SALE CERTIFICATEAVON URBAN RENEWAL AUTHORITY
® TAX INCREMENT ADJUSTABLE RATE REVENUE BONDS
(TOWN CENTER WEST AREA URBAN RENEWAL PROJECT)
SERIES 2008
SALE CERTIFICATE
The undersigned is the Executive Director/Secretary of the Avon Urban Renewal
Authority, Colorado (the "Authority") and hereby certifies the following:
1. Capitalized terms used but not defined herein shall have the meanings
given in the Indenture of Trust dated as of February 15, 2008 (the "Indenture") between the
Authority and UMB Bank, n.a., as Trustee.
2. On February 20, 2008, Stifel, Nicolaus and Company, Incorporated (the
"Purchaser") submitted a written offer (the "Proposal") to purchase the Avon Urban Renewal
Authority, Tax Increment Adjustable Rate Revenue Bonds (Town Center West Area Urban
Renewal Project), Series 2008 (the "Bonds") for a price of $24,850,000 (which is equal to the
par amount of the Bonds of $25,000,000, less underwriter's discount of $150,000). The
purchase price is 99.4% of the original principal amount of the Bonds.
3. On the date hereof, I accepted the Proposal of the Purchaser on behalf of
the Authority pursuant to the authority delegated to me by a Resolution of the Board of
Commissioners of the Authority adopted on February 12, 2008.
• 4. The principal amount of the Bonds shall be $25,000,000. The Bonds shall
mature on June 1, 2032, and shall initially bear interest at a Weekly Interest Rate of per
annum.
5. The Bonds are subject to mandatory sinking fund redemption at a
redemption price equal to 100% of the principal amount thereof plus accrued interest to the
redemption date. As and for a sinking fund for the redemption of the Bonds, there shall be
redeemed (after any credits provided for in this Indenture) on the first Interest Payment Date in
December in the following years the following principal amounts of Bonds:
U
Maturity Date
December 1, 2011
Principal Amount
$ 355,000
December 1, 2012
690,000
December 1, 2013
725,000
December 1, 2014
755,000
December 1, 2015
790,000
December 1, 2016
825,000
December 1, 2017
860,000
December 1, 2018
900,000
December 1, 2019
940,000
December 1, 2020
985,000
December 1, 2021
1,030,000
December 1, 2022
1,075,000
December 1, 2023
1,120,000
December 1, 2024
1,170,000
December 1, 2025
1,225,000
December 1, 2026
1,280,000
December 1, 2027
1,335,000
December 1, 2028
1,395,000
December 1, 2029
1,460,000
December 1, 2030
1,525,000
December 1, 2031
1,595,000
June 1, 2032*
2,965,000
*Maturity Date
6. The Bonds shall be subject to optional redemption, optional tender and
mandatory tender as set forth in the Indenture.
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® DATED this February 20, 2008.
AVON URBAN RENEWAL AUTHORITY,
COLORADO
By:
Executive Director/Secretary
E
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765424.1