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1992-09-29 Support Documentation Town Council Work Session
r , VAIL TOWN COUNCIL WORK SESSION TUESDAY, SEPTEMBER 29, 1992 12:00 P.M. IN TOV COUNCIL CHAMBERS AGENDA 1. PEC Report. 2. Presentation of Proposed 1993 Environmental Work Plan. 3. 1993 Budget Overview: Police Department. ~ Public Works/Transportation/Heavy Equipment Fund. Administrative Services. 4. Information Update. 5. Council Reports. 6. Other. 7. Adjournment. 4444444444444444444444 THERE WILL BE A SPECIAL EVENING MEETING OF THE VAIL TOWN COUNCIL TONIGHT, TUESDAY, 9/29/92, BEGINNING AT 7:30 P.M, IN TOV COUNCIL CHAMBERS. THERE WILL BE A SPECIAL WORK SESSION OF THE VAIL TOWN COUNCIL ON THURSDAY. 10/1/92, BEGINNING AT 6:30 P.M. IN TOV COUNCIL CHAMBERS. THIS SPECIAL WORK SESSION AGENDA CONCERNS TOV BUDGET REVIEW ITEMS ONLY. THE NEXT VAIL TOWN COUNCIL WORK SESSION WILL BE ON TUESDAY, 10/6/92, BEGINNING AT 6:30 P.M. IN TOV COUNCIL CHAMBERS. THE NEXT VAIL TOWN COUNCIL EVENING MEETING WILL BE ON TUESDAY, 10/6/92, BEGINNING AT 7:30 P.M. IN TOV COUNCIL CHAMBERS. 4444444444444444444444 C:WGENDA.WS VAIt TOWN COUNCIL WORK SESSION TUESDAY, SEPTEMBER 29, 1992 12:00 P.M. IN TOV COUNCIL CHAMBERS EXPANDED AGENDA 12:00 P.M. 1. PEC Report. 12:10 P.M. 2. Presentation of Proposed 1993 Environmental Work Plan. Russell Forrest Action Requested of Council: Review and approve/deny/modify the proposed 1993 Environmental Work Plan. Background Rationale: Vail's tourist industry is directly lined with the area's natural resources, Achieving sustainable development in Vail will help ensure compatibility between growth and the area's environment. The initiatives proposed in the 1993 Environmental Work Plan will provide a framework for environmentally sustainable development. Taking proactive measures to protect the environment will (a) help ensure compatibility between long-term economic growth and the natural environment, (b) take steps locally to address environmental problems of global importance, (c) reduce costs for compliance to the ever growing number of environmental regulations, and (d) provide a better living environment for citizens and guests. Staff Recommendation: Approve the proposed 1993 Environmental Work Plan. 3. 1993 Budget Overview: 1:00 P. M. Police Department. Ken Hughey 2:00 P.M. Public Works/Transportation/Heavy Equipment Fund. Larry Grafel/Mike Rose/ Greg Hall/Pete Burnett/ Todd Scholl 5:00 P.M. Administrative Services. Steve Barwick 4. Information Update. 5. Council Reports. 6. Other. 7. Adjournment. 1 r 0444444444444004044444 THERE WILL BE A SPECIAL EVENING MEETING OF THE VAIL TOWN COUNCIL TONIGHT, TUESDAY. 9/29/92, BEGINNING AT 7:30 P.M. IN TOV COUNCIL CHAMBERS. THERE WILL BE A SPECIAL WORK SESSION OF THE VAIL TOWN COUNCIL ON THURSDAY. 10/1/92, BEGINNING AT 6:30 P.M. IN TOV COUNCIL CHAMBERS. THIS SPECIAL WORK SESSION AGENDA CONCERNS TOV BUDGET REVIEW ITEMS ONLY. THE NEXT VAIL TOWN COUNCIL WORK SESSION WILL BE ON TUESDAY, 10/6/92, BEGINNING AT 6:30 P.M. IN TOV COUNCIL CHAMBERS. THE NEXT VAIL TOWN COUNCIL EVENING MEETING WILL BE ON TUESDAY, 10/6/92, BEGINNING AT 7:30 P.M. IN TOV COUNCIL CHAMBERS. 4444444444444444444444 C:WGENDA.WSE 2 f PLANNING AND ENS s ONMENTAL COMMISSION SEPTEMBER 28, 1992 AGENDA 11:00 A.M. Site Visits 2:00 P.M. Public Hearing Site Visits: 11:00 Sands Weimann Westin Lionshead Center Willows Esrey Public Hearing: 2:00 1. A request for a joint work session with the DRB and PEC for an exterior alteration and setback variance for the Vail Lionshead Center Building located at Lot 5, Block 1, Vail Lionshead First Filing\520 East Lionshead Circle. Applicant: Oscar Tang Planner: Andy Knudtsen 2. A request for a work session on the proposed 1992\1993 Environmental Work Program. Staff: Russell Forrest and Susan Scanlan 3. A request for a side setback variance to allow an addition to the residence located at 716 Forest Road\Lot 10, Block 1, Vail Village Sixth Filing. Applicant: Charles Ackermman Planner: Tim Devlin 4. A request for variances from Section 18.58.320 to allow two satellite dishes to be located at the Westin Hotel\1300 Westhaven Drive\described as follows: That part of the SW 1/4 NE 1/4, Section 12, Township 5 South, Range 81 West of the Sixth Principal Meridian, Town of Vail, Eagle County, Colorado, described as follows: Beginning at a point on the southerly boundary of the parcel of land shown on the Condominium Map for the Colorado Mountain Condominiums recorded in Book 387 at Page 620 in the office of the Eagle County, Colorado, Clerk and Recorder, whence the most southerly comer of said parcel 1 bears S 52 50'29" W 14.16 feet distant; there the following nine ca~rses along the southerly , boundary of said parcel: (1) N 52 50'29" E 49.16 feet: (2) N 37 12'45" W 12.34 Feet; (3) N 52 47'15" E 1.00 feet; (4) N 37 12'45' W 1.30 feet. (5) N 52 47'15" E 42.60 feet; (6) N 37 12'45" W 8.70 feet; (7) N 52 47'15" E 15.00 feet; (8) S 37 12'45" E 22.40 feet; (9) N 52 50'29" E 35.28Feet; thence departing said southerly boundary N 52 50'29" E 56.96 feet; thence S 37 09'31" E 45.34 feet thence N 52 50'29" E 48.70 feet; thence S 37 09'31" E 9.60 feet; thence N 52 50'29" E 80.00 feet; thence S 37 09'31" E 36.40 feet; thence N 52 50'29" E 21.30 feet; thence S 37 09'31" E 220.02 feet to Gore Creek; thence the folbwing four courses abng Gore Creek: (1) S 49 26'36" W 76.45 feet; (2) S 22 31'36" W 124.47 feet; (3) S 53 37'36" W 119.34 feet; (4) S 65 31'36" W 14.58 feet; thence departing Gore Creek N 32 59'30" W 141.47 feet; thence N 57 25'30" W 124.02 feet; thence N 37 09'31" W 116.45 feet to the point of beginning, containing 110,200 square feet or 2.49 acres, more or less. Applicant: Westin Resort\Tri County Cable Vision Planner: Andy Knudtsen 5. A request for a front, side, and rear setback variances and a variance to allow parking in the front setback for the construction of a triplex, located at 44 Willow Place\Lot 9, Block 6, Vail Village First Filing. Applicant: Towermarc Corporation Planner: Shelly Mello 6. A request for a site coverage variance to allow an addition to the residence located at Lot 1, Vail Village Thirteenth Filing\3025 Booth Falls Road.. Applicant: William and Julie Esrey Planner: Mike Mollica 7. A request for a variance from Section 17.28.330 to allow a residential driveway to exceed the maximum slope permitted. Lot 14, Block A, Vail das Schone Filing No. 1\2369 Chamonix Lane. Applicants: Paul M. Sands Planner: Mike Mollica TABLED TO OCTOBER 12 8. A request for a variance from Section 18.58.020 to allow the construction of two retaining walls located in the front setback which exceed 3 feet in height, located on Lot 10, Block B, Vail Ridge\2692 Cortina Lane. Applicants: Hanns Weimann and The Town of Vail Planner: Tim Devlin 9. A request to modify the landscaping plan associated with the previously approved exterior alteration proposal for the Slifer Building, 230 Bridge Street/Par't of Lots B and C, Lot 5, Vail Village First Filing. 2 Applicant: Rod and Beth Slifer Planner: Tim Devlin 10. A request for an amendment to Chapter 18.57 Employee Housing for the Town of Vail Zoning Code. A~licant: Town of Vail Planner: Andy Knudtsen TABLED TO OCTOBER 12 11. Discussion of recommendations regarding PEC meetings made at the recent Speak Up Meeting. 12. A request for a variance from Section 17.28.330 to allow a residential driveway to exceed the maximum slope permitted. Lot 16, Vail Potato Patch\782 Potato Patch Dr. Applicant: Andrew Daly Planner: Shelly Metto TABLED TO OCTOBER 12 13. A request for a major amendment to SDD #4, Cascade Village, to amend the development plan for the Waterford and Cornerstone parcels in area A, described as follows: That part of the SW 1!4 NE 1/4, Section 12, Township 5 South, Range 81 West of the Sixth Principal Meridian, Town of Vail, Eagle County, Colorado, described as follows: Beginning at a point on the southerly right-of-way line of Interstate Highway No. 70 whence an iron pin with a plastic cap marking the center of said Section 12 bears S 33°10'19" W 1447.03 feet; thence along said southerly right-of-way line two courses 1) N 52°50'29" E 229.66 feet 2) N 74°38'17" E 160.70 feet; thence departing said southerly right-of-way line N 88°45'57" E 138.93 feet; thence S 40°45'14" W 94.32 feet; thence S 18° 18'36" W 54.08 feet; thence S 01°21'36" W 205.02 feet; thence S 12°07'36" W 110.25 feet; thence S 28°28'36" W 164.48 feet; thence N 40 °17'04" W 211.16 feet; thence N 49°42'56" E 97.80 feet; thence N 37°09'31" W 95.59 feet; thence S 52°50'29" W 55.10 feet; thence 69.48 feet along the arc of anon-tangent curve to the left having a radius of 65.00 feet, a central angle of 61°14'42" and a chord that bears N 58° 55'53" W 66.22 feet; thence N 37°09'31" W 118.50 feet To The True Point of Beginning, County of Eagle, State of Coorado; and the Cornerstone parcel described as follows: Building C Site That part of the SW 1/4 NE 1/4, Section 12, Township 5 South, Range 81 West of the Sixth Principal Meridian, Town of Vail, County of Eagle, State of Colorado, described as foltaws: 3 Beginning at a point on the easterly Nne of anon-exclusive easement for ingress and egress krxrivn as Westhaven Drive recorded in Book 421 at Page 651 in the office of the Eagle County, Cobrado, Clerk and Recorder whence the corner of said Section 12 bears S 38°34'43"W 1,168.27 feet; thence abng said Nne of Westhaven Drive N 52°43'41'E 143.92 feet; thence departing said Nne of Westhaven Drive, 132.24 feet along the arc of a non-tangern curve to the left having a radius of 55.00 feet, a central angle of 1.37°45'30" and a chord that bears N 42°11'46"E 102.61 feet; thence N 52°50'29"E 65.24 feet; thence S 37°09'31 "E 95.59 feet; thence S 49°42'S6"W 97.80 feet; thence S 40°17'04"E 24.12 feet; thence S 52°50'29"VU 213.66 feet; thence N 37°09'31 "W 105.76 feet to the point of beginning containing 0.6848 acres more or less. Applicant: MECM Enterprises represented by Eustaquio Cortina and Commercial Federal Savings. Planner: Shelly Mello TABLED TO OCTOBER 12 The application and information about the proposals are available for public review in the Community Development Department office. Town of Vail Community Development Department Published in the Vai! Trai! on September 22, 1992 4 1 MEMORANDUM TO: Town Council FROM: Russell Forrest DATE: 25 September 1992 RE: Environmental Work Plan X{{~ ;4?%{•% . . . ..:............vr{n.3xv................ ..;.x?,v.4}}%:i;•??ii:..........:r?}i::4.:{•%•???:.~:.....l:r:•{.: h%{.., 4'n.•'..:.......m•:{,nr3X......... y.:: . 'yl.. w:: - v..S•• n...:........v....vv:...:........ n..n........ v n•{.:.:.v.: v :v: :v. n: r..}??•-?}v:.•.....4::i::{x!rr.:?::.:•i??v:: .::.v l w:: w.v: :..vw::nx::v: -,.:::::::.v:::::::?.v::::::::. .;:.............r {{:v : .....::.v:~... : : v; v::: :v:tv. :.::.3s.;.:::.v: vv::.xvi:.{•Y.x'i~::.+.•; ?..........u.:v; w-: 3..:: v:::..... { .....vT. n... n .....:.v. . r.. r. n... .4. n......:.....x:::::: -f.:t::;n :i ?+•-1,.:•::n.......::.•.{vv.::.......... n....: n.... iv:: •:n .v ...................................n........ r..v..................... w:r v.vi:4i:{4::?v: . f... ::::{.:Y.:'i::::::::: n%Y.T:: y: ~:::Yi 4' ~..w::: n :v::::::.v:v::v::::v::::.v:::..... vi,?:i4:v::: i:........ ...v................... ...:....v...... v::. -.v:.:::::.: .v.. . n . . v. /.v:::::.....::.......... vl.:n.:.•.....:.....v %3:: v:::vv::: :.....:...\•:.vvnv:?.{ n..... rv....{......... ~ ..::...'..:....r ::x4::?:•}• ...{•}%r-::::: t::::: ..:/.{:iri?{?i:i:-:4i ~:ii<.i:4:v.:•?:::::{i-~ .::..{;:::?:i v:.< ......::{v..:...:........... :.................:.........................................................::.:::::..:::::n 4..:...; . v: x: u::.v:x:•.v{.y: . ::.v..iii: : ?rii:{ri.%.i?:4:irv......................:.....:.v: v:f.:::q.:ilyA: i...v%::Y?.•i.{:.:v:_~::,:.:. ...v. xrnvv:.v:•fv:\f:.4::?:h4MV:.v..•::. wi:::• x•:: Attached is the draft 1993 Environmental Work Plan for your review and approval. The purpose of this work plan is to describe proposed environmental initiatives for the Town of Vail that will help ensure environmental quality and sustainable .growth. This workplan will provide direction for environmental initiatives for the next fiscal year. The staff will be presenting this plan to you on 29 September 1992 and will be prepared to answer any questions you may have. The Environmental Work Plan was submitted to PEC on 11 September 1992 and will be presented to the Commission on Monday September 28, 1992. Thank you for your time and cooperation. 1993 ENVIRONMENTAL WORK PLAN Draft 25 September 1992 TABLE OF CONTENTS 1. Purpose 1 2. Ongoing Projects 1 2.1 Air Quality Study 1 2.2 Vail Nonpoint Source 3 2.3 In-house Recycling 5 3. New Environmental Projects 5 3.1 Environmental Database 5 3.2 Environmental Review Process 6 3.3 Environmental Strategic Plan 7 4. List of Potential Future Projects 9 ENVIRONMENTAL WORK PLAN • IIraft 1. PURPOSE The purpose of this work plan is to describe potential environmental initiatives for the Town of Vail that will help ensure environmental quality and sustainable growth. The purpose, status (if ongoing), major tasks, and milestones will be discussed for both ongoing and proposed initiatives. This workplan will provide direction for environmental initiatives into the next fiscal year. 2. ONGOING PR03ECTS These projects include those initiatives that were begun in FY 92 and will continue into the next FY. These project descriptions discuss the current status of each project and highlight new tasks for the coming year. 2.1 Air Quality Study Purpose: The air quality project has been an ongoing work area for the past year. When the Vail Town Council passed the revised fireplace ordinance last September, their approval was based largely on the condition that a public education program be developed and implemented. The program as outlined by the .staff is to consist of two major areas: (1) An inventory of existing fireplaces to begin determining the success of a voluntary conversion program. AND (2) A public education program directed at both locals and guests to make them aware of the existing problems and Town policy related to woodburning. Status: - To monitor the effectiveness of this policy the staff is developing an inventory of existing fireplaces using adoor-to-door survey conducted last summer and analysis of records from the Assessor's office. Staff is also keeping track of all voluntary fireplace conversions through the permitting process. As of 24 August 1992, 240 dwelling units have converted to gas. 1 The educational program for woodburning consists of two phases. The initial phase of this program was to develop an informational brochure for the architects, developers and contractors in the area to summarize the ordinance that is now in place. This step has been completed and the brochure was mailed to local architects and contractors in late July. The next step of the education program is the development of literature both for local residents and for guests to let them know how they may help in the efforts to improve air quality during the upcoming hearing season. Staff has been working with members of other communities in the valley to develop a comprehensive program that can be used throughout the valley, since the problems which Vail experiences are not unique. Staff has made this project a priority and will begin implementation of an educational program for this heating season. Tasks and Milestones: 1. The staff has completed a survey of local lodges and hotels to determine current burning practices and to garner suggestions for haw to best approach an informational program for their guests. Staff is also evaluating new Colorado woodburning regulations to determine their impact on the Town of Vail. Milestone: September 1992 (Completed) 2. Development of an informational brochure for the lodging community. Milestone: October 1992 3. Dissemination of information to the lodging community. Milestone: November 1992 4. Development of an informational brochure for local resident population. Milestone: November 1992 5. Dissemination of information to local residents. Milestone: November 1992 6. Workshops on woodburning alternatives and Town policy for residents, lodging community, and developers. Milestone: May & August 1993 2 7. Review, update if necessary, and disseminate informational brochures for local residents and the lodging community. ' Milestone: August 1993 Cost: Estimated cost for an ongoing public education program is $5,000 to design and publish informational brochures, handout, and provide for 1-2 workshops. 2.2 Vail Nonpoint Source Program Purpose: This study was initiated in response to new EPA Clean Water Act regulations which have been promulgated to address nonpoint source pollution. The objectives of this study are to assess sources of nonpoint source pollution and develop mitigation measures to address them. Added objectives for FY 93 will be to evaluate the impact of landscape applications (e.g. fertilizer, fungicides, herbicides) on water quality and delineate wetlands. Status: In 3anuary of 1992, the Community Development Department put together a task force to initiate a nonpoint source water quality study. Vail spent $10,000 on this project and received another $7,500 and technical assistance from NWCCOG. The task force has completed mapping the storm drain systems in the Town of Vail and dry weather sampling. Town staff along with NWCCOG are currently conducting wet weather sampling of 4 drainage areas. Test/sampling areas have been identified that are representative of commercial, residential, open space, and parking areas to determine which pollutants and land uses are impacting water quality. A request far matching funds has again been submitted to NWCCOG for FY 93. Community Development has submitted a budget request for $10,(}00 to complete the nonpoint source water management program. The following tasks are contingent upon this budget request and the ability to receive matching funds from NWCCOG. Tasks and Milestones: 1. Delineate wetlands in the Town of Vail: Wetlands are critical in maintaining water quality in a watershed and preserving natural habitat. Section 404 of the Clean Water Act sets forth requirements for protection of wetland areas. To ensure regulatory compliance and to protect water quality it is necessary to delineate the boundaries of wetlands in Vail. Specific steps to achieve this task include: 3 a. Establish appropriate criteria for wetlands delineation. b. Work with NWCCOG to obtain the necessary technical expertise to delineate wetlands. c. Identify wetland areas by analyzing soils, vegetation, and hydrology. ' d. Develop mitigation measures for protecting Vail wetlands. Milestone: June 1993 2. Analyze the impact of landscape application: Application of fertilizers, pesticides, algicides, and herbicides can be significant contributors to water pollution. Specific steps to achieve this task include: a. Identify the types and amounts of landscape applications used by the Town of Vail, Vail Recreation District, and Vail Associates. b. Evaluate the impact of these potential contaminants on water quality. Also identify any toxic effects on humans or wildlife. c. Develop mitigation measures for minimizing the impacts of landscape applications. Milestone: August 1993 3. Develop a nonpoint source water quality management plan based on the analysis completed in FY 92 and the proposed work to be completed in FY 93. This plan will discuss mitigation recommendations that could include new policy, changes to zoning ordinances, or the building permit process. Specific steps to achieve this task include: a. Analyze nonpoint sources identified in the FY 92 & 93 study and determine appropriate mitigation measures. b. Prepare a Draft Nonpoint Water Quality Management Plan based on the 92 & 93 analysis and submit to PEC for review. c. Complete a Final Nonpoint Water Quality Management Plan. Milestone:October 1993 Projected Cost for Next FY: $10,000 FY93 Community Development budget request $10,000 grant applied for through NWCCOG to USEPA $20,000 Total 4 2.3 In-House Recycling Program The Environmental Health Division has promoted an in-house recycling program fir the Town offices. Currently paper, glass, aluminum, and plastics are collected. There is a high level of participation among Town staff. Further efforts will be made to encourage staff to bring recyclables to collection points and to use recycled materials. Additional office receptacles for recyclable materials will be purchased in FY 93. Beyond the in-house effort, staff will work with We Recycle and the County to begin identifying opportunities for improving waste minimization and recycling programs within the community. 3. NEW ENVIRONMENTAL PROJECTS These projects include initiatives that are proposed for the next fiscal year. 3.1 Environmental Database Purpose: Characterizing the natural resources and determining environmental sensitivity within and around the Town of Vail is essential in performing environmental reviews and developing effective environmental policies. Developing an environmental database includes both collection and synthesis of baseline data (e.g. soil surveys, topography, vegetation, water quality) and regulatory information that specify requirements for environmental protection. As environmental data is collected for the Vail area, carrying capacities for major environmental resources can begin to be estimated. In the next two to three years it would be possible, if resources are available, to determine the carrying capacity for the areas natural and man-made resources. This would enable the town to determine the level and type of growth that can be sustained without significantly deteriorating natural or man-made resources. The following is a list of data layers needed for environmental planning and review: USGS Maps Aerial Photos Available satellite images of the valley Soil Survey Vegetation Surveys Fauna Surveys PM-10 data Water quality monitoring data from up and down-stream stations Colorado air and water regs Climatic Data 5 Land use map Noise zone map Floodplain map ' Hydrology and drainage basin data Avalanche and rockslide map Waste Water Treatment Data Petrochemical Sites (including UST) Silver producing sites (hospitals and VA) Tasks and Milestones: 1. Identify sources and costs for the above stated environmental baseline information. Milestone: January 1993 2. Engage contract support, if required, to collect baseline information that is not available. Milestone: May 1993 3. Prepare an environmental sensitivity map for the Town of Vail that identifies special environmental considerations for land use. This could then be integrated into a GIS mapping system if the Sierra system is purchased for the Town. Milestone: July 1993 Projected Cost: Projected cost for FY 93 is $4,000. 3.2 Environmental Review Process Purpose: The objective of an environmental impact report (EIR) process is to ensure that any significant environmental issues are identified early in the planning process of a project. This helps ensure that sensitive natural resources are protected and helps to prevent litigation from the ever growing number of environmental requirements promulgated at the federal and state level. The Town of Vail does have an environmental impact report requirement within the Town Code (18.56). This project will involve developing a preliminary environmental review (PER) process to determine if a full scale environmental impact report is necessary. This initiative will also involve reviewing section 18.56 of the Town of Vail's Zoning Code and recommending amendments to provide a more effective EIR process. 6 In FY 94 or 95 a PER process could be computerized or incorporated into the proposed GIS system to facilitate rapid preliminary environmental review of proposed projects. Once an environmental database is complete, an automated environmental review system could utilize this database to determine the cumulative impacts of a project and help ensure environmentally sustainable growth in the Vail area. ~ , Tasks and Milestones: 1. Investigate environmental review processes used by other municipalities and discussed in the literature to determine there feasibility for use in the Town of Vail. Milestone: December 1992 2. Review section 18.56 of Vail's Zoning Code to determine if revisions are needed in the EIR process. Recommend revisions to section 18.56 and present to PEC and the Council. Milestone: March 1993 2. Develop a preliminary environmental review process. Milestone: April 1993 3. Test and evaluate the process in five or more projects. Milestone: August 1993 4. Prepare a final environmental review process and present to the PEC for review and approval. Milestone: October 1993 Projected Cost for Next FY: No contractor cost is expected in the initial development of the environmental review process in FY93. 3.3 Environmental Strategic Plan Purpose: The purpose of a strategic plan is to establish a vision for the Town, of Vail and the Vail valley for environmental protection and sustainable growth. This initiative would be valuable for establishing along-range environmental agenda for Vail and the valley. The strategic plan will consist of major environmental thrust areas (e.g. compliance, pollution prevention, natural resource protection) that the Town feels are important for addressing it's future environmental 7 challenges. Within each environmental "thrust" area specific objectives would be established. For each objective, recommendations could be developed and a work plan established to implement these recommendations. Recommendations may result in new policy, changes to existing policy, changes to the building permit process, or environmental awareness programs. Tasks and Milestones: 1. Investigate other municipal environmental strategic plans and evaluate the process used and the content of the plans. Milestone: February 1993 2. Identify individuals in the Vail area to participate in a environmental strategic planning workshop. a. Determine the appropriate mix of individuals so that government, developers, commercial interests, concerned citizens, and environmental groups are represented. b. Determine whether "down valley" issues should be considered and whether a different forum should be used. Milestone: March 1993 3. Identify a facilitator for an environmental strategic planning workshop. Milestone:April 1993 4. Work with the facilitator to plan the logistics of a workshop. This will include location, date, final list of participants, and agenda. Milestone: June 1993 5. Conduct workshop(s) and record proceedings. Milestone: August 1993 6. Analyze workshop proceedings and develop a draft plan. Milestone: November 1993 7. Internal review of draft plan by planning staff and PEC. Milestone: December 1993 8 8. Prepare 2nd draft environmental strategic plan and submit it for public review. Milestone: February 1994 9. Incorporate comments and submit the final environmental strategic plan for approval by the PEC and the Town Council. Milestone: March 1994 10. (1994 FY) Begin implementation of strategic plan recommendations. Milestone: March 1994 Projected Cost: Estimated cost in FY 93 is $2,000 for a facilitator. 4. LIST OF POTENTIAL FUTURE PROJECTS FY 94 - 97 The following is a list of potential projects that could be initiated in the coming years. The Environmental Strategic Plan would help determine the need for these or other types of environmental projects and define along-term work plan. Environmental Awareness Programs Completion of a Comprehensive I~Tonpoint Water Quality Plan Wellhead Protection Plan Energy Efficient/Environmentally Friendly Building Design Guidance Air Quality Plan Toxic and Hazardous Materials Plan Natural Areas Plan Underground Storage Tank Permit Process Waste Management Plan Noise Management Plan with focus on I-70 Alternative fuels for local governmental vehicles Comprehensive Environmental Management Plan (This could incorporate the media specific plans to provide guidance for sustainable growth into the 21st century) 9 ' ~ U~t~. ~l ~ ~r STRATEGIC PLANNING September 8, 1992 MISSION STATEMENT Provide the highest quality of police service in partnership with our community . STRATEGIC PLAN I. Implement our new philosophy A. we will establish job description/performance standards for community policing by 06/93. Training session to be attended by representatives from each section within the police department, on how to write performance standards by 01/93. ASSIGNED: Layman and Chesman - B. We will research Police Area Representative '(PAR) programs for use in Vail by 11/01/92. If acceptable, PAR training by 05/93, and full implementation by 09/93. ASSIGNED: Russell C. We will provide a weekly listing of police activities for the town council and the media. This will include complimentary letters from citizens. This "activities listing" will begin in 10/92. ASSIGNED: House II. Staffing A. We will develop a Recruitment and Retention plan by 01/93. Assigned: Layman and Mach B. We will research and develop a comprehensive civilianization plan by 06/93. ASSIGNED: Sheely C. We will cultivate relationships with colleges which have criminal justice programs to increase participation in internship programs by 06/93. ASSIGNED: Sheely ~ ~ . II. Staffing (con't.) D. We will market our established procedure for billing for security services at private events by 05/93. ASSIGNED: Sheely III. Law Enforcement Programs A. We will research and develop a Crime Analyst/Community Resource Officer position to be in place by 04/93. The purpose of this position will be to analyze crime trends and anticipate criminal acts. ASSIGNED: Layman and Onorato B. We will develop and establish a field office in the village by 07/93. We will evaluate and decide whether field offices in East and West Vail will be necessary by 07/93. ASSIGNED: Hughey IV. Training A. We will train all Vail officers in using the in-house CAD computer by 11/92. ASSIGNED: Collins B. We will train all Vail officers in the use of the personal computer by 09/93. ASSIGNED: Collins C. We will develop a training program emphasizing service orientation for all police department employees by 11/15/92. ASSIGNED: Erickson .D. We will develop a training program to enhance awareness of officers on environmental issues. This training will be completed by 05/93. ASSIGNED; Erickson E. We will research and develop a supervisory training program emphasizing personal, inter-personal, group, and system skills by 08/93. ASSIGNED: Layman and Chesman M •j V. Technology development A. We will perform a needs assessment/technology scan to determine what new technology might be appropriate for the Vail Police Department by 05/93. ASSIGNED: Collins and Busch VI. Consolidation of services A. We will propose a joint planning session with the Avon Police Department, the Minturn Police Department, and the Eagle County Sheriff's Office to explore the potential of sharing services and expenses by 03/93. Possible consolidation might include dispatch services, records management, SWAT, training/trainers, communications maintenance/repair, purchasing, ammunition, transports, crime analysis, uniforms, etc. ASSIGNED: Hughey B. We will develop, within the Town of Vail government, a list of in-house needs and a list of in-house expertise by 05/93. ASSIGNED: Hughey C. We will research the idea of a Town of Vail day care cooperative by 05/93. ASSIGNED: Hughey TOWN OF VAIL 4~,~f.Hl.~k ~ Police Department Chief of Police ~ • Fiscal Affairs' ~ ~ Administrative I Secretary 11 I Operations Division Lieutenant Staff/Support Services Division (1) ~ Lieutenant I I 1 ~ I Investigation/ Crime I Patrol Section I Community Services Section Staff Section I ~ Special Operations Group I Support Services Section i Prevention Section ~ ~ J 11 1 I I I ( I I (1) Detective Sergeant ~ ~ (4) Patrol Sergeants i ~ (1 Administrative Sergeant I Training` ~ Tactical Team ~ ~ 1 j ommunications Manager J 1 ~ 1 J Detectives Patrol Officers Community Services ( Recruiting' ~ Neg Team (3) ~ (20) ~ (1) supervisor ~ e Prevention Officer Warrants' Code Enforcement Planning 8 Research` I ~1) (4) Officers + . I I I Di~p~tch Supervisors ~ I (1) Records Supervisor 1 Court Liaison Animal Control Internal Affairs I It JJ - (Vacantl • * 1 Dispatchers ~ , Community Safety f 9) officers I I I (1) Records Clerks ~ I~ 2 ~ Transcription Clerks - ' =Functions ~ Records' • s r C OMMUNICA~ Y IONS CENTER INCIDEN~t'S HANDLED: 1989 -1992 A Z 120,000 awa Q ~ W 102200 ~ N 100 000 97737 \ Z \\\rv...v~ v.~.~,~~,,,, ~ v,,~ ~ 1.~y W 90392 A\ w ~~~`'.w ~w/~ ay 84568 ~~v~:~~~. ~~:~`,~~,y~~~v ~~<.v~ ~y~~~~~•~V~`,,.. 1~1 A" VV AA ~ VA `~AV ~V ~ \ \V\V 80 000 v; ;;:~a„ ; yw,,,~~~~ y v~~,»~ w`°\~~,v'; ,~~a~~~~ ~~,,,,v,,,,~~,,,v„ ,v ~ ~ 60 000 ~ \ , \ ~ „ , vA~~~vA~\VV ~v,A ~ ~ ~V ~V~,,,,, ' ~~A: ~~A\\A~ \ \v wwv~V~AV ~ ~vv SAD\~~ "V, vv ~\vvvv v~ ~ ~ v v ~v v Avvvv A~ `v A\\\\\\\\\~` 40 000 ~ v,, ~I M~ ~vA ~vv v~ivvrv.v`.~A`~A\\.~.. V~ \ .A \V~~~ '\V'\0 ~\,`,A 20 000 ~ ~ \ \ z ~ + ~ 1989 1990 1991 1992 1992 Projected CASE R~POR' 1' COMPARISON: 1984 - 1991 7000 w 6199 O 6000 5812 py 5585 8 546 w 2 1 5 5 02 5 7 9 A 500 47 0 9 w 4 709 w w ~ W 4000 3000 w OO p~ V 2000 W ~ I, ,,I.r 111,, ~ 1000 ~I I 7111 1 ' lijili' II I I ii I lI I 'I" I ~;,,I 'l l I I ; ! ''~'I~~, i I; ~ i',, I I' iJ I ~ I I j ~ In11~1 ~ I II ulll I ~ ~ IIII I I' I' gill : Ilii I' II II Illl~ili~llll I IIII~~! ; I I rl' I I I ~ ~ I 'III I~~~~ ~ ~'lll l~~l IIIII'il I i,i~~~l'~III~ I ~ III' III I '11'11;1 iii r. ~II I ~ I ~I I; ~ I ill :Ili IIII I I I I~~ I:: O I II~, I,iJi 1 11111 „r I!~!~I :rli~ll; 1 ii I',,,,I I ~ I I~i!I Il il~ll 1111 VIII Ill ill I~I i,l~~,l .,II; IIII I~~ III .;;illl„~,, I III I i ~ i~,; 1984 1985 1986 1987 1988 1989 1990 1991 VAIL POLICE DEPAR~ t MENT ARRESTS (INCLUDING DETOX HOLDS) 1987 -1991 1200 1138 1093 ~ k'#~:'a• 1020 V1 1000 964 •{...v~~ Y:: • 932 :>n r•:.~'Y. . ~ :>~'.::a~~~: ;i,•: is;'% •+:Ly:+f.•,r+.~~y'r;a" +t;{... fa; ;•#>,r.9}i,C+£.; `,.;S:r~• W.,'1'.••fkp;:e;.,} r; , r,:.;..}r /ti':+"+~{} htr'••'x..Z;;r .,,:k .'''•".L' >f• :..'+:S::ir.•:,:;;:r,.y • .t`}sC •+~kitt ~'.;Y >:>.ts•,i~so3~•,:. k~;•:; v:r /.:4r~.^a`':,}i/•r':!: 3si; ,>s;/:•r'••a: •:?.<:as,~Y..i''>k`~iS:iv:,' :i`''i ;.,'••;+x#;.: :,s,+~•>/G}';. ;•~s;;3• ;hi'•3rr:;,'i;.+,: +•.s:.aY~.' ::"r,.;:ir?;;a:#''., :...ak•`..:: w<^•r .:s t} • r?er:;:5,»•;.i.~',•,•w~'+, ,;ix, ' ::5• f.s•:,~.•• 'S~'•`'~''~> : • .%M• i+.}:}, ;:9/.',';k'•$" ''''''';,a:',~:~ •s,+'k' :~::is.4:,».,;~;:~5%',•33}Y } .:..F ;J'''2~• ,;..,~k . 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Y: '+;'r w . •v ;r i+r,: 200 w, .}a''•E S f~ ~ ;%£ii,~ h'3r~3}• ~~;r'`;f , q~ .Y 1987 1988 1989 1990 1991 VAIL POLICE DEPARTMENT TRAFFIC CITATIONS & WARNINGS 1990 -1992 1600 1486 ~ 1443 Z 1400 ~ 1200 ~ 1000 O 804 0~1 Warnings 800 ~ 723 ~ Tickets H 636 U 600 w O ~ a 400 ~ 268 ~ 200 z o i ~ i 1990 1991 1992 SKI TOWN TOTAL CRIMES REPORTED: 198- 1990 2500 A W E-+ s, 0 2000 ~ ~ ¦ 1988 i ? 1989 w 1500 ` ° < 1990 ~ : r ~ ~ ~ i ®1991 ~~k {,r V 1000 ~ ~ ~ r 't - O h 'L is I ! ; L'.~ F+~ 5~0 ' L ~ S. ~ h J+ Y Y ! { I t ~ q©-40 <<~ , _ a~ ` ASPEN BRECK STEAM VAIL i3 s SKI TOWN TOTAL CRIMES REPORTED JAN - JUN ~ 30,1992 1200 1193 Q w a looo O 9os a,, a goo , w 600 592 436 U (part 1 only) W , , O 400 a ~ ~ w ~ , A4 i i 200 i z o ~ r ~ i ASPEN BRECK STEAM VAII, SKI TOWN ARREST DATA COMPARISONS >looo 923 940 900 ~ 832 838 800 794 r Vl MW ~1 600 ~ ~ ~ 1988 ~ 474 I 511 ~ 19$9 O 500 427 j 0 1990 400 396 390 393 376 1 I w ~ ; ~ ®1991 300 ~ 286 `'~-j 284 244 234 , Z 200 ~ 100 ~ p ~ ~ - ASPEN BRECK STEAM VAIL SKI TOWN ARREST DATA COMPARISONS 1992: THROUGH JUN ~ 30 450 410 V~ ~ ; 400 ~ //%%i r~/1 350 311 /j9,~ jj~ ~ 300 -~///%i%%,,,,,,,~///,'%/ ~ 250 232 %j 200 ~ , W 150 ~ ~~~~j~~ ~ ~ . / iii, ~ / / ,j ~ i //j~ 100 ii%////~ ~ ~ ~ i ~ iii/~ j ~j ~ ~ //j /i ~ ,,1//,~ . i///////,~i,.,,,,,,,i~~ ~ //,r,,,~/// 0 I I ~ ASPEN BRECK STEAM VAII. Ups q ~ y~ ~u~ 3 r~ ;r Revised 9/29/92 VAIL POLICE DEPARTMENT 1992 TRAINING CALENDAR . JAN-MAR APR-JUN JUL-SEP OCT-DEC TRAINING FROM Stress Management (4 hours) Search & Seizure (8 hours) Legal Updates OUTSIDE John Nicoletti Randy Means, May 15 Bob Keatley SOURCES Feb. 3, 8:30-12:30 13:30-17:30 IN-SERVICE Tack Mat Training Law Enforcement Driving Interview & Interrogation Firearms Training & TRAINING Jim Applegate (4 hours classroom) (16 hours) M. Lindvall, Qualification (3 hours) October 12 & 16 MP5 Training (16 hours) Firearms Training & Physical Fitness Assessment Arrest Control (45 minutes) Qualification (3 hours) Law Enforcement Driving Practical (4 hours) Baton (45 minutes) Firearms Training & Arrest Control (45 minutes) Firearms Training & Qualification Qualification (3 hours) DUI/INTOX/Nystagmus Baton (45 minutes) Arrest Control (45 minutes) November 9 & 10 Arrest Control (45 minutes) Baton (45 minutes) Baton (45 minutes) VIDEO TAPE TRAINING OTHER DEPARTMENT TRAINING REPORT WRITING IDENT-I-KIT SPECIFIC POLICIES & PROCEDURES FROM THE NEW MANUAL INTOXILYZER POLICE DEPARTMENT AUTOMATION (DICTATION, COMPUTERS, CELLULAR, ETC.) NYSTAGMUS SEARCH AND SEIZURE CRIME SCENE INVESTIGATION STRESS MANAGEMENT BUILDING SEARCHES COURTROOM TESTIMONY/PREPARATION HAZ-MAT RESPONSE INVESTIGATION OF CHILD ABUSE CRIME PREVENTION/COMMUNITY POLICING INTERPERSONAL RELATIONS DRUG ID, INTERDICTION & INVESTIGATION . ~ a 1993 DEPARTMENT OF PUBLIC V11~RKS/TRANSPORTATION . BUDGET OUTLINE o Public Works/Transportation Perspective o Budget Philosophy/Development o What Has Changed o What We Would Like To Do If o Department Goals and Objectives Administration Engineering Streets and Roads - Snow Removal - Street Maintenance - Sweeping/Refuse Landscaping and Parks Building and Structures Transportation - Bus Operations - Gate Operations - Structure Maintenance Fleet Maintenance o For Consideration 6:00 -10:00 pm Free Parking Parkirx,~ Structure Rate Increases PUBLIC WORKS AND TRANSPORTATION "A PERSPECTIVE" o LARGEST DEPARTMENT 70 Full Time Employees 90 Seasonal Employees 28 Miles of Streets and Roads 12 Miles of Bike PathsiPedestrian Walkways 10 Parks 200 Flower Gardens 40,000 Annuals Planted 35 Bus Fleet 3 Million Passengers Carried 600,040 Miles Driven ay Buses 24 Acres of Parking 23,000 Cub+c Yards of Snow Removed 105 Vehicles to Ma+ntain o LARGEST BURET Expend 2426% of Total Budget o MAJOR REVENUE GENERATOR Parking - X1,431,000 Permits/Fees - X13,000 BUDGET DEVELOPMENT BASED UPON: o Maintaining cu~ent levels of service. o Where can efficiencies and cost savings be realized. o Focus on essential requirements and functions. o What changes in operations or equipment are required. o Base changes on basic business principles. BUDGET GUIDANCE: 92 BUDGET 93 SUBMITTED PUBLIC WORKS $2,161,127 $2,189,235 TRANSPORTATION $2,914,683 $2,933,824 HEAVY EQUIPMENT FUND $1,463,993 $1.380.829 $6,539,803 x,503,888 BUDGET CHANGES o $61.000 Realistic realignment of project charge backs o $47.308 5% reduction in HEF replacement costs 0 544.675 Reduction in overtime across department 0 543.000 Elimination of West Vail (Pink) link 0 533.480 Reduction in professional services and fees 0 510,000 Reduction in electrical costs for Christmas lights 0 5 7.200 Reducing seasonal worker bonuses by $100 0 5 5.038 Reduction of weed control, tree planting and fountain maintenance 0 5 4.600 Reduction in general supplies BUDGET CHANGES (CONTINUED) o Personnel FTE o Automation $ o Snow Removal Contract $ 24,000 o Fleet Maintenar~e Costs POt. $ ~ 8,568 Parts $11,937 o HEF/Capital $163,000 r~.-.~..~~.~~ _ M,W~.._ . WHAT WE WOULD LIKE TO DO (BUT DO NOT HAVE MONEI~ 1. increase in training professional development in department $ 8000 2. Increase tree planting in community ~ 2,0~ 3. increase Hosts $ 3,000 4. Increase automation ~ 24,000 5. Increase parking structure maintenance ~ 12,000 6. lr~rease janitorial service $ 7. Signage ~ 2,000 8. Property Management ~ 9. Contract Forester $ 9.000 3~i~,0oo PUBLIC W0RKSITRANSP0RTATI0N 1993 GOALS AND OBJECTIVES DIVISIONS: 1. Administration 2. Engineering 3. Streets and Roads o Snow Removal o Maintenance o Sweeping/Trash 4. Parks and Landscaping 5. Building and Structure Maintenance 6. Transportation o Bus Operations o Parking Structure Operations o Parking Structure Maintenance 7. Fleet Maintenance ADMINISTRATION SERVICE DESCRIPTION: To provide leadership and administrative support to Public Works/Transportatron Department. GOALS AND OBJECTIVES: 1. Develop, plan and program for a comprehensive Public Work's faality improvement ~ogram. 2. Continue reorganization of Department. a. Centralize bus operation b. Consolidate building maintenance function c. Centralize ~rc~ases within department d. Centralize contract/permit devebpment, review and control 3. Develop and implement automated deasion support system. a. Cost accoun6r~g system b. Work management system c. Improved constnxtion mana~ment 4. Develop 'business based" operation which is competitive. a. Continue quality revi~nr and analysis b. Establish yearly execution fan c. Establish cost controls d. Development of annual work plan 5. Develop and coordinate greased public relation program within the department. 6. Improve safety program through;. a. Weekly safety meetings b. Driver training refresher c. Equipment training program d. CDUdrug screening 7. Continue to participate on executive committee of American Public Works Assoaation, Colorado Western Sbpe Chapter. 8. Continue department-wide uniform policy. _ ,r m _e t . . , ,.r,. ENGtNEER1NG SERVICE DESCRIPTION: To provide engineering, contract and project management services for the Town of Vail. GOALS AND OBJECTIVES: 1. Continue to design, construct, manage consultants, and act as project manager br all capital projects authorized by the Town Council. 2. Continue to develop and implement Town Master Transportation and Parking Plan. 3. To upgrade the condition of existing streets and roads to acceptable standards including drainage, subgrade, and street lighting improvements. a. Implement 5-year street improvement plan. b. Update the Town' Pavement Management Study. c. Prioritize the Town's capital street improvement dollars ro ensure quality improvements and maintenance. 4. Continue monthly utility confen;nces ro coordinate street cuts and open lines of communicatbn. 5. To provide professional engineering services through continued design input and construction management services to Town projects. a. ReviewiPEC all site plans for proposed construction submitted ro DRB. b. Impose conditions according ro engir~ering standards. Review/PEC and update er~ineering standards. 6. Continue develo~ng 5-year capital asset maintenance arxi improvement programs for all Town faaGties. 7. Fnalize construction of new Town Snow Dump directly west of the Town Shops and begin hauling this winter. STREETS AND ROADSISNOW REMOVAL SERVICE DESCRIPTION: To maintain all Town streets and walkways affected by ice and snow for the safe driving and convenience of the public. GOALS AND OBJECTIVES: t. Continue to implement written snow and ice control plan (to be updated in 1993). a. Sand and plow all major thoroughfares, school crossings, and bus routes as first priority identified in plan. b. Provide manpower until streets have safe driving conditions. c. Modify our snow hauling practices as dictated by implementation of tt~e streetscape plan and capital projects (loss of snow storage). 2. Set up annual meetings with Police Departmerrt, Fre Department, Bus Department, Parking Stnxtures, Public Works and State Highway Department to coordinate and critique winter operations before and after the sla season. 3. Continue successful 4:00 pm to 12:00 am two-person snowplow shift, to decease overtime and Ixovide more efficient service. 4. Continue agreements for total snow removal in the Village Core and LionsHead Mall. 5. Continue to contract with ttte private sector for manual shoveling of snow on walkways. 6. Utilize increased hauling capacity to remove snow from tt~ enlarged VTRC ark Village and Lionshead core areas. 7. Finalize construction of new Town Snow Dump directly west of the Town Shops and begin hauling this winter. STREETS AND ROADS MAINTENANCE SERVICE DESCRIPTION: To provide the public with safe streets and walkways throughout the Town by performing maintenance to established standards. GOALS AND OBJECTIVES: 1. To maintain and upgrade the condition of Town streets by: a. Retwdding streets and draina~ improvements. b. Performing street patching on a priority basis. c. Pulling ditches, contour shoulders, and leaning culverts ~ problem areas. d. Performir~ crack sealing of asphalt surfaces to extend I'rfe of pavement. e. Resolving drainage prof~ems as they arise. f. Striping all major collector streets. 2. Continue implementation of long-term street light maintenance program and 5-year knprovement plan in conjunction with Town Electriaan. a. Repair all outages in timely manner. b. Inventory street Nght system on a monthty basis. c. lnstaN a~itional meters on Town and Country 1'~ghts. d. Replace vandal-prom library bike path and stream walk lights. 3. Continue recreation path maintenance program. 4. To maintain emergency sup~~s, staff and plans to react in the event of a natural or man-made catastropts;. Implement written emergency response plan if requir~i. 5. Place Increased emphasis on maintenarx;e of existing and recently completed stnx~ures. 6. Inventory alt Town of Vail facilities and structures and determine when they were bu+1t and obtain as-builts. 7. Mark all walls, curbs, and culverts with delineators. 8. Inventory all culverts, drainage and easements of condition. 9. Continue to place safety items (personnel aril equipment related) as high priority issues. .._._w.~....~. ~ STREETS AND ROADS/SWEEPING/TRASH SERVICE DESCRIPTION: Sweep and dean all improved streets thro~hout the Town, Town parkin lots, and puf~ic areas. GOALS AND OBJECTIVES: 1. Remove hazardous ot~ects ro traffic and pedestrians. 2. Maintain a healthful environment for the Town by preventing dust pollutan. Utilize street sweeper on a periodic basis during winter, as weather permits. 3. Sweep streets on a five-day per week schedu~ during the summer. 4. Place a high priority on clean-up and sweeping immediatety after spedal events. 5. Remove public trash on a daily basis. 6. Continue increased dean up efforts in the Yllage Gore ark l.ansHead Mall on a permanent basis during summer. Continue the policy of wearing uniforms for dean-up near. 7. Continue park and restroom dean-up crew. S. Sweep bike paths on a monthly basis. LANDSCAPING AND PARK MAINTENANCE SERVICE DESCRIPTION: To maintain Town public areas and grounds in an aesthetically pleasir~ and environmentally satisfying manner. Service provided includes flower planting and care, repair, maintenarx~ and installation of sprinkling irrigation systems and fountains, mowing and care of public park areas, right-of way vegetation control, park and landscaping planning, design, and construction. GOALS AND OBJECTIVES: 1. Continue to maintain a high degree of quality in the flower bed planting and maintenarxe program. Increase efflaer~y and cost effecti~ass within the program through the appropriate use of and conversion to perennial flowers and groundcovers, through appropriate spaang of annual flowers arxi by increased professionalism of maintenance personnel. 2. Improve management of the Town's forestry resources by enlisting tt~ assistance of train forestry professionals to monitor for, make recommendations to and perform corrective procedures on disease and pest infestations prob~ms and by initiating a program of preventative forestry management techniques. 3. Continue to control weeds and undesirable vegetation through the use of integrated management techniques and public education programs. Monitor and evaluate methods of control for environmental compatit~lity and public safety. 4. Continue turf maintenance program and increase the quality and quantity of the existing turf maintenance program. a. By maintaining mowing efficiently through the folbwing: o continued use of mulching mowers o reduang mowing obstacles and trimming requirements o elimination of unacessary smaN areas of turf b. By employing other appropriate turf care techniques suds as: o aeriflcation and topdressing o continued regular application of fertilizer and otiier soil amendments o continued use of integrated pest management techniques c. By continued management arx! improvement of irrigation. systems and equifunent. d. By better utilization and irx;reased professionalism of park maintenance personal. 5. Implementation of Real Estate Transfer Tax and Capital Improvement Program Fund 10 projects as listed in the Counal authorized capital improvements program. 6. Develop a 10-year master plan for the Town of Vail Parks and open space/off-street trails acquisition and development. 7. Continue to conduct regular safety inspections of afl park equipment and facilities. Develop written standards and procedures. BUILDING AND STRUCTURE MAINTENANCE SERVICE DESCRIPTION: To constrict, maintain and repair Town owned buildings, playgrounds, bus shelters, restrooms, bridges and other stn~ciures throughout the Town. GOALS AND OBJECTIVES: 1. Continue facing a high priority on maintenance of existing properties. 2. Implement program to effect ttte compliance of A.D.A. requirements. or town owned properties. 3. Continue bus shelter replacement program. 4. Consummate the construction of Stephens Park. 5. Continue street furniture re~acement and newspaper dispenser program. 6. Determine what shop improvements are needed to meet O.S.H.A. starralanis and continue high emphasis on safety. 7. Continue safety inspection program of park faalities. 8. 'Remove and replace Bald Mountain Recreation Path Underpass. 9. Make structure modifications to Ford Amphitiseater Bridge. 10. Continue to provide carpentry senrice to other departments througtwut the Town. TRANSPORTATIOIV/BUS ADMINISTRATION SERVICE DESCRIPTION: Provide effective management supervision and technical expertise to the Vail Bus System. Meet the increasing transit reds in Vail with the highest level of professionalism, efficiency and quality of service as verified by the 1991 Citizen Survey. GOALS AND OBJECTIVES: 1. Continue to pursue the development and implementation of redesgned high-capacity buses for the In-Town shuttle. 2. Continue to idermty opportunities for management training for all supervisory personnel. 3. Provide personal computer training for Public Works employees. 4. Participate as a member of the Regional Transportation Task Force ark continue ~ monitor and develop the reganal transit system. 5. Formalize program for transporti~ disabled passengers and make community aware that the service is available. 6. Investigate anemative sources of finarxtirg for the tran~„~ ~6on system. If appropriate granting agendes are found, apply to at least iwo in addition to llMTA. 7. Implementation of perimeter seating within buses to increase capadty and ro degrease loading and unbading times within the Yllage system. 8. Continue to work with media to promote riding the bus over using their own vetude for transportation. 9. Continue to work on the Replacement Program of replaclng the driver, instead of replaclng the vehicle on the route. , 10. Continue TDP update on an Annua( Basis. 11. Continue ADA update on an Annual Basis. 12. The Town of Vail Bus Department to have a management office out of the transportation building to assist ifte public from a more central location to deal with sd~duling needs, bst & found, com~aints, e~. 