HomeMy WebLinkAboutMINUTES Town Board 1986-07-31xt of lEstes
ark, Lorimer County, Colorado,
Minutes of a special
July 31 , is: 86
meeting of the Board of Trustees of the Town of Estes
Park, Lorimer County, Colorado. Meeting held in the Town Hall in said Town of Estes Park
on the 31st day of July , A. D. 19 ... at regular meeting
hour.
Meeting called to order by Mayor H. Bernerd Dannels
Present: Mayor H. B. Dannels Trustees: Norbert L. Aldrich,
David Barker,
Mark T. Brown,
David Habecker,
AlsoPresent:Dale G. Hill,
Town Administrator George J. Hix,
Paula L. Laing
Gregory A. White,
Absent: Town Attorney
A "special" meeting was called to order by Mayor Dannels to
discuss the agreement between Western Water Rights and the Town
for the purchase of 35 units of Subdistrict water owned by the
Town. Western Water has requested an extension to complete a
sale. Stating additional extensions would require deliberation
by the Board of Trustees, Trustee Aldrich introduced the follow-
ing Resolution and moved it be adopted:
RESOLUTION 16-86
WHEREAS, the Town of Estes Park entered into an agreement
with Western Water Rights, dated the 27th day of May, 1986 for
the purchase of 35 units of subdistrict water owned by the Town;
and
WHEREAS, Paragraph 6 of the Contract contains certain
conditions precedent prior to the closing of the agreement; and
WHEREAS, there have been two extension of the time of
fulfilling of the conditions precedent in Paragraph 6e and 6g of
the contract; and
WHEREAS, the closing date of the contract was August 1,
1986; and
WHEREAS, the Town has determined to extend the closing date
of the contract and conditions precedent to August 15, 1986; and
WHEREAS, the extension of the closing date to August 15,
1986 necessitates the amendment of certain other provisions of
the contract; and
WHEREAS, the Board of Trustees of the Town of Estes Park has
determined that it is in the best interests of the Town to extend
the contract upon the following terms and conditions.
NOW, THEREFORE, IT IS RESOLVED BY THE BOARD OF TRUSTEES OF
THE TOWN OF ESTES PARK, COLORADO AS FOLLOWS:
1. The contract dated May 27, 1986 between the Town of
Estes Park and Western Water Rights, L.P. Fund 1, A
Limited Partnership, is hereby amended as follows:
a. Paragraph 2 of the contract is amended by the
addition of the following language:
"...and of the Series D Water Revenue Bonds of July
1, 1986."
Board of Trustees - July 31, 1986 - Page two
b. Paragraph 5b of the contract shall be amended by the
addition of subparagraph (viii) to read as follows:
"(viii) the terms, conditions and covenants of the
Series D, Water Revenue Bonds, Municipal Subdis-
trict, Northern Colorado Water Conservancy District,
or any earlier series of bonds of which the Series D
Bonds constitute a refunding;"
c. Paragraph 6e shall be amended by changing the date
from July 31, 1986 to August 15, 1986.
d. Paragraph 6f(i) shall be amended to read as follows:
(i) the repayment of any charge, claim, lien or
indebtedness of the Series C and D Water Revenue
Bonds, Municipal Subdistrict, Northern Colorado
Water Conservancy District, or any earlier series of
bonds of which the Series C and D Bonds constitute a
refunding, is guaranteed through the purchase of
government obligations acceptable to Western Water
and Estes Park, sufficient to pay the debt service
obligations of the aforementioned Series C and D
Bonds for the units transferred;
e. Paragraph 6g shall be amended by changing the date
of the approval from July 31, 1986 to August 15,
1986
f. Paragraph 7 shall be amended by changing the date of
closing from August 1, 1986 to August 15, 1986.
g•
Paragraph 8a shall be amended to read as follows:
a. Estes Park receiving the sum of Two Million Nine
Hundred Fifteen Thousand Dollars ($2,915,000.00)
cash plus a payment of $14.00 per unit per day
from August 1, 1986 to closing.
h. Paragraph 8b shall be amended to read as follows:
b. Establishment of a bond defeasance plan and
Escrow Agreement in an amount necessary to fund
the bond defeasance plan and escrow, more
specifically set forth in Paragraph 6f.
the second portion of Paragraph 8b shall be
deleted.
the third portion of Paragraph 8b shall be
amended to read as follows:
In the event the bond defeasance plan and
escrow, more specifically set forth in Paragraph
6f of this Agreement, entitles Estes Park to
receive its share of any bond reserve fund
presently on deposit with the trustee of the
Series C and D Water Revenue Bonds, said share
shall be paid to Western Water, or an appropri-
ate adjustment of the purchase price shall be
made by the parties at closing. Also, Western
Water shall be entitled to keep any surplus to
the bond defeasance and escrow plan not neces-
sary to pay the obligations of the Series C and
D Bonds.
2. These amendments are specifically contingent upon the
acceptance by Western Water of these changes on or
before August 5, 1986.
3. The Town Attorney, Gregory A. White, is hereby au-
thorized to execute said changes in the original
Board of Trustees - July 31, 1986 - Page three
contract document upon the receipt of Western Water's
acceptance.
Trustee Hix seconded the motion and it passed unanimously.
There being no further business, the meeting adjourned.
• • • ........
Mayor