TC Ord. No. 1990-13•
ORDINANCE NO. 90-13
AN ORDINANCE CONCERNING GENERAL OBLIGATION
REFUNDING AND IMPROVEMENT BONDS OF THE
TOWN OF AVON, COLORADO (THE "TOWN');
AUTHORIZING THE ISSUANCE AND SALE OF THE
TOWN'S GENERAL OBLIGATION REFUNDING AND
IMPROVEMENT BONDS IN THE AGGREGATE PRINCIPAL
AMOUNT OF $3,020,000 FOR THE PURPOSES OF
DEFRAYING THE TOWN'S SHARE OF THE COSTS OF
CONSTRUCTING, OTHERWISE ACQUIRING, EQUIPPING,
EXTENDING, IMPROVING AND DEVELOPING A
RAILROAD UNDERPASS IN THE TOWN AND
REFUNDING A PORTION OF THE TOWN'S EXISTING
GENERAL OBLIGATION DEBT; PROVIDING DETAILS
CONCERNING THE BONDS, THEIR FORM, THEIR SALE
AND FUNDS RELATING THERETO; PROVIDING FOR
THE LEVY OF GENERAL AD VALOREM TAXES TO PAY
THE PRINCIPAL OF AND INTEREST ON THE BONDS;
RATIFYING ACTION HERETOFORE TAKEN AND
RELATING TO SUCH BONDS; PROVIDING OTHER
MATTERS RELATING THERETO; AND REPEALING ALL
ORDINANCES IN CONFLICT HEREWITH.
WHEREAS, the Town of Avon, Eagle County, Colorado (the "Town") is a
municipal corporation duly organized and existing under the laws of the State of Colorado
and in particular under the provisions of Article XX of the Constitution of the State of
Colorado and the Home Rule Charter of the Town (the "Charter"); and
WHEREAS, Section 14.3 of the Charter provides, in pertinent part:
"Section 14.3 General Obligation Refunding and Improvement Bonds.
(a) No bonds or other evidence of indebtedness payable in whole or
in part from the proceeds of general property taxes and/or sales taxes and/or
other municipal taxes, or to which the full faith and credit of the Town is
pledged, shall be issued, except in pursuance of an ordinance adopted and
approved by two-thirds (2/3) vote of the entire Council, or until the questions
of their issuance shall, at a general or special election, be submitted to a vote
of the electors and approved by a majority of those voting on the question.
(b) The Council shall determine which of the aforementioned
methods of approval of such securities shall be utilized subject to the limitations
of subsection 14.3 (c) below.
(c) Pursuant to subsection (a) above, the Council may, without voter
approval, issue such securities in amounts not to exceed a total cumulative
outstanding bonded indebtedness of the town in the amount of $3,020,000.00.
(e) The provisions of this Section shall not apply to Short-Term
Notes, Revenue Bonds, Refunding Bonds, nor Special or Local Improvement
District Bonds, which are provided for elsewhere in this Charter.
; and
WHEREAS, Section 14.7 of the Charter further provides:
"Section 14.7 Limitation of Indebtedness.
The aggregate amount of bonds or other evidences of indebtedness of
the Town shall not exceed twenty-five percent (25%) of the assessed valuation
of the taxable property within the Town as shown by the last preceding
assessment for Town purposes; or the sum of $15,000,000, whichever amount
shall be greater provided, however, in determining the amount of indebtedness,
there shall not be included within the computation:
(a) Bonds or other evidences of indebtedness, outstanding or
authorized to be issued for the acquisition, extension or improvement of a
municipal water-works system or municipal storm sewer, sanitary sewer,
combined storm and sanitary sewers, or sewage disposal systems;
(b) Short-term notes;
(c) Special or local improvement securities;
(d) Securities payable from the revenues of an income-producing
system, utility, project, or other capital improvements or from Town sales or
use taxes.
(e) Long term installment contracts other than real property
acquisitions, rentals and leaseholds pursuant to Section 14.9."
; and
WHEREAS, Section 14.6 of the Charter provides, in pertinent part:
(a) The Council may authorize, by ordinance, without
an election, issuance of refunding bonds or other like securities
for the purpose refunding and providing for the payment of the
outstanding bonds or other like securities of the town as the
same mature, or in advance of maturity, by means of an escrow
or otherwise.
; and
WHEREAS, the assessed valuation of the taxable property within the Town as
of the first day of January, 1990 is $35,344,450 and the limitation on indebtedness pursuant
to Section 14.7 is $15,000,000; and
WHEREAS, the Council has determined, and does hereby declare, that the
proposal (the "Proposal") submitted by Coughlin & Company Inc. (the 'Purchaser"), prior to
the final passage of this ordinance, for the purchase of the bonds (the "Bonds") and
registered "B" interest certificates (the "Registered Certificates") evidencing additional interest
thereon herein authorized is to the best advantage of the Town; and
WHEREAS, the District has previously issued its General Obligation Bonds,
Series 1980A in the aggregate principal amount of $1,385,000 (the "1980 Bonds") of which
$1,220,000 remains outstanding and bear interest at the rates set forth below, payable
semiannually on June 1 and December 1 of each year, and the outstanding principal amount
matures annually on December 1 in each of the years and amounts as follows:
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Interest
Maturi
Principal
Rate Per Annum
1990
$ 70,000
9.20%
1991
70,000
9.10
1992
80,000
9.20
1993
85,000
9.25
1994
95,000
9.30
1995
105,000
9.35
1996
120,000
9.40
1997
130,000
9.45
1998
140,000
9.50
1999
155,000
9.50
2000
170,000
9.50
; and
WHEREAS, the District has previously issued its General Obligation Various
Purpose Bonds, Series 1983 in the aggregate principal amount of $500,000 (the "1983 Bonds")
of which $380,000 remains outstanding and bears interest at the rates set forth below,
payable semiannually on June 1 and December 1 of each year, and the outstanding principal
amount matures annually on December 1 in each of the years and amounts as follows:
Interest
Maturi Principal Rate Per Annum
1990
$30,000
9.75%
1991
30,000
10.00
1992
35,000
10.25
1993
35,000
10.40
1994
40,000
10.50
1995
45,000
10.50
1996
50,000
10.50
1997
55,000
10.50
1998
60,000
10.50
; and
WHEREAS, the 1980 Bonds maturing on and after December 1, 1991 are
subject to redemption at the option of the Town on December 1, 1990 or any interest
payment date thereafter, in inverse numerical order of maturity at a price equal to par plus
accrued interest to the redemption date; and
WHEREAS, the 1983 Bonds maturing on and after December 1, 1994 are
subject to redemption at the option of the Town on December 1, 1993 or any interest
payment date thereafter in inverse order of maturity at a price equal to par plus accrued
interest to the redemption date; and
WHEREAS, the Town is not delinquent in the payment of any principal or
interest on any of the 1980 Bonds or the 1983 Bonds (collectively, the "Refunded Bonds");
and
WHEREAS, the Council has determined, and does hereby determine, that the
interest of the Town and the public interest and necessity require the paying and discharging
of all of the principal and interest on the Refunded Bonds as such come due or are called
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® •
for prior redemption, and the issuance of bonds therefore pursuant to Section 14.6 of the
Charter and the payment of related costs (the "Refunding Project"); and
WHEREAS, by undertaking the Refunding Project, the Town will reduce the
principal and interest payable in particular years and effect other economies; and
WHEREAS, the Town has obtained agreements from the State of Colorado,
Eagle County, the Beaver Creek Metropolitan District and the Denver Rio Grande Railroad
for the provision of a portion of the funding for the construction of a railroad underpass (the
"Improvement Project"); and
WHEREAS, the Council has determined, and does hereby declare:
A. It is desirable and to the best advantage of the Town to construct,
otherwise acquire, equip, extend, improve and develop a railroad underpass, including, without
limitation, all necessary improvements, land and easements for the Improvement Project and
to pay a share of the costs incurred for the issuance of the Bonds;
B. The Refunding Project serves a valid governmental purpose and is
necessary, expedient and in the best interests of the Town; and
C. The Bonds shall be issued for the Improvement Project and the
Refunding Project (collectively, the "Project") in the aggregate principal amount of $3,020,000;
and
D. All action preliminary to the authorization of the issuance of the Bonds
has been taken.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF
THE TOWN OF AVON, COLORADO:
Section 1. Authority for this Ordinance. This ordinance is adopted by virtue
of the Town's powers as a home rule municipality organized and operating pursuant to
Article XX of the State Constitution and the Charter thereunder and pursuant to their
provisions. Pursuant to Article XX of the State Constitution and the Charter, all statutes
of the State which might otherwise apply in connection with the Project or the Bonds are
hereby superseded.
Section 2. Terms of Bond Sale. The Purchaser's offer to purchase the
Bonds and Registered Certificates as provided in the Proposal described in the sixth preamble
to this ordinance is hereby formally accepted; and the Bonds shall be sold and delivered to
the Purchaser in accordance therewith.
Section 3. Authorization. For the purpose of providing funds to defray the
costs of the Project (including costs of issuance of the Bonds), the Council, on behalf of the
Town and upon the credit thereof, shall issue its 'Town of Avon, Colorado, General
Obligation Refunding and Improvement Bonds, Series 1990" in the aggregate principal
amount of $3,020,000.
Section 4. Bond Details. The Bonds shall be issued in fully registered form
in denominations of $5,000 and integral multiples thereof (provided that no Bond may be in
a denomination which exceeds the principal coming due on any maturity date and no
individual Bond may be issued for more than one maturity). The Bonds shall be numbered
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•
in such manner as shall be determined by Affiliated Denver National Bank in Denver,
Colorado, the registrar and paying agent for the Bonds, or any successor registrar and paying
agent (the "Registrar" or the 'Paying Agent").
