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1989-11-14 Support Documentation Town Council Work Session
/~ VAIL TOWN COUNCIL WORK SESSION TUESDAY, NOVEMBER 14, 1989 2:00 p.m. AGENDA 1. Discussion of 1989 Sales Tax Revenue Bonds Rates, Terms, and Conditions 2. Discussion of Vail Metropolitan Recreation District Projects 3. Discussion of Sales Tax Issues A. Taxation of Linen Rentals B. Disposition of Sales Taxes Generated by Local Non-profit Groups 4. Third Quarter Financial Report 5. Planning and Environmental Commission Report 6. Information Update 7. Other VAIL TOWN COUNCIL WORK SESSION TUESDAY, NOVEMBER 14, 1989 2:00 p.m. EXPANDED AGENDA 2:00 1. Discussion of 1989 Sales Tax Revenue Bonds Rates, Terms, and Ron Phillips Conditions Charlie Wick Steve Barwick Action Requested of Council: Review information presented by Kirchner Moore and reach consensus on bond rates. Background Rationale: Council was informed at the 11/7 Evening Meeting this session would be necessary at the 11/14 Work Session. 2:30 2. Discussion of UMRD Projects Pat Dodson Action Requested of Council: Receive Pat Dodson's presentation and approve/disapprove/modify requests for new uses of Town property or modifications to Town facilities. Background Rationale: As discussed last Work Session. See enclosed memo. 2:50 3. Discussion of Sales Tax Issues Steve Barwick A. Taxation of linen rentals Dani Hecker B. Disposition of sales taxes generated by local non-profit groups Action Requested of Council: Review materials and arguments presented, and provide direction to staff. Background Rationale: A. A local businessman has questioned the Town's taxation of linen rentals. Town staff will present the rationale for such taxation including a recap of taxation of rentals and retail deliveries into Vail. B. Town staff is also proposing a change in Vail's sales tax ordinance which would allow local non-profit groups to keep sales tax generated during their fund raising activities if certain criteria are met. Staff Recommendation: A. Staff strongly recommends against a change in the sales tax ordinance which would exempt linen rentals. B. Staff recommends that local non-profit groups be allowed to keep sales taxes generated by their fund raising activities if certain criteria are met. 3:35 4. Third Quarter Financial Report Steve Barwick Action Requested of Council: Receive report and ask questions; give direction as desired. 3:50 5. Planning and Environmental Commission Report Peter Patten 4:00 6. Information Update Ron Phillips 4:10 7. Other . _.. MEMORANDUM T0: Vail Town Co cil FROM: Ron Phillip DATE: November 2, 1989 SUBJECT: Proposals for Town of Vail Owned Facilities by VMRD Please find attached a memorandum to me from Pat Dodson concerning actions and proposals for Town owned land and facilities. The memo dated October 26 was in response to a discussion I had with Pat about the back supports in the ice arena and the proposed ice skating surface on the golf course driving range. I suggested that before making decisions to make improvements on Town owned facilities and changing uses on Town owned property, it might be appropriate to inform the Council of the plans and receive the Council's concurrence before proceeding. The back supports in the bleacher area of the ice arena are very nice and are a wonderful addition. The liquor license for the golf course was discussed at the last work session with the Council by Rick Sackbauer of Satch's Restaurant. The ice skating surface on the golf course driving range is to be installed by approximately December 1. The notice to property owners concerning the proposed executive course on Tract A of Vail Village Filing 13 is self-explanatory. I will assume that the Town Council gives permission for the items listed in Pat's October 26 memo unless the Council brings these up and wants further discussion. Obviously, the liquor license issue has to meet the conditions the Council placed on it last week. I am hoping that in response to my memo to Pat concerning the executive golf course, that the VMRD will schedule a discussion with the Council before the December 13 public meeting. RUP/bsc cc: Charlie Wick Peter Patten Larry Eskwith TO: RON PHILLIPS FROM: PAT DODSON r~l i~; DATE: OCTOBER 26, 1989 SUBJECT: CHANGES THAT MAY AFFECT OUR CONTRACT WITH THE TOV 1. Dobson Ice Arena. Through recent negotiations with the World Wide Church of God and their need for back supports in the bleacher area, VMRD has allowed the WWCG to install detachable backs to the bleacher seats. If the Town has no objections VMRD will pursue the purchase and permanent installation of these seat backs. 2. Liquor License for entire Golf Course. Satch's restaurant has requested licensing the entire golf course allowing people to have alcoholic beverages on sleigh rides in the winter and sell alcohol in the summer. They are currently going through the liquor licensing process. The District has approved their request for this license. 3. Natural ice skating surface on the golf course driving range. VMRD has approved spending $25,000 towards the installation of a 200' x 85'natural ice surface. This recreation amenity would include: -lights -sound -dasher boards - behind goals only -rental skates Activities that would be scheduled are: -public skating -hockey -figure skating -speed skating This ice surface should be ready by December 1 through February 28. 1989. If there are any concerns on any of these matters, please let me know ASAP. Your sincere help and cooperation is appreciated. ~ r. `. MEMORANDUM T0: Pat Dodson FROM: Ron Phillip DATE: November 2, 1989 SUBJECT: Proposal for Executive Golf Course on Tract A of the Vail Village Thirteenth Filing I received a copy of your notice to property owners yesterday concerning the proposed executive course as noted above. I appreciate receiving a copy of the notice, but would suggest that it might be appropriate to discuss the proposal with the Vail Town Council as owners of the property before the public meeting is held. It seems that some discussion of the proposal and the decision making process you intend to use would be appropriate with the Town Council. I will be happy to schedule the discussion item for a work session prior to December 13, if you so desire. This probably would have been appropriate to discuss with the Town Council/VMRD Coordination Committee as well, before going public. RVP/bsc cc: Vail Town Council ~. ,. REC'L NOV - 1 5989 292 west meadow drive • vail, Colorado 81657 • 303/479-2279 October 30, 1989 To: The Property Owners in the 3rd, 11th, 12th, and 13th filings of Vail, Colorado Dear Resident: The Vail Metropolitan Recreation District is pursuing the possible development of a 9 hole, par 3 golf course on the property adjacent to Bald Mountain Road. This letter will serve as notification of a public hearing on the project, to be held at the VMRD Board meeting scheduled for December 13, 1989, at 6:00 pm. in the Town Council Chambers. The reason for this meeting is to obtain input prior to the District spending any dollars on this project. No decision will be made until after this meeting. We are anxious to hear your comments and concerns in reference to the development of this area. Sincerely, Patrick J. Dodson Director, VMRD PJ D/ mhv E POSITION PAPER ON TAXATION OF LINEN RENTALS INQUIRY A local businessman has objected to the Town of Vail's taxation of linen rentals. In order to address the issue, this paper discusses the status of Vail's sales tax ordinance, lists other items which are being rented by businesses, explains the theory of sales tax payment by business, and concludes with a staff recommendation. Apart of the discussion of linen rental taxation necessarily involves taxation of deliveries into Vail. Therefore, references to previous discussions on this topic have also been included. SECTION OF ORDINANCE The basic premise for taxing rentals is found in the Vail Sales Tax Ordinance Part III, Section 3.40.120 Property and Services Taxed. "There is levied and there shall be collected and paid a sales tax in the amount stated in Section 3.40.140 as follows: 1) on the purchase price paid or charged upon all sales, purchases, rentals and leases of tangible personal property at retail." For the State and all other cities but Vail and Avon, when a company purchases items (such as skis, linens, bikes) that will be rented, they have the option of paying the applicable use tax up front on the purchase, or charging the sales tax on each and every rental. Vail and Avon do not have a use tax, so the sales tax must be collected on each rental. BACKGROUND OF ORDINANCE In 1987, the Town staff looked at the possibility of the Town of Vail collecting their own sales tax. The staff was instructed to write the necessary ordinance which could put this into effect. In a council work session, dated September 1987, Steve Barwick explained some provisions of the new ordinance: "This ordinance is not going to change the collections of the Town of Vail sales tax except in primarily the rental areas....There's really one key section...which says that sales tax shall be charged on the purchase price paid or charged on all sales, purchases, rentals, and leases of tangible personal property at retail." t John Slevin later asked for clarification on a specific section: "... this one says, 'and all sales resulting in delivery to users or consumers within the Town by retailers and vendors located outside the Town."' Larry Eskwith answered, "If the item was delivered into Town, we do get the tax." In the evening session held on September 15, 1989, Steve Barwick again spelled out the differences between our ordinance and the State's: "What does all this mean to ... local businesses? Probably, the primary impact is that there will be two areas that'll be taxed that are not currently taxed, and those are rentals of all sorts, and access to movies." CURRENT AREAS OF TAXATION The following is a partial list of items that are being leased\rented by businesses: copiers telephones restaurant equip computers FAX equip video equip linens trash containers other office equip postage meters coin-operated washing machines autos heavy equip The following is a partial list of items that are being leased\rented to consumers: sporting equip video\camera equip humidifiers medical equip autos\trucks heavy equip washing machines carpet cleaners movies These lists are not all-inclusive, but show how complex the issue of rentals\leases is. EXEMPT SALES TO BUSINESSES IN ORDINANCE The Vail sales tax ordinance is similar to all other sales tax legislation within the State of Colorado, which staff is aware of, in regards to taxation of consumables used by businesses. All items, (e.g. plastic and paper products such as tablecloths, towelettes, napkins, soda straws, plates, knives, forks, spoons and cups) which are wholly consumed/used in an individual sale to a consumer are considered to be a part of that sale and are taxed on the total sales price. Any items, (e.g. linens, silverware, fixtures, glassware, etc.) which are not wholly consumed/used in an individual sale are not considered part of the sales transaction to the customer. Therefore, such items are deemed to be consumed by the business and sales tax is to be charged on these retail sales to businesses. Section 3.40.170, states that the following goods and services shall be exempt from sales tax: (11) any sales of any article to a retailer or vendor of food, meals, or beverages, which article is to be furnished to the consumer or user, together with the food, meals, or beverages purchased, and if the tax is paid on the retail sale..." and (12) any sale of any container or bag to a retailer or vendor of food, meals or beverages, which container or bag is to be furnished to a consumer or user for the purpose of packaging or bagging articles of tangible personal property purchased at retail, if a separate charge is not made for the container or bag to the consumer or user, if such container or bag becomes the property of the consumer or user, together with the food, meals, or beverages purchased, and if a tax is paid on the retail sale... "' CONCLUSION One of the basic tenets of tax law is that it must be applied uniformly in order for people to feel that the tax is fair and the ordinance is worthy of compliance. Allowing an exemption for linen rentals, (which clearly falls into the definition of what is taxable), would erode our tax base and open the door for other taxpayers to seek tax relief for their special interest. The State is now battling with revising their sales tax code which has so many special exemptions as to make enforcement difficult. Staff recommends that this request for exemption from taxes be denied. ~owo o~ uai 75 south frontage road vail, Colorado 89 fi57 (303) 479-2116 MEMORANDUM TO: Ron Phillips FROM: Steve Barwick ~~~ DATE: November 7, 1989 RE: 1989 Third Quarter Financial Report Please find attached the 1989 Third Quarter Financial Report. The figures in the report do not differ markedly from those presented during the recent budget process. Most of the Town°s largest revenue sources are continuing to grow at a rapid rate while expenditures are following closely to the budgeted levels. Despite the planned use of over $3 million of the Town's cash reserves as a part of the parking structure addition, the Town's fund balances will remain above recommended. minimum levels. SHB/ds TOWN OF VAIL THIRD QUARTER FINANCIAL REPORT November 6, 1989 89FNDBAL TOWN OF VAIL STATEMENT OF PROJECTED CHANGES IN FUND BALANCE 1/1/89 - 12/31/90 Revised: 11/ 6/1989 SPECIAL CAPITAL REAL ESTATE PARKING HEAVY VAIL GENERAL PROJECTS TRANSFER ASSESSMENT EQt1IPMENT MARRETING DEBT SERVICE ; --------------------------------- FUND ------------ FUND ------------ TAX FUND ------------- FUND ------------ FUND FUND FUND TOTAL ; Fund Balance 1/1/89 2,621,753 1,037,964 1,971,840 305,677 ------------ 333,493 ----------- 0 ------------ 1,428,563 -- ------------ 7,699,290 -- ; Projected 1989 Revenue 11,731,500 6,605,500 2,150,000 515,000 1,216,000 555,500 3,606,847 26,380,347 ; Projected 1989 Expenditures --------------------------------- 10,677,761 ------------ 6,517,060 ------------ 1,730,019 ------------- 250,000 ------------ 1,218,000 ------------ 555,500 -- - 3,608,597 24,556,937 ; ~ Gain/(Loss) 1,053,739 88,440 419,981 265,000 ( 2,000) - ------- 0 ------------- ( 1,750) - ~ ------------ 1,823,410 -- ; ~ Transfer to Debt Service/Parking (1,599,177) ( 488,000) ( 500,000) 2,587,177 0 --------------------------------- Projected Fund Balance 12/31/89 ------------- 2,076,315 ----------- 638,404 ------------- 2,391,821 ------------ 70,677 ------------ 331,493 ----------- 0 ------------- 4,013,990 ---- - - ------------ 9,522,700 ------------ -- ; -- 1990 Revenue Budget 11,393,481 6,474,000 1,413,400 275,000 1,419,600 571,000 4,181,058 25,727,539 ; 1990 Expenditure Budget --------------------------------- 11,466,411 ------------- 6,449,020 ------------ 2,139,721 ------------ 275,000 ------------ 1,436,529 ------------ 571,000 ---------- 3,506,058 25,843,739 ; Gain/(Loss) ( 72,930) 24,980 ( 726,321) 0 ( 16,929) - 0 ------------- 675,000 -- ------------ ( 116,200) - ; Less Probable 1989 RollforWards ( 70,000) ( 313,500) ( 388,100) 0 0 0 0 ( 771,600) ; Projected Fund Balance 12/31/90 1,933,385 349,884 1,277,400 70,677 314,564 0 4,688,990 8,634,900 ; S9L6STA1; Revised: 11/ 6/89 HOHTB 1980 1991 1982 ------------------------------------------ January fi26,448 514,102 675,186 February 624,040 594,292 687,792 larch 683,000 697,464 853,648 9pri1 246,820 308,436 355,300 Hay 69,180 135,774 147;378 ~., June 176,044 245,204 247,326 ' July 281,846 339,418 349,116 9ugust 268,052 332,724 348,156 Septe~ber 176,090 285,918 268,598 ------------------------------------------ Subtotal 3,171,520 3,453,332 3,933,100 ------------------------------------------ October 137,376 225,024 223,830 Havember 140,630 210,254 245,894 December 590,242 820,762 737,506 TOT9L 4,039,768 4,709,372 5,140,330 1983 696,752 751,856 977,828 319,546 156,588 257,744 407,474 384,338 324,670 4,276,796 198, 614 281,704 853,100 5,610,214 TORN OF VdIL S9LES T9I RSTIhf9TI0H WORgSRRET 1984 742,262 824,650 1,084,814 481,204 166,200 262,696 406,462 402,792 384,864 4,755,944 206,248 310,588 906,758 6,179,538 1985 1986 1987 -------------------------------- 881,304 890,585 1,063,196 918,154 946,552 1,135,786 1,187,520 1,316,652 1,378,782 531,668 430,877 425,961 162,912 244,987 245,518 280,828 361,627 331,581 447,815 479,507 479,201 386,985 512,513 536,904 340,102 374,060 442,402 -------------------------------- 5,137,288 5,557,360 6,039,331 209,282 237,504 273,951 229,083 376,657 386,270 905,955 1,167,280 1,245,612 6,481,608 7,338,801 7,945,164 1989 1988 BODGBT 1,126,496 1,210,000 1,205,101 1,350,000 1,591,705 1,642,000 550,205 450,000 170,567 200,000 329,039 360,000 559,683 550,000 575,887 580,000 422,502 440,000 6,531,185 6,782,000 291,204 265,000 376,235 380,000 1,455,948 1,455,000 8,654,572 8,882,000 1989 ACTOAL 1,436,328 1,532,394 1,ss0,2oa 548,601 201,781 407,606 656,727 650,400 509,012 7,933,057 7,933,057 X Change ~ ChangE from from 9ariance 1988 Budget 226,328 27.5X 18.7X 182,394 27.2X 13.5X 348,208 25.OX 21.2X 98,601 ( .3X) 21.9X 1, 781 18.3X . 9X 41,606 23.9X 13.2X 106,727 17.3X 19.4X 70,400 12.9X 12.1X 69,012 20.5X 15.7X 1,151,057 21.5X 17.OX 1,151,051 Revised: 11/ 6/1989 TOWN OF VAIL REAL ESTATE TRANSFER TAX History and Budget 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1989 1989 BUDGET MONTH --------- ACTUAL -------- ACTUAL ----------- ACTUAL --------- ACTUAL ----------- ACTUAL ----------- ACTUAL ----------- ACTUAL ----------- ACTUAL ---- ACTUAL ; BUDGET ACTUAL VARIANCE January 63,999 93,089 106,981 119,972 78,053 80,733 101,374 ------- 131,916 ------------ 96,119 ----------- 84,193 ------------ 309,233 * --------- 225 040 February 90,595 69,018 105,024 132,220 86,289 170,052 64,906 44,040 109,873 75,549 140,192 , 64 643 March 69,886 126,935 109,533 137,820 62,693 63,831 92,557 38,791 68,104 73,345 145,957 , 72 612 April 76,855 94,653 65,900 103,526 173,321 90,396 182,743 95,554 179,671 100,585 151,070 , 50 485 May 42,738 84,324 54,663 90,599 96,006 228,673 98,651 120,984 99,736 79,700 220,299 , 140 599 June 62,239 125,433 54,488 140,638 76,467 49,513 79,915 73,509 101,364 70,858 122,466 , 51,608 July 49,367 186,110 104,262 68,539 157,598 88,528 70,441 47,949 126,537 82,209 125,675 43 466 August 79,859 115,499 71,282 97,806 58,937 32,860 100,182 61,137 109,315 71,489 86,466 , 14,977 Septembr 59,800 113,992 49,332 96,746 64,671 48,516 108,167 78,819 116,557 70,625 193,306 72 681 ~ October w --------- 108,510 -------- 154,000 ----------- 42,498 --------- 122,546 ----------- 88,732 ----------- 109,633 ----------- 93,860 ----------- 124,291 ---------- 177,360 99,052 245,230 , 146,178 ~ Subtotal --------- 653,848 -------- 1,168,053 ----------- 763,963 --------- 1,110,412 ----------- 942,767 ----------- 962,735 ----------- 992,796 ----------- - 816,990 ----------- ------------- 1,184,636 ------- ---------- 807,605 ------------- 1,689,894 -------- 882,289 November 102,623 107,768 81,698 91,385 105,109 74,909 89,047 114,839 ------ 241,888 ---------- 85,570 ------------- -------- December --------- 142,662 -------- 133,867 ----------- 110,911 --------- 56,533 ----------- 81,890 ----------- 333,139 ----------- 106,695 ---- 95,495 192,947 106,824 TOTAL 899,133 1,409,688 956,572 1,258,330 1,129,766 1,370,783 ------- 1,188,538 ----------- 1,027,324 ------------- 1,619,471 ---------- 1,000,000 ------------- 1,689,894 -------- 882,289 ~ Includes $133,000 of delinquent taxes, penalty, and interest. " 89QTRRPT TC>WN C)F VAIL 1989 Financial Report Estimates to Year End 1989 ESTIMATE TC) VARIANCE GENERAL FUND REVENtTE ----- BtIDGET YEAR END ---- C)VER/ (UNDER ) ----------------- Taxes -------------- - ------------- ------------- ------------- Property & Ownership Taxes 1 , 782 , 4C-U 1 , 787 , C-C-C- 4, 600 Retail Sales Tax 4,856,OOC- 5,494,C-C-C- 638,000 Ski Lift Tax 636, C-C-C- 75C-, C-UC- 114, 000 Franchise Fees 347, OC-0 41C-, 000 63, C-UO Penalty & Interest -------------------------------- 19, C-C-0 -------------- 33, 5C-U ---------- 14, 500 7, 64C-, 4C-C- --- 8, 474, 5UC- ------------- 834, lU0 Construction Fees 163 , BC-C- 3C-4, C-CJC- 140, 200 Licenses & Permits 94 , 5C-U 29 , CIC-C- ( 65 , 500 ) Charges for Services 2C-8, 258 228, C-C-0 19, 742 Transportation Centers 1, 111, 96C- 1, 192, C-C-C- 8C-, C-40 Intergovernmental Revenue 687,16C- 780,OC-C- 92,840 Fines & Forfeitures 13CI, 9C-0 204, UC-0 73, 100 Other 333, 55C- 52C-, C-C-C- --- 186, 450 TOTAL GF REVENUE 10 37C- 528 ---- 11,731,5010 ------------- 1,360,972 GENERAL FLTND EXPENDITCIRES Town Officials 518,623 518,623 U Administrative Services 894, 128 9015, C-C-U 10, 872 Community Development 563,835 535,01010 (28,835) Police 1,926,925 1,917,0101(1 (9,925) Fire 831 , 133 835 , OC1C- 3 , 867 Public Works 1,593,993 1,576,0100 (17,993) Transit 1,342,585 1,313,010101 (29,585) Transportation Centers 812,832 797,010101 (15,832) Library 457 , 060 456 , C-C-C- ( 1 , 060 ) Contributions & Events 573,484 625,50() 52,016 Employee Benefits 55,5010 43,00101 (12,5.00) Insurance 382,375 397,01010 14 625 Contingency 5,245 5,245 , p Transfer to VMRD ~ _543,758 554,393 10 635 Transfer to Parking Assmnt. Fund 200,0100 2UC-,C-C-C- , p TOTAL GF EXPENDITLTRES 10,701,476 1C- 677,761 (23,715) SIIRPLtIS/ (SHORTFALL ) (330,948) 1,0153,739 1,384,687 -4- 1989 ESTIMATE TO VARIANCE CAPITAL PROJECTS FUND REVENUE BtIDGET YEAR END C)VER/(UNDER) Retail Sales Tax 4, CJ61, OC-C- 4, 589, CJCJO 528, 000 County Sales Tax. 148,000 164,000 16,000 Ski Lift Tax 636, OCJ0 750, CJCJC- 114., 000 Recreation Amenities Fees 20, CJCJCI 45, C-CJCI 25, 000 Earnings on Investments 9CJ , C-C-CJ 9CJ , C-C-C- 0 Other Income 62,695 67,5CJC- 4,805 UMTA Bus Grant 900, C-C-CJ 9C-C-, C)C-0 0 -- TC)TAL REVENIIE ------------ 5 , 917 , 695 ------------- 6 , 6C)5 , SCJC- ------------- 687 , 805 REVISED 1989 ESTIMATE TO VARIANCE CAPITAL PROJECTS FITND EXP . ---------- BUDGET YEAR END -------- C)VER/ (tINDER ) ------------- Communications System tTpgrade ------------ 400, OCJC- -- ------------- 4CJ0, C-ClC- ------------- -----------0- Street Maintenance & Improvements 1, 378,4CJC- 1,448,4CJC1 70,000 Street Light Improvement 30, CJCJC- 37, C-C-C- 7, 000 Misc. Bldg. Maintenance 90,C-CJ0 75,C-OC- (15,000) Recreational Paths Maintenance 73, CJCJC- 73, CJCJC- p Parl~ing Structures Projects 14C), C-C-0 14CJ, CIC-C- 0 Ski Museum Interior Finishing 75, CJOC- 75, CJCJCJ 0 Ski Museum Demo & Redevelopment 22,CJC-CI C- (22,000) TOV Shop Maint. & Improvements 8U, CJUC- 8CJ, CJCJC) 0 Bus Interior Refurbishment 26, C-C10 26, CJCJC) 0 Children's Fountain Retrofit 3CJ, C-CJC- 17, C-CIC! (13, 000) Signage Program 76 , 5C-C- 8 , (J C)0 (68 , 500 ) Nature Center Roof 12, OCJC- 12, CJC-CJ 0 Fire Station Kitchen Remodels (3) 20, CJCJC- 26, CJCJC- 6, CJ00 Muni Bldg./Post C)ffice Plan 6, CJCJC- 6, CJCJC) U Underground Electrical Lines 21 , C-C-C- C- (21 , C-UO ) Design/Eng. Pulis Bridge Widening 2CJ, C-C-CJ 12, CJCJC- (8, C-UO) Design Library Wall 1, SCJC- 1 , 5C-0 0 Arena Heat Exchanger 9,CJC-0 C- (9,000) W. Gore Cr. Bridge Engineering 17,50C- 17,5CJCJ 0 W. Meadow Dr. Survey 5, CJCJC) 5, CJCJC- 0 Communications Equip roll-forward 4,7C-0 - 4,7C-C- 0 Fire Station Bay roll-forward 1C-,250 7,C-C-C- (3,250) Dobson Arena Safety roll-forward 6, 9C-C- 7, 1tJC- 200 Build. Maint. roll-forward 24, C-CJ0 24, CJC-0 0 Info Booth Expansion roll-forward 5,4CJC- 2,6(-CJ (2,800) Muni Bldg. Remodel roll-forward 7,SCJU 13,5CiCi 5 700 Village Improv. Dist roll-forward ~ 25,C1C-C- 0 , (25,000) Signage Project roll-forward 42, C-C-C- 42, CJC-CJ p Bus Grant Match roll-forward 253, CJCJC- 283, C-C-0 30 000 Bus Grant Accounting Change 90CJ, CJCJC- 9CJ0, C-C-0 , 0 Unallocated Project Budget 8,245 0 (8 245) Transfer to Computer Project 24CJ, OCJC-. 80, OOC- , (160 000) Transfer to Debt Service 2,693,760 2, 693,76C- , 0 TC)TAL EXPENDITtTRES 6,753,955 6,517,C-6C- (236,895) -5- 1989 ESTIMATE TO VARIANCE LOTTERY FUND BtIDGET YEAR END OVER/(CINDER) REVENUE 9 C100 4 , 9C-5 ( 4 , 095 ) EXPENDITURES 9 , C-OC- 4 , 9C-5 ( 4 , 095 ) SURPLUS/(SHORTFALL) C- C- 0 REVISED 1989 ESTIMATE TC) VARIANCE REAL ESTATE TRANS TAX Ft1ND BtIDGET YEAR END OVER/ (CINDER ) ------------ REVENUE -------------- ------------- ------------- RETT Taxes 1,O10,C-00 1,900,C-GU 890,000 Golf Course Lease/VMRD 70, C-C-C> 7C-, t-C>C- 0 Earnings on Investments 1C>5, C-CiC- 18C-, C-UO 75, 000 TOTAL RETT REVENUE 1,185,C-00 2,15C-,OOU 965,000 EXPENDITURES Purchase of C)pen Space 395,932 34C-,932 (55,C100) Transfer to Debt Service Fund 793,C187 793,C-87 0 Projects 864, 500 596, CIC-C- (268, 5C-0) --- TOTAL RETT EXPENDITURES ------------- 2,C-53,519 ------------- 1,73C-,C-19 ------------ (323,5C-0) StiRPLtIS/(SHORTFALL) (868,519) 419,981 1,288,500 1989 ESTIMATE TC) VARIANCE HEAVY EQUIPMENT FUND BtIDGET YEAR END C)VER/ (CINDER ) REVENUE -----_ --1, 209, 7C-C-_ ---1, 216, C-C-C-_ --_----6, 300 EXPENDITURES 1,216,340 1,218,C-C-C1 1,660 SCIRPLUSj(SHORTFALL) (6,64C1) (2,000) 4,640 1989 ESTIMATE TC) VARIANCE SPECIAL PARKING ASSESSriENT FUND BtIDGET YEAR END C)VER/(UNDER) REVENITE Parking Assassments 40, C-C-0 4C-, C1C-C- 0 Daily Parking Revenue 235, OC-0 235, C-OC- 0 Earnings on Investments 15, OC-C- 4C-, OC-0 25, 000 Transfer from General Fund ---------------------------------- 200, C-00 2C-C-, C-C10 p TOTAL SPAF REVENtIE ------------- 49C-, 0001 ------------ 515, C-UC- ------------- 25, 000 EXPENDITURES 250,OClQ 250,C-00 0 -6- - i1NTHRPT Revised: 11/ 2/89 TOWN O F VAIL FISCAL YEAR-TO-DATE REVENUE SUMMARY As of Sept 30, 1989 (O)perating Funds Only) 1988 1989 1988 SEP YTD % 1989 SEP YTD % OVER ----------FtIND---_------ --SEPT-YTD OF TOTAL SEPT YTD OF BUDGET (UNDER) GENERAL FUND ------ -- --------- ---------- ----------- -------- Sales Tax 3,365,631 65.2% 4,322,689 89.0% 23 8% Property Taxes 1,541,957 90.7% 1,586,854 89.0% . ( 1.7%) Ski Lift Tax 477,954 75.5% 591,562 93.0% 17 5% Trans. Centers 787,786 71.1% 846,816 76.2% . 5 0% Charges for Services 182,(191. 78.1% 192,275 92.3% . 14 2% Other 1,188,012 58.9% 1,4(12,959 79.0% . 20.1% GENERAL FtIND TOTAL 7,543,431 69.5% 8,943,155 86.2% 16.7% CAPITAL PRC)JECTS FtIND Sales Tax 3,165,554 65.3% 3,618,435 89.1% 23 8% Ski Lift Tax 477,954 75.5% 591,562 93.U% . 17 5% Other 124,974 31.1% 178,432 69.2% . 38 0% Transfer from G. F. 0 . C-% C- . 0% . . 0% CAPITAL PRC)JECTS TC)TAL 3,768,482 62.3% 4,388,429 88.6% 26.3% LOTTERY TOTAL 8, 710 100. C-% 4, 9C-5 54.5 % ( 45.5%) GRAND TOTAL 11,320,623 66.9% 13,336,489 87.0% 20.0% -7- MNTHRPT Revised: 11/ 2/89 TOWN OF VAIL FISCAL YEAR-TU-DATE EXPENDIT[1RE SUMMARY As of Sept 30, 1989 (Operating Funds Only) 1988 1989 1988 SEP YTD % 1989 SEP YTD % OVER FUND ------------------------ SEPT YTD -------- OF TOTAL SEPT YTD OF BtIDGET (CINDER) GENERAL FUND --- ----------- ----------- ----------- -------- Town Officials 437,673 77.8% 347,397 67.C-% ( 10.8%) Administrative Serv. 590,767 71.7% 695,345 77.8% 6.1% Community Development 322,873 73.6% 376,822 66.8% ( 6.7%) Police 1,272,703 72.1% 1,388,716 72.1% .0% Fire 587,124 71.9% 617,841 74.3% 2.4% Public Works 1,C165,664 72.5% 1,1CIC1,552 69.0% { 3.5%) Transit 867,429 71.8% 900,762 67.1% ( 4.7%) Transportation Centers 516,081 66.6% 525,5C13 64.7% ( 2.C1%) Library 309,155 72.0% 321,053 7C1.2% ( 1.8%) Contrib. & Events 455,223 90.4% 508,325 88.6% ( 1.8%) Employee Benefits 5C1,117 79.4% 33,598 6C1.5% ( 18.9%) Insurance 393,437 84.6% 475,434 124.3% 39.7% Contingency 0 . CI% 0 . U % . 0% Trans . to Other Funds 300, 000 64.7% 2C-CI, C100 1CICI . CI% 35.3% Transfer to VMRD ------------------------- 0 --------- .CI% 412,586 75.9% 75.9% GENERAL FCTND TC)TAL -- 7 , 168 , 246 ----------- 73.3% ----------- 7 , 9C13 , 934 ----------- 73.9% -------- . 6% CAPITAL PRC)JECTS Capital Projects 1,184,773 56.8% 2,C168,C143 54.1% ( 2.6%) Transfers ---------------------- 1 , 111 , C136 ----------- 31.9% ----------- 34 , 59C1 --- 1 . 2% ( 3C1. 8% ) CAPITAL PRC)JECTS TOTAL 2,295,809 41.3% -------- 2,1C12,633 ----------- 31.1% -------- ( 10.1%) LOTTERY TOTAL ------------------- 0 ----------- .0% ----------- C- ----------- .C-% ----------- .0% -------- GRAND 'T'OTAL 9,464,055 61.6% l0,UC16,567 57.3% ( 4.3%) -8- 89RF Rrvis~-~~ : 11/ 6i 198~~ TOWN OF VAIL Project Rollforwards needed in 1990 PROJECTED REQCIIRED IN 1989 1989 1990 FOR FCIND PROJECT BUDGET EXPENSES COMPLETION General Master Transportation Plan 37,000 10,000 70,000 Cap. Proj, Ski Museum Derrio & Redevelop 22,000 0 22,000 Cap. Proj. Sigr~age Project 118,500 50,000 68,500 Cap. Proj. Underground Electric Limes 21,000 0 21,000 Cap. Proj, Pulis Bridge Design 20,000 12,000 8,000 Cap. Proj. Arena Heat Exchanger 9,000 0 9,000 Cap. Proj. Village Imprvmr~t Design 25,000 0 25,000 Cap. Proj. Trans to Computer Fund 240,000 80,000 160,000 ----------- StIBTOTAL: ------------------------------- CAPITAL PROJECTS FUND ---------- 455,500 ----------- 142,000 ------------ 313,500 RETT Ford Park/Gold Peak Sidewalk 45,500 1,200 44,300 RETT Mill Creek Landscaping 15,000 0 15,000 RETT Stevens Park Improvements 30,000 0 30,000 RETT Towri Landscaping 100,000 10,000 90,000 RETT Gore Creek Promenade 31,000 0 31,000 RETT East Vail Bike Path 400,000 400,000 90,000 RETT Vail Trail Safety 3,000 200 2,800 RETT West Vail Park Land Purchase 75,000 0 75,000 RETT Gore Creek Streamwalk Design 10,000 0 10,000 SUBTOTAL: ------------------ RETT FUND - 709,5Q0 --------__ 411,400 ____________ 388,100 Computer Project Fund 240,000 80,000 70,OOQ GRAND TOTAL $1,442,000 $643,400 $841,600 -9- CONTING TOWN OF VAIL COUNCIL CONTINGENCY REPORT as of October 20, 1989 ACCOt1NT -------------------------------------------------------------- 01-0100-52857 Original Budget $1C1C-, C-00 CISES U1-610C)-511C-8 VMRD Separation Expenses 31,404 Ol-01C-0-52858 Cleanup Day 9,700 O1-11C1C--52101 NLC FAIR Committee Attendance 1,600 Ol-61C-0-51108 Symphony of Sports 16,C-00 O1-C-1C-C--52150 Employee Beach Boys Tickets 11,C-C-0 01-83C10-52831 tI . S . Disabled Ski Team Donation 1 , C-C-0 O1-C-100-52858 Tents for Street Entertainment 1,C-00 01-6100-511C)8 Return of Coors Classic Funding (14,1C)C-) C-1-83C-C--52831 Vail Stage Race 1 , C-00 01-42C-0-52101 Burnett tISSR Trip 5,150 O1-83C-Ci-52839 Vail Community Theatre 2,800 O1-83C-C--52831 Pro Kick-C)ff 3, C-C10 O1-8300-52831 Vail Rugby Team 1,500 01-83C-0-52812 Drug Free Eagle Co. Red Ribbon Day 500 O1-830C--52831 Squash Tournament 500 O1-C-1C-0-5121C- Edwards Land Appraisal 3,009 01-8300-52831 P. A. W. Donation 350 O1-C-40C--51210 Legal Fees-Lodge at Vail Land Trans 12,500 01-12C-C--52858 Town Staff Marketing Retreat Attend 342 O1-83C-C--52831 Vail"s #1 Celebration 6,500 Total Contingency Used Council Contingency Remaining: 94,755 $5,245 -10- Planning and Environmental Commission November 13, 1989 No Site Visits Worksession: 1:30 A. Revisions to Vail Brewery/Glen Lyon Office Building Special Development District IV. Applicant: Vail Ventures, Ltd., Glen Lyon Office Building, A Colorado Partnership. 