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Home My WebLink AboutEPURA RESOLUTION 33400RESOLUTIONNO.334CERTIFIEDRECORDOFPROCEEDINGSOFTHEBOARDOFCOMMISSIONERSOFTHEESTESPARKURBANRENEWALAUTHORITYRELATINGTOARESOLUTIONAUTHORIZINGTHEISSUANCEOFTAXINCREMENTREVENUEREFUNDINGANDIMPROVEMENTBONDS,SERIES2003INTHEAGGREGATEPRINCIPALAMOUNTNOTTOEXCEED$5,000,000O2-’I5428I2 0•CSTATEOfCOLORADO)COUNTYOFLARIMER)ss.TOWNOFESTESPARK)TheBoardofCommissionersoftheEstesParkUrbanRenewalAuthority,metinaregularmeetingintheEstesParkMunicipalBuilding,170MacGregorAvenue,EstesPark,Colorado,onWednesday,the17thdayofSeptember2003,atthehourof8:00a.m.ThefollowingmembersoftheBoardofCommissionerswerepresent,constitutingaquorum:RichardS.PutneyChairmanGeraldSwankViceChairmanAlWassonCommissionerRichardWidmerCommissionerTamaraJarolimekCommissionerIreneLittleCommissionerPaulaSteigeCommissionerThefollowingmembersoftheBoardofCommissionerswereabsent:NoneThefollowingpersonswerealsopresent:WilliardSmith,ExecutiveDirectorPeteBrandjord,TownFinanceOfficerAftertheChairmanoftheBoardofCommissionerscalledthemeetingtoorder,thefollowingproceedings,amongothers,werehadandtaken:ThefollowingResolutionwasintroducedbytheChairmanandreadbytitleonly,copiesthereofhavingpreviouslybeenmadeavailabletotheBoardofCommissionersandtothoseinattendanceatthismeeting:O2-I5415I2 3RESOLUTIONNO.34ARESOLUTIONOFTHEBOARDOFCOMMISSIONERSOFTHEESTESPARKURBANRENEWALAUTHORITYAUTHORIZINGTHEISSUANCEOFTAXINCREMENTREVENUEREFUNDINGANDIMPROVEMENTBONDS,SERIES2003,INTHEAGGREGATEPRINCIPALAMOUNTNOTTOEXCEED$5,000,000,TOFUNDCERTAINFUNDSANDACCOUNTSCREATEDTNCONNECTIONTHEREWITH,TOESTABLISHARESERVEFUNDANDTOPAYEXPENSESTOBEINCURREDINCONNECTIONWITHTHEISSUANCEOFSUCHBONDS;PROVIDINGFORTHEFORMANDOTHERDETAILSINCONNECTIONWITHSUCHBONDS;FIXINGTHEMAXIMUMNETEFFECTIVEINTERESTRATEONSUCHBONDS;AUTHORIZING,APPROVINGANDDIRECTINGTHEEXECUTIONANDDELIVERYBYTHEAUTHORITYOFSUCHBONDS,ANINDENTUREOFTRUST,ABONDPURCHASEAGREEMENT,ANESCROWAGREEMENT,ACONTINUINGDISCLOSUREUNDERTAKING,ANAMENDMENTTOTHEINTERGOVERNMENTALAGREEMENTWITHTHETOWNOFESTESPARKANDCERTAINOTHERAGREEMENTSANDDOCUMENTSNCONNECTIONWITHTHEISSUANCEOFSUCHBONDS;AUTHORIZINGANDAPPROVINGTHEDISTRIBUTIONANDUSEOFANOFFICIALSTATEMENTINCONNECTIONWITHTHEISSUANCEOFSUCHBONDS;APPOINTINGATRUSTEE;APPROVINGTHEFORMOFCERTAINANCILLARYDOCUMENTS;ANDREPEALINGANYACTIONHERETOFORETAKENINCONFLICTHEREWITH.WHEREAS,theEstesParkUrbanRenewalAuthority(the“Authority”)isapublicbodycorporateandpoliticdulycreatedandestablishedbytheTownofEstesPark,Colorado(the“Town”)underandpursuanttotheColoradoConstitutionandthelawsoftheStateofColorado(the“State”);andWHEREAS,theAuthorityisauthorizedtotransactbusinessandexerciseitspowersasanurbanrenewalauthority,allunderandpursuanttotheColoradoUrbanRenewalLaw,constitutingpart1ofarticle25oftitle31,ColoradoRevisedStatutes(the“Act”);andWHEREAS,theBoardofCommissionersoftheAuthorityandtheBoardofTrusteesoftheTownhaveheretoforeauthorizedandapprovedthe“EstesParkDowntownRedevelopmentProgram,”asamended,asanurbanrenewalplanundertheAct(the“Plan”);andWHEREAS,thePlanprovidesfortheundertakingofanurbanrenewalprojectwithinthemeaningoftheAct,inseveralphases(collectively,the“RedevelopmentProject”),allpursuanttoandinaccordancewiththeActandPlan;andWHEREAS,pursuanttoSection31-25-109oftheAct,theAuthorityhasthepowerandauthoritytoissuebondstofinancetheactivitiesoroperationsoftheAuthoritypermittedandauthorizedundertheActtobeundertakeninconnectionwiththeaccomplishmentofthe02-154783.2 