13. Continue to identify opportunities for training in areas of ADA and safety. 14. Continue to pursue suggestions to improve In-Town shuttle without high costs of r>ew high capaaty buses. 15. Pursue ar>d research, alternate fuels for the vehicles in ~ future. 16. Implement a volunteerNost Program tb assist during winter operations. 17. Improve communication between departments by numbering bus shelters for location, for new employees fn get to know the area a Hftie quicker. 18. Continue to work on giving breaks to drivers to by use of supervisors, leads or break person. Ttus is a result of moving to 40 hour schedules. 19. Continue to work on 40 hour scheduling. Operation is at 60°k with 8 hour shifts. 20. Continue to work on Route Modifications to assure proper placement of stops for ridership, safety and operation needs. VAIL AND LIONSHEAD PARKING STRUCTURE GATE OPERATIONS SERVICE DESCRIPTION: Our function is to provide clean, safe and effiaent services to guests. To administer operations of 2,450 parking spaces at the Village Transportation Center and Lionshead Transportatan Center by collecting fees, maintaining records, and answering questions and concerns in a positive manner. GOALS AND OBJECTIVES: 1. Implement rate scf~dules, passes and coupons per Town Council guidance. 2. Continue emphasis on guest relations a. All employees will be in department uniform while on duty. b. Apply extra effort to vehicle assistance when structlxes ftil. c. Implement safety, customer service and operations order of service. 3. Continue to automate gate operations for better ef~iency. 4. Continue training of all employees with emphasis on familiarization with computer systems. ..m. _ ...~.r. _....._.~...r - - _..a_ a. VAIL AND LIONSHEAD PARKING STRUCTURE MAINTENANCE SERVICE DESCRIPTION: To maintain and repair Town of Vail buildings and stnactures in an effiaent and economic means. To perform capital asset maintenance, snow removal and janitorial service to the Ylla~ Transportation Center, Lionshead Transportation Center, Municipal Building and Community t~velopment Building. Assist at the Library as needed. GOALS AND OBJECTIVES: 1. Resolve constnxtion problems a. Pavers b. Expansion joints c. Seal tran~t deck 2. Retain structural engineers to develop along-range maintenance plan. 3. Provide clean and safe faalities for guests. a. Raise attention to detail in daily operations b. Continue emphasis on positive guest relations c. Identity opportunities for training for all personnel 4. Assist with parkirrxf operations as needed. 5. Continue development of capital asset maintenance. 6. Catalog buikfing for convenient maintenance reference. FLEET MAINTENANCE SERVICE DESCRIPTION: To provide a preventive maintenance and repair facllity for all Town of Vail vehicles and equipment. To reduce equipment down time and breakdowns by training and certifying staff and utilizing them in an effective preventive maintenance program. GOALS AND OBJECTIVES: 1. Continue 5-year vehicle replacement program. 2. Contince on-going trainir~ and certification of shop personnel to maintain and eland expertise. 3. Evaluate vehicle body and maintenance shop to determine cost effectiveness of full time staffing. 4. Continue training sessions for new and experienced bus drivers regar~ng C.D.L. requirements and maintenance aspects. 5. Develop training sessions for all new hires who rnll operai3e Town of Vail equipment. 6. Participate with safety committee to develop safety procedures and to implement these procedures. 7. Evaluate underground storage tank contract to determine the most cost effective way of meeting E.P.A regulations. 8. Continue to utilize computerized Feet analysis b track equipment costs so as to analyze vehicle replacement, vehicle repairs, preventive maintenar~e sdiedufing, rental rates and m help buckjet and reduce future operating expenses. 9. Evaluate alternative fuels to determine cost effectiveness, driveaaTity and serviceadlity. 10. Continue to recycle waste oil and to develop recycling procedures for waste antifrceze and used oil filters. 11. In conjunction with the bus department develop better technigces for sendce and washing busses. 12. Continue to participate in the Rocky Mountain Fleet Managers Assoaation. REDIICED PARKING FEE 6PM-lOPM Issue: Reduction of evening parking rates from 6pm-lOpm to stimulate restaurant business by creating an incentive for down valley guests to visit Vail by car. Method: The Town of Vail would sell to restauranteurs coupons for $1.00 that would be then given to their dinner guests between 6pm-lOpm. Upon leaving the parking structures the dinner guest would receive a $2.00 discount on parking if they entered the structure after 6pm and left prior to lOpm Financial ramifications: Projected cost of program to the Town of Vail is $54,500. Without discount: 34,419 transactions at VTRC x 3,50 = $120,466 With discount: 34,419 transactions at VTRC s 1,50 = $ 51,.628 Projected reduction in daily parking revenue at VTRC = $ 69,000 Projected revenue from restauranteur purchase = $ 34,419 Net reduction in parking income at VTRC = $ 34,581 Estimated net reduction in parking income at LH = $ 20,000 TOTAL COST $ 54,584 Related implications & facts - The Town currently offers 1 1/2 hours of free parking 7 days. per week, 24 hours per day for guests to dine, .shop and do business. In 1992, these free stays made up 40~ of all transactions or 158,871 transactions out of 396,778. - The Town of Vail spent $180,000 during the 1991-92 ski season to provide free bus service from East Vail, West Vail, and intown between 6pm-10pm. Plus, in excess of $100,000 to participate in a Regional Transportation System that is intended to reduce the use of private cars and use mass transportation. - Free parking in the summer doesn~t seem to affect sales in summer. - In order to recoup the $54,500 in lost parking revenue the restauranteurs would need to sell an additional 54,000 meals at $25 each to generate the needed sales tax. - No guarantee that the restauranteurs will want to pre-pay 51.00 per future customer reduction in parking and not pass the additional cost of doing business back to the customer. - This policy may reduce the business in restaurants and .bars after 10pm by creating an incentive to leave Vail. Recommendation: Do not increase discount between 6pm-10pm. PROPOSED PARKING RATES FOR 1993 LENGTH OF STAY CURRENT RATE PROPOSED RATE TOTAL Ya.LAGE TOTAL LIONSHEAD GRAND TOTAL OF TRANSACTIONS TRANSACTIONS TRANSACTIONS 0-1Y: HRS FREE FREE 89,080 69,791 158,871 lYr2 HRS $ 3.00 $ 4.00 25,410 8,452 33,862 2-3 HRS $ 4.00 $ 5.00 34,968 10,579 45,547 3-4 HRS $ 5.00 $ 6.00 18,274 6,828 25,103 4-5 HRS $ 6.00 $ 7.00 13,044 7,468 20,512 5-7 HRS ~ _ ~ ~ I $ 7.00 $ 8.00 33,745 24,639 58,384 7-9 HRS ~ , q ~ p $ 8.00 $ 9.00 35,147 17,007 42,154 9-11 HRS ! t ~ ~l`~ 9.00 ~ $10.00 ~ 5,270 2,717 7,967 11-13 HRS ll'tb~ Ja$10.00 ~ $11.00 ~ 1,370 ~ 561 ~ 1,931 13-15 HRS 13-(5 ~~~11.00 ~ $12.00 ~ 441 ~ 107 ~ 548 15-24 HRS $13.00 ( $14.00 ( 739 I 84 823 OV> X24 ( I I 1,0~ I 21 1,056 I TOTAL ~ 1248,523 148,255 396,778 Total of Village & Lionshead Transactions 396,778 Less the total amount of free Transactions - 158,871 237, 907 An increase of $1.00 across the board would increase revenue by $237,907 per year. Eliminate 1'~ hour free. Charge $1.00 for the first 1~ hours would increase revenue by $158,871. PROPOSED COIIPON AND PASS RATES l 1991-92 1992-93 1993- 4 93•y~- 4~ Gold Pass $850.00 $900.00 $ 00 117 limit ~~4DD-- • Blue Pass $450.00 $475.00 $ 0 160 sold ~ X73 Coupon $3.50 ea ~5 ea $4.00 ea 45,000 sold ~5 ,Q,~,, limit 100/perso~ 3•~1Jr RATE HISTORY 1989-1990 ' Blue Passes sold- 168 Blue Pass cost- 5200.00 plus $25.00 deposit Gold Passes sold- 120 • Gold Pass cost- 5475.00 plus $25.00 deposit Coupons sold- 78,630 Coupons cost- Book of 30 540.00 0-1 i/2 hr Free " 1 1/2-2 hr $2.00 2-4 hr 54.00 4-6 hr 55.04 6-12 hr $6.00 12-24 hr $7.00 Night rate $4.00 1990-1991 _ Blue Passes sold- 183 • - Blue Pass cost- $400.00 plus $25.00 deposit Gold Passes sold- 121 Gold pass cost- 5750.00 plus $25.40 deposit Coupons sold- 37,597 Coupons cost- 53.00 per coupon Village Structure filled 35 times during winter season Lionshead Structure filled 10 times during winter season 0-1 1/2 hr Free 1 1/2-2 hr $2.00 2-3 hr $3.00 3-4 hr $4.00 ` 4-5 hr 55.00 5-? hr 56.00 7-9 hr $7.00 9-11 hr $8.00 11-13 hr $9.00 13-15 hr $10.00 15-24 hr $12.00 1991-1992 " Blue Passes sold- 183 " Slue Pass cost- $450.00 plus 525.00 deposit Gold Passes sold- 122 Gold Pass cost- $850.00 plus $25.00 deposit Coupons sold- 43,353 COUpOnS___COSt- _ S3.50 npr rnun~n Village Structure filled 30 times during winter season Lionshead Structure filled 5 times during winter season 0-1 1/2 hr Free " 1 1/2-2 hr S3.00 2-3 hr $4.00 3-4 hr $5.00 4-5 hr 56.00 5-7 hr $7.00 7-9 hr 58.00 • 9-11 hr $9.00 11-13 hr $10.00 13-15 hr $11.00 15-24 hr $13.00 ~ ~ ~ ~ U. S. SENA1 ~ Campbell earned notice as anall- from the Interior Committee room ,~;~w ' American inJudo, and captained the after 100 years. U.S. Olympic team at the 1964 Campbell has held committee games. He was a gold medal winner seats important to his West Slope - at the 1963 Pan American Games, constituents on the Interior and coachedtheU.S.InternationalTeam, Agriculture Committees. Three sub- ` - - - and founded the American Summer committees -Mining & Natural Re- _ Judo Camp. He and his wife Linda sources, Water & Power, National operate a ranch near Ignacio, where Parks & Public Lands -have given they train quarter horses and him a chance to work on numerous Campbell designs his Indian jew local 3rd District issues. He has es- • ~ elry, which has earned him national tablished a high profile on wilder- BEN NIGFITHORSE CAMPBELL attention and many awards. ness and public lands, as well as Democrat He was elected to the Colorado energy and natural resources issues. ' Legislature in 1982, and served two He was once voted among the terms. He served on the Colorado ten best legislators by his Colorado Ben Campbell was born April Commission on International Trade State House colleagues, and has won 13, 1933 in Auburn California, the and the Commission on Arts and several other awards for legislative son of a Portugese immigrant and a Humanities. In 1986 he was elected service. He had already publicly dis- Northern Cheyenne Indian. He to the House of Representatives and cussed leaving the Congress after served in the U.S. Air Force in Korea began earning his maverick reputa- one more t~.~.~ (and had been listed from 1951-1953, then graduated Lion early. Roll Call Magazine listed as a probable candidate for Gover- from SanJoseState University(1957) him as the first Member ever al- nor) when Tim Wirth's sudden deci- with adegree inphysical education lowed on the House Floor without a Sion to leave the Senate created the and fine arts. He also studied at Meiji tie, and he succeeded in getting an current opening. UniversityinTokyofrom 1960-1964. offensive Indian painting removed on the New York Stock Exchange by permanent paralysis. After two ex- " r the time he was 26. tensive surgeries he underwent He left the firm in 1975 to start weeks of intense rehabilitation at - ' - the Considine Companies (now the Craig Rehab Hospital, where he ~r.. Cairn Companies) and began buy- learned to walk again and is back on ing troubled properties and turning the trail. _ ` them profitable. In 1981 he moved Considine is best known politi- the cotnpany'sheadquarters toDen- cally for leading the drive for term _~`'2 ver and began a major diversifica- limitations, which voters added to - , tion program. The Cairn Companies the Colorado Constitution in 1990. - nowernploymorethan1,000people The result of that effort was the - and operate nationalbusinessespro- creation of "Americans Back In ' TERRY CONSIDINE viding environmental testing and Charge," the national term-limit cam- Republican property management services. paign headed by Considine. The ini- Considine married Betsy tiative will be on the ballot in more Born April 8, 1947, Terry Callawayin 1976andtheyhavethree than a dozen states in 1992. Considine grew up in a large family children. The have a home in Considine served in the State onaranchnearSanDiego.Hegradu- Engle~NOOd and a ranch near Senate for four years, where he ated with honors from Harvard in Carbondale, where Betsy runs afull- chaired the Finance and Local 1968, and from Harvard Law School, scale cattle operation. Considine is Governement Committees. He has though he has never practiced law. an avid runner and particiaptes in based his second Senate campaign Instead, he approached a large Bos- the "ride the Rockies" bicycle tour (he also ran in 1986) on the need for ton real estate development firm each year. He broke his back in a political reform in Congress. with a business plan and created a serious horseback riding accident a new company. He had the firm listed year a;,o and faced the threat of U.S. CONGRESS - 3RD DISC ~cICT reelected 4 times and has achieved only elected official ever to receive a leadership role rare for a West the "Florence Sabin Award" for con- Slope legislator: Majority Leader of tributions to rural health care. He Scott McInnis the House. He has chaired the Agri- has received the National Federa- j = Republican culture, Livestock and Natural re- tion of Independent Business's sources Committee, and served on "Guardian of Small Business" award, theJudiciary, Local Government and the Lee Atwater Leadership Award, Appropriations Committees. He also and numerous awards from the served on the Colorado Tourism United Veterans Commission of Board for several years. Colorado. He was named "Legisla- Scott McInnis is athird-genera After graduating from college, for of the Year" by both the Colo- tion native Coloradan, born in McInnis worked as a police officer rado Wildlife Federation and Colo- Glenwood Springs. His wife Lori is for a year, and was Personnel Direc- rado Ski Country -which also cred- afifth generation native of Meeker. for for Holy Cross Electric Associa ited him with its "Legislative • McInnis attended Glenwood tion. He has also served as a volun- Achievement of the Decade." Springs public schools, MesaJunior teer fire fighter. During his years in McInnis vows to work to pro- College, Fort Lewis College (B.A. in the Legislature, McInnis has spon- tect Western Colorado's water Business Administration), and St. Bored numerous bills of interest to against federal interference, and to Mary's University law school in San the Western Slope, and is especially continue improving the national Antonio, Texas. He and his wife, known for carrying basin-of-origin economy. He feels strongly about along with their three children, live bills nearly every year. He is a strong the traditional role of agriculture in in Glenwood Springs where McInnis advocate against federal control of the Western economy, and believes practices law. Western water, and against Denver careful use of public lands can be McInnis was elected to the Colo- diversions of West Slope water. consistent with environmental val- rado Legislature in 1982 in an ex- He has also been active in rural ues. tremely close election. He has been health care issues, becoming the sentatives (1978) and the State Sen- holds a purple heart citation from the ate (1982). He won a hotly contested Military Order of the Purple Heart, primary for the democratic nomina- and has received the Stephen H. Hart s ~ Mike Callihan tion for Lieutenant Governor in 1986, Award for Historic Preservation. The Democrat and was elected on the ticket with U.S. Small Business Administration Governor Roy Romer. He was re- recognized him as an "Outstanding elected in 1990. In that capacity he Advocate for Small Business" in 1989. ,has traveled Colorado extensively Callihan and his wife, Debra, con- promoting economic development, tinue to make Gunnison their home. Mike Callihan was born in 1947 and has hosted numerous sessions On the campaign trail, he has been a • in Spokane, Washington. After two for businesses hoping to expand into strong advocate for Western Values, tours of duty in Vietnam with the U. S. export markets. and has said he will seek a seat on the Navy, he moved to Gunnison and At the State Capitol, he is consid- House Interior Committee, follow- graduated from Western State Col- eyed a strong voice for Main Street ing in the footsteps of Ben Campbell, lege. Building upon successful busi- values and rural Colorado, and has Wayne Aspinall, and other West Slope nessventuresinpublishingandbroad- been recognized for his efforts on Congressmen. He supports federal casting on the Western Slope, behalf of small business, families, guarantees against out-of--basin wa- Callihan has dedicated most of his senior citizens, and veterans. He was ter transfers, such as the controver- adult life to public service. named "Legislator of the Year" by the sial AWDI proposal, and has called Callihan was elected Gunnison Disabled American Veterans. The for strengthening the nation's "safety County Assessor in 1974, then was National Guard recognized him as net" instead of continued spending elected to the State House of Repre- "Elected Official of the Year." He also on "cold war" defense systems. HOUSE DISC ~cIC?' S6 JACK TAYLOR -Republican JAMISON SMITH -Democrat Jack Taylor was born in 193 5 on a family farm in This is Jamison Smith's First campaign for public Iowa, graduated from Iowa State University, and office, but he is no stranger to community service served as an officer in the U. S. Navy. He and his wife and civic activity. He was born in Waukegan, Illi- Geneva live in Steamboat Springs and have one nois, moved to Denverin 1974, and to Eagle County married daughter. Taylor advocates "applying com- in 1979• he and his wife Catherine, and their three mon sense and business experience to the deci- children, have lived in Minturn since 1988. He sion-making process" in the legislature, and plans attended Culver Military Academy and the Univer- to draw on his substantial business experience. siry of Denver's School of Hotel and Restaurant He previously worked for Boeing Aerospace in Management. Seattle and New Orleans (including work on the He works as Sales Manager at the Holiday Inn Apollo Moon Landing Project). He also worked for Chateau Vail, promoting Vail and Colorado to vaca- Peat-Marwick-Mitchell in Kuwait and Saudi Arabia, tioners and businesspeople worldwide. His unusu- helping build and staff Kuwait's first oil refinery. ally diverse employment background includes stints For 23 years he has lived and worked in Steamboat as a taxi driver, ski instructor, ad salesman, disc Springs, in real estate, coal development and min- jockey, waiter, caterer, conference coordinator, ing. He has served on the water and sanitation security guard, and numerous hotel jobs. He has district board, a local ditch company board and has been extremely active in community projects in been in the manufacturing business. the Vail area, including the Vail Community The- His civic activities have kept Taylor busy all his ater, community league softball, Holiday Food Bas- years in Routt County. He served on the original ket, and Full Moon Over Vail. Steamboat Springs Economic Development Com- He is an avid recreationist, who enjoys camp- mittee, and helped organize the Mt. Werner Asso- ing, hiking, climbing the "fourteeners," rafting, ciation. He was elected to the Steamboat Springs kayaking, skiing, snowmobiling, rollerblading, and Home Rule Charter Commission in the early 1970's, golf. He advocates better funding for public schools, and later to the Steamboat Chamber/Resort Asso- and thinks school budget cuts are alarming and ciation Board. He has also been active in local frustrating. He also speaks for low-cost statewide Republican politics, including two terms as Routt health care and vows that if elected he'll stay in County Chairman, a position from which he re- close touch with local citizens. signed to make this run for office. • ~ I I /1 ' '.t1 • Affordable group room rates • Catering services offering a wide array of quality • Finest meeting facilities in Western Colorado food choices for 10 to 400 people • Flexible facilities for groups from 10 to 600 • Special VIP board rooms located on the 2nd floor • Headache-free service provided by a professional, • Conveniently located adjacent to I-70 off Exit 31 courteous and well-trained convention staff and a half mile from Walker Field Airport • Audio visual equipment available Grand Junction • • r' 743 Horizon Drive, Grand Junction, CO 241-8888 ~ 1 IvGI~ r ' 7 X C ~ G~tt~u,~c,C - o~ ~ - • - • • ~ , , COLORADO~SUMMIT FOR CHILDREN ~ A BLUEPRINT FOR ACTION 8 A.M. - 5 P.M. ~ Monday, October 12, 1992 Radison Hotel, 1550 Court Place Denver, Colorado • • • JOIN • • Summer 1992 ¦ volume a, Number4 Leading experts infields affecting children, local business and - government leaders, candidates, educators, representatives from Special Thanks#o the foundations, govermnment agencies, child serving organizations, a Summit for Children journalist and best selling author, an award winning photographer, p and your host S onsors The Colorado Children's Campaign Public Service Company U.G. Heaith Sciences Center AS WE COME TOGETHER For one important day to share information and discuss issues The Denver Post certain to dominate the national agenda into the 21st century! First Interstate Bank Holiy Sugar AGENDA (8AM - 5PM) KCNC Channel 4 "OUTSIDE THE DREAM" Photojournalist Stephen Shames' extraordinary eye bears witness to the heartbreaking and the heroic KN Energy "KISSING BABIES ISN'T ENOUGH" Children can't see through campaign promises, Rose Medical Center but you can "KIDS, POLITICS, AND THE A Big Thank You... ECONOMY IN THE 90's" Keynote lunch speaker Kevin Phillips, author or the #1 best- To the sponsors of O' Baby? for seller, "The Politics of Rich and Poor" and political analyst for CBS-TV and honoring the Colorado Children's Cam- National Public Radio paign as the recepient of a portion of the expoproeeeds, "BLUEPRINT FOR ACTION" Highlighting successful programs and outlining a strategic plan for the 90's thank you ARCO,.. "MAKING IT HAPPEN" ©ur thanks to the ARCQ Foundation A call to action for their generous support of our public $75 Full Day $40 Lunch only information program, including this ($50 nonprofit rate) (11:30 am - 1:15 pm) newsletter. "Children First "Passage Is Vital To Colorado (The following editorial is financing act, and it specifically state to observe preschool pilot reprinted from the Denver Post, includes missing preschool programs, and they August 6, 1992 with permission of funding as one of its mandates. enthusiastically testified to their tJze Denver Post and Bill Hornby, To qualify for state funding, successes in improving student Senior Editor of the Denver Post) "Children First" requires each performance, a success in line school district to plan certain with that of governors elsewhere The National Governors' reforms, although the structure, in the nation. Association, of which Colorado implementation and Governor Roy Romer becomes management details would be a Thus the education reform chairman this week, opened its district decision. group and Governor and Mrs. annual meeting by emphasizing Romer hailed passage of a the educational priority of Among reforms thus stimulated permanent preschool program improving early childhood are shared decision making at as a major breakthrough for education, the "preschool" the school building level, as is Colorado, and were stunned training that focuses on getting now being emplaced in Denver, when the legislature failed to toddlers ready to learn before ways to set teacher and have the funding courage of its they enter the nation's regular administrator pay that reflects political convictions. So now K-12 school systems. excellent or innovative they must turn to the people; performance; aid to teachers to passage of the "Children First" Among the six national goals improve their skills and initiative is now preschool's only adopted by the governors and expertise; extension of the school hope in Colorado. The the Bush administration in 1990, day and year as appropriate to uncertainty unless the preschool aimed at reforming American give students a fair opportunity friends rally is the reason the education by the year 2000, the to learn; priority focus on national governors could not New York Times reports "there acquisition and use of point to the Colorado program's was wide agreement that technology; and greater success. improving (preschool) readiness coordination of school programs was most (italics mine) with health and social service Colorado will be malting many important because so many agencies to ensure the family major decisions this November, children start school with health support needed for readiness to but none is more important than and family problems that hinder learn. passage of the "Children First" their ability to learn and that initiative. As its campaign plague them throughout their And, specifically, the "Children brochure puts it, "it is much schooling. " First" initiative focuses on access cheaper to prevent educational for all 4 and 5 year old children failure than to pay for its The governors focused on New to high quality preschool consequences teen pregnancy, ivlexico, Missouri and California programs... through a criminal beha:~ior, and poverty. as states which made promising partnership of HeadStart, Investing in education today will starts by varying school readiness private and school district produce significant savings in the programs. They were not able to programs. Preschool services costs of corrections, public mention Colorado, which should will be phased in with first assistance, and lost productivity have been the star on their list. priority given to children who in the future." That's because while the last are at risk of school failure." legislature made the state's Various states are facing up to preschool pilot program a The Colorado preschool the educational challenge in permanent part of the school program was passed by a great various ways, but in Colgrado, system, in a spasm of last minute effort of business and education because of legislative gridlock on political paralysis, it did not groups and informed state funding, everything hangs on the provide promised funding. legislators. They had studied the success of "Children First." effects of our Colorado program Governor Romer's "Children and were convinced that school First" one cent sales tax initiative readiness must be strengthened for the fall election is our only throughout the state. In the chance to bring Colorado most significant example, the funding up to the levels expected Colorado Forum sent its CEO by the state's current school membership throughout the 3 Summer 1992 Board of Directors Children's Platform For Colorado Dennis C. Brimhall President The Children's Campaign has ON ANY GIVEN DAY IN developed a "Platform for Colorado's COLORADO... John Hultin Children" that is being endorsed by Treasurer numerous child-serving agencies 935,141 people are without health across the state. The agencies are insurance (about one third are Molly Altman being asked to present the Platform to children under the age of 18) Secretary elected officials and those currently 475,000 adults are illiterate running for public office. The • Lynn Heitler Platform asks Colorado citizens to 81,130 familes with children under PastPresident vote not only for candidates but for the age of 18 are living in priorities which will determine the poverty) Steve Berman, MD quality of life for children now and into the next century. Colorado's 58,480 low income families with Dori Biester, RN, MS 861,266 children represent more than children under 181ive in a quarter of Colorado's population yet inadequate, unaffordable housing Mona Ferrugia they do not vote. If Colorado is to 194 crisis calls are made to have a bright future, children must shelters for victims of domestic ` Nancy Gary take top priority. Candidates are violence being asked to take the following Adam Golodner pledge: 123 youth are arrested Kerri Greenber 51 couples divorce g I PLEDGE TO FIGHT FOR THE FOLLOWING FOR EVERY 31 adolescents drop out of school Maria Guajardo COLORADO CHILD: 20 children are abused or • neglected Doug Jones 1. A high quality education; • 16 babies are born to teen mothers Paul Melinkovich, MD 2. Comprehensive health care, 11 babies are born weighing less including prenatal care; than 5.5 pounds Connie Talmage Tom VanderArk 3. Affordable, high quality child care As of August 1, the following have and quality preschool education; endorsed the Platform: Barbara Weiman 4. Safety from abuse, drugs and environmental hazards; American Academy of Pediatrics - Staff Colorado Chapter 5. The basics, including adequate food American Humane Association and shelter. Association for Community Living Barbara O'Brien Boys and Girls Clubs of Denver Executive Director Candidates are also being asked to CAFCA Gail Weiman agree to the following: Center for Policy Research Program Coor~'inator To su ort education initiatives The Children s Hospital pP Children s Legal Clinic that will enhance, advance, and Children's Museum Beverly Buck generate revenue for schools and Colorado Association of School Prrogram Director promote school reform; Executives Marilyn Pollard To commit to taking every Colorado Education Association possible step to avoid new cuts in Colorado Society of School Public Service Company - Psychologists Executive-in-Residence education, health and social services for Colorado s children Denver Children's Home including any tax limitation First Impressions Vienna Presley initiatives; Hope Center Administrative Support Junior League of Denver Elected officials and candidates are Keeping the Promise Campaign Heather Colliander Kempe Children's Foundation being provided with the following Intern statistics so that they might know why LARASA it is critical for them to endorse a Mile High Child Care Association Children's Platform: Adele Phelan, President, Clayton Colorado Children's Campaign Foundation 1600 Sherman Street, Suite B300 Piton Foundation Denver, CO 80203-1604 RESULTS (303)839-1580 Colorado Servicios de LaRaza Urban League Colorado Children's Campaign 2 4 I:. , ~l r f f. : i1 ~ ~ ,y~ A Child Can't See Through Campaign Promises. But You Can. Our children deserve a higher priority on the agenda for America's future. This election year, we need to tell politicians: Kissing babies is not enough. We need specific, realistic plans for the health, education, safety and security of all American children. What is your plan for ensuring tlurt all American children have health care? c- Coalition for America's ~ Ho~a: will you assure that all children enter Children 'school ready to succeed, and that college is in asking within reach for all American families? How will you make our communities, homes candidate Q' and schools safe for children? for public o ce: How will you guaran ee that every American Q• child has food to ea~nd a place to sleep? COLORADO CHILDREN'S CAMPAIGN 1600 Sherman Street, Suite B-300, Denver, CO 80203-1604 (303) 839-1580 Join us in asking every candidate the question: Who's for Kids And Who's just Kidding ?TM n19Y1 Coalition for America's Children la project of Ihe'M.B. Pund) ~ ~ ~1 Colorado Children's Campaign ~ F w ~,~11 1600 Sherman Street ~ zs sFP ti , Suite 8300 ~ e (i Denver, CO 80203-1604 992 ~ Permft#23i3~ MAYOR KENT EfVED SEP 2 8 199 TOWN OF VAIL 75 S. FRONTAGE RD., WEST VAIL CO 81657 Printed courtesy of Coors Brewing Company C~~,~. vr~.e,~vn.~.~ ~ ~s ~,Q,d.b (t~iv~ 'i ~v' R~~EI ~~f ~ ~ 1~9~ NOTICE OF HEFTING COLORADO ASSOCIATION OF SKI TOWNS October 8~9, 1992 ASPEN, COLORADO The next CAST meeting will be held October 9th at The Little Nell Hotel in Aspen. Lodging is available at The Little Nell for the special rate of $85.00 per night. Reservations may be made by calling the hotel at 800-525-6200. Please identify yourself as a CAST member to qualify for the special rate and for tax exempt status. A block of rooms is being held for CAST and reservations should have been made by September 19th to guarantee your lodging. NWCOG Water Quality/Quantity Committee has conveniently scheduled to meet on Thursday, October 8th, also at the Little Ne11. A complete agenda for that meeting will be mailed separately to all Q/Q Committee members. On Thursday, before the CAST meeting, tee times have been set aside for CAST members at the Aspen Golf Course starting at 2 PM. Greens fees are complimentary courtesy of the City of Aspen. Golf cart rentals are available. Please call the golf course Pro Shop to book your tee tune at (303) 925-2145. Be sure to indicate that you are a CAST member and that you are booking one of the pre- reserved tee times. Please invite your Finance Director to the meeting to discuss the Tabor Amendment and other finance issues. P_GENDA Thursday, October 8, 1992 9:00 AM NWCCOG Water Quality/Quantity meeting (Ends at 3 PM) 1:00 PM Complimentary Golf at the Aspen Golf Club 6:30 PM Reception/Cash Bar - La Cocina Restaurant (Please see enclosed directions and map) 7:00 PM Dinner at the La Cocina Restaurant Little Nell Hotel _ _ _ - ~law~ .s`«.... _ ASPEN MOUNTAIN - . - P.SPEN HIGHLANDS nnnna.~N aELs /1~]~~ / ~Iy.~ ~ - ~ ,~,,~61~ .1'~ 1~-- - s {av.•D s_, f 7~~__ J ~v--.~. ~ / -,'~~~~'Y'" I , n ~ . ` `~c~wc~sT Shaw i " ,~r'~ ' ~~--?~'~-,~-p1~L°~n'~.4 . y~ j~~~y \~,e ~ / iV N~ 1, 'L+~i ~-L~~"\ ~ LY+`~ d -Z ~7 t7:~R t p; fq' ~ ~*y \~`~yV " ° :AMNN5 Jb ..~vauEY ~f'lyyB2 --~-•-7 ~F/~29~YT'~? i L_/• ~ *~~J' ti~~ ~'w \ o~r,~c'VS J~y: ~ _ 1~~~v ~ /',~~~'.'tJ , ~ Q ~J 1~LJ /l ~G/JtDJN f~ ~ G7 ~C~ .X 7 q' f 4K ~~d ~ CQCNTiI O~`~~~ /'7~ ¢ ~r v c ~ i:~SPrtt1 ~ ~ ` j~L~7, 1['- ~ -.L.' _ r ~jl ~ ~ Cry ~ EEX4C. LN fyf( INf~-oNR ~TN`5~ ^ -._-HA ~7 ~`/GI ~ ~~v~, - yY~ `S iv~suat. a4rs _ \ a ~ -5 v ~ G ~ U ! / ~ .1~~_ e 4N'Y a- - <',Pa LI JLI{SKI AR;AI IAN P/ I: 'T•v'- 1„i Ex.RaYe x ''cos L ~ iii'"' .tiERQ o:.;~ ~ ~''-r~ sr.,_~s'` S ~ (!YY/ U2 ^ R Y7 ~-mNUUrs,~E~-- i Cpl` ~,N ~ "f,~ Ci'G~J A _ ~ o,,..._~._~'J~= n aND~o-r,FNr.~ra! ~ rri~E- L.:/ ~ ~ J~ _ / FiJ'~E?_.M_~_t~ ~GNDl'S \RED MC'1kTMN 'fi '1 ,(ipqp,, ~l \ RGPw .t~ ~ ~~pty" I YcF A ~ ~t. V. . ~ j \ A fig" pS~T 1~3 ?T ~ 1 ~ i ~t L N~ ~ .L~~'v~'VC`~540.DY FE:D) l ` 1,.y r ~,dCLE5P7~\E{}~S~s~-+i ~ r ~V'BDNNY ~ \C~~` f051,•~''N~ _ .0.E ~ RIRP~a!9VSiKE55~\~Q+ _ ~ ii . m~ ,KriE ,~'..U.F) ;RrvE cL.,rea O~ ?,vE'~eil O Z. MUSIC TEM I ~ S~'Q/ 'I I ~i"\ S.i L ®PARKiNG AND INFORMATfON °F tiG 1. Public Parking Garage and Visitor information: 4` _ ~~~~,,~.t ~ ~~^V Rio Grande Plaza. 425 Rio Grande Place. 925-5656 - 2. Bus, Skier Shuttle: Rubey Park 925-8484 - 3. Visitor Information: Wheeler Opera House 320 E. Hyman Avenue. 925-5656 4. Aspen Art Museum ®POINTS OF INTEREST 590 N. Mill Street. 925-8050 11, Silver Queen Gondola 925-1220 5. Aspen Center for Environmental Studies 12, Music Tent 925-9042 700 Puppy Smith Street. 925-5756 ®TRAILS 6. Stallard House 620 W. Sleeker Street. 925-3721 13. Rio Grande Trai! Sike, Hike and X-country skiiing SPARKS ®PUSLIC 8lllLDINGS 7. James E. Moore Swimming Pool 14. City Hall 130 S. Galena. 920-5000 Open year-'round. Maroon Creek Road. 920-5140 15. Court House and Police 506 E. Main Street. 925-7635 8. City Golf Course -Free x-country skiing in winter 16. tJrtited States Post Office 235 Puppy Smith Street. 925-7523 Highway 82. 925-2145 27. Hospital -01 Castle Creek Road. 925-1120 PLAYGROUNDS 18. Airport 920-5348 19. tJrtited States Forest Service 803 W. Hallam. 925-3445 9. Herron Park 20. Library 'gill Street. 925.7124 10, Wagner Park ~ 21. Aspen Ice Garden 233 y",'. Hyman. 925-5141 - %gOARENC FOgK TgANSET 4GENCY ASPEN, COLORADO Thanks to RFTA for the map Bus information: 925-484 22 23 ' La Cocina Restaurant 308 E. Hopkins ..ter :,r 5 Fridav. October 9, 1992 8:30 AM Continental Breakfast - Little Nell Hotel Library Room 9:00 AM Finance Officers Work session - Little Nell Board Room ti 9:00 AM CONVENE CAST OCTOBER MEETING - The Little Nell Library Room 1. Call to Order 2. Consideration of Minutes 3. Welcome to Aspen - Mayor John Bennett 4. Articles of Association and role mission of CAST 5. Reports A. Fiscal Report B. Colorado Convention Center Report C. Legislative Tour Report ! D. Bicycle Colorado E. Report on Public Lands Officials meeting - Miles Rademan 6. Legislation and Ballot issues A. Privatization Bills - c/o Jan Gerstenberger - CML ( B. School Finance Act 7. Committee Reports A. Ground Transportation - Stapleton k B. Colorado Tourism Board 8. Panel Discussion - Tabor {Bruce) Amendment - (Noon to 2:00 p.m. Lunch will be served). 9. Communication and Other Business i 'Z 10. ADJOURNMENT a I DKS/emw :castmtg.asp i COLORADO ASSOCIATION OF SKI TOWNS WINTER PARK, COLORADO AUGUST 14, 1992 MEMBERS PRESENT OTHERS PRESENT ADAMS, Ren - Breckenridge BROWN, Clay - Fraser JEFFERS, Steve - George R. Baum BROWN, Mary Steamboat LUECKENHOFF, Renatta - CSCUSA BROWNSON, Joel - Winter Park MATTOX, Vicki - George K. Baum COLLINS, Mark - Grand Lake MAMET, Sam - CML CRANK, Bill - Crested Butte MEREDITH - Rich - Colo. Tourism Board EGGER, Virginia - Telluride HOLZWARTH, Mil - Winter Park JAMES, Bill - Avon JENSEN, C.B. - Fraser KLANCKE, Marianne - Fraser I MARGERUM, Amy - Aspen MARTINEZ, Gary - Breckenridge ~ MYERS, Jim - Winter Park RAITANO, Flo - Dillon ROGALSKI, Vince - Mt. Crested Butte SCHMIDT, Jim - Crested Butte SHEARER, Jim - Vail SHRUM, Daryl - Winter Park STOVER, Gene - Grand Lake TEVERBAUGH, Nick - Winter Park VARLEY, David - Silverthorne WEST, Steve - Breckenridge i II I CAST - Winter Park AUGUST 14th, 1992 PAGE 2 Call to Order President Nick Teverbaugh called the meeting to order at 9:10 a.m. Consideration of June 18th. 1992 Minutes The June 18th, 1992 meeting's minutes were presented for approval. There were no additions or corrections. A motion to approve the minutes as presented was made, seconded and unanimously approved. Fiscal Report A fiscal report was included in the CAST packet. Daryl Shrum gave an overview of CAST's financial position and no questions were asked from the membership. CONTINUED BUSINESS A. Colorado Convention Center Rich Meredith, the Director of the Colorado Tourism Board, made a presentation concerning promotional/display space available at the Colorado Convention Center. Rich indicated that Bob Knous has been hired and he is currently researching the number of corporate and governmental organizations that are interested in presenting display advertising in a hallway at the Convention Center. He indicated that there will likely be some type of video graphics included as part of some displays. Steve West mentioned that it was very important that Ski Country and CAST works jointly on this project. The membership appointed Ron Phillips to be the CAST representative since he already serves as the CAST representative on the Tourism Board. The membership indicated that Ron Phillips should contact Bob Knous to define a possible display at the Convention Center. Rich Meredith indicated that the total cost of converting the hallway into a display center could cost between $200,000 - $400,000 and at this point in time no definite financial commitments have been made. B. Bike Guide Committee UAdate Bill Crank presented an overview of CAST's participation in Cycling Colorado over the last two years. Last year several members did not financially participate in the project including Aspen and Telluride. Bill indicated that other members may not be interested in continuing this project. Last year the bicycle insert cost approximately $58,000. Dave Varley who is a Director of Bicycle Colorado gave a presentation concerning a new publication entitled "Bicycle Colorado". A handout was passed out to the membership concerning this publication. Dave indicated that this will be the first year the magazine will be in circulation and he recommended that CAST spend between $4,000 - $5,000 to get the project off the ground. Bill Crank emphasized that distribution is of major importance, like any other magazine. Dave indicated that Bicycle Colorado has a 900 number and they hope to have an 800 number in the near future. • - Amy Margerum and Virginia Egger both expressed their concern that CAST should not be involved in the marketing business. They both emphasized that in their communities, other organizations were involved in marketing and that CAST should not be involved in marketing. Nick Teverbaugh showed the group a new publication called Mountain Bike Magazine. Rich Meredith indicated that the Tourism Board provided Bicycle Colorado with $5,000 of seed money, but they will not be a major financial player. Rich emphasized that the Tourism Board cannot financially participate with projects or events that only benefit one industry (special interest groups}. Rich Meredith also stated that Bicycle Colorado or any other type of CAST information would not be included in the Tourism Board packets that are mailed out to interested tourists. The packet already weighs a pound and any other information would be costly, in terms of added postage. CAST - Winter Park August 14, 1992 PAGE 3 Bill Crank made a motion that the CAST membership not participate in the Cycling Colorado that has been funded the last few years. Virginia Egger seconded the motion and it carried unanimously by the membership. C. 1993 Legislative Tour ins ?nd Renatta Leukenhoff gave a short update on the Legislative Tour, which is scheduled for Avon/Beaver Creek tentatively on January 22 -.24th, 1993. Bill Crank and Virginia Egger volunteered to serve on the committee for the CAST presentation "s at the 1993 Legislative Tour. Anyone else interested in being on the committee should call Daryl Shrum at (303) 726-8081 or Nick Teverbaugh at (303) 726-8813. OTHER BUSINESS A. Historical Perspective of CAST •ng Steve West, Gary Martinez and Bill Crank presented the group with an historical perspective ?at of CAST. In the beginning, CAST was mainly for information sharing as well as bringing end various staff members to the meetings in order that they could address mutual ideas and ray concerns. There has also been in the past an emphasis on inviting guest speakers such as the cs Regional Forester and the Public Works Director of Stapleton Airport to provide information of interest to the CAST organization. The emphasis in the past has been on information exchange, interfacing with other organizations and some lobbying efforts. on he ed Bill Crank indicated his concern that Mayors in some member communities have not been on attending CAST meetings. Amy Margerum and Virginia Egger indicated the Mayors from Aspen and ay Telluride have not been in attendance because they didn't feel like the agendas were strong al enough to attract their participation. Virginia indicated that if there were real specific projects such as housing and transportation that had a direct impact on Telluride that the Mayor would be in attendance. Steve West also indicated that participation should be increased by the Mayors as well as by several communities who do not attend the meetings. st ct B, Update on November Ballot Issues in ve Sam Mamet updated the group on the seventeen measures that may be on the ballot this on November. Sam also handed out materials concerning each of the amendments and recommended is that the ski towns as a group or individually become highly involved in most of the issues in that will be on the ballot this Fall. ff er COMMITTEE REPORTS 00 No reports were given concerning Grand Transportation at Stapleton or the Tourism Board. NEW BUSINESS ed er A. 1992 - 1993 Budget and Dues Structure g. Vince Rogalski made a motion that the 1992-1993 Budget and dues structure presented by the Treasurer be approved. Steve West seconded the motion, which the membership passed ch unanimously. It was agreed by all in attendance that the Budget may need to be amended at ed the next meeting after more definite work programs and priorities are established. rd ry B. Propg_sad l~ State Sales Tax Increase pe There was a discussion concerning the proposed CAST Resolution opposing the 1~ increase in ut the State sales tax. Amy Margerum and Virginia Egger indicated that their Town's probably ld could not support the Resolution opposing the 1~ increase in State sales tax for the purpose of funding education. Daryl Shrum, Nick Teverbaugh and Flo Raitano explained their concerns with the proposed 1~ sales tax amendment. It was agreed that all members in attendance would fax or mail to Daryl Shrum, information concerning their specific concerns pro or con with CAST - Winter Park August 14, 1992 PAGE 4 the amendment and Daryl would include this information in the next packet. There being no further business to discuss, the meeting was adjourned at approximately 12:20 p.m. The next meeting is scheduled in Aspen on October 8th and 9th. Res~p~~e~ctfully subm~it~/t/eAd, '\v. / Daryl R. Shrum Secretary/Treasurer DKS/emw :castmins.814 I i i I i _.,rz; - Colorado Association -of Ski Towns :20 MEMO TO: CAST members FROM: Daryl K. Shrum DATE: 22 September 1992 SUBJECT: Articles of Association I have attached a copy of the Articles of Association adopted on June 13, 1985 and subsequently amended on August 8th, 1986 for your review. The Articles do not address voting passage techniques and an amendment may need to define plurality. There is no mention of how decisions are promulgated by the membership. Should decisions be made by simple majority, two-thirds, three quarters or unanimously by those in attendance at meetings? There is also the situation where members not in attendance at meetings may not be supportive of a position taken by the membership. For example, a Resolution on CAST letterhead would indicate unanimity while in fact, there may be opposition or non-involvement by selected members. Of course, if the membership decides to refrain from lobbying, etc. then, these issues are essentially mute. The Articles are also not clear on the method of selecting certain officers and their duties (See Page 3j. These topics and the overall Role Mission of the Organization will be discussed at the outset of the meeting. See you in Aspen. DKS/emw MEMBER MUNICIPALITIES Aspen • Avon • Blue River .Breckenridge Crested Butte .Dillon .Durango • . Fraser • Frisco • Glenwood Springs • Granby • Grand Junction Grand Lake • Gunnison • Mt. Crested Butte • Nederland • Silverthorne • Snowmass Village • Steamboat Springs • Telluride • Vail . Winter Park RECD JUN 3 1986 ARTICLES OF ASSOCIATION COLORADO ASSOCIATION OF SKI TOWNS ARTICLE I - NAME AND OBJECT Section 1. The Association Name The name of this Association shall be the Colorado Association of Ski Towns, hereinafter sometimes known as "CAST". Section 2. Organization These Articles of Association shall regulate and govern the affairs of CAST. CAST is organized pursuant to Article XIU, Section ld of the Colorado Constitution and Sections 29-1-'LO1, et seq., 29-i-~O1 and 29-1-402, CRS. Section 3. Purposes of Association The object of this Association shall be as follows: (a) To cooperate between Colorado cities and towns immediately impacted by the skiing and tourism industry in the improvement of municipal governments; (b) To study the needs and render such services as gay be proper for the further enrichment of Colorado ski cities and tcNns; (c) To assist in securing of legislation enactments beneficial to member municipalities and to oppose all legislation being injurious thereto; (d) To sue or defend in the name of this Association any actions or proceed- ings in law or inequity when deemed advisable; (e) To hold conferences, or meetings at such times and places as may be determined for the discussion of mutual affairs of member cities and towns and to adopt measures for the Bette rnient thereof; (f) In general, to do all acts and things necessary and proper and expedient for the welfare and benefit of municipalities and the citizens thereof impacted by the skiing and tourism industry. ARTICLE II - MEMBERSHIP Section 1. Eligibility Any incorporated city or town in the State of Colorado impacted by the skiing and tourism industry and desiring to become a participating member of this Association may do so upon signifying its desire to do so and the payment of the prorated current annual membership. Section 2. Votes of Participating Members Each city or town holding participating membership in the Association shall be equally privileged with all other participating members in its voice and vote. Each participating member shall be entitled to one voting representative which shall be either its Mayor or his or her designee, or its Manager or his or her designee. No person may cast a vote, or participate in the affairs of the Association as representatives of more than one participating city or town. Section 3. Associate Members Any governmental entity or political subdivision other than a city or town impacted by the skiing and tourism industry may become an associate member of the Association on application and payment of a sum equal to or in excess of the annual mer~;bership fee prescribed by the Association. Privileges accorded and services rendered to such associate members shall be the same as a participating member except such membership shall carry no voting privileges. Section 4. Honorary Members Honorary membership may be conferred by appropriate action of the membership of the Association. Honorary members sha71 be entitled to participate in the discussion of any questions, but such members shall not be entitled to vote. ARTICLE III - MEMBERSHIP FEE Section 1. Fee Schedule The annual membership fee for each city or town shall be in such sum as shall be fixed from time to time by the participating members, provided that no fees shall be prescribed for honorary members. No change in the membership fees schedule shall be effective until it has been approved at an annual meeting. Section 2. Payment of Fees - Date Due All membership fees shall be payable annually in advance of March 1. Failure on the part of any municipality or associate member to tender payment prior to . May 1 shall constitute termination of voting and participating membership in the Association, unless prior arrangements for payment at a later date have been approved by the membership. A municipality may withdraw from membership upon written notice to the Asso- ciation but upon such withdrawal shall not receive a refund for any portion of its fee. ARTICLE IV - MEETINGS Section 1. Annual Conference 1 A regular annual meeting for all participating ;member cities and town of the Association shall be held at the time and place of the Colorado Municipal League's annual conference unless otherwise determined and directed by the membership. Section 2. Quorum The presence of a majority of all participating member cities and towns of ~ the Association shall constitute a quorum at any regular annual or special meeting. Section 3. Special Conferences Special meetings for all participating member cities and towns may be called by any officer of the Association, and shall be called by the officers upon receipt of written request by three participating members. A written notice of the time and place of each such special meeting shall be mailed to each member city and town at least fifteen (15) days in advance of the time set for the meeting; provided, however, that failure to receive such notice shall not invalidate proceedings at such meeting. Section 4. Proxy Voting • Proxy voting is not permitted. ARTICLE V - OFFICERS Section I. Qualifir.ations ~ The membership shall elect five (5) officers, which shall be voting repre- sentatives of the Association and should consist of a President, Vice-President, Secretary/Treasurer, Member-at-Large/Elected and Member-at-Large/Appointed. The President and Vice-President must be a Mayor or Mayor Pro Tem within a partici- pating city or town. Section 2. Duties of President The President shall preside at a71 meetings of the Association and shall be the chief officer of the Association. -2- Section 3. Duties of Vice-President In the absence of the President the Vice-President shall assume the duties and exercise the powers of the President. He or she shall have such duties and powers customarily incident to the office of Vice-President. Section 4. Uuties of Secretary/Treasurer The Secretary/Treasurer, in addition to the customary duties of an officer of the Association, shall be responsible for the accurate record of proceedings of all meetings of the Association and shall be responsible for submission of an annual financial report. Section 5. Member-at-Large/Appointed The Member-at-Large/Appointed shall be an appointed chief administrator and shall also serve as an officer of the Association fulfilling all tasks assigned to it by the membership. 