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TC Ord. No. 1983-29• • ORDINANCE NO. #k83-29 AN ORDINANCE DESIGNATED BY THE SHORT TITLE "1983 GENERAL OBLIGATION BOND ORDINANCE;" RATIFYING ACTION HERETOFORE TAKEN; DECLARING THE NECESSITY OF MAKING VARIOUS PUBLIC IMPROVEMENTS IN THE TOWN; AUTHORIZING THE ISSUANCE OF THE TOWN OF AVON, COLORADO GENERAL OBLIGATION VARIOUS IMPROVEMENTS BONDS, SERIES AUGUST 15, 19831 IN THE AGGREGATE PRINCIPAL AMOUNT OF $500,000; PRO- VIDING FOR THE TOWN COUNCIL OF THE TOWN OF AVON TO LEVY GENERAL (AD VALOREM) TAXES TO PAY THE PRINCIPAL AND INTEREST ON THE BONDS; PROVIDING OTHER DETAILS CONCERNING THE BONDS, THEIR SALE AT A NEGOTIATED SALE AND THE VARIOUS PUBLIC IMPROVEMENTS PROJECTS; RATIFYING, APPROVING, AND CONFIRMING ACTION HERETOFORE TAKEN AND PERTAIN- ING THERETO; AND PRESCRIBING DETAILS IN CONNEC- TION WITH SUCH MATTERS. WHEREAS, the Town of Avon (the "Town"), in the County of Eagle, and State of Colorado, is a municipal corporation duly orga- nized and existing under Article XX of the Constitution of the State of Colorado; and WHEREAS, the Town's Charter (the "Charter") was duly adopted at a special election held in the Town on June 13, 1978; and WHEREAS, Section 6, Article XX, State Constitution, pro- vides that any city organized pursuant to its provisions and the-cit- izens thereof shall have the powers set out in Sections 1, 4, and 5 of* Article XX, and all other powers necessary, requisite, or proper,- for the government and administration of its local and municipal mat- ters, including power to legislate upon, provide, regulate, conduct, and control, among other things, all matters pertaining to municipal elections in such city, and the issuance, refunding, and liquidation of all kinds of municipal obligations; and WHEREAS, the Charter (Section 14.3(a), (b) and (c)) provides: "Section 14.3 General Obligation Bonds. (a) No bonds or other evidence of indebtedness payable in whole or in part from the proceeds of general property taxes and/or sales taxes and/or other municipal taxes, or to which the full faith and credit of the Town is pledged, shall be issued, except in pursuance of an ordinance adopted and approved by two-thirds (2/3) vote of the entire Council, or until the question of their issuance shall, at a general or special election, be submitted to a vote of the electors and approved by a majority of those voting on the question. (b) The Council shall determine which of the aforemen- tioned methods of approval of such securities shall be uti- lized subject to the limitations of subsection 14.3 (c) below. (c) Pursuant to subsection (a) above, the Council may, without voter approval, issue such securities in amounts -7- • not to exceed indebtedness of and • a total cumulative outstanding bonded the Town in the amount of $5,000,000.00."; WHEREAS, the Charter (Sections 14.7 and 14.8) further provides: "Section 14.7 Limitation of Indebtedness. The aggregate amount of bonds or other evidences of indebtedness of the Town shall not exceed twenty-five per cent (25%) of the assessed valuation of the taxable prop- erty within the Town as shown by the last preceding assess- ment for Town purposes; or the sum of $15,000,000.00, whichever amount shall be greater provided, however, in determining the amount of indebtedness, there shall not-be included within the computation: (a) Bonds or other evidences of indebtedness, outstanding or authorized to be issued for the acquisition, extension or improvement of a municipal water-works system or munici- pal storm sewer, sanitary sewer, combined storm and sani- tary sewers, or sewage disposal systems; (b) Short-term notes; (c) Special or local improvement securities; (d) Securities payable from the revenues of an income- producing system, utility, project, or other capital improvement or from Town sales or use taxes. (e) Long term installment contracts other than real prop- erty acquisitions, rentals and leaseholds pursuant to Section 14.9. Section 14.8 Bonds: Interest, Sale, Prepayment. (a) The terms and maximum interest rate of general obligation or revenue bonds or other like securities shall be fixed by the authorizing ordinance and such securities shall be sold to the best advantage of the Town. (b) Any refunding bond may be exchanged dollar for dollar for a bond refunded. (c) All bonds may contain provisions for calling the same at designated periods prior to the final due date, with or without the payment of a prior redemption premium." WHEREAS, the Town has heretofore issued $1,385,000 of bonds authorized pursuant to Charter Section 14.3(c) of which there are currently outstanding $1,385,000; and WHEREAS, the assessed valuation of the taxable property within the Town as of the first day of January, 1983 is $19,485,130 and the aggregate amount of bonds or other evidences of indebtedness subject to the limitations of Section 14.7 is $15,000,000; and WHEREAS, the Town Council (the Council) has determined and does hereby determine to sell and issue in the name and on behalf of -8- the Town the g*ral obligation various in*ovements bonds, Series August 15, 1983 in the principal amount of $500,000.00, as more particularly described herein (the "bonds"), for the purpose of constructing or otherwise acquiring various improvements, or additions to the facilities of the Town as follows: (A) Avon Road: The construction of aesthetic improvements within the right-of-way of Avon Road which is the major access to the Town of Avon off I-70 10 miles west of Vail. These improvements include major landscaping, irrigation systems, artificial street lights and lighting equipment, signs,pedestrian walkways, and other related miscellaneous improvements. (B) Lighting bike path around Nottingham Lake: The acquisition and installation of artificial lights and lighting equipment along the bike path around Nottingham Lake which provides pedestrian walkways from one end of Town to the other and provides access to the Town's tennis courts and pedestrian mall. The installation of lights and lighting equipment along the bike path will provide a low intensity light at night so that these paths may be safely used by residents and visitors for nighttime activities, such as jogging, cross country skiing, ice skating, etc. (C) Restoration of historic log cabin: The acquisition, restoration and relocation of the log cabin home of the Nottingham family which is to be moved into Nottingham Park and restored on the outside to its original condition to preserve some of the historic aspect of the area. D Lighting and Landscaping of tennis courts: The acquisition and installation of artificial lights, lighting equipment and landscaping of the four public tennis courts constructed by the Town in 1982. The tennis court installation project of 1982 will be completed by adding landscaping and lighting to allow extended hours for use at night. (E) Other Improvements: The acquisition and installation of other various landscaping improvements within the Town such as a public restroom facility, signs, picnic tables, cooking grills, volleyball courts, horseshoe pits, etc. The acquisition of a "zamboni," i.e., a motorized piece of equipment for use in maintaining the ice in the ice skating rink. The installation and equipment of offices on the second floor of the Municipal. 9• Building. The sof tball field at the west end of Nottingham Park will also be completed with landscaping and the installation of a drainage system. (the "Improvements Project"); and WHEREAS, said Council by the adoption of Resolution No. 83_27on June 28, 1983, determined, and does hereby determine, that it is necessary and for the best interests of said Town and the inhabitants thereof that they immediately proceed to issue and sell, at a negotiated private sale, the Town's general obligation bonds designated as "Town of Avon, Colorado, General Obligation'Various Improvements Bonds,, Series August l5 r 1983," (herein the "bonds") in the aggregate principal amount of $500,000, for the purpose of paying, in part, the cost of making the various public improvements in said Town; and WHEREAS, by said Resolution No. $3-_Z7the Council has accepted the negotiated offer of Boettcher & Company; Denver, Colorado and associates (herein "Purchaser"), to purchase the general obligation bonds herein authorized for the principal amount thereof, accrued interest to the delivery date and at a discount of $15;:000 l , at the interest rates hereinafter set forth, which offer is to the best advantage of the Town. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO: Section 1. This ordinance shall be known as and may be cited by the short title "1983 General Obligation Bond Ordinance." Section 2. All action (not inconsistent with the provi- sions of this ordinance) heretofore taken by this municipality and the officers thereof, directed toward construction and acquisition of the various public improvements, the Improvements Project, and the sale and issuance of its general obligation various improvements bonds for that purpose, be, and the same hereby is, ratified, approved, and confirmed. Section 3. It is hereby redeclared that the construction and acquisition of the various improvements will serve a public use and will promote the health, safety, and general welfare of the citi- zens, inhabitants and property owners in said Town. Section 4. In consideration of the purchase and the accep- tance of bonds by those who shall hold the same from time to time, the provisions of this ordinance shall be deemed to be and shall con- stitute contracts between the Town and the holders from time to time of the bonds. _10- • 0 Section 5. All of the bonds, as to the principal thereof, and the interest thereon, (i.e., the "Bond Requirements"), shall constitute general obligations of the Town, which by this ordinance pledges the Town's faith and credit for the payment of the Bond Requirements. The bonds as to all Bond Requirements shall be payable from annual general (ad valorem) taxes ("General Taxes") levied with- out limitation of rate or amount against all of the taxable property within the Town, as herein provided. Section 6. For the purpose of defraying the cost and expense of making said various public improvements, and said Improvements Project, including all such proper incidental expenses (except to the extent other funds are available therefor), there shall be issued in the name of the Town of Avon, the Town's-fully registered' (i.e. registered as to payment of both principal and- interest) general obligation bonds designated "Town of Avon, Colorado, General Obligation Various Improvements 'Bonds, Series August 15, 1983," (herein the "bonds") in the aggregate principal amount of $500,000, in the denomination as originally issued of $5,000 each, or in any denomination which is an integral multiple of $5,000 (provided that no bond may be in a denomination which exceeds the principal coming due on any maturity date. and no individual bond will be issued -for more than one maturity), bearing date as of August 15, 1983, and bearing interest from their date until their maturity at the respective rates hereinafter designated, being pay- able on December 1, 1983, and semi-annually thereafter on the first days of December and June in each year. The bonds shall bear inter- est and shall mature serially on December 1 of each year as follows: Amounts Maturing Interest Rate (Per Annum) Years Maturing $ isA n00 7:25 1984 15.000 7.75 $ 1985 20.000 8. % 1986 20.000 8.75 % 1987 25,000 9.25$ 1988 25,000 9.50% 1989 30,000 9.75$ 1990 30,000 10.00% 1991 35,000 10.25% 1992 35,000 10.40$ 1993 40,000 10.50$ 1994 45,000 10.50$ 1995 ,;n,nnn 10.50 $ 1996 _;C;,000 10.50$ 1997 tin,non 10.50$ 1998 The bonds as originally issued, and bonds issued upon transfer or exchange prior to December 1, 1984, shall be dated as of the date (August 15, 1983) of the bonds. Bonds issued upon transfer or exchange on December 1, 1984 shall be dated as of such date, and -11- 0 0 bonds issued upon transfer or exchange subsequent to December 1, 1984 shall be dated as of the December 1 or June 1 next preceding their date of issue, or if issued on a December 1 or June 1 as of such date. The bonds shall bear interest payable semiannually from their date, on June 1 and December 1, commencing December 1, 1983; pro- vided, however, that if interest on the bonds shall be in default, bonds issued upon transfer or exchange shall be dated as of the date to which interest has been paid in full on the bond or bonds surren- dered therefor. The principal of any bond shall be payable to the regis- tered owner thereof as shown on the registration books kept by the Central Bank of Denver of Denver, Colorado, being both the registrar (i.e., transfer agent) (herein "Registrar") and paying agent (herein "Paying Agent") for the bonds, upon maturity thereof and upon presen- tation and surrender of such bond at the Paying Agent. If any bond shall not be paid upon such presentation and surrender at or after maturity, it shall continue to draw interest at the rate borne by said bond until the principal thereof is paid in full. Payment of interest on any bond shall be made to the registered owner thereof by check or draft mailed by the Paying Agent, on or before each interest payment date (or, if such interest payment date is not a business day, on or before the next succeeding business day), to the regis- tered owner thereof at his address as it last appears on the regis- tration books kept by the Registrar (or by such other arrangement as, may be mutually agreed to by the Paying Agent and any registered owner). All such payments shall be made in lawful money of the United States of America. If the Registrar or Paying Agent initially appointed hereunder shall resign, or if the Town shall reasonably determine that said Registrar or Paying Agent has become incapable of fulfilling its duties' hereunder, the Town may, upon notice mailed to each registered owner of bonds at the address last shown on the reg- istration books, appoint a successor Registrar or Paying Agent, or both. Every such successor Registrar or Paying Agent shall be a bank or trust company located in and in good standing in the State of Colorado and having a capital and surplus of not less than $5,000,000. It shall not be required that the same institution serve as both Registrar and Paying Agent hereunder, but the Town shall have the right to have the same institution serve as both Registrar and Paying Agent hereunder. Section 7. The bonds maturing on and after December 1, 1994, shall be subject to redemption at the Town's option prior to their respective maturity dates, on and after December 1, 1993, on any interest payment date in whole, or in part in inverse order of maturity, (less than all of the bonds or portions thereof of a single maturity to be selected by the Paying Agent by lot, giving -12- • • proportionate weight to bonds in denominations larger than $5,000, all in'such manner as the Paying Agent may determine), at a price equal to the principal amount of each bond to redeemed, and accrued interest thereon to the redemption date. In the case of bonds of a denomination larger than $5,000, a portion of such bond ($5,000 or any integral multiple thereof) may be'redeemed, in which case the Registrar shall,' without charge to the owner of such bond, authenti- cate and issue a replacement bond or bonds for the unredeemed portion thereof. Section 8. Notice of prior redemption shall be given by the Director of Finance in the name of the Town by publication of such notice at.least thirty days prior to the date of redemption,in a newspaper of general circulation in the Town (and the official news- paper of the Town) and a copy of such notice shall be sent by regis-. tered or certified mail- at least thirty days. prior to such date to the initial Purchaser and to each registered owner of any bonds des- ignated f or redemption, at