HomeMy WebLinkAboutbocc.res.074.1979 f _.:,,x. � /
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C E R T' I F I E D R E C O R D
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� of proceedings of
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THE HOUSING AUTHORITY OF
;?, PITKTN COUNTY, COLORADO
' relating to its
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LONE PINE PROJECT
� $1,670,000 SPECIAL OBLIGATION NOTE
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NOTICE OF MEETING
� To: The Board of Commissioners of '
} The Housing Authority of ;
- Pitkin County, Colorado:
X
NOTICE is hereby given that a regular meeting of the '�z
� � Soard of Commissioners of the Housing Authori�y of Pitkin ��
's�� County, Colorado, will be held at the Pitkin County Courthouse, �,�
�� Aspen, Colorado, on Monday, the llth day of June, 1979, at �
��:�
�'� the hour of 1.25 o'clock P .M., at which meeting the Board �
�� �will consider and act upon matters relating to the issuance y�.���
�' of its Special Obligation Note in the amount of $1,670,060 �
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and take up any other business to come before it. �
� ��t � . W. . � .
.�! GIVEN under my hand and the seal o£ said Authority �"
.-��,{' as of the llth day of June, 1979. ��;`
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._ S retary, Housing Authority
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�°� ' �� ,' �.•, ti t : of Pitkin County, Colorado s��-:
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-s� � � ' ACKNOWLEDGMENT OF NOTICE
:� AND CONSENT TO MEETING
�� We, the undersigned members of the Board of Commissioners �
o£ the Housing Authority of Pitkin County� Colorado, do hereby ,
� acknowledge receipt of the foregoing Notice of Meeting, and
. _'� we hereby waive any and all irregularities, if any, in such
• � Notice and in the time and manner of service thereof upon us, �
- � and consent and agree to the holding of such �eeting at the ,�� .
� time and place specified in said Ldotice, and to the transaction
� of any and all business which may come before such neeting.
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so�zn , cor�assiorlExs: �''
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Mich/A�ael Kinsley
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Robert 47. Child
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� STATE OF COLORADO )
) ss. ,
COUNTY OF PITKIN )
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` The Board of Commissioners of the Housing Authority �
� ��
�� of Pitkin County, State of Colorado, met in regular session, �`
�
. `�1 at the Pitkin County Courthouse, Aspen, Colorado, beinq the
regular meeting place of the Board, at the hour of 1:25 �
o'clock p .M., on Monday, the llth day of June, 1979. �
t �Present:
``�. Chairman: � Joseph E. Edwards, Jr.
Commissioners: Robert W. Child
Michael Kinsley
' � None
� Absent:
_ Also present:
- Loretta Banner
� Secretary: �f?GX�GX��f�F.�
�
�
� : Thereupon, Commissioner �;nGiPy introduced
and there was read in full the following Resolution:
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R E S O L U T 2 O P7
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WHEREAS, the Housing Authority of PitY.in County, «
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Colorado (the "Authority") adopted a Resolution on May 7,
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1979, authorizinq the purchase of housing units to provide
'�" low and moderate income housing units; and
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F7HEREAS, the Authority deems it necessary and >f
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advisable to amend said Resolution by changinq certain sections �.
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thereo f. '-''
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NOP7, THEREFORE, BE IT RESOLVED IIY THE BOARD �
,�; :
_ OF COMMISSIONERS OF THE HOUSING AIITAORITY OF PITKIN COUNTY, `�,
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',;s: STATE OF COLORADO: �?
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�' � Section l. That the cover page o£ the Resolution �
�: ��:
�j is hereby ariended to read as folZows: �`
� _
�� "CERTIFIED RECORD
;..
'`; of proceedings of
�; �
� T�IE HOUSING AUTHORITY OF �
�? . PITKIN COUNTY, COLORADO
��
� relating to its � �
9
;:1 LONE PINE PROJECT � "
� $1,670,000 SPECIAL OBLIGATION NOTE"
� �:
Section 2. That the fifth "Whereas" clause of the �
�
�a; Resolution is hereby ar.�ended to read as follows: �
�,a, �
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:;a "WHEREAS, the construction of the housing units
wth �
is anticipated to be completed for acceptance by the a
,�
� Authority on �.�6r�wu,� IS . I O , at which time
?�y the Authority will purchase the low and moderate '^���.