2:00 B. Discussion of Commercial Core II, Lionshead Parking Applicant: Town of Vail 2:30 C. Proposal for traffic control for Hansen Ranch Road/Nail Valley Drive intersection: Diana Donovan 3:00 Public Hearing 1. Approval of June 26, 1989 minutes. 2. A request for an exterior alteration at the Slifer Building, 230 Bridge Street, Lot B, Block 5, Vail Village First Filing. Applicant: Slifer Designs 3. A request for a site coverage variance at the Slifer Building, 230 Bridge Street, Lot B, Block 5, Vail Village First Filing. Applicant: Slifer Designs 4. A request to establish the Bed and Breakfast Use as a Conditional Use within the Town of Vail. Applicant: Town of Vail 5. PEC Chair signature on Vail National Bank Plat \/OTING tIVSTRUCT10T~t5 Step ~ Using both hands, insert the ballot card all the way into the Vote Recorder. Step 2 Be sure the two slots in the end of your card fit down over the twro red pins. Step 3 To vote, hold the voting instrument straight up. Punch straight do~rn through the ballot card for your chaice. Do not use pen or pencil. Step 4 After voting, remove the ballot card from the Vote Recorder. (Vote: If you make a mistake return your ballot card and obtain another. ' o 0 a P ~W~ . J. ®EVON AL~/AI~EZ 2 ~~- JEFF BO~1/Eiv9 3 > MICHAEL CACiOPPO 4 COUNCILMEMBERS LYNN FRITZLEN 5 AT-LARC E • - JIM C~IBSON 6 a The three persons receiving the highest number of votes shall be JAMES JOHNSON 7 °~ elected for four year terms. The next person receiving the next highest votes shall be elected for R03ERT Lel.`INE B a two year term. PEGGY OSTERFOSS 9 ~ VOTE FOR FOUR MAR~/IN B. SIMON 1® JOIiN SIW~RLY 11 ~~ . ~ ~ AL WEISS 12 I~ALTON W. !lVILLiAMS 13 _ - EIVO-..OF ~A9~LOT Remove Card -Place in envelope and return it to Election Judge. Ask if you have question. Thank you IFler~tage Cablevisi®n P.O. Box 679 Silverthorne, Colorado 80498 (303) 468-2222 November 3, 1989 The Honorable Kent Rose 75 S. Frontage Vail, Colorado 81657 Dear Mayor Rose and Council Members, You normally receive a letter around this time of the year from me informing you of an intended rate increase for our services. I am very pleased to tell you that Heritage has put a freeze on rates for 1990 for your community. .Although our programming and operating expenses continue to escalate, we have been working very hard during 1989 to lower some other expenses, in order to fulfill our desire to hold the line on the cost of our services. Our rates are not increasing, but most important, is that our service to Vail IS NOT decreasing. We will continue to offer the quality service you expect and deserve from Heritage Cablevision. Our service technicians will still be working on a 24 hour, 7 day a week basis, providing our customers with the assistance they require with our service. We are also not decreasing our support, involvement and committment to your community. We will continue our annual contributions to the scholarship fund at Battle Mountain High School and football boosters organization. As members of the Avon/Beaver Creek Resort Association, we will maintain our support of world class events like the World Cup and Bravo! Colorado and the annual Balloons, Bluegrass .and Barbeque event. Needy area families will b` assisted through our annual Holiday food donations. We are continuing our support of locally originated and public access television with ou.r financial committment to VCTV. We do this not because we have to, but because we take pride in the towns we serve, where many of our employess live and try had to be a good corporate citizen. It's a pleasure being part of and doing business in Vail and we look forward to a long lasting relationship. Please do not hesitate to call me if I can be of any further assistance. Si cere Gene Garton President/General Manager Heritage Cablevision of Colorado ~,- Tf1D T ~ WORK SESSION FOLLOW-UP ESTIONS FOLLOW-UP SOLUTIONS 11/10/89 8/1 BANNERS IN THE VILLAGE (request: Slevin) 8/1 STREET ENTERTAINMENT 8/8 UTILITIES UNDERGROUNDING FOR ARTERIAL BUSINESS DISTRICT 8/8 WEST INTERMOUNTAIN ANNEXATION (request: Lapin) 8/15 UVCWD/TOV LAND CONTRACT 8/15 POINT OF SALES TAX COLLECTION (request: Lapin) 8/15 NO SMOKING ORDINANCE 9/5 CALL UP PROCEDURE FOR PEC AND DRB DECISIONS (request: Steinberg) 9/19 TREE CUTTING ON STREAMTRACT (request: Steinberg) 10/17 VUF FINANCIAL REPORT PETER: Arrange location and placement of permanent banner pales at any location other than Pepi's. PAM: No more rack 'n roll. Perhaps no more jazz? KRISTAN: Provide costs to individuals to convert underground. Provide firm number for TOU's portion by budget time. Inventory all above- ground wiring. LARRY: Proceeding w/legal requirements for annexation. RON: Contract in final stages of negotiation CHARLIE/STEVE B.: Schedule discussion. RON/SUSAN: Organize study group to examine voluntary options. LARRY: Work out wording to disallow the call up procedure for PEC and DRB decisions to be allowed without consensus. PETER/KEN: Sonnenalp and Village Center cutting down trees on streamtract adjacent to their property. RON: Request financial report from VUF. Have asked Ampersand for design for Lionshead east entry. Will explore with Ampersand alternative banner pole locations in Village. Peter checked with Ampersand, and they are working on it. Review meeting held September 20. Business survey being developed. Received letter from New Electric detailing costs far each property. Community Development will write letters to property owners far their response. Council will discuss when we have a response. Annexation map is being produced. Susan has completed research and submitted updated plats to Dan Corcoran. Discuss annexing East Vail Interstate. Larry and Jim Collins are working on contract. Discussion with Council was held. Further research per Merv. Ron will discuss again with Council. Group to include Safeway and other retail outlets in their scrutiny. Draft ordinance for public places other than restaurants. Resolution is being developed. The initial research is completed. Town Prosecutor recommends strong letters to bath parties. Written. Audit is just being completed. 10/24 COLORADO SKI MUSEUM RON/CHARLIE: Explore various options available regarding funding, etc. Meet with them and Kent in next 2-3 weeks. E TOPIC 11/7 ATHLETIC FIELD CULVERT (request: Steinberg) 11/7 COUNCIL MEETING MINUTES (request: James Johnson) 11/1 SURVEY CREW BUDGET ITEM (request: Steinberg/Rose) WORK SESSION FOLLOW-UP UESTIONS STAN: Culvert is plugged. BRENDA/ANNIE: Council minutes to the Library. STAN/STEVE: Bring back survey crew issue before hiring. FOLLOW-UP SOLUTI 11/10/89 Paae 2 Will clean out by Thanksgiving. Approved minutes will be sent to the Library regularly. Will discuss in December. ~EC°D NOV - 9 X969 NY E M O R A N D U M TO: ALL MEDIA FROM: James R. Fritze, DATE: November 7, 1989 . ~' County Manager SUBJECT: NOTICE OF PROPOSED BUDGET AND BUDGET ADOPTION The enclosed NOTICE OF PROPOSED BUDGET AND BUDGET ADOPTION is for public release. If you have any questions concerning the notice, please feel free to contact me. Work Sessions have been scheduled for the public to file or register any objections to the proposed 1990 Budget. Thank you for your cooperation. JRF/ lw Enclosure PUBLIC NOTICE EAGLE COUNTY, COLORADO NOTICE OF PROPOSED BUDGET AND BUDGET ADOPTION THE PROPOSED EAGLE COUNTY BUDGET for the year 1990 is open for inspection by the public at the Eagle County Manager's office, Courthouse Annex, 551 Broadway, Eagle, Colorado, any interested elector may inspect the proposed budget and file or register any objections thereto at anytime prior to the final adoption of the budget. THE BOARD OF COUNTY COMMISSIONERS will consider adoption of the proposed budget on December 12, 1989 at 10:00 a.m. THE BOARD WILL CONDUCT BUDGET WORKSHOPS on the following days: * November 14, 1989 - Proposed Budget Presentation Sheriff's Office * November 20, 1989 - Work Session * November 21, 1989 - Grants & Contributions * November 22, 1989 - (Assessor's/Clerk & Recorder's/ Treasurer & Public Trustee's Office) * December 4, 1985 - Work Session * AND A BUDGET HEARING ON DECEMBER 5, 1989. rd of Eagle County Commissioners 551 Broadway Eagle,Colorado 81631 (303) 328 7311 A G 7E N ID A BOARD OF EAGLE COUNTY COMMISSION REGULAR MEETING DAY MONDAY, NOVEMBER 13, 1989 Kti; !! NOV - g ~~v~*~~c~~~*~~v~~vc~r~~r~~~~r~*~~~*~r~~c~rrc~r~r~~~r~~r~*~x~r~rx~~r~r~~~~rv~~r~*~~~~* 7:15 A.M. RECREATION MEETING AT AVON TOWN HALL With Town of Avon and Town of Vail ~~~~ 10:15 - 10:30 ZS-286-89-NAIL ASSOCIATES Jeremy McMahan, Planner, Community Development Requested Action: Special Use Permit to operate a day care facility. 10:30 - 10:45 BILL PAYING-Linda Pankuch, Accounting Larry Cleaver, Accounting 10:45 - 11:00 COLORADO DIVISION OF CRIMINAL JUSTICE SUBGRANT NARRATIVE REPORT FOR THE HIGH COUNTRY DRUG TASK FORCE-A. J. Johnson, Sheriff Requested Action: Sign the report. GRANT OF EASEMENT-Kevin Lindahl, County Attorney Requested Action: Sign Grant of Easement to Holy Cross Electric Association for Utility Maintenance and Operations at the Airport. 11:00 WORK SESSION - WEEKLY UPDATE James R. Fritze, County Manager 12:00 - 1:30 P.M. '~~~LUNCH'~'~*AIRPORT COMMISSION 1:30 WORK SESSION RE: WAGE CONTINUATION Judy white House, Director of Human Resources Topic of Discussion; Will present figures to the Board of County Commissioners for wage continuation. Board of County Commissioners Assessor Clerk and Recorder Sheriff Treasurer P.O. Box 850 P.O. Box 449 P.O. Box 537 P.O. Box 359 P.O. Box 479 Eagle, Colorado 81631 Eagle, Colorado 81631 Eagle, Colorado 81631 Eagle, Colorado 81631 Eagle, Colorado 81631 2:15 ***EREAK**~ 2:30 QLD ERUSH CREEK ROAQ RIGHT-4F-WAY ADJACEi`•!T TO AL ABRAMS-Larry P9etter•nic!<, Engineer Requested Action : Determi nation of ~~hat r•i ght-of-~~~ay i f any, should be r•etur°ned to Al Abrams. 3 :00 FEPlC~IP•!G LITIGATION--Kevin Li ndahl , County Attorney 3:30 RESOLUTION AF'PROVIPdG SUBSTITUTION OF COLLATERAL P.ELEASIPIG FLAT RESTRICTIONS ON PHASE II OF THE SUMMIT VISTA SUEDIVISION Jim Curnutte. Planner Community Development Requested Action: Substitution of coll~,tera.l and release plat note on Fhase II Summit Vista Subdivision. SU-117-89-F-ASFEh'd MOUhlTAIhd VIEW Jeremy 1~9c1~~9ahan, F~lanner•, Community C~evelopment F;equ~~_ t?d Action : Fi n,al P1 at approval for• 23 1 ots i n the Aspen P9ount~~,i n Vi e~Ar Subdivision . 3:35 SM-595-89-SOC~EREERG SUEDIVISIOPJ, FILI~dG 2 .Jim r~urr~ui_te, F'lanner•, ~Comrnur~ity C~evelopment F•aq~agi'ed Acti oil : Type A ~1i nor Subdivision to crr~ate t~^to 5+ acre 1 ots i n tf~~e h•9i ssouri Hei gf~ts area . 3:50 SU-276-89-F-RIVER RAidCH Jim Cue•nutte, Planner, Community C~evelopment Requested Action: Final Flat approval for 27 single family lots on 58.53 acr es. 4:05 FLAT & SUEDIVISION IMFROVEh9Eh•1TS AGREEMEPdT SIGNING Sid Fox , Acting C~i rector , ~Communi ty C~eve1 opment Requested Action: Signing of Flats and Subdivision Improvements Agreements. 5:00 SOFTEALL ASSOCIATION MEETIP•!G THIS AGEPdDA IE F'R~~VIDEC~ FOR IN F~~~Rh•9ATIOkdAL F'URF'C~'3ES OP~LY ALL TIP•9ES ARE AFPROXTh1ATE . THE EOARD 1h1HILE IP1 SESSIOPd A9AY Cc~idSIDER ~'~THER ITEh1 ~ THAT ARE ERQU~;HT EEFORE IT. 551 Broadway Eagle, Colorado 81631 (303) 328-7311 19S9 ~~'ORLD ALPINE SKI CHAMPIONSHIPS VAIL,BEAVER CREEK A G E N D A BOARD OF EAGLE COUNTY COMMISSI BUDGET MEETING DAY TUESDAY, NOVEMBER 14, 198 9:00 A.M. PROPOSED 1990 BUDGET PRESENTATION James R. Fritze, County Manager/Budget Officer Allen Sartin, Finance & Information Systems Director 10:00 COUNTY ATTORNEY°S 1990 BUDGET HEARING Kevin Lindahl, County Attorney James R. Fritze, County Manager/Budget Officer Allen Sartin, Finance & Information Systems Director 10:30 COUNTY SURVEYOR°S 1990 BUDGET HEARING James Kunkel, County Surveyor James R.. Fritze, County Manager/Budget Officer Allen Sartin, Finance & Information Systems Director 10:45 COUNTY CORONER°S 1990 BUDGET HEARING Donna Meineke, County Coroner James R. Fritze, County Manager/Budget Officer Allen Sartin, Finance & Information Systems Director 11:00 WORK SESSION WITH CABELL CHILDRESS ARCHITECTS 12:00 - 1:30 P.M. ***LUNCH*** 1:30 COUNTY SHERIFF°S 1990 BUDGET HEARING A.J. Johnson, Sheriff James R. Fritze, County Manager/Budget Officer Allen Sartin, Finance & Information Systems Director THIS AGENDA IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY ALL TIMES ARE APPROXIMATE. THE BOARD WHILE IN SESSION MAY CONSIDER OTHER ITEMS THAT ARE BROUGHT BEFORE IT. Board of County Commissioners Assessor Clerk and Recorder Sheriff Treasurer P.O. Box 850 P.O. Box 449 P.O. Box 537 P.O. Box 359 P.O. Box 479 Eagle, Colorado 81631 Eagle, Colorado 81631 Eaqle, Colorado 81631 Eagle, Colorado 81631 Eagle, Colorado 81631 RECD NOV - 9 1989 0 ~ STATE OF COLORADO C®LORAD® DEPARTMIENT OF HEALTH 4210 East 11th Avenue Denver, Colorado 80220 Phone (303) 320-8333 NfF;N}t:trnlJnc)Nr 'I'(1 : i rt t" ( rF's t r-~ rl F',a r t 1 E' ~~ ~j~ p-~ Thomas M. Vernon, M.I; FRt)M : 1).l r"}.' f-'ia l`r~1:11 i 11 i 1`.111 i ! r• r'f l l1F? Qrt--ti I i (' t'rl(l l'rl l rl `a 1 r~T"N `~ . Executive L)irCClUr DA'1.'F. NnvPlnher :3 , _I ~af3ft SfJB.ri,f:7': State Air. M~nitr)t'.inn R+~st).1is 7'he o.l.lnwi.ttc_x r: a s;tlTmnarv nz k},F air Inr,tti l-nrinc7 rlata ~:c,] lc~c{-ed by t e ,even adcl.itinria l a.ir. moral f:or. s ni,erated by the State of Coln:-.ado rlt.lr.irtc~ the F,acTlr Mir.te remedial, act.i.vit:9.er7. Date Mini-ux'n NI i clc:l l.r-~ School.-Front 10/l.';' i89 ]'SP pb (:: d As Ph C,: d. AS 70/^_.1?/8~1 TSp P k~ (~ fl AG 10%2/89 TSP pb C: d Ac 10/2; /89 'f~SP ~' b Cd As 10/2::./89 TSF P t7 Cd As 1012 ~'- / 89 TSI? Pb C: rl As Ml.tit:Urn Nl].c:id..le Schno.l Foy?T~ ~F~c~~O _ $ X989 ;N~~ .~~~90,, F2oy Romer Govenlor Ni i Titus. it Cnlrunun.i-tV f'ert.t~.r. Rc,nfton 1 ] uc~/m--:3 < 0 . 1 tt. cf / m - 3 <0.01 ttcf%m-S <0.01 tact/m-:3 t3 2 u. G / rn -- 3 ~t r lti.l/m-3 <ll. 1. tagim-3 ~11,i1.i t~gitlt-3 15 u.q/Tn-;3 19 u.cT/m-3 <0..1. tTq/tn-3 <1~.01 t.la/m-~3 to ,lcX,/m-3 <(1 . (1 1. UC(/irl-3 5 uct% In-:3 <n.1. tl.c-~im-3 <0.0a t~cf; m-g <O.OI. tlCTr~tt1-3 :):) ua jto-3 15 uc(/m-3 <1), 1. n.c7/m-:~ 16 tlr_f/m-3 10/2:./89 TSY 17 lacXim-~ ~2 ttc.T./m-:, Pl-) <(~ . 1 i1C'(/tn-3 <0 . 1. nq i m-3 Cd <0.01 ttr7/In-3 <0.01 tTq!m-a As <0. 01 lzq/m-~ <0. U.1 uq/m-~3 ~ rtl The ~~ i r me+tt.i t'r~7^ i rtrx Ala ka t=nr nctpl,~~.r. 2.5 c+rl tc~>:, r~i- i }tN ;,•i i n t nrrt c:omnn~rri.tV C'F'nte.r, vJ:i J. 1. he i.rtclLtrlPd in thr--~ next l'J±?PI'1y +r~,c~.~r.e. ~rfte t7rit:~fi.-int) ti (:r/in-:j st:ancl~ fc~.r m.r.,:t~c,cxrams k?er r..uhic- meter. f~ m.i.rt•oc~tam erina 1 ~. Cr~1F' m i .l. 1 i npPn th (1 i 1 , 0(1U . OOC) } r, f a. cir. artr . }~'nr' a~lct. i t i nna 1 infnrmat i on , t:~ l ease co)~taCi: }jj.rk P~rac}t i.t~ i (~t 'l-5!=+2~3) r,r h1 i k_P P~icHtlc7h (331-4845). J r' ~ $ lJV" REC~u Nov - STATE OF COLORADO COLORADO DEPARTMENT OF HEALTH 4210 East 11th Avenue Denver, Colorado 80220 Phone (303) 320-8333 ,~~ei~~9 ~~ ° X876 ° Rov Romer M~~R~DUM Governor TO: Interested Part/ies FRIJM: Dick Parachini;~gle Mine On-Site Coordinator DATE: October 30, 1989 Thomas h1. Venrun, M.D. Executive Director SUBJECT: Eagle Mine Preliminary Air Monitoring Results -- September 1989 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - The following is an update regarding the Eagle Mine air monitoring program during the 1989 construction season. The airborne particulate data collected by the Gulf + Western air monitors shown in the accompanying table are preliminary in nature. This means that the values, particularly the metals levels, may be revised after auditing and validation by the contractor and the State. Tk-ie information is useful in assessing emissions and subsequent dust control during construction, as well as trends in potential human exposure. The Colorado Department of Health received analytical results reports that indicate the occurrence of 24-hour average arsenic (As) above the air emissions permit trigger values. The dates and arsenic concentrations at the Minturn Middle School rooftop station were September 7, (0.011 ug/m3), and September 25 (0.014 ug/m3). Arsenic was measured at 0.01 ug/m3 on September 1 on the Minturn Middle School rooftop. The concentrations for TSP (Total Suspended Particulates), lead (Pb), and cadmium (Cd) were not above the air emissions permit levels during the September monitoring period. The emission permit trigger value for both arsenic and cadmium is 0.01 ug/m3. This trigger value is set at a concentration slightly above the instrument detection limit that provides an accurate, quantifiable measurement of arsenic and cadmium. The less than (<) or less than/equal to (>_) notations mean that the laborator~r instrument detection limit for the particular sample analysis was measuring right at the quoted metal concentration. The State air monitoring stations in front of the Minturn Middle School recorded arsenic concentrations slightly above 0.01 ug/m3 on September 5, 7, 23, 25, and 27. This information has been provided in the weekly updates. +- v Memo to Interested Parties Page 2 October 30, 1989 Evaluation of all_ the air monitoring data indicate that the observed values of arsenic above the permit trigger value during the month of September do not constitute a short t,errn risk. The Colorado Department of I~ealth feels that the frequency of these above-trigger observations should be reduced as much as possible to reduce long-term e~'posure rx~tential. The specific cause of the arsenic concentrations above the trigger value in front of the Minturn Middle School has yet to be determined. No detectable levels of lead (Pb), arsenic, or cadmium have been recorded by the air monitor in the middle school foyer. The arsenic values ar-d frequency observed through September do not significantly increase the long term health impacts of adjacent populations around the site. As construction activity slows and winter snow fall increases, the frequency of arsenic concentrations above the trigger value should decrease. Site air monitoring data will continue to be evaluated through the 1989 construction season and during winter shut-down period. For further information, please contact Dick Parachini (827-5928) or Mike McHugh (331-4845). /cf AIRBORNE PARTICULATE CONCENTRATIONS EAGLE MINE SITE September 1989 ~u9/m3) SCHOOL SITE NORTH /CROSS CREEK SITE Date Sampled TSP* Pb** As Cd PM10 TSP* Pb** As Cd PM10 09/01/89 23.4 0.023 0.010 < 0.006 14.7 19.6 0.007 0.003 < 0.006 10.6 09/04/89 13.8 < 0.002 ~ 0.002 < 0.006 9.8 19.7 0.008 < 0.001 < 0.005 10.5 09/07/89 29.8 0.032 0.011 < 0.007 15.4 25.8 0.011 0.005 < 0.006 15.8 09/10/89 15.7 < 0.004 < 0.002 < 0.008 11.6 16.5 < 0.003 < 0.002 < 0.007 10.0 09/13/89 10.3 < 0.003 0.002 < 0.006 4.5 7.9 < 0.002 < 0.001 < 0.005 6.3 09/16/89 14.5 0.011 0.005 < 0.006 7.9 17.9 0.011 0.005 0.009 12.2 09/19/89 19.9 0.027 0.004 < 0.006 5.0 18.0 0.022 0.005 0.008 8.0 09/22/89 18.0 0.014 0.003 < 0.006 10.4 16.7 0.007 < 0.002 < 0.005 11.1 09/25/89 27.6 0.039 0.014 < 0.006 13.4 ----- ------- ------- ------- 13.4 09/28/89 31.7 0.018 0.004 < 0.006 13.7 25.4 0.021 0.008 < 0.005 18.2 =Permit limitation 1 SO }~g/m3 * * =Permit limitation 1.5 ~g/m3 THESE DATA ARE PROVISIONAL AND SUBJECT TO REVISION AFTER AUDITING AND VALIDATION a b s I waited to see which ski class I would be in on a gray December morning, I felt as if I were in Europe. Most of my fellow skiers were clad bril- liantly,stylishly,andexpensivelyinafashionpreva- lent in the Alps but rare in the Stares. The instructors watching us ski off spoke a medley of languages. Even the village below was composed largely of wood-trimmed stucco chalets. But the snow underfoot was unmisra kably Colorado powder, packed smooth as velvet, and I wasn't suffering from jet lag. It wasn't time travel that took me to Europe but Pepi Grammshammer, a congenial former Austrian racer, who helped create so cosmopolitan a scene in so American a mountain range as the Rockies. Pepi was instrumental in bringing the prestigious 1989 world Alpine Ski Championships to Vail, the first time they were run in the United States in nearly ao years. Pepi also has managed to persuade the beautiful people to spend an early-season week at Vail tine-tuning their ski tech- pique. I think the latter might have been more of a (eat. Vail's BPs aren't the high-profile tycoons (like Donald Trump or The Limired's Leslie Wexner) or entertainers (like John Denver, Don Johnson, Barbara Mandrel!, or Barbra Streisand) who roost in nearby Aspen. Rather they are an executive elite whose faces ` you won't know, but whose enterprise and affluence are admirable. .. .. ...:•~~~;;;. Vail regulars -many with six-figure incomes, seven-figure • net worths, and posh second homes nearby = :are a hab(t- bound group who don't normally ski until Santa's sleighbells are ~ ~ -'` ~~~ within earshot. But Pepi doesn't like to see empty guest rooms in the Gasthof Gramshammer; he feels bereft when visitors .~ :~ _I;,,~I aren't crowding around the bar or scarfing up schnitzel in the Antlers dining room; and he likes to see the friends he's made. ~~ • ~.'~1 ' Five years ago, Pepi had a brainstorm. He figured he could >.'r~~""'~ fill his hotel, keep the chef and the banender busy, and see his ;/ '~~ running mares by importing the Austrian concept of weds! J _., } 18 THE AMERICAN WEST/DECEMBER 1989 ,^ .~ a,;/: . .. wochen to wail - I mean, Vail. These are early-season tuneup weeks enjoyed by European skiers when the snow first starts blanketing the slopes, and while the hotels and lifts are still underutilized. Pepi's pals aren't normally the sort confined ' to a two-vacation-weeks-a-year rut, so he ran the concept of Wedel Weeks, to be held between Thanksgiving and Christmas, up the flagpole. The first winter, 23 people saluted. Most of them have returned every year since. :Once the word got out, a lot of locals -mostly business people who can get • away in what is Vail's only slow time while there's snow on the ground -began ~. taking part too. The week I was there, Mike Shannon, the current president of Vail Associates (which operates the ski area), and Harry Frampton, the former , president, both signed on. Shannon got called out of town on business, but his • wife Mary Sue took part -and Harry was in for the duration. Last year, there were .. ' `~ ' ~ ~."over 250 participants. The Gasthof Gramsharrimer can't accomodate all those ~'~~ `i who don't have their own places in Vail, so three other terrific hotels -the Lodge a ~ ' ~at Vail and the Sonnenalp in Vail village and the new Hyatt Regency Beaver Creek t -now catch the overflow. (I'd like to own a stock that performs as well as Pepi's Wedel Weeks). These aren't your average ski weeks -and they don't attract your average ski school population. This comprehensive, and expensive, program is forgood skiers who like luxury living and congenial socializing. The package includes lodg- ing in some of van's poshest places, high-intensity skiing with an elite interna- tional group of instructors drawn from the 8o4member Vail Ski School, assorted evening activities, and a host of extras. It is by no stretch wimp skiing. "the weakest participants are solid intermedi- ate skiers -and the top class shifts into overdrive for run after run othlgh-energy skiing, the steeper the terrain and the faster the turns the better. Rod Slifer, a long-time local realtor and former Vail mayor who plans another wedel Week this year, is one of the no-slouch skiers who love the program. Slifer, who inhabits Wedel Week's top class, once earned the respect of the Austrians on their home turf by skiing the fabled Mausefalle headwall on Kitzbi:thel's Hahnenkamm downhill course without a turn -something world lass racers are more likely to do than gray-haired busi- nessmen. Kitzbi:lhelers spoke in awe about the Burgermeister from Vail who schussed one of the steepest pitches in the Alps -and it wouldn't surprise me if they speak of it still. Slifer says, "Before Wedel week came along, I hadn't really worked on my skiing for years. when you live in a ski town, it's easy to ration- alize not going skiing. When you sign up for this, it makes you do it." When I sample ski schools, I usually get put into the highest class. Here I was two levels down - and I had to hustle to keep up. At 9:30 or to every morning, we'd climb onto high-speed chairs that rocketed us to the core of van's vast terrain in nine minutes and then ski for four or five hours with barely a pause. We worked on short-radius turns and long-radius turns, pistoned our knees through the bumps, threaded through the gates of a giant slalom course, and sailed into the powder whenever we could find it. A video camera was trained on us, and we discovered what we were doing right and wrong when we studied the tape on a monitor. we even sidled into a Sybervision booth to imprint in our minds perfect skiing form as demon- strated on tape by two of the Vail Ski School's top technicians and then tried to emulate it. Sometime around two or three in the afternoon, we'd get around to lunch at some place with slick table service and a good wine list like the Cook Shack at Mid-Vail, Sweet Basil or Pepi's in the village, or Rafters at Beaver Creek. This THE AMERICAN WEST/DECEMBER 1989 19 Wedel Weeks in Vail mix high- intensityskiing with lavish dining (this page) and daily on-snow fashion shows (opposite page). ~;a ~. crew not only dressed well and skied like the wind; they also weren't the burger and fries type. One day, when we de- cided not to break until the lifts closed at 3:30, we stopped for a late morning hot chocolate at the Mid-Vail cafeteria. Some of my classmates weren't quite sure how to go about this self-service business, and - concluded that they hadn't been in such a line since prep school. When Harry Frampton was in a similar situation six weeks after the October'8~ crash, he remembers that his edgy classmates eschewed the cafeteria altogether but raced for the phones at every opportu- nity to call their brokers. People find different ways to warm up. In mid-afternoon when we sat down not to eat but to dine, someone would order champagne as an aperitif. Red and white wines followed to accompany opulent and delicious lunches. Then my classmates would fight to pick up the check. The class was pretty evenly divided between men and women, but I was the only female ever to ski after lunch, as well as the only female to wear the same outfit more than once. I thought 1 was sufficiently chic by unzipping the collar of my turtleneck to let my Golden Bear necklace show, a status signature which is to Vail what Vuitton or Gucci is to the wider world. My efforts were acknowl- edged by people .whose Golden Bears were probably papas to my baby. The other women went apr8s-ski shopping every afternoon. The nex[ day, they'd appear in new outfits sporting such high- fashion labels as Bogner, Colmar and Peter Sreinebronn, each one totally ac- cessorized with coordinating hats, gloves, turtlenecks, sweaters, scarves, and fanny packs. Harry Frampton, who now heads a Vail-based real estate development company, was mesmerized by the on- snow fashion show. °It drove me crazy about how much prettier the girls skied than the men," he recalls. "The men might have been stronger but it irritated me to death to see how pretty the ladies skied." The women were indeed stylish on skis as well as off, but l suspect the magic of all that fashion put the final gloss on their ski technique. Long, lavish, liquid lunches are the rule not the exception among all the classes. One bunch of hotshots, who call themselves The Fast Group and do Wedel Week with superstar instructor Walt Chauner every year, are first on the chairlifts at 8:30, ski their brains out all day, and quit for a late lunch at the Lodge at Vail. Four bottles of wine is reputedly the minimum, blending lunch seamlessly into aprds-ski. This is an institution which is also a big part of the Wedel Week scene. 'There's a group that comes in from Mexico City," recalls Rod Slifer. "The serious training starts at four." Writers normally don't go anyplace in high season when the beautiful people are in evidence, but there 1 was, skiing my legs off in the company of BPS who could sink a couple of thou a day into looking grand. They may have been better heeled than any writer, except possibly Danielle Steele, Barbara Taylor Bradford, or James Michener, but they were good skiers and fun to be with as well. Never hold prosperity against any- one. One afternoon Ulf, a Finnish ski in- structor, invited his students and those one class above with Walt the American and one class below with Richard the Austrian over for drinks. Ulfs huge house was simply yet elegantly furnished with a combination of contemporary designer pieces and Scandinavian antiques, and the view was the stuff postcards are made of. How civilized it all was. Some- one told me Vail founder Pete Seibert originally lived in that spot, and that Ulf and his wife had demolished Seibert's place to build their dream house. This is not the sort of domicile a ski instructor normally inhabits, even in Vail, so t asked one of the locals whom Ulf was married to. The response: °Maytag." Evenings melted into a round of 20 THE AMERICAN WEST/DECEMBER 1089 J I I i d' f: ` -.a,~ a s~~ ~ < ~` w ~~.~ ~4 -• ~ i ,I. ~; ~ n ~ _. ,. a k. ,. ~ .. i~ ',~.'