TC Res. No. 2014-18 Expressing the Intent of the Town to be Reimbursed for Certain ExpensesRESOLUTION NO. 14 -18
A RESOLUTION OF THE TOWN OF AVON, COLORADO,
EXPRESSING THE INTENT OF THE TOWN TO BE
REIMBURSED FOR CERTAIN EXPENSES RELATING TO
CERTAIN CAPITAL EXPENDITURES.
WHEREAS, the Town of Avon, Colorado ( "Town ") is a legal and regularly created,
established, organized and existing municipal corporation under the provisions of Article XX of
the Constitution of the State of Colorado and the Charter; and
WHEREAS, the members of the Town Council of the Town ( "Council ") have been duly
elected and qualified; and
WHEREAS, it is the current intent of the Town to make certain capital expenditures for the
construction of the Nottingham Park Pavilion, including a central stage, a remodeled pump
house, multi -level decks, green room, plaza, relocation of certain existing park amenities,
landscaping and other related necessary improvements ( "Project "); and
WHEREAS, the Council has determined that it is in the best interest of the Town to finance
the Project through one of the following: (i) by the issuance of bonds; (ii) by the execution and
delivery of a lease purchase agreement; or (iii) by any other means legally available to the Town
( "Financing "); and
WHEREAS, the Council has determined that it is necessary to make capital expenditures in
connection with the Project prior to the time that the Town arranges for the specific financing of
the Project; and
WHEREAS, it is the Council's reasonable expectation that when such Financing occurs, the
capital expenditures will be reimbursed with the proceeds of the Financing; and
WHEREAS, in order to comply with the provisions of the Internal Revenue Code of 1986,
as amended ( "Code "), it is the Council's desire that this resolution ( "Resolution ") shall constitute
the "official intent" of the Council to reimburse such capital expenditures within the meaning of
Treasury Regulation §1.150-2.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE
TOWN OF AVON, COLORADO:
Section 1. All action (not inconsistent with the provisions of this Resolution) heretofore
taken by the Council and the officers, employees and agents of the Town directed toward the
Financing is hereby ratified, approved and confirmed.
Res. No. 14 -18 Reimbursement of Capital Expenditures
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Section 2. The Town intends to finance approximately $2,100,000 to pay the costs of the
Project, including the reimbursement of certain costs incurred by the Town prior to the receipt of
any proceeds of a financing, upon terms acceptable to the Town, as authorized in an ordinance to
be hereafter adopted and to take all further action which is necessary or desirable in connection
therewith.
Section 3. The officers, employees and agents of the Town shall take all action necessary or
reasonably required to carry out, give effect to and consummate the transactions contemplated
hereby and shall take all action necessary or desirable to finance the Project and to otherwise
carry out the transactions contemplated by the resolution.
Section 4. The Town shall not use reimbursed moneys for purposes prohibited by Treasury
Regulation § 1.150 -2(h).
Section 5. This Resolution is intended to be a declaration of "official intent" to reimburse
expenditures within the meaning of Treasury Regulation § 1.150 -2
Section 6. If any section, paragraph, clause or provision of this Resolution shall for any
reason be held invalid or unenforceable, the invalidity or unenforceability of such section,
paragraph, clause or provision shall not affect any of the remaining provisions of this resolution.
Section 7. All acts, orders and resolutions of the Council, and parts thereof, inconsistent with
this Resolution shall be, and the same hereby are, repealed to the extent only of such
inconsistency. This repealer shall not be construed to revive any act, order or resolution, or part
thereof, heretofore repealed.
Section 8. This Resolution shall be in full force and effect upon its passage and approval.
PASSED AND ADOPTED this August 12, 2014.
ATTEST:
Debbie Hoppe, T6N6 Clerk
TOWN OF AVON, C LO
Richard Carroll, dayor
APPROVED AS TO FORM:
0
o
'Eric Hei 6p4m Attorney
Res. No. 14 -18 Reimbursement of Capital Expenditures
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EXHIBIT A
(Attach Form of Notice of Meeting)
Res. No. 14-18 Reimbursement of Capital Expenditures
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STATE OF COLORADO
SS.
TOWN OF AVON
I, Debbie Hoppe, the Town Clerk of the Town of Avon, Colorado, do hereby certify that:
1. The foregoing pages are a true and correct copy of a resolution ( "Resolution ") passed and
adopted by the Town Council ( "Council ") at a regular meeting held on August 12, 2014.
2. The Resolution was duly moved and seconded and the Resolution was adopted at the
meeting of August 12, 2014, by an affirmative vote of a majority of the members of the Council
as follows:
Name
"Yes"
"No"
Absent
Abstain
Rich Carroll
+
Jennie Fancher
David Dantas
Chris Evans
t/
Matt Gennett
Buz Reynolds
v
Jake Wolf
r/
3. The members of the Council were present at such meetings and voted on the passage of
such Resolution as set forth above.
4. The Resolution was approved and authenticated by the signature of the Mayor Pro Tem
of the City, sealed with the City seal, attested by the City Clerk and recorded in the minutes of
the Council.
5. There are no bylaws, rules or regulations of the Council that might prohibit the adoption
of said Resolution.
6. Notice of the meeting of August 12, 2014, in the form attached hereto as Exhibit A, was
posted at the Avon Town Hall, One Lake Street, Avon, Colorado, not less than twenty -four (24)
hours prior to the meeting in accordance with law.
WITNESS my hand and the seal of the Town affixed August 12, 2014.
r � .
Debbie Hoppe, To n Clerk
( AL
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