� income housing units at and £or a price of $1,670,000; �
and" `.��r
Section 3. That Section 101 of the Resolution is �
hereby amended to add the following definition: �
"PUrchase o£ Conpleted Project means the time �
at which the Project has been acquired or completed
�
by the Authority, whichever occurs later." �,
. .
Section 4. That Section 202 of the Resolution is �
�
hereby amended to read as follows: �
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"SECTION 202. Delivery of Alote to BanY.. The
Authority shall deliver its duly issued PJote to the
,� Central Bank of Denver, a Banking Corporation, ,;
„� .
Denver, CoZorado, in the principal amount of �
;� $1,670,000, with interest thereon at the rate of
� � 6-3/4$ per annum, payable interest only r.ionthly from ui
�:� the date of issuance of the Note until February l, s-�
—�' 1980, or u on z;f
,- -�; p purchase of the completed Project, r.,
�> whichever event occurs sooner, then at the election �
� �
of the Authority, the Bank shall extend repayment a.
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�� of their special obligation for an additional three `�&
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�. hundred sixty (360) months, with payments of �u
�; ��
3�i $9,850.51, including interest at the rate of 7-3/4$
53
1 • per annum until February 1, 2010, at which time the ��
tr
� entire unpaid balance of principal shall be due in s"_�
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� full, together with accrued interest, if any. �4
;�r � At any time after making the election to extend
s; this special obligation for three hundred sixty
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�?i months and in the event of Purchaser prepayment, this
.'� Note shall be subject to pre�ayment in whole or in
.�� part on any payment date, in any amount, without
��
��a - penalty for prepayment, which prepayment shall be
applied to the principal balance of the Note then
�r;� outstanding, and such prepayment shall not reduce, �
� amend or modify the monthly payr.ient scheduled
herein. �
:� ,�
� � The Note may be accelerated by the Bank and
' � due in full, together with accrued interest, in the E
� event that the Developer is unable to deliver the � �'
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� improvements to the Authority free from lien or �; ,
�� encumbrance on March 15, 1980, or within a �
� reasonable time thereafter allowing for extension
n.' �
�?� and delays beyond the control of Developer. g:
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The Note shall be executed in the following �'
form: �
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(Form of?
SPECIAL OBLIGATION NOTE
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` FOR VALUE RECEIVED, the Aousing Authority of
Pitkin County (the "AUthority") promises to pay to the
� Central Bank of Denver, a Banking Corporation, Denver, -
� Colorado (the "Bank"} or order, the sum of ONE MILLION ''
; SIX HUNDRED SEAENTY THOUSAND DOLLARS
($1,670,000) , with
interest thereon at the rate of six and three-quarters per
cent (6-3/4$) per annum, payable interest only monthly from
� the date hereof until March 15, 1980, or upon purchase of !�i
.� the completed low to moderate single family housing project r;
known as the Lone Pine Project, whichever event occurs `��
:� sooner, then at the election of the Authority, the Bank shall
- extend repayment hereof for an additional three hundred
sixty (360) months, with original payments of $9,850.67, including +�
interest at the rate of seven and three-quarters per cent "%
` 7-3 4�)
( / per annum until March 15, 2010, at which time the :�`�
_ entire unpaid balance of principal shall be due in full, ��
��
together with accrued interest, if any. ;�
At any time after making the election to extend ��
,�
this special obligation for three hundred sixty months, this {�
`. y�
� Note is subject to prepayment in whole or in part without a
premium for prepayment but with a pro rata reduction in monthly ��1 '
;� payments.
- This Note may be accelerated by the Bank and due in -',��`
£ull, together with accrued interest, in the event Developer `,�
(as defined in the Resolution authorizing this P7ote) is unable ±}
;4 .
to deliver the improvements to the Authority free from lien or `� `
- encumbrance on March 15, 1980, or within a reasonable time =',
�.
thereafter, allowing for extension and delays beyond the :�
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control of Developer. '_
`.'- This Note does not constitute an indebtedness of �R
;�
Pitkin County, Colorado, and is payable solely from revenues `$
wi
of the Aousing Authority of Pitkin County in accordance with �
s the purport and in the manner set forth in the Resolution ;Y4 �
k and Contract duly adopted by the Authority on the 7th day of �
21ay, 1979, and this Note shall be limited and entitled to the '�,
provisions concerning default. �
This Note is secured by a deed of trust on the =
subject property or upon substitution of a pledge of certain �
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� notes and deeds of trust payable to the Authority from '',,�_.
