TC Ord. No. 1986-17ORDINANCE N0. 86-17
Series of 1986
AN ORDINANCE AUTHORIZING AND DIRECTING THE ISSUANCE OF
UP TO $2,700,000 AGGREGATE PRINCIPAL AMOUNT OF THE
TOWN'S SPORTS FACILITIES REVENUE REFUNDING BONDS,
EXECUTION AND DELIVERY OF A SPORTS FACILITIES
REFINANCING AGREEMENT WITH BEAVER CREEK ASSOCIATES,
INC. AND RELATED DOCUMENTS; AUTHORIZING AND DIRECTING
THE EXECUTION AND DELIVERY OF SUCH BONDS; PROVIDING FOR
THE PRINCIPAL AMOUNT, NUMBERS, PROVISIONS FOR
REDEMPTION AND MATURITIES OF, AND RATES OF INTEREST ON,
THE BONDS, AND AUTHORIZING CERTAIN TERMS TO BE
DETERMINED BY SUBSEQUENT RESOLUTION; DETERMINING
REVENUES TO BE PAID FOR SUCH PROJECT; AUTHORIZING
INVESTMENTS; APPROVING COUNSEL; AUTHORIZING INCIDENTAL
ACTION; CALLING A SPECIAL PUBLIC HEARING; AND REPEALING
INCONSISTENT ACTIONS.
WHEREAS, the Town Council by Ordinance No. 81-23,
Series of 1981, approved a sports and recreational facilities
project (the "Project") for Beaver Creek Associates, Inc. (the
"Company") pursuant to the County and Municipality Development
Revenue Bond Act (the "Act") and issued $2,700,000 aggregate
principal amount of Sports Facilities Revenue Bonds (Beaver Creek
Associates Project), Series 1981 (the "1981 Bonds") which have
been called for redemption on September 1, 1986 pursuant to the
terms of the Trust Indenture under which such 1981 Bonds were
issued; and
WHEREAS, the Town has determined to enter into a Sports
Facilities Refinancing Agreement (the "Agreement") with the
Company and to refund the 1981 Bonds and re-finance the Project
and its related costs by the issuance and delivery of up to
$2,700,000 in principal amount of its bonds to be known as
"Sports Facilities Revenue Refunding Bonds (Beaver Creek
Associates Project), Series 1986" (the "Bonds") to RepublicBank
Dallas, National Association (the "Lender"), which Bonds are to
be guaranteed by Vail Associates, Inc.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF
THE TOWN OF AVON, COLORADO, AS FOLLOWS:
SECTION
Agreement between
meeting at which
(copies of which
hereby approved,
accept or consent
1. APPROVAL OF AGREEMENT. The form of the
the Town and the Company presented to the
this Ordinance is considered for final reading
shall be filed with the records of the Town) are
and the Mayor is hereby authorized to execute,
to, and deliver, and (where appropriate) the
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Town Clerk is hereby authorized to affix the corporate seal of
the Town to, and attest a document in substantially such form and
upon the terms and conditions therein set forth under such date
and with such changes therein as such officers shall approve,
such approval to be evidenced by their execution thereof.
SECTION 2. ISSUANCE OF BONDS. The issuance of the
Bonds is hereby authorized. The form of the Bonds set forth in
the Agreement is hereby approved; the Bonds shall be executed on
behalf of the Town by the Mayor and the Town Clerk in
substantially the form approved herein with appropriate
insertions and variations, and the corporate seal of the Town is
hereby authorized to be affixed thereto; and the Mayor, Town
Manager or Town Clerk is authorized and directed to deliver the
Bonds to the Lender against receipt by an Escrow Agent or the
Trustee in respect of the 1981 Bonds of the principal amount of
the Bonds for deposit and application as provided in the
Agreement and related documents.
