TC Res. No. 1983-27RESOLUTION NO. #83-27
A RESOLUTION DESIGNATED BY THE SHORT TITLE "1983
GENERAL OBLIGATION BOND SALE RESOLUTION;"
AWARDING THE SALE OF THE TOWN OF AVON, COLORADO,
GENERAL OBLIGATION VARIOUS IMPROVEMENTS BONDS,
SERIES AUGUST 151, 1983, IN THE AGGREGATE PRINCI-
PAL AMOUNT OF $500,000 TO BOETTCHER & COMPANY OF
DENVER, COLORADO:
WHEREAS, the Town of Avon (the "Town"), in the County of
Eagle, and State of Colorado, is a municipal corporation duly orga-
nized 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, the Town Council (the "Council") of the Town of
Avon has determined to issue
general obligation bonds for the purpose
of making certain public improvements in the Town; and
WHEREAS, the Council does hereby determine that it is nec-
essary and for the best interests of the Town and the inhabitants
thereof that it immediately proceed to issue and sell its.general
obligation bonds designated as the "Town of Avon, Colorado. General
Obligation Various Improvements Bonds, Series August 15, 1983," (the
"bonds") in the aggregate principal amount of $500,000, for the pur-
pose of paying, in part, the cost of making certain public improve-
ments in the Town; and
WHEREAS, the Council does hereby determine and declare that
it is in the best interests of the Town to sell the general obliga-
tion bonds at a negotiated private sale at a net effective interest
rate not exceeding percent (10.5613.
and
WHEREAS, the Town has received a proposal (hereto attached
as Exhibit A) from Boettcher & Company of Denver, Colorado, to pur-
chase the general obligation various improvements bonds for the prin-
cipal amount of $500400 and accrued interest to the delivery date at
specified interest rates set forth therein, and at a discount of
$15 , 000
NOW, THEREFORE, BE IT RESOLVED BY 'THE TOWN COUNCIL OF THE
TOWN OF AVON, COLORADO:
Section 1. This resolution shall be known as and may be
cited by the short title "1983 General Obligation Bond Sale
Resolution."
Section 2. All action (not inconsistent with the provi-
sions of this resolution) heretofore taken by the officers of the
Town directed toward making the various improvements in the Town, and
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the issuance of its "Town of Avon, Colorado, General Obligation
Various Improvements Bonds, Series August 15, 1983," (herein "bonds")
in the aggregate principal amount of $500,000 and the private sale of
the bonds to Boettcher & Company, of Denver, Colorado, be, and the
same hereby is, ratified, approved and confirmed.
Section 3. The Town hereby accepts the offer of
Boettcher & Company of Denver, Colorado, to purchase the bonds with a
discount of $ 15,000 and at a net effective interest rate of
10.562bercent per annum; which is to the best advantage of the
Town.
Section 4. The officers of the'Town be, and they hereby
are, authorized and directed to take all action necessary or appro-
priate to effectuate the provisions of this resolution.
Section 5. All resolutions or parts thereof in conflict
with this resolution are hereby repealed. This repealer shall not be
construed to revive any order, bylaw, or resolution, or part thereof,
heretofore repealed.
Section 6. If any section, paragraph, clause, or' other
provision of this resolution is for any reason held to be invalid or
unenforceable, the invalidity or unenforceability of such section,
paragraph, clause, or other provision shall not affect the validity
of the remaining provisions of this resolution.
Section 7. This resolution, immediately on its final pas-
sage and adoption, shall be recorded in the book of resolutions kept
for that purpose and authenticated by the signatures of the Mayor and
Clerk.