The Bonds shall be dated September 1, 1990 and shall bear "A" interest
payable to the registered owners of the Bonds from their date to maturity at the rates per
annum shown below, payable semiannually on June 1 and December 1 in each year,
commencing December 1, 1990, except that Bonds which are reissued upon transfer, exchange
or other replacement shall bear interest from the most recent interest payment date to which
interest has been paid, or if no interest has been paid, from the date of the Bonds. The
Bonds shall mature serially on December 1, in each of the years and amounts set forth
below:
Maturity
Interest
Date
Principal
Rate
(December 1)
Amount
(Per Annum)
1998
$100,000
7.1%
1999
105,000
7.2
2000
115,000
7.3
2001
120,000
7.4
2002
130,000
7.5
2003
145,000
7.6
2004
150,000
7.7
2010
2,155,000
8.0
In addition to the "A" interest rates, the Bonds shall bear additional interest
evidenced by Registered Certificates (as defined in Section 5 herein) at the Registered
Certificate interest rates per annum shown, payable on the dates indicated below.
Interest
Payment
Accrual
Dates
Registered Certificate
Amount
Period
(December 1)
Interest Rate
Maturing
delivery date - 5/30/91
06/01/91
2.5914195%
$ 55,000
06/01/91 - 11/30/91
12/01/91
3.973510
60,000
12/01/91 - 05/31/92
06/01/92
3.642384
55,000
06/01/92 - 11/30/92
12/01/92
3.973510
60,000
12/01/92 - 05/31/93
06/01/93
3.642384
55,000
06/01/93 - 11/30/93
12/01/93
3.973510
60,000
12/01/93 - 05/31/94
06/01/94
3.642384
55,000
06/01/94 - 11/30/94
12/01/94
3.973510
60,000
12/01/94 - 05/31/95
06/01/95
3.973510
55,000
06/01/95 - 11/30/95
12/01/95
3.973510
60,000
12/01/95 - 05/31/96
06/01/96
3.973510
60,000
06/01/96 - 11/30/96
12/01/96
3.973510
60,000
12/01/96 - 05/31/97
06/01/97
3.973510
60,000
06/01/97 - 11/30/97
12/01/97
3.973510
60,000
The maximum interest rate for the Bonds is hereby determined to be 9.43808%
per annum.
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•
The principal of and premium, if any, on any Bond and the interest
represented by the Registered Certificates shall be payable to the registered owner thereof
as shown on the registration records kept by the Registrar upon maturity or prior redemption
thereof and upon presentation and surrender at the principal office of the Paying Agent. If
any Bond shall not be paid upon such presentation and surrender at or after maturity, it shall
continue to bear interest at its stated interest rate until the principal thereof is paid in full.
Payment of interest on any Bond (excluding interest represented by Registered Certificates)
shall be made to the registered owner thereof by check or draft mailed by the Paying Agent,
on or before each interest payment date (or, if such interest payment date is not a business
day, on the next succeeding business day), to the registered owner thereof at his or her
address as it last appears on the registration records kept by the Registrar on the close of
business on the fifteenth day (whether or not a business day) of the calendar month next
preceding an interest payment date (the 'Record Date"); but any such interest not so timely
paid shall cease to be payable to the person who is the registered owner thereof at the close
of business on the Record Date and shall be payable to the person who is the registered
owner thereof at the close of business on a Special Record Date for the payment of any
such defaulted interest. Such Special Record Date shall be fixed by the Registrar whenever
moneys become available for payment of the defaulted interest, and notice of the Special
Record Date shall be given to the registered owners of the Bonds not less than ten days
prior to the Special Record Date by first-class mail to each such registered owner as shown
on the Registrar's registration records on a date selected by the Registrar, stating the date
of the Special Record Date and the date fixed for the payment of such defaulted interest.
The Paying Agent may make payments of interest (excluding interest represented by
Registered Certificates) on any Bond by such alternative means as may be mutually agreed
to by the registered owner of such Bond and the Paying Agent (provided, however, that the
Town shall not be required to make funds available to the Paying Agent prior to the interest
payment date specified in the Registrar and Paying Agent Agreement dated as of
September 1, 1990 between the Town and the Registrar (the 'Registrar Agreement")). All
such payments shall be made in lawful money of the United States of America, without
deduction for the services of the Registrar or Paying Agent.
Section 5. Registered Certificates. At the time of initial delivery of the
Bonds to the Purchaser, the Bonds shall be accompanied by Registered "B" Interest
Certificates (the "Registered Certificates") evidencing a portion of the interest on the Bonds
and shall be registered as shall be directed by the Purchaser pursuant to Section 11 hereof.
The Registered Certificates shall be in fully registered form (i.e., registered as to payment of
the supplemental interest) provided that no Registered Certificate shall be issued for more
than one due date. The Registered Certificates shall be numbered in such manner as the
Registrar shall determine. Each Registered Certificate shall entitle the registered owner
thereof to receive payment of a portion of the interest payable with respect to the Bonds as
described in Section 4 hereof. The Registered Certificates may be owned, transferred and
presented for payment separately from the Bonds. References in this Ordinance to the
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Bonds shall be deemed to include the Registered Certificates where the context so requires,
but except as specifically provided herein or in the Registered Certificates, no provision of
this Ordinance relating to the Bonds shall be deemed to affect the rights of the owners of
Registered Certificates to receive payments as provided in Section 4 hereof.
Section 6. A. Prior Redemption. The Bonds maturing on or before
December 1, 1998 shall not be subject to redemption prior to their respective maturities.
The Bonds maturing on and after December 1, 1999 are subject to redemption prior to their
maturity, at the option of the Town, in whole or in part, in integral multiples of $5,000, and
if less than all of the Bonds are to be redeemed, by maturity or maturities selected by the
Town and by lot within a maturity as the Paying Agent shall determine (giving proportionate
weight to Bonds in denominations larger than $5,000), on December 1, 1998 or on any date
thereafter, at the redemption prices set forth below (expressed as a percentage of the
principal amount of each Bond or portion thereof so redeemed), plus accrued interest to the
redemption date:
Redemption Dates (inclusive) Redemption Price
December 1, 1998 through November 30, 2000 101%
December 1, 2000 and thereafter 100%
B. Mandatory Sinking Fund Redemption. The Bonds maturing on
December 1, 2010 are subject to mandatory sinking fund redemption as set forth below, in
part, by lot, in such manner as the Paying Agent may determine (giving proportionate weight
to Bonds in denominations larger than $5,000), at a redemption price equal to the principal
amount of each Bond or portion thereof so redeemed plus accrued interest to the
redemption date. As and for a sinking fund for the redemption of the Bonds maturing on
December 1, 2010, the Town will deposit, on or before December 1, 2005 and on or before
each December 1 thereafter through December 1, 2009, a sum which together with other
moneys available is sufficient to redeem (after credit as provided below) on the following
dates, the following principal amount of the Bonds maturing on December 1, 2010:
Sinking Fund
Payment Date Principal
(December 1) Amount
2005
$160,000
2006
175,000
2007
405,000
2008
435,000
2009
470,000
The remaining $510,000 of Bonds maturing on December 1, 2010 will be paid
upon presentation and surrender at or after maturity unless previously redeemed prior to
maturity at the option of the Town pursuant to Subsection A of this Section. On or before
the thirtieth day prior to each sinking fund payment date indicated above, the Registrar shall
proceed to call the Bonds maturing on such sinking fund payment date (or any Bond or
Bonds issued to replace such Bonds) for redemption from such sinking fund, and give notice
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of such call without further instruction or notice from the Town. At its option, to be
exercised on or before the sixtieth day next preceding any such sinking fund redemption date,
the Town may (i) deliver to the Registrar for cancellation Bonds maturing on December 1,
2010 subject to mandatory sinking fund redemption in an aggregate principal amount desired
or (ii) receive a credit in respect of its sinking fund redemption obligation for any Bonds
maturing on December 1, 2010, which prior to said date have been redeemed (otherwise than
through the operation of the sinking fund) and cancelled by the Registrar and not
theretofore applied as a credit against the sinking fund redemption obligation. Each Bond
so delivered or previously redeemed will be credited by the Registrar at the principal amount
thereof on the obligation of the Town on such sinking fund redemption date and the
principal amount of Bonds to be redeemed accordingly reduced. The Town will on or before
the sixtieth day next preceding such sinking fund redemption date furnish the Registrar a
certificate indicating whether or not and to what extent the provisions of (i) and (ii) of the
preceding sentence are to be availed with respect to such sinking fund payment. Failure of
the Town to deliver such certificate shall not affect the Registrar's duty to give notice of
sinking fund redemption as herein provided.
C. Partial Redemption. In the case of a Bond of a denomination larger
than $5,000, a portion of such Bond ($5,000 or integral multiples thereof) may be redeemed,
in which case the Registrar shall, without charge to the registered owner of such Bond,
authenticate and issue a replacement Bond or Bonds for the unredeemed portion thereof.