their address as the same shall last appear upon the registration books kept by the Registrar:' Failure to give such notice by mailing to the owner of any bond designated for redemption, or any defect' therein, shall. not affect the validity of the proceedings for the redemption of any other bonds.. Such notice shall specify the number or numbers of the bonds or portions thereof to be so redeemed and the date fixed for redemption, and shall fur- ther state that on such date there will become and-be due and payable upon each bond so,called at the Paying Agent the principal amount thereof with accrued interest to the redemption date, and that from and of ter such date interest, shall cease. Notice having been given in the manner hereinbefore provided, the bond or bonds so called shall become due and payable on tie date so.designated, and upon pre- sentation thereof at the Paying Agent, the Town will pay the bond or bonds so called for redemption prior to maturity. Section 9. The person in whose name a bond shall be regis- tered on the registration books kept by the Registrar shall be'deemed and regarded as the absolute owner thereof' for all purposes and pay- -ment of principal of and interest on any bond shall be made, only to or upon the written order of the registered owner thereof or his legal representative, but such registration may be changed upon transfer of such bond in the manner and subject to the conditions -and limitations provided, herein. All such payments shall be valid and effectual to discharge the liability upon such bond to the extent of the sum or sums so paid. A bond shall be fully transferable by the registered owner thereof in person or by his duly authorized attorney on the registration books kept at the office of the Registrar upon presentation of the bond- together with a duly executed written instrument of transfer satisfactory to the Registrar. Such transfer -13- • 0 shall be noted on such registration books. The Registrar shall require the owner or transferee to pay all charges, if any, for such transfers, including the payment by the registered owner of the bond of any tax or other governmental charge required to be paid with respect to such transfer. The Registrar shall not be required to transfer any bond during the period of fifteen days next preceding any interest payment date, nor to transfer any bond after publication or mailing of notice calling such bond for redemption as herein pro- vided, nor during the period of fifteen days next preceding such pub- lication or mailing of notice of redemption prior to maturity. Section 10. The bonds shall be executed in the name of the Town and shall be signed by the facsimile signature of the Mayor, attested by the facsimile signature of the Town Clerk with the fac- simile of the seal of the Town affixed thereto, and countersigned by the facsimile signature of the Town Manager. Such bonds, including the certificates thereon, bearing the signatures of the officers in the office at the time of the authorization thereof shall be the valid and, binding obligations of the Town, (subject to the require- ment of authentication by the Registrar as hereinafter provided) not- withstanding that before the delivery thereof and payment therefor any or all of the persons whose signatures appear thereon shall have ceased to fill their respective offices. Each of the officers, at the time of the execution of a signature certificate, and in the case of the Town Clerk also at the time of the execution of the bonds, may adopt as and for her own facsimile signature the facsimile signature of his or her predecessor in office in the event that such facsimile signature appears upon any of the bonds, or certificates pertaining thereto. Prior to the execution of the required signature certifi- cate, the Mayor, Town Clerk and Town Manager shall cause a certified copy of their signatures to be filed with the Colorado Secretary of State; provided that such filing shall not be necessary where any previous filings may have legal application to the bonds. No bond shall be valid or obligatory for any purpose unless the certificate of authentication, substantially in the form hereinafter provided, has been duly executed by the Registrar, and such certificate of authentication of the Registrar upon any bond shall be the only com- petent evidence that such bond has been duly issued and delivered. The Registrar's certificate of authentication shall be deemed to have been duly executed by it if manually signed by an authorized officer of the Registrar, but it shall not be necessary that the same officer sign the certificate of authentication on all of the bonds issued hereunder. If any bond shall be lost, stolen, destroyed or muti- lated, the Registrar shall, upon receipt of such evidence or informa- tion relating thereto and such reimbursement for expenses as it may reasonably require, register and deliver to the registered owner -14- • thereof a replacement for such bond bearing the same number as the bond so replaced. If such lost, stolen, destroyed or mutilated bond shall have matured, the Registrar may direct the Paying Agent to pay such bond in lieu of replacement. Section 11. Books for the registration and transfer of the bonds shall be kept by the Registrar, which is hereby appointed by the Town as Registrar (i.e., transfer agent) for the bonds. Upon the surrender for transfer of any bond at the Registrar, duly endorsed for transfer or accompanied by an assignment (in form satisfactory to the Registrar) duly executed by the registered owner or his attorney duly authorized in writing, the Registrar shall authenticate and deliver in the name of the transferee or transferees a-new bond or bonds of a like aggregate principal amount-and of the same maturity, bearing a number or numbers not contemporaneously outstanding. Bonds may be exchanged at the Registrar for an equal aggregate principal amount of bonds of the same maturity of other authorized denominations. The Registrar shall authenticate and deliver a bond or bonds which the registered owner making the exchange is entitled to receive, bearing a number or numbers not contemporaneously outstanding. The Registrar may require the payment by the owner of any bond requesting exchange or transfer of any charge for such exchange or transfer, including any tax or other governmental charge required to be paid with respect to such exchange or transfer. Whenever any bond shall be surrendered to the Paying Agent upon pay- ment thereof, or to the Registrar for replacement as provided herein, such bond shall be promptly cancelled and destroyed by the Paying Agent or Registrar, and counterparts of a certificate of such destruction shall be furnished by the Paying Agent or Registrar to the Town. Section 12. Subject to the registration provisions hereof, the bonds hereby authorized shall be fully negotiable and shall have all the qualities of negotiable paper, and the holder or holders thereof shall possess all rights enjoyed by the holders of negotiable instruments under the provisions of the' Uniform Commercial Code Investment Securities. The bonds shall constitute the general obli- gations of . the Town, and the full faith and credit of the Town shall be, and hereby is pledged to the payment thereof. Section 13. Bonds issued hereunder shall not be invalid, for any irregularity or defect in the proceedings for their issuance, sale or delivery, and shall be incontestable in the hands of bona fide registered owners who have purchased said bonds for value. Section 14. The bonds shall be in substantially the fol- lowing form: -15- • • (Form of Bond) UNITED STATES OF AMERICA • STATE OF COLORADO COUNTY OF EAGLE NO. $ TOWN OF AVON, COLORADO GENERAL OBLIGATION VARIOUS IMPROVEMENTS BOND SERIES AUGUST 15, 1983 Interest Date Maturity Date Dated as of CUSIP Number ~ per annum December 1, 19_ 1983 The Town of Avon, in the County of Eagle and State of Colorado (herein the "Town"), a