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TC Ord. No. 1991-15t Y' 4 581 79 x-°562 P-052 .1 7:06 PCB 1 OF 7 f'FC DOC JOHNNE T TO PHILLIPS EAGLE COUNTY CLERK, COLORADO J5,-00 0-00 ORDINANCE NO. 91-15 AN ORDINANCE AMENDING ORDINANCE NO. 90-14 BY REDUCING THE RATE OF INTEREST TO BE PAID ON ASSESSMENTS LEVIED AND COLLECTED WITHIN LOCAL IMPROVEMENT DISTRICT NO. 1990-1. WHEREAS, the Town Council (the "Council") of the Town of Avon, Colorado the "Town"), has created Local Improvement District No. 1990-1 the "Disc ( ( triet'_),_ for the_..__, purpose of making certain local improvements (the "improvements"), as described in Ordinance No. 90-6, passed and adopted on July 10, 1990 (the "Creation Ordinance") and providing for payment of the costs of the improvements; and WHEREAS, pursuant to Chapter XV of the Charter of the Town (the "Charter") and Section 14.7 of the Charter, the Council may issue bonds payable from assessments levied within local improvement districts without an election and without limitation as to amount; and WHEREAS, the Council has heretofore issued its Local Improvement District No. 1990-1 Taxable Local Assessment Bonds, Series 1990 (the "Prior Bonds") for the District CJ in an amount of $1,425,000 to pay for the costs of such improvements, the interest rate of which bonds were used to establish the rate of interest charged against the unpaid principal amounts of the assessment levied within the District; and WHEREAS, the Council, in Ordinance No. 90-14 passed and adopted on September 11, 1990 (the "Assessment Ordinance"), approved the cost of the improvements to be made in the District, approved and confirmed the assessment roll, assessed a share of the cost of the improvements against each -lot or tract of land in the District, and proVideu that any unpaid principal amount of such assessments are to bear interest at the rate of 12% per annum, payable annually on March 1 of each year; and WHEREAS, pursuant to Section 14.6 of the Charter, the Council may authorize, by ordinance, without an election, issuance of refunding bonds for the purpose of refunding and providing for the payment of the outstanding bonds of the Town as the same mature, or an advanced maturity, by means of an escrow or otherwise; and WHEREAS, the Council has determined, and hereby determines, that it is advantageous to, and in the best interest of, the Town and its citizens and inhabitants that the Prior Bonds be refunded, paid and discharged as herein provided (the "Refunding Project"), and to accomplish this purpose has, pursuant to Ordinance No. 91-12, passed and adopted on July 23, 1991 (the 'Bond Ordinance"), issued its Local Improvement District No. 1990-1, Taxable Local Assessment Refunding Bonds, Series 1991 (the 'Bonds"); and WHEREAS, the purpose of the Refunding Project is to reduce the interest rate of the Prior Bonds and thereby reduce the interest rate to be paid on the unpaid principal amount of the assessments for the benefit of the Town and for the benefit of persons obligated to pay assessments within the District; and WHEREAS, it is the intention of the Council that, as the Bonds have been issued, the interest rate on the assessments should now be reduced; BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO: Section 1. The fourth paragraph of Section 2 of the Assessment Ordinance is amended to read as follows: Section 2. Payment of Assessments. In the event of such election to pay in installments, the assessments shall be payable at the office of the County Treasurer in fifteen (15) substantially equal annual installments of principal due on March 1, commencing March 1, 1991. Interest on the unpaid principal amount shall accrue from the date of publication of this ordinance at the rate ef 12.00% per- annufn and shall be payable annually oft Maf:eh 1 of each )'@a~-esrt~e~si , ~ THROUGH AND INCLUDING JULY 31, 1991 AT THE RATE OF 12.00% PER ANNUM AND AFTER THAT DATE AT THE RATE OF 10.50% PER ANNUM AND SHALL BE PAYABLE ANNUALLY ON MARCH 1 OF EACH YEAR COMMENCING MARCH 1, 1991. The owner of any property not in default as to any installment of principal or interest may at any time prepay the whole of the unpaid principal with interest thereon from the last installment payment date to the next payment date. Section 2. Severability. If any one or more sections or parts of this ordinance shall be adjudged unenforceable or invalid, such judgment shall not affect, impair, -2- C PC 2 4581 7`9 5-562 P-052 09,/11,/91 17.:06 OF 7 or invalidate the remaining provisions of this ordinance, it being the intention that the various provisions hereof are severable. Section 3. Repealer. All acts, orders, resolutions, ordinances, or parts thereof, that are inconsistent or in conflict herewith are hereby repealed only to