sales of housing units as set forth in the Resolution. �'
Dated at Aspen, Colorado, this 7th day of May, �
• 1979. �
� � �
(S E A L) (Do Not Sign)
Chairman .of Housing Authority
ATTEST:
(DO Not Sign)
SecretAry of Housing Authority" :
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'� Section 5. That Section 301 of the ResoZution is
�
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�� hereby amended to read as follows:
�� "SECTIOI7 301. Proceeds of Note. The proceeds �r
� i
i of the Note shall, simultaneously with the delivery '
� ' `f
thereof, be applied as follo��s:
�� (a) Until acceptance of the Project by the
"�� Authority upon completion, the proceeds shall Yie
deposited by the Authority in an interest bearina ��'
tii
i� aecount or a certificate oE deposit at the Bank. ��;
r ��, �
(b) Upon acceptance,by the P_uthority, the ;_,�
r' proceeds of the Note, including accrued interest `-:}
. Y�
�'3 earned thereon not otherwise required by the '�
z` Authority by repay interest due the Bank, shall �
fi be applied as follows: '�
�f
�: (i) The amount, including moneys of the ;,
,�; Authority, to be deposited in each Fund '��
;� and Account pursuant to the Resolution ��
�x shall be deposited in each such Fund or �e'
y; Account; and
'�� (ii) The amount to be
paid to the �
=:�' Authority to be used to pay Expenses and 7�
:`i all costs of construction, including ��
;�'', payment of all interi.m financing, shall fi
ti,� be paid to the order of the Authority, or �
�?; at the direction of the Authority, as ;�,
, �;
�) follows: "
� Legal and Related Expenses-----------------$ 16 700.00
� Financial Advisory and Related Expenses---- 33,400.00 ��
� Y
�
: D15count----^--------------- ----------^ 27 510.00 :�
" �� Principal and Interest Reserve Fund-------- 50,000.00 r,��
�
�� Renewal & Replacement Reserve Fund--------- 250,000.00 �
c�
Funded Interest-------- -------- ---___ :�
�� -- ---- 84,544.00
� �:
.�-_ Contingent Acquisition Cost Fund----------- 114,300.00 �
;,; .
�� Balance of Loan to the Authorit '�
.� . Y-----------$1,375,000.00 �.
�;; ' '
x� �#j Section 6. That Section 403 of the Resolution is
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���, hereby amended to read as follows: �
��ly "SECTION 403. Creation of the Lone Pine Debt �
Service Reserve Fund. There is hereby created by , �'�
'� the Authority and ordered established a trust fund ''���
� ;�
to be designated "Pitkin County Housing Authority, �
a
Lone Pine Debt Service Reserve Fund" (the "Lone �
Pine Debt Service Reserve Fund" or "Debt Service ;�i
Reserve Fund"), into which there shall be deposited `�
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the sum oE $50,000.00. �;�
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Moneys on deposit in the Lone Pine Debt Service
Reserve Fund shall be used to pay the principal of
and interest on the Note as the sane mature and become
due if moneys on deposit in the Lone Pine Permanent
Financing Fund are insufficient thesefor. Moneys on
' deposit in the Debt Service Reserve Fund shall be
transferred by the Authority to the Permanent
Financing Fund if on any date the Permanent Financing _
�
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Fund moneys are insufficient to pay principal and
interest falling due on such date. The amount '���
transferred shall be replenished as soon as `'
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� possible from any other reserves or funds available. ;��:
Moneys on deposit in this Fund shall not be invested �Wf
=�. at a yield in excess of 7-3/4$.