municipal corporation duly organized and existing, for value received, hereby acknowledges itself to be indebted and hereby promises, to pay to , the registered owner hereof, or registered assigns, the principal sum of THOUSAND DOLLARS on the maturity date specified above, with interest hereon from the date of 19_ until maturity at the percentage rate per annum specified above, such interest being payable, commencing December 1, 1983, and semiannually thereafter on June 1 and December 1 in each year, both principal and interest being payable in lawful money of the United States of America. The principal of this • bond shall be payable to the registered owner hereof as shown on the registration books kept for that purpose at the Central Bank of Denver, in Denver, Colorado as Registrar (the "Registrar" or the "Transfer Agent"), upon maturity and presentation and surrender of this bond at the Central Bank of Denver, in Denver, Colorado, as Paying Agent (the "Paying Agent"). The interest hereon shall be paid to the registered owner hereof by check or draft mailed by the Paying Agent, on or before each interest payment date (or, if such interest payment date is not a business day, on or before the next succeeding business day), to such registered owner at his address as it last appears on the registration books kept for that purpose by the Registrar. Alternative means of payment of interest may be used if mutually agreed to between the owner of this bond and the Paying Agent, as provided in the ordinance authorizing the issuance of this bond. If, upon presentation and surrender to the Paying Agent at maturity, payment of this bond is not made as herein provided, -16- i • interest hereon shall continue at the same rate per annum until the principal hereof is'paid in full. This bond is one of a series subject to prior redemption in inverse numerical order by the Town of Avon, (less than all of the bonds or portions thereof of a single maturity to be selected by the Paying Agent by lot as provided in the ordinance authorizing the issuance of the bonds), at its option on December 1, 1993 and on any interest payment date thereafter, at a price equal to the principal amount thereof with accrued interest to the date of redemption, upon not less than thirty days' prior notice by publication in a newspaper of general circulation in the Town of Avon, and by mailing a copy of such notice to the registered owner of such bond to be redeemed at the address shown on the registration books not less than thirty days prior to the redemption date in the manner and upon the conditions provided in the ordinance authorizing the issuance of this bond. The bonds are of like tenor, amount, and date, except as to number, interest rate, prior redemption provisions, price, and matu- rity, and are issued, on behalf, in the name, and upon the credit of the Town of Avon for the purpose of providing funds to defray, in part, the cost of constructing or otherwise acquiring various public improvements in the Town, or under the jurisdiction of the Town Council under the authority of and in full conformity with the Charter of the Town and the Constitution and laws of the State, pur- suant to the "1983 General Obligation Bond Ordinance," (i.e., Ordinance No. duly adopted and approved prior to the issuance of this bond. It is hereby certified and recited that the issuance of the bonds of the series of which this bond is one have been authorized by the requisite vote of two-thirds of the entire Town Council as required by the Charter; that all the requirements of law have been fully complied with by the proper officers of the Town in the issu- ance- of- this bond; that the total indebtedness of the Town, including that of this bond, does not exceed any limit of indebtedness pre- scribed by the Charter of the Town or by the Constitution and laws of the State; and that provision has been made for the levy and collec- tion of annual general (ad valorem) taxes sufficient to pay the prin- cipal of and interest on this bond when the same become due. The full faith and credit of the Town are hereby pledged for the punctual payment of the principal of and the interest on this bond. The bonds of the series of which this is one are fully reg- istered (i.e., registered as to payment of both principal and interest), and are issuable in denominations of $5,000 and any integral multiple thereof (provided that no bond may be in a -17- • • denomination which exceeds the principal coming due on any maturity date and no individual bond may be issued for more than one maturity) . Upon surrender of any of such bonds at the Registrar with a written instrument satisfactory to the Registrar duly executed by the registered owner or his duly authorized attorney, such bond may, at the option of the. registered owner or his duly authorized' attor- ney, be exchanged for an equal aggregate principal amount of such bonds of the same maturity of other authorized denominations, subject to such terms and conditions as set forth in the ordinance authoriz- ing the issuance of such bonds. This bond is fully transferable by the registered owner hereof in person or by his duly authorized attorney on the registra- tion books kept by the Registrar upon surrender of this bond together with a duly executed written instrument of transfer satisfactory to the Registrar, and upon the payment of all charges required by such Registrar. Upon such transfer a new fully registered bond of autho- rized denomination or denominations of the same aggregate principal amount and maturity will be issued to the transferee in exchange for this bond, subject to such terms and conditions as set forth in the ordinance authorizing the issuance of this bond. The Town and the Registrar and Paying Agent may deem and treat the person in whose name this bond is registered as the absolute owner hereof for the purpose of making payment and for all other purposes. The bond shall not be valid or obligatory for any purpose until the Registrar shall have manually signed the certificate of authentication herein. IN WITNESS WHEREOF, the Town of Avon, Colorado, has caused this bond to be signed and executed in the name of and on behalf of the Town, to be signed by the facsimile signature of its Mayor, attested with the facsimile signature of its Town Clerk, to bear the facsimile of the seal of the Town and to be countersigned by the fac- -18- simile signature of the Town Manager, and this bond to be dated as of the date specified above. Facsimile Signature Mayor Town of Avon (FACSIMILE SEAL) Attest: Facsimile Signature Town Clerk Town of Avon Countersigned: Facsimile Signature Town Manager Town of Avon -19- 0 0 (Form of Registrar's Certificate of Authentication) This is one of the bonds described in the above mentioned Ordinance No. , and this bond has been duly registered on the registration books kept by the undersigned as Registrar for such bonds. CENTRAL BANK OF DENVER, as Registrar By - Authorized Officer (End of Form of Registrar's Certificate of Authentication) (Form of Assignment Provision) ASSIGNMENT PROVISION For value received, hereby assigns and transfers unto the within bond and hereby irrevocably. constitutes attorney, to transfer- the same on the books of the Registrar, with f ull power of substitution in the premises. Dated: NOTE: The signature to this Assignment must correspond with the name as written on the face of the within bond in every particular, -with- out alteration or enlargement or any change whatsoever. (End of Form of Assignment) -20- Section 15. The Legal Opinion Certificate pertaining to the unqualified final approving opinion of bond counsel as printed on the back of each of the bonds, shall be in substantially the follow- ing form: -21- (Form of Legal Opinion Certificate) STATE OF COLORADO ) COUNTY OF EAGLE ) TOWN OF AVON ) SS. LEGAL OPINION-CERTIFICATE The undersigned, Town Clerk of the Town of Avon, does hereby certify that the following approving