1 Section 6. Member-at-Large/Elected a The Member-at-Large/Elected shall be a member of the general municipal govern- ing body and shall serve as an officer of the Association fulfilling all tasks assigned by the membership. Section 7. Staff The Association may secure the services of necessary staff persons, set their ~ duties, responsibilities and functions, and their salaries, as the Association deems appropriate to carry out its function. Provided, that such staff shall be in accordance with the budget of the Association as approved by the' members or amended by the members. ' ARTICLE VI - CONV~IITTEES AND SECTIONS Section I. Committees The Association may establish advisory committees as necessary from time to time as determined by the membership. Section 2. Committees All committees shall comply with any conditions imposed by the membership. Such committees shall continue in existence until discontinued by action of the membership. Section 3. Meetings Each conuaittee shall hold meetings during the annual ^:eeting each year, and the officers of the connnittee may provide for additional meetings at such other times and places as they find necessary. Section 4. Qrganization The membership of each committee shall elect a President and a Vice-President. Terms of office shall be one year, or until the committee's function ceases, whichever is shorter. The Vice-President :.hail sere as rresident in the absence of the President. ARTICLE VII - EFFECTIVE DATE Section I. Effective Date These Articles shall become effective upon their adoption by the Association and radification by a majority of the members thereof. -3- , i Section 2. Amendment of Articles These Articles may be amended at any regular meeting or a special meeting by two-thirds vote of all members voting, providing the proposed amendment shall have first been prepared in writing and submitted to the participating members on or before the date preceding by two weeks the first day of the conference and written copies of such amendments are distributed to member delegates. Such amendments shall go into effect inmedately. If, within sixty (60) days after the adoption of any amendment, one-third or more of the participating members protest against such amendment, the amendment shall be automatically suspended until the next annual or special meeting, when it may be taken up again for reconsideration and vote as in the first instance. ARTICLE VIII - DISSOLUTION Section 1. Procedure If, at any annual meeting, three-fourths of the members vote to dissolve the Association, the Association shall be dissolved within sixty (60) days of the date on which the vote to dissolve was taken. Section 2. Financial Settlement Except as required by law, assets of the Association sha]1 upon disso]ution or final liquidation, be distributed in furtherance of the corporate purpose set forth above as the membership shall determine; and in no case shall such assets be distributed to the members or officers except in payment or reimbursement for expenses which are valid Association obligations./ Adopted on ,~,c,ze~ /.3 1985 in Colorado. i i l i President S cret y/Treasurer + ' A i r -4- RESOLUTION A RESOLUTION AMENDING ARTICLE 5-OFFICERS; SECTION 1-QUALIFICATIONS OF THE ARTICLES OF ASSOCIATION OF THE COLORADO ASSOCIATION OF SKI TOWNS TO PROVIDE THAT SHOULD ANY MAYOR OR MAYOR PRO TEM OF ANY PARTICIPATING CITY OR TOWN WHO HOLD THE OFFICE OF PRESIDENT OR VICE PRESIDENT OF THE COLORADO ASSOCIATION OF SKI TOWNS CEASES TO BE A MAYOR OR MAYOR PRO TEM FOR HIS RESPECTIVE TOWN OR CITY, THEN THE MEMBERSHIP OF THE COLORADO ASSOCIATION OF SKI TOWNS SHALL ELECT A I NEW PRESIDENT OR VICE PRESIDENT FROM THE MEMBERSHIP WHO SHALL BE A MAYOR OR MAYOR PRO TEM WITHIN A PARTICIPATING CITY OR TOWN. 1 t,IHEREAS, Section 2 of Article 7 of the Articles of Association of the Colorado ' Association of Ski Towns provide that the Articles may be amended at any regular or y ! a special meeting by two-thirds vote of all members voting provided the proposed amendment shall have first been prepared in writing and submitted to the participating members on or before the date preceding by two weeks the first date of the conference and written copies of such amendment are distributed to member delegates; and WHEREAS the rovisions of such Section 2 have been com lied with for the p p amendment of the Articles of Association of the Colorado Association of Ski Towns; and tdHEREAS, the membership of the Colorado Association of Ski Towns wishes to amend Section 1 of Article 5 of the Articles of Incorporation to provide that should any Mayor or Mayor Pro Tem serving as President or Vice President of the Association no longer hold the office of Mayor or Mayor Pro Tem within a participating city or town, for whatever reason, the membership shall then elect a new President or Uice President who shall be Mayor or h1ayor Pro Tem within a participatin; city or town. NOW, THEREFORE, BE IT RESOLVED by the membership of the Colorado Association of Ski Towns as follows: i 1. That Artic]e 5-Officers; Section 1-Qualifications, is hereby amended to read as follows: Section 1,~ Qualifications - The membership shall elect five (5) Officers, which shall be voting representatives of the Association and shall consist of a President, Vice President, Secretary/Treasurer, Member at Large/Elected and Member at Large/Appointed, The President and Uice President must be a Mayor or Mayor Pro Tem within a participating city or town. Should the President or Vice President cease to be a Mayor or Mayor Pro Tem within a participating city or town for any reason whatsoever, the membership shall then elect a new President or Vice President whom shall be a Mayor or Mayor Pro Tem within a participating city or town to serve until the next annual meeting. 2. This Resolution shall go into effect immediately upon its being approved at any regular or special meeting by two-thirds vote of al] members 1 voting. 1 INTRODUCED, READ, APPROVED AND ADOPTED this 8th day of August , ~ 1986 in Vail Colorado. 1 f- ~ / President / , U , Secretary/Treasurer I I i _Z_ COLORADO ASSOCIATION OF SKI TOWNS ~ Treasurer's Report September 21, 1992 3 t Beginning Cash Balance $15,460.09 7-16-92 REVENUE Deposits $884.00 EXPENDITURES ($629.39) Ending Cash Balance $15,714.70 Detailed Report REVENUE Interest $ 93.74 Dues - -0- Bike Guide 673.83 Meeting reimbursements 116.43 TOTAL REVENUE RECEIVED $884.00 EXPENDITURES Safeway - CAST meeting (Breakfast) $ 63.77* ' Carvers Bakery - CAST meeting (Breakfast) 42.12* Divide Grill - CAST meeting (Dinner) 523.50 i TOTAL EXPENDITURES $629.39 1 *Compliments of the Town of Winter Park (to be reimbursed) i i r DKS/emw :financia.992 i . ~~Y ~i C.f ~Y~~ 5 I,Y ~ MEMORANDUM T0: Daryl Shrum, Town Manager Town of Winter Park FR: Ron Phillips, Town Manager Town of Vail DA: September 4, 1992 RE: PROPOSED CAST POSITION PAPER ON THE PUBLIC SCHOOL FINANCE ACT OF 1988 Attached is the draft position paper concerning the Public School Finance Act of 1988. I am sending this to you for possible inclusion as an agenda item for the October, 1992, CAST meeting in Aspen. I am simultaneously sending it to all CAST Managers so they and their Councils can be reviewing the draft in advance of the October . meeting. My hope is that everyone will look at this with a critical eye, and have suggestions for enhancing the draft. Of course, if there is substantial disagreement among CAST members pertaining to this issue, it may go no further than this draft stage. gc: CAST Managers Sam Mamet, CML C:\SCFiI.ACT.MEM R _ ~ 0~ / 9-y 9z Public School Finance Act of 1988 A Draft Position Paper for Consideration by The Colorado Association of Ski Towns (CAST) September, 1992 F 1 ~~w~ The state of education has become a major concern over the last decade in nearly every region of the country. The State of Colorado has recognized this concern and has embarked on various initiatives to bolster quality, to equalize per pupil spending statewide, and to promote fair access to education statewide. While these initiatives represent noble attempts to enhance education for Colorado students, some of them have created unanticipated problems. One such example is the Public School Finance Act of 1988. The Colorado General Assembly adopted the Public School Finance Act of 1988 in an attempt to equalize per pupil funding for school districts across the state, to lower property taxes, and to deal with the perceived implications of certain court decisions related to school finance equalization issues. Financial inequity among school districts across Colorado is a very real concern which must be addressed; however, the Public School Finance Act of 1988 was an inadequate solution to the problem and has created financial problems for many school districts in Colorado. While parts of the Act may have some merit conceptually, its overall effect has been detrimental to many "hold harmless" districts. Over the past two years, the Colorado General Assembly has sought to deal with some of the financial problems created by the Act, but the Assembly's attention has been directed at finding ways to fully fund the Act. Funding is certainly a legitimate concern, but tuera arG other issues which must be addressed as well. Resort towns, and many other communities in Colorado believe a combination of actions could make strides to:~ and solving these problems. Some of the issues to be considered are as follows: 1. The Public School Finance Act of 1988 puts a ceiling on the amount of per pupil funding which can be provided locally, as well as from the State of Colorado, in ~ ~ ~ J addition to providing a floor above which all districts should be funded. We believe the courts would agree that all school .districts in the state should be funded at a level sufficient to provide specific and measurable outcome competencies for all students in Colorado. However, the vast differences in cost from one area of the state to another must be recognized. The cost of living varies by as much as 40% fl~~ one area of the state to another. For example, some areas of the state are experiencing extreme shortages of affordable housing, and this drives housing and other costs up dramatically, which makes it more expensive for employees ~ live. For the State of Colorado to disregard these differences, makes it impossible for school districts in high cost-of-living areas to provide the same level of education as districts in lower cost areas. Per pupil allocation amounts should be adjusted to reflect the wide discrepancy in cost of living. 2. Any increase in state funding for public education, no matter what the source, will only serve to exacerbate the problem. The Public School Finance Act may indeed be fully funded now if the distribution formulas are corrected. "Hold harmless" school districts, which include most resort communities, will be penalized to even greater degrees as funding levels are increased if the distribution of funds is not addressed. t ~ The quality of education in Colorado is one of the most important issues facing this 1 state and should not continue to be the subject of political maneuvering. Colorado has an opportunity to be a leader in this crucial arena. School districts, local governments, business interests, and parent groups in Colorado should unite in developing a program which we all can support. C:\SCHI.ACTRVP . _ _ _ _ i~ ' ~ @ ® • ~t lea a . Y J. o. t.~ .o a ~ .1C~I1 A-dditional sales levy wrong way to get cash for schools, group says Ry Renate Robey , , , •benver Post Stalf YJriter The Colorado Municipal League `This is not a debate .decided yesterday to oppose apro- ~,o ~.t,,,, 'pcszd i-cent education tax and Or..r ..ur.a,.ar.IGii ;school reform initiative, saying a ~OIICy. ~Ild t~11S Vote sales tax is the wrong way to raise rr •money for schools. SIIOU d IlOt be • Tfre Colorado Children first pro- COI1StI-Ued aS belllg posal on the Nov. 3ballot -back-__ ed by Gov. Roy Romer would alltl-edUCat1OI1. •raise 5320 million a year for Sam Mamet, :schools by increasing the state league associate director ,sales tax from 3 percent to 4 per- cent. The proposal sparked heated de- state, voters told him they would :bate at the municipal league, support a sales lax increase, not ;whose ballot issues committee vot- an rncorne tax increase. 'ed 9-7 last week not to take a posi- "It's false drat it's going to hurt lion. Then yesterday, the executive economic development," lrc said. board voted 14-0 to oppose the is- "1;verybody in the economic de- sue. Three of the 19 board mem_ velopment business knows that ed- ,~ers were absent, and two did not ucation and training is probably vole. the- most important issue of those Members said the tax increase who expand or relocate." would }cinder tourism and econom- In a Denver Post/News 4 Poll is development, and it could pre- last month, 58 percent of those • vent cities from raising sales taxes surveyed supported the tax in- far other needed services. crease, while 37 percent opposed the nlan. 'Ciiy's cop source` Aurora, Avon, Dei Norte, Gii- ~~."This is not a debate over educa- crest, Northglenn and Vail have ' lion policy. And this vvte should passed ordinances opposing the riot he construed as being anti-edu- tax plan, citing reasons similar to cation," said Sam Mamet, associ- those stated by the municipal dte director of the league, which league. represents 251 of Colorado's 267 , municipalities. Bruce s proposal opposed "Cities and towns in Colorado Loveland supported the plan, as •rely more heavily on sales taxes did the Greater Denver Chamber than municipalities in other of Commerce. stales," he noted. "it's our most The municipal league board also 'important source of revenue." opposed Amendment 1, Douglas Said Romer, "They want to pre- Bruce's tax limitation proposal. So ' i;erve that tax [or their own use. do the Colorado l;ducation Associ- 't'hey ought to admit that openly ation, the Colorado Association of _ ~ 2ird be rid of all these empty argu- Realtors, Colorado Ski Country ~ mcnts. If we fail to pass this, we're U.S.A. and the Colorado Tourism • going to cut schools 12 percent to Board. ~ ' tr 15 percent a year." That group of organizations has League board members argued hired Wally Stealy and Lynn i ~ OJ ijlal 1! Lhe tax Is fnereased, com- Young to run the campaign Urned city and state sales taxes in against Bruce's proposal. The h some Colorado cities -including campaign has more than 510,060 • Derrvcr -would be among the now, but it stilt lras no nartre. • highest ir, the ualion. They argued "N1y reaclivn is Llrat I'm greatly that income tax would be a better relieved," Bruce said. "If the Cola route to raise money fur educa- rado Municipal League ever sup- ~ ll.on. ported anything I did, I'd have Lo ' ? ''''But Itvmcr said Coloradv's sales tear it up and slam over. II they a lax rate is arnong lire nation's low- are not going to raise taxes, then ~St. In polls and talks around the why would they object?" :,•l:' .~~4,r• LEAGUE OF WOMEN VOTERS INFORMATION ON "SALES TAX FOR EDUCATION BALLOT PROPOSAL WHAT IS THE BALLOT PROPOSAL? (This worc~ina will apoear on the ba!lot~ EDUCATION REFORM/SALES TAX Shall there be an act to provide for the establishment of a system of educational standards and assessments for public schools: to require school districts to develop strategic action plans to enable achievement of such standards: to require certified diplomas for graduates who meet certain standards and remedial instruction for those that do not; to require shared decision making at the school building; to require that early childhood education be provided to certain children; to mandate periodic administrative audits of school districts and annual school district reports; to provide monetary grants to school districts; to increase the 3% rate of state sales and use tax to 4% to provide increased state revenues from the additional 1 % to be applied solely to fund public schools. to specify a minimum amount as the state share of equalization program funding; to repeal and supersede any conflicting laws and to supersede any existing statutory tax limitation; and to recreate the Colorado Achievement "COACH" Commission? ~-1 2 Wi`t` _ ~ HOW ARE PUBLIC SCHOOLS IN COLORADO PRESENTLY FUNDED? (League of Women Voters of Colorado 8/92) F V fi 1. The Colorado constitution states that the General Assembly shall establish and tt maintain a "thorough and uniform system of free public schools throughout the state" for IE residents between six and 21 years of age (Article IX, Section 2) Note: The 176 school y districts in Colorado operate under local control. E 2. Prior to passage of the 1988 School Finance Act (HB 1341), Colorado operated e under a 1973 Act which was deemed by the Colorado Supreme Court to be just barely within the law regarding equity among school districts (Lujan case, Center, Colorado). tt tt 3. Another lawsuit brought against the state (Hafer case) was filed because the t. disparity between rich and poor districts continued to grow. This gave impetus to a legislative study committee and the development of the 1988 School Finance Act. The Hafer case was t~ dropped when the Schoo( Finance Act was passed. 7 4. The 1988 Act souaht to do three things: achieve equity among G districts, increase the state's share of school funding up to 50% thus reducing the local. ti- property tax share, and generate an adequate tax base. ~ r s Eauitv has been addressed by establishing eight different categories of school districts r, based on population, geography, number of pupils, economic characteristics, and cost-of- living factors. Each of the 176 districts is assigned to one of these categories; Core City, g Denver Metro, Urban/Suburban, Outlying City, Outlying Town, Rural, Small Attendance, T and Recreational. When the dollars needed for each district are determined (based an a b given formula), the district's property tax revenue is subtracted and the state supplies the e balance of the money. Proaerty tax dollars for tiublic schoa(s have decreased because assessed valuations have decreased and the state has picked up a larger share of funding for public schools. In accordance with the 1988 Act mil( levies for schools have been capped Ye'~ and are now essentially the same in every school district (The '88 Act stipulated that no district's property taxes would be allowed to increase or decrease by mare than 5.5% for ~ the budget years '89,'90 and '91.) The school mill levies are determined by the legislature 19~ each year. The current rate is 40.08 mills (from JBC). l 98 The state's share has been increased from 43% in 1988 to 56% in 1992, more l98 than $500 million (Talmey -Drake report, 6/92). In the last ten years, state aid to i i 9c education has increased 30%. 9 rF 9 s~ jc 3 . s. ~ , 5. The 1988 School Fin~nre Act also declareg that the new formula for school finance does not represent a commitment concerning the level of funding for 1990 and thereafter, including the state's percentage share of such funding The Act requires the . legislature to determine the mill levy and the state/local ratio for public school funding each year 6. After the first vear of the Acid it became apparent that Colorado didn't have enough revenue for the second and third year. To attempt to correct the problem HB 1314 was passed in 1990 (to be implemented in 1992) changing the school year from January through December to July through June (to match the state's fiscal year). The belief was that formation of the six month transitional year (January through June, 1992) plus property tax moneys for that period would cover the deficit. This estimate proved incorrect because property taxes declined by $50 M and pupil enrollment increased by 18,000 children; 6 to 12,000 more than anticipated. 7. How much of the General Fund goes for education? More than half of the General Fund is spent for education. The 1992 General Fund Budget was $2.9 billion. Of that $1.2 billion was the state's share for public schools. Higher Education received $525 million. This totals $1.73 billion, leaving $1.23 billion for the other 18 departments with social services receiving $645 million. The other 17 departments, corrections, institutions, natural resources, health; plus capital construction receive only $600 million combined. 8. What is the qer pupil expenditure for public education in Colorado? The average is $4201, but ranges from slightly lower to much higher for small attendance districts and high cost of living districts. Colorado ranks 24th in the nation for per pupil expenditures for public education.(see chart below) 1980-1991 SCHOOL FINANCE DATA STATE OF COLORADO Colorado Legislative Council 4/91 YEAR ( PUPILS PROPERTY STATE TOTAL ~ INFLATION PER PUPIL PER PUPIL I TAX AID I I CHANGE RATE ~ ~ ONS~TANT IN ACTUAL I f I I I I I I I I DOLLARS DOLLARS 1980 ~ 529,154 I 5535,199.277 ' 5498,171,531 I 51,033.371,]U8 NIA i 12 I 52,491 S2,491 I I i I I ~ 1988 537,976 I Sl,llb,b29,177 ~ 5837,494,752 151,956,123,929 I 5.7 2.6 53,195 53,635 1989 536,265 151,.141,422,699 5938,146,048 152,079568,747 6.3 1.8 ~ 53,349 53,879 1990 538,24b 151,138,065,959 I 51,014,440,409 I 52,152506,368 3.5 4.4 53.308 j 54,001 1991 550544 ~ 51,107,849579 I 51.205,376.530 I 52,313.226,109 7.5 I 4.5 ~ 53,326 I 54,201 9. How are local governments funded? The Colorado constitution reserves the income tax for the state. (5% flat tax based on federal taxable income) Local governments have two main sources of revenue available to them; the property tax and the sales tax. The largest part of the property tax goes to support public schools. Sales tax is the main source of revenue for local governments. 4 ~ . 10 . Are nronPrty taxes high in Colorado? Colorado property taxes are about in the middle in the ranking of the 50 states. . 1 i . Are sales taxes high in Colorado? Local sales tax collections per capita (1989) ranked 3rd in the nation. State sales tax collections per capita (1989) ranked 44th. Combined state and local sales taxes per capita (1989) in Colorado rank 16th. Combined state and local sales tax rates are among the highest in the nation. State sales tax is three percent, and local sales taxes including head taxes, cultural districts taxes, etc. range from 0 to 7%. 12. Are taxes in general high in Colorado? State taxes are among the lowest in the nation. Local taxes are among the highest. But when lumped together, total taxes in Colorado are about average. 13. What is the impact on local public schools if the initiative does not pass? If additional revenue does not become available, either from the state or from local property taxes, school funding will face another shortfall. Consult your own school district for specific information. WHAT ARE THE RELEVANT LEAGUE POSITIONS? EDUCATION: Support of a state finance system that would equalize opportunity and relieve the property tax, and support of a stronger leadership role for the Colorado Department of Education to promote educational improvement. (LWVCO page 20) FISCAL STRUCTURE: Support adequate and flexible funding of state government programs through an equitable tax system that is progressive and which incorporates social, environmental; and economic goals. (LWVCO page 3) LOCAL GOVERNMENT: Loca( governments should be accountable, responsive, flexible, efficient, effective, able to raise sufficient revenues to perform their duties, and have adequate constitutional and statutory powers to cope effectively with providing services and exercising controls. {LWVCO page 7) WHAT ARE THE ARGUMENTS IN FAVOR OF THE CONCURRENCE STATEMENT? 1. Public education is important for the State of Colorado. Investing in education is investing in the future, and can produce savings through increased productivity and reduced cost for corrections and public assistance. 2. This proposal will prevent a shortfall in state funding for public schools of 12 to 15% over two years. Schools which face financial difficulties find it hard to provide high morale, building maintenance, technical facilities, teacher training, basic supplies, etc. Inadequate funding directly affects the quality of education. 5 3. Since the 1992 legislature failed to pass bills which would finance education through alternative funding methods such as: increasing the income tax; increasing the cigarette tax (sin tax); allowing school districts to raise their _own money; gaming revenue for preschool . education; and a sales tax proposal; the sales tax may be the most feasible option available at this time. 4. The proposal is statutory, not constitutional, and if conditions change, the statute could be modified by the legislature. 5. This sales tax is not totally regressive because it does not apply to food, home heating fuels, and medicines. Sales taxes are paid by non residents as well as residents. Tourism is .tied with agriculture as the second largest industry in Colorado. Sales tax is easy to collect because the mechanism for collection is already in place. It is estimated that the proposal would raise $320 million additional revenue for public education. 6. The money from this sales tax increase is earmarked for education and cannot be diverted for other activities of the state. 7. There has been a public outcry for educational reform. This proposal incorporates many reforms such as: 'more public participation (site based management) 'fiscal responsibility (annual reports) 'higher graduation standards 'preschool programs for children at risk `reduced duplication of services extended school days or school year 'reduced class size 'many deadlines for implementation are in the proposal, and the Colorado Commission for Achievement in Education (COACH) may recommend a system of consequences for non-performance to the General Assembly and the Governor. 8. A few districts have already instituted some of the proposed reforms. This proposal would extend the reforms statewide to all school districts. 9. It is important to pass this proposal now. Should constitutional tax and spending limitation proposals pass, future tax and/or spending increases could be difficult and expensive. WHAT ARE THE_ ARGUMENTS IN OPPOSITION TO THE CONCURRENCE STATEMENT? 1. The sales tax is regressive. ft hits hardest those least able to pay because it is unavoidable on nonoptional purchases. 6 2. Spending more money does not necessarily improve educational excellence. 3. The proposal is inflexible in that it requires that schools must be funded at the 1992/93 level ($1.2B) plus the additional revenue from the 1 % sales tax increase ($320 M). This earmarks about one half of the general fund for public education and endangers the funding for other state needs such as social services, higher education, corrections, institutions, health, etc. 4. While the reforms in the proposal are worthy, the failure to detail them and provide adequate enforcement mechanisms could frustrate implementation. 5. Many of the reforms in the proposal are already in state law such as: 'standardized testing and standards and assessments for student achievement `performance standards in math, science, reading, writing and others 'accountability committees at the school building `each district must provide the public with an annual written summary, including district goals, long-range plans, and progress toward improving educational achievement. yin 1995 a certified diploma will be required that assures attainment of knowledge, skills, attitudes, and behaviors deems necessary by local school board. 'preschool program for language development for up to 2000 pupils 6. Of the proposed $320M sales tax increase, only $66M is earmarked for educational reforms, The balance could be used to prevent the present public education funding shortfall. This would mean that additional revenue will be needed if the educational reforms in the proposal are to be ful{y funded. If atl of the $320M is used for the reforms in the proposal, additional revenue will be needed to fund the present public education shortfall. Either way, the one percent sales tax increase is not the final solution for public school funding problems in Colorado. 7. An additional one percent state sales tax would reduce local government's ability to raise revenue for local needs. Nearly 100 communities in Colorado have combined sales taxes between seven and nine percent; among the highest in the nation. The sales tax is local government's main source of revenue because property taxes are mainly used to fund public education and the income tax is reserved for the state. 8. With Colorado sales tax (local and state combined) nearly the highest in the nation, merchants are very concerned that even more catalog shoppers and large-item purchasers will purchase out of state to avoid Colorado sales taxes. This will hurt the economy and reduce sales tax revenues. 9. Proponents of the proposal argue that this is our last chance for a tax increase if a constitutional tax and spending limitation proposal should pass .This is not true. The proposal on the ballot allows a vote of the people for fax and/or spending increases; either referred by the legislature or by citizens' initiative. 7 .r_._.~ ~ COLORADO ASSOCIATION OF SKI TOWNS A RESOLUTION OPPOSING A STATEWIDE INITIATIVE TO RAISE THE COLORADO SALES TAX FROM 3~ TO 4~ WHEREAS, a statewide initiative petition is being circulated which would increase the Colorado sales tax rate from 3~ to 4~ to raise $320 million in new revenue for elementary and secondary education; and WHEREAS, the combined state-local sales tax rate in Colorado is among the highest in the nation; and WHEREAS, increasing the state sales tax rate will be economically harmful to municipalities, counties, and other local governments which rely primarily on local sales tax revenue; and WHEREAS, the tourism industry is very important to Colorado's economy as the second largest industry in the state, and an additional one cent state sales tax will make it more difficult to increase local sales tax for important local government needs and could increase visitor and guest resistance to travel to Colorado to recreate and vacation by increasing the cost of retail purchases, lodging, and food, thereby discouraging sales within Colorado and harming the Colorado economy; and WHEREAS, an additional one cent sales tax will particularly cause financial hardship on low and moderate income residents because of its inherent regressive tendencies; and WHEREAS, the proposed tax increase would generate substantial income from the members of the Colorado Association of Ski Towns to the State of Colorado, but the local School District budgets would receive minimal, if any, increases above current State funding levels; and WHEREAS, state and local sales taxes are not deductible for purposes of computing federal income tax. NOW, THEREFORE, BE IT RESOLVED THAT THE COLORADO ASSOCIATION OF SKI TOWNS opposes the statewide initiative to increase the state sales tax rate from 3~ to 4~ because of the problems and unanswered questions it raises; and BE IT FURTHER RESOLVED that if new state revenues are necessary for education, other avenues of enhanced revenue should be explored and considered such as removing most or all the present state sales tax exemptions or increasing the state income tax, or other approaches which avoid the problems raised herein. This Resolution shall take effect immediately upon its passage. APPROVED AND ADOPTED THIS 14TH DAY OF ALTGUST, 1992, BY THE COLORADO ASSOCIATION OF SKI TOWNS. COLORADO ASSOCIATION OF SKI TOWNS By: Harold N. Teverbaugh, President ATTEST: By: Daryl K. Shrum, Secretary . r~ No On #1 Committee 1621 Glenarm Place 2nd Floor Denver, Colorado 80202 - For Immediate Release Telephone: (303} 629-9102 Contact: Joan Johnson Fax: (303) 629-9059 Home: (303) 288-9237 Monday, September 14,1992 Dittemore, Johnson, Kogovsek To Head No On #1 in 1992 Denver Betty Ann Dittemore, Jim Johnson and Ray Kogovsek will be the Chairpersons of the broad based .coalition of Coloradans who will oppose Amendment # 1 on this fall's general election ballot. Amendment #1 is the third attempt in as many elections by Colorado Springs real estate investor and farmer California lawyer Doug Bruce to place a revenue and expenditure limitation in the Colorado Constitution. Dittemore is a former Arapahoe County Commissioner and Colorado legislator who is now retired. Prior to her public service for the residents of Arapahoe County and the citizens of Colorado, she worked in the sales department of Standard Oil and as the office manager of the Air Force Depot at Lowry Field in Aurora during World War II. She is a native of Trinidad, Colorado. Johnson is an attorney and businessman in Ft. Collins. He represented northern Colorado in the United States Congress in the 197Qs and currently serves on the Colorado Commission on Higher Education and, most recently, on the Colorado Reapportionment Commission. Kogovsek, a Pueblo businessman, represented Pueblo in the Colorado Legislature and southern Colorado and the Western Slope in the United States Congress. He was the Democratic National Committeeman from 1988-1992. He is a Democrat; Dittemore and Johnson are Republicans. Chairman of the Board for the campaign will be John Lay, Executive Director of Colorado Ski Country USA. Other board members currently include Dick Robinson of Robinson Dairy and past President of the Denver Chamber of Commerce; Dr. Richard Martinez, a Pueblo optomitrist who is the Democratic nominee for Pueblo County Commissioner; Dr. Barbara Dwight, Denver community activist; Kathy Bacino, international representataive for -more- ~ No Ou M1, Maty S. Kelly Treasurer No On #1 Committee 1621 Glenarm Place 2nd Fbor Denver, Cobrado 80202 Telephone: (303) 629-9702 Fax: (303) 629-9059 The NO on #1 Coalition 1992 The following groups have taken a public position in opposition to Amendment # 1('I'he Bruce Amendment) on the 1992 Colorado general election ballot. The Coalition includes: Colorado Education Association AFSCME (American Federation of State, County and Municipal Workers) The Denver Center for the Performing Arts The Colorado Arts Coalition Colorado Ski Country USA Colorado Association of Realtors Colorado State Board of Agriculture Independent Higher Education of Colorado Denver Museum of Natural History County Sheriffs of Colorado, Inc. Colorado Association of County Clerks The League of Women Voters of Colorado Gateway Battered Women's Shelter Colorado Student Association Rocky Mountain Farmers Union Colorado Municipal League Colorado PTA Colorado Municipal Bond Dealers Association of Colorado and Metro Denver Hotel Association Denver Convention and Visitors Bureau Denver Chamber of Commerce Other groups and associations are in the process of taking a position on the Bruce Amendment. As they join the Coalition, their names will be added to the list. No On N 1, Muy S. Kelly Treasurer . , -2- AFSCME; Wayne Nielson, President of the Colorado Municipal Bond Dealers; and Dr. Tony Rollins, Executive Director of the Colorado Education Association. Twenty one organizations representing thousands of Colorado citizens are currently mem- bers of the Coalition against Amendment # 1. These organizations are listed on the attached sheet. Wally Stealey of Stealey and Associates will be the campaign manager. Lynn Young is the deputy campaign manager and Joan Johnson will be the press secretary. -30- - I I i ._.~._..____..._n_.__4...~...__~__..:__._.._._.__..,.. -~ c~ ~c you c RECEIVED S~~ = 8 ~ , (70H) 576-5300 ROBERT W. GALVIN t • l 1303 EAST ALGONOUIN ROAD SCHAUMBURG, ILLINOIS 60196-1065 September 22, 1992 Town Council Town of Vail 75 South Frontage Road Vail, CO 81657 Honorable Mayor and Town Council Members: The East Village Homeowners Association appreciates the invitation to attend your recent Speak Up meeting regarding local government regulations and policies. Unfortunately, none of our Board of Directors were able to attend in person. Our representative in attendance has given me a briefing on the subjects discussed at the session. As a result of your discussions, I wish to reiterate the East Village Homeowners Association's ongoing concern with the status of our requests regarding the adop- tion of additional view corridors. As well, our concerns for the need to place further limitations upon special development districts continues. We're gratified that over the past year the Town Council has taken steps to adopt procedures for the adoption of new view corridors. However, we are disturbed by the prospect that provisions have been approved that could expedite the diminu- tion of existing view corridors. It has come to our attention that the Town of Vail did not protect the full extent of the Frivolous Sal's view corridor as proposed. It is our understanding that the Frivolous Sal's view corridor was under study for over five years. The approval of the Christiania Lodge Special Development District caused more than 50 percent of the proposed view corridor to be lost. Some weeks after the Christiania Special Development District was approved the Town Council adopted the Frivolous Sal's view corridor. To our knowledge no public discussion occurred regarding the specific amount of reduction that was imposed upon the proposed Frivolous Sal's view corridor. Our representative has been told by town officials that it was impossible to de- termine the full extent that the proposed Christiania expansion would have upon the pending Frivolous Sal's view corridor. Even though the Christiania is nearing completion, we have been informed that there has been no check of the building's conformity to its approved design height. In Vail we noted that for years temporary mock-up structures have been affixed to buildings requesting expansion to determine sight lines and view preservation. We understand that a sight line mock-up was done for the proposed Christiania expansion. r Honorable Mayor and Town Council Members September 22, 1992 Page Two It is with these circumstances in mind, that our confidence in the administrative review/enforcement procedures for special development districts and view corri- dors have been undermined. Our disappointment is amplified with the apparent action regarding the disposition of our application to establish the East Village View Corridor that is still pending before the Town of Vail. Our request to establish the East Village View Corridor was submitted to the Town of Vail in March 1991 with additional information being submitted to the Town Council in October of the same year. To date we have received no response to our request. It is our understanding that with the recent approval of the procedural amend- ment to the View Corridor Ordinance that the Town Council urged the administra- tive staff to reconvene the View Corridor Committee for the purpose of recom- mending additional view corridors to the Town Council. We ask that this effort be undertaken in the near future and that the committee expeditiously present its recommendations to the Town Council. We request that the Town Council avoid prolonging the review of view corridors. We urge the Town Council to adopt a policy and review procedures that would cause the detailed analysis of the impacts of a development proposal upon a pro- posed view corridor, should the development proposal occur prior to the formal adoption of a view corridor. We recommend that the Town Council require for buildings built in proximity to view corridors, have a mandatory location verification of required view points on the building once the external framing is completed. We recommend that the Town Council require for buildings built in proximity to view corridors, that specific photographic documentation be provided that veri- fies, through the use of on-site mock-ups accompanied by survey documentation, the recommended view points prior to the commencement of the public hearing process approving a proposed building development. It was reported that during the Speak Out meeting the Town Council was accosted, by a prominent member of the community for the municipal government's lack of flexibility in applying its zoning and planning regulations to individual cir- cumstances. In the same presentation, the Town Council was admonished for at- tempting to protect the rights of neighboring property owners from a neighbor's wrongful acts against the provisions of the zoning laws. The Town Council was told that it should take no responsibility to protect the neighbor's rights against such wrongful acts. o Honorable Mayor and Town Council Members September 22, 1992 Page Three We take affront to these assertions, finding them repugnant and contrary to the principles of responsible citizenship and the intent of good government. We sup- port and urge the Vail Town Council to continue its efforts to cause its zoning law to be justly and fairly created, administered, as well as enforced in the best inter- est of all its citizens and property owners. We look forward to continuing our dialogue in our mutual effort to improve our neighborhoods and the community. Would you please advise me as to the actions taken upon our requests and recommendations. ~ Best~ishes, ` ~ ~ . Robert W. Galvin, President East Village Homeowners Assoc. RWG:ch cc: Jim Lamont X~:~~ ~ - National Association , of the 10TH MOUNTAIN DIVISION, INC. 15W761 Buttertield Rd., Elmhurst, IL 60126 • (708) 530-4344 i ~ chairman of me Board September 2 4 , 19 9 2 Hugh W. Evans 6700 Wyman Lane Cincinnati, Ohio 45243 President Arthur F. Muschler 55 Yorkshire Woods Ms . Peggy Osterfoss Oak Brook, IL sos2, Mayor, Town of Vail Senior Vice President 75 South Frontage Road & Secretary Paul J.Gunderman Vall, Colorado 81657 3 Enolah Court Bravard, NC 26772 Vice President Public Relations Dear Peggy: & Blizzard Editor Richard M. Wilson 38 Ma;estio or. On behalf of the National Association of the 10th Ft. Thomas, KY a,o7s Mountain Division, its Officers and Board, we wish to Treasurer thank you officially as the Mayor of Vail for the William E. Wollney ,57, w. Ogden Ave. outstanding contribution made by your community towards Apt*'s~ the success of our 50th AnniversaYt~ Reunion! As near as LaGrange Park, IL 60525 'mil we can tell, our final total of registrants was 1,621 P~egac hake which made the Reunion the largest gathering of the "Men 23 Governor Andrew Rd. of the 10th" since the unit was deactivated late in 1945. Hingham, MA 02043 An:hivist Sherman L. Smith We received countless c~..,~u?~ents about the people of 1116 16th East Vail their interest in the 10th their warmth and Seattle, WA 98112 cordiality, their cooperation and understanding but above WalteraGalson all else their friendliness ! Our people felt at home in 6223 Yosemite Dr. Vall t Alexandria, YA 22312 FilmLibredan Ma I also thank ou ersonall for our H. Newcomb Eldredge y y p y y P.o.B°xs39 artici ation. Ire rat that m involvement as General Newport, NH 03773 P P g Y Chairman kept me hopping so much that I did not have an Chaplain Fred J. Jewell opportunity to properly greet you and spend time with ~ 1523 McDonald St, Qu , I will look forward to that o ortunit however Port Angeles, wA se36z Y PP Y / / on our next trip to Vail. Membership Chairman Martin Daneman 6861 Anglebluft Circle A ain m thanks and most s ' ncere best wishes . Dallas, rx 75248 g Y Executive Direcror J. Eugene Baker Cordi , 15W767 Butterfield Rd. Elmhurst, IL 60126 Chairmen EmenN Earl E. Clark _ M.N. "Mac" MacKenzie Clark Re ion General Chairman EEC:alh I DISTRIBUTION LT.ST - Pt7RT,TC: WORKS PRIORITY LIST BRIAN ANDERSON ERNST GLATZLE TOWN COUNCIL STEVE BARWICK GARY MURRAIN DEBBIE ROELAND MIKE BRAKE GREG HALL MIKE ROSE DICK DURAN SUSIE HERVERT TODD SCHOLL CAROLINE FISHER JIM HOZA DAN STANEK ANNIE FOX DD DETO LEO VASQUEZ JOHN GALLEGOS JOE KOCHERA PAM BRANDMEYER KRISTIN PRITZ CHARLIE OVEREND LARRY ESKWITH PETE BURNETT TODD OPPENHEIMER KEN HUGHEY JODY DOSTER MANUEL MEDINA FILE MEMORANDUM • T0: RON PHILLIPS, TOWN MANAGER FROM: LARRY GRAFEL, DIRECTOR OF PUBLIC WORKS/TRANSPORTATION • DATE: SEPTEMBER 28, 1992 RE: PUBLIC WORKS PRIORITY LIST FOR THE WEEK OF SEPTEMBER 28 - OCTOBER 2, 1992 STREETS AND ROADS A. 1. Conrad to recharge boiler at bus barn. 2. Paving: a. East Vail Racquet Club b. East Vail (Spruce Way) c. Bike Path at Ford Park (old snow dump) 3. Flush culverts at various locations: a. Westhaven Drive b. Vail Road (Websters) c. Potato Patch 770 4. Install curb at CrossRoads .(Greg and Jim Hervert). 5. Raise concrete slab and brickwork at~Lionshead. 6. After irrigation repair, replace ,bricks at west end LH Mall. 7. Install guardrail far Pulis Bridge. 8. Continue culvert installation and backfill operations at Sonnenalp project. 9. Winterize all fountains and restrooms. (effective 10/1/92) 10. Perform clean-up work after sealing project. 11. Repair stones at lower bench Ford Park Restroom. 12. Repair pavers at Earl Eaton Plaza. 13. Install valley pan at East Vail Market. 14. Form and pour bus shelter on West Gore Creek Drive. 15. Paint floors in all park restrooms. 16. Grind down (2) concrete slabs at Covered Bridge. 17. Repair and clean ditch at 2436 Chamonix. 18. Flush culvert at above 770 Potato Patch. i h PUBLIC WORKS PRIORITY LIST Page 2 PARKING STRUCTURE/TRANSPORTATION A. 1. Remove and replace handrails at LHTRC. 2. Repair expansion joints at bus islands. 3. Dig trenches for lighting of flag at VTRC. 4. Install (5) 30 minute delivery loading signs on 3rd level VTRC. 5. 'Hose down lots (VTRC ~ LHTRC) and seal with linseed. CARPENTERS A. 1. Construct picnic pavilion for Stephens Park. 2. Construct directional signs for Community Development. 3. Install totem for Stephens Park path. 4. Refurbish all bus shelters. 5. Repair doors at Lionshead and Slifer fountains. 6. Construct bus shelter on W. Gore Creek Drive. ELECTRICIANS A, 1. Perform line locates as requested. 2. Contact Holy Cross for connection of new lights in East Vail. 3. Run conduit for fire detector for storage facility at VTRC. 4. Repair switches at fire panel at VTRC. 5. Install heat trace at Main Vail Fire Station. 6. Prewire monitoring devices for Bus Dept. at VTRC. 7. Install electrical for flag lights. 8. Acquire information from Annie for light fixtures at Library. 9. Install smoke detector and lights at Ski Museum Storage. 10. Replace cover and light at Founder's Plaza Park. 11. Repair welding bay lights. 12. Perform inspections for Ernst. PARKS DEPARTMENT A. 1. Check for and correct sign obstructions. 2. Order play surface material for Stephens Park Phase II. 3. Repair trail at Bighorn Park. 4. Begin bulb planting. 5. Begin winterization of irrigation systems. 6. Remove (2) hazardous trees on Vail Valley Dr. LG/dr xc~.~ ~ . ~ ~ux~.