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Home My WebLink AboutORDINANCE 16-98CCSTATEOFCOLORADO)COUNTYOFLARJMER))(ATOWNOFESTESPARK)TheBoardofTrusteesoftheTownofEstesPark,Colorado,metinregularsession,inMlconformitywithlawandtherulesandordinancesoftheTown,attheMunicipalBuildinginEstesPark,Colorado,onTuesday,September8,1998at7:30P.M.Uponrollcallthefollowingwerepresentconstitutingaquonni:Mayor:RobertsDekkerMayorProTern:SusanL.DoylenTrustees:JeffBarkerJohnBaudekGeorgeJ.HixWilliamJ.MarshallLoriJeffreyAbsent:NoneAlsoPresent:TownClerk:VickieO’ConnorActingTownAdministrator:RichardD.WidmerFinanceOfficer:MonteL.VavraTownAttorney:GregoryA.White,Esq.#345402v6 ••:..____________________________________CCORDINANCENO.16-98ANORDINANCEAPPROVINGTHEFORMOFANAMENDEDANDRESTATEDGROUNDLEASEAGREEMENT,ANAMENDEDANDRESTATEDGOLFCOURSELEASEAGREEMENTANDANAMENDEDANDRESTATEDOPERATINGAGREEMENTRELATINGTOTHEREFINANCINGOFTHEGOLFCOURSE,ANDAUTHORIZINGTHEEXECUTIONOFSUCHDOCUMENTS,ANDAPPROVINGOTHERDOCUMENTSNCONNECTIONWITHTHEREFINANCINGOFTHEGOLFCOURSE.WHEREAS,theTownofEstesPark,Colorado(the“Town’)isauthorizedtoacquire,hold,leaseanddisposeofproperty,bothrealandpersonal,pursuanttoSection31-15-101(1)C.R.S.,andWHEREAS,theTownalsohastheauthority,pursuanttoSection31-15-801C.R.S.,toenterintoleasepurchasearzreementstoprovidenecessaryland,buildings,equipmentandotherpropertyforgovernmentalorproprietarypurposes;andWHEREAS,theTownpresentlyownsan18-holemunicipalgolfcourselocatedintheTownandhasenteredintoanOperatingAgreementdatedasofJanuary15,1990withtheEstesValleyRecreationandParkDistrict,LarimerCounty,Colorado(the‘District”)concerningtheoperationandmaintenanceofthesame;andWHEREAS,forthepurposeofmakingcertainimprovementstothegolfcourseandtheclubhouse,theBoardofTrusteesoftheTown(the“Board”)enteredintoaGroundLeaseAgreementdatedasofJanuary15,1990,pursuanttowhichtheTownleasedthegolfcoursesitetotheEstesParkBuildingAuthority(the“Authority”);andWHEREAS,theAuthoritymadecertainimprovementstothegolfcourseandtheclubhouse(the“Improvements”),andenteredintoaGolfCourseLeaseAgreementdatedasofJanuary15,1990(the“PriorLease”),pursuanttowhichtheAuthorityleasedbackthegoifcourseandtheclubhouse,togetherwiththeImprovementsthereto(collectivelyreferredtohereinasthe“Facility”),totheTown;and#345402v62 00WHEREAS,theAuthorityfinancedtheImprovementswithflmdsobtainedfromthesaletothegeneralpublicofCertificatesofParticipationdatedJanuary15,1990(the‘PriorCertificates’),grantingtheholdersthereofaninterestinthepaymentsmadetotheAuthoritybytheCitypursuanttothePriorLease;andWHEREAS,theBoardhasdeterminedthatitisnecessaryandinthebestinterestsoftheTownanditsinhabitantstoreflrnd,pay,dischargeandfinanceatalowerinterestratethePriorCertificatespresentlyoutstandingintheprincipalamountofS870,000;andWHEREAS,inconnectionwiththerefirndingofthePriorCertificates,theTownwillenterinto(i)anAmendedandRestatedGroundLeasedatedasofOctober15,1998(the‘GroundLease”)withtheAuthorityforatermof15years,(ii)anAmendedandRestatedGolfCourseLeasedatedasofOctober15,1998(the“Lease”)withtheAuthority,and(iii)anAmendedandRestatedOperatingAgreementdatedasofOctober15,1998(the“OperatingAgreement”)withtheDistrict;andWHEREAS,pursuanttoanAmendedandRestatedIndentureofTrustdatedasofOctober15,1998(the“Indenture”)betweentheAuthorityandU.S.Bank,NationalAssociation,Denver,Colorado,astrustee(the“Trustee”),reftmdingcertificatesofparticipationintheaggregateprincipalamountof$754,000datedOctober15,1998(the“Certificates”)willbeissuedforthepurposeofrefundingthePriorCertificates;andWHEREAS,theobligationoftheTo’.vnthereundershallnotconstituteageneralobligationorotherindebtednessoramultiplefiscalyearfinancialobligationoftheTown,andshallbesubjecttothemakingofannualappropriationsthereforinaccordancewithlaw;andWHEREAS,therehasbeenpresentedtotheBoardtheformoftheGroundLease,theLease,theIndenture,andtheOperatingAgreement(collectively,the“FinancingDocuments”);andWHEREAS,theBoarddesirestoapprovetheformoftheFinancingDocumentsandauthorizetheexecutionthereof#335402v63 