legal opinion of Messrs. Sherman & Howard, Attorneys at Law, Denver, Colorado: (Attorneys' opinion is to be inserted in sub- margins, including a complimentary closing and "/s/i. Sherman & Howard"), is a true, perfect, and complete copy of a manually executed and dated copy thereof 'on file in the records of the., Town Clerk of the Town in my office; that a manually executed and dated copy- of the opinion was forwarded to a representative of the original purchaser of the bonds for retention in its records; and that, the opinion was dated and issued as of the date of delivery of and payment for the bonds of the series of which this is one. IN WITNESS WHEREOF, the undersigned has caused to be hereunto set the facsimile signature of the Town Clerk of-the Town of Avon, in the State-of Colorado. (Facsimile Signature) Town Clerk (End of Form of Legal Opinion Certificate)- -22- s • Section 16. When the bonds have been duly executed and authenticated, they will be delivered to the Purchasers on receipt of the agreed purchase price. The Registrar shall initially register the bonds in the name of the Purchasers or in the names of such transferees as the Purchasers may designate by a writing or writings satisfactory to the Registrar or any combination thereof as directed by the Purchasers. The bond proceeds shall be accounted for by deposit into a special fund hereby created and designated as the "Town Capital Projects Fund" (the "Projects Fund") and shall be applied solely to defray, in part, the cost of the various public improvements. Any gain from any investment and any reinvestment of any proceeds of the bonds and other moneys in the Construction Fund shall be used promptly for the Improvements Project. In addition $ 14.-645.00 of the proceeds of the bonds shall be deposited- into the Bond Fund as capitalized interest,. for the December 1, 1983 interest payment. The funds realized from the sale'of the bonds shall be applied solely for the purpose of acquiring the Improvements Project (provided that accrued interest, if any, at the option of the officers of the Town, may be used to pay principal of, and interest on the bonds), but the Purchasers of the bonds shall in no manner be responsible for the application or disposal by said Town, or any, of its officers, of any of the funds derived from the sale thereof. Section 17. The interest falling due on the bonds on December 1 , 1983 shall be paid from the general fund, the bond pro- ceeds or from any funds available for that purpose, and there shall be levied on all taxable property in the Town at the time and in the manner provided by law, in addition to all other taxes, direct annual taxes sufficient to reimburse said fund or funds and to pay the prin- cipal of and the interest accruing on said bonds promptly as the same shall become due. Section 18. For the purpose of providing the necessary funds to pay the principal of and the interest on the bonds as the same become due, the Town Council shall levy on all the taxable prop- erty in the Town, in addition to all other taxes, direct annual gen- eral (ad valorem) taxes, (i.e., General Taxes), sufficient to pay such principal and interest promptly as the same become due, and such General Taxes when collected shall be placed in a separate fund to be designated "Town of Avon, General Obligation Various Improvements Bonds, Series August 15, 1983 Bond Fund" (herein the "Bond Fund") and shall be applied solely for the purpose of the payment of the bonds and for no other purpose whatever until the indebtedness so con- tracted under this ordinance, both principal and interest, shall have been fully paid, satisfied, and discharged; but nothing in this ordinance prevents the Town from applying any other funds available for that purpose to the payment of such principal and interest as the -23- • s same, become due, and upon such payments the levies provided in this ordinance may thereupon to that extent be diminished. The sums pro- vided hereinbefore in this ordinance to pay the principal and inter- est of the bonds when due are hereby applied for that purpose, and such amounts for each year shall be included in the annual budget and the appropriation bill or bills to be adopted and passed by the Council in each year, respectively, while any of the bonds, as to any principal or interest, are outstanding or unpaid. No Charter or con- stitutional provisions enacted after the issuance of the bonds shall in any manner limit or impair the obligation of the Town to levy such General Taxes without limitation of rate or amount for the payment of the principal of and the interest on the bonds. Section 19. It shall be the duty of the Council annually, at the time and in the manner provided by law for levying other General Taxes, if such action shall be necessary to effectuate the provisions of this ordinance, to ratify and carry out the provisions of this ordinance, with reference to the levy and collection of General Taxes, and the Council shall require the officers of and for the Town and the County of Eagle to levy, extend, and collect such General Taxes in the manner provided by law for the purpose of pro- viding funds for the payment of the principal of and the interest on the bonds promptly as the same, respectively, become due. Such General Taxes, when collected, shall be kept for and applied only to the payment of the bonds as hereinbefore specified in this ordinance. Section 20. As provided in Section 18 of this ordinance, to the extent moneys derived from other than General Taxes are used to pay the bonds, including, without limitation, any accrued interest thereon received by the Town, the annual General Tax levies for the payment of the bonds may be diminished to that extent. Section 21. The Director of Finance, shall pay or cause the bonds and interest to be paid as the same become due without further warrant or order. Section 22. The Town, with the proceeds derived from the sale of the bonds, shall proceed to complete the Improvements Project without delay and with due diligence, to the best of the Town's ability. Section 23. The Town hereby further covenants for the ben- ef it of each holder of the bonds that the Town will make no use of the proceeds of the bonds (or of moneys or funds which for federal income tax purposes are deemed to be bond proceeds) which will cause the bonds to be arbitrage bonds as defined in Section 103(c), Internal Revenue Code of 1954, as amended, nor will the Town take any -24- 0 0 other action which will result in the loss of exemption from federal income taxation of interest on the bonds. Section 24. The validity of the bonds shall not be depen- dent on and shall not be affected by the validity or regularity of any proceedings relating to the Improvements Project or its completion. The Purchaser of the bonds, any associate thereof, and any subsequent holder of the bonds shall in no manner be responsible for the application or disposal by the Town or by any of its offi- cers, agents and employees of the moneys derived f rom the sale of the bonds or of any other moneys herein designated. Section 25. The officers of the Town be, and they are by this ordinance, authorized and directed to take all action necessary or appropriate to effectuate the provisions of this ordinance, including, without limitation: A. The printing of the bonds, including, without limitation, the printing of such additional blank bonds as shall be required by the Registrar, and the printing on each bond of a certified true copy of the bond counsel's approving opinion per- taining thereto; and B. The execution of such certificates as may be rea- sonably required by the Purchaser, relating, inter alia, to the signing and registration of the bonds, the tenure and identity of the officials of the Council and the Town, the delivery of the bonds, the designation of the Paying Agent and of the Registrar, the receipt of the purchase price for the bonds, the exemption of interest