~,. September 24, 1992 Y1,9 ~ de ~ Peggy Osterfoss Mayor Town of Vail 75 South Frontage Road Vail, Colorado 81657 Dear Mayor Osterfoss, I felt compelled to write and reinforce some of my feelings and observations from the recent work session. Three things have kept me involved in the process of seeking additional marketing funds - administered by a dedicated group of volunteers - a competent advertising and public relations agency - high level of flow through Obviously, efficiencies can be gained in any operation, but our hotel has felt the impact of the marketing board's efforts in spreading the news of our summer business opportunities in group and transient occupancy. As a community, the marketing fund discussion in balance with the performing arts center gives us an opportunity to work together to find an additional source of funding that not only maintains and enhances the activities of the marketing board, but creates an opportunity for marketing and other revenues to . construct, operate or otherwise grow a performing arts / convention facility. Clearly the Bruce amendment spurred on a discussion for marketing dollars and thus the filing with the commissioners. While the timing was difficult, the overall goal should still remain focused. I made note of several issues that were raised and took time to reflect. I would like to address them in my personal opinion: - Is it fair for the lodges to assume the main responsibility in taxing their quests for money that does not qo, in total, to marketing? . I believe for the good of the community that the funds must go in two directions in a proper balance. Perhaps the answer is a split. This would give a much needed boost in funding to the marketing board effort and would hopefully assist in maintaining the current $650,000 a year contributions. It would also generate a pool of funding for the convention arts center. As long as the money stays focused, I am supportive. I believe that when it runs astray of this into general fund usage, we have missed the purpose of all these discussions. - Should a special district be created to evenly spread the tourism tag burden? This is the best scenario; at this time it was not felt that it was practical to set up. Ultimately this is the fairest way to do it. Those who benefit then pay, and uses of the funds can be further discussed. - Is it appropriate for the hotels to take on the burden now with a merely a commitment that the Restaurant Association would join on over time? I believe that the overall goal is very important for us, and individual interests should not preclude a team approach. I do not believe that marketing is something that is done once and then left. I also don't believe that the aggregate marketing of all of the businesses in the valley is enough. We focus on different markets and different niches, from Gorsuch's specialty catalog customers to Pepi's Wedel week's, and our hotel's group and transient marketing, everyone has a focus. This is very valuable and develops the niches that feed our resort. Clearly, we need to have an overall focus which positions the valley in partnership with Vail Associates and addresses our main and shoulder seasons in the year. I don't think any business can say that they have the balance that they would like at all times; we still have many opportunities. I have tried to remain objective on this since it would be easy to take a more partisan view. - Is passing the l0~ threshold going to drive customers away? I don't believe so. Through metropolitan and resort hotel experience, I believe we will encounter an education curve with any levy increase, but I do not believe it places an undo burden on those guests staying with us, and that they will not return to ski because of it. This is obviously a touchy issue, but we have to clearly define if the increase is justifiable, and I believe that it is. - Would this leave us open to raise the tax in future? Obviously, this is a concern, but I really feel if we take this type of step forward either as a county wide or taxing district approach, that we should Leave the percentages where they are, and let them be an indicator of our success. They will create more funds if we are effective and cause us to tighten if the times are leaner. - Is there a cohesive plan for the marketing board to spend this additional money? Not at this time, Jim Shearer's point is well taken that a plan has to be put in place. Clearly the marketing board has had to reduce it's expectations and ideas each year from what would be ideal. I am confident that they would be able to put together a plan with good method and focus. - Which of these issues carries the highest priority? I believe both. A performing arts center cannot be built if it can't be marketed, and clearly this is a positive step that a convention and tourism bureau can use in trade shows, and sales efforts to bring meetings to the valley especially in times when we need them. Our cultural growth through Bravo and other organizations is so positive and we need to provide a quality facility for this to continue. Marketing dollars continue to create, develop, inform, and expand all of our market segments. I do not advocate that we should have as much money as other resorts such as Whistler because there is not a good economic sense in trying to "keep up with the Jones but I believe that we do need to face the reality that an overall marketing approach is important as the valley elongates and offers so much. - Will any tax increase for marketing, performing arts center, or both be detrimental to our perception of an expensive resort? ' I don't feel this will occur; my personal tax barrier is at 12%, but I feel that these funding issues are important to our future growth in a balanced way. My personal barrier is not an indicator that we should automatically spend that amount, but I believe that we do have room move. - Are the tax revenue figures recently released a justification for not going ahead with any type of additional tax amount? This is a difficult question because those businesses and industries that advertise and move forth assertively during flat or negative times have been shown to benefit from that posture. It would be my opinion that this factor must be considered, but should not over ride our progress towards generating additional funding sources that are specifically focused. Our community is and would be affected in different ways by the national economic situation, and we need to keep all factors in perspective. - Why would a property in Beaver Creek be supportive of a convention center in Vail, isn't that competition? I don't believe so, if we approach our ski and summer efforts from a teamwork perspective then a performing arts center benefits us in ways that go well beyond direct convention use; we should be supportive. It was difficult to touch on these items in detail in the public forum, but I was pleased to see that the overall discussion did not deteriorate significantly. I think the word here is balance, we should approach funding, marketing, and the performing arts/convention center in this way; just as we seek to have these two tools assist us in balancing our annual economy with implications for employees and business levels that go well beyond the territorial concerns of one organization. I hope that this can be remPm~ered throughout all discussions, and even though the timing was off for a tax to be proposed now, our glass of water is half full versus half empty and everyone is talking. Best re s, Steve Dewire General Manager cc: Merv Lapin John Horan-Kates Bob Buckley Frank Johnson Jim Gibson Kent Myers Rob Levine Jack Rush Jim Shearer Tom Steinberg, M.D. /bp +t • • ~ • 1 ® 1 ii: ~L®1 ~ • "Battleground of the West" a ~y ~ r~ ~~s'rf `~i ~y C. o-~. r_ y 3 -~r - - ` + - yy,. ' i«.~ _ ~ ` ~ ~ - r~ h _•r• r .1 ~;'p ~ f ^R 1 ~ U •y' ~ GD r+ a~ ~ ~a~ o~?,; ~aa.~~ ~a ~ ~ 3 ~ ~ ~ ~ a ~ z ~ 00 von ~ IN THIS ISSUE: ~ ~ ~ ~ . ~ o w S -Meet The Candidates ~ c ti o ~ ~ b - CLUB 20 Fall Meeting ,o ~ ~ -Campaigning With The Phantom Traveler v a ~ o Thrift 's Great Cou ntr Getawa v v v There is so much to see and do in Western Colorado and Eastern Utah...the Colorado National Monument, the Grand Mesa, Arches Grand Mega ~ and Canyonlands National Parks, the Black Canyon of the Gunni- son, and so much more... ~ Colorado National Monument See it all and save money with a Thrify "Great Country Getaway" Arches National Park package rate. Call us for details. ~ 81ack Canyon of - theGunnlson 243 7556 Can onlands i National Park ~ ~ h~~~ ' - I-70 and Horizon Drive in Howard Johnson Hotel ~ Ill ~ ~ ; For worldwide reservations ` tali 1.800- FOR-CARS °1 (1.800.367.2277) Thrifty features quality products ~ of the Chrysler Corporation. ,~'f 'r~iri~'ii iiiiii~ ~'arRentaf I7"S BEEN FORTY YEARS SINCE WESTERNCOLORADO HAS BEEN REPRESENTED IN THE SENATE BY ONE OF US. The people who live in the 20 iYestern slope counties have always w~•:_~, known that Ben Nighthorse Campbell represents their interests m Congress. Like many of them, he is an independent voice who speaks his own mind. Ben fights for what he believes in -like balancing protection of the environment with careful use of public lands. Like working to stabilize agriculture and encourage tourism and helping to ~7 ensure that rural communities have access to adequate health care. csi. His experiences - as a rancher and small businessman, a parent and ( -`r.; , ~ family man, a teacher, a truck driver, a sheri„jj"s deputy -show he's one of us. Ben Ni hthorse Cam bell ~ ~ The clear choice for Western Colorado Paid for by Campbell Victory Fund, InC C~9 COLORADO WEST NEWS MAGAZINE TABLE OF CONTENTS EXECUTIVE COMMITTEE Doug Lockhart ~ , '"x~ ; Chairman, Grand Junction >n W ASTERN SLOPE ~ ~ Bill Needham p ~ ~ A /~r~ ,tBattleground of the Westtt Chairman-elect, Granby ' 1~ LaMoine Brown ~ _ • Secretary, Montrose _ . _ „r ~ This issue's cover story focuses on the Mike Nyikos ~ ` - 1992 election and importance of Western Treasurer, Grand Junction ~ ~ Colorado to the candidates Peg Rector ~ ` page 5 Past Chairman, Rangely Ben Nightl~or se Terry Considine Bill Bauer Campbell . Region 9, Cortez Bob Decker Region 10, Gunnison Flaven Cerise ~ ~ Region 11, Carbondale Eric Johnson Region 12, Redstone No Debates for Unopposed Candidates page 6 SPECIAL APPOINTEES U.S. Senate Candidates page 7 Dan Noble, Norwood Congressional Candidates page 9 Joe Prinster, Grand Junction Senate District 4 Candidates page 10 Sam Supliaio, Grand Junction Don Berry, Lake City House District 57 Candidates page 11 BOARD OF DIRECTORS House District 56 Candidates page 12 Archuleta: Sam Cassidy, Bob Formwalt, House District 58 Candidates page 13 Jerry Martinez House District 54 Candidates page 14 Delta: Thelma Starner, Harmon Lowman House District 62 Candidates page 15 Dolores: Delia Reeder Eagle: Tom Harned, Ken Norman Eleven Counties to Hold Caucuses page 17 Garfield: Marian Smith, George Mitchell, Delta -Our "All American City" page 18 Philip Vaughan Grand: Dick Leonard, FALL MEETING SCHEDULE Back Cover Dennis Dtl..,,.......ln Gunnison: Rikki SantarelN, Vince Rogalski, John Roberts Hinsdale: Hubert Laird, Perk Vickers Jackson: Robert Carlstrom, Dennis Brinker ~ ~ ~ Lake: Jack Saunders, Ed O'Leary LaPlata: J. Paul Brown, Gerald McDaniel Mesa: Doralyn Genova, Mike Nyikos, Chairman's Perspective page 4 Paul Nelson Moffat: Tom LeFevre, Tom Mathers TIRE TRACKS - T'he Phantom Traveler page 8 Montezuma: Bill Bauer, Gerry Wiltgen Montrose: LaMoine Brown, Dave Logan The CLUB 20 Archive page 8 Ouray: Chick Rahm, Barbara Morss, CLUB 20 Activities List page 16 Dennis Reece Pitkin: Eric Johnson, Eve Homeyer On T'he Move -President's Column page 17 Rio Blanco: Nick Theos, Dave Smith Routt: Craig Williams, Jim Whiteman, Mary Brown San Miguel: Bill Wenger, John Arnold - Summit: Jce Sands, Tom Glass, Rich Levengood COLORADO WPST iapubBahed alz tlmesyerarrly by CLUB 20,P.0. Boa 550, Grand Junttlon,C081502-0550. The publicatbnU~.., ~..I wlthom charge to all Club 20 POSTMASTER: Send address changes to COLORADO WEST Magazine, P.O. Boz 550. Grand JurcBOn, Cobndo 81502-0550. PRESIDENT Advetdaittg Nquiries should be to CLUB 20 P.O. Boz 550, CxandJnttcBOn, Colorado 8150211550, (303) 242-3264. Fduorial eommema or artMhx should be sent m CLUB 20. A.. ~ _ std opinbn ezpteaxd ate not neceeaeily those of CLUB 20'a o®cen, members and stall, std do not imply Greg Welcher Petmlaabn to rcptiot matnial is reserved and tequircs written petmWlon of CLUB zo,.r,neh m tta tesponsibk forertora and oto ~ . ~ ~ . ~ lions and administration for CLUB 20 a meeting of all dues-paying mem- members. We have also been looking hers who will vote for their CLUB 20 at possible new office space so that we board member and alternates. We can be in a facility that meets the new also encourage you to review the ADA standards that are strongly sup- CLUB 20 issues and resolutions so ported by our CLUB 20 constituency. that your representatives know Hopefully, we will have a lease con- where your community stands. tract for board review on the 18th of Greg and I will attempt to attend September. all of these caucuses. The Fall CLUB 20 candidates forum Just a reminder for each mem- will once again be the political event bet: You can double your personal not to miss. It will be a great day to hear efforts for Western Colorado and the issues debated and to support your CLUB 20 by getting a friend or asso- Chairman of the Board candidates. We hope a large crowd of date involved. There is strength in CLUB 20 members and guests will lend numbers; let's keep getting stron- Ifthere is anadvantage to a presi- strong support to a vigorous and clean- get. dential election year it is the stalling fought election campaign year. P.S. Living in the best part of the of ongoing legislative battles. This Immediately after the fall meeting world is only good if we stop work- slow down allows organizations like Greg will begin to set up county eau- ing and politicking long enough to CLUB 20 to take a breather and catch cuses for the election of board mem- smell the roses. Even our hard-work- up on administrative necessities. bets. Counties up for elections are: ing president Greg Walcher took Your CLUB 20 staff has imple- Archuleta, Dolores, Garfield, some time this year to involve him- mented our new computer system Gunnison, Jackson, La Plata, Moffat, self in the great institution of mar- that will allow us to provide more Montrose, Pitkin, Routt and San Miguel. riage. We all wish Greg and Diana effective and efficient communica- The county caucus process involves the very best. Tell us where it - • huurts. . John N. Bert'S'ch • ~ • • ? There aze so many mutual funds available, ~ \ o \,i` I'm not sure which one is best for me. ~ ? Now that tax reform has changed all the rules, I'm 4 ~ " afraid I don't have the right investments anymore. ~ , , I'm worried about how I'll be able to pay for my z- ~tt iii , ~ ~ ° ~ ~ ~ ~ children's college education. a, ; ' ~ ~ ~s I've invested heavily in the stock mazket and I'm ~ worried the market's instability will take my ~ ~ ~ ! ? investment down with it. ~ _ ~ . ? I'm about to receive a large pension plan distribution ~ ~ ' ~ ~ _ and I'm not sure how I should invest it. ~ _ , ~.e g~ ? I'm retired and thought I had enough saved to last ~ through retirement. Now I'm not so sure. , J ,y ~MI G.~ I IIAE~ , . Securities offered throuKh =g;::,;;;:a - ~r~ Located at Mesa National Bank OP' d~+CRGA_ WG_ Mcmeer NAV) h SIPC 131 N. 6th Street ~ • Grand Junction, co 81501 • • • : 1 Phone:242-4820 1 ~ 1 1 1-800423-6211 M a Battleground of is federally owned (some counties more the environment, andaboutpeople'splace than 9096), and the discussions on r.~.,rer init. But the campaigns have already been the West use of that land have pitted old-line eco- publicly arguing over which candidate is nomic interests against newer, better- most likely to secure a seat on the House funded and well-organized coalitions seek Interior G......., ittee (the former Aspinal The 1992 election season is a water- ing an arr. ,,.ach more oriented toward power base). Few congressional cam- shed election in many w ay ~ for Western recreational uses. "Peaceful co~xistance" paigns in the nation are focused on the Colorado. Partly because of the particular is not the watchword of the day. And potential committee assignments of the candidates seeking office this year, and people on both sides of the battle look to candidates. partly because of the nature of the issues Congress to find the solution. Congress Many Western Slopers who support they face, Western Colorado is in the has not been anxious to do so. Campbell for the Senate seat use as their forefront of the campaigns. Congress this year postponed or de- argument the imr ~.:ance of a Western The news has been alive with predic- layed action on numerous issues impor- Sloper in the Senate during the 1990's. lions about the massive turnover in con- tart in Western Colorado. The list in- They mention Walter Walkei"s brief ap• gress this year, some pundits predicting cludes virtually all the cornerstones of pointment (to fill a vacancy) during the as many as 150 new Congressmen - a third our national environmental policy ...the 1930's as the last time a Western Slope of the House. But closer observers say Clean Air Act, the Clean Water Act, the citizen served in the Senate, and they there is more to watch than the number of Endangered Species Act, and several oth- smell blood. "It's our turn, pure and new faces. For the West, the character of ers. In addition, the Western Slope still simple," said one Campbell backer. those new faces is as imr ,,..ant as the awaits a Colorado Wilderness bill, the Most telling of all is the attention the number. What appears to be happening is Black Canyon of the Gunnison National candidates are paying to Western Slope more related to the anti-incumbent trend Park bill, the Mt. Sopris Tree Farm Ex voters and organizations this year. Colo- sweeping America than to any particular change bill, the PILT indexing bill, and rado has become a very difficult state for ideology. Across the nation, incumbents several others. But Congress will prob• political consultants and "..1~r.,rts" to fig have lost primaries and will lose general ably put off action on these and other ure. The long-time conventional wisdom elections, based more on their involve- important measures until the next ses- that winning the Denver area is winning meet with acheck-writing scandal than Sion. Colorado was shattered by the Demo- with any particular set of values. Delaying action on these measures cratic Senate primary. Former Governor The result, with respect to Western until the 103rd Congress spells problems Richard Lamm defeated Campbell in a116 issues,isveryuncertain.Liberalsandcon- -andopY,,.:.amities-fortheWestern Slope. metro-area counties. Campbell bested servatives have lost ,r,.'..,, cries, and over The makeup of the Colorado delegation Lamm in 57 counties, though, and the 50 congressmen - of both parties -have will be decidedly different in the next bottom-line numbers were not close - retiredrather than face the wrath of 1992 session. The replacement of Tim Wirth in Campbell won handily without the help voters. What may be left next year is a the Senate and Ben Campbell in the House of most Denver voters. large numberofMembers completelynew is the end of an era for the Western Slope Other candidates in other races are to the Halls of Congress, and to the con- in both cases. Senator Wirth has champi- taking note. Democrats tend to win in plex and controversial issues of the West. oned the PILT indexing legislation con- Boulder, Adams, Denver, and Pueblo The battle lines are drawn in Colo- sideredsoimportanttolcealgovernments Counties; Republicans tend to win rado as in no other Western State. Though in the West, and the bill's future is left Jefferson, Arapahoe, Douglas and El Paso. there are several high-profile Senate and highly doubtful. He has also led the charge The arithmetic creates essentially a "tie", House campaigns across the West, Colo- on numerous environmental causes which leaving rural Colorado in the driver's seat, rado has become the focal point for activ have changed the characterofthe nation's as Campbell so readily proved. His oppo- ism on natural resources and public lands public lands policy. The Senate has be- nent, Republican Terry Considine, has issues throughout America. It has become come the clear battleground on many clearly figured his arithmetic similarily, the consumate place to organize an army public lands issues. For instance, the and has been spending considerable time to save the planet, or to save the people. House has passed drastic increases in graz- on the Western Slope. He has owned and The State boasts more water lawyers that ing fees several times in the last three operated a cattle ranch near Carbondale the rest of the country combined, and is years, and the Senate has defeated them. for several years, so is not a complete the center of organizing for groups as Only in the Senate -where each state stranger to the area. But building a base as diverse as the Nature Conservancy and enjoys equal representation -can the strong as Campbell's (who has served as People for the West. The Mountain States sparsely populated Western states hope the West Slope's Congressman for three Legal Foundation has fought national to prevail on such matters. Thus the Wirth terms) will be difficult. battles Colorado; the effort to re- seat is viewed as an absolute "must-win" Although the outcome in several of form the Endangered Species Act is head- campaign by both sides. these races is quite uncertain, the process quartered here; so are several prime mov Similarly, the Campbell seat in the is becoming more clear. Candidates ig- ers in the environmental movement. House is crucial to the Western Slope - so more or take for granted the Western Within Colorado, the Western Slope crucial that West Slope state legislators Slope at great peril. Virtually every candi- is the key battleground for two reasons. were willing to go to the mat in the re- date seeking to represent the West Slope First and foremost, it is the national cen- apportionment battle to protect the seat. in Denver or in Washington is scheduled ter of the raging debate on the proper use Both parties' nominees are Western to appear at the annual CLUB 20 Fall and stewardship of the nation's public Slopers, Scott McInnis (R-Glenwood meeting to court rural voters. The oppor- lands. Second, its votes are mathmatically Springs) and Mike Callihan (D-Gunnison). tunity is ripe for West Slope voters to get important in any modern-day Colorado Both are expected to continue the West- candidates committed on the record on election. ern Slope's traditional "maverick" reputa- issues important to the area. More than 60% of Western Colorado lion in Congress: strong feelings about Mesa NO DEBA1 National Bank There are three Western Slope state legislators run- ning for re-election in 1990 without opposition. that fact is a tribute to they well-known leadership reputa- tions and the solidity of their political bases. They have all established strong reputations as fighters for West- ernSlope causes, and will be present at the Fall Meeting ~ ~ ~ candidate debates. They are scheduled to serve as moderators, since they have no opponents. SENATOR DAVE WAS ~~NBERG -Republican With Full-Service Dave Wattenberg represents the 8th Senate Dis- Branch Banking trio, including much of Northwestern Colorado from Jackson to Garfield Counties. He is among the most In Western Colorado respected members of the State Senate and is often viewed as a otential candidate for statewide office. He p Six convenient branch locations and his wife Scotty have a ranch at Walden, lri North Grand Junction, 6th & Rood, 242-5211 Park. He chairs the owerful Business Affairs and Labor Grand Junction, 12th & Patterson, 241-2011 ~„o„ P Clifton, I-70 & 32 Rd., 434-9636 Committee, and also serves onthe Transportation Com- Rifle, 5th & Railroad, 625-2895 Glenwood Springs, 1429 Grand, 945-8511 ~ mittee (which he formerly chaired. He has been a Montrose, 620 E. Main, 249-2401 ,~.5„ eowixau~xs strong leader on the workers compensation problem, LENDER and helped lead the charge for strong reform of the current system. His leadership on Western Slope water and transportation issues can always be counted upon. Crucial financing REPRESENTATIVE DAN PRINSTER -Democrat decision? Dan Prinster represents the 55th District, which CaII the IflunlClpal . ~ includes half of Grand Junction and the East end of the finance experts. , . Grand Valley. He was born and raised in Grand Junc- Whether you work f~~r connty r tion, graduated from Notre Dame and studied at the government, held an elective orfiee. ' or are a member of a board, ' London School of Economics. He has several business 1; interests in Mesa County. In the legislature he serves on commission or local author€y ; , You're involved in financin decisions the Committee on Agriculture, Livestock and Natural that will affect your commnnity for years to come. A.G. Edwards' - Resources, and the Committee on Health, Environ- municipal finance expertise can hzip meat, Welfare, and Institutions. He has fought for yon make these critical decisions. Western Slope participation in state-funded tourism A.G. Edwara, can provide: ~ promotions, and has sponsored basin-of-origin legisla- ~ stttt~n nt~, ktHt „t,~ - thr~,U~h nine A.G. Edward. lo~ati~n~ in coloraao (two western slope locations -Grand Junction and Durango) and more than tion to protect Western Slope water. 400 locations nationwide. Pettsav.~t. sr;evu-t: -client relationships often begin before a transaction is proposed and continue long after the transaction's completion. REPRESENTATIVE JIM DYER - DemOCrat U EsvH;atr:ncH: - more than 100 years in the investment industry. Since Jim Dyer has served three terms representing the lys4, we've raised more loan $lo biuion in municipal debt for issuers nationwide. 59th District, including La Plata, Montezuma, Archuleta and San Juan Counties. He is a Vietnam veteran and call A.G. Edward. today (feel free to cau e~uecu. we can talk to you about the work we've done for clients across the country. graduate of Ft. Lewis College. He has maintained an active role in the Legislature, earning a strong reputa- a,, tion for his leadership on workers compensation and ~.G~~"UJ /NY65TMENT HANti/NG unemployment issues. He helped assure the State's role so I Main street x I ~ Main street, mite X04 1n funding the Animas-La Plata Project, and has been GrandJunction,CO K1501 Durango.co R13o1 noted for his property tax relief legislation. He has 13031241-U600 1303) 259-3900 served on the Agriculture, Business Affairs, and Appro- ~M-,4-6o~6a-E~~ priations Committees. l U. S. SENA.t ~ Campbell earned notice as anall- from the Interior Committee room American inJudo, and captained the after 100 years. U.S. Olympic team at the 1964 Campbell has held committee games. He was a gold medal winner seats important to his West Slope at the 1963 Pan American Games, constituents on the Interior and coached the U. S. International Team, Agriculture Committees. Three sub- and founded the American Summer committees -Mining & Natural Re- _ Judo Camp. He and his wife Linda sources, Water & Power, National operate a ranch nearIgnacio, where Parks & Public Lands -have given they train quarter horses and him a chance to work on numerous .~:',;4::;., Campbell designs his Indian jew- local 3rd District issues. He has es- elry, which has earned him national tablished a high profile on wilder- BENNIGIYTIYORSE CAMPBELL attention and many awards. ness and public lands, as well as Democrat He was elected to the Colorado energy and natural resources issues. Legislature in 1982, and served two He was once voted among the terms. He served on the Colorado ten best legislators by his Colorado Ben Campbell was born April Commission on International Trade State House colleagues, and has won 13, 1933 in Auburn California, the and the Commission on Arts and several other awards for legislative son of a Portugese immigrant and a Humanities. In 1986 he was elected service. He had already publicly dis- Northern Cheyenne Indian. He to the House of Representatives and cussed leaving the Congress after served in the U. S. Air Force in Korea began earning his maverick reputa- one more term (and had been listed from 1951-1953, then graduated tion early. Roll Call Magazine listed as a probable candidate for Gover- from SanJoseState University(1957) him as the first Member ever al- nor) when Tim Wirth's sudden deci- with adegree in physical education lowed on the House Floor without a Sion to leave the Senate created the and fine arts. He also studied at Meiji tie, and he succeeded in getting an current opening. UniversityinTokyoF..,..~ 1960-1964. offensive Indian painting removed ` ~ ~k,_, ~ ~ ' on the New york Stock Exchange by permanent paralysis. After two ex- ~ r ~ the time he was 26. tensive surgeries he underwent r He left the firm in 1975 to start weeks of intense rehabilitation at ' ~ the Considine Companies (now the Craig Rehab Hospital, where he _ ~ Cairn Companies} and began buy- learned to walk again and is back on ing troubled properties and turning the trail. J _ ~ ~ them profitable. In 1981 he moved Considine is best known politi- i the company's headquarters toDen- cally for leading the drive for term ~ ver and began a major diversifica- limitations, which voters added to tion program. The Cairn Companies the Colorado Constitution in 1990. nowemploymorethan1,000people The result of that effort was the ' ~ and operate nationalbusinessespro- creation of "Americans Back In 7Z~RRY CONSIDINE viding environmental testing and Charge,"the national term-limit cam- Republican property management services. paign headed by Considine. The ini- Considine married Betsy tiative will be on the ballot in more Born April 8, 1947, Terry Callawayin1976andtheyhavethree than a dozen states in 1992. Considine grew up in a large family children. The have a home in Considine served in the State onaranchnearSanDiego.Hegradu- Englewood and a ranch near Senate for four years, where he ated with honors from Harvard in Carbondale, where Betsy runs afull- chaired the Finance and Local 1968, and from Harvard Law School, scale cattle operation. Considine is Governement Committees. He has though he has never practiced law. an avid runner and particiaptes in based his second Senate campaign Instead, he approached a large Bos- the "ride the Rockies" bicycle tour (he also ran in 1986) on the need for ton real estate development firm each year. He broke his back in a political reform in Congress. with a business plan and created a serious horseback riding accident a new company. He had the firm listed year ago and faced the threat of • • ~ ~ Campaigning with the Phantom Traveler Listen,mychildrenandyoushallhear, Third, forget endorsements. We still efficient government that listens to how this campaign thing is done out here. love Wayne Aspinall, but even if HE could people. But you'd better be prepared to This is a very special edition of the speak to us from the grave we wouldn't face voters whose views makenosenseto Phantom's column, because it's the silly let him tell us who to vote for. So it should outsiders. season when baby kissers are everywhere, go without saying that any of the less god- Western Slopers are environmental- bumper stickers say the darndest things, like figures in Colorado political history fists. All of them. You candidates whose and you go to a barbecue at your own risk. would swing very little weight here. These only experience with environmentalists Yes, the politicos are out in force, and people make up their own minds, and was that a friend once had lunch with guess what?They all seem to knowwhere husbands and wives LOVE cancelling each one: take note. These people mean busi- the Western Slope is, after all. other's votes. ness, and they believe they can have busi- Normally your correspondent only Finally, there are a few pointers you ness and pristine surroundings. Theyfight writes to the select group of rugged indi- should try to remember about things to among themselves on such things, but vidualists who regularly read this rag, the say and not say when campaigning in expect you to be on both sides. Empha- choir, the chosen, the REAL Western Western Colorado. Some apply whether size a clean healthy environment and say Slopers. But in this case, circumstances you're in Mancos or Dinosaur or any- "a pure environment is crucial to a healthy call for a different approach ,advice to where between. economy" when campaigning in Aspen, the candidates and their consultants. Always begin your speech by Steamboat, Vail, Durango, Crested Butte, When campaigning on the Western Slope, annoucing "People mattermore than fish." or Telluride. When in Montrose, Cortez, a few do's and don't's are useful. Oh, sure, Feel free to insult the state capitol in new Craig, or Dove Creek, say "people are part some ofyou will say, "I've been campaign- and unique ways; it will not cost you of the environment, too. We need a more inginWesternColoradoforyearsalready.." votes here. Say "the Western Slope never balanced approach to protecting our en- So you think you have these people all gets its fair share of and finish the vironment."When in GrandJunction, use figured out -what makes them tick, what sentence any way you like. Say things like both lines. makes them vote? Custer thought he un- "the federal government should stay out In closing, keep one thing in mind at derstood the West, too. of our ..."and finish the sentence anyway all times: Western Slopers are well read, Here's the first advice for candidates you like. highly educated, intelligent, worldly and consultants. Don't hire consultants. Here are a few things NOT to say on people who don't look like it. They love they're usually from some god-awful big the campaign trail in Western Colorado. fooling you with the aw-shucks farmer eastern city like Newyork or Washington 'The East Slope and West Slope must bit, and will pounce when you don't rec- orAurora. Western Slopers don't like them. work together to solve our common wa- ognize the legislative issue by its bill num Ifyou have a consultant, pay extra for him ter problems." "Highways are important, ber. They just came in from the mountain to stay in the office; NEVER use him as a and must be balanced with the need for bike trail or the cow pen or the ski slope, surrogate speaker. He may survive the light rail." "Won't the new Denver airport not the turnip truck. outing; your campaign may not. be great?" "I agree with Congressman Mike One final word of caution on your Second,don'tbringinsurrogatespeak- Synar on and finish the sentence any own campaign attire, you candidates. ers. If you can find some local who wants way you like. Don't show up wearing cowboy boots R to associate with you, it might work to Indeed, some political speecheswork you don't wear them every day. Fake have them say so in public, but no one well just about everywhere. The basic cowboys smell much worse than real cares what someone they've never met family-values thing is probably always in ones, and these people can tell the diff'er- thinks about your campaign. good taste, and so is the bit about more ence. 2V ~~V~1~~ Each issue of COLC>RADO WEST features a print from ..x.~_ ~ the CLUB 20 archives. The organization began in the early .;4 ~ 1950's assembling a photographic record of the Western ~ ~ Slope, a process which still continues. This photo was taken in 1953 by Martin Lentz.. Do you know where? - , ~ Contact CLUB 20 at 242320 with the correct answer. ' . LAST ISSUE: The photo printed in the previous issue . ~t ~ ~ ~ ~ ~ was taken in the town of Marble in the Fall of 1952. It was ~ ~ Rm~„q' correctly identified by numerous readers, on the first day ~ ' ~ ~ ~ by Ed Gardner and ,john Farr. They definitely know the . - tern . °trriwar" e.n C " ~ U.S. CONGRESS - 3RD DISC ~cICT ~"!1~ re-elected 4 times and has achieved only elected official ever to receive a leadership role rare for a West the "Florence Sabin Award" for con- - ~ Slope legislator: Majority Leader of tributions to rural health care. He - Scott McInnis the House. He has chaired the Agri- has received the National Federa- ~ t Republican culture, Livestock and Natural re- tion of Independent Business's sources Committee, and served on "Guardian of Small Business" award, f "F theJudiciary, Local Government and the Lee Atwater Leadership Award, Appropriations Committees. He also and numerous awards from the served on the Colorado Tourism United Veterans Commission of Board for several years. Colorado. He was named "Legisla- Scott McInnis is athird-genera- After graduating from college, for of the Year" by both the Colo- tion native Coloradan, born in McInnis worked as a police officer rado Wildlife Federation and Colo- Glenwood Springs. His wife Lori is for a year, and was Personnel Direc- rado Ski Country -which also cred- afifth generation native of Meeker. for for Holy Cross Electric Associa- ited him with its "Legislative McInnis attended Glenwood tion. He has also served as a volun- Achievement of the Decade." Springs public schools, MesaJunior teen fire fighter. During his years in McInnis vows to work to pro- College, Fort Lewis College (B.A. in the Legislature, McInnis has spon- tect Western Colorado's water Business Administration), and St. Bored numerous bills of interest to against federal interference, and to Mary's University law school in San the Western Slope, and is especially continue improving the national Antonio, Texas. He and his wife, known for carrying basin-of-origin economy. He feels strongly about along with their three children, live bills nearly everyyear. He is a strong the traditional role of agriculture in in Glenwood Springs where McIrmis advocate against federal control of the Western economy, and believes practices law. Western water, and against Denver careful use of public lands can be McInnis was elected to the Colo- diversions of West Slope water. consistent with environmental val- rado Legislature in 1982 in an ex- He has also been active in rural ues. tremely close election. He has been health care issues, becoming the sentatives (1978) and the State Sen- holds a purple heart citation from the ate (1982). He won a hotly contested Military Order of the Purple Heart, primary for the democratic nomina- and has received the Stephen H. Hart ' Mike Callihan tion for Lieutenant Governor in 1986, Award for Historic Preservation. The " Democrat and was elected on the ticket with U.S. Small Business Administration Governor Roy Romer. He was re- recognized him as an "Outstanding elected in 1990. In that capacity he Advocate for Small Business" in 1989. has traveled Colorado extensively Callihan and his wife, Debra, con- p......oting economic development, tinue to make Gunnison their home. Mike Callihan was born in 1947 and has hosted numerous sessions On the campaign trail, he has been a in Spokane, Washington. After two for businesses hoping to expand into strong advocate for Western Values, tours of duty in Vietnam with the U. S. export markets. and has said he will seek a seat on the Navy, he moved to Gunnison and At the State Capitol, he is consid- House Interior Committee, follow graduated from Western State Col- ered a strong voice for Main Street ing in the footsteps of Ben Campbell, lege. Building upon successful busi- values and rural Colorado, and has Wayne Aspinall, and otherWest Slope nessventuresinpublishingandbroad- been recognized for his efforts on Congressmen. He supports federal casting on the Western Slope, behalf of small business, families, guarantees against out-of--basin wa- Callihan has dedicated most of his senior citizens, and veterans. He was ter transfers, such as the controver- adult life to public service. named "Legislator of the Year" by the sial AWDI proposal, and has called Callihan was elected Gunnison Disabled American Veterans. The for strengthening the nation's "safety County Assessor in 1974, then was National Guard recognized him as net" instead of continued spending elected to the State House of Repre- "Elected Official of the Year." Ike also on "cold war" defense systems. SENA~~ DIS~.t~ICT 4 i~u~ FOR ~s Harold L. McCormick ~ ~ BUSINESS or . T Republican PLEASURE u Harold L. Mack McCormick is a Colorado native mar- ~ ~ ' ~ - ried toJeanne Rolfes McCormick of Routt County, where the y t ~ ~ ~ ~ ' ~ ~~n~ ''.T r,~ ' ~ a~ ~ family has owned land and water since 1924. He earned six ; ; , ~ ` u % &,r-~ ~,dj - 6 rm battle stars in the Army and Air Force, and rose i.~... private '~~~~w to colonel. _ ~ - McCormick was prime House sponsor of Senate Bill 81- ~ ~ ` ~ Colorado's Water rights core law. He helped pass Colorado's minimum stream flow act, successfully led the legislative battle against the Huston ground-water grab, and was prime sponsor of the Satellite-Linked river Monitoring System. To- /7~~~ "t' daythis consists of over 500 stations across the state, plus six / 292 GUEST ROOMS INCLUDING ELEGANT dozen "Snowtel" stations that continuously measure both EXECUTIVE SUITES 8. KING LEISURE ROOMS. Water and SI]OW. MEETING 8. BANQUET ROOMS FOR 5 TO 500. McCormick's SB 92 was the only legislation to pass the 1992 General Assembly to protect areas threatened with '~O , dewatering proposals. ~'o/f11~ The senator returned to the Colorado Senate after an C// absence in 1983, and serves as President Pro Tem of the SUPERB HOSPITALITY THROUGHOUT! WE'LL TURN YOUR BUSINESS TRIP INTO A REAL Senate. He missed going to Congress in the 3rd District by 3G4 PLEASURE TRIP. votes. His new 4th State Senate District includes Chaffee, Delta, Fremont, Gunnison, Hinsdale, Lake, Park and Pitkin Counties. I ELEGANT, LEISURE DINING 8. COCKTAILS IN NEWLY REMODELED "CINNAMON'S". DANCING TO LIVE ENTERTAINMENT'TIL 1 A.M. s sl V~ 5~ VT Linda B. Powers / v UNQUESTIONABLY REASONABLE. y Democrat Linda Powers was born in the Bronx in 1943 and attended OoG~~~ public schools there. She received a B.A. in history and an ~ BEST OF ALL ...WE'RE 1N COLORFUL M.A. in Education from New York University, where she also WESTERN COLORADO! VERY CLOSE TO did post-graduate historywork in the early 1970's. She taught ROCKY MOUNTAIN OUTDOOR ACTIVITIES. junior high social studies during the 19G0's and American History and Women's Studies at a community college during the 1970's. She and her husband Dennis moved to Crested Butte in 1977, where they own Pooh's Corner, ayouth- oriented gift store. Powers was elected to the Crested Butte Town Council in • 1979, and has been active in infrastructure improvements, the arts center, historic preservation and environmental concerns. She has also served as President of the Crested ~ ~ ~A Butte Mountain Theatre and has directed productions there. M ~I Her political involvement includes precinct chairman- GRAND JUNCTION ship for over a decade, and chairing the Gunnison County campaigns for several former candidates, including Jim I-70 AIRPORT EXIT • 303/243-6790 Thompson and W Mitchell. She is a strong advocate for education, assistance for the elderly, environmental protec- tion, rural small business, and agriculture, and she opposes all trans-mountain water diversion. HOUSE DISC ~c'ICT 57 Arrow met his wife, Lil, in Den- years. He has been active in numer- ver in 1971 and they moved to ous political issues in the Roaring Dan Arrow Aspen to open Aspen Camera Re- Fork Valley, including lift ticket • Democrat air He and other artners o ned races land use trans ortation P~• P Pe P~ P , several photography-related busi- highways, liquor licenses, criminal = s nesses in Aspen over the next few justice and the economy. He was years. In 1979, he and Lil purchased co-founder of the Roaring Crystal the Popcorn Wagon in Aspen and Alliance and Glenwood Springs Dan Arrow was born in Chicago have successfully operated the land- Housing Now, and was appointed March 19, 1949. He attended pri- mark business since. They are proud to the Commercial Core and Lodg- vateCatholic schools there through of not having raised prices for over ing Commission by the Aspen city ~ high school, then attended Tritan 10 years. Council. Junior College in Illinois and the He helped with formation ofthe The Arrows live near Old University of Colorado at Boulder. Hunger Project, a project commit- Snowmass. Dan also ran for the i He studied philosophy, astro-geo- ted to ending starvation, and he led State House in 1988 and 1990. physics and government in Boul- personal effectiveness and com- der, aswell asmusic and art. munication seminars for several - Lawyer" program. He was Garfield resentative Scott McInnis. He re- Lega1Services Pro Bono Attorney of mains active in Masons, the West- r ~ Russell L George the Year in 1988 and has received ern Colorado Shrine Club, and Ro- Republican the Bar Association's President's ~ry International. Award for Professionalism. He has been ac- tive in community affairs for years, in- ~ ~ Russell George was born at Rifle chiding service on the ~ in 1946, where he and his wife still boards of the Silt live. They have 4 sons. He attended Water Conservancy Rifle public Schools, Colorado State District, Garfield University (1968) and Harvard Law County United Way, A ' ° School (1971). He has practiced and the Colorado law in Rifle since 1976, and has Mountain College been active in the Colorado Bar Foundation. He has ~ ~ / ' Association (he served on its Board served on the Repub- ~ of Governors for two years). lican Party Central George has served as a Rifle Committee, and ~ ~ ~ ~ ' ' ~ Municipal Judge (1983-1988), a di- helped chair several ~ ' ' ' rector of Garfield Legal Services, local campaigns, in- ~ ~ ~ ° and the Bar Asso//c~i~ation/'sue'°Len/d~~a- chiding those ofRep- ~ ~ , ~ r ~i~ ° LAS ~ r ~ / ~ ~¦¦~~¦~'T ~¦((~~1~~TM e ~ fir./ , ~ , ~ C® M E S A C ®U N T Y C D M M I S S I O N E R Grand Junction, Colorado PAID FOR BY THE COMMITTEE TO RE-ELECT DORALYN B. GENOVA HOUSE DISC PICT 56 JACK TAYLOR -Republican JAMISON SMITH -Democrat Jack Taylor was born in 1935 on a family farm in This is Jamison Smith's first campaign for public Iowa, graduated from Iowa State University, and office, but he is no stranger to community service served as an officer in the U. S. Navy. He and his wife and civic activity. He was born in Waukegan, Illi- Geneva live in Steamboat Springs and have one nois, moved to Denver in 1974, and to Eagle County married daughter. Taylor advocates "applying com- in 1979 • he and his wife Catherine, and their three mon sense and business experience to the deci- children, have lived in Minturn since 1988. He Sion-making process" in the legislature, and plans attended Culver Military Academy and the Univer- to draw on his substantial business experience. sity of Denver's School of Hotel and Restaurant He previously worked for Boeing Aerospace in Management. ~ Seattle and New Orleans (including work on the He works as Sales Manager at the Holiday Inn Apollo Moon Landing Project). He also worked for Chateau Vail, promoting Vail and Colorado to vaca- Peat-Marwick-Mitchell in Kuwait and Saudi Arabia, tioners and businesspeople worldwide. His unusu- helping build and staff Kuwait's first oil refinery. ally diverse employment background includes stints For 23 years he has lived and worked in Steamboat as a taxi driver, ski instructor, ad salesman, disc Springs, in real estate, coal development and min- jockey, waiter, caterer, conference coordinator, ing. He has served on the water and sanitation security guard, and numerous hotel jobs. He has district board, a local ditch company board and has been extremely active in community projects in been in the manufacturing business. the Vail area, including the Vail Community The- His civic activities have kept Taylor busy all his ater, community league softball, Holiday Food Bas- years in Routt County. He served on the original ket, and Full Moon Over Vail. Steamboat Springs Economic Development Com- He is an avid recreationist, who enjoys camp- mittee, and helped organize the Mt. Werner Asso- ing, hiking, climbing the "fourteeners," rafting, ciation. He was elected to the Steamboat Springs kayaking, skiing, snowmobiling, rollerblading, and Home Rule Charter Commission in the early 1970's, golf. He advocates better funding for public schools, and later to the Steamboat Chamber/Resort Also- and thinks school budget cuts are alarming and ciation Board. He has also been active in local frustrating. He also speaks for low-cost statewide Republican politics, including two terms as Routt health care and vows that if elected he'll stay in County Chairman, a position from which he re- close touch with local citizens. signed to make this run for office. ~ / I I ~ ~ I 1 • Affordable group room rates • Catering services offering a wide array of quality ~ • Finest meeting facilities in Western Colorado food choices for 10 to 400 people • Flexible facilities for groups from 10 to 600 • Special VIP board rooms located on the 2nd floor • Headache-free service provided by a professional, • Conveniently located adjacent to I-70 off Exit 31 courteous and well-trained convention staff and a half mile from Walker Field Airport • Audio visual equipment available Grand Junction ' ' / , ~ 743 Horizon Drive, Grand Junction, CO 241-8888 HOUSE DISl ~cICT 58 Steve Acquafresca Dave Williams Republican Democrat Steve Acquafresca was elected to the State House in 1990 Dave Williams was born into one of the oldest families in and has already made a name for himself on several agricultural Western Colorado, which settled near Norwood in 1988. He was issues. He has been a Western Slope resident for 23 years, raised in a family of seven, learning the virtues of family and country attended Mesa College and Colorado State University, where he early on. He comes by his interest in politics honestly: T'wo of his received a degree in Agriculture and Entomology. He also great-grandfathers served on the first boards of county commission- attended the Colorado Agriculture Leadership Program (1980 ers in Montrose and San Miguel Counties, and his grandfather served as a commissioner and state senator. Thus, politics comes He has a reputation as a leader in new technologies in the easy to Dave, as does the family farming and ranching business. Colorado fruit industry. He has orchards in Cedaredge, and has Williams and his father run athousand-acre operation today, b develo d hi h-densi orchard lantin s utilizin horticul- raisin cattle, horses, alfalfa and small ins. He also flies the famil 1~ g ty p g g gm~ Y tural technologies f~.,... the Pacific Northwest, and applies non- airplane. In 1976 he went to work for a major oil company in the traditional marketing approaches. He also operates a technical Gulf of Mexico and learned the oil business, as well as Y...Juction agricultural field service in Delta and Montrose Counties. engineering. In 1981 he started his own production service com- In the legislature, he serves on the Agriculture and Educa- pany involving field testing, production equipment sizing, purchas- tion Committees. He raised eyebrows early in his career with ing, installation, on-line service, safety systems and tank farms. controversial legislation allowing libel suits against people or Williams and his long-time companion, Linda (a registered organizations which slander fruits or vegetables and create nurse), have two sons (aged 21 and 7). In summertime, they host public "scares." The bill did not pass, but it attracted national boys from city families on their ranch "to help develop character media attention and made Acquafresca ahighly-sought speaker. and muscle". As a candidate, he is an a~ y ,,,.mte for small business, He also attracted attention this year with legislation requiring and he says "government must act for the people and hear us all, stores to label the country of origin of fruits and vegetables. using commonsense and apply diversity within a ......,..,~.}.vision." oi~atNE Wpq~oO W •P WORLD FAMOUS ~j / v// BY CHET AIt natural Always fresh - Absoiutely delicious ~ ~ ,I„ .~II,~ ~ . Nothing pleases like a gift of ~ Enstrom's Almond Toffee. 33 ~ ~.M, ° ` Hand-made on the Western Slope, ~ Enjoyed the world over. ~ Now is the time to place your holiday orders. . •~N~' 1 ~Ol"1 Cl il~lDILj(~` 200 South 7th St. Downtown Grand Junction For mail orders call 242-1655 or FAX: 245-7727 HOUSE DISJr ~tICT 54 He was elected to the State House in 1988 and 7TM FOSTER serves as Chairman of the Finance Committee, Republican one of the youngest representatives to be se- lected to chair an important committee. He has ~ been instrumental in several Western Slope legis- Representative Tim Foster was born in Grand lctive battles, including efforts to protect energy Junctton in 1957. He and his wife, Lisa, have one impact funds from Front Range raids. He is espe- son, Stuart. Tim graduated from Grand Junction cially known for helping lead the effort to 4-lane High School, Kenyon College in Ohio, and the Highway 50 between Delta and Grand Junction. University of Denver Law School. He practices He has become a strong advocate for fiscal securities and business law in Grand Junction. restraint, balanced budgets, low taxes, and • privatization. He has sponsored legislation to end government competition with private businesses, and has earned recognition from the National ~ ~ Federation of Independent Business. KREX-TV KREY-TV KREZ-TV KREG-TV Ct•IN JUMCTR• INNTAOEE WMI160 GE•W00. SMI.65 ~itFters Broa~utirt9 ~'ornparaJ of C'oCvracly 1OB1ANCO ~ M°°"°, BIZZ BAIRD P~ ~ J .a°~.°,°° ~ ~ Democrat a aAF~E~° e d qW =~~~saar~s° P ~..aE~ - . ,~f , , . ° Bill Baird is a retired educator, having worked M oF,°„a' KAY A.°•o . o a A=o.° • P°Sa°. s°°'m°==°"'a9`~~ for 33 years as a government teacher and junior ,A o Ge°° °Ee b me:e°~So~, aP°,,. - high principal in the Mesa County Valley School a. d°~°-~°~° °Am°°~ District. He served as president of the Mesa Valley o oiame q °°°~~:o: P• aE. E • a„° Education Association and the Mesa Valley School °~,A°sE .o~,A°s o saa°e,° • ~ ~ Administrators Association. Baird has three grown a°M~°~E~ N°,aa children by his first wife, who died iil 1987. He eiiAe • ~ `a" - - married Thelma Blekeberg in 1990 and they live M°°~"'° °`°p`s in Fruita. ~ A ~ o, ~ °s°A~ - _ He served on the commission which wrote M - the Fruita Home Rule charter and chaired the 4,.°°a A~~°a„ subcommittee on government organization. He "°o was elected to the Fruita City Council and served F,°°°° a,°o,,.