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Home My WebLink AboutR10-141 Defeasance of Eagle Valley Library District Bonds • RESOLUTION NO. 2010-14 ( A RESOLUTION AUTHOR ING THE DEFEASANCE OF ALL OF THE OUTSTANDING (A) EAGLE COUNTY, COLORADO (EAGLE VALLEY LIBRARY DISTRICT) LIMITED TAX GENERAL OBLIGATION LIBRARY REFUNDING BONDS, SERIES 2003, AND (B) EAGLE COUNTY, COLORADO (EAGLE VALLEY LIBRARY DISTRICT) GENERAL OBLIGATION (LIMITED TAX) LIBRARY REFUNDING BONDS, SERIES 2006, WITH FUNDS PROVIDED TO THE COUNTY BY THE EAGLE VALLEY LIBRARY DISTRICT; APPROVING THE FORM OF AN ESCROW AGREEMENT TO EFFECT SUCH DEFEASANCE; AND RELATED MATTERS. WHEREAS, Eagle County, Colorado (the "County "), is a political subdivision of the State of Colorado (the "State "), duly organized and operating under the constitution and laws of the State; and WHEREAS, the Board of County Commissioners of the County (the "County Board "), pursuant to State statute, is vested with the authority of administering the affairs of the County; and WHEREAS, pursuant to the "Colorado Library Law," Title 24, Article 90, Part 1, Colorado Revised Statutes, as amended, the County heretofore established the Eagle Valley Library District (the "District ") in accordance with law; and WHEREAS, the County Board, at the request of the District, previously authorized the issuance by the County of (A) its Eagle County, Colorado (Eagle Valley Library District) Limited Tax General Obligation Library Refunding Bonds, Series 2003 (the "2003 Bonds "), and (B) its Eagle County, Colorado (Eagle Valley Library District) General Obligation (Limited Tax) Library Refunding Bonds, Series 2006 (the "2006 Bonds "); and WHEREAS, the 2003 Bonds were originally issued in the aggregate principal amount of $3,565,000, and are now outstanding in the aggregate principal amount of $1,080,000 (the "Outstanding 2003 Bonds "); and WHEREAS, the 2006 Bonds were originally issued in the aggregate principal amount of $835,000, and are now outstanding in the aggregate principal amount of $815,000 (the "Outstanding 2006 Bonds "); and WHEREAS, supplemental "B" interest registered coupons in an aggregate maturity amount of $35,000 were issued in connection with the 2006 Bonds, and are now outstanding in an aggregate maturity amount of $25,000 (the "Outstanding Registered Coupons "); and WHEREAS, the Outstanding 2003 Bonds and the Outstanding 2006 Bonds l (together with the supplemental `B" interest on the Outstanding 2006 Bonds represented by the Outstanding Registered Coupons) are hereinafter collectively referred to as the "Outstanding Bonds;" and WHEREAS, none of the Outstanding Bonds are subject to optional redemption prior to maturity; and WHEREAS, the resolutions of the County Board authorizing the issuance of the 2003 Bonds and the 2006 Bonds permit the Outstanding Bonds to be defeased by the County by depositing into escrow with a trust bank an amount sufficient (together with the income derived from the securities in which such funds are permitted to be invested) to pay all of the principa of, premium, ft any, and interest on the Outstanding Bonds to maturity; and WHEREAS, the District has determined that it would be beneficial to defease the Outstanding Bonds on any date on or after December 1, 2010; and WHEREAS, the District has agreed to deposit into escrow legally available funds of the District in an amount not to exceed $2,252,000 to effect the defeasance of the Outstanding Bonds and such funds, together with the income derived from the securities in which such funds are permitted to be invested, are sufficient to effect such defeasance. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF EAGLE COUNTY, STATE OF COLORADO: Section 1. Ratification. All action heretofore taken (not inconsistent with the provisions of this resolution) by the County Board, the Board of Trustees of the District, or the officers of the County or the District, directed toward the defeasance of the Outstanding Bonds hereby is, ratified, approved and confirmed. Section 2. Authorization of Defeasance. The County hereby authorizes the defeasance of the Outstanding Bonds on any date on or after the date of this resolution. Such defeasance shall be effected using legally available funds of the District contributed to the County for such purpose, which the County shall immediately cause to be deposited into escrow with U.S. Bank National Association (the "Escrow Bank "). Such funds shall thereafter be held, invested, and disbursed by the Escrow Bank pursuant to the terms of the Escrow Agreement approved in Section 3 hereof in order to effect the defeasance of the Outstanding Bonds. Section 3. Approval of Escrow Agreement. The County hereby approves an Escrow Agreement between the County and U.S. Bank National