~, s ~ Ft i L merriment - a welcome reception and buffet here, a raclette party and fashion show there, spontaneous plans for a group to get together for dinner at the Alpenrose one evening or Cyrano's the next, and aknock-down, drag-0ut fare- well dinner on the final night. This dinner isn't about fancy banquets or formal speeches. It's a time to let it all hang out. Class skits spoofed instructors or what- ever else came to mind. An Englishman who had flown in from London specifi- cally to tune up for an upcoming week of helicopter skiing in Canada's Bugaboos turned out to be a fabulous calypso singer, Other skits were outrageously witty, marvelously musical, or a bit bawdy, but all showed that the beautiful people pack hefty doses of inventive- ness and talent. I had a great deal of fun rubbing ski poles with wail's BPS, and my skiing im- proved alot too. A week in early Decem- ber set me up splendidly for a winter which took me from California to Austria. This winter, Pepi is continuing his three wedel Weeks in December and also launching Powder weeks in January. Claire bvafter is western Edi for of Skiing Magazine and lines in Boulder, Colorado. Her book. The Best Ski Resorts in Amer- ica (Published by Randr £7 Company), won a Lot.vell Thomas Atuard as a top guidebook of 1988. ,. ti- :' '= .:- i J/ ``R ~ '~ . !'~~ ~+/_ .{FDA` •q''~~ 1 a"rl;,,y `P ~~ ;Kin' ) `I~~ ,. `o a •. ~ 1' ~' `I ' ~; '. ,~ ~. f -~ ~~ ~ - r~:~;r tl. I k 3 '1 a ~'~ ~. .n' `7: I 1- Y ~ x~. :. - :,..-.. a~ _ a. .. <. r - Ski facts Pepi's Wedel Weeks will take place Nov. 26 to Dec. 3, Dec. 3 to 1 O, and Dec. 1 O to 17. The price is S 1,040 per person, double occupancy, or S I ,265 single occupancy. The new Powder week sessions are scheduled for Jan. 6 to 13 and Jan. 13 to 20, 1990, for S 1,166 double or S 1,400 single. All pack- ages include lodging at the Gasthof Grammshammer, Lodge at Vail, Son- nenalp, or Hyatt Regency Beaver Creek, daily continental breakfast, lift tickets for Vail and Beaver Creek, ski instruction, and special evening events (a welcome reception and buffet, ski tips and films, a raclette party and Bogner fashion show, and a farewell dinner). Transportation is additional. For more information, contact Pepi's Wedel weeks, Travel Desk. 231 East Gore Creek Drive, Vail, Colorado 81657; (800) 445-8245 out of state and (800) 433-8735 in Colorado. Dauid Lokey is a tuidely published adverrisinglresortpholographer who has been based in Vail, Colorado (actuall y he lines up on a Mountain in a rural valley overlooking the Sawach mountain range about fJreen miles from Vail) Jor the past 10 years. THE AMERICAN WEST/DECEMBER 1989 21 vei n ick a season -well, more specifically, pick summer or winter - in the Vail Valley and you'll Lind people lining up to rave about this activity or that adventure. The multiplicity of Vail becomes more evident when, for example. a former champion ski racer says she lives in this mecca of world class skiing and ski life because of the summer weather and activities. Add to the equation gener- ous Alpine influences in architecture and lifestyle and the towering beauty of the great Gore Range in the rugged Colo- e rado Rocky Mountains and we have arrived at a nearly com- pletevacation spot. (Nearly because there Is no ocean, after all.) While planning your visit or when you arrive, remember the entire place is called "Vail." In actuality, Vail is comprised of East Vail. Golden Peak. Vail village. Lionshead, West Vail, Mintum, Beaver Creek, Avon, Edwards and even Eagle, which is down the road a piece. Basically we're talking about an entire valley. The village is very concentrated and Beaver Creek is very exclusive, being home to ex-President Food and the Missus. 10 THE AMERICAN ~','F_ST/DECEMBER 1989 •e s I4 f PHOTOS: G. REID HELMS by the editors of The American West ~ The Gondola begins its scenic climb at Lionshead; the ride is impressive year-round. Also, one ski lift ticket allows you ac- cess to Vail Mountain and Beaver Creek. (They are owned and operated by the same company.) Ground transportation, as in buses, is great year-round, too, ` and free. This is very important because vehicle access is extremely limited in the village and at Lionshead. Horse~lrawn carriages and sleighs move people about at a more romantic pace. It is said that the local transit system moves more people Wintertime in Vail means snow and skiing, but there are plenty of other things to do too. Opposite page: the clock tower in Vail Village. ' Thispage, clockwise, from topleff: thebaratCyrano's; tourists in the snow,' the Colorado Ski Museum; the lobby of The Lodge at Vail; The Golden Bear,• and Gorsuch, Ltd.; two shopping meccas in Voil Village. THE AMERICAN WEST/DECEMBER 1989 11 PHOTO: DAVID LOKEV ' PHOTO: DAVID LOKEY ~.. ~( Clockwise, from top leff: Mid-Vail; scenic Christmas lighting in Beaver Creek; the Tea Room Alpenrose. MF1UI V: KtN I1tUUiNCi ~Tnveilang email daily than the Denver bus system and that they also have the big city beat for snow removal. Of course, we were also told that they count Golden Retrievers during the census. According to a local magazine, Goldens outnumber Demo- crats in. the area. It's a good thing the dogs have a great sense of humor. The local people seem genuinely open and friendly and are willing to share their niche in this small mountain community. This attitude is important from a purely practical point of view. Skiing, ofcourse, is the big winter and early spring draw, with some of thy: best downhill runs and cross-country {ails in the country, if not the world. The moun- fain comes billed as the largest single mountain ski area in the country. l'ou'tl find a skiing activity to fit your skill level, even if you are at the face-first snow plow level or have graduated to perfect form assaults straight down double diamond black runs. Other wintertime activities include sno~vmobiling, ice skating, hockey, ice fishing, snowshoeing, uae- markin ~ ~TJS~, of course, lounging in spas and;Ir1t rubs to help ease the impact of the day's doings. M ample supply of apr8s ski get togethers, restaurants of all types and styles and bars and clubs with music ranging from loud, raunchy rock- and-roll to the tinkling piano ivories can be heard from one end of the valley to the other. This community knows how . to have a good time at night in order to .:; ~-, :c 12 THE AMERICAN WEST/DECEM'.'b1989 i ti ._..4- PHOTO: G. REID HELMS .. q ~*i ~'Y ~_ w.Fnl9tp _. ~`~ ~ ~J~ t •~ v `~ _ ( ~~ ;~;~ ,. .. , ,; :~ ~~ ~ ~,~~ ~~ - - ~~ ~Ill~ Illlllllll ~ . ~__ -1111--;~~ ~~ ~ ~~~~ ~..~ , ~A ~ :_ ~,. ~~~` I~ r ~5: sZ~;~ ..J .. .. ... i ,_._ rest up from the good times during the day. Summer activities tend to fall into the basic category of "Let's get out and do something.^ Biking, hiking, tennis, fly fishing, rafting, jeeping, hot air balloon- ing and great golfing at five incredible courses located amongst the many hills and streams are just a sampling. Nature walks and backpacking rate high. Stretch- ing out and watching the trees multiply, the clouds meander by or the stars twinkle also come highly recommended. Eve- ning concerts of rock, jazz or classical music, as well as plays and other social events fill the summer months. If you bring your children fora mean- ingful family vacation but get your fill of meaningful before they do, there are -,tea^.H [ .~~-~~ `~, "" ~-= ~ _- .. ~1 ' ~F ~•~~: ..r _ !. many inventive learning programs for the kids -winter and summer. Sport Goofy, of Disney fame -Yes, that Goofyl - leads some of the activities. You gotta see it to believe it. what follows are listings of places and things to do in the Vail area, not necessarily all inclusive, nor will our staff willingly offer our lives in defense of our choices. However, we believe the infor- mation to be valuable for those of you wanting a pleasant stay without the time- consuming hit-and-miss approach to a good time. Enjoy this mountain para- dise. Please note that we have not in- cluded much information on downhill skiing. Because of the quality and num- ber of runs in the area, all you need do is jump on a lift, get off at the top and ski . e~ ~. !~ N~~I~ T"fr .. f ~. ..j .: Clockwise, from top left: Cogswell Gallery in Vail Village; The Hong Kong Cafe in Vail Village; a golf course in East Vail; Jill Vickers, a Vail Village gallery; strolling performers in Beaver Creek; Battle Mountain Trading Post, with branches in both Lionshead and Minturn. THE AMERICAN WEST/DECEMBER 1989 13 ' PHOTOS: G. REID HELMS Unveiling Trail FACTORY NEW! FACTORY PERFECT! r----- r - • Advanced control console. • Wireless Keepsafer Plus security system • When away from home, set exit and entry delay on selected entrances (up to 40 seconds). Leave and return without sounding alarm. • Back-up Power Supply Unit. Insures continuous operation up to 6 hours if power supply fails. Recharges automatically when AC power is on. • 5 alarm modes. • Handheld remote control. • 6 transmitters with batteries. • 6 sets of sensors. • Easy installation-manly a screwdriver is needed! • Main unit dim.: 13"W. x 8"L x 2-112"D. • One Year Warranty! PUBLIC NOTICE Manufacturer's Due to a special .Suggested Retail deal.wewereableto $499.95 obtain alarge inven- _ Cory of these security ' ' - systems. As a re- Q~ surf, we can now of- y7 fer them to you at HUGE SAVINGS! I[em No. B-1458-114462 Insqure~+d Shiep/H~+anyd•.: $9.50 e FOR F,4STES E SERVICE C~4LL TOLL FREE MasterCard v~ r ® ®J RUSH DELIVERIES ' ~X~R¢~P ONLY $6.95 plus normal S/H. Look for the plane 8 ask your operator to ~ -snip it PedEx~uJ Delivery Services'. ~~ DAMARK INTERNATIONAL, INC. 6707 Shingle Creek Parkway, Minneapolis, MN 55430 Customer Service • 612-566-4940 Please rush me: SCHLAGE Security System(s) $198 each, plus $9.50 s/h each. MN res. add 6 o sales tax. Name . Address City.Slate,Zip D Check/MO ^ VISA ^ Master Card ^ Discover Card No. Exp. Date ~ Ph. p ( 1 down or somewhere in that general di- rection. They're all greats !f you are wor- ried about just how great it will be, there is plenty of ski instruction to be found. The listings below are, in general, winter offerings, but don't let that deter you. Summer activities are everywhere and information about them nearly grows on trees. NOTE: Telephone numbers are pro- vided where applicable. The area code for Colorado is 303. ~~~~ ~~ If you have to eat, you might as well eat well. The listings that follow are in no particular order. Just pick one that ap- peals to you and yours or try them all. Because of the popularity of the area during the high season, it maybe best to make reservations before you arrive in Vail. Some of the restaurants are also popular entertainment spots. Cyrano's - In Vail. Breakfast, brunch and dinner in an atmosphere rich with stained glass and green plants. Conti- nental cuisine. 476-5551. Beano's Cabin - In Beaver Creek. A SnowCat pulls a sleigh up the mountain twice each night to this log hideaway. You ride in the sleigh and are greeted with champagne and a roaring fire. En- joythe chicken with jalapeno and lemon, accompanied by Beano's special rhu- barb wine. Reservations: 949-5750 or stop at the desk of the Park Plaza. The Saloon - In Minturn. Enormous helpings of Tex-Mex food. The house specialties are fajitas, burritos and quail. The margaritas come highly recom- mended. Celebrityphotos adorn thewalls and some say John Wayne used to hang out here. 827-5954. Minturn Country Club - In Minturn, which is between Vail and Beaver Creek. Not a private club, the name is a local joke because they "have everything but the golf course.^ Do-it-yourself eating out, you cook their steaks, chicken and fish on open grills. Always crowded and great fun. 827-41 14. Wildflower Inn - In Vail Village. Lo- cated at the Lodge at Vail, the award- winning gourmet Wildflower specializes in American Nouvelle cuisine. Reservations. 476-501 1. Tea Room Alpenrose - In Vail. Euro- peon bakery and restaurant with inti- mate little rooms. Specializes in home- made goodies -like eclairs, napoleons, tortes and breads -that can be eaten on the sunny terrace or hoarded for take- out. Continental fare is served at dinner. 476-3194. Ore I-louse - to Vail village. A local favorite for steaks, ribs, chicken and seafood. Next to the Covered Bridge. Always dependable. 476-5100- The Lefr Bank - In Vail. Posh, expen- siveand anelegant setting, this is among the finest French restaurants in the area. It is located in the Sitzmark Lodge and owned by the same folks who offer Mirabelle at Beaver Creek. 476-3696. Mirabelle At Beaver Creek -Located in an 8o-year-old homestead, this is an exquisite restaurant serving a gourmet selection of lighter, Southern French dishes. 949-7728. The Cafe Colorado -Between Vail and Lionshead. Located in the Double- tree Hotel, the offerings here include very tasty Southwestern cuisine. Fridays they have a good seafood buffet featur- ing Maine lobster. 476-7810. Mataam Fez - In Vail. If you enjoy eating with your fingers while seated on cushions as you stare into the undulating navel of a belly dancer, this is the place for you. Good Moroccan food. Try the six-course Moroccan Feast. 476-1948. Vendetta's - In Vail village. Basic burger and pasta lunches are offered upstairs, along with good apr~s ski. Try the more elegant Northern Italian cuisine for dinner downstairs. Good live entertainment. 476-solo. Reno Cafe & Bar -Redcliff, in moun- tains south of Vail. Mexican food at rea- sonable prices. In the winter, you ski cross country over Shrine Pass to get. there and then have a driver take you home. Run by the ex-mayor of Redcliff and his large family who do all the cook- ing. Pool table andjukebox. Reservations. 827-9995. Tyrolean Inn - 'In Vail. Continental menu featuring wild game, such as buf- falo, pheasant, wild boar and the like. Try the Venison or Elk Foresti~re. Great atmosphere in a Tyrolean hunting lodge. 476-2204. Sweet Basil - In Vail. Overlooks the village and the creek and offers a unique menu. They have fresh seafood and the atmosphere is open and airy. Expen- sive. Reservations. 476-0125. Kennedy's A[ SIngletree - In Edwards. Located at the Singletree Sonnenalp Country Club, this very good restaurant offers prime rib and fresh seafood. Reservations. 949-0824. The Bristol At Arrowhead - In Ed- wards. Imaginative American cuisine, located in the clubhouse at the Country Club of the Rockies. You can also sleigh on the golf course, but not during dinner. Reservations. 476-0200. The Jackalope Cafe - In West Vail. Located in the West Vail Mall, this local favorite serves hearty breakfasts and lunches. They specialize in southwest- ern foods and the flautas come highly continued on page 50 Item No.B-1458-114462 14 THE AMERICAN WEST/DECEMBER 1989 LJnve~~in~ email ~®wb®y ammd ~>c~>rn~~~ntea~ cC®~flectnbyes Cowboy and . ,. Gunfighter - Collectibles ~ - f;~~.._ .~ ~~ ,:.. Bill Fdarkin by Bill Mackin This photographic encyclopedia, with price guide and makers index, evaluates over 600 desirable western artifacts -from badges and bridles to Winchesters and watch fobs. For the collector, curator, or just plain fan of western lore. 176 pages ~ photographs ^ 8112 x 11 paper $19.95 cloth $26.95 Mountain Press Publishing P.O. Box2399 a Missoula, MT 59806 Order Toll-free 1-800-234-5308 continued Jrom page 14 recommended. 476-4314. Pizza & Pane - to Vail. In the village Center Mall, this Italian restaurant is a good place for kids, college and younger. Pizza comes in thick or thin and is great. They also have bread that you dip in sauces. 476-7550. Eagle's Nest - On Vail Mountain. Lo- cared at the top of the Gondola, you can ride both ways if you don't ski or there is no snow. Lunch is served during the winter months. The restaurant is closed in the summer, but an outdoor barbecue is available. Great views anytime. 476- 560 ] . The Cook Shack - At Mid-Vail, on the Mountain. Serving lunch only with a southwestern decor. Try the Chinese duck salad or the open-face crab and asparagus sandwiches. 476-5601. Fountain Cafe - In Vail. This is known as a fun place for breakfast. They serve great omelettes and crepes. 476-5885. B~4RS 141V7~ CLUBS where a great time can be had. Ac- cording to a local newspaper guy, Vail takes care of its own when a great time is overdone by picking you up oft the floor, dusting you off, taking you to your door, leaning you there and ringing the bell. we're not sure what they do for visitors, but it sounds friendly enough. Hickey's Lounge - In Vail. Located in the Lodge at Vail, Mickey Poage's piano playing is the big draw. The popular entertainer plays dixie and show tunes nightly except Tuesdays. 476-501 1. Pepi's - In Vail village. Located in the Gasthof Gramshammer, the deck out- side the bar is a great place to °star watch." 476-5626. The Club - -n Vail. This tavern has high energy, acousticguitarmusicnightly beginning at 9:30. Apr~s ski starts with music at 2:30. 479.0556. Nick's - In Vail village. A good rock and roll dance bar with a DJ spinning the records. Opens at 8 p.m. 476-3433. Hong Kong Cafe - In Vail village. They serve up some great Bahama Mamas and Mai Tais here as well as a mixed menu that includes wontons, egg rolls, burgers, salads and sandwiches. Good apr8s ski. 476-1818. Sheika's - In Vail Village. Located in Gasthof Gramshammer, this disco is named for Pepi's wife. 476-5626. The Casablanca Bar - In Vail Village. Located in Cyrano's restaurant, this club has live Top-4o bands and is a great place to hang out. During the summer, join the Friday Afternoon Club, S20 (or 26 weeks of happy hour food and activities. 476-5551. SO THE AMERICAN WEST/DECEMBER IC89 lUa~vealang ~i~il Llon's End - In Lionshead. Located in the Marriott. A good place to quench yourafcer-dinner thirst or yourdisco fever. 47Gr1~7-~14. The Altitude club -Between Vail and Lionshead. Located in the Doubletree Hotel, this nightspot offers dancing to progressive rock music play by a DJ. 476-78 / O. Sarah's Lounge - In Vail Village. Lo- Gated in the Christiania at Vail. Nice apr~s ski and bar for the older crowd or even the younger crowd who enjoy listening to German songs played by an appropri- atelydressed German accordionist. 476- 5641 . ITT®TEZ,S Sleeping at the best. The Lodge at Vail - In Vail Village. Constructed in European-Alpine style, the lodge is in the heart of Vail. Literally. The front door opens onto the main shopping drag. Located right next to the ski lifts, one can eat breakfast at Cafe Arlberg and be just 3o seconds to "lift off.° The rooms and suites are individually decorated and some are available with fireplace and balcony. There is covered swimming in winter and saunas. In Janu- ary, the Lodge hosts the annual Vail Wine Society Gastronomic Affair at which world famous chefs and wine makers gather for a delicious week in the gour- met restaurant, Wildflower Inn. All this and Hickey's piano stylings, too. 476- 5011. Doubletree Hotel at Vail - Contempo- rary Alpine-style hotel with spacious rooms. Suites are available. Also enjoy the sun terrace, saunas and whirlpool as well as a heated swimming pool. The Altitude Club is a nice disco and the Cafe Colorado comes highly recommended. 476-781 O. Sonnenalp Hotel - In Vail. One of the best places to stay in the area. Establish- ment is made up of three buildings. Ask for the Austria House. Rooms have Bavarian-style decor, with hand carved beds, feather comforters and private balconies with mountain and town views. Pools, sauna and four restaurants add to the experience. The white tablecloth breakfast buffet is outstanding, as are the dinners. 476-5656. Gasthof Gramshammer -This is a Vail Village landmark. Built in Tyrolean- style and run by the well known skier, Pepi Gramshammer, this lodge has rooms from basic ro deluxe. Suites have kitchenettes and apartments have fire- places. Restaurant and disco, as well as sports shop are on premises. Popular with VIPs. 476-5626. Dtanor Vail Lodge - In Vail Village. This is a chalet-style condominium re- son that is a rvvo-block walk from the center of Vail Village. Rooms have a patio or balcony view. Restaurant serves breakfast and dinner. Year-round out- doorswimming and a sauna, steam bath and excercise room help make this a complete place to stay. 476-5651. Trapper's Cabin - A misnomer, this elegant mountaintop retreat promises serious pampering. Take the last lift of the day (the only way to get there) and the cabinkeeper greets you at the top of Strawberry Park Lift with a welcome champagne reception. Dip into the out- door hot tub and an array of delicacies like smoked rattlesnake and buffalo sa- lami. Pricey. 949-5750. The Lodge at Cordlllcra -Located just 25 minutes from Vail, this destina- tion resort and spa offers everything a vacationer could ask for in a beautiful setting. Oversized guest rooms and suites feature fireplaces, balconies and decks. Their Restaurant Picasso serves a Euro- pean cuisine. 926-2200 or (800) 548- 2721. The Vall Athletle Club Hotel - In Vail Village. A modern sports and hotel complex offering everything from restau- rant and bar to swimming pool, weight room, racquetball and squash courts, ~~o~~ for the set of 3 r F ~~ t~~ Y :»' ~~~ 1 --x.r_ ~~ ~"~ r, R ~ ". 6 t~~ ,o... Lr: I - - - - ` ~ BAH ®~BY~i~ i6 ®~~ ~~~ Pl ~ ~,' ® ease send me: - ~, ~ .~`~ - I ^ Man Riding West HK/HP g7,9g ~ I ^ McNelly Knows A Ranger HL/HR ~~ t $Y.gg ^ No Man's Man HM/HS S7.9g I ^ The Set of Three Tapes HO/HT $lg.gg r " ~ ,,,, ~ - I have enclosed a checkimoney order for the full amount Please add $1.85 for shipping + handling. ° - I _ Please charge my: ^ American ^ Visa ^ hfaster- ,, ~ - r I ($15 minimum) Express Card I ^"^~r ~~~» I Account y Signature Expiration date ~ I Name _ I Address t Apt. _ Only $7.95 each-Ge4 4he Se4 of Three and Save! 'A Bantam Audio Publishing Exclusive City State Zip i ^ Please send me more information on ordering Louis L'Amour tapes. Send Order to: Bantam Audio Publishing P.O. Box 958, Hicksville, New York 11802 Satisfaction Guaranteed ~_.5•.. e Awa~~ i~nan ®®a o 0 P = - , a `~a ~ ~ ~ ~~' - ~ _ i I , ~ r , '`~ ~~ ~ ~ ~, ~ r - " ~ ~;~ ~ ` ,~ Y; , z ; .' t dare say, without reservation, this is the most beautiful book f ve everseen - ` - i >t ~ t fir` ` h ' " ^.'"'. ~ ~~ - 1'. it ~J t.. i r on t e sub ect ! ~ D M _ ,_. _ * s - anny edina, Art Talk ~~ ~ ~``- ~" ~' . ~ - "You feel that you are sitting around a ^ •- ` campfire with each artist while he ~ . ~, =+~ .~ ~ - = recounts the key elements in his life" W ~, 4 , , :,. ~ - estern Horseman "~~•, ~ Y "Sure to make you a devotee... it can '~ only serve to enhance your < appreciation. " Casebuund Book- $69.95* . -US Art l.rttller bound Collector's Edition limited to X00 sets with matching portfolio of 28 signed ;uui numbered prints in a walnut slip case- ~1,750* O '1'nr ~•s do un! ieclrrdesbippinq, bm+rlliuq. +: ,:;,pliarble acres DESERT 1t 1lL-~WK ~. FINE BOOKS W THE SI'IRITOFTHE AMERICAN SOUTH WEST. To Order Book Or Free Color Brochure Call Toll Free 1 (800) 999-HAWK Dealer inquiries welcume. P.O. DRAWER 1328 SANT.a FE, N.M. 87504 (505)685.4400 fl19s9 t)rsrrt Hawk ®~®~/ e have every- thing you're looking for in a Colorado ski vacation- outstanding skiing, winter sports, historic and cultural pursuits- a11 in a storybook setting straight out of Butch Cassidy. Set your sights on our delights- ski Purgatory and kick up your heels in Victorian Durango- we're the perfect Colorado Sampler. DACRA ~ P.O. BOX 2587KL DURANGO, CO 81302 Complete Air Packages Available ~~~®0~525~~~55 D~PR ~D~ ~Jnveilin~ email Nautilus and massage. The limited number of rooms - 33 -adds to the atmosphere. 476-0700. Eagle River lnn - In Minturn. This is a unique adobe bed and breakfast inn with 12 guest rooms, decorated with a dis- tinctly Southwestern flair. Innkeeper Beverly Rude's homemade croissants and muffins are legend and the slopes are just 1 O minutes away. 827-5761. WHERE 7'®BLTY Shopping suggestions. Battle ,Mountain Trading Post - Lo- cared in both Lionshead and Minturn - where the original post opened about l oo years ago - this shop offers "Gentlemen's Collectibles," such as origi- nal art, bronzes, Indian sculptures and "world class" taxidermy. You can't miss. even if you wanted to, the nine foot stuffed polar bear in the front window. They have old slot machines, pool tables and gas pumps. Also, scrimshaw - carved and inked ivory. Stuan-Buchanan, Ltd. - In Vail Vil- lage. Specializing in imported European antique country fumiture, two-thirds of which comes from England and France and the rest from Scandinavia. Spain, Italy and elsewhere. This is very func- tional, solid 18th and 19th century poor people's" fumiture. They also stock fa- ience, antique clay pottery. The Golden Bear - In Vail Village. The shop is world renowned for its little golden bear pendants which come in Poppa, Momma or Baby sizes. A trendy trinket if ever there was one. Gorsuch, Lid. -Located in Vail Vil- lage, this three story shop, which is also found elsewhere in Colorado, serves the skier and winter vacationer wanting ele- gantclothing for the slopes and the lodge afterwards. Breakfast is served in the downstairs cafe. Cogswell Gallery - In Vail village. This art gallery specializes in more eclec- tic paintings and carvings of a south- western nature. You can find the range from trendy, "splashy" colorings to the more traditional. Jill Vickers - in Vail Village. A small shop big on artwork. Similar to the Cogswell Gallery in its contemporary/ traditional mix, it carries a selection of popular polyresin animal figures in vari- ous colors. The Squash Blossom - In Vail Village. Specializing in Southwestern Indian ans. Polo Raiph Lauren - In Vail Village. Enough said. Cartier's-Invail Village. Enough said. again. 52 THE AMERICAN WEST/DECEMBER 1989 ~Tnveilang ~i,cal TOURS, EXCURSIONS AND OTHER FUN THINGS TO DO You pay, they guide. Gourmet Lunch Tour -Cross country ski to a secluded spot and enjoy lunch on red-checkered tablecloths. Try Chef Betsy Robinson's cheese onion pie, stacked crepes or home-baked Swedish limpa rye bread with brie. Don't miss her famous buckeyes -chocolate coated peanut butter balls. 476-5601. Snowshoe Dinner -New this year is the evening snowshoe trek to Leroy's Restaurant in Beaver's Creek where you can enjoy the salad bar, burgers and steaks. 476-5601. Sightsee Via Snocat -Travel in a heated 12-passenger vehicle to where it's just you and the mountain at 12,300 feet. Gourmet lunch is served on the half- day tour and, for a romantic treat, try the moonlight dinner tour. Resolution Sno- tours, 1nC., 476-2556. Winter Wildlife -See winter wildlife in their natural habitat. Eagles, longhorn sheep, mule deer and herds of elk wan- der down to the lower valleys for a different view of the winter. Nova Guides, 949-4232. Snowshoe for the day -Discover the beauty and silence of the backcountry with these bargain snowshoe rentals for SS.so a day. with chat you get a map of the area before they turn you loose to slide and glide about. John Galt Mountaineering, 476-1212. Glenwood Hot Springs -After a strenu- ous day on the slopes or a hard night relieving that strenuous day, soak those tired, aching muscles at Glenwood Hot Springs Pool. It is described as the world's largest outdoor mineral hot springs pool. It's less that an hour from Vail and is a favorite way to unwind. 945-6571. Ice Skating -You can try your hand (foot or rear-end) at rink skating at the Dobson Arena, Located between Vail village and Lionshead. Some people find falling on ice is more to their liking than hitting the ski slopes. The arena is open to the public daily and features high school and semi-pro ice hockey games most weeks. A December ice show is planned with skater Scott Hamilton. Horse Drawn Sleigh Rides -There are several of these around the area. Available just as you would hail a cab. Horse drawn carriages travel through town and sleigh rides make their way through the golf course. Bundle up. snuggle close and see the local sights Vail Nordic Center - AS eve go to press, there is some doubt as to exactly who will do what this winter, but the general consensus is that man} of last years programs will be repeated. •ECOlogy on Skis: Ages 8 -adult tour leisurely on cross-country skis looking at nature. •Snowshoe Adventures: Ages 8 - adult can learn the art of snowshoeing while enjoying nature. •Junior Ranger Program: For .'ages 6 - 12. Different wintertime activities planned each week. •Cross-Country Skating Clinic: ,~Il levels of racers learn skate style skiing. •Telemark Clinics: Telemarking is a variation of cross-country. This is for all ability levels •Full-Moon Touring: This sounds great! Enjoy an evening of cross~country skiing under the full moon. It just doesn't get any better. Call Vail Nature Center, 479-2261 or Vail Mountaineering, 476-4223. Children's Programs -The Vail and ~~~~ ~~ ~'~~~° ~ngagernent Calendar Filled with magnificent photos and fascinating natural history from the country's best scenic photographers, the 1990 AMERICAN WEST Engagement Calendar is perfect for everyone who loves the West. From Alaska to Texas, from Hawaii to the Dakotas, this calendar captures beautiful Western vistas in vivid color. Useful and enjoyable, the 1990 AMERICAN WEST Engagement Calendar is a gift that keeps giving all year. Order for your friends today-only $8.95 each, plus $1.75 shipping handling. And don't forget to order one for yourself? To place your order by phone call (602)886-9959, and have your credit card ready. AMERICAN WEST 1990 ' - in~,~c.Er.u:vT cutvo.~k o ~er ~~ ~DealLlltHf~11~ pictlllreS ;,~,?, '? ~~ ---.. ~ ~ ~ Eaclfn p)t~®t® acc®>~apa.