TC Res. No. 2002-06TOWN OF AVON, COLORADO
RESOLUTION NO.02-06
SERIES OF 2002
RESOLUTION APPROVING CERTAIN TERMS OF
$15,6505000 OF THE TOWN'S MULTIFAMILY HOUSING
REVENUE BONDS (GNMA MORTGAGE-BACKED
SECURITIES PROGRAM - BUFFALO. RIDGE II
APARTMENTS PROJECT), SERIES 2002, RATIFYING THE
EXECUTION AND DELIVERY OF A BOND PURCHASE
AGREEMENT; AUTHORIZING INCIDENTAL ACTION; AND
REPEALING INCONSISTENT ACTIONS.
WHEREAS, pursuant to : Ordinance, No. 02-03;; adopted by the Town 'Council of
the Town of Avon, Colorado (the "Town") on February 26, 2664'a§ amended by Ordinance No.
02-05 adopted by the Town on March 26, 2002, the Town' has authorized the issuance of up to
$16,000,000. of the.Town's Multifamily Housing Project Revenue Bonds (GNMA Mortgage--
Backed Securities !Program - Buffalo Ridge II Apartments Project), Series 2002 (the "Bonds"),
under a Trust indenture dated,, as. of April 1, 2002 (the "Indenture"):between the Town and Wells
Fargo Bank West, National Association, as Trustee (the "Trustee"), and the execution and .
delivery. of the Indenture' and a Financing"Agreement `(the "Agreement") dated as of April I.,
2002, with Buffalo Ridge J I LLLP, a. Colorado limited liability limited partnership (the
"Borrower"), AMI Capital, Inc.. and the Trustee (which indenture and Financing Agreement have .
subsequently been redated as of May 1, 2002); and
WHEREAS, the Mayor of the Town' (the "Mayor") has executed and the Town
Clerk of the Town (the "Town Clerk") has attested a.Bond Purchase Agreement dated April 18,
2002 (the 'Bond Purchase Agreement"), between the Town, the Borrower, and Kirkpatrick Pettis
Smith Polian, Inc. (the "Underwriter") pursuant. to which the' Underwriter has agreed, upon the
satisfaction of certain conditions, to purchase the Bonds; and
WHEREAS, as contemplated by `Ordinance No. 02-03, the Town desires to
provide for certain terms of the Bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE
TOWN OF AVON, COLORADO, AS FOLLOWS:
1. Terms -of the Bonds. The Bonds shall be issued in two separate series
designated as"Town of Avon Multifamily Housing. Project Revenue Bonds (GNMA Mortgage-
Backed Securities Program - Buffalo Ridge II Apartments Project), Series 2002A" (the "Series
2002A Bonds") and "Town of Avon Taxable Multifamily Housing Project Revenue Bonds
(GNMA Mortgage-Backed Securities Program - Buffalo Ridge II Apartments ProjectSeries
2002B" (the "Series 2002B Bonds").
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The Series 2002A Bonds shall be issued in the aggregate principal amounts, shall
bear interest, and shall mature on the dates and in the amounts set forth below and in accordance
with the terms set forth in the Indenture.
Maturity Date Principal Amount Interest Rate
October 20, 2033 $3,050,000 5.60%
October 20, 2043 $7,950,000 5.70%
The Series 2002B Bonds shall be issued in the aggregate principal amounts, shall
bear interest, and shall mature on the dates and in the amounts set forth below and in accordance
with the terms set forth in the Indenture.
Maturity Date Principal Amount Interest Rate
October 20, 2017 $1,815,000 6.52%
October 20, 2027 $2,835,000 7.22%
All other terms of the Bonds shall be as set forth in the Indenture and in
accordance with Ordinance No. 02-03, as amended by Ordinance No. 02- 05.
2. Ratification of Execution of Bond Purchase Agreement. The execution by
the Mayor and attestation by the Town Clerk of the Bond Purchase Agreement, and all actions
taken by the Mayor or Town Clerk in connection therewith, are hereby ratified, approved and
confirmed.
3. Severability. If any provision of this Resolution should be held invalid,
the invalidity of such provision shall not affect any of the other provisions of this Resolution, the
intention being that the various provisions hereof are severable.
4. Other Actions. The appropriate officers of the Town are hereby
authorized to execute and deliver for and on behalf of the Town, any or all additional certificates,
acknowledgments, documents and other papers, including the Indenture and the Agreement (the
forms of which previously have been presented to Town Council), and to perform all other acts
they may deem necessary or appropriate in order to implement and carry out the matters
authorized in this Resolution.
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5. Effective Date; Repealer. This Resolution shall take effect immediately
upon its passage, and all acts, orders, resolutions, or parts thereof, taken by the Town in conflict
with this Resolution are hereby repealed or modified to the extent of such conflict.
INTRODUCED, APPROVED AND ADOPTED the 23rd of April, 2002.
TOWN OF AVON, COLORADO
SEAL By:
f Ma r
4_1*!4 0P
ATT T:
To Cl rk
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STATE OF COLORADO )
) ss.
COUNTY OF EAGLE )
The Town Council of the Town of Avon, Colorado, held a regular meeting open
to the public at the Town Council Chambers at 400 Benchmark Road, Avon, Colorado, on
Tuesday, the 23`d of April, 2002, at 5:30 p.m.