� Renewal and Replacement Reserve Fund. There '2
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is hereby established a Lone Pine Renewal and rvF
� Replacement Reserve Fund (herein the "Reserve Fund") *�'��,
;;�
in the amount of $250,000.00. Moneys on deposit in ;�
the Renewal and Replacement Reserve Fund shall be `�
�
- transferred: (a) to the Permanent Financing Fund in �
k� amounts sufficient to maintain said funds for the �-
_� �
payment o£ principal and interest of the Note; (b) ��,
�:$ for the paynent of any pre-payment penalties; �'�
�i r �
�; and (c) for the payment of property taxes, insurance, y,
� �
'.ti; expenses in connection with the enforcement or �n
%�? collection and preservation (including foreclosure) �
- of obligations due the Authority. �,�?
;�� . �.
-a� Moneys in the Lone Pine Reserpe Fund shall be "3
'�:i `�
Y invested and the earnings thereon shall remain in ��
�;: �
,;� the fund to accumulate, until the Principal and �'� �
;;;; Interest Reserve Fund totals $100,000. Excess �
',"ai
: moneys in the Reserve Fund after the Fund has been � .
�:1 fully accumulated shall be transferred to the s-h
�aS i
',�,� Operating Fund. c�
�1 �
�'� Operating Fund. There is hereby established �r
;,'� a Lone Pine Operating Fund. Said Operating Fund i;;
-�� shall consist of all moneys not required to fund, ;�
maintain, repay or supplement any other Fund ��
created herein; remaining r.ioneys in the Operating �
}� Fund shall be used to pay the expenses of the � '
ri
Authority attributable to the Project, including z
• the servicing of Purchaser Notes. �
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� Contingency Acquisition Cost Fund. There is
hereby established a Lone Pine Contingency Acquisi-
tion Cost Fund in the amount of $1Z?,300. If for
any reason the Developer fails to complete the
't Project by February 15, 1980, then the Authority -
` ` may, with the consent of the holder of the Special -
Obligation Note, use the moneys in this Fund `;
' together with the $1,125,000 deposited pursuant to ;.<
;3
= Section 301(a) , to acquire and complete the Project. �
;` l�
`J Upon purchase of the completed Project, any balance ;:�-�
remaining in the Lone Pine Contingency P_cquisition `�
Cost Fund shall be paid as a principal pay�nent on the �.
Special Obligation :�ote. Moneys on deposit in this '�
Fund sha21 not be invested at a yield in excess of 1
fj 7-3/4�." ,�
>,� �
'r� The said motion to adopt the foregoing Resolution �'��a�
r
� was duly seconded by CoMmissioner �hild � put to �
� a vote and unanimously carried, the members of said Board of �:
�• �
� Commissioners vating as £ollows: �
; r�'
a Those voting AYE: �
i Robert W. Child �
Joseph E.,Edwards, Jr.
Michael Kinsley �
Those voting NAY: � .
None �
Absent: None �
,
«
The presiding officer thereupon declared that, a � �
�
majority. of the Commissianers elected having voted in favor �
thereof, the said motion was carried and the said Resolution y
'' 1 u3.�� �ssed' and adopted. �
c. •� 'Y P •.f.',
,�4.' ""'`! . Thereupon, after considering matters not concerning �.
.�. ; C. ,` '�.�1 ' ' �
� ': si+h'�'�oregoiisg Resolution, the meeting was adjourned. ,�
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' �'�{��(��IJC�4p�.L) � �
Ch� m , d- o i o ers �
ATTEST: Ho si�q Au hority of Pitk� ;i
Co� olorado ;
� C�'/lt'X,l�'�/ �
'S� retary, Housing Authority ;
of Pitkin County, Co2orado . #
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STATE OF COLORADO )
) ss.
COUNTY OF PITKIN )
Loretta Banner
; I,xg�cxggxgg�g�yg�� Secretary of the Board of ?
'F
Commissioners of the Housing Authority of Pitkin County,
- ' .�
; Colorado, do hereby certify that the foregoing pages numbered
`:�
2 to 9, inclusive, constitute a full and correct copy of the i�
Nt
:�
� record of proceedings taken by the Board o£ Commissioners of `
�
the Housing Authority of Pitkin County, Colorado, at a regular �
i.j meeting thereof held on Monday, June 11, 1979, insofar as �
; . said minutes relate to a Resolution reaarding the encumbrance �
, .^
of its Special Obligation Note in the amount o£ $1,670,000,
P
: as recorded in the official records of the Board; that the
proceedings were duly had and taken, the meeting was duly �
'
held, and the persons therein named were present as shown
therein.