D. Notice. The Town shall give written instructions of any optional prior
redemption pursuant to Subsection A of this Section to the Registrar at least sixty days prior
to such redemption date (provided that the Registrar may waive the right to receive such
instructions more than thirty days prior to such redemption date). The Registrar shall give
notice of mandatory sinking fund redemption pursuant to Subsection B of this section without
any instruction or direction from the Town. Notice of any optional prior redemption or
mandatory sinking fund redemption shall be given by the Registrar in the name of the Town
by sending a copy of such notice by first-class mail, postage prepaid, not more than sixty days
and not less than thirty days prior to the redemption date, to the registered owner of any
Bond all or a portion of which is called for prior redemption at his or her address as it last
appears on the registration records kept by the Registrar. Failure to give such notice by mail
to the registered owner of any Bond, or any defect therein, shall not affect the validity of
the proceedings for the redemption of any other Bonds. Such notice shall identify the Bonds
or portions thereof to be redeemed (if less than all are to be redeemed) and the date fixed
for redemption, and shall further state that on such redemption date the principal amount
thereof and premium, if any, will become due and payable at the Paying Agent, and that
from and after such date interest will cease to accrue. Accrued interest to the redemption
date will be paid by check or draft mailed to the registered owner (or by alternative means
if so agreed to by the Paying Agent and the registered owner). Notice having been given
in the manner hereinabove provided, the Bond or Bonds so called for redemption shall
become due and payable on the redemption date so designated; and upon presentation
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thereof at the principal office of the Paying Agent, the Town will pay the Bond or Bonds so
called for redemption. No further interest shall accrue on the principal of any Bond (or
portion thereof) called for redemption from and after the redemption date, provided sufficient
funds are on deposit with the Paying Agent on the redemption date.
Section 7. Execution and Authentication. The Bonds shall be executed in
the name of the Town by the manual or facsimile signature of the Mayor, shall be sealed
with the manual or facsimile impression of the seal of the Town, and shall be attested by the
manual or facsimile signature of the Town Clerk. The Registered Certificates accompanying
the Bonds shall be executed in the name of the Town by the manual or facsimile signature
of the Mayor and sealed with the manual or facsimile impression of the seal of the Town.
Bonds or Registered Certificates bearing the manual or facsimile signatures of the officers
in office at the time of the signing thereof shall be the valid and binding obligations of the
Town, notwithstanding that before the delivery of the Bonds or Registered Certificates or
before the reissuance of the Bonds or Registered Certificates upon transfer or exchange, any
or all of the persons whose signatures appear on the Bonds or Registered Certificates shall
have ceased to fill their respective offices. The Mayor and the Town Clerk shall, by the
execution of a signature certificate pertaining to the Bonds and the Registered Certificates,
adopt as and for their respective signatures the facsimiles thereof appearing on the Bonds.
The Mayor and the Town Clerk may each adopt as and for his or her facsimile signature the
facsimile signature of his or her predecessor in office in the event that such facsimile
signature appears upon any of the Bonds or Registered Certificates.
No Bond or Registered Certificate shall be valid or obligatory for any purpose
unless the certificate of authentication, substantially in the form hereinafter provided, has
been duly manually executed by the Registrar. The Registrar's certificate of authentication
shall be deemed to have been duly executed by it if manually signed by an authorized
representative of the Registrar, but it shall not be necessary that the same representative sign
the certificate of authentication on all of the Bonds or Registered Certificates issued
hereunder. By authenticating any of the Bonds or Registered Certificates initially delivered
pursuant to this ordinance, the Registrar shall be deemed to have assented to the provisions
of this ordinance.
Section 8. Registration. Transfer and Exchange of Bonds and Registered
Certificates. A. Records for the registration and transfer of the Bonds and Registered
Certificates shall be kept by the Registrar. Upon the surrender for transfer of any Bond or
Registered Certificate at the Registrar, with a written instrument of transfer satisfactory to
the Registrar duly executed by the registered owner or his duly authorized attorney, the
Registrar shall enter such transfer in the registration records and shall authenticate and
deliver in the name of the transferee or transferees a new Bond or Bonds of a like
aggregate principal amount and of the same maturity, or a new Registered Certificate or
Registered Certificates of a like aggregate amount and of the same due date, as the case
may be, bearing a number or numbers not previously assigned. Bonds may be exchanged at
the Registrar for an equal aggregate principal amount of Bonds of the same maturity of
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other authorized denominations. Registered Certificates may be exchanged at the Registrar
for an equal aggregate amount of Registered Certificate interest as provided in Section 4
hereof and of the same due date. The Registrar shall authenticate and deliver a Bond or
Bonds or Registered Certificate or Registered Certificates which the registered owner making
the exchange is entitled to receive, bearing a number or numbers not previously assigned.
The Registrar may impose reasonable charges in connection with exchanges or transfers of
Bonds or Registered Certificates, which charges (as well as any tax or other governmental
charge required to be paid with respect to such transfer) shall be paid by the registered
owner requesting such exchange or transfer.
B. The Registrar shall not be required to transfer or exchange (i) all or
any portion of any Bond subject to prior redemption during the period beginning at the
opening of business fifteen days before the mailing of notice calling any Bonds or portions
thereof for prior redemption and ending at the close of business on the date of such mailing,
or (ii) all or any portion of any Bond after the mailing of notice calling such Bond or any
portion thereof for prior redemption.
C. Except as herein provided with respect to Record Dates and Special
Record Dates for the payment of interest, the person in whose name any Bond or
Registered Certificate shall be registered on the registration records kept by the Registrar
shall be deemed and regarded as the absolute owner thereof for the purpose of making
payment thereof and for all other purposes; and payment of either principal or interest on
any Bond shall be made only to upon the written order of the registered owner thereof or
his legal representative, but such registration may be changed in the manner and subject to
the conditions and limitations provided herein. All such payments shall be valid and effectual
to discharge the liability upon such Bond to the extent of the sum or sums so paid.
D. If any Bond or Registered Certificate shall be lost, stolen, destroyed or
mutilated, the Registrar may, upon receipt of evidence, information, or indemnity relating
thereto as it and the Town may reasonably require, authenticate and deliver a replacement
Bond or Bonds of a like aggregate principal amount and of the same maturity or a
replacement Registered Certificate or Registered Certificates of like aggregate amount and
of the same due date, bearing a number or numbers not previously assigned. If such lost,
stolen, destroyed or mutilated Bond shall have matured or is about to become due and
payable, the Registrar may direct that the Paying Agent pay such Bond or Registered
Certificate in lieu of replacement.
E. The officers of the Town are authorized to deliver to the Registrar fully
executed but unauthenticated Bonds and Registered Certificates in such quantities as may be
convenient to be held in the custody of the Registrar pending use as herein provided.
F. Whenever any Bond or Registered Certificate shall be surrendered to
the Paying Agent upon payment thereof, or to the Registrar for transfer, exchange or
replacement as provided herein, such Bond or Registered Certificate shall be promptly
cancelled by the Paying Agent or Registrar, and counterparts of a certificate of such
cancellation shall be furnished by the Paying Agent or Registrar to the Town.
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Section 9. Negotiability: General Obligation. Subject to the registration
provisions hereof, the Bonds and Registered Certificates shall be fully negotiable and shall
have all the qualities of negotiable paper, and the registered owner or owners thereof shall
possess all rights enjoyed by the holders of negotiable instruments under the provisions of the
Uniform Commercial Code. The Bonds and Registered Certificates shall constitute the
general obligations of the Town and the full faith and credit of the Town shall be, and
hereby is, pledged to the payment thereof.
Section 10. Form of Bonds, Registered Certificates, Certificates and
Registration Panel. The Bonds, Registered Certificates, Registrar's certificate of
authentication, form of assignment and legal opinion certificate shall be in substantially the
following forms (provided that any portion of the text of the Bonds may, with appropriate
references, be printed on the back of the Bonds):
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(Form of Bond)
•
UNITED STATES OF AMERICA
STATE OF COLORADO COUNTY OF EAGLE
TOWN OF AVON, COLORADO
GENERAL OBLIGATION REFUNDING AND IMPROVEMENT BOND
SERIES 1990
No. R-
INTEREST RATE
REGISTERED OWNER:
MATURITY DATE
DATED AS OF
CUSIP
December 1,
September 1, 1990
PRINCIPAL AMOUNT: DOLLARS
On the faith, credit and behalf of the Town of Avon, Colorado (the "Town),
the Town Council of the Town (the "Council") hereby acknowledges the Town indebted and
promises to pay to the Registered Owner specified above, or registered assigns, the Principal
Amount specified above, on the Maturity Date specified above (unless called for earlier
redemption) and to pay interest thereon on June 1 and December 1 in each year
commencing December 1, 1990, at the Interest Rate per annum specified above, until the
Principal Amount is paid or payment has been provided therefor. This bond will bear
interest payable to the Registered Owner at the Interest Rate specified above from the most
recent interest payment date to which interest has been paid, or, if no interest has been paid,
from the date of this bond. The principal of this bond is payable upon presentation and
surrender hereof at the principal office of the Town's Paying Agent, or any successor paying
agent (the "Paying Agent"), presently Affiliated Denver National Bank in Denver, Colorado.
If this bond shall not be paid upon such presentation and surrender, it shall continue to bear
interest at the Interest Rate specified above until the principal hereof is paid in full. Interest
payable to the registered owner of this bond will be paid on each interest payment date (or,
if such interest payment date is not a business day, on the next succeeding business day), by
check or draft mailed by the Paying Agent to the person in whose name this bond is
registered (the "registered owner") on the registration records of the Town maintained by the
Registrar, or any successor registrar (the "Registrar"), currently being Affiliated Denver
National Bank, and at the address as it last appears thereon at the close of business on the
fifteenth day (whether or not a business day) of the calendar month next preceding such
interest payment date (the "Record Date"). Any such interest not so timely paid shall cease
to be payable to the person who is the registered owner hereof at the close of business on
the Record Date and shall be payable to the person who is the registered owner hereof at
the close of business on a Special Record Date, as defined in the ordinance adopted by the
Council on August 14, 1990 authorizing this bond (the 'Bond Ordinance"), for the payment
of any defaulted interest. Such Special Record Date shall be fixed by the Paying Agent
whenever moneys become available for payment of the defaulted interest, and notice of the
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Special Record Date shall be given to the registered owners of the bonds of the series of
which this is one (the "Bonds") not less than ten days prior to the Special Record Date.