00RedevelopmentProject,andalsotoissuerefundingbondsfromtimetotimeinitsdiscretionforthepaymentorretirementofanybondspreviouslyissuedbyitundersuchSection;andWHEREAS,inordertofinancecertainpublicundertakingsinconnectionwiththeRedevelopmentProject,theAuthorityissuedits(a)“EstesParkUrbanRenewalAuthority,TaxIncrementRevenueBonds,Series1984,”intheaggregateprincipalamountof$1,320,000(the“Series1984Bonds”),and(b)“EstesParkUrbanRenewalAuthority,TaxIncrementRevenueBonds,Series1985,”intheaggregateprincipalamountof$2,200,000(the“Series1985Bonds”);andWHEREAS,inordertopayandretiretheSeries1984BondsandtheSeries1985Bonds,theAuthorityissuedits“EstesParkUrbanRenewalAuthority,TaxIncrementRefundingRevenueBonds,Series198$,”intheaggregateprincipalamountof$3,980,000(the“Series1988Bonds”);andWHEREAS,inordertofinancecertainadditionalpublicundertakingsinconnectionwiththeRedevelopmentProject,theAuthorityissuedits“EstesParkUrbanRenewalAuthority,TaxIncrementRevenueBonds,Series1989,”intheaggregateprincipalamountor$4,295,000(the“Series1989Bonds”);andWHEREAS,inordertopayandretiretheSeries1988BondsandtheSeries1989Bonds,theAuthorityissuedits“EstesParkUrbanRenewalAuthority,TaxIncrementRevenueRefundingBonds,Series1993,”intheaggregateprincipalamountof$7,650,000(the“Series1993Bonds”);andWHEREAS,theSeries1993Bondsarecurrentlyoutstandingintheaggregateprincipalamountof$2,380,000;andWHEREAS,theBoardofCommissionersoftheAuthorityisdesirousofrefundingtheSeries1993BondsandfinancingcertainadditionalpublicundertakingsinconnectionwiththeRedevelopmentProject;andWHEREAS,inordertoaccomplishsuchrefundingandtofinancetheadditionalpublicundertakingsaspartoftheRedevelopmentProject,theAuthoritydeemsitnecessarytoissueits“EstesParkUrbanRenewalAuthority,TaxIncrementRevenueRefundingandImprovementBonds,Series2003,”intheaggregateprincipalamountnottoexceed$5,000,000(the“Series2003Bonds”);andWHEREAS,therehavebeenpresentedtotheBoardofCommissionersoftheAuthority:(a)theproposedformofIndentureofTrust(the“Indenture”),betweentheAuthorityandTheBankofCherryCreek,abranchofWesternNationalBank,astrustee(the“Trustee”);(5)theproposedfon-nofEscrowAgreement(the“EscrowAgreement”),betweentheAuthorityandTheBankofCherryCreek,abranchofWesternNationalBank,asescrowagent;(c)theproposedformofContinuingDisclosureUndertaking(the“ContinuingDisclosureUndertaking”),tobeexecutedbytheAuthority;and(d)theproposedfonTiofthePreliminaryOfficialStatement(the“PreliminaryOfficialStatement”),preparedforuseinconnectionwiththeofferingandsaleoftheSeries2003Bonds;and02-154783.22 