TC Res. No. 1983-58RESOLUTION NO. 83-58
SERIES OF 1983-
RESOLUTION SETTING FORTH THE TOWN OF AVON'S INTENT TO ISSUE
INDUSTRIAL DEVELOPMENT REVENUE BONDS TO FINANCE THE PRIME
TIME PROPERTIES, INC. PROJECT
WHEREAS, representatives of Prime Time Properties,
Inc., a Colorado corporation (the "Company"), have met with
officials of the Town of Avon, Colorado (the "Town"), and have „
advised the Town of the Company's interest in having the Town
issue a series of industrial development revenue bonds pur-
suant to the Colorado County and Municipality Development
Revenue Bond Act constituting Article 3, Title 29, Colorado
Revised Statutes (the "Act"), to finance the acquisition, con-
struction and equipping of commercial and industrial facilities,
facilities for furnishing water and other utilities, sports
and recreation facilities, and residential facilities for low-
and middle-income persons and families, consisting of land,
buildings and equipment (the "Project") to be owned by the
Company; and
WHEREAS, the Town Council has considered the Company's
request and has concluded that the application is complete
and that issuance of such bonds for such purpose will promote
trade and produce substantial economic benefit for the Town
and desires to indicate its intent to proceed with the finan-
cing of the Project.
NOW, THEREFORE, BE IT RESOLVED by the Town Council
of the Town of Avon, Colorado, that:
SECTION 1. In order to assist and to induce the
Company to locate the Project within the boundaries of the
Town, it is the Town Council's intent to take all necessary
or advisable steps to effect the issuance of industrial develop-
ment revenue bonds in the maximum aggregate principal amount of
$1.5,000,000 or such lesser amount as shall be determined and
agreed upon by the Company and the Town to finance the Project.
SECTION 2. The Town shall be reimbursed for any ex-
penses borne by the Town in connection with the adoption of
this Resolution, the performance by the Town of its obligations
hereunder, the issuance of such industrial development revenue
bonds, the preparation of any documents relating thereto and
any legal or financial consultants retained in connection
- therewith.
SECTION 3. Prior to the execution of any financing
agreement, mortgage or indenture of trust, bond purchase agree-
ment or any other necessary documents and agreements in connec-
tion with such bonds, such documents and/or agreements shall be
subject to authorization by ordinance of the Town pursuant to
law.
SECTION 4. Contemporaneously with the delivery of
the bonds, the Company will enter into a financing agreement
with the Town under the terms of which it will be obligated
to complete the acquisition, construction and installation of
the Project, to use the proceeds of the bonds to pay only the
costs of acquiring, constructing and installing the Project,
including payment of interest on the bonds during the con-
struction period of the Project (not to exceed three years)',
the funding of any necessary reserves and the payment of the
expenses incidental to the issuance and sale of the bonds, and
to pay all reasonable expenses of the Town'in connection with
the bonds. The financing agreement shall contain such other
provisions as may be required by law and such other provisions
as shall be mutually acceptable to the Town and the Company.
SECTION 5. All commitments of the Town under this
Resolution are subject to the following conditions: (1) the
bonds which are the subject of this Resolution shall not be
issued until and unless on or before 12 months from the date
of adoption of this Resolution the Town shall have agreed with
all necessary parties on mutually acceptable terms for the
bonds and the sale and delivery thereof and mutually accepta-
ble terms and conditions of any trust instrument in respect to
the bonds and any other documents and actions referred to herein
or otherwise necessary to effect the provisions of this Resolu-
tion; (2) the Town shall have received all information neces-
sary to satisfy it regardinq the desirability of the issuance
of the bonds, including but not limited to all information re-
quired to the Town; (3) the Town shall have received an unquali-
fied approving legal opinion of bond attorneys acceptable to
the Town; and (4) the Project shall comply with all land use
regulations prior to the issuance of the bonds. If the events
set forth in this section as prerequisites to the issuance of
the bonds do not take place, the Company agrees that it will
make payment of all expenses incurred by the Town in associa-
tion with the proposed bond issue. In no event shall the Town
be represented to be responsible for any expenses incurred
during any phase of the implementation of the within Resolution
or the proposed issuance of the bonds.
SECTION 6. Any affirmative effort on the part of
the Company toward issuance of the bonds authorized hereunder
subsequent to the adoption of this Resolution by the Town shall
constitute acceptance by the Company of the conditions herein
- imposed upon the agreement of the Town established by this
Resolution.
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SECTION 7. The Company's rights to have the Project
financed by the Town may be assigned by the Company with the
consent of the Town, which consent shall be based upon the
acceptance by the Town of a Development Revenue Bond application
by the proposed assignee.
SECTION 8. All orders, bylaws and resolutions, or
parts thereof, in conflict with this resolution are hereby
repealed. This repealer shall not be construed to revive any
order, bylaw or resolution, or part thereof, theretofore re-
pealed.
SECTION 9. If any section, paragraph, clause or
provision of this resolution shall for any reason be held to
be 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 10. This resolution shall take effect imme-
diately upon its introduction and passage,"provided the Company
shall within 90 days submit evidence in compliance with Resolution
No.81-8. If such evidence is determined not to be in compliance
with said Resolution or if such evidence causes the Town to
reconsider its desire to indicate its intent, this Resolution may
be repealed".
INTRODUCED, READ AND ADOPTED ON DECEMBER 30, 1983.
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ila R. Davis,
Mayor Pro-Tem
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