HomeMy WebLinkAbout1984 Resolutions~.~ ,~~
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RESOLUTION # 1
{Series of 198 )
A RESOLUTION AUTHORIZING OFF STREET PARKING
AND LOADING REQUIREMENTS FOR SPECIAL DEVELOP-
MENT DISTRICT #6.
WHEREAS, Section 18.52.160 of the Vail Municipal Code as
amended provides that the Town Council may by resolution exempt
certain areas from the off street parking and loading requirements
of Chapter 18.52 of the Vail Municipal Code as amended; and
WHEREAS, the Town Council wishes to exempt Special Development
District #6 from the off street parking loading requirements of
Chapter 18.52 of the Vail Municipal Code as amended.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN
OF VAIL, AS FOLLOWS:
Section 1. The Town Council hereby determines:
A. That the exemption is in the interest of the area
to be exempted and in the interest of the town at large.
B. That the exemption will not toner any special
privilege or benefit upon properties or improvements in the area
to be exempted, which privilege or benefit is not conferred on
similarly situated properties elsewhere in the Town.
C. That the exemption will not be detrimental to adjacent
properties or improvements in the vicinity of the area to be exempted.
D. That suitable and adequate means will exist for
provision of public, community, group or common parking facilities
or provision of adquate loading facilities and for a system of
distribution and pickup of goods and for financing, operating and
maintaining such facilities and be fully adequate to meet existing
and projected needs generated by all uses in the area to be exempted.
Section 2. Pursuant to Section 18.52.160 of the Municipal Cade
of the Town of Vail as amended, Special Development District #6 is
hereby exempted from the off street parking and loading requirements
of Chapter 18.52 of the Municipal Code of the Town of Vail as amended
and the developers shall pay the fee required by Section 18.52.060 of
the Vail Municipal Code as amended for all required parking not pro-
vided on site.
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Section 3. The appropriate parking fee established by the Town
Council shall be paid by the developers before the building permit for
Phase IV of SDD6 will be issued,
APPROVED AND ADOPTED THIS th day o~ 1984.
Rodney E, Slifer, Mayor
ATTEST:
Pamela A. Brandmeyer, Town Clerk
RESOLUTION N0. 2 -
(Series of 1984)
A RESOLUTION ADOPTING VAIL'S
COMMUNITY ACTION PLAN: FOCUS 1985
WHEREAS, the Planning and Environmental Commission of the Town of Vail has
recommended for approval Vail's Community Action Plan: Focus 1985; and
WHEREAS, the Planning and Environmental Commission and the Town Council are
of the opinion that the plan has a general purpose of guiding and accomplishing
a coordinated, adjusted and harmonious development of the Town and its environs
which will, in accordance with present and future needs, best promote health,
safety, morals, order, convenience, prosperity, and general welfare, as well
as efficiency and economy in the process of development, including, among
other things, adequate provision for traffic, the promotion of safety from
fire, flood waters, and other dangers, adequate provision for light and air,
the promotion of helpful and convenient distribution of population, the promotion
of good civic design and arrangement, wise and efficient expenditure of public
funds, and adequate provision of public utilites and other public requirements;
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, AS
FOLLOWS:
Section 1.
A. That to plan far the future of Vail is important for the continued
success of the community,
B. That providing for the social, cultural and educational needs of residents
and guests in a quality manner is essential,
C. That pressure for growth and redevelopment is anticipated to continue
and planning should respond in a positive and affirmative way,
D. That reasonable steps must be taken to accommodate the growth while
at the same time retain the character of the community.
Section 2
In order to accomplish the above, the Council hereby adopts the Community Action
Plan.
APPROVED AND ADOPTED THIS day of ~u~(f, 1984.
~G~
Rodney E. Slier, Mayor
.ATTf T:
Pamela A. Brandmeyer, Town Clerk
RESOLUTION # 3
(Series of 1984 )
A RESOLUTION AUTHORIZING OFF STREET PARKING
AND LOADING RE UIREMENTS FOR SPECIAL DEVELOP-
MENT DISTRICT ~ 12~
WHEREAS, Section 18.52.160 of the Vail Municipal Code as
amended pxovides that the Town Council may by resolution exempt
certain areas from the off street parking and loading requirements
of Chapter 18.52 of the Vail Municipal Code as amended; and
WHEREAS, the Town Council wishes to exempt Special Development
District#12 from the off street parking loading requirements of
Chapter ].8.52 of the Vail. Municipal Code as amended.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN
OF VAIL, AS FOLLOWS:
Section 1. The Town Council hereby determines:
A. That the exemption is in the interest of the area
to be exempted and in the interest of the town at large.
B. That the exemption will not toner any special
privilege or benefit upon properties or improvements in the area
to be exempted, which privilege or benefit is not conferred an
similarly situated properties elsewhere in the Town.
G. That the exemption will not be detrimental to adjacent
properties or improvements in the vicinity of the area to be exempted.
D. That suitable and adequate means will exist for
provision of public, community, group or common parking facilities
or provision of adequate loading facilities and for a system of
distribution and pickup of goods and for financing, operating and
maintaining such facilities and be fully adequate to meet existing
and grajected needs generated by all uses in the area to be exempted.
Section 2. Pursuant to Section 15.52.160 of the Municipal Code ... '
of the Town of Vail as amended, Special Development District #12 is
hereby exempted from the off street parking and loading requirements
of Chapter 1.8.52 of the Municipal Code of the Town of Vail as amended
and the developers shall pay the fee required by Section 1$.52.~6Q~ of
the Vail Municipal Code as amended for all required parking not pro-
vided on site.
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RESOLUTION #4
(Series of 1984)
AN HONORARY RESOLUTION PROCLAI114ING
MARCH 28TH AS VAIL ROTARY DAY
WHEREAS, the purpose of Rotary International is to
foster International relations and be of service to local
communities; and
WHEREAS, the Vail Rotary Club has provided support and
assistance to the following groups and organizations:
Northwest Colorado Legal Services
Women's Resource Center
Blind Skier Program
Ski Club Vail
Aspen Deaf Camp
Vail Institute
Drug Education
Vail Mountain Rescue
Eagle Valley Arts Council
Vail Va11ey Medical Center
911 Emer ency Phone Number
(~ ~n~x ~Sr. S~,~s h ip ~u,~to~
WHEREAS, the Vail otary Club will be auctioning items
to raise funds for local charities on March 28, 1.984;
NOW THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE
TOWN OF VAIL, COLORADO, THAT:
The Town Council o~ the Town .of Vail proclaims ~daxch 28,
1984 as Vail Rotary Day.
APPROVED AND ADOPTED THIS ~7~ day of .March,
~~
Rodney E. ~li
ATTEST:
l~• d~~wx~,[.Y~G~ru~
Pamela A, Brandmey~ r, Town Clerk
1984.
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RESOLUTION #7
(Series of 1984)
A RESOLUTION AUTHORIZING THE ACQUISITION
BY THE TOWN OF VAIL, COLORADO (THE TOWN)
OF CERTAIN REAL PROPERTY LOCATED IN THE
TOWN FROM VAIL ASSOCIATES, INC. (SELLER)
FOR A PURCHASE PRICE OF $151,232.00; AND
DESCRIBING OTHER DETAILS IN CONNECTION
WITH SUCH ACQUISITION AND PURCHASE.
WHEREAS, Seller is owner of certain real property (the
Property) legally described in Exhibit A hereto and made a part
hereof, and
WHEREAS, Seller desires to sell the property and the Town
desires to purchase and acquire the property for open space and/or
public purposes; and
WHEREAS, the purchase price of the property will be $151,232.00,
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN
OF VAIL, COLORADO:
Section 1: That the entering rota by the Town of the purchase
agreement with the Seller with respect to the property--rt' hereby is
authorized.
Section 2. That pursuant to the purchase agreement the total
purchase price for the property shall be $151,232.00 payable in its
entirety at closing.
Section 3. That the Mayor of the Town and the Town Clerk be and
hereby are authorized to take any and all action towards the execution
of the purchase agreement and alI other instruments and documents in
connection with the transaction hereby authorized.
Section 4. That if any portion of this Resolution shall for any
reason held to be invalid or unenforceable, the invalidity or unenforce--
ability of such portion or provision shall not affect any of the remaining
provisions of this Resolution, the intention being the same are severable.
Section 5. All acts, orders and resolutions and parts thereof in
conflict with this resolution are hereby rescinded.
ADOPTED AND APPROVED TH I S .~its(~'1ay o f Ap r i 1 , 19 84 .
TOWN OF VAIL, EAGLE COUNTY, COLORADO
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Roney E. ti8li~er; 14a r
(S E A L)
A~`TEST
~~~~
1~amela ~i. Brandmeye , Town Clerk
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RESOLUTION #9
{SERIES OF 19$4)
A RESOLUTION OF THE TOWN COUNCIL APPROVING
THE TOWN'S LEASING OF CERTAIN EQUIPMENT;
AUTHORIZING THE TOWN MANAGER TO EXECUTE
A LEASE AGREEMENT AND ANY RELATED DOCUMENTS
FOR THE LEASE OF SAID EQUIPMENT; DIRECTING
THE TOWN CLERK TO ATTEST TO THE TOWN MANAGER'S
SIGNATURE AND AFFIX THE SEAL OF THE TOWN TO ALL
SAID DOCUMENTS.
WHEREAS, the Town wishes to lease certain equipment from
Case Power and Equipment as set forth in the Lease Agreement attached
hereto as Exhibit "A" ; and
WHEREAS, the Town Council is of the opinion that the terms of
said Lease Agreement should be approved;
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN
OF VAIL, COLORADO, THAT:
Section 1. The Lease Agreement between the Town of Vail and
Case Power and Equipment attached as Exhibit "A" be hereby approved.
Section 2. The Town Manager is hereby authorized to execute
for and on behalf of the Town said Lease Agreement and any other
required documents pertaining to said Lease.
Section 3. The Town Clerk is directed to attest to the signature
of the Town Manager and to affix the seal of the Town to said documents.
INTRODUCED, READ, APPROVED AND ADOPTED THIS ~~ day of ,
1984.
Rodney E. S~'ifer, il4ayor'
ATTEST:
Pamela A. Brandmeyer Town Clerk
• rr+raV.i r.+ v •r. f+11t11L1 1 h ~+-+r ~i.r.~rr~.Y s 1 + ~~ ~ rWnl r+ID.:1:fZt6 FI~'4. $
~I~RIESMEF.. o~ end betwNn ~A~F Pr7Wfi1? ~t Fnj~ ~~tvr
located tit ___.. 57'~ 5 Eudora St ~. Oit1- of Commerce ~ytv _
Stara of ~'~ 1 ~ $i147~ . tR"#t. ,. r sors, assigns. and/or nominees {hanintr.rrr' tilled "LESSOR"} and
fife undersigned !Municipality {flerelnafler Called tfN "LESSEE"},
I.OEBCpIPT10N OF EQUIPMENT.
LESSOR f-as purchaser! tf-e equipment described below {herteinafter referred to as `Equipment") front the t,rtanufacturerand simultaneously
LE55EE hereby Isasas the Equipment from the LE550R subject to the Terms and conditions set forth below:
58t1 Sutler E 2 wheel drive with c~jg, heater. 2-~pvPr cor~Q~. r_C~1~ wp~~ ~f~t
turbo and f 7 z.n ZJar3s '
Below orrice suh~ect t~ t;.he tr~riP of JD 30tt30tt GS# 106876T adn JD 910 SSA ~C3'~?~S?'
2.tERM OF AGREEMENT,
The term of this Agreement shall be 48 months, beginning on pending pn , tg 84 ,and ending on
tl? 88
3. pAYhAENT.
a. LESSEE agrees to pay to LESSOR a total of payments pf S 2D.62D. 03 consisting of a principal amount of
17 , 714 . D7 ,plus interest applied b the principal at the rate of 8 Yo per annum which results in a finance
charge of >) ~ ~ 9p5.9b according to the fallowing schedule:
1. An advance payment in the aum of ~ 429.58 to be applied to the first rental period.
2. The balance of thq~t~ of payments to be payable in 4s payments of S 429.58 each due at the beginning
of each?~t• dx month portion beginning the day at 1Q $4 ,
b. LESSEE hereby agrees to pay interest on each payment past due more than ten {10) days at the highest contract rate allowed by law.
4.MUNICfPALITY'S OPTION TO PURCHASE.
LESSOR hereby grants to LESSEE (Municipality) the optio~to purchase the Equipment. provided that LESSEE gives notice to L1=S50R. in
writing of his intention to exercise the optit)n at least days prior to the expiration of this Agreement, and provided further that
LESSEE'S right to so purchase the Equipment is conditioned on LESSEE'S complete performance of all the terms and provisions of this
Agreement on its pars to be performed. including full compliance with the payment as specified herein.
a. Should LESSEE exercise the option to purchase, 1D0 96 of the portion of each payment applied to principa! paid hereunder shatE be
applied to the purchase price of the Equipment On receipt of the balance of the purchase price by LESS013, together with a sum equal to any
new t)r applicable unpaid sales and use taxes, LESSOR will transfer title of the Equipment to LESSEE. and wiU delver, on wntten request, wntten
evidence of the transfer at such title.
6. The Purchase Price of the Equipment applicable to this option to purchase is the sum of 3 ~'~' 714' 07
S.LOCATtON OF EQUIPMENT. TOWN OF VAIL, VAIL, COLO.
a. The Equipment shall be located at during the entire term of this Agreement.
LESSEE shat! riot, without the prior written consent of LES50R, permit the Equipment to be removed from this location.
b. At the request of LESSOR, LESSEE will join LESSOR in executing one or more Financing Statements. pursuant tothe Uniform Commercial
Cade or other registration law applicable to the location of the Equipment and/or the LE5SEE, in form safisfactoryto LESSOR; LESSEE will
pay the cost of tiling the Financing Statement(s) in all public offices wherever filing i5 deemed by LESSOR to be necessary or desirable.
ti. WARRANTY.
LESSOR makes no representations or warranties with respect to the Equipment set forth herein. Arty warranties provided by LESSOR on the
Equipment set forth herein Shall be given to LESSEE under separate agreement provided by the manufacturer of the Equipment, the receipt
whereof i5 hereby acknowledged by LE5SEE.
~.MUNICIPALiTY RESPONSIBILITIES.
a. LESSEE assumes and will pay all costs and expenses of any character, arising from the use, possession, or maintenance of said Equipment.
b. LESSEE shalt keep the Equipment free of all liens. razes, encumbrances and seizure or levy: sham not use same lfegaify, shall not damage.
abuse. misuse, abandon or lose Said Equipment; shall not part with possession thereof, whether vofuntanly or involuntarily or transfer any
interest therein.
c. LESSEE at its own cost and expense shall maintain property damage insurance against "all-risk of physics? damage" in Such amounts as
LESSflR may reasonably require Such insurance shall be in a form and with companiesas LESSOR shall approve. which approva! shall net
be unreasonably withheld. shall name LESSOR as an addilronai insured and shall provide that such insurance may not be cancelled or
altered as to LESSOR without at least ten (10) da ys prior written notice to LESSOR. LESSEE shall detiuer to LESSOR on or before the date on
which the Equipment is delivered evidence satisfactory to LESSOR of such insurance.
d. Upon execution of this Agreement, LESSEE shall provide LESSOfl with an OPINION OF COUNSEL substantially in the form annexed hereto
as Exhibit A.
