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HomeMy WebLinkAboutRESOLUTION 76-24RESOLUTION 76-24 A RESOLUTION CONCERNING THE ESTES PARK HOUSING AUTHORITY AND ITS HOUSING REVENUE NOTES (FALL RIVER VILLAGE PROJECT) SERIES 2024 A-1 AND A-2 AND SERIES 2024B; AUTHORIZING AND DIRECTING ACTIONS BY THE TOWN ADMINISTRATOR WITH RESPECT TO THE PREPARATION OF REQUESTS TO THE BOARD OF TRUSTEES FOR APPROPRIATION OF MONEYS TO FUND ANY DEFICIENCIES IN THE DEBT SERVICE RESERVE FUND PLEDGED TO THE PAYMENT OF SUCH NOTES; AND AUTHORIZING OTHER ACTIONS TAKEN BY THE TOWN IN CONNECTION THEREWITH WHEREAS, the Board of Trustees (the "Board") of the Town of Estes Park, Colorado (the "Town"), by Resolution No. 15-93, adopted April 27, 1993, created the Estes Park Housing Authority (the "Authority"); and WHEREAS, the Authority intends to issue, pursuant to that certain Loan Agreement (the "Loan Agreement") among the Authority, NBH Bank, as lender (the "Lender") and Fall River Village Estes LLC, a Colorado limited liability company (the "Borrower"), its Housing Revenue Note (Fall River Village Project) Series 2024A-1, its Housing Revenue Note (Fall River Village Project) Series 2024A-2 and its Housing Revenue Note (Fall River Village Project) Series 2024B (Federally Taxable) in the aggregate principal amount of not to exceed $40,000,000 (collectively, the "Governmental Notes") to the Lender and loan the proceeds of such Governmental Notes to the Borrower to assist in financing the costs of the acquisition of a residential complex located at 200 Filbey Court in Estes Park, Colorado consisting of 90 units and known as the Fall River Village Project (the "Project"); and WHEREAS, all capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Loan Agreement; and WHEREAS, the Loan Agreement contemplates that if, within forty-five (45) days following the date on which the Town receives notice of a draw on the Debt Service Reserve Fund, the amount on deposit in the Debt Service Resen/e Fund is less than the Debt Service Reserve Requirement, the Town Administrator shall notify the Board of any such insufficiency in the Debt Service Resen/e Fund and request an appropriation in an amount sufficient to make up any such insufficiency; and WHEREAS, the Board wishes to make a non-binding statement of its present intent to appropriate funds in an amount sufficient to make deposits to the Debt Service Reserve Fund in an amount equal to any such deficiency in the Debt Service Reserve Fund and to authorize and direct the Town Administrator to take certain actions for the purpose of causing requests for such appropriations to be presented to the Board for consideration. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE TOWN OF ESTES PARK, COLORADO: Section 1. Appropriations to the Loan Payment Fund. In each year the Governmental Notes are outstanding, and as provided in the Loan Agreement, if, within forty-five (45) days following the date on which the Town receives notice from the Lender of a draw on the Debt Service Reserve Fund, the amount on deposit in the Debt Service Reserve Fund is less than the Debt Service Reserve Requirement, the Town Administrator shall prepare and submit to the Board a request for an appropriation of an amount equal to any such insufficiency, to be deposited in the Debt Service Reserve Fund. It is the present intention and expectation of the Board to appropriate such funds as requested, within the limits of available funds and revenues, but this declaration of intent shall not be binding upon the Board or any future Board in any future fiscal year. The Board may determine in its sole discretion, but shall never be required, to make the appropriations so requested. All sums appropriated by the Board for such purpose shall be deposited by or on behalf of the Borrower into the Debt Service Reserve Fund. Nothing provided in this Section 1 shall create or constitute a debt, liability or multiple fiscal year financial obligation of the Town within the meaning of any provision of the Colorado Constitution or the statutes governing the Town. Section 2. Repayment of Amounts Appropriated. In the event that the Board appropriates funds as contemplated by Section 1 hereof, any amounts actually advanced shall be treated as a loan from the Town to the Borrower and shall be repaid by the Borrower from and to the extent of Pledged Revenues available therefor in accordance with the Loan Agreement. Section 3. Limitation to Notes. Unless otherwise expressly provided by a subsequent resolution of the Board, the provisions of this Resolution shall apply only to the funding of the Debt Sen/ice Reserve Fund originally established in connection with the Governmental Notes and shall not apply to any other obligations. Section 4. General Repealer. All