>r><aed ~y a fascinating descriptive ~. i • I ~-'- paragg,t-aiypn ;,;~ , ~. _ ~- :> L•. ,'. ~ ~ '. ~= ~ Space f®r aflotes, speciafl dates, ®r gala®a>te n~be>rs ~~~ r ~~: - '_ ~ WeeIlz-t®-a-page >F®x-~at PA: ~ Spirall ds~und f®r egged da><a~ability C®nvellgient size for ~n®ffie ®r ®~ce )il®~' JUST A2oT ASSEri1BLI' ®F PAGES WYTfI DATES, 6-1/2" x 9-1/4" 1i$UT Alit ®1VG®I1VG EXPL®IZATII®AJ ®F T)FIE WEST. TTaaveiling Trail Col. Doug and Debra Allard present ]E~g1~~ dN~~AN ~®]LIL~tC'I'I®1V A'lC ABJC'~'~®1~1 November 10, 11, 12, 1989. Holiday Inn (Airport East) 4300 East Washington Blvd Phoenix, Arizona. Don't miss this fantastic Auction of over 1500 rare Indian Collectors items. Including over 300 choice American Indian and Western paintings, 200 Navajo rugs, 200 old Indian baskets, and many more items too numerous to list. You may order your heavily illustrated catolog for $15.00 from coupon below. Price includes price list mailed after auction and complete absentee bidding information. ALL MAJOR CREDIT CARDS AND CHECKS ACCEPTED Please send me catalog (s) at $15.00 each. Name Col. Doug Allard Address P.O. Box 460 Crty State _ Zip St. Ignatius, MT 59865 Beaver Creek Ski Schools have "Kids Only" mountain areas. Creative Trail maps guide the kids to historical attractions ranging from the Dragon's Breath Mine to the Tombstone Territory. The "Mogul Mice° and "Superstar' programs are de- signed for children ages 3 1/2 to kinder- garten. Sport Goofy -Sport Goofy, of Disney stature, is the ambassador of children's skiing and he officially welcomes fami- lies to the resort. There's even a Sport Goofy Hotline at 476-8601, ext. 4402, for special events, including apr~s ski with Goofy and the Sport Goofy Challenge at Buckaroo Bowl. Backcountry Hut and Trall System - Put on your cross-country skis, toss some food, drink and a sleeping bag into a backpack and head out over a series of ungroomed trails which lead to any one of several overnight huts. For a fee, you are provided firewood, cooking utensils and a place to lay your body. The next day, you clean up and move out. Private lodges with some or all amenities are also available. Also open in the summer, but you have to hike in. Reservations required. Tenth Mountain Trail Association, s25-s77s. Wedel and Powder weeks -These are well organized, structured profes- sional programs for tuning up for the years skiing and improving your powder techniques. Run by former professional skier and local fixture, Pepi Grams- hammer. (800) 445,8245 or 476-5626. Skl & Spa: meet The Challenge - One- weekprograms with corporate sponsor- shipoffer on-the-hill ski instruction. Syber- Vision, daily exercise classes including aerobics, nutrition seminars, fashion programs and the use of the complete health and spa facilities at the Cascade Club. Lodging is at the ~vestin Hotel. Several of the programs are for women only, a few are for couples and at least one is for "co-ed business execurives.° (800) 426-1 796 or in California, (415) 748- 0867. Meet the Mountain - An experienced guide escorts your group on an after- noon tour of Vail and Beaver Creek. sharing the area's history, geography and ecology. Tours begin at l p.m. Call the Ski School, 476-3239. Colorado Skl Diuseum -The Museum galleries exhibit photographs, artifacts, equipment and clothing portraying over loo years of Colorado skiing. Also in- cludes the Colorado Ski Hall of Fame. Free, 12 noon to 5 p.m., except Monday.> !~ • !~ ~Q A _ ~ Q~r~~ ~ 75 south 4ronts~~ roatl veil, colorsdo 89 857 (303) 479-29 9 3 MEMORANDUM TOe Mayor Rose Vail Town Council FROMo Charlie Wick C~ DATE: 11-13-89 RE: Winter Season Positions The Town, to date, has not been able to fill all of its winter season positionso 24 of 84 positions (or 29~) are still vacante These positions and the service they fulfill are as follows< Police Traffic Control Checkpoint Charlie Streets and Roads Snow Shoveler Transit Bus Driver Hosts Driversance Parking Lot Janitor Building Janitor Booth Attendants Totals # Budgeted # Vacant Service 9 3 Parking & Traffic Control 1 1 Village Core Vehicle Access 4 4 Village & Lionshead Snow Removal 44 4 Bus Drivers 7 7 Crowd Control/Relief Drivers 3 0 Daily Routine Maintenance 2 1 Parking Lot Cleanup 2 1 Parking Structure Cleanup 12 3 Parking Attendants 84 24 d ~'O MEMORANDUM MAYOR ROSE TOWN COUNCIL PAGE TWO Having anticipated this problem several months ago, we took several steps (higher starting wage and an earlier recruitment start) to help the Town fill its positions. As shown, we are still down by almost 30% of our seasonal workforce. Our seasonal workforce, in past years, has been mostly locals, many of whom were known to supervisors or other employees. Prior to this year we had a majority of our employees return each winter and have had minimal, if any, service disruption. However, due to Vail's success, our local economy has grown substantially which has created many full-time employment opportunities and reduced the local unemployment rate to near the 2% level. Employment growth has also outstripped housing supply which contributes to the °1employee availability'° problem. We are definately in an employee demand market where employees can shop around for the best compensation deal. The Town has secured some seasonal housing and has expanded its recruiting market which has not seemed to help too much at this point. The next step we are proposing to the council is to raise our seasonal year end bonus from an average of $300 to $500. This will cost the Town approximately $16,800 in 1990 which is not budgeted. We will attempt to pay for this increase without a 1990 supplemental appropriation from the Council but a supplemental appropriation may be necessary if this bonus increase is approved. We also may have to consider additional compensation increases in December if we can't fill most of these seasonal vacancies, or live with decreased service levels. e~ 4 VAILGUI Iil Ia109 1 I;O6 0.M Savings Taken in 1994 thru 1999 "/ ~ (~ TOWN OF VAIL,COLORADO SALES TAX REVENUE BONDS AS OF DECEMBER 1,1989 Date 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 --------- ALTERNATIVE A --------- ------------------------------- ALTERNATIVE C ------------------------------ Increase Less:Called Remaining Required Alternative Total (Decrease) Current Proposed Current Total Projected Current Debt Service Debt Service Sinking Fund Debt Service Combined Over 1985 G.O. ---------- 1989 G.O. 1984 Warrants ---------- ---------- Debt Service ---------- 1985 G.O. ---------- 1985 Bonds ---------- 1985 G.O. Deposits ---------- ---------- 1989 Issue ---------- Debt Service ---------- Alternative A ---------- 2,698,195 641,875 598,538 3,938,606 2,698,195 2,698,195 1,133,488 0 3,831,683 (106,924) 2,697,570 640,405 595,788 3,933,763 2,697,570 2,697,570 1,236,193 0 3,933,763 0 2,702,070 837,735 597,069 4,136,874 2,702,070 2,702,070 1,434,804 0 4,136,874 0 2,700,805 836,235 604,719 4,141,759 2,700,805 2,700,805 1,440,954 0 4,141,759 0 2,697,960 842,315 607,700 4,147,975 2,697,960 2,697,960 1,417,166 0 4,115,126 (32,849) 2,702,285 840,265 611,013 4,153,563 2,702,285 2,702,285 0 1,240,000 3,942,285 (211,278) 2,701,640 840,335 609,138 4,151,113 2,701,640 (2,701,640) 0 3,430,000 3,430,000 (721,113) 2,699,615 842,120 22,075 3,563,810 2,699,615 (2,699,615) 0 3,375,000 3,375,000 (188,810) 2,700,903 845,200 3,546,103 2,700,903 (2,700,903) 0 3,365,000 3,365,000 (181,103) 2,243,340 844,510 3,087,850 2,243,340 (2,243,340) 0 2,900,000 2,900,000 (187,850) 0 ---------- 0 ---------- ---------- 0 ---------- 0 ---------- 0 ---------- 0 ---------- ---------- 1,940,000 ---------- ---------- 0 ---------- 26,544,383 8,010,995 4,246,038 38,801,415 26,544,383 (10,345,498) 16,198,885 6,662,604 16,250,000 37,171,489 (1,629,926) Additional Funds to Escrow 648,485 Alternative B Alternative C Net Cash Flow Savings (981,441) Uses Of Bond Proceeds: 1989 Issue 1989 Issue ---------- ---------- Present Value Gain @ 1?11/89 400,011 Project Costs 8,000,000 8,000,000 Defease 1984 land Transfer Tax Warrants 0 3,148,485 Create Reserve Fund 919,615 Bond Insurance Premium 68,068 77,000 Comparison of Alternative A to Alte rnative B: Underwriters Discount 129,155 156,335 Net Cash Flow Savings (604,393) Costs of Issuance 39,989 43,202 Funds of Issuer 0 (2,606,924) Present Value Gain @ 12/1189 377,109 Reserve Fund from 19841ssue ----------- (541,561) ----------- Total 8,237,212 9,196,152 • It is anticipated that the debt service reserve fund will be invested so as to pay oft the 2000 maturity. e p, ' 1 vaRGOi I Vlald9 $9,196,152 Il,a nrn TOWN OF VAIL,COLORADO SALES TAX REVENUE BONDS MOODY'S Aaa -INSURED AS OF DECEfihBER 1,1989 RE-OFFERING CURRENT CURRENT DEFERRED DEFERRED INTEREST INTEREST CURRENT INTEREST INTEREST DEFERRED TOTAL DATE PRINCIPAL RATE --- INTEREST ---------- PRINCIPAL RATE INTEREST TOTAL ANNUAL 06/01190 0 ---------- ---------- ---------- ----------- 0 ------------ 12/01190 0 0.000% 0 0 6.100°~ 0 0 0 06101/91 0 0 lzlousl o o.ooo°~ o o s.2oo°~ 0 0 0 06101!92 0 0 12101/92 0 0.000% 0 0 6.300°k 0 0 0 06/01193 0 0 12/01193 0 0.000% 0 0 6.400°h p 0 D 06101194 D 0 12101194 0 0.000% 0 0 6.500% 0 0 0 06101!95 0 12101/95 0 0.000% 0 839,877 6.600°h 400,123 0 1,240,000 1,240 OD0 06/01/96 0 , 12101196 0 0.000°h 0 2,162,444 6.700°~ 1,267,557 0 3,430,000 3,430 000 06!01197 0 , 12101!97 0 0.000% 0 1,976,704 6.800% 1,398,296 0 3,375,OOD 3 375 000 06/01/98 0 , , 12/01198 0 0.000% 0 1,835,372 6.850% 1,529,628 0 3,365,000 3 365 000 06/01199 0 , , 12!01199 0 0.000% 0 1,471,605 6.900°,6 1,428,395 0 2,900,000 2 900 000 06/01/2000 0 , , 12/0112000 0 ---------- 0.000°k --- 0 ---------- - 910,151 ---------- 7.000°k 1,029,849 0 1,940,000 1,940,000 D 0 9,196,152 --- ---------- -- 7,053,848 ----------- -- 16,250,000 ----------- 16,250,000 t 711 x709 10:51 AM Date 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 Savings Taken in 1994 thru 1999 TOWN OF VAIL,COLORADO SALES TAX REVENUE BONDS AS OF DECEMBER 1,1989 --------- ALTERNATIVE A -----____ ------------ ------------------- ALTERNATIVE C ------------------------ ------ Current Proposed Current Total Projected Current Less:Called Remaining Required Alternative Total Increase se) {D 1985 G.O. 1989 G.O. 1984 Warrants Debt Service 1985 G O Debt Service Debt Service Sinking Fund Debt Service Combined Over ---------- 2,698,195 641,875 598,538 ---------- 3 938 608 . . 1985 Bonds 1985 G.O. Deposits 1989 Issue ---------- ---------- -----"'-"- Debt Service --------- Alternative A ---- 2,697,570 640,405 595,788 , , 3,933,763 2,698,195 2 697 570 2,698,195 1,133,488 0 3,831,683 ----- {106,924) 2,702,070 837,735 597,069 4,136,874 , , 2 702 070 2,697,570 1,236,193 0 3,933,763 0 2,700,805 836,235 604,719 4,141,759 , , 2 700 805 2,702,070 1,434,804 0 4,136,874 0 2,697,960 842,315 607,700 4,147,975 , , 2 697 960 2,700,805 1,440,954 0 4,141,759 0 2,702,285 840,265 611,013 4,153,563 , , 2 702 285 2,697,960 1,417,166 0 4,115,126 {32,849) 2,701,640 840,335 609,138 2 699 615 4,151,113 , , 2,701,640 2,702,285 0 1,260,000 (2 701 640) 0 3,962,285 (191,278) , , 842,120 22,075 2,700,903 845 200 3,563,810 2,699,615 , , 3,430,000 (2,699,615) 0 3,430,000 (721,113) , 2,243,340 844 510 3,546,103 2,700,903 3,380,000 (2,700,903) 0 3,380,000 (163,810) , 0 0 3,087,850 2,243,340 3,360,000 (2,243,340) 0 3,360,000 (186,103) ---------- ---------- ---------- _ 0 - 0 2,900,000 0 2,900,000 (187,850} 26,544,383 8,010,995 4,246,038 -------- 38 801 415 ---------- 0 1,940,000 --_-"----- ---------- " -_-'-_"- ---------- 0 ---------- 0 -- , , 26,544,383 (10,345,498) 16,198,885 6,662,604 16,270,000 37,191,489 (1,609,926) Additional Funds to Escrow 648,485 Uses Of Bond Proceeds: Alternative B Alternative C Net Cash Flow Savings 19891ssue 19891ssue (961,441) Project Costs ---- -""---_--- Present Value Gain @ 1211!89 8,000,000 Defease 1984 Land Transfer Tax Warrants 8,000,000 388,463 Create Reserve Fund 0 3,148,485 Bond Insurance Premium 920,990 Underwriters Discount 78,815 89,485 Comparison of Alternative A to Alternative B: Costs of Issuance 129,155 156,568 Net Cash Flow Savings Funds of Issuer 39,989 42,856 (604,393) Reserve Fund from 1984 Issue 0 (2,606,924} Present Value Gain @ 1211/89 ___________ (541,561) 377,109 Total 8,247,959 ___ 9,209,900 ' It is anticipated that the debt service reserve fund will be invested so as to pay off the 2000 maturity. e ~a~~~~~ I lllafB9 $9,209,900 loll aM TOWN OF VAIL,COLORADO SALES TAX REVENUE BONDS MOODY'S Aaa -INSURED AS OF DECEMBER 1,1989 CURRENT INTEREST DATE ------ PRINCIPAL ---- 06/01190 ---------- 12/01!90 D 06101191 12101191 p 06/01/92 12!01!92 D 06!01!93 12/01193 0 06101194 12/01194 0 06/01/95 12/01/95 D 06!01196 12/01196 p 06!01!97 12/01/97 p 06101!98 12101198 0 06/01/99 12!01!99 D osro112oo0 12/01/2000 0 0 RE-OFFERING CURRENT DEFERRED DEFERRED INTEREST CURRENT INTEREST INTEREST DEFERRED TOTAL RATE INTEREST PRINCIPAL RATE -------- INTEREST TOTAL ANNUAL 0 - ---------- ----------- 0 ------------ 0.000% 0 0 6.100% 0 0 0 0 0 0.000% 0 0 6.200°~ 0 0 0 0 0 0.000% 0 0 6.300% 0 0 0 0 0 0.000% 0 0 6.400°b 0 0 0 0 0 0.000% 0 0 6.500% 0 0 0 0 0 0.000% 0 853,423 6.600% 406,577 1,260,000 1,260,000 0 0 0.000% 0 2,162,444 6.700% 1,267,557 3,430,000 3,430,000 0 0 0.000% 0 1,979,632 6.800% 1,400,368 3,380,000 3,360,000 0 0 O.000o/a 0 1,832,645 6.850ok 1,527,355 3,360,000 3,360 000 0 0 , 0.000% 0 1,471,605 6.900oh 1,428,395 2,900,000 2,900 000 0 0 , 0.000% 0 910,151 7.000°k ---- 1,029,849 -- 1,940,000 1,940,000 0 9,209,900 ------- -- 7,060,100 ----------- -- 16,270,000 ----------- 16,270,000 ~ o p ~vV ,IR-a® G~tly1~~Tr1Iv®p~ ~~sL19lLpJLe 7~ p ECppil17If~SLE rrt1~.,p®p~lJ 7l~© ~B.gJ~L y ~lqi~®T x~®AbIp1T1 7~~® ~L"9JleE~ 11 ['ALa Y6~ V Ela OJE ~®1® JU'~ SE18flES fl989 Proposed Pueblo SIB 60 Esfles Park ~rooreefneld ~eaeer Creek l~e~ro @/aafl Sir C.®.P. YJ.18.A. G.®> G.®. fires. 11/14 ~EIA fill/9 E~~-1 Il1/8 A-1/A ll®/2~ T~IBflA 9/15 ~e~r ~~17.2® fl$E17.2® ~~17.24 ~E17.19 E~17.1~6 Yneld fl9if~erereee Yae1d fl9i~~ereuece ~nefld flDnfffererece Yae1d ]®ifgerereee 1995 6.60 6.60 0 6.90 .30 6.50 (.10%) 1996 6.70 6.70 0 7.00 .30 6.60 (.10%) 1997 6.80 6.80 0 7.00 .20 6.70 (.10%) 1998 6.85 6.85 0 - - 6.80 (.05%) 1999 6.90 6.90 0 7.10 .20 6.90 (0) 2000 7.00 7.00 0 7.20 .20 6.90 (.10%) - - e O 14% 13% 12% 11% w 10% ~- 9% 8% 7% 6% 1979 BOND BUYER 20-BOND INDEX JANUARY 1979 TO OCTOBER 1989 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 DATE a o 7.8~ 7.7~ 7.6~ 7.5~ 7.4~ 0 w 7.3~ 7.2~ 7.1 7.0~ 6.9~ 6.8~ NOV DEC BOND BUYER 20-BOND INDEX 11/03/88 - 11/02/89 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DATE YI~L(~ ~. OS% ~. 0~% ~. ~2% ~% 7.98% 7.95% 7, 94% 7.92% ,} i _ ~~ l 9 3 5 7 9 1l 93 95 ~7 ~9 2~ 23 25 27 29 YF~RS TO i~'~4TURITY Q ,,, 0uwn 75 south frontage road vail, coloeado 81657 (303) 479-2100 office o4 mayor November 10, 1989 Vail Metropolitan Recreation District Board of Directors 292 West Meadow Drive Vail, Colorado 81657 Dear UMRD Board Members: The Town-Council -has had some discussion regarding UMRD projects and - - :would.l.ike to .share some ideas with you about how these types of projects might be approached- in-the future to enhance communication and the approval process.- We_can recall four projects over the past few months which have had somewhat less than optimal communication between our two bodies before proceeding. Those projects and the situation surrounding them as we see it are as follows: 1. Running Track at the Vail Athletic Field. The approval of building the running track around the athletic field was given by the VMRD without discussion with the Town Council and without submitting the required designs to the Design Review Board for approval before starting construction. Ode experienced a number of complaints from residents in the area and had difficulty responding since no approvals had been given. We still are receiving some complaints that the construction has not been completed and the area finally cleaned up and landscaped as would be required of any other construction project. 2. Ice Arena Bleacher Back Supports. Back supports in the bleacher area of the Ice Arena were installed without notice or discussion with the Town Council, as owner of the facility. The back supports seem to be a wonderful addition, but better communication could occur on this type of facility enhancement. 3. Ice Skating Surface at the Vail Golf Course Driving Range. The skating surface design, lighting, etc. should probably have been discussed with the Town Council and reviewed by DRB also. Vail Metropolitan November 10, 1989 Page 2 Recreation District Board of Directors 4. Executive Golf Course on Tract A of the Vail Village 13th Filing. The Town received notice to property owners for a meeting scheduled December 13th for discussion of the proposed executive golf course on Tract A. Ron Phillips has been in contact with Pat Dodson to request that this proposal be discussed with the Town Council before the property owners meeting since the land is owned by the Town of Vail. We feel that such a meeting would be beneficial to give the Council an understanding of the process VMRD is using in approaching this proposal and to give some type of preliminary permission to proceed with the process. We feel it is important for VMRD to recognize the following three points: 1. All these proposals are on property or within facilities owned by the Town of Vail and our lease agreements indicate that permission by the Town Council is necessary before making any substantial modifications. 2: - Those projects wh}-ch occur outside of structures, such as the running track and the ice skating rink, .require Design Review Board approval and, possibly, Planning Commission approval, before proceeding with the work. 3. The Town of Vail wants to support the VMRD in your efforts to provide recreation facilities and programs. Better coordination between the Council and the VMRD will avoid the miscommunication that occurred about the running track. This positive volunteer supported project could have avoided controversy if the two Boards had been better informed about the proposal. The Town of Vail in the last two to three years has begun submitting all of its development projects to the Planning Commission and Design Review Board when required. In the past, the Town of Vail was criticized for requiring the private sector to abide by the development review process while we sometimes proceeded on projects without working with our own Boards. We feel it is important that VMRD recognize and utilize the same processes so that you can avoid criticism by surrounding property owners and other residents of the District. I encourage closer communications on these types of issues. It is my understanding that Pat Dodson has agreed to come to the Town Counci l Vail Metropolitan Recreation District Board of Directors November 10, 1989 Page 3 work session next Tuesday afternoon to discuss all these projects and update the Council on what is taking place. We appreciate your cooperation in addressing these issues in the future. Sincerely, K t R. Ro s e~ ~ v ~°----°~ Mayor KRR/RVP/bsc cc: Vail Town Council Pat Dodson Ron Phillips Peter Patten ,`.o~V i d'i ~ tAGL"_ I~~JUfV I Y CC)`J I . V ~!A ; 1 1-1 ~i-f~ y ; 1 ~ U y~('+i ; GUUA~ I Y P~9hiVP,Gtr{~ EAGLE COUNTY X51 Broad~~ay Ea~l~~,Cclor~do ~q~q>5~I t~~J~ J~~ 711 iy89 `,~~ORI.D ALrIItiE V,A.ia..;'~E.Ar~'ER S::ItEFIi R~ S~ L~'~51~ ~,~,T~T~_ N~VF*q~~R. 13 . 14 8 ~ The Intergovern~nentai 12ecreaticnal Stud~~ Group ~~~t with the town councils of veil, Avon and the Eagle County Beard of Co~rmissio?~ars today to dfscuss recreational alternatives and the possikal~ financing nethods. The steady group is Wade up of r°presentatives of Vail, Avon and y~agi? Cr~unt~° and has ~aeen explor inch x'ecreational opportun~.ties for the past month. The group had `retained the services of 5taniey Bernstein as financial consultant and Jack Gardner of Ballard, Spahr, Andrews & Ingersoll as legal consultant to help them in their studies. Beard pf County Co:~mis~onar~ 4~~seor Clark a.~d Recorder Sheriff F'.o. Box 85+J P.O. Box 449 P.p. Box 537 P.O. Box 359 F~;sle, C:~lor~do $1531 ~ag12, dOlOSddo 81631 Eagl®, Calcrado $1b31 F~agla, Colorado 91631 'V ~vd l~~I4 r Ttra~s'ty ~:~ P.Q. fiox ~}7$ file, aola~a:~.r~ ?~c:~. SENT BY~cAGL~ COUNTY GOVT, ;11-13-b9 ~ 1~1GF~rl GOUNTY NI~,NAaEh-' 14''~~"'.:'i~.« '., F?.ESS _ ~tF~,~~F DATES ??(~yE~ib~'R 13 . , ~8~ (Page 2) - At today's meeting the general consensus was to further explore funding of rpcreatian through a county mill levy to provide recreational facilities. "j'de are pleased that €~11 three govarnnent entities have come to an aareenant on the county being the lead agency on this project," Cammissi;~ner Don Welch said. This is the first step in the planning process of pravidirq for much-needed recreational facilities in Eagle aunty. The facilities currently being d~.s; llssE'd taauld be located in the Ed;yards area, at the Eagle County fairgrounds, «nd in the El Jebel/Basalt area. "We have received very positive feedback from Eagle County residents an our Pfforts tiaus far. We hope that, ~tIV I Vii` ~ ~~.~aLt `~G~~~iv I Y ~UV !, ~ 1 i-1 3-~y ~ 1 = 1 U~f'~1 vWl~ I Y (Vil;IVA,uEh-+ i _~ ~ ~i.'i'; . ~ e O (Pegs 3) ~~ith their cc~r~tinued ;~uppart, our goal far inyreasing recreational oppartunities fer all Eagle County reside*~ts will be met," remarked Dun ~e'al ch . mh~ ~t'«}4ay g~'Gili Lill ~r'v~tirue ~c r~~~arCh C~st3 and ?lternati~E~ as to exactly what facilities are meat desirable and affordable, ad present the results to the reapecti~e gove-rnnents. a?~ie ~aard a$ Cour2ty Ce~mmissi,ene~'s trill present an~r recreational proposal rsguiring a county mill lev;~ to the voters prior to its implementation and thG final decisicr. gill rest with the voters. r.~$-Rory Mountain News -. ~. ;~ ~ k ~~.~:: A~tr ~~~ un Nav 12,1989 Oenrer Coto 'err °~'ti'rt'ua.T~ , ye 2~ ~.. a'x. 'u~1X''r ~~~ -r ~ ~`a ''" ---~~ ~.~r..:~, ~.~~, =~~eit~om page 92 ~ ~,,,.. Crudele on ®owo-How low can i t g o?/94` ~ .are," says I. William Berry, publish- .er of Ski Industry Letter, a trade .paper. "They take the long view; we • S ~ - ;,.: c '; ..... ` ~ live from quarter to quarfer." - But although the bids fre uently .-. .. ..... • ~ ~ _~. ? ~ : =~ ~ .are high, Japanese buyers also are r.,. ~ /'~ '` more choosy about their invest- ,.~. eY ~I_' ... ' h tend to want to buy quaG- .. .. • ~ ~ _ sa Sno-en mee mg s nch. t ., :,, , :... ® .. ® ty;' Ys g r Bra - Japanese companies ha "They don't want to buy problems. been paying sky~tigh pri They also tend not to be interested ^ for prominent U.S. ski res -in start-up situations because of the -'~--- • f r7 In the m(d-Y980S, ski ari ..numerous unknowns, including deal- • ~ • ~- • ~' °- -' *'~•-- - ~ ~ ~ • _, ~ ~ generally sold for,S40 ant ing with government agenaes . - per skier visit, but now tl Most observers think the a a doubted and tripled In sc J p - ' Cases, . nese push for such high-end, elite"- - ..,- _ .. _ _ ~ ,~, ._ _ . :, ; . .t<` .--~ .,..~..-~~.: ~ resorts probably will continue= I I ~' • : -^ ~' * - " ~ r' ~' ~~ 'especially with a few Japanese coin- V~ `~.c o m p a n i e s may I o s e• o u f f ~~ i x r ~`~ ~ games already in the market. Colo- I ~ ~ . > y rado, with its well-established ski as resort p r i ces~'g o sky- h i g h ~ 1 ` ~ • ~ ~ ~ ~ ~. community, will continue to be at- '~~ "~, :' - .tractive for future foreign invest- c 4ti ~ ` ~` g; ~ ment, [hey contend. ' of Sno-engineering Inc., a Littleton, , :- ~ 9,rv ~#- ' ey DOW KWOX ~ . •' ~• : ° N.H: based coin an that rformed ~ ~, ~. ~" '~ • ' But don't look for the japatiese to Rocky Mountain News Stott Writer ~ the appraisals on two recent sales. , " • t ~ "' ~ a,ti - ~ ~ t ~E buy upjust any ski area. ' ' ' = " ' • `r'" ~ ~t K 1` `1 These (high-priced) deals have ='1 think the purchase prices now «,,: ~~'t °" s~.x,ri been romanticized to some extent," 'Japanese companies own only adequately reflect the true values of ~ ~,.~; ~' ~ ~ ~ ,r ; i r ` .• "~~ 3, ~` three of the nation's 600 ski areas. those resorts," he says. a i ~„'tt :: ' ° says SKI's Jenson. "Publicly, they ~ ~` : r~ "'~ have changed everybody's expecta- But, oh, what a price they've paid. Like other businesses, ski areas ~ ~. lions about what theski area may be' I. Emerging financial information are valued along traditional financial ~{ a worth on the market. It's sometimes : theunation's ski industs sh swbem t lines: the value of assets, the amount ' ° .a difficult.to: get people to understand - rY g of cash (low, the earnings and poten- broadly revalued by Japanese roves- tial for growth. ~ - ~ - the::difference between their ski area and what the a anese aze look ' ' tors. But to get a rough idea of value, ~ ~ ~ j P The yen-rich Japanese are shell- the industry traditionally has used a ~ ing Eor z ;• ~ ..~„ ~. ing out two and sometimes three sometimes inexact barometer, the , ~~ ' - ^~'~*~'"~-~+' ii4mo';p~i'1 .times traditional market prices for sale price divided by the number of s '. - 'premium mountain resorts, industry .lift tickets sold each year. ~ '~` .observers say. Aud the bidding could In recent years, that figure has i i ~ ~ ~ go higher. ~ ~ ~ ~ hovered between $40 and $50. But " ~+ i~ ~'_ ''"~~ - ""'"~" ~~j.:The new investors promise to ,Japanese investors have pushed that ~ r """'""' ~Sbring loads of capital that will fuel ;standard dramatically higher -: St-3t$Ot1 f~tfie St@efnboat BI'eCketlrldge new development and bring more sometimes as- much as $200, de- r t r 'jobs to the United States. But their pending on the amount of land in- `;@/~UBti®69t `~:O~Orat~O COfOradO 'entrance may make it extremely volved. The Steamboat'ski area in Victoria Co. Ltd. of Tokyo Komori Kanko, a Tokyo's Victoria Co. • difficult for American companies to northwest Colorado is believed to Closed its purchase Of t t Sapporo, Japan- 'Ltd. purchased make similar investments. 'have sold in September for $100 the 438-acre resort In based recreation I Breckenridge In ' • In Colorado, where Japanese in- .million - or about $100 for each May. Stratton attracts Company, paid a June 1988. Although :'"=vestors have gobbled up the skier visit. ~ only about a third as many skiers .reported $100 million in Sep• Breckenridge had relatively small ' Breckenridge and Steamboat ski ar- . Nowhere was the trend more evi- annually as Breckenridge, but real tember for Colorado's third land holdings and competes with •' eas, the effect could be greater than dent than in last year's sale of the estate holdings boosted price. •-~ •• largest sW area. - ~ • , three other ski areas In Summit elsewhere. The state attracts 2095 Breckenridge ski area, Colorado's oEstimatedprices '" ' '- "'' County. , of all U.S. skiers, more than any second-largest, to Tokyo-based Vic- ' ' .. other. toria Co. Ltd., observers say. i I ~ Rocky Mountain News The Japanese ma .: - - :. , y "mess up the "Traditional" economics led SKI ~• .""' :^~ > _ • ' '' '• ' t ' • ~ ~ - leisure-time market by paying ab- Ltd., a Killington, Vt: based comps- ing prices up so rapidly, it's making ,experts cite a number of factors. between Japanese companies and - surd prices the way they messed up ny that owns three large ski resorts, it more difficult to find good values." _.. First, the Japanese aze aided by .their bankers fosters a progressive 'the art market when they seta $40 , to value Breckenridge at about $30 Victoria, a privately held sport- the relative weakness of the dollar .attitude about investing. million price (or Van Gogh," says million. But Victoria paid close to ing-goods company, expanded its and by access to low-interest capital. But most often, industry observ• John Westergaard, an analyst with $70 million, according to Wester- U.S. holdings, with the estimated In Japan, the prime lending rate runs ers point to the most apparent dif- . New York-based .Equity Research gaard. ~ _ $70 million - $200-a-skier -put- .below 545 -less than half the ference between American inves- _ 'Associates. ,• The high price probably will make chase of Stratton Mountain at Strat- current U.S. prime rate of 10'/x45. -tors and Japanese investors• The . .But others insist the Japanese are ~ it more difficult for SKI to continue ton, Vt: The relative price was far .. "With their capital structure, Japanese buy with the intention of - ;paying fair prices (or resorts that its ambitious expansion plans,. says higher than Breckenridge's, howev- .they can probably pay 3 to 4 times holding for the long-term, possibly _'. probably were undervalued in the ~ Jonathan Vicary, the company's cor- . er, because the Stratton holdings what American companies can pay," forever. past. porate relations coordinator. included valuable commercial prop-. :says Larry Jenson, the SKI execu- ,:,?'On a lot of levels, the Iapanese • "The acquisition prices were ex- "SKI is in a very good position to ~ erty and lucrative land holdings. :. five in charge of finding potential ski are smarter businessmen than we • tremely close to the appraisal be acquiring existing ski areas," he Whae's spurring the Japanese to 'areas for the company to buy. prices,' says Jim Branch, president says. 'But with the Japanese push- submit such bloated bids? Industry - 'Branch says the close relationship - • -.. See SKI, pogo 101 ., . - ~ :._ . '' . ~ o .... ,,,.... ,:• area," says I. William Berry, pub- makes it a prime stomping ground lotion that the rest of his empire may - By DOW KWOX "' fisher of Ski Industry Letter, a trade for Japanese buyers. be shaky as well. The Wall Street Rocky Mountain News Stott Writer ~ newspaper. "It's worth at least as "Apart from its financial strength 'Journal last week detailed such much as (the $200-a-skier price paid is its image, its reputation," Berry problems in a lengthy "Heard on the ' George Gillett insists he'N never .for) Stratton Mountain in Ver- says. "Any survey that has ever Street" feature. sell his Vail and Beaver Creek ski monL" ~ been run in recent times, Vail comes • areas. .. .~ ., Jim Branch, president of Sno-en- up runaway No. 1 in the country. No .The Journaf quoted unidentified But who could blame him if he did. gineering Inc., a New Hampshire one is even close." Gillett investors as saying he should With Japanese investors pushing ski-consulting firm, says recent ac- Gillett enjoys Vail so much that he sell the resorts and pay down debt in the price of ski resorts into the quisitions and expansions by Gillett moved there permanently last year other parts of his empire. But the ' stratosphere, Gillett's Vail Asso- have no doubt increased Vail's at- ,from Nashville. And despite financial newspaper, like Gillett himself, said • crates Inc. could fetch $300 million tractiveness to buyers. '' ~ ,troubles in his television businesses, that these days. • • -• ~:~ ~ - •-'?r; ~"George and his excellent man- 'Gillett says Vail and Beaver Creek _ Probably would not happen. Not a bad return on an investment ' agement team have made a tremens ' won't. be affected. "They're coin- - ~~ Btit~~if `it did,- Vail undoubtedly that, just four years ago, set the 'dons investment there; ' he says.. ' pletely separate companies; ' be has _ :,would bring a stellar price: ,' ,' - . ? television-station magnate and avid "They have a real vision." ~ ~• -_ _ ..~ :. ;. • ~ fei: skier back $131 million. In~recent ears, Vad' the nations sold, ~ ~ ~ _ Y a.i ,Nevertheles's, Gi1letYs 5545 own ' "The Japanese have a very strong - "[ don't see a stronger property ' largest ski area, has gained a solid . ership in' debt-laden Denver-based penchant for'that kind of quaht ,". ! George Gillett as tar as value in any American ski gold cachet wi[hin'tfie indtistry•that '' SCt Television Inc: has led C"o' ecw"`'i,B, i' ~g"_i"'' 'i' `~'""~ >-~~__~~.