B.LESSORS RIGHT OF INSPECTIDN.
LESSOR shall have the right at any time to enter the premises occupied by the Equipment and shalt be given Tree access thereto and afforded
necessary facilities for the purpose of inspection.
9. N ON-APPROPRIATION.
If funds are not allotted by the LESSEE for the next fiscal period sufficient to continue making the payments set forth in Section "3" hereof,
LESSEE may terminate this Agreement upon theexpiration of the then current frscaf year. LESSEEagrees to provide LESSOR immediate notice
of its tntention to terminate.
1l).NQN-SUBSTITUTION.
The Lessee agrees that in the event the Lessee exercises its right to terminate this lease in accordance with the non-appropriation provisions
contained herein, the Lessee will not purchase, lease, or rent other equipment }or the purpose of performing the functions and projects which
were to be performed by the leased equipment far a period of ninety (90) days from the date of termination of this Lease.
11. EXPIRATION OF AGREEMENT.
a. At the expiration of the term of this Agreement as set forth in Section "2",and if LESSEE has elected not to exercise an option to purchase
described rn section "~", LE5SEE shall ire responsible for the delivery of the Equipment to a place des~gnared by LESSOR,
b. At its option, LESSOR may enter the premises pf LESSEE for the purpose of effecting the removal of ttte Equipment to the location
designated by LESSOR. !f LESSDR exercises this option, LESSEE shall be responsible for the costs associated with the removal of the
Equipment to the location designated by LESSOR.
12. EVENTS CONSTITUTING LESSEE bEFAULT.
LESSOR may terminate this Agreement immediately upon the occurrence of any of the following events:
a. LESSEE fails to pay whendueany o! the payments, or to perform, or rectify breach of, any obligationassume^ byLE55EE rnthis Agreement.
b. LESSEE makes an assignment for benefit of creditors, or is subject to any receivership, insolvency ar bankruptcy proceedings.
C. Any other event which causes LESSOR, in good laith, to deem itself insecure.
tia.rsrGrittr wr+u gEMtP~.b yr LESSOR UPON DEFAULT. ~ '
Upon the occurrence ty of the wants of default described in5ection "' rnd a any time thetaafter, LESSOR may, in its dii ~on, exert; se
any OM. Or ail, or sawing rights Or flntadiea: -
a. •To accelerate,,,..,.rs payments described Natrln and daclan 1tM ,ntnediately dw and payabN.
b. LESSEE ahaU be tiabts to LESSOR for an arnaunt equal to the sui of tM payrrwnts acceMntW purswnt to SuO, ..~~.fn "a` Im+r>•diately
r shoot: acrd sum to be immediately due and payable as Hquldated damages and hat as a paw#ty.
C. To re44uira LESSEE to aaaamble >quipment at LESSEE'S axpanae, and make !t available to LESSOR at a ce tobr designated by LESSOR.
LESSOR msy enter the premises et LESSEE for the purpose of paacafutiy exorcising the rights Of LESSOR set forth in this subsection.
1,. WAIVER.
Failure at LESSOR to exercise any right or remedy, Including but not limited to, the acceptance of partial or delinquent payments, shall not be a
waiver of any obkgation at LESSEE w right of LESSOR ar constitute a waiver of any other similar default subsequently occurring.
15.A5SIGNMENT.
a. ~Yt.ESSOR:LESSORmayassignthisAq-eementandinlheeventotsuchassignment.LESSEEshatiperformaiipromiseshereincontamed
to such Assignee as the owner hereof. After LESSEE receives notice of assignment hereof, LESSEE shaft make atl payments hereunder
direct to the holder hereof and LESSOR shall not be the agent of the holder tar transmission of payments or otherwise.
b. ~Y LESSEE: LESSEE may not assign, transfer or delegate its rights or obligations under this Agreement without the consent of LESSOR in
writing.
16. ENTIRE AGREEMENT.
This Agreement is and shalt be deemed the complete and final expression of the agreement between the Parties as to matters herein contained
and relative thereto, and supersedes all previous agreements between the Parties pertaining to such matters. It is clearly understood that no
promise or representation not contained herein was sn inducement to either Party or was retied upon by either Pariy in entering into this
Agreement.
17. MODIFICATION.
No letter, or other form of communication, passing between the Parties hereto, covering any matter during the effective period of this
Agreement, shat! be deemed a part of this Agreement, nor shat! it have the etiect of amending or modifying this Agreement, unless said
communication distincuy states that said communication is to constitute a pars of this Agreement and is to be attached as a rider to this
Agreement and is signed by the Parties hereto.
18. CAPTIONS.
Captions contained in this Agreement are inserted only as a matter of convenience and in no way define, limit ar extend the scope or intent of
this Agreement or any provision thereof.
1s. NoTICE.
This deposit of written notice in the mails in an envelope certified or registered with postage prepaid and addressed to the LESSEE. et the
sddress shown below, or to LESSOR at the address shown below, shall constitute notice pursuant to this Agreement.
20.AUTHORITY TO CONTRACT.
The execution and delivery of this Agreement wit! not violate orconstitute a breach of any agreement or restriction to which LESSEE is a party or
is sublect.
iN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed on the 3xd day of Match
,1c 89
LESSOR:
gy CASE PQkER S E4UIPb~ENT
Its
Date 3-3-84
LESSOR'S address for notices under this Agreement:
Street 5775 Eudora St.
City Commerce City,
State Co ~.o .
80022
Z+p Cone
LESSEEIMUNICIPALITY:
gy
Its
bate
LESSEE'S address for notices under this Agreement:
Street
City
State
ASSIGNMENT (With Full Recourse
Z+p Gooe
The within Agreement, together with the indebtedness and all rights therein desCrit>ed, is herebyassigned with full recourse, transferred, conveyed
and set over unto J I CASE CREDIT CDR?ORATION for its successors or assigns, for its or their own use forever, with full powerand authority with
regara thereto subject nevertheless to the conditions therein contained and to the rights therein granted according to taw and subject to the
provisions of the current Retail 1=financing Agreement between Assignor and Assignee, and each assignor represents and warrants the said
instrument as genuine and in ati respects what it purports to be and has no knpwledge of any tact impairing the validity thereof, and that there are no
set-Oils or counterclaims against the same Payment of the within Agreement according to its terms is hereby guaranteed by the undersigned
Lessor:
ey:
(Assignor)
Title.
RESOLUTION #11
{SERIES OF 19$4)
A RESOLUTION REQUESTING FUNDS FROP1i THE
COLORADO STATE HIGHWAY COMMISSION IN THE
AMOUNT OF $300,000. TO COMPLETE THE
RECOMMENDATION OF INTERCONNECTED TRAFFIC
SIGNALS AT THE MAIN VAIL INTERCHANGE.
WHEREAS, the Town of Vail, Eagle County, and State Department
of Highways have retained Centennial Engineering to conduct a study
to determine feasible alternatives to modify the main Vail Inter-
change.
WHEREAS, the study has been completed and has been reviewed by
the Town of Vail, Eagle County and the State Department of Highways;
and
WHEREAS, it is the recommendation of the study to install a
system of interconnected traffic signals at the Interchange;
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF VAIL,
COLORADO, THAT:
Section 1. The Town of Vail will request Interstate 4-R funds
from the Colorado State Highway Commission in the amount of $300,000.
to complete the project as soon as possible.
Section 2. The Town of Vail will contribute the ten percent
(10%) local match portion ($30,000) of the required $300,000.
Section 3. The Town of Vail will also request the Colorado
State Highway Commission to include funding for relocation of the
Westbound exit ramp and Eastbound entrance ramp at the Interchange
in the State Highway 5-Year Capital Improvement Plan.
Section 4. That the Town Manager be hereby empowered to take
all actions necessary to fulfill the provisions of this resolution.
THIS RESOLUTION APPROVED AND ADAPTED THIS xst day of May, 19$4.
~~ C
Rodney E. lifer, M~.y'or
ATTEST:
~.
Pamela A. Brandmeye , Town Clerk
RESOLUTION #13
Series of 1984
A RESOLUTION GRANTING A PARKING EXEMPTION
Tp THE ANTLERS HOTEL FOR EXPANSION OF
MEETING ROOM SPACE.
WHEREAS, the Antlers proposes to add 975 square feet of meeting room space to
attempt to attract more group business; and
WHEREAS, such a proposal is beneficial to the Town of Vail in that it may increase
year-round occupancy; and
WHEREAS, the prapasai includes a remodel of the existing underground parking
garage to provide adequate parking for the new facility.
NOW, THEREFORE, BE IT RESOEVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, THAT:
Section 1.
The Town Council hereby exempts the Rntlers from paying into the special parking
fund for this project and finds that the proposal meets the criteria as set forth
in Section 18.52,160 of the Vail Municipal Code.
APPROVED AND ADOPTED THIS S rd _DAY OF Jury 1984.
Rodney E. S~i fer, M or ~
Pameia A. Brandmeyer, wn Clerk
RESOLUTION NO, lg
Series of 1984
A RESOLUTION DESIGNATING THE TOWN OF VAIL
FIRE DEPARTR4ENT AS THE E1!4ERGENCY RESPONSOR
FOR HAZARDOUS SUBSTANCE INCIDENTS OCCURRING
WITHIN THE CORPORATE LIMITS OF THE TOWN OF
VAIL PURSUANT TO ARTICLE 22 OF TITLE 29 OF
COLORADO REVISED STATUTES 1973, AS AAdENDED.
WHEREAS, Article 22 of Title 29, Colorado Revised Statutes,
as amended, provides that the governing body of every town, city
and county shall designate by ordinance or resolution an emergency
response authority for hazardous substance incidents occurring
within the corporate limits of such town, city, and city and county;
an d
WHEREAS, the Town Council is of the opinion that the
Y
appropriate emergency response authority for the Town of Vail is
the Town of Vail Fire Department.
NOW, THEREFORE, be it resolved by the Town Council of the
Town of Vail that:
Pursuant to Article 22 of Title 29, Colorado Revised Statutes,
the Town of Vail Fire Department is hereby designated as the
emergency response authority for hazardous substance incidents
occurring within the corporate limits of the Town of Vail,
Colorado.
APPROVED AND ADOPTED THIS 7th DAY OF August 1984.
~~~ ~ ~~
Rodney E Slifer, ~Ia~or
,1
Pamela A. Brandmeyer, Town Clerk
RESOLUTION NO. 15
Series of 1954
A RESOLUTION APPROVING A CONTRACT MODIFICATION
ORDER DATED JULY 18, 1.9$4, WHICH ORDER MODIFIES
A CERTAIN CONTRACT BETWEEN B&B EXCAVATING, INC.
AND THE STATE HiGIiWAY DEPARTMENT, PROVIDING FOR
CERTAIN C~iANGES TO THE MAIN VAIL INTERCHANGE AND
INCREASING THE COST OF THE PROJECT TO MODIFY THE
MAIN VAIL INTERCHANGE BY $52,666.45.
j'VHEREAS, the Town of Vail, Eagle County and the Colorado Depart-
meat of ~iighways jointly retained Centennial Engineering to conduct
a study to determine feasible alternatives to modify the main Vail
interchange of 1-70; and
WHEREAS, the study has been completed and reviewed by all
parties and it is the recommendation of the study to install a
system of interconnected traffic signals at the interchange; and
J
WHEREAS, the cost of installing the signals is estimated to
be approximately $200,000.00 and an additional X52,666.45 is required
to widen the Vail road portion of the interchange and install conduit
to accommodate an effective traffic light system; and
WHEREAS, in order to provide for the widening of the main Vail
interchange and related work, it is necessary to approve the attached
Contract Modification Order.
NOW, THEREFORE, be it resolved by the Town Council of the Town
of Vail, Colorado, that:
1. The attached Contract Modification Order is hereby approved.
2. The Town Manager is hereby directed to take all steps
necessary to effectuate said Contract Modification Order.
APPROVED AND ADOPTED THIS 7th DAY OF August , 1984.
Rodney E. Slifer, I~ybr
4
Pamela A. Brandmeyer, own Clerk
RESOLUTION N0. 16
Series of 1984
A RESOLUTION REQUESTING THAT THE PRESIDENT
OF THE UNITED STATES, UNDER THE PROVISIONS
OF SECTION 301(b), PUBLIC LACY 93-288, AS
IMPLEMENTED BY 44 CFR 205, 41, DECLARE
EAGLE COUNTY AND THE COMMUNITIES LOCATED
THEREIN A MAJOR DISASTER AREA.
WHEREAS, as a result of extensive flooding, mudslides and
landslides, Eagle County and the communities located therein have
sustained substantial damage; and
WHEREAS, the cost to the Town of Vail alone because of such
flooding, mudslides and landslides was approximately X350,000 to
$400,000; and
WHEREAS, such flooding, mudslides and landslides were caused by
a combination of the very early snowfall this past winter, insulating
the ground and an abnormally intensive warming txend this spring
which caused the heavy snowpack to run off in ~iigher than normal
volumes; and
WHEREAS, Eagle County and the communities located therein do not
have the financial resources to de~.1 with the damage caused by said
floods, mudslides and landslides.
NOW, THEREFORE, BE TT ORDAINED BY THE TOWN COUNCIL OF THE TOWN
OF VAIL THAT:
Under the provisions of Section 30].(b), Public Law 93-288, as
implemented by 44 CFR 205, 41, the President of the United States
declare Eagle County and the communities therein a mayor disaster
area.
INTRODUCED, READ, APPROVED AND ADOPTED, THIS 21st
August 1954.
day of
~ ~~~
R,bdney E. <Slifer, ~Maybr
ATTEST:
~~ ~~ ~
Pamela A. Brandmeyer~-Town Clerk
d
~E~R~~~tIIYt ~~
An Honorary Resolution of the Town Council of the Town
of Vaxl, expressing its thanks to Glen E. Ellison for his
significant contribution in the upgrading of the Ford Park
Softball fields.
WHEREAS, Glen E. Ellison has been the prime movex in
getting the Ford Fark Softball fields in safe playable
condition ; and
WHEREAS, Glen E. Ellison personally donated his time and
labor beyond what is normal; and
WHEREAS, Glen E. Ell,ison's company "Land Designs by
Ellison" provided all the preparation of fields, supervising
and part of the labor to sod more than five acres of Ford
Park, at a savings of more than $10,000 to the Town of Vail.
NOW, THEREFORE, BE TT RESOLVED BX THE VAIL TOWN COUNCIL
OF THE TOWN OF VAIL, COLORADO THAT:
~.. The Town Council hereby commends Glen E., Ellison
for his leadership and dedication to insuring the safety of
athletes at Ford Park a
2. As an expression of the appreciation of the citizens
of the Town of Vail. for his support of recreation, the Town
Council hereby expresses its appreciation.
INTRODUCED, READ, APPROVED AND ENACTED this 4th day of
September, 1984. .
..r -
Mayor
ATTEST:
~~-~~~
Town Clerk Q`
~P~UC~.i~tIXYC Me
An Honorary Resolution of the Town Council of the
Town of Vail, expressing its thanks to Paula Palmateer
for her hard work and contribution to the Vail Symposium.
