UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)
July 15, 2004
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Avalon Correctional Services, Inc.
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(Exact name of Registrant as specified in its Charter)
Nevada 0-20307 13-3592263
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(State or other jurisdiction (Commission File No.) (IRS Employer
of incorporation) Identification No.)
13401 Railway Drive, Oklahoma City, OK 73114
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(Address of principal executive offices) (Zip Code)
405-752-8802
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(Registrant's telephone number, including area code)
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INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events
Avalon Correctional Services, Inc., (the "Company") announces that on July
15, 2004, Southern Corrections Systems, Inc., ("SCS"), a wholly owned subsidiary
of the Company, completed a bond financing transaction. Pursuant to the terms of
the transaction, Adams County, Colorado, issued taxable revenue bonds in the
aggregate principal amount of $19.9 million (the "Bonds"), secured by two SCS
correctional facilities in Colorado. The proceeds of the Bonds were loaned to
SCS under the terms of a Loan Agreement between Adams County, Colorado and SCS.
The Bonds have interest rates ranging from 8.375% to 10.25% and mature over a
twenty year period.
Proceeds from the sale of the Bonds were used to fund a debt service
reserve fund, pay costs and fees associated with the transaction, and retire
Company debt.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
AVALON CORRECTIONAL SERVICES, INC.
s// Donald E. Smith
DONALD E. SMITH
Chairman of the Board and Chief Executive Officer
Dated: July 16, 2004
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