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TC Res. No. 2009-36 TAXES FOR THE AVON METROPOLITAN DISTRICT, AVON, COLORADO, FOR THE 2010 BUDGET YEARTOWN OF AVON RESOLUTION NO. 09 -36 SERIES OF 2009 A RESOLUTION LEVYING GENERAL PROPERTY TAXES FOR THE YEAR 2009, TO HELP DEFRAY THE COSTS OF GOVERNMENT FOR THE AVON METROPOLITAN DISTRICT, AVON, COLORADO, FOR THE 2010 BUDGET YEAR WHEREAS, an Agreement for Dissolution of the Avon Metropolitan District was executed and a petition filed by the District with the District Court of Eagle County and the District was effectively dissolved on May 31, 1998; and WHEREAS, pursuant to the Agreement, the District shall continue in existence as a political subdivision of the State for the sole purpose of securing payment in full of the principal and interest of existing indebtedness; and WHEREAS, pursuant to the Agreement, the Town Council was appointed as the District Board of Directors and shall set mill levies as necessary in order to pay in full the costs of annual payments on the outstanding indebtedness; and WHEREAS, the Town Council of the Town of Avon has adopted the annual budget of the Town of Avon including the Avon Metropolitan District Debt Service Fund in accordance with the Local Government Budget Law on November 24, 2009; and WHEREAS, the amount of money to balance the Avon Metropolitan District Fund budget for bonds and interest is $489,099; and WHEREAS, the 2009 net total assessed valuation for the Avon Metropolitan District as certified by the County Assessor is $192,947,110. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO: Section 1. That for the purpose of meeting all bonds and interest of the Avon Metropolitan District during the 2010 budget year there is levied a tax of 2.535 mills upon each dollar of the net total assessed valuation of all taxable property within the Avon Metropolitan District for the year 2009. Section 2. That the Mayor acting as Board President is hereby authorized and directed to certify to the County Commissioners of Eagle County, Colorado, the mill levies for the Avon Metropolitan District as hereinabove determined and set. ADOPTED this 24th day of November, 2009. 2 OF AVON, CO�,ORADO C. Wolfe County Tax Entity Code DOLA LGID /SID CERTIFICATION OF TAX LEVIES for NON - SCHOOL Governments TO: County Commissionersi of Eagle County Colorado. On behalf of the Avon Metropolitan District (taxing the Town Council (governing of the Town of Avon (local government) Hereby officially certifies the following mills to be levied against the taxing entity's GROSS $ 204,570,700 assessed valuation of: (GROSS assessed valuation, Line 2 of the Certification of Valuation Form DLG 57 ) Note: If the assessor certified a NET assessed valuation (AV) different than the GROSS AV due to a Tax Increment Financing (TIF) Area the tax levies must be $ 192,947,110 calculated using the NET AV. The taxing entity's total (NET assessed valuation, Line 4 of the Certification of Valuation Form DLG 57) property tax revenue will be derived from the mill levy multiplied against the NET assessed valuation of: Submitted: 1112512009 for budget/fiscal year 2010 (not later than Dec. 15) (mm/dd /yyyy) (yyyy) PURPOSE (see end notes for definitions and examples) LEVY REVENUE` General Operating ExpensesH mills $ 2. <Minus> Temporary General Property Tax Credit/ Temporary Mill Levy Rate Reduction' SUBTOTAL FOR GENERAL OPERATING: 3. General Obligation Bonds and Interest' 4. Contractual Obligations" 5. Capital ExpenditureSL 6. Refunds /Abatements"' 7. Other" (specify): < > mills mills 2.535 mills mills mills mills mills mills $ 489,099 TOA T Sum of General Operating 1 L �L Subtotal and Lines 3 to 7 2.535 --imills $ 4899099 Contact person: Daytime (print) ott C. Wright, Ass TowriXanager phone: (970 ) 748 -4055 Signed: _ Title: Mayor Include one copy of this tax entity's completed form whenyling the local government's budget by January 31st, per 29 -1 -113 C.R.S, with the Division of Local Government ("DLG), Room 521, 1313 Sherman Street, Denver, CO 80203. Ouestions? Call DLG at (303) 866 -2156. ' If the taxing entity's boundaries include more than one county, you must certify the levies to each county. Use a separate form for each county and certify the same levies uniformly to each county per Article X, Section 3 of the Colorado Constitution. z Levies must be rounded to three decimal places and revenue must be calculated from the total NET assessed valuations (Line 4 of Form DLG57 on the County Assessor's janal certification of valuation). Form DLG 76 (rev 7/08) Page l of 4 CERTIFICATION OF TAX LEVIES, continued THIS SECTION APPLIES TO TITLE 32, ARTICLE 1 SPECIAL DISTRICTS THAT LEVY TAXES FOR PAYMENT OF GENERAL OBLIGATION DEBT (32 -1 -1603 C.R.S.). Taxing entities that are Special Districts or Subdistricts