the extent of such inconsistency or conflict. Section 4. Statutes Superseded. Pursuant to Article XX of the Colorado Constitution and the Charter of the Town, all statutes of the State of Colorado which might otherwise apply in connection with the District, the improvements, the levy of assessments in connection therewith, or the issuance of special assessment bonds, and which are in conflict with the provisions of this ordinance, are hereby superseded. Section 5. Limitations on Review of Proceedings. Pursuant to Section 15.5 of the Town Charter, no action or proceeding, at law or in equity, to review any acts or proceedings or to question the validity or enjoin the performance of the issue or collection of the Bonds, or the levy or collection of assessments or for any other relief against any acts or proceedings done or had pursuant to the Town Charter relating to the District, shall be maintained unless commenced within thirty (30) days after the performance of the act or the effective date of the resolution or ordinance complained of, or else be thereafter perpetually barred. Section 6. Recording. This ordinance shall be filed with the Eagle County Clerk and Recorder for recording on the land records of each lot, tract, or parcel of property assessed; provided, however, that failure to so record this ordinance or any defect therein shall not affect the lien of the assessments. 453179 19-562 P-052 09,JJ,,"91 17.--06 PG 5 OF 7 -3- INTRODUCED, PASSED ON FIRST READING, AND ORDERED PUBLISHED THIS 13TH DAY OF AUGUST, 1991. (SEAL) C-. Mayor A TED: cting Town Clerk ADOPTED AND APPROVED THIS 27TH DAY OF AUGUST, 1991. (SEAL) ATTESTED: ~-'454- ~~ayoP o Tem I- N~~ Acting town Clerk I~5~;, , L9-5b2 P-052 17:06 PG 4 OF 7 C 0 -4- STATE OF COLORADO ) COUNTY OF EAGLE ) TOWN OF AVON ) I, Patricia A. Neyhart, Acting Town Clerk of the Town of Avon (the "Town'), in the County of Eagle and State of Colorado, do hereby certify: 1. The foregoing pages numbered 1 through 4 constitute a true, correct and complete copy of Ordinance No. 91-1~ a copy of which is on file in the official records of the City. 2. Ordinance No. 91-15was passed on first reading at a duly called regular, open public meeting of the Town Council of the Town (the "Council") on August 13, 1991. Copies of the Ordinance were available to the members of the Council and those in attendance at the meeting. 3. I published the Ordinance by posting in full on August 14, 1991 immediately following first reading in the following four places within the Town pursuant to Section 6.7 of the Town Charter: (a) The office of the Town Clerk (b) Coastal Mart (c) Avon Post Office (d) City Market 4. The Mayor and 6 other members of the Council were present at such meeting, and a majority of the members of the Council voted for the adoption of the Ordinance on first reading. 5. A duly called hearing was held on Ordinance No. 91- 15on August 27, 1991 pursuant to all provisions of the Charter, Code and ordinance. 6. Ordinance No. 91,15 was passed on second reading at a duly called regular, open public meeting of the Town Council of the Town (the "Council") on August 27, 1991. -5- C 45CgJ T-, 9-56:7 P--05 0,,'11;/ 0,J 17:061 PG 5 OF 7 7. The Mayor and 6 other members of the Council were present at such meeting, and a majority of the members of the Council voted for the adoption of the Ordinance on second reading. 8. I published the Ordinance by posting in full on August 28, 1991 immediately following second reading in the following four places within the Town pursuant to Section 6.7 of the Town Charter: (a) The office of the Town Clerk (b) Coastal Mart (c) Avon Post Office (d) City Market IN WITNESS WHEREOF, I have hereunto set my hand and the Seal of the Town of Avon this 28th day of August, 1991. Acting own lerk Town of Avon, Colorado 0 4581 79 L9-562 P-05~1-'-' O` ,/11,/91 1 7.- 06 PG 6 OF 7 -6- STATE OF COLORADO ) COUNTY OF EAGLE j 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 41- 27TH DAY OF AUGUST, 1991, AT THE TOWN HALL FOR THE PURPOSE OF '-n ~J CONSIDERING THE ADOPTION OF ORDINANCE NO. 91-15, SERIES OF 1991: ''J AN ORDINANCE AMENDING ORDINANCE NO. 90-14 BY REDUCING THE RATE I OF INTEREST TO BE PAID ON ASSESSMENTS LEVIED AND COLLECTED G i-n WITHIN LOCAL IMPROVEMENT DISTRICT NO. 1990-1. O 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. Q. This notice is given and published by order of the Town Council of the Town of Avon, Colorado. Dated this 14th day of August, 1991. v cj- TOWN OF AVON, COLORADO BY: Patty N yhar Acting own Clerk POSTED AT THE FOLLOWING PUBLIC PLACES WITHIN THE TOWN OF AVON ON AUGUST 141 1991: THE AVON POST OFFICE IN THE MAIN LOBBY THE CITY MARKET IN THE MAIN LOBBY THE COASTAL MART, INC.; AND THE AVON MUNICIPAL BUILDING IN THE MAIN LOBBY 0 7~- bma - qa8o)