____~~_.._..,=nse.._m,-__-___._,.___~..~.d...i „ .,3 ~_~ , .:~P~., . at„ -.~~i;~~$'ni zr zol ri :~iduur: Lrd $. ... ,~. MEMORANDUM T0: Pat Dodson FROM: Ron Phillip DATE: November 2, 1989 SUBJECT: Proposal for Executive Golf Course on Tract A of the Vail Village Thirteenth Filing I received a copy of your notice to property owners yesterday concerning the proposed executive course as noted above. I appreciate receiving a copy of the notice, but would suggest that it might be appropriate to discuss the proposal with the Vail Town Council as owners of the property before the public meeting is held. It seems that some discussion of the proposal and the decision making process you intend to use would be appropriate with the Town Council. I will be happy to schedule the discussion item for a work session prior to December 13, if you so desire. This probably would have been appropriate to discuss with the Town Council/VMRD Coordination Committee as well, before going public. RVP/bsc cc: Vail Town Council .., ,. ,. REC"L N 0 V - 1 1989 292 west meadow drive • vail, Colorado 81657 • 303/479-2279 October 30, 1989 To: The Property Owners in the 3rd, 11th, 12th, and 13th filings of Vail, Colorado Dear Resident: The Vail Metropolitan Recreation District is pursuing the possible development of a 9 hole, par 3 golf course on the property adjacent to Bald Mountain Road. This letter will serve as notification of a public hearing on the project, to be held at the VMRD Board meeting scheduled for December 13, 1989, at 6:00 pm. in the Town Council Chambers. The reason for this meeting is to obtain input prior to the District spending any dollars on this project. No decision will be made until after this meeting. We are anxious to hear your comments and concerns in reference to the development of this area. Sincerely, Patrick J. Dodson Director, VMRD PJD/mhv .. -;. , MEMORANDUM T0: Vail Town Co cil FROM: Ron Phillip DATE: November 2, 1989 SUBJECT: Proposals for Town of Vail Owned Facilities by VMRD Please find attached a memorandum to me from Pat Dodson concerning actions and proposals for Town owned land and facilities. The memo dated October 26 was in response to a discussion I.had with Pat about the back supports in the ice arena and the proposed ice skating surface on the golf course driving range. I suggested that before making decisions to make improvements on Town owned facilities and changing uses on Town owned property, it might be appropriate to inform the Council of the plans and receive the Council's concurrence before proceeding. The back supports in the bleacher area of the ice arena are very nice and are a wonderful addition. The liquor license for the golf course was discussed at the last work session with the Council by Rick Sackbauer of Satch's Restaurant. The ice skating surface on the golf course driving range is to be installed by approximately December 1. The notice to property owners concerning the proposed executive course on Tract A of Vail Village Filing 13 is self-explanatory. I will assume that the Town Council gives permission for the items listed in Pat's October 26 memo unless the Council brings these up and wants further discussion. Obviously, the liquor license issue has to meet the conditions the Council placed on it last week. I am hoping that in response to my memo to Pat concerning the executive golf course, that the VMRD will schedule a discussion with the Council before the December 13 public meeting. RUP/bsc cc: Charlie Wick Peter Patten Larry Eskwith ..~ y TO: RON PHILLIPS -~~ . FROM : PAT DODSON i ~ i ; DATE: OCTOBER 26, 1989 SUBJECT: CHANGES THAT MAY AFFECT OUR CONTRACT WITH THE TOV 1. Dobson Ice Arena. Through recent negotiations with the World Wide Church of God and their need for back supports in the bleacher area, VMRD has allowed the WWCG to install detachable backs to the bleacher seats. If the Town has no objections VMRD will pursue the purchase and permanent installation of these seat backs. 2. Liquor License for entire Golf Course. Satch's restaurant has requested licensing the entire golf course allowing people to have alcoholic beverages on sleigh rides in the winter and sell alcohol in the summer. They are currently going through the liquor licensing process. The District has approved their request for this license. 3. Natural ice skating surface on the golf course driving range. VMRD has approved spending $25,000 towards the installation of a 200' x 85'natural ice surface. This recreation amenity would include: -lights -sound -dasher boards - behind goals only -rental skates Activities that would be scheduled are: -public skating -hockey -figure skating -speed skating This ice surface should be ready by December 1 through February 28. 1989. If there are any concerns on any of these matters, please let me know ASAP. Your sincere help and cooperation is appreciated. ORDINANCE NO. 29 SERIES OF 1989 AN ORDINANCE AUTHORIZING THE ISSUANCE OF TOWN OF VAIL, COLORADO SALES TAX REVENUE BONDS, SERIES 1989 AND THE CONSTRUCTION, IMPROVEMENT AND ACQUISITION OF A PUBLIC PARKING FACILITY AND OTHER APPURTENANCES INCIDENTAL THERETO; PROVIDING THE FORM, TERMS AND CONDITIONS OF THE BONDS, THE MANNER AND TERMS OF ISSUANCE, THE MANNER OF EXECUTION, THE METHOD OF PAYMENT AND THE SECURITY THEREFOR; PLEDGING A PORTION OF THE SALES TAX PROCEEDS OF THE TOWN FOR THE PAYMENT OF SAID BONDS; PROVIDING CERTAIN COVENANTS AND OTHER DETAILS AND MAKING OTHER PROVISIONS CONCERNING THE BONDS AND THE DESIGNATED SALES TAX REVENUES; RATIFYING ACTION PREVIOUSLY TAKEN AND APPERTAINING THERETO; AND REPEALING ALL ORDINANCES IN CONFLICT HEREWITH. NOW, THEREFORE, BE I'T ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO: Section 1. Definitions. Terms used in this Ordinance shall have the meanings specified in this section for all purposes of this ordinance and of any ordinance amendatory hereof or supplemental hereto, or relating hereto, and of any instrument or document appertaining hereto, except where the context by clear implication herein otherwise requires. All definitions include the singular and plural and include all genders. "Additional Bonds" means the one or more series of bonds or other securities or obligations authorized to be issued by the Town pursuant to Section 17 hereof and having a lien on the Pledged Revenues on a parity with the lien of the 1989 Bonds. "~,pnreciated Principal Amount" means: (i) on each June 1 and December 1 semiannual compounding date, the appreciated principal amount of the 1989 Bonds as shown in the Table of Appreciated Principal Amounts as set forth in Exhibit B attached hereto and (ii) on any other date, an amount equal to the sum of the appreciated principal amount of the -2- 1989 Bonds as of the semiannual compounding date immediately preceding such date plus the amount as determined by the formula: I = (A-B)(X/6); where "I" is the accrued interest on the 1989 Bonds to such date, "A" is the appreciated principal amount as of the semiannual compounding date immediately succeeding such date, "B" is the appreciated principal amount as of the semiannual compounding date immediately preceding such date and "X" is the number of months such date follows the semiannual compounding date immediately preceding. "Average Annual Debt Requirement" means the sum of the principal of and interest on the Bonds, excluding any securities the principal of which is payable within less than one year from the date of computation, but including any Additional Bonds proposed to be issued and the Series 1985 Bonds for purposes of the computation required by Section 17 hereof, to be paid during each Fiscal Year for the period beginning with the Fiscal Year in which such computation is made and ending with the Fiscal Year in which any Bond last becomes due at maturity or on a redemption date on which any Bond thereafter maturing is called for prior redemption, whichever is later divided by the number of full Fiscal Years during the period beginning with the Fiscal Year in which such computation is made and ending with the year any Bond last becomes due at maturity or on a redemption date on which a Bond thereafter maturing is called for prior redemption. "Bond Fund" means the fund created by Section 14.8. hereof. "Bond Insurer" means "Bond Insurance Policy" means the municipal bond insurance policy issued by the Bond Insurer guaranteeing the payment of principal and interest on the 1989 Bonds. "Bond Reserve Insurance Policy" means any insurance policy, surety bond, irrevocable letter of credit or similar instrument deposited in or credited to the Reserve Fund in lieu of or in partial substitution for moneys on deposit therein. The issuer providing any such Bond Reserve Insurance Policy shall be an issuer which has been then currently assigned an AAA rating or a comparable rating by IV[oody's Investors Service, Inc., Standard ~ Poor's Corporation or their successors. "Bonds" means the 1989 Bonds and any Outstanding Additional Bonds. -3- "Charter" means the Home Rule Charter of the Town, including all amendments thereto prior to the date hereof. "Commercial Bank" means any depository for public funds permitted by the laws of the State for political subdivisions of the State which has a capital and surplus of $10,000,000 or more, and which is located within the United States. "Construction Fund" means the fund created by Section 13 hereof. "Escrow Account" means the Escrow Account established pursuant to the Escrow Agreement with the Escrow Bank. "Escrow Agreement" means the Escrow Agreement between the Town and the Escrow Bank dated as of December 1, 1989. "Escrow Bank" means Central Bank Denver, Rlational Association. "Fiscal Year" means the twelve months commencing on the first day of January of any calendar year and ending on the thirty-first day of December of such calendar year or such other twelve month period as may from time to time be designated by the Town Council as the Fiscal Year of the Town. "Governmental Obli ations" means any of the following which are noncallable and which at the time of investment are legal investments under the laws of the State for the moneys proposed to be invested therein: (a) Direct general obligations of, or obligations the payment of principal of and interest on which are unconditionally guaranteed by, the United States of America; (b} Bonds, debentures, notes or other evidences of indebtedness issued or guaranteed by any of the following: Bank for Cooperatives; Federal Intermediate Credit Banks; Federal Home Loan Banks; Federal Farm Credit Banks; Export-Import Bank of the United States; Federal Land Banks; Government lilational 1Vlortgage Association; Federal Financing Bank; or Small Business Administration; or any other agency or instrumentality of the United States of America (created by an Act of Congress) substantially similar to the foregoing in its legal relationship to the United States of America, provided that, -4- at the time of purchase, such obligations are rated in the highest rating category of Standard & Poor's Corporation or its successors; or (c) Evidences of ownership interests in obligations described in paragraph (a) or (b) above. "Income Fund" means the special fund by that name created by Section 14.A. hereof. "1989 Bonds" means the Sales Tax Revenue Bonds, Series 1989, in the aggregate principal amount of $8,000,000. "Ordinance" means this Ordinance of the Town, which provides for the issuance and delivery of the 1989 Bonds. "Outstandine" means, as of any date of calculation, all Bonds theretofore executed, issued and delivered by the Town except: (1) Bonds theretofore cancelled by the Town, Registrar or Paying Agent, or surrendered to the Town, Registrar or Paying Agent for cancellation; (2) Bonds in lieu of or in substitution for which other Bonds shall have been executed, issued and delivered by the Town and authenticated by the Registrar unless proof satisfactory to the Registrar is presented that any such Bonds are duly held by the lawful registered owners thereof; or (3) Bonds deemed to have been paid as provided in Section 20 hereof. "Owner" or "registered owner" shall mean the registered owner of any 1989 Bond as shown on the registration books kept by the Registrar. "Parking Facilities" means all existing parking facilities, all parking facilities to be constructed, otherwise acquired and equipped with the proceeds of the 1989 Bonds and all future parking facilities operated by the Town, which facilities include all improvements, extensions, enlargements, additions or betterments to, or replacements of. "Pa i~! ng_ Agent" means Central Bank Denver, 1Vational Association, Denver, Colorado, being the agent for the Town for the payment of the 1989 Bonds and interest thereon, or its successors and assigns. -5- "Person" means any individual, firm, partnership, corporation, company, association; joint-stock association or body politic; and the term includes any trustee, receiver, assignee or other similar representative thereof. "Pledged Revenues" means: (i) the revenues derived from the Pledged Sales Tax; (ii) any additional taxes (other than a general ad valorem tax), funds or revenues which the Town hereafter pledges to the payment of Bonds; (iii) proceeds of the Bonds or other legally available moneys deposited into and held in the Bond Fund and the Reserve Fund; and (iv) interest or investment income on the Income Fund, the Bond Fund and the Reserve Fund; all to the extent that such moneys are at any time required by Section 14 hereof to be deposited into and held in the Income Fund, and the Bond Fund and the Reserve Fund. "Pledged Sales Tax" means that one-half of the proceeds of the Sales Tax which is also pledged to the payment of the Series 1985 Bonds. "Pledged Sales Tax" does not include incremental sales taxes which are or may be pledged to the payment of the bonds pursuant to an urban renewal plan as defined in 31-25-103(a), C.R.S or a plan of development as defined in 31-25-802 (6.4) C.R.S. "Pledged Sales Tax" does not include amounts withheld by retailers and vendors to cover their expenses in collecting and remitting the Pledged Sales Tax, and Pledged Sales Tax does not include amounts collected by the Town and subsequently determined, pursuant to the applicable Sales Tax Ordinances, to be subject to valid claims for refunds. "Pledged Sales Tax" does not include the proceeds of any increase in the Sales Tax which may be approved in the future, unless such increase is expressly pledged by the Town. "Pledged Sales Tax" does include one-half of the proceeds derived by the Town from any legally available tax or taxes or fees (other than a general ad valorem tax) which replace or supersede the Pledged Sales Tax, regardless of whether such tax or taxes or fees are imposed by the Town or the State or other political subdivision thereof. "Preliminary Official Statement" means the Preliminary Official Statement dated 1989. -6- "Purchase Contract" means the Purchase Contract between the Town and the Purchaser dated , 1989. rchaser" means Kirchner, R~Ioore & Company. "Rebate Fund" means the fund created by Section 14.F. hereof. "Registrar" means Central Bank Denver, National Association, Denver, Colorado, being the agent for the Town for the registration, transfer and exchange of the 1989 Bonds, or its successors. "Re istrar Agreement" means the Registrar Agreement between the Town and the Registrar dated as of December 1, 1989. "Reserve Fund" means the fund created by Section 14.C. hereof. "Sales Tax" means the tax upon the sale and use of goods and services which is currently being levied by the Town pursuant to the Sales Tax Ordinances and any future or amended tax levied by the Town as a sales and use tax. "Sales Tax Ordinances" means the ordinances adopted by the Town Council of the Town for the purpose of adopting and enforcing the Sales Tax and which are in effect on the date of this Ordinance and as later amended or supplemented. "Series 1984 Warrants" means the Town's outstanding Refunding Land Transfer Tax Anticipation Warrants, Series 1984, dated 1•ilay 15, 1984. "Series 1985 Bonds" means the Town's outstanding General Obligation Refunding Bonds, Series 1985, dated as of November 15, 1985. "Series 1985 Ordinance" means Ordinance No. 23, Series of 1985, as amended by Ordinance No. 29, Series of 1985. "State" means the State of Colorado. "Tax Code" means the Internal Revenue Code of 1986, as amended. "T'own" means the Town of Mail, Colorado. '"Y'own Council" means the Town Council of the Town or any successor in functions thereto. '"Trust Bank" means a Commercial Bank which is authorized to exercise and is exercising trust powers. -7- Section 2. Recitals. A. The Town is a municipal corporation duly organized and existing under the Town's Charter adopted pursuant to Article X~ of the Constitution of the State of Colorado. B. Section 10.6 of the Charter permits the Town to issue securities made payable solely out of the proceeds of any sales taxes, or from any portion thereof, or solely from net revenues derived from the operation of an income-producing project or any combination, of sales taxes and net revenues without an election. C. The Town imposes a Sales Tax pursuant to Section 11.1 of the Charter and the Sales Tax Ordinances. D. The Town has pledged one-half of the revenues from the Sales Tax to the payment of the Series 1985 Bonds and, on a subordinate basis, to the Series 1984 Warrants. E. The Town has legally available funds which when combined with the Reserve Fund for the Series 1984 Warrants will be sufficient when invested to pay the principal of and interest on the Series 1984 Warrants as the same become due on and after December 1, 1989 and on or before December 1, 1994, the prior redemption date of the Series 1984 Warrants. F. Pursuant to the Series 1985 Ordinance, the Town issued the Series 1985 Bonds and agreed to pledge and set aside the Pledged Sales Tax to pay the principal of and interest on the Series 1985 Bonds, provided that the Pledged Sales Tax could also be pledged and used for the payment of the principal of and interest on other additional general obligation bonds of the Town which may be issued thereafter on a parity with or subordinate to the Series 1985 Bonds with respect to the Pledged Sales Tax. The Series 1985 Ordinance also provided that, to the extent that the principal of and interest on the Series 1985 Bonds and any additional parity general obligation bonds are fully provided for in any Fiscal Year by tax revenues and other moneys legally available therefore, the Town is authorized to use such excess Ptedged Sales Tax for other purposes, including, but not limited to, payment of special non-general obligation bonds of the Town which may not be issued on a parity with the Series -8- 1985 Bonds, but only may be issued in a subordinate and inferior position to the claim of the Series 1983 Bonds to the Pledged Sales Tau. G. The Town Council has determined that by depositing existing fund on hand together with the reserve fund for the Series 1984 Warrants with the Escrow Bank and investing such funds in Governmental Obligations, -the Town can provide for the payment of the principal of and interest on the Series 1984 Warrants and can eliminate the lien of the Series 1984 Warrants on the Pledged Sales Tax thus making it possible to issue at favorable rates the 1989 Bonds for the purposes herein contemplated. H. Except for the Series 1985 Bonds and bonds which have been paid or defeased as of the date of issuance of the 1989 Bonds, the Town has never pledged the Pledged Sales Tax to the payment of any bonds or for any purpose with the result that the Pledged Sales Tax may now be pledged (with a lien which is subordinate to the lien for the Series 1985 Bonds) lawfully and irrevocably for the payment of the 1989 Bonds. I. The Town has received a proposal from the Purchaser for the purchase of the 1989 Bonds for the purpose of defraying in whole or in part the costs of the Parking Facilities. J. There have been presented to the Town Council the proposed forms of the following documents: the Purchase Contract; the Registrar Agreement; the Escrow Agreement; and the Preliminary Official Statement. l~. The Town Council is desirous of causing the 1989 Bonds to be issued, of authorizing and directing the application of the proceeds thereof as set forth herein, and of providing security for the payment thereof, all in the manner hereinafter set forth. Section 3. Ratification. All actions heretofore taken (not inconsistent with the provisions of this Ordinance) by the Town Council and other officers of the Town in the imposition and collection of the Sales Tax, in providing the Parking Facilities, in selling and issuing the 1989 Bonds for those purposes and in providing for the payment of the Series 1984 Warrants hereby are, ratified, approved and confirmed. Section 4. Authorization of Parkin¢ Facilities and Defeasance of Series 1984 Warrants. The Parking Facilities are hereby authorised at a cost of not exceeding $8,000,000 -9- (excluding costs to be paid from sources other than the original proceeds of the 1989 Bonds). The establishment of the Escrow Account with the Escrow Bank and the deposit of moneys of the Town, together with the reserve fund for the Series 1984 Warrants, therein for the purpose of providing for the payment in full of the principal of and interest on the Series 1984 Warrants is hereby authorized. Section 5. Authorization of the 1989 Bonds. There are hereby authorized to be issued fully registered sales tax revenue securities of the Town, to be designated "Town of i/ai1, Colorado, Sales Tax Revenue Bonds, Series 1989" in the aggregate principal amounts of $8,000,000, to be payable and collectible, both as to principal and interest, from the Pledged Revenues. Section 6. 1989 Bond Details. The 1989 Bonds shall be issued in fully registered form (i•e•. registered as to both principal and interest), shall be dated the date of the original delivery of the 1989 Bonds, shall be issued in the denomination of $5,000 value at maturity or any integral multiple thereof (provided that no 1989 Bond may be in a denomination which exceeds the Appreciated Principal Amount coming due on any maturity date, and no individual 1989 Bond will be issued for more than one maturity) and shall be numbered in such manner as the Registrar may determine. The 1989 Bonds shall bear interest from their date compounded on each interest payment date and payable only upon maturity. The Series 1989 Bonds shall mature and become payable on December 1 in each of the designated years and in the respective aggregate Appreciated Principal Amount and shall bear interest compounded semiannually as follows: Original Principal Aggregate Appreciated Maturity Amount Per $5,000 gnterest Principal Amount At Date tlalue at li~aturity Rate Aiiaturity The Appreciated Principal Amount of any 1989 Bond shall be payable to the registered owner thereof as shown on the registration records kept by the Registrar, upon -10- maturity thereof and upon presentation and surrender at the Paying Agent. If any 1989 Bond shall not be paid upon such presentation and surrender at or after maturity, it shall continue to draw interest at the same interest rate borne by said 1989 Bond until the principal thereof is paid in full. All such payments shall be made in lawful money of the United States of America without deduction for the services of the Paying Agent or Registrar. Section 7. Prior Redemption. The 1989 Bonds shall not be subject to redemption prior to their respective maturities. Section 8. Special Obli ations. All of the 1989 Bonds, together with the interest accruing thereon, shall be payable and collectible out of the Pledged Revenues, which are hereby irrevocably so pledged; the owner or owners thereof may not look to any general or other fund for the payment of principal and interest on the 1989 Bonds, except the designated special funds pledged therefor; and the 1989 Bonds shall not constitute an indebtedness nor a debt within the meaning of any applicable charter, constitutional or statutory provision or limitation; nor shall they be considered or held to be general obligations of the Town; and each of the 1989 Bonds herein authorized to be issued shall recite on its face that it is payable and collectible from the Pledged Revenues, and that the owners thereof may not look to any general or other fund for the payment of the Appreciated Principal Amount on the 1989 Bonds. Section 9. Ide otiability. Subject to the registration provisions hereof, the 1989 Bonds shall be fully negotiable and shall have all the qualities of negotiable paper, and the owner or owners thereof shall possess all rights enjoyed by the holders or owners of negotiable instruments under the provisions of the Uniform Commercial Code-Investments Securities. The Appreciated Principal Amount of and interest on the 1989 Bonds shall be paid, and the 1989 Bonds shall be transferable, free from and without regard to any equities between the Town and the original or any intermediate owner of any 1989 Bonds or any setoffs or crossclaims. Section 10. Execution. The 1989 Bonds shall be executed in the name and on behalf of the Town by the signature of the 1blayor, shall be sealed with a manual or facsimile impression of the seal of the Town and attested by the signature of the Town Clerk. Each 1989 Bond shall be authenticated by the manual signature of an authorized officer or employee -11- of the Registrar as hereinafter provided. The signatures of the Mayor and the Town Clerk may be by= manual or facsimile signature. The 1989 Bonds bearing the manual or facsimile signatures of the officers in office at the time of the authorization thereof shall be the valid and binding obligations of the Town (subject to the requirement of authentication by the Registrar as hereinafter provided), notwithstanding that before the delivery thereof and payment therefor or before the issuance of the 1989 Bonds upon transfer or exchange, any or all of the persons whose manual or facsimile signatures appear thereon shall have ceased to fill their respective offices. The Mayor and the Town Clerk shall, by the execution of a signature certificate pertaining to the 1989 Bonds, adopt as and for their respective signatures any facsimiles thereof appearing on the 1989 Bonds. At the time of the execution of the signature certificate, the 1~Rayor and the Town Clerk may each adopt as and for his or her facsimile signature the facsimile signature of his or her predecessor in office in the event that such facsimile signature appears upon any of the 1989 Bonds. RTo 1989 Bond shall be valid or obligatory for any purpose unless the certificate of authentication, substantially in the form hereinafter provided, has been duly manually executed by the Registrar. The Registrar's certificate of authentication shall be deemed to have been duly executed by the Registrar if manually signed by an authorized officer or employee of the Registrar, but it shall not be necessary that the same officer or employee sign the certificate of authentication on all of the 1989 Bonds issued hereunder. By authenticating any of the 1989 Bonds initially delivered pursuant to this Ordinance, the Registrar shall be deemed to have assented to the provisions of this Ordinance. Section 11. Registration. Transfer and Exchange. A. Records for the registration and transfer of the 1989 Bonds shall be kept by the Registrar, which is hereby appointed by the Town as registrar (i.e., transfer agent) for the 1989 Bonds. Upon the surrender for transfer of any 1989 Bond at the Registrar, duly endorsed for transfer or accompanied by an assignment duly executed by the registered owner or his attorney duly authorized in writing, the Registrar shall enter such transfer on the registration records and shall authenticate and deliver in the name of the transferee or transferees a new 1989 Bond or Bonds of the same series, of a like aggregate Appreciated -12- Principal Amount and of the same maturity, bearing a number or numbers not previously assigned. 