The Paying Agent may make payments of interest on this bond by such alternative means as
may be mutually agreed to by the registered owner hereof and the Paying Agent. All such
payments shall be made in lawful money of the United States of America without deduction
for the services of the Registrar or Paying Agent.
The Bonds bear additional interest evidenced by Registered Certificates which
may be owned, transferred and presented for payment separately from the Bonds, all as
provided in the Bond Ordinance.
The Bonds are issued in fully registered form in denominations of $5,000 and
integral multiples thereof (provided that no Bond may be in a denomination which exceeds
the principal coming due on the maturity date). Upon surrender of this bond at the principal
office of the Registrar with a written instrument of transfer satisfactory to the Registrar duly
executed by the registered owner or his duly authorized attorney, this bond may be
exchanged for an equal aggregate principal amount of Bonds of the same maturity of other
authorized denominations, subject to the terms, conditions and charges as set forth in the
Bond Ordinance.
The Bonds maturing on or before December 1, 1998 are not subject to
redemption prior to maturity. The Bonds maturing on and after December 1, 1999 are
subject to prior redemption at the option of the Town, in whole, or in part, in integral
multiples of $5,000, by maturity or maturities selected by the Town and by lot within a
maturity as the Paying Agent shall determine (giving proportionate weight to Bonds in
denominations larger than $5,000), on December 1, 1998 or on any date thereafter, at the
redemption prices set forth below (expressed as a percentage of the principal amount of each
bond or portion thereof so redeemed), plus accrued interest to the redemption date:
Redemption Dates (inclusive) Redemption Price
December 1, 1998 through November 30, 2000 101%
December 1, 2000 and thereafter 100%
The Bonds maturing on December 1, 2010 are subject to mandatory sinking
fund redemption in the manner provided in the Bond Ordinance in part, by lot, in such
manner as the Paying Agent may determine (giving proportionate weight to Bonds in
denominations larger than $5,000), at a redemption price equal to the principal amount
redeemed plus accrued interest to the redemption date.
As and for a sinking fund for the redemption of the Bonds maturing on
December 1, 2010, the Town will deposit, on or before December 1, 2005 and on or before
each December 1 thereafter through December 1, 2009 a sum which together with other
moneys available is sufficient to redeem (of the credit as provided below) on the following
dates the following principal amount of the Bonds maturing on December 1, 2010:
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0 •
Sinking Fund
Payment Date Principal
(December 1) Amount
2005
$160,000
2006
175,000
2007
405,000
2008
435,000
2009
470,000
The remaining $510,000 of Bonds due on December 1, 2010 will be paid upon
presentation and surrender at or after maturity unless previously redeemed prior to maturity
at the option of the Town. On or before the thirtieth day prior to each sinking fund
payment date, the Registrar will proceed to call the Bonds indicated above (or any Bond or
Bonds issued to replace such Bonds) for redemption from the sinking fund on such sinking
fund payment date, and give notice of such call. The Town is entitled to certain credits
against its sinking fund redemption obligation in the manner and upon the conditions
provided in the Bond Ordinance.
In the case of a Bond of a denomination larger than $5,000, a portion of such
Bond ($5,000 or integral multiples thereof) may be redeemed, in which case the Registrar
shall, without charge to the registered owner of such Bond, authenticate and issue a
replacement Bond or Bonds for the unredeemed portion thereof. Redemption shall be made
upon not more than 60 days' and not less than 30 days' prior mailed notice to each
registered owner as shown on the registration records kept by the Registrar in the manner
and upon the conditions provided in the Bond Ordinance.
This bond is fully transferable on the registration records kept by the Registrar
upon surrender of this bond together with a written instrument of transfer satisfactory to the
Registrar duly executed by the registered owner hereof or his duly authorized attorney.
Upon such transfer a new fully registered bond of authorized denomination or denominations
of the same aggregate principal amount and maturity will be issued to the transferee in
exchange for this bond, subject to the terms, conditions and charges as set forth in the Bond
Ordinance. Except as otherwise provided herein and in the Bond Ordinance with respect to
Record Dates and Special Record Dates for the payment of interest, the Town, the Registrar
and the Paying Agent may deem and treat the person in whose name this bond is registered
as the absolute owner hereof for the purpose of making payment and for all other purposes.
The Registrar will not be required to transfer or exchange (i) all or any portion
of any Bond subject to prior redemption during the period beginning at the opening of
business fifteen days before the mailing of notice calling any Bonds or portions thereof for
prior redemption and ending at the close of business on the day of such mailing, or (ii) all
or any portion of any Bond after the mailing of notice calling such Bond or any portion
thereof for prior redemption.
The Bonds are issued by the Town, upon its behalf and upon the credit
thereof, for the purposes of defraying wholly or in part the costs of the Project (as defined
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® •
in the Bond Ordinance), including certain costs associated with the issuance of the Bonds, all
under the authority of and in full conformity with the Charter of the Town and the
Constitution and laws of the State of Colorado; and pursuant to the Bond Ordinance duly
adopted by the Council and made a law of the Town prior to the issuance of this bond.
FOR PURPOSES OF SECTION 265(b)(3)(B) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED, THE TOWN HAS DESIGNATED THIS
BOND AS A QUALIFIED TAX-EXEMPT OBLIGATION.
It is hereby certified, recited and warranted that all the requirements of law
have been complied with by the proper officers of the Town in the issuance of this bond;
that the total indebtedness of the Town, including that of this bond, does not exceed any
limit of indebtedness prescribed by the Charter of the Town or the Constitution or laws of
the State of Colorado; and that provision has been made for the levy and collection of
annual taxes sufficient to pay the interest on and the principal of this bond when the same
become due.
The full faith and credit of the Town are hereby irrevocably pledged for the
punctual payment of the principal of and the interest on this bond.
This bond shall not be valid or obligatory for any purpose until the Registrar
shall have manually signed the certificate of authentication hereon.
IN TESTIMONY WHEREOF, the Town has caused this bond to be signed
and executed on its behalf by the manual or facsimile signature of its Mayor; has caused a
manual or facsimile impression of the seal of the Town to be affixed hereon; and has caused
this bond to be executed and attested with the manual or facsimile signature of its Town
Clerk; all as of the date specified above.
(SEAL) (Manual or Facsimile Signature)
Mayor
Attest:
(Manual or Facsimile Signature)
Town Clerk
(End of Form of Bond)
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(Form of Certificate of Authentication)
This is one of the Bonds described in the Bond Ordinance, and this bond has
been duly registered on the registration records kept by the undersigned as Registrar for the
Bonds.
Date of Authentication:
AFFILIATED DENVER NATIONAL BANK
By
Authorized Representative
(End of Form of Certificate of Authentication)
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• 0
(Form of Assignment)
For value received, the undersigned hereby sells, assigns and transfers unto
the within bond and all rights hereunder and hereby irrevocably constitutes and
appoints , to transfer the same on the records of the Registrar, with full power
of substitution in the premises.
Dated:
Signature Guaranteed:
Name and Address of Transferee:
Social Security of other tax
identification number of transferee:
NOTE: The signature to this Assignment must correspond with the name as written on the
face of the within bond in every particular, without alteration or enlargement or any change
whatsoever.
EXCHANGE OR TRANSFER FEES MAY BE CHARGED
(End of Form of Assignment)
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(Form of Registered Certificate)
United States of America
State of Colorado
County of Eagle
Town of Avon
General Obligation Refunding and Improvement Bond
Series 1990
Registered "B" Interest Certificate
REGISTERED CERTIFICATE NO.
RELATED PRINCIPAL AMOUNT OF BONDS:
REGISTERED CERTIFICATE INTEREST RATE: %
INTEREST PAYABLE: $
INTEREST PAYMENT DATE:
INTEREST START DATE:
REGISTERED OWNER:
On the Interest Payment Date specified above, the Town of Avon (the
"Town"), Eagle County, State of Colorado, will pay to the Registered Owner specified above,
or registered assigns, in lawful money of the United States of America, the Interest Payable
shown above, being partial interest on the Related Principal Amount of Bonds referred to
above at the Registered Certificate Interest Rate per annum identified above for the period
from the Interest Start Date specified above to the Interest Payment Date specified above.
Such payments will be made to the registered owner hereof upon presentation and surrender
of this Registered Certificate at the principal corporate trust office of Affiliated Denver
National Bank, in Denver, Colorado, or its successor, as Paying Agent. This Registered
Certificate may be transferred, exchanged, and reissued at the principal corporate trust office
of Affiliated Denver National Bank, in Denver, Colorado, or its successor as Registrar, all
in accordance with the ordinance authorizing the issuance of the Bonds and Registered
Certificates adopted by the Town Council of the Town on August 14, 1990 (the 'Bond
Ordinance"), and the provisions of the Bond Ordinance are hereby incorporated herein by
reference.
This Registered Certificate shall not be valid or obligatory for any purpose until
the Registrar shall have manually signed the certificate of authentication hereon.
(Manual or Facsimile Signature)
Mayor
(MANUAL OR FACSIMILE SEAL)
(End of Form of Registered Certificate)
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(Form of Registrar's Certificate of
Authentication for Registered Certificates)
Date of authentication and
registration:
This is one of the Registered Certificates described in the within-mentioned
Bond Ordinance, and this Registered Certificate has been duly registered on the registration
books kept by the undersigned as Registrar for such Registered Certificates.
AFFILIATED DENVER NATIONAL BANK,
as Registrar
By.
