HomeMy WebLinkAbout7754RESOLUTION No. 7754
A RESOLUTION TO APPOINT COLORADO NATIONAL BANK AS
SUCCESSOR TRUSTEE FOR THE CITY OF PUEBLO, COLORADO, GOLF
COURSE LEASE PURCHASE AND SUBLEASE AGREEMENT WITH
PUEBLO MUNICIPAL PROPERTY CORPORATION, CERTIFICATES OF
PARTICIPATION, SERIES 1989, AND COLLATERAL AGREEMENTS
EXECUTED IN CONNECTION THEREWITH, AND AUTHORIZING
CERTAIN OTHER ACTIONS.
WHEREAS, the City of Pueblo, State of Colorado (the "City "), is a chartered city duly
organized and existing under and pursuant to the provisions of the Constitution of the State of
Colorado; and
WHEREAS, the City and Pueblo Municipal Property Corporation (the "Lessor ") entered
into a Golf Course Lease Purchase and Sublease Agreement dated as of January 1, 1989 (the
"Lease") to provide for the construction, acquisition and equipping of a golf course by issuing
the City's Certificates of Participation, Series 1989, and for the subleasing by the City from the
Lessor of the golf course site and the leasing by the City from the Lessor of the golf course and
the equipment located thereon; and
WHEREAS, the Lessor has heretofore entered into the Mortgage and Indenture of Trust
dated as of January 1, 1989 (the "Indenture "), by and between the Lessor and The Pueblo Bank
and Trust Company, as Trustee pursuant to the Indenture; and
WHEREAS, The Pueblo Bank and Trust Company has continued to act and is now acting
as Trustee (the "Trustee ") under the Indenture; and
WHEREAS, Section 8.03 of the Indenture permits the Trustee to resign by giving sixty
days advance written notice to the City, the Lessor and MBIA Insurance Corporation, successor
to Bond Investors Guaranty Insurance Company, as Certificate Insurer; and
WHEREAS, the City has received a written notice from The Pueblo Bank and Trust
Company of its resignation as Trustee under the terms of the Indenture; and
WHEREAS, Section 8.03 of the Indenture provides that the City may appoint a successor
Trustee unless and until a new successor Trustee is appointed by the Certificate Insurer; and
WHEREAS, the City desires to waive the sixty day notice period and appoint a successor
Trustee to become effective as of the date of this Resolution; and
WHEREAS, the City desires to appoint Colorado National Bank as Trustee and the
Certificate Insurer has consented to such appointment; and
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WHEREAS, the Certificate Insurer has waived the sixty day notice period; and
WHEREAS, Colorado National Bank has declared that it is eligible to serve as successor
Trustee under the provisions of Section 8.03 of the Indenture and is willing to so serve;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO
THAT:
1. Pursuant to Section 8.03 of the Indenture, the City hereby accepts the resignation
of The Pueblo Bank and Trust Company as Trustee and appoints Colorado National Bank as
successor Trustee under the Indenture, to succeed to all of the rights, duties, responsibilities and
trusts of The Pueblo Bank and Trust Company as Trustee under the Indenture and collateral
documents executed in connection therewith with like effect as if originally named as Trustee
under the Indenture. The appointment of Colorado National Bank shall become effective as of
the date of this Resolution.
2. The City hereby directs that written notice be given by first -class mail, postage
prepaid, to each Participant, the Certificate Insurer and the Lessor of the resignation of The
Pueblo Bank and Trust Company as Trustee and the City's appointment of Colorado National
Bank as the successor Trustee under the Indenture.
3. If any section, paragraph, clause or provision of this Resolution shall be adjudged
to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph,
clause or provision shall not affect any of the remaining sections, paragraphs, clauses or
provisions of this Resolution, it being the intention that the various parts hereof are severable.
4. All defined terms not defined herein shall have the meanings set forth in the
Indenture or the Lease.
5. This Resolution shall take effect immediately upon its passage.
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Introduced, read and adopted this 27th day of November, 1995.
Introduced By___Q Jones
Council member
[SEAL] APPROVED:
aog 1
President, City Council
ATTEST:
C6 Clerk
APPROVED AS TO FORM BY
CITY ATTORNEY:
City tt ey
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