SECTION 3. TERMS OF BONDS. The Bonds shall be dated
as of their actual date of delivery, shall bear interest at a
fixed or variable rate, shall mature not later than September 1,
2001, and shall be issued as fully registered bonds in such
denomination as shall be specified in the Agreement, not to
exceed $2,700,000. Pursuant to Section 6 of the Act, the maximum
net effective interest rate for the Bonds shall not exceed 450
per annum. The principal amount, numbers, maturities and
provisions for redemption or prepayment of, the rate of interest
on, any registration and exchange privileges of and the rights
upon default of, the Bonds shall be as set forth in the aforesaid
form of such Bonds and in the form of Agreement hereinbefore
approved, which forms are hereby incorporated by reference as if
set forth herein in full. The final aggregate principal amount,
maturity schedule, fixed or variable interest rate or method for
determination thereof, redemption prices, and any Escrow Agent,
trustee, registrar, or paying agents, for the Bonds shall be
established by subsequent resolution of the Town Council adopted
pursuant to Section 6 of the Act.
SECTION 4. DETERMINATION OF REVENUES. In accordance
with the Act, it is hereby determined that (a) no amount is
necessary for payment into any reserve fund for retirement of the
Bonds and maintenance of the Project and (b) the amounts that
will be necessary for the payment of maturing principal and
interest on the Bonds, shall be set forth in a debt service
schedule to be approved by subsequent resolution of the Town
Council. It is hereby determined that the Company shall be
required, under the terms of the Agreement, to maintain the
Project and carry all proper insurance with respect thereto.
Further, it is hereby determined that the Company shall be
required under the terms of the Agreement to pay all taxes levied
D4880 3 07/02/86
• i
by the State of Colorado and local taxing bodies with respect to
the Project.
SECTION 5. INVESTMENT OF FUNDS. Any Trustee or Escrow
Agent shall be, by virtue of this Ordinance and without further
authorization from the Town, authorized, directed and requested
to invest and reinvest all moneys available therefor held by it
pursuant to the Agreement or related documents, which by the
terms of said Agreement may be invested, or to deposit and
redeposit such moneys, all subject to the terms and limitations
contained in the Agreement.
SECTION 6. APPROVAL OF COUNSEL. The firm of Ballard,
Spahr, Andrews & Ingersoll is hereby approved as bond counsel in
connection with the issuance of the Bonds to the Lender.
SECTION 7. INCIDENTAL ACTION. The Mayor, Town Manager
and Town Clerk of the Town are hereby authorized and directed to
execute and deliver such other documents, including acceptances
and conveyances of property interests, and to take such other
action as may be necessary or appropriate in order to effectuate
the execution and delivery of the aforesaid Agreement, the
performance of the Town's obligations thereunder, and the
issuance and delivery of the Bonds, all in accordance with the
foregoing Sections hereof. Notwithstanding any other provision
of this Ordinance, the Mayor and Town Manager are hereby
authorized to make or approve such revisions in the Agreement,
as, in the opinion of counsel to the Town, may be necessary or
convenient to carry out the purposes of this Ordinance and the
refinancing of the Project through the refunding of the 1981
Bonds, including but not limited to, redeeming the 1981 Bonds and
determining the actual principal amount of the Bonds and the
fixed or variable interest rate(s) on the Bonds or method for
determination thereof.
SECTION 8. BONDS SHALL NOT CONSTITUTE A PECUNIARY
LIABILITY OF THE TOWN. As required by the Act, the Bonds shall
be special, limited obligations of the Town, payable solely from
the revenues derived from the Project and shall never constitute
the debt or indebtedness of the Town within the meaning of any
provision or limitation of the Colorado Constitution, Colorado
Statutes, or the Town's Home Rule Charter, and shall not
constitute or give rise to a pecuniary liability of the Town or a
charge against its general credit or taxing powers.
SECTION 9. REPEAL. Any prior ordinances or
resolutions or parts thereof inconsistent herewith are hereby
repealed.
SECTION 10. ORDINANCE IRREPEALABLE. This Ordinance
is, and shall constitute, a legislative measure of the Town, and
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after the Bonds hereby authorized are issued this Ordinance shall
constitute a contract between the Town and the Lender or other
owner of the Bonds and shall be and remain irrepealable until the
Bonds and the interest accruing thereon shall have been fully
paid, satisfied and discharged.