Authorized Officer or
Employee
(End of Form of Registrar's Certificate of Authentication)
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0
r~
U
(Form of Assignment for Registered Certificate)
For value received, the undersigned hereby sells, assigns and transfers unto
the within Registered coupon and does hereby irrevocably constitute
and appoint attorney, to transfer the within Registered Certificate on
the books kept for registration of the within Registered Certificate, with full power of
substitution in the premises.
Dated:
Signature Guaranteed:
Address of transferee:
Social Security or other tax
identification number of transferee:
NOTE: The signature to this Assignment must correspond with the name as written on the
face of the within Registered Certificate in every particular, without alteration or enlargement
or any change whatsoever.
EXCHANGE OR TRANSFER FEES MAY BE CHARGED
(End of Form of Assignment for Registered Certificate)
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STATE OF COLORADO
COUNTY OF EAGLE
TOWN OF AVON
(For of Legal Opinion Certificate)
SS. LEGAL OPINION CERTIFICATE
The undersigned Town Clerk of the Town of Avon, Colorado (the "Town"),
hereby certifies that the following legal opinion of Sherman & Howard, attorneys at Law,
Denver, Colorado:
(Insert opinion text, including complimentary closing and "/s/ Sherman & Howard")
is a true, perfect and complete copy of a manually executed and dated copy thereof on file
in the records of the Town; that manually executed and dated copies of the opinion were
forwarded to a representative of the original purchaser for retention in its records; and that
the opinion was dated and issued as of the date of delivery of and payment for the Bonds
of the series of which this bond is one.
IN WITNESS WHEREOF, I have caused to be hereunto set my signature or
a facsimile thereof.
(Manual or Facsimile Signature)
Town Clerk
(End of Form of Legal Opinion Certificate)
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• •
Section 11. Delivery of Bonds. When the Bonds and Registered Certificates
have been duly executed and authenticated, they shall be delivered to the Purchaser on
receipt of the agreed purchase price. The Registrar initially shall register the Bonds and the
Registered Certificates in such name or names as the Purchaser shall direct and the Bonds
shall be initially delivered in such authorized denominations as the Purchaser shall direct.
The funds realized from the sale of the Bonds and Registered Certificates shall be applied
solely for the purposes set forth in Section 12 hereof and for no other purposes. Neither
the Purchaser nor the registered owners shall be responsible for the application or disposal
by the Town, or any of its officers, of any of the funds derived from the sale of the Bonds
and Registered Certificates.
Section 12. Disposition of Bond and Registered Certificate Proceeds. The
proceeds of the Bonds and Registered Certificates (net of the Purchaser's discount) including
without limitation the accrued interest on the Bonds, shall be deposited promptly by the
Town and shall be accounted for in the following manner and are hereby pledged therefor:
(a) Accrued interest received in respect of the Bonds shall be applied
to the payment of the first installment of interest on the Bonds.
(b) There shall be credited to the "Town of Avon, Colorado, General
Obligation Refunding and Improvement Bonds, Series 1990 Escrow Account" (the "Escrow
Account") which is hereby created, an amount which shall be sufficient, together with any
other money available therefor, to establish any initial cash balance remaining uninvested and
to buy Federal securities designated in the Escrow Agreement dated as of September 1, 1990
between the Town and Affiliated Denver National Bank in Denver, Colorado (the "Escrow
Bank") for purchase by the Town and credit to the Escrow Account with the Escrow Bank
pursuant to the Escrow Agreement.
(c) The remainder of the Bond and Registered Certificate proceeds
(net of Purchaser's discount) shall be deposited in a separate account, which is hereby
created, designated the "Town of Avon, Colorado General Obligation Refunding and
Improvement Bonds, Series 1990 Construction Fund" (the "Construction Fund") and used to
defray the costs of the Improvement Project (including the payment of the costs of issuance
of the Bonds).
(d) After completion of the Project and payment of all issuance
expenses, or after adequate provision therefor is made, any unexpended balance of the
proceeds of the Bonds shall be applied for the payment of principal and interest on the
Bonds.
Section 13. Payment of Principal and Interest: Ad Valorem Tax Covenant.
The interest to become due on the Bonds through and including December 1, 1990 shall be
paid from the general fund of the Town or from any funds of the Town available for that
purpose. There shall be levied on all taxable property in the Town at the time and in the
manner provided by law, in addition to all other taxes, direct annual taxes sufficient to
reimburse said funds or funds and to pay the principal of, or premium, if any, and the
interest (including interest evidenced by the Registered Certificates) accruing on the Bonds
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promptly as the same shall become due. Except to the extent applied for any reimbursement
of other Town funds advanced to pay interest on the Bonds as provided above, such taxes,
when collected, shall be applied solely for the purpose of the payment of the
principal,
interest (including interest evidenced by the Registered Certificates), and any prior
redemption premium on the Bonds, as the same respectively mature or come due, and for
no other purpose whatever until the indebtedness so contracted under this ordinance shall
have been fully paid, satisfied and discharged. Nothing herein shall be construed so as to
prevent the Town from applying sales tax revenues or any other funds legally available for
that purpose to the payment of such interest or principal as the same respectively mature;
and upon such payments being made, the levy or levies herein provided may to that extent
be diminished. Said direct annual taxes levied to pay said principal, premium, if any, and
interest shall be in addition to any and all other taxes levied to effect the purposes of the
Town. The sums herein provided to pay the interest on the Bonds and to discharge the
principal thereof and premium, if any, for each year shall be included in the annual budget
to be adopted and passed by the Council in each year respectively. The Bonds shall
constitute the general obligations of the Town and the full faith and credit of the Town are
hereby irrevocably pledged for the punctual payment of the principal of and interest on the
Bonds. The foregoing provisions of this ordinance are hereby declared to be the certificate
of the Council to the Board of County Commissioners (the "Board") of Eagle County (the
"County") showing the aggregate amount of taxes to be levied for the purposes aforesaid by
the Board from time to time, as required by law, for the purpose of paying the principal of,
premium, if any, and interest on the Bonds as the same shall hereafter become due.
Section 14. Tax Lew. It shall be the duty of the Council annually at the
time and in the manner provided by law for levying other taxes, if such action shall be
necessary to effectuate the provisions of this ordinance, to ratify and carry out the provisions
hereof with reference to the levy and collection of taxes; and the Council shall require the
officers of the Town to levy, extend and collect such taxes in the manner provided by law for
the purpose of payment of the principal of, premium, if any, and interest on the Bonds.
Such taxes, when collected, shall be kept for and applied only to the payment of the
principal, interest and any prior redemption premium on the Bonds as herein specified.
Section 15. Creation and Use of 1990 Rebate Account. There is hereby
created as a special and separate account of the Town to be known as the 'Town of Avon,
Colorado General Obligation Refunding and Improvement Bonds, Series 1990 Rebate
Account" (the "1990 Rebate Account"). There shall be deposited to the 1990 Rebate
Account an amount equal to the amount of interest and other gain from the investment of
moneys held in the Construction Fund to the extent such interest and other gain is subject
to the rebate requirements of Section 148(f) of the Tax Code. In addition, there shall be
deposited into the 1990 Rebate Account such amounts as are required to be deposited
therein to meet the Town's obligations under the covenant contained in Section 20 hereof,
in accordance with Section 148(f) of the Tax Code. Amounts in the 1990 Rebate Account
shall be used for the purpose of making the payments to the United States required by such
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0 0
covenant and Section 148(f) of the Tax Code. Any amounts in the 1990 Rebate Account
in excess of those required to be on deposit therein by Section 13 hereof and Section 148(f)
of the Tax Code may be withdrawn therefrom and applied to the payment of principal,
interest, and premium, if any, on the Bonds.
Section 16. Maintenance of Escrow Account. The Escrow Account shall be
maintained in an amount, at the time of the initial credits therein and at all times
subsequently at least sufficient, together with the known minimum yield to be derived from
the initial investment and any temporary reinvestment of the deposits therein or any part
thereof in Federal Securities to pay the principal, interest and premium, if any, on the
Refunded Bonds as the same become due on or before prior redemption (the 'Refunded
Bond Requirements"). Moneys shall be withdrawn by the Escrow Bank from the Escrow
Account in sufficient amounts and at such times to permit the payment without default of
the Refunded Bond Requirements. Any moneys remaining in the Escrow Account after
provision shall have been made for the redemption in full of the Refunded Bonds shall be
deposited in the Bond Fund.
Section 17. Insufficiency of Escrow Account. If for any reason the amount
in the Escrow Account shall at any time be insufficient for the purpose of Section 16 hereof
pertaining thereto, the Town shall forthwith from the first moneys available therefor deposit
in such account such additional moneys as shall be necessary to permit the payment in full
of the Refunded Bond Requirements as herein provided.
Section 18. Payment and Redemption of Refunded Bonds: Notice. The
Council has elected and is hereby obligated to exercise its option to redeem: (a) on
December 1, 1990, the 1980 Bonds maturing on and after December 1, 1991; and (b) on
December 1, 1993 the 1983 Bonds maturing on and after December 1, 1994. The Town
hereby authorizes and directs the Escrow Bank to give notice of refunding, defeasance and
redemption of the Refunded Bonds, in the name and on behalf of the Town. The notice
shall be given forthwith upon the issuance of the Bonds by publication of such notice not less
than thirty days prior to each redemption date in a newspaper of general circulation in the
Town and by mailing notice of the prior redemption first-class postage prepaid mail (not
more than 60 nor less than 30 days) prior to each redemption date to Boettcher & Co., Inc.
and each registered owner of any Refunded Bond to be redeemed at his address as it last
appears on the registration records of the registrar for each Refunded Bond and, with
respect to the 1980 Bonds, to United Bank Denver, as paying agent.
