HomeMy WebLinkAboutbocc.res.216.1994 �
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'�i A RESOLUTION OF THE BOARD OF
,:ti� COUNTY COMMISSIONERS OF PITKIN COUNTY, COLORADO,
;i;{i f
'' Resolution # 94- �IL r
'Y� _
� A RESOLUTION AUTHORIZING TF�SALE OF MORTGAGE LOANS AND REFUNDII�iG
OF A PORTION OF THE COUNT'Y'S OUTSTANDING SINGLE FAMII.,Y MORTGAGE
� REVENLTEBOND5,(SII,VERKINGPHASEIIPROJECT�;AUTfIO1tYZiNCrTHEISSUANCE
• � AND SALE OF UP TO$400,000 MORTGAGE REVENUE REF(JIQDING NOTES,SERLES
1994, TO REFFUND SUCH OBLIGAT',iONS; RATlFYING CERTAIN ACTION'
4. HERE'�OFORE TAKEN; AUTHORIZING'z'IiE EXECUTION ANA ABLIVERY BY THE
COUNTX OF A PURCHASE AGREEMEN�', FIRST AMENDMENT TO SALE AND
SERVICE AG��Rt�ivT,AND CL4SING DOCUMENTS IN CONNECTTON THEREW.ITH;
MAKIIVG D�TE�tMiNATiON5 AS TO THE SUFFICIENCX OF REVENUES AND A$TO
r�;. .! OTHER MATTERS 12ELATED THERE'TO; EXERCISING TFTE COUNTX'S OPTION TO
REDEEM SUCH OUTSTANDING OBLIGAI'IONS; AND REPEALING ACITON
T�ERETOFORE TAICEN IN CONF'LICT HEREWITH.
WHE�2EAS, Pitkin County, Colorado(the "CounCy")is a legally and regutarly
created,established,organized and existing political subdivision under the Consatution and laws
of the Statc of Colorado; and
WHEREAS, the County and Municipality Development Revemie Bond Act,
�'".� consdtuting Article 3, Tide 29 of Colorado Revised Scatutes(thc"Act"), authorizes citi�s and
• '� counties in the Sfate of Colorado(the "Stau")to issue revemic bonds[o finance and re5nance
� ' one or more projects, including any land, building or other i¢nprovemc.nis, and all real and
. personal properties,whether or not ul exisunce,which shall hc suitable for residential facilides
for Iow- and middle-incomo families oz persons and intended for cue as the sole place of
residence by the owners or intended occupants to the end that more adoquate residential housing
facilities for low-and middlc-income families and persons may bc provided,which pmmote the ,
___ �.� �ublic health, welfaze, safety,conveniencc and prospenity; and
� 1'` WHEREA.S, pursvant to the Act, tEu County has horetofore issued ita Pitldn
County,Colorado Single Family Mortgage Rovcnue Botsds,�SiIverKing Phase II Pmjcct),in rhe
, original principal amount of $3,250,000 (the "Prior Bonds"), pursuant to the tenms of an
Indenture dated as of December 1, 19$i,between the County and Cemral Bank of Denvcr,as
hvstee(rhe "Prior Indenmre"); and
.;
VJF�ERF.AS,the proceeds of thc Prior Bonds w�used by the County,inter a ia
for the purpose of acquiring mortgage Ioans secuced by mottgagrs an residen[ial sit�ie family
housing facilities owned by low-and zniddle-income families and persons within the boumdazies :'
of the County, which mortgage loans wcre pledged as security#or the payment of rhe Prior k
_ Bonds; and �,,
WHFREAS, the Prior Indcnture providcs that tfie Prior Bonds are subjeet to
redemption on December 1, i994,at a redemption price equal co 100X the principal amount of
nc�Prior Bonds to be redeemed upon sale of the Mortgage T.oans securiag the Prior Bonds,and
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further provides t1�at the County may cause the disc6arge of the lien thereof upon satisfactioa
:� of certain wnditions as therein set forth;and a
�;;� '4JHEREAS,the County is authorizeci by the Act to issue its refunding nates to L.'�
.� tefund bonds issued under the Act; and
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=j� WHEREAS,the Counry has dctcrmined that it is necessary and advisablc pursuant
' ;� to the Act to issne its Pitkin County,Colorado Mortgage Revenue Refimding Notes,Series 1994 f .
"�; (the "Refund'�Notes'�, the proceeds of wluch shall be applicd to(i)pay the principal of a �.
•�! porcion of the outstauding Prior Bonds,plus inceresc rhereon to Decemberi, 1994;and •
4 � VJHEREAS, there t�as been presented to the Coanry Connmissioners (t�e '
�
"Commissioners"):(1)the proposed form of the Amendment to Sale and Service Agreement(the
"Agreement Amendmenrs"} among the Counry, and a mortgage serving institution, as
' Participant;and{2)the pzoposed form of the Purchase Agreement dated as of Deccmber 1,1994
r.;� (the "Purchase Agreement") between the County and FBS Investment Services, Znc. (the '
"Undenvriter"). •
• BE IT' ORDAINED BX THE COUI�TTY COMMZSSIONERS OF pTTKIN
� COUNTY, COLORADO:
Section 1. All aciions(not inconsistent with the provision.s of this Resolution)
' heretofore taken by the Commissioners and the officers of the County direcced toward the
issuance and sale of the Refunding Notes hereby is ratified,appraved and coafumed.
