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TC Res. No. 1990-02• RESOLUTION NO. 90-2 A RESOLUTION AGREEING TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS TO FINANCE A MULTIFAMILY RENTAL HOUSING PROJECT FOR EAGLEBEND PARTNERSHIP. WHEREAS, the Town of Avon, Colorado (the "Town") is authorized by the County and Municipality Development Revenue Bond Act, constituting Article 3, Title 29, Colorado Revised Statutes (the "Act"), to finance one or more projects, including any land, building or other improvement, and all real and personal properties, whether or not in existence, which shall be suitable for residential facilities for low- and middle-income families or persons and intended for use as the sole place of residence by the owners or intended occupants to the end that more adequate residential housing facilities for low- and middle-income families and persons may be provided, which promote the public health, welfare, safety, convenience and prosperity; and WHEREAS, the Town is further authorized by the Act to issue its revenue bonds for the purpose of defraying the cost of financing any project; and WHEREAS, the Town has determined that it is advisable and in the best interests of the Town to issue industrial development revenue bonds pursuant to the Act to finance projects, including any land, building or other improvement, and all real and personal properties, whether or not in existence, which shall be suitable for residential rental housing facilities for low- and middle-income families or persons and intended for use as the sole place of residence by the intended occupants to the end that more adequate residential rental housing facilities for low- and middle-income families and persons may be provided, which will promote the public health, welfare, safety, convenience and prosperity, upon such conditions as the Town Council of the Town may deem advisable; and WHEREAS, representatives of EagleBend Partnership, a Colorado general partnership (the "Developer"), have met with officials of the Town and have advised the Town of the Developer's interest in construction a multifamily rental housing project consisting of approximately 90 units containing complete facilities for living,, sleeping, eating, cooking and sanitation for use other than on a transient basis by one or more persons and functionally related and subordinate facilities, on Eaglebend Drive in the Eaglebend Subdivision (Filing No. 2, Lots 1 and 2), within the Town, for low- and middle-income families and persons and intended for use as the sole place of residence by the intended occupants (the "Project"), subject to the willingness of -2- the Town to issue industrial development revenue bonds pursuant to the Act, in one or more series, in the aggregate principal amount presently estimated not to exceed $5,000,000 (the "Bonds") for financing all or a portion of the cost of the Project, together with the costs incident to the authorization, issuance and sale of the Bonds; and WHEREAS, the Town has considered the Developer's proposal and has concluded that the Project will provide more adequate residential rental housing facilities for low- and middle-income families and persons within the Town and that it wishes-to proceed with the financing of the Project; and WHEREAS, construction, reconstruction or acquisition of the Project within the meaning of Section 1.103-8(a)(5) of the Federal Income Tax Regulations has not commenced; and WHEREAS, it is intended that this resolution shall constitute "some other similar official action" toward the =issuance of the Bonds within the meaning of Section 1.103-8(a)(5) of the Federal Income Tax Regulations. WHEREAS, the action herein contemplated is not prohibited by the Town's Charter. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO: Section 1. In order to induce the Developer to undertake the Project, the Town shall take all steps necessary or advisable to effect the issuance of the Bonds, in one or more series, in the maximum aggregate principal amount of $5,000,000, or such lessor amount as shall be mutually agreed upon,to finance all or a portion of the cost of the Project, together with the costs incident to the authorization, issuance and sale of the Bonds. No costs are to be borne by the Town in connection with this transaction. This commitment is an affirmative official action of the Town toward the issuance of the Bonds as herein contemplated in accordance with the purpose of the Act and Section 1.103-8(a)(5) of the Federal Income Tax Regulations. Section 2. Prior to the execution of the necessary financing documents as shall be mutually agreed, upon in connection with the Project and the Bonds, such documents will be subject to authorization by ordinance of the Town Council pursuant to law. -3- Section 3. Nothing contained in this resolution shall constitute the debt or indebtedness of the Town within the meaning of the Constitution or statutes of the State of Colorado or the Charter of the Town nor give rise to a pecuniary liability of the Town or a charge against its general credit or taxing powers. Section 4. All commitments by the Town herein are subject to the condition that on or before 12 months from the date of final passage and adoption of this resolution, the Town and the Developer shall have agreed to mutually acceptable terms for the Bonds and for the sale and delivery thereof. Section 5. All 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, heretofore repealed. Section 6. If any section, paragraph, clause, or other provision of this resolution is for any reason held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or other provision shall not affect the validity of the remaining provisions of this resolution. Section 7. This resolution, immediately on its final passage and adoption, shall be recorded in the book of resolutions kept for that purpose and authenticated by the signatures of the Mayor and Clerk. INTRODUCED, READ BY TITLE, PASSED, AND ADOPTED ON THIS February 13, 1990. ~F WY011 WN SF Y - ° Town of Avon, Mayor / Town of Avon, Colorado C -4- Council member David Garton then moved that the resolution be passed and adopted as read. Councilmember Gloria McRory seconded the motion. The question being upon the passing and adopting of the resolution, the roll was called with the following result: Those Voting Yes: Allan R. Nottingham Gloria McRory Mike Bennett Jerry Davis David-Garton, Albert Buzz Reynolds Sr. Jim Stovall Those Voting No: Those Absent: None The presiding officer thereupon declared that at least all of all the members of the Town Council present having voted in favor thereof, the motion was carried and the resolution duly passed and adopted. The motion duly adopted, it was ordered that the resolution be numbered 90-2 , and after its authentication with the signatures of the Mayor and Town Clerk be recorded according to law in the record of Resolutions. Thereupon, the Council considered other business and took other action not concerning the proposed multi-family housing revenue bond project. Thereafter, there being no further business to come before the meeting, on motion duly made, seconded and unanimously carried, the meeting was adjourned. Town of Avon,"Colorado -5- STATE OF COLORADO ) ) COUNTY OF EAGLE ) SS. TOWN OF AVON ) I, Patricia J. Doyle, Town Clerk of the Town of Avon (the "Towns), in the County of Eagle and State of Colorado, do hereby certify: 1. The foregoing pages numbered from 1 through 5 constitute e-a true, correct, complete and compared copy of the record of the proceedings taken by the Town Council of the Town at a duly called regular, open, public meeting thereof held on February 13, 1990, so far as said minutes relate to a resolution, a copy of which is therein set forth. 2. A copy of such resolution contained in such minutes is a true, correct, complete and compared copy of the original of the resolution adopted by the Town Council at the meeting. 34 The Mayor and six other members of the Town Council were present at such meeting, and six members of the Council voted on the adoption of the resolution, as in such minutes set forth. IN WITNESS WHEREOF, I have hereunto set my hand and the seal of the.'Town of Avon this 13th=, day of February, 1990. III OF AV S E A 1J OR J TownVClerk Town of Avon, Col -6-