~° * - N STATION 6 years, including three as Mayor. He also helped • ~ - TRANSLATOfl O -CABLE charter the Fruita Lions Club, and has been recog- nized as Outstanding Citizen by the Fruita Cham- ber of Commerce. His other community activities include the Board of the Mesa County United Way, the Chipeta NOON 5:30 10:00 Council of Girls Scouts, cub scouts, and local politics. Baird has been active in the democratic Making a difference in party for over 20 years, serving on the Mesa K-REX Country County Executive Committee most of that time. He has chaired the local nominating convention 5 times. HOUSE DIS~c PICT 62 Sam Williams -Democrat Sam Williams represents one of Colorado's most diffi- Leona Hemmerich cult districts, the newly-named 62nd (formerly 53rd). It 3 Republican includes western suburban sections of the Denver metro • area, as well as Clear Creek, GIlpin and Summit Counties. Thus, the district includes metro suburbs, ski resort areas, bedroom communities, historic districts, and high-end Leona Hemmerich was born in 1953 in Atlantic City, developments. New Jersey, and raised in Pennsylvania. She attended public The constant tug-of-war between East and West Slopes schools, then graduated with a literature degree from Dorr divide this district, and Sam Williams has generally re- Drive School of the Ministry in Vermont (1974). She worked mained an ally of Western Slope interests. He is a real ~ a nursing home to put herself through school, and contin- estate broker in Breckenridge and is also heavily involved ued to do volunteer work later. She and her husband Robert acquired a cleaning business, then moved to Denver in 1979. innumerous community and civic activities. He serves on Ms. Hemmerich worked as a Tupperware dealer and was the Transportation and Energy Committee, as well as the active in the children's department of her church, until Education Committee, and the Legislative Council and moving to Littleton in 1983. She attended a precinct caucus Legislative Legal Services panels. in 1984, and began years of political involvement. She In his position on the Transportation Committee, founded a home schooling organization in 1985, served as Williams sought to strike a delicate balance between rural secretary for a local civic association, and began attending and urban interests. He represents constituents support- county and state political conventions. She founded a Repub- ive of mass transit systems, and areas dependent upon lican Women's Club in Clear Creek County after moving to Idaho Springs in 1987. She has worked on the campaigns of highways, so must strive to maintain that balance. He also numerous local candidates over the years and was a delegate represents constituencies on both sides of the trans-basin to the 1992 Republican National Convention, so she is no water wars, though his heart has remained with the stranger to the campaign world. Western Slope on such issues. He is an advocate for She remains active in her church and in the home environmental protection, and supports public policies schooling organization she founded in 1985, and is a Watkins favorable to recreation and tourism, the cornerstones of dealer. She says her agenda includes the rising cost of health care, problems of small businesses, and problems caused by the economy in his district. Williams is active in the effort the medicaid bureaucracy. She believes in keeping govern- to adequately fund the school finance bill, and works hard ment efficient by keeping it close to the people, and says to maintain the small counties' share of state transporta- "common sense must be the rule of thumb in government tion dollars. matters." - ~ ~ - RUSSELL GEORGE " Republican Candidate We pay enough taxes now at all levels of government. i Special interests can no longer influence constantly higher spending; we must y balance our budgets on existing revenues. Business-like processes and choices among competing priorities can, and must, work in government. People coming into Western Colorado as tourists and as new residents add to our traditional economic base. Our homes, businesses, streets, highways, trails and parks must all be inviting and ready. There is no substitute for balancing business purposes with clean air, clean water & energy conservation to enhance and enrich our future personal and economic well-being. This can be done by keeping taxes low with a government operating at the highest level of efficiency. For Colorado State Representative District 57 ? Garfield ? Moffat ? Rio Blanco ? Pitkin Counties Paid For By The Friends of Russell George, Homer Hatcher, Treasurer r CLUB 20 ACTIVITIES FOR 1992 Sponsorships: CLUB 20 sponsored Or CNCC Commencement Address, Lake City, 8.21 cosponsored Meetings this year - Rangety, 5-9 Tourism Committee Meeting, Senate Public Lands Subcommittee Hearing on Grand Junction Hlhon, 10-1 grazing fees, Tnn..r....ation Committee Meeting, Campbell Staff Luncheon, Washington, D.C., 7-1 Grand Junction, 9-17 Washin on, D.C., 2-4 Jr I `L, y Committee Meeting, Ww...... Slope Chambers of COm........_ Meeting, Paonia ChPaonia 7 9g~ erce Dinner, E. -....-'°°'I Grand g/ ent,, 9-17 M~--~--~• ~ Cobndo Water Con Forum, Mnual Fall Meetin Candidate Forum, Western Slope Citizen Bee, Cobndo Springs, 8.27 Grand Junction, 9.18, 19 MSC, Grand Junction, }7 Grand Mesa Victors C........ Grand Campbell Staff Luncheon, Opening, 9-20 Washington, D.c., ¢1 Events Attended or Scheduled for Mesa State College Founders Day Luncheon, 1992 Grand Junction, ¢21 0,,~iclal CLUB 20 Me.:dl.~ ~ gs for Colorado Trust EnvL...... ~ . - r i...g R..r 1992 Mo__~ ~ Chamber of Commerce Re n, Grand Junction, 5-26 M - 1-28 ~PtiO County Land Use Planning Meeting, Craig, 610 Delta County CLUB 20 Caucus, Region 10 Mnual Mceting, Colorado Business Education Summit Conference, Delta, 1-7 M ~ ~ e, 130 Colorado Springs, 10-1 Eagle County CLUB 20 Caucus, Grand Junction Chamber Mnual Banquet, Highway Users Federation R._t,:,...al Conference, Gypsum, 1-8 Grand Junction, 1-31 Cour d'Alene, 101 Natural Resources Committee Meeting, AGNC Board Meeting, R...,..r.:on for State Transportation Commission, M se, 1-10 Grand Junction, 2-13 Glenwood Springs, 10.14 Water Policy Subcommittee Meeting, Western District CCI Luncheon, Colorado Higti««t Users Conference M.........+e, 1-10 Delta, 2-13 Mnual Meeting, Economic Developement Committee Meeting, CCIIE Public Meeting, Mesa State College, Denver, 11-5 Montrose, 1-17 Grand Junction, 2-26 Ouny County CLUB 20 Caucus, Mesa State College Alumni Reception, Ouny, 1-28 Grand Junction, 2-28 Speeches: Greg Walther speeches Mesa County CLUB 20 Caucus, Walker Field Airport Roundtable Luncheon, about CLUB 20 issues this year - Grand Junction, 2-4 Grand Junction, }10 Aviation Committee Meeting, Jerris Danielson Meettng, Mesa Water Users Assn., Grand Junction, 2-7 Grand Junction, }17 Western Colorado RC&D Board Meeting, 39th Annual CLUB 20 Meeting, US West Dick McCormick Luncheon, Glenwood 3~._Lr,,,, 1-8 Grand Junction, 2-14,15 Grand Junctton, }19 Montrose Chamber of Commerce, Tourism Committee Meeting, Optimist Onforial Contest, Montrose, 1-15 II....,~,,., 4-8 GrandJunaion, ¢7 Colorado Wildlife Society C.,.., ..._tion, Aviation Committee Meeting, Colorado Tourism Board Conference, Grand Junction, 1-23 Eagle, ¢21 II...,, 4-8, 9 ICIVZZ Radio Talk Show, Aviation Cc ~ . : , ~ gee Meeting, OBD Westslope Network Meeting, Grand Junction, 2-12 Durango, ¢22 Rangety, 5$ Ridgway Town Council, Leadership Meeting with State Education Chamber/VCB Open House, Ridgway, 2-t2 Officials, Grand Junction, 5-14 Chamber of Commerce Annual Banquet, Grand Junction, ¢30 Museum of Western Colorado Exhibit Opening, Dove Creek, }5 Economic Developement Committee Meeting, Grand Junction, 4-19 Hinsdale County Commissioners, Rangety, 5-8 Colorado Tourism Board Meeting & R....,r.ion, Lake City, }18 Telernmmunications Subcommittee Meeting, Grand Junction, ¢21 National Assn. of Purchasing Managers, Rangely, 5-8 JUCO Tournament Banquet, Grand Junction, }20 Public Lands Committee Meeting, Grand Junction, ¢22 House Interior Committee Hearing on Black Meeker, 612 Property Tax Reform Coalition Meeting, Canyon, Natural Resources Committee Meeting, Montrose, 61 Washington, D.C., }31 Meeker, 612 Northwest Coal Conference, Southwestern Water Conservation District Water Policy Subcommittee Meeting, Meeker, 6b Seminar, Meeker, 612 Region 10 Board Meeting & BBQ, Durango, ¢10 Aviation Committee, Meeting, Gunnison, 625 Center for Holistic Mgt. Grazing Seminar, Beaver Creek, 626 Western Water Workshop, Grand Junction, 4-18 Public Lands Committee Meeting, Gunnison, 7-22, 23, 24 Legislative F_ ......s Class, Mesa State College, Lake Clty, 8-21 30 Years of Foresight Celebration, Grand Junction, 4-29 Natural Resources Committee Meeting, Grand Junction:, 613 Palisade Chamber of Commerce Banquet, Lake City, 8.21 Philanthropy Day Planning Meeting, Palisade, 5-1 Water Policy Subcommittee Meeting, Grand Junction, 8.4 Palisade Peach Festival, Palisade, 8.15 Western District CCI Meeting, Gunnison, 8-19 COLORADO ROCKIES Independence Pass Foundation Luncheon, ADAM'S RIB HUNTING RANCH `~Pe°' 8.25 Legislators BBQ, State Fair, ~ Pueblo, 8-28 5 Day Trophy Deer & Elk Hunis • Private Pheasant Mesa county EDC Reception, Over 5500 Acres of Private Land • Drop Camps Grand Junction, 9-15 AGNC Board Meeting, Licensed • Bonded Guides & Outfitters Grand Junction, 9-17 Great Facilities • Excellent Food Colorado Municipal League Dinner, SUPER HUNTING! Grand Junction, 9-17 Glenwood Canyon Dedication Ceremonies P.O. Box 659 (303J 328-2326 Eagle, Colorado 81631 Glenwood Springs, 1413, t4, 15 BLM District Advisory Council Meeting, Grand Junction, l 1-10 ~ ~ sticking tcegether and speaking with long history of close elections. So by one voice. Congressman Campbell has assembling the key opinion leaders from been a staunch ally and defender in the each of those areas in the same room at ~,s, ~ House, and would continue to play that the same time, we can absolutely guar- r role in the Senate. Terry Considine is antee that they'll show up. It's a unique also a CLUB 20 member who under- forum which is simply not available any stands western issues, and would also other way. be part of a strong western coalition in It is also a unique opportunity for ` the Senate. Campbell and Considine Western Slopers. Although there will be will no doubt have several televised numerous campaign events between debates this year, and the CLUB 20 now and November, there will be no F.'? ' ' event will be their first. It should prove other fonun where people can meet enlightening, and fun. ALL of the candidates seeking to repre- The Secretary of Agriculture, Ed- sent this region in Denver and in Wash- Greg Walcher,President ward Madigan, will be here to keynote ington. There will probably be no other CLUB 20 the event, the first Cabinet Member in a chance like this to ask all Wester Slope decade to visit the CLUB 20 meeting, candidates the same questions on issues The bi-annual Fall Meeting and can- and the first USDA Secretary ever. As important to us. didate forum at CLUB 20 has become overseer of everything from national Thus, the formula seems to work quite a tradition, and this year we are forests to food stamps to disaster pay- well for candidates and audience alike. expecting the biggest and best. The ments and home loans, he is involved in We have made very few changes in the lineup of candidates has rarely equalled much of the economic activity of the structure of these meetings over the the 1992 slate. Our Western Slope del- West Slope. past couple decades, because they seem egation in the legislature is a collection The phenomenon of these forums to work so well. This year there is some- ofsolid people, on whom we have been on the Western Slope is fascinating. We thing different, though. For the first able to depend. Some of their oppo- like to thing the Western Slope is too time ever, the congressional debate will nents this year are great, too. In addi- often ignored in the political process, be televised. And the evening Senate tion, we have two open House seats and but that is certainly not the case during debate will be broadcast live on both TV one newly-drawn senate Feat. All three elections. The Western Slope is a geo- stations, throughout the Western Slope. of those races promise to be very inter- graphic nightmare for politicians. Our Never before have so many people been esting and competitive. people are spread out into 133 towns in able to watch this forum, including I also believe that the Western 22 counties. It is extremely difficult for people who can't get to Grand Junction Slope`s access to Congress will improve a Sena{a candidate to take an entire day that weekend. as a result of this election, regardless of out of the schedule to get to some of our Our Board is very excited about the oucome. Scott McInnis and Mike isolated communities to talk to a very being able to provide this service to the Callihan have both been members of few voters. But collectively we are Western Slope, and looks forward to CLUB 20 foryears and both feel strongly 350,000 people, enough to matter in some great dialogue on our favorite is- aboutthe concept of the Western Slope any election, especially in a state with a sues. ELEVEN COUNTIES TO HOLD CAUCUSES Eleven counties will hold caucus These Board positions are consid- Washington or Denver and speaks for meetings this Fall to determine their ered extremely important for two rea- Western Colorado, decision-makers representation on the CLUB 20 Board sons. First, in representing the Western need to know CLU$ 20 represents ev of Directors. Directors serve two-year Slope, CLUB 20 does not take positions eryone. Thus, these caucuses are quite terms, so half the member counties are on issues without a vote of this Board, important, and all members are en- electedeach year. For manyyears these which includes representatives of ev- couraged to attend. The CLUB 20 office elections were held at the September ery community. So this is the group will notify members when an exact Board meeting. which determines Western Slope policy time and location can be determined Because of a change in the by-law on a wide range of issues (natural re- (sometime between September and this year, directors will be elected dif- sources, public lands, water, transpor- December). But members should be ferently than before. Under the new ration, economic development, tour- thinking in advance about this impor- system, CLUB 20 will come to each ism, recreation, etc.) Second, many rant process, one of the hallmarks of county and host a meeting of all CLUB West Slope counties are very diverse, representative democracy. 20 members there. Each member is geographically and politically, and Counties to Caucus this Fall: entitled to an equal vote in this process, board members must represent all the Archuleta, Dolores, Garfield, Gunnison, and members will elect who they want interests in their county. It is vital that Jackson, La Plata, Moffat, Montrose, to sit on the Board for the next 2 years. all Western Slope communities and in- Pitkin, Routt, and San Miguel. These caucuses will be held sometime terests feel adequately represented on this Fall, between the September Meet- this Board. ing and the year's end. When this organization goes to • ~ • . • , ~ ~ ~ Ex~ieriencing the `All America City" by Stephen K. Shutt What an entourage we made, 30 in number and the Delta City Manager second largest group, and what an impact we made with Delta has been improving its quality of life through our enthusiasm, expectations, and our beliefthat we were numerous projects since the early'80s. These efforts had already an "All America City." We found Charlotte, an All not gone unnoticed by many people, particularly E. Rob- America City itself, to be a beautiful city and more than ert Turner, CCCMA Circuit Rider. It was through his and appropriate location for the "All America City" awards. other people's encouragement that we reached the con- ~ of a sudden we were thrown into the midst of clusion that it was time for Delta to make its move. Apply hundreds of people from 29 other cities from all over the for All America city status! nation, all with the same objective and with impressive The process of completing this application involved presentations and community enthusiasm. We realized many of our citizens who had worked on the community's there were a lot of Deltas out there. various projects. It was a citizen effort. Although the I wish there were words in the English language to committee had a wide range of expectations, they always describe the empowerment, the thrill of participation, but held the same goal -All America City 1992! there are not. The All America City awards process is not something that one can easily explain. It is a beautiful Delta recently received the All experience, but it must be experienced to understand what it is all about. America City designation. C2ty We returned from Charlotte with the coveted award mans ement worked with and to a motorcade reception that stretched for nine g blocks. Ifwe had it to do over again, we would do it exactly other community the same way- and, oh yes, we will do it again. Our town is alive with pride and enthusiasm and is already planning organizations to make this to be the first city in Colorado to win this status more than happen. The process was once. definitely invigorating. With the committee established, we began discussing how to present the three projects in a manner that ~C~ ~ C' N N 1 would show Delta as a winner. The format was struc- tured by the application itself; however, numerous - people provided assistance and were involved in the ~,~•rE:>s•i• ; r,ri:~ writing, rewriting, and editing. When we were notified that Delta was one of the ~ In the Legislature, Scott McInnis has demonstrated concern for top 30 finalists, ournext step was to prepare the actual Western Colorado through his leadership on issues important to us. His presentation. We wanted to incorporate our three accessibility, his credibility and his responsiveness have made him an projects into an impressive exhibit, and our time was excellent representative for us. We can expect the same level of limited to 10 minutes. Our projects involved both the achievement in Congress. If you value a record of proven performance, private and public sectors of our community; there- I'm sure you'll join me in supporting Scott McInnis for Congress. ~ fore, 1nCOrpOratlllg the efforts Of OUr Clvlc IrifrastrUC- GOVERNOR JOHN D. VANDERHOOF Lure W1S ari unportarit detall and needed t0 be preva- CHAIRMAN, FRIENDS OF SCOTT MCINNIS, INC. lent in the presentation. We decided on a video exhibit since that would guarantee that we would be able to stay within the 10-minute limit. The committee de- cided to have a professional video produced, and Evergreen Production of Grand Junction became an integral part of the "family" and produced atop-notch ` ~ , video from the committee's script and using scenes suggested by the committee. f: The presentation was a moving and spectacular display of our projects. The committee's expectations , xr ~ 'I were met beyond what they thought possible, and the entire group took on a whole new attitude. We were really going to Charlotte, North Carolina. There was Paid for by Friends of Scott McInnis, Inc., John D. Vanderhoof, Chairman, no turning back. It all became a little scary. We were Homer Hatcher, Treasurer, P.O. Box 3157, Grand Junction, CO 81502 going for "The Gold." Colorado Needs a Senator who fi ht for... g Changing the System Making Government Work ? Term Limits for all federal elected officials. ? Elimination of Congressional junkets and ? A Balanced Budget Amendment to the U.S. Constitution. Congressional perks. O Line item veto and restoring the powers of the President to ? A sensible national defense program to defend America's cut federal spending. vital interests, support freedom and provide strategic O An immediate reduction in bloated budgets for Congressional defense...making the world safe For our children. staff and committees. ? Privatization of federal operations that could be better ? Repealing laws that exempt members of Congress performed by small business and competitive enterprises. from minimum wage and civil rights laws that ? Strong law enforcement to assure safe communities. apply to everyone else. ? Balanced environmental r_,.6_".ms to clean up and D Legal reform including the right of prevent pollution with common sense regulation and successful defendants to recover their legal respect for private r...,.. _;y rights. costs in disputes with the IRS and other ? Principles of multiple use to guarantee access government agencies. to public lands for ranching, recreation and other economic and social activities. Expanding Opportunities ~ Strong and ~ New job ana eeonomio opportnnities Independent Families for Colorado and the nation by promoting ? Health care reforms to make quality health small business and business expansion. The best jobs program is a job. ~ care available to all Americans at an ? Indexing capital gains to eliminate taxes affordable price. on "phantom income" created by inflation. D Stronger families by increasing dependent tax O Welfare reform that creates ~ ` exemptions and legislation requiring child incentives for work education ~r' ' ~ support payments by parents who and training. are absent from home. ? Expanding ~ choices in education for rs~ Courage, parents, teachers % ~ COn1ITlltment, and students. ;f' COIISldlrie. s", ~s •a. x"~ i~~ We need a Senator r _ ~ who shares our values, who ~'"r~~ listens, who makes things ~ ~ ,,.x ~ work and gets - things done. We need a ~ Senator who is bold and courageous to - represent us in ~ ~ Washington. We wed Tarr Con~sidi~! y Paid for and authorized by Coloradans for Considine. Contributions or gifts to the Coloradans for Considine Campaign are not tax deductible. Marge Saunders, Treasurer. PUBLIC LANDS & NA' i ~JRAL KESOURCES COMMI'T` I ~E Invites You: JOIN CLUB 20 A SY'- ~ ~ t~.1 ~ L . , Q;: SEE GOD'S COUN Y 1cY ~s. ~ww ~ , ~ - The Committees met for a steak fry atop Gold Hill on the Perk Vickers Ranch at Lake City ~ ~J. ~~3 x; ~~^Pa o M~ i ~ ~ ~ _ _ - Photos _ by ~ Bob Beverly _ ~ _ ~ - Lake San Cristobal far below and Slumgullion Pass on the Left ~ - ~ ~-K i r YM „ t 4.r ~s ~ - -L~.~ - if ,.yr~~ ~ r Ida 3 - g; ~ KL - G 7 Fringe Benefits of CLUB 20 membership X~ ~ Cewtl.~c.~., ~c8 ~''V ~ C~ ~ ~ Knd ; dux 71~o~c. . ~ _ - ~ v COLORADO SKI MUSEUM ~n.i HALL OF FAME ~ ,;1`'~ Vail Town Council Members September 23, 1992 Town of Vail 75 S. Fronta a Road Vail, CO 81657 Dear Vail Town Council Members: Thank you for the opportunity to speak with you September 22 regarding our request for funds. We are the only museum in the state completely dedicated to the preservation of Colorado's rich ski heritage for future generations. As the only skiing resource for the state, we have served over 1,000,000 residents and visitors since 1976. We sincerely appreciate the support that you have given us. We are proud of our accomplishments to date, and look forward to continued growth of museum programs and exhibits through the support of members and funding organizations. In addition to your generous contribution of space in the transportation center, we have received the following contributions for our $200,000 capital fundraising campaign: United States Forest Service $ 11,250 Howard & Martha Head Foundation $ 10,000 Vail Valley Foundation $ 9,000 Ski Club Zipfelburger $ 9,000 Jimie Heuga Center $ 3,000 Head Sports Inc. $ 2,000 Aspen Ski Company $ 2,000 Vail Eagle Valley Rotary $ 1,500 Crystal Ball Foundation $ 1,500 Pepi Sports $ 1,000 Winter Park Resort $ 1,000 Aspen Foundation $ 500 10th Mountain Division Foundation $ 500 These contributions are in addition to $19,80H from our Board of Directors, $11,125 from individuals, $8,400 from special groups such as members of the 10th Mountain Division. We ask that you favorably review our request and help us fund a Vail 30th Anniversary display. All donors will be listed on a plaque in the museum, as well as on the sponsored display. Thanks again for your time and consideration. Cordially, COLORADO SRI MUSEUM - SRI HALL OF FAME . ~ r i Ch s~nt'e"S. Scrip Executive Director f css P.O. Box 197b, Vail, Colorado 81658 . 303/476-1876 xc • srA~~' R'EC~i~'~Ll L ~ . - _ It limits the annual growth in state "Here we are in Colorado Springs. spending to the rate of inflation plus You see all the dead bodies and blood Doug ~ ru ee • the Man ~ percentage of growth in the state. ;n the street." It prohibits new or increased real He says four of the city's nine estate transfer taxes, any local income munch members are now prepared to tax or any new state real property tax. endorse Amendment 1. y ~ ~ ~ ~ ~ ~ ~ ~ ~ It would require taxpayer refunds An improved Colorado Springs T` of revenue collected in excess of economy is tiled by some Bruce critics revenue and spending limits. as his motive for entering the tax- A form of the amendment, also limitation fray. A real estate investor, TCIX-limitation eruthor predicts authored by Brtce, has been in effect a Bruce earns a living from rental } ,~,~y~ year and a half in Colorado Springs, properties he owns in Colorado a ~thumpuZg' V1CtOI~T ~ NoVeInbeI where Bruce lives. The Colorado Springs, Pueblo and Denver. He buys Springs experience is pointed to by cheap, rundown government housing, backers and opponents of mostly bi, tri and fourplexes, fixes Amendment 1 as an example of why them up and rents them out. Wallace _ _ tax and spending limits should or Stealey, who runs the anti- - ~ should not be approved statewide. Amendment 1 organization Vote No Bruce, naturally enough, thinks the on One, suggests greed is behind - controls are not only working in his Bruce's zealous campaign to pass hometown, but credits them with statewide tax and spending reforms. turning around the area's ailing "I have rent checks Erom August on economy. "In the year after the the dining room table," Bruce says ~ election, vacancy rates (for rental during an interview in his Colorado - properties) went down two-thirds, Springs home. "This greedy slumlord - new housing start are up 85 Y~..~..t, hasn't had a chance to go to the - _ j , ~ sale9 tax revenues are up 13 ru.~..t, Bntce contends the ro rties he - - ~ ~ _ _ new house sales up 125 percent. One P Pe - _ of the reasons is because there's more buys-he admits acquiring a Denver money left in the private sector. tt duplex recently for;100-require disproves the opposition's argument considerable invesunent in carpeting, ' % r that businesses won't want to move to plumbing and landscaping. He claims I' ~ , ~ _ an area without higher taxes and to spend $80,000 a year on repairs. - .~s~-~?r.` - _ bigger government." The notion that The slumlord characterization was _ _ _ Colorado Springs is in a "death spiral" the result of a "smear campaign by The = is"absurd" Denver Post "last June, based on s An April editorial in the Colorado allegations made by a Pueblo building i ~ ~ ; Springs Gazette Telegraph, marking the inspector. ~ ~ first anniversary of the tax and "I invited the Post reporter to look spending controls, tortes, "Despite dire at every property I rent, and he i ~ warnings of disaster, one year later couldn't find one violation on any . _ _ our city is working well under the property." _ ~ new rules." While the original story appeared The editorial concludes, "The on the front page of the Post, Bruce success of tax limitation in Colorado complains, his rebutta~•fgpas:printed~ ~ Sp~z2gs_p>•gKgtflor_ assage, of. ,~onpagpgazillionandfive." ' " ` statewide measure in November. Our The Pueblo inspector who sparked _ ~ _ ~ city has shown that budgets can be cut the story was disgruntled because "I _ - - 1'.`- and taxing power limited without used Colorado Springs employees on - - ~ i = _ damaging the essential functions of Pueblo properties." The citations he's _ ~ ~ , % _ 'government." received from the Colorado Springs _ ~ ~ _ A Sept. 15 editorial in the Colorado housing inspector reflect the official's ~ Springs BusinGSS laurnal finds, "Life stance on Amendment 1, Bruce By Jane Diehl _`-s~ Douglas Bruce has been called a Coloradans, Bruce's native state. ~ ~I have rent checks from "slick California lawyer," a Essentially, this year's version, All ton the dinin room "slumlord" and a greedy real estate Amendment 1, as "dumbed down" by O b developer. In more oblique terms, he Bruce and summarized by the table. This greedy slumlord is referred to by his deUactors as the Legislative Council, requires voter author of a plan that will hamstring approval of any new tax, any tax rate hasn't had a chance to go to government officials, bankrupt public increase, any mill levy increase over ~ ~ services and destroy our the prior year, any increase in the the bank. • representative farm of government. assessment ratio fora class of He is content, however, to let property, extension of an expiring tax Colorado voters write his epithet, and or any tax policy change that causes a after tax limitation has been anything insists, and were written for such come Novernber, he thirJcs it will be net tax revenue increase. but doom and gloom." violations as loose doorknobs and "winner." Despite predictions by some city wobbly toothbrush holders. Tax and spending limitatioru have The amendment would also require officials that police and fire protection Bruce complains not orily of being been proposed in recent Colorado voters to approve creation of financial would suffer, Bruce points out that the called greedy, but of being constantly history since 1986. Bruce stepped into obligation extending beyond the city has hired 31 additional police referred to as a developer, which the breach in 1987, after voters current fiscal year, unless government officers and firefighters. suggests an outsider coming into the ~ soundly defeated an initiative sets aside money for the full Colorado Springs officials state to pillage and plunder. "lf they sponsored by a group from Grand obligation. The intitiative suspends the interviewed by The Creek last April said real estate investor, it wouldn't be Junction. Over the past five years, voter approval requirement predicted more dire effects three or so bad, because a tot of people invest Bruce has become as synonymous temporarily in declared emergencies four years from tww, particularly in in a duplex or something." with tax limitation as Howard Jarvis and when revenue is insufficient to funding of infrastructure. Bruce has owned property in the with Proposition 13 in California, rot meet payments for general obligation Bruce contends they're looking for state since 1981, though he didn't so incidentally in the minds of some debt, pensions and court judgments. problems. actually move here until 1986 after 8, Sept 25, 1892, Creek becoming fed up with California. The success of the Colorado Springs down things. I get frustrated with use facts, that dries are going to have "I concluded in 1980 that California controls will have a steamrolling reporters. I have to go back to eighth- less money to?rovide services." was going downhill." L.A. was "too effect, he says. A statewide poll glade civics. " Chiefs of police, firefighters, district _ crowded, overrun with illegal aliens, conducted by Talmey-Drake in June The frustration is often mutual. attorneys all think Bruce's amendment smog and traffic "I liquidated out of revealed a voter approval rate of 68, Bruce is not known for his tact, and at will have a serious effect on their there and moved here. I thought the highest level ever for tax times, has seemed an unlikely abilities to provide services, says Colorado was more wholesome, more limitation "I'm sure it won't stay 68- spokesman for so sensitive an issue. Stealey. family-oriented. I like being close to 26," Bruce concedes. "I do a lot of speaking engagements The Coloado Beverage assoaanon the mountains. California was too Indeed, his initiatives have because of that; chuckles Fred artd other business groups are much, too much everything." consistently led in early polls, only to Holden, public policy specialist and concerned about effects the A bachelor, Bruce lives in a be defeated on election day. Amendment 1 backer. amendment will have on tourism. comfortable but non-luxurious split- But Bruce notes a couple of "We've coached him with great "We think this is very detrimental level off Academy Bivd, with a 2-year advantages the campaign has this tee. cocscerrt and persistence." to business, espeaally small business." old Ceralan shepherd rtaated Liberty. year, notably a heftier war chest, At the same time, Bruce is "very Bruce accuses opponents of using He acquired the dog on a signature- possibly filled with as much as good at what he does. He's patriotic in the same old scare tactics. "How can gathering foray when a man in a pick- $400,000. his prirldples, intelligent." anybody fairly say we don't use facts? Holden suggests Bruce's manner The opposition has a convenient tactic i4 ~ . , may be calculated. " I think he's had of saying our proposal is vague, but . Irn ?-that what he tS. He to be a little outrageous, premeditated, they never say how. The only thing to get attention (for the proposal)." vague is their critiosm." sellsL half-truths, quarter Clyde Harkins, who is involved ;rt of the campaign itself, Stealey says, _ 'truths. If we had a statute his fourth tax-limitation campaign, "we think it's going to be fun. We says if you look aroutd the country at think we're going to win." on voter fruad he'd be aC- the kind of people such campaigns To the contrar Bruce sa s ~ attract, you won't get a smooth, Y~ Y Cased of that " suave political person, because, Amendment 1 will win by a - chances are, they've already been "thumping majority. !f people are bought and sold." Bruce has dumb enough to vote against this up stopped and asked if anyone In addition, one of the proposal's "incredible intelligence and is amendment because ['m from wanted a puppy, chief, tradItlortal opponents, the incredibly committed." California, heaven help us." Bruce was born inL.A.43yearsago. Colorado Education Association, To Stealey, who orpLinated the If the amendment doesn't win this He attended Hollywood High and which the Bruce camp claims phrase, Bruce remains a slick go-around, Bruce may not fight the i graduated from Pomona College with contributed $176,000 from 1986 to 1990 California lawyer. "Isn't that what he fight again. "lf people are really a double major in history and to defeat tax limitation, is focusing its I is? He sells half-truths, qua.,.. .sibs. saying, no matter what we do, they're government. He attended USC law efforts in three directions this year, If we had a statute on voter fraud, going to be bamboozled, badgered school on a scholarship, graduated, Amendment 1, Gov. Roy Romer's he'd be accused of that" and bullied by special interests, then passed the bar and became an attorney Children First initiative and the school The Vote No on One campaign is maybe they"11 get what they at 23. voucher proposal. "going to do something different from deserve;' and tax Limitation will have ~ Conttaty K:to a . Boulder city "We're linking the three together in wkat Mr. Bruce does. We're going to to be accomplished at the local level s attorney's assertiori that "Douglas our message to our members, says Bruce has never practiced law, and it Deborah Fallin, CEA director of public shows" (for which Bruce suggested a relations. "We're not spreading Up the Creek Ski and Ree Club letter of correction to the Colorado ourselves too thin. We're really i r~ Daily), Bruce spent five and a half working hard." KICKOFF Party Oct. 1 J years as a Los Angeles trounty Fallin says the CEA's opposition to prosecutor. Amendment 1 stems from what has G)j1~a "One ofrthe»reasons`I~quit:is~, -happened in California since c~„~n•o"- because I felt the criminal justice 'Proposition 13 was passed in 1978. • _ _ system was too oriented toward the 'Their schools are in shambles. They " crooks and not the vidims." went from being one of the best to one • After leaving the r.,,~;.~,stofs office, of the worst" in the country. he became a victims' advocate of loco, Fallin predicts Amendment 1 will offering free legal services to crime be soundly defeated in November. victims. That didn't last long, either. '"Chic is totally unscientific, but how 'The problem was the government many times do we have to say we wouldn't cooperate. They felt they don't want this? The public has said would have complicity in ambulance- no three elections in a row. I wouldn't chasing, even though it was free." In be surprised if there's a bigger addition, "it wasp t a way to make a reaction (against Amendment 1) this ~ ~ t living.' year.' ~ ~ ,t His move to Colorado coincided But Bruce contends opponents are , ' with the defeat of the Crand Junction running out of arguments, that ballot initiative. He called and offered suggestions that the amendment is his help. "The following year people vague, will paralyze government, got together for a post mortem, and I _ create chaos and turn off voters with Put)IIC invited YearaE>.eTrys;CopperAAountain, was invited to artici ate " As the constant elections re resent a P P P Sr t . ~t, Crested Buns, wmlar Park ski only lawyer in the group, he was "grasping at straws. They did that last Tuesday, Oct.l3th, 7:3(?pm Train and me niggest top of the year, sR asked to draft a new initiative from time, and we answered every single Dr(nk Specials and darer n Jad~on wt's and more. scratch Since that time, tax-limitation argument" Compl(mentery Buffet SUYYtA Eyt7fTS- The Club proposals have become known as He adds, "How can they say It onenyearm~,naeraiaeainduarq:ratt Bruce amendments, and their won't work to vote on tax increases Door Prizes and Giveaways pjps, water skirp, wirdsurfinq, eait;<q and acceptability with voters has increased when Romer's got his (proposal) on ai Jimmy's Grille ~kw• aso i~ded is coed Our regular meetings are held ttw znd and 6Oll~~ 00~ "0+81'x• ODD ~ toomea with each succeeding election the ballot?" and a ski acorn. Ckre parties are featured ' The Crand Junction effort 1 Bruce of the blame for the 4m a,esday a each month at 79op.m. az ga. : ~Yg l~ Jimmy's GNIa. 320 S. Birch ~ Glendale. mr0ughout me year. 36 percent of the vote. By 1988, the proposal's being misunderstood on For more irdam+aeoq dbat me eras latirp percentage had climbed to 42.5 the backs of reporters. "I was amazed uPCOwNG FALL tevl7~tTS -Douele n up d,e creek err a1 me ratline err t and b 1990, to 49.7 t at how tittle re rters knew about Decker Pue CrawllMysiery Baer Tar. ~~~88z, _ ~t „ . r=•-_•.• Y r=•-~•• P° HaYowaenCosarneParty. l~iK{,(~iX "The reason we're successful is mathematics, history, business. They wlNrt:A stu TrttPS-Thanksgiriq a Nlew - ~C1 & REC CLUB we ve held together. That's why we're didn't understand a bar chart. We've - NOw w ouR ism rE~W going to win this year." had to keep simplifying, dumbing Creek, Sepl. 25, 1982, 9 =.a _ _ - - - - - . ~~~ElvL~ SAP 8 1992 COLORADO COALITION OF LAND TRUSTS X C. TG ~X~ FALL MEETING National Center for Atmospheric Research Boulder, Colorado October 3, 1992 AGENDA 8:30 Coffee, Welcome 8:45 Consideration of Resolution Supporting Great Outdoors Colorado Ballot Referendum on Lottery (Conservation Trust Fund) Distribution 9:00 Legislative Report and Update on Recent Legislative Changes 9:45 Presentation on Resources Available to Colorado Land Trusts 10:30 Break 10:45 Report on National Land Trust Advisory Council Meeting and '93 LTA Rally Plans 12:00 Lunch 1:00 Seminar on Project Management 4:30 Break 6:00 Cocktails and Dinner at The James (1922 13th Street, Boulder) Reports from Local Land Trusts HOPE TO SEE YOU ON THE 3RD! If you've not already done so, please send $25 to confirm your attendance to Hal Clark, P.O. Box 940, Aspen, CO 81612 and indicate whether or not you will stay for dinner. 9/23/92 / L A N D T R U S T A L L I A N C E ACTION ON AMT NEEDED AGAIN NOW!!! The Senate expects to take up the tax bill, which includes the provision on the AMT and appreciated property, on Wednesday, September 23. Leaders hope the bill can be completed in time to begin conference with the House on Tuesday, September 29. There is no certain date yet for Congress' adjournment, but in an election year, they want to go out as early in October as possible. We cannot predict what will happen. The bill contains a great many provisions and is therefore controversial (although not because of the AMT). It may be considered in something like its current form, or it's possible that only a few relatively non-controversial provisions will end up in a final proposal for consideration. IT IS CRITICAL THAT SENATORS HEAR SUPPORT FOR THE APPRECIATED PROPERTY PROVISION NOW. EVEN IF YOU'VE CONTACTED THEM BEFORE, PLEASE DO IT AGAIN NOW. The message is simple: Don't adjourn without completing action to restore the full fair market value deduction for gifts of appreciated property under the alternative minimum tax. Point out again, briefly, the negative effect the current law has on gifts of property for conservation, and the opportunities lost to protect land. This battle will be won or lost in the next two or three weeks. Thanks, once more, for your help. CCLT MEMBERS PLEASE PHONE OR FAX TODAY! Senator Timothy Wirth Senator Hank Brown Phone: (202) 224-5852 Phone: (202) 224-5941 Fax: (202) 224-1933 Fax: (202) 224-6471 900 SEVENTEENTH STREET NW SUITE 410 WASHINGTON, DC 20004.2501 202.785.1410 fAX 202.785~1t08 c ec Vic:. s ~~~~s~c:~ ~ 8 39~ Aspen Valley Land Trust Date : September ~~~f";~`n~"~~~~".~~,~~,-M,~,~~,,~~.~,.arn,,,~,~- Topic: News from the Front A Synopsis of the National Land Trust Advisory Council Meeting held in Washington, D.C. Sept. 18-19, 1992 To: Colorado Coalition of Land Trust Members From: Attendees Kathy Roser and Hal Clark The Land Trust Alliance is serious about receiving input from its members. This first ever Advisory Council meeting consisted of approximately 15 persons (including L.T.A.} staff who represented regional associations of Land Trusts throughout the U.S. Kathy Roser, President ofthe Colorado ' Coalition of Land Trusts, and Hal Clark, .Treasurer attended. The planned L.T.A. Rally next Spring at Snowmass, CO increased our interest in the conference. The following is a summary of significant items discussed at the conference: 1. An idea gathering session highlighted the initial meeting. Ideas where focused on giving direction to the Land Trust Alliance on work priorities. Three issues emerged as the highest priorities: A. Changing the A.M.T. law to restore full value of land deductions for federal income tax purposes. Our land trust involvement adds a conservation element to the Congressional debate. Harvard University is leading the charge in this A.M.T. change debate for non-profit fundraising reasons. Note the enclosed memo. B. Passing the Open Space Preservation Act which would remove land protected by a conservation easement from inheritance taxes. C. Releasing funds for land purchase under the Land and Water Conservation Fund. ~ ' It was furthur generally agreed that the prime function of the L.T.A. was to assist the grassroots land trust movement. 2. A concern was expressed about the rapid .growth of land trusts and the potential for trusts to become dormant or worse dead. Perhaps it is not necessary to form a new land trust over every land preservation issue. Sustainability of the new trust should be a prime concern. Will it last! Older trusts should "mentor" the newer ones. Satelite protective organizations could be formed in lieu of new trusts to act as stewards of local lands. P.O. Box 940 • Aspen, Colorado 816!2.303/920-3806 Aspen Valley Land Trust lL'e ha.e n[M inlrenfed our(dnd~lwn Wr/rnfatlwrs; Nr lla.r bwrvwrd it Jrtnr ~.niirilanr.' ' -2- 3. The adoption of the Standards and Practices for land trusts continues to be of importance. In the future L.T.A. may require the adoption as a condition of membership. Certification of land trusts may also loom as a future requirement. 4. A discussion was held regarding the Wise Use movement. Few of the attendees were concerned about it an some had not heard of it. The movement is targeting the Endangered _ Species Act for repeal; the environmental movement in general for death; and The Nature Conservancy as the major environmental devil. A letter from TNC warning of the movement was reviewed by the group. Interestingly, after the conference on Sunday evening September 20, 1992 Sixty Minutes did a story on the Wise Use Movement. Qn a lighter note, the group enjoyed a fun evening together on Saturday night sampling strange Malaysian dinner delights. Highlights of the dinner included Mark Ackelsons strange technique for picking the restaurant, Tom Baileys mostly untouched coconut herbal drink; and Singha Beer. The Advisory Council will meet again at the LTA Rally in May, 1993 at Snowmass. Words of wisdom emerged from the conference - " If you give them books they just eat the pages" and "Truth flies like . a Sparrow; Love flies like an arrow and Fruit flies like a Banana". So long until tomorrow. enc: Action on AMT; Land Trusts and Property Rights article by Jon Roush P.O. Box 940 • Aspen, Colorado 81612.303/920 3806 '7l q z LAND TRUSTS AND PROPERTY RIGHTS I~ 1 by Jon Roush Jon Roush has served land conservation as the executive .'ice president and; later, chairman of the board of The Nature Conservancy. He was also a founding board member of the Ivlontana Land Reliance. As the president of Canyon Consulting, he' advises conservation organizations and government agencies on strategic planning and management. vansactions. I.'o one can be forced to give or sell property to a land oust. They respond to state and local needs because they have state and local roots. - Land trusts are an economic boon to their communities. They do not pay income taxes, but they pay local property taxes, unless state or local laws exempt them. Using a Recently arguments about the environment, natural resources, and land and water use vazicty of techniques, they protect publicly valuable open space, parks, historic sites, and have grown more heated. Some battles make national headlines, but most are fought at the natural areas at little or no public cost. Often they succeed where no public agency has the state and local level. Few communities in the United States aze free of controversy. On any authority or resources to act. And where a public agency could act, a land oust might still day, in any town, people are likely to be arguing about some issue of land use. Most of the save money by providing an alternative to expensive litigation or legislative wrangling. Sites issues have one quality in common. They involve a conflict between two valued rghts: the protected by land trusts are amenities for the entire community. They enhance the quality of tight. of individual people to acquire and use property and the right of the community to life for people who live and work near them. They provide all those benefits lazgcly through convol its coninton resources for the health, welfare, and enjoyment of all. the work and creativity of volunteers. In a world of shrinking resources and growing demand, the debate is increasingly Those land trust volunteers might be the most important benefit of all. Land trusts polarized and frustrating. Too often, the outcome satisfies no one. Issues may continue enroll about one million people as members. Although some simply pay dues, many work unresolved for years, or coutts or legislatures may force a compromise that leaves all parties actively. They donate professional advice, raise money, educate the public and help public unhappy. Even when a "winner' is declared, new problems soon appear. Rhetoric front the school systems. They build fences, restore buildings, build playgrounds, and mow the playing last figh[ is dusted off, and the battle begins again. Gradually the fabric of contrtttinity is fields. They conduct scientific research, design site management plans, test water quality, and torn, as dialogue becomes debate and adversaries become enemies. This d}~sfurtctional monitor rare plants. They do whatever is necesslry to protect and enhance the public [rcasure process is not just a problem for conservationists or public officials. It is a problem for envusted to them. America. Many of these volunteers would not think of themselves as conservation activists. I=und:tntental values are at stake. America grew [tp with vision of a n:[tiott that They may never have attended a demonsvation or lobbied a legislator. They simply care denies opportunity for advancement to no one while assuring equal rights for everyone. In enough about their community to give nights and weekends to save the best for future many people's minds - on both sides of the question - a shared right [o a livable environment generations. A community wi[h an active land trust is rich in more [hart ]and. I[ is blessed is incompatible with private rights to acquire and use property. We also haee strived to build with a group of people who give what could never be bought. a ri:ition that will endure. \\'e want our grrndcltildren to have tl[c same frecdotns we do. We Yet mos[ land trust volunteers will say they receive more than they give in their quiet want them to enjoy a ~vay of life at least as good as ours, natural resources as plentiful as activism. To help make one's community a better place, to be persona!]y challenged, to ours, a world as livable as ours. increase concord and reduce discord, to build for the future - to do any of those is to enrich Arc all those goals compatible? Can we protce[ our common resources -land, water, one's life with meaning. A chance to do them all is a rare gift. and natural amenities -without unacceptable restrictions on individual freedom? Can we That [he land trust movement is growing throughout the United States is no wonder. protect them for future generations without usurping this generation's rights? It has innumerable weSlsprings, wherever people work together for common land-use goals. Land trusts cannot address all conservation needs, but they can meet needs beyond the reacfi We can, if we create and support institutions through which people work voluntarily of any other institution, public or private. In doing so, they have created vehicles for for the common good. Such institutions will emphasize private, non-coercive action. They participation by people of all classes and political leanings. They have created a unique will respect property rights. They will allow enforceable agreements between private parties grassroots movement. for the good of the whole, and they will reward people who enter those agreements. They will be perpetual but flexible, so that future generations can enjoy their benefits while As conservation issues become more polarized and contentious, this movement offers adapting to new situations. And they will respond to local needs. Although we have a an alternative. Its svategy is cooperative voluntary action. lts venue is local, but its scope is national problem, it unfolds in countless local guises. We need organizations of local people national. Its message is that responsive private institutions can help build livable who provide solutions adapted to local resources, traditions, plans, and laws. communities. Those organizations exist. They are the 1,000 land trusts operating in all 50 states. As private organizations, land trusts often provide alternatives to govemntental regulation. They act for the public good but achieve their goals through negotiated, free-market _2. ~ x SENT BY:EAGLE COUNTY ; 9-24-92 ; 17:16 ; 3Q3~2B7207-~ 3D34792257;# 1t 4 SepbCn~ber X992 - ~.5:2{i EAG! r CCTV Bt6tDING oF~ aF 7?f ~ b.