CCTHflEFORE,BEITORDAINEDBYTHBOARDOFTRUSTEESOFTHETOWNOFESTESPARK,COLORADO:Section1.Approvals,Authorizations,andAmendments.TheformsoftheFinancingDocumentsareincorporatedhereinbyreferenceandareherebyapproved.TheTownshallenterintoandperformitsobligationsundertheFinancingDocumentsintheformofsuchdocumentspresentedatthismeeting,withonlysuchchangesasarenotinconsistentherewith.TheMayorandTownClerkareherebyauthorizedanddirectedtoexecutetheFinancingDocuments,andtoaffixthesealoftheTownthereto,andfirthertoexecuteandauthenticatesuchotherdocuments,instrumentsorcertificatesasaredeemednecessaryordesirableinconnectiontherewith.TheFinancingDocumentsaretobeexecutedinsubstantiallytheformhereinaboveapproved,providedthatsuchdocumentsmaybecompleted,correctedorrevisedasdeemednecessarybythepartiestheretoinordertocarryoutthepurposesofthisOrdinance.CopiesofalloftheFinancingDocumentsshallbedelivered,filedandrecordedasprovidedtherein.Theexecutionofanyinstrument,certificate,agreementorotherdocumentinconnectionwiththemattersreferredtohereinbytheMayororbyotherappropriateofficersoftheTownhereinauthorized,shallbeconclusiveevidenceoftheapprovalbytheTownofsuchinstrumentinaccordancewiththetermsthereof.Section2.AuthorizationofAuthorityandTrustee.TheTownherebyconsentstoallactionstobetakenbytheAuthorityandtheTrusteepursuanttoorinconnectionwiththeFinancingDocuments,includingwithoutlimitationtheissuanceoftheCertificatesevidencingassignmentsofproportionateinterestsinrightstoreceivecertainpaymentsundertheLease,suchCertificatestobeissuedintheaggregateprincipalamountof5754,000,tobearinterestassetforthintheIndentureataneteffectiveinterestratenotexceeding5.5%perannum,andtomatureandberedeemableinaccordancewiththeprovisionsoftheIndenture.Section3.FindingofPublicInterest.ItisherebydeterminedthattheexecutionoftheFinancingDocuments,andtheperformancebytheTownofitsobligationsthereunder,areinthebest#345402v64 00interestsoftheTownanditsresidentsandtaxpayers.TheBoardherebydeterminesanddeclaresthattheBaseRentals(asdefinedintheLease)donotexceedareasonableamountsoastoplacetheTownunderaneconomiccompulsiontorenewtheLeaseortoexerciseitsoptiontoterminatetheGroundLeaseandtheLeasepriortotheexpirationofthetermsthereof.TheBoardherebydeterminesanddeclaresthattheperiodduringwhichtheTownhasanoptiontoterminatetheGroundLeaseandtheLease(i.e.,themaximumtermoftheLease)doesnotexceedtheusefrilifeoftheImprovements.Section4.FindingofNoIndebtedness.NoprovisionofthisOrdinanceortheFinancingDocumentsshallbeconstruedascreatingorconstitutingageneralobligationorotherindebtednessoftheTownnoramultiplefiscalyearfinancialobligation,noramandatorychargeorrequirementagainsttheTowninanyensuingbudgetyearbeyondthecurrentbudgetyear.TheTownshallhavenoobligationtomakeanypaymentwithrespecttotheCertificatesexceptinconnectionwiththepaymentoftheBaseRentals(asdefinedintheLease)andcertainotherpaymentsundertheLease,whichpaymentsmaybeterminatedbytheTowninaccordancewiththeprovisionsoftheLease.Section5.LesseeRepresentative.TheBoardherebydesignatestheTownAdministratorasitsAuthorizedOfficer,asdefinedandasfartherprovidedintheLease.Section6.AuthorizationtoTakeAllAction.TheofficersoftheTownandthemembersoftheBoardofTrusteesareherebyauthorizedanddirectedtotakeanyandallotheractionsnecessaryorappropriatetoeffectuatetheprovisionsofthisOrdinanceandtheFinancingDocuments.Section7.RatificationandApprovalofPriorActions.AllactionsheretoforetakenbytheofficersoftheTownandmembersoftheBoard,notinconsistentwiththeprovisionsofthisOrdinance,relatingtotherefundingofthePriorCertificatesandtheauthorizationandapprovaloftheFinancingDocuments,oractionstobetakeninrespectthereof,areherebyratified,approvedandconfirmed.#345402v65 CCSection8.qualifiedTax-ExemptObligationDesignation.TheBoardherebydesignatesitsobligationtomakepaymentsunderdieLeaseasaqualifiedtax-exemptobligation’forpurposesofSection265(b)(3)oftheInternalRevenueCodeof1986,asamended.Section9.OrdinanceIrrepealable.AftertheLeaseandtheGroundLeasehavebeenexecutedanddelivered,thisOrdinanceshallbeandremainirrepealableuntiltheterminationoftheLeaseTerm,asdefinedintheLease.Section10.Repealer.Allorders,bylawsandresolutionsoftheTown,orpartsthereof;inconsistentwiththisOrdinance,areherebyrepealedtotheextentonlyofsuchinconsistency.Section11.Severabiliw.Ifanysection,paragraph,clauseorprovisionofthisOrdinanceshallforanyreasonbeheldtobeinvalidorunenforceable,theinvalidityorunenforceabilityofsuchsection,paragraph,clauseorprovisionshallnotaffectanyoftheremainingprovisionsofthisOrdinance,theintentbeingthatthesameareseverable.Section13.RecordingandAuthentication.ImmediatelyonitspassagethisOrdinanceshallberecordedintheBookofOrdinancesoftheTownkeptforthatpurpose,authenticatedbythesignaturesoftheMayorandTownClerk,andshallbepublishedinaccordancewithlaw.Section14.EffectiveDate.ThisOrdinanceshalltakeeffectthirty(30)daysafteritsadoptionandpublication.ADOPTEDANDAPPROVEDthis8thdayofSepter,1998(SBAL)____________________ATTESTED:CTownClerk3454O2v66 CThereuponTrusteeDoylenmovedthattheordinancebeadopted.TrusteeMarshallsecondedthemotion.Thequestionbeingupontheadoptionofthemotiontoadopttheordinance,therollwascalledwiththefollowingresult:ThosevotingYES:TrusteeBarkerTrusteeBaudekTrusteeDoylenTrusteeJeffreyTrusteeMarshallThoseABSTAINING:TrusteefixThosevotingNO:NoneThepresidingofficerthereupondeclaredthatatleastamajorityoftheBoardofTrusteeshavingvotedinfavorthereof,themotionwascarriedandtheordinanceadopted.Thereupon,afterconsiderationofothermatterstocomebeforetheBoard,themeetingwasadjourned.(SEAL)fZ€t-O&6--JTownClerkI3454O2v67 00(AttachAffidavitofPublicationofOrdinanceNo.j#335402v6 CCSTATEOFCOLORADO))COUNTYOFLARIMER))TOWNOFESTESPARK)I,VickieO’Connor,TownClerkoftheTownofEstespark,LarimerCounty,Colorado,doherebycerti&thattheforegoingpagesnumbered1to8,inclusive,constituteatrueandcorrectcopyoftherecordofproceedingsoftheBoardofTrusteesoftheTown,takenataregularmeetingthereof,heldattheMunicipalBuilding,inEstesPark,Colorado,theregularmeetingplaceoftheBoard,onTuesday,September8,1998,insofarassaidproceedingsrelatetotheadoptionofOrdinanceNo.16—9,&hereinsetforth.TheordinancehasbeendulyauthenticatedbythesignatureoftheMayorandmyself;asTownClerk,sealedwiththecorporatesealoftheTown,andtheordinancerecordedintheBookofOrdinanceskeptforthatpurposeinmyoffice,andhasbeenpublishedinfullintheEstesParkTrailGazette,anewspaperofgeneralcirculationintheTown.INWITNESSWHEREOF,IhavehereuntosubscribedmynamedaffixedtheofficialsealoftheTownofEstesPark,Colorado,this_f’a’dayof______________1998.‘I(SEAL)TownClerk#345402v69