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TC Ord. No. 1980-24ORDINANCE NO. 24 SERIES OF 1980 AN ORDINANCE AUTHORIZING THE ISSUANCE OF TOWN OF AVON, COLORADO, INDUSTRIAL DEVELOPMENT REVENUE BONDS (CITY MARKET, INC. PROJECT), SERIES 1980, DATED SEPTEMBER 1, 1980, IN THE PRINCIPAL AMOUNT OF $2,800,000; AND APPROVING THE FORM AND AUTHORIZING THE EXECUTION OF CERTAIN DOCUMENTS RELATING THERETO. WHEREAS, the Town of Avon, Colorado (the Municipality), is authorized by part 1 of article 3 of title 29, Colorado Revised Statutes 1973, as amended (the Act), to issue revenue bonds for the purpose of financing projects to the end that commercial or business enterprises will locate in the Municipality, to enter into financing agreements with others for the purpose of providing revenues to pay such bonds, and further to secure the payment of such bonds; and .1 WHEREAS, by a resolution duly adopted on May 13, 1980 (the I^, Inducement Resolution), the Municipality committed itself to issue such bonds in an aggregate principal amount not to exceed $4,000,000 in accordance with the provisions of the Act and subject to the terms set forth in the Memorandum of Agreement attached to the Inducement Resolution as Exhibit A for the purpose of financing a supermarket facility (the Project) for City Market, Inc. (City Market) to be located within the Municipality; and WHEREAS, title to the real property portion of the Project is to be held by Dillon Real Estate Co. Inc. (Dillon Real Estate), a Kansas corporation, and leased for operation to City Market (City Market and Dillon Real Estate, collectively, the Company); WHEREAS, City Market and Dillon Real Estate are wholly owned subsidiaries of Dillon Companies, Inc. (the Guarantor), a Kansas corporation; -5- WHEREAS, the following documents have been submitted to the Town Council (the Council) and filed in the office of the Town Clerk (the Clerk) and are there available for public inspection: (a) a Loan Agreement, dated as of September 1, 1980 (the Agreement), proposed to be made and entered into between the Municipality and the Company (City Market and Dillon Real Estate, as joint and several obligors); (b) a Trust Indenture, dated as of September 1, 1980 (the Indenture), proposed to be made and entered into between the Municipality and Hutchinson National Bank and Trust Company (the Trustee); (c) a Mortgage and Security Agreement, dated as of September 1, 1980 (the Mortgage and Security Agreement), proposed to be made and entered into between Dillon Real Estate, City Market and the Trustee; and (d) Guaranty Agreement, dated as of September 1, 1980 (the Guaranty Agreement), proposed to be executed by the Guarantor; and WHEREAS, the Council desires to issue at this time Town of Avon, Colorado, Industrial Development Revenue Bonds (City Market-, Inc. Project), Series 1980, dated as of September 1, 1980, in the principal amount of $2,800,000 (the Series 1980 Bonds)'; and WHEREAS, it is necessary to issue the Series 1980 Bonds by ordinance and to approve the form and authorize the execution of the aforementioned documents thereby. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO, THAT: -6- Section 1. Approvals and Authorizations. The forms of Agreement, Indenture, Mortgage and Security Agreement and Guaranty are hereby ;approved. The Mayor and the Clerk are hereby authorized and directed to execute the Agreement and the Indenture and affix the seal of the Municipality thereto and further to execute and authenticate such other documents, instruments or certificates as are deemed necessary or desirable by bond counsel in order to issue and secure the Series 1980 Bonds. Such documents are to be executed in substantially the form hereinabove approved, provided that.such documents may be completed, corrected or revised as deemed necessary by the parties thereto in order to carry out the purposes of this Bond Ordinance. Copies of all of the documents shall be delivered, filed and recorded as provided therein. When executed, the Agreement shall be assigned to the Trustee as provided in the Indenture. The proper officers of the Municipality are hereby authorized and directed to prepare and furnish to bond counsel certified copies of all proceedings and records of the Municipality relating to the Series 1980 Bonds and such other affidavits and certificates as may be required to show the facts relating to the authorization and issuance thereof as such facts appear from the books and records in such officers' custody and control or as otherwise known to them. All such certified copies, certificates and affidavits, including any heretofore furnished, shall constitute representations of the Municipality as to the truth of all statements contained therein. 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 and such -7- modifications thereto, 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 appropriate officers of the Municipality herein authorized shall be conclusive evidence of the approval by the Municipality of such instrument in accordance with the terms hereof. Section 2. Issuance and Sale of Bonds. The Municipality shall issue its Industrial Development Revenue Bonds (City Market, Inc. Project), Series 1980, dated September 1, 1980, in the total principal amount of $2,800,000, for the purpose, in the form and upon the terms set forth in this Bond Ordinance, the Agreement, the Indenture, and the form of the Bond set forth as Exhibit A to this Bond Ordinance. The maximum net effective interest rate authorized for the series 1980 Bonds is ten percent (10%). The actual net effective interest rate for the Series 1979 Bonds is 9.75%. The Series 1980 Bonds shall be payable in the manner and to the persons set forth in the Indenture. Section 3. Determinations. It is hereby found, determined and declared that: (a) the financing of the Project will promote the public health, welfare, safety, convenience and prosperity and promote and develop trade or other economic activity by inducing commercial and business enterprises to locate, expand or remain in the Municipality and the State of Colorado in order to mitigate the serious threat of extensive unemployment and to secure and maintain a balanced and stable economy for the Municipality and the State of Colorado; -8- (b) the amount necessary in each year to pay the principal of and the interest on the Series 1980 Bonds is as follows: YEAR 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 PRINCIPAL -0- -0- -0- -0- 55,000.00 60,000.00 65,000.00 70,000.00 80,000.00 90,000.00 95,000.00 105,000.00 115,000.00 130,000.00 140,000.00 155,000.00 170,000.00 190,000.00 210,000.00 230,000.00 840,000.00 INTEREST -0- $273,000.00 273,000.00 273,000.00 273,000.00 267,637.50 261,787.50 255,450.00 248,625.00 240,825.00 232,050.00 222,787.50 212,550.00 201,337.50 188,662.50 175,012.50 159,900.00 143,325.00 124,800.00 104,325.00 81,900.00 TOTAL -0- $273,000.00 273,000.00 273,000.00 328,000.00 327,637.50 326,787.50 325,450.00 328,625.00 ,330,-825.00 327,050.00 327,787.50 327,550.00 331,337.50 328,662.50 330,012.50 329,900.00 333,325.00 334,800.00 334,325.00 921,900.00 (c) the Agreement provides that the Company shall maintain the Project and carry all proper insurance with respect thereto; (d) the Agreement requires that the Company pay the taxes which the taxing entities specified in Section 29-3-120(3) of the Act are entitled to receive from the Company with respect to the Project; (e) the payments required in the Agreement to be made are sufficient to pay the principal of, interest on, and any premium due in connection with the Series 1980 Bonds when due and to pay all other costs required in the Agreement or the Indenture to be made. Section 4. Nature of-Obligation. Under the provisions of the Act, and as provided in the Agreement and the Indenture, the Series 1980 Bonds shall be special, limited obligations of the Municipality payable solely from, and secured by a pledge of, the revenues derived -9- from the Agreement and shall be further secured by the lien of the Indenture upon said revenues and by that of the Mortgage and Security Agreement upon the Project. The Municipality will not pledge any of its property or secure the payment of the Series 1980 Bonds with its property. The Series 1980 Bonds shall never constitute the debt or indebtedness of the Municipality within the meaning of any provision or limitation of the state constitution or statutes and shall not constitute nor give rise to a pecuniary liability of the Municipality or a charge against its general credit or taxing powers. In entering into the Agreement and the Indenture, the Municipality will not obligate itself, except with respect to the application of the revenues derived from the Project and the Series 1980 Bond proceeds. The Municipality will not pay out of its general fund or otherwise contribute any part of the Cost of the Project (as said term is defined in the Agreement and the Indenture). Section 5. Bond Printing. The officers of the Municipality are hereby authorized and directed to arrange for the printing of the Series 1980 Bonds. Section 6. Facsimile Signatures. Pursuant to the Uniform Facsimile Signature of Public Officials Act, part 1 of article 55 of title 11, Colorado Revised Statutes 1973, as amended, the mayor and the Clerk shall forthwith, and in any event prior to the time the Series 1980 Bonds are delivered to the purchaser thereof, file with the Colorado Secretary of'State their manual signatures certified by them under oath. Section 7. Bond Ordinance Irrepealable. After any of the Series 1980 Bonds are issued, this Bond Ordinance shall constitute an irrevocable contract between the Municipality and the holder or -10- holders of the Series 1980 Bonds and shall be and remain irrepealable until the Series 1980 Bonds, both principal and interest, shall be fully paid, cancelled and discharged. Section B. Ratification. All action heretofore taken by the Municipality and by the officers thereof not inconsistent herewith directed toward the financing of the Project and the issuance and sale of the Series 1980 Bonds is hereby ratified, approved and confirmed. Section 9. Repealer. All acts, orders, resolutions, ordinances, or parts thereof, taken by the Municipality and in conflict with this Bond Ordinance are hereby repealed, except that this repealer shall not be construed so as to revive any act, order, resolution, or part thereof, heretofore repealed. Section 10. Severability. If any paragraph,'clause or provision of this Bond Ordinance is judicially adjudged invalid or unenforceable, such judgment shall not affect, impair-,or invalidate the remaining paragraphs, clauses or provisions hereof. Section 11. Public Hearing. A public hearing on this proposed Ordinance shall be held by the Town Council at 7:30 p.m. on Tuesday, September 23, 1980, at