00WHEREAS,theBoardofCommissionersoftheAuthoritydesirestoauthorizetheissuance,saleanddeliveryoftheSeries2003Bonds,andtheexecutionanddeliveryofcertaindocuments,agreementsandinstrumentsinconnectiontherewith,allasmorefullysetforthherein.NOW,THEREFORE,THEBOARDOFCOMMISSIONERSOFTHEESTESPARKURBANRENEWALAUTHORITYDOESHEREBYRESOLVEASFOLLOWS:Section1.AllactionsnotinconsistentwiththeprovisionsofthisResolutionortheActheretoforetakenbyanyoftheofficialsoftheAuthorityandtheeffortsoftheAuthoritydirectedtowardtheissuanceoftheSeries2003Bonds,theundertakingofadditionalpublicprojectsinconnectionwiththeRedevelopmentProjectandtherefundingoftheSeries1993Bondsshallbe,andthesameherebyare,ratified,approvedandconfirmed.DefinedtermsusedhereinshallhavethemeaningsascribedtothemhereinorinthepreamblestothisResolution,andthefollowingdefinedtermshavethefollowingmeanings:“BondDetailsCertflcate”meansacertificateexecutedbytheExecutiveDirectoroftheAuthority,datedonorbeforethedateofdeliveryoftheSeries2003BondstoGeorgeK.Baum&Company,astheoriginalpurchaseroftheSeries2003Bonds(the“Underwriter”),settingforth(a)therateorratesofinterestontheSeries2003Bonds,(b)theconditionsandpricesatwhichtheSeries2003Bondsmayberedeemedbeforethematuritiesthereof,(c)theprice(includingtheamountofaccruedinterest)atwhichtheSeries2003BondswillbesoldtotheUnderwriter,(d)thetotalprincipalamountoftheSeries2003Bonds,(e)theamountofprincipalmaturingineachyear,(f)thedatesonwhichtheprincipalofandinterestontheSeries2003Bondsshallbepaid,and(g)theexistenceandamountofanycapitalizedinterestorreservefunds,asauthorizedbytheSupplementalActandthisResolution,allofwhichshallbesubjecttotheparametersandrestrictionscontainedinthisResolution.“SupplementalAct”meanstheSupplementalPublicSecuritiesAct,constitutingpart2ofarticle57oftitle11,ColoradoRevisedStatutes,asamended.Section2.ToprovidefundsforthepurposeofrefundingtheSeries1993Bonds,financingcertainadditionalpublicundertakingsinconnectionwiththeRedevelopmentProject,fundingcertainfundsandaccounts,establishingareservefundandpayingincidentalissuanceexpenses,thereisherebyauthorizedanissueofrevenuebondsoftheAuthoritydesignatedas“EstesParkUrbanRenewalAuthority,TaxIncrementRevenueRefundingandImprovementBonds,Series2003,”intheaggregateprincipalamountnottoexceed$5,000,000(the“Series2003Bonds”),ashereinaflersetforth.TheSeries2003Bondsareissuablesolelyasfullyregisteredbondswithoutcouponsinthedenominationof$5,000oranyintegralmultiplethereof,allinaccordancewiththeprovisionsoftheIndenture.TheSeries2003BondsinitiallyshallbeissuedinthenameofCede&Co.,asnomineeofTheDepositoryTrustCompany,NewYork,NewYork(“DTC”),asregisteredowneroftheSeries2003Bonds,andimmobilizedinthecustodyofDTC.AsinglecertificateforeachmaturitydateoftheSeries2003BondswillbeissuedanddeliveredtoDTCforthetotalprincipalamountdueoneachmaturitydateoftheSeries2003Bonds.Beneficialownersofthe02-154783.23 00Series2003BondswillnotreceivephysicaldeliveryofSeries2003Bondcertificates,exceptintheeventthatreplacementsareissuedthereforasprovidedintheIndenture.Allsubsequenttransfersofownershipinterests,aflerimmobilizationoftheoriginalSeries2003Bondcertificatesasprovidedabove,willbemadebybook-entryonly,andnoinvestororotherpartypurchasing,sellingorotherwisetransferringtheSeries2003Bondsistoreceive,holdordeliveranySeries2003BondcertificateaslongasDTCoranysuccessordepositoryholdstheimmobilizedSeries2003Bondcertificates.TheChairman,anyCommissionerandtheExecutiveDirectoroftheAuthorityareherebyauthorizedtotakeanyandallactionsasmaybenecessaryandnotinconsistentwiththisResolutioninordertoqualifytheSeries2003BondsforDTC’sbook-entrysystem,includingtheexecutionofDTC’sLetterofRepresentations,andpaymentstoDTCbytheTrusteeshallbemadeinaccordancewithsuchLetterofRepresentations.Section3.TheSeries2003BondsasinitiallyissuedshallbedatedasprovidedintheIndenture.PursuanttoSection11-57-205oftheSupplementalAct,theBoardherebydelegatestotheExecutiveDirectoroftheAuthoritytheauthoritytosignaBondPurchaseAgreement(the“BondPurchaseAgreement”)withtheUnderwriterandtheauthoritytodeterminethedetailsoftheSeries2003BondsidentifiedinthedefinitionofBondDetailsCertificateinSection1ofthisResolution.TheSeries2003BondsshallbearinterestattherateorratesdeterminedbytheExecutiveDirectoroftheAuthorityintheBondDetailsCertificate,calculatedonthebasisofa360dayyearconsistingoftwelve30daymonths;provided,however,thattheneteffectiveinterestrateoftheSeries2003Bondsshallnotexceed5.2313%.TheSeries2003BondsshallmatureonorbeforeDecember15,2008,butintheyearsandintheprincipalamountsdeterminedbytheExecutiveDirectoroftheAuthorityintheBondDetailsCertificate.TheSeries2003Bondsoranypartthereofmaybemadecallableforredemption,attheoptionoftheAuthority,priortothefinalmaturitythereof,atthepriceorprices(expressedasapercentageoftheprincipalamount)andontheredemptiondateordatesifdeterminedbytheExecutiveDirectoroftheAuthorityintheBondDetailsCertificate.TheSeries2003Bondsoranypartthereofmaybemadecallableformandatorysinkingfundredemptionataprice(expressedasapercentageofprincipalamount)ofnottoexceed102°/b,plusaccruedinteresttotheredemptiondate,ifdeterminedbytheExecutiveDirectoroftheAuthorityintheBondDetailsCertificate.Section4.ThefonTi,termsandprovisionsoftheIndentureshallbeandthesameherebyareauthorizedandapproved,andtheAuthorityshallenterintotheIndenturesubstantiallyintheformoftheIndentureaspresentedtotheBoardofCommissionersoftheAuthorityatthismeeting,butwithsuchchangesthereinasshallbeconsistentwiththisResolutionandastheCounseltotheAuthorityandtheChairmanoranyCommissioneroftheBoardofCommissionersoftheAuthorityshallapprove,theexecutionthereofbytheChainTianoranyCommissionerbeingdeemedconclusiveoftheapprovalofanysuchchanges.TheChairmanoranyCommissioneroftheBoardofCommissionersoftheAuthorityisherebyauthorizedanddirectedtoexecuteanddelivertheIndentureforandonbehalfoftheAuthorityinsubstantiallytheformofsuchdocumentpresentedatthismeeting,exceptasrevisedpursuanttothisSection.The02-154783.24 C0SecretaryoftheBoardofCommissionersoftheAuthorityisherebyauthorizedanddirectedtoaffixthesealoftheAuthorityto,andtoattest,theIndentureinsubstantiallytheformofsuchdocumentpresentedatthismeeting,butwithsuchchangesasmaybemadeinaccordancewiththisSection.Section5.Theform,termsandprovisionsoftheEscrowAgreementshallbeandthesameherebyareauthorizedandapproved,andtheAuthorityshallenterintotheEscrowAgreementsubstantiallyintheformoftheEscrowAgreementaspresentedtotheBoardofCommissionersoftheAuthorityatthismeeting,butwithsuchchangesthereinasshallbeconsistentwiththisResolutionandastheCounseltotheAuthorityandtheChairmanoranyCommissioneroftheBoardofCommissionersoftheAuthorityshallapprove,theexecutionthereofbytheChairmanoranyCommissionerbeingdeemedconclusiveoftheapprovalofanysuchchanges.TheChairmanoranyCommissioneroftheBoardofCommissionersoftheAuthorityisherebyauthorizedanddirectedtoexecuteanddelivertheEscrowAgreementforandonbehalfoftheAuthorityinsubstantiallytheformofsuchdocumentpresentedatthismeeting,exceptasrevisedpursuanttothisSection.TheSecretaryoftheBoardofCommissionersoftheAuthorityisherebyauthorizedanddirectedtoaffixthesealoftheAuthorityto,andtoattest,theEscrowAgreementinsubstantiallytheformofsuchdocumentpresentedatthismeeting,butwithsuchchangesasmaybemadeinaccordancewiththisSection.Section6.Theform,termsandprovisionsoftheContinuingDisclosureUndertakingshallbeandthesameherebyareauthorizedandapproved,andtheAuthorityshallenterintotheContinuingDisclosureUndertakingsubstantiallyintheformoftheContinuingDisclosureUndertakingaspresentedtotheBoardofCommissionersoftheAuthorityatthismeeting,butwithsuchchangesthereinasshallbeconsistentwiththisResolutionandastheCounseltotheAuthorityandtheChairmanoranyCommissioneroftheBoardofCommissionersoftheAuthorityshallapprove,theexecutionthereofbytheChairmanoranyCommissionerbeingdeemedconclusiveoftheapprovalofanysuchchanges.TheChairmanoranyCommissioneroftheBoardofCommissionersoftheAuthorityisherebyauthorizedanddirectedtoexecuteanddelivertheContinuingDisclosureUndertakingforandonbehalfoftheAuthorityinsubstantiallytheformofsuchdocumentpresentedatthismeeting,exceptasrevisedpursuanttothisSection.Section7.TheAuthorityshallenterintoanyamendmentofthatcertainIntergovernmentalAgreementdatedAugust16,1990,asamended(the“IntergovernmentalAgreement”),betweentheAuthorityandtheTown,deemednecessaryordesirableinconnectionwiththeissuanceoftheSeries2003Bonds,andasshallbeconsistentwiththisResolutionandastheCounseltotheAuthorityandtheChairmanoranyCommissioneroftheBoardofCommissionersoftheAuthorityshallapprove,theexecutionthereofbytheChairmanoranyCommissionerbeingdeemedconclusiveoftheapprovalofanyamendmenttotheIntergovernmentalAgreement.TheChairmanoranyCommissioneroftheBoardofCommissionersoftheAuthorityisherebyauthorizedanddirectedtoexecuteanddeliveranysuchamendmenttotheIntergovernmentalAgreementforandonbehalfoftheAuthorityandinaccordancewiththisSection.TheSecretaryoftheBoardofCommissionersoftheAuthorityisherebyauthorizedanddirectedtoaffixthesealoftheAuthorityto,andtoattest,anysuchamendmenttotheIntergovernmentalAgreement.02-154783.25 aaSection8.TheAuthorityshallenterintoanyamendmentofthatcertainConferenceCenterLeasePurchaseAgreementdatedasofNovember15,1989,asamended(the“ConferenceCenterLease”),betweentheAuthorityandtheTown,deemednecessaryordesirableinconnectionwiththeissuanceoftheSeries2003Bonds,andasshallbeconsistentwiththisResolutionandastheCounseltotheAuthorityandtheChairmanoranyCommissioneroftheBoardofCommissionersoftheAuthorityshallapprove,theexecutionthereofbytheChairmanoranyCommissionerbeingdeemedconclusiveoftheapprovalofanyamendmenttotheConferenceCenterLease.TheChairmanoranyCommissioneroftheBoardofCommissionersoftheAuthorityisherebyauthorizedanddirectedtoexecuteanddeliveranysuchamendmenttotheConferenceCenterLeaseforandonbehalfoftheAuthorityandinaccordancewiththisSection.TheSecretaryoftheBoardofCommissionersoftheAuthorityisherebyauthorizedanddirectedtoattestanysuchamendmenttotheConferenceCenterLease.Section9.TheAuthorityshallenterintoanyamendmentofthatcertainCooperationAgreementdatedSeptember1,1988,asamended(the“CooperationAgreement”),betweentheAuthorityandtheTown,deemednecessaryordesirableinconnectionwiththeissuanceoftheSeries2003Bonds,andasshallbeconsistentwiththisResolutionandastheCounseltotheAuthorityandtheChairmanoranyCommissioneroftheBoardofCommissionersoftheAuthorityshallapprove,theexecutionthereofbytheChairmanoranyCommissionerbeingdeemedconclusiveoftheapprovalofanyamendmenttotheCooperationAgreement.TheChairmanoranyCommissioneroftheBoardofCommissionersoftheAuthorityisherebyauthorizedanddirectedtoexecuteanddeliveranysuchamendmenttotheCooperationAgreementforandonbehalfoftheAuthorityandinaccordancewiththisSection.TheSecretaryoftheBoardofCommissionersoftheAuthorityisherebyauthorizedanddirectedtoattestanysuchamendmenttotheCooperationAgreement.Section10.TheAuthorityherebyauthorizesanddirectstheredemptionoftheSeries1993BondsonorbeforeDecember15,2003attheprice(expressedasapercentageofprincipalamount)of100.0%.TheBankofCherryCreek,abranchofWesternNationalBank(assuccessorTheBankofCherryCreek,N.A.),astrusteefortheSeries1993Bonds(the“1993Trustee”),isherebyauthorizedanddirectedtogivenoticeofredemptionoftheSeries1993BondsatthetimeandinthemannerrequiredbytheIndentureofTrustdatedasofDecember1,1993(the“1993Indenture”),betweentheAuthorityandthe1993Trustee,inordertocausetheSeries1993BondstoberedeemedinthemannersetforthinthisResolution.TheExecutiveDirectoroftheAuthorityandtheotherappropriateofficersoftheAuthorityareherebyauthorizedanddirectedtotransferanymoneysandinvestmentsintheFundscreatedunderthe1993IndenturetotheTrusteefordepositintheFundscreatedundertheIndentureortheEscrowAgreement,allassetforthintheIndenture.Section11.Theform,termsandprovisionsoftheSeries2003Bonds,insubstantiallytheformsetforthintheIndenture,shallbeandtheyherebyareapproved;andtheChairmanoftheBoardofCommissionersoftheAuthorityisherebyauthorizedanddirectedtoexecutetheSeries2003Bonds,andtheSecretaryoftheBoardofCommissionersoftheAuthorityisherebyauthorizedanddirectedtoattesttheSeries2003Bonds,insubstantiallytheformsetforthintheIndenture,butwithsuchchangesthereinasshallbeconsistentwiththeIndentureandthisResolutionandwhichtheofficersoftheAuthorityexecutingtheSeries2003Bondsshall02-154783.26 Caapprove,theirexecutionthereofbeingdeemedconclusiveoftheirapprovalofanysuchchanges.ThesealoftheAuthorityisherebyauthorizedanddirectedtobeaffixedtoorimprintedontheSeries2003Bonds.Section12.TheBankofCherryCreek,abranchofWesternNationalBank,withitsprincipalcorporatetrustofficelocatedinDenver,Colorado,isherebyappointedTrustee,RegistrarandPayingAgentfortheSeries2003Bonds(assuchtermsaredefinedintheIndenture).Section13.ThemaximumneteffectiveinterestrateauthorizedwithrespecttotheSeries2003BondsisherebyfoundanddeterminedtobelessthantheneteffectiveinterestrateontheSeries1993Bonds.Onthebasisoftheforegoing,theBoardherebyfindsanddetenninesthattheissuanceoftheSeries2003BondsisincompliancewiththelimitationsandrequirementsoftheActandtheConstitutionoftheState.Section14.ThedistributionanduseofthePreliminaryOfficialStatementbytheUnderwriterinconnectionwiththeofferingandsaleoftheSeries2003BondsinsubstantiallytheformofthePreliminaryOfficialStatementpresentedtotheBoardofCommissionersatthismeetingisherebyauthorizedandapproved.TheAuthorityherebyauthorizesandapprovestheuseofafinalOfficialStatement(the“OfficialStatement”)bytheUnderwriterinconnectionwiththeofferingandsaleoftheSeries2003Bonds.TheChairmanoranyCommissioneroftheBoardofCommissionersoftheAuthorityisherebyauthorizedanddirectedtoexecutetheOfficialStatement,substantiallyintheformofthePreliminaryOfficialStatementpresentedatthismeeting,butwithsuchchangesthereinasshallbeconsistentwiththisResolutionandastheCounseltotheAuthorityandtheChairmanoranyCommissionershallapprove,theexecutionthereofbytheChairmanoranyCommissionerbeingdeemedconclusiveoftheapprovalofsuchchanges.Section15.TheChairman,anyotherCommissionerandtheExecutiveDirectoroftheAuthorityshalltakeallactionwhichtheydeemnecessaryorreasonablyrequiredinconfonnitywiththeActtorefundtheSeries1993Bondsandtocarryout,giveeffecttoandconsummatethetransactionscontemplatedbythisResolution,theIndenture,theBondPurchaseAgreement,theEscrowAgreement,theContinuingDisclosureUndertaking,anyamendmenttotheIntergovernmentalAgreement,anyamendmenttotheConferenceCenterLease,andtheOfficialStatement,including,withoutlimitation,theexecutionanddeliveryofanynecessaryorappropriateclosingdocumentstobedeliveredinconnectionwiththeissuance,saleanddeliveryoftheSeries2003BondsandthepayingofissuanceexpensesfortheSeries2003Bonds,whichareherebyauthorizedtobepaid.Section16.TheSeries2003Bonds,togetherwithinterestpayablethereon,arespecial,limitedobligationsoftheAuthoritypayablesolelyasprovidedintheIndenture.TheSeries2003Bondsareandshallbeequallysecuredbyanirrevocablepledgeof,andpayableastoprincipalof,premium,ifany,andintereston,theTrustEstate,asdefinedintheIndenture.Theprincipalof,premium,ifany,andinterestontheSeries2003Bondsshallnotconstituteanindebtedness,financialobligationorliabilityoftheTownortheStateofColoradooranypoliticalsubdivisionthereof,andneithertheTown,theStateofColoradonoranypoliticalsubdivisionthereofshallbeliablethereon,norinanyeventshalltheprincipalof,premium,ifany,andinterestontheSeries02-154783.27 002003BondsbepayableoutofanyfundsorpropertiesotherthantheTrustEstate.further,theSeries2003Bondsshallnotconstituteadebtoranindebtednesswithinthemeaningofanyconstitutional,statutoryordebtlimitationorprovisionapplicabletotheTown.Neitherthemembers,officials,staff,attorneysorconsultantsoftheAuthority,ortheTown.noranypersonsexecutingtheSeries2003BondsshallbepersonallyliableontheSeries2003Bondsorsubjecttoanypersonalliabilityoraccountabilitybyreasonoftheissuancethereof.Section17.TheAuthoritycovenantsthattheaggregatefaceamountofalltax-exemptobligationsissuedbytheAuthority,togetherwithgovernmentalentitieswhichderivetheirissuingauthorityfromtheAuthorityoraresubjecttosubstantialcontrolbytheAuthority,shallnotbemorethan$10,000,000duringcalendaryear2003.TheAuthorityrecognizesthatsuchtax-exemptobligationsincludenotes,leases,loansandwarrants,aswellasbonds.TheAuthorityherebydesignatestheSeries2003Bondsasqualifiedtax-exemptobligationswithinthemeaningofSection265(b)(3)oftheInternalRevenueCodeof1986,asamended,allowingcertainbanks,thriftinstitutionsandotherfinancialinstitutionsowningtheSeries2003Bondsadeductionfor80%ofthatportionofsuchinstitutions’interestexpenseallocabletointerestontheSeries2003Bonds.Section18.AftertheSeries2003Bondsareissued,thisResolutionshallbeandremainirrepealable,andmaynotbeamended,exceptinaccordancewiththeIndenture,untiltheprincipalof,premium,ifany,andinterestontheSeries2003Bondsshallhavebeenfullypaid,canceledanddischargedinaccordancewiththeIndenture.Section19.Ifanysection,paragraph,clauseorprovisionofthisResolutionshallforanyreasonbeheldtobeinvalidorunenforceable,theinvalidityorunenforceabilityofsuchsection,paragraph,clauseorprovisionshallnotaffectanyoftheremainingprovisionsofthisResolution.Section20.Allbylaws,ordersandresolutions,orpartsthereofinconsistentherewithorwiththedocumentsherebyapprovedareherebyrepealedtotheextentonlyofsuchinconsistency.Thisrepealershallnotbeconstruedasrevivinganybylaw,order,resolutionorordinance,orpartthereofSection21.ThisResolutionshallbeeffectiveimmediatelyuponitsadoptionandapprovalbytheBoardofCommissionersoftheAuthority.ADOPTEDANDAPPROVEDthis17thdayofSeptember2003.[SEAL]ESTESPARKURBANRENEWALAUTHORITYByV_‘-‘Attest:ChairmanoftheBoardofCommissioiTëBy______SecretayyoftheBoardofCommissioners02-154783.28 0CommissionerthenmovedthattheResolutionbepassedandadopted.Commissionersecondedthemotion.ThequestionbeinguponthepassageandadoptionoftheResolution,therollwascalledwiththefollowingresult:ThoseVotingYes:ThoseVotingNo:k--ThoseAbsent:ThereupontheChairmanoftheBoardofCommissionersdeclaredsaidmotioncarriedandtheResolutiondulypassedandadopted.AfiertheconsiderationofotherbusinessunrelatedtotheResolution,onmotiondulymade,secondedandadopted,themeetingthereuponadjourned.tSEAL]ESTESPARKURBANRENEWALAUTHORITYBy__________ChainnanoftheBoardofComjsnersAttest:By_____SecretaiofteBoardofCommissioners02-154783.29 00STATEOFCOLORADO)COUNTYOFLARIMER)ss.TOWNOFESTESPARK)I,WilliardSmith,thedulyqualifiedandactingSecretaryoftheBoardofCommissionersoftheEstesParkUrbanRenewalAuthority,doherebycertifythattheforegoingpagesnumbered1to9,inclusive,areatrue,perfectandcompletecopyoftherecordofproceedings,insofarassuchproceedingsrelatetotheResolutioncontainedtherein,oftheBoardofCommissionersoftheEstesParkUrbanRenewalAuthority,hadandtakenataregularmeetingoftheBoardofCommissionersheldintheEstesParkMunicipalBuilding,170MacGregorAvenue,EstesPark,Colorado,onWednesday,September17,2003,commencingatthehourof8:00a.m.,asrecordedintheregularofficialbookoftheproceedingsoftheBoardofCommissionerskeptinmyoffice,saidproceedingsweredulyhadandtakenasthereinshown,themeetingthereinshownwasdulyheld,andthepersonsthereinnamedwerepresentatsaidmeetingasthereinshown.INWITNESSWHEREOF,IhavehereuntosetmyhandandaffixedthesealoftheEstesParkUrbanRenewalAuthoritythisThcdayofSeptember2003.[SEAL]ESTESPARKURBANRENEWALAUTHORITYBy_______SecretaryoØheBoardofCommissioners02-154783.2