WHEREAS , Paula Palmateer has been one_ of the prime
Y
organizers of the Vail Symposium in serving as Chairperson
of the Organizing Committee; and
WHEREAS, Paula Palmateer donated her time and energy
beyond what could normally be expected; and
WHEREAS, Paula Palmateer helped make this year's
Vail Symposium the best ever.
NOSY, THEREFORE, BE IT RESOLVED BY THE VAIL TOWN
COUNCIL OF THE TOZYN OF VAIL, COLORADO, THAT;
1. The Town Council hereby commends Paula Palmateer
for her labor and dedication in making the Vail Symposium
a most successful community event.
2. On behalf of the citizens and visitors of the
Town of Vail, the Town Council. hereby expresses its
appreciation for her effort and leadership.
INTRDDUCED, READ, APPROVED AND ENACTED this 2nd day
of October, 1984.
~TTEST
~d/yHP,~ ~d. ~
Tr,~n f' ~ e rk V
G
Mayor
~~
RESOLUTION N0. 19
Series of 1984'
A RESOLUTION REQUESTING FUNDS FROM THE
COLORADO HIGHWAY COMMISSION_THROUGH
EAGLE COUNTY TO IMPLEMENT RECOMMENDATIONS
OF THE I-70/VAIL_FEASIBILITY STL-DY.
WHEREAS, the Town of Vail, Eagle County, and 5t ate Department
of Highways have jointly retained Centennial Engineering to can duct
a study to determine feasible alternatives to modify the main Vail
interchange ; and
WHEREAS, the study has been completed and has been reviewed
by the Town of Vail, Eagle County and the State Department of
Highways; and
WHEREAS, the study recommends short and long term Improvements
to relieve traffic congestion at the main Vail Interchange of I-70;
an d
WHEREAS, the Town of Vail has contributed $60,000 to partially
implement the shoat-term Improvements, including pavement widening
and conduit to accommodate traffic signals.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF VAIL,
COLORADO, THAT the Town Council shall request the following from the
Colorado Highway Commission, with each request listed in the order of
its relative priority:
Section lA. The Town of Vail will request Interstate 4-R
funds from the Colorado Highway Commission through Eagle County
in the amount of $200,000 to purchase and install a series of three
interconnected traffic signals at the main Vail Interchange
(Exit 176) of I-70.
Section 1B. The Town of Vail will contribute the ten percent
{10~) local match portion (.$20,000} of the required $200,000.
Section 2. The Town of Vail will request funds from the
Colorado Highway Commission through Eagle County in the amount of
$1,300,000 {right-of-way costs not included} to construct a new
partial interchange {.eastbound exit and entry ramp) at the west side
of Vail Associates shops complex, replacing the present eastbound
exit ramp at the main Vail interchange. The Town of Vail requests
..
this project to be included in the State Highway 5-year Capital
Improvement Plan.
Section 3. The Town of Vail will request funds from the
Colorado Highway Commission through Eagle County in the amount of
$1,000,000 to replace the present east-bound entry ramp at the
main Vail Interchange with a new eastbound entry ramp located
about 1.,000 feet east of the main interchange. The Town requests
this project to be included in the State Highway 5-year Capital
Improvement Plan.
Section 4. That the Town Manager be hereby empowered to take
all actions necessary to fulfill the provisions of this Resolution.
INTRODUCED, READ, APPROVED AND ADOPTED THIS 16th day of
October 19 84.
(f
ffodney EL Slifer, Mayor
ATTEST:
~~
Pamela A. Brandmeyer, s1
Town Clerk
../
RESOLUTION NO. 20
Series of 1984
•~
A RESOLUTION PROCLAIMING THE WEEK OF
OCTOBER 13-20, ].984, HIGHER EDUCATION
WEEK.
WHEREAS, higher education has played an impart ant
role in the development of the United States and the State of
Colorado; and
WHEREAS, higher education through research and
training has spurred the growth and success of business and
industry; an d
WHEREAS, higher education offers all citizens the
opportunity to improve the quality of their lives, through
Y
education to reach their full potential as important contributors
to our society and nation; and
WHEREAS, higher education enhances the quality of
the community through access to the arts, sciences, and humanistic
studies.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL
OF THE TOWN OF VAIL, COLORADO, THAT:
The week of October 13-20, ].984, is proclaimed
Higher Education Week.
INTRODUCED, READ, APPROVED AND ADOPTED THIS 16th day
of October, 1984.
~ o~ ~
Rbdney E.~Slife , ~~
Mayor
ATTEST:
~ ~~~X~D~~,l,~L,~,G~~
Pamela A. B randmeyer, Q
Town Clerk
4353A
zzj02/84
CERTIFIED RECORD
OF
PROCEEDINGS OF THE TOWN COUNCIL OF
THE TOWN OF VAIL, COLORADO
RELATING TO A RESOLUTION
CONFIRMING THE DATE AND
RATIFYING NOTICE OF A PUBLIC HEARING
TO BE HELD DECEMBER 4. 1984 CONCERNING THE
LEVYING OF SPECIAL ASSESSMENTS
AGAINST PROPERTIES WITHIN THE
TOWN OF VAIL, COLORADO, LIONSHEAD IMPROVEMENT DISTRICT
STATE OF COLORADO }
COUNTY OF EAGLE ) ss.
)
TOWN OF VAIL )
The Town Council of the Town of Vail, Colorado, met in
special session at the Vail Municipal Building, the regular
meeting place thereof, in said Town on Tuesday, the 6th day of
November, 1984, at the hour of 2:00 p.m.
The following members of the Town Council were present:
Mayor:
Mayor Pro Tem:
Council Members;
Rodney Slifer
8~:arzr~ PR. :~rrd~F~..n
Hermann Staufer
C a_ 1 ~ ~~.tirr-11.. 3 . L ~ ., .... !. irai
Colleen Kiine
Kent Rose
The fol wing membe,,'rs,,JJ of the Town Council were absent:
~~~'ri/
The following persons were also present:
Town Manager: Rondall Phillips
Town Director
of Finance: William Pyka
Town Attorney: Lawrence A. Eskwith
Town Clerk: Pamela A. Brandmeyer,~,~
Thereupon, the following proceedings, among others. were had
and taken:
Council Member introduced, moved the approval
of, and read by title the following Resolution, sufficient
copies of which had previously been made available to the
Council and to the public;
-1-
RESOLUTION NO. ~~ , Series of 1984
A RESOLUTION CONFIRMING THE DATE AND RATIFYING
NOTICE Off' A PUBLIC HEARING TO BE HELD
DECEMBER 4, 1984, CONCERNING THE LEVYING OF
SPECIAL ASSESSMENTS AGAINST PROPERTIES WITHIN
THE TOWN OF VAIL, COLORADO, LIONSHEAD
IMPROVEMENT DISTRICT.
WHEREAS, the Town Council of the Town of Vail (the "Yawn"}
has heretofore by Ordinance No. 1, Series of 1983, authorized
and ordered the construction and installation of improvements
therein described for the Town of Vail, Colorado, Lionshead
Improvement District {the "District") and determined thereafter
to levy special assessments against the affected properties in
the District, according to the method and within the limitations
therein described; and
WHEREAS, Ordinance No. 1, Series of 3983, requires that such
assessments shall be levied by ordinance after a notice thereof
and a hearing thereon; and
WHEREAS, Ordinance No. 9, Series of 1976, codified as
Chapter 20.04 of the Cade of the Town (the "Code"}, gravides
that the Town Manager shall be responsible for the publication
of such notice as more particularly described in Section
20.04.180 of the Code; and
WHEREAS, the Town Manager has selected December 4, 1984, as
the date most suitable far the aforesaid public hearing; and
WHEREAS, the Town Manager proposes to request the Tawn Clerk
to cause a notice in substantially the following form, together
with a copy of Section 20.04.200 of the Code (Section 1-11{c} of
Ordinance No. 9, Series of 1976), to be mailed by first class
postage prepaid mail to the record owners of the affected
properties on November 14, 1984, and further to cause said
notice to be published in The Vail Trail, a newspaper of general
circulation in the Town, in its issue of November 16, 1984;
-2-
PUBLIC NOTICE
NOTICE OF A PUBLIC HEARING ON THE NATURE OF IMPROVEMENTS
CONSTRUCTED AND INSTALLED AS A PROJECT WITHIN THE LIONSHEAD
LOCAL IMPROVEMENT DISTRICT, VAIL, COLORADO, THE TOTAL COST OF
SUCH PROJECT AND THE AMOUNTS PROPOSED TO BE ASSESSED AGAINST
INDIVIDUAL PARCELS OF REAL PROPERTY WITHIN SUCH DISTRICT.
TO: Affected property owners or representatives of property
owners and members of the public.
SUBJECT:
A public hearing will be held on the assessment of costs for
the construction and installation of certain improvements within
the Lionshead Improvement District {the "District"), in the Town
of Vail, Colorado (the "Town"}, on December 4, 1984, at 7:30
p.m. (or as soon thereafter as the matter can be heard}. The
hearing will take place at the Council Chambers of the Town
Council, Vail Municipal Building, 75 South Frontage Road, Vail,
Colorado.
The general nature of the improvements constructed and
installed in the District is as follows: the replacement of
street paving in major areas of the Lionshead Mall, the
relocation of planting areas, the provision of new focal points
of interest, the unification and upgrading of utility systems,
the provision of emergency access to all areas of the Lionshead
Mall, the installation of a new lighting system and street
lights for the surrounding area, benches, kiosks, planters,
bicycle racks, drinking fountains and other amenities such as a
water feature and a sculpture area and the general aesthetic
improvement of the Lionshead Mall and surrounding area
{collectively, the "Improvements").
The total cost of the Improvements is $2,555,000. Of this
amount, $1,600,000 has been provided by the Town through the
issuance of its General Obligation Bonds, with the remaining
$955,000 to be provided by assessments to be levied against
benefited properties.
The amounts proposed to be assessed against each individual
parcel of real property appear on the schedule set forth below.
Affected property owners must comply in detail with the
provisions of Subsection A of Chapter 20.04.200 of the Vail Code
before objections to the levy of the assessment will be
recognized. Affected property owners will have an opportunity
to be heard and to present evidence concerning their objections
at the public hearing if they comply in detail with the
provisions of Subsection A of Chapter 20.04.200 of the Vail
Code. Failure to so comply will be deemed a waiver of any
objections and a consent to the levy of the proposed assessment.
- 3-
Section 20.44.200 of the Vail Code reads as follows:
A. Objections to the proposed assessment must be
lodged in writing by the affected property owner with the
Town Manager's office, municipal building, no less than five
(5) days prior to the date of the hearing before the Town
Council. The objections must be framed so as to identify
the specific issue(s) involved, the grounds therefor, and
the witnesses who will present the evidence at the hearing
and the general nature of their testimony. The writing must
also include the name of the owner(s) and a description of
the affected property.
B. Prior to the hearing, the Town Manager will
forward to the Town Council the written objections which he
has received. He may at the same time forward his comments
in writing in respect to the project and the assessments.
He may also make comments relating to the written
objections. Such information furnished to the Town Council
prior to the hearing will be available as set forth in
Section 20.04.180{G)
If the Town Council determines by ordinance to levy the
assessments, anyone wishing to challenge the same has thirty
(30) days to obtain court review from the effective date of the
ordinance (i.e. five (5) days after publication following final
passage of the ordinance). All actions or suits attacking in
any way the proceedings held, the determinations and findings
made, and the assessments levied in such ordinance, shall
thereafter be perpetually barred and shall not be questioned in
any court or before any other tribunal after the expiration of
said thirty f30) day period. In order for anyone to have
standing to challenge the proceedings in any respect, or the
ordinance adapted, or any assessment levied, he or she must have
asserted his or her objectionls) in accordance with Section
20.04.200 of the Vail Code. Review shall be limited to the
objections so asserted. If a court of competent jurisdiction
sets aside any final assessment, then the Town Council may make
a new assessment generally in accordance with the provisions of
such ordinance. Notices and procedures followed need not be in
strict compliance with such ordinance so long as the affected
property owner is afforded due process of law.
Additional information concerning the nature of the
improvements or the proposed assessments should be directed to
Mr. Peter Patten, Department of Community Development, Town of
Vail, Vail Municipal Building, 75 South Frontage Road, Vail,
Colorado 81657, Monday through Friday between the hours of
8:00 a.m. and 12:00 noon and between 1:00 p.m. and 5:00 p.m,
Mr. Patter`s phone number is (303) 476-7000 ext, 106.
The written material, including the draft ordinance with all
its proposed findings and determinations and as proposed to be
-4-
adopted by the Town Council, may be inspected and reviewed by
contacting the Town Clerk's office, Vail Municipal Huilding,
Vail, Colorado, from Monday, November 19, 1984, through Tuesday,
November 30, 1984, from 8:00 a.m. to 5:00 p.m. The Town Clerk's
office is not open for business on Saturdays or Sundays.
Affected property owners who do not wish to contest their
assessment but who wish to make any comments favorable ar
unfavorable, relating to the project will be given an
opportunity to do so.
The name or the representative of the property owner as on
file with the Eagle County Assessor's Office, properties {if a
number is given under the column "Legal Description" and
indicated as a reception number, that number is the reception
number of the document of record in the Dffice of the Eagle
County Clerk and Recorder upon which the exact property
description may be found), and the respective amounts of each
proposed assessment are set forth in the schedule that appears
below. The total proposed assessment appears in the far right
hand column. Questions relating to the computations of said
assessments may be directed to Mr. Peter Patten.
INSERT ASSESSMENT SCHEDULE
-5-
s
NOW THEREFORE $E iT RESOLVED SY THE TOWN COUNCIL OF THE TOWN
0~' VAIL, COLORADO, THAT:
1, The date selected by the Town Manager for the hearing
on the special assessments to be levied against properties
within the Town of Vail, Colorado, Lionshead Improvement
District, i,e. December 4, 1984, is hereby approved and
confirmed.
2, The mailing and publication of notice by the Town Clerk
as hereinbefore recited is hereby approved and ratified.
3. All acts, orders, ordinances, resolutions, or parts
thereof, of the Town in conflict with this Resolution are hereby
repealed, except that this repealer shall not be construed so as
to revive any act, order, ordinance, resolution, or part
thereof, heretofore repealed.
4. If any paragraph, clause or provision of this
Resolution 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.
APPROVED AND ADOPTED this 6th day of November, 1984
TDWN OF VAIL, COLORADO
{TOWN}
{SEPL}
.'~T1'EST
'~'"~
Town Clerk
-6-
Council Member ~~.5'~ seconded the motion,
and the question being upon the approval and adoption of said
Resolution, the roll was called with the following result:
Council Members voting "Yes":
Mayor:
Mayor Pro Tem:
Council Members:
Rodney Slifer
'~-arl nc
Hermann Staufer
Colleen Kline
KentR/~ose,
Council Members voting "No" : /{.~J
members of the Council present having voted in
favor of the approval and adoption of the Resolution, the
presiding officer thereupon declared the Resolution duly
approved and adopted.
Thereupon, after consideration of other business to come
before the Council, the meeting was adjourned.
~ . ~ ~:.:_
Mayor G~ `
Town of ail, Colorado
(TOWN)
(SEAL)
A TEST:
Town Clark
Town of Vail, Colorado
-7-
l
STATE OF COLORADO )
}
COUNTY OF EAGLE ) ss.
)
TOWN OF VAIL }
(Attach Affidavit of Publication of Notice.)
