HomeMy WebLinkAboutR82-060 Beaver Creek Sports Facilities FinancingEAGLE COUNTY, COLORADO
RESOLUTION
Adopted August 3, 1982
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APPROVING ADDITIONS TO A SPORTS FACILITIES PROJECT
FOR BEAVER CREEK ASSOCIATES; CONFIM4ING FINDINGS
AND AUTHORIZING FINANCING IN CONNECTION THEREWITH;
AND AUTHORIZING INCIDENTAL ACTION
WHEREAS, Eagle County has approved a sports facilities
project (the "Project ") for Beaver Creek Associates, Inc.
(the "Company ") by resolutions adopted February 27, 1979,
January 7, 1980 and February 25, 1981 (the "Original Resolu-
tions"), and has entered into a Sports Facilities Financing
Agreement dated as of January 1, 1980, as amended, with the
Company; and
WHEREAS, the Company has requested that the County under-
take the financing of certain additional Project Facilities.
NOW, THEREFORE, BE IT RESOLVED by the Board of County
Commissioners of Eagle County, Colorado, that:
Section 1. The County hereby approves the addition to
the Project Facilities (under the Original Resolutions and as
set forth in Schedule A to the aforesaid Sports Facilities
Financing Agreement, as supplemented) of the additional facili-
ties described in the Company's letter dated July 27, 1982,
submitted to this meeting (a copy of which shall be filed with
the records of the County).
Section 2. The findings in respect of the Project con-
tained in the Original Resolutions are hereby confirmed and
extended to the additional facilities, and the County hereby
determines that it will issue up to $14,000,000 of its Sports
Facility Revenue Bonds for the further financing of the Project.
In addition, the County will issue short -term bonds or notes as
requested by the Company to provide construction financing for
the Project, such Notes to be secured by a Bank letter of
credit and to be issued under documents separate from the 1980
Agreement. All such Bonds and Notes shall be issued in com-
pliance with the Colorado County and Municipality Development
Revenue Bond Act and shall be subject to such guarantees, in-
demnity provisions and further terms and conditions as the
Board of County Commissioners, by further resolution, shall
approve.
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Section 3. AS REQUIRED BY THE ACT, NEffORMIR THE BONDS N4W �J
NOTES SHALL BE SPECIAL, LIMITED OBLIGATIONS OF THE COUNTY,
PAYABLE SOLELY FROM THE REVENUES DERIVED FROM THE PROJECT, AND
SHALL NEVER CONSTITUTE THE DEBT OR INDEBTEDNESS OF THE COUNTY
OR THE STATE OF COLORADO OR ANY POLITICAL SUBDIVISION THEREOF
WITHIN THE MEANING OF ANY PROVISION OR LIMITATION OF THE COLO-
RADO CONSTITUTION, STATUTES, OR ANY HOME RULE CHARTER, AND SHALL
NOT CONSTITUTE NOR GIVE RISE TO A PECUNIARY LIABILITY OF THE
COUNTY OR A CHARGE AGAINST ITS GENERAL CREDIT OR TAXING POWERS.
Section 4. The proper officers of the County are hereby
authorized and directed to take such action as may be necessary
and appropriate to accomplish the purposes of the Original Res-
olutions as supplemented by this Resolution, including the ac-
ceptance of the Company's letter submitted to this meeting;
provided, however, that no further agreements shall be entered
nor Bonds or Notes be issued without the further approval by
resolution of the Board of County Commissioners.
Section 5. For purposes of the Act ( §29 -3 -122 C.R.S., as
amended), this Resolution shall constitute authorization for
the issuance of the Bonds for the Project, and in accordance
with the Act, no action may be brought questioning the legality
or validity of any contract, agreement, proceedings, or
Bonds or Notes following the passage of 30 days from the ef-
fective date of this Resolution.
Section 6. This Resolution shall take effect immediately
upon its adoption.
Duly introduced, read and adopted upon the affirmative
vote of Commissioners at a public meeting of the Board of
County Commissioners of Eagle County, Colorado, held this 3rd
day of August, 1982.
County C0mmiss2.oner
(SEAL]
AT EST:
z,
my Clerk
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