Section 19. Form of Notice. The notice so to be given forthwith upon the
issuance of the Bonds shall be in substantially the following form:
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9
•
(Form of Notice)
NOTICE OF REFUNDING, DEFEASANCE AND REDEMPTION
TOWN OF AVON, COLORADO
NOTICE IS HEREBY GIVEN that the Town of Avon, Eagle County,
Colorado (the "Town") has caused to be deposited in escrow with Affiliated Denver National
Bank, in Denver, Colorado, refunding bond proceeds and other moneys which have been
invested (except for a small initial cash balance remaining uninvested) in certificates of
indebtedness, notes, bonds and similar securities which are direct obligations of, or obligations
the principal and interest of which are unconditionally guaranteed by, the United States of
America to refund, pay, redeem and discharge the principal and interest in connection with
its outstanding General Obligation Bonds, Series 1980A (the "1980 Bonds") and its General
Obligation Various Purpose Bonds, Series 1983 (the "1983 Bonds") (collectively, the
"Refunded Bonds") as such become due or are called for redemption prior to maturity on or
after December 1, 1990 and December 1, 1993, respectively.
The 1980 Bonds maturing on and after December 1, 1991 will be called for
redemption on December 1, 1990. On such date, the principal of such Refunded Bonds and
accrued interest to the date of redemption will become due and payable at the paying agent,
United Bank of Denver in Denver, Colorado and thereafter interest on the 1980 Bonds will
cease to accrue.
The 1983 Bonds maturing on and after December 1, 1994 will be called for
redemption on December 1, 1993. On such date, the principal of such Refunded Bonds and
accrued interest to the date of redemption will become due and payable at the paying agent,
Central Bank Denver, N.A. in Denver, Colorado and thereafter interest on the 1983 Bonds
will cease to accrue.
According to a report of Van Schooneveld and Co., Inc., certified public
accountants in Englewood, Colorado, the escrow, including the known minimum yield from
such investments and any temporary reinvestments and the initial cash balance remaining
uninvested, is fully sufficient at the time of the deposit and at all times subsequently, to pay
the principal, interest and premium, if any, on the 1980 Bonds and the 1983 Bonds as such
become due or are called for redemption on and after December 1, 1990 and December 1,
1993, respectively.
Dated 199.
TOWN OF AVON, COLORADO
By.
Town Clerk
(End of Form of Notice)
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E
r
Section 20. Covenants with Bondholder. A. The Town covenants for the
benefit of the registered owners that it will not take any action or omit to take any action
with respect to the Bonds or Registered Certificates, the proceeds of the Bonds, any other
funds of the Town or the facilities financed with the proceeds of the Bonds if such action
or omission (i) would cause the interest on the Bonds, including interest evidenced by the
Registered Certificates, to lose its exclusion from gross income for federal income tax
purposes under Section 103 of the Internal Revenue Code of 1986, as in effect on the date
of delivery of the Bonds (the "Code"), (ii) would cause the interest on the Bonds, including
interest evidenced by the Registered Certificates, to lose its exclusion from gross income for
federal income tax purposes under Section 55(b)(2) of the Code, except to the extent such
interest is required to be included in the adjusted net book income and adjusted current
earnings adjustments applicable to corporations under Section 56 of the Code in calculating
corporate alternative minimum taxable income, or (iii) would cause interest on the Bonds,
including interest evidenced by the Registered Certificates, to lose the exclusion from
Colorado taxable income or Colorado alternative minimum taxable income under present
Colorado law. The foregoing covenant shall remain in full force and effect notwithstanding
the payment in full or defeasance of the Bonds until the date on which all obligations of the
Town in fulfilling the above covenant under the Code and State law have been met.
B. The Town further covenants for the benefit of the Purchaser and the
registered owners of the Bonds and Registered Certificates that the Town will annually
prepare or cause to be prepared a budget and an audit report, and will annually file or cause
to be filed with the appropriate agency of the State of Colorado a copy of its adopted
budget, its appropriation ordinance and its audit report, all in accordance with the then
applicable laws of the State of Colorado.
C. The Town hereby determines that neither the Town nor any entity
subordinate thereto reasonably anticipates issuing more than $10,000,000 face amount of
bonds or any other similar obligations during calendar year 1990. For the purpose of
Section 265(b)(3)(B) of the Code, the Town hereby designates the Bonds as qualified tax-
exempt obligations.
Section 21. Investment of Funds. Any moneys in any fund or account, other
than the Escrow Account, necessitated by this ordinance may be deposited, invested or
reinvested in any manner permitted by law. Such deposits or investments shall either be
subject to redemption at any time at face value by the holder thereof at the option of such
holder, or shall mature at such time or times as shall most nearly coincide with the expected
need for moneys from the fund or account in question. Such deposits or investments of
moneys in any such fund or account shall be deemed at all times to be a part of the
applicable fund or account. Except to the extent otherwise provided in this Ordinance, the
income or losses accruing on such deposits or investments in any such fund or account shall
be deemed to be part of the applicable fund or account.
Section 22. Successor Registrar or Paying Agent. If the Registrar or Paying
Agent initially appointed hereunder shall resign, or if the Town shall reasonably determine
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to remove the Registrar or Paying Agent because the Registrar or Paying Agent is incapable
of fulfilling its duties hereunder, the Town may, upon notice mailed to each registered owner
of Bonds at the address last shown on the registration records, appoint a successor Registrar
or Paying Agent. No resignation or removal of the Registrar or Paying Agent may take
effect until a successor is appointed by the Town. Every such successor Paying Agent shall
be a bank or trust company having a shareholders' equity (e.g., capital stock, surplus and
undivided profits), however denominated, not less than $10,000,000.
Section 23. Defeasance. When the principal, interest and premium, if any,
due in connection with any Bond have been duly paid, all obligations hereunder with respect
to such Bond shall be discharged, and such Bond shall no longer be deemed to be
outstanding for any purpose of this ordinance. Payment of such Bond or any portion thereof
shall be deemed made when the Town has placed in escrow with a commercial bank
exercising trust powers, an amount sufficient (including the known minimum yield from
Federal Securities in which such amount may be wholly or in part initially invested) to meet
all requirements of principal, interest and any prior redemption premium on such Bond as the
same becomes due to maturity or to any redemption date as of which the Town shall have
exercised or obligated itself to exercise its prior redemption option and have given irrevocable
instructions to the Registrar to give notice of redemption to the holder of any such Bond.
The Federal Securities shall become due or be callable at the option of the holder at or
prior to the respective times on which the proceeds thereof shall be needed, in accordance
with a schedule agreed upon between the Town and such bank at the time of creation of the
escrow. Federal securities within the meaning of this section shall include only direct
obligations of, or obligations the principal of and interest on which are unconditionally
guaranteed by, the United States, and which are not callable prior to their scheduled
maturities by the issuer thereof, or interest in such obligations.
In the event that there is a defeasance of only part of the Bonds, the Paying
Agent shall, if requested by the Town, institute a system to preserve the identity of the
individual Bonds or portions thereof so defeased, regardless of changes in Bond numbers
attributable to transfers and exchanges of Bonds and the Paying Agent shall be entitled to
reasonable compensation and reimbursement of expenses from the Town in connection with
such system.
Section 24. Delegation of Powers. The officers of the Town are hereby
authorized and directed to take all action necessary or appropriate to effectuate the
provisions of this ordinance, including, without limiting the generality of the foregoing, the
execution of the Purchaser's proposal, the execution, printing and distribution of the Official
Statement relating to the Bonds and Registered Certificates, the printing of the Bonds
(including the opinion of bond counsel thereon) and Registered Certificates in such quantities
as may be convenient, the entering into and execution of the Registrar and Paying Agent
Agreement and the Escrow Agreement, the execution of such certificates as may be required
by the Purchaser relating to the execution of the Bonds and Registered Certificates, the
tenure and identity of the Town officials, the delivery of the Bonds and Registered
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Certificates and receipt of the purchase price and the absence of litigation, pending or
threatened, if in accordance with the facts, affecting the validity thereof and the absence and
existence of factors affecting the exclusion of interest on the Bonds from gross income for
federal income tax purposes.
Section 25. Supplemental Ordinances. The Town may, without the consent
of or notice to the registered owners, adopt one or more ordinances supplemental hereto,
which supplemental ordinances shall thereafter form a part hereof, for any one or more of
the following purposes:
(a) To cure any ambiguity, or to cure, correct or supplement any
formal defect or omission or inconsistent provision contained in this ordinance, to make any
provision necessary or desirable due to a change in law, to make any provisions with respect
to matters arising under this ordinance, or to make any provisions for any other purposes if,
in each case, such provisions are necessary or desirable and do not adversely affect the
interests of the owners of the Bonds and Registered Certificates;
(b) To pledge additional revenues, properties or collateral as security
for the Bonds and Registered Certificates;
(c) To grant or confer upon the Paying Agent for the benefit of the
registered owners of the Bonds and Registered Certificates any additional rights, remedies,
power or authorities that may lawfully be granted to or conferred upon the registered
owners; or
(d) To qualify this ordinance under the Trust Indenture Act of 1939.
Section 26. Ratification. All action heretofore taken (not inconsistent with
the provisions of this ordinance) by the Council, the officers of the Town and otherwise
taken by the Town directed toward the Project and the sale and delivery of the Bonds and
Registered Certificates for such purpose hereby is ratified, approved and confirmed, including,
without limitation, the distribution of the Preliminary Official Statement and the execution
and distribution of the Official Statement.
