TC Res. No. 2000-39RESOLUTION NO. 39
SERIES OF 2000
A RESOLUTION APPROVING AN AMENDMENT TO THE AGREEMENTAND PLAN
FOR DISSOLUTION OF THE AVON METROPOLITAN DISTRICT
WHEREAS on February 20, 1998, the Town of Avon and the Avon Metropolitan District
("District") entered into that certain Agreement and Plan for Dissolution of the District, and
WHEREAS the Town Council wishes to amend the Agreement and Plan for Dissolution so
as to recognize the right of the District to refinance its bonded indebtedness, and
WHEREAS such refinancing, if accomplished, will result in a savings to the taxpayers of the
District, and be in the interest of the health, welfare, and safety of.the such taxpayers,
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE
TOWN OF AVON, COLORADO:
Section 1. The Town Council hereby authorizes the Mayor to execute on behalf
of the Town the attached First Amendment to Plan for Dissolution of the District.
ADOPTED this 22day of August , 2000.
TOWN OF AVON, COLORADO
dy Yod ,1\ or
FIRST AMENDMENT TO AGREEMENTAND PLAN FOR DISSOLUTION
AVON METROPOLITAN DISTRICT
TOWN OF AVON
THIS FIRST AMENDMENT ~ TO THE AGREEMENT AND PLAN FOR
DISSOLUTION is made this 22 day of August , 2000, by and between the Avon
Metropolitan District, a Colorado quasi-municipal corporation and political subdivision. of the
State of Colorado ("District's and" the Town of Avon, a municipal corporation and political
subdivision of the State of Colorado ("Town").
RECITALS
A. The District and the Town entered into that certain Agreement and Plan for
Dissolution on February.20, 1998 ("Agreement").
B. By Decree of the District Court of Colorado for Eagle County, dated June 12,
1998 ("Decree', the District was dissolved in accordance with the Special District Act and
pursuant to the Agreement. Pursuant to the Decree 8) the District "shall continue in existence
for the sole purpose of securing payment in full of the principal and interest of [its bonded
indebtedness]."
C. The District and the Town have determined that it is in the best.interest of the
taxpayers of the District to refund the remaining bonded indebtedness of the District.
. D.: Neither the Agreement nor the Decree contemplated the refunding of the bonded
indebtedness of the District.
E. The District and the Town hereby find that this Amendment is in the best interest
of the taxpayers of the District and the Town, and will benefit, the public health, safety, and
welfare.
NOW THEREFORE, in consideration of the covenants, agreements, mutual promises,
and conditions contained in this Amendment, and for other good and valuable'consideration, the
receipt and sufficiency of which is acknowledged, the District, and the Town hereby agree as
follow:
1. Refinancing Plan.
The District currently has outstanding indebtedness in the principal
amount: of $3,705.000. Such indebtedness is based on bonds with a maturity date. of
November 1, 2010, which carry an interest rate of 8.3%.
The District and the Town shall jointly petition the Court for an order
modifying the Decree to authorize the refunding of the District's remaining bonded
indebtedness consistent with the terms of this Amendment:
As soon as practicable after the approval by the Court of this Amendment,
as evidenced by the entry of an order modifying the Decree, the District shall issue new
long=term fixed rate refunding .bonds in an amount sufficient to defease, and retire as it
comes due, all of the remaining bonded indebtedness of the District, plus pay customary
costs and fees associated with the refunding. Any new bonds issued shall remain a
continuing obligation of the District.
The terms and conditions of the new bonds shall be as the District shall
determine to be in, the best interest of the taxpayers -of the District, but such terms and
conditions shall in any event include a maturity date not later, than November 1, 2010,and
an interest rate not higher than 7%.
IN WITNESS WHEREOF, the parties have caused this Amendment to be executed on
the date stated above.
AVON METROPOLITAN DISTRICT
By:
&eesiden
A
B-
TOWN OF AVON
By:
mayor