TC Ord. No. 1991-15t Y'
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JOHNNE T TO PHILLIPS EAGLE COUNTY CLERK, COLORADO J5,-00 0-00
ORDINANCE NO. 91-15
AN ORDINANCE AMENDING ORDINANCE NO. 90-14 BY REDUCING THE RATE
OF INTEREST TO BE PAID ON ASSESSMENTS LEVIED AND COLLECTED WITHIN
LOCAL IMPROVEMENT DISTRICT NO. 1990-1.
WHEREAS, the Town Council (the "Council") of the Town of Avon, Colorado
the "Town"), has created Local Improvement District No. 1990-1 the "Disc
( ( triet'_),_ for the_..__,
purpose of making certain local improvements (the "improvements"), as described in Ordinance
No. 90-6, passed and adopted on July 10, 1990 (the "Creation Ordinance") and providing for
payment of the costs of the improvements; and
WHEREAS, pursuant to Chapter XV of the Charter of the Town (the
"Charter") and Section 14.7 of the Charter, the Council may issue bonds payable from
assessments levied within local improvement districts without an election and without limitation
as to amount; and
WHEREAS, the Council has heretofore issued its Local Improvement District
No. 1990-1 Taxable Local Assessment Bonds, Series 1990 (the "Prior Bonds") for the District
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in an amount of $1,425,000 to pay for the costs of such improvements, the interest rate of
which bonds were used to establish the rate of interest charged against the unpaid principal
amounts of the assessment levied within the District; and
WHEREAS, the Council, in Ordinance No. 90-14 passed and adopted on
September 11, 1990 (the "Assessment Ordinance"), approved the cost of the improvements
to be made in the District, approved and confirmed the assessment roll, assessed a share of
the cost of the improvements against each -lot or tract of land in the District, and proVideu
that any unpaid principal amount of such assessments are to bear interest at the rate of 12%
per annum, payable annually on March 1 of each year; and
WHEREAS, pursuant to Section 14.6 of the Charter, the Council may
authorize, by ordinance, without an election, issuance of refunding bonds for the purpose of
refunding and providing for the payment of the outstanding bonds of the Town as the same
mature, or an advanced maturity, by means of an escrow or otherwise; and
WHEREAS, the Council has determined, and hereby determines, that it is
advantageous to, and in the best interest of, the Town and its citizens and inhabitants that
the Prior Bonds be refunded, paid and discharged as herein provided (the "Refunding
Project"), and to accomplish this purpose has, pursuant to Ordinance No. 91-12, passed and
adopted on July 23, 1991 (the 'Bond Ordinance"), issued its Local Improvement District
No. 1990-1, Taxable Local Assessment Refunding Bonds, Series 1991 (the 'Bonds"); and
WHEREAS, the purpose of the Refunding Project is to reduce the interest rate
of the Prior Bonds and thereby reduce the interest rate to be paid on the unpaid principal
amount of the assessments for the benefit of the Town and for the benefit of persons
obligated to pay assessments within the District; and
WHEREAS, it is the intention of the Council that, as the Bonds have been
issued, the interest rate on the assessments should now be reduced;
BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF
AVON, COLORADO:
Section 1. The fourth paragraph of Section 2 of the Assessment Ordinance
is amended to read as follows:
Section 2. Payment of Assessments.
In the event of such election to pay in installments, the assessments shall
be payable at the office of the County Treasurer in fifteen (15) substantially equal
annual installments of principal due on March 1, commencing March 1, 1991. Interest
on the unpaid principal amount shall accrue from the date of publication of this
ordinance at the rate ef 12.00% per- annufn and shall be payable annually oft Maf:eh 1
of each )'@a~-esrt~e~si , ~ THROUGH AND INCLUDING JULY 31,
1991 AT THE RATE OF 12.00% PER ANNUM AND AFTER THAT DATE AT
THE RATE OF 10.50% PER ANNUM AND SHALL BE PAYABLE ANNUALLY
ON MARCH 1 OF EACH YEAR COMMENCING MARCH 1, 1991. The owner
of any property not in default as to any installment of principal or interest may at any
time prepay the whole of the unpaid principal with interest thereon from the last
installment payment date to the next payment date.
Section 2. Severability. If any one or more sections or parts of this
ordinance shall be adjudged unenforceable or invalid, such judgment shall not affect, impair,
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or invalidate the remaining provisions of this ordinance, it being the intention that the various
provisions hereof are severable.
Section 3. Repealer. All acts, orders, resolutions, ordinances, or parts
thereof, that are inconsistent or in conflict herewith are hereby repealed only to the extent
of such inconsistency or conflict.