• ~ t = v.0. eax esv BOARD OF COMMISSIONERS ° : CAGLE, COLOWIDq 6163 (303) 378.56 FAX: (34i) 3]B•77Q7 rte:. ' . •s''• `,cog it '.n4 ~ '7Yy^ EAGLE COUNTY, CC~Lt~RAaC~ ' AAA BI)ARD OF COUNTY COMMISSIONERS REGULAR 11+t~,taTING DAY MONDAY, SEri1'EMBER. 2$, 1992 09:00 -10:00 WORK 5~SSIQI~T - WEEtf.LY UFQATE ~a~ x~r rs' Lames R. Frit~e ,County Manager 10:00 -10:45 1'ENDIN'G I.IZ'IGATT(?N yen: afrhe xrus ca:cass~aonr Kevin I.indaitl, Cotutty Attorney it:DO - ~z:aa zc ~sa~o-BACK cc~urtT~~ zox.~ ~cu. aaur+Yra Tom A11+ender, Flanner AC'I'I17AI: Consider ~ . ~ ~ Deal t4 change za?ning in certain areas of tiie Ccaunty Resources ko Back Country 1:0(1- 01:30 *~~LUNCH~~* ~ 01:30 - 01:40 CUNS.~VT GALENAAR xecr~ t~uxrrx~r rrser~ aFe iraurn~er~ ~wc? resn~8~ ~u~ oN ~ ~c~r~eR ~euvw ~ a~ e~Uxrr c'xut~rrssrvs 7v s rrs ztvs.~ ~ oxxtxea ms: ~~u.,al1II'li~it~ axe exr Ca08/~iflu'SIOAlSR]I/,~YII~QUEbti'?NA2'~IN178~lB8 ~IVav~`FRaM?R~3G~At~xt'CdL811[tiieMPita0~S8•~aRd~LY_ ~1A?y'M~1f8FR 0~' TRS PilBLICNAY `Jte~(/S37"Mlf'.t~lt ,ice ~A{pV,pA• !%8DM ?F~ ~;9tl~NT,![3~d. ~ 1. BII,.L PAYING ' Lint~a Pankuch, Accounting Larry Clever, Controller ACTIUN: A~,~r~u~?~l subject to review by the County Mager. x. PAYROLL >i'OR +i3CTOBF~t 1, 1992 ]ames R. Fritzc, CQUnty Manager AC7'1~1N: Approval a~ubject to revicw by the County Manager. SENT BY~EAGLE COUNTY ; 9-24-9~ 17 17 50332872D7-~ 30347J2157;# 2t 4 3. LIt~UOR LI~.r~ 1SE HEA?RIlwTG - AL - i~ ut~.+TG Ili ~ r.~1TMENT CORPORATION - I1HA THE BlEA4 r.~ C.II~A WIlVES & SY' • Kevin iandahi, County Attorney Ax..Y~~DN: Consider ar~r.~.,Va1. 4. LiQIJI'lR LICENSE HEARING - R.EPrY. AL - MAIIQUE~ RESTAURANTS INC. - DBA ~~•5TA'S i'~+~.+~ nCAN IIELI ANU RESTAURANT Kevin I.indahl, County Attorney ACTION: Consider a~.k-~~~rat. S. LIQUQR LICENSE AFARING - REhr,~~AL - GASHa~u~+ INC. - DBA Y,r~.~, GASI.IOUSE RESTAURANT Kevin Lindahl, County Attorney ACTION: Consider a~.i...~,rral.. 6. NOTICE OF AWARD BETVi I EAG.X.E COUNTY, STATE OF COLORADO AND TAE DYVII"IE CORPORATION I1UR r rrL+. EAGLE RIVER DROP u Yri?Ua, r JRUS II~T ' AMOUNT OF $~9,'~44.QQ john Althoff, Project F~ine~r Ray Merry, Envir~mental Health OffiCOr A~ YYON: Consider ar~~,~~al. 7. IIVIS COUNCIL C+CIUNTY 5U'~,~X "ANNUAL RE1'OR.T AND .PLAN" Mara Kleinschnudt, Deputy Cauuty Alt...~.ey Kraig Kinney, Chaircr?an of HMS Council ACTION: Consider approval. AGRr.,,!,YrII,rNT I#ETWEF.d~i EAGLE COUNTY, STATE OF COLORADO AND MUSTOE AND COMPANY TO INSTALL 'VI1LK~',1V1350-351 Y 'r.~.rESTRIAN DECK COATING SY'S Y min TO EAGY.E COUNTY JUSTICE CII'~ Yom. IN AMOUNT OF $ 5,539.04 Tom Solawetz, Building and Gmunds Assistant Supervisor ACTION: Consider approval. 9. PLANNING - RESOLU~.'ION' SIG1rtYNG I. PD-G8-9~-A~-EAGLE~VAIL., F'IIy'.ING 2, BLACK 3, LOST 14 A1~1D I1 II. PD-28S-94-8A,SAI,,T INDUSTRIAL PARK, PHASE II LOT 28 UI. P'D-6S-90-A2-EACLI~ VAII, VAIL BIBLE CHURCA, 1.+OT 1A, BLOCK 2, rIY?ING Z IV. ZS-325.92-HOLY CROSS I'UWER TIi,ANSIVHSSIUN L1l'dE Tom Allender, P'lann~r, Community Dsveiopm~l ACTION: Consider r~y~.+~ ral of resuiutitms reflective prior actiaras of the I3aard. PACB ~ SENT BY~EAGLE COUNTY ; 9-24-92 ; 17 18 ; 803328720?-~ 80347J2157;# 3/ 4 OI:40 -02:0(1 A. FINAL RELEASE OF COLLAaAI. BTTW~e.?i EACI.E ' s,~c~ n?aoot~r CtJUNTY, STA'V'E OF COLORADO? AND VALLEY II[TSIAiFSS CEh rn I.N TlIE AMOUNT OF $ 3,374.00 Larry Metternick, County Engincer ACTION: Consider approval. RESQLLJ'.I'ipN AL' i rzaRIZING PAR.t ¦AL RELTASE ifJF ' COLLA x SAL FUR BLUE LAKE 1'VJD F.Q.ING NUMBER 4 (VAh.?:~.~ F1~",'~ ~~+-5, INC.) Larcy 11letterniok, County Fineer Ar,,.aYON: Considerr appmYal. C. RF.SULUTION ALY~O IlvG FULL ~E t~~' COLLAT~AL AND W G CUSTOMARY i ~~'O YEAR WARRANTY x ~,AIO ~'OR HARMONY VIEW SUEDIVLSION Larry Mettsrnick, County Engiaeear At~'aaUN: Consider ~yy~r,~~. b. RFStILUTiON YACATll1TG TROTJ'I' COURT RIGHT-CfF WAY, AND AG irYORIZI~IG a~ TG SIGN ,~,LA~~D C2XT1T CLAli.Vi I).rr~,S, TO AIVJACENT I'V.tQI'TRTY UWIVERS Lams, ~,rP~r~,r~t~, county r~ngincer A,. Y,.GN: Consider a,E.~, ~ ra1. . I;. QUIT-CLAIM I}EEl]? TU PAR~6 CQNDQMINIi]'MS, FINALIZING 1987 ACTICIN VACATING 'I~tOUT C'.(IU.iIT CUL-UTiSAC ]Gaxxy Metterniek, County Engineer ACTION: ~ Consider approval. QZ:~ - OZ:30 FUBX,IC N~i'.A17TNG ~ REGARDING APPLICAxak,l~T I~R A srtc~ ovunrrrAO+o~,r COLORADO DEFARTMENT OF 'i'RANSlY]RTATICiN r ~NIIT TO ~iECT A BUSIlVFrSS SIGN WITHIN a:~ I-?0 RIGHT OF WAX (gar AA N xC ;~a+~aiYICE SIGNING - IAGOS) Larry Nietternick, County Bngiaeer 0~2:3Ii - 03100 WORK SESSIQN - CUNGF.RNING MOUNT SOI'RiS err~rxcliilbY,.w,y.~? TItAN$PpRTATIQN PROJECT ~ Dave L. Ruble, Jr. i I Colorado pepa:tm~at of Transportation 03:00 , Q3:4S BOARD OF SOCIAL ur~YICFS ~rrc.~ axnvrr,~ Kathleen Farinash, Director of Soul Servicss TH8 NBKT IM,c.;,t,.it# OF TSS P.ACfGB ~t7rccY ~vc?bm~ttsSloNSRS vy~u. BB ru3[.v tMt , ~,~sl~ 2g. is~2. THffi Aksm~..A IS PSO~..y~.! I~R II1FO~MA?IONAL FURPOS&4 ONLY- ALLTIIKHS AR@ APPROXIMATB. THSHC7ARD WHILE 1N $FS9IdN MAY 4~OIdSQ}S[t Ira ncar. iT$M~ THAT AR8 BROUtsHT SS~(?R~ YT. PAGB 3 SENT BY~EAGLE COUNTY ; 9-24-92 17 18 ; 30332872Q7-~ 3034792157;# 4/ 4 September 24, 1992 - 14:14 ~ : • ? s' EAt;t.E COUN•fY BUB.DING 551 BRC1ADi1~AY .:;i, OFFICE OF YI# • x.~.::-': P.C~. B4X Ssp BOARD CIF t7011~MI5SI0NEaS ' EAGLE, COLOIiADd Sl 63 X303) 38.8605 ~+s•"^^"~ ~''Y ~ ~ ' ~ f'A%: (303) 318.7207 .,,q..R ,a EAC LE COUN`CY, +CC>LCIRADO A•G~NDA BOARD OF COUNTY ~OMMISSIOIV tsx5 ItLCLILAR MEETING DAY TUBSDAY, SEr1 ~MSER 29, 1992 Q9a~ - iZ:00 FD-131-9'-A-AR~O r y r~,~.AD A~' '1?A1L s~~ +ctavlvrrxao~a Sid Fc~x, Senior planner 1Z:OU - 0~:3a LUNCH j 01:3Q 1Y~:15 WORK SESSION - REGARIJING DIST.RICl` AT'!'ORNEY'S arr~~noLr,~?~~~~,saa>rt PROFO~~ BUDC,ET Peter F. 1Vlilrllselsa~, 1JistriCt Al~ornoy o2;>t~ - +us:~ wF.~,<,~rr EAGLE COUNTY h,~;~~o RECRTAxwN . ~sc~ aavnnrxoox DISTRICT PROPOSAL -LEASE AGR~.,.~N'!' Jack Lewis, Asst. County Manager 03:~ - p3:15 FLAT AND RESOLUTION $1G1'rlXi'+TG,, s~cLa cocnvrrx I. ZS-43-9U-A~.EG ,~,.c~r.~. MOB~II.E HO1Vt~ P'Ai~K II. ZS 295-90-FLQYDC~kAVVFU~iD,CRO..ar.i'~L~~ANDCt.~~RCIAI.A1tEA IIL ZS 293-90rT'~ RIVEI~tWAI.B. I11i EDWARIIS IY. I1?-153`91-A11•PII.k~1.uriS D~WNS~ Al1+IBl~IDA+~NT TO iru:. PUDr CON!'RUI.r Tort All~atdtr, Planner, +~ommunity Deve1W~~~..ent AC'I"IOIrI: Consider' approval. U3:15 - d3:4S YISIT - EA1sLE COUNTY .NSTICE CEriI a,~. c~aulvrrn.~.r~~ c~nr~ R~l1+IODEL Mike Bradley, Building and Grovunds S ~ r ~iw. nsor ' i ~3:4~ - dAII. INSPECTION &ilGLB C.nU1VlT ~ vUu{~B l~NY81t THS a4P.r?Y MBBTIN(3 4F 1Yit3 ~ACxL' 8 Cbf.1I+1'1'Y COMMI53(ONFs~tb' WII.L $E ~ ON r, r~ 1992. THLS AflffiVDA L9 PR~YIt)6D FUR 1NPURMATIUNAL r u xr: USES ONLY - ALL TJIIAES ARE AFPROO~IAT6. 77iB IIQARU 1YHII+B IIV SBSw51d1~1 MAY COIVSILIBR 4~anad il~3 THAT ARS I4tOU0IiT HEPORS Yr. ' SENT BY-EAGLE: COUNTY 9-28-92 : 1221 ~ 3p33287207-~ ~iu~4r~~tar;~ if 1 i ~ . . September 28, 1992 - 21:32 Eac~.f cauNrv ~.m.r~c 551 BRaA01VAY • ®FHCF OF TFF AA. HOX 850 ' CrDl3ViY w1ANAG8t fA~91 E. COLpRADa 91631 (903) 338.805 . .,,•s SAX (3tJd) 32$J1~07 EAGLE ~OtlNTY, COLORADC7 ~~vronvM To: Au med;a and int~st~ pares _ . pRO1VL• James R. Fritze, County Managcr • DATE; Segternber 28, 1992 RE: ~ENDA FC?R 5~,~,~~IBr.~c.,29, 1~ The following items were added to the S ~r ~;,mber 29, 1992, Board of County Commissioners Meeting Agenda: i o2:4s - o~:oo ~~.Ct~T;ox o~BOlvn DOCUMENTS RELATIl~iG 1'o vAtc, ~U~~ AsSOCI~,'~~ Arm ~EAV~R CR~?. xEEUrtDnvG ' Kevin I.indahl, County Attorney 03x5 - 03:4a WO1tK SESSION -EAGLE CUU~r Y r RTGIDNAI. ~cia~vivrr~aar PRY+:AP2'LICATIQN 1~R ~1<'rrur~AL ASSISTANCE 1995 inriOUGH 1947 PROGRAM Dan Reyaolds, Airport Manager The following times were changed an the September 29,1992, Board of County Commissioner's Mewing .Agenda: 03:45 - Q4:15 SYTE VISIT - EAGLIa COUN`l'Y JUS'T'ICE CE1V s i+ati ~acr8 cor~xrrfvs:res ~a ODEi, Mike Bradtey, Building $nd Grounds Supea'visor . x:15 _ JAII. YNSPECTIt~N s.~crs adun?rr,ta~rc~ ca~vr~x If you have any questia:s please call Frat:ccs Barela, Office Manager at 32~-$605. . 4 Tt~nk you! JRF/tj f cc: Board of County Commissioners ~ . Jams R. Prit~e, County Manager i Kevin Liadahl, C'«><nty Aaorney Johnnette Phillips,, Clark to the Hoard t TOWN OF VAIL MEMORANDUM TO: Ron Phillips Town Council FROM: Steve Thompson DATE: September 16, 1992 RE: Second Quarter Financial Report Please find attached the Second Quarter Financial Report. The Town's financial condition for 1992 remains strong despite sales tax, interest income, and lift tax collections being below budget. The short fall from revenues that are down is offset by construction fees and RETT tax collections exceeding their budgets by a combined $700,000. We are projecting a 3~ increase in construction fee revenue over 1991 revenue and a 2~ increase in sales tax revenue over last year versus the 4.5$ budgeted. Also, included in the general fund revenue for 1992 is $825,785 for the Pitkin Creek Bond Refinancing. We are projecting healthy ending fund balances for the General Fund, $3.1 million, Capital Projects Fund, $1,2 million, and RETT Fund, $1.6 million. The Town will need to do a supplemental appropriation in 1992 of at least $3.2 million to cover project roll-forward expenditures from 1992, $2.1 million, additional money to finish 1991 projects in 1992, $664,661, and additional or reclassed expenditures for 1992, $519,279. See page 7 and 8 for details. These have all been previously authorized by the Town Council. We will not be presenting this report to the Town Council since we recently addressed the Towns financial condition at the 1993 budget over view meeting. Please let me know if you have any questions. c:\wp-memos\2gtr 15-Sep-92 TOWN OF VAIL STATEMENT OF PROJECTED CHANGES IN FUND BALANCE 1/1/91 - 12/31/92 SPECIAL CAPITAL REAL ESTATE PARKING HEAVY VAIL DEBT POLICE TOTAL GENERAL PROJECTS TRANSFER ASSESSMENT EQUIPMENT MARKETING SERVICE CONFISCATION FUND FUND TAX FUND FUND FUND FUND FUND FUND , Fund Balance 1/1/91 506,217 1,389,205 2,192,343 22,965 386,158 27,349 3,553,114 679,097 8,756,446 Actua11991 Revenue 12,964,884 9,612,018 1,941,007 292,411 1,352,685 670,723 4,688,496 39,237 31,561,461 Actual 1991 Expenditures 12,813,801 7,254,871 1,702,522 311,336 1,342,470 675,719 2,976,235 206,698 27,283,650 GainlQoss) 151,083 2,357,147 238,485 (18,925) 10,215 (4,996) 1,712,261 (167,459) 4,277,811 Actual Fund Balance 12/31/91 657.300 3,746.352 2.430.828 4,040 396,373 ___22,353 5265375 511.638 13.034.259 1992 Revenue Estimate 15,026,112 7,138,505 1,775,510 270,000 1,480,408 678,782 4,705,114 44,000 31,118,431 1992 Expenditures Estimate 14,190,219 7,978,458 2,384,992 274,000 1,476,693 701,593 4,439,863 111,723 31,557,541 Gain/(loss) 835,893 (839,953) (609,482) (4,000) 3,715 (22,811) 265,251 (67,723) (439,110) EquitYTranskr 1,700,000 (1,700,000) Less: Rolltorvvard Expenditures 180,000 180,000 Projected Fund Balance 12/31/92 3,193,193 1206,399 1,641,346 40 400.088 (458) _ 5.530,626 443,915 t2,415,ta9 FDBAL492 PAGE 1 _ ~ '•iiiiii:: iiiiiii}iiii.;y}}i'Oiiii;^}. ~•iiiii:•iiiii}:i}iii iii: ii ::i:::::t?L•iii ii;i{:::i::i::i i;;i,>.::i::::i:::•i::iiii::ii::ii::i i;v;d}::iiv<i i 7~1E~~J ~.::;:;:~;;rii<:;;::~:;:,:~ ~:~>:i!: ii:}is;'•r.~:::>.::tii~:iy:b.~j:};:;~` 55:: ~;:::j{:j<::,r:;iyy,.;::~~ ~.,..~i ~ S:•: :t:: :;';:;:i;::: i::iii:vii;: ~:•::i ::ii:iii::::i::i:%::ii:::•:::i:•:{:: :?y i;':•::: I!~ iii>::>i»::::::ii>i::i>::iii>i.:i>::i:>::;:i::i:::~::i::::i;;<.:;.i::>i:.iiii:.:...,... A~.t.t~::F.[t±l!At~tt.'"ti4~L. 1. 1992 1992 VARIANCE aGENEflA!_.~UND REI/ENUE " BUDGET ESTIMATE OVER/~UNQER)' Taxes Property & ownership Taxes 2,080,829 2,085,829 .5~0 Retail Sales Tax 6,954,000 6,721,000 Ski lift Tax 974,500 945,000 X29;500) Franchise Fees 489,000 490,000 1;000. Penalty 8~ Interest 35,300 45,000 9,700: Subtotal Taxes 10,533,629 10,286,829 {246;800 Construction Fees 233,631 623,650 ='390,019; Licenses & Permits 43,600 45,400.. 1,800:; Charges for Services 238,737 201,430 {37,307) Transportation Centers 1,560,518 1.,572,330 11;812 Intergovernmental revenue 897,977 907,258 9,281 Fines & Forfeitures 228,125 225,450 _ ° X2,675 Bond Proceeds 825,785 X25;785 Other 270,015 337,980 57,965.. TOTAL GF REVENUE 14,006;232 15,026,11<2 =1;x19,880 - , 1992 1992' VARIANCE .GENERAL FUND EXPENSES BUDGET ESTIMATE. OVER/(UNDER Town Officials 855,821 846,964 (8.;957 Administrative Services 1,045,610 1,045,546 (64 Community Relations 200,546 200,519 (21 Community Development 865,383 865,383 0 Police 2,705,317 2,705,317 Fire 966,866 968,005 1;139' Public Works 2,161,125 2,172,629 11;504' Transit 1,921,048 1,906,564 X14,484 Transportation Centers 993,634 991,862 (1;772 VM RD Contract 547,043 547,043 0 Library 590,156 598,429 8;273 Insurance 494,875 482,195 {12,680 Contingency 11,859 11,859 Contributions & Events 771,218 787,554 , 16;336! Employee Benefits 60,350 60,350 ' _ _ - ;0' I'TOTAL GF EXPENDITURES ::14,190;851: 14,'190,219 (632 SURPLUS/(SHQRTFAtL)' (184,619) $35,893 1;x20;5121 2~ i r~2FIN PAGE 2 _ , _ 99 1:992. VARIANCE CAPITAL PROJECTS F~EVENUE 'BUDG'ET £STIMATE OVER/(UNDER): { Retail Sales Tax 4,946,500 4,784,000::::.:' _ X1$2;500 County Sales Tax 195,000 187,000 (8,000 Ski Lift Tax 974,500 945,000 _ X29;500 Recreation Amenities Fees 30,000 129,000 . ' 99D00 Earnings on Investments 173,000 150,000 `::.,{23,000 Other Income 44,000 x,850 , : ; - 7:2S5D' Transfer from the General Fund Perf. Arts Ctr. 100,000 100,000 Rt i ~ Loan Repayment 506,655 506,655 ' D International Bridge Grant 280,000 280,000 : ' 0 TOTAL REVENUE > , 7,149,655 7,138,505 {.11,1.50 1992 1992 VARIANCE CAPITAL PRO:IECTS'1=L1ND:EXP. BUDGET ESTIMATE 01/ER/~UNDER~ Town Snow Dump (R)=Rollforwards 313,500 313,500 0 International Bridge Replacement (R) 450,000 450,000 . p Police Department Space Expansion (R) 121,000 121,000 - ~`0! ' Misc Sidewalks 8~ W Ped Connection (R) 22,523 22,523 0' VTC Community Improvements (R) 115,384 115,384: 0 Street Maint & Improvements (R) $53,500 653,500 653,500 ! 0 . : Snow Dump Road /Overlay Shop Complex (R) 209,500 209,500 ` _ 0 Comm Sys Maint. & Replace (R) $32,066 52,066 52,066 0 Dowd Junction Bike Path Design (R) $5,763 105,763 105,763 0 Municipal Annex Remodel (R) 156,195 156,195 : -0 Streetscape Design (R) 6,167 6,167 '0 Computer Project (R) 3,000 3,000 ,13 Parking Structure Settlement (R) $163,348 395,000 395,000 0 Parking Structure Capital Maintenance 55,000 55,000 0 Recreation Paths Maintenance 85,000 85,000 0 Misc Building Maintenance 50,000 50,000 , 0 Street Light Improvement Program 30,000 30,000 0 Chapel Bridge Design 10,000 10,000 0 Fire Truck Replacement 250,000 250.,000 0 Parking Structure Landscape Contingency 30,000 30,000 - 0 Bus Replacement 600,000 600,000 0 Town Shop Ventilation System 46,200 46,200 0 Vail Fire Station Storm Sewer 24,450 24,450 0 Slifer Fountain Repair 30,000 30,000: 0 Bus Shelter Imp ~ Replace 40,000 40,000 0 Drainage Improvements 30,000 30,000 - 0 Street Furniture Replacement 20,000 20,000 ' ' - 0 Town Shop & Bus Barn Maint 26,700 26,700 0 Remodel Bus Terminal 35,000 35,000 _?Oi PW Office Remodel 50,000 50,000 Pedestrian Overpass Walkway 50,000 50,000 - > <0 Black Gore Bridge 15,122 15,122 "0< Lionshead Mall Project 22,107 22,107 0 Performance & Arts Center 100,000 100,000 0 Transfer to RETT - Prch West Vail Land 72,086 72,086 0 Transfer to Debt Service 4,216,764 3,703,195 {513,569 ITOTAL EXPENDITURES - 8,492,027 7;978;458 (513,569 ~.;;...,.,.~,BUR....~,t,€~~{5~c,»'#.~..rA~„f„~.~;,,:~. . ::.;:IL~.x€~'~. ~'~~::.~:::::,;;{9.y.",~.~.:~ o~~'~.~: 2QTR2FIN PAGE 3 a 1992 7992 VARIANCE t~ LOS ~ CRY FUND BUDGET ESTIMATE ;OVER/{UNDER);. REVENUE 8,200 12,100 3:,900' EXPENDITURES 8,200 16,000 7;800 } St~L~P~..l~3S . ~Hf~l~ : . ...:..:...:.~.::::>.<.::::::v::.:..:>.::<::: .;:<a ::>:<>:.:::>::k: ~v ~ • ~~..~•s.:um.. S i~ 1992_. 1:992. i/~?RIANCE REAL`II=STATE TRANSFER TAX BUDGET 'ESTIMATE: ~OVER/(UNDER) REVENUE Rt ~ i Taxes 1,200,000 1,500,000 300,D00 Ski Museum Reimbursement 27,500 27;500' Golf Course LeaseNRD 80,924 80,924. D` Earnings on Investments 122,000 95,000 07;00.0.. Transfer From CPF -Sale West Vail Land 72,086 ` 72;086'! `TOTAL REVENUE : ; - .:::.:1,402.924 1,775,510 372;586; EXPENDITURES Purchase of Open Space 340,432 340,432 > 0< Transfer to Debt Service Fund 361,434 293,998 ~67,~36) Loan Repayment 506,655 506,655 - ;p! Open Space Projects: Ford Park Snow Dump Revegetation 10,000 10,000 0 Stephens Park Phase II (R) _ $58,409 317,293 375,000 57,707. Tree planting program 10,000 10,000 0' Main Vail Interchange Land. Design 40,000 40,000 0 Bike Path 150,000 20,000 {130,000 Alpine Gardens Contribution 25,000 25,000 fl' Ski Museum Park Site 112,622 76,500 (36,12'2 Bighorn Park Completion 26,310 16,700 (9,610 International Bridge Landscaping 35,027 35,027 0 Vail Trail Safety (R) = Rollfonnrards 2,200 2,200. _ <0 Gore Creek Promenade (R) 65,969 65,969 0 East Vail Interchange Landscaping (R) 84,521 84,521 ;q Master Open Space/ Rec Trail Plan (R) 60,000 10,000 {50,000 Athletic Field Restrooms 47,490 47,490 ;0. Spraddle Creek Parcel Purchase (R) 350,000 350,000. 0` Golf Maintenance Parcel Purchase (R) 75,000 75,000 - 0' Miscellaneous 500 500 TOTAL nt ~ ~ EXPENDITURES ;2,620,453 2,384,992 ::{235,461 _ . ::::~t~ j M~ f~~ . # . SMt ::::.::.:>.::.;.:::.:::.....:.:.:.>:..:~::::::;;<:::.r.: ; . `508'3'' '<>..'~t~i:~: 2QTR2FIN PAGE 4 . •'1.992 _ .1992 VARIANCE ~ 'HEAVY EQUIPMENT FUND <BUDGET 'ESTIMATE OVER/{UNDER REVENUE 1,480,408 1 _ ; : > `;.;`'Q EXPENDITURES 1,463,993 1,476,693 12;700 ;•.:C ~:Si~G:: fuy:•;:• I::G:i{G:•i'v....1•~:..vl..irki.}:Y,.}:. ...4.:: x, }},ii:::.:::.;..y' :ii t'i:i•:•ii'. .I. 6.. :i:::i::::. i' ~ `a-.992 _ 1992 VARIANCE ' SPECIAL PARKING ASSESSMENT FUND BUDGET 1=$T'1MATE -OVERJ~UNDER~ REVENUE Parking Assessmerrts ~ 30,000 26,000 ;;:(4;000 Daily Parking Revenue 237,000 238,500 25pp Earnings on Investments 7000 4,500 ~2,'t30 I TOTAL SPAF'flEVENUE ~ _ '274;000 270.000. _ {4,000 EXPENDITURES Transfer to Debt Service Fund 274,000 274,000 D= TOTAL SPAr tXNtt~I~ITUR~S 274,000 274,000 0>J ................I7~w.*f....a~7~~,.,.,,.,.,...`.~Iw~~~' '!::"a<"t,:,:.;.'7:llf:::'!.':': ~1..,.................:...:::::::::::::::" ::•:.::::,:::::::::~::>Cc~~t7;:`:'<::<:::::,::::::::i ::::•:.:::~~f,~~ y992 1992 VARIANCE ' MARKETING FUND - BUDGET ESTIMATE OVER1(UNDER~ REVENUE Business Licenses 330,000 345,000 "5000 TOV Marketing Fund 160,500 160,500 0 Other Marketing Contributions 154,000 166,782 12;782 Earnings~on Investments 9,000 6,500 :12,500 TOTAL MARKETING REVENUE 653,500 678,782 25,282. ~ EXPENDITURES fi59,101 701,593 42,492 j .::.~::::.::::::n..:::..:..: . j . S:i: ~::i::i::firi:i i::.i : P ' //yy::. ' ~ ' ; > : ' ::::::::::::::::::::::::::::::iii<j::>::><:::::::;::;:>:?~::::.;:.;>:>:•:;:::::,>:::»::i::i •:i Eci:Citi`::~~.:.:TM~^It.~~~~~ j.~~ j:y:::::::::. ::::::p:::::::: v.::: r :y: r.:,((•~~/I .~M., i i'.:'::::::::::::. .~y. ~!y.• yam.: . i:: u:.{.: v .:yip" c........ .................:...~,I ~,,,:l,~I.•..:.:............. y...............: ~i: v ::.y::.v....:w::: v:::,:.1•:!,`•/4?~, ii?ii?i?;;:::.~!~fTex.1:•:::.•:.+v:.::,.::::::: ~~..#'~y 2~ ~ rs2FIN PAGE 5 1992 1.992 VARIANCE P4L1CE CONFISCATION FUND BUDGET ESTIMATE OVER/(U.NDER~. ~4 REVENUE Confiscation Proceeds 10,000 25,000 - 15Dpp: Earnings on Investmerrts 16,500 19,000 ` ;;:;::;;2,500 TOTAL PCF >3EVENUE 26;500 -44;000 77;500:: EXPENDITURES 111,723 111,723: I TOTAL PCfEXPENDITi;RES _ 111,723 ; ` 111,723- 0:. °'`'S v:;.:: RP` ~vsrer~.a'~iri:..:::a:.•:..::::...::::.:.~ x<.:..:.>.; ;::;.1i7,.w?li~~,i,~~,w'~~~+%i Y;riy~i~.'•'.~',~. 7:~!'._t:~iw7°:';iY.'::,^4''• cr'rw;`.rt?.iff~i''; 2QTR2FIN PAGE 6 15-Sep-92 ~ TOWN OF VAIL r SCHEDULE OF 1991 APPROPRIATIONS TO BE ROLLED WTO 1992 AND ADDITIONAL EXPENDITURES TO FINISH PROJECTS UNSPENT ESTIMATED ADDITIONAL (OVERSPENT) ESTIMATED ADD EXPENSE 3 RECLASSED 1991 1991 APPROPRIATION TO FINISH 1992 PROJECT APPRDPRIATKN~1 Rf1llF~TC1199 IN 1.99? F~CPENDITURES TOTAL t3ENERAL FUND: Code Revisions - Empbyse Housing 1,410 962 962 Cable TV Application Fee 10,000 10,000 East Vail Utility Undergrounding Repairs to Lionshead Fountain 2,969 2,969 2,969 Capital Outlay -Parks 960 960 960 Master Transportation Study & Bridge Inspect 20,555 20,200 20,200 Cemetery 7,000 7,000 7.000 Village Views (53) 0 1,200 1,200 AIPP Project - 2,148 2,148 20,000 22,148 AIPP Guide 965 965 965 Professional Fees -Housing Authority (1,496) (1,498) (9 Bicycle Map 9,000 9,000 Pink Link Shuttle 47,131 47,131 Conference Center 100,000 100,000 Workers Comp 14,000 14,000 SUBTOTAL- GENERAL FUND 43,456 42,706 21,200 191,131 255,037 CAPITAL PROJECTS FUND: Village Parking Structure Landscaping & Community Improvements 41,056 41,056 74,328 115,384 Street Maintenance 53,500 53,500 Intemationa! Bridge Replacement 297,831 297,832 152,768 450,000 Communication Equipment 32,066 32,066 Streetscape 6,i 67 6,167 6,167 Town Snow Dump 158,739 158,739 154,761 313,500 Snow Dump Road/Overiay Shop Complex 178,948 178,948 30,552 209,500 Police Department Space Expansion 180,848 121,000 121,000 Settlement on Parking Structure Construction 163,348 163,348 231,652 395,000 Computer Project 3,000 3,000 3,000 Municipal Annex Remodel 156,195 156,195 156,195 Lionshead Mall Project 22,107 22,107 Black Gore Bridge 15,122 15,122 Purchase West Vail Land 139,522 138,522 Performing Arts ~8 Conf Center (fran from G.F.) 100,000 100,000 Projects Moved From RETT Fund: Dowd Junction Rec Path Design 100,000 100,000 Misc Sidewalks 23,013 6,000 6,000 Vail Valley Drive Pedestrian Connection 16,523 16,523 16,523 Dowd Junction Rec Path Design 5,763 5,763 5,763 SUBTOTAL' CAPITAL PROJECT FUND 1,316,997 1,240,137 643,461 376,751 2,260,349 CONTINUED ROLFWD92 PAGE 7 REAL ESTATE TRANSFER TAX FUND: ' Ski Museum Site Retrofit 7,212 7,212 7,212 Vail Trail Safety 2,200 2,200 2,200 Gore Cr Promenade 65,969 65,969 65,969 Dowd Junction &ke Path Design R~+~) Ski Museum Park Site 105,410 105,410 &ghom Park Completion 26,310 26,310 Mtemational Bridge landscaping 35,027 35,027 Landscape Main Vail Interchange 0 0 (118,850) (118,850) Stevens Park Construction 58,409 56,409 135,500 193,909 East Vail Interchange Landscaping 84,521 84,521 84,521 Master Open Space/ Rec Trail Update Plan 60,000 60,000 Athletic Field Restrooms 47,490 47,490 47,490 Spreddle Creek Parcel Purchase 350,000 350,000 Golf Maintenance Parcel Purchase 75,000 75,000 75,000 SUo ~ v ~ AL• RETT FUND 750,801 750.801 {48,603) 702,198 POLICE CONFISCATION FUND 27,605 27,605 27,605 GRAN D TOTAL 2.061.249 664 661 5t 9.279 3.245. t 89 ROLFWD92 PAGE 8 24-Sep-92 TOWN OF VAIL COUNCIL CONTINGENCY 1992 Original Budget Amount $50,000 Uses: Whistler B.C. Trip 1,600 Deming Training 1,100 Resurface Tennis Court Lionshead 3,800 Arne Hansen Memorial Contribution 1,000 Goal Setting & Consensus Building Meetings 3,569 Employee Opinion Survey 2,500 City Miami Hurricane Victims 1,000 Council Chamber Chairs & Sound System 13,402 Bus Lobbying Fees 10,170 Total Amount Used 38,141 Total Amount Left $11,859 COUCON92 PAGE 9 7 _ V \.1(~t~ ~~al~eU OYY1fYlU llltl] TFIF\/151011 FOR RELEASE SEPTEMBER 22. 1992 Contact: Suzanne Silverthorn, VVCTV Director 949-5657 Steve Miller, Board President 479-9567 AIL VALLEY COMMUNITY TELF,VI$ION NAMES NEW DIRE('TOR (Avon, Colo.) -Suzanne Silverthorn, 32, has been named executive director of Vail Valley Community Television / Channe123. As director, Silverthorn will manage programming, outreach and fundraising for the valley's non-profit community access station. Formerly of Kansas City, Mo., Silverthorn was a staff member of that city's government access television station, and was most recently marketing and public relations manager for the Kansas City Museum. "Channel 23 has really blossomed over the years," said Silverthorn. "As director, I hope to continue the pattern of increased use and interest by members of the community." The new director replaces Jeane Noe who is moving to Boulder following her September 26 wedding to Michael Woods. # # # Pc}st Office I3ox j600 !1von, CO 81620 - - Vail \l~lit "'ii i cm.munit~ TelF~ision~ FOR RELEASE SEPTEMBER 22. 1992 Contact: Suzanne Silverthorn, VVCTV Director 949-5657 Richard Vera, Emmanuel in Eagle Valley 949-0951 ('HANNEL 23 f;RFATFS WEEKLY BII ~IN(TI1AL SHOW FOR LATINO AIJDiENCE (Avon, Colo.) - A bilingual television show for the valley's Spanish speaking residents is making its debut on Vail Valley Community Television / Channe123 this month. The program, "Emmanuel in Eagle Valley," is produced locally by Pastor Richard Vera of the Emmanuel Baptist Church. "When we realized there was no other television programming which addressed or attracted Spanish speaking viewers, we went to Channe123 for help," said Vera. Channel 23, the valley's non-profit community access station, embraced the concept enthusiastically. "This is what community access is all about," said Steve Miller, chairman of the station's board of directors. "I can't think of a better way to communicate with our Latino residents than a program produced in Spanish." The show's programming will focus on issues pertinent to the Hispanic culture, Vera said. "We aze a close-knit, family oriented culture. The solidarity of the home and family is of vital importance. The first series will be an eight week segment called Help for Families. "Because many of our Latino residents aze working two and three jobs, we'll be offering tips on how to manage their families while managing their work schedules," Vera said. "We want to provide information which will assist them physically, emotionally and spiritually." (more) Post Office [3ox 5600 Avon, CO 816'LO 3t~3-9~~9-SC,57 Hispanic Program Add 1 The program is aimed at meeting the special needs of Hispanic residents, Vera said. "The first generation Hispanic finds himself missing his native land, plus perplexed because he is not able to communicate in English. This program will provide viewers with encouraging and insightful messages which should enhance their families, marriages and homes." "Emmanuel in Eagle Valley" will air four times per week on Vail Valley Community Television / Channe123: 9:00 a.m. Tuesday and Wednesday; plus 10:00 a.m. and 7:00 p.m. on Saturday. The Emmanuel ministry is affiliated with the Vail /Beaver Creek Baptist Church and the Lake Creek Baptist Church in Edwards. The ministry meets at 7:00 p.m. Thursdays in Edwards, and 6:30 p.m. Sundays in the Vail Chapel. Channel 23 encourages program suggestions from the community. For more information, call the station at 949-5657. # # # 2_ c ~'_~wvx ~iYy 7eie~ision EMbiANUEL EN EAGLE VALLEY PRESENTA PROGRAMACION DE TELEVISION EN ESPANOL E1 numero creciente de Hispanos en el Eagle Valley esta captando la atencion de muchos. Emmanuel en Eagle Valley es una iglesia muy interesada er. ministrar a este grupo tan especial. La primera generation de Hispanos en los Estados Unidos le hecha de menos a su pais y a la vez se encuentra perplejo por el problema del idioma. He aqui ahora un programa en espanol. Deseamos proveer un ministerio a este grupo que siempre ministra a las necesidades de otros. Estos quienes estan en la "profesion de servicio" merecen nuestro servicio. Ocupados en trabajando en 2 0 3 lugares, ellos necesitan consejos en Como manejar sus familias mientras manejan sus horarios de trabajo. "Deseamos proveer information y asistirles en to fisico, emotional y espiritual. La juventud y los ninos merecen el apoyo. Deseamos proveer ayuda en diferentes areas de la villa. La familia en su totalidad debe edificar sobre principios solidos, no siguiendo la corriente del tiempo presente. La programacion semanal tratara con varios aspectos relacionados con la familia y el hogar. "Agradecemos mucho la via de comunicacion que el canal 23 ofrece. Atraves de este canal, el mundo Hispano recibira mensajes inspiradores que Baran animo. Estos seran de contribution positiva para los matrimonios, la familia, y el hogar. Somos una cultura que le damns mucha importancia a la familia." Este sera su programa. Sera presentado cuatro veces por semana. E1 horario es Como sigue: Martes 9:00 PM; Miercoles 10:00 AM; Sabado 9:00 AM y 7:00 PM. Para mas information llame a Ricardo Vera al 949-0951. ~os~ «rr«~ ~oX s~oo Avon, CCU t~1620 03-x)49-5C}5? . . DISTRIBUTION LIST - Pi1BLTC WORKS PRIORITY LIST BRIAN ANDERSON ERNST GLATZLE TOWN COUNCIL STEVE BARWICK GARY MURRAIN DEBBIE ROELAND MIKE BRAKE GREG HALL MIKE ROSE DICK DURAN SUSIE HERVERT TODD SCHOLL CAROLINE FISHER JIM HOZA DAN STANEK ANNIE FOX DD DETO LEO VASQUEZ JOHN GALLEGOS JOE KOCHERA PAM BRANDMEYER KRISTIN PRITZ CHARLIE OVEREND LARRY ESKWITH PETE BURNETT TODD OPPENHEIMER KEN HUGHEY JODY DOSTER MANUEL MEDINA FILE MEMORANDUM T0: RON PHILLIPS, TOWN MANAGER FROM: LARRY GRAFEL, DIRECTOR OF PUBLIC WORKS/TRANSPORTATION DATE: SEPTEMBER 21, 1992 RE: PUBLIC WORKS PRIORITY LIST FOR THE WEEK OF SEPTEMBER 21 - 25, 1992 STREETS AND ROADS A. 1. Conrad to recharge boiler at bus barn. 2. Repair shoulders on various bike paths: a. Red Sandstone 3. Paving a. Matterhorn Circle speed dip b. East Vail (Spruce Way) c. Bike Path at Ford Park (old snow dump} 4. Flush culverts at various locations: a. Westhaven Drive b. Vail Road (Websters) 5. Install curb at CrossRoads (Greg and Jim Hervert). 6. Pot hole utilities at Sonnenalp. 7. Raise concrete slab and brickwork at Lionshead. 8. After irrigation repair, replace bricks at west end LH Mall. 9. Schedule line locates for digging holes for bus shelters. 10. Install guardrail for Pu1is Bridge. 11. Begin Sonnenalp project on Sept. 28 (tentatively). 12. Install new pump at Children's Fountain. 13. Winterize all fountains and restrooms. (effective 10/1/92) 14. Perform clean-up work after sealing project. 15. Repair stones at lower bench Ford Park Restroom. ~ PUBLIC WORKS PRIORITY LIST Page 2 PARKING STRUCTURE/TRANSPORTATION A. 1. Remove and replace handrails at LHTRC. 2. Repair expansion joints at bus islands. 3. Dig trenches for lighting of flag at VTRC. 4. Construct Ski Museum storage. CARPENTERS A. 1. Construct picnic pavilion for Stephens Park. 2. Construct directional signs for Community Development. 3. Install totem for Stephens Park path. 4. Refurbish all bus shelters. 5. Repair doors at Lionshead and Slifer fountains. 6. Construct bridge railing at Stephens Park. ELECTRICIANS A. 1. Perform line locates as requested. 2. Install new lights in East Vail. 3. Run conduit for fire detector for storage facility at VTRC. 4. Repair switches at fire panel at fire panel at VTRC. 5. Repair conduit at Town shops. 6. Install heat trace at Main Vail Fire Station. 7. Prewire monitoring devices for Bus Dept. at VTRC. 8. Install electrical far flag lights. 9. Repair ballast at LHTRC. 10. Move light poles from New Snow Dump to new location. 11. Acquire information from Annie for light fixtures at Library. 12. Move new light pole from Old Town Shop to yard at .new Town Shop. 13. Install smoke detector and lights at Ski Museum Storage. 14, Replace cover and light at Founder's Plaza Park. PARKS DEPARTMENT A. 1. Install sod at Pedestrian Overpass. 2. Check for and correct sign obstructions. 3. Order play surface material for Stephens Park Phase II. 4. Complete Bighorn Project. 5. Prepare bids for Ski Museum Site in-house construction. LG/dr - WORK SESSION FOLLOW-UP September 25, 1992 Page 1 of 3 TOPIC QUESTIONS FOLLOW-UP SOLUTIONS 1991 11119 NEWSPAPER VENDING LARRY E.IANDY/MIKE M.. What can be done to make Locations for the newspaper boxes have been MACHINES these uniform and locations less prolific? determined and approved by all TOV departments. Staff will talk to Larry E. to determine if voluntary agreements or an ordinance outlining locations are appropriate. Working on wrap-up by November or December, 1992. 1992 01121 EVENING PARKING MIKE ROSE/STEVE B.: Evaluate financial Mike will prepare new analysis of data at Council STRUCTURE FEES ramifications of eliminating parking structure fees budget presentation set for 9129192, 2:00 P.M. (request: Lapin) after 6:00 p.m. each night. 02104 HERITAGE CABLEVISION RON: Prepare new letter of protest for Mayor's Will do. FRANCHISE NEGOTIATIONS signature. XC: Newspapers, Dillon, Minturn, etc. (request: Lapin) 02117 EXTERIOR LIGHTING KRISTAN/ANDY: Draft ordinance. Consultant is doing research on more lighting concerns. An evening meeting Town site visit will be scheduled for 10120192. 03/10 LIONSHEAD SALES TAX FIGURES STEVE B./STEVE T.: Packy Walker, on behalf of the Will investigate. Staff time now being spent on special (request: Osterfoss, Levine, LH Merchants Assn., is requesting an accounting of events/daily sales tax reporting program. Staff will Gibson, Steinberg) sales~tax taken from a square footage basis, standard attempt to meet these other concerns after completion number (such as Dow Jones) of businesses reporting, to of the special events program. We will ask Council offer a comparative analysis. members to call retailers re: the daily sales tax reporting and their cooperation in this program. WORK SESSION FOLLOW-UP September 25, 1992 Page 2 of 3 TOPIC QUESTIONS FOLLOW-UP SOLUTIONS 04/07 REVIEW RETT PEGGY/LARRY E: Schedule for Council review. Following Council discussion 9/8192, Larry E. will prepare two ordinances: one dealing with acquisition of open space and maintenance, and the second offering further restrictions to the current RETT ordinance. Council will not pursue a trust or separate board. Scheduled for evening meeting 1016192. 07/14 U.S. WEST LARRY E.: Prepare letter requesting information on if Will do. (request: Gibson) U.S. West's installation of fiber optics will be used to transmit cable television in the Valley. 08125 FOLLOW-UP PHONE CALL PEG/PAM/LARRY G.: Mr. Shrader has called to find out Additionally, as requested at the 9/9192 Speak Up WITH BUCK SHRADER (CDOT)/ whether there has been improvement on the maintenance meeting, Pam will discuss the 55 mph speed limit JAKE BRAKES/SPEED for the west side of the bike pathNail Pass. Although through the Vail Valley, as well as the 35 mph truck LIMITS ON VAIL PASS CDOT has stepped up efforts to clean and maintain, their speed down Vail Pass. Ron has dictated a letter re: efforts have not been consistent, and this was weed cutting. Larry G. will follow up with the State communicated by Pam. of Utah. 09/08 TREES FOR VAIL TODD 0.: What is the status of the "Trees for Vail" No project is scheduled for this fall. Currently, project? Since the irrigation is already installed, will replacement trees are being received for the area another planting take place this fall, next spring? Will adjacent to the VTRC. the sickly trees be replaced this fall? 09108 1041 PLAN LARRY E.: Barbara Green has asked whether the Town There is a parallel bill that applies to municipalities. (request: Steinberg) of Vail has a 1041 Plan. Larry E. will look into this. 09108 INTERNATIONAL LARRY G./KRISTAN: Now that the "real" International Will tentatively try to schedule meeting the third week "FOOT" BRIDGE Bridge is complete, pull out the footbridge. of October with Council, PEC, Cecil DotsonNillage Center, Summers Lodge, adjacent business owners, owners, etc. WORK SESSION FOLLOW-UP September 25, 1992 Page 3 of 3 TOPIC QUESTIONS FOLLOW-UP SOLUTIONS 09115 SOCCERIATHLETIC FIELD KEN/LARRY G./MIKE ROSE: Review current winter contr I VA does plow and "man" the gate. However, this is a PARKING/CHALET ROAD and use of this parking lot. Should it be gated and handshake agreement only. Staff will research. {request: Lapin) fees charged on weekends? Does an agreement, either verbal or written, exist wNA re: this lot usage? At the same time, review winter parking on Chalet Road. 09115 PAUL'S FLAG POLE LARRY G./KRISTANIRON: Whatever became of the flag Larry G., Kristan, and Ron will review former pale (request: Lapin) pole that was to be erected outside the VRA offices placement and present recommendation. honoring Paul Johnston? 09115 LIMITATION OF TERMS LARRY E.. Draft ordinance limiting appointed TOV board Scheduled for work session 11/10/92. FOR BOARD APPOINTMENTS to 8 consecutive years. (request: Shearer) 09115 VVMB/BUSINESS LICENSE LARRY E.: Draft ordinance amending sunset clause of First reading of Ordinance No. 28, Series of 1992, RENEWAL OF SUNSET CLAUSE business license ordinance -another 4 years? is scheduled for 10/6192. Peggy and Ron will meet with representatives from TOA, VVMB, VA, and BC to discuss a future ballot request for funding in conjunction with the Performance/Conference Center, as well as future long-term goals and objectives. 09122 SPEAK UP MEETINGS PEGIRON/CAROLINE/BRUCE CHAPMAN/PAM: Meet to discuss some proposed changes to the Speak Up Meetin series, i.e., format, acquisition of debatable topics, presentation to annual condominium association annual meetings, speakers from "like" impacted communities (Carmel-by-the-Seat, etc.) 09122 Q/Q DUES/ TOM STEINBERG: Meet with Paul Testwuide to discuss UEVW&S NEGOTIATIONS who should REALLY be paying the Q1Q dues. VAIL TOWN COUNCIL SPECIAL EVENING MEETING TUESDAY, SEPTEMBER 29, 1992 7:30 P.M. AGENDA 1. CITIZEN PARTICIPATION. 2. Ordinance No. 24, Series of 1992, an emergency ordinance authorizing the issuance of the Town of Vail, Colorado, General Obligation Refunding Bonds, Series 1992A for the purpose of refunding a portion of the Town's outstanding General Obligation Refunding Bonds, Series 1985; prescribing the form of said bonds; providing for the levy of general ad valorem taxes to pay the principal of and the interest on the Bonds; providing other covenants and details in connection therewith; and repealing all ordinance in conflict therewith. 3. Ordinance No. 25, Series of 1992, an emergency ordinance authorizing the issuance of Town of Vail, Colorado Sales Tax Revenue Refunding and Improvement Bonds, Series 19926; 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 therefore; pledging sales tax and parking revenues of the Town for the payment of the bonds; providing certain covenants and other details and making other provisions concerning the Bonds and the sales tax and parking revenues; ratifying action previously taken and appertaining thereto; and repealing all ordinances in conflict herewith. 4. Adjournment. 4444444444444444444444 THERE WILL BE A SPECIAL WORK SESSION OF THE VAIL TOWN COUNCIL ON THURSDAY, 10/1/92, BEGINNING AT 6:30 P.M. IN TOV COUNCIL CHAMBERS. THIS SPECIAL WORK SESSION AGENDA CONCERNS TOV BUDGET REVIEW ITEMS ONLY. THE NEXT VAIL TOWN COUNCIL WORK SESSION WILL BE ON TUESDAY, 10/6/92, BEGINNING AT 6:30 P.M. IN TOV COUNCIL CHAMBERS. THE NEXT VAIL TOWN COUNCIL EVENING MEETING WILL BE ON TUESDAY, 1016/92, BEGINNING AT 7:30 P.M. IN TOV COUNCIL CHAMBERS. 4444444444444444444444 C:WGENDA.XXX r VAIL TOWN COUNCIL SPECIAL EVENING MEETING TUESDAY, SEPTEMBER 29, 1992 7:30 P.M. IN TOV COUNCIL CHAMBERS EXPANDED AGENDA 7:30 P.M. 1. CITIZEN PARTICIPATION. 7:40 P.M. 2. Ordinance No. 24, Series of 1992, an emergency ordinance Steve Barwick authorizing the issuance of the Town of Vail, Colorado, General Obligation Refunding Bonds, Series 1992A for the purpose of refunding a portion of the Town's outstanding General Obligation Refunding Bonds, Series 1985; prescribing the form of said bonds; providing for the levy of general ad valorem taxes to pay the principal of and the interest on the Bonds; providing other covenants and details in connection therewith; and repealing all ordinance in conflict therewith. Backaround Rationale: Due to errors in publication of the first reading of these ordinances, TOV must proceed on an emergency ordinance basis. Any other process would severly jeopardize the possibility for these bonds to be issued. Staff Recommendation: Pass Emergency Ordinance No. 24, Series of 1992. Steve Barwick 3. Ordinance No. 25, Series of 1992, an emergency ordinance authorizing the issuance of Town of Vail, Colorado Sales Tax Revenue Refunding and Improvement Bonds, Series 19926; 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 therefore; pledging sales tax and parking revenues of the Town for the payment of the bonds; providing certain covenants and other details and making other provisions concerning the Bonds and the sales tax and parking revenues; ratifying action previously taken and appertaining thereto; and repealing all ordinances in conflict herewith. Backaround Rationale: Due to errors in publication of the first reading of these ordinances, TOV must proceed on an emergency ordinance basis. Any other process would severly jeopardize the possibility for these bonds to be issued. Staff Recommendation: Pass Emergency Ordinance No. 25, Series of 1992. 4. Adjournment. 1 . ` 4444444444444444444444 THERE WILL BE A SPECIAL WORK SESSION OF THE VAIL TOWN COUNCIL ON THURSDAY, 10/1192, BEGINNING AT 6:30 P.M. IN TOV COUNCIL CHAMBERS. THIS SPECIAL WORK SESSION AGENDA CONCERNS TOV BUDGET REVIEW ITEMS ONLY. THE NEXT VAIL TOWN COUNCIL WORK SESSION WILL BE ON TUESDAY, 10/6/92, BEGINNING AT 6:30 P.M. IN TOV COUNCIL CHAMBERS. THE NEXT VAIL TOWN COUNCIL EVENING MEETING WILL BE ON TUESDAY, 10/6/92, BEGINNING AT 7:30 P.M. IN TOV COUNCIL CHAMBERS. 4444444444444444444444 C:WGENDA.XXE 2 r ~6 ORDINANCE NO. 24 SERIES OF 1992 AN EMERGENCY ORDINANCE AUTHORIZING THE ISSUANCE OF THE TOWN OF VA1L, COLORADO, GENERAL OBLIGATION REFUNDING BONDS, SERIES 1992A FOR THE PURPOSE OF REFUNDING A PORTION OF THE TOWN'S OUTSTANDING GENERAL OBLIGATION REFUNDING BONDS, SERIES 1985; PRESCRIBING THE FORM OF SAID BONDS; PROVIDING FOR THE LEVY OF GENERAL AD VALOREM TAXES TO PAY THE PRINCIPAL OF AND THE Ilv 1 CREST ON THE BONDS; PROVIDING OTHER COVENANTS AND DETAIIS IN CONNECTION THEREWITH; REPEALING ALL ORDINANCES IN CONFLICT THEREWITH; AND DECLARING AN EMERGENCY. NOW, THEREFORE, BE TT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO: Section 1. Definitions. As used herein, unless the context requires otherwise, the capitalized terms below shall have the following meanings. All definitions include the singular and plural and include both genders. Certain terms are defined parenthetically elsewhere in this Ordinance. Bond Fund: the fund by that name created by this Ordinance. Bond Insurer: Municipal Bond Investors Assurance Corporation or its successors. Bond Insurance Policv: the financial guaranty insurance policy issued by the Bond Insurer guaranteeing the payment of principal of and interest on the 1992A Bonds. Bond Purchase Agreement: the Purchase Agreement dated September 29, 1992 t~etween the Town and the Underwriters, concerning the purchase of the Bonds by the Underwriters. Bond Registrar or Registrar: Central Bank National Association in Denver, Colorado, or its successor, which shall perform the registration and transfer functions as set forth in this Ordinance. Bonds or 1992 Bonds: the Town's General Obligation Refunding Bonds, Series 1992A dated October 1, 1992 and issued in the aggregate principal amount of $7,500,0, as authorized by this Ordinance. Business Dav: any day other than a ,Saturday, Sunday or other day on which banks in Denver, Colorado are required or authorized to be closed. Charter: the home rule charter of the Town, as it may be amended from time to time. Council: the Town Council of the Town. 'Escrow Account: the account created and designated as the 1985 Escrow Account in the Escrow Agreement. Escrow Agreement: the Escrow Agreement dated as of October 1, 1992 between the Town and the Escrow Bank. Escrow Bank: Central Bank National Association, Denver, Colorado, or its successor, which shall perform the function of escrow bank as set forth in this Ordinance and the Escrow Agreement. Governmental Obligations: 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 by the Export-Import Bank of the United States, the Federal Financing Bank, the Farmers Home Administration, or the U.S. Department of Housing and Urban Development; or (c) evidences of ownership interests in obligations described in paragraph (a) or (b) above. Insurance Paving Agent: Citibank, N.A., or its successors under the Bond Insurance Policy. -2- 1 r ~ Letter of Representations: the Letter of Representations between the Town and The Depository Trust Company. 1985 Bonds: The Town's General Obligation Refunding Bonds, Series 1985. 