IN WITNESS WHEREOF, I have hereunto set my hand and
afEixed the Seal of said Authority at Aspen, Colorado, this
llth day of June, 1979. "'
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- � ��i� :I � //r' t�. ct��r.l2/ �
���, ' �.���•,, S retary, Housing Authority �
:� ;-;,� • of Pitkin County, Colorado �
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ACCEPTANCE
� � � � � � - - !ii
Pitkin County Board of Comnissioners
_ �
� The Board of County Commissioners of Pitkin County, ;,p
��; having participated in the financing of the Lone Pine �
. - ' Project for low and moderate incone residential units, �
hereby approves the foregoing Contract, Resolution and agrees �`
to be bound by its terns wherever the same are applicable � �
to Pitkin County, and to register its approval by appropriate ,
.
� County Commissioners' .Resolution.
+�? Dated at Aspen, Co2orado, the llth day of June, 1979.
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ACCEPTAi10E �
. �
" Central BanY of Denver a Banking Corporation
The Central Bank of Denver, a Banking Corporation, �
� Denver, Colorado, herewith accepts the terms and conditions
' and agrees to the foregoing Contract Resolution duly adopted �
by the Housing Authority of Pitkin County, Colorado.
� Dated at Denver, Colorado, the /.3 day of
� V,v .L . 1979. �
� _
� CENTRAL BANK OF DENVER,_
� A� Banking Corporation
� by
� ATTEST: Authorized Officer
&i
E. F. HUTTON Fc COi�ANY INC. :
Purchaser for the account of •
� Central Bank of Denver
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STATE OF COLORADO )
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COUNTY OF PITKIN ) ss.
�
HOUSING AUTFIORITY )
OF PITKIN COUNTY )
� ;:�
INCUMBENCY CERTIFICATE
The undersigned t2ark Danielson, Executive Director -
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�
, of the Board of Commissioners of the Housing Authority of
Pitkin County, and Sandra Stuller, Attorney for the Board of �'
� i;;
� Commissioners of the Housing Authority of Pitkin County (the ��s
�� "Authority"), hereby certify as £ollows: �u�
�� 1. The following are now, and have continuously f;
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been since the dates of beginning their respective current ��
� . {�
terms shown below, the duly elected, gualified and acting �
: ;�
r members of the Board of County Commissioners of PitY.in County, ;�?
� �. .
Colorado, ex-o£ficio the Board of Commissioners of the
�
'; Housing Authority of Pitkin County, and the dates of the ";�
T: }
beginning and ending of their respective cvrrent terms are �`
hereunder correctly designated opposite their names: y�
. �
'i�
� DATE OF BEGINNING DATE OF ENDING ;�
�� COMMISSIONER OF CURRENT TERM OF CURRENT TERM �
. �r' Robert W. Child 1/1/76 12/31/80 �
7y�
Joseph E. Edwards, Jr. 1/1/76 12/31/80 �
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,; Michael Kinsley 1/1/79 12/31/82 �:� � .
. �
�. 2. The following are now, and have continuously �
� been since the dates of beginning of their respective current F�
ri �
-� terms of office shown below, the duly elected, qualified and �s
� �
";� acting officers of the Board of Commissioners of the Authority; �
y`' and the dates of the beginning and ending of theis respective " �
' �i
s�
' current.terms of office are hereunder correctly designated €�
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:�; opposite their names:
�.1
DATE OF BEGINNING DATE OF ENDING �
OFFICE NAME OF CURRENi TERM OF CURRENT TERP1
;_�
�,
h^
Chairman Joseph E. Edwards, Jr. 1/1/79 12/31/79 ,
Loretta Banner November , 1978 November �! 1982 �
Secretary�Hwc36�x�8�e�c x��c8�� ��CUai1x `<<
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I IN WITPiESS WHEREOF, we have hereunto set our hands �
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� and affixed the seal of the Authority, this 1zi— day of ,;�
--� June , 1979.
:
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` •:i j� � � Attorney for the Board
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� STATE OF COLQRr1D0 )
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COUNTY OF PITKTN ) ss.