the Town Hall, Avon, Colorado, and it is hereby ordered that notice of said hearing be given as required by law. -li- INTRODUCED, READ, APPROVED ON FIRST READING AND ORDERED PUBLISHED ONCE IN FULL this 10th day of September, 1980. (TOWN) (SEAL) TOWN OF AVON, COLORADO By Ma o READ, ADOPTED ON SECOND READING, AND ORDERED PUBLISHED-ONCE IN FULL this 23rd day of September, 1980. TOWN -F AVON, COLORADO (TOWN) (SEAL) ay Mr -12- EXHIBIT A FORM OF-COUPON BONDS UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF EAGLE TOWN OF AVON INDUSTRIAL DEVELOPMENT REVENUE BOND (City Market, Inc. Project) Series 1980 No. $5,000 The Town of Avon, in the County of Eagle and State of Colorado, for value received, hereby promises to pay to bearer, or if this Bond is registered as to principal to the Registered Holder hereof, solely from the source and in the manner hereinafter provided and upon presentation and surrender hereof, the principal sum of FIVE THOUSAND DOLLARS on the 1st day of September , and solely from said source and.in like manner to pay interest on said sum from the date hereof until the;, principal sum is paid or discharged, at the rate of nine and seventy-five hundreths percent (9.75$) per annum, except as the provisions below with respect to redemption of this Bond before maturity may become applicable hereto. Interest is payable on March 1, 1981, and semi-annually thereafter on each March 1 and September 1, interest to maturity being payable in accordance with and upon pre- sentation and surrender of the appurtenant coupons. The interest on this Bond is payable in lawful money of the United States of America at the principal office of Hutchinson National Bank and Trust Company, in Hutchinson, Kansas, or at the principal office of a successor Paying Agent, and, if this Bond is not registered as to principal, the principal is similarly payable; however, if this Bond is registered as to principal, the principal is payable to the Registered Holder in lawful money of the United States of America upon presentation and -13- surrender hereof at the principal corporate trust office of the Trustee hereinafter named. This Bond is one of an authorized series of Bonds (the Series 1980 Bonds) of the Town in the principal amount of $2,800,000 issued-under and equally and ratably secured and entitled to the protection given by an Indenture of Trust (the Indenture), dated as of September 1, 1980, duly executed and delivered by the Town to Hutchinson National Bank and Trust Company, in Hutchinson, Kansas, as Trustee (which term includes any successor trustee under the Indenture), to which Indenture, copies of which are on file in the offices of the Town and the Trustee, including all indentures supplemental thereto, reference is hereby made for a statement of the nature and extent of the security, the rights of the Town, the Trustee and the Bondholders, and the terms upon which the Bonds, including any Additional Bonds which may be issued on a parity, are issued and secured. Series-1980 Bonds are issued by the Town for the purpose of funding a loan to City "Market, Inc., a Colorado corporation, and Dillon Real Estate Co. Inc., a Kansas corporation (City Market, Inc. and Dillon Real Estate Co. Inc., collectively, the Company) under the provisions of a Loan Agreement (the Agreement), dated as of September 1, 1980, between the Town and the Company, for the purpose of financing a portion or all of the cost of acquisition, construction, and installation by the Company of a Project (as defined in part 1 of article 3 of title 29, Colorado Revised Statutes 1973, as amended) consisting of a supermarket facility located within the Town, thereby promoting the public health, welfare, safety, convenience and prosperity of the Town and the State. of Colorado. -14- The Series 1980 Bonds and the payment of the principal of, interest on, and any premium due in connection with the redemption of the Series 1980 Bonds have been further secured by a mortgage and Security Agreement (the Mortgage and Security Agreement), dated as of September 1, 1980, between Dillon Real Estate Co. Inc. and City Market, as mortgagor and debtor, and the Trustee, as mortgagee and secured party. The obligations of the Company under the Agreement have been guaranteed by Dillon Companies, Inc., a Kansas corporation, pursuant to a Guaranty Agreement, dated as of September 1, 1980, between Dillon Companies, Inc. and the Trustee. All Bonds are subject to redemption and prepayment at their principal amount plus accrued interest to the date of redemption, upon direction of the Company, upon occurrence of any of the following events: (a) all or substantially all the Project shall have been damaged or destroyed to such extent that in the reasonable opinion of the Company, the repair and restoration thereof would not be economical, (b) the condemnation of all or substantially all the Project or the taking by eminent domain of such use or control of the Project as to render it unsatisfactory to the Company for its intended use for a period of time longer than one year, or (c) as a result of changes in the Constitution or laws of the United States or the State of Colorado, or legislative, administrative or judicial action, state or federal; the covenants contained in the Agreement become impossible of performance. In addition, the Series 1980 Bonds maturing on or after September 1, 1991, are subject to redemption and prepayment in inverse order- of maturity and by lot within a maturity on March 1, 1991, and any -15- Interest Payment Date thereafter, at the principal amount thereof and accrued interest to the redemption date plus a premium expressed as a percentage of the principal amount depending on the redemption date as follows: Redemption Dates Premiums March 1, 1991 and September 1, 1991 4.5% March 1, 1992 and September 1, 1992 4 March 1, 1993 and September 1, 1993 3.5 March 1, 1994 and September 1, 1994 3 March 1, 1995 and September 1, 1995 2.5 March 1, 1996 and September 1, 1996 2 March 1, 1997 and September 1, 1997 1.5 March 1, 1998 and September 1, 1998 1 March 1, 1999 and September 1, 1999 .5 March 1, 2000 -0- ' The Series 1980 Bonds are also subject to redemption and prepayment, and the Town shall redeem and prepay all of such Bonds from payments required to be made by the Company, in the event the interest on the Series 1980 Bonds shall become includible in the gross income of a Holder, other than by reason of the application of Section 103(b)(9) of the Internal Revenue Code of 1954, as amended, upon a Determination of Taxability as provided in Section 7.09 of the Agreement. In this event all of the Series 1980 Bonds shall be redeemed and prepaid within one year of the Determination of Taxability at their principal amount and accrued interest to the date of redemption, plus a premium equal to six (6) months' interest on the principal for each six-month period (counting as an entire six-month period any fraction thereof) from the Date of Taxability (as defined in the Indenture) to the date of redemption. Notice of redemption shall be published at least once not less than 30 days before the redemption date in a newspaper of general circulation in Denver, Colorado, and in The Bond Buyer or other -16- similar financial newspaper published in New York, New York. Notice of redemption shall also be mailed by the Trustee by certified or registered first-class postage prepaid mail not less than 30 days before the redemption date to each Holder of a Registered Bond to be redeemed and to each Holder of a Coupon Bond to be redeemed if the Holder of such aCoupon Bond has furnished his name and post office address to the Trustee for this purpose. The failure to give such mailed notice, or any defect in any notice so mailed, shall not affect the validity of proceedings for redemption of any Bond. All Bonds so called for redemption will cease to bear interest on the specified redemption date, provided funds for their redemption have been duly deposited and., except for the purpose of payment, shall no longer be protected by the Indenture and shall not be deemed Outstanding under the provisions of the Indenture. This Bond and the series of which it forms a part, and any interest coupons appertaining thereto, are issued pursuant to and in full compliance with the Constitution and laws of the State of Colorado, particularly the County and Municipality Development Revenue Bond Act (appearing as part 1 of article 3 of title 29, Colorado Revised Statutes 1973, as amended), and pursuant to an ordinance adopted and approved by the governing body of the Town, which ordinance authorizes the execution and delivery of the Agreement, Indenture, and the Bonds, and the Bonds and interest coupons are special, limited obligations payable solely from revenues derived from the Agreement, including payments required to be made thereunder by the Company in amounts sufficient to pay the principal of and interest on, and the fees and expenses of the Trustee and the Paying Agent in connection with, the Bonds as the same -17- become due and payable. Loan payments required to be made by the company under the Agreement sufficient for' said purposes are to be paid to the Trustee for the account of the Town and credited to a Bond Fund as a special trust fund account created by the Town and have been and _are hereby pledged for that purpose. THE BONDS AND ANY INTEREST COUPONS APPERTAINING THERETO SHALL NEVER CONSTITUTE THE DEBT OR INDEBTEDNESS OF THE TOWN OF AVON, COLORADO WITHIN THE MEANING OF ANY PROVISION OR LIMITATION OF THE COLORADO CONSTITUTION OR STATUTES OR THE TOWN OF AVON CHARTER AND SHALL NOT CONSTITUTE NOR GIVE RISE TO A PECUNIARY LIABILITY OF THE TOWN OR A CHARGE AGAINST ITS GENERAL CREDIT OR TAXING POWERS. NEITHER THE MEMBERS OF THE GOVERNING BODY OF THE TOWN NOR THE OFFICERS OR EMPLOYEES THEREOF EXECUTING THE BONDS SHALL BE LIABLE PERSONALLY OR BE SUBJECT TO ANY PERSONAL LIABILITY OR ACCOUNTABILITY BY REASON OF THE ISSUANCE OF THE BONDS. The Holder of this Bond shall have no right to enforce the provisions of the Indenture or the Mortgage and Security Agreement or to institute action to enforce the covenants therein, or to take any action with respect to any default or Event of Default under the Indenture or the Mortgage-and Security Agreement, or to institute, appear in or defend any suit or other proceedings with respect thereto, except as provided in the Indenture or the Mortgage and Security Agreement. In certain events, on the conditions, in the manner, and with the effect set forth in the Indenture, the principal of all Bonds issued thereunder and then Outstanding may become or may be declared due and payable before the stated maturity thereof, together with interest accrued thereon. Modifications or alterations of the Indenture, or of any indenture supplemental thereto, may