on the bonds from federal and state income taxation, and if it is in accordance with fact, the absence of litigation, pending or threatened, affecting the validity thereof. Section 26. All orders, bylaws, resolutions, ordinances, or parts thereof, in conflict with this Ordinance are hereby repealed. This repealer shall not be construed to revive any order, bylaw, resolution, or ordinance, or part thereof, heretofore repealed. Section 27. If any section, paragraph, clause, or other provision of this Ordinance is for any reason held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause, or other provision shall not affect the validity of the remaining provisions of this Ordinance. Section 28. This Ordinance shall be in full force and effect seven (7) days after its publication by posting upon its final passage. -25- 0 0 INTRODUCED, PASSED ON FIRST READING, AND ORDERED PUBLISHED THIS 28TH DAY OF' JUNE, 1983. (SEAL) Att 1 Town 6Yerk- Town of Avon, Color May o Town of Avo , Colorado ADOPTED AND APPROVED THIS 12th day'of July, 1983. Mayor Town of Avon, C 4orado (SEAL) At t: Tow Clerk Town of Avon, Colora o -26- • Mayor Nottingham announced that copies of the ordinance had been posted on June 21, 1983 and asked if any citizens of the Town wished to address the Council with respect to the ordinance. It was thereupon moved by Councilmember Larry xumpost and seconded by Councilmember Greg,-Gage that the foregoing Ordinance read by title at this meeting, as aforesaid, be approved on first reading, to be published by immediate posting in full this June 28, 1983, in the four places required by Section 6.7 of the Town Charter, and that the Ordinance, at least seven (7) days after notice is published as aforesaid, be considered at public hear- ing and then considered for final passage, all at the regular meeting of-. the Town Council to be held at the Town Hall, on Tuesday, July 12, 1983, at the hour of 7:30 o'clock p.m. The question being upon the adoption of such motion, the roll was called with the following result: Those Voting Yes: L Sheila R. Davis Don Buick Al Connell Greg Gage Larry Kumpost A. J. Wells Those Voting No: none Those Absent: none Ailmembers of the Town Council having voted in favor of such motion constituting two-thirds (2/3) as required by Section 14.3 of the Charter, the presiding officer thereupon declared the motion carried. It was thereupon moved by Councilmember A:J. Wells seconded by Councilmember Don.-Buick- , and unan- imously adopted by a roll call vote of all'Councilmembers present that the Ordinance be additionally printed by title and summary in the Vail Trail on Friday, July 1, 1983, the form of such printed notice to be as follows: -27- 0 0 (Ordinance Summary for Publication) ORDINANCE NO. #83-29 AN ORDINANCE DESIGNATED BY THE SHORT TITLE "1983 GENERAL OBLIGATION BOND ORDINANCE;" RATIFYING ACTION HERETOFORE TAKEN; DECLARING THE NECESSITY OF MAKING VARIOUS PUBLIC IMPROVEMENTS IN THE TOWN; AUTHORIZING THE ISSUANCE OF THE TOWN OF AVON, COLORADO GENERAL OBLIGATION VARIOUS IMPROVEMENTS BONDS, SERIES AUGUST 15, 1983, IN THE AGGREGATE PRINCIPAL AMOUNT OF $500,000; PRO- VIDING FOR THE TOWN COUNCIL OF THE TOWN OF AVON TO LEVY GENERAL (AD VALOREM) TAXES TO PAY THE PRINCIPAL AND INTEREST ON THE BONDS; PROVIDING OTHER DETAILS CONCERNING THE BONDS, THEIR SALE AT A NEGOTIATED SALE AND-THE VARIOUS PUBLIC IMPROVEMENTS PROJECTS; RATIFYING, APPROVING, AND CONFIRMING ACTION HERETOFORE TAKEN AND PERTAIN- ING THERETO; AND PRESCRIBING' DETAILS IN CONNEC- TION WITH SUCH MATTERS. was introduced at a duly called regular meeting of the Town Council, in the Town of Avon, and the County of Eagle, Colorado, on June 281 1983, at which time it was approved on first reading, without amendment. The Council thereupon set the regular meeting of July 12, 1983, at the hour of 7:30 p.m., at the Council's regular meeting place in the Town Hall as the time and place,at which the Council will hold a public hearing on the ordinance. Copies of the proposed ordinance are available at the office of the Town Clerk in the Town Hall. The following is a summary of the subject matter of the ordinance: The ordinance by the preamble recites findings as to the legal existence of the Town of Avon as a charter Town, recites the constitutional powers under article XX of the state constitution; recites and quotes Sections 14 .3 , 14.7 and 14.8 of the Town's Charter; recites that the Town has $1,385,000 of outstanding bonds; recites- that the assessed value of the Town is $19,481,130; and recites that the Council of the Town has determined to sell general obligation bonds for the following purposes: (A) Avon Road: The construction of aesthetic improvements within the right-of-way of Avon Road which is the major access to the Town of Avon off I-70 10 miles west of Vail. These improvements include major landscaping, irrigation systems, artificial street lights and lighting equipment, signs, pedestrian walkways, and other related miscellaneous improvements. (B) Lighting bike path around Nottingham Lake: The acquisition and installation of artificial lights and lighting equipment -28- along the bikeQath around Nottingham Lakahich provides pedestrian walkways from one end of Town to the other and provides access to the Town°s tennis courts and pedestrian mall. The installation of lights and lighting equipment along the bike path will provide a low intensity light at night so that these paths may be safely used by residents and visitors for night-time activities, such as jogging, cross country skiing, ice skating, etc. (C) Restoration of historic log cabin: The acquisition, restoration and relocation of the log cabin home of the Nottingham family which is to be moved into Nottingham Park and restored on the outside to its original condition to preserve some of the historic aspect of the area. (D) Lighting and Landscaping of tennis courts: The acquisition and installation of artificial lights, lighting equipment and landscaping of the four public tennis courts constructed by the Town in 1982. The tennis court installation project of 1982 will be completed by adding landscaping and lighting to allow extended hours for use at night. (E) Other Improvements: The acquisition and installation of other various landscaping improvements within the Town such as a public restroom facility, signs, picnic tables, cooking grills, volleyball courts, horseshoe pits, etc. The acquisition of a "zamboni," i.e., a motorized piece of equipment for use in maintaining the ice in the ice skating rink. The installation and equipment of offices on the second floor of the Municipal Building. The softball field at the west end of Nottingham Park will also be completed with landscaping and the installation of a drainage system. (the "Improvements Project"); recites that for the best interests of the Town, general obligation various improvements bonds should be issued; recites that the Council has, by resolution, authorized the issuance of the bonds and has accepted a purchase proposal from Boettcher & Company of Denver, Colorado for the general obligation bonds in the amount of $500,000.00 plus a discount of $15.000.00. The enacting clause then follows. Section 1 of the ordinance provides the short title. Section 2 of the ordinance ratifies action taken concerning the Project, the bonds and related matters. -29- E • Section 3 declares the necessity of the various public improvements. Section 4 provides the ordinance will be a contract with the bond holders. Section 5 authorizes the Town Council to levy general ad valorem taxes to pay for the bonds and interest. Section 6 provides for the issuance of the "Town of Avon, Colorado, General Obligation Various Improvements Bonds, Series August 15, 1983," in the aggregate principal amount of $500,000; pro- vides for the bond details including the rate of in terest on each bond;, and provides that the. bonds are payable to the registered owners and at the Central Bank & Trust