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HomeMy WebLinkAbout7444� r RESOLUTION NO. 7 4 4 4 A RESOLUTION OF THE CITY COUNCIL OF PUEBLO, A MUNICIPAL CORPORATION APPROVING THE ISSUANCE BY THE URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO OF THE AUTHORITY'S REVENUE REFUNDING BONDS (PHASE ONE URBAN RENEWAL PROJECT) SERIES 1994A AND THE AUTHORITY'S SUBORDINATE REVENUE REFUNDING BONDS (PHASE ONE URBAN RENEWAL PROJECT) SERIES 199413; APPROVING AN INDENTURE OF TRUST AND BOND PURCHASE AGREEMENT IN CONNECTION WITH THE ISSUANCE OF THOSE BONDS; APPROVING CERTAIN ACTIONS OF THE AUTHORITY HERETOFORE TAKEN AND TO BE TAKEN HEREAFTER WITH RESPECT TO THE ISSUANCE OF THE BONDS. WHEREAS, The Urban Renewal Authority of Pueblo, Colorado (the "Authority ") issued $9,950,000 in aggregate principal amount of its Tax Increment Revenue Bonds (Phase One Urban Renewal Project) Series 1986A (the "Series 1986A Bonds "), under and pursuant to an Indenture of Trust, originally dated as of August 15, 1986, as amended pursuant to a First Supplemental Indenture dated as of July 15, 1988, a First Amended and Restated Indenture of Trust dated as of August 15, 1989 and a First Supplemental Indenture of Trust dated as of August 15, 1991 (collectively, the "Original Indenture ") by and between the Authority and The Central Bank and Trust Company, d/b /a Central Bank Denver, National Association, as trustee (the "Trustee "), in order to finance certain public improvements in connection with the Phase One Urban Renewal Project (the "Project ") (as defined in the Original Indenture); and WHEREAS, the Authority, by and through its Board of Commissioners (the "Board ") has determined, after an affirmative vote of the electorate enabled the pledge of additional security by the City Council of the City of Pueblo, Colorado (the "City ") for the payment of the Authority's bonds, that it is in the best interest of the Authority and its constituents, including the residents of the City, to issue $7,275,000 aggregate principal amount of its Revenue Refunding Bonds (Phase One Urban Renewal Project) Series 1994A (the "1994A Bonds ") and $2,225,000 aggregate principal amount of its Subordinate Revenue Refunding Bonds (Phase One Urban Renewal Project) Series 1994B (the "1994B Bonds ") (collectively, the "Bonds ") for the purpose of refunding a portion of the Series 1986A Bonds; and WHEREAS, there have been presented to the City Council at this meeting a proposed form of the Indenture of Trust, dated as of August 15, 1994 (the "Indenture ") by and between the Authority and The Bank of Cherry Creek, N.A., as trustee (the "Trustee "), a Bond Purchase Agreement dated August , 1994 (the "Bond Purchase Agreement ") and other documents necessary to the issuance, sale and delivery of the Bonds. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. All actions not inconsistent with the provisions of this Resolution heretofore taken by any of the officials of the Authority and the efforts of the officials of the Authority directed toward the issuance, sale and delivery of the Bonds are hereby approved. SECTION 2. The form, terms and provisions of the Indenture are hereby approved, and approval is granted to the Authority to enter into the Indenture substantially in the form of the Indenture as presented to the City Council at this meeting, but with such changes therein as shall be consistent with this Resolution and as the Chairman of the Board and the Authority's counsel shall approve, the execution thereof being deemed conclusive of the approval of any such changes. SECTION 3. The form, terms and provisions of the Bond Purchase Agreement are hereby approved, and the approval is granted to Authority to enter into the Bond Purchase Agreement substantially in the form of the Bond Purchase Agreement as presented to the City Council at this meeting, but with such changes therein as shall be consistent with this Resolution and as the Chairman of the Board and the Authority's counsel shall approve, the execution thereof being deemed conclusive of the approval of any such changes. The sale of the bonds by the Authority to Lewis, de Rozario & Co., Incorporated at the respective purchase prices set forth in the Bond Purchase Agreement, in the manner and at the time set forth in the Bond Purchase Agreement is hereby approved. SECTION 4. 0) The issuance and sale of the Bonds, bearing interest at the rates set forth in the Indenture, and the form, terms and provisions of the Bonds, in substantially the form set forth in the Indenture, are hereby approved, with such changes therein as shall be consistent with the Indenture and this Resolution and which the officers of the Authority executing the Bonds shall approve, their execution thereof being deemed conclusive of their approval of any such changes. SECTION 5. Approval is hereby granted to the Authority to finance the cost of refunding a portion of the Series 1986A Bonds from the proceeds of the Bonds, and to finance the cost of the Project from the proceeds of the Series 1986A Bonds, which shall be released from escrow upon the refunding, all in accordance with the provisions of the Indenture. SECTION 6. The City, including any entities acting on behalf of or subordinate to the City, does not anticipate issuing more than $10,000,000 of tax- exempt obligations during calendar year 1994, which is the calendar year in which the Bonds are issued. The Bonds are "governmental purpose bonds" which will not be treated as private activity bonds pursuant to Section 265(b)(3)(B)(i)II). Accordingly, the City Council hereby designates the Bonds as "qualified tax- exempt obligations" pursuant to Section 265(b)(3)(B)(i) of the Code. SECTION 7. Approval is hereby given to the officers of the Authority to take all action necessary or reasonably required or desirable to finance the cost of the refunding from the proceeds of the Bonds and for carrying out the transactions contemplated by this Resolution and the Indenture, and to execute and deliver any closing and other documents required in connection with the sale and 3 delivery of the Bonds. SECTION 8. 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 9. All bylaws, orders and resolutions, or parts thereof inconsistent herewith or with the documents hereby approved are hereby repealed to the extent only of such inconsistency. This repealer shall not be construed as reviving any bylaw, order, resolution or ordinance, or part thereof. INTRODUCED August 8, 1994 dty Clerk B cHAgLps joNgs Councilperson APP OVED: reside Kt of the City Council 4