be -18- made only to the extent and "in the circumstances permitted by the Indenture. The Bonds are issuable as Coupon Bonds registrable as to principal only in the denomination of $5,000 each, or as Fully Registered Bonds without coupons in any denomination which is an integral multiple of $5,000. The Coupon Bonds and Fully Registered Bonds are interchangeable for Bonds of the same series, principal amount, interest rate and maturity date, upon surrender thereof by the Holder at the principal corporate trust office of the Trustee, in the manner and upon payment of the charges provided in the Indenture. This Bond may be registered as to principal only and may thereafter be discharged from registration in the manner, to the extent, with the effect and subject to the terms and conditions endorsed on the reverse hereof and set forth in the Indenture. Nothing herein shall affect or impair the negotiability of the coupons appurtenant thereto, which shall be and remain negotiable by delivery. It is hereby recited, certified and warranted that all acts, conditions and things required to exist, happen and be performed precedent to and in the execution and delivery of the Indenture and the issuance of this Bond do exist, have happened and have been performed in due time, form and manner as required by law, and that the issuance of this Bond and the series of which it forms a part does not contravene any constitutional or statutory limitation of the. State of Colorado. This Bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Indenture until the Certificate of Authentication hereon shall have been signed by the Trustee. -19- IN TESTIMONY WHEREOF, the Town Council of the Town of Avon, Colorado, has caused this Bond to be executed in the name and on behalf of the Town with the ' facsimile signature of the Mayor of the Town, to be sealed with a. facsimile of the seal of the Town, and to be attested with the manual signature of the Town Clerk of the Town, and has caused the interest coupons appurtenant hereto to be executed with the facsimile signature of the Town Clerk of the Town, all as of the, 1st day of September, 1980. (Facsimile Signature) (FACSIMILE) Mayor ( SEAL ) (Manual Signature) Town Cler -20- TRUSTEE'S CERTIFICATE OF AUTHENTICATION This Bond is one of the Bonds of the series designated therein and issued under the provisions of the within mentioned Indenture. as Trustee By (Manual Signature Corporate Trust officer -21- (Coupon Form) No. $ March, on the 1st day of September, , the Town of Avon, Colorado (unless the Bond to which this coupon appertains has previously been called for redemption or become payable as provided in the Indenture referred to in said Bond and provision for payment thereof has been duly made), will pay to bearer, as provided in the Indenture and upon presentation and surrender of this coupon, at the principal office of Hutchinson National Bank and Trust Company, in Hutchinson, Kansas, or a successor Paying Agent, the sum shown hereon in lawful money of the United States for interest then due on its Industrial Development Revenue Bond (City Market, Inc. Project), Series 1980, dated September it 1980, No. • (Facsimile Signature) Town Clerk PROVISIONS AS TO REGISTRATION The within Bond may be registered, as to principal only, in the name of the Holder on the Bond Register kept by the Trustee, such registration being noted hereon by the Trustee in the registration blanks below, after which no transfer of this Bond shall be-valid unless made on the Bond Register at the request of the Registered Holder or attorney duly authorized, and such transfer is similarly noted in the registration blanks below, but it may be discharged from registration by being so transferred to bearer, after which it shall be transferable by delivery, but it may be again and from time to time registered as before. The registration of this Bond as to principal shall not restrain the negotiability of the coupons by delivery. -22- Name of Date of Registered Signature of Registration Holder Trustee The FORM OF FULLY REGISTERED BOND Series 1980 Fully Registered Bonds shall be issued in the same form as the Series 1980 Coupon Bonds, except as follows: 1. Substitute the following paragraph for, the first paragraph: No. R- S The Town of Avon, in the County of Eagle and State of Colorado, for value received, promises to pay to solely from the source and in the manner hereinafter provided, and upon presentation and surrender hereof at the principal corporate trust office of the Trustee named below, the principal sum of THOUSAND DOLLARS on September 1, , and solely from said source to pay interest on said sum to the Registered Holder hereof from the date hereof until the principal sum is paid or discharged, at the rate of nine and seventy-five hundreths percent (9.75$) per annum, except as the provisions below with respect to redemption of this Bond before maturity may become applicable hereto. Interest is payable semi- annually on each March 1 and September 1 to the Registered Holder hereof by check or draft mailed to the Registered Holder at his address as it appears on the 'Bond Register maintained by the Trustee -23- named below, or its successor in trust. The principal of and interest on this Bond are payable in lawful money of the United States of America. 2. Substitute the following paragraph for the thirteenth paragraph: This Bond is transferable by the Registered Holder hereof upon surrender of this Bond for transfer at the principal corporate trust office of the Trustee, duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Trustee and executed by the Registered Holder hereof or his attorney duly authorized in writing. Thereupon the Town shall execute and the Trustee shall authenticate and-deliver, in exchange for this Bond, one or more new Fully Registered Bonds in the name of the transferee, of an authorized denomination, or, at the option of the Transferee, Coupon Bonds having attached coupons representing unpaid interest due or to become due thereon, in aggregate principal amount equal to the principal amount of this Bond, of the same maturity, and bearing interest at the same rate. 3. omit the coupon form and provisions as to registration. -24- il Council Member Steve Erickson seconded the motion, and the question being upon the approval on first reading of said Ordinance, the roll was called with the following results: Those voting "Yes": Council Members: Those voting "No": Council Members: Bill Doyle Steve Erickson Hugh Price Sheila Davis A. J. Wells Allan Nottingham None A majority of the members of the Town Council present having voted in favor of the approval on first reading of said Ordinance, the Mayor thereupon declared said Ordinance duly approved on first reading and directed that said Ordinance be published once in full in The'Vail Trail, a newspaper of general circulation within the Town. - 25 - . Thereupon, after consideration of other business to come before the Town Council, the meeting was adjourned. A Mayor Town of Avon, Colorado (TOWN) (SEAL) AT ST: Town Clerk Town of Avon, Col ado -26- STATE OF COLORADO ) COUNTY OF EAGLE ) ss. TOWN OF AVON ) The Town Council of the Town of Avon, Colorado, met in regular session at the Town Hall, Avon, Colorado, on Tuesday, the 23rd of September , 1980, at the hour of 7:30 p.m. The following members of the Town Council, constituting a quorum thereof, were present: Angelo Alpi, Mayor Steve Erickson Hugh Price Sheila Davis A. J. Wells Allan Nottingham The following members of the Town Council were absent: The following persons were also present: Patricia J. Doyle, Town Clerk John W. Dunn, City Attorney Thereupon the following proceedings, among others, were had and taken: -27- The Mayor informed the Town Council that Ordinance No. 24, which was introduced, approved on first reading, and ordered published at a special meeting of the Town Council held on September 10, 1980, was duly published in full in The Vail Trail, a newspaper of general circulation in the Town, in its issue of September 12, 1980, and that the publisher's affidavit of said publication is now on file in the office of the Town Clerk. Angelo V. Alpi. Mayor then read the Ordinance by its title, sufficient copies having previously been made available to the Council and to those persons in attendance at the Council meeting. The Mayor then declared that this was the time and place established for a public hearing on the Ordinance and the meeting was then opened for such purpose. Thereupon the following persons appeared: -28- (Indicate name and substance of reiuarks.) Thereupon, all persons having been given an opportunity to speak,-the hearing was declared closed. -29- Council Member Steve Erickson moved the final adoption of said Ordinance. Council Member Bill Doyle seconded the motion, and the question being upon the final adoption of said Ordinance, the roll was called with the following result: Those voting "Yes": Council Members: Bill Doyle Steve Erickson Hugh Price Sheila Davis A. J. Wells Allan Nottingham Those voting "No": Council Member: None A majority of the members of the Town Council having voted in favor of the final adoption of said Ordinance, the Mayor thereupon declared the Ordinance duly finally adopted and directed that said Ordinance be published once in full in The Vail Trail, a newspaper of general circulation in the Town. Thereupon,'after consideration of other business to come before the Town Council, the meeting was adjourned. Mayor Town o vo , Colorado (TOWN) (SEAL) ATTEST: City Cleric. Town of Avon, lorado -30- VF STATE OF COLORADO ) COUNTY OF EAGLE ) ss. TOWN OF AVON ) (Attach affidavit of first publication of Ordinance.) -31- • i f ii - I E /~ry[ O'a c 0-,a O O O LJ.T3 Q) O j C.: O Q N ~sO O y~ O O Q LCL)l L 3°~ommLpc 5 c O o 0 ~O~6CC.2C) 0 c U c p Cc 0 N~O m 0 abC'o,,s h ) U D O 02 } - C P ~-2 y t~~>L C 3 ID 4.cCo2:.))L Z Eo$mac o°3 O ° Rcy°'_2~2-! Z o ci° y -0 aE m t° ~m y a) z 4~q :3 m a3 0 J LL_t S;' oza)F& N m am' m U 6 D C: a) ~ Q 1 $ c E I c o ) om~g~ ~ J y R oc? Q O w y Q O ]QLg C O o L, r o 0 0 0° w p R~•o} o } 3 c $#i m ~°cowca pEcac°o au) ° 4~ 'A _v d m d 5 ayLood~ } c ° Ct ~i -b Y 02 52 .-a.~ S0:3 a) ~t-a690 _ E O c > }O y 3 m ~ r ~c-0 ~CCDU ° c y C O - Ca) ECy.- ~j C } ° } w °o7}T °cym > t ° w S 3 °o c m c' ~t ED} m. m pJ 1A °mo m8 m w c ° m c a O 0. c c L-cn c o o c 3 o yoo-mom m > S. LL O to c0ov-aE' z o i 3 'U. 7 O oa70°Ep L 2 U m a a) p L.9 U m C m m C U } m O ~ a 0 U:CC` n 0 69 P m U ° a C cnn cn U .-a .ti d •X c 0 I a E E m m U i 'f Zj() The Vail Trail - September 1-4,1980 - Section B Public Notice EAGLE-GYPSUM PROPERTIES FULFORD BUILDING SITE: Lots 1,2,3 & 4 of Block 22. One of the most prime building sites in the town of Fulford. Call Marc Reck. Priced at ..........:.520,500 GYPSUM MOBILE HOME: One year old, three bedroom, one and one-third bath with 963 square feet. Lot 6 of Lost Lane Subdivision with 9,607 square feet. Call Marc. Priced to sell at ........................