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TC Res. No. 2016-34 URA and its Tax Increment Revenue BondsTOWN OF AVON RESOLUTION NO. 16 -34, SERIES 2016 A RESOLUTION CONCERNING THE AVON URBAN RENEWAL AUTHORITY AND ITS TAX INCREMENT REVENUE BONDS, SERIES 2017; AUTHORIZING AND DIRECTING ACTIONS BY THE TOWN MANAGER WITH RESPECT TO THE PREPARATION OF REQUESTS TO THE TOWN COUNCIL FOR APPROPRIATION OF MONEYS TO FUND ANY DEFICIENCIES IN THE BOND ACCOUNT PLEDGED TO THE PAYMENT OF SUCH BONDS; AUTHORIZING THE 2017 COOPERATION AGREEMENT; AND OTHER ACTIONS TAKEN BY THE TOWN IN CONNECTION THEREWITH. WHEREAS, the Town Council (the "Town Council ") of the Town of Avon, Colorado (the "Town "), by Resolution No. 07 -20, adopted June 26, 2007, created the Avon Urban Renewal Authority of the Town (the "Authority "); and WHEREAS, pursuant to Resolution No. 07 -27, adopted on August 14, 2007, and as amended pursuant to Resolution No. 15 -21, Series of 2015, on November 10, 2015, the Town approved the Town Center West Area Urban Renewal Plan, as amended (the "Plan ") pursuant to the Colorado Urban Renewal Law (the "URA Law "); and WHEREAS, the Authority intends to issue its Tax Increment Revenue Bonds, Series 2017 (the "Bonds ") in order to finance certain improvements as contemplated by the Plan (the "Project') which will be issued pursuant to a resolution to be adopted by the Board of Commissioners of the Authority (the "Bond Resolution "); and WHEREAS, all capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Bond Resolution; and WHEREAS, pursuant to a Cooperation Agreement (the "2017 Cooperation Agreement') between the Town and the Authority, the Town may agree, subject to conditions specified in the 2017 Cooperation Agreement, to loan funds to the Authority for the Project; and WHEREAS, the Bond Resolution requires that the Pledged Property Tax Revenues be deposited in the Revenue Fund and that moneys on deposit in the Revenue Fund be transferred each month to the Bond Account in the amounts set forth therein to pay the next installment of interest and principal on the outstanding Bonds in accordance with the Bond Resolution; and WHEREAS, the Bond Resolution contemplates that if, in any month, there are insufficient moneys on deposit in the Revenue Fund to make the payments into the Bond Account in the amounts required by the Bond Resolution, or if the Executive Director anticipates that there will be a deficiency in moneys on deposit in the Revenue Fund to make any such deposit in any given month, then the Executive Director shall immediately notify the Town Manager of any such insufficiency, and the Town Manager shall notify the Town Council of any such insufficiency in the Revenue Fund and request an appropriation or supplemental appropriation in an amount sufficient to make up any such insufficiency; and WHEREAS, the Town Council wishes to make a non - binding statement of its present intent to appropriate funds in an amount sufficient to make deposits to the Bond Account in an amount equal to any such deficiency in the Revenue Fund and to authorize and direct the Town Manager to take certain actions for the purpose of causing requests for such appropriations to be presented to the Town Council for consideration; and WHEREAS, the form of the 2017 Cooperation Agreement is on file with the Town Clerk. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO: Section 1. Appropriations to the Bond Account. In each year the Bonds are outstanding, and as provided in the Bond Resolution, if, in any month, there are insufficient moneys on deposit in the Revenue Fund to make the transfers into the Bond Account in the amounts required by the Bond Resolution, or if the Executive Director anticipates that there will be a deficiency in moneys on deposit in the Revenue Fund to make any such transfers in any given month, then the Executive Director is required to immediately notify the Town Manager of any such insufficiency. Upon the receipt of any such notice from the Executive Director, the Town Manager shall prepare and submit to the Town Council a request for an appropriation of an amount equal to any such insufficiency, to be deposited in the Bond Account. It is the present intention and expectation of the Town Council to appropriate such funds as requested, within the limits of available funds and revenues, but this declaration of intent shall not be binding upon the Town Council or any future Town Council in any future fiscal year. The Town Council may determine in its sole discretion, but shall never be required, to make the appropriations so requested. All sums appropriated by the Town Council for such purpose shall be deposited by or on behalf of the Authority into the Bond Account. Nothing provided in this Section 1 shall create or constitute a debt, liability or multiple fiscal year financial obligation of the Town. Section 2. Repayment of Amounts Appropriated. In the event that the Town Council appropriates funds as contemplated by Section 1 hereof, any amounts actually advanced shall be treated as a loan from the Town to the Authority under the 2017 Cooperation Agreement and shall be repaid by the Authority from and to the extent of Pledged Revenues available for the payment of subordinate obligations in accordance with the Bond Resolution. Section 3. Limitation to Bonds. Unless otherwise expressly provided by a subsequent resolution of the Town Council, the provisions of this Resolution shall apply only to the funding of the Bond Account originally established in connection with the Bonds and shall not apply to any other additional obligations. 2 Section 4. Approval and Authorization of the 2017 Cooperation Agreement. The form of the 2017 Cooperation Agreement is hereby approved. The Town shall enter into and perform its obligations under the 2017 Cooperation Agreement, in substantially the form of such document as is on file with the Town Clerk, provided that such document may be completed, corrected or revised as deemed necessary by the parties thereto in order to carry out the purposes of this Resolution, the execution thereof being deemed conclusive approval of any such changes by the Town. The Mayor or Town Manager is hereby authorized and directed to execute the 2017 Cooperation Agreement on behalf of the Town, and the Town Clerk is hereby authorized to attest to the 2017 Cooperation Agreement. Section 5. General Repealer. All prior resolutions, or parts thereof, inconsistent herewith are hereby repealed to the extent of such inconsistency. Section 6. Effectiveness. This Resolution shall take effect immediately upon its passage. PASSED AND ADOPTED December 13, 2016. :SEAT ATTEST: f>' �( U Town CIA TOWN OF AVON, COLORADO Mayor Pro Tem APPROVED AS TO LEGAL FORM: "Town Attorney STATE OF COLORADO ) SS. TOWN OF AVON ) I, Debbie Hoppe, the Town Clerk of the Town of Avon, Colorado, do hereby certify that: 1. The foregoing pages are a true and correct copy of a resolution (the "Resolution ") passed and adopted by the Town Council (the "Council ") at a regular meeting held on December 13, 2016. 2. 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 Council as follows: Name "Yes" "No" Absent Jennie Fancher, Mayor f Sarah Smith Hymes, Mayor Pro Tern Megan Burch t� Matt Gennett Amy Phillips Scott Prince Jake Wolf 3. The members of the Council were present at such meetings and voted on the passage of such Resolution as set forth above. 4. The Resolution was approved and authenticated by the signature of the Mayor of the Town, sealed with the Town seal, attested by the Town Clerk and recorded in the minutes of the Council. 5. There are no bylaws, rules or regulations of the Council which might prohibit the adoption of said Resolution. 6. Notice of the meeting of December 13, 2016, in the form attached hereto as Exhibit A, was posted at the Avon Town Hall, Avon Municipal Complex, One Lake Street, in the Town, not less than twenty -four (24) hours prior to the meeting in accordance with law. E WITNESS my hand and the seal of the Town affixed December 13, 2016. Town Jerk S Exhibit A (Fonn of Notice of Meeting) A -1