TC Res. No. 1981-157,
TOWN OF AVON, COLORADO
RESOLUTION NO.#81-15
Series 1981
A RESOLUTION SUPPLEMENTING ORDINANCE NO.
81-234 SERIES 1981; DETERMINING THE PRIN-
CIPAL AMOUNT, BOND NUMBERS, PROVISIONS FOR
REDEMPTION AND MATURITIES OF, AND RATES OF
INTEREST ON $2,700,000 OF THE TOWN'S SPORTS
FACILITY'REVENUE BONDS (BEAVER CREEK ASSOCI-
ATES PROJECT; SERIES 1981); DETERMINING RE-
VENUES TO BE PAID FOR SUCH PROJECT; AU-
THORIZING INCIDENTAL ACTION; AND REPEAL-
ING INCONSISTENT ACTIONS.
WHEREAS, the Town Council by Resolution No. 81-3,
Series 1981, adopted February 24, 1981, and by Ordinance
No. 81-23, Series 1981, finally passed July 28, 1981, approved
the financing of a commercial development and sports and re-
creational facility project (the "Project") for Beaver Creek
Associates, Inc. (the "Company") pursuant to the County and
Municipality Development Revenue Bond Act (the "Act"); and
WHEREAS, the Town has approved a Sports Facilities
Financing Agreement dated as of September 1, 1981 (the "Agree-
ment") with.the Company and has determined to finance the-Pro-
ject and its related costs by the issuance of $2,,,700,000 in
aggregate principal amount of its bonds to be known as "Sports
Facility Revenue Bonds (Beaver Creek Associates Project),
Series.1981" (the "Bonds") to be issued pursuant to a Trust
Indenture dated as of September 1, 1981 (the ".Indenture")
to The First National Bank of Denver as Trustee (the "Trustee")
and
. WHEREAS, Vail Associates, Inc. (the "Guarantor") will
guaranty the payments of,the principal or redemption price and
interest on the Bonds pursuant to its Guaranty dated as of
September 1,-1981 (the "Guaranty"); and
WHEREAS, Ordinance No. 81-23, Series 1981, authorized
the issuance of the Bonds and the determination of final terms
thereof by'subsequent resolution of the Town Council; and
WHEREAS, Goldman, Sachs & Co. (the "Underwriter")
has offered to purchase the Bonds at 97 1/4% of the principal
amount thereof, with stated redemption dates,'maturity date
and interest rate and proposes to enter into an Underwriting
Agreement (the "Underwriting Agreement") relating thereto, as
Previously authorized by Ordinance No. 81-23 with the Town,
the Company and the Guarantor will join in said Underwriting
Agreement.
- NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF
THE TOWN OF AVON, COLORADO, that:
Section 1. TITLE. This Resolution shall be known
as the "Resolution Determining the Aggregate Principal Amount
and Terms of the Town's Sports Facility_Revenu_e Bonds (Beaver
Creek Associates Project), Series 1981".
Section 2. TERMS OF BONDS. The Bonds shall be dated
September 1, 1981, shall be in the aggregate principal amount of
$2,700,000, and shall be issued as coupon bonds registrable as to
principal only, in the denomination of $5,000 each, payable. at
the principal corporate trust office of the Trustee or at a
successor paying agent. The Underwriting Agreement is hereby
found to comply with the maximum net effective interest rate
for the Bonds stated in ordinance No. 81-23, Series 1981. The
principal amount, numbers, maturity and.provisions for redemption
of, and the rate of interest on, the Bonds shall-be as set forth
below and in the final Official Statement in respect of-the Bonds
to be approved by the Mayor and Town Clerk pursuant to Section 4
of this resolution:
Bonds
Aggregate
Interest
Maturity
Numbered
Principal
Rate Per
Date
(AC- )
Amount
Annum
(September 1)-
1-540
$2,700,000
12%
1991
The redemption provisions of the Bonds-shall be as
contained in the form of Indenture previously approved, the
terms of which are hereby reconfirmed.
