URA Res. No. 16-05 Expressing the Intent of the Board to be Reimbursed for Certain Expenses Relating to the Financing of Town HallAVON URBAN RENEWAL AUTHORITY
RESOLUTION 16 -05, SERIES OF 2016
A RESOLUTION EXPRESSING THE INTENT OF THE
BOARD TO BE REIMBURSED FOR CERTAIN EXPENSES
RELATING TO THE FINANCING OF TOWN HALL.
WHEREAS, it is the current intent of the Board of Commissioners (the "Board ")
of the Avon Urban Renewal Authority (the "Authority ") to acquire, construct and install various
improvements to the new Town Hall (the "Project ") of the Town of Avon, Colorado (the
"Town "), which is located in the Town at Mountain Vista Resort Subdivision, Lot 4 -140 Mikaela
Way; and
WHEREAS, the Board currently believes that it is in the best interest of the
Authority to finance the Project through the issuance of its Tax Increment Revenue Bonds,
Series 2017; and
WHEREAS, the Board has determined that it may be necessary to make capital
expenditures related to the Project prior to the time that the Authority arranges for the specific
financing of such Project; and
WHEREAS, it is the Board's reasonable expectation that when such financing
occurs, the capital expenditures will be reimbursed with the proceeds of the financing; and
WHEREAS, in order to comply with the provisions of the Internal Revenue Code
of 1986, as amended, it is the Board's desire that this resolution shall constitute the "official
intent" of the Board to reimburse such capital expenditures within the meaning of Treasury
Regulation §1.150-2.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
COMMISSIONERS OF THE AVON URBAN RENEWAL AUTHORITY:
Section 1. All action (not inconsistent with the provisions of this resolution)
heretofore taken by the Board and the officers, employees and agents of the Authority directed
toward the acquisition, construction, installation and financing of the Project is hereby ratified,
approved and confirmed.
Section 2. The Authority intends to finance approximately $3,000,000 to pay
the costs of the Project, including the reimbursement of certain costs incurred by the Authority
prior to the receipt of any proceeds of a financing, upon terms acceptable to the Authority, as
authorized in a resolution to be hereafter adopted and to take all further action which is necessary
or desirable in connection therewith.
Section 3. The officers, employees and agents of the Authority shall take all
action necessary or reasonably required to carry out, give effect to and consummate the
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transactions contemplated hereby and shall take all action necessary or desirable to acquire,
construct, install and finance the Project and to otherwise carry out the transactions contemplated
by the resolution.
Section 4. The officers and employees of the Authority are hereby authorized
and directed to take all action necessary or appropriate to effectuate the provision of this
resolution.
Section 5. The Authority shall not use reimbursed moneys for purposes
prohibited by Treasury Regulation § 1.150 -2(h).
Section 6. This resolution is intended to be a declaration of "official intent' to
reimburse expenditures within the meaning of Treasury Regulation § 1.150 -2
Section 7. If any section, paragraph, clause or provision of this resolution
shall for any reason be held invalid or unenforceable, the invalidity or unenforceability of such
section, paragraph, clause or provision shall not affect any of the remaining provisions of this
resolution.
Section 8. All acts, orders and resolutions of the Board, and parts thereof,
inconsistent with this resolution be, and the same hereby are, repealed to the extent only of such
inconsistency. This repealer shall not be construed to revive any act, order or resolution, or part
thereof, heretofore repealed.
approval.
Section 9. The resolution shall in full force and effect upon its passage and
N
PASSED THIS DECEMBER 13, 2016, BY THE BOARD OF
COMMISSIONERS OF THE AVON URBAN RENEWAL AUTHORITY.
AVON URBAN RENEWAL AUTHORITY
ri F J'
i Cha' erson of the Board of Commissioners
0-
Executive Dire) or
APPROVED
STATE OF COLORADO )
SS.
AVON URBAN RENEWAL )
AUTHORITY )
I, Virginia Egger, the Executive Director /Secretary of the Avon Urban Renewal
Authority (the "Authority "), do hereby certify that:
a. The foregoing pages are a true and correct copy of a resolution (the
"Resolution ") passed and adopted by the Board of Commissioners of the Authority (the "Board ")
at a regular meeting held on December 13, 2016.
b. The Resolution was duly moved and seconded and the Resolution was
adopted at the meeting of December 13, 2016, by an affirmative vote of a majority of the
members of the Board as follows:
Naive
"Yes"
"No"
Absent
Jennie Fancher, Chairperson
Megan Burch
Matt Gennett
Scott Prince
Amy Phillips
Sarah Smith Hymes
Jake Wolf
✓
C. The members of the Board were present at such meetings and voted on the
passage of such Resolution as set forth above.
d. The Resolution was approved and authenticated by the signature of the
Chairperson or Vice Chairperson of the Board, sealed with the Authority seal, attested by the
Executive Director /Secretary of the Board and recorded in the minutes of the Board.
C. There are no bylaws, rules or regulations of the Board which might
prohibit the adoption of said Resolution.
f. Notice of the meeting of December 13, 2016, in the form attached hereto
as Exhibit A, was posted in at the Avon Town Hall, Avon Municipal Complex, and One Lake
Street, in the Town of Avon, not less than twenty -four hours prior to the meeting in accordance
with law.
rd
WITNESS my hand and the seal of said Authority affixed December 13, 2016.
AL Executive Drector /Secret
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EXHIBIT A
(Attach Notice of Meeting of December 13, 2016)
A -1