SECTION
Ordinance, after
for that purpose,
Home Rule Charter
signatures of the
of publication.
after publication
hereof.
11. RECORDING; EFFECTIVE DATE. This
final passage, shall be recorded in a book kept
shall be published or posted as provided in the
of the Town and shall be authenticated by the
Mayor and the Town Clerk and by the certificate
This Ordinance shall take effect seven days
following the final passage upon second reading
SECTION 12. SPECIAL PUBLIC HEARING. As required by
Section 103(k) of the Internal Revenue Code of 1954, as amended,
a public hearing shall be held by the Town Council at the time
and place as is indicated in the form of notice set forth below,
for the purpose of considering the issuance by the Town of its
Bonds to refinance the Project. The hearing shall be conducted
in a manner that provides a reasonable opportunity for persons
with differing views to be heard on the issuance of the Bonds.
NOTICE OF PUBLIC HEARING
REGARDING ISSUANCE OF
TOWN OF AVON
INDUSTRIAL DEVELOPMENT
REVENUE REFUNDING BONDS FOR
BEAVER CREEK ASSOCIATES PROJECT
NOTICE IS HEREBY GIVEN that the Town Council of the Town of
Avon, Colorado, will hold a public hearing at the Avon Municipal
Building, 400 Benchmark Road, Avon, Colorado 81620, on August 12,
1986, at the hour of 7:30 p.m., or as soon thereafter as
possible, on the proposed issuance by the Town of its industrial
development revenue refunding bonds in a principal amount of
$2,700,000, for the purpose of refunding certain bonds issued by
the Town in 1981 to finance snowmaking equipment and other
improvements and additions to the Beaver Creek Mountain
recreation complex owned and operated by Beaver Creek Associates,
Inc. to be located at various locations on Beaver Creek Mountain
in unincorporated Eagle County within 8 miles of the corporate
limits of the Town. Following the hearing the Town Council will
consider and act upon a resolution authorizing the financing of
the project and the issuance of the bonds. The Eagle County
Board of County Commissioners are also required to approve the
issuance of such bonds. All interested persons in the Town of
Avon and elsewhere in Eagle County, Colorado are invited to
attend the public hearing.
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IT IS HEREBY CERTIFIED that on the 8th day of July,
1986, this Ordinance was introduced, read on first reading,
approved, and ordered published or posted in accordance with the
Town Charter, and that this Ordinance will be presented for final
passage and a public hearing thereon has been scheduled for the
regular meeting of the Town Council of the Town of Avon,
Colorado, on the 22nd day of July, 1986, at 7:30 p.m., in the
Municipal Building of the Town.
INTRODUCED, READ ON
ENACTED, AND ORDERED PUBLISHED
1986.
(TOWN)
(SEAL)
MATTES
Town Clerk
INTRODUCED, READ
SECOND READING AND ORDERED
July, 1986.
(TOWN)
(SEAL)
FIRST READING, APPROVED AND
OR POSTED, this 8th day of July,
TOWN OF AVON, COLORADO
T Al an R. Nottingham , AND FINALLY APPROVED AND ENACTED ON
PUBLISHED OR POSTED this 22nd day of
TOWN OF AVON, COLORADO
lan R. N ttingham, ayor
D4880 6 07/02/86
Council Member Watkins moved that the foregoing
Ordinance heretofore introduced and read by title be approved on
first reading.
Council Member Ml lpr seconded the motion, and
the question being upon the approval on first reading of the
Ordinance, the roll was called with the following results:
Council Members voting "YES":
Mayor:
Mayor Pro Tem: Sheila R. Davis
Council Members: Clint Watkins
Steve Miller
Al Connell
Council Members voting "NO": Non,
4 members of the Town Council present having
voted in favor thereof, the Mayor thereupon declared the motion
was carried and the Ordinance duly approved on first reading.
