HomeMy WebLinkAboutR82-104 service plan for Mid Valley MetroRESOLUTION
OF THE
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 82- `D Y
IN RE THE MATTER OF THE SERVICE PLAN FOR THE MID VALLEY
METROPOLITAN DISTRICT
WHEREAS, pursuant to the provisions of Part 2 of
Article 1 of Title 32, C.R.S. 1973, as amended, the Board of
County Commissioners of the County of Eagle, State of
Colorado, hereinafter referred to as the "Board," did on the
6th day of July, 1982, hold a public hearing on the Service
Plan for the Mid Valley Metropolitan District; and
WHEREAS, notice of the aforesaid public hearing was
duly published in The Eagle Valley Enterprise, Eagle,
Colorado, a newspaper of:general circulation within Eagle
County, said publication occurring on June 10, 17 and 24,
1982, as required by law; forwarded to the Petitioners; and
mailed to the governing body of each municipality and special
district which has levied an ad valorem tax within the next
preceding tax year and which has boundaries within a radius
of three miles of the proposed district, the Eagle County
Planning Commission, and the Department of Local Affairs,
Division of Local Government, State of Colorado; and
WHEREAS, the Board, with the concurrence of the
Petitioners, continued the aforesaid public hearing to the
28th day of July, 1982, in order for the Petitioners to
provide additional information to.the Board; and
WHEREAS, the Board on July`'28,' 1982, approved with
conditions the Service Plan of the Mid Valley Metropolitan
District as evidenced by Resolution No. 82 -70, and further,
continued the aforesaid public hearing to the 29th day of
September, 1982, in order for the Petitioners to comply with
the conditions set forth in the aforesaid Resolution; and
WHEREAS, at the continued public hearing on
September 29, 1982, the Petitioners presented the following
exhibit which was admitted into the record of proceedings at
the conclusion thereof:
Exhibit 24: Memorandum dated September 20,
1982, from Russ Caldwell, Kirchner Moore &
Company, to the Board relative to
collateral requirements for Mid Valley
Metropolitan District; and
WHEREAS, the Board at the conclusion of the
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aforesaid continued public hearing, determined that the
Petitioners had substantially complied with the conditions
imposed by the Board pursuant to Resolution No. 82 -70; such
determination being contingent upon the Petitioners providing
a revised report from Kirchner Moore & Company further
clarifying the criteria that said Company shall utilize in
determining the collateral which will be required of certain
major landowners within the boundaries of the Mid Valley
Metropolitan District to gurarantee the retirement of bonded
indebtedness for said District's improvements; and
WHEREAS, the aforesaid revised report was submitted
to the Board for its review and approval on'or about
October 12, 1982; and
WHEREAS, based upon the foregoing, the Board finds,
determines and declares that the Service Plan of the
Mid Valley Metropolitan District be approved as modified
hereinbelow:
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
COUNTY COMMISSIONERS, COUNTY OF EAGLE, STATE OF COLORADO:
THAT, the Board does hereby determine that all of
the requirements of Part 2 of Article 1 of Title 32, C.R.S.
N
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1973, as amended, relating to the filing of the Service Plan
for the Mid Valley Metropolitan District have been fulfilled,
and that notice of the hearing was duly given in the time and
manner required by law.
THAT, said publication of the Notice of Hearing on
Service Plan in The Eagle Valley Enterprise, a newspaper of
general circulation within the County, is hereby approved.
THAT, the Service Plan of the Mid Valley
Metropolitan District is hereby approved with the following
modifications, which modifications are hereby made a part of
the Service Plan as if the same were set forth at length
therein:
1. That any increase in the financing or the
amount of proposed indebtedness as set forth
within the Service Plan for the Mid Valley
Metropolitan District and related documents
submitted as exhibits, shall constitute a
change of a basic or essential nature, and a
material modification of the Service Plan,
which will require prior approval of the Board
pursuant to Section 32 -1 -207, C.R.S. 1973, as
amended.
2. That the Board's approval of the Service Plan
for the Mid Valley Metropolitan District shall
not be construed nor deemed to be construed as
obligating the present Board or future Boards
in any way whatsoever, to approve higher
density rezoning applications on land within
the boundaries of said District, but that such
land use determinations shall be considered
totally separate and independent of the Board's
actions herein.
3. That the requirements and conditions set forth
in that certain letter dated October 12, 1982,
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from Russ Caldwell, Kirchner Moore & Company,
to the Board attached hereto as Exhibit "A" and
incorporated herein by this reference, shall be
specifically made a part of the Service Plan of
the Mid Valley Metropolitan District as if the
same was fully set forth therein, and in
addition, shall be duly complied with by the
Petitioners.
THAT, the Petitioners have agreed to the
incorporation of the foregoing modifications into the Service
Plan of the Mid Valley Metropolitan District.
THAT, all resolutions, or parts thereof, in conflict
' with the provisions hereof, are hereby repealed, except that
this repealer shall not be construed so as to revive any
resolution or part thereof heretofore repealed.
THAT, a certified copy of this Resolution be filed
in the records of the County of Eagle, State of Colorado, and
submitted to the Petitioners for the purpose of filing in the
District Court in and for the County of Eagle, State of
Colorado.
MOVED, READ AND ADOPTED by the Board of County
Commissioners of the County of Eagle, State of Colorado, at
its regular meeting held the day of November,
1982. '
COUNTY OF EAGLE, STATE OF COLORADO
By and Through its
ATTEST: BOARD OF COUNTY COMMISSIOENRS
By: By: /wz 6Sal-t�
Jerk of the and Da —1 F. Grant, 'hairman
of County Commissioners Voti "No"
Dan [il iams, Commissioner `
Voting "Yes"
Keith Troxel, Commissioner
Voting "Yes"
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Russell B. Caldwell ':7 Seventeenth Street
Public Finance ,nver, Colorado 80202
"""3" 03 292 -1600
EXHIBIT "A"
KIRCHNER MOORE & COMPANY
Tax Exempt Municipal Bonds
October 12, 1982
Board of Commissioners
Attn: Beth Whittier
Eagle County
P.O. Box 537
Eagle, CO 81631
RE:
Mid- Valley Metro District
Dear Commissioners:
NOV 12 1982
This letter confirms out meeting concerning the Mid- Valley Metro District and the
criteria Kirchner Moore and Company will use to market the proposed bond issue. The
successful sale of the District's bonds will be dependent upon the following forms of
developer guarantees. The guarantees, in each instance, must be sufficient to meet
annual debt service requirements (principal and interest). When one or more of these
conditions are met, we will consider the bond secure and marketable. The criteria or
conditions are: (1) the provision of developer guarantees equal to yearly debt
service; (2) the provision of a letter of credit from one of the top ten (10) banks in
Colorado: (3) the provision of a letter of credit from any out -of -state bank equal in size
to a Colorado top ten (10) bank; (4) the provision of a letter of credit from any U.S.
rated bank; or (5) the provision of financial statements and other assets sufficient to
obtain bond insurance.
These conditions would conceivably be met by one large developer or several developers
in the proposed district. Substantial compliance with the letter must be met before we
will sell the bond issue and we will inform you of the conditions in force prior to
marketing the issue.
I trust this will meet your requirements as specified in our meeting.
RBC /ts
CC: Don Piper
Dan Kerst
Sincerely,
Russ Caldwell