of Special Districts must certify separate mill levies and revenues to the Board of County Commissioners, one each for the funding requirements of each debt (32 -1 -1603, C.R.S.) Use additional pages as necessary. The Special District's or Subdistrict's total levies for general obligation bonds and total levies for contractual obligations should be recorded on Page 1, Lines 3 and 4 respectively. CERTIFY A SEPARATE MILL LEVY FOR EACH BOND OR CONTRACT: BONDS: 1. Purpose of Issue: Water System Series: Avon Metropolitan District G. O. Refunding Bonds, Series 2001 Date of Issue: February 1, 2001 Coupon Rate: 4.00% - 4.20% Maturity Date: November 1, 2010 Levy: 2.535 Revenue: 489,099 2. Purpose of Issue: Series: Date of Issue: Coupon Rate: Maturity Date: Levy: Revenue: CONTRACTS`: 3. Purpose of Contract: Title: Date: Principal Amount: Maturity Date: Levy: Revenue: 4. Purpose of Contract: Title: Date: Principal Amount: Maturity Date: Levy: Revenue: Use multiple copies of this page as necessary to separately report all bond and contractual obligations per 32 -1 -1603, C.R.S. Form DLG 70 (rev 7108) Page 2 of 4 Notes: A Taxing Entity —A jurisdiction authorized by law to impose ad valorem property taxes on taxable property located within its territorial limits (please see notes B, C, and H below). For purposes of the DLG 70 only, a taxing entity is also a geographic area formerly located within a taxing entity's boundaries for which the county assessor cert ifies a valuation for assessment and which is responsible for payment of its share until retirement of financial obligations incurred by the taxing entity when the area was part of the taxing entity. For example: an area of excluded property formerly within a special district with outstanding general obligation debt at the time of the exclusion or the area located within the former boundaries of a dissolved district whose outstanding general obligation debt service is administered by another local government. B Governing Body —The board of county commissioners, the city council, the board of trustees, the board of directors, or the board of any other entity that is responsible for the certification of the taxing entity's mill levy. For example: the board of county commissioners is the governing board ex officio of a county public improvement district (PID); the board of a water and sanitation district constitutes ex officio the board of directors of the water subdistrict. C Local Government - For purposes of this line on Page 1 of the DLG 70, the local government is the political subdivision under whose authority and within whose boundaries the taxing entity was created. The local government is authorized to levy property taxes on behalf of the taxing entity. For example, for the purposes of this form: 1. a municipality is both the local government and the taxing entity when levying its own levy for its entire jurisdiction; 2. a city is the local government when levying a tax on behalf of a business improvement district (BID) taxing entity which it created and whose city council is the BID board; 3. a fire district is the local government if it created a subdistrict, the taxing entity, on whose behalf the fire district levies property taxes. 4. a town is the local government when it provides the service for a dissolved water district and the town board serves as the board of a dissolved water district, the taxing entity, for the purpose of certifying a levy for the annual debt service on outstanding obligations. E' GROSS Assessed Value - There will be a difference between gross assessed valuation and net assessed valuation reported by the county assessor only if there is a "tax increment financing" entity (see below), such as a downtown development authority or an urban renewal authority, within the boundaries of the taxing entity. The board of county commissioners certifies each taxing entity's total mills upon the taxing entity's Gross Assessed Value found on Line 2 of Form DLG 57. E Certification of Valuation by County Assessor, Form DLG 57 - The county assessor(s) uses this form (or one similar) to provide valuation for assessment information to a taxing entity. The county assessor must provide this certification no later than August 25`h each year and may amend it, one time, prior to December 10`h F TIF Area —A downtown development authority (DDA) or urban renewal authority (URA), may form plan areas that use "tax increment financing" to derive revenue from increases in assessed valuation (gross minus net, Form DLG 57 Line 3) attributed to the activities /improvements within the plan area. The DDA or URA receives the differential revenue of each overlapping taxing entity's mill levy applied against the taxing entity's gross assessed value after subtracting the taxing entity's revenues derived