$45,000 ACREAGE ON EAGLE RIVER: Two 1 acre parcels for sale on the Eagle River. Zoned Single Family east of Eagle on Highway 6. Three acres of greenbelt, well water with own septic system. Call Marc Reck. NEW HOME: Three bedroom, two and three-quarter bath with 1.550 square feet of living area. Includes all kitchen appliances, fireplace and a two car garage. 12x48 wooden deck. Call Marc. Priced at... $1 18,000 FOUR LOTS: In Eagle. Lots 1 .2,3 & 4 of Block 17 with mobile home. Enough square footage for a duplex. Call Marc Reck. Priced at $35,000 HOME IN UPPER KAIBAB: Five bedrooms, two and one-quarter baths with 2,900 square feet of living area and approximately 1,000 sq.ft. of deck area. Many deluxe features with passive solar heating. Views of the New York Mountains and Castle Peak. Located on 1 94 acres. Call Marc. Priced at $165,000 EAGLE'S UPPER KAIBAB: Three bedroom, one and one-half bath, approximately 1,900 square feet. Large kitchen with unfinished basement. Located on 2.07 acres, priced to sell at $95,000 with assumable loan. BULL RUN DUPLEXES: Located in the Bull_ Pasture Subdivision in Eagie. These three bedroom. two .and one-half bath duplexes are available in two floor plans. Active solar collectors may be added at additional cost. Gas, hot water baseboard heat, and a wood-burning stove top off the energy aspects of these well designed affordable homes. All appliances and floor coverings included. Call Frank 1,968 sq. ft. plus 344 sq.ft. garage $99.500 1,690 sq.ft. plus 306 sq.ft. garage ...........$96.500 RANCH PROPERTIES Aerial tours for qualified clients! SALT CREEK ACREAGES: 40-48 acre parcels available. Secluded with domestic water supply. Attractive owner financing available. Call Marc Reck Priced from $80,000 to $1 15,000 SCENIC MOUNTAIN RANCH:-4 20 acres plus BLMlease Northwest of McCoy, 40 acres of irrigated meadow with excellent water rights. Cabin with out buildings. Owner financing available. Call Marc Reck today for more details. 27S ACRES NEAR BOND: Very secluded with a small cabin and spring. Property surrounds part of Yarmony Mountain. Breathtaking vistas of the Colorado River Valley. Owner financing available. Call Marc Reck. 320 ACRES NEAR SQUAW CREEK: Beautifully wooded aspen groves. Included water rights. Borders Forest Service Land with majestic views of the Eagle Valley. Owner financing available. Call Marc Reck for more information. 140 ACRES NEAR COTTONWOOD PASS: Secluded acreage that borders Forest Service Land. Included water rights and breathtaking views of Mt. Sopris. Owner financing. Call Marc Reck. 40 ACRES PARCELS NEAR GLENWOOD: Beautifully wooded and overlooks the town of Glenwood Springs. Affordable acreages priced at $48,000 with owner financing. 250 ACRES NEAR BURNS: Secluded mountain retreat with Derby Creek running through property. Beautiful cabin site. Owner financing available. 41 ACRES NEARSWEETWATER: Borders Sweetwater Creek a rid includes a 2.200 sq.ft. five bedroom, one and three-quarters bath home with fireplace. Thisbeautiful package is priced at $100,000. Owner financing available. Additional acreage may also be purchased. Call Marc Reck for more details. 40 ACRE COUNTRY ESTATE: With water rights, irrigated meadow, a very comfortable three bedroom, two bath home. Owner financing available. 360 degree panoramic view of the Eagle River Valley. WORKING RANCH NEAR YAMPA: 1,435 deeded acres. New 2,000 sq.ft. ranch home. 480 acres of irrigated meadows with excellent water rights. Forest grazing permit with BLM lease. Ranch is one contigious unit. Rated at 300 cows/calves yearly. 1K ORDINANCE NO. 24 Series of 1980 AN ORDINANCE AUTHORIZING THE ISSUANCE OF TOWN OF AVON, COLORADO. INDUSTRIAL DEVELOPMENT REVENUE BONDS (CITY MARKET, INC. PROJECT), SERIES OF 1980, DATED SEPTEMBER 1, 1980. IN THE PRINCIPAL AMOUNT OF $2,800,000; AND APPROVING THE FORM AND AUTHORIZING THE EXECUTION OF CERTAIN DOCUMENTS RELATING THERETO. WHEREAS, the Town of Avon, Colorado (the Municipality), is authorized by part 1 of article 3 of title 29, Colorado Revised Statutes 1973, as amended (the Act), to issue revenue bonds for the purpose of financing projects to the end that , commercial or business enterprises will locate in the Municipality, to enter into financing agreements with others for the purpose of providing revenues to pay such bonds, and further to secure the payment of such bonds; and WHEREAS, by a resolution duly adopted on May 13.1980 (the Inducement Resolution), the Municipality committed itself to issue such bonds in an aggregate principal amount not to exceed $4,000,000 in accordance with the provisions of the Act and subject to the terms set forth in the Memorandum of Agreement attached to the Inducement Resolution as Exhibit A for the purpose of financing a supermarket facility (the Project) for City Market, Inc. (City Market) to be located within the Municipality, and WHEREAS, title to real property portion of the Project is to be held by Dillon Real Estate Co Inc. (Dillon Real Estate), a Kansas corporation, and leased for operation to City Market (City Market and Dillon Real Estate, collectively, the Company), WHEREAS, City Market and Dillon Real Estate are wholly owned subsidiaries of Dillon Companies, Inc (the Guarantor), a Kansas corporation, WHEREAS, the following documents have been submitted to the Town Council (the Council) and filed in the office of the Town Clerk (the Clerk and are there available for public inspection (a) a Loan Agreement, dated as of September 1, 1980 (the Agreement), proposed to be made and entered into between the Municipality and the Company (City Market and Dillon Real Estate, as joint and several obligors), (b) a Trust Indenture. dated as of September 1, 1980 (the Indenture), proposed to be made and"entered into between the Municipality and Hutchinson National Bank and Trust Company (the Trustee), (C) a Mortgage and Security Agreement, dated as of September 1, 1980 (the Mortgage and Security Agreement), proposed to be made and entered into between Dillon Real Estate, City Market and the Trustee, and (d) Guaranty Agreement, dated as of September 1, 1980 (the Guaranty Agreement), proposed to be executed by the Guarantor; and WHEREAS, the Council desires to issue at this time Town of Avon, Colorado, Industrial Development Revenue Bonds (City Market, Inc Project), Series of 1980, dated as of September 1, 1980, in the principal amount of $2,800,000 (the Series 1980 Bonds); and WHEREAS, it is necessary to issue the Series 1980 Bonds by ordinance and to approve the form and authorize the execution of the aforementioned documents thereby. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO. THAT. SECTION 1. Approvals and Authorizations. The forms of Agreement, Indenture. Mortgage and Security Agreement and Guaranty are hereby approved The Mayor and the Clerk are hereby authorized and directed to execute the Agreement and the Indenture and affix the seal of the Municipality thereto and further to execute and authenticate such other documents, instruments or certificates as are deemed necessary or desirable by bond counsel in order to issue and secure the Series 1980 Bonds Such documents are to be executed in substantially the form hereinabove approved, provided that such documents may be completed, corrected or revised as deemed necessary by the parties thereto in order to carry out the purposes of this Bond Ordinance Copies of all of the documents shall be delivered, filed and recorded as provided therein When executed, the Agreement shall be assigned to the Trustee as provided in the Indenture. The proper officers of the Municipality are hereby authorized and directed to prepare and furnish to bond counsel certified copies of all proceedings and records of the Municipality relating to the Series 1980 Bonds and such other affidavits and certificates as may be required to show the facts relating to the authorization and issuance thereof as such facts appear from the books and records in such officers' custody and control or as otherwise known to them. All such certified copies, certificates and affidavits, including any heretofore furnished, shall constitute representations of the Municipalay as to the truth of all statements contained therein 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 and such modifications thereto, 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 appropriate officers of the Municipality herein authorized shall be conclusive evidence of the approval by the Municipality of such instrument in accordance with the terms hereof SECTION 2 Issuance and Sale of Bonds. Tltie Municipality shall issue its Industrial Development Revenue Bonds (City Market, Inc. Project), Serial 1980, dated September 1, 1980, in the total principal amount of $2,800,000 for the purpose, in the form and upon the terms set forth in this Bond Ordinance, the Agreement, the Indenture, and the form of the Bond set forth as Exhibit A to this Bond Ordinance. The maximum net effective interest rate authorized for the-Series 1980 Bonds is ten percent (10%). The actual net effective interest rate for the Series 1979 Bonds is 9.75%. The Series 1980 Bond shall be payable in the manner and to the persons set forth in the Indenture. SECTION 3. Detrarmirrallons. it is hereby found, determined and declared that - (a) the financing of the Project will promote the public health, welfare, safety, convenience and prosperity and promote and develop trade or other economic activity by inducing commercial and business enterprises to locate, expand or remain in the Municipality and the State of Colorado in order to mitigate the serious threat of extensive unemployment and to secure and maintain a balanced and stable economy for the Municipality and the State of Colorado; (b) the amount necessary in each year to pay the principal of and the interest on the Series 1980 Bonds is as follows. YEAR PRINCIPAL INTEREST TOTAL ' 1980 -0- -0- -0- 1981 -0- 273,000.00 273,000 00 1982 -0- 273,000.00 273.000 00 1983 -0- 273,000 00 273,000 00 1984 55,000 00 273,000.00 328.000 00 1985 60,000 00 267,637.50 327,637 50 1986 65,000 00 261,787.50 326,787.50 1987 70,000 00 255,450.00 325,450.00 1988 80,000.00 248,625.00 328,625 00 1989 90,000.00 240,825.00 330,825.00 1990 95,000 00 232,050.00 327,050 00 1991 105,000.00 222,787 50 327,787 50 1992 - 115.000 00 212.550.00 327 550 00 1993 130,000.00 201,337 50 331.337 50 1994 140,000 00 188,662 50 328,662.50 1995 - 155,000 00 175,012 50 330.012 50 1996 170,000 00 159,900.00 329,900 00 1997 190,000.00 143.325.00 333,325 00 1998 210.000 00 124, 800 00 334.8017 00 1999 230,000 00 104,325.00 334,325.00 2000 840,000.00 81,900.00 921,900.00 (c) the Agreement provides that the Company