INTRODUCED, READ BY TITLE, PASSED, AND ADOPTED ON THIS
June 28, 1983.
dc a J=
Mayo
Town of Avon Colorado
(TOWN SEAL)
A s
Tow Jerk
Town of Avon, Colorado
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--J Boettcher 8 Company
Investment Bankers Since 1910
828 Seventeenth Street
P.O. Box 54
Denver, Colorado 80201
(303) 6211-8000
Town Council
Town of Avon
Avon, Colorado
For$ 500,000 legally issyed General Obligation
Bonds of the To
wn of Avo
n
delivered to us in Denver, Col orad
n
, dated. August 15
19-83_, and to mature and bear interest as follows:
Yearof Coupon
Year of
Coupon Year of Coupon
Amount Maturity Rate
Amount
Maturity
.
Rate Amount Maturity Rate
15,000 1984 7,25
40,000
1994
10.50%
_15,nnn 1985 7.75`
45,000
1995
10.50%
20,000 1986 8.25%
50,000
1996
10.50% _
20,000 1987 8.75%
55,000
1997
10.50%
25,000 1988 9,25%
60,000 1998
10.500
250000 1989 9.500
30,000 1990 9.75%
'in,nnft 1991 1n_00a
35 0M 1997 10 259
_-3.5100.0_ 190 1 n 4n%.
* *(and multiples shown thereo f
The bonds are tobe in the denomination of $ S,000 OD wring interest as shown above, le semi-annually, both principal
and interest payable at Central Bank of Denver, Denver, Colorado
We wI0 pay $ 4M,01)0-1710 and accrued interest trom the date of the bonds to the date of delivery to us in Denver
rnI nrarfn
Prior to our accepting delivery of said Securities, you agree to furnish a certified transcript of all legal proceedings requisite to their
issuance and delivery, including a signature and non-litigation certificate in the customary form evidencing the legality of said Securities
and the security provisions relating thereto the satisfaction of Sherman NOwird
whose unqualified approving legal opinion in the customary form shall accompany said Securities at delivery.
These bonds are to be delivered to us on or about August 19, 1983
The cost of the printing these bonds will be paid by Bond proceeds
and the fees of approving attorneys will be paid by Bond proceeds
We herewith hand you a cashier's check for $ 10,000-00 as evidence of our good faith in complying with
the terms and conditions of this proposal which is to apply as part payment for said bonds when the legality of same has been approved by
our attorneys, and to be forfeited as fully liquidated damages should we fail or refuse to take up said bonds as above provided. Said Check
is to be returned to us if this proposal is not accepted. or if the above attorneys should decline to approve the legality of the issue. This
offer is for immediate acceptance unless otherwise specified above.
Gross interest cost $ 515, 483.17
Premium or Discount - is-non-nn
Net interest cost $ S3 n, 01-17
Average effective rate 10 5627
Respectfully submitted,
Boancher 8 Company
Sro, 1910
BY - t
Lind A. Clark, Special Partner
ACCEPTED for and on behalf of :ML -ra Sy,J CD:r- 44 r~
pursuant to authorization i governing body, and receipt of the above mentioned check acknowledged, on this date
A et-tj
Signature S' nature
Official Title Official Title
iFOAM 158. MUNI. 12-81. D
Councilmember Sheila Davis then moved that the resolu-
tion be passed and adopted as read. Councilmember Larry Kumpost
seconded the motion. The question being upon the passing and adopt-
ing of the resolution, the roll was called with. the following
result:
Those Voting Yes:
Sheila R. Davis
Don Buick
Al Connell
Greg Gage
Larry Rumpost
A. J. Well.s
Those Voting No: none
Those Absent: none
The presiding officer thereupon declared that at least two-
thirds (2/3) of'all the members elected or appointed of the Town
Council having voted in favor thereof, as required by Section 14.3 of
the Charter the motion was carried and the resolution duly passed and
adopted.
on motion duly adopted, it was ordered that the resolution
be numbered 83-2,7 "and after its authentication with the signatures of
the Mayor and Town Clerk be recorded according to law in the record
of Resolutions.
Councilmember Larry Kumpost introduced in typewrit-
ten form an ordinance, which ordinance was thereupon read by title,
copies thereof having been distributed to all members of the Council
and.to those ,members of the public in attendance, and which ordinance
is as follows:
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