproved,andtheIssuershallenterintotheIndenturesubstantiallyintheformoftheIndentureaspresentedtotheBoardofCommissionersoftheIssueratthismeeting,butwithsuchchangesthereinasshallbeconsistentwiththisResolutionandastheChairmanoftheBoardofCommissionersoftheIssuershallapprove,hisexecutionEhereofbeingdeemedconclusiveofhisapprovalofanysuchchanges.TheChairmanoftheBoardofCommissionersoftheIssuerisherebyauthorizedanddirectedtoexecuteanddeliverthe
0IndentureforandonbehalfoftheIssuerinsubstantiallytheformofsuchdocumentpresentedatthismeeting.TheTreasureroftheIssuerisherebyauthorizedanddirectedtoaffixthesealoftheIssuerto,andtoattest,theIndentureinsubstantiallytheformofsuchdocumentpresentedatthismeeting.Section5.Theform,termsandprovisionsoftheBondPurchaseAgreementshallbeandthesameherebyareauthorizedandapproved,andtheIssuershallenterintotheBondPurchaseAgreementsubstantiallyintheformoftheBondPurchaseAgreementaspresentedtotheBoardofCommissionersoftheIssueratthismeeting,butwithsuchchangesthereinasshallbeconsistentwiththisResolutionandastheChairmanoftheBoardofCommissionersoftheIssuershallapprove,hisexecutionthereofbeingdeemedconclusiveofhisapprovalofanysuchchanges.TheChairmanoftheBoardofCommissionersoftheIssuerisherebyauthorizedanddirectedtoexecuteanddelivertheBondPurchaseAgreementforandonbehalfoftheIssuerinsubstantiallytheformofsuchdocumentpresentedatthismeeting.TheTreasureroftheIssuerisherebyauthorizedanddirectedtoaffixthesealoftheIssuerto,andtoattest,theBondPurchaseAgreementinsubstantiallytheformofsuchdocumentpresentedatthismeeting.
CISection6.Theform,termsandprovisionsoftheCooperationAgreementshallbeandthesameherebyareauthorizedandapproved,andtheIssuershallenterintotheCooperationAgreementsubstantiallyintheformoftheCooperationAgreementaspresentedtotheBoardofCommissionersoftheIssueratthismeeting,butwithsuchchangesthereinasshallbeconsistentwiththisResolutionandastheChairmanoftheBoardofCommissionersoftheIssuershallapprove,hisexecutionthereofbeingdeemedconclusiveofhisapprovalofanysuchchanges.TheChairmanoftheBoardofCommissionersoftheIssuerisherebyauthorizedanddirectedtoexecuteanddelivertheCooperationAgreementforandonbehalfoftheIssuerinsubstantiallytheformofsuchdocumentpresentedatthismeeting.TheTreasureroftheIssuerisherebyauthorizedanddirectedtoaffixthesealoftheIssuerto,andtoattest,theCooperationAgreementinsubstantiallytheformofsuchdocumentpresentedatthismeeting.Section7.Theform,termsandprovisionsoftheSeries1985Bonds,insubstantiallytheformsetforthintheIndenture,shallbeandtheyherebyareapproved;andtheChairmanoftheBoardofCommissionersoftheIssuerisherebyauthorizedanddirectedtoexecutetheSeries1985Bonds,andtheTreasureroftheIssuerisherebyauthorizedanddirectedtoattesttheSeries1985Bonds,in
0CsubstantiallytheformsetforthintheIndenture,butwithsuchchangesthereinasshallbeconsistentwiththeIndentureandthisResolutionandwhichtheofficersoftheIssuerexecutingtheSeries1985Bondsshallapprove,theirexecutionthereofbeingdeemedconclusiveoftheirapprovalofanysuchchanges.ThesealoftheIssuerisherebyauthorizedanddirectedtobeaffixedtoorimprintedontheSeries1985Bonds.Section8.CentralBankofDenver,bankingcorporationwithitsprincipalcorporatetrustofficelocatedinDenver,Colorado,isherebyappointedTrustee,RegistrarandPayingAgentfortheSeries1985Bonds(assuchtermsaredefinedintheIndenture).Section9.TheIssuerherebyauthorizesandapprovestheuseofanOfficialStatement(the“OfficialStatement”),insubstantiallythesameformasthePreliminaryOfficialStatement,bytheOriginalPurchaserinconnectionwiththeofferingandsaleoftheSeries1985Bonds.TheChairmanoftheBoardofCommissionersoftheIssuerisherebyauthorizedanddirectedtoexecutetheOfficialStatementsubstantiallyinthesameformasthePreliminaryOfficialStatementpresentedtothismeeting,withsuchchangesthereinasshallbeconsistentwiththisResolutionandasheshallapprove,hisexecutionthereofbeingdeemedconclusiveofhisapprovalofsuchchanges.