-8-
STATE OF COLORADO }
}
COUNTY OF EAGLE } ss.
}
TOWN OF VAIL }
I, Pamela A. Brandmeyer, Town Clerk of the Town of Vail,
Colorado {the "Town"), do hereby certify that the foregoing copy
of Resolution No. ~~ , Series of 1984, confirming the date and
ratifying notice of a public hearing to be held December 4,
1984, concerning the levying of special assessments against
properties within the TOWn of Vail, Colorado, Lianshead
Improvement District (the "District"}, is a true and correct
copy; that said Resolution was approved and adopted by the Town
Council at the regular meeting place of the Town Council in the
Town, on Tuesday, the 6th day of November, 1984; that true
copies of said Resolution have been duly executed and
authenticated by the signatures of the Mayor of the Town of Vail
and myself, as Town Clerk of said Town, sealed with the seal of
the Town, numbered and recorded in the official records of the
Town kept for that purpose in my office; that on November 14,
1984, which date was not more than 23 nor less than 18 days
prior to the public hearing to be held on December 4, 1984, I
caused a notice in the form set forth herein at pages 3 through
5, together with a copy of Section 20.04.200 of the Code of the
Town, to be mailed by first class, postage prepaid mail to the
record owners of all affected properties within the District at
the addresses listed therein, which owners and their respective
addresses were ascertained by examining the real property
assessment rolls for general (ad valorem} taxes of Eagle County
as of November 9, 1984; that I also caused said notice to be
published in The Vail Trail, a newspaper of general circulation
in the Town of Vail, in its issue of November 16, 1984, which
date was not more than 24 nor less than IO days prior to said
public hearing, as evidenced by the affidavit of publication
attached hereto at page 8. I further certify that the foregoing
pages numbered 1 to 8 constitute a true and correct copy of the
record of the proceedings of the Town Council at its special
meeting of November 6, 1984, insofar as said proceedings relate
to said Resolution; 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 hereunt set my hand and the seal
of the Town of Vail, Colorado, this day of November, 1984.
r'
f d
~ w`4 '~
Town Clerk ~~~~
Town of Vail, Colorado
('TOWN }
(SEAL}
-9-
RESOLUTION N0. 22
Series of 1984
A RESOLUTION AUTHORIZING THE TOWN MANAGER TO ENTER
INTO A CONTRACT W[TH THE STATE DEPARTMENT OF
HIGHWAYS FOR THE CONSTRUCTION OF FOREST ROAD BRIDGE.
WHEREAS, pursuant to the Highway Bridge Replacement and Rehabilitation
Plan, a portion of the Surface Transportation Assistance Act of 1982,
certain federal funds have been allocated for the replacement or
rehabilitation of highway bridges and federal aid funds in the amount
of $196,464,000 have been made available for the construction and replace-
ment of a bridge known as the Forest Road Bridge located on Forest Road,
just south of 846 Forest Road; and
WHEREAS, the matching ratio for the project is 80 percent federal
aids funds to 20 percent Town of Vail funds.
NOW, THEREFORE, BE IT RESOLVED:
That the Town Manager be and hereby is authorized to enter into the
attached contract with the State Department of Highways, Division of
Highways, for the construction of said bridge and that the Town take
all appropriate action to obtain said federal funds and prosecute the
work in accordance with said contract.
INTRODUCED, READ, APPROVED AND ADOPTED, THIS 13th day of
November, 1984.
Rodney E. S1~'fer, Mayo
ATTEST:
Palm la A. Brandme er To
y Clerk
~Gso~io~. ~ ct3,
-. -.~
44fi4A
11/08/84
STATE OF COLORADO )
)
COUNTY OF EAGLE ) ss.
)
TOWN OF VAIL )
SeHica a~ ~~&
The Town Council of the Town of Vail, Colorado, held a
special meeting at the Vail Municipal Building, the regular
meeting place thereof in the Town, on Tuesday, the 13th day of
November, 1984, at the hour of 7:30 p.m.
The fallowing members of the Town Council were present:
Mayor:
Mayor Pro Tem:
Council Members:
Rodney Slifer
Paul Johnston
Charles R. Anderson
Hermann Staufer
Gail Wahrlich Lowenthal
Colleen Kline
Kent Rose
The following members of the Town nCrouncil were absent:
~YIW
The following persons were also present:
Tawn Manager:
Town Director of
Finance:
Town Attorney:
Rondall Phillips
William Pyka
Lawrence A. Eskwith
Town Clerk: Pamela A. Brandmeyer
Thereupon, the following proceedings, among others, were had
and taken:
Council Member reported that he had called this
special meeting and t t at least forty-eight (48) hours prior
to this meeting he h d caused written notice of said special
meeting to be delivered to each member of the Council and to be
posted in two (2} public places, and that such notice was
publi~'-ed in The Vail Trail, a newspaper of general circulation
within the
the notice
Council
adoption o
sufficient
Council and
Town, in its issue of November ~ 1964. A copy of
of specialQmeeting is attached hereto as Page 13.
Member Tl~i introduced and moved the
f the following Resolution, which was read by title,
copies having previously been made available to the
to the public:
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TOWN OF VAIL, COLORADO
RESOLUTION NO.
Series of 1984
A RESOLUTION SUPPLEMENTING ORDINANCE N0. 28, SERIES OF
1984; DETERMINING THE PRINCIPAL AMOUNT, BOND NUMBERS,
PROVISIONS FOR REDEMPTION AND MATURITIES OF, AND RATES
OF INTEREST ON $17,040,000 OF THE TOWN'S SPORTS
FACILITIES REVENUE BONDS (VAIL ASSOCIATES PROJECT),
SERIES 1984; DETERMINING REVENUES TO BE PAID FOR SUCH
PROJECT; AUTHORIZING INCIDENTAL ACTION; AND REPEALING
INCONSISTENT ACTIONS.
WHEREAS, the Town Council by Resolution No. 6, Series of
1981, adopted February 17, 1981, and by Ordinance No. 28, Series
of 1984, finally passed October i6, 1984, approved the financing
of a commercial development and sports and recreational facility
project {the "Project") for Vail Associates, Inc. (the
"Company") pursuant to the County and Municipality Development
Revenue Bond Act (the "Act"}; and
WHEREAS, the Town has approved a Sports Facilities Financing
Agreement dated as of November 1, 1984 {the "Agreement"} with
the Company and has determined to finance the Project and its
related costs by the issuance of $17,000,000 in aggregate
principal amount of its bonds to be known as "Sports Facilities
Revenue Bonds (Vail Associates Project), Series 1984" (the
"Bonds"} to be issued pursuant to a Trust Indenture dated as of
November 1, 1984 (the "Indenture"} to The Colorado National Bank
of Denver, as Trustee (the "Trustee"}; and
WHEREAS Ordinance No. 28, Series of 1984, authorized the
issuance of the Bonds and the determination of final terms
thereof by subsequent resolution of the Town Council; and
WHEREAS, to secure the Bonds, the Company has caused First
National Bank of Minneapolis to issue its letter of credit in
favor of the Trustee for the payment of principal of the Bonds,
plus interest thereon for 65 days computed at the rate of 1S$
per annum; and
WHEREAS, institutional purchasers to be designated by the
Company {the "Purchasers") will offer to purchase the Bonds at
100$ of the principal amount thereof, with stated redemption
dates, maturity date and interest rate and propose to enter into
a Bond Purchase Agreement or Agreements {the "Bond Purchase
Agreements") relating thereto as previously authorized by
Ordinance No. 28, Series of 1984 with the Town, and the Company
will join in said Bond Purchase Agreement.
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NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE
TOWN OF VAIL, COLORADO, that:
Section 1. APPROVAL OF AGREEMENT, TRUST INDENTURE, AND BOND
PURCHASE AGREEMENTS. The forms of the Agreement, the Indenture
and the Bond Purchase Agreements, presented to this meeting
{copies of which shall be filed with the records of the Town)
are hereby approved, and the Mayor of the Town (the "Mayor") is
hereby authorized to execute and deliver, and the Town Clerk of
the Town {the "Clerk") is hereby authorized to affix the seal of
the Town where appropriate to, and attest, such documents in
substantially such form and upon the terms and conditions set
forth herein and therein, with such changes therein as such
officers shall approve (including changes in dates and amounts
necessary to conform such documents to the final terms as
approved by the Company and the Purchasers), such approval to be
evidenced by their execution thereof.
In accordance with the requirements of the Act, the Town
hereby determines that the following provisions shall be as set
forth in the form of the Indenture hereinbefore approved, which
form is hereby incorporated herein by reference as if set f orth
in full:
(a) Custody of the proceeds from the sale of the
Bands, including their investment and reinvestment until
used to defray the costs of the Project;
(b) The creation of funds or accounts into which any
Bond proceeds, revenues and .income may be deposited or
created;
(c} Limitation on the purpose to which proceeds of any
Bonds may be applied;
(d) Limitation on the issuance of additional bonds,
the refunding of Bonds and the replacement of Bonds;
(e) The procedure by which the terms of any contract
with Bondholders may be amended or abrogated;
(f) Vesting in the Trustee such properties, rights,
powers and duties in trust as the Issuer determines and
limiting the rights, duties and powers of the Trustee; and
(g} The rights and remedies available in case of a
default to the Bond owners or to the Trustee under the
Agreement, the Company's Note, or the Indenture.
In accordance with the requirements of the Act, the Town
hereby determines that the following provisions shall be as set
forth in the form of Agreement hereinbefore approved, which form
is hereby incorporated herein by referene~ ~as if set forth in
full:
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(a) The fixing and collection of revenues from the
Project; and
(b) The maintainance and insurance of the Project.
Section 2. TERMS OF BONDS, The Bonds shall be dated as of
the date of their actual issuance and delivery ar as otherwise
provided in the Indenture, shall be in the aggregate principal
amount of $17,000,000, and shall be issued as fully registered
bonds, in the denomination of $100,000 or any integral multiple
thereof, except that if the interest rate borne by the Bonds
shall be converted to a Fixed interest Rate (as hereinafter
defined) replacement bonds shall be in the denomination of
$5,000 or any integral multiple thereof. The Bonds shall be
payable at the principal corporate trust office of the Trustee
or at any successor paying agent. The Bond Purchase Agreements
are hereby found to comply with the maximum net effective
interest rate for the Bonds stated in Ordinance No. 28, Series
of 1984. The Bonds shall mature, subject to prior redemption,
on November 1, 1994, and shall be subject to mandatory sinking
fund redemption, by lot, at a redemption price equal to 100$ of
the principal amount outstanding plus accrued interest to the
redemption date, en November 1 in each of the years and in the
amounts indicated below:
Year
1986
1987
198$
1989
1990
1991
1992
1993
All other
contained in
terms of which
redemption provisions
the form of Indenture
are hereby reconfirmed.
Amount
$200,000
200,000
200,000
200,000
300,000
400,000
400,000
400,000
of the Bonds shall be as
previously approved, the
Interest on the Bonds shall be paid on each Interest Payment
Date, and except upon conversion to a Fixed Interest Rate, as
described below, shall be computed on the basis of the actual
number of days elasped in a year. Upon conversion to a Fixed
Interest Rate, interest shall be computed on the basis of the
actual number of days elapsed within a month of 30 days and over
a year of 360 days. "Interest Payment Date" means (i) on or
prior to the effective date of the Fixed Interest Rate, the
first day of each calendar month (commencing January 1, 1985)
and the date of payment in full of the Bonds, and (ii) after the
effective date of the Fixed Interest Rate each May 1 and
November 1 thereafter. The interest rate on the Bonds shall be
determined as follows:
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Determination of Variable Interest Rate. For each period
from and including the first day of each calendar month through
the last day of such calendar month, or the day next preceding
the date of payment in full of the Bonds {the "Interest Period"}
for which there is not a Fixed Interest Rate, the Bonds shall
bear interest at the lesser of fifteen percent {1ST) per annum
or a rate fthe "Variable Rate") equal to the product of the
Reference Rate {as hereinafter defined) multiplied by the
Interest Rate Multiple (as hereinafter defined), as each is in
effect from time to time. The term "Reference Rate" shall mean
the per annum rate of interest equal to the Reference Rate as
announced from time to time by First National Bank o£
Minneapolis, located in Minneapolis, Minnesota, effective as of
the date of such announcement, or if such date is not a Business
Day, the next following Business Day.
Prior to the effective date of the Fixed Interest Rate, the
Trustee shall ascertain from First National Bank of Minneapolis
the Reference Rate in effect from time to time for each Interest
Period and shall give the Town and the Company written notice at
least three {3} days in advance of each Variable Rate Interest
Payment Date, of the Reference Rate in effect from time to time
during the applicable Interest Period and the amount of interest
to be due and payable on such Variable Rate Interest Payment
Date. For purposes of such calculations, the Reference Rate and
the Interest Rate Multiple as defined below shall be assumed to
remain unchanged for the five {5) days prior to such Interest
Payment Date, and payment of such amount of interest as so
calculated shall satisfy the obligation of the payment of
interest due on any such Interest Payment Date.
The "Interest Rate Multiple" shall mean the percentage
between forty percent {40~) and ninety percent f90~), both
inclusive, determined by the Remarketing Agent appointed under
the Indenture, which when multiplied by the Reference Rate in
effect on the date of determination of the Interest Rate
Multiple {the "Rate Determination Date") will produce the per
annum rate of interest necessary, but not exceeding the per
annum rate of interest necessary, to sell the Bonds on the Rate
Determination Date at a price of par plus ccrued interest. The
initial Interest Rate Multiple shall be ~~ ~. The Remarketing
Agent shall determine the Interest Rate Multiple on the first
and third Wednesdays of each calendar month {or, if any such
Wednesday is not a Business Day, on the next following Business
Day) and on any Optional Tender Date on which Bonds are
remarketed to Bondholders, other than any dates on which Bonds
are remarketed solely to the Company or any other person on
behalf of the Company, The Remarketing Agent shall promptly
give written notice of each adjustment in the Interest Rate
Multiple, as provided in the Indenture. Each adjustment in the
Interest Rate Multiple shall be effective from and including the
Rate Determination Date on which said Remarketing Agent
determines the Interest Rate Multiple to, but not including, the
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next following Rate Determination Date. If said Remarketing
Agent does not give notice to the Trustee of an adjustment in
the Interest Rate Multiple on any Rate Determination Date, the
Interest Rate Multiple from and including such Rate
Determination Date to, but not including, the next following
Rate Determination Date shall be equal to the Interest Rate
Multiple in effect immediately prior to such Rate Determination
Date.
Determination of Fixed Interest Rate. The interest rate on
the Bonds may be established at a fixed annual interest rate
{the "Fixed Interest Rate") at least 180 days after the initial
issuance and delivery of the Bonds on the Interest Payment Date
following delivery by the Company of a notice that the interest
rate on the Bonds shall become fixed and an opinion of
nationally recognized bond counsel that the establishment of a
Fixed Interest Rate will not cause interest on the Bonds to
become subject to Federal income tax. The notice required to be
given by the Company shall state {A) its election to convert the
interest rate borne by the Bonds to the Fixed Interest Rate, {B}
the date on which such conversion shall occur {the "Conversion
Date"}, which shall be an interest payment date selected by the
Company not less than 60 days nor more than 75 days from the
date the Company gives notice, and (C) the date on which the
Fixed Interest Rate shall be computed {the "Computation Date"),
which shall be a business day selected by the Company and which
shall be not less than 10 days prior to the Conversion Date.