1985 Ordinance: Ordinance No. 23, Series of 1985, as amended by Ordinance No. 29, Series of 1985. Ordinance: this Ordinance, which authorizes the issuance of the Bonds. Outstanding means, as of any date of calculation, all Bonds theretofore executed, issued and delivered by the Town except: (i) Bonds theretofore cancelled by the Town or Bond Registrar or surrendered to the Town or Bond Registrar for cancellation; (ii) 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 Bond Registrar unless proof satisfactory to the Bond Registrar is presented that any such Bonds are duly held by the lawful registered owners thereof; or (iii) Bonds deemed to have been paid within the meaning of Section 28 hereof. Owner:. when used with respect to a Bond or Bonds, means the registered owner of any Outstanding Bond. Paving Agent: Central Bank National Association in Denver, Colorado or its successor, which shall perform the functions of registrar and paying agent for the Bonds as set forth in this Ordinance. Paving Agent Agreement: the agreement for registrar and paying agent services dated as of September 1, 1992 between the Town and the Paying Agent. Permitted Investments: any investments or deposits shown on the list attached hereto as Exhibit I, to the extent permitted by the Charter and applicable ordinances of the Town. Preliminary Official Statement: the Freliminary Official Statement for the Bonds. Record Date: the fifteenth day of the calendar month next preceding each interest payment date. -3- / r ~ Refunded Bond Reouirements: (a) the interest due in connection with the Refunded Bonds as the same comes due on and after December 1, 1992 and on and before December 1, 1995 and (b) the principal of the Refunded Bonds due in connection with the redemption of the Refunded Bonds on December 1, 1995. Refunded Bonds: the 1985 Bonds maturing on and after December 1, 1996. Refundine Proiect: the refunding, paying and discharging of the Refunded Bond Requirements. Special Record Date: the date established in Section 3 hereof to determine the registered owner entitled to the payment of delinquent interest. Tax Code: the Internal Revenue Code of 1986, as amended to the date of delivery of the Bonds, and applicable regulations and rulings thereunder or under any predecessor thereto. Town: the Town of Vail, Colorado Underwriters: Kemper Securities, Inc. and George K. Baum & Company of Denver, Colorado, the original purchasers of the Bonds. Section 2. Recitals. A. Pursuant to the 1985 Ordinance, the Town has heretofore issued the 1985 Bonds. B. The 1985 Bonds were issued in the original aggregate principal amount of $21,715,000, of which $14,960,000 remains outstanding, bearing interest at the rates designated below payable semiannually on June 1 and December 1 each year, and maturing on December 1 in each of the years and amounts as follows: -4- ~ Principal Interest Maturity Amount Rate 1992 $1,445,000 7.700% 1993 1,555,000 7.900 1994 1,675,000 8.100 1995 1,815,000 8.300 1996 1,965,000 8.500 1997 2,130,000 8.625 1998 2,315,000 8.750 1999 2,060,000 8.900 C. The 1985 Bonds maturing on and after December 1, 1996 are redeemable at the option of the Town on December 1, 1995, upon payment of par and. accrued interest. D. The Town is not delinquent in the payment of the principal of or interest on any of the 1985 Bonds. E. Chapter X of the Town Charter authorizes the Council to issue refunding bonds. F. The Council has determined and hereby declares that it is in the Town's best interest to refund, pay and discharge the Refunded Bonds maturing on the dates and in the amounts set forth below upon prior redemption of such bonds on December 1, 1995: Principal Maturing Amount December 1 $1,965,000 1996 2,130,000 1997 2,315,000 1998 2,060,000 1999 G. The Council has determined to authorize and issue its general obligation refunding bonds in the principal amount of $7,500,000 for the purpose of defraying the costs of the Refunding Project. -5- lf~ I H. The Town has received a proposal from the Underwriters for the purchase of the Bonds. I. There have been presented to Council the forms of: (i) Escrow Agreement; (ii) Bond Purchase Agreement; (iii) Paying Agent Agreement; (iv) Preliminary Official Statement and final official statement for the Bonds; and (v) Letter of Representations. J. It is necessary to provide for the form and details of the Bonds, the payment of the Bonds, the payment and discharge of the Refunded Bonds, and other provisions relating to the authorization and issuance of the Bonds. Section 3. Authorization. In accordance with the Charter, the constitution and laws of the State of Colorado, and the provisions of this Ordinance, the Town hereby authorizes the issuance of its general obligation refunding bonds, each to be designated '"Town of Vail, Colorado, General Obligation Refunding Bond, Series 1992A" in the aggregate principal amount of $7,500,000, for the purpose of financing the Refunding Project and paying costs of issuing the Bonds. Section 4. Bond Details. The Bonds shall be issued in fully registered form (i.e., registered as to payment of both principal and interest), initially registered in the name of Cede and Co. as nominee for The Depository Trust Company, New York, New York, as securities depository for the Bonds. The Bonds shall be issued in denominations of $5,000 and any integral multiple thereof (provided that no Bond may be in a denomination which exceeds the principal coming due on any maturity date and no individual Bond will be issued for more than one maturity). The Bonds shall be dated as of October 1, 1992. The Bonds -6- i shall be numbered in the manner determined by the Bond Registrar. The Bonds shall bear interest at the rates per annum shown below payable to the registered owner of the Bonds from their date to maturity semiannually on June 1 and December 1 in each year, commencing June 1, 1993, except that Bonds which are reissued upon transfer, exchange or other replacement shall bear interest at the rates shown below from the most recent interest payment date to which interest has been paid or duly provided for, or if no interest has been paid from the date of the Bonds. The Bonds shall mature on the dates and bear interest as follows: Amounts Interest Rate Maturity Maturing (Per Annum Dates $ 500,000 3.00% June 1, 1993 100,000 4.80 December 1, 1997 " 400,000 5.10 December I, 1998 500,000 5.30 December 1, 1999 800,000 5.50 December 1, 2000 1,000,000 5.65 December 1, 2001 1,050,000 5.80 December 1, 2002 3,150,000 6.00 December 1, 2005 The principal of and premium, if any, on any Bond shall be payable to the registered owner thereof as shown on the registration books kept by the Bond Registrar upon maturity or prior redemption of the Bonds and upon presentation and surrender at the principal corporate trust office of the Bond Registrar. If any Bond shall not be paid upon such presentation and surrender at or after maturity, it shall continue to draw interest at the interest rate borne by said Bond until the principal thereof is paid in full. Payment of interest on any Bond shall be made to the registered owner thereof by check or draft mailed by the Paying Agent, on or before each interest payment date (or, if such interest payment date is not a business day, on or before the next succeeding business day), to the registered owner thereof at his or her address as it last appears on the registration books kept by the Bond Registrar on the Record Date; but any such interest not so timely paid or duly provided for shall cease to be payable to the person who is the registered owner thereof at the close of business on the Record Date and shall be payable to the person who is the registered -7- owner thereof at the close of business on a Special Record Date for the payment of any such defaulted interest. Such Special Record Date and the date fixed for the payment of such interest shall be fixed by the Paying Agent whenever moneys become available for payment of the defaulted interest. Notice of the Special Record Date shall be given to the registered owners of the Bonds not less than ten days prior thereto by first class mail to each such registered owner as shown on the Bond Registrar's registration books on a date selected by the Paying Agent, stating the date of the Special Record Date and the date fixed for payment of such defaulted interest. The Paying Agent may make payments of interest on any Bond by such alternative means as may be mutually agreed to between the owner of such Bond and the Paying Agent. All such payments shall be made in lawful money of the United States of America, without deduction for services of the Bond Registrar or Paying Agent. Section 5. Prior Redemption. A. Bonds maturing on or before December 1, 2002 are not subject to prior redemption. Bonds maturing on December 1, 2005 are subject to redemption prior to their respective maturities, at the option of the Town, in whole, or in part in integral multiples of $5,000, from such maturities as are selected by the Town, and if less than all of the Bonds of a maturity are to be redeemed by lot within a maturity in such manner as the Bond Registrar may determine, on December 1, 2002, or on any date thereafter at the redemption prices set forth below (expressed as a percentage of the principal amount so redeemed) plus interest thereon to the redemption date: Redemption Redemption Dates Prices December 1, 2002 through November 30, 2003 101% December 1, 2003 through November 30, 2004 100.5 December 1, 2004 and thereafter 100 B. The Bonds maturing on December 1, 2005 are subject to mandatory sinking fund redemption at a price equal to the principal amount thereof plus accrued interest to the redemption date. Bonds subject to mandatory sinking fund redemption shall be selected by the Bond Registrar by lot (giving proportionate weight to Bonds in denominations i, larger than $5,000) in such manner as the Bond Registrar may determine. The Town shall redeem (after credit as provided below) on the following dates .the following principal amounts of the Bonds maturing on December 1, 2005: Principal Date Amount December 1, 2003 $1,150,000 December 1, 2004 1,250,000 The remaining $750,000 of the Bonds maturing on December 1, 2005 shall be paid upon presentation and surrender at maturity unless redeemed pursuant to optional redemption prior to maturity. Not more than 60 nor less than 30 days prior to each such sinking fund payment date, the Bond Registrar shall proceed to call the principal amount of Bonds indicated above (or any Bond or Bonds issued replace such Bonds) for redemption on the next June 1 or December 1, and give notice of such call without further instruction or notice from the Town. At its option, to be exercised on or before the sixtieth day next preceding any such sinking fund redemption date, the Town may (i) deliver to the Bond Registrar for cancellation Bonds subject to mandatory sinking fund redemption in an aggregate principal amount desired or (ii) receive a credit in respect of its sinking fund redemption obligation for any Bonds subject to mandatory sinking fund redemption which prior to said date have been redeemed (otherwise than through the operation of the sinking fund) and cancelled by the Bond Registrar and not theretofore applied as a credit against any sinking fund redemption obligation. Each Bond so delivered or previously redeemed will be credited by the Bond Registrar at the principal amount thereof on the obligation of the Town on such sinking fund redemption date and the principal amount of Bonds to be redeemed accordingly reduced. The Town will on or before the sixtieth day next preceding each sinking fund redemption date furnish the Bond Registrar a certificate indicating whether or not and to what extent the -9- J provisions of (i) and (ii) of the preceding sentence are to be availed with respect to such sinking fund payment. Failure of the Town to deliver such certificate shall not affect the Bond Registrar's duty to give notice of sinking fund redemption as herein provided. C. In the case of Bonds of a denomination larger than $5,000 a portion of such Bonds ($5,000 or any integral multiple thereof) may be redeemed, in which case the Bond Registrar shall, without charge to the owner of such Bonds, authenticate and issue a replacement Bond or Bonds for the unredeemed portion thereof. D. Unless waived by the Registrar, the Town shall give written instructions concerning any prior redemption pursuant to paragraph A to the Bond Registrar at least 60 days prior to such redemption date. Notice of any redemption shall be given by the Bond Registrar in the name of the Town by sending a copy of such notice by first-class mail, postage prepaid, not more than 60 days and not less than 30 days prior to the redemption date to the Underwriters and to each registered owner of any Bond all or a portion of which is called for prior redemption at his address as it last appears on the registration books kept by the Bond Registrar, unless such notice is waived by the Underwriters and such registered owner. Failure to give such notice by mail to the registered owner of any Bond or to the Underwriters, or any defect therein, shall not affect the validity of the proceedings for the redemption of any other Bonds. Such notice shall identify the Bonds or portions thereof to be redeemed (if less than all are to be redeemed) and the date fixed for redemption, and shall further state that on such redemption date the principal amount thereof and the designated premium thereon will become due and payable at the Bond Registrar, and that from and after such date interest will cease to accrue. Accrued interest to the redemption date will be paid by check or draft mailed to the registered owner (or by alternative means if so agreed to by the Bond Registrar and the registered owner). Notice having been given in the manner hereinbefore provided, the Bond or Bonds so called for redemption shall become due and payable on the redemption date so designated; and upon presentation thereof at the Bond Registrar the -io- t- 1 4 Town will pay the Bond or Bonds so called for redemption. If any Bond called for redemption shall not be so paid upon surrender thereof for redemption, the redemption price and, to the extent lawful, interest thereon shall, until paid, bear interest from the redemption date at the rate borne by the Bond. Section 6. Form and Execution of Bonds. The Bonds shall be signed with the facsimile or manual signature of the Mayor of the Town, sealed with a facsimile or manual impression of the seal of the Town, and attested by the facsimile or manual signature of the Town Clerk. Should any officer whose facsimile or manual signature appears on the Bonds cease to be such officer before delivery of the Bonds to the purchaser, such facsimile or manual signature shall nevertheless be valid and sufficient for all purposes. The Bonds shall be in substantially the following form (provided that any of the text of tihe Bonds may, with appropriate reference, be printed on the back of the Bonds) and may include provisions for bond insurance, if any: -11- [Form of Bondi * insert only if bonds are delivered pursuant to Section 8 of this ordinance. * * Insert only if bonds are initially delivered to The Depository Trust Company pursuant to Section 9 of this ordinance. No. R- UN r t ~D STATES OF AMERICA STATE OF COLORADO COUNTY OF EAGLE TOWN OF VAIL GENERAL OBLIGATION REFUNDING BOND SERIES 1992A INTEREST RATE MATURITY DATE DA i ~li DATE CUSIP October 1, 1992 REGISTERED OWNER: PRINCIPAL AMOUNT: On the faith, credit and behalf of the Town of Vail, in the County of Eagle and State of Colorado, a municipal corporation duly organized and operating under the Town Charter and the constitution and laws of the, State of Colorado, for value received, hereby acknowledges said Town indebted and promises to pay to the registered owner named above, or registered assigns, on the maturity date specified above, the principal amount specified above, or the Maturity Date specified above (unless called for earlier redemption) interest thereon payable on June 1 and December 1 in each year commencing on June 1, 1993 at the Interest Rate per annum specified above, until the Principal Amount is paid or payment has been provided therefor. This bond will bear interest payable to the Registered Ovmer at the -12- T Interest Rate specified above from the most recent interest payment date to which interest has been paid or provided for, or, if no interest has been paid, from the date of this bond. The principal of and premium, if any, on this bond are payable upon presentation and surrender hereof at the principal corporate trust office of the Town's Paying Agent (the "Paying Agent"), originally Central Bank National Association in Denver, Colorado. Interest payable to the Registered Owner of this bond will be paid on each interest payment date (or, if such :interest payment date is not a business day, on the next succeeding business day), by check oar draft mailed to the person in whose name this bond is registered (the "Registered Owner") in the registration records of the Town maintained by the Town's Bond Registrar (the "Bond Registrar"), originally Central Bank National Association in Denver, Colorado, and at the address appearing thereon at the close of business on the fifteenth day of the calendar month next preceding such interest payment date (the "Record Date"). Any such interest not so timely paid or duly provided for shall cease to be payable to the person who is the Registered Owner hereof at the close of business on the Record Date and shall be payable to the person who is the registered owner hereof at the close of business on a Special Record Date (defined in the Ordinance of the Town Council adopted on September 29, 1992 authori~:ing this bond [the "Bond. Ordinance"]), for the payment of any defaulted interest. Such Special Record Date and the date for the payment of such interest shall be fixed by the Paying Agent whenever moneys become available for payment of the defaulted interest, and notice of the Special Record Date and the date for the payment of such interest shall be given to the registered owners of the bonds of the series of which this is one (the "Bonds") not less than ten days prior thereto. All such payments shall be made in lawful money of the United States of America without deduction for the services of the Bond Registrar or Paying Agent. Bonds of the series of which this bond is a part maturing on December 1, 2005 are subject to prior redemption at the option of the Town, in whole, or in part in integral multiples of $5,000, from such maturities as are selected by the Town, and if less than all of the bonds of a maturity are to be redeemed by lot within a maturity in such manner as the Bond Registrar may determine, on December 1, 2002 or on any date thereafter at the -13- redemption prices set forth below (expressed as a percentage of the principal amount as redeemed) plus interest thereon to the redemption date: Redemption Redemption Dates Prices December 1, 2002 through November 30, 2003 101% December 1, 2003 through November 30, 2004 100.5 December 1, 2004 and thereafter 100 The Bonds maturing on December 1, 2005 are also subject to mandatory sinking fund redemption at a price equal to par plus accrued interest as provided in the Bond Ordinance. In the case of Bonds of a denomination larger than $5,000, a portion of such Bond ($5,000 or any integral multiple thereof) may be redeemed, in which case the Bond Registrar shall, without charge to the owner of such Bond, authenticate and issue a replacement Bond or Bonds for the unredeemed portion thereof. Redemption shall be made upon not more than 60 days' and not less than 30 days' prior mailed notice to a representative of the original purchaser and each Registered Owner as shown on the registration books kept by the Bond Registrar in the manner and upon the conditions provided in the Bond Ordinance. The Bonds of the series of which this is one are fully registered (i.e., registered as to payment of both principal and interest) in denominations of $5,000 and any integral multiple thereof (provided that no Bond may be in a denomination which exceeds the principal coming due on any maturity date and no individual Bond may be issued for more than one maturity). *Upon surrender of any of such Bonds at the Bond Registrar with a written instrument satisfactory to the Bond Registrar duly executed by the Registered Owner or his duly authorized attorney, such Bond may, at the option of the registered owner or his duly authorized attorney, be exchanged for an equal aggregate principal amount of such Bonds of the same maturity of other authorized denominations, subject to such terms, conditions and charges as set forth in the Bond Ordinance.* -14- **The Bonds are not transferable or exchangeable, except as set forth in the Bond Ordinance.** **Upon any partial prior redemption of this Bond, Cede & Co. in its discretion may request the Bond Registrar to authenticate a new Bond or make an appropriate notation on this Bond indicating the date and amount of prepayment, except in the case of final maturit)~, in which case this Bond must be presented to the Bond Registrar prior to final payment.** *This bond is fully transferable by the Registered Owner hereof in person or by his duly authorized attorney on the registration books kept by the Bond Registrar upon surrender of this bond together with a duly executed written instrument of transfer satisfactory to the Bond Registrar. Upon such transfer a new fully registered bond of authori~:ed denomination or denominations of the same aggregate principal amount and maturih~ will be issued to the transferee in exchange for this bond, subject to such terms, conditions and charges as set forth in the Bond Ordinance.* The Town and the Bond Registrar 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 Bond Registrar will not be required to transfer or exchange (i) any Bond subject to redemption during a period beginning at the opening of business 15 days before the day of the mailing by the Bond Registrar of a notice of prior redemption of Bonds and ending at the close of business on the day of such mailing, or (ii) any Bond after the mailing of notice calling such Bond or any portion thereof for prior redemption, except for the unredeemed portion of Bonds being redeemed in part.* -15- The Bonds of which this Bond is one are all of like date, tenor and effect except as to number, principal amount, interest rate, and date of maturity, and are issued by the Town of Vail, in the County of Eagle and State of Colorado, for the purpose of refunding, paying and discharging a portion of the Town's outstanding General Obligation Refunding Bonds, Series 1985 under the authority of and in fuU conformity with the Town's home rule charter, the constitution and laws of the State of Colorado, and pursuant to the Bond Ordinance. The Town, the Paying Agent and the Registrar may deem and treat the registered owner of any Bond as the absolute owner thereof for aU purposes (whether or not such Bond shall be overdue) and any notice to the contrary shall not be binding upon the Town, the Paying Agent or the Registrar. It is hereby certified, recited and warranted that all the requirements of law have been complied with by the proper officers of the Town in the issuance of this bond; that the total indebtedness of the Town, including that of this bond, does not exceed any limit of indebtedness prescribed by the Constitution or laws of the State of Colorado; and that provision has been made for the levy and collection of annual taxes sufficient to pay the interest on and the principal of this bond when the same become due. The full faith and credit of the Town are hereby irrevocably pledged for the punctual payment of the principal of and the interest on this bond. This Bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Bond Ordinance until the certificate of authentication hereon shall have been manually signed by the Registrar. IN TESTIMONY WHEREOF, the Town Council of the Town of Vail has caused this Bond to be signed by the manual or facsimile signature of the Mayor of the -16- Town, sealed with a manual or facsimile impression of the seal of the Town, and attested by the manual or facsimile signature of the Town Clerk, all as of the Dated Date above. TOWN OF VAIL, COLORADO (SEAL OR FACSIMILE) (Manual or Facsimile SiEnaturel Mayor A t t rSTED: (Manual or Facsimile Sienature~ Tc?wn Clerk STATEMENT OF INSURANCE The Municipal Bond Investors Assurance Corporation (the "Insurer") has issued a policy i,.ontaining the following provisions, such policy being on file at Central Bank National Association in Denver, Colorado. The Insurer, in consideration of the payment of the premium and subject to the terms of this policy, hereby unconditionally and irrevocably guarantees to any owner, as hereinafter defined, of the following described obligations, the full and complete payment required to be made by or on behalf of the Issuer to Central Bank National Association or its successor (the 'Paying Agent") of an amount equal to (i) the principal of (either at the stated maturity or by any advancement of maturity pursuant to a mandatory sinking fund payment) and interest on, the Obligations (as that term is defined below) as such payments shall become due but shall not be so paid (except that in the event of any acceleration of the due ciate of such principal by reason of mandatory or optional redemption or acceleration resulting from default or otherwise, other than any advancement of maturity pursuant to a mandates. sinking fund payment, the payments guaranteed hereby shall be made in such -17- amounts and at such times as such payments of principal would have been due had there not been any such acceleration); and (ii) the reimbursement of any such payment which is subsequently recovered from any owner pursuant to a final judgment by a court of competent jurisdiction that such payment constitutes an avoidable preference to such owner within the meaning of any applicable bankruptcy law. The amounts referred to in clauses (i) and (ii) of the preceding sentence shall be referred to herein collectively as the "Insured Amounts." "Obligations" shall mean: the Town of Vail, Colorado, General Obligation Refunding Bonds, Series 1992A. Upon receipt of telephonic or telegraphic notice, such notice subsequently confirmed in writing by registered or certified mail, or upon receipt of written notice by registered or certified mail, by the Insurer from the Paying Agent or any owner of an Obligation the payment of an Insured Amount for which is then due, that such required payment has not been made, the Insurer on the due date of such payment or within one business day after receipt of notice of such nonpayment, whichever is later, will make a deposit of funds, in an account with Citibank, N.A., in New York, New York, or its successor, sufficient for the payment of any such Insured Amounts which are then due. Upon presentment and surrender of such Obligations or presentment of such other proof of ownership of the Obligations, together with any appropriate instruments of assignment to evidence the assignment of the Insured Amounts due on the Obligations as are paid by the Insurer, and appropriate instruments to effect the appointment of the Insurer as agent for such owners of the Obligations in any legal proceeding related to payment of Insured Amounts on the Obligations, such instruments being in a form satisfactory to Citibank, N.A., Citibank, N.A. shall disburse to such owners or the Paying Agent payment of the Insured Amounts due on such Obligations, less any amount held by the Paying Agent for the payment of such Insured Amounts and legally available therefor. This policy does not insure against loss of any prepayment premium which may at any time be payable with respect to any Obligation. -1& As used herein, the term "owner" shall mean the registered owner of any Obligation as indicated in the books maintained by the Paying Agent, the Issuer, or any designee of the Issuer for such purpose. The term owner shall not include the Issuer or any party whose agreement with the Issuer constitutes the underlying security for the Obligations. Any service of process on the Insurer may be made to the Insurer at its offices located at 113 King Street, Armonk, New York 10504. This policy is non-cancellable for any reason. The premium on this policy is not reifundable for any reason including the payment prior to maturity of the Obligations. MUNICIPAL BOND INVESTORS ASSURANCE CORPORATION -19- [Form of Bond Registrar's Certificate of Authentication] CER t iriCATE OF AUTHENTICATION Date of Registration and Authentication: This Bond is one of the Bonds of the issue described in the within- mentioned Bond Ordinance, and this Bond has been duly registered in the registration records kept by the undersigned as Bond Registrar. CENTRAL BANK NATIONAL ASSOCIATION as Bond Registrar By: Authorized Officer -20. **(Form of Prepayment Panel) The following installments of principal (or portion thereof) of this bond have been prepaid in accordance with the terms of the Ordinance authorizing the issuance of this bond. Signature of ]Date of Principal Authorized Prepavment Prepaid Representative of the Depository (End of Form of Prepayment Panel) MAY I3E PRIlV t trD ON THE BACK OF THE BOND AND THE FOLLOWIl~IG STATEMENT INSERTED REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH ON THE REVERSE HEREOF: SUCH PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME Err~CT AS IF SET FORTH HERE.** -21- [Farm of Transfer] ASSIGNMENT - *FEES AND TAXES MAY BE CHARGED FOR TRANSFER OR EXCHANGE OF THIS BOND* FOR VALUE RECEIVED, the undersigned sells, assigns, and transfers unto the within Bond and does hereby irrevocably constitute and appoint attorney, to transfer said Bond on the records kept for registration thereof with full power of substitution in the premises. Signature of Registered Owner: NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears upon the face of the within Bond in every particular, without alteration or enlargement or any change whatever. Dated: Signature guaranteed: (Bank, Trust Company, or Firm) Address or transferee: Social Security or other tax identification number of transferee: -22- Section 7. Authentication. No Bond shall be valid or obligatory for any purpose or be entitled to any security or benefit under this Ordinance unless and until a certificate of authentication on such Bond substantially in the form hereinabove set forth shall have been duly manually executed by the Bond Registrar, and such executed certificate of the Bond Registrar upon any such Bond shall be conclusive evidence that such Bond has been authenticated and delivered under this Ordinance. The Bond Registrar's certificate of authentication on any Bond shall be deemed to have been executed by it if signed by an authorized officer or signatory of the Bond Registrar, but it shall not be necessary that the same officer or signatory sign the certificate of authentication on all of the Bonds issued hereunder. By authenticating any of the Bonds initially delivered pursuant to this Ordinance, the Bond Registrar and Paying Agent shall be deemed to have assented to the provisions of, and to have agreed to abide by and to perform the duties provided for them in, this Ordinance. After the adoption of this Ordinance, the Town shall execute the Bonds and deliver them to the Bond Registrar, and the Bond Registrar shall authenticate the Bonds and deliver them to the purchasers thereof, as directed by the Town. Section 8. Reeistration. Transfer and Exchange. A. Except as provided in Section 9 hereof, records for the registration and transfer of the Bonds shall be kept by the Bond Registrar, which is hereby appointed by the Town as registrar (i.e., transfer agent) for the Bonds. Upon the surrender for transfer of any Bond at the principal office of the Bond Registrar, duly endorsed for transfer or accompanied by an assignment duly executed by the registered owner or his attorney duly authorized in writing, the Bond Registrar shall enter such transfer on the registration records and shall authenticate and deliver in the name of the transferee or transferees a new Bond or Bonds of a like aggregate principal amount and of the ;same maturity, bearing a number or numbers not previously assigned. Bonds may be exchanged at the principal office of the Bond Registrar for an equal aggregate principal amount: of Bonds of the same maturity of other authorized denominations. The Bond Registrar shall authenticate and deliver a Bond or Bonds which the registered owner making the exchange is entitled to receive, bearing a number or numbers not previously assigned. The Bbnd Registrar may impose reasonable charges in connection with such exchanges and -23- transfers of 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 Bond Registrar shall not be required (1) to transfer or exchange all or a portion of any Bond subject to prior redemption during the period beginning at the opening of business 15 days next preceding the mailing of notice calling any Bonds for prior redemption as herein provided or (2) to transfer or exchange aIi or a portion of a Bond after the mailing of notice calling such Bond or portion thereof for prior redemption, except for the unredeemed portion of Bonds being redeemed in part. C. Except as herein provided with respect to Record Dates and Special Record Dates, the person in whose name any Bond shall be registered on the registration records kept by the Bond Registrar shall be deemed and regarded as the absolute owner thereof for the purpose of making payment thereof and for all other purposes and payment of or on account of principal of and interest on any Bond shall be made only to or upon the written order of the registered owner thereof or his or her legal representative, but such registration may be changed upon transfer of such 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 Bond to the extent of the sum or sums so paid. D. The officers of the Town are authorized to deliver to the Bond Registrar fully executed but unauthenticated Bonds in such quantities as may be convenient to be held in custody by the Bond Registrar pending use as herein provided. Section 9. Book Entrv. A. Notwithstanding any contrary provision of this Ordinance, the Bonds shall initially be evidenced by one Bond for each maturity in which the Bonds mature in denominations equal to the aggregate principal amount of the Bonds maturing for that maturity. Such initially delivered Borids shall be registered in the name of -24 "Cede & Co." as nominee for The Depository Trust Company, the securities depository for the Bonds. The Bonds may not thereafter be transferred or exchanged except: (1) to any successor of The Depository Trust Company or its nominee, which successor must be both a "clearing corporation" as defined in Section 4-8-102(3), Colorado Revised Statutes and a qualified and registered "clearing agency" under Section 17A of the Securities Exchange Act of 1934, as amended; or (2) upon the resignation of The Depository Trust Company or a successor or new depository under clause (1) or this clause (2) of this paragraph (a), or a determination by the Council that The Depository Trust Company or such successor or new depository is no longer able to carry out its functions, and the designation by the Council of another depository institution acceptable to the Council and to the depository then holding the Bonds, which new depository institution must be both a "clearing corporation" as defined in Section 4- 8-102(3), Colorado Revised Statutes and a qualified and registered "clearing agency" under Section. 17A of the Securities Exchange Act of 1934, as amended, to carry out the functions of The Depository Trust Company or such successor new depository; or (3) upon the resignation of The Depository Trust Company or a successor or new depository under clause (1) or clause (2) of this paragraph (a), or a determination of the Council that The Depository Trust Company or such successor or new depository is no longer able to carry out its functions, and the failure by the Council, after reasonable investigation, to locate another qualified depository institution under clause (2) to carry out such depository functions. B. In the case of a transfer to a successor of The Depository Trust Company or its nominee as referred to in clause (1) of paragraph (a) hereof or designation of a new depository pursuant to clause (2) of paragraph (a) hereof, upon receipt of the Outstanding Bonds by the Bond Registrar, together with written instructions for transfer satisfactory to the Bond Registrar, a new Bond for each maturity of the Bonds then -25- Outstanding shall be issued to such successor or new depository, as the case may be, or its nominee, as is specified in such written transfer instructions. In the case of a resignation or determination under clause (3) of paragraph (a) hereof and the failure after reasonable investigation to locate another qualified depository institution for the bonds as provided in clause (3) of paragraph (a) hereof, and upon receipt of the Outstanding Bonds by the Bond Registrar, together with written instructions for transfer satisfactory to the Bond Registrar, new Bonds shall be issued in the denominations of $5,000 or any integral multiple thereof; as provided in and subject to the limitations of Section 7 hereof, registered in the names of such persons, and in such authorized denominations as are requested in such written transfer instructions; however, the Bond Registrar shall not be required to deliver such new Bonds within a period of less than 60 days from the date of receipt of such written transfer instructions. C. The Council, the Bond Registrar and the Paying Agent shall be entitled to treat the registered owner of any Bond as the absolute owner thereof for all purposes hereof and any applicable laws, notwithstanding any notice to the contrary received by any or all of them and the Council, the Bond Registrar and the Paying Agent shall have no responsibility for transmitting payments to the beneficial owners of the Bonds held by The Depository Trust Company or any successor or new depository named pursuant to paragraph (a) hereof. D. The Council, the Bond Registrar and the Paying Agent shall endeavor to cooperate with The Depository Trust Company or any successor or new depository named pursuant to clause (1) or (2) of paragraph (a) hereof in effectuating payment of the principal amount of the Bonds upon maturity or prior redemption by arranging for payment in such a manner that funds representing such payments are available to the depository on the date they are due. Section 10. Cancellation and Destruction of Bonds. Lost Bonds. A. Whenever any outstanding Bond shall be delivered to the Bond Registrar for payment -26- pursuant to this Ordinance and upon payment of the principal amount, such Bond shall be cancelled and destroyed by the Bond Registrar and recorded as such in the records of the Bond Registrar. Whenever any outstanding Bond shall be delivered to the Bond Registrar for transfer pursuant to the provisions hereof, such Bond shall be cancelled by the Bond Registrar and counterparts of a certificate of cancellation shall be furnished by the Bond Registrar to the Town. B. If any Bond shall be lost, stolen, destroyed, or mutilated, the Bond Registrar may, upon receipt of such evidence, information or indemnity relating thereto as it or the Town may reasonably require, authenticate and deliver a replacement Bond or Bonds of a like aggregate principal amount and of the same maturity, bearing a number or numbers not previously assigned. If such lost, stolen, destroyed, or mutilated Bond shall have matured, the Bond Registrar may direct that such Bond be paid by the Paying Agent in lieu of replacement. The Bond Registrar and the Town may require that the registered owner of any such Bond pay their reasonable fees, charges and expenses relating to their activities pursuant to this Section. Section 11. Disposition of Bond Proceeds and Additional Deposits. The Bonds, when executed and registered as provided by law, shall be delivered to the Underwriters as directed by the Town, and proceeds derived therefrom (net of accrued interest, which shall be deposited in the Bond Fund) shall be deposited into a special and separate trust fund held by the Escrow Bank designated the "Town of Vail, Colorado General Obligation Refunding Bonds, Series 1985 Escrow Account" (the "Escrow Account"), which amount, together with other available funds of the Town, will be sufficient to establish any initial cash balance remaining uninvested and to buy Federal Securities (as defined in the Escrow Agreement) to effect the Refunding Project. Any remaining balance of the Bond proceeds shall be applied to the payment of costs of issuing the Bonds, including the premium for the Bond Insurance Policy, and the principal of and interest on the Bonds as the same become due. Neither the Underwriters nor any subsequent owners of the Bonds shall be -27- responsible for the application or disposal by the Town or any of its officers of the funds derived from the sale thereof. Section 12. Tax Covenant. A. The Town covenants for the benefit of the owners of the Bonds that it will not take any action or omit to take any action with respect to the Bonds, the proceeds thereof, any other funds of the Town, or any facilities financed with the proceeds of the Refunded Bonds if such action or omission (i) would cause the interest on the Refunded Bonds or the 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 Refunded Bonds or the 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 current earnings adjustment applicable to corporations under Section 56 of the Tax Code in calculating corporate alternative minimum taxable income, or (iii) would cause interest on the 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 Bonds until the date on which all obligations of the Town in fulfilling the above covenant under the Tax Code have been met. B. The Town also covenants for the benefit of the registered owners of the Bonds from time to time that it will annually prepare or cause to be prepared a budget and an audit report, will annually file or cause to be filed with the appropriate State agency a copy of the adopted budget, the appropriation ordinance and audit report all in accordance with State law. Section 13. Investment of Funds. Any moneys in any fund or account established by this ordinance may be deposited, invested or reinvested in any manner permitted by law. Such deposits or investments 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 -28- in question. Such deposits or investments of moneys in any such fund shall be deemed at all times to be a part of the applicable fund. Except to the extent required by paragraph (a) of Section 11 hereof, the income or losses accruing on such deposits or investments in any such fund shall be deemed to be part of the applicable fund. Section 14. Payment of Principal and Interest. There shall be levied on all taxable property in the Town at the time and in the manner provided by law, in addition to all other taxes, direct annual taxes sufficient to pay the principal of and interest on the Bonds promptly as the same shall become due. Said taxes when collected shall be used solely for the purpose of paying the principal of and interest on the Bonds as the same respectively mature. Nothing herein contained shall be so construed as to prevent the application of any other funds belonging to the Town and available for that purpose, and upon such payments being made, the levy or levies herein provided may thereupon to that extent be diminished. Said direct annual taxes levied to pay principal of and interest on the Bonds shall be in addition to any, and all other, taxes levied to effect the purposes of the Town. The sums herein provided to pay the principal of and interest on the Bonds for each year shall be included in the annual budget to be adopted and passed by the Council in each year. No statutory or constitutional provisions enacted after the issuance of the Bonds herein authorized shall in any manner be construed as limiting or impairing the obligation of the Town to levy ad valorem taxes without limitation of rate or amount for the payment of the principal of and interest on the Bonds. The foregoing provisions of this Ordinance are hereby declared to be the certificate of the Council to the Board of County Commissioners showing the aggregate amount of taxes to be levied for the purposes aforesaid by the Board of County Commissioners from time to time, as required by law, for the purpose of paying the principal of and interest on the Bonds as the same shall hereafter become due. Monies to be used to pay the principal of and interest on the Bonds shall be deposited and accounted for by the Town in the following manner. There shall be deposited into a separate account established hereby, to be held by the Town or its designee, designated -29- the "Town of Vail, 1992 General Obligation Bond Fund" (the "Bond Fund") the following amounts: (1) Interest Payments. Monthly an amount in equal monthly installments necessary, together with any other moneys therein and available therefor, to pay the interest due and payable on the Bonds on the next interest payment date. (2) Principal Payments. Monthly, an amount in equal monthly installments necessary, together with any other moneys therein and available therefor, to pay the principal and any redemption premium due and payable on the Bonds on the next principal payment date. 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 Bond Fund shall be used only to pay the principal of, prior redemption premium if any, and interest on the Bonds as the same become due. Section 15. Tom. It shall be the duty of the Council annually at the time and in the manner provided by law for levying other taxes, if such action shall be necessary to effectuate the provisions of this Ordinance, to ratify and carry out the provisions hereof with reference to the levy and collection of taxes. The Council shall require the officers of the Town to levy, extend and collect such taxes in the manner provided by law for the purpose of payment of the principal of and interest on the Bonds thereon. Such taxes, when collected, shall be kept for and applied only to the payment of the principal of and interest on the Bonds as herein specified. -30- Section 16. Maintenance of Escrow Account. The Escrow Account shall be maintained at all times subsequent to the initial deposit of moneys therein in an amount at least sufficient, together with the known minimum yield to be derived from the initial investment and any temporary reinvestment of the deposits therein or any part thereof in Federal Securities, to pay the Refunded Bond Requirements as the same become due. Section 17. Use of Escrow Account. Moneys shall be withdrawn by the Escrow Bank from the Escrow Account in sufficient amounts and at such times to permit the payment without default of the Refunded Bond Requirements. Any moneys remaining in the Escrow Account after provision shall have been made for the redemption in full of the Refunded Bonds shall be applied to any lawful purpose of the Town as the Council may hereafter determine. Section 18. Insufficiency of Escrow Account. If for any reason the amount in the ]Escrow Account shall at any time be insufficient for the purpose of Sections 16 and 17 hereof, the Town shall forthwith deposit in such account such additional moneys as shall be necessary to permit the timely payment in full of the Refunded Bond Requirements as herein 'provided. Section 19. Exercise of Option. The Council has elected and does hereby declare its intent to exercise on the behalf and in the name of the Town its option to redeem the Refunded Bonds on December 1, 1995. The Council is hereby obligated so to exercise such option, which option shall be deemed to have been exercised when notice is duly given and completed forthwith after the issuance of the Bonds as herein provided in Sections 20, 21 and 22 hereof. Section 20. Notice of Prior Redemption and Defeasance. The Town hereby authorizes and directs the registrar for the 1985 Bonds to give the notice of prior redemption and defeasance of the Refunded Bonds, in the name of and on behalf of the Town and the -31- bond registrar forthwith upon issuance of the 1992 Bonds and again not less than 30 days prior to December 1, 1995. Section 21. Manner of Giving Notice. The notice of prior redemption and defeasance shall be given in accordance with the Refunded Bond Ordinance by mailing a copy of the notice by first class mail (postage prepaid) to the registered owners of the Refunded Bonds to be redeemed at the addresses shown on the registration records of the registrar for the Refunded Bonds. Section 22. Form of Notice. The notice of prior redemption and defeasance so to be given forthwith shall be in substantially the following form: -32- (Form of Notice) NOTICE OF REFUNDING, DEFEASANCE AND PRIOR REDEMPTION OF A PORTION OF TOWN OF VAIL, COLORADO GENERAL OBLIGATION REFUNDING BONDS SERIFS 1985 NOTICE IS HEREBY GIVEN that the Town of Vail, Colorado (the "Town") has caused to be deposited in escrow with Central Bank National Association in Denver, Colorado refunding bond proceeds and other funds which have been invested (except for an initial cash balance remaining uninvested) in bills, notes, bonds and similar securities which are non-callable direct obligations of the United States of America, to refund, pay and discharge the Refunded Bond Requirements for a portion of its General Obligation Refunding Bonds, Series 1985 (the "1985 Bonds"). The 1985 Bonds maturing on and after December 1, 1996 in the following principal amounts (the "Refunded Bonds") will be called for prior redemption on December 1, 1995: Principal Maturing Amount December 1 CUSIP Nos. $1,965,000 1996 2,130,000 1997 2,315,000 1998 2,060,000 1999 Refunded Bond Requirements means: (a) the interest due in connection with the Refunded Bonds as the same comes due on and after December 1, 1992 and on and before :December 1, 1995 and (b) the principal of the Refunded Bonds due in connection with the redemption of the Refunded Bonds on December 1, 1995. On the applicable redemption date the principal will become due and payable at the office of the paying agent for the 1985 Bonds, Central Bank National Association, in Denver„ Colorado and will cease to accrue interest from and after such date. According to a report pertaining to such escrow of Causey, Demgen & Moore, Denver„ Colorado, certified public accountants, the escrow, including the known minimum -33- i yield from such investments and the initial cash balance remaining uninvested, is fully sufficient at the time of the deposit and at all times subsequently, to pay the Refunded Bond Requirements of the Refunded Bonds on the date designated above. DATED TOWN OF VAU, COLORADO By - /s/ Director of Administrative Services CENTRAL BANK NATIONAL ASSOCIATION By /s/ Title: Authorized Officer (End of Form of Notice) -34- t Section 23. Costs and Expenses. All costs and expenses incurred in connection with the issuance and payment of the Bonds shall be paid from the proceeds of the Bonds or from legally available moneys of the Town. Section 24. Acceptance of Bond Purchase Agreement. The Council hereby accepts the Bond Purchase Agreement as submitted by the Underwriters, and hereby authorizes the sale of the Bonds to the Underwriters at a price of $7,425,375 (consisting of par less underwriters' discount of $58,875 and original issue discount of $15,750) plus accrued interest, and otherwise upon the terms, conditions, and provisions as set forth in the Bond Purchase Agreement. The Council hereby determines that the sale of the Bonds as provided herein and in the Bond Purchase Agreement is to the best advantage of the Town. Section 25. Authorization to Execute Collateral Documents. The officers of the Town and members of the Council are authorized and directed to take any and all other actions necessary or appropriate to effectuate the provisions of this Ordinance, including but not limited to the execution of the Letter of Representations, the Escrow Agreement, the Paying Agent Agreement, and such certificates and affidavits as may reasonably be required by the Underwriters. Section 26. Approval of Preliminary Official Statement and Authorization of Final Official Statement. The distribution and use of the Preliminary Official Statement is hereby, ratified, approved and confirmed. The Underwriters are authorized to prepare or cause to be prepared, and the Director of Administrative Services is authorized and directed to approve on behalf of the Town, a final Official Statement for use in connection with the offering and sale of the Bonds. The execution of a final Official Statement by the Director of Administrative Services shall be conclusively deemed to evidence the approval of the form and contents thereof by the Town. Section 27. Successor Bond Registrar or Pa ingAgent. The Bond _Registrar or Paying Agent may resign on 30 days' prior written notice to the Town provided that no -35- such resignation shall be effective until a successor Bond Registrar and Paying Agent is appointed. The Town at any time may reasonably determine that the Bond Registrar or Paying Agent is incapable of fulfilling its duties hereunder and may remove it upon 30 days' prior written notice. If the Bond Registrar or Paying Agent initially appointed hereunder shall resign, or shall be removed by the Town, the Town may, upon notice mailed to each Owner at his or her address last shown on the registration books, appoint a successor to such Bond Registrar or Paying Agent. Every such successor Bond Registrar or Paying Agent shall be a bank or trust company located in and in good standing in the United States and having shareholders' equity (e.g., capital stock, surplus and profits), however denominated, not less than $10,000,000. It shall not be required that the same institution serve as both Bond Registrar and Paying Agent hereunder, but the Town shall have the right to have the same institution serve as both Bond Registrar and Paying Agent hereunder. Section 28. Defeasance. When the principal and interest due in connection with any Bond have been duly paid, all obligations hereunder with respect to such Bond shall be discharged, and such Bond shall no longer be deemed to be outstanding for any purpose of this Ordinance. Payment of such Bond or any portion thereof shall be deemed made when the Town has placed in escrow with a commercial bank exercising trust powers an amount sufficient (including the known minimum yield from Governmental Obligations in which such amount may be wholly or in part initially invested) to meet all requirements of principal of and interest on such Bond as the same becomes due to maturity or to any redemption date as of which the Town shall have exercised or obligated itself to exercise its prior redemption option and have given irrevocable instructions to the Bond Registrar to give notice of redemption to the holder of any such Bond. The Governmental Obligations shall become due or be callable at the option of the holder at or prior to the respective times on which the proceeds thereof shall be needed, in accordance with a schedule agreed upon between the Town and such bank at the time of creation of the escrow. In the event that there is a defeasance -of only part of the Bonds, the Bond Registrar shall, if requested by the Town, institute a system to preserve the identity of the -36- individual Bonds or portions thereof so defeased, regardless of changes in Bond numbers attributable to transfers and exchanges of Bonds; and the Bond Registrar shall be entitled to reasonable compensation and reimbursement of expenses from the Town in connection with such system. Section 29. Contract with Bondholders: Supplemental Ordinances. After any of the :Bonds have been issued, this Ordinance shall constitute a contract between the Town and the holder or holders of the Bonds and shall be and remain irrepealable until the Bonds and the interest thereon shall have been fully paid, satisfied and discharged. A. The Town may, without the consent of or notice to the registered owners of the Bonds (but followed by notice to the Bond Insurer), adopt one or more ordinances supplemental hereto, which supplemental ordinances shall thereafter form a part hereof, for any one or more of the following purposes: 1. to cure any ambiguity, or to cure, correct or supplement any formal defect or omission or inconsistent provision contained in this Ordinance, to make any provision necessary or desirable due to a change in law, to make any provisions with respect to matters arising under this Ordinance, or to make any provisions for any other purpose if, in each case, such provisions are necessary or desirable and do not adversely affect the interests of the owners of the Bonds; 2. to pledge additional revenues, properties, or collateral as security for the Bonds; 3. to grant or confer upon the Bond Registrar for the benefit of the registered owners of the Bonds any additional rights, remedies, powers, or authorities that may lawfully be granted to or conferred upon the registered owners of the Bonds; or 4. to qualify this Ordinance under the Trust Indenture Act of 1939. 