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AOUSING AUTHORITY )
-e OF PITfiIN COUNTY ) �
� � GENERAL APZD NO-LTTIGATION CERTIFICATE �`
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The undersigned, each for hinself and not one for `5'
another, being first duly sworn on oath, depose and say: �'
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1. That they are, respectively, the dulp elected i �
or appointed, qualiEied and acting Executive Director of and r�;
�: , Attorney for the Board of Commissioners of the Housing �
�`,' 4�
4 Authority of Pitkin County, PitYin County, Colorado: E�
_� Chairman: Joseph E. Edwar@s, Jr. �
�,
<'• Contnissioners: Robert �7. Chi13 �
�,
�� Michael Kinsley �
•� Loretta Banner
- Secretary: x�d3wc�f3c�n8�ax6c �
�; ' 3. That the Housi.ng Authority of Pitkin County was �'
;�,
- incorporated on Niarch 7, 1975, under the County Housing
��
�' Authority Law of the State o£ Colorado, 29-4-501, et. seq., �
� Colorado Revised Statutes 1973, as amended.
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4; 4. That there are no facts within our knocvledge �
; �
�� which would invalidate its organization, nor is tHere any i�
�� controversy or litigation pending or threatened, within our �
"� �
� know2edge, in relation thereto ox in relation to the title "��' .
e.'�`�.M, � .
�, of its present Commissioners to their�respective offices; nor
� . �:
'� has said Authority ever been annulled for failure to conply
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" with the laws of the State of Colorado_
�'a 5. That there is no reason within our knowledge F'
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�� why said Authority may not issue its Soecial Obligation Note F
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in the principal amount of $].,670,000, dated ,�,yQ (_3 , 1979, ;�
� �
� payable to Central Bank o£ Denver, a Banking Corporation, �
��
Denver, Colorado. , - ,
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Executive DirAc.+_or �
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' � ttorney o the Board �
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Subscribed and sworn to before me this �day of `'
� , 1979. � � �
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� � � My commission expires :�-�� . � � � ; �
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STATE OF COLORADO )
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COUNTY �F PITKIN ) ss.
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HOUSING AUTHORITX ) �
OF PITKIN COUNTY ) "
CERTIFICATE OF DELIVERY AND PAYMENT
- i�
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The undersigned ExeCUtive Director of and Attorney ;1
for the Board of Commissioners o£ the Housing Authority of ;;��
:`�
� Pitkin County, Colorado (the "Authority"), hereby certify i;�.
� that on the date hereof the Authority has delivered to Central �
�
�;�
Bank of Denver, a Banking Corporation, Denver, Colorado, its `'w
� Special Obligation Note in the principal anount of $5,670,000, �
t�
;;, dated ��N� /3 , 1979, receiving therefor the following i�
,}
amount: . . `�
�� Principal Amount of Note-----=---------$1,670,000.00
�� Zess Discount------------- $ 27.510.00
"� Less Legal, Financial Advisory
���- and Related Expenses----------------$ 50,100.00
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� Net Amount Received---------------$1,592,390.00
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;�` IN WITNESS WIiEREOF, we have hereunto set our
�«: hands and affixed the seal. of the Authority this /3 @ay of �
'�. �
;� .��v e.�- . 1979.
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���, `J �,✓^� Attorney or the Board
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STATE OF COLORADO } �
) �
COUNTY OF PITKIN ) ss.
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' HOUSING AUTHORITY )
OF PITKIN COUNTY ) �
CERTIFICATE AS TO ARBITRAGE
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The undersigned, Executive Director of and Attorney
for the Board of•Comt*.iissioners of the Housing Authority of
Pitkin County, Pitkin County, Colorado (the "Authority"),
;i;
. { hereby certify, for and on behalf of the Authority that: +�t
:�
1. We have, either alone or with others, the ;,
� responsibility for the issuance by the Authority of its <"
4�
Special Obligation Note in the principal amount of $1,670,000 ;i
�: ,�
' dated �vu2. 13 , Z979, payable to Central Banl: of :�
t.
x Denver, a Banking Corporation, Denver, Colorado (the "NOte"J, �
�_�
which is being issued on the date hereof for the purpose of �
; �
s acquiring low and moderate income siagle family housing units �
(the "Project") . £
2. The estimated total cost of constructing and � -
financing said Project is not Iess than $1,273,064. Funds "
_ ;�
j' � in the amount of $114,300 and $50,000 have been established �
!; �
with provision restricting the yield thereon to no more than �
7-3/4°<. A fund in the amount of 5250,000 has been established � s
�; as a reasonable Reserve Fund without restrictions as to yield �• .
thereon. �
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3. The Authority has heretofore entered into ,3
� �
s' contracts for the acquisition of the Pzoject, with construction �;
` " commenced as of this date. `u
u �
: � 4, The principal proceeds to be derived by the '?