prior resolutions, or parts thereof, inconsistent herewith are hereby repealed to the extent of such inconsistency. Section 5. Ratification of Prior Actions. All actions heretofore taken by the Board directed toward the acquisition of the Project by the Borrower are hereby ratified, approved, and confirmed. Section 6. Effectiveness. This Resolution shall take effect immediately upon its passage. DATED this 24th day of September, 2024. TOWN OF ESTES PARK Mayor ATTEST: Jl^^0 O-^-a- _^^^^-V Toyi^ Clerk APPROVED AS TO FORM: Town Attorney fLL//^M^ Bond Counsel STATE OF COLORADO TOWN OF ESTES PARK ) ) SS.) 1, Jackie Williamson, the Town Clerk of the Town of Estes Park, Colorado, do hereby certify that: 1. The foregoing pages are a true and correct copy of a resolution (the "Resolution") passed and adopted by the Board of Trustees (the "Board") at a regular meeting held on September 24th, 2024. 2. The Resolution was duly moved and seconded and the Resolution was adopted at the meeting of September 24th, 2024, by an affirmative vote of a majority of the members of the Board as follows: Board of Trustees Gary Hall, Mayor Marie Cenac, Mayor Pro-Tem Bill Brown Kirby Hazelton Mark Igel Frank Lancaster CindyYounglund Voting "Yes" x x x x x x Voting "No" x Absent Abstaining 3. The members of the Board were present at such meetings and voted on the passage of such Resolution as set forth above. 4. The Resolution was approved and authenticated by the signature of the Mayor of the Town, attested by the Town Clerk and recorded in the minutes of the Board. 5. There are no bylaws, rules or regulations of the Board which might prohibit the adoption of said Resolution. 6. Notice of the meeting of September 24th, 2024, in the form attached hereto as Exhibit A, was posted on the Town's website, not less than twenty-four (24) hours prior to the meeting in accordance with law. WITNESS my hand and the seal of the Town affixed September 24th, 2024. \^.&;'^^i^y Exhibit A Prepared 2024-09-13 *Revised TOV^N OF ESTES PARI<^ The Mission of the Town of Estes Park is to provide high-quality, reliable services for the benefit of our citizens, guests, and employees, while being good stewards of public resources and our natural setting. BOARD OF TRUSTEES - TOWN OF ESTES PARK Tuesday, September 24, 2024 7:00 p.m. ACCESSING MEETING TRANSLATIONS {Accediendo a las Traducciones de la Reunion) To access written translation during the meeting, please scan the QR Code or click this link for up to 48 other languages (Para acceder a la traduccion durante la reunion, par favor escanee el codigo QR o haga die en el enlace para hasta 48 idiomas masJ;https://attend.wordlv.ai/ioin/UOFH-5928 Choose Language and Click Attend (Seleccione su lenguaje y haga die en asistir) Use a headset on your phone for audio or read the transcript can assist those having difficulty hearing (Use un auricular en su telefono para audio o tea la transcripcion puede ayudar a aquellos que tienen dificultades para escuchar). The Town ofEstes Park will make reasonable accommodations for access to Town services, programs, and activities and special communication arrangements for persons with disabilities. Please call (970) 577-4777. TDD available or use the link above to access audio or read the transcript. ADVANCED PUBLIC COMMENT By Public Comment Form: Members of the public may provide written public comment on a specific agenda item by completing the form found at https://dms.estes.orci/forms/TownBoardPublicComment. The form must be submitted by 12:00 p.m. the day of the meeting in order to be provided to the Town Board prior to the meeting. All comments will be provided to the Board for consideration during the agenda item and added to the final packet. PLEDGE OF ALLEGIANCE. (Any person desiring to participate, please join the Board in the Pledge of Allegiance). AGENDA APPROVAL. PUBLIC COMMENT. (Please state your name and address). TOWN BOARD COMMENTS / LIAISON REPORTS. TOWN ADMINISTRATOR REPORT. CONSENT AGENDA: 1. Bills. 2. Town Board Meeting and Study Session Minutes dated September 10,2024. 3. Planning Commission minutes dated August 20, 2024 (acknowledgment only). ACTION ITEMS: 1. RESOLUTION 76-24 CONCERNING THE ESTES PARK HOUSING AUTHORITY AND ITS HOUSING REVENUE NOTES REGARDING THE FALL RIVER VILLAGE PROJECT. Town Attorney Kramer. Consider a moral obligation resolution for potential future appropriations to support a loan by the Estes Park Housing Authority to finance the purchase of the Fall River Village development. REQUEST TO ENTER EXECUTIVE SESSION: For a conference with an attorney for the Board for the purposes of receiving legal advice on specific legal questions - Section 24-6-402(4}(b}, C.RS. - Petitions for Initiated Ordinances Regarding the Estes Park Development Code. ADJOURN.