TC Ord. No. 1986-16r
ORDINANCE NO.
AN ORDINANCE RATIFYING ACTION HERETOFORE
TAKEN; DECLARING THE NECESSITY OF MAKING
PUBLIC IMPROVEMENTS IN THE TOWN; AUTHORI-
ZING THE OBLIGATION OF THE TOWN IN THE
PRINCIPAL AMOUNT OF $1,600,000; AND PRE-
SCRIBING DETAILS IN CONNECTION WITH SUCH
MATTERS.
WHEREAS, the Town of Avon (the "Town"), in the
County of Eagle, and State of Colorado, is a municipal
corporation duly organized 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 Constitu-
tion, provides that any city organized pursuant to its
provisions and the citizens 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 matters,
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 munici-
pal 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 indebted-
ness 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 ap-
proved by a majority of those voting on the
question.
0 •
(b) The Council shall determine which of the
aforementioned methods of approval of such secu-
rities shall be utilized subject to the limita-
tions of subsection 14.3 (c) below.
(c) Pursuant to subsection (a) above, the
Council may, without voter approval, issue such
securities in amounts not to exceed a total
cumulative outstanding bonded indebtedness of the
Town in the amount of $5,000,000.00."; and
WHEREAS, the Charter (Sections 14.7 and 14.8)
further provides:
"Section 14.7 Limitation of Indebtedness.
The aggregate amount of bonds or other
evidence of indebtedness of the Town shall not
exceed twenty-five per cent (25%) of the assessed
valuation of the taxable property within the Town
as shown by the last preceding assessment 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 munici-
pal water-works system or municipal storm sewer,
sanitary sewer, combined storm and sanitary
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.
(3) Long term installment contracts other than
real property 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 $1,885,000
of bonds authorized pursuant to Charter Section 14.3 (c) of
which there are currently outstanding $1,815,000; and
WHEREAS, the assessed valuation of the taxable
property within the Town as of the first day of January,
Page 2
• •
1986 is $23,138,510 and the aggregate amount of bonds or
other evidences of indebtedness subject to the limitations
of Section 14.7 is therefore $15,000,000; and
WHEREAS, the Town Council (the Council) has
determined and does hereby determine to obligate the Town to
acquire real property to provide public parking within the
Town (the "Improvements Project");
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL
OF THE TOWN OF AVON, COLORADO:
Section 1. All action (not inconsistent with the
provisions of this ordinance) heretofore taken by this
municipality and the officers thereof, directed toward
acquisition of the Improvements Project, and the obligation
of the Town for that purpose, be, and the same hereby is,
ratified, approved, and confirmed.
Section 2. It is hereby declared that the acqui-
sition of the Improvements Project will serve a public use
and will promote the health, safety, and general welfare of
the citizens, inhabitants and property owners in said Town.
Section 3. For the purpose of defraying the cost
and expense of said Improvements Project, including all
proper incidental expenses, the Town shall obligate itself
to payment of the principal amount of $1,600,000.
Section 4. All orders, bylaws, resolutions,
ordinances, or parts thereof, in conflict with this Ordi-
nance are hereby repealed. This repealer shall not be
construed to revive any order, bylaw, resolution, or ordi-
nance, or part thereof, heretofore repealed. Without
limiting the foregoing, ordinance No. 86-15 is hereby
repealed; provided the actions of the Mayor and Town Clerk
in executing the agreement described therein is hereby
confirmed.
Section 5. If any section, paragraph, clause, or
other provision of this Ordinance is for any reason held to
be invalid or unenforceable, the invalidity or unen-
forceability of such section, paragraph, clause, or other
Page 3
• •
provision shall not affect the validity of the remaining
provisions of this Ordinance.
Section 6. This Ordinance shall be in full force
and effect seven (7) days after its publication by posting
upon its final passage.
INTRODUCED, PASSED ON FIRST READING, AND ORDERED
POSTED THIS day of , 1986.
Mayor, Town of Avon, Colorado
(SEAL)
ATTEST:
Town Clerk, Town of. Avon, Colorado
1986.
ADOPTED AND APPROVED this day of
r
Mayor, Town of Avon, Colorado
(SEAL)
ATTEST:
Town Clerk, Town of Avon, Colorado
03062786
Page 4
ORDINANCE NO. 86-16
AN ORDINANCE RATIFYING ACTION HERETOFORE
TAKEN; DECLARING THE NECESSITY OF MAKING
PUBLIC IMPROVEMENTS IN THE TOWN; AUTHORI-
ZING THE OBLIGATION OF THE TOWN IN THE
PRINCIPAL AMOUNT OF $1,600,000; AND PRE-
SCRIBING DETAILS IN CONNECTION WITH SUCH
MATTERS.
WHEREAS, the Town of Avon (the "Town"), in the
County of Eagle, and State of Colorado, is a municipal
corporation duly organized 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 Constitu-
tion, provides that any city organized pursuant to its
provisions and the citizens 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 matters,
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 munici-
pal 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 indebted-
ness 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 ap-
proved by a majority of those voting on the
question.
• •
(b) The Council shall determine which of the
aforementioned methods of approval of such secu-
rities shall be utilized subject to the limita-
tions of subsection 14.3 (c) below.