Company. Section 7 provides that certain bonds be subject to redemp- tion prior to maturity in inverse numerical order on certain interest payment dates. Section 8 provides for thirty days published, and in some cases mailed notice to the holder of the bonds of the date fixed for prior redemption. Section 9 provides for the full registration of the bonds. Section 10 provides that the bonds shall be executed by the facsimile signatures of the Mayor, Town Clerk and Town Manager and provides for the filing of the manual signatures with the Colorado Secretary of State and provides for the registration of- the bonds. Section 11 provides for the transfer of registered bonds. Section 12 provides that the bonds shall be (subject to registration provisions) negotiable instruments, and pledges the full faith and credit to the payment thereof. Section 13 provides that the bonds shall become uncontest- able after delivery for value. Section 14 provides for the form of the bonds and the reg- istration grid and assignment forms. Section 15 provides for the legal opinion certificate. Section 16 provides for the establishment of a, construction fund and the deposit of the bond proceeds. Section 17 provides for direct annual taxes. Section 18 levies annual general (ad valorem) taxes and provides for a bond fund. Section 19 provides for the levy to taxes in each year to be included in each year's budget. -30- Section 20 provides for reduction of taxes if other funds are used to pay bonds. Section 21 directs the payment of bonds. - Section 22 directs completion of the Project without delay. Section 23 provides that the Town covenants that the bonds will not become "arbitrage bonds." Section 24 provides that the Purchaser is not responsible for use of bond proceeds. Section 25 provides that the officers take all action nec- essary to effectuate the provisions of the ordinance. Sections 26 and 27 constitute implied repealer provisions and a severability clause respectively. Section 28 provides that the ordinance shall be in full force and effect seven days after publication by posting. -31- • Possible penalty clauses contained in the ordinance are as follows: "Section 18. For the purpose of providing the, necessary funds to pay the principal of and the interest on the bonds as the same become due, the Town Council shall levy on all the taxable property in the Town, in addition to all other taxes, direct annual general (ad valorem) taxes, i.e., General Taxes, sufficient to pay such principal and interest promptly as the same become due, and such General Taxes when col- lected shall be placed in a separate fund to be designated "Town of Avon, General Obligation Various Improvements Bonds, Series August 15, 1983 Bond Fund (herein the "Bond Fund") and shall be applied solely for the purpose of the payment of the bonds and for no other purpose whatever until the indebtedness so contracted under this ordinance, both principal and inter- est shall have been fully paid, satisfied, and discharged; but nothing in this ordinance pre- vents the Town from applying any other funds available for that purpose to the payment of such principal and interest as the same, become due, and upon such payments the levies provided in this ordinance may thereupon to that extent be diminished. The sums provided hereinbefore in this ordinance to pay the principal and interest of the bonds when due are hereby applied for that purpose, and such amounts for each year shall be included in the annual budget and the appropriation bill or bills to be adopted and passed by the Council in each year, respectively, while any of the bonds, as to any principal or interest, are outstanding or unpaid. No Charter or constitutional provisions enacted after the issuance of the bonds shall in any manner limit or impair the obligation of the Town to levy such General Taxes without limitation of rate or amount for the payment of the principal of and the interest on the bonds." /s/ Mayor Town of Avon Colorado /s/ Town Clerk Town of Avon, Colorado -32- Thereupon, the Council considered other business and took other action not concerning the various Town improvements or the gen- eral obligation bonds;to defray the cost thereof. Thereafter, there being no further business- to come before the meeting, on motion duly made, seconded and unanimously carried, the meeting was adjourned. A. .e Mayor Town of Avon, olorado (SEAL). Attest: Town erk Town of Avon, Colorado -33- STATE OF COLORADO ) COUNTY OF EAGLE ) SS. TOWN OF AVON ) I, Patricia Doyle, Town Clerk of the Town of Avon (herein sometimes designated as the "Town"), in the County of Eagle and State of Colorado, do hereby certify: 1. The foregoing pages numbered from -1- through 33 con- stitute a true, correct, complete and compared copy of the record of the proceedings taken by the Town Council of the Town at a duly called regular, open, public meeting thereof held on June 28, 1983,, so- far as said minutes relate to a resolution and to an ordinance, a copy of each of which is therein set forth. 2. A copy of such resolution and such ordinance contained in such minutes is a true, correct, complete and compared copy of the original of the resolution adopted and of the ordinance as introduced by the Town Council at the meeting. 3. I posted the full ordinance on June 28, 1983, immedi- ately following the meeting at the following four places pursuant to the Charter.and ordinance: (a) The office of the Town Clerk (b) The main Entrance to rity Market (c) Tha Paci-ar raG RfAf-inn (d) th oG Offin in the Main lobby 4. The ordinance was on July 1, 1983, printed by title and summary in the Vail Trail, a newspaper of general circulation in the Town. 5. The Mayor and all other members of the Town Council were present at such meeting, and .six members of the Council voted on the adoption of the resolution and on the introduc- tion of the ordinance, as in such minutes set forth. IN WITNESS WHEREOF, I have hereunto set my hand and the seal of the Town of Avon this 28th day of July, 1983. Tow lerk Town of Avon, Colorado (SEAL) -34- (Attach Affidavit of July 1, 1.983, Publication of Title and Summary of Ordinance) -35- • • STATE OF COLORADO ) COUNTY OF EAGLE ) SS. TOWN OF AVON ) The Town Council of the Town of Avon, in Eagle County, Colorado, met in regular session, in full conformity with law and the Charter, ordinances and rules of the Town, at the Town Hall, being the regular meeting place of the Council, on Tuesday, July 12, 1983, at the hour of 7:30 o'clock p.m. Upon roll call, the following were found to be present, constituting a quorum. Mayor: Mayor Pro Tem: Other Councilmembers: Absent: Allan R. Nottingham Sheila R. Davis Don Buick Al Connell Greg Gage Larry Kumpost A. J. Wells none constituting all the members of the Town Council. There were also present: Town Clerk: Patricia J. Doyle Town Manager: Richard D. Blodgett Town Attorney: John Dunn Director of Finance: William James Thereupon, the following proceedings, among others, were had and taken: The Clerk announced that an ordinance entitled: AN ORDINANCE DESIGNATED BY THE SHORT TITLE "1983 GENERAL OBLIGATION BOND ORDINANCE;" RATIFYING ACTION HERETOFORE TAKEN; DECLARING THE NECESSITY OF MAKING VARIOUS PUBLIC IMPROVEMENTS IN THE TOWN; AUTHORIZING THE ISSUANCE OF THE TOWN OF AVON, COLORADO GENERAL OBLIGATION VARIOUS IMPROVEMENTS BONDS, SERIES AUGUST 15, 1983, IN THE AGGREGATE PRINCIPAL AMOUNT OF $500,000; PRO- VIDING FOR THE TOWN COUNCIL OF THE TOWN OF AVON TO LEVY GENERAL (AD VALOREM) TAXES TO PAY THE PRINCIPAL AND INTEREST ON THE BONDS; PROVIDING OTHER DETAILS CONCERNING THE BONDS, THEIR SALE AT A NEGOTIATED SALE AND THE VARIOUS PUBLIC IMPROVEMENTS PROJECTS; RATIFYING, APPROVING, AND CONFIRMING ACTION HERETOFORE TAKEN AND PERTAIN- ING THERETO; AND PRESCRIBING DETAILS IN CONNEC- TION WITH SUCH MATTERS. which ordinance was introduced and read by title for the first time on June 28, 1983, had, as ordered by the Town Council, been published