from its mill levy applied against the net assessed value. G NET Assessed Value- -The total taxable assessed valuation from which the taxing entity will derive revenues for its uses. It is found on Line 4 of Form DLG 57. H General Operating Expenses (DLG 70 Page 1 Line 1) —The levy and accompanying revenue reported on Line I is for general operations and includes, in aggregate, all levies for and revenues raised by a taxing entity for purposes not lawfully exempted and detailed in Lines 3 through 7 on Page I of the DLG 70. For example: a fire pension levy is included in general operating expenses, unless the pension is voter - approved, if voter - approved, use Line 7 (Other). Form DLG 73 (rev 7/08) Page 3 of 4 1 Temporary Tax Credit for Operations (DLG 70 Page 1 Line 2 )—The Temporary General Property Tax Credit/ Temporary Mill Levy Rate Reduction of 39- 1- 111.5, C.R.S. may be applied to the taxing entity's levy for general operations to effect refunds. Temporary Tax Credits (TTCs) are not necessary for other types of levies (non- general operations) certified on this form because these levies are adjusted from year to year as specified by the provisions of any contract or schedule of payments established for the payment of any obligation incurred by the taxing entity per 29- 1- 301(1.7), C.R.S., or they are certified as authorized at election per 29-1-302(2)(b), C.R.S. 1 General Obligation Bonds and Interest (DLG 70 Page 1 Line 3) —Enter on this line the total levy required to pay the annual debt service of all general obligation bonds. Per 29- 1- 301(1.7) C.R.S., the amount of revenue levied for this purpose cannot be greater than the amount of revenue required for such purpose as specified by the provisions of any contract or schedule of payments. Title 32, Article 1 Special districts and subdistricts must complete Page 2 of the DLG 70. K Contractual Obligation (DLG 70 Page 1 Line 4 )—If repayment of a contractual obligation with property tax has been approved at election and it is not a general obligation bond (shown on Line 3), the mill levy is entered on this line. Per 29 -1- 301(1.7) C.R.S., the amount of revenue levied for this purpose cannot be greater than the amount of revenue required for such purpose as specified by the provisions of any contract or schedule of payments. i Capital Expenditures (DLG 70 Page 1 Line 5 )—These revenues are not subject to the statutory property tax revenue limit if they are approved by counties and municipalities through public hearings pursuant to 29 -1- 301(1.2) C.R.S. and for special districts through approval from the Division of Local Government pursuant to 29- 1- 302(1.5) C.R.S. or for any taxing entity if approved at election. Only levies approved by these methods should be entered on Line 5. M Refunds /Abatements (DLG 70 Page 1 Line 6}—The county assessor reports on the Certification of Valuation (DLG 57 Line 11) the amount of revenue from property tax that the local government did not receive in the prior year because taxpayers were given refunds for taxes they had paid or they were given abatements for taxes originally charged to them due to errors made in their property valuation. The local government was due the tax revenue and would have collected it through an adjusted mill levy if the valuation errors had not occurred. Since the government was due the revenue, it may levy, in the subsequent year, a mill to collect the refund /abatement revenue. An abatement/refund mill levy may generate revenues up to, but not exceeding, the refund /abatement amount from Form DLG 57 Line 11. 1. Please Note: If the taxing entity is in more than one county, as with all levies the abatement levy must be uniform throughout the entity's boundaries and certified the same to each county. To calculate the abatement/refund levy for a taxing entity that is located in more than one county, first total the abatement/refund amounts reported by each county assessor, then divide by the taxing entity's total net assessed value, then multiply by 1,000 and round down to the nearest three decimals to prevent levying for more revenue than was abated /refunded. This results in an abatement /refund mill levy that will be uniformly certified to all of the counties in which the taxing entity is located even though the abatement/refund did not occur in all the counties. N Other (DLG 70 Page 1 Line 7) —Report other levies and revenue not subject to 29 -1 -301 C.R.S. that were not reported above. For example: a levy for the purposes of television relay or translator facilities as specified in sections 29 -7 -101, 29 -7 -102, and 29 -7 -105 and 32 -1 -1005 (1) (a), C.R.S.; a voter - approved fire pension levy; a levy for special purposes such as developmental disabilities, open space, etc. Form DLG 70 (rev 7/08) Page 4 of 4