00Section10.TheofficersoftheIssuershalltakeallactionwhichtheydeemnecessaryorreasonablyrequiredinconformitywiththeActtofinancetheProject,includingthepayingofincidentalissuanceexpensesintheapproximateamountof$27,000,whichareherebyauthorizedtoberetainedandpaidbytheUnderwriterasagnetfortheIssuer,andtheIssuerRepresentative(asdefinedintheIndenture)isauthorizedtoexecuteallrequisitionstopayissuanceexpenses,andforcarryingout,givingeffecttoandconsummatingthetransactionscontemplatedbythisResolution,theIndenture,theAgreement,theCooperationAgreementandtheOfficialStatement,including,withoutlimitation,theexecutionanddeliveryofanynecessaryorappropriateclosingdocumentstobedeliveredinconnectionwiththeissuance,saleanddeliveryoftheSeries1985Bonds.Section11.TheSeries1985Bonds,togetherwithinterestpayablethereon,arespecial,limitedobligationsoftheIssuerpayablesolelyasprovidedintheIndenture.TheSeries1985Bondsareandshallbeequallysecuredbyanirrevocablepledgeof,andpayableastoprincipalof,premium,ifany,andintereston,theTrustEstate,asdefinedintheIndenture.Theprincipalof,premium,ifany,andinterestontheSeries1985BondsshallnotconstituteanindebtednessoftheTownortheStateofColoradooranypoliticalsubdivisionthereof,andneithertheTown,the
C0StateofColoradonoranypoliticalsubdivisionthereofshallbeliablethereon,norinanyeventshalltheprincipalof,premium,ifany,andinterestontheSeries1985BondsbepayableoutofanyfundsorpropertiesotherthantheTrustEstate.Further,theSeries1985BondsshallnotconstituteadebtoranindebtednessoftheTownwithinthemeaningofanyconstitutional,statutoryorcharterdebtlimitationorprovision.NeithertheCommissionersoftheIssuer,itsstaff,consultantsorattorneysnoranypersonsexecutingtheSeries1985BondsshallbeliablepersonallyontheSeries1985Bonds.Section12.AftertheSeries1985Bondsareissued,thisResolutionshallbeandremainirrepealable,andmaynotbeamendedexceptinaccordancewiththeIndenture,untiltheSeries1985Bondsandinterestthereonshallhavebeenfullypaid,canceledanddischargedinaccordancewiththeIndenture.Section13.Ifanysection,paragraph,clauseorprovisionofthisResolutionshallforanyreasonbeheldtobeinvalidorunenforceable,theinvalidityorunenforceabilityofsuchsection,paragraph,clauseorprovisionshallnotaffectanyoftheremainingprovisionsofthisResolution.
0Section14.Allbylaws,orders,resolutionsandordinances,orpartsthereofinconsistentherewithorwiththedocumentsherebyapprovedareherebyrepealedtotheextentonlyofsuchinconsistency.Thisrepealershallnotbeconstruedasrevivinganybylaw,order,resolutionorordinance,orpartthereof.Section15.ThisResolutionshallbeineffectfromandafteritsfinalpassagebytheBoardofCommissioners.
aADOPTEDANDAPPROVEDTHIS13THDAYOFDECEMBER1985.ESTESPARKURBANRENEWALAUTHORITYAttest:(I[SEAL]By\/v,”ChairmanoftheBoardofByCommissionersTreasurerBy________________________SecretaryCommissioner________________thenmovedthattheResolutionbepassedandadopted.Commissioner______________secondedthemotion.ThequestionbeinguponthepassageandadoptionoftheResolution,therollwascalledwiththefollowingresult:ThoseVotingYes:ThoseVotingNo:ThoseAbsent:ThereupontheChairmanoftheBoardofCommissionersdeclaredsaidmotioncarriedandtheResolutiondulypassedandadopted.ESTESPARKURBANRENEWALAUTHORITYBy____________ChairmanoftheBoardofCommissioners[SEAL]ATTEST:By_________Treasurer