by posting on June 28, 1983, and additionally printed' by title and summary in the Vail Trail, a newspaper published and of general -36- • s circulation in the Town of Avon, in its issue of July 1, 1983, and that the Clerk's certificate of posting and the publisher's affidavit of publication of the Ordinance are now on file in the office of the Town Clerk. Councilmember Sheila Davis then moved that all,rules of the Council which might prevent the final passage and adoption of said ordinance at this meeting be suspended. Councilmember D6 Ruiy-k. seconded this motion. The question being upon the adoption of such motion and the suspension of the rules, the roll was called with the following result: Those Voting Yes: Sheila R. Davis Don Buick Al Connell Greg Gage Larry Rumpost A. J. Wells Those Voting No: Those Absent: none none AZl members of the Council having voted in favor of such motion, the presiding officer declared the motion carried and the rules suspended. Thereupon, the ordinance was read by title for the second time, printed copies having been furnished to Councilmembers and mem- bers of the public in attendance. Councilmember shP,_1a "•navis then moved. that the ordinance be passed and adopted. Councilmember Don Buick seconded the motion. The question being upon the passage and adop- tion of the ordinance, the roll was called with the following results: Those Voting Yes: Sheila R. Davis Don Buick Al Connell Greg Gage Larry kumpost A. J. Wells Those Voting No: Those Absent: none none -37- The presiding officer thereupon declared that a two-thirds (2/3) majority of the seven Councilmembers having voted in favor thereof as required by' Section 14.3 of the Charter, the motion was carried and the ordinance was duly passed and adopted as read. On motion unanimously adopted,. it was ordered that the, ordinance be numbered 83-2,9 and after approval by the Mayor of the Town, be finally published' by immediate posting in full this July 12, 1983, and additionally be printed by title and summary in the Vail Trail on July 15, 1983, and-. be recorded according to law. There were no amendments to the ordinance. Thereupon, the Town Council considered other business and took other action riot concerning the bond ordinance Ordinance There being no further business to come before the Town Council, on motion duly made, seconded and unanimously carried, the meeting was adjourned. 41Z - Mayor Town of Avon, Olorado (SEAL) At Town lerk Town of Avon, Colorado -38- STATE OF COLORADO ) COUNTY OF EAGLE ) SS. TOWN OF AVON ) I, Patricia Doyle, Town Clerk of the Town of Avon (herein sometimes designated as the "Town"), in the County of Eagle, and State of Colorado, do hereby certify: 1. The foregoing Ordinance No. '83-2'Skas read by title and passed on first reading, and ordered published at a regular meeting of the Town Council held on Tuesday, June 28, 1983, and was published by posting immediately thereafter on June 28, 1983. 2. At least 7 days thereafter the ordinance, was placed on second reading and final passage at a regular meeting of the Town Council held on Tuesday, the 12th day of July, 1983; and at such meeting the ordinance was read by title, finally passed, adopted, approved and ordered published. 3. The Mayor and _6 other members of the Town Council were present at such meeting, the members of the Town Council voted on the passage of the ordinance as in such minutes set forth, and the ordinance was published by posting immediately thereafter on July 121, 1983, and additionally printed by title and summary in the Vail Trail, a newspaper of general circulation in the Town of Avon on July 15 , 1983 4. I posted the full ordinance on July 12, 1983, immedi- ately following the meeting at the following four places pursuant to the Charter and to the ordinance: (a) The office of the Town Clerk (b) The Post Office in the main Lobby (c) The Main entrance An City Market (d) The Pester Gas Station 5. The foregoing pages numbered through are a true, correct, complete and compared copy of the proceedings of the Town Council of the Town, insofar as such minutes relate to the final adoption of Ordinance No. 83_2a; a copy of which ordinance is set forth in full in the minutes of the meeting held on July 12, 1983. 6. The original of the ordinance has been duly authenti- cated by the signatures of the Mayor and myself as Clerk of the Town, sealed with the corporate seal of the Town, signed and approved by the Mayor thereof, and recorded in the book of ordinances of the Town, which record has been duly signed by such officers and has been sealed with the seal of the Town. -39- 7. All members of the Town Council were duly notified of each of such meetings. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my seal of the Town this 12th day of July, 1983. l Town erk Town of Avon, Colorado (SEAL) -40- 0 • (Attach Affidavit of Publication of of Title and Summary of Ordinance on July 15, 1983) -41- I i • STATE OF COLORADO ) COUNTY OF EAGLE ) TOWN OF AVON ) NOTICE IS HEREBY GIVE OF A PUBLIC HEARING BEFORE THE TOWN COUIICIL OF THE TOWN OF AVON, COLORADO: AT 7:30 P.M. ON THE 28TH DAY OF JUNE, 1983, AT THE MUNICIPAL BUILDING, 400 BENCHMARK ROAD, AVON, COLORADO FOR THE PURPOSE OF CONSIDERING THE ADOPTION OF ORDINANCE N0.# 83-29, SERIES OF 1983: All ORDINANCE DESIGNATED BY THE SHORT TITLE "1983 GENERAL OBLIGATION BOND ORDINANCE;" RATIFYING ACTION HERETOFORE TAKEN; DECLARING THE NECESSITY OF MAKING VARIOUS PUBLIC IMPROVEi:ENTS IN THE TOWN; AUTHORIZING THE ISSUANCE OF THE TOWN OF AVON, COLORADO GENERAL OBLIGATION VARIOUS IMPROVEMENTS BONDS, SERIES AUGUST 1983, IN THE AGGREGATE PRINCIPAL AMOUNT OF $500,000; PROVIDING FOR THE TOTIN COUNCIL OF THE TOWN OF AVON TO LEVY GENERAL (AD VALOREM) TAXES TO PAY THE PRINCIPAL AND INTEREST ON THE BONDS; PROVIDING OTHER DETAILS CONCERNING THE BONDS, THEIR SALE AT A NEGOTIATED SALE AND THE VARIOUS PUBLIC IMPROVEMENTS PROJECTS; RATIFYING, APPROVING, AND CONFIRMING ACTION HERETOFORE TAKEN AND PERTAINING THERETO; AND PRESCRIBING DETAILS IN CONNECTION WITH SUCH MATTERS. 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. This notice given and passed by order of the Town Council of the Town of Avon, Colorado. Dated this 15th day of June, 1983 TOWN OF AVON, COLORADO BY n n y el Deputy Town Clerk POSTED AT THE FOLLOWING PUBLIC PLACES WITHIN THE TOWN OF AVON ON JUNE 17, 1983. THE MAIN ENTRANCE OF THE POST OFFICE, THE MAIN ENTRANCE TO CITY MARKET, THE PESTER GAS STATION; AND THE MAIN LOBBY IN THE MUNICIPAL BUILDING ~ i STATE OF,COLORADO ) COUNTY OF EAGLE_ ) 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 12TH DAY OF JULY, 1983, AT THE MUNICIPAL BUILDING, 400 BENCHMARK ROAD, AVON, COLORADO FOR THE PURPOSE OF CONSIDERING THE ADOPTION OF ORDINANCE NO.#83-29', SERIES OF 1983; AN ORDINANCE DESIGNATED BY THE SHORT TITLE "1983 GENERAL OBLIGATION BOND ORDINANCE;"RATIFYING ACTION HERETOFORE TAKEN; DECLARING THE NECESSITY OF MAKING VARIOUS PUBLIC IMPROVEMENTS IN THE TOWN; AUTHORIZING THE ISSUANCE OF THE TOWN OF AVON, COLORADO GENERAL OBLIGATION VARIOUS IMPROVEMENTS BONDS, SERIES AUGUST 1983; IN THE AGGREGATE PRINCIPAL AMOUNT OF $500,000; PROVIDING FOR THE TOWN COUNCIL OF THE TOWN OF AVON TO LEVY GENERAL (AD VALOREM) TAXES TO PAY THE PRINCIPAL AND INTEREST ON THE BONDS; PROVIDING OTHER DETAILS CONCERNING THE BONDS, THEIR SALE AT A NEGOTIATED SALE AND THE VARIOUS PUBLIC IMPROVEMENTS PROJECTS; RATIFYING, APPROVING, AND CONFIRMING ACTION HERETOFORE TAKEN AND PERTAINING THERETO; AND PRESCRIBING DETAILS IN CONNECTION WITH SUCH MATTERS. 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. This notice given and passed by order of the Town Council of the Town of Avon, Colorado. dated this 29th day of June, 1983. TOWN VON, COLORADO BY Pa ricia J. Do e, Town Jerk POSTED AT THE FOLLOWING PUBLIC PLACES WITHIN THE TOWN OF AVON ON JUNE 29, 1983 THE MAIN ENTRANCE OF THE POST~OFFICE,' THE'MAIN ENTRANCE TO CITY MARKET, THE PESTER GAS STATION; AND THE MAIN LOBBY IN THE MUNICIPAL BUILDING