1989 Bonds may be exchanged at the Registrar for an equal aggregate Appreciated Principal Amount of 1989 Bonds of the series and the same maturity of other authorized denominations. The Registrar shall authenticate and deliver a 1989 Bond or Bonds which the registered owner making the exchange is entitled to receive, bearing a number or numbers not previously assigned. The Registrar may impose reasonable charges in connection with such exchanges and transfers of 1989 Bonds, which charges (as well as any tax or other governmental charge required to be paid with respect to such exchange or transfer) shall be paid by the registered owner requesting such exchange or transfer. B. The person in whose name any 1989 Bond shall be registered on the registration records kept by the Registrar shall be deemed and regarded as the absolute owner thereof for the purpose of making payment thereof and for all other purposes; and, subject to such exception, payment of or on account of any 1989 Bond shall be made only to or upon the written order of the registered owner thereof or his legal representative, but such registration may be changed upon transfer of such 1989 Bond in the manner and subject to the conditions and limitations provided herein. All such payments shall be valid and effectual to discharge the liability upon such 1989 Bond to the extent of the sum or sums so paid. C. If any 1989 Bond shall be lost, stolen, destroyed or mutilated, the Registrar shall, upon receipt of such evidence, information or indemnity relating thereto as it and the Town may reasonably require, authenticate and deliver a replacement 1989 Bond or Bonds of a like aggregate Appreciated Principal Amount and of the same maturity, bearing a number or numbers not previously assigned. If such lost, stolen, destroyed or mutilated 1989 Bond shall have matured or is about to become due and payable, the Registrar may direct the Paying Agent to pay such 1989 Bond in lieu of replacement. I~. The officers of the Town are authorized to deliver to the Registrar fully executed but unauthenticated 1989 Bonds in such quantities as may be convenient to be held in custody by the Registrar pending use as herein provided. E. Vilhenever any 1989 Bond shall be surrendered to the Paying Agent upon payment thereof, or to the Registrar for transfer, exchange or replacement as provided herein, -13- such 1989 Bond shall be promptly cancelled by the Paying Agent or Registrar, and counterparts of a certificate of such cancellation shall be furnished by the Paying Agent or Registrar to the Town. Section 12. Form of 1989 Bonds, Le ag t Opinion Certificate and Registration Panel. The 1989 Bonds, the registration panel and the legal opinion certificate to appear on the 1989 Bonds shall be substantially as follows (provided that any portion of the 1989 Bond text may, with appropriate references, be printed on the back of the 1989 Bonds), with such omissions, insertions, endorsements, and variations as to any recitals of fact or other provisions as may be required by the circumstances, be required or permitted by this Ordinance, or be consistent with this Ordinance and necessary or appropriate to conform to the rules and requirements of any governmental authority or any usage or requirement of law with respect thereto: -14- (Form of Bond) STATE OF COLORADO SERIES 1989 UNITED STATES OF AMERICA TOV~N OF VAIL, COLORADO SALES TAX REVENUE BOND COUI~IY OF EAGLE NO. R- INTEREST RATE MATURITY DATE DECEMBER 1, DATED DATE S CUSIP DECEMBER 1, 1989 REGISTERED Oi1VNER: APPRECIATED PRINCIPAL AMOUNT AT MATURITY: ORIGINAL PRINCIPAL AMOUNT PER 55000 VALUE AT MATURITY: The Town of Vail, in the County of Eagle and State of Colorado (the '"Town"), for value received, promises to pay to the registered owner specified above, or registered assigns, solely from the special funds provided therefor, the Appreciated Principal Amount specified above, on the maturity date specified above which Appreciated Principal Amount represents the original principal amount hereof plus interest compounded on each interest payment date at the Interest Rate per annum specified above from the Dated Date above to the Maturity Date, compounded on June 1, 1990 and semiannually thereafter on December 1 and June 1 of each year. The principal of and interest on this bond is payable upon presentation and surrender hereof at the principal corporate trust office of the Town's registrar -15- and paying agent (the "Registrar" or the "Paying Agent"), presently Central Bank Denver, 1`lational Association, in Denver, Colorado. All such payments shall be made in lawful money of the United States of America without deduction for the services of the Paying Agent or Registrar. The 1959 Bonds maturing are not subject to redemption prior to their respective maturities. The Bonds are issuable only as fully registered Bond in denominations of $5,000 value at maturity or any integral multiples thereof and are exchangeable for fully registered Bonds of the same maturity and series in equal aggregate Appreciated Principal Amounts and in authorized denominations at the aforesaid office of the Registrar, but only in the manner, subject to the limitations and conditions, and upon payment of the charges provided in the ordinance authorizing the issuance of the Bonds (the "Bond Ordinance"). This Bond is fully transferable by the registered owner hereof in person or by his duly authorized attorney on the registration records kept by the Registrar upon surrender of this Bond together with a duly executed written .instrument of transfer satisfactory to the Registrar. Upon such transfer a new fully registered bond of authorized denomination or denominations of the same series, aggregate Appreciated Principal Amount and maturity will be issued to the transferee in exchange for this bond, subject to such terms and conditions and on payment of the charges as set forth in the Bond Ordinance. The City and the Registrar and Paying Agent may deem and treat the person in whose name this Bond is registered as the absolute owner hereof for the purpose of making payment and for all other purposes. The 1959 Bonds are authorized for the purpose of defraying wholly or in part the costs of the Parking Facilities (as defined in the Bond Ordinance), for the payment of costs and expenses incidental thereto and to the issuance of the Bonds, [and for funding a reserve for the Bonds,] all under the authority of and in full conformity with the Constitution of the State of Colorado and the Town Charter and pursuant to the Bond Ordinance duly adopted, published and made a law of the Town, all prior to the issuance of this bond. The Bonds do not constitute a debt or an indebtedness of the Town within the meaning of any applicable charter, constitutional or statutory provision or limitation, shall not -1.6- be considered or held to be a general obligation of the Town, and are payable from, and constitute a pledge of, an irrevocable lien (but not necessarily an exclusive lien) on, all of the proceeds to be derived by the Town from the Pledged Sales Tax (as defined in the Bond Ordinance) and from any taxes which hereafter may be imposed by the Town in addition thereto or in substitution therefor, any taxes, funds or revenues which the Town hereafter pledges to the payment of the Bonds, certain other moneys held in the Bond Fund and the Reserve Fund (as both such funds are defined in the Bond Ordinance), and investment income on certain funds, all to the extent that such moneys are at any time required to be deposited into and held in the Income Fund, the Bond Fund, and the Reserve Fund created by, and as provided in, the Bond Ordinance, subject to certain exceptions and exclusions as provided in the Bond Ordinance (the "Pledged Revenues"). The Bonds constitute a pledge of, and an irrevocable lien (but not necessarily an exclusive lien) on all of the Pledged Revenues. The Bonds are equitably and ratably secured by a lien on the Pledged Sales Tax, but the Bonds only constitute an irrevocable and second and subordinate lien (but not necessarily an exclusive second lien) upon the Pledged Sales Tax, such lien being second and subordinate to the lien of the Town's outstanding General Obligation Bonds, Series 1985 (the "1985 Bonds"). In connection with the Pledged Sales Tax and as required by the ordinance which authorized the 1985 Bonds, the Town shall fully provide for the debt service, reserve account, and other requirements of the 1985 Bonds in any fiscal year and, only after such provision, may use excess Pledged Sales Taxes for the payment of the principal of and interest on the Series Bonds, by transferring such excess Pledged Sales Taxes to the Income Fund (as defined in the Bond Ordinance). The Bonds constitute an irrevocable and first lien (but not necessarily an exclusive first lien) upon the other Pledged Revenues except for the Pledged Sales Tax. Payment of the principal of and interest on this bond shall be made from, and as security for such payment there are irrevocably (and exclusively) pledged, pursuant to the Bond Ordinance, moneys deposited and to be deposited in a special fund of the Town (the -17- "Bond Fund") into which fund the Town has covenanted under the Ordinance to pay from the Pledged Revenues, a sum sufficient, together with other moneys available in the Bond Fund therefor, to pay when due the principal of and interest on the 1989 Bonds and any Additional Bonds (as defined in the Bond Ordinance). In addition, there is irrevocably and exclusively pledged to the payment of the 1989 Bonds and any Additional Bonds (as defined in the Bond Ordinance) a reserve fund (the "Reserve Fund") which will be maintained as a reasonable reserve therefor. Except as otherwise specified in the Bond Ordinance, this Bond is entitled to the benefits of the Ordinance equally and ratably both as to principal (and redemption price) and interest with all other Bonds issued and to be issued under the Bond Ordinance, to which reference is made for a description of the rights of the owners of the 1989 Bonds and the rights and obligations of the Town. This bond is payable from the Pledged Revenues, and the owner hereof may not look to any general or other fund of the Town for the payment of the principal of and interest on this bond except the Pledged Revenues. Reference is made to the Bond Ordinance for the provisions, among others, with respect to the custody and application of the proceeds of the 1989 Bonds, the receipt and disposition of the Pledged Revenues, the nature and extent of the security, the terms and conditions under which additional bonds payable from the Pledged Revenues may be issued, the rights, duties and obligations of the Town, and the rights of the owners of the Bonds; and by the acceptance of this bond the owner hereof assents to all provisions of the Bond Ordinance. The principal of and the interest on this bond shall be paid, and this bond is transferable, free from and without regard to any equities between the Town and the original or any intermediate owner hereof or any setoffs or cross-claims. This bond must be registered in the name of the owner on the registration records kept by the Registrar in conformity with the provisions stated herein and endorsed herein and subject to the terms and conditions set forth in the Bond Ordinance. No transfer of this bond shall be valid unless made on the registration records maintained at the principal office of the Registrar by the registered owner or his attorney duly authorized in writing. -18- This bond shall not be valid or obligatory for any purpose until the Registrar shall have manually signed the certificate of authentication herein. IN TESTIMOAtY /HEREOF, the Town Council of the Town of Vail has caused this bond to be signed and executed in its name with a manual or facsimile signature of the Mayor of the Town, and to be signed, executed and attested with a manual or facsimile signature of the Town Clerk, with a manual or facsimile impression of the seal of the Town affixed hereto, all as of the date specified above. (Manual or Facsimile Si aturel Mayor (MANUAL OR FACSIMILE SEAL) Attest: (Manual or Facsimile Si nature,) Town Clerk (End of Form of Bond) -19- (Form of Registrar's Certificate of Authentication) This is one of the Bonds described in the within-mentioned Bond Ordinance, and this Bond has been duly registered on the registration records kept by the undersigned as Registrar for such Bonds. CENTRAL BAND DENVER, NATIONAL ASSOCIATION, as Registrar Date of Authentication By: and Registration: Authorized Officer or Employee (End of Form of Registrar's Certificate of Authentication) -Za (Form of Assignment) For value received, the undersigned hereby sells, assigns and transfers unto the within Bond and hereby irrevocably constitutes and appoints attorney, to transfer the same on the records of the Registrar, with full power of substitution in the premises. Dated: Signature Guaranteed: Address of transferee: Social Security or other tai identification number of transferee: 1VOTE: The signature to this Assignment must correspond with the name as written on the face of the within Bond in every particular, without alteration or enlargement or any change whatsoever. (End of Form of Assignment) -21.- (Form of Legal Opinion Certificate) STATE OF COLORADO ) LEGAL OPINION COUNTY OF EAGLE ) SS. CERTIFICATE TOWN OF VAIL ) I, the undersigned Town Clerk of the Town of Vail, in the County of Eagle and State of Colorado, do hereby certify that the following approving legal opinion of Sherman & Howard, Attorneys at Law, Denver, Colorado: [Insert text of legal opinion] is a true, perfect and complete copy of a manually executed and dated copy thereof on file in the records of the Town in my office; that a manually executed and dated copy of the opinion was forwarded to a representative of the original purchasers for retention in their records; and that the opinion was dated and issued as of the date of the delivery of and payment for the Bonds of the series of which this is one. IN WITNESS WHEREOF, I have caused to be hereunto set my manual or facsimile signature. (A~anual or Facsimile Si ature~ Town Clerk (End of Form of Legal Opinion Certificate) -22- Section 13. Delivery of 1989 Bonds and Disposition of Proceeds. When the 1989 Bonds have been duly executed by appropriate Town officers and authenticated by the Registrar, the Town Manager shall cause the 1989 Bonds to be delivered, at one time or from time to time, to the Purchaser, on receipt of the agreed purchase price. The 1989 Bonds shall be delivered in such denominations as the Purchaser shall direct (but subject to the provisions of Section 5 hereof); and the Registrar shall initially register the 1989 Bonds in such name or names as the Purchaser shall direct. The proceeds of the 1989 Bonds, including without limitation the accrued interest thereon, shall be deposited promptly by the Town Manager and shall be accounted for in the following manner and are hereby pledged therefor, but the Purchaser of the 1989 Bonds or any subsequent Owner in no manner shall be responsible for the application or disposal by the Town or any of its officers of any of the funds derived from the sale: (i) All accrued interest, if any, received in respect of the 1989 Bonds shall be credited to the Bond Fund to be applied to the payment of the 1989 Bonds. (ii) [An amount equal to the Average Annual Debt Requirement shall be credited to the Reserve Fund. [or] The Bond Reserve Insurance Policy issued by Bond Insurer simultaneously with the delivery of the 1989 Bonds shall be deposited to and held in the Reserve Fund.] (iii) All remaining proceeds of the Series 1989 Bonds shall be credited to the following special and separate account, hereby created and established, to be known as the "Town of Mail, Colorado Sales Tax Revenue Bonds, Series 1989, Construction Fund," to be used, together with any other available moneys therefor, to pay the costs of the Parking Facilities including costs incidental to the issuance of the 1989 Bonds. After payment of all costs of the Parking Facilities, or after adequate provisions therefor is made, any unexpended balance in the Construction Fund shall be deposited in the Bond Fund and applied to the payment of the principal of and interest on the Series 1989 Bonds. -23- Section 14. Use of Moneys in Income Fund. A. Income Fund. So• long as any Bonds shall be Outstanding, either as to principal or interest, the Pledged Revenues shall, upon receipt by the Town, be deposited in the following special and separate account, hereby created and established, to be known as the "Town of Vail Income Fund." The following payments shall be made from the Income Fund: B. Bond Fund. First, there shall be credited from the Income Fund to a fund hereby created and to be known as the "Town of Vail, Sales Tax Bond Fund" the following amounts: 1. Interest Payments. Monthly to the Bond Fund, commencing on the first day of the month immediately succeeding the delivery of any of the Bonds, or commencing on the first day of the month one year next prior to the first interest payment date of any of the Bonds, whichever commencement date is later, an amount in equal monthly installments necessary, together with any moneys therein and available therefor, to pay the interest due and payable on the Outstanding Bonds on the next succeeding interest payment date. 2. Principal Pa ents. Monthly to the Bond Fund, commencing on the first day of the month immediately succeeding the delivery of any of the Bonds, or commencing on the first day of the month one year next prior to the first principal payment date of any of the Bonds, whichever commencement date is later, an amount in equal monthly installments necessary, together with any moneys therein and available therefor, to pay the principal and redemption premium, if any, due and payable on the Outstanding Bonds on the next succeeding principal payment date. 3. Reduction of Payments. If prior to any interest payment date or principal payment date, there has been accumulated in the Bond Fund the entire amount necessary to pay the next maturing installment of interest or principal, or both, the payment required in subparagraph (1) or (2) (whichever is applicable) of this paragraph, may be appropriately reduced; but the required monthly amounts again shall be so credited to such account commencing on such interest payment date or principal payment date. The moneys in the -24- Bond Fund shall be used only to pay the principal of, prior redemption premium if any, and interest on the Bonds as the same becomes due. C. Reserve Fund. Second, except as hereinafter provided, from any moneys remaining in the Income Fund there shall be credited monthly, to a separate account hereby created and to be known as the "Town of Vail Sales Tax Revenue Bonds Reserve Fund" an amount, if any, which is necessary to maintain the Reserve Fund as a continuing reserve in an amount not less than the Average Annual Debt Requirement or to pay the issuer of any Bond Reserve Insurance Policy any amounts owing to such issuer under the terms of the Bond Reserve Insurance Policy. In determining the amounts required to be deposited as provided above, the Town shall receive credit for any investment earnings on the deposits in the Reserve Fund. 1Vo credit need be made to the Reserve Fund so long as the moneys and/or a Bond Reserve Insurance Policy therein equal the Average Annual Debt Requirement (regardless of the source of such accumulations). The Average Annual Debt Requirement shall be accumulated and maintained as a continuing reserve to be used, except as hereinafter provided in subsections D, and F of this Section and Section 20 hereof, only to prevent deficiencies in the payment of the principal of and the interest on the Bonds resulting from the failure to credit to the Bond Fund sufficient funds to pay said principal and interest as the same accrue or to pay the issuer of any Bond Reserve Insurance Policy any amounts owing to such issuer under the terms of the Bond Reserve Insurance Policy. The Average Annual Debt Requirement shall be calculated upon (i) any principal payment, whether at stated maturity or upon redemption, (ii) the issuance of Additional Bonds, or (iii) the defeasance of all or a portion of the Bonds. In lieu of all or a portion of the moneys required to be deposited in the Reserve Fund by this Ordinance, the Town may at any time or from time to time deposit a Bond Reserve Insurance Policy in the Reserve Fund in full or partial satisfaction of the Average Annual Debt Requirement; provided that any such Bond Reserve Insurance Policy shall be payable on any date on which moneys will be required to be withdrawn from the Reserve Fund -25- as provided herein. Upon deposit of any Bond Reserve Insurance Policy in the Reserve Fund, the Town may transfer moneys equal to the amount payable under the Bond Reserve Insurance Policy from the Reserve Fund and apply such moneys to any lawful purpose. If the covenant contained in Section 19.K. of this Ordinance does not permit the use of proceeds of any series of Bonds for a full funding of the Reserve Fund in the amount of the Average Annual Debt Requirement, the maximum amount of proceeds of such series of Bonds which may be deposited to the Reserve Fund pursuant to Section 19.K. shall be deposited to the Reserve Fund upon the issuance of such series of Bonds, and Pledged Revenues shall be deposited to the Reserve Fund monthly so that not later than twelve calendar months after the date of issuance of such series of Bonds, the amount on deposit in the Reserve Fund shall equal the Average Annual Debt Requirement. D. Termination Upon Deposits to Maturity or Redemption Date. Ii1o payment need be made into the Bond Fund, the Reserve Fund, or both, if the amount in the Bond Fund and the amount in the Reserve Fund total a sum at least equal to the entire amount of the Outstanding Bonds, both as to principal and interest to their respective maturities, or to any redemption date on which the Town shall have exercised its option to redeem the Bonds then Outstanding and thereafter maturing, including any prior redemption premiums then due, and both accrued and not accrued, in which case moneys in said two funds in an amount at least equal to such principal and interest requirements shall be used solely to pay such as the same accrue, and any moneys in excess thereof in said two funds may be withdrawn and used for any lawful purpose. E. Defravin~ Delinquencies in Bond and Reserve Funds. If on any required monthly payment date the Town shall for any reason fail to pay into the Bond Fund the full amount above stipulated, then an amount shall be paid into the Bond Fund on such date from the Reserve Fund equal to the difference between the amount paid and the full amount so stipulated. The money so used shall be replaced in the Reserve Fund from the first Pledged Revenues received that are not required to be otherwise applied by this section, but excluding -26- any payments required for any subordinate obligations; provided, however, that an amount equal to the amount withdrawn from the Reserve Fund shall be deposited by the Town in the Reserve Fund no later than twelve months from the date of such withdrawal. If at any time the Town shall for any reason fail to pay into the Reserve Fund the full amount above stipulated from the Pledged Revenues, the difference between the amount paid and the amount so stipulated shall in a like manner be paid therein from the first Pledged Revenues thereafter received not required to be applied otherwise by this section, but excluding any payments required for any subordinate obligations. The moneys in the Bond Fund and in the Reserve Fund shall be used solely for the purpose of paying the principal and any redemption premium of and the interest on the Bonds and moneys in the Reserve Fund shall be used to pay the issuer of any Bond Reserve Insurance Policy any amounts owing to such issuer under the terms of the Bond Reserve Insurance Policy; provided, however, that any moneys at any time in excess of the Average Annual Debt Requirement calculated with respect to the Bonds in the Reserve Fund may be withdrawn therefrom and used for any lawful purpose; and provided, further, that any moneys in the Bond Fund and in the Reserve Fund in excess of accrued and unaccrued principal and interest requirements to the respective maturities of the Outstanding Bonds may be used as provided in Paragraph D of this section. F. Rebate Fund. Third, there shall be deposited in a special account hereby created and to be known as the "Town of /ail Sales Tax Revenue Bonds Rebate Fund" amounts required by Section 14S(f) of the Tax Code to be held until such time as any required rebate payment is made. Amounts in the Rebate Fund shall be used for the purpose of making the payments to the United States required by Section 14S(f) of the Tax Code. Any amounts in excess of those required to be on deposit therein by Section 148(f) of the Tax Code shall be withdrawn therefrom and deposited into the Income Fund. Funds in the Rebate Fund shall not be subject to the lien created by this Ordinance to the extent such amounts are required to be paid to the United States Treasury. The Town may create separate accounts in the Rebate Fund in connection with the issuance of Additional Bonds. -27- G. Payment for Subordinate Obligations. After the payments required by Paragraphs B, C and F of this section, the Pledged Revenues shall be used by the Town for the payment of interest on and principal of any subordinate lien obligations hereafter authorized to be issued and payable from the Pledged Revenues, including reasonable reserves therefor. H. Use of RemaininE Revenues. After making the payments required to be made by this Section, any remaining Pledged Revenues may be used for any lawful purpose. Nothing in this Ordinance shall prevent the Town from withdrawing from the Income Fund amounts collected by the Town and subsequently determined, pursuant to the applicable Sales Tax Ordinances, to be subject to valid claims for refunds. Section 15. General Administration of Funds. The funds designated in Sections 13 and 14 hereof shall be administered as follows subject to the limitations stated in Section 19.I~. hereof: A. Budget and Appropriation of Funds. The sums provided to make the payments specified in Section 14 hereof are hereby appropriated for said purposes, and said amounts for each year shall be included in the annual budget and the appropriation ordinance or measures to be adopted or passed by the Town Council in each year respectively while any of the 1989 Bonds, either as to principal or interest, are Outstanding and unpaid. No provision of any constitution, statute, charter, ordinance, resolution or other order or measure enacted after the issuance of the 1989 Bonds shall in any manner be construed as limiting or impairing the obligation of the Town to keep and perform the covenants contained in this Ordinance so long as any of the 1989 Bonds remain Outstanding and unpaid. Nothing herein shall prohibit the Town Council, at its sole option, from appropriating and applying other funds of the Town legally available for such purpose to the Bond Fund or Reserve Fund for the purpose of providing for the payment of the principal of, interest on or any premiums due with respect to the 1989 Bonds. -28- B. Places and Times of Deposits. Each of the special funds created in Section 14 hereof and the Construction Fund created in Section 13 hereof shall be maintained in a Commercial Bank as a book account kept separate and apart from all other accounts or funds of the Town as trust accounts solely for the purposes herein designated therefor. For purposes of investment of moneys, nothing herein prevents the commingling of moneys accounted for in any two or more such book accounts pertaining to the Pledged Revenues or to such funds and any other funds of the Town to be established under this Ordinance. Such book account shall be continuously secured to the fullest extent required by the laws of the State for the securing of public funds and shall be irrevocable and not withdrawable by anyone for any purpose other than the respective designated purposes of such funds or accounts. Each periodic payment shall be credited to the proper book account not later than the date therefor herein designated, except that when any such date shall be a Saturday, a Sunday or a legal holiday, then such payment shall be made on or before the next preceding business day. C. Investment of Funds. Any moneys in the Construction Fund created pursuant to Section 13 hereof, and any moneys in any fund established by Section 14 of this Ordinance may be deposited, invested or reinvested in any manner permitted by law. Securities or obligations purchased as such an investment shall either be subject to redemption at any time at face value by the holder thereof at the option of such holder, or shall mature at such time or times as shall most nearly coincide with the expected need for moneys from the fund in question. Securities or obligations so purchased as an investment of moneys in any such fund shall be deemed at all times to be a part of the applicable fund. The Town shall present for redemption or sale on the prevailing market any securities or obligations so purchased as an investment of moneys in a given fund whenever it shall be necessary to do so in order to provide moneys to meet any required payment or transfer from such fund. The Town shall have no obligation to make any investment or reinvestment hereunder, unless any moneys on hand and accounted for in any one account exceed $5,000 and at least $5,000 therein will not be needed for a period of not less than sixty days. In such event the Town shall invest or -29- reinvest not less than substantially all of the amount which will not be needed during such sixty day period; except for any moneys on deposit in an interest bearing account in a Commercial Bank, without regard to whether such moneys are evidenced by a certificate of deposit or otherwise, pursuant to this Section 15.B. and Section 15.C. hereof; but the Town is not required to invest, or so to invest in such a manner, any `moneys accounted for hereunder if any such investment would contravene the covenant concerning arbitrage in Section 19.K. hereof. D. No Liability for Losses Incurred in Performing Terms of Ordinance. Neither the Town nor any officer of the Town shall be liable or responsible for any loss resulting from any investment or reinvestment made in accordance with this Ordinance. E. Character of Funds. The moneys in any fund or account herein authorized shall consist of lawful money of the United States or investments permitted by Section 15.C. hereof or both such money and such investments (except the Escrow Account, which shall consist of the investments described in the Escrow Agreement). iVioneys deposited in a demand or time deposit account in or evidenced by a certificate of deposit of a Commercial Bank pursuant to Sections 15.B. and IS.C. hereof, appropriately secured according to the laws of the State, shall be deemed lawful money of the United States. Section 16. Lien on Pledged Revenues. The 1989 Bonds constitute a pledge of, and an irrevocable lien (but not necessarily an exclusive lien) on all of the Pledged Revenues. The 1989 Bonds are equitably and ratably secured by a lien on the Pledged Sales Tax, but the 1989 Bonds, in accordance with the requirements of the Series 1985 Ordinance, only constitute an irrevocable and second and subordinate lien (but not necessarily an exclusive second lien) upon the Pledged Sales Tax, such lien being second and subordinate to the lien of the Town's Series 1985 Bonds. In connection with the Pledged Sales Tax and as required by the Series 1985 Ordinance, the Town shall fully provide for the debt service, reserve account, and other requirements of the Series 1985 Bonds in any Fiscal Year and, only after such provision, may use excess Pledged Sales Taxes for the payment of the principal of and -30- interest on the Series 1989 Bonds, by transferring such excess Pledged Sales Taxes to the Income Fund. The Series 1989 Bonds constitute an irrevocable and first lien (but not necessarily an exclusive first lien) upon the other Pledged Revenues except for the Pledged Sales Tax. Section 17. Additional Bonds. A. Limitations Upon Issuance of Additional Bonds. I~lothing in this Ordinance shall be construed in such a manner as to prevent the issuance by the Town of additional bonds or other obligations, payable from and constituting a lien upon the Pledged Revenues on a parity with the lien of the 1989 Bonds (the "Additional Bonds"). Such Additional Bonds may be payable solely from Pledged Revenues or they may be payable from Pledged Revenues and another revenue or fund of the Town ("Additional Pledged Revenues"). Regardless of whether payable solely from Pledged Revenues or from Pledged Revenues and Additional Pledged Revenues, before any such bonds or other obligations are authorized or actually issued the following condition shall be satisfied: for the Fiscal Year immediately preceding the issuance of any Additional Bonds, the amount of Pledged Revenues in such Fiscal Year must equal or exceed _% of the Average Annual Debt Service Requirement on the Bonds (including the Additional Bonds proposed to be issued) plus the outstanding Series 1985 Bonds. For the purpose of satisfying the aforementioned _% test, any tax, now existing or hereafter imposed, which legally becomes a part of the Pledged Revenues during the Fiscal Year preceding the issuance of Additional Bonds, or any tax which is to legally become a part of the Pledged Revenues immediately prior to the issuance of Additional Bonds, or any increase in the rate of any tax which is a part of the Pledged Revenues which inc: ease is imposed during the Fiscal Year preceding the issuance of Additional Bonds or any such increase which is to be imposed immediately prior to the issuance of Additional Bonds can be considered for its estimated effect on the amount of the Pledged Revenues as if such tax or increase had been in effect for the Fiscal Year immediately preceding the issuance of such Additional Bonds. Any tax which is no longer in effect at the time of issuance of the Additional Bonds shall not -31- be considered for purposes of satisfying the _% test. Any Pledged Revenue which is not a tax shall be considered similarly for purposes of satisfying the _% test. If the ordinance authorizing a series of Additional Bonds will pledge Additional Pledged Revenues to the Bonds, the estimated effect of the amount of such Additional Pledged Revenues may be considered as if such revenues had been received for the last Fiscal Year immediately preceding the issuance of such Additional Bonds. B. Certificate of Revenues. A written certification by a certified public accountant who is not an employee of the Town that the requirements of paragraph A of this section have been met shall be conclusively presumed to be accurate in determining the right of the Town to authorize, issue, sell and deliver said Additional Bonds on a parity with the 1989 Bonds herein authorized. C. Subordinate Obligations Permitted. 