Section 27. Approval of Proposal, Escrow Agreement and Registrar and
Paying Agent Agreement. The forms, terms and provisions of the Proposal, the Escrow
Agreement and the Registrar and Paying Agent Agreement hereby are approved and the
Town shall enter into and perform its obligations under the Proposal, the Escrow Agreement
and the Registrar and Paying Agent Agreement in substantially the forms of such documents
presented to the Council at this meeting, with only such changes therein as are approved by
the Mayor and the Town Manager; and the Mayor is hereby authorized and directed to
execute and deliver the Proposal, the Escrow Agreement and the Registrar and Paying Agent
Agreement and the Clerk is hereby authorized and directed to affix the Town seal to the
Proposal, the Escrow Agreement and the Registrar and Paying Agent Agreement and to
attest the Proposal, the Escrow Agreement and the Registrar and Paying Agent Agreement.
Section 28. Official Statement. The distribution and use of the Preliminary
Official Statement dated August 8, 1990 by the Purchaser is in all respects hereby ratified,
approved and confirmed. The Purchaser is authorized to prepare or cause to be prepared,
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and the Mayor and the Town Manager are authorized and directed to approve, on behalf of
the Town, a final Official Statement for use in connection with the offering and sale of the
bonds. The execution of a final Official Statement by the Mayor and the Town Manager
shall be conclusively deemed to evidence the approval of the form and contents thereof by
the Town.
Section 29. Repealer. All bylaws, orders, resolutions and ordinances, or parts
thereof, inconsistent herewith are hereby repealed to the extent only of such inconsistency.
This repealer shall not be construed to revive any such by-law, order, resolution or ordinance,
or part thereof, heretofore repealed.
Section 30. Severability. If any section, subsection, paragraph, clause or
other provision of this ordinance for any reason is invalid or unenforceable, the invalidity or
unenforceability of such section, subsection, paragraph, clause or other provision shall not
affect any of the remaining provisions of this ordinance.
Section 31. Ordinance Irrepealable. After any of the Bonds and Registered
Certificates are issued, this ordinance shall constitute an irrevocable contract between the
Town and the registered owners of the Bonds and Registered Certificates and this ordinance
shall be and shall remain irrepealable until the Bonds and Registered Certificates shall be
fully paid, canceled and discharged, except as herein otherwise provided.
Section 32. Notice of Hearing. The Council will hold a public hearing on
the ordinance at a meeting of the Council to be held at the Town Hall, in the Town, on
August 14, 1990, being not earlier than seven days after the first publication of the
ordinance, at the hour of 7:30 p.m.
Section 33. Disposition of Ordinance. This ordinance, as adopted by the
Council, shall be numbered and recorded by the Town Clerk on the official records of the
Town.
Section 34. Effective Date. This ordinance shall be in full force and effect
seven (7) days after its publication by posting following final passage, adoption and approval.
INTRODUCED, PASSED AND APPROVED ON FIRST READING ON
June 24, 1990.
(SEAL)
Attu
y ~
May
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•
FINALLY PASSED, ADOPTED AND APPROVED, AS AMENDED, ON
AUGUST 14, 1990.
(SEAL)
Mayor
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+ ® •
TOWN OF AVON, COLORADO
General Obligation Refunding
and Improvement Bonds
Series 1990
August 14, 1990
BOND PURCHASE AGREEMENT
Town of Avon, Colorado
P.O. Box 975
Avon, Colorado 81620
Town Council:
On the basis of the representations, warranties and
covenants and upon the terms and conditions contained in this Bond
Purchase Agreement, Coughlin & Company, Inc. (the Underwriter)
hereby offers to purchase from you $3,020,000 aggregate principal
amount of the Town of Avon, Colorado, General Obligation Refunding
and Improvement Bonds and Registered "B" Interest Certificates in
the amount of $815,000 at maturity (the "B" Interest Certifictes)
(collectively the Bonds), to be issued by the Town of Avon,
Colorado (the Issuer) under and pursuant to a Bond Ordinance (the
Bond Ordinance).
Section 1. Issuer's Representations, Warranties and
Agreements. By your acceptance hereof you hereby represent and
warrant to, and agree with, the Underwriter that:
(a) The Issuer is a duly organized political
subdivision of the State of Colorado. The Issuer is
authorized pursuant to its home rule charter (the
Charter), to issue the Bonds for the purpose of (a)
financing the acquisition and construction of an
underpass on Avon Road, (b) refunding certain of the
Town's currently outstanding general obligation bonds
(the "Refunded Bonds"), and (c) paying expenses in
connection with issuance of the Bonds.
(b) The Issuer has complied with all provisions
of the Charter and Town Code of the Issuer and other laws
of the State of Colorado, and has full power and
authority to consummate all transactions contemplated by
this Agreement, the Bond Ordinance and any and all other
agreements relating thereto.
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• •
(c) The Issuer has duly authorized or shall prior
to the issuance of the Bonds authorize all necessary
action to be taken by it for (i) the issuance and sale
of the Bonds upon the terms set forth herein and in the
Bond Ordinance and the final Official Statement relating
to the sale of the Bonds (the Official Statement); the
application of Bond proceeds in the manner set forth in
the Bond Ordinance; (ii) the execution , delivery,
receipt and due performance of this Agreement, the Bonds,
the Bond Ordinance and any and all such other agreements
and documents as may be required to be executed,
delivered and received by you in order to carry out, give
effect to and consummate the transactions contemplated
hereby and by the Official Statement; and (iii) the
carrying out, giving effect to and consummation of the
transactions contemplated hereby and by the Bond
Ordinance and the Official Statement. Executed
counterparts of the Bond Ordinance will be delivered to
the Underwriter by you at the Closing Time (hereinafter
defined).
(d) There is no action, suit proceeding, inquiry
or investigation at law or in equity or before or by any
court, public board or body pending or, to the Issuer's
knowledge, threatened against or affecting the Issuer,
(or, to the Issuer's knowledge, any basis therefor)
wherein an unfavorable decision, ruling or finding would
adversely affect the transactions contemplated hereby or
by the Official Statement or the validity of the Bonds,
the Bond Ordinance, this Agreement or any agreement or
instrument to which the Issuer is a party and which is
used or contemplated for use in the consummation of the
transactions contemplated hereby or by the Official
Statement.
(e) The execution and delivery of this Agreement,
the Bonds, the Bond Ordinance and the other agreements
contemplated hereby and by the Official Statement, and
compliance with the provisions thereof, will not conflict
with, or constitute on the part of the Issuer a breach
of or a default under, any existing law, court or
administrative regulation, decree or order or any
agreement, indenture, mortgage, lease or other instrument
to which the Issuer is subject or by which the Issuer may
be bound.
(f) Any certificate signed by any authorized
officials of the Issuer and delivered to the Underwriter
shall be deemed a representation and warranty by the
Issuer to the Underwriter as to the statements made
therein.
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Section 2. Purchase, Sale and Delivery of the Bonds.
On the basis of the representations, warranties and covenants
contained herein and in the Bond Ordinance, the subject to the
terms and conditions herein set forth, at the Closing time
(hereinafter defined) the Underwriter agrees to purchase from the
Issuer and the Issuer agrees to sell to the Underwriter the Bonds
at the price of 98.1% of the principal amount of the Bonds, plus
accrued interest to the date of closing and all of the "B" Interest
Certificates at their discounted value of $619,482.39 less an
underwriting discount of 1.9% of the discounted value.
The Bonds and the "B" Interest Certificates shall be
issued under and secured, and shall bear interest, mature and be
subject to redemption as provided in the Bond Ordinance.
Payment for the Bonds shall be made by certified or
official bank check or draft in New York Clearing House Funds or
federal funds payable to Affiliated Denver National Bank (the
Registrar and Paying Agent) at 10:00 A.M., local time, on or about
September 18, 1990 or such other place, time or date as shall be
mutually agreed upon by you and the Underwriter. The date of such
delivery and payment is herein called the "Closing Date," and the
hour and date of such delivery and payment is herein called the
"Closing Time." The delivery of the Bonds shall be made in
definitive form, bearing CUSIP numbers (provided neither that the
printing of a wrong number on any Bond nor the failure to print a
number thereon shall constitute cause to refuse delivery of any
Bond) as registered bonds. The Bonds shall be available for
examination and packaging by the Underwriter at least 24 hours
prior to the Closing Time.
Section 3. Conditions to the Underwriter's Obligations.
The Underwriter's obligations hereunder shall be subject to the due
performance by the Issuer of its obligations and agreements to be
performed hereunder at or prior to the Closing Time and to the
accuracy of and compliance with its representations and warranties
contained herein, as of the date hereof and as of the Closing Time,
and are also subject to the following conditions:
(a) The Bonds, the "B" Interest Certificates, and
the Bond Ordinance shall have been duly authorized,
executed and delivered in the form heretofore approved
by the Underwriter with only such changes therein as
shall be mutually agreed upon by the Issuer and the
Underwriter.
