TC Ord. No. 2002-05 Amending Ordinance No 02-03 of the town realting to the issuance by the town of multifamily housing revenue bonds GNMA Mortgage backed securities program buffalo ridge II apartments projectTOWN OF AVON, COLORADO
ORDINANCE NO. 02-05
AN ORDINANCE AMENDING ORDINANCE NO. 02-03 OF
THE TOWN RELATING TO THE ISSUANCE BY THE TOWN
OF MULTIFAMILY HOUSING REVENUE BONDS (GNMA
MORTGAGE-BACKED SECURITIES PROGRAM - BUFFALO
RIDGE II APARTMENTS PROJECT), SERIES 2002.
WHEREAS, on February 26, 2002, the Town Council of the Town of Avon,
Colorado (the "Town") adopted Ordinance No. 02-03 (the "Ordinance") entitled as follows:
AN ORDINANCE AUTHORIZING AND DIRECTING THE
ISSUANCE OF UP TO $15,305,000 OF THE TOWN'S
MULTIFAMILY HOUSING REVENUE BONDS (GNMA
MORTGAGE-BACKED SECURITIES PROGRAM - BUFFALO
RIDGE II APARTMENTS PROJECT), SERIES 2002, THE
EXECUTION AND DELIVERY OF A FINANCING
AGREEMENT, A TRUST INDENTURE, A BOND PURCHASE
AGREEMENT, AND RELATED DOCUMENTS;
AUTHORIZING AND DIRECTING THE EXECUTION AND
DELIVERY OF SUCH BONDS; MAKING CERTAIN
DETERMINATIONS WITH RESPECT THERETO;
PROVIDING FOR THE PRINCIPAL AMOUNT, NUMBERS,
PROVISIONS FOR REDEMPTION AND TENDER AND
MATURITY OF, AND RATES OF INTEREST ON, THE
BONDS; REQUESTING THE TRUSTEE TO AUTHENTICATE
THE BONDS; AUTHORIZING INVESTMENTS;
AUTHORIZING INCIDENTAL ACTION; AND REPEALING
INCONSISTENT ACTIONS.
WHEREAS, the allowable amount of HUD mortgage insurance relating to the
project to be financed by the Bonds authorized by the Ordinance has increased over the
previously anticipated amount;
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE
TOWN OF AVON, COLORADO, AS FOLLOWS:
Section 1. AMENDMENT OF ORDINANCE. The first sentence of
paragraph 3 of the Ordinance is hereby amended to read in its entirety as follows: "The Bonds
shall be in the aggregate principal amount not to exceed $16,000,000.
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Section 2. REPEALER. All acts, orders, resolutions, ordinances or parts
thereof, taken by the Town in conflict with this Ordinance are hereby repealed, except that this
repealer shall not be construed so as to revive any act, order, resolution, ordinance or part
thereof, heretofore repealed.
Section 3. ORDINANCE IRREPEALABLE. This Ordinance is, and shall
constitute, a legislative measure of the Town, and after the Bonds are issued and outstanding, this
Ordinance shall constitute a contract between the Town and the owner or owners 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 4. SEVERABILITY. If any paragraph, clause or provision of this
Ordinance is judicially adjudged invalid or unenforceable, such judgment shall not affect, impair
or invalidate the remaining paragraphs, clauses or provisions hereof, the intention being that the
various paragraphs, clauses or provisions hereof are severable.
Section 5. EFFECTIVE DATE. This Ordinance shall take effect seven days
after its passage and public notice thereof.
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ADOPTED ON FIRST READING AND ORDERED POSTED this 12th day of
March, 2002.
TOWN OF AVON, COLORADO
(TOWN SEAL) By:
yor 0 C/
The foregoing Ordinance will be presented for final passage at the Council's
regular meeting, to be held at Town Council Chambers, on Tuesday, the 26''' day of March, 2002,
at 5:30 p.m.
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FINALLY PASSED AND ADOPTED the 26"' day of March, 2002.
TOWN OF AVON, COLORADO
(TOWN SEAL) By: -yC~
M &6r
TEST:
n Clerk
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The motion to pass the foregoing Ordinance on first reading was duly made by
Council Member REaynnl ris and seconded by Council Member McDevitt ,
and the roll was called with the following results:
Council Members voting "Yes": Michael Brown, Debbie Buckley,
Peter Buckley, Rick Cuny, Mac-McDevitt, Buz Reynolds
Council Members voting "No":
The Mayor thereupon declared the Ordinance duly passed on first reading and
instructed the Town Clerk to post the Ordinance once in full in at least three public places within
the Town, in addition to the office of the Town Clerk, at least seven days before its consideration
for final passage.
After consideration of other business to come before the Town Council, the
meeting was adjourned.
