TC Minutes 12-29-1984MINUTES OF A SPECIAL AVON TOWN COUNCIL
MEETING HELD DECEMBER 29, 1984 - 9:00 P.M.
The Special Meeting of the Town Council of the Town of Avon, Colorado,
was held in the Municipal Building, 400 Benchmark Road, Avon, Colorado,
in the Council Chambers.
The meeting was called to order by Mayor Allan Nottingham at 9:15 p.m.
A roll call was taken with Steve Miller, Sheila Davis, A.J. Wells, Al
Connell present. Clint Watkins and Don Buick were absent. Also present
were Town Attorneys John Dunn and Art Abplanalp, Town Manager Bill James,
and members of the public.
The Mayor stated that the purpose of the Special Meeting was to discuss:..some
changes in regard to the issuance of the Town of Avon Industrial Development
Bonds(Avon/Beaver Creek Holiday Inn Project) and taking action related
thereto which Council would deem appropriate.
The Mayor entertained a motion that Allan Nottingham and A.J. Wells step
down because of conflict of interest. Al Connell so moved. The motion
was seconded by Steve Miller and was carried with Allan Nottingham and
A.J. Wells abstaining.
The Mayor Pro-Tem proceeded.
John Dunn approached the Council. Ile stated that Mr. Abplanalp would be
representing the Town at the closing in New York .al.ona,. with Bill James.
Mr. Dunn stated that the Ordinance adopted by the Town authorizing the
bonds, specified the Bond Form in particular language contained which
read,"the form of the bond shall be "Substanially"(which is the key word),
etc...
Mr. Dunn stated that after taking into consideration the concern of the
under writer and the under writer's counsel, that it had become necessary
to make some significant changes to the Bond Form. The changes to the Bond
Form would be advantageous to the Town. The changes relate to, 1) a reduction
in the amount of the issue from $9,000,500 to $9,000,000 and the purpose
of that was to keep the issue together with interest under the $10,000,000
cap which was imposed by Federal Law. Mr. Dunn stated that there were some
minor changes on initial interest rates, attorneys. schedules, etc... and
changes with respect to optional tenders and redemption. Mr. Dunn stated
that there were some changes in the other documents relating to the dates
for commencement of the project, the completion of the project(September
15, 1986) and dates and/or of manner of changes in interest rates.
Mr. Dunn stated that it was Bond Counsel's recommendation that Mr.
Abplanalp and himself come back to the Council to obtain approval of those
changes and on the basis of Bond Counsel's recommendation it was Mr. Dunn's
request of the Council that Resolution No. 84-54 be adopted to approve
those chances.
After discussion Al Connell moved approval of Resolution No. 84-54. The
motion was seconded by Steve Miller and was carried with Allan Nottingham
and A.J. Wells abstaining.
The Mayor and Mr. Wells resumed their seats.
There being no further busines to come before the Council Steve Miller
moved to adjourn. The motion was seconded by Al Connell. The meeting was
adjourned by Mayor Nottingham at 9:25 p.m..
Relspectfu ly Subm' ed: /
7Patricia J. Doy , Town C er
Approved:
-2-
Ll