Thereupon, the Mayor directed that the Ordinance be
published or posted in accordance with the Town Charter.
After consideration of other business to come before
the Town Council, the meeting was adjourned.
(TOWN) Mayor
(SEAL) Town of Avon, Col rado
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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 Town Municipal Building, the regular
meeting place thereof in the Town, on Tuesday, the 22nd 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
A.J. Wells
Al Connell
The following members of the Town Council were absent:
The following persons were also present:
Town Manager:
Town Attorney:
Town Clerk:
The Mayor informed the
Series of 1986, which was
reading and ordered published or
the Town Council, held on July
Vail Trail , a newspaper of
Town, on July 11, 1986, or was
places within the Town of Avon o
William James
John Dunn
Patricia Doyle
Town Council that Ordinance No.
introduced, approved on first
posted at a regular meeting of
8, 1986, was duly published in
general circulation within the
posted at the following public
n July 9 , 1986:
......M.& Nottinghanthen read said Ordinance by its
title.
D4880 8 07/02/86
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Thereupon, Council Member Connell moved the final
passage of Ordinance No.86-1a Series of 1986. Council Member Davis
seconded the motion, and the question being upon the final
passage of said Ordinance, the roll was called with the following
result:
Council Members voting "YES":
Mayor:
Mayor Pro Tem:
Council Members:
Sheila R. Davis
Clint Watkins
A.J. Wells
Al Connell
4 members of the Town Council present having
voted in favor thereof, the Mayor thereupon declared the motion
was carried and the Ordinance finally passed.
Thereupon, the Mayor directed that the Ordinance be
published or posted in accordance with the Town Charter.
After consideration of other business to come before
the Town Council, the meeting was adjourned.
(TOWN)
(SEAL)
(ATTEST:
Town Cler
Town of Avc
Council Members voting "NO":
Mayor
Town of Avon, Colora o
n, Colorado
D4880 9 07/02/86
• •
STATE OF COLORADO )
COUNTY OF EAGLE ) ss.
TOWN OF AVON )
I, Patricia Doyle, Town Clerk of the Town of Avon,
Colorado, do hereby certify that the attached copy of Ordinance
No. 86-17,Series of 1986, is a true and correct copy; that said
Ordinance was introduced and approved on first reading by the
Town Council of the Town of Avon, Colorado, at a regular meeting
thereof held at the Town Municipal Building, the regular meeting
place thereof, on Tuesday, the 8th day of July, 1986; that said
Ordinance was finally passed on second reading by said Town
Council at a regular meeting thereof held at the Town Municipal
Building, the regular meeting place thereof, on Tuesday, the 22nd
day of July, 1986; that a true copy of said Ordinance has been
duly executed and authenticated by the signatures of the Mayor of
the Town and myself as Town Clerk thereof, sealed with the seal
of the Town, and numbered and recorded in the official records of
the Town kept for that purpose in my office; and that said
Ordinance was duly published in full together with a notice
giving the date when said Ordinance would be presented for final
passage and once by title only in Vail Trail , a newspaper of
general circulation within the Town, in its issues of July 11,
1986, and July 18, 1986 as evidenced by the affidavits of
publication attached hereto or was posted in accordance with the
Town Charter at the following places on July 9 1986 and
July 23, 1986:
I further certify that the foregoing pages constitute a true and
correct copy of the record of the proceedings of the Town Council
at its aforesaid meetings insofar as said proceedings relate to
said Ordinance; that said proceedings were duly had and taken,
that the meetings were duly held; and that the persons were
present at said meetings as therein shown.
IN WITNESS WHEREOF, I have hereunto set
seal of the Town of Avon, Colorado, this23 da
1986.-~
(TOWN)
(SEAL)
D4880 10 07/02/86
my hand and the
y of July
• •
AFFIDAVIT OF POSTING
STATE OF COLORADO )
COUNTY OF EAGLE ) SS
TOWN OF AVON )
I, Patricia J. Doyle, Town Clerk of the Town of Avon, in
the County of Eagle and State of Colorado, DO HEREBY CERTIFY:
1. The following pages numbered from 1 through 12
constitute a true, correct, complete copy of the record of
proceedings taken by the Town Council of the Town of Avon at
a duly called regular, open, public meeting held on July 8,
1986.