By:
M r 67
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(TOWN SEAL)
STATE OF COLORADO )
ss.
COUNTY OF EAGLE )
The Town Council of the Town of Avon, Colorado, held a regular meeting open
to the public at the Town Council Chambers at 400 Benchmark , on Tuesday, the 26"' of
March, 2002, at 5:30 p.m. Road
The following members of the Town Council, constituting a quorum thereof, were
present:
Council Members: Michael Brown, Debbie Buckley, Peter Buckley,
Rick Cuny, Buz Reynolds, and Judy Yoder
The following members of the Town Council were absent:
The following persons were also present: Town Manager Bill Efting, Asst.
Town Mgr. Larry Brooks, Town Clerk Kristen Nash, Town Atty. John Dunn, Human
Resources Dir. Jacquie Halburnt, Police Chief Jeff Layman, Town Engineer Norm
Wood, Recreation i Mex ~ J cobs, P blic Words Dir. Bob gee ,
TheI own C Ierk m~ormed the own Council that the proposed Or mane, which
was passed on first reading and ordered posted once in full at a regular meeting of the City
Council held on March 12, 2002, was posted in full in at least three public places within the
Town, in addition to the office of the Town Clerk, on March 3, 2002.
At or after 5:30 p.m., the Town Council held a public meeting on the proposed
Ordinance, including the issuance of the Bonds and the nature and location of the facilities to be
financed therewith, and all interested persons present were heard by the Town Council.
Thereupon, Council Member Brown moved that the Ordinance be
finally passed, adopted, numbered 0 2 - 0 5 and ordered posted. Council Member
Debbie Buckley seconded the motion, and the question being upon the final passage and
adoption of the Ordinance, the roll was called with the following results:
Council Members voting "Yes": Michael Brown, Debbie Buckley,
Peter Buckley, Rick Cuny, Mac McDevitt, Buz Reynolds
Council Members voting "No":
Transit Dir. Harry Taylor, Comm. Dev. Dir. Ruth Borne, Special Events
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Cooi~,dAr8q,,tnq&_~4RAJ~e Kessenich
The Mayor thereupon declared the Ordinance finally passed and adopted and
instructed the Town Clerk to number the same as moved and post the Ordinance once in full in at
least three public places within the Town, in addition to the office of the Town Clerk.
After consideration of other business to come before the Town Council, the
meeting was adjourned.
(TOWN SEAL) By:
or
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STATE OF COLORADO )
ss.
COUNTY OF EAGLE )
Kristen
1, Nash , Town Clerk of the Town of Avon, Colorado, do hereby certify that
the attached copy of Ordinance No. 02- 0 5, is a true and correct copy; that said Ordinance was
passed by the Town Council of the Town of Avon, Colorado, at its regular meeting held at
400 Benchmark RD. , the regular meeting place thereof, on Tuesday, the 26th day of
March, 2002; that a true copy of said Ordinance has been authenticated by the signatures of the
Mayor of the Town of Avon and myself as Town Clerk thereof, sealed with the seal of the Town,
and numbered and recorded in a book kept for that purpose in my office; that the foregoing pages
1 through 10, inclusive, constitute a true and correct copy of the record of the proceedings of said
Town Council at its regular meetings of March 12, 2002 and March 26, 2002, insofar as said
proceedings relate to said Ordinance; that said proceedings were duly had and taken, that the
meeting was duly held; and that the persons were present at said meeting as therein shown.
IN WITNESS WHEREOF, I have hereu# set my hand and the seal of the Town
of Avon, Colorado this 2 6 day of March, 2002.
(TOWN SEAL)
Town Clerk
Town of Avon, Colorado
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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 5:30 P.M. ON THE 26th DAY OF MARCH
2002, AT THE TOWN OF AVON MUNICIPAL BUILDING FOR THE PURPOSE OF
CONSIDERING THE ADOPTION OF ORDINANCE NO. 02-05, SERIES OF 2002:
An Ordinance Amending Ordinance No. 02-03 of the Town Relating to the Issuance by the
Town of Multifamily Housing Revenue Bonds (GNMA Mortgage-Backed Securities Program -
Buffalo Ridge II Apartments Project), Series 2002
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 is given and posted by order of the Town Council of the Town of Avon, Colorado
Dated this 13th day of March, 2002.
TO
BY:
AVON,COLORADO
POSTED AT THE FOLLOWING PUBLIC PLACES WITHIN THE TOWN OF AVON ON
MARCH 13, 2002:
AVON MUNICIPAL BUILDING IN THE MAIN LOBBY
ALPINE BANK
AVON RECREATION CENTER
CITY MARKET IN THE MAIN LOBBY
Town Clerk