1Vothing in this Ordinance shall be construed in such a manner as to prevent the issuance by the Town of additional obligations payable from and constituting a lien upon the Pledged Revenues subordinate or junior to the lien of the 1989 Bonds. D. Suaerior Obligations Prohibited. 1+lothing in this Ordinance shall be construed so as to permit the Town to hereafter issue obligations payable from the Pledged Revenues having a lien thereon prior or superior to the 1989 Bonds. Section 18. Refunding Obligations. A. Generally. If at any time after the 1989 Bonds, or any part thereof, shall have been issued and remain Outstanding, tfie Town shall find it desirable to refund any Outstanding obligations payable from the Pledged Revenues, said obligations, or any part thereof, may be refunded, subject to the provisions of Paragraph B of this Section, if (1) the obligations to be refunded, at the time of their required surrender for payment, shall then mature or shall then be callable for prior redemption at the Town's option upon proper call, or (2) the owners of the obligations to be refunded and Bond Insurer, if Bond Insurer insured such obligations, consent to such surrender and payment. -32- B. Protection of Obligations Not Refunded. Any refunding obligations payable from the Pledged Revenues shall be issued with such details as the Town Council may provide, so long as there is no impairment of any contractual obligation imposed upon the Town by any proceedings authorizing the issuance of any unrefunded portion of obligations payable from the Pledged Revenues; but so long as any 1989 Bonds are Outstanding, refunding obligations payable from the Pledged Revenues may be issued on a parity with the unrefunded Bonds only if: (1) Prior Consent. The Town first receives the consent of the owner or owners of the unrefunded Bonds and Bond Insurer, if Bond Insurer insured such obligations; or (2) Requirements Not Increased. The refunding obligations do not increase by more than $25,000, for any Fiscal Fear prior to and including the last maturity date of any unrefunded Bonds, the aggregate principal and interest requirements evidenced by such refunding obligations and by any Outstanding Bonds not refunded, and the lien of any refunding parity obligations on the Pledged Revenues is not raised to a higher priority than the lien thereon of any obligations thereby refunded; or (3) Earnin s Test. The refunding obligations are issued in compliance with paragraphs A and B of Section 17 hereof. Section 19. Protective Covenants. The Town hereby additionally covenants and agrees with each and every owner of the 1989 Bonds that: A. Use of 1989 Bond Proceeds. The Town will proceed with the construction of the Parlang Facilities without delay and with due diligence. B. Payment of 1989 Bonds. The To~a+n will promptly pay the Appreciated Principal Amount of every 1989 Bond issued hereunder and secured hereby on the dates and in the manner specified herein and in said 1989 Bonds according to the true intent and meaning hereof. Such Appreciated Principal Amount is payable solely from the Pledged Revenues. -33- C. Amendment of Certain Ordinances• Dutv to Impose Sales Tax• Impairment of Contract. The Sales Tax Ordinances are in full force and effect and have not been repealed or amended. The Town will not repeal or amend said Sales Tax Ordinances in any manner which would diminish the proceeds of the Sales Tax by an amount which would materially adversely affect the rights of the owners of the Bonds. The Town agrees that any law, ordinance or resolution of the Town, in any manner affecting the Pledged Revenues or the Bonds, or otherwise appertaining thereto, shall not be repealed or otherwise directly or indirectly modified in such manner as to materially adversely affect any Bonds Outstanding, unless the required consent is obtained, all as provided in Section 28 of this Ordinance. Notwithstanding any other provision of this Section or this Ordinance, the Town shall retain the right to make changes, without any consent of Bond owners or the Bond Insurer, in the Sales Tax Ordinances, or any ordinance supplemental thereto or in substitution therefor, concerning the use of proceeds of the Pledged Sales Tax remaining after the current requirements of all ordinances authorizing bonds or other securities payable from the Pledged Sales Tax, or any portion thereof, have been met; or concerning changes in applicability, exemptions, administration, collection or enforcement of the Sales Tax, if such changes do not materially adversely affect the security for the Bonds; but the Town shall not reduce the present rates of the Pledged Sales Tax, without the consent of the owners of sixty-six percent (66%) in aggregate principal amount of the then Outstanding 1989 Bonds or Bond Insurer (whichever is appropriate), as provided in Section 28 of this Ordinance. The foregoing covenants are subject to compliance by the Town with orders of courts of competent jurisdiction concerning the validity, constitutionality or collection of such tax revenues, any legislation of the United States or the State or any regulation or other action taken by the federal government or any State agency or any political subdivision of the State pursuant to such legislation, in the exercise of the police power thereof for the public welfare, which legislation, regulation or action applies to the Town as a Colorado home rule city and limits or otherwise inhibits the amount of such tax revenues due to the Town. All of the -34- Pledged Revenues resulting from the imposition and collection of the Sales Tax shall be subject to the payment of the principal of, interest on, and redemption premium, if any, of all securities payable from the Pledged Revenues, including reserves therefor, as provided herein or in any instrument supplemental or amendatory hereof. D. Defense of Legality of Pledged Revenues. There is not pending or threatened any suit, action or proceeding against or affecting the Town before or by any court, arbitrator, administrative agency or other governmental authority which affects the validity or legality of this Ordinance, or the Sales Tax Ordinances or the imposition and collection of the Sales Tax, any of the Town's obligations under this Ordinance or any of the transactions contemplated by this Ordinance or the Sales Tax Ordinances. The Town shall, to the extent permitted by law, defend the validity and legality of this Ordinance, the Sales Tax and the Sales Tax Ordinances against all claims, suits and proceedings which would diminish or impair the Pledged Revenues. Furthermore, the Town shall amend from time to time the provisions of any ordinance or resolution of the Town, as necessary to prevent impairment of the Pledged Revenues as required to meet the principal of, interest on, and prior redemption premium, if any, of the 1989 Bonds when due. E. Further ~-ssurances. At any and all times the Town shall, so far as it may be authorized by law, pass, make, do, execute, acknowledge, deliver and file or record all and every such further instruments, acts, deeds, conveyances, assignments, transfers, other documents and assurances as may be necessary or desirable for the better assuring, conveying, granting, assigning and confirming all and singular the rights, the Pledged Revenues and other funds and accounts hereby pledged or assigned, or intended so to be, or which the Town may hereafter become bound to pledge or to assign, or as may be reasonable and required to carry out the purposes of this Ordinance. The Town, acting by and through its officers, or otherwise, shall at all times, to the extent permitted by law, defend, preserve and protect the pledge of said Pledged Revenues and other funds and accounts pledged hereunder and all the rights of -35- every owner of any of the 1989 Bonds against all claims and demands of all Persons whomsoever. F. Conditions Precedent. Upon the issuance of any of the 1989 Bonds, all conditions, acts and things required by the Constitution or laws of the United States, the Constitution or laws of the State, the Charter or this Ordinance, to exist, to have happened, and to have been performed precedent to or in the issuance of the 1989 Bonds shall exist, have happened and have been performed, and the 1989 Bonds, together with all other obligations of the Town, shall not contravene any debt or other limitation prescribed by the Constitution or laws of the United States, the Constitution or laws of the State or the Charter. G. Records. So long as any of the 1989 Bonds remain Outstanding, proper books of record and account will be kept by the Town, separate and apart from all other records and accounts, showing complete and correct entries of all transactions relating to the Pledged Revenues and the funds created or continued by this Ordinance. H. Audits. The Town further agrees that it will, within 140 days following the close of each fiscal year, cause an audit of such books and accounts to be made by a certified public accountant, who is not an employee of the Town, showing the revenues and expenditures of the Pledged Revenues. The Town agrees to allow the owner of any of the 1989 Bonds to review and copy such audits and reports, at the Town's offices, at his request. Copies of such audits and reports will be furnished to Bond Insurer and the Purchaser. I. Performin Duties. The Town will faithfully and punctually perform all duties with respect to the Pledged Revenues required by the Charter and the Constitution and laws of the State and the ordinances and resolutions of the Town, including but not limited to the proper collection and enforcement of the Sales Taxes and the segregation of the Pledged Revenues and their application to the respective funds herein designated. J. Other Liens. As of the date of issuance of the 1989 Bonds, other than the Series 1985 Bonds and the 1989 Bonds, there are no liens or encumbrances of any nature whatsoever on or against the Pledged Revenues. -36- K. Tax Covenant. The Town covenants for the benefit of the Registered Owners of the 1989 Bonds that it will not take any action or omit to take any action with respect to the 1989 Bonds, the proceeds thereof, any other funds of the Town or any facilities financed with the proceeds of the 1989 Bonds if such action or omission (i) would cause the interest on the 1989 Bonds to lose its exclusion from gross income for federal income tax purposes under Section 103 of the Tax Code, (ii) would cause interest on the 1989 Bonds to lose its exclusion from alternative minimum taxable income as defined in Section 55(b)(2) of the Tax Code except to the extent such interest is required to be included in the adjusted net book income and adjusted current earnings adjustments applicable to corporations under Section 56 of the Tax Code in calculating corporate alternative minimum taxable income, (iii) would subject the Town to any penalties under Section _148 of the Tax Code or (iv) would cause interest on the 1989 Bonds to lose its exclusion from Colorado taxable income or Colorado alternative minimum taxable income under present Colorado law. The foregoing covenant shall remain in full force and effect notwithstanding the payment in full or defeasance of the 1989 Bonds until the date on which all obligations of the Town in fulfilling the above covenant under the Tax Code and Colorado law have been met. L. Town's Existence. The Town will maintain its corporate identity and existence so long as any of the 1989 Bonds remain Outstanding, unless another political subdivision by operation of law succeeds to the duties, privileges, powers, liabilities, disabilities, immunities and rights of the Town and is obligated by law to receive and distribute the Pledged Revenues in place of the Town, without materially adversely affecting the privileges and rights of any owner of any Outstanding 1989 Bonds. Section 20. I~efeasance. When the 1989 Bonds have been fully paid, all obligations hereunder shall be discharged, and the 1989 Bonds shall no longer be deemed to be Outstanding for any purpose of this Ordinance, except as set forth in Section 19.K. hereof. Payment of any 1989 Bonds shall be deemed made when the Town has placed in escrow with a Trust Bank an amount sufficient (including the known minimum yield from Governmental Obligations) to meet all requirements of Appreciated Principal Amount as the same become due to maturity. The Governmental Obligations shall become due prior to the respective times 37 on which the proceeds thereof shall be needed, in accordance with a schedule agreed upon between the Town and such Trust Bank at the time of creation of the escrow and shall not be callable prior to their scheduled maturities by the issuer thereof. In the event that there is a defeasance of only part of the 1989 Bonds of any maturity, the Registrar shall, if requested by the Town, institute a system to preserve the identity of the individual 1989 Bonds or portions thereof so defeased, regardless of changes in bond numbers attributable to transfers and exchanges of 1989 Bonds; and the Registrar shall be entitled to reasonable compensation and reimbursement of expenses from the Town in connection with such system. Section 21. Delegated Powers. The officers of the Town be, and they hereby are, authorized and directed to take all action necessary or appropriate to effectuate the provisions of this Ordinance, including, without limiting the generality of the foregoing, the printing of the 1989 Bonds with the opinion of bond counsel thereon, the procuring of bond insurance entering into and executing appropriate agreements with the Registrar and Paying Agent as to its services hereunder, and the execution of such certificates as may be required by the Purchaser, including, but not necessarily limited to, the absence and existence of factors affecting the exclusion of interest on the 1989 Bonds from gross income for federal income tax purposes. The form, terms and provisions of the Registrar Agreement and Escrow Agreement hereby are approved, and the Town shall enter into and perform its obligations under the Registrar Agreement and Escrow Agreement in substantially the forms of such documents presented to the Town Council at this meeting, with only such changes therein as are required by the circumstances and are not inconsistent herewith; and the Mayor and Town Clerk are hereby authorized and directed to execute and deliver the Registrar Agreement and Escrow Agreement as required hereby. Section 22. Events of Default. Each of the following events is hereby declared an "event of default:" 38 A. IVon~ayment of Appreciated Principal Amount. If payment of the Appreciated Principal Amount of any of the 1989 Bonds in connection therewith, shall not be made when the same shall become due and payable at maturity; or B. Incapable to Perform. If the Town shall for any reason be rendered incapable of fulfilling its obligations hereunder; or C. Default of anv Provision. If the Town shall default in the due and punctual performance of its covenants or conditions, agreements and provisions contained in the 1989 Bonds or in this Ordinance on its part to be performed, other than those delineated in Paragraphs A and B of this section, and if such default shall continue for sixty days after written notice specifying such default and requiring the same to be remedied shall have been given to the Town by the Bond Insurer so long as it is not in default of its payment obligations under the Bond Insurance Policy or, during such default by the Bond Insurer, by the owners of twenty-five percent (25%) in aggregate principal amount of the 1989 Bonds then Outstanding. Section 23. Remedies. Upon the happening of any event of default as provided in Section 22 hereof, the Bond Insurer or owner or owners of not less than 25% in principal amount of the Outstanding Bonds, or a trustee therefor, may protect and enforce their rights hereunder by proper legal or equitable remedy deemed most effectual including mandamus, specific performance of any covenants, the appointment of a receiver (the consent of such appointment being hereby granted), injunctive relief, or requiring the Town Council to act as if it were the trustee of an express trust, or any combination of such remedies. 1Votwithstanding the foregoing, so long as the Bond Insurer is not in default in its payment obligations under the Bond Insurance Policy or the Bond Reserve Insurance Policy, the Bond Insurer shall direct the enforcement of any remedy hereunder without the consent of the owners of the Bonds. All proceedings shall be maintained for the benefit of the Bond Insurer so long as it is not in default in its payment obligations under the Bond Insurance Policy or the Bond Reserve Insurance Policy, and, during such default by the Bond Insurer, thereafter for the equal benefit of all owners. The failure of the Bond Insurer or any owner to proceed does not relieve the Town or any person of any liability for failure to perform any duty 39 hereunder. The foregoing rights are in addition to any other right available to the Bond Insurer or owners of Bonds and the exercise of any right by any owner shall not be deemed a waiver of any other right. Section 24. Duties Upon Default. Upon the happening of any of the events of default as provided in Section 22 of this Ordinance, the Town, in addition, will do and perform all proper acts on behalf of and for the owners of the 1989 Bonds to protect and preserve the security created for the payment of the 1989 Bonds and to insure the payment of the principal of and interest on said 1989 Bonds promptly as the same become due. Proceeds derived from the Pledged Revenues, so long as any of the 1989 Bonds herein authorized, either as to principal or interest, are Outstanding and unpaid, shall be paid into the Bond Fund and the Reserve Fund, pursuant to the terms hereof and to the extent provided herein, and used for the purposes herein provided. In the event the Town fails or refuses to proceed as in this section provided, the Bond Insurer so long as it is not in default of its payment obligations under the Bond Insurance Policy or, during such a default by the Bond Insurer, the owner or owners of not less than twenty-five percent (25%) in aggregate principal amount of the 1989 Bonds then Outstanding, after demand in writing, may proceed to protect and enforce the rights of such owners as hereinabove provided. Section 25. Replacement of Remstrar or Pavin~g_ent. If the Registrar or Paying Agent initially appointed hereunder shall resign, or if the Town shall reasonably determine that said Registrar or Paying Agent has become incapable of performing its duties hereunder, the Town may, upon notice mailed to Bond Insurer and each owner of any 1989 Bond at his address last shown on the registration records, appoint a successor Registrar or Paying Agent, or both. I~To resignation or dismissal of the Registrar or Paying Agent may take effect until a successor is appointed. Every such successor Registrar or Paying Agent shall be a bank or trust company having a shareowners' equity (~ capital, surplus, and undivided profits), however denominated, of not less than $10,000,000. It shall not be required that the same institution serve as both Registrar and Paying Agent hereunder, but the Town shall have the right to have the same institution serve as both Registrar and Paying Agent hereunder. 40 Section 26. Severabilitv. If any one or more sections, sentences, clauses or parts of this Ordinance shall for any reason be held invalid, such judgment shall not affect, impair, or invalidate the remaining provisions of this Ordinance, but shall be confined in its operation to the specific sections, sentences, clauses or parts of this Ordinance so held unconstitutional or invalid, and the inapplicability and invalidity of any section, sentence, clause or part of this Ordinance in any one or more instances shall not affect or prejudice in any way the applicability and validity of this Ordinance in any other instances. Section 27. Repealer. All bylaws, orders, resolutions and ordinances, or parts thereof, inconsistent herewith are hereby repealed to the extent only of such inconsistency. This repealer shall not be construed to revise any bylaw, order, resolution or ordinance, or part thereof, heretofore repealed. Section 28. Amendment. A. The Town may, without the consent of, or notice to the owners of the 1989 Bonds or Bond Insurer, adopt such ordinances supplemental hereto (which supplemental amendments shall thereafter form a part hereof) for any one or more or all of the following purposes: 1. To cure any ambiguity, or to cure, correct or supplement any defect or inconsistent provision contained in this Ordinance, or to make any provisions with respect to matters arising under this Ordinance or for any other purpose if such provisions are necessary or desirable and do not adversely affect the interests of the owners of the 1989 Bonds or Bond Insurer; or 2. To subject to this Ordinance additional revenues, properties or collateral. B. Exclusive of the amendatory ordinances permitted by Paragraph A of this Section, this Ordinance may be amended or supplemented by ordinance adopted by the Town Council in accordance with the law, without receipt by the Town of any additional consideration but with the written consent of Bond Insurer, unless Bond Insurer is in default under the terms of the Bond Insurance Policy, in which case this Ordinance may be amended or supplemented with the written consent of the ovsmers of sixty-six percent (66%) in aggregate principal amount of the 1989 Bonds Outstanding at the time of the adoption of such amendatory or 41 supplemental .ordinance; provided, however, that, without the written consent of Bond Insurer and the owners of all of the 1989 Bonds adversely affected thereby, no such Ordinance shall have the effect of permitting: 1. An extension of the maturity of any 1989 Bond authorized by this Ordinance; or 2. A reduction in the principal amount of any 1989 Bond, the rate of interest thereon, or the prior redemption premium thereon; or 3. The creation of a lien upon or pledge of Pledged Revenues ranking prior to the lien or pledge created by this Ordinance; or 4. A reduction of the principal amount of 1989 Bonds required for consent to such amendatory or supplemental ordinance; or 5. The establishment of priorities as between 1989 Bonds issued and Outstanding under the provisions of this Ordinance; or 6. The modification of or otherwise affecting the rights of the owners of less than all of the 1989 Bonds then Outstanding. Section 29. Notice to Bond Insurer. Any notice herein required to be given to Bond Insurer shall be in writing and sent by registered or certified mail to Bond Insurer, ,_ that Bond Insurer shall notify the Town of in writing. Section 30. Ordinance Irre ealable. or to such other address After any of the 1989 Bonds herein authorized are issued, this Ordinance shall constitute a contract between the Town and the owners of the 1989 Bonds, and shall be and remain irrepealable until the 1989 Bonds and interest thereon shall be fully paid, cancelled and discharged as herein provided. Section 31. Disposition of Ordinance. This Ordinance, as adopted by the Council, shall be numbered and recorded by the Town Clerk in the official records of the Town. The adoption and publication shall be authenticated by the signatures of the IVlayor, or Mayor Pro Tem, and Town Clerk, and by the certificate of publication. Section 32. Effective Date. This ordinance shall be in full force and effect five days after its publication upon final passage as provided in Section 4.9 of the Charter. 42 INTRODUCED, READ AND SET FOR PUBLIC HEARING THIS day of ~ 1989. 43 ADOPTED AND APPROVED THIS day of 1989. 1Vfayor Town of Vail, Colorado (SEAL) Attest: Town Clerk Town of Vail, Colorado 44 It was thereupon moved by Councilmember and seconded by Councilmember that the foregoing Ordinance read by title at this meeting be approved on first reading, that the Ordinance be considered at a public hearing and then considered for final passage, all at the regular meeting of the Town Council to be held at the Vail Municipal Building, Vail, Colorado on _, 1989, at the hour of _.m., and that a notice of public hearing and the ordinance in the form required by the Charter be published at least seven days prior to the public hearing in a newspaper of general circulation in the Town. The question being upon the adoption of such motion, the roll was called with the following result: Those Voting Yes: Those Voting loo: Those flbsent: At least a majority of the membership of the entire Town Council having voted in favor of such motion, the presiding officer thereupon declared the motion carried. Thereupon, the Council considered other business and took other action not concerning the 1989 Bonds. 45 Thereafter, there being no further business to come before the meeting, on motion duly made, seconded and unanimously carried, the meeting was adjourned. Mayor Town of Vail, Colorado (SEAL) Attest: Town Clerk Town of Vail, Colorado 46 1 STATE OF COLO)EtAi~00 ) ~' ) COUN'T'Y OF EAGLE ) TOWN OF VAIL, ) SS. I, Pamela Brandmeyer, duly appointed Clerk of the Town of Vail (the "Town"), Eagle County, Colorado, do hereby certify that the foregoing pages numbered 1 through 47, inclusive, constitute a true and correct copy of the record of proceedings of the Town Council of the Town, taken at a regular meeting thereof, held at the Vail Municipal Building, in Vail, Colorado, the regular meeting place of the Council, on Tuesday, November 7, 1989, insofar as said proceedings relate to the introduction and passage on first reading of an ordinance therein set forth, concerning the sale and issuance of sales tax revenue bonds of the Town. I further certify that attached hereto is an affidavit of publication of the notice of public hearing and ordinance as passed on first reading by the Town Council at said meeting; and that the Mayor and other members of the Town Council were present at the meeting and the members of the Council voted as in the minutes set forth. IN WITNESS WI~iE1aEOF, I have hereunto set my hand and the seal of the Town of Vail, Colorado, this day of , 1989. Town Clerk (SEAL.) 47 h , (Attach Affidavit of Publication of l~otice of Public Hearing and Ordinance At Least 7 Days Before Final Adoption) 4~ REGISTRAR AGREEMENT THIS AGREEMENT, dated as of December 1, 1989, is by and between the Town of Vail, in the County of Eagle, State of Colorado (the "Town"), and Central Bank Denver, National Association, in Denver, Colorado (the "Bank"). WITNESSETH: WHEREAS, by an ordinance of the Town Council duly adopted on _, 1989 (the "Bond Ordinance"), the Town has authorized the issuance of its Sales Tax Revenue Bonds, Series 1989, in the aggregate original principal amount of $8,000,000 (the "Bonds"); and WHEREAS, it is mutually desirable to the Town and the Bank that the Bank, through its Corporate Trust Department located in Denver, Colorado, act as Registrar (as defined in the Bond Ordinance) for the Bonds; and WHEREAS, it is mutually desirable that this agreement (the "Agreement") be entered into between the Town and the Bank to provide for certain aspects of such Registrar services. NOW, THEREFORE, the Town and the Bank, in consideration of the mutual covenants herein contained, agree as follows: 1. The Bank hereby accepts all duties and responsibilities of the Registrar as provided in the Bond Ordinance. The Bank shall cause the Bonds to be honored in accordance with their terms, provided that the Town causes to be made available to the Bank all funds necessary in order to so honor the Bonds. Nothing in this Agreement shall require f the Bank to pay or disburse any funds in excess of the amount then on deposit in the "Principal and Interest Payment Account" provided for in Section 2 of this Agreement. Nothing in this Agreement shall require the Town to pay or disburse any funds for payment of the Bonds or interest thereon except at the times and in the manner provided in the Bond Ordinance. In addition, the Bank hereby accepts, including, without limitation, the duties and responsibilities pertaining to the authentication, registration, transfer, exchange and replacement of Bonds, and the duties and responsibilities pertaining to the calling of the Bonds for prior redemption, all as provided in the Bond Ordinance. 