Association (the "Escrow Bank ") in substantially the form presented to the County Board and on file in the County offices for the purpose of effecting the defeasance of the Outstanding Bonds. The Chair of the County Board (the "Chair ") is hereby authorized and directed, for and on behalf of the County, to execute and deliver the Escrow Agreement in substantially the form and with substantially the same contents as presented to the County Board, provided that such document may be 2 completed, corrected or revised as deemed necessary by the parties thereto in order to carry out the purposes of this resolution. Section 4. Further Authority. The County Clerk and Recorder (the "Clerk ") or Deputy County Clerk and Recorder (the "Deputy Clerk) is each hereby authorized and directed to attest all signatures and acts of any official of the County in connection with the matters authorized by this resolution and to place the seal of the County on any document authorized and approved by this resolution. The Chair and the Clerk or Deputy Clerk and other appropriate officials or employees of the County are hereby authorized to execute and deliver, for and on behalf of the County, any and all additional certificates, documents, instruments and other papers, and to perform all other acts that they deem necessary or appropriate, in order to implement and carry out the transactions and other matters authorized by this resolution. The approval hereby given to the various documents referred to above includes an approval of such additional details therein as may be necessary and appropriate for their completion, deletions therefrom and additions thereto as may be approved by bond counsel prior to the execution of the documents. The execution of any instrument by the aforementioned officers or members of the County Board shall be conclusive evidence of the approval by the County of such instrument in accordance with the terms hereof and thereof. Section 5. Severability. If any section, subsection, clause, or provision of this resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, subsection, clause, or provision shall not affect any of the remaining provisions of this resolution. Section 6. Repealer. All acts, orders, and resolutions and parts thereof, in conflict with this resolution be, and the same hereby are, rescinded. Section 7. Effective Date. This resolution shall be in full force and take effect immediately upon its passage and approval. [The remainder of this page intentionally left blank.] 3 MOVED, READ AND ADOPTED, by the Board of County Commissioners of the County of Eagle, State of Colorado, at its regular meeting held the 7 day of December, 2010. COUNTY OF EAGLE, STATE OF COLORADO s By and Through its BOARD OF COUNTY 4r... COMMISSIONERS S 1, 4 ATTEST: * Ur � ,r o4e ' d'ir 4'' 4 ,. � ..• , ,.i By: 4 � . /�� Sara J. Fisher, ( hair Clerk to the Board of County Commissioners 4 11111A -, ..aNt Jon S • % e i Peter F. Runyon, Commissioner Commissioner 4/ _j seconded adoption of the foregoing resolution. The roll having been called, the vote was , follows: Commissioner Fisher e Commissioner Stavney 0 Commissioner Runyon e This resolution passed by '-' 1D vote of the Board of County Commissioners of the County of Eagle, State of Colorado. 4 STATE OF COLORADO ) COUNTY OF EAGLE ) SS. I, Teak J. Simonton, am the duly qualified and acting Clerk and Recorder for the County of Eagle, State of Colorado (the "County "), and I do hereby certify: 1. The foregoing pages are a true and correct copy of a resolution (the "Resolution ") passed and adopted by the Board of County Commissioners of the County (the "County Board ") at a regular meeting of the Board held on December 7, 2010. 2. The Resolution was duly moved and seconded and the Resolution was adopted at the meeting of December 7, 2010, by an affirmative vote of a majority of the members of the Board as indicated on page 4 of the Resolution. The members of the County Board were present at such meeting and voted on the passage of such Resolution as set forth on page 4 of the Resolution. 3. The Resolution was approved and authenticated by the signature of the Chair of the County Board, sealed with the County seal, attested by the County Clerk and recorded in the minutes of the County Board. 4. Attached hereto as Exhibit A is a copy of the notice of the meeting on December 7, 2010, which notice was posted in one place within the County at least 24 hours before such meeting and which notice included agenda information, if available. 5. There are no bylaws, rules or regulations of the County Board which prevent the immediate adoption of the Resolution set forth in the foregoing proceedings. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of said County, this 7 day of December, 2010. 