(b) At the Closing Time, the Underwriter shall
receive:
(i) The opinions in form and substance
satisfactory to the Underwriter, dated as of the Closing
Date, of Sherman & Howard, Bond Counsel as to (A) the due
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® •
authorization, execution, delivery and validity of the
Bonds and the "B" Interest Certificates, (B) the
exemption of the Bonds and the "B"Interest Certificates
from registration requirements under federal securities
law, and (C) the adequacy of information prepared in
connection with the offer and sale of the Bonds and the
"B" Interest Certificates;
(ii) A certificate, satisfactory to the
Underwriter, of the Mayor, or any other duly authorized
officer of the Issuer satisfactory to the Underwriter,
dated as of the Closing Date, to the effect that: (A)
the Issuer has duly performed all of its obligations to
be performed at or prior to the Closing Time; (B) the
Issuer has authorized, by all necessary action, the
execution, delivery, receipt and due performance of the
Bonds, the "B" Interest Certificates, and the Bond
Ordinance, and any and all such other agreements and
documents as may be required to be executed, delivered
and received by the Issuer in order to carry out, give
effect to and consummate the transactions contemplated
hereby and by the Official Statement; (C) no litigation
is pending, or to his knowledge threatened, to restrain
or enjoin the issuance or sale of the Bonds or in any way
affecting any authority for or the validity of the Bonds,
the "B" Interest Certificates, the Bond Ordinance, or the
existence or powers of the Issuer or its right to
participate in the transaction contemplated by the
Official Statement; and (D) the execution, delivery,
receipt and due performance of the Bonds, the "B"
Interest Certificates, the Bond Ordinance and other
agreements contemplated hereby and by the official
Statement under the circumstances contemplated thereby
and the Issuer's compliance with the provisions thereof
will not conflict with or constitute on its part a breach
of or a default under any existing law, court or
administrative regulation, decree or order or any
agreement, indenture, mortgage, lease or other instrument
to which it is subject or by which it is or may be bound;
and
(iii) Such additional certificates and other
documents as the Underwriter may reasonably request to
evidence performance or compliance with the provisions
hereof and the transactions contemplated hereby and by
the Official Statement, all such certificates and other
documents to be satisfactory in form and substance to the
Underwriter.
Section 4. The Underwriter's Right to Cancel. The
Underwriter shall have the right to cancel its obligations
hereunder to purchase the Bonds and the "B" Interest Certificates
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•
(and such cancellation shall not constitute a default under this
Agreement) by notifying the Issuer in writing or by telegram of its
elections to make such cancellation between the date hereof and the
Closing Time, if any time hereafter and prior to the Closing Time:
(a) Any legislation, ordinance, rule, home rule
charter provisions or regulation shall be introduced in
or be enacted by the Legislature of the State of Colorado
or by any governmental body, department or agency of the
Issuer or the State of Colorado, or a decision by any
court of competent jurisdiction within the State of
Colorado shall be rendered which, in the Underwriter's
opinion, materially adversely affects the market price
of the Bonds and the "B" Interest Certificates, or
litigation challenging the Charter shall be filed in any
court in the State of Colorado;
(b) A stop order, ruling, regulation or official
statement by or on behalf of the Securities and Exchange
Commission or any other governmental agency having
jurisdiction of the subject matter shall be issued or
made to the effect that the issuance, offering or sale
of obligations of the general character of the Bonds and
the "B" Interest Certificates, or the issuance, offering
or sale of the Bonds and the "B" Interest Certificates,
including all underlying obligations, as contemplated
hereby or by the Official Statement, is in violation or
would be in violation of any provision of the federal
securities laws, the Securities Act of 1933, as amended
and as then in effect, or the registration provisions of
the Securities Exchange Act of 1934, as amended and as
then in effect;
(c) Legislation shall be enacted by the Congress
of the United States of America, or a decision by a court
of the United States of America shall be rendered, to
the effect that obligations of the general character of
the Bonds and the "B" Interest Certificates, or the Bonds
and the "B" Interest Certificates, including all the
underlying obligations, are not exempt from registration
under or other requirements of the Securities Act of
1933, as amended and as then in effect, or the Securities
Exchange Act of 1934, as amended as then in effect;
(d) Any event shall have occurred, or information
become known, which, in the Underwriter's opinion, makes
untrue in any material respect any statement or
information contained in the Official Statement as
originally circulated, or has the effect that the
Official Statement as originally circulated contains an
untrue statement of a material fact necessary in order
5
9 •
to make the statements made therein, in the light of the
circumstances under which they were made, not misleading;
(e) Additional material restrictions not in force
as of the date hereof shall have been imposed upon
trading in securities generally by any governmental
authority or by any national securities exchange;
(f) The New York Stock Exchange or other national
securities exchange, or any governmental authority, shall
impose, as to the Bonds and "B" Interest Certificates or
obligations of the general character of the Bonds, any
material restrictions not now in force, or increase
materially those now in force, with respect to the
extension of credit by, or the charge to the net capital
requirements of the underwriters;
(g) A general banking moratorium shall have been
established by Federal, New York or Colorado authorities;
or
(h) A war involving the United States shall have
been declared, or any conflict involving the armed forces
of the United States shall have escalated, or any other
national emergency relating to the effective operation
of government or the financial community shall have
occurred, which, in the Underwriter's opinion, materially
adversely affects the market price of the Bonds and the
"B" Interest Certificates.
Section 5. Use of Official Statement. The Issuer hereby
ratifies and confirms the Underwriter's use of the Preliminary
Official Statement dated as of August 8, 1990, hereby ratifies and
confirms the designation by the Issuer prior to delivery to the
Underwriter of the Preliminary Official Statement as, the "near
final official statement' within the meaning of Rule 15c2-12 of the
Securities and Exchange Commission (the "Rule") and authorizes the
use of, and will make available, the Official Statement for the use
by the Underwriter in connection with the sale of the Bonds and the
"B" Interest Certificates. Delivery of the Official Statement by
the Issuer shall be deemed to be a determination that the Official
Statement is the "final official statement" within the meaning of
the Rule. The Issuer shall, within seven days of the date hereof,
provide sufficient copies of the official Statement for the
Underwriter to provide them to potential customers on request and
to comply with the rules of the Municipal Securities Rulemaking
Board.
Section 6. Representations, Warranties and Agreements
to Survive Delivery. All of the representations, warranties, and
agreements of the Issuer shall remain operative and in full force
and effect, regardless of any investigations made by the
6
Underwriter on its own behalf, and shall survive delivery of the
Bonds and the "B" Interest Certificates to the Underwriter.
Section 7. Payment of Expenses. All expenses and costs
to effect the authorization, preparation, issuance, delivery and
sale of the Bonds and the "B" Interest Certificates and any
expenses incident to the performance of the obligations of the
Issuer hereunder, shall be paid by the Issuer solely from proceeds
of the Bonds.
Section 8. Notice. Any notice or other communication
to be given to the Issuer under this Agreement may be given by
mailing or delivering the same in writing to the Town of Avon,
Colorado, P.O. Box 975, Avon, Colorado 81620, Attention: Mayor;
and any notice or other Agreement may be given by delivering the
same in writing to Coughlin and Company, Inc., 621 Seventeenth
Street, Denver, Colorado 80202.
Section 9. Applicable Law; Nonassignability. This
agreement shall be governed by the laws of the State of Colorado.
This agreement shall not be assigned by the Issuer.
Section 10. Good Faith Check. The Issuer hereby
acknowledges receipt of a Good Faith Check in the amount of $75,000
payable to the Town of Avon, Colorado. Said check will be
deposited by the Town and applied to the purchase price of the
Bonds at closing. The Town agrees to pay the Underwriter interest
at the rate of 5% per annum on the Good Faith amount from August
14, 1990 until September 18, 1990.
Section 11. Execution of Counterparts. This agreement
may be executed in several counterparts, each of which shall be
regarded as an original and all of which shall constitute one and
the same document.
Very truly yours,
COUGHLIN & COMPANY, INC.
By ~ ~ , ~ -
Accepted as of the date
first above written:
7
TOWN OF AVON, COLORADO
LJ
STATE OF COLORADO )
COUNTY OF EAGLE ) SS
TOWN OF AVON )
i
NOTICE IF HEREBY GIVEN OF A PUBLIC HEARING BEFORE THE TOWN
COUNCIL OF THE TOWN OF AVON, COLORADO, AT 7:30 P.M. ON THE
14TH DAY OF AUGUST, 1990,AT THE T0117N HALL FOR THE PURPOSE
OF CONSIDERING ADOPTION OF ORDINANCE NO. 90-13, SERIES OF
1990:
AN ORDINANCE CONCERNING GENERAL OBLIGATION BONDS OF THE
TOWN OF AVON, COLORADO (THE "TOWN-1; AUTHORIZING THE ISSUANCE
AND SALE OF THE TOWN"S GENERAL OBLIGATION BONDS IN THE
AGGREGRATE PRINCIPAL AMOUNT OF $1,400,000 FOR THE PURPOSES
OF DEFRAYING THE TOWN"S SHARE OF THE COSTS OF CONSTRUCTING,
OTHERWISE ACQUIRING, EQUIPPING, EXTENDING, IMPROVING AND
DEVELOPING A RAILROAD UNDERPASS IN THE TOWN; PROVIDING
DETAILS CONCERNING THE BONDS, THEIR FORM, THEIR SALE AND
FUNDS RELATING THERETO; PROVIDING FOR THE LEVY OF GENERAL
AD VALOREM TAXES TO PAY THE PRINCIPAL OF AND INTEREST ON THE
BONDS; RATIFYING ACTION HERETOFORE TAKEN AND RELATING TO SUCH
BONDS; PROVIDING OTHER MATTERS RELATING THERETO; AND REPEALING
ALL ORDINANCES IN CONFLICT HEREWITH
A copy of said Ordinance is attached he
at the office of the Town Clerk, and ma
regular business hours.
Following this hearing the Council may
of this Ordinance.
This notice is given and published by c
of the Town of Avon, Colorado.
Dated this 24th day of July, 1990.
POSTED AT THE FOLLOWING PUBLIC PLACES W
AVON ON JULY 25, 1990:
THE AVON POST OFFICE IN THE MAIN LOBBY
THE CITY MARKET IN THE MAIN LOBBY
THE COASTAL MART, INC.; and
THE AVON MUNICIPAL BUILDING IN THE MAIN