shall maintain the Project and carry all proper insurance with respect thereto: (d) the Agreement requires that the Co m pany pay the taxes which the taxing entities specified in Section 29-3-120(3) of the Act are entitled to receive from the Company with respect to the Project, (e) the payments required in the Agreement to be made are sufficient to pay the principal of, interest on, and any premium due in connection with the Seines 1980 Bond when due and to pay all other costs required in the Agreement or the Indenture to be made SECTION 4. Nature of Obligation. Under the provisions of the Act, and as provided in the Agreement and the Indenture, the Series 1980 Bonds shall be special, limited obligations of the Municipality payable solely from, and secured by a pledge of, the revenues derived from the Agreement and shall be further secured by the lien of the Indenture upon said revenues and by that of the Mortgage and Security Agreement upon the Project. The Municipality will not pledge any of its property or secure the payment of the Senes 1980 Bonds with its property. The Series 1980 Bonds shall never constitute the debtor indebtedness of the Municipality within the meaning of any provision or limitation of the state constitution or statutes and shall not constitute nor give rise to a pecuniary liability of the Municipality or a charge against its general credit or taxing powers. In entering into the Agreement and the Indenture, the Municipality will not obligate itself, except with respect to the application of the revenues derived from the Project and the Series 1980 Bond proceeds. The Municipality will not pay out of its general fund or otherwise contribute any.part ofthe Cost of the Project (as said term is defined in the Agreement and the Indenture) SECTION S. Bond Printing. The officers of the Municipality are hereby authorized and directed to arrange for the printing of the Series 1980 Bonds. SECTION 6. Facsimile Signatures. Pursuant to the Uniform Facsimile Signature of Public Officials Act, part 1 of article 55 of title 11, Colorado Revised Statutes 1973, as amended, the Mayor and the Clerk shall forthwith, and in any event prior to the time the Series 1980 Bonds are delivered to the purchaser thereof, file with the Colorado Secretary of State their manual signatures certified by them under oath SECTION 7. Bond Ordinance Irrepealable GIVE A HOOT. DONT POLLUTE LODGE AT VAIL APARTMENT FOR SALE 2 Bedrooms, 3 Baths, Overlooks Pool $300,000 Mountain Properties Development Corp. Jim Potter - 949-4123 SNOWFOX . COMOMINIUMS z Located in the Sandstone/Lions Ridge area. Sixteen two bedroom, two bath condominiums , some with lofts. Many amenities including a swimming pool and view of Vail Mountain, Prices from $145,500. Only eight units left! Call 476-2113 for further information. Another quality project by.- c F&L Development , 71' K ~ + OM TimhcRHYE • PROPERTIES GALLERY OF HOMES 286 East Bridge Street Vail, CO 81657 (303)476-2113 i 22 The Vail Trail - September 12 1980 - Section B CSlifer& In real estate, location is everything and we are offering the premier condominium in Vail. LION SQUARE LODGE PENTHOUSE After any of the Series 1980 Bonds are issued. the Bond Ordinance shall constitute an irrevocable contract between the Municipality and the holder or holders of the Series 1980 Bonds and shall be and remain irrepealable until the Series 1980 Bonds, both principal and interest, shall be fully paid. cancelled and discharged SECTION 8. Ratification. All action heretofore taken by the Municipality,and by the officers thereof not inconsistent herewith directed toward the financing of the Project and the issuance and sale of the Series 1980 Bonds is hereby ratified, approved and confirmed SECTION 9. Repealer. All acts, orders, resolutions, ordinances, or parts thereof, taken by the Municipality and in conflict with this Bond OrdinancP•are hereby repealed, except that this repea1 shall not beconstrued so as to revive any act, order, resolution, or part thereof, heretofore repealed. SECTION 10. Severabllity. If any paragraph, clause or provision of this Bond Ordinance is judicially adjudged invalid or unenforceable, such judgment shall not affect, impair or invalidate the remaining paragraphs, clauses or provisions hereof SECTION 11. Public Hearing. A public hearing on this proposed Ordinance shall be held by the Town Council at 7.30 p m. on Tuesday. September 23, 1980 at the Town Hall, Avon, Colorado and it is hereby ordered that notice of said hearing be given as required by law INTRODUCED, READ, APPROVED ON FIRST READING AND ORDERED PUBLISHED ONCE IN FULL this 10th day of September, 1980. o TOWN OF AVON Angelo Alpi ATTEST: Mayor Patricia Doyle Town Clerk Published in The Vail Trail on September 12, 1980 Unsurpassed view of Vail Mountain, Gore Range and Gore Creek. Situated on the top floor of Lion Square Lodge, this spacious condominium is only steps away from the gondola. Many fine restaurants, shops and tennis courts are close by. Features include living room with vaulted ceiling, three balconies and sundeck, two bedrooms plus large loft and three baths $495,000 Listed exclusively by: Slifer and Company Next to the Clock Tower 230 Bridge Street - Vail, Colorado 81657 (303) 476-2421, Denver Direct 893-8542 Eagle Vail office - 20 Eagle Drive (303; 949-5077 Public Notice INVITATION TO BID THE TOWN OF AVON intends to construct improvements to Beaver Creek Boulevard. Said improvements will consist of approximately 4,900 lineal feet of 8' widening, ditch improvements, paving and culvert installation. The project will be constructed in the fall of 1980. Interested persons may contact the Town Engineer, Claycomb Engineering Associates, Suite 207, Village Plaza, Glenwood Springs, Colorado 81601 Published in The Vail Trail on September 12, 1980 Public Notice NOTICE OF WATER TAP FEE INCREASE LION'S RIDGE WATER DISTRICT The Board of Directors of the Lion's Ridgge Water District announce that the District's water tap fee will increase effective September 12, 1980 to $2,000 per single-family equivalent dwelling unit. The increase has been determined to be necessary as a result of Brondess-Codmus %Real Estate, Inc. Located on Bridge Street (303) 476-1450 P.O. Box 1105 Vail, Colorado 81657 ANNOUNCING Improved Choice Half Acre Sites now available on the BEAUTIFUL VAI L GOLF COURSE The Last Of The Finest! only a few of these exclusive building sites left, SUPERB \/IEWS of the towering Gore Range, scenic Booth Creek area and 18th fairway.., ...priced from $395,000. Terms available. Please contact our office for further details. significant capital improvements already implemented and planned for the District. BY ORDER OF THE BOARD OF DIRECTORS James B. Rea Secretary Published in The Vail Trail on September 12, 1980 Public Notice NOTICE OF INTENTION TO APPLY TO THE TOWN OF MINTURN FOR ELECTRIC UTILITY FRANCHISE NOTICE IS HEREBY GIVEN that Holy Cross Electric Association, Inc. will apply to the Town of Mintum, Colorado for AN ORDINANCE GRANTING A FRANCHISE BY THE TOWN OF MINTURN, EAGLE COUNTY, COLORADO, TO HOLY CROSS ELECTRIC ASSOCIATION, INC, ITS SUCCESSORS AND ASSIGNS, TO CONSTRUCT, PURCHASE, ACQUIRE, LOCATE, MAINTAIN, OPERATE AND EXTEND INTO, WITHIN AND THROUGH PORTIONS OF SAID TOWN, PLANTS, WORKS, SYSTEMS AND FACILITIES, FOR THE GENERATION, PRODUCTION, PURCHASE, EXCHANGE, TRANSMISSION AND DISTRIBUTION OF ELECTRICAL ENERGY, BY MEANS OF CONDUITS, WIRES. CABLES, POLES AND STRUCTURES, OR OTHERWISE, ON. OVER, UNDER, ALONG AND ACROSS ALL STREETS, ALLEYS, VIADUCTS, BRIDGES. ROADS, LANES, AND PUBLIC WAYS AND OTHER PUBLIC PLACES IN PORTIONS OF SAID TOWN OF MINTURN TO SELL, FURNISH AND DISTRIBUTE SAID ELECTRICAL ENERGY TO THE TOWN AND THE INHABITANTS THEREOF, AND FIXING THE TERMS AND CONDITIONS THEREOF. Holy Cross Electric Association, Inc. shall request that such franchise be granted for a term of twenty years commencing on the date of approval by the Public Utilities Commission after passage of the ordinance granting such franchise, and that the franchise fee to be paid to the Town of Minturn for the granting of such franchise shall be an amount equal to three percent (3%) of the gross revenues of Holy Cross Electric Association, Inc. derived from the sale of electricity within the certificated area of the corporate limits of said Town for electrical energy furnished for light, heat or power, or other purposes. A copy of the proposed franchise ordinance is being kept for public inspection at the offices of the Town of Mintum, 302 South Pine Street, Mintum, Colorado and at the offices of Holy Cross Electric Association, Inc. 1301 Grand Avenue, Glenwood Springs, Colorado. Any person or persons desiring to inspect the proposed franchise ordinance may do so at either of the above locations during normal business hours. The proposed meeting of the Board of Trustees of the Town of Minturn at which Holy Cross Electric Association, Inc. will request the passage of such ordinance and the granting of the franchise will be held at 7 00o'clock P.M. on October 15, 1980, at the offices of the Town of Mintum, 302 South Pine Street, MinSyrm, Colorado. Such meeting shall be open to members of the general public for any lawful purposes. HOLY CROSS ELECTRIC ASSOCIATION, INC. Edward L. Grange General Manager Published in The Vail Trail on September 12. 19 and 26, 1980 Public Notice NOTICE IS HEREBY GIVEN that the Eagle County Board of County Commissioners will hold a Public Hearing to discuss Amendments to the Eagle County Subdivision Regulations Hearing s scheduled for 9:00 a.m in the County Commissioners Meeting Room, 550 Broadway, Eagle, Colorado on the 14th of October, 1980 Published in The Vail Trail on September 12, 1980 Public Notice NOTICE IS HEREBY GIVEN that the Eagle County Board of County Commissioners will hold a Public Hearing to discuss Amendments to the Eagie County Zoning Resolution. The following Amendments will be considered, 1. Caretaker units in the Resource zone. 2. Clear language on Rural Homesite provisions 3. Definition of Dude Ranch. 