(c) Pursuant to subsection (a) above, the
Council may, without voter approval, issue such
securities in amounts not to exceed a total
cumulative outstanding bonded indebtedness of the
Town in the amount of $5,000,000.00."; and
WHEREAS, the Charter (Sections 14.7 and 14.8)
further provides:
"Section 14.7 Limitation of Indebtedness.
The aggregate amount of bonds or other
evidence of indebtedness of the Town shall not
exceed twenty-five per cent (25%) of the assessed
valuation of the taxable property within the Town
as shown by the last preceding assessment 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 munici-
pal water-works system or municipal storm sewer,
sanitary sewer, combined storm and sanitary
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.
(3) Long term installment contracts other than
real property 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 $1,885,000
of bonds authorized pursuant to Charter Section 14.3 (c) of
which there are currently outstanding $1,815,000; and
WHEREAS, the assessed valuation of the taxable
property within the Town as of the first day of January,
Page 2
E
1986 is $23,138,510 and the aggregate amount of bonds or
other evidences of indebtedness subject to the limitations
of Section 14.7 is therefore $23,138,510; and
WHEREAS, the Town Council (the Council) has
determined and does hereby determine to obligate the Town to
acquire real property to provide public parking within the
Town (the "Improvements Project");
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL
OF THE TOWN OF AVON, COLORADO:
Section 1. All action (not inconsistent with the
provisions of this ordinance) heretofore taken by this
municipality and the officers thereof, directed toward
acquisition of the Improvements Project, and the obligation
of the Town for that purpose, be, and the same hereby is,
ratified, approved, and confirmed.
Section 2. It is hereby declared that the acqui-
sition of the improvements will serve a public use and will
promote the health, safety, and general welfare of the
citizens, inhabitants and property owners in said Town.
Section 3. For the purpose of defraying the cost
and expense of said Improvements Project, including all
proper incidental expenses, the Town shall obligate itself
to payment of the principal amount of $1,600,000.
Section 4. All orders, bylaws, resolutions,
ordinances, or parts thereof, in conflict with this Ordi-
nance are hereby repealed. This repealer shall not be
construed to revive any order, bylaw, resolution, or ordi-
nance, or part thereof, heretofore repealed. Without
limiting the foregoing, Ordinance No. 86-15 is hereby
repealed; provided the actions of the Mayor and Town Clerk
in executing the agreement described therein is hereby
confirmed..
Section 5. If any section, paragraph, clause, or
other provision of this Ordinance is for any reason held to
be invalid or unenforceable, the invalidity or unen-
forceability of such section, paragraph, clause, or other
Page 3
• •
provision shall not affect the validity of the remaining
provisions of this ordinance.
Section 6. This Ordinance shall be in full force
and effect seven (7) days after its publication by posting
upon its final passage.
INTRODUCED, PASSED ON FIRST READING, AND ORDERED
POSTED THIS day of , 1986.
Mayor, Town of Avon, Colorado
(SEAL)
ATTEST:
Town Clerk, Town of Avon, Colorado
ADOPTED AND APPROVED this day of
1986.
Mayor, Town of Avon, Colorado
(SEAL)
ATTEST:
Town Clerk, Town of Avon, Colorado
03062786
Page 4
0
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
22ND DAY OF JULY, 1986 AT THE TOWN HALL FOR THE PURPOSE
OF CONSIDERING THE ADOPTION OF ORDINANCE NO. 86-16, SERIES
OF 1986:
AN ORDINANCE RATIFYING ACTION HERETOFORE TAKEN; DECLARING THE
NECESSITY OF MAKING PUBLIC IMPROVEMENT IN THE TOWN; AUTHORIZING
THE OBLIGATION OF THE TOWN IN THE PRINCIPAL AMOUNT OF $1,600,000;
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 cons
this ordinance.
This notice given and published by order of
the Town of Avon.
Dated this day of July, 1986.
TOW
BY:
POSTED AT THE FOLLOWING PUBLIC PLACES WITHIN
ON JULY 9, 1986:
THE MAIN ENTRANCE TO THE POST OFFICE
THE MAIN ENTRANCE TO CITY MARKET
THE PESTER GAS STATION; AND
THE MAIN ENTRANCE OF THE MUNICIPAL BUILDING
0 0
STATE OF COLORADO )
COUNTY OF EAGLE ) ss.
TOWN OF AVON )
The Town Council of the Town of Avon, Colorado, met in
regular session at the Avon Municipal Building, the regular
meeting place thereof in the Town, on Tuesday, the 8th day of
July, 1986, at the hour of 7:30 p.m.
The following members of the Town Council were present:
Mayor:
Mayor Pro Tem:
Council Members:
Allan R. Nottingham
Sheila R. Davis
Clint Watkins
Steve Miller
Al Connell
The following members of the Town Council were absent:
A.J. Wells
nlnn Ri, i r k
The following persons were also present:
Town Manager: William James
Town Attorney: John Dunn
Town Clerk: Patricia Doyle
Thereupon, the following proceedings, among others,
were had and taken:
Council Member Watkins introduced the following
Ordinance, which was read by title, sufficient copies having
previously been made available to the Council and to the public:
D4880 1 07/02/86