� . '�'x Authority from the sale of the Note are exnected to be used,
� needed and full ex ended for a �
y p p yment of costs of constructing �
the Project by no later than February 1, 1979. . �
5. Except for the Reserve Funds established under �
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the Note Resolution, the Board has not created or estab7.ished,
- � and does not expect to create or establish, any sinking fund �;�
�
or othez similar fund. �
��
" � 6. To the best of our knowledge, inforr.iation and �'z
�'� � "
belief, the above expectations are reasonable. �:
` 7. The Authority has nofi been notified of any �
� listing of it by the Internal Revenue Service as an issuer �
that may not certify its bonds or notes. �
. .�.�.
8. This Certificate is being executed and delivered F.4�"
s pursuant to Section 1.103-13, 1.103-14 and 1.103-15 of the }�
�� Income Tax Regulations under the Internal Revenue Code of I954,
e �
R. as atnended, and the undersigned Executive Director of the Board �
��
�. '
and Attorney for the Board are two of the officers of the
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Authority charged with the responsibility of issuing the Note.
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`� IN WITNESS WHEREOF, we have hereunE.o set our hands
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" and affixed the seal of said Authority this I3 day of
�
-� 1�uL . 1979. �
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E; '`Ji� '�.,. .-;� .�. • tt�+orney for the Board
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STATE OF COLORADO )
) SS.
COUNTY OF PITKIN )
(
_ i
CERTIFICATE OF LANDLORD
_ -- Pursuant to the terms of that certain Lease Agreement �
between J.R. Williams Properties, a Partnership, as Landlord, �
�..,.f 5
and Lone Pine, Ltd., as Tenant, executed on the .�.��_ day of :�''
�f � �
'*�`'�''�^�h , 1979, the Tenant may assign the Lease to the ;
Housing Authority of Pitkin County, Colorado (the "Authority") �
in order to permit the Authority to purchase housing units i
("Project") to be provided to low income residents of the �
County; and �
The Authority will issue its Special Obligation Note to �
:
be secured by a Mortgage to an institutional lender on the �.
�
completed housing units; and �
Prior to the Assignment, permission and consent o£ the �
Landlord must be obtained to allow the assignment, and to sub- �
_ ordinate the Lease to the mortgage debt, and other conditions a
of the Lease requiring consent of the Landlord. �
This Certificate is issued to comply with the requirements �
� of the Lease, and to effectuate the financing and construction �
. , of the housing units, and may be relied on by the Authority, �
#
ienders, tenants, or purchasers, as follaws: �
1. The Lease attached hereto as Exhibit A dated February 22,
1979, between the parties herein is validly executed and delivered. �
�
2. The Landlord hereby ratifies, confirms and approves i '
i
i
- the plans and specifications, and consents to the commencement
4
of construction. !
I
s3. Landlord consents to the assignment of the Lease to �
` the Authority, with full substitution, without, however, any �
modification or abridgement of Landlord's rights to enforce the �
terms and conditions thereof against the tenant, Lone Pine, Ltd., �
i
" or any other sublessee or assigns. �
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� 4. The Landlord agrees to subordinate its interests under
the Lease to the institutional lender pursuant to and in the
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manner provided for in the Lease. � ,
_ a
5. All other conditions precedent to the Assignment of �
� the Lease to the Authority and construction of the Project �.
are expressly approved and consented to, and the Authority,
! institutional lenders, underwriters and counsel thereto, and
subsequent purchasers may rely on this approval and consent.
{ Dated at Aspen, Colorado, this llth day of June, 1979. �
•', J.R. WILLIAMS PROPERTIES .
A General Partnership
Landlord
By:
/
Partner
Subscribed and sworn to before me this ��� day of ,
1979 by Bruce Kistler, as Partner of J.R. Williams Properties.
�
J Notary P i i
My commission expires: ��/���,
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