4. Deletion of Use by Right for employee units in the Resource zone. This Hearing will be held in the County Commissioners Meeting Room, 550 Broadway, Eagle, Colorado on the 14th day of October at 9.00 a.m. Published in The Vail Trail on September 12, 1980 Public Notice REQUEST FOR BID Eagle County Government is requesting for bid the shingling of its hanger-garage building, located at the Eagle County Airport. Bids should be sent to: Purchasing Department, Eagle County Government. P.O. Box 850, Eagle, Colorado 81631. Any additional information may be obtained from the above address also. Closing date for bids is September 28, 1980 at 5:00 p.m. Eagle County reserves the right to reject any and all bids and to waive informalities with respect thereto. Published in The Vail Trail on September 12 and 19, 1980 Public Notice The Colorado Passenger Tramway Safety Board will hold a Board Meeting on September 17, 1980 in the Snowbridge Square Conference Rodm at Copper Mountain beginning at 9:30 a.m. Discussion will include, but is not limited to: Hearing for Engineer Examination;- by-pass switches; Hidden Valley agreement and general board business. Published in The Vail Trail on September 12, 1980 1 STATE OF COLORADO ) COUNTY OF EAGLE ) as. TOWN OF AVON ) (Attach affidavit of second publication of Ordinance.) ' S ~q K 1 / l -324 0 V m R U. 0 LA. 9i Q c LLJ O O U p O Z Q O v~i U a p"O c oc:>'W N O N~ 7L 'O C o ° } L c mU Q O p CpCSc p c pypp 3 O p pcE c ~ a) Q M C :'z E . W t v0 ~ O p E,o 6 ~ -d c w- 3 ~O ~ o pH ~U cmC p7pW~yQ 7C }ocoaa>s D m 3 U 2-D bLOc Qom 1 N N D c - 413 < crU} } a a p a'O E t ' } c ~ a a W 3 gym 6c:p Q=mc=ate-C ' p a w a}RE;} -0 C p ° C O O O ° ` O C~ OOON~CLE D ~0 O ~c O V O Dm p ~p 1:5 c Um p(D O c D 7 o E c cU~cU 'c c O per' m B p p0? °Ctv,O ' m ~oc 0 C) 2.6 -0 a) C N, a) c 0 3: i's C)-,-- 6 O c 07o0'E t ~ p a)-C" _ O t p pC. OC OzM 2:03 O C B m L c Q QQa m WI c P ~ O Q p L } C i/rrl N 3 a v d O C o o 'a c a "d n V ~ Q 0 ~J C E N c o, o Lm • 1 L r p c 3 0, c n; W o P C ~ Q o .8 O Y `o L 3 0 C: B "O U O ccnn r (Q r s m 0 N E E m OL `m O U 2 Tfte Vats Trail - September 26 1980 - Section B -J ' From Page 20B Public Notice NOTICE IS HEREBY GIVEN that James A. Rubin, Zoning Administrator for the Town of Vail has requested an Amendment to the Zoning Ordinance concerning the following areas: a new definition and now standards for Height new submittal requirements and development policies for sites with Average Slopes in excess of 2096 a new definition for Gross Residential Floor Area; the removal of additional Gross Residential Floor Area for Conditional Uses in the High Density Multi-Family and Public Accommodations Zone Districts; the removal of commercial and professional uses as either permitted or conditional uses in the Medium Denaity,Multi- Family and High Density Multi-rsmily Zone Districts; the reduction of non-residential (commercial) uses in the Public Accommodation Zone District to 10%; a change to the Permitted Use section of the Residential Cluster Zone District to allow no more than 4 • ' wa 4i 4y , 1 L. 1 L 1 a • • • is • • • • • benchmark investments inc RE AL70R' breakaway west„,presently vacant and in immaculate condition. Move in'ust in time for the new sod season. Two bedrooms, huge loft, three full baths. Top floor, fireplace, balcony, year-round pool, elevator, and a private, under- ground paridng space with electric door opener. Unfumished-..$155,000. sunlight townhouse-3 bedrooms, 2 1/2 baths and attached garage. Large fireplace, cathedral ceilings, passive solar heating systems. Offered unfur- nished for...$195,000. awn lake villas.-two new condos available. Two and three bedroom units with tennis courts, swimming pool, sauna and jacuza at your door. Beautiful view of Beaver Creek Convenient location for Avon growth pattern. Starting at_$169,500. unit has wildupim-presently dirkige panoramic~ views. Rock fireplace, attached 9a two bath f rage, large ring area, huge loft and decks on both sides Or da maximum sunshine Must be seen to be appreciated Only one side available. Call for details. is vie bonne-constructed with qualitycraftsmanship throughout these townhouses are located on the sunny sidle of the valley in Awn. Redwood siding and a river-rock base present a unique, stylish exterior. A large, mossrodc fireplace is the focal point of the living area, which also features aspen paneling and custom designed bookshelves. Great view of Beaver Creek Two units availably one -with three bedrooms and baths, two-car g~age and solarium, one with two bedrooms, 21/2 baths, garage Call for further details, paces, and showings. sunnyside at avon-outstanding townhouses with sunny, southern ewmirtm Unobstructed views of Beaver Creek. Three bedrooms, oversized to four baths, cathedral ceilings, redwood sundecks, fireplace, garage Call for details. bales townhouses-luxurious townhouses with sunny, southern exposures. Redwood decks, fireplaces, all-electric kitchens in matching almond, oak cabinets, carpeted Excellent construction. View directy into Beaver Creek Three and four bedroom units available now. Call for details. beaver bench condos-Jocated directly on the shores of Nottingham Lake with a magnificent view of Beaver Creek and the southern range. The balcony and patios face south for maximum sun. Fireplaces and all electric kitchen provide for comfortable, mountain-style living. We presently have a studio, one and two bedroom units available starting aL..$55,000. landmark towers... located on the first level adjacent to the year-round pool and hot tubs. Beautifully furnished two bedroom, two bath condo. Private underground parking, elevator, laundry room, on-site management Walk to gondola, tennis, shops, restaurant Owner financing. single family home-two bedroom, one bath home with familyrkitc", " comer mossrock fireplace. Detached garage., Located on Main Street in Mirrtum. Price reduced to_$85,000. taylor subdivision.-one half of duplex with three bedrooms, 1 3//4 baths, attached garage. Not completely finished, excellentpuy'to finish to'iour own taste ...$91,000. , wBlfridge-duplex and amity e. Seclusion, superb views, sunny exposure and excellent terms available- Starting at..$42,000 , whis:Uk h~.»eight contiguous tots totaling 6.40 acres all zoned duplex ,i located nt>sar g clubhourse. tennis, swim club and high school. To be sold as block Call for details. / / eagle liver estates-beauMul. single family lots located adjacent to the Eagle _ Inver at the CMx um 1.70 Interchange Priced start atL $14 000: Develoo& financing. Call us for details. . The above are only a part of our listings. For further inknnation please contact us at your convenience. Located in the Benchmark Shopping Center at the foot of the new Beaver Creek Sid Area. For Professional Counseling And Assistance Please Calk Bill Abraham-Bmlcer Jo Brlown-Broker John Behrend-Broker Beverley Behrerd-Sales Associate benchmark investments 0 9- inc ben 6rk shopping center p.o. box 466, avon,,colorado 81620 , mulbf ~sir~s Srtil~ab i' Member of the Vail Board of Realtor's Multiple,Listing Service units in any new building in this district additions to the Design Review Board and Environmental Impact Report Sections deali ng with drainage, erosion control, and.- landscaping; and a New Appeal Procedures for all Zoning matters that can be appealed to the Town Council. Application has been made in accordance with Section 18.66.110 Amendment-Initiation of the Vail Municipal Code. A Paiblic Hearing will be held in accordance with Section 18.68.060 of the Municipal Code on October 13, 1980 at 3.•00 p.m. before the Town of Vail Planning and Environmental Commission. The application and Information relating to the proposed change is available inthe Zoning Administrator's office during regular business hours for review or inspection by the public. TOWN OF VAIL DEPARTMENT OF COMMUNITY DEVELOPMENT Jim Rubin Zoning Administrator Published in The Vail Trail on September 26, 1980 Public Notice NOTICE IS HEREBY GIVEN that James A. Rubin, Zoning Administrator for the Town of Vail, has requested an Amendment to the Zoning Ordinance to change the following sections: 1. A charge to the Density Control Section of the Single Family Residential Zone District so that the Density Control Facto from 0-12,500 square- feet of lot area is 25%, from 12,500-20.ODO'square feet of lot area is 10% from 20,000-30,000 square feet of lot area is 596, and over 30,000 square feet of lot area is 0%. 2. A change to the Density Control Section of the Two Family and Two Family Primary/Secondary Residential Zone Districts so that the Density Control Factor from 0-15,000 square fast of lot area is 25%, from 15,000-20,000 square feet of lot area is 10%, from 20,000-30,000 square feet of lot area is 5%, and over 30,000 square feet of lot area is 0%. 3. A change to the Density Control Sections of the Single Family, Two Family and Two Family Primary/Secondary Residential Zone Districts, so that areas of a lot that are unbuildable' (in a flood plain, high hazard avalanche area, oron slopes in excess of 40%) will not be counted ir) calculating allowable Gross Residential Floor Area Single Family, Two-Family Prima y/Secotdary Lots with less than 8,000 square feet of buildable lot area will be permitted Trot morethan ZODO square feet of Gross Residential Floor Area Application has been made In accordance with Section 18.88.110 Amendment-4nitiation of the Vail Municipal Code. A Public N~ring willbe held In accordance with Section 18.66.050 of the Munl=C= on October 13, 1980 at 3A0 P.M. Town of Vail Planning and Emdronmental Commisson Tine application and infomration relating to the proposed change Is available in the Inning Administrator's office during regular business hourafor revieworinspectioin by the public. TOWN OF VAIL DEPARTMENT OF COMMUNITY DEVELOPMENT Jim Rubin Zoning Administrator Published In The Vail Trail - on September 28, 1980 Public Notice NOTICE OF WATER TAP FEE INCREASE VAIL INTERMOLINTAW WATER DISTRICT The Board of 01. ra of tttq Vail Intermountain Water District announAllit the District's water tap fee will Increase' effective October 1, 1980 to $1.500 per single-family equivalent dwelling unit The Increase has been determined to be necessary as a result of significant capital improvements already implemented and planned for the District BY ORDER OF THE BOARD OF DIRECTORS John Forflzzi, Secretary Published in The Vail Trail on September 26, 1980 Public Notice NOTICE OF APPLICATION FOR RETAIL 92% BEER FERMENTED MALT BEVERAGE LICENSE NOTICE IS HEREBY GIVEN that City Market, Inc., Joseph C. Printer, President; Leo T. Prirstar, Vice President Eugene F. Haggerty, Secretary-Treasurer; and Bernard W. Berg, Manager, Grand Junction, Colorado, has made pursuant to to the Awn Town Council acting as the gvdn Liquor Licernsrng Authority fora 3J?