2. I posted the full and complete ordinance on July
9, 1986, following the meeting at the following four places
pursuant to the Charter and ordinance:
a. The Avon Municipal Complex in the main lobby
b. The main entrance to City Market
C. The Pester Gas Station; and
d. The Avon Post Office in the main lobby
IN WITNESS WHEREOF, I have hereunto set my hand and
the seal of the Town of Avon, Colorado this 10th day of July,
1986.
SEAL
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STATE OF COLORADO )
COUNTY OF EAGLE ) ss.
TOWN OF AVON )
(Attach affidavit of publication or copy of posted notice of
Ordinance after first reading and notice giving date when
Ordinance to be presented for final passage.)
D4880 11 07/02/86
AFFIDAVIT OF POSTING
STATE OF COLORADO )
COUNTY OF EAGLE ) SS
TOWN OF AVON )
I, Patricia J. Doyle, Town Clerk of the Town of Avon, in
the County of Eagle and State of Colorado, DO HEREBY CERTIFY:
1. The following pages numbered from 1 through 12
constitute a true, correct, complete copy of the record of
proceedings taken by the Town Council of the Town of Avon at
a duly called regular, open, public meeting held on July 22,
1986.
2. I posted the full and complete Ordinance on July
23, 1986, following the meeting at the following four places
pursuant to the Charter and Ordinance:
a. The Avon Municipal Complex in the main lobby
b. The main entrance to City Market
C. The Pester Gas Station; and
d. The Avon Post Office in the main lobby
IN WITNESS WHEREOF, I have hereunto set my hand and
the seal of the Town of Avon, Colorado this 23rd day of July,
1986.
SEAL
4/
Patricia J. Do e, Town C1
STATE OF COLORADO )
COUNTY OF EAGLE ) ss.
TOWN OF AVON )
(Attach affidavit of publication or copy of posted notice of
ordinance after final enactment.)
D4880 12 07/02/86
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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. 86-17, SERIES OF 1986:
AN ORDINANCE AUTHORIZING AND DIRECTING THE ISSUANCE OF UP TO
$2,700,000 AGGREGATE PRINCIPAL AMOUNT OF THE TOWN'S SPORTS
FACILITIES REVENUE REFUNDING BONDS, EXECUTION AND DELIVERY OF A
SPORTS FACILITIES REFINANCING AGREEMENT WITH BEAVER CREEK
ASSOCIATES, INC. AND RELATED DOCUMENTS; AUTHORIZING AND DIRECTING
THE EXECUTION AND DELIVERY OF SUCH BONDS; PROVID.ING'FOR.THE
PRINCIPAL AMOUNT, NUMBERS, PROVISIONS FOR REDEMPTION AND
MATURITIES OF, AND RATES OF INTEREST ON, THE BONDS, AND AUTHORIZING
CERTAIN TERMS TO BE DETERMINED BY SUBSEQUENT RESOLUTION;
DETERMINING REVENUES TO BE PAID FOR SUCH PROJECT; AUTHORIZING
INVESTMENTS; APPROVING COUNSEL; AUTHORIZING INCIDENTAL ACTION;
CALLING A SPECIAL PUBLIC HEARING; AND REPEALING INCONSISTENT
ACTIONS,
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 published by order of the Town Council of
the Town of Avon.
Dated this 9th day of July, 1986.
TOWN OF AVON, COLORADO
Cii - L L C
% L
Q,
/
Patricia J. ogle
Town Clerk
POSTED AT THE FOLLOWING PUBLIC PLACES WITHIN THE TOWN OF AVON
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 TO THE MUNICIPAL BUILDING LOBBY