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RESOLUTION 09-19
RESOLUTION09-19ARESOLUTIONOFTHEBOARDOFTRUSTEESOFTHETOWNOFESTESPARK,ACTINGBYANDTHROUGHITSLIGHTANDPOWERENTERPRISE,DECLARINGITSOFFICIALINTENTTOREIMBURSETHETOWN,ACTINGBYANDTHROUGHTHEENTERPRISE,WITHTHEPROCEEDSOFAFUTURETAX-EXEMPTBORROWINGFORCERTAINCAPITALEXPENDITURESTOBEUNDERTAKENBYTHETOWN,ACTINGBYANDTHROUGHTHEENTERPRISE;IDENTIFYINGSAIDCAPITALEXPENDITURESANDTHEFUNDTOBEUSEDFORSUCHPAYMENT;ANDPROVIDINGCERTAINOTHERMATTERSINCONNECTIONTHEREWITH.WHEREAS,theTownofEstesPark(the“Town”),intheCountyofLarimerandStateofColorado(the“State”),isapoliticalsubdivisiondulyorganizedandexistingpursuanttotheconstitutionandlawsoftheState;andWHEREAS,theTownhasformallyestablishedtheTownofEstesPark,LightandPowerEnterprise(the“Enterprise”),pursuanttoArticleX,Section20oftheColoradoConstitution,andpursuanttoOrdinanceNo.7-99oftheBoardofTrusteesoftheTown;andWHEREAS,theBoardofTrusteesoftheTown(the“Board”)isthegoverningbodyoftheEnterprise;andWHEREAS,theBoardhasdeterminedthatitisinthebestinterestoftheTowntomakecertaincapitalexpendituresforthepurposeofconstructingafiber-to-the-premisessystemtoprovidebroadbandservicesthroughouttheTownandtheadjoiningserviceareaoftheEnterprise(the“Project”);andWHEREAS,theBoardcurrentlyintendsandreasonablyexpectstoparticipateinaborrowingtofinancetheProject;andWHEREAS,priortosuchborrowing,theBoardintendstoconstructaportionoftheProjectandinstitutemunicipalbroadbandservicesincertainpilotareasusingcapitalreservesoftheEnterprise(the“PilotProject”)inordertotestcertainplansandequipmentandtoverifytheamountofconstructionfundingneededbeforeundertakingtheProjectonalargerscale;andWHEREAS,thecostofthePilotProject,togetherwithotherfundsexpectedtobeexpendedbytheTown,actingbyandthroughtheEnterprise,fortheProjectnotearlierthanthedatethatis60dayspriortothedateofthisResolutionandbeforesuchborrowing,iscurrentlyestimatednottoexceed$4,500,000(the“ReimbursableAmount”);andWHEREAS,theBoardintendstoreimbursetheTown,actingbyandthroughtheEnterprise,foranamountuptotheReimbursableAmountfromtheproceedsofsuchborrowing,withsuchborrowingtooccurwithin18monthsofeitherthedatethattheEnterpriseexpendedfundsfortheProjectorthedatethattheProjectisplacedinservice, whicheverislater(butinnoeventmorethanthree(3)yearsafterthedateoftheoriginalexpenditureofsuchmoneys);andWHEREAS,theBoardherebydesirestodeclareitsofficialintent,pursuantto26C.F.R.§1.150-2,toreimbursetheTown,actingbyandthroughtheEnterprise,forsuchcapitalexpendituresfortheProjectwiththeproceedsofafuturetax-exemptborrowingoftheTown,actingbyandthroughtheEnterprise.NOW,THEREFORE,BEITRESOLVEDBYTHEBOARDOFTRUSTEESOFTHETOWNOFESTESPARK,COLORADO,ACTINGASTHEGOVERNINGBODYOFITSLIGHTANDPOWERENTERPRISE,that:Section1.DatesofCapitalExpenditures.AllofthecapitalexpenditurescoveredbythisResolutionwereorwillbemadenoearlierthansixty(60)dayspriortothedateofthisResolution.Section2.DeclarationofOfficialIntent.TheTown,actingbyandthroughtheEnterprise,presentlyintendsandreasonablyexpectstoparticipateinatax-exemptborrowingwithineighteen(18)monthsofthedateoftheexpenditureofmoneysontheProjectorthedateuponwhichtheProjectisplacedinservice,whicheverislater(butinnoeventmorethanthree(3)yearsafterthedateoftheoriginalexpenditureofsuchmoneys),andtoallocatefromsaidborrowinganamount,nottoexceedtheReimbursableAmount,toreimbursetheTown,actingbyandthroughtheEnterprise,foritscapitalexpendituresinconnectionwiththeProject.Section3.FirstResolution.ThisisthefirstresolutionoftheBoarddeclaringitsintenttoreimbursetheTown,actingbyandthroughtheEnterprise,forcapitalexpendituresfortheProjectfromproceedsofaborrowing.Section4.EnterpriseNameChange.TheBoardofTrusteesoftheTownadoptedOrdinanceNo.02-19onMarch12,2019,whichwillchangethenameoftheEnterprisetothePowerandCommunicationsEnterprisewhenOrdinanceNo.02-19becomeseffectiveonApril20,2019,whichisthedatethatis30daysaftertheadoptionandpublicationofOrdinanceNo.02-19.ThenameoftheEnterprisewillbechangedinordertoreflecttheadditionalservicestobeprovidedbytheProject.Therefore,allreferencesinthisResolutiontotheLightandPowerEnterpriseshallmeanthePowerandCommunicationsEnterpriseonandaftertheeffectivedateofOrdinanceNo.02-19.Section5.ConfirmationofPriorActs.Allprioractsanddoingsoftheofficials,agentsandemployeesoftheTownandtheEnterprisethatareinconformitywiththepurposeandintentofthisResolution,andinfurtheranceoftheProject,shallbeandthesameherebyareinallrespectsratified,approvedandconfirmed.Section6.EffectiveDateofResolution.ThisResolutionshalltakeeffectimmediatelyuponitspassage. ATTEST:100TnClerkDatedthisC?C,dayof1YI42ii2019.TOWNOFPARKMayor