01 ilieu4. ),,,, * o : e Eagle C my Clerk and Recorder (SEAL) 5 EXHIBIT A (Attach Notice of Meeting) 6 12/8/2010 9:54 AM AGENDA BOARD OF COUNTY COMMISSIONERS REGULAR MEETING December 7, 2010 9:00 On the Record Eagle County Room Pledge of Allegiance 1. Consent Agenda Items of a routine and non - controversial nature are placed on the consent agenda to allow the Board of County Commissioners to spend its time and energy on more important items on a lengthy agenda. Any Commissioner may request that an item be "REMOVED" from the consent agenda and considered separately. Any member of the public may "REQUEST" any item be "REMOVED" from the consent agenda. A. Approval of Bill Paying for the Week of December 6, 2010 (subject to review by the Finance Director) Finance Department Representative B. Approval of Payroll for December 16, 2010 (subject to review by the Finance Director) Finance Department Representative C. Ratification of Statement of Grant Award of $27,000 from the Colorado Department of Criminal Justice Victims of Crime Act for Contract Labor to Provide Direct Services to Victims of Crime Deena Ezzell, Sheriff's Office D. Final Settlement of Agreement between Eagle County and B &B Construction for the 2010 Overlay Project Brad Higgins, Road & Bridge E. Resolution Authorizing the Defeasance of all the Outstanding (A) Eagle County, Colorado (Eagle Valley Library District) Limited Tax General Obligation Library Refunding Bonds, Series 2003, and (B) Eagle County, Colorado (Eagle Valley Library District) General Obligation (Limited Tax) Library Refunding Bonds, Series 2006, with Funds Provided to the County by the Eagle Valley Library District; Approving the Form of an Escrow Agreement to Effect such Defeasance; and Related Matters County Attorney's Office Representative 2. Citizen Input Any member of the public may address the Board on matters which are within the jurisdiction of the Board. If you are addressing the Board regarding a matter listed on the agenda, you are requested to hold your comments until the Board takes up that matter. Please limit your comments to three (3) minutes. 3. Resolution Establishing Regular Public Meeting Days for the Eagle County Board of Commissioners for Fiscal Year 2011 and Establishing Days and Office Hours for County Offices to Transact County Business for Fiscal Year 2011 and Designating Legal Holidays for Fiscal Year 2011 and Establishing Bi- weekly Payroll Schedule for 2011 Administration Representative 4. Resolution Concerning Assessor - Generated Petitions for Abatements and Refunds of Taxes Assessor's Office Representative Petitioner: Schedule No: Hartsell B. Soard Trust R026690 Kelly Scott R046656 William Sequin R055954 5. Resolution Concerning Taxpayer- Generated Petitions for Abatements and Refunds of Taxes Assessor's Office Representative Petitioner: Schedule No: Shani & Brad Magosky R063523 Frances Biszantz R045410 Williams Family Trust R048491 2 6. Eagle County Liquor License Authority Kathy Scriver, Clerk & Recorder's Office Consent Agenda - Renewals A. Marquez Restaurants, Inc. DBA Fiesta's Restaurant B. Ski Resort Concepts, LLC C. Lark er, LLC DBA k burger M anager Re gration D . Hyat rporation DBA Pk Hyatt at Beaver O ther L iquo r odification to Ex pand censed Premi E. The Bkworm of Edwards , Inc. DBA TBookworm 7. R ti d opt i ng a Fifth S upp l emen ta ry B u dge t and Appropriation of Unanticipated Re for Fis Y ea r 2010, and Authorizing the Transfer of Budgeted and Appro Moneys between Various Spending Agencies Finance Department Representati 8 Public Hearing — 2011 Budget Finance Department Representative 9. Other 10. 10:00 — 12:00 Executive Session BoCC Conference Room Bryan Treu, Attorney's Office A) Discussion of pending open space acquisitions 12:00 — 2:00 Lunch Break 3 11. 2:00 PDS -2313 Eagle River Meadows Eagle County Room Scot Hunn, Planning (2 hours) NOTE: Tabled from 1/26/10, 3/30/10, 5/25/10, 6/08/10, 7/06/10, 8/24/10, 8/31/10, 10/5/10 & 10/19/10 ACTION: The purpose for this Sketch Plan is for a mixed use Planned Unit Development, inclusive of residential, commercial, medical, and office uses. Proposal also includes active and passive recreational and open space uses. LOCATION: Former "B &B Gravel Mine" site generally situated along Hwy 6 Edwards, Colorado, NW 1/4, Section 5, Township 5, Range 82. The next regular meeting of the Eagle County Commissioners will be held on December 14, 2010. All meetings will be held in the Eagle County Building — 500 Broadway, Eagle — or otherwise noted. This agenda is provided for informational purposes only — all times are approximate. The Board, while in session, may consider other items that are brought before it. Scheduled items may be continued if the Board is unable to complete its agenda as scheduled. 4