On and after the Conversion Date, the Bands shall bear
interest at the lesser of fifteen percent {15~) per annum or the
rate determined on a one-time basis, payable on the first day of
May or November next following said Conversion Date, on the
first day of each May and November thereafter and on the date of
payment in full of the Bands {each a "Fixed Rate Interest
Payment Date"). The Fixed Interest Rate shall be determined in
the following manner: On a day selected by the Remarketing
Agent appointed under the Indenture with the approval of the
Company, but not later than the fifteenth {15th) day or earlier
than the fiftieth {50th) day prior to the Conversion Date, the
Indexing Agent shall determine the Fixed Interest Index and on
the Computation Date the Remarketing Agent, having due regard to
prevailing market conditions, shall determine the interest rate
which, if borne by the Bonds during the Fixed Rate Period, would
be the interest rate, but would not exceed the interest rate,
which would result in the market value of the Bonds on such day
of computation {as if such day were the first day of the Fixed
Rate Period} being 100$ of the principal amount thereof and the
interest rate so determined by the Remarketing Agent shall be
the Fixed Interest Rate; provided, however, that in no event
shall the Fixed Interest Rate be more than 125, or less than
755, of the Fixed Interest Index nor shall it exceed 15~ per
annum. The Remarketing Agent shall promptly notify the Trustee
of the Fixed Interest Rate. If for any reason the Fixed
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Interest Rate so determined by the Remarketing Agent would
prevent the Company from obtaining the bond counsel opinion
referred to above, the Remarketing Agent shall determine the
Fixed Interest Rate which shall be 94$ o£ the Revenue Bond Index
for the most recent period las published in The Bond Buyer) less
the product of 2/10 of l~ multiplied by the difference between
10 years and the remaining years to final maturity of the Bonds.
The Fixed Interest Index shall be expressed as an interest
rate per annum, and shall be based upon yield evaluations at par
ion the basis of a term and redemption provisions as nearly
equal as practicable to the remaining term and redemption
provisions of the Bonds at the time) of securities the interest
on which is exempt from federal income taxation, of not less
than five !5) issuers of such securities (the "Component
Issuers"), selected by the Indexing Agent, the securities of
which shall bear, or, if issued would bear a credit rating
comparable to that of the Bonds, if any, taking into
consideration any letter of credit or other security to be
provided. The specific issuers included in the Component
Issuers may be selected-by the Indexing Agent in its discretion.
The Trustee shall give notice {in the same manner as notice
of a call for redemption) to the holders of the Bonds not less
than 25 days prior to the effective date of the Fixed Interest
Rate, specifying the date the Fixed Interest Rate shall be
determined, specifying the effective date, stating that the
Bands shall be subject to redemption by the Town on the
effective date of the Fixed Interest Rate and that the holder of
any Bond shall have the right to retain his Bond and not have it
redeemed by notifying the Trustee of the Bondholder`s acceptance
of the Fixed Interest Rate. The Trustee shall give notice {in
the same manner as notice of a call for redemption} to the
holders of the Bonds of the Fixed Interest Rate to be borne by
the Bonds. After the establishment of a fixed interest rate the
Credit Facility {as defined in the Indenture) may be terminated
if consented to by the Town and the Company, and the Bondholders
shall have no right to require purchase of the Bonds by the
Remarketing Agent or the Trustee.
The Town hereby appoints Continental Illinois National Bank
and Trust Company of Chicago as Remarketing Agent {the
"Remarketing Agent") and as Indexing Agent {the "Indexing
Agent") under the Indenture. The Remarketing Agent and Indexing
Agent may be removed or replaced in accordance with the
provisions of the Indenture. The computation or determination
of the Interest Rate Multiple and the Fixed Interest Index by
the Indexing Agent or the Remarketing Agent, and the
determination of the interest rate by the Trustee or Remarketing
Agent, shall be conclusive and binding upon the holders of the
Bonds, the Town, the Company, thn Trustee and the Remarketing
Agent.
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Section 3. DETERMINATION OF REVENUES. In accordance with
the Act, it is hereby determined that (a) in view of the
ownership of the Project by the Company and the consequent
subjection of the Project to ad valorem taxes, no amount is
necessary for payments in lieu of taxes; and (b) no amount is
required for a reserve fund. It is hereby determined that,
based on the maximum interest rate of 15$ per annum, no more
than the following amounts, in addition to the amounts set forth
in Section 2 hereof for the payment of principal, will be
necessary for the payment of interest on the Bonds:
Year Ending November 1 Year Ending November 1
1985 $2,550,000 1990 $2,430,040
1986 2,$$0,040 1991 2,385,040
1987 2,S20,OD0 1992 2,325,400
1988 2,490,000 1993 2,265,000
1989 2,460,000 1994 2,205,000
Section 4. INCIDENTAL ACTION. The Mayor, Town Manager,
Finance Director and Town Clerk of the Town are hereby
authorized and directed to execute and deliver such other
documents, including acceptances and conveyances of property
interests, and to take such other action as may be necessary or
appropriate in order to effectuate the execution and delivery of
the aforesaid Agreement, Indenture and Bond Purchase Agreements
(including the approval of changes in such documents which the
Town's counsel approves and which do not alter the basic terms
and substance of the proposed transactions, such approval to be
evidenced by the execution by such officers), the performance of
the Town's obligations thereunder, and the issuance and sale of
the Bonds to the Purchasers, all in accordance with the
foregoing Sections hereof and the provisions of Ordinance
No. 28, Series of 1984.
Section 5. REPEALER. All acts, orders, ordinances,
resolutions, or parts thereof, taken by the Town in conflict
with this Resolution are hereby repealed, except that this
repealer shall not be construed so as to revive any act, order,
ordinance, resolution, or part thereof, heretofore repealed.
Section 6. RESOLUTION IRREPEALABLE. This Resolution is,
and shall constitute, a legislative measure of the Town, and
after the Bonds are issued and outstanding, this Resolution
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 7. SEVERABILITY. If any paragraph, clause or
provision of this Resolution is judicially adjudged invalid ar
unenforceable, such judn~nent shall not affect, impair or
invalidate the remaining paragraphs, clauses or provisions
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hereof, the intention being that the various paragraphs, clauses
or provisions hereof are severable.
Section $. EFFECTIVE DATE. This Resolution shall take
effect immediately upon its passage.
INTRODUCED, READ, APPROVED AND ADOPTED, TIiIS 13th day of
November, 1984.
[TOWN]
[SEAL]
ATTEST;
Town Clerk fl
Town of Vail, Colorado
~~ o ~~.~'
Mayor / v
Town of Vail, Colorado
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The motion to pass ~~~~~~,f~ qr goin esolution was duly
seconded by Council Member~tlibtl'itl, •'~~ , and the question
being upon the approval of the Resolution, the roll was called
with the following results:
Council Members
Mayor:
Mayor Pro Tem;
Council Members:
voting "YES":
Rodney Slifer
Paul Johnston
Charles R. Anderson
Hermann Staufer
Gail Wahrlich Lowenthal
Colleen Kline
Kent Rose
Council Members voting "NO":
nom,
7 members of the Town Council present having voted in
favor thereof, the Mayor thereupon declared the motion was
carried and the Resolution duly passed.
After consideration of other business to come before the
Town Council, the meeting was adjourned.
(TOWN)
(SEAL)
ATTEST:
~. ~lMt/~.~~I~Y1t.G~i~~/
Town Clerk (~
To~:n of Vail, Colorado
~~~~ ~ ~
M3'yo r /
Town of Vail, Colorado
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STATE OF COLORADO )
COiJNTY OF EAGLE ) ss,
)
TOWN OF VAIL )
I, Pamela A. Brandmeyer, Town Clerk of the Town of Vail,
Coloral3o, do hereby certify that the attached copy of Resolution
No. ~f , Series of 1984, is a true and correct copy; that said
Resolution was in traduced and approved by the Town Cauncil of
the Tawn of Vail, Colorado, at a special meeting held at the
Vail Municipal Building, the regular meeting place thereof, an
Tuesday, the 13th day of November, 19$4 and that at least
forty-eight (48) hours prior to said special meeting a written
notice of the special meeting in the form attached hereto as
Page 13 was delivered to each Council member, was posted in two
public places within the Town and was published in The Vail
Trail, a newspaper of general circulation in the Town, in its
issue of November . 1984, as evidenced by the affidavit of
publication attache ereto; that a true copy of said Resolution
has been duly executed and authenticated by the signatures of
the Mayor of the Town and myself as Town Clerk thereof, sealed
with the seal of the Town, and numbered and recorded in the
official records of the Town kept for that purpose in my office;
that the foregoing pages 1 through 11, inclusive, constitute a
true and correct copy of the record of the proceedings of the
Town Council at its aforesaid meeting insofar as said
proceedings relate to said Resolution; 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 hereun set my hand and the seal
of the Town of Vail, Colorado, this I.~="~ay of November, 1984.
t~ / -' J
~.
(TOWN) Town Clerk
(SEAL) Town of Vail, Colorado
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STATE OF COLORADO )
COUNTY OF EAGLE ) ss.
TOWN OF VAIL )
[Attach form of Notice of Special. Meeting]
_i~_
STATE OF COLORADO )
j
COUNTY OF EAGLE j ss.
}
TOWN OF VAIL )
[Attach affidavit of publication of Notice of Special Meeting]
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RESOLUTION NO. 24
Series of 1984
A RESOLUTION SUPPORTING THE CONCEPT OF
HOSTING THE WORLD CHAMPIONSHIPS AND
PROVIDING FINANCIAL SUPPORT.
WHEREAS, the Vail Valley Foundation is in the process of bidding
for the 1989 World Alpine Ski Championships for Vail, Colorado; and
WHEREAS, the benefits from this major international event are broad
and far-reaching for the community; and
WHEREAS, the Town of Vail has committed initial financial support
to the project through a substantial contribution to the current campaign
to obtain the award; and --
WHEREAS, the Town of Vail has recently authorized Industrial Revenue
Bonds for the improvement of Vail Mountain, a portion of the proceeds
of which will be directed at racing facilities needed for the World
Championships.
NOW, THEREFORE, BE IT RESOLVED:
That the Town of Vail strongly supports the concept of hosting the
World Championships, anticipates providing additional financial support,
and encourages the Town of Avon, the Beaver Creek Resort Company, Eagle
County, and the State of Colorado to also participate in the financing
of the event.
INTRODUCED, READ, APPROVED AND ADOPTED, THIS 13th day of November,
1984.
5 _ - ~ .
Roney E. bluer, May
~~ '~ t
~ ~~'~ 1 '.
ti: ~ '~
JJ// ~ JJ
.
i '~
~., Pamsla J~. Brandmeyer, Tow Clerk
:,
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j~~~//l!!Jlllilllti~ti~~~1
~~
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RESOLUTION N0. 25
Series of 1984
A RESOLUTION PROCLAIMING THE WEEK OF
DECEMBER 9-15, 1984 AS DRUNK DRIVING
AWARENESS WEEK.
WHEREAS, traffic accidents result in more violent deaths in the
United States, Colorado and our community than any other cause; and
WHEREAS, we support national and state efforts in dealing with the
problem of drunk drivers; and
and
WHEREAS, alcohol is a major factor involved in all fatal crashes;
WHEREAS, increased public awareness of this problem has resulted in
the reduction in percentage of alcohol involvement in traffic crashes;
and
WHEREAS, the Christmas and New Year's holiday period is a particularly
appropriate time to focus our attention on this problem; and
WHEREAS, continued public attention to this matter in our community/
city may prevent people from driving after drinking.
NOW, THEREFORE, BE IT RESOLVED:
That the Town Council of the Town of Vail hereby proclaim the week of
December 9-15, 1984 as Drunk Driving Awareness Week and reminds their
fellow citizens that safety belts and child safety seats are the best
defense against all hazards of the road.
1984.
INTRODUCED, READ, APPROVED AND ADOPTED, THiS 4th day of December,
odney E. fifer, Mays ~'
ATTEST:
Pamela A. Brandmeyer, Town Clerk
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RESOLUTION NO. 27
Series of 1984
A RESOLUTION ADOPTING THE DEFERRED
COMPENSATION PLAN OF THE ICh1A
WHEREAS, the Employer has employees rendering valuable services; and
WHEREAS, the Employer wishes to establish a second deferred compensation
plan for such employees which will serve the interests of the Employer by
enabling it to provide retirement security for its employees by providing an
increased flexibility in its personnel management system and by assisting in
the attraction and retention of competent personnel; and
WHEREAS, the Employer has determined that the establishment of an
additional deferred compensation plan would be administered by the ICMA
Retirement Corporation will serve the above objectives.
NOW, THEREFORE, BE IT RESOLVED by the Town Council of Vaii,
Colorado, that
1. The Employer adopts the deferred compensation plan attached hereto
as Exhibit A and appoints the ICMA Retirement Corporation to serve as
administrator thereunder.
2. The Employer hereby authorizes the Town Manager to execute the ICMA
Retirement Trust attached hereto as Exhibit B.
3. The Employer hereby adopts the Trust Agreement attached hereto as
Ecxhibit C and appoints the ICMA Retirement Corporation as trustee hereunder
and directs the ICMA Retirement Corporation, as Trustee, to invest all funds
held under the deferred compensation plan through the ICMA Retirement Trust
as soon as is practicable.
~. The Personnel Director shall be the coordinator for this program and
shall receive necessary reports, notices, etc. from the ICMA Retirement Corpo-
ration as Administrator, and shall cast, on behalf of the Employer, any required
votes under the program. Administrative duties to carry out the plan may be
assigned to the appropriate departments.
INTRODUCED, READ, APPROVED AND ADOPTED, THIS 1$~. day of
December, 1984.
ATTEST
-,
`~~~ ~~~~
F~,ire!3 r.. ran meyer, ~'
Town Clzrk
~~~,~,~
Rodney E.(Slife yor
"r ~ APPENDIX A
{"EMPLOYER")
DEFERRED COMPENSATION PLAN
I. INTRODt,iCTION
The Employer hereby establishes the Employer's Deferred
Compensation Plan, hereinafter referred toasthe "Plan." The Plan
consists of the previsions set forth in this document.
The primary purpose of this Plan is to provide retirement income
and other deferred benefits to the Employees of the Employer in
accordance with the provisions of section 457 of the Internal
Revenue Code of 7954, as amended.
This Plan shall be an agreement solely between the Employer
and participating Employees.
II. DEFINITIONS
2.09 Account: The bookkeeping account maintained for each
Participant reflecting the cumulative amount of the
Participant's Deferred Compensation, including any income,
gains, tosses, or increases or decreases in market value
attributable to the Employer's investment of the Participant's
Deferred Compensation, and further reflecting any distribu-
tions to the Participant ar the Participant's Beneficiary and
any tees or expenses charged against such Participant's
Deferred Compensation.
2.02 Adminiatrator. The person or persons named to carry out
certain nondiscretionary administrative functions under the
Plan, as hereinafter described. The Emptoyer may remove
any person as Administrator upon BO days advance notice in
writing to such person, in which case the Employer shalt
name another person or persons to act as Administrator. The
Administrator may resign upon 60 days advance notice in
writing to the Employer, in which the case the Employer shall
name another person or persons to act as Administrator.