• "� Section 2. The Counry is hereby authorized tn refund the Prior Bonds by
•�='�� depasiting an amoant of the procccds of the Retunding Notes with she Paying Agent under the
Prior Tndenture sufficient, togethtr with cenain amounts held in ihe funds and accounts under
the Prior Indenturc,to effect the defeasance of the Prior Bonds as provided in the Agreement
Amendment and ihe Prior Indenture. Thereupon, the Mortgage Loans held under che Prior
Jndenture shall be assigned to che Paying Agent for t6e Refimding Notes.
�'` � Seciion 3. Therc is hereby anthorized and creatcd an issue of refiucding notes
designated as°Pxtkin County,Colorado,Mortgage Reve�nue Itefunding Notes,Series 1994,"in
the aggrcgatc pri,ncipal amount of not more than 5250,Q00.The RePunding Notcs are issuable
;u fully cegistered notcs wirl>out coupons in dcnominations set forth in the Agreemem
Amendments. The Refunding Notes s2�a11 maturc nn December 1,2011 and shall bear interess -
at the rate of not more thaa 10%per annum. Tlte Refunding Notes shall bear interest from their
date payabie on thc firsi day of each mouth in each year,commencmg January 1, 1995 and are
ia the fozm of a monthly pass-through noto.
The Refi�nding Notes shail bc payable,and shall be subscantiaRy the forni as set
forth in rhe Agreemenc Amc.ndmenc. Tha Refunding Notes shall be sold to the Underwriter at
� a privato sale a[a pucchase pricc of not less than par. �
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Section 4. The forms, terms and provisioas of tho Agreement Amendments
;:;�•; and the Purchase Agreement hereby aze approved; and the County is hezeby authorizcd to
=� execute and deliver the Agreement Amendments and the Purchase Agreement in the forms of
� each of such docvments heretofore ftled with the Counry with such changes therein as are not i:
ri inconsistenc herewith.
;�,
;� Section 5. T'he form,terms and provisions of the Refundiug Nates,iuthe form
k� contained ia tbe Agmement A.znendments,hereby aze approved;and the Counry Commissioners
are hereby authorized to execute the Refundiug Notes and tho County Clerk is Hereby authoriud
to affixed the seal of the Caunty and m attest the Refunding Tiotes, and each is hereby
_ ;_� authorized to deliver the Refunding Notes. The signatures on�he RefS�nding Notes and the seal
on the Refundi�ng Notes shall be by facsimile or manually fixed.
�' ' Section 6. The Chaircnan of the County Commissioners is hereby authorized
and directed to execute and deliver to[he Paying Agent the request and authorizauon of the
. County for the autheacication and delivery of the Refunding Notes, 9n accozdance with the
E:�:'
Agreement Amendments.
Sectioa 7. The ofFscers of the County shall take all action in conformity wirh
: the Act necessary or reasonably required by the Underwriter to effectuate the provisions of thc
. Purchase Agrecment and for catrying out,giving effect w and consummating tht transactions
concemplated by this Resolution, the Agreemenc Amendments and che Purchase Agresment,
including without limitation the ezecution and delivery of any closing documents to be delivered
in connection with the sale and delivery of the Refunding Notes.
Section 8. None of the ltef�nding Notes will be the general obligation of tbe �
��°�;, ' Counry nor shall any of tlie Refunding Notes,including interest th�xeon, consutute ihe debt or
- indebtedncss of the County wichin ihc meaning of any piovision or limitacion of she Constitistion
or statuces of the Stau of Colorado or of rhe County, nor shall anything contaiacd in tUis
Resolution in the Refunding Notes, or any otber instruinent, constinrte or give rise to a
pecuniary liabiliry or a chaxge upon the general credit or taxing powers of the Caunty,nor shall
[he breach of any agieemcnt contained in this Resolution or any of the above-mcntioned
instruments imposc any pecvniary liability upon the County or any charge upon its general e;redic
�� — -; or against iu taxing powers.
"tii'
`�' Sectian 9_ After any of the R.efi�..�,Notes are issved,this Resolution shall
_ be and temain irrepealablc until tbe Rcfvnd'uig Notes and che interest thereoa sball bave been
� fully paid,cancelled and discharged. prior to such issuance,this Resolutioa may be modi�ed • • A
by acdon of the County Commissioners. .
Sectiom 10. Tf any section, paraBraPh, clause or provision of this Resolution
shalt for any reason be held to be invalid or uncnforceable,the invalidity or uneafoneabiliry of r
sueh section,paragraph, elause oz provision shall not affect any of the remaiaing pmvisions nf ��•;Y
this Resoiuflon. � ` "
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`� Secdon 11. All bytaws, ordus, nsolutions and ordinances, or parts therwf'
inconsistent herewith and with the documents hereby approved,are hereby repealed to the extent
only of such inconsistency. This repealer shall not be Constcued as reviving anq bylaw, order,
resolution or ordinance, or part thereof.
Section 12. Tbis Resolution shall be in full force and effect immedi.ately upon
i�s fnal passage and approval.
APPROVED AND ADOPTED ON THE 15TH DAY OF NOVEMBER, 1994.
6� .
A T: BOARD OF COUNTY COMMISSIONERS
OF PITKIN COUNTY, COLORADO
, �,�,�' V � (. �� O�
Jea ette Jones! BY`
D�uty'County �lerk & Recorder � � ^�}� .Chairman
Date: _ ' - , ir
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�" APPROVED AS TO FORM:
C-
Timot y hitsitt
- Coun A o ey
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APPROVED AS TO CONTENT: MANAGER APPROVAL:
: �r/3'�G (.�/�'.2�u� -
Tom Oken �� �s A
� Reid Haughe
�`,c , Administrative Services Dir. County Manager ' `
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NOV 15 '94 04:24PM . . _ P.Sil �C;
;� Post-It"br8nd tax Uan9mittal memo 7671 �arqqw► (
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