Section 3. DETERMINATION OF REVENUES. The determination
of revenues set forth previously in Ordinance No. 81-23, series
1981, is hereby ratified and confirmed. In accordance with
Ordinance 81-23, it is hereby determined that.the following
amounts, in addition to the amount set forth in Section 2 here-
of for the payment of maturing principal payments.,,will be ne-
cessary for the payment of interest on the Bonds:
Year Ending September 1 Year Ending September 1
1982 -
$ 324,000
1987 -
$ 324,000
1983 -
324,000
1988 -
324,000
1984 -
324,000
1989 -
324,00b
1985 -
324,000
1990 -
324,000
1986 -
324,000
1991
324,000
Total
3,240,000
Section 4. INCIDENTAL ACTION. The Mayor and Town ,
Clerk.of the Town are'hereby..authorized and directed to execute
and deliver such other documents, including acceptances and
conveyances of property interests, and to take such other action
as may be necessary or appropriate in order to effectuate the
execution and delivery of the aforesaid Agreement,.Yndenture,
Official Statement and Underwriting Agreement (including the
approval of changes in such documents which the'Town's counsel
approves and which do not alter the basic terms and substance
of the proposed transactions, such approval to be evidenced
by the execution.by such officers), the performance of the
Town's obligations thereunder, and the issuance and sale of
the Bonds. to the Underwriter at a price of 97 1/4% of the
principal amount thereof, plus interest accrued to the date
of closing, all in accordance with the foregoing Sections
hereof and the provisions of ordinance No. 81-23, Series 1981.
Section 5. REPEAL. All prior resolutions or parts
thereof inconsistent herewith are hereby repealed.
Section 6. EFFECTIVE DATE. This Resolution shall
take effect on the 1st day of September, 1981.
INTRODUCED, READ, APPROVED AND ADOPTED, THIS 1st
day,of ,September, 1981.
ATTEST:
Patricia J.
Town Clerk
r Ange ' v. - lpi
Mayo
-2-
4f C
STATE OF COLORADO }
COUNTY OF EAGLE ) SS
TOWN OF AVON )
NOTICE IS HEREBY GIVEN THAT A SPECIAL MEETING.OF THE TOWN COUNCIL OF THE
TOWN OF AVON, COLORADO WILL BE HELD TUESDAY SEPTEMBER 1, 1981 AT 7:30 P.M.
IN THE MUNICIPAL BUILDING, 400 BENCHMARK ROAD, AVON, FOR THE PURPOSE
OF DISCUSSING AND CONSIDERING THE FOLLOWING:
1) Resolution No.#81-15, Series of 1981, A RESOLUTION
SUPPLEMENTING ORDINANCE N0.#81-23, SERIES OF 1981;
DETERMINING THE PRINCIPAL AMOUNT, BOND NUMBERS, PROVISIONS
FOR REDEMPTION AND MATURITIES OF, AND RATES OF INTEREST
ON $2,700,000 OF THE TOWN'S SPORTS FACILITY REVENUE
BONDS (BEAVER CREEK ASSOCIATES PROJECT, SERIES OF 1981);
DETERMINING REVENUES TO BE PAID FOR SUCH PROJECT;
AUTHORIZING INCIDENTAL ACTION; AND REPEALING INCONSISTENT
ACTIONS.
2) Ordinance No.#81-22, Series of 1981, AN ORDINANCE
ADOPTING A ZONING CODE FOR THE TOWN OF AVON; PROVIDING
FOR ZONE DISTRICTS AND AN OFFICIAL MAP; PROVIDING
DEFINITIONS AND REGULATIONS; ESTABLISHING AN ENVIRON
MENTAL REVIEW BOARD, OUTLINING ITS FUNCTION IN RELATION-
THERETO; AND PROVIDING PROCEDURES AND STANDARDS THEREFOR;
REGULATING AND REQUIRING OFF-STREET PARKING; REGULATING
SIGNS; PROVIDING FOR NON-CONFORMING USES AND STRUCTURES;
WITH PROVISION FOR INTERPRETATION, REVOCATION AND
INVALIDATION OF PERMITS; PROVIDING PENALTIES FOR VIOLATION
THEREFOR; AND SETTING OUT ADDITIONAL DETAILS IN RELATION
THERETO.
THIS MEETING IS OPEN TO THE PUBLIC
TOWN OF AVON
atricia J. DoyN-b, Towif Clerk
POSTED IN THE FOLLOWING PUBLIC PLACES ON AUGUST 31, 1981:
:NORTHEAST SIDE OF THE BENCHMARK SHOPPING CENTER,
MAIN ENTRANCE TO CITY MARKET,
PESTER GAS STATION; AND
MUNICIPAL BUILDING IN THE MAIN LOBBY