2.03 9eneffclary: The person or persons designated by the
Participant in his Joinder Agreement who shall receive any
benefits payable hereunder in the event of the Participant's
death.
2.04 Deferred Compensation: The amount o} Normal Compensa-
tion otherwise payable to the Participant which the
Partlcipant and the ~mpioyer mutually agree to defer
hereunder, any amount credited to a Participant's Account by
. reason of a transfer under Section 6.D3, or any other amount
which the Employer agrees to Credit to a Participant's
Account.
2.05 Employee: Any individual who provides services for the
Employer, whether as an employee of the Emptoyer or as an
independent contractor, and who has been designatetl by the
Employer as eligible to participate in the Plan.
2.Q6 Includible Compensation: The amount of an Employee's
compensation from the Employer for a taxable year that is
attributable to services pertormed for the Employer and that
fa includible in the Employee's gross income for the taxable
year far federal income tax purposes: such farm does not
include any amount excludable from gross income underthis
Plan or any other plan described in section 457(b) of the
Internal Revenue Code. any amount excludable from gross
income under section 403(b} of the Internal Revenue Code,
or any other amount excludable from gross income for
federal income tax purposes. Includible Compensation steal!
be determined without regard to any community property
laws.
2.07 Joinder Agreement: An agreement entered into between an
Employee and the Employer, including any amendments or
modifications thereof. Such agreement shall fix the amount
of Deferred Compensation, specify a preference among the
investment alternatives designated by the Employer,
designate the Employee's Beneficiary or Beneficiaries, and
incorporate the terms, conditions, and provisions of the Plan
by reference.
2.08 Normal Compensation: The amount of Compensation which
would be payable to a Participant by the Employer fpr a
taxable year i} no Joinder Agreement were in affect to defer
Compensation under this Plan.
2.09 Normal Retirement Age: Age 70, unless the Participant has
elected an alternate Norma! Retirement Age by written
instrument delivered to the Administrator prior to Separation
from Service. A Participant's Normal Retirement Age
determines (a) the latest time when benefits may commence
under this Pian (unless the Participant continues empioy-
mentafter Normal RetirementAge),ond (D) the period during
which a Participant may utilize the catch-up limitation of
Section 5.02 hereunder. Once a Participant has to any extent
utilized the catch-up limitation of Section 5.0?, his Normal
Retirement Age may not be changed.
A Participant's alternate Normal Retirement Age may not
be earlier than the earliest date that the Participant will
become eligible to retire and receive unreduced retirement
benefits under the Employer's basic retirement plan covering
the Participant and may not be later than the date the
Participant attains 8ge 70. If a Participant continues
employment after attaining age 70, not having previously
elected an alternate Norma! RetirementAge, the Partlcipant'e
alternate Normal Retirement Age shall not be later than the
mandatory retirement age, if any, established by the
Employer, or the age at which the Participant actually
separates from service if the Employer teas no mandatory
retirement age. If the Partlcipant will not become eligible to
receive benefits under a basic retirement plan maintained by
the Employer, the Participant's alternate Norma# Retirement
Age may not be earlier than attainment of age 55 and may not
be later than attainment of age 70.
2.10 Partidpant: Any Employee who has joined the Ptan pursuant
to the requirements of Article IV.
2.11 Plan deer: The calendar year.
212 Retirement: The first date upon which both of the follpwing
shall have occurred with respect to a Participant: Separation
from Service and attainment of Normal Retirement Age.
2.t3 Separation from 5ervtee: Severance of the Participant's
employment with the Employer. A Participant shall tie
deemed to have severed his employment with the Empioyer
for purposes of this Plan when, in accordance with the
established practices of the Employer, the employment
relationship is considered to have actually terminated. In the
case of a Participant who is an independent contractor of the
Employer, Separation frpm Service shall be deemed to have
occurred when the Participant's wntract under which
services are performed has completely expired and
terminated, there is no foreseeable possibility that the
Empioyer will renew the contract or enter into a new contract
for the Participant's services, and it is not anticipated that the
Participant will become an Employee of the Employer.
III. AIRMEN3STRATION
3.01 Duiiea of Employer: The Employer shall have the authority to
make aN discretionary decisions affecting the rights or
benefits of Participants which may be required in the
administration of this Plan.
3.02 Duties of Administrator: The Administrator, as agent for the
Employer, shall perform nondiscretianary administrative
functions in Connection with the Plan, including the
maintenance of Participants' Accounts, the provision of
periodic reports of the status of each Account and the
disbursement of benefits on behalf of the Employer in
accordance with the provisions of this Plan.
IV. PARTICIPATION IN TFIE PLAN
4.01 Enitial Participation: An Employee may become a Participant
by entering into a Joinder Agreement prior to the beginning
of the calendar month in which the Joinder Agreement is to
become effective to defer compensation not yet earned.
4.02 Amendment of Joinder Agreement: A Participant may amend
an executed Joinder Agreement to Change the amount of
Compensation not yet earned which is to be deferred
(including the reduction of such future deferrals to zero) or to
change his investment preference (subject to such restric-
tions as may result fromthe nature orterms of any investment
made by the Employer). Such amendment shall become
effective as of the beginning of the calendar month
Commencing after the date the amendment is executed. A
Participant may at any time amend his Joinder Agreement to
change the designated Beneficiary and such amendment
shall become effective immediately.
V. LIMITATIONS ON DEFERRALS
5.01 Normal Lfmilation: Except as provided in Section 5.02, the
maximum amount of Deterred Compensation for arty
Participant for any taxable year shall not exceed the lesser of
X7,500.00 or 33 1/3 percent of the Participant's lncludibte
Compensation far the taxable year, This limitation will
ordinarily be equivalent to the lesser of 57,500.00 or 25
percent of the Participant's Normal Compensation.
5.02 Catch-up Limitation: For each of the last three {3) taxable
years of a Participant ending before his attainment of Normal
Retirement Age, the maximum amount of Deferred
Compensation shall be the lesser of: {1) 515,000 ar (2) the
sum of (i) the Normal Limitation for the taxable year, and (iij
that portion of the Normal Limitation for each of the prior
taxable years of the Participant commencing after 1878
during which the Plan was in existence and the Participant
was eligible to participate in the Plan (or in any other plan
established under section 457 of the Internal Revenue Code
by an employe- within the same State as the Emptoyer) less
the amount of Deferred Compensation for each such prior
taxable year (including amounts deferred under such other
_._.. _ ~
plan). For purposes of this Section b.02, a Participant's
Includible Compensation for the current taxable year shall be
deemed to include any Deferred Compensation for the
taxable year in excess of the amount permitted under the
Normal Limitation, and the Participant's Includible Compen-
sation for any prior taxable year shall be deemed to exclude
any amount that could have been deferred under the Normal
Limitation for such prior taxable year.
5.03 Section 403(b) Annuities: For purposes of Sections 5.01 and
5.02, amounts contributed by the Empioyer on behalf of a
Participant for She purchase of an annuity contract described
in section 403(b) of the Internal Revenue Code shall be
treated as if such amounts constituted Deferred Compensa-
tion under this Plan for the taxable year in which the
contribution was made and shall thereby reduce the
maximum amount that may be deferred forsuch taxable year.
VI. INVESTMENTS AND ACCOUNT VALUES
B.01 Investment of Deferred Compensation: All investments of
Participants' Deferred Compensation made bythe Employer,
including all property and rights purchased with such
amounts and all income attributable thereto, shall be the sole
property of the Employer and shall not be held in trust for
Participants or as collateral security ipr the fulfillment of the
Employer's obligations under the Plan. Such property shall
be subject tv the claims of general creditors of the Employer,
and no Participant or Beneficiary shall have any vested
interest or secu-ed or preferred position with respect to such
property or have any claim against the Employer except as a
general creditor.
8.02 Crediting otAccounts: The Participant's AccountshaH retlect
the amount and value of the investments or other property
obtained by the Employer through the investment of the
Participant's Deferred Compensation. It is anticipated that
. the Employer's investments with respect to a Participant wit!
conform to the investment preference specified in the
Participant's Joinder Agreement, but nothing herein shelf be
Construed to require the Employer to make any particular
investment of a Participant's Deferred Compensation. Each
Participant shall receive periodic reports, not Tess frequently
than annually, showing the then-current value of his
Account.
8.D3 Acceptance of Transfers: Pursuant to an appropriate written
agreement, the Employer may accept and credit io a
Participant's Account amounts transferred from another
employer within the same State representing amounts held
by such other employer under an eligible Slate deterred
compensation plan described in section 457 of the Internal
Revenue Code. Any such transferred amount shall not be
treated as a deferral subject to the limitations of Article V,
provided however, that the actual amount of any deferral
under the plan from which the transfer is made shall be taken
into account in cpmputing the Catch-up limitation under
Section 5.02.
8.04 Empioyer Llablllty: in no event shelf the Employer's liability to
pay benefits to a Participant underArticle VI exceed the value
of the amounts credited to the Participant's Account; the
Employer shalt not be liable for losses arising from
depreciation or shrinkage in the value of any investments
acquired under this Plan.
VlI. BENEFITS
7.01 Retirement Benefits and Election on Separation from
Service: Except as otherwise provided in this Article Vlf, the
distribution of 8 Participant's Account shall commence
during the second calendar month after the Closeot the Plan
Year of the Participant's Retirement, and the distribution o}
such Retirement benefits shall be made in accordance with
one of the payment options described in Section 7.02.
Notwithstanding the foregoing, the Participant may irrevo-
1
cably ele~~ within fi0 days following Separation from Service
to have the distribution of benefits commence on a date other
than that described in the preceding sentence which is at
feast 6o days after the date such election is defiveretl in
writing to the Employer and forwarded to the Administrator
but not later than 64 days after the close of the Plan Year of
the Participant's Retirement.
7.fl2 Payment Options: As provided in Sections 7.01, 7.45 and 7.06,
a Participant may elect to have the value of his Account
distributed in accordance with one of the fallowing payment
options, provided that such option is consistent with the
limitations set forth in Section 7.43:
(a) Equal monthly, quarterly, semi-annual or annual
payments in an amount chosen by the Participant,
continuing until his Account is exhausted:
{b} One lump sum payment;
(c) Approximately equal monthly, quarterly, semi-annual
or annual payments, calculated to continue for a period
certain chosen by the Participant;
{d) Payments equal to payments made by the issuer of a
retirement annuity policy acquired by the Employer;
{e) Any other payment option elected by the Participant
and agreed to by the Employer.
A Participant's election of a payment option must be made at
(east 30 days before the payment of bane#its is to com mence.
ff a Participant fails to make a timely election of a payment
option, benefits shall be paid monthly under option (c) above
for a period of five years.
7.~3 Limitation on Options: No payment option may be selected
by the Participant under Section 7.02 unless the presentvatue
of the payments to the Participant, determined as of the date
benefits commence, exceeds 50 percent of the value of the
Participant's Account as of the date benefits commence.
Present value determinations under this Section shall be
made by the Administrator in accordance with the expected
return multiples set forth in section 1.72-9 of the Federal
Income Tax Regulations {or any successor provision to such
regulations).
7.D4 Post-retirement Death Benefits: Should the Participant die
after he has begun to receive benefits under a payment
option, the remaining payments, if any, under the payment
option shall be payable to the Participant's Beneficiary
Commencing within 64 days after the Administrator receives
proof of the Participant's death, unless the Beneficiary elects
payment under a different payment option at least 30 days
prior to the date that the first payment becomes payable to
the Beneficiary. In no event shall the Employer or
Administrator be liable to the Beneficiary for the amount of
any payment made in the name of the Participant before the
Administrator receives proof of death of the Participant.
Notwithstanding the foregoing, payments to a Beneficiary
shall not extend over a period Eonger than {i) the Beneficiary's
fife expectancy iI the Beneticiary is the Par#icipant's spouse
or {ii) fifteen (15) years it the Beneficiary is not the
Participant's spouse. If no Beneficiary is designated in the
Joinder Agreement, or if the designated Beneficiary does not
survive the Participant for a period of fifteen {15) days, then
the commuted value of any remaining payments under the
payment option shall be paid in a lump sum to the estate of
the Participant. If the designated Beneficiary survives the
Participant for a period of fifteen (15) days, but does not
continue to live for the remaining period of payments under
the payment option (as modified, if necessary, in conformity
with the third lenience of this section), then the commuted
value of any remaining payments under the payment option
Shall be paid in a lump sum to the estate of the Beneficiary.
7.D5 Pre-retirement Death Benefits!: Should the Participant die
before he has begun to receive the benefits provided by
Sections 7.01 or 7.46, a death benefit equal to the value of the
Participant's Account shall be payable to the Beneficiary
commencing no later than fi0 days after the close of the Plan
Year in which the Participant would have attained Normal
Retirement Age. Such death benefit shall be paid in a lump
sum unless the Beneficiary elects a different payment option
within 94 days of the Participant's death. A Beneficiary who
may elect a payment option pursuant to the provisions of the
preceding sentence shall be treated as if he were a Participant
for purposes of determining the payment options available
under Section 7.42: provided, however, that the payment
option chosen by the Beneficiary must provide for payments
to the 8enefiCiary over a period no longer than the life
expectancy of the Beneficiary if She Beneticiary is the
Participant's spouse and must provide for payments over a
period not in excess of fifteen (15} years if the $eneficiary is
not the Participant's spouse.
7.05 Disability: I n the event a Participant becomes disabled before
the commencement of Retirement benefits untler Section
7.01, the Participant may elect to commence benefits under
one of the payment options described in Section 7.42 on the
last day of the month following a determination of disability
by the Employer. The Participant's request for such
determination must be made within a reasonable time after
the impairment which constitutes the disability occurs. A
Participant shah be considered disabled for purposes of this
Plan if he is unable to engage in any substantial gainful
activity by reason of any medically determinable physical or
mental impairment which can be expected to result in death
or be of long-continued and indefinite duration. The
disability of any Participant shall be determined in
accordance with uniform principles consistently applied and
upon the basis of such medical evidence as the Employer
deems necessary and desirable.
7.47 EJntoreseeable Emergencies: In the event an unforeseeable
emergency occurs, a Participant may apply to the Employer
to receive that part of the value of his account that is
reasonably needed to satisfy The emergency need. If such an
application is approved by the Employer, the Participant shall
be paid only such amount as the Employer deems necessary
to meet the emergency need, but payment shall not be made
to the extent that the financial hardship may be relieved
through cessation of deferral under the Pfan, insurance or
other reimbursement, or Liquidation of other assets to the
extent such liquidation would not itself cause severe financial
hardship. An unforeseeable emergency shalt be deemed to
involve only circumstances of severefinancial hardship to the
Participant resulting from a sudden and unexpected illnessor
accident of the Participant or of a dependent (as defined in
section 152(a) of the internal Revenue Code} of the
Participant, foss of the Participant's property due to casualty,
or other similar and extraordinary unforeseeable circum-
stances arising as a result of events beyond the control of the
Participant The need to send a Participant's child to college
or to purchase a new home shalt not be considered
unforeseeable emergencies. The determination as to
whether such an unforeseeable emergency exists Shall be
based on the merits of each individual case.