Section 4. Statutes Superseded. Pursuant to Article XX of the Colorado
Constitution and the Charter of the Town, all statutes of the State of Colorado which might
otherwise apply in connection with the District, the improvements, the levy of assessments in
connection therewith, or the issuance of special assessment bonds, and which are in conflict
with the provisions of this ordinance, are hereby superseded.
Section 5. Limitations on Review of Proceedings. Pursuant to Section 15.5
of the Town Charter, no action or proceeding, at law or in equity, to review any acts or
proceedings or to question the validity or enjoin the performance of the issue or collection
of the Bonds, or the levy or collection of assessments or for any other relief against any acts
or proceedings done or had pursuant to the Town Charter relating to the District, shall be
maintained unless commenced within thirty (30) days after the performance of the act or the
effective date of the resolution or ordinance complained of, or else be thereafter perpetually
barred.
Section 6. Recording. This ordinance shall be filed with the Eagle County
Clerk and Recorder for recording on the land records of each lot, tract, or parcel of property
assessed; provided, however, that failure to so record this ordinance or any defect therein
shall not affect the lien of the assessments.
453179 19-562 P-052 09,JJ,,"91 17.--06 PG 5 OF 7
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INTRODUCED, PASSED ON FIRST READING, AND ORDERED
PUBLISHED THIS 13TH DAY OF AUGUST, 1991.
(SEAL)
C-.
Mayor
A TED:
cting Town Clerk
ADOPTED AND APPROVED THIS 27TH DAY OF AUGUST, 1991.
(SEAL)
ATTESTED:
~-'454-
~~ayoP o Tem
I- N~~
Acting town Clerk
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STATE OF COLORADO )
COUNTY OF EAGLE )
TOWN OF AVON )
I, Patricia A. Neyhart, Acting Town Clerk of the Town of Avon (the "Town'),
in the County of Eagle and State of Colorado, do hereby certify:
1. The foregoing pages numbered 1 through 4 constitute a true, correct
and complete copy of Ordinance No. 91-1~ a copy of which is on file in the official records
of the City.
2. Ordinance No. 91-15was passed on first reading at a duly called regular,
open public meeting of the Town Council of the Town (the "Council") on August 13, 1991.
Copies of the Ordinance were available to the members of the Council and those in
attendance at the meeting.
3. I published the Ordinance by posting in full on August 14, 1991
immediately following first reading in the following four places within the Town pursuant to
Section 6.7 of the Town Charter:
(a) The office of the Town Clerk
(b) Coastal Mart
(c) Avon Post Office
(d) City Market
4. The Mayor and 6 other members of the Council were present at
such meeting, and a majority of the members of the Council voted for the adoption of the
Ordinance on first reading.
5. A duly called hearing was held on Ordinance No. 91- 15on August 27,
1991 pursuant to all provisions of the Charter, Code and ordinance.
6. Ordinance No. 91,15 was passed on second reading at a duly called
regular, open public meeting of the Town Council of the Town (the "Council") on August 27,
1991.
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7. The Mayor and 6 other members of the Council were present at
such meeting, and a majority of the members of the Council voted for the adoption of the
Ordinance on second reading.
8. I published the Ordinance by posting in full on August 28, 1991
immediately following second reading in the following four places within the Town pursuant
to Section 6.7 of the Town Charter:
(a) The office of the Town Clerk
(b) Coastal Mart
(c) Avon Post Office
(d) City Market
IN WITNESS WHEREOF, I have hereunto set my hand and the Seal of the
Town of Avon this 28th day of August, 1991.
Acting own lerk
Town of Avon, Colorado
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STATE OF COLORADO )
COUNTY OF EAGLE j 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
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27TH DAY OF AUGUST, 1991, AT THE TOWN HALL FOR THE PURPOSE OF '-n
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CONSIDERING THE ADOPTION OF ORDINANCE NO. 91-15, SERIES OF
1991:
''J
AN ORDINANCE AMENDING ORDINANCE NO. 90-14 BY REDUCING THE RATE I
OF INTEREST TO BE PAID ON ASSESSMENTS LEVIED AND COLLECTED G
i-n
WITHIN LOCAL IMPROVEMENT DISTRICT NO. 1990-1.
O
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.
Q.
This notice is given and published by order of the Town
Council of the Town of Avon, Colorado.
Dated this 14th day of August, 1991.
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TOWN OF AVON, COLORADO
BY:
Patty N yhar
Acting own Clerk
POSTED AT THE FOLLOWING PUBLIC PLACES WITHIN THE TOWN OF AVON
ON AUGUST 141 1991:
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 LOBBY
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