% Beer Fermented Malt Beverage License on pramisea located at 0280 Beaver Creek Place Town of Avon. County of Eagle and State of Colorado. A hewing will be held at 7:30 p.m. on Tuesday. October 14, 198Q at the Town Council Chambers, Avon, Colorado, to adetterrmine if this application should be piMor~metion may be obtakted up to and Including the date of the hearing and aU Persons; desiring b protest the granting of this peaNiolhs or application may remonstrances until file theW OW time. reem AVON TOWN COUNCIL ACTING AS AVON LIOLIOR LICENSING AUTHORITY Patricia J. Doyle, Town Clerk Published in The Vail Trail on September 26, 1980 Public Notice ORDINANCE NO. 24 Series of 1980 AN.ORDINANCE AUTHORIZING THE ISSUANCE OF TOWN OFAVON, COLORADO, INDUSTRIAL DEVELOPMENT REVENUE BONDS (CITY MARKET, INC. PROJECT), SERIES OF 1980, DATED SEPTEMBER 1, 1980. IN THE PRINCIPAL AMOUNT OF $2,800,000; AND APPROVING THE FORM AND AUTHORIZING THE EXECUTION OF CERTAIN DOCUMENTS RELATING THERETO. WHEREAS, the Town of Avon, Colorado (the Municipality), is authorized by part 1 of article 3 of title 29, Colorado Revised Statutes 1973, as amended (the Act), to issue revenue bonds for the purpose of If ranting projects to the end that commercial or business enterprises will locate in the Municipality, to enter into financi ng agreements with others for the purpose of providing revenues to pay such bonds, and further to secure the payment of such bonds; and WHEREAS, by a resolution duty adopted on May 13, 19W (the Inducement Resolution), the Municipality committeq itself to issue such bonds in an aggregate principal amount not to exceed KOOQ000 in accordance with the provisions of the Act and subject to the terms set forth In the Memorandum of Agreement attached to the Inducement Resolution as Exhibit A for the purpose of financing a supermarket facility (the Project) for City Market Inc. (City Market) to be located within the Municipalityy, and WHEREAS,-title to real property portion of the Project to to be held by Dillon Real Estate Co. Inc. (Dillon Real Estate), a Kansas corporation, and leased for operation to City Market (City Market and Dillon Real Estate, collectively, the Company); WHEREAS, City Market and Dillon Real =9=Z12 owned subsidiaries of Dillon p(the Guarantor), a Kansas corporation; WHEREAS, the following documents have been submitted to the Town Council (the Council) and filed in the office of the Town Clerk (the Clerk and are there-available for public Inspection: 1aI a (Loan the greement, dated asof September Agreement), proposed to be made and entered into between the Municipality and the Company (City Market and Dillon Real Estate, as joint and several obligors); (b) a Trust Indenture, dated as of September 1, 11180 (the Indenture), proposed to be made and entered into between the Municipality and Hutchinson National Barak and Trust Company (the Trustee); (C') a Mortgage and Security Agreement dated as of Septeehber 1, 1980 (the Mortgage dated as is Council dealres to Issue at of Avon Colorado. Industrial WHEREAS, it is necessary to Issue the Series 198D Herds by ordinance and to approve the tam and authorize the execution of the aforementioned documents thereby. NOW. THEREFORE. BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF AVON. COLORADO. THAT: SECTION 1. Approval& and Audawhsmatta The forms of wd. Indenture. Mortgage and Security RWeement and Guaranty are hereby approved. The Mayor and the Clark are hereby authorized and directed to execute the Agreement and the Indenture and affix the scud the Municipality thereto and further to execute and authenticate such other documents, instruments or certificates as are deemed necessary or desirable by bond counsel In order to issue and securethe Series 1980 Bonds. Such documents are to be executed In substantially the form herei rabove approved, provided that such documents may be completed, corrected or revised as deemed necessary by, the parties thereto in order to carry out the purposes of this Bond Ordinance Copies of all of the documents shall be delivered, filed and recorded as provided therein. When executed, the Agreement shall be assigned to the Trustee as provided in the Indenture. The proper officers of the Municipality are hereby authorized and directed to prepare and furnish to bond counsel certified copies of all proceedings and records of the. Municipality relating to the Series 1980 Bonds and such other affidavits and certificates as may be required to show the facts relating to the authorization and issuance thereof as such facts appear from the books and records in such officers' custody and control or as otherwise known to them. All such certified copies, eerufieetea and affidavits, including any heretofore furnished, shall constitute representations of the Municipality as to truth statements contained th"m the The approval hereby given to the various doeumenlai referred to above includes an approval Of such additional details therein as may be necessary and )~pprrooppriate for their oompnatbn and such modifications thereto. datstions therefrom, and additions thereto as may beapptoved by bond counsel prior to the execution of the dtKatments. The execution of Ma MuNcipifthhethe appro rein authorizpriateed shall be Please 2Urrn to Page 24B . Warehouse & Storage Space Available Immediately! 300 SQUM Rios : Self storage - warehouse. 12x25x18 high. 10 foot. overhead door, Benchmark Broellent for business records. pa~ construction matarkft household goods, Condominium friends. $125.00 pe mo with Slifer and Company your Vail-476-2421 Eagle-Vdi-949-5077 Denver-8938542 P.O. Box 1248-Vail. Colorado 81657 24 Tice Vail Trail - September 26.1980 - Section B From Page 22B conclusive evidence of the approval by the Municipality of such instrument in accordance with the terms hereof. CONDOMINIUMS RESIDENTIALS WEST VAIL: Two large studio condominiums with loft bedrooms fireplace and more Owner financing. From .............$77,950 VESiIANDEi 2A: Owner leaving town. Large three-level unit in West Vail. Iwo bedrooms plus loft partially finished basement. Good rental unit. With Owner Financing S105,000 WEST VAIL- Lowest priced three bedroom, two and one-half bath condominiumhsinthe Valley.Totally refurbished, Including newwal- to-woil carpeting, wallpaper, paint and ceramic file. Two units available from ........................................$114,750 EAGLE-VAIL SUNDECK CONDOMINIUM& Newly constructed three bedroom, two and one-half bath condominiums Over 1A00 sq. ft. full carpeted, all major kitchen appliances and large sundecks. Only three miles from Beaver Creek Starting at $115,000 SUNRIDGE AT AVON. UNIT 202E. End unit with view up valley of Vall Mountain Ski Runs Two bedrooms, one and 3', baths. Lock-off storage ..............................................$120.000 WEST VAIL VESTLANDET: Great end unltforrental or large local family. Two bedrooms plus loft and two baths plus 680 sq. ft. unfinished basement. Owner anxious to sell . $125000 THE VALLEY 348: Exceptional 2 bedroom 2 bath. garden level condominium. This lovely development has tennis courts swimming pool, sauna and is located in one of the most scenic locations in Vall. New carpet and paint rougghout This has to be - seen to fully appreciate. Call for appalnthtr.tenI ..........S138= WEST VAIL. Sunny duplex with outstanding view of Gore Range. Voluted beamed ceiling, raised brick hearth and large sundeck. Three bedrooms two baths and pictur"ndowed dining area .................................................5165,000 GE TOWNHOUSES: New construction. Lovely it, faced air heat, jacuul. microwave, electric ter. Outstanding views standing pine and ape 3 baits, membership In Racquet Club indi price. All for .................................i HAMLET CHALET NO. x Outstanding rental property featuring fora separate ap rats, an in excellent c an Alts two garages High monthly eta revenue. Excellent opportunity for employee housing ..............................................5275000 ted in Crossroads Center East Second Level on Mall 303-476-430 NEW CONSTRUCTION study three-bath duplex is cutentiy under constructiori out the 9)h fairway. Offering excellent views two-car garages with electric door openers two sundedcs Overlooking the Fairway and Green and MORE. Excellent residences on a dynamite site that will be ready for ThxmksaM occupancy. Flans available for inspection S240,00D VAIL POTATO PATCH: Located high on top of the Potato Patch, this outstanding residence offers panoramic viewsof the Vail Ski Slopes, Vail Village and the Mount of the Holy Cross. Unique architectural design allows all of the privacy of a singlefamliyhhome. Three bedrooms, three and ale-half baths and all of the features associated with luxury: Double Jacuzzi tub, fireplace, wet bar, and more....... $475000 BUSINESS OPPORTUNITIES THE VAIL COOK E COMPANY: An exceptional op brtunity. A landmark in Vail. Exceptional lease on UxxhsHead Z. Profitable. This is your dream come true ..........................$165,000, SWEET ' iHOUGHM OF VA11- Delicious business opporhmMy. Completely equipped, profitable established outstand-Ing location in Concert Hap Plaza Building, UonsHead A must for the local or person who wants to move to Vail $80XW-$70.000 OLaMERS HOMEMADE ICE CREAM: Located In the prestigious Vdl loolclgationl and o op pport ~unnvgaal iore, Call for further at. lease superb infornatlon ...........................................$125000 INTERVAL OWNERSHIP seen to be ect appreciated thhk~ptp]~ offers acondominiums aamust ggee of condominium Ownership without the high costs Arnenitim Include tennis courts, Indoor/outdoor pool, handball/=xjuefball court and ..tarry others. Stop by our office or call for deta t VAIL RUN RESORT:ChdOmaL NewYea'sandmanyotherflneskland summer weeks avaiable In this well located Interval ownership project. Prices blaifhlg at $1,500 THE WIREW: W km* 51 $9 000 BUILDING SITES BEAVER CREEK 0x Track Let a prime exchAlve lot in Beater CreniCs most exCl she residential subdivislom Owner financing available HIGHLAND M EADO11ft LOT 16, RUNS 2 Excellent kug% wooded dtrotex site that b ready for c:ansfiuction In the Summer of 80 0.000 idge FOtWLD( BUILDWO SITE: 1.37 acre building s" in Wild, . fin offering ponaamic views al Beaver Creek and the New York Maintains Large assumable mortgage ...........$105.000 BERRYCRM I IAMIkLot 12, Block a R lrq 2 Thlsoutdanding dup19x building site' is located an the 171h farway dog leg e asstmtabie Mortgage available $99010 MOBILE HOMES BENCH AOL 12'x63. Three bedroom tft bath. washer/ dryer and dishwasher $10000 CALL, WRITE OR DROP IN FOR INFORMATION ON OUR OIM LWNGSI David Fales Bill Sargent Nor no Sturges Susan Bidder Michael Cacloppo Michael Kelahan. 3~3 -4300 a Post Office Box 1292 Vaili' Colorado 81657 b(bb'o) 476 . xoo .010-ote.p ,c.• ...a.