Vlfl. NON-ASSIGNABILITY
No Participant or Beneficiary shall have any right to commute,
setE, assign, pledge, transfer or otherwise convey or encumber the
right to receive any payments hereunder, which payments and
rights are expressly declared to be non-assignable and non-
transferable.
IX. RELATIONSHIP TO OTHER PLANS AND EMPLOYMENT
AGREEMENTS
This Plan serves in addition to any Other retirement, pension, or
benefit plan or system presently m existence or hereinafter
established for the benefit of the Employer's employees, and
participation hereunder shah not affect benefits receivable under
3
any such plan or system. Nothing contained in this Plan shall be
deemed to constitute an employment Contract or agreement
between any Participant and the Employer or to give any
Participant the right to be retained in the employ of the Employer.
Nor shall anything herein be construed to modify the terms of any
employment contract or agreement between a Participant and the
Employer.
X. AMENDMENT OR TERMfNAT10N OF PLAN
The Employer may at any time amend this Plan provided that it
transmits such amendment in writing to the Administrator at least
3t) days prior to the effective date of the amendment. The consent
of the Administrator shall not be required in order for such
amendment to become effective, but the Administrator shall be
under no obligation to continue acting as Administrator hereunder
if it disapproves of such amendment. The Employer may at any
time terminate this Plan.
The Administrator may at any time propose an amendment to
the Plan by an instrument in writing transmitted tathe Employer at
least 30 days before the effective date of the amendment. Such
amendment shall become effective unless, within such 3Q-day
period, the Employer notifies the Administrator in writing that it
disapproves such amendment, in which case such amendment
shall not become effective. in the event of such disapproval, the
Administrator shall be under no obligation to continue acting as
Administrator hereunder.
No amendment or termination of the Plan shall divest any
Participant of any rights with respect to compensation deferred
before the date of the amendment or termination.
XI. APPLICABLE LAW
This Plan shall be construed under the taws of the state where
the Employer is located and is established with the intent that 'rt
meet the requirements of an "eligible State deferred compensation
plan" under section 457 of the Internal Revenue Code of 1954, as
amended. The provisions of this Plan shall 6e interpreted wherever
passible in conformity with the requirements of that section.
XI1. GENDER AND NUMBER
The masculine pronoun, whenever used herein, shall include the
feminine pronoun, and the singular shall includethe plural,except
where the context requires otherwise.
AMENDMENT TO THE DECLARATION
QF TRUST {APPENDfX B~
Approved by 1CMA Retirement
Trust members,
November 30, 1983
ARTICLE V1ll. Miscellaneous
SECTION 8.3. Notwithstanding any other provision
of this Declaration of Trust, until December 31, 1984,
unless such period is extended by the Trustees, the
Trust Property may include amounts held by the
Retirement Trust on behalf of public employers that
have not executed the Declaration of Trust.
s/ea
- APPENDIX 8
DECLARATION OF TRUST
of
ICMA RETIREMENT TRUST
ARTICLE I. Name and Definitions
SECTION 1.1. Name. The Name of the Trust created hereby is the
ICMA Retirement Trust.
SECTION 1.2. Definitions. Wherever they are used herein, the
following terms shall have the following respective meanings:
(a) By-Laws. The By-Laws referred to in Section 4.1 hereof, as
amended Pram time to time.
(b) Deferred Compensation Plan. A deferred compensation plan
established and maintained by a Public Employer forthe purpose
of providing retirement income and other deferred benefits to its
employees in accordance with the provisions of section 457 of
the Internal Revenue Gode o! 1854. as amended.
(cj Guaranteed Investment Contract. A contract entered into by
the Retirement Trust with insurance companies that provides for
a guaranteed rate of return on investments made pursuant to
such contract.
(dj ICMA. The International City Management Association.
(ej ICMA/RC Trustees. Those Trustees elected by the Public
Employers whp, in accordance with the provisions of Section
3.1(a) hereof, are also members of the Board of Directors of ICMA
or RG.
(f) Investment Adviser. The tnvestment Adviser that enters into a
wntract with the Retirement Trust to provide advice with respect
to investment of the Trust Property.
(g} Emptpyer Trust. A trust created pursuant to an agreement
between RC and a Public Employer for the purpose of investing
and administering the funds set aside by such employer in
connection with its deferred compensation agreements with its
emproyees.
{h} Portfolios. The Portfolios at investments established by the
Investment Adviser to the Retiremen# Trust, under the
supervision of the Trustees, for the purpose of providing
investments for the Trust Property.
(i) Public Employee Trustees. Those Trustees elected by the
Public Employers who. in accordance with the provisions of
Section 3.1{aj hereof, are full-time employees of Public
Empioyers.
{jj Public Employer. A unit of state or local government, or any
agency or instrumentality thereof, that has adopted a Deferred
Compensation Plan and has executed this Declaration of Trust.
{k) RC. The International City Management Association
Retirement Corporation.
(I} Retirement Trust. The Trust Created by this Declaration of
Trust.
(m} Trust Property. The amounts held in the Retirement Trust on
behalf of the Public Employers. The Trust Property shall include
any income resulting from the investmentof theamountsso held.
(nj Trustees. The Public Employee Trustees and ICMAlRC
Trustees elected by the Public Employers to serve as members of
the Board of Trustees of the Retirement Trust.
ARTICLE II. Creation and Purpose of the Trust; Ownership of Trust
Property
SECTION 2.1. Creation. The Retirement Trust is created and
established by the execution of this Declaration of Trust by the Trustees
and the participating Public Employers,
SECTION 2.2. Purpose. The purpose of the Retirement Trust is to
provide for the commingled investment of funds held by the Public
Empioyers kn Connection with their Deferred Compensation Plans. The
Trust Property shall be invested in the Portfolios, in Guaranteed
investment Contracts and in other investments recommended by the
Investment Adviser under the supervision of the Board of Trustees.
SEGTION 2.3 Ownership of Trust Property. The Trustees shalE have
legal title to the Trust Property. The Public Employers shall be the
beneficial owners of the Trust Property.
ARTICLE III. Trustees
SECTION 3.1. Number and Oualkfication of Trustees.
(aj The Board of Trustees shall consist of nine Trustees. Five of
the Trustees shall be full-time employees of a Public Emplpyer
(the Public Employee Trustees] who are authorized by Such
Public Employer to serve as Trustee. The remaining four Trustees
shall consist of two persons who, at the time of election to the
Board of Trustees, are members of the eaard of Directors of
ICMA and two persons who, at the time of election, are members
of the Board of Directors of RC (the ICMA/RC Trustees]. One of
the Trustees who is a director of kCMA, and one of the Trustees
who is a director of RC, shall, at the time of election, be full-time
employees of a Public Employer.
(b) No person may serve as a Trustee for more than one term in
any ten-year period.
SECTION 3.2. Election end Term.
(a} Except for the Trustees appointed tp fill vacancies pursuant
to Section 3.5 hereof, the Trustees shall be elected by a vote of a
majority of the Public Employers in accordance with the
procedures set forth in the ay-Laws.
(bj At the first election of Trustees, three Trustees shalt be
elected for a term of three years. three Trustees shall be efaCted
for a term of two years and three Trustees shall be elected for a
term of one year. At each subsequent election, three Trustees
shall be elected for a term of three years and until his or her
successor is elected and qualified.
SECTION 3.3. Nominations. The Trustees who are full-time
employees of Public Employers shalt serve as the Nominating
Committee for the Public Employee Trustees. The Nominating
Committee shall choose canoidates for Public Employee Trustees in
accordance w+th the procedures set forth in the By-Laws.
SECTION 3.4 Resignation and Removal.
(a) Any Trustee may resign as Trustee {without need for prior or
subsequent account+ng) by an instrument in writing s+gned by the
Trustee and delivered to the other Trustees and such resignation
shall be eftective upon such delivery, or at a later date according
to the terms of the instrument. Any of the Trustees may be
removed for cause, by a vote of a majority of the Public
Employers.
{b) Each Public Employee Trustee shall resign his or her position
as Trustee within sixty days of the date on which he or she ceases
to be a full-time employee of a Public Employer.
SECTION 3.5. Vacancies. The term of office of a Trustee shall
terminate and a vacancy shall occur in the event of the death,
resignation, removal, adjudicated incompetence or other incapacity to
perform the duties of the office of a Trustee. in the case of a vacancy, the
remaining Trustees shall appoint such person as they in theirdiscretion
shall see fit (subject to the limitations set forth in this Section), to serve
for the unexpi red portion of the term of the Trustee who has resigned or
otherwise ceased to be a Trustee. The appointment shall be made by a
written instrument signed by a majority of the Trustees. The person
appointed must be the same type of Trustee (i.e., Public Employee
Trustee ar ICMA/RC Trustee) as the person who has ceased to be a
Trustee. An appointment of a Trustee may be made in anticipation of a
vacancy to occur at a later date by reason of retirement or resignation,
provided that such appointment shall not become etfectiveprior tosuch
retirement or resignation. Whenever a vacancy in the number of
Trustees shall occur, until such vacancy is filled as provided in this
Section 3.5. the Trustees in office, regardlessof theirnumber, shat! have
all the powers granted to the Trustees and shall discharge all the duties
imposed upon the Trustees by this Declaration. A written instrument
certifying the existence of such vacancy signed by a majority of the
Trustees shall be conclusive evidence of the existence o(such vacancy.
SECTION 3.6. Trustees Serve in Representative Capacity. fay
executing this Declaration, each Public Emplvyeragreesthatthe Public
Employee Trustees elected by the Public Employers are authorized to
act as agents and representatives of the Public Employers collectively.
ARTICLE IV. Powers of Trustees
SECTION 4.1. General Powers. The Trustees shall have the power to
conduct the business of the Trust and to carry on its operations. Such
power shall include, but shall not be limited to, the power to:
(a) receive the Trust Property from the Public Employers or from
a Trustee of any Employer Trust;
{b) enter into a contract with an Investment Adviser providing,
among other things, for the establishment and operation of the
Portfolios, selection of the Guaranteed Investment Contracts in
which the Trust Property may be invested, selection of other
investments forthe Trust Property and the payment of reasonable
fees to the Investmen# Adviser and to any sub-investment advise-
retained by She Investment Adviser;
{c) review annuahy the performance of the Investment Adviser
and approve annually the contract with such Investment Adviser;
(d) invest and reinvest the Trust Property in the Portfolios, the
Guaranteed Investment Contracts and in any other investment
_ recommended by the Investment Adviser, provided that if a
Public Employer has directed tha# its monies be invested in
specified Portfolios or in a Guaranteed Investment Contract, the
Trustees of the Retirement Trust steal! invest such monies in
accordance with such directions; ,
(e) keep such portion of the Trust Property in cash or cash
balances as the Trustees, from time to time, may deem to be in the
best interest of the Retirement Trust created hereby, without
liability for interest thereon;
(f) accept and retain for such time as they may deem advisable
any securities or other property received or acquired by them as
Trustees hereunder, whether pr not such securities or other
property would normally be purchased as investments here-
under:
(g) cause any securities or other property held as part of the
Trust Property to be registered in the name of the Retirement
Trust or in the name of a nominee, and to hold any investments in
bearer form, but the books and records of the Trustees shall at all
times show that all such investments are a part of the Trust
Property;
(h) make, execute. acknowledge, and deliver any and alt
documents of transfer and conveyance and any and all other
instruments that may be necessary or appropriate to carry out the
powers herein granted;
(i) vote upon any stack, bonds, or other securities; give general
or special proxies or powers of attorney with or without power of
substitution; exercise any conversion privileges, subscription
rights, or other options. and make any payments incidental
thereto; oppose, or consent to, or otherwise participate in,
corporate reorganizations or other changes affecting corporate
securities, and delegate discretionary powers, and pay any
assessments or charges in connection therewith; and generally
exercise any of the powers of an owner with respect to stocks,
bonds, securities or other property held as part of the Trust
Property;
(j) enter into contracts or arrangements for goods or services
required in connection with She operation of the Retirement
Trust, including, but not limited to, contracts with Custodians and
Contracts for the provision of administrative services;
(k) borrow or raise money for the purpose of the Retirement
Trust in such amount. and upon such terms and conditions, as the
Trustees shall deem advisable, provided that the aggregate
amount of such borrowings shalt not exceed 309b of the value of
the Trust Property. No person lending money to the Trustees
shall be bound to see the application of the money lent or to
inquire into its validity, expediency or propriety of any such
borrowing;
(l} incur reasonable expenses as required forthe operation of the
Retirement Trust and deduct such expenses from the Trust
Property;
(m) pay expenses properly allocable to the Trust Property
incurred in connection with the Deferred Compensation Plans or
the Employer Trusts and deduct such expenses from that portion
of the Trust Property beneticialEy owned by the Public Employer
to whom such expenses are properly allocable;
{n) pay out of trie Trust Property all real and personal property
taxes, income taxes and other taxes of any and all kinds which, in
the opinion of the Trustees, are properly levied, or assessed
under existing or future laws upon, or in respect of, the Trust
Property and allocate any such taxes to the appropriate accounts;
{o) adopt, amend and repeal the fay-Laws, provided that such ey-
Laws are ai all times consistent with the terms of this Declaration
of Trust;
(p) employ persons to make available interests in the Retirement
Trust to employers eligible to maintain a deferred compensation
pkan under section 457 of the Internal Revenue Code, as
amended;
(q) issue the Annual Repprt of the Retirement Trust, and the
disclosure documents and other literature used by the
Retirement Trust;
(r) make loans, including the purchase of debt obligatipns,
provided that all such towns shall bear interest at the current
market rate;
(s) contract for, and delegate any powers granted hereunder to,
such officers, agents, employees, auditors and attorneys as the
Trustees may select, provided that the Trustees may not delegate
the powers set forth in paragraphs (b), (c) and (o) of this Section
4.1 and may not delegate any powers if such delegation would
violate their fiduciary duties;
{t) provide far the indemnification ofthe otficersand Trustees of
the Re#iremenl Trust and purchase fiduciary insurance:
(u) maintain books and records, including separate accounts for
each Public Employer or Employer Trust and such additional
separate accounts as are required under, and consistentwith, the
Deferred Compensation Plan of each Public Employer, and
Y'
(v} do all s, acts, take all such proceedings, and exercise all
such rights and privileges, although not specifically mentioned
herein, as the trustees may deem necessary or appropriate to
admin ister the Trust Property and to carry out the purposes of the
Retirement Trust.
SECTION 4.2. Distribution of Trust Property. Distributions of the
Trust Property shall be made to, or on behalf af, the Public Employer, in
accordance with the terms of the Deferred Compensation Plans or
Employer Trusts. The Trustees of the Retirement Trust shall be fully
protected in making payments in accordance with the directions of the
Public Employers or the Trustees of the Employer Trusts without
ascertaining whether such payments are in compliance with the
provisions of the Deferred Compensation Plans or the agreements
creating the Employer Trusts.
SECTION 4.3. Execution of Instruments. The Trustees may
unanimously designate any one or more of the Trustees to execute any
instrument or document on behalf of all, including but riot limited to the
signing or endorsement of any check and the signing of any
applications, insurance and other contracts, and the action of such
designated Trustee or Trustees shall have thesame force and effect as if
taken by all the Trustees.
