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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