„......... .......,_7 SECTION 2. Issuance and Sale of Bonds. The Municipality shall issue its Industrial Development Revenue Bonds (City Market. Ina Project), Series 1980, dated September 1, 19W. In the total principal amount of $2:800.000 for the purpose, in the form and upon the terms set forth in this Bond Ordinance, the Agreement, the Indenture. and the forth of the Bond set forth as Exhibit A to this Bond Ordinance. The maximum net effective interest rate authorized for the Series 1960 Bonds is ten percent (10%). The actual net effective Interest rate for the Series 1979 Bonds is 9.75%. The Series 1980 Bond shall be payable in the manner and to the persons set forth in the Indenture. SECTION a Dotsrmbreliona It is hereby 'found, determined and declared that (a) the financing of the Project will promote the public health, warfare, safety, convenience _ and Prosperity and promote and develop trade or other economic activity by inducing commercial and business enterprises to locate, expand or remain in the Municipality and the State of Colorado in order to mitigate the serious threat of extensive unemployment and to secure and maintain a balanced and stable economy for the Municipality and the State of co>foredo; (b) the amount necessary in each yearto pay the principal of and the interest on the Series 1980 Bonds is as follows: YEAR PRINCIPAL INTEREST TOTAL 19W -0- -0- . -0- 1981 -0- 273,01)(11.00 273,000.00 1982 -0- 273,000.00 273,000.00 1983 -0- 273.WD.00 273.000.00 1984 55,W0.00 27%WD.W 328,000.00 1985 60,0D0.00 267.637.50 327,637.50 1988 -65,000.00 261,787.50 326,787.50 1987 70,000.00 255.450.00 325.450.00' 1988 80.GDD.OD 248,626.00 328,625.00 1988 9(),ODD.00 240.625.00 330,825.00 1980 95,0D0.00 232.060.00 327,060.00 1991 105,W0.00 222.787.50 327,787.50 1992 115,000.00 21Z550.00. 327.550.00 1990 1 W.000.00 201.337.50 331,337.50 1994 140,000.00 188,662.50 328,662.50 1995 155,OW.00 175,012.50 330,012.50 1998 170,ODD.00 159,900.00 329,900.00 1997 1 90,00D.00 143,325-00 333,325.00 1998 334,800.00 1999 230,000.00 104.325-00 334,325.00 2000 840,13)(11.00 81,9DD.00 921,900.00 (c) the A moment provides that the Company shal?maintain the Project and carry all proper the Insurance with respect thereto; ( Agreement requires that the Company pay the taxes whichthetaxing entities specified in Section 29-3-120(3) of the Act are entitled to Iecufve from the Company with respect to the ((e) the payments required in the Agreement to is made are sufficient to pay the principal of Interest on andanypremiumdueinconnection with the Series 1980 Bond when due and to pay all other costs req uired in the Agreeme rd or the Indenture to be made. SECTION 4. Nature of obligation, under the provisions of the Act and as provided in the Agreement and the Indenture, the Series 1980 Bonds shall be special, limited obligations of the Municipality payable solely from, and secured by a pledge of, the revenues derived from the Agreement and shall be further secured by the lien of the 1 ndenaure upon said revenues and by that of the Mort age and Security Agreement upon the Pralect. The Municipality will not pledge any of Its property orsecure the payment of the Series 1980 Bonds with its property. The Series 1080 Bonds shall never constitute the debt or indebtedness of the Municipality within the meaning of any provision or limitation of the state constitution or statutes and shall not constitute nor give rise to a pecuniary liability of the Municipality or a charge against its general credit or taxing powers I n entering into the Agreement and the fn* the Municipality will not obligate Itself, except with respect to the application of the revenues derived from the Pro'eci and the Series 1980 Bond proceeds. The Municipality willnot ay out of its general fund or otherwise contribn1te any part of the Cost ofthe Project (as said term Is defined in the Agreement and the Indenture). SECTION S Bond Printing. The officers of the Municipality are hereby authorized and directed to arrange for the printing of the Series 1980 Bonds. SECTION S. Facsimile Signature& Pursuant to the Uniform Facsimile Signature of Public Officials Act, part 1 of article 55 of title 11. Colorado Revised Statutes 1873, as amended, the Mayor and the Clerk shall forthwith, and N any event prior to the time the Series 1980 Bonds are delivered to the purchaser thereof, file with the Colorado Secretary of State their manual signatures certified by them under oath. SECTION 7. Bond Ordinance Irrepaatable, After any of the Series 1980 Bonds are issued, the Bond Ordinance shall constitute an Irrevocable contract between the Municipality and the holder or holders of the Series 19W Bonds and shall be and remain nrrepealable until the Series 19W Bonds, both principal and Interest, shall be fully paid, cancelled and discharged. SECTION S. Ratitieation. All action heretofore taken by the Municipality and by the officers thereof rot Incornaiatent herewith directed toward the financing of thePto ect end the issuance and sale of the Series 1980 Bonds is hereby ratified, approved and confirmed- SECTION S. Repealer. A8 acts, orders. resolutions, ordinances, or parts thereof, taken ond OrMudinancea are hand ereby repealed yawith BB t that this repealer shall not be construed so as to revive any ad, order. resolution, or part thereof. heretotc, repeated rly SECTIOe or provon oS Bond cuOMfnnaar~ is judicially jxdgme ent shall not aff ect imp~ such drr or Invalidate the remaining peragraphe, clauses or provlslens Inareof. SECTION It. Public Hwft A public hearing on this proposed Ordinance shall be held by the Town Council at 7:30 p.m. an Tuesday. September 23,1980at the Town Hall, Avon, Colorado and It is hereby ordered that mice of said hearing be given as required by INTRODUCEDAND READ. APPROVED ON flRSiT READINti ORDERED PUBLISHED ONCE IN FULL this 10th day of September, TOWN OF AVON Angelo Alpl ATTEST Mayor Patricia Town Clerk READ. ADOPTED ON SECOND READING. AND ORDERED PUBLISHED ONCE IN FULL this 23rd day of September, 1980. TOWN OF AVON Angelo Alpi ATTEST. Moyer Patrlola Doyle Town Clark Published in The Vail Trail W September 26.1980 tj • - -Pi!eas~-'?~va'to-F~ge=26B ONLY ONE LEFT! DELNERY SUMMER 1981 VAIL INTERMOUNTAIN SWIM 1LIENNISCLUB. 2and 3 bedroom superb Loci Townhomes, on Gore Creek. Membership in Swim and Tennis Club Included in purchase A truly warm and lovely place to live while in Vail. Wood floors fireplace with rock from floor to ceiling Pre-contraction contracts available on units scheduled for delivery Spring 1981. Rnlshed model available for your inspection. 2 bedroom -S151,000 8 -9eeleeem ...................................64;4.999 UNIT A SARMISH TOWNHOUSES: Away from crowds with the best views in West Vail. Fullyfurnished end unit. Please take the time to see this excellent buy. 3 bedroom, 3 bath, very large ...$175,000 BOOTH CREEK TOWN HOUSE 8,3: Considered the best town House development in Vaiti A warm, pleasant place to live. Views of the Gone Free Tennis Courts On the Vail bus route. Exceptional awnw financing, you must see to appreciate .................$177,500 PETERSON DUPLEX Booth Creek Arm Located on the creek surrouridad by lovely frees. An exceptional residence, 2 bedroom der. lat. 3 bafh, furnished ............................$287,500. .s ,a STATE OF COLORADO ) COUNTY OF EAGLE ) ss. TOWN OF AVON ) I, Patricia J. Doyle, Town Clerk of the Town of Avon, Colorado, do hereby certify that the attached copy of Ordinance No. 24, Series of 1980, authorizing the issuance of Town of Avon, Colorado, Industrial Development Revenue Bonds (City Market, Inc. Project), Series 1980, dated September 1, 1980, in the principal amount of $2,800,000, is a true and correct copy; that said Ordinance was introduced and approved on first reading by the Town Council at a special meeting thereof held at the Town Hall, Avon, Colorado, the regular meeting place thereof in the Town, on Wednesday, the 10th day of September., 1980; that said Ordinance was adopted on second reading by the Town Council at a regular meeting thereof held at the Town Hall, Avon, Colorado, the regular meeting place thereof in the Town, on Tuesday, the 23rd day of September, 1980; that the original of said Ordinance has been duly approved and signed by the Mayor of the Town and authenticated by the signatures of the Mayor of the Town and myself as Town Clerk of the Town, sealed with the seal of the Town, and numbered and recorded in a I book kept for that purpose in my office; and that said Ordinance was duly published as required by law in The Vail Trail, a newspaper of general circulation in the Town, in its issues of September 12 and 26, 1980, as evidenced by the affidavits of publication attached hereto as pages 30 and 31. I further certify that the foregoing pages 1 through 29,, inclusive; constitute a full, true and correct copy of the record of the proceedings of the Town Council at its meetings of September 10 and 23, 1980, insofar as said proceedings relate to said Ordinance; -33- d that said proceedings were duly had and taken,; that the meetings were duly held; that the persons were present at said meetings as therein shown; and that notice of the,special meeting held on September 10, 1980 was delivered and.posted as therein recited. IN WITNESS WHEREOF, I have hereunto set my hand and the seal of the Town of Avon, Colorado, this 24th day of September , 1980. Town ClerkLj Town of Avon, C orado (TOWN) (SEAL) -34- 1 ~ STATE OF COLORADO ) COUNTY OF EAGLE ) SS TOWN OF AVON ) NOTICE IS HEREBY GIVEN OF A PUBLIC HEARING BEFORE THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO, AT 7:30 P.M. ON THE 23RD DAY OF SEPTEMBER, 1980 AT THE TOWN HALL FOR THE PURPOSE OF CONSIDERING THE ADOPTION OF ORDINANCE N0.#80-24, SERIES OF 1980: AN ORDINANCE AUTHORIZING THE ISSUANCE OF TOWN OF AVON, COLORADO INDUSTRIAL DEVELOPMENT REVENUE. BONDS(CITY MARKET, INC. PROJECT), SERIES OF 1980, DATED SEPTEMBER 1, 1980, IN THE PRINCIPAL AMOUNT OF $2,800,000; AND APPROVING THE FORM AND AUTHORIZING THE EXECUTION OF CERTAIN DOCUMENTS RELATING THERETO. A copy of said Ordinance is attached hereto and is also on file at the office of the Town Clerk and may be inspected during regular business hours. Following this hearing, the Council may consider final passage of this Ordinance. This notice given and published by order of the Town Council of the Town of Avon, Colorado. Dated this 11th day of September, 1980. TOWN OF AVON, COLORADO B , Town Clerk POSTED AT THE FOLLOWING PUBLIC PLACES WITHIN THE TOWN OF AVON ON SEPTEMBER 12, 1980: THE NORTHEAST SIDE OF THE BENCHMARK SHOPPING CENTER, AVON POST OFFICE, THE MAIN ENTRANCE OF EAGLE VALLEY BOWL, THE PESTER GAS STATION, AND THE TOWN OFFICES, SECOND FLOOR, BENCHMARK SHOPPING CENTER. CC1TSENT TO SPECIAL MEETING AND BUSINESS TRANSACTED THEREAT The undersigned members of the Town Council of the Town of Avon,, Colorado, in accordance with the provisions of Section 5.2 and 5.3 of the Town.Charter hereby consent to and waive written notice of the special meeting of the Town Council held on Wednesday, September 10, 1980, at 7:30 P M. at the Town Hall, in Avon, Colorado, and hereby consent to the introduction and approval on first reading of Ordinance No. (An Ordinance Authorizing The Issuance of Town of Avon, Colorado, Industrial Development Revenue Bonds (City Makket, Inc. Project), Series 1980, Dated September 1, 1980, in the Principal Amount of $2,800,000; and Approving the Form and Authorizing the Execution of Certain Documents Relating Thereto.) Mxnbers of the Town Council Angelo Alpi, Mayor A. J. Wells Steve Erickson All-an -Nottingham Sheila Davis :Rill -Doyle Hugh _ -Price -