ARTICLE V. Duty of Care and Liability o1 Trustees
SECTION 5.1. Duty of Care. In exercising the powers hereinbefore
granted to the Trustees, the Trustees shall perform all acts within their
authority for the exclusive purpose of providing benefits tar the Public
Employers, and shall perform such acts with the care, skill, prudence
and diligence in the circumstancesthen prevailing that a prudent person
acting in a like capacity and familiar with such matters would use in the
conduct of an enterprise of a like character and with like aims.
SECTION 5.2. Liability. The Trustees shall not be liable for any
mistake of judgment or other action taken in good faith, and for any
action taken or omitted in reliance in good faith upon the books of
account or other records of the Retirement Trust, upon the opinion of
counsel, or upon reports made to the Retirement Trust by any of its
officers, employees or agents or by the Envestment Adviser or any sub-
investment adviser, accountants, appraisers or other experts or
consultants selected with reasonable care by the Trustees, officers or
employees of the Retirement Trust. The Trustees shall also not be liable
for any loss sustained by the Trust Property by reason of any i nvestmeni
made in good faith and in accordance with thestandard ofcare setforth
in Section 5.t.
SECTION 5.3. Bond. No Trustee shall be obligated to give any bond
or other security for the performance of any of his or her duties
hereunder.
ARTICLE VI. Annual Report to Shareholders
The Trustees shall annually submit to the Public Employers a written
report of the transactions of the Retirement Trust, including financial
statements which shall be certified by independent public accountants
chosen by the Trustees.
ARTICLE Vil. Duration or Amendment of Retirement Trust
SECTION 7.1. Withdrawal. A Public Employer may, at any time, with-
drawfrom this Retirement Trust by delivering to the Board of Trustees a
statement to that effect. The withdrawing Public Employer's beneficial
interest in the Retirement Trust shalt be paid out to the Public Employer
or to the Trustee of the Employer Trust, as appropriate.
SECTION 7.2. Duration. The Retirement Trust shall continue until
terminated by the vote of a majority of the Public Employers, each
casting ane vote. Upon termination, all of the Trust Property shall be
paid out to the Public Employers orthe Trustees of the Employer Trusts,
as appropriate.
SECTION 7.3. Amendment. The Retirement Trust may be amended
by the vote of a majority of the Public Employers, each casting onevote.
SECTION 7.4. Procedure. A resolution to terminate or amend the
Retirement Trust ar to remove a Trustee shall be submitted to a vote of
the Public Employers if: {ay a majority of the Trustees so direct. or (b) a
petition requesting a vote, signed by not less than 25°/0 of the Public
Employers, is submitted to the Trustees.
ARTICLE VIII. lNlscellaneous
SEGTION 8.1. Governing Law. Except as otherwise required by state
or local law, this Declaration of Trust and the Retirement Trust hereby
created shall be construed and regulated by the laws of the District of
Columbia.
SECTION 8.2. Counterparts. This Declaration may be executed by
the Public Employers and Trustees in two or morecounterparts.each of
which shall be deemed an original but all of which together shall
constitute one and the same instrument.
-- _ ~ ( APPfNDfX C
TRUST AGREEMENT WITH
THE ICMA RETIREMENT CORPORATION
AGREEMENT made by and between the Employer named in the
attached resolution and the International City Management Association
Retirement Corporation {hereinafter the "Trustee" or "Retirement
Corporation"}, a nonprofit corporation organized andexisting underthe
taws of the State of Delaware, for the purpose of investing and otherwise
administering the funds set aside by Employers in connection with
deferred compensation plans established under section 457 of She
Internal Revenue Code of 1954 (the"Code"). This Agreement shall take
effect upon acceptance by the Trustee of its appointment by the
Employer to serve as Trustee in accordance herewith as set forth in the
attached resolution.
WHEREAS, the Employer has established adeferred compensation plan
under section 457 of the Code (the "Plan"};
WHEREAS, in order that there wilt be sufficient funds available to
discharge the Employer's contractual obligations under the Plan, the
Employer desires to set aside periodically amounts equal to the amount
of compensation deferred;
WHEREAS, the funds set aside. together with any and all assets derived
from the investment thereof, are to be exclusively within the dominion,
control, and ownership of the Employer, and subject to the Employer's
absolute right of withdrawal, no employees having any interest
whatsoever therein;
i~40W, THEREFORE, this Agreement witnesseth that (a} the Employer
will pay monies to the Trustee to be placed in deferred compensation
accounts for the Employer, (b) the Trustee covenants that it will hold
said sums, and any other funds which it may receive hereunder, in trust
#or the uses and purposes and upon the terms and conditions
hereinafter stated; and (c) the parties hereto agree as follows:
ARTICLE I. General Duties o1 the Parties.
Section 1.1. General Duty of the Employer. The Employer shall make
regular periodic payments equal to the amounts of its employees'
compensation which are deferred in accordance with the terms and
conditions of the Plan to the extent that such amounts are to be invested
under the Trust.
Section 1.2. General Duties of the Trustee. The Trustee shall hold all
funds received by ii hereunder, which, together with the income
therefrom, shall constitute the Trust Funds. It shall administer the Trust
Funds, collect the income thereof, and make payments therefrom, all as
hereinafter provided. The Trustee shall also hold all Trust Funds which
are transferred to it as successor Trustee try the Employer from existing
deferred compensation arrangements with its Employees under plans
described in section 457 of the Code. Such Trust Funds shall be subject
So all of the terms and provisions of this Agreement.
ARTICLE I1. Powers and Duties o1 the Trustee to Investment,
Administration, and Disbursement of the Trust Funds.
Section 2.1. Investment Powers and Duties of the Trustee. The
Trustee shall have the power to invest and reinves# the principal and
income of the Trust Funds and keep the Trust Funds invested, without
distinction between principa! and income, in securities or in other
property, real or personal, wherever situated, including, but not limited
to, stocks. common or preferred, bonds, retirement annuity and
insurance policies. mortgages, and other andantes of indebtedness or
ownership, investment companies, Common or group trust funds, or
separate and different types of funds {includmg equity, fixed income)
which fulfill requirements Of state and focal governmental laws,
provided, however, that the Employer may direct investment by the
Trustee among available investment alternatives in such proportions as
the Employer authorizes in connection with its deterred compensation
agreements with its employees. For these purposes, these Trust Funds
may be commingled with Trust Funds set aside by other Employers
pursuant to the terms of the ICMA Retirement Trust. Investment powers
vested in the Trustee by the Section may be delegated by the Trustee to
any bank, insurance or trust company, or any investment advisor,
manager ar agent selected by it.
Section 2.2. Administrative Powers of the Trustee. The Trustee shall
have the power in ils discretion:
{a} To purchase, or subscribe for, any securities or other
property and to retain the same in trust.
(b) To sell, exchange, convey, transfer or otherwise dispose of
any securities or other property held by it, by private contract, or
at public auction. No person dealing with the Trustee shalt be
bound to see the application of the purchase money or to inquire
into the validity, expediency, or propriety of any such sale or
other disposition.
(c) To vote upon any stocks, bonds, or other securities; to give
general or special proxies or powers of attorney with or without
power of substitution; to exercise any conversion privileges,
subscription rights, or other options, and to make any payments
incidental thereto; to oppose, or to consent to, or otherwise
participate in, corporate reorganizations or other changes
affecting corporate securities, and to delegate discretionary
powers, and to pay any assessments or charges in connection
therewith; and generally to exercise any of the powers of an
owner with respect to stocks, bonds, securities ar other property
held as part of the Trust Funds.
(dJ To cause any securities or other property held as part of the
Trust Funds to be registered in its own name, and to hold any
investments in bearer form, but the books and records of the
Trustee shall of all times show that all such investments are a part
of the Trust Funds.
(e) To barrow ar raise money for the purpose of the Trust in such
amount, and upon such terms andcondittons,as the Trustee shall
deem advisable; and, for any sum so borrowed, to issue its
promissory note as Trustee, and to secure the repayment thereof
by pledging alt, or any part, of the Trust Funds. No person lending
money to the Trustee shall be bound to see the application of She
money lent ar to inquire into its validity, expediency or propriety
of any such borrowing.
(f) To keep Such portion of the Trust Funds in cash or cash
balances as the Trustee, from time to time, may deem to be in the
best interest of the Trust created hereby, without liability for
interest thereon.
(g) To accept and retain for such time as it may deem advisable
any securities or other property received or acquired by it as
Trustee hereunder, whether or not such securities or other
property would normally be purchased as investment hereunder.
(h) To make, execute, acknowledge, and deliver any and ati
documents of transfer and conveyance and any and all other
instruments that may be necessary or appropriate to Carry out the
powers herein g-anted.
(i} To settle, compromise, or submit to arbitration any Gaims,
debts. or damages due or owing to or from the Trust Funds: to
commence or defend suitsor legal oradmmistrativeproceedings:
and to represent the Trust Funds in ail suits and legal and
administrative proceedings.
(j) To do all such acts. take all such proceedings, and exercise ail
such rights and privileges, although not specifically mentioned
herein, as the Trustee may deem necessary to administer the
Trust Funds and to carry out the purposes of this Trust.
Section 2.3. Distributions from the Trust Funds. The Employer
hereby appoints the Trustee as its agent for the purpose of making
distributions #rom the Trust Funds. In this regard the terms and
conditions set forth in the Plan are to guide and control the Trustee's
power.
Section 2.4. Valuation of Trust Funds. AS least once a year as of
Valuation Dates designated by the Trustee, the Trustee shall determine
the value of the Trust Funds. Assets of the Trust Funds shalt be valued at
their market values at the close of business on the Valuation pate, or, in
the absence of readily ascertainable market values as the Trustee shall
determine, in accordance with methods consistently followed and
uniformly applied.
ARTICLE Ill. For Protection of Trustee.
Section 3.1. Evidence pf Action by Employee The Trustee may rely
upon any certificate, notice or direction purporting to have been signed
on behalf of the Employer which fhe trustee believes tv have been
signed by a duly designated official of the Employer. No communication
shalt be binding upon any of the Trust Funds or Trustee until they are
received by the Trustee.
Section 32. Advice of Counsel. The Trustee may consult Witt, any
legal counsel with respect to tha construction of this Agreement, its
duties hereunder, or any act, which it proposestotake oromit, and shall
not be liable for any action taken or omitted in good faith pursuant to
such advice.
Section 3.3. Miscellaneous. The Trustee shall use ordinary care and
reasonable diligence, but shall not be liable for any mistake of judgment
or other action to ken in good faith. The Trustee shall not be liable for any
loss sustained by the Trust Funds by reasons at any investment made in
good faith and in accordance with the provisions at this Agreement.
The Trustee's duties and obligations shall be limited to those
expressly imposed upon it by this Agreement.
ARTICLE IV. Taxes, Expenses and Compenaatfon of Trustee.
Section 4,1. Taxes. The Trustee shall deduct from and charge against
the Trust Funds any taxes on the Trust Funds or the income thereof or
which the Trustee is required to pay with respect to the interest of any
person therein.
Section 4.2. Expenses. The Trustee shalt deduct from and charge
against the Trust Funds ail reasonableexpenses incurred by the Trustee
in fhe administration of the Trust Funds, including counsel, agency,
investment advisory, and other necessary fees.
ARTICLE V. Setllemant of Accounts. The Trustee shat! keep accurate
end detailed accounts of alt investments, receipts, disbursements, and
other transactions hereunder.
Within ninety {90} days after the close of each fiscal year, the Trustee
ahalE render in duplicate to the Employer an account of its acts and
transactions as Trustee hereunder. If any paR of the Trust Fund shall be
invested through the medium of any common. collective or Commingled
Trust Funds, the last annual report of such Trust Funds shall be
submitted with and incorporated in the account.
If within ninety (g0) days after the mailing of the account or any
amended account the Employer has not filed with the Trustee notice of
any objection to any act or transaction of the Trustee, the account or
amended account shall become an account stated. If any objection has
been tiled, and ii the Employer is satisfied that it should be withdrawn or
ii the account is adjusted to the Employer's satisfaction, the l=mplayer
shalt in writing filed with the Trustee signifyappraval of the account and
it shall become an account stated.
When an account becomes an account stated, such account shall be
finally settled, and the Trustee shall be completely discharged and
released, as if such accounE had been settled and allowed by a judgment
or decree of a court of competent jurisdiction in an action or proceeding
in which the Trustee and the Employer were parties.
The Trustee shall have the righ! to apply at any time to a court of
competent jurisdiction for the judicial settlement of its account.
ARTICLE VI. Resignation and Removal of Trustee.
Section 6.1. Resignation of Trustee. The Trustee may resign at any
time by filing withthe Employer iiswritten resignation. Such resignation
shall take effect sixty (60}days from the date of such filing and upon
appointment of a successor pursuant to Section 6.3., whichever shall
first occur.
Section 6.2. Removal of Trustee. The Employer may remove the
Trustee at any time by delivering to the Trustee a written notice of its
removal and an appointment of a successor pursuant to Section 6.3.
Such removal shall not take effect prior to sixty (6D) days from such
delivery unless the Trustee agrees to an earlier effective date.
Section 6.3. Appointment of Successor Trustee. The appointment of
a successor to the Trustee shall take effect upon the delivery to the
Trustee of (a) an instrument in writing executed by the Employer
appointing such successor, and exonerating such successor from
liability for the acts and omissions of its predecessor, and (b) an
acceptance in writing, executed by such successor.
All of the provisions set forth herein with respect to the Trustee shall
relate to each successor with the same force and effect as if such
successor had been originally named as Trustee hereunder.
If a successor is not appoinIed with sixty (60J days after the Trustee
gives notice of its resignation pursuant to Section 6.1., the Trustee may
apply to any court of competent jurisdiction for appointment of a
successor.
Section 6.a, Transfer of Funds to Successor. Upon the resignation or
removal of the Trustee and appointment of a successor, and after the
final account of the Trustee has been properly settled, the Trustee shalt
transfer and deliver any of the Trust Funds involved to such successor.
ARTICLE Vli. buration and Revocation of Trust Agreement.
Section 7.1. Duration and Revocation. This Trust shall continue for
such time as may be necessary to accomplish the purpose for which it
was created but may be terminated or revoked at any time by the
Employer as it relates to any and/or all related participating Employees.
Written notice of such termination or revocation shall be given to She
Trustee by the Employer. Upon termination or revocation of the Trust,
all of the assets thereof shall return to and revert to the Employer.
Termination of this Trust shall not, however, relieve the Emplayerofthe
Employer's continuing obligation to pay deferred compensation to
Employees in accordance with the terms of the Plan.
Section 7.2. Amendment. The Empioyershall have the right to amend
this Agreement in whole and in part but only with the Trustee's written
consent. Any such amendment shalt become effective upon (a) delivery
t4 the Trustee of a written instrument of amendment, and (b} the
endorsement by the Trustee vn such instrument at its consent thereto.
ARTICLE Vill. Miscellaneous.
Section 8.1. Laws of the District of Columbia to Govern. This
Agreement and the Trust hereby created shall be construed and
regulated by the taws of the District of Colurrtbia.
Section t3.2. Successor Employers. The "Employer" shall include any
person who succeeds the Employer and who thereby becomes subject
to the obligations of the Employer under the Plan.
Section 8.3. Withdrawals. The Employer may, at any time, and from
time to time, withdraw a portion or alt of Trust Funds created by this
Agreement.
Section $.a. Gender and Number. The masculine includes the
feminine and the Singular includes the plural unless the Context requires
another meaning.