2. Not less than (a) one business day, if by wire transfer, or (b) three business days, if by other means, prior to each payment date, funds for the payment of the Bonds and interest thereon are to be deposited by the Town with the Bank in an account designated "Principal and Interest Payment Account." The funds so deposited shall be held and applied by the Bank through its Corporate Trust Department solely for the payment of principal of and interest on the Bonds. From such funds, the Bank agrees to pay at the times and in the manner provided in the Bond Ordinance, the principal of, interest on and redemption premium, if any, on the Bonds. 3. The Town shall pay to the Bank fees in accordance with its then existing fee schedule. Attached to this Agreement is the Bank's current fee schedule. No new fee schedule shall become effective until 30 days after the Bank has given the Town notice hereof. 4. The Agreement may be terminated as provided in Section 25 of the Bond Ordinance. 5. In the event of any conflict between the provisions of this Agreement and the provisions of the Bond Ordinance, the provisions of the Bond Ordinance shall be controlling. -2- 1' 1 IN WITNESS WI-IEREOF, the Bank and the Town have caused this Agreement to be duly executed and delivered as of the day and year first above written. TOWN OF VAIL By: Mayor (SEAL) Attest: Town Clerk CENTRAL BANK DENVER, NATIONAL ASSOCIATION By: Title: -3- [Attach Registrar's Fee Schedule] -4- e i ES~R®W t~(iI~+EMENT DATED as of December 1, 1989, made by and between the TOWN OF VAIL, Colorado, (the "Town") a home rule municipality duly organized and existing under its charter and Article XX of the Colorado Constitution and CENTRAL BANK DENVER, NATIONAL ASSOCIATION, in Denver, Colorado, (the "Escrow Bank") a bank having and exercising full and complete trust powers, duly organized and existing under the laws of the United States of America, being a member of the Federal Deposit Insurance Corporation and the Federal Reserve System. (1) WHEREAS, the Town is a legally and regularly created, established, organized and existing home rule municipality; and (2) WHEREAS, the Town has heretofore issued its Refunding Land Transfer Warrants, Series 1984 dated May 15, 1984 (the "Prior Warrants"), in the original principal amount of $3,965,000 of which $2,915,000 remain outstanding, bearing interest, payable semiannually on June 1 and December 1 in each year, both principal and interest being payable in lawful money of the United States of America deposited by the Town with Central Bank Denver National Association (the paying agent for the Prior Warrants [the "Paying Agent"]) and maturing serially on December 1 in each year and in the amounts as follows: Interest Rate Maturi Amount (Per Annuml 1990 300,000 9.25% 1997 2,610,000 10.375% (3) WHEREAS, the Prior Warrants maturing on December 1, 1997, are subject to redemption prior to their respective maturities, at the option of the Town on December 1, 1994, and on any interest payment date thereafter, at a price equal to the principal amount of each Prior Warrant so redeemed and accrued interest thereon to the redemption date; and (4) WHEREAS, the Town Council has determined to use available moneys of the Town together with the reserve fund for the Prior Warrants to provide for the payment of the principal and interest due in connection with the Prior Warrants after December 1, 1989 and on and before December 1, 1994 the redemption date for the Prior Warrants, all as set forth in the Certified Public Accountant's Report attached as Exhibit 1 to this Agreement (the "Bond Requirements"); and (5) The Town desires to create the Escrow Account (as defined below) to be maintained by the Escrow Bank and to deposit in the Escrow Account moneys of the Town currently available and the reserve fund for the Prior Warrants in an aggregate amount fully sufficient, together with the known minimum yield from the investment of such moneys and bills, certificates of indebtedness, notes, bond, or similar securities which are direct obligations of, or the principal and interest of which are unconditionally guaranteed by, the United States ("Federal Securities"), other than an initial cash balance of $ remaining uninvested, to pay the Bond Requirements of the Prior Warrants, as set forth herein; and (6) WHEREAS, the Federal Securities described in the certified public accountants' report attached as Exhibit 1 to this Agreement have appropriate maturities and yields to insure the payment, together with the initial cash, of the Bond Requirements of the Prior Warrants, as such Bond Requirements become due at maturity after December 1, 1989, and on and before December 1, 1994; and (7) WHEREAS, a schedule of receipts from such Federal Securities and a schedule of payments and disbursements in the certified public accountants' report attached as Exhibit 1 to this Agreement, demonstrate the sufficiency of the Federal Securities and initial cash for such purpose; and -2- (8) WHEREAS, the resolution pursuant to which the Prior Warrants were issued in effect prohibits investments in the Escrow Account with yields exceeding the limitations of Section 103(c) of the Internal Revenue Code of 1954, as amended (the "Tax Code") and the currently applicable regulations thereunder; and (9) WHEREAS, in the opinion of bond counsel, the report attached hereto as Exhibit 1, also demonstrates compliance with Section 103(c) of the Tax Code and the currently applicable regulations thereunder; and (10) WHEREAS, the Escrow Bank is empowered to undertake the obligations and commitments on its part herein set forth; and (11) WHEREAS, the undersigned officers of the Escrow Bank are duly authorized to execute and deliver this Agreement in the Escrow Bank's name and on its behalf; and (12) WHEREAS, the Town is empowered to undertake the obligations and commitments on its part herein set forth; and (13) WHEREAS, the undersigned officers of the Town are duly authorized to execute and deliver this Agreement in the Town's name and on its behalf. NOW, THEREFORE, THIS ESCROW AGREEMENT WITNESSETH: That in consideration of the mutual agreements herein contained, in consideration of the fee referred to in Section 9 hereof duly paid by the Town to the Escrow Bank at or before the ensealing and delivery of these presents, the receipt whereof is hereby acknowledged, and in order to secure the payment of the Bond Requirements of the Prior -3- Warrants, as the same become due, the parties hereto mutually undertake, promise, and agree for themselves, their respective representatives, successors, and assigns, as follows: Section 1. Creation of Escrow. A. The Town, with $ of moneys of the Town and $ from the reserve fund for the Prior Warrants shall purchase the Federal Securities described in Exhibit 1 to this Agreement (the "Initial Federal Securities") and shall cause the Initial Federal Securities and an initial cash balance of $ (the "initial cash") to be credited to and accounted for in a separate trust account designated as the "Town of Vail, Refunding Land Transfer Warrants, Series 1984, Escrow Account" (the "Escrow Account"). Receipt of $ by the Escrow Bank to be applied as provided herein is hereby acknowledged. B. Other Federal Securities may be substituted for any Initial Federal Securities if such Initial Federal Securities are unavailable for purchase at the time of the deposit or if such substitution is required or permitted by the Tax Code, and the applicable regulations thereunder, subject in any case to sufficiency demonstrations and yield proofs in a certified public accountant's report, and subject to a favorable opinion of nationally recognized bond counsel as to the legality of any such substitution and the continued exclusion of interest on the Prior Warrants from gross income for federal income tax purposes, and in any event in such a manner so as not to increase the price which the Town pays for the initial acquisition of Federal Securities for the Escrow Account. In lieu of, or in addition to, substituting other Federal Securities pursuant to the preceding sentence, moneys in an amount equal to the principal of and interest on all or any portion of such Initial Federal Securities may be credited to the Escrow Account subject to the provisions of § 5 hereof. Any such cash shall be deemed to be part of the initial cash. Any Federal Securities temporarily substituted may be withdrawn from the Escrow Account when the Initial Federal Securities are purchased and credited to the Escrow Account. Any moneys temporarily substituted for Initial Federal Securities shall be repaid to the person advancing -4- such moneys when such Initial Federal Securities are purchased and credited to the Escrow Account. Similarly any temporary advancement of moneys to the Escrow Account to pay designated Bond Requirements of the Prior Warrants because of a failure to receive promptly the principal of and interest on any Federal Securities at their respective fixed maturity dates, or otherwise, may be repaid to the person advancing such moneys upon the receipt by the Escrow Bank of such principal and interest payments on such Federal Securities. C. The initial cash, the proceeds of the Initial Federal Securities (and of any other Federal Securities acquired as an investment or reinvestment of moneys accounted for in the Escrow Account), and any such Federal Securities themselves (other than Federal Securities, including the Initial Federal Securities, held as book-entries), shall be deposited with the Escrow Bank and credited to and accounted for in the Escrow Account. The securities and moneys accounted for therein shall be redeemed and paid out and otherwise administered by the Escrow Bank for the benefit of the Town and the owners of the Prior Warrants as provided in this Agreement. Section 2. Purpose of Escrow. A. The Escrow Bank shall hold the initial cash, all Federal Securities accounted for in the Escrow Account (other than any Federal Securities, including the Initial Federal Securities, held as book-entries), and all moneys received from time to time as interest on and principal of such Federal Securities, in trust to secure and for the payment of the Bond Requirements of the Prior Warrants, as the same become due. B. Except as provided in 9f B of § 1 and in § 8 hereof, the Escrow Bank shall collect the principal of and interest on such Federal Securities promptly as such principal and interest become due and shall apply all money so collected to the payment of the Bond Requirements of the Prior Warrants as aforesaid. -5- Section 3. Accounting for Escrow. A. The moneys and the Federal Securities accounted for in the Escrow Account shall not be subject to checks drawn by the Town or otherwise subject to its order except as otherwise provided in 91 B of § 1 and in § 8 hereof. B. The Escrow Bank, however, shall transfer from time to time from the Escrow Account on or before each maturity date and the redemption date to the Paying Agent, including any successors or assigns, sufficient moneys to permit the payment, without any default, of the Bond Requirements of the Prior Warrants, as the same become due. C. Except as otherwise provided in 9f B of § 1 of this Agreement, there shall be no sale of any Federal Securities held hereunder, and no Federal Securities held hereunder and callable for prior redemption at the Town's option shall be called at any time for prior redemption, except if necessary to avoid a default in the payment of the Bond Requirements of the Prior Warrants. Section 4. Maturities of Federal Securities. A. Any Federal Securities shall not be callable by the issuer thereof and shall be purchased in such manner: (1) So that such Federal Securities may be redeemed in due season at their respective maturities to meet such Bond Requirements as the same become due, and (2) So that any sale or prior redemption of such Federal Securities shall be unnecessary. B. There shall be no substitution of any Federal Securities except as otherwise provided in 9f B of § 1 of this Agreement. -6- Section 5. Reinvestments. A. The Escrow Bank shall reinvest the cash balances listed in Exhibit 2 hereof for the period designated in Exhibit 4 in state and local government series securities ("slgs") purchased directly from the United States Government by the Escrow Bank in the name of the Town. All of the slgs in which such reinvestments are made shall bear interest at the rate of 0% per annum. The Escrow Bank agrees to comply with Part 344 of Title 31, Code of Federal Regulations, and with such other regulations of the United States Treasury, Bureau of Public Debt, as are from time to time in effect in subscribing for and purchasing such slgs, including without limitation requirements with respect to submitting subscriptions to a Federal Reserve Bank or Branch in advance (currently between 60 and 15 days in advance) of the date of purchase of the slgs. B. In addition to or, as the case may be, in lieu of the reinvestments required by 9f A of this § 5, the Escrow Bank, at the written direction of the Town, shall invest the initial cash and shall reinvest in Federal Securities any moneys received in payment of the principal of and interest on any Federal Securities accounted for in the Escrow Account, subject to the limitations of §§ 1, 4 and 6 hereof and the following limitations: (1) Any such Federal Securities shall not be subject to redemption prior to their respective maturities at the option of their issuer. (2) Any such Federal Securities shall mature on or prior to the date or dates when the proceeds thereof must be available for the prompt payment of the Bond Requirements of the Prior Warrants. (3) Under no circumstances shall any reinvestment be made under this 9i B if such reinvestment, alone or in combination with any other investment or -7- reinvestment, violates the applicable provisions of the Tax Code, and the rules and regulations thereunder. (4) The Escrow Bank shall make no such reinvestment under this ~f B unless the Town first obtains and furnishes to the Escrow Bank a written opinion of nationally recognized bond counsel to the effect that such reinvestment, as described in the opinion, complies with subparagraph (3) of this tf B. (No such opinion shall be required by the Escrow Bank, however, in connection with making the reinvestment required by 9i A of this § 5.) C. Except as provided in this § 5, the Escrow Bank shall have no obligation by virtue of this Agreement, general trust law, or otherwise to make any reinvestment of any moneys in the Escrow Account at any time. Section 6. Sufficiency of Escrow. The moneys and Federal Securities accounted for in the Escrow Account shall be in an amount (or have appropriate maturities and yields to produce an amount) which at all times shall be sufficient to pay the Bond Requirements of the Prior Warrants as they become due, subject to the provisions of § 10 hereof. Any moneys in the Escrow Account from time to time in excess of such amount may be withdrawn by the Town if the Town shall first furnish to the Escrow Bank a report from a certified public accountant which demonstrates that after any such withdrawal, the cash and Federal Securities remaining in the Escrow Account are fully sufficient to pay the Bond Requirements for the Prior Warrants promptly as the same come due on and prior to December 1, 1994 and an opinion of the Town bond counsel to the effect that such withdrawal will not adversely affect the validity of the Bonds or the exclusion from gross income of interest on the Bonds. Section 7. Transfers for Bond Requirements. The Escrow Bank shall make such credit arrangements and transfers to the Paying Agent for the Prior Warrants, as will assure, to the extent of money in the Escrow Account properly allocable to and available -8- therefor, the timely payment of the Bond Requirements of the Prior Warrants as the same become due. Section 8. Termination of Escrow Account. When payment or provisions for payment shall have been made with the Paying Agent for the Prior Warrants so that all Bond Requirements shall be or shall have been paid in full and discharged, the Escrow Bank shall immediately pay over to the Town the moneys, if any, then remaining in the Escrow Account and shall make forthwith a final report for the Town to the Town Manager. Such moneys may be used by the Town for any lawful purpose, subject to any limitations in the Bond Resolution. Section 9. Fees and Costs. A. The Escrow Bank's total fees and costs for and in carrying out the provisions of this Agreement have been fixed at $3500 which amount is to be paid at or prior to the time of the deposit by the Town directly to the Escrow Bank as payment in full of all charges of the Escrow Bank pertaining to this Agreement for services performed hereunder. B. Such payment for services rendered and to be rendered by the Escrow Bank shall not be for deposit in the Escrow Account, and the fees of and the costs incurred by the Escrow Bank shall not be deducted from such account. Section 10. Possible Deficiencies. A. If at any time it shall appear to the Escrow Bank that the money and any interest on and principal of the Federal Securities in escrow allocable for such use under this Agreement, including, without limitation, the known minimum yield from the Initial Federal Securities, will not be sufficient to make any required payment due on the Bond Requirements of the Prior Warrants, as the same becomes due, the Escrow Bank shall notify in writing the Town Manager within two business days after discovery of such fact, the amount of such deficiency, and the reason therefor. -9- B. Thereupon the Town shall forthwith deposit with the Escrow Bank for deposit in the Escrow Account such additional moneys as may be required. Section 11. Status Report. A. In January, 1991, and in January of each year thereafter until the termination of the Escrow Account, the Escrow Bank shall submit to the Town Manager a report covering all money which the Escrow Bank shall have received and all payments which it shall have made or caused to be made hereunder during the twelve months ending the preceding December 31. B. The last report, however, shall be made in accordance with the provisions of § 8 of this Agreement. C. Each such report (except the last report) shall also list all Federal Securities and the amount of money accounted for in the Escrow Account on the December 31 next preceding the report. D. Each such report (including the last report) shall further indicate for which period and in which trust bank any Federal Securities (other than Federal Securities held as book-entries) and any uninvested moneys were transferred for safekeeping or any Federal Securities pledged to secure the repayment to the Town of any uninvested moneys were placed in pledge, as permitted by § 13. Section 12. Character of Deposit. A. It is recognized that title to the Federal Securities and money accounted for in the Escrow Account from time to time shall remain vested in the Town but subject always to the prior charge and lien thereon of this Agreement and the use thereof required to be made by the provisions of this Agreement. -10- B. The Escrow Bank shall hold all such Federal Securities (except as they may be held as book-entries) and money in the Escrow Account as a special trust fund and account separate and wholly segregated from all other securities and funds of the Escrow Bank or deposited therein, and shall never commingle such securities or money with other securities or money. Section 13. Securing Deposit. A. The Escrow Bank may cause the Federal Securities accounted for in the Escrow Account to be registered in the name of the Town for payment, if they are registrable for payment, and in such event shall obtain the necessary endorsements from the duly authorized officials of the Town as they become due. B. The Town, acting by and through the Town Manager, or otherwise, in connection with any Federal Securities accounted for in the Escrow Account and held as book-entries shall cooperate with the Escrow Bank and shall forthwith make arrangements with an appropriate representative of the issuer of such Federal Securities, so that the interest on and the principal of the Federal Securities shall be promptly transmitted, as the same become due from time to time, to the Escrow Bank for the benefit of the Town. C. All uninvested money held at any time in the Escrow Account shall be continuously secured in the manner required by the Public Deposit Protection Act of 1989 (Title 11, Article 10.5, Part 1, Colorado Revised Statutes). D. Any securities so held as a pledge shall be used whenever necessary to enable the Paying Agent for the Prior Warrants to pay the Bond Requirements, to the extent other moneys are not transferred or caused to be transferred for such purpose by the Escrow Bank. -11- E. Any Federal Securities (except as they may be held as book-entries) and any uninvested moneys accounted for in the Escrow Account may from time to time be placed by the Escrow Bank for safekeeping wholly or in part in any such trust bank, only if prior to any such transfer the Town Manager consents thereto in writing. F. Each such trust bank holding any Federal Securities accounted for in the Escrow Account or any uninvested moneys accounted for therein, shall be furnished by the Escrow Bank with a copy of this Agreement prior to such deposit. G. By the acceptance of such Federal Securities or such uninvested moneys each such trust bank shall be bound in the same manner as the Escrow Bank, as herein provided. H. The Escrow Bank, however, shall remain solely responsible to the Town: (1) For any investment or reinvestments of moneys pursuant to §§ 1 and 5 hereof, (2) For transfers of moneys pursuant to § 7 hereof, (3) For the termination of the Escrow Account pursuant to § 8 hereof, (4) For any notification of prospective deficiencies to § 10 hereof, (5) For the periodic status reports pursuant to § 11 hereof, (6) For any notice of redemption required to be given by § 14 hereof, and -12- (7) For defraying any charges of any branch of the Federal Reserve Bank or any trust bank for any deposits of Federal Securities as pledge to secure uninvested moneys, of Federal Securities in escrow, and of uninvested moneys in escrow (or any combination thereof) or for any other service relating to this Agreement or the Escrow Account. I. Notwithstanding the liabilities of the Escrow Bank stated in 9f H of this section, the Escrow Bank may cause any one, all, or any combination of the duties stated in 9i H to be performed on its behalf by any trust bank. J. If at any time the Escrow Bank fails to account for any moneys or Federal Securities held by it or by any such trust bank in the Escrow Account, such moneys and securities shall be and remain the property of the Town. K. If for any reason such moneys or Federal Securities cannot be identified, all other assets of the Escrow Bank and of each such trust bank failing to account therefor shall be impressed with a trust for the amount thereof, and the Town shall be entitled to a preferred claim upon such assets. L. No money paid into and accounted for in the Escrow Account shall ever be considered as a banking deposit and neither the Escrow Bank nor any such trust bank shall have any right or title with respect thereto. Section 14. Defeasance and Redemption Notice and Prior Redemption. The Town has elected and does hereby declare its intent to exercise its option to redeem on December 1, 1994, all of the Prior V~Iarrants maturing on December 1, 1997. The Town is hereby obligated to exercise such option, which option shall be deemed to have been exercised when notice is duly given and completed as herein provided. The Town hereby authorizes and directs the Escrow Bank to effectuate the giving of the notice of the defeasance and -13- redemption in the name and on behalf of the Town forthwith upon the deposit required by Section 1 of this Escrow Agreement. The notice shall be given by mailing a copy of such notice by first-class, postage prepaid mail, to each registered owner of the Prior Warrants at his address as it last appears on the registration books kept by the Paying Agent and to Boettcher & Company, Inc. Section 15. Amendment. A. The Bonds shall be issued in reliance upon this Agreement and except as herein provided, this Agreement shall be irrevocable and not subject to amendment after any of the 1989 Bonds shall have been issued. B. The provisions of this Agreement cannot be amended, waived or modified except to correct ambiguities or to add to the protection of the owners of the Bonds and such amendments shall be in writing executed by the parties hereto; provided that no such amendment, waiver or modification shall become effective unless and until the Escrow Bank and the Town receive an opinion of nationally recognized bond counsel to the effect that such amendment, waiver or modification either corrects ambiguities or adds to the protection of the owners of the Bonds and that it is not materially prejudicial to the owners of the Prior Warrants and does not affect the exclusion of the interest on the Prior Warrants or the Bonds from gross income for federal income tax purposes. C. The Escrow Bank shall give notice to Moody's Investors Service, Inc., or its successors, of any such amendments, waivers or modifications Section 16. Exculpatory Provisions. A. The duties and responsibilities of the Escrow Bank are limited to those expressly and specifically stated in this Agreement. -14- B. The Escrow Bank shall not be liable or responsible for any loss resulting from any investment or reinvestment made pursuant to this Escrow Agreement and made in compliance with the provisions hereof. C. The Escrow Bank shall not be liable for any act done or step taken or omitted by it or for any mistake of fact or law or for anything which it may do or refrain from doing, except for its negligence or its default in the performance of any obligations imposed upon it hereunder. D. The Escrow Bank shall neither be under any obligation to inquire into or be in any way responsible for the performance or nonperformance by the Town of any of its obligations, nor shall the Escrow Bank be responsible in any manner for the recitals or statements contained in this Agreement, in the Bond Resolution, in the 1989 Bonds, in the Prior Warrants, or in any proceedings taken in connection therewith, such recitals and statements being made solely by the Town. E. Nothing in this Agreement creates any obligation or liabilities on the part of the Escrow Bank to anyone other than the Town and the holders of the 1989 Bonds and the Prior Warrants. Section 17. Time of Essence. Time is of the essence in the performance of the obligations from time to time imposed upon the Escrow Bank by this Agreement. Section 18. Successors. A. Whenever in this Agreement the Town or the Escrow Bank is named or is referred to, such provision is deemed to include any successor of the Town or the Escrow Bank, respectively, immediate or intermediate, whether so expressed or not. -15- B. All of the stipulations, obligations, and agreements by or on behalf of and other provisions for the benefit of the Town or the Escrow Bank contained in this Agreement: (1) Shall bind and inure to the benefit of any such successor, and (2) Shall bind and inure to the benefit of any officer, board, authority, agent, or instrumentality to whom or to which there shall be transferred by or in accordance with law any relevant right, power, or duty of the Town or the Escrow Bank, respectively, or of its successor. Section 19. Severability. If any section, paragraph, clause, or provision of this Escrow Agreement shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause, or provision shall not affect any of the remaining provisions of this Agreement. Section 20. Notices. Any notice to be given hereunder shall be delivered personally or mailed postage prepaid, return receipt requested, to the following addresses: If to the Town: Town of Vail 75 So. Frontage Road West Vail, Colorado 81657 If to the Escrow Bank: If to Moody's: Central Bank Denver, National Association 1515 Arapahoe Street Denver, Colorado 80217 1Vloody's Investors Service Inc. 99 Church Street New York, New York 10007 or to such other address as any party may, by written notice to the other parties, hereafter specify. Any notice shall be deemed to be given upon mailing. -16- IN WITNESS WHEREOF, TOWN OF VAIL has caused this Escrow Agreement to be signed'in the Town's corporate name by its li~ayor to be attested by its Clerk, with the seal thereof hereunto affixed; and Central Bank Denver, National Association, has caused this Escrow Agreement to be signed in its corporate name by one of its Authorized Officers, sealed with its corporate seal, and attested by or one of its Authorized Officers, all as of the day and year first above written. -17- TOVG/IV OF VAIL sy 1VTayor (SEAL) Attest: Town Clerk -18- CENTRAL BANK DENVER, NATIONAL ASSOCIATION (BANK SEAL) By, Title: Vice President Attest: Title: Trust Officer -19- EXI-IIBI'~ fl CPS REP®It~' -20- E~HI~IT 2 C~aSI-I I$AI.AIVCES I1~IVEST~D III 0% SI,GS Investment Maturity Amount Date Date Invested -21-