The following members of the Town Council, constituting a quorum thereof, were
present:
Council Members:
Zc(e C
-yv~ c
S
The following members of the Town Council were absent: Y( Lch&ci Reajv~--
The following persons were also present:
Thereupon, Council Member R k moved that the Resolution be
finally passed and adopted and numbered 0 Z-~Coodn Member -Mr &Ahl
seconded the motion, and the question being upon the final passage and adoption of the
Resolution, the roll was called with the following results:
Council Members voting "Yes"
Council Members voting "No":
tJebhTc b~-Ilt
?&eB
/,ZcP-
A,~d C {Me 2 P-a:
IuX,
The Mayor thereupon declared the Resolution finally passed and adopted and
instructed the Town Clerk to number the same as moved.
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cen~ideration of other business to come before the Town Council, the
meeting was j; s', a
'(TOWN AL By:
May &
A T:
To C erk
5
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STATE OF COLORADO )
) ss.
'COUNTY OF EAGLE )
I, Patty Mckenny, Town Clerk of the Town of Avon, Colorado, do hereby certify
that the attached copy.,of Resolution No. 02-06, Series of 2002, is a ,true and correct copy; that
said Resolution was passed by the Town Council of the .Town of Avon, Colorado, at its regular
meeting held at 400 Benchmark Road, Avon, Colorado, the regular meeting place thereof, on
Tuesday, the 23rd day of April, 2002; that a true copy of said Resolution has been authenticated
by the, signatures of the Mayor of the Town of Avon and myself as Town Clerk thereof, sealed
with the seal of the Town, and numbered and recorded in a book kept for that purpose in my
office; that the foregoing pages 1 through 5, inclusive, constitute a true and correct copy of the
record of the proceedings of said Town Council at its regular meeting of April 23, 2002, insofar
as said proceedings relate to said Resolution; that said, proceedings were duly had and taken, that
the meeting was duly held; an d that the persons were present at said meeting as therein shown.
IN WITNESS WHEREOF, I have hereunto set my hand and the seal of the Town
of Avon, Colorado this 23rd day of. April, 2002.
(TOWN SE
Tqy6rn Cle k
o von, Colorad
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TomcfAon
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970-7484005
C 0 L O& A D 0
Office of the Assistant Town Manager
To: Honorable Mayor and Town Council
Fr. Lary Brooks, Assistant Town Manage
Via: Bill Efting, Town Manage ~0~
Dt: 4/19/02
Re: Buffalo Ridge Housing Project
The Buffalo Ridge Housing project will consist of 244 rental units constructed within 15
buildings. This project, which is being constructed as part of the affordable housing
obligation of the Village at Avon, is receiving funding and support from a variety of sources.
Resolutions 02-05 and 02-06 for the council's consideration will authorize project funding as
fellows:
Resolution 02-05
This resolution approves the issuance of 63-20 bonds in an amount up to
$10,500,000. This is a parameters resolution, since the pricing has not yet occurred
on these bonds. We have also enclosed the Pricing Agreement for these bonds with
the resolution. We wanted the council to specifically note this document since it is the
one document specified in this resolution that will require the Mayor's signature. The
remaining documents referenced in the heading will be presented by Bond Council at
the meeting.
Resolution 02-06
This is the pricing resolution for the Private Activity Bonds (PAB). These
bonds were previously approved by ordinance. Since the bonds have now been
priced, this resolution serves to approve the specific terms of the issuance.
These bonds do not result in any pecuniary liability for the Town of Avon.
Manager Comments: L_4 rr s oEW cr a 5 vc~, ~ j ~ '
TOWN OF AVON, COLORADO
RESOLUTION NO. 02-05
SERIES OF 2002
RESOLUTION APPROVING THE ISSUANCE BY BUFFALO
RIDGE AFFORDABLE HOUSING CORPORATION OF
MULTIFAMILY HOUSING PROJECT REVENUE BONDS
(GNMA MORTGAGED-BACKED SECURITIES PROGRAM)
SERIES 2002, IN AN AGGREGATE PRINCIPAL AMOUNT OF
UP TO $10,500,000; AUTHORIZING A PROJECT
AGREEMENT, A INDENTURE, A FINANCING AGREEMENT,
A MORTGAGE AND A MORTGAGE NOTE; AND
AUTHORIZING INCIDENTAL ACTION.
WHEREAS, Buffalo Ridge Affordable Housing Corporation (the "Corporation")
has been duly organized under the provisions of the Colorado Nonprofit Corporation Act,
Articles 121 through 137 of Title 7, Colorado Revised Statutes, as amended, for the purpose of
acquiring interests in real property and to construct, install and operate certain improvements in
the Town of Avon, Colorado (the "Town") and
WHEREAS, the Corporation proposes to acquire real and personal property and
construct improvements to provide dwelling accommodations at rentals within the means of
individuals or families of low or moderate income (the "Project"), known as the Buffalo Ridge I
Apartments; and
WHEREAS, in order to finance the Project, the Corporation intends to enter into a
Trust Indenture dated as of May 1, 2002 (the "Indenture") with Wells Fargo Bank West, National
Association, as Trustee under the Indenture (the "Trustee") and to issue its Multifamily Housing
Project Revenue Bonds (GNMA Mortgage-Backed Securities Program - Buffalo Ridge I
Apartments Project), Series 2002, in an aggregate principal amount of up to $10,500,000
(collectively, the "Bonds"); and
WHEREAS, the Town and the Corporation propose to execute and deliver a
Project Agreement dated as of May 1, 2002 (the "Project Agreement"), under the terms of which
the Corporation is responsible for operating the Project, and title to the Project shall vest in the
Town upon the end of the term of the Project Agreement; and
WHEREAS, in order to provide funds for the Project, AMI Capital, Inc. (the
"Lender") will originate a mortgage loan to the Corporation, such mortgage loan to be insured by
the FHA; and
WHEREAS, in order to evidence its obligations under the Mortgage Loan, the
Corporation intends to execute and deliver to the Lender a promissory note in the amount of up
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