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 the Bond Insurer, unless the Bond Insurer is in default under the Bond Insurance Policy, in which case this Ordinance may be amended -37- with the written consent of the owners of 66% in aggregate principal amount of the 1992A Bonds Outstanding at the time of the adoption of such amendatory or supplemental ordinance; provided, however, that, without the written consent of the owners of all of the 1992A Bonds adversely affected thereby, no such Ordinance shall have the effect of permitting: 1. An extension of the maturity of any 1992A Bond authorized by this Ordinance; 2. A reduction in the principal amount of any 1992A Bond, the rate of interest thereon, or the prior redemption premium thereon; 3. A reduction of the principal amount of 1992A Bonds required for consent to such amendatory or supplemental ordinance; or 4. The modification of or otherwise affecting the rights of the owners of less than all of the 1992A Bonds then Outstanding. Copies of any waiver, modification or amendment to this Ordinance shall be delivered to the Bond Insurer and any entity then maintaining a rating on the 1992A Bonds. Section 30. Ratification and Approval of Prior Action. All actions heretofore taken by the officers of the Town and the members of the Council consistent with the provisions of this Ordinance relating to the authorization, issuance and delivery of the Bonds, including but not limited to the execution of the Bond Purchase Agreement, hereby are ratified, approved and confirmed. Section 31. Notice to Bond Insurer: Payments Under the Policy. Any notice required by this Ordinance or the Escrow Agreement to be given to any party also shall be given to the Bond Insurer. Any notice required by this Ordinance to be given to the Bond Insurer shall be in writing and sent by registered or certified mail to the Bond Insurer, 113 King Street, Armonk, New York 10504, Attention: Surveillance, or to such other address of which the Bond Insurer shall notify the Town in writing. A. In the event that, on the second Business Day, and again on the Business Day, prior to any payment date on the 1992A Bonds, the Paying Agent has not -38- received sufficient moneys to pay all principal of and interest on the 1992A Bonds then due, the Paying Agent shall immediately notify the Bond Insurer or its designee on the same Business Day by telephone or telegraph, confirmed in writing by registered or certified mail, of the amount of the deficiency. B. If the deficiency is made up in whole or in part prior to or on the payment date, the Paying Agent shall so notify the Bond Insurer or its designee. C. In addition, if the Paying Agent has notice that any registered owner has been required to disgorge payments of principal or interest on the 1992A Bonds to a trustee in bankruptcy or creditors or others pursuant to a final judgment by a court of competent jurisdiction that such payment constitutes an avoidable preference to such registered owner within the meaning of any applicable bankruptcy laws, then the Paying Agent shall notify the Bond Insurer or its designee of such fact by telephone or telegraph, confirmed in writing by registered or certified mail. D. The Paying Agent is hereby irrevocably designated, appointed, directed and authorized to act as attorney-in-fact for registered owners of the 1992A Bonds as follows: 1. If and to the extent there is a deficiency in amounts required to pay interest on the 1992A Bonds, the Paying Agent shall (a) execute and deliver to the Insurance Paying Agent, in form satisfactory to the Insurance Paying Agent, an instrument appointing the Bond Insurer as agent for such registered owners in any legal proceeding related to the payment of such interest and an assignment to the Bond Insurer of the claims for interest to which such deficiency relates and which are paid by the Bond Insurer, (b) receive as designee of the respective registered owners (and not as Paying Agent) in accordance with the tenor of the Policy payment from the Insurance Paying Agent with respect to the claims for interest so assigned, and (c) disburse the same to such respective registered owners; and 2. If and to the extent of a deficiency in amounts required to pay principal of the 1992A Bonds, the Paying Agent shall (a) execute and deliver to the Insurance Paying Agent in form satisfactory to the Insurance Paying Agent an instrument appointing the Bond Insurer as agent for such registered owner in any legal proceeding relating to the payment of such principal and an assignment to the Bond Insurer of any of the 1992A Bonds -39- surrendered to the Insurance Paying Agent of so much of the principal amount thereof as has not previously been paid or for which moneys are not held by the Paying Agent and available for such payment (but such assignment shall be delivered only if payment from the Insurance Paying Agent is received), (b) receive as designee of the respective registered owners (and not as Paying Agent) in accordance with the tenor of the Policy payment therefor from the Insurance Paying Agent, and (c) disburse the same to such registered owners. E. Payments with respect to claims for interest on and principal of 1992A Bonds disbursed by the Paying Agent from proceeds of the Bond Insurance Policy shall not be considered to discharge the obligation of the Town with respect to such 1992A Bonds, and the Bond Insurer shall become the owner of such unpaid 1992A Bonds and claims for the interest in accordance with the tenor of the assignment made to it under the provisions of this subsection or otherwise. F. Irrespective of whether any such assignment is executed and delivered, the Town and the Paying Agent hereby agree for the benefit of Bond Insurer that, 1. to the extent the Bond Insurer makes payments, directly or indirectly (as by paying through the Paying Agent), on account of principal of or interest on the 1992A Bonds, the Bond Insurer will be subrogated to the rights of such registered owners to receive the amount of such principal and interest from the Town, with interest thereon as provided and solely from the sources stated in this Ordinance and the 1992A Bonds; and 2. they will accordingly pay to the Bond Insurer the amount of such principal and interest (including principal and interest recovered under subparagraph (ii) of the first paragraph of the Bond Insurance Policy, which principal and interest shall be deemed past due and not to have been paid), with interest thereon as provided in this Ordinance and the 1992A Bonds, but only from the sources and in the manner provided herein for the payment of principal of and interest on the 1992A Bonds to registered owners, and will otherwise treat the Bond Insurer as the owner of such rights to the amount of such principal and interest. -40- Section 32. Severability. If any section, paragraph, clause, or provision of this Ordinance 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 Ordinance, the intent being that the same are severable. Section 33. ReQealer. All orders, resolutions, bylaws, ordinances, or regulations of the Town, or parts thereof, inconsistent with this Ordinance are hereby repealed to the extent only of such inconsistency. Section 34. Ordinance Irrepealable. After the Bonds are issued, this Ordinance shall constitute an irrevocable contract between the Town and the registered owners of the Bonds, and shall be and remain irrepealable until the Bonds and the interest thereon shall have been fully paid, satisfied and discharged. No provisions of any constitution, statute, charter, ordinance, resolution, or other measure enacted after the issuance of the Bonds shall in any manner be construed as impairing the obligations of the Town to keep and perform the covenants contained in this Ordinance. Section 35. Emergency Statement. In accordance with Section 4.11 of the Charter, the Council hereby determines that this Ordinance is necessary for the preservation of public property, health, welfare, and safety, and that it shall be adopted at a single reading as an emergency ordinance, due to the volatility of the municipal bond market, the favorable interest rates that currently can be obtained, and a general election ballot initiative threatening to limit the Town's ability to issue bonds. The Town's planned schedule for adopting this Ordinance and issuing the Bonds has been delayed due to an error in publication beyond the Town's control, and expedited adoption therefore is deemed appropriate and necessary. Section 36. Recording and Authentication. Immediately on its passage this Ordinance shall be recorded in the Town Book of Ordinances kept for that purpose, -41- authenticated by the signatures of the Mayor and Town Clerk, and shall be posted and published in accordance with the Charter. Section 37. Statutes Superseded. Pursuant to Article XX of the Colorado Constitution and the Charter, all statutes of the State of Colorado which might otherwise apply in connection with the Bonds are hereby superseded. Section 38. Effective Date. This Ordinance shall be effective upon adoption. INTRODUCED, READ, PASSED AS AN EMERGENCY ORDINANCE by the unanimous vote of Council members present or five Council members, and ordered published at a special meeting of the Town Council of the Town of Vail, Colorado on September 29, 1992. TOWN OF VAIL, COLORADO Mayor ATTEST: Town Clerk -42- EXHIBIT I Permitted Investments LIST OF PERMISSIBLE INVESTMENTS FOR INDENTURED FUNDS A. Direct obligations of the United States of America (including obligations issued or held in book-entry form on the books of the Department of the Treasury, and CATS and TGRS) or obligations the principal of and interest on which are unconditionally guaranteed by the United States of America. B. Bonds, debentures, notes or other evidence of indebtedness issued or guaranteed by any of the following federal agencies and provided such obligations are backed by the full faith and credit of the United States of America (stripped securities are only permitted if they have been stripped by the agency itself): 1., U.S. ExRort-Imvort Bank (Eximbank) Direct obligations or fully guaranteed certificates of beneficial ownership 2. Farmers Home Administration (FHA) Certificates of beneficial ownership 3. Federal Financing Bank 4. Federal Housing Administration Debentures (FHA) 5. General Services Administr ion Participation certificates 6. Government National Mortgage Association (GNMA or "Ginnie Mae") GNMA - guaranteed mortgage-backed bonds GNMA - guaranteed pass-through obligations (not acceptable for certain cash-flow sensitive issues.) 7. U.S. Maritime Administration Guaranteed Title XI financing 8. U.S. Department of Housing and Urban Development (HUD) Project Notes Local Authority Bonds New Communities Debentures - U.S. government guaranteed debentures U.S. Public Housing Notes and Bonds - U.S. government guaranteed public housing notes and bonds C. Bonds, debentures, notes or other evidence of indebtedness issued or guaranteed by any of the following non-full faith and credit U.S. government agencies (stripped securities are only permitted if they have been stripped by the agency itself): 1. Federal Home Loan Bank System Senior debt obligations 2. Federal Home Loan Mortgage Corporation (FHLMC or "Freddie Mac") Participation Certificates Senior debt obligations 3. Federal National Mortgage Association (FNMA or "Fannie Mae") Mortgage-backed securities and senior debt obligations } /TIBIA 4. Student Loan Marketing Association (SLMA or "Sallie Mae") Senior debt obligations 5. Resolution Fundina Corp. (REFCORP) obligations D. Money market funds registered under the Federal Investment Company Act of 1940, whose shares are registered under the Federal Securities Act of 1933, and having a rating by S&P of AAAm-G; AAAm; or AAm. E. Certificates of deposit secured at all times by collateral described in (A) and/or (B) above. Such certificates must be issued by commercial banks, savings and loan associations or mutual savings banks. The collateral must be held by a third party and the bondholders must have a perfected first security interest in the collateral. F. Certificates of deposit, savings accounts, deposit accounts or money market deposits which are fully insured by FDIC or FSLIC. G. Investment Agreements, including GIC's, acceptable to MBIA. H. Commercial paper rated, at the time of purchase, "Prime - 1" by Moody's or "A-l" or better by S&P. I. Bonds or notes issued by any state or municipality which are rated by Moody's or S&P in one of the two highest rating categories assigned by such agencies. J. Federal funds or bankers acceptances with a maximum term of one year of any bank which has an unsecured, uninsured and unguaranteed obligation rating of "Prime - 1" or "A3" or better by Moody's and "A-1" or "A" or better by S&P. R. Repurchase agreements provide for the transfer of securities from a dealer bank or securities firm (seller/borrower) to a municipal entity (buyer/lender), and the transfer of cash from a municipal entity to the dealer bank or securities firm with an agreement that the dealer bank or securities firm will repay the cash plus a yield to the municipal entity in exchange for the securities at a specified date. Repurchase Agreements must satisfy the following criteria or be approved by MBIA. 1. ReEos must be between the municipal entity and a dealer bank or securities firm a. Primary dealers on the Federal Reserve reporting dealer list which are rated A or better by Standard & Poor's Corporation and Moody's Investor Services, or b. Banks rated "A" or above by Standard & Poor's Corporation and Moody's Investor Services. MBVi The written repo contract must include the followiLq. a. Securities which are acceptable for transfer are: (1) Direct U.S. governments, or (2) Federal agencies backed by the full faith and credit of the U.S. government (and FNMA & FMAC) b. The term of the repo may be up to 30 days c. The collateral must be delivered to the municipal entity, trustee (if trustee is not supplying the collateral) or third party acting as agent for the trustee (if the trustee is supplying the collateral) before/simultaneous with payment (perfection by possession of certificated securities). d. valuation of Collateral (1) The securities must be valued weekly. marked-to-market at current market price plus accrued interest (a) The value of collateral must be equal to 104% of the amount of cash transferred by the municipal entity to the dealer bank or security firm under the repo plus accrued interest. If the value of securities held as collateral slips below 104% of the value of the cash transferred by municipality, then additional cash and/or acceptable securities must be transferred. If, however, the securities used as collateral are FNMA or FMAC, then the value of collateral must equal 105%. 3. Legal opinion which must be delivered to the municipal entity• a. Repo meets guidelines under state law for legal investment of public funds. Additional Notes (i) Any state administered pool investment fund in which the issuer is statutorily permitted or required to invest will be deemed a permitted investment. (ii) DSRF investments should be valued at fair market value and marked to market at least once per year. DSRF investments may not have maturities extending beyond 5 years. Colorado Municipal Issues - Week Ending September 25, 1992 Colorado Issuer: Arvada Arvada Broomfield C/Springs Thornton Northglenn Postsecondary Vail, Co Vail, Co Sales & Use HUTF Sales & Use Airport Sales & Use Water & Swr DU Project G.O. Sales & Use Par: $39,235,000 $5,910,000 $14,470,000 $47,390,000 $8,320,000 $7,240,000 $12,275,000 $7,500,000 $15,165.000 Rating: Aaa/AAA Aaa/AAA Aaa/AAA BBB Aaa/AAA Aaa/AAA NR/AAA Aaa/AAA Aaa/AAA Insurance FGIC MBIA AMBAC FGIC FGIC Connie Lee MBIA MBIA Date Sold: 09/21/92 09/21/92 09/22/92 09/22/92 09/23/92 09/23/92 09/23/92 09/24/92 09/24/92 Type: Public Sale Public Sale Public Sale Negotiated Negotiated Negotiated Negotiated Negotiated Negotiated Lead Mgr: Hanifen Hanifen Kirkpatrick Smith Barney Piper Baum Baum Kemper/Baum Kemper/Baum BO/AMT: AMT BO 1993 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 1994 3.85% 3.85% 3.85% 3.90% 3.35% 1995 4.30% 4.30% 4.30% 4.35% 3.80% 5.00% 1996 4.60% 4.60% 4.60% 4.65% 4.20% 5.20% 4.60% 1997 4.80% 4.80% 4.80% 4.85% 4.50% 5.40% 4.80% 4.80% 1998 5.10% 5.10% 5.10% 5.15% 4.70% 5.60% 5.10% 5.10% 1999 5.25% 5.25% 5.30% 6.15% 5.40% 4.90% 5.75% 5.30% 5.30% - - 2000 5.35% 5.35% 5.40% 6.30% 5.50% 5.10% 5.90% 5.50% 5.50% - -2001 5.50% 5.50% 5.60% 6.45% 5.70% 5.25% 6.00% 5.65% 5.65% - -.2002 5.60% 5.60% 5.70% 6.55% 5.80% 5.45% 6.10% 5.80% 5.80% 2003 5.70% 5.70% 5.80% 6.65% 5.90% 5.65°x6 6.15% ~ 2004 5.80% 5.80% 5.90% 6.70% 6.00% 5.85% 2005 5.90% 5.90% 6.00% 6.75% 6.00% 6.05% 6.10% .w 2006 6.00% 6.00% 6.05% 6.15% 2007 6.10% 6.10% 6.10% 6.20% NRO 2008 2009 6.22% 2010 2011 2012 6.29% 6.90% 6.375% 6.47% 6.32% 2013 2014 6.343% 2015 2016 2017 6.33% 2018 6.55% 2019 2020 2021 2022 7.00% Municipal Issues . r. Issuer: Ft Meyers, FI Arvada, Co Arvada, Co Telerate Impr Rev Sales & Use HUTF Composite Par. $20,515,000 $39,235,000 $5,910,000 Rating: Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA Insurance AMBAC FGIC MBIA Insured Date Sold: 09/21/92 09/21/92 09/21/92 09/21/92 Type: Public Sale Public Sale Public Sale Lead Mgr: William Hough Hanifen Hanifen BQ/AMT: 1993 3.00% 3.00% 2.85% 1994 3.30% 3.85% 3.85% 3.65% 1995 3.85% 4.30% 4.30% 4.15% 1996 4.20% 4.60% 4.60% 4.55% 1997 4.50% 4.80% 4.80% 4.80% 1998 4.75% 5.10% 5.10% 5.00% 1999 5.00% 5.25% 5.25% 5.20% 2000 5.15% 5.35% 5.35% 5.35% 2001 5.30% 5.50% 5.50% 5.45% 2002 5.40% 5.60% 5.60% 5.55% 2003 5.50% 5.70% 5.70% 5.65% 2004 5.60% 5.80% 5.80% 5.75% 2005 5.70% 5.90% 5.90% 5.85% 2006 5.80% 6.00% 6.00% 5.95% 2007 5.90% 6.10% 6.10% 6.05% 2008 6.00% 6.10% 2009 6.00% 6.15% 2010 6.05% 6.20% 2011 6.10% 6.25% 2012 6.10% 6.29% 6.30% 2013 6.125% 6.30% 2014 6.125% 6.30% 2015 6.125% 6.30% 2016 6.125% 6.30% 2017 6.125% 6.33% 6.35% 2018 6.125% 6.35% 2019 6.125% 6.35% 2020 6.125% 6.35% 2021 6.125% 6.35% 2022 6.125% 6.35% Municipal Issues Issuer: Austin, Tx Broomfield, Co Colo Springs Telerate Limited Tax Sales & Use Airport Composite Par: $52,490,000 $14,470,000 $47,390,000 Rating: Aaa/AAA Aaa/AAA BBB Aaa/AAA Insurance AMBAC AMBAC Insured Date Sold: 09/22/92 09/22/92 09/22/92 09/22/92 Type: Public Sale Public Sale Negotiated Lead Mgr: Smith Barney Kirkpatrick Smith Barney BQ/AMT: AMT 1993 3.00% 2.90% 1994 3.85% 3.70% 1995 4.30% 4.30% 4.20% 1996 4.60% 4.60% 4.60% 1997 4.90% 4.80% 4.85% 1998 5.10% 5.10% 5.05% 1999 5.25% 5.30% 6.15% 5.25% 2000 5.35% 5.40% 6.30% 5.40% 2001 5.45% 5.60% 6.45% 5.55% 2002 5.60% 5.70% 6.55% 5.65% 2003 5.75% 5.80% 6.65% 5.75% 2004 5.85% 5.90% 6.70% 5.85% 2005 5.95% 6.00% 6.75% 5.95% 2006 6.05% 6.05% 6.05% 2007 NRO 6.10% 6.15% 2008 NRO 6.20% 2009 NRO 6.25% 2010 6.30% 6.30% 2011 6.35% 6.30% 2012 6.35% 6.90% 6.35% 2013 6.35% 2014 6.343% 6.35% 2015 6.35% 2016 6.35% 2017 6.40% 2018 6.40% 2019 6.40% 2020 6.40% 2021 6.40% 2022 7.00% 6.40% Municipal Issues Colorado Issuer: Thornton, Co Northglenn Postsecondary Texas Telerate Sales & Use Water & Sewer DU Project PFA Composite Par: $8,320,000 $7,240,000 $12,275,000 $599,045,000 Rating: Aaa/AAA Aaa/AAA NR/AAA AA/AA Aaa/AAA Insurance FGIC FGIC Connie Lee Insured Date Sold: 09/23/92 09/23/92 09/23/92 09/23/92 09/23/92 Type: Negotiated Negotiated Negotiated Negotiated Lead Mgr: Piper Baum Baum Merrill Lynch BQ/AMT: BQ 1993 3.00% 3.00% 2.90% 1994 3.90% 3.35% 3.55% 3.70% 1995 4.35% 3.80% 5.00% 4.05% 4.20% 1996 4.65% 4.20% 5.20% 4.40% 4.60% 1997 4.85% 4.50% 5.40% 4.65% 4.85% 1998 5.15% 4.70% 5.60% 4.90% 5.05% 1999 5.40% 4.90% 5.75% 5.20% 5.25% 2000 5.50% 5.10% 5.90% 5.45% 5.40% 2001 5.70% 5.25% 6.00% 5.55% 2002 5.80% 5.45% 6.10% 5.65% 5.65% 2003 5.90% 5.65% 6.15% 5.80% 5.75% 2004 6.00% 5.85% 5.90% 5.85% 2005 6.00% 6.00% 5.95% 2006 6.15% 6.10% 6.05% 2007 6.20% NRO 6.20% 6.15% 2008 6.15% 6.20% 2009 6.22% 6.20% 6.25% 2010 6.30% 2011 6.30% 2012 6.375% 6.47% 6.35% 2013 6.35% 2014 6.35% 2015 6.35% 2016 6.35% 2017 6.40% 2018 6.55% 6.40% 2019 6.40% 2020 6.40% 2021 6.40% 2022 6.40% Municipal Issues Ohio Water Issuer: Vail, Co Vail, Co Dev Authority Telerate G.O. Sales & Use Revenue Composite Par: $7,500,000 $15,165,000 $541,430,000 Rating: Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA Insurance MBIA MBIA MBIA/AMBAC Insured Date Sold: 09/24/92 09/24/92 09/24/92 09/24/92 Type: Negotiated Negotiated Negotiated Lead Mgr: Kemper/Baum Kemper/Baum Goldman BQ/AMT: Not BQ 1993 3.00% 3.00% 2.90% 1994 3.70% 1995 4.20% 1996 4.60% 4.60% 1997 4.80% 4.80% 4.85% 1998 5.10% 5.10% 5.00% 5.05% 1999 5.30% 5.30% 5.20% 5.25% 2000 5.50% 5.50% 5.40% 5.40% 2001 5.65% 5.65% 5.55% 5.55% 2002 5.80% 5.80% 5.65% 5.65% 2003 5.80% 5.75% 2004 5.90% 5.85% 2005 6.05% 6.10% 6.00% 5.95% 2006 6.10% 6.05% 2007 6.15% 2008 6.20% 6.20% 2009 6.25% 2010 6.30% 2011 6.25% 6.30% 2012 6.32% 6.35% 2013 6.35% 2014 6.35% 2015 6.35% 2016 6.35% 2017 6.40% 2018 6.30% 6.40% 2019 6.40% 2020 6.40% 2021 6.40% 2022 6.40% Ll~ll'l'~ Ur' ftuT SURVEILLANCE TELERATE MATRIX PAGE 149G1 09/23/92 7:3a EDT [ MUNICIPALS ON-LINE ] PAGE 14901 ON TUESDAY T E 3C DAY VISIP_LE SUPPLY SET ANOTHER NEW RECORD AT #10.865 PILLION . HOUSING STARTS J UMF'ED 1 C)/ NSTEAD OF THE ANT I C I FATED :6 THE MARKETS WENT SOUTH. LONG REVENUE ISSUES TOOK A 3/4 OF A POINT TAILSPIN. HIGH GRADE YIELDS ROSE 5-10 BASIS POINT. THE 30-YEAR TREASURY PLUMMETED 46/32 TO A 7.47'/. YIELDS THE INVESTORS WERE SELLERS. DEF ITELY NOT BUYERS. ITH THE EX- EFTION F Two OR THREE ISSUES, THE DAY'S NEW SUPPLY WAS MET WITH A RESOUNDING "NO INTEREST". THIS REPLY DECIDED HE FATE OF THE #1.4 BILLION NC EASTERN POW- ER DEAL. LATE IN THE SESSION THE ISSUE WAS POSTPONED. MANY OF THEOTHER NEGO- TIATED ISSUES EXPECTED THIS WEEP. MAY MEET WITH THE SAME FATE. THE GOOD NEWS IS THAT THIS WILL RELIEVE SUPPLY PRESSURE AND MAY CAUSE CASH HEAVY INVESTORS TO GRASP AT THE REMAINING CRUMBS. THE BAD NEWS IS THAT THE ISSUES HAVE NOT GONE AWAY. A MINOR RALLY. AND THEY WILL BE RIGHT BACK KNOCKING ON THE DOOR. OTHER FACTORS THAT COULD AID A BUNGIE REACTION ARE THE NEARNESS OF THE 7.50% LEVEL FOR THE TREASURY LONG BOND. BOTH THE TAX-EXEMPT AND TAXABLE INDICES ARE AT THEIR AUGUST 25TH LOWS [14916] & [14917]. THE BUYERS HAVE REVERSED THEIR EAR- LIER PATTERN OF BUYING BEFORE SELLING, LEAVING THEM CASH RICH. ON THE OTHER HAND, THE MOMENTUM INDICATORS ARE NOT YET "OVERSOLD" [14918]. I '19 1 i i I TELERATE MATRIX PAGE 14901 09/24/92 7x27 EDT E MUNICIPALS ON-LINE ] PAGE 14901 ~N WEDNESDAYS PkICES IN THE MUNICIPAL BOND MARKET STOOD STILL. WHILE THE SEC- 7NDARY MARK;T WAS PARALYZED. THE NEW ISSUE SECTOR SAW SOME NIBBLING BY INVESTORS. RARE ISSUERS AND UNDERVALUED SITUATIONS ATTRACTED THE MOST ATTENTION. IN THE MEANTIME. SEVERAL NEGOTIATED ISSUES WERE PUT OFF FOR ANOTHER DAY, AT LEAST. UNTIL MARKET CONDITIONS ARE FURTHER ASSESSED. ON THE TAXABLE SIDE, A UPWARD MOVE WAS TIRED. BUT A SLOPPY 5-YEAR AUCTION TRASHED THE ATTEMPT. THE 30-YEAR BOND ENDED WITH A 2/32 LOSS, AT A 7.475%, SLIDING EVER CLOSER TO THE MAGIC 7.50% LEVEL. BOTH MARKETS ARE GROPING FOR THE BOTTOM. THE POSSIBIL- ITY OF A BOUNCE CONTINUES TO EXIST, BUT IF THEIR IS NO MOVEMENT THIS WEEK::, THE 7UTLOOK DIMS FOR NEXT WEEK::. BOTH SECTORS REMAIN ABOVE "OVER SOLD" LEVELS -149181. HOWEVER, ANOTHER DOWN DAY FOR THE TREASURY COULD MAKE THE DIFFERENCE. )ESPITE THE VERY ATTRACTIVE RELATIONSHIP ON MUNICIPALS TO TREASURIES [149113 &< -149323, THE MUNICIPAL MARKET HAS A DEFINITIVE LID ON ITS UPSIDE POTENTIAL. HE BUYING THAT APPEARED WEDNESDAY PAC ARESULT OF THE MULTITUDE OF 'OSTPONMENTS. IF ANY KIND OF AN UPWARD MOVE DEVELOPS, THOSE ISSUES WILL RE- "URN TO HAUNT THE MARKET AND THE PLAYERS COULD EASILY DISAPPEAR ONCE MORE. UN- -IL THE SMOKECLEARS, IT MAY BE BEST TO LET SOMEONE ELSE MAKE THE FIRST DOLLAR. TELERATE MATRIX PAGE 14901 09/25/92 8:21 EDT MUNICIPALS ON-LINE ] PAGE 14901 ON THURSDAY THE BOUNCE ARRIVED. A POSITIVE JOBLESS CLAIMS REPORT PROVIDED THE CATALYST, BOOSTING THE TREASURY SECTOR AT THE OPENING BELL. A STEADY CLIME THROUGHOUT THE SESSION LEFT THE 30-YEAR BOND WITH A 24/32 ADVANCE. TAX-EXEMPTS TRUDGED ALONG. LOOKING OVER ITS SHOULDER FOR A REAPPEARANCE OF SUPPLY IT KNEW WAS LURKING JUST OVER THE HORIZON. BY THE END OF THE DAY'S JOURNEY. LONG REVENUE ISSUES HAD GAINED 1/8 OF A POINT, (WHILE HIGH GRADE YIELDS REMAINED UNCHANGED. ACTIVITY DEFINITELY IMPROVED. WITH OVER $5 BILLION POSTPONED. AND THE MARKET POSSIBLY AT A BOTTOM, INVESTORS RETURNEn To PICK OVEF. THE AVAILABLE OFFERINGS. THE RIGHT PRICE. THE PROPER NAME AND THE DEAL COULD BE DONE NOW THE QUESTION WHEN THE PULLED ISSUES WILL SLINK K TO THE TABLE. IF THE BUYERS ARE FLUSH WITH CASH AND FEEL THAT CURRENT LEVELS ARE ATTRACTIVE, THESE CLOSETED ISSUES COULD BE PRICED AND SOLD QUICKLY. THE KEY NOW WILL BE THE ABILITY OF THE TREASURY TO SUSTAIN MEANINGFUL MOMENTUM. EXPECTATIONS ARE FOR A POSITIVE EMPLOYMENT REPORT NEXT WEEK, WHICH SHOULD CONTINUE TO PRESSURE THE SHORTS IN THE MARKET. THE MUNICIPAL SECONDARY CONTINUED TO WRESTLE WITH HEAVY INSURANCE COMPANY LIQUIDATIONS PROMPTED BY THE RECENT HURRICANES. THE COMBINA- TION OF SELLING AND OVERHANGING SUPPLY WILL KEEP A CEILING ON MUNICIPALS. rot + x Ul/e d hes c~ 09/23/92 05:1"9prn PRICES END MIXED AFTER A MEDIOCRE FIVE-YEAR SALE NY (MFX)--INTERMEDIATE AND LONG-TERM TREASURY ISSUES ENDED SLIGHTLY LOWER TODAY AFTER THE FIVE-YEAR AUCTION DREW ONLY A LUKEWARM RESPONSE FROM INVESTORS. THE 30-YEAR RECENTLY WAS OFF 1/8 TO YIELD 7.48%. THE $10.5 BILLION OF FIVE-YEARS WERE SOLD USING THE SINGLE-PRICE, OR DUTCH AUCTION, BIDDING METHOD THE TREASURY PLANS TO EXPERIMENT WITH AT TWO- AND FIVE-YEAR AUCTIONS FOR THE NEXT YEAR. UNDER THE NEW BIDDING METHOD, ALL THE NOTES WERE SOLD AT THE HIGHEST ACCEPTED YIELD OF 5.54%. THE MARKET HAD EXPECTED THE NOTES TO COME NEARER THE 5.51% LEVEL AT WHICH THEY WERE TRADING AT THE BIDDING DEADLINE. WHEN DEALERS FOUND THEY HAD BEEN AWARDED MORE SECURITIES THAN THEY WANTED, THEY TRIED TO SELL THEM IN THE SECONDARY MARKET. THAT SELLING PUSHED PRICES LOWER ALL ALONG THE CURVE AFTER THE RESULTS CAME OUT, AND LATE TODAY THE YIELD ON THE WHEN-ISSUED FIVE-YEAR HAD RISEN TO 5.55%. THE MEDIAN BID AT THE AUCTION WAS 5.5o% AND THE LOW WAS 5.45%. DEALERS WHO ENTERED BIDS AT THE STOP-OUT YIELD OF 5.54% GOT 57% OF WHAT THEY ASKED FOR. "CLEARLY THERE WASN'T AS MUCH DEMAND FOR THE FIVE-YEAR AS THE TWO-YEAR" NOTES THAT WERE SOLD YESTERDAY, SAID MATTHEW ALEXY, A MONEY MARKET ECONOMIST AT FIRST BOSTON. STILL, HE SAID, THE AUCTION WAS NOT A DISASTER. ALEXY SAID TODAY'S AUCTION MIGHT HAVE SUFFERED BECAUSE DEALERS HAD NOT SET UP AS MANY SHORT POSITIONS IN THE FIVE-YEAR NOTES. HE ALSO POINTED TO THE OTHER NEGATIVE FACTORS PLAGUING THE MARKET, ESPECIALLY THE TURMOIL IN WORLD CURRENCY MARKETS. TRADERS SAID THE CHANGE IN BIDDING PROCEDURES HAD CREATED SO MUCH CONFUSION THAT IT WAS DIFFICULT TO ASSESS THE AUCTION RESULTS. BUT THEY POINTED OUT EVEN THOUGH SOME DEALERS ENDED UP WITH FIVE-YEARS THEY HAD NOT PLANNED TO BUY, MANY OTHERS ARE BENEFITTING FROM THE NEW SYSTEM. "THE STREET DID GREAT," A NOTE TRADER SAID. "GUYS BID THEM AT 48 OR 49, AND GOT TO BUY THEM AT 54." A COUPON TRADER TERMED THE SINGLE-PRICE BIDDING METHOD "A GIVE-AWAY." TRADERS AND ANALYSTS EXPECT THE MARKET TO TRY TO CONSOLIDATE IN COMING DAYS, GIVEN THE ABSENCE OF ANY KEY ECONOMIC INDICATORS. ALREADY TRADERS ARE LOOKING AHEAD TO THE SEPTEMBER EMPLOYMENT REPORT DUE ON OCT. 2, WHICH IS SEEN AS THE FED'S NEXT OPPORTUNITY TO EASE. THE DECEMBER BOND FUTURES CONTRACT CLOSED 7/16 LOWER AT 103.26. IN THE CASH MARKET, THE 7 1/4% 30-YEAR BOND WAS 1/8 LOWER AT 97.04-97.08 TO YIELD 7.48X9 THE 6 3/8% 10-YEAR NOTE WAS OFF 9/32 AT 98.20-98.24 TO YIELD 6.58X9 AND THE THREE-YEAR 4 5/8% NOTE WAS DOWN 1/32 AT 100.12-100.14 TO YIELD 4.46%. IN WHEN-ISSUED TRADING, THE 4% TWO-YEAR NOTE WAS 1/16 HIGHER AT 100.01-100.02 TO YIELD 3.96X, DOWN FROM THE STOP-OUT RATE OF 4% AT YESTERDAY'S AUCTION. RATES ON TREASURY BILLS WERE MIXED, WITH THE 3-MONTH BILL STEADY AT 2.93%, THE 6-MONTH BILL TWO BASIS POINTS HIGHER AT 2.98'/.9 AND THE YEAR BILL ONE BASIS POINT HIGHER AT 3.10%. --SUSAN KELLY mfx t~Je.d~ h esd.o.~y C)9/23/92 04 44pm MUNIS NARROWLY MIXED AS SUPPLY CHOKES TRADING NY (MFX) --MUNICIPAL PRICES TODAY WERE NARR WLY MIXED AS OVERWHELMING SUPPLY STIFLED TRADING AND SEVERAL DEALS ULED FOR SALE WERE DELAYED. THE CURRENT SUPPLY GLUT PROMPTED THE DELAY OF $7U~~ MILLION WASHINGTON PUBLIC POWER SUPPLY SYSTEM BONDS AND $446 MILLION PUERTO RICO ELECTRIC POWER AUTHORITY ELECTRIC AND POWER REVENUE REFUNDING BONDS. THE DEALS HAD BEEN TENTATIVELY SCHEDULED TO BE PRICED IN THE NEGOTIATED SECTOR TODAY. MANY MARKET PLAYERS SAID THEY EXPECTED THE PRICING OF $450 MILLION ILLINOIS STATE TOLL HIGHWAY AUTHORITY HIGHWAY BONDS, BUT LEAD UNDERWRITER PAINE WEBBER INC. SAID THE DEAL WAS TENTATIVELY SCHEDULED FOR SALE TOMORROW. TRADERS NOTED THAT THE POSTPONEMENTS WILL DO LITTLE TO ALLEVIATE SUPPLY PRESSURE IN THE LONG RUN. AS INTEREST RATES HEAD HIGHER, THEY SAID, THE MARKET COULD IMPROVE SOMEWHAT AS ISSUERS BACK AWAY. PUT IF THE PRICES IMPROVE AND RATES DROP, THE POTENTIAL FOR GAINS WILL BE LIMITED BY ISSUERS RETURNING TO THE PRIMARY SECTOR. THE DEALS POSTPONED TODAY JOIN $1.4 BILLION OF NORTH CAROLINA MUNICIPAL POWER AGENCY REVENUE BONDS THAT WERE PULLED FROM THE MARKET TUESDAY AND $45C.) MILLION MASSACHUSETTS WATER RESOURCES AUTHORITY GENERAL REVENUE BONDS THAT WERE DELAYED MONDAY. APPROXIMATELY $5.4 BILLION OF DEALS HAVE BEEN POSTPONED OR PLACED ON A DAY-TO-DAY BASIS OVER THE PAST SEVERAL WEEKS ACCORDING TO AVAILABLE STATISTICS COMPILED YESTERDAY BY THE BOND BUYER. TOTAL 30-DAY VISIBLE SUPPLY WAS CALCULATED AT $10.71 BILLION TODAY. MEAN , H M05TLY UNCHANGED AS LOOMING SUPPLY DISCOURAGED ACTIVITY AND THE MARKET HUNG IN PLACE, TRADERS SAID. "IT'S VERY DIFFICULT TO TRADE THIS MARKET AND THERE IS A LOT OF CONFUSION OUT THERE," A WALL STREET-BASED TRADER SAID. "NOBODY IS WILLING TO TAKE MUCH RISE: HERE AND GETTING SHORT ISN'T THE GREATEST THING TO DO EITHER." SOME SPECIALTY BONDS MADE GAINS OF 1/8 TO 1/4 POINT, BUT THE STRENGTH WAS NOT BROAD BASED ACROSS THE MARKET. TAX-EXEMPTS' NEAR-TERM PROSPECTS WILL DEPEND UPON TREASURY MOVEMENT, TRADERS NOTED, AND THE MARKET WILL LIKELY STICK'. TO A NARROW RANGE. IN THE DEBT FUTURES MARKET, THE DECEMBER CONTRACT MOVED IN A 17-TICK RANGE EARLY ON, HITTING A LOW OF 95.02 AND A HIGH OF 95.19 BY MID-MORNING. BY SESSION'S END, THE DECEMBER CONTRACT SETTLED UP, 3/32 TO 95.14, DESPITE LOWER TREASURY PRICES. TRADERS ALSO SAID THERE WAS MOB SPREAD BUYING AND THE DECEMBER MOB NARROWED DRAMATICALLY, MOVING TO NEGATIVE 268 FROM NEGATIVE 285 TUESDAY. SECONDARY BID-WANTED FLOW INCREASED AGAIN YESTERDAY, TRADERS SAID, AS PREREFUNDED BONDS AND INTERMEDIATE MATURITIES WERE PUT UP, FOR SALE. TRADERS ALSO SAID SEVERAL LARGER CUSTOMER LISTS WERE SAID TO BE CIRCULATING IN THE STREET. IN ADDITION, TRADERS SAID THAT BONDS OF THE NEW YORK METROPOLITAN TRANSPORTATION AUTHORITY QUALIFIED FOR SOME SECONDARY INSURANCE. IN SECONDARY DOLLAR BOND TRADING, PRICES WERE QUOTED UNCHANGED BUT SOME BONDS MADE GAINS OF 1/8 TO 1/4 POINT. IN THE SHORT-TERM NOTE SECONDARY MARKET, TRADERS SAID YIELDS WERE UNCHANGED TO FIVE BASIS POINTS LOWER ON THE DAY. IN LATE SECONDARY ACTION, LOS ANGELES TAX AND REVENUE ANTICIPATION NOTES WERE QUOTED AT 3.05% BID, 3% OFFERED, TEXAS TRANS WERE QUOTED AT 3.05% BID, 3% OFFERED, AND WISCONSIN NOTES WERE QUOTED AT 3.05% BID, 3% OFFERED. NEW YORK STATE TRANS WERE QUOTED AT 3.15% BID, 3. 10% OFFERED. --SEAN MONSARRAT mfx 09/24/92 08113am MUNICIPAL BOND PRICES END MIXED; N.J. DOES $1 BIL SWAP BY SEAN MONSARRAT AND STEVEN DICKSON NY (MFX)--NEW JERSEY YESTERDAY EXECUTED A $1 BILLION INTEREST RATE SWAP' WITH LEHMAN BROTHERS, IN A DEAL INDUSTRY OFFICIALS SAY IS THE LARGEST MUNICIPAL SWAP EVER SIGNED MEANWHILE, SECONDARY PRICES WERE NARROWLY MIXED AS OVERWHELMING SUPPLY STIFLED TRADING AND SEVERAL DEALS SCHEDULED FOR SALE WERE DELAYED. THE NEW JERSEY SWAP, WHICH WAS APPLIED TO THE FLOATING-RATE PORTION OF A $1.6 BILLION NOTE DEAL, FIXES THE STATE'S PAYMENTS ON THE $1 BILLION IN NOTES AT AN AVERAGE RATE OF 2.4258%, ACCORDING TO STATE OFFICIALS. THE COST OF THE LIQUIDITY AND REMARKETING FEES ON THE DEAL WAS AN ADDITIONAL 26 BASIS POINTS, MEANING THE FINAL COST TO THE STATE IS UNDER 2.69%. ROBERT LURIE, NEW JERSEY'S DIRECTOR OF PUBLIC FINANCE, SAID IF THE ENTIRE DEAL WERE DONE FIXED, IT WOULD HAVE COST ABOUT 3.10%. LURIE SAID THE SWAP' SAVED THE STATE $3 MILLION IN INTEREST COSTS. THE STATE SPLIT THE $1 BILLION IN NOTES INTO FIVE EQUAL PIECES, INTENDING TO AWARD THEM TO THE LOWEST BIDDER ON EACH. BUT LEHMAN OFFERED THE BEST YIELD ON ALL FIVE SECTIONS, LURIE SAID. THE MATURITY OF BOTH THE SWAP' AND THE UNDERLYING NOTES IS NINE MONTHS, AND THE SWAP, RATE IS KEYED OFF THE STATE'S ACTUAL INTEREST RATE ON THE NOTES, RATHER THAN AN INDUSTRY INDEX. KIDDER, PEABODY WAS SENIOR MANAGER ON THE FLOATING RATE PORTION. MOODY'S INVESTORS SERVICE RATED THE ISSUE AND THE LIQUIDITY FACILITY "VMIG-1," STANDARD & POOR'S CORP. RATED THEM "SP'-1"-PLUS/"A1," AND FITCH INVESTORS SERVICE RATED THEM "F-1"-PLUS/"F-1"-F'LUS. SEPARATELY, A 19-MEMBER SYNDICATE LED BY FIRST FIDELITY SECURITIES PRICED THE $600 MILLION FIXED-RATE PORTION OF THE REVENUE ANTICIPATION NOTES. THE SECURITIES, DUE JUNE 15, 1993, WERE TENTATIVELY PRICED AS 3 1/2S TO YIELD 3.05%, AND THEN REPRICED TO LOWER THE YIELD TO 3%. THE FIRM SAID LATE YESTERDAY THAT A NET INTEREST COST WOULD NOT BE AVAILABLE UNTIL TODAY. THE ISSUE IS RATED "MIG-1" BY MOODY'S, "SP-1"-PLUS BY STANDARD & POOR'S, AND "F-1"-PLUS BY FITCH. IN OTHER NOTE ISSUANCE, MONTANA AWARDED $135.6 MILLION OF TAX AND REVENUE ANTICIPATION NOTES TO CITICORP' SECURITIES. THE NOTES, DUE JUNE 30, 1993, WERE WON WITH A BID OF 3.50% AND REOFFERED TO INVESTORS AT 2.95%. THE ISSUE IS RATED "MIG-1" BY MOODY'S AND "SP-111-PLUS BY STANDARD & POOR' S. NEW ISSUES HAVE ENCOUNTERED FRUGAL PICKY BUYERS OVER THE LAST WEEP. AND A HALF NY DEALS HAVE RECEIVED MIXED RESULTS. HOWEVER, IF UNDERWRITERS ARE ABLE TO TAILOR AN ISSUE TO INVESTOR DEMA , HAVE GENERALLY BEEN E P SITIVE. SAID-T _W LEADING ACTION IN THE NEGOTIATED SECTOR YESTERDAY, MERRILL LYNCH PRICED, REPRICED, AND RESTRUCTURED $599 MILLION OF TEXAS PUBLIC FINANCE AUTHORITY NON-CALLABLE GENERAL OBLIGATION REFUNDING BONDS. AT THE REPRICING, THE AMOUNT WAS RAISED FROM THE ORIGINAL $552 MILLION OFFERING. YIELDS IN 1994 AND 1995 WERE LOWERED BY FIVE BASIS POINTS, WHILE YIELDS IN 1997, 1999, 2000, 2006, AND 2001 WERE RAISED BY FIVE BASIS POINTS. A 2007 MATURITY WAS ADDED WITH AN S% COUPON AND A 2009 MATURITY WAS ALSO ADDED. "BUYERS ARE REALLY LOOKING FOR STRUCTURE AND THINGS LIKE NON-CALLABLE FEATURES AND WE TAILORED THIS ONE FOR THEM AT THE REPRICING," THE OFFICER SAID. "IT'S A SHORTER DEAL, WHICH HELPS GET THINGS MOVING IN THIS MARKET, AND I T$ S IN GOOD SHAPE. " THE FINAL REOFFERING SCALE INCLUDED SERIAL BONDS PRICED TO YIELD FROM 3% IN 1993 TO 6.20% IN 2009. CAPITAL APPRECIATION BONDS WERE PRICED TO YIELD 5.90% IN 2001. THE ISSUE IS RATED DOUBLE-"A" BY BOTH MOODY'S AND STANDARD & G'OOR'S, EXCEPT FOR THE CABS, WHICH ARE INSURED BY THE AMBAC INDEMNITY CORP. AND ARE TRIPLE-"A" RATED BY MOODY'S AND STANDARD & POOR'S. IN THE COMPETITIVE SECTOR, $190 MILLION OF NEW YORK STATE FULL FAITH AND CREDIT VARIOUS-PURPOSE GENERAL OBLIGATION BONDS WAS WON BY A FIRST BOSTON GROUP WITH A TRUE INTEREST COST OF 5.6959%. THE FIRM REPORTED AN UNSOLD BALANCE OF APPROXIMATELY $102.2 MILLION LATE IN THE DAY. SERIAL BONDS WERE PRICED TO YIELD FROM 3% IN 1993 TO 6.35% IN 2012. THE ISSUE IS RATED "A" BY MOODY'S AND "A"-MINUS BY STANDARD & POOR'S. A LEHMAN BROTHERS GROUP WON $125 MILLION OF KANSAS STATE DEPARTMENT OF TRANSPORTATION HIGHWAY REVENUE BONDS WITH A TIC OF 5.94264%. THE FIRM REPORTED ALL BONDS SOLD BY SESSION'S END. THE OFFERING INCLUDED SERIAL BONDS PRICED TO YIELD FROM 4.35% IN 199E TO 6.15% IN 2009. A chic TERM, CONTAINING $32 MILLION OF THE LOAN, WAS PRICED AS 6S TO YIELD 6.198%. THE ISSUE IS RATED DOUBLE-"A" BY MOODY'S AND STANDARD & POOR'S. THE SUPPLY GLUT PROMPTED UNDERWRITERS TO ONCE AGAIN DELAY THE SALE OF $700 MILLION OF WASHINGTON PUBLIC POWER SUPPLY SYSTEM BONDS. AND PAINE WEBBER, AS LEAD MANAGER, PULLED A $446 MILLION PUERTO RICO ELECTRIC POWER AUTHORITY ELECTRIC AND POWER REVENUE REFUNDING BOND OFFERING FROM THE MARKET. MANY MARKET PLAYERS SAID THEY EXPECTED THE PRICING OF $450 MILLION OF ILLINOIS STATE TOLL HIGHWAY AUTHORITY HIGHWAY BONDS, BUT LEAD UNDERWRITER DONALDSON, LUFKIN & JENRETTE SECURITIES SAID LATE YESTERDAY THE DEAL WAS TENTATIVELY SCHEDULED FOR NEXT WEEP. TO ALLOW INVESTORS TIME TO REVIEW BOND DOCUMENTS. TRADERS NOTED THAT THE POSTPONEMENTS WILL DO LITTLE TO ALLEVIATE SUPPLY PRESSURE IN THE LONG RUN. AS INTEREST RATES HEAD HIGHER, THEY SAID, THE MARKET COULD IMPROVE SOMEWHAT AS ISSUERS BACK AWAY. BUT IF THE PRICES IMPROVE AND RATES DROP, THE POTENTIAL FOR GAINS WILL BE LIMITED BY ISSUERS RETURNING TO THE PRIMARY SECTOR. THE DEALS POSTPONED YESTERDAY JOIN $1.4 BILLION OF NORTH CAROLINA MUNICIPAL POWER AGENCY REVENUE BONDS THAT WERE PULLED FROM THE MARKET TUESDAY AND $450 MILLION OF MASSACHUSETTS WATER RESOURCES AUTHORITY GENERAL REVENUE BONDS THAT WERE DELAYED MONDAY. APPROXIMATELY $5.4 BILLION OF DEALS HAVE BEEN POSTPONED OR PLACED ON A DAY-TO-DAY BASIS OVER THE LAST SEVERAL WEEKS, ACCORDING TO AVAILABLE STATISTICS COMPILED YESTERDAY BY THE BOND BUYER. TOTAL 30-DAY VISIBLE SUPPLY WAS CALCULATED AT $10.71 BILLION YESTERDAY. CASH PRICES OPENED MOSTLY UNCHANGED AS LOOMING SUPPLY DISCOURAGED ACTIVITY AND THE MARKET HUNG IN PLACE, TRADERS SAID. "IT'S VERY DIFFICULT TO TRADE THIS MARKET AND THERE IS A LOT OF CONFUSION OUT THERE," A WALL STREET-BASED TRADER SAID. "NOBODY IS WILLING TO TAKE MUCH RISK HERE AND GETTING SHORT ISN'T THE GREATEST THING TO DO EITHER." SOME SPECIALTY BONDS MADE GAINS OF 1/8 TO 1/4 POINT, BUT THE STRENGTH WAS NOT BROAD BASED ACROSS THE MARKET. TAX-EXEMPTS' NEAR-TERM PROSPECTS WILL DEPEND UPON TREASURY MOVEMENT, TRADERS NOTED., AND THE MARKET WILL LIKELY STICK TO A NARROW RANGE. IN THE DEBT FUTURES MARKET, THE DECEMBER CONTRACT MOVED IN A 17-TICK RANGE EARLY ON, HITTING A LOW OF 95.02 AND A HIGH OF 95.19 BY MID-MORNING. BY SESSION'S END, THE DECEMBER CONTRACT SETTLED UP 3/32 TO 95.14, DESPITE LOWER TREASURY PRICES. TRADERS ALSO SAID THERE WAS MOB SPREAD BUYING AND THE DECEMBER MOB NARROWED DRAMATICALLY, MOVING TO NEGATIVE 268 FROM NEGATIVE 285 TUESDAY. SECONDARY BID-WANTED FLOW INCREASED AGAIN YESTERDAY, TRADERS SAID, AS PREREFUNDED BONDS AND INTERMEDIATE MATURITIES WERE PUT UP FOR SALE. TRADERS ALSO SAID SEVERAL LARGER CUSTOMER LISTS WERE SAID TO BE CIRCULATING IN THE STREET. IN ADDITION, TRADERS SAID THAT BONDS OF THE NEW YORK METROPOLITAN TRANSPORTATION AUTHORITY QUALIFIED FOR SOME SECONDARY INSURANCE. IN SECONDARY DOLLAR BOND TRADING, PRICES WERE QUOTED UNCHANGED BUT SOME BONDS MADE GAINS OF 1/8 TO 1/4 POINT. IN LATE ACTION, CHICAGO G.O. AMBAC 5 7/8S OF 2022 WERE QUOTED AT 93-1/2 TO YIELD APPROXIMATELY 6.40% ON THE BID-SIDE; PUERTO RICO G.O. 6S OF 2014 WERE QUOTED AT 94 3/4-95 TO YIELD 6.45%; AND NEW YORK CITY WATER AUTHORITY 6S OF 2017 WERE QUOTED AT 92 1/2-93 TO YIELD 6.61%. DENVER AIRPORT AUTHORITY AMT 6 3/4S OF 2022 WERE QUOTED AT 95 7/8-96 TO YIELD 7.08%; LOS ANGELES DEPARTMENT OF WATER AND POWER 6S OF 2032 WERE QUOTED AT 94 3/4-95 1/4 TO YIELD 6.36%; AND FLORIDA BOARD OF EDUCATION 6S OF 2025 WERE QUOTED AT 94 3/4-95 TO YIELD 6.38%. IN THE SHORT-TERM NOTE SECONDARY MARKET, TRADERS SAID YIELDS WERE UNCHANGED TO FIVE BASIS POINTS LOWER ON THE DAY. IN LATE SECONDARY ACTION, LOS ANGELES TRANS WERE QUOTED AT 3.05% BID, 3% OFFERED; TEXAS TRANS WERE QUOTED AT 3.05% BID, 3% OFFERED; AND WISCONSIN NOTES WERE QUOTED AT 3.05% BID, 3% OFFERED. NEW YORK. STATE TRANS WERE QUOTED AT 3.15% BID, 3.10% OFFERED. s.. L' The Vail issue was apparently repriced for the 2000, 2001, 2002 and 2005 maturities. The interest rate was increased 5 basis points. Questions 1. Why was the repricing never put out over the wire? 2. Why was a dealer concession not offered before the Town's interest rate was increased ? 1 T Sate Date 9-a v-yZ f _Aq-6 f -2 w-42 9-St v-9 f.. Amount S!4 1-1/a 00o $ 3I&C, 66 o S ci 40C OW 1$.?2.drjbrQO(5 $ 'ro 4.300oa issuref /Urw J..rs. I ?i• 43 If* »f Ga. t/~l/ G . Gl hie l vfr' 17,?.+ G'G'9 t - /<~~5. S'~~`1 c'~l rv/¢J~K ~G V~?.tiTw,r ICs? •d.r~S Maturity 7 i)fs'1t etra?a 49 I, Rating Ali W >v rt F a a A..«. 04*4 # r, e- w Details DTD: DTD: 4-s-az OTD: 9 -~-4Z OTO: isDTD:,F,Kz /3...1 A FIP: - FIP: i2 -1- S Z FIP: 3 FIP: `-i-43 FIP: 12-1-4s CBL: G-t f -sy4? CBL: AJ e, BL• il-/-ozQlo-L CBL• ea- -o.9a,oj CBL:.o2-i-o2Osos cwrl%0 y ZDTF4po 3 .pTPpoy C C: ',~~y3 CONC: M t CONC: A)%.* CONC: e,)%.+ CONC: N,&-" BL 'Ae > 13-1 i3 C S 1992 3.oO NQo 1992 3 .3.0 0 r 3. 20 1993 1993 5'& 1994 _om s a I~w r 3. a 1994, 1995 'c.vb' Yz sre iuQo .~c0 1995 1996 ti h y-fic a- 1S h•.r co i~..u~.4v 1996 1997 • o o ir. tic d,1. PO 9 e h... 1997 1998 .s-'/y ;cc 45-.10 b:pC 1998 1999 67.70 6 *1 .6.30 - 20 1999 2000 - a c 1046 a" v 2000 2001 A.40- ' e sr 2001 2002 - d 4 ' 40 :cS 2002 2003 2003 2004 2004 2005 , f O 1 4: z. G o o 2005 2006 G. 10 2006 2007 , ¢ S' r 2007 2008 G.o 0 2 0 2008 2009 2009 2010 2010 2011 S 2. v /ti 2011 2012 G 9 r r ? 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 5 2018 2019 2019 2020 2020 2021 2021 2022 2022 2023 2023 2024 2024 2025 2025 2026 2026 MANAGERS 130 G t wl 513 Gr.o lr• +r, Gr- GS, wt~Di K» Fvr~r.. /~i ~~Ot 1 MA1,4Ot*.61 $S Ys~ .d. PW1 prw1 pkv4. L&os 1 6/0 Uc i?• r PIu /u P I Applied Financial Management 10 South Wacker Drive Suite 104! Chicago IL. 60606 (312) 559.9400 AAPPLIED Gate: 9-29-92 From: Applied Financial Management Page i of 2 Iype AMN <RO> to access on Bloomberg. r September 21, 1992 Mo RE INS 1993 3.05 1998 5.156 2001 • 5.909 2008 6.30 1994 3.80 1999 5. 35f 2004 6.009 2009 6.35 1995 4.3057 2000 5.50 4 2005 6.101 2010 6.35' 1996 4,601 2001 5.65b 2006 6.20 2011 6.35 1997 4.906 2002 5.806 2007 6.258 2012 6, 40,6 2022 6.55 September 21, 1992 Ma GO INS 1993 2.85 1998 4.90 2003 5.65 2008 6.05 1994 3.55 1999 5.10 2004 5.75 2009 6.10 1995 4.00 2000 5.30 2005 5.85 2010 6.10 1996 4.35 2001 5.45 2006 5.95 2011 6.10 1997 4.65 2002 5.55 2007 6.00 2012 6.15 2022 6.25 September 24, 1992 Th RE INS 1993 2.951 1998 5.05 2003 5.80v) 2008 6.20 1994 3.70 69 1999 5.25 2004 5.90 2009 6.25 1995 4.200 2000 5.40,' 2005 6.00 2010 6.25 1996 4.50 V; 2001 J.55vj 2006 6.10 2011 6.25 1997 4.905 2002 .70vf 2007 6.15 2012 6.30 w 4- 2022 6.45 September 24, 1992 Th 00 INS 1993 2.90v' 1998 4.95' 2003 5.752008 6.15 1994 3.6001A 1999 5.15#1 2004 5.85W 2009 6.20 1995 4.050 2000 5,351-/ 2005 5.95%0 .2010 6.20 1996 4.40077 2001 5.50 ~ 2006 6.05 2011 6.20 1997 4.70,., 2002 5.65vJ 2007 6.10 2012 6.25 2022 6.35 Copyright 1992 Applied Municipal Network f x Interest rate comparisons of three insured triple A deals Year Broomfield Arvada Vail (Sept. 22nd) (Sept. 21st) (Sept. 24th) 1999 5.3 5.25 5.3 2000 5.4 5.35 5.5 {-,Icy 2001 5.6 5.5 5.65 n 2002 5.7 5.6 5.8 2003 5.8 5.7 6.1128 a 2004 5.9 5.8 6.106 2005 6.0 5.9 6.1 2006 6.05 6.0 6.376 2007 6.10 6.10 6.362 2012 n/a 6.293 6.32 1 Telerate scale (supplied by Baum/Kemper) compared to TOV scale Vail had a higher interest rate cost in 9 out of 10 maturities. It had a lower interest rate cost in 1997. Vail was anywhere from 5 to 30 basis points higher on any given maturity other than 1997. The Town paid several hundred thousand dollars for 40 insurance in order to get an opportunity to realize an insured interest rate scale, we did not get the benefit of the insured scale. 1 ti 4 LERATK MATRIX PAGE 14942 t •/24/92 7127 EDT t MUNICIPAL YIELDS CURVES AB OR 49/73/92 3 PAGE 14902 it L GENKA,AL QBJ& ATIONS 3 C REVENUE AAA F" K RE AA A NO$ EL.SC HSp b i 193 2.65 3.05 2.75 3.00 3.20 3.0 3.203 2 1994 3.41 3.553.55 3.60 c 3 1"5 3.95 4.00 '4.05 4.30 e 4 1996 4.313 4,' 40 4.45 4.70 5 19,17 4.60 4.70 4,70 4495 SOLO 5100 6 1998 4.00 4.90 5.5 7 1989 5000 5.10 5.35 8 2000 5.15 5120 9 2001 5.30 5.40 5460 0 2002 5.40 5150 5.70 6.00 6.90 6.007 L1 2003 S.SQ, 9.60 0190 12 2004 5.60 ; Ba 5.70 5.90 13 2005 5.70 $180 6800 L4 2006 5.80 1?.05 5.90 6.10 L5 2007 s. 0 5 6000 6120 Q CURVES AS OF 09/23/92 7 PAGE !.4903 t GENERA4 0OLWATIONS 3 L REVENUE 3 ' AAA PREL RE INSURKM AA A H08 6LF-C woo 16 2009 6.00 6020 6.10 4.25 17 2007 6,05 6425 6015 6.30 i8 201o 6.10 6.30 6.20 6.35 19 201L 6430 6030 6.20 6,40 .20 2012 64,35 w~ 6.25 ; 6.45 4.'65, 4.45 6.653 21 2013 6.15. '&'.3'S 6.25 6.45 92 2014 i.i5 6.35 4.25 6.48 25 2015 6.15 6.35 8.25 6.45 24 2016 6.15 6.35 6.5 6.45 as 2017 6.20 6.48 6.30 6.30 24 2018 6.20 6.40 6.30 6150 27 2OL9 6.20 6.40 6.36 6650 . 28 2020 6.20 6.40 4 * 30 6.50 29 2021 6.20 6.40 6.30 6.58 2022 6.20 6.40 6.50 6.50 b4,7b 4955 66753 ~ f SEP-29-92 TUE 10:34 Town of Vail FAX NO. 3034792157 P.03 pA0ri.067 QSP 24 1 92 17159 FROM PUBLIC FINANCE • no OF Wt. LAI LE Mom. COUWA ' NIi ~ low" pkLiOAtia KIM[ M I=*. main pint ?rtalms bo~ Et. 11~R ~ONR R~eucT~aN eGlptt 1 is VAID to Ntt010 1'0 ~ 4 a~n ~e~Mai~ u+r t w••Y.. i00.000.00 iii ><.O0f10 100:000 1i! 1/!r 100000.00 3i0 ;.1000 100 00~ lt? 1/9d ~/OOY000,~ 3311 x.5000• 1ty lot 0000400.00 N00 400,f110 1i/ y ! 000100.00 lift !•i4M, ItJ lI i f~OW~000.00 31100 0,f000 1!'" l~• 1a/ 1/ i -1,060,400.00 isE1f 0.3000 9 '100.000 1Z/ U 3 1Y1s0~000.00 M111' 3.0000 ".No 1 w V s 1~' ~,mwt" Ac0 fine i For AfA mt Y~i00Y000.00 , Rtrdu~RIon •1S. A0.00 1nnwfN! T+iKYi1O O4 O.iiii3D AIlYM0.00 Iv R w~itar0' Oticw* 0.00 Tah DWA 0.00 0.0400043 t,~.D0.01 fl.llifiir , A old ACCMJW ~•~0'~ s..wr ~,~N.~o.10 Mt to +ft 4~1?i„a1i.0T, Grow eml Ca" 019"We i4Y}d0.00 ° od If1bm" 4~1p~11i.N W.96660 3 t c x Fro got Fr "Wass 1.17 kv am /E=Tt31g INC. j , • I r 1. National scale vs. Arvada issue and Vail issue 2. Arvada on Monday 21st beat the national scale 13 out of 14 maturities. They were the same on 2 maturities and more expensive on only one maturity, the 1994. 3. Vail was more expensive on Thursday the 24th than the national scale on the revenue bonds in 10 of 12 maturities. They were the same on the 1997 maturity. On the GO scale, Vail had a higher interest rate yield on every maturity, 10 out of 10, than the national scale. Arvada's interst rate scale was 5 to 15 basis points less than the national scale. Vail's interest rate scale was 5 to 30 plus basis points higher than the national scale. If Vail could have saved just 5 basis points on it's interest rate scale that would equal approx. $ 120,000.00. Obviously, each additional 5 basis point savings on the rate would have meant an additional 120K to the Town in saved interest costs over the life of the issue. 1 Sale Date -.'t v-rIZ S•-.Z4-vi f N-42 4-Rk-9 L . Amount $ I H/lC1 400 S GO 600 `i no co $ hl1 7c. Issurer /Ur.."a"AWsc1k, 4"4 IC..f6m t C9 P - Sid ' 0..4, Maturi ty _g 4 47 i2. dl - oRa /4'~Rating 44 ,v A F 13 .4 A4444COK t-04 Details DTD: - DTD: 4- /-R Z DTD: 9-1-i z DTD: is-/-42 FIP: - Fl P: /;t FIP: yr*/-S 3 FIP: FIP: CBL: b•fy6' CBL: NG BL: It-/-ozeio.L CBU /3- -o,2®loF CBU i2-l-o2ooos wrl'% o y WTt~po 3 a+rp ooy c 9Ais CONC: NMt CONC: Ni.t Cr2c : tk3sh CONIC: A3,&-f' 9e '/ti a 13.1 s 19 92 s.oca N4o 1992 1993 3 i& 3 %i ° 3 .o o • r 2. 3. 2 0 1993 1994 41.00 ,r s o 1~. p 1994 1995 A-L-646' Yz ti. S-e iulZo 1995 1996 ti.yo 12,., v co ~••v ~I. GC ti. G 1996 1997 - oa ' vo !f. PO 1997 1998 . ' ;u, s' /o ' o0 1998 1999 :~o a' pro : so 1999 2000 - g o .eo n 11000 2001 2G?01 2002 2002 2003 2003 2004 2004 2005 p Goo 2006 G. to 2006 2007 , ¢ S' r 2007 2008 G,o o z o 2008 2009 2009 2010 2010 2011 2011 2012 G S S' ?r 7 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 S' 2018 2019 2019 2020 2020 2021 2021 2022 2022 2023 2023 2024 2024 2025 2025 2026 2026 MANAGERS 4-1, GS TR•~t Gr_ GS ne~D » Fvrrn s fo, ~ 131 G r m $/a G+••P ~Gr+..• / i d YKV iO1^:oi 8sioE, Clu L/ui UC P« r PLO to The Vail issue was apparently repriced for the 2000, 2001, 2002 and 2005 maturities. The interest rate was increased 5 basis points. Questions 1. Why was the repricing never put out over the wire? 2. Why was a dealer concession not offered before the Town's interest rate was increased ? 1 SEP-25-1512 FR I r BEM^lbbl UXR`0'I"I]iC,D, 0121.0. IBBiYE WON BY KIRKATR3CK, PETTI$ GROUP: COMBZl1B iJMAYN11NIQ T ES-- My (mrx)--AN ISSUE of 014.41 MILLION HROOMFIE'LD, ADAMS, BOULDER, ?EN"RSOII AND WELD COUNTIES, COLO., SALES AND USR TAX RMAVIN4 AND IMPROV1 mIT REV8309 lbCa11OS, DUN VUC. 1. 1` VJ* . 3VVl 1 AND DEC:. 1, IYV4-2007 AND DEC. 1, 2020, APPARI1NTLY WAS WON by KIRKPATRICK, PETTIS, SHITH, POL%Aw; PXPSlt, JAFFRAY AND 4TIFEL, !i'l'C0f AUa A CO. AS CG--MANAGERS, UTTU A TIC OF 6.156OJ6. THE BONDS ARE CALLABLE: DEC. 1, 2 002 AT PAR. THE OONDS ARE BOOK ENTRY. PAYING AGENT IS THE BARK OF CRSRRY CREEK, N.A., DENVER. < a MWURITY AMOUNT COUPON YIELD CONC. (,UUU OMITTED) 19'3.1 ly5 j.UU PAR 114 14'Jg 145 3.85 PAR 1/4 I'Jy4 . ,Juu S. ss PAIR 1/4 lyy5 205 4.-Ju PAIR 114 lyyb 210 4.3U PAR 1/4 lyvb 215 1 4.bu PAR 114 lv b 215 i 4.bU PAR 1/4 lyv'l 2211 i 4.bu PAR 1/4 lyyY 22ti 1 4.0U PAR 1/# 1494 230 5.1U PAR 1/4 lyyu 245 5.10 PAR 1/4 I v V V 240 5.30 PAR 1/4 lyyy 245 5.317 PAR 1/4 iUU17 2511 6.40 PAR 1/4 euuU ;dbU b.40 PAR 1/a lUUl l'!0 tii.tiu PAR 1/4 UU1 ;17% ti.bu PAR 114 2 17U1 2115 5.11u PAR 1/4 ,bind `--`2'iU 5.7U PAR 344 2UUj xy5 5.80 PAR 1/4 liuuj j05) 5. ito PAR 1/41 2uU4 jIS S.Vu PAR 1/4 tUUy 320 5.yu PAR 1/4 2uU5 330 6.00 PAR 114 2uub :Jtu 6.010 PAR 1/4 2UUb 35U 6_05 PAR 1/4 ;4uub 3bU b.05 PAR 1/4 2UU'1 371 6.10 PAR 1/4 aDU`t j>30 b.10 PAR 1/4 2014 b, (i25 6.30 b,34) 2/4 . UNDER$ MIL BOON, EDT. 11 s 1)l z 5VPH MPT MBER 22, 1992 SEP-29-92 TUE 10;34 Town of Vail FAX-N0, 3034792157 PA4£ 004 P,04 . ~ , "P 24 192 17157 FROM PUBLIC FINANCE YqM W VUL, marl now to mYMOmr oMTm 10/ Ilion 41L11W 1 4 0 1IttMCt9 HY Oo"I 1`1 3ri3m Oum TO W" .r...rr. r ff Nr...¦ • • .rH... •Mi!•IW lM M!• W 1~ 319!.000.00 fri 0.0000 .0000 100.000 I 6/ 1/16 !16,0162.00 1160 4.6800..;4.6000 100.000 61 1Jff 411.000.00 37 4.Mb0 4.0000 100.000 I w 1/93 316.000.00 60tlT •.1000 •.1000 100.000 b/ 1621 - 611.001.16 11310 9.iooo 3.#000 100.000 i/ 1/ 0 1,319,000.00 Z1ii2 (.1000 mow 100.000 i` 6/ 1 1,1239.003.00 iaiys 9.6301 6.6200 100.000 W 1t : 1,614,ao3.oo iii! 4.3000 5.0000 100.000 61 if 1,100,000.00 3'1310 0.0000 6.mb 62.121 1?/ If 1s3,TW-W mm 6.0000 6.1010 49.im ~1'" i 626 1/ 4 1,330,000.00 13631 4.0000 6.1090 94.1P'1 ~ r It/ 1J 4 16b,000.00 19613 6.0000 6.102b 99.,22 G 61 1/ 3 1,33s.0000 9061s 6.0000 60001 W. 21 1Z4 if s 116.000 malt 6.1>t60 6.!300 9Y.i90 y it 6 1,130,039.60 mma 6.1150 6-M 14.7q 10/ 1J 6 106,000.00 1190ra 6.1ZS0 6.769 W.710 u 11 7 1!0.000.00 1T 6.1210 6.3611? 07.Yl0 121 VIP 200,004.00 /Bfi01 611040 6,3151 479710 y if b . =,000.00 12191$ Kim 6.1336 9'x.190 , 12J V • =10.000.00 1~iH0 6.120 6J W vol" W 1/ ! 213,090.OD 1iS545 6.1110 6.3623 91.370 12/ jig 0.000.00 1768 6.1as0 6.1416 9T .190 j 61 1/10 00.000.00 1419 6.1250 6.3301 91'.150 ^ i; . . W ui 1 16:0090.00 1is21111~i1 b.idn0 `.3315 ~ M 1a/• V11 250.003.00 151314 6.110 6.326! 97-754 r 6.1216 6.3261 97.710 i' k via i6r~o00.00 163H3 126/ V1; 211.000.00 166201 6.{2!0 6.1131 s'r.ll0 I ftr too* ftwwtlon 1 i t o+°n 13'0l9~1 0.00 0.0090910 f tRrim~rlt~r+ OlsooAOtit 11 0:0000 am o~ j Avtr~ Tllk! tl6w 13~Oi,13'1.29 13l1Mlal i1a 'a0.Ti0.21 _a• 16,07l,SM.W ; OroM MtM'Mt twt 9,946.64.31 +11x10+66N/~t INSU TS iNt tnern9t art 1p~~3W,1! - f.9~3 N?1~ M.104n , j 2 0 Fro WIMMY /011 T r t 0 x 6.00106n . 21 >kxa r.1es wt tm.5a0 X ..•s' sY K Atom so LK ""WW br am UMT3131 11C. 1 S E P- 2~- 9 2 F R I 1 0 y 6 P 0 2 Chi 39, 185* 000 t _ 1 R, GA668 AND LME TAX REpLW i NR AND I MPROURMENT R19ySMQ BOHM SERxEB " i94R ~ y ti 1 AAA r .j% MOIA INAUNW DATkWi 09/13 9$ F11RBT COUPQNd 06/01/19913 Dual 18/61 ADOI L PRICE 'CONCKSAX 1N TAKEN MATURITY At MMY COUPON of par%) (pt f) (pt 10/idi/1993 3:SM 3.00 x 190.00 is/i4i/1994 530M 3.8 X 1613.06 1/4 18/01 /199!1 :180" 4.310 76 160.00 1/4 N 12/0111996 503M 4.60 % 1@0.ae 114 10/01/1997 619M 4660 39 i00.W0 1/4 r 1R/@1/3994 640M 5" Xo*" 100.0$ i/4 191411.19%,% 6755 % • 1~6 00 l i4 10/Ai/i, low Y. 100.08 114 10/01 1: 04H 106* 00 1 /4 18/01 1 item 1046 8a 1/4 1 e/101 n 1, amm two Q!0 1 /4 t0/01 _ 0(44 i, 435" A0 4 100. as •114 16/01 i so" % 30x.00 1/4 18/01 1~ 618M x , 1100084 1/4 3/t~l/R8fD7 1, 780M Geis % x011.00 1/4 113/0 10,138R" % !9. S0 I. 1 /4 iS/111/2017 134 %am CALL F6ATURS0 t i 0/01 /0s 1f 1410% ' :1ri.. • r.. µr rr•M • w~4~..wrrwrr~Arrrrr~~M•w~rp+l~..nA~ar.-rr+... .w~..ww•.~r~r.~r~~.-.-~•._. //J~~~ • i• •yt r . SEP-25- 92 FR I 10:6 fs , P. 02 C as,, last an W _ 1 BA698 AND USE TAX REFUND t NR ANp i MPFWURMEN T W , R990" 00NA0 69RIEa ' t99R AAA ..~,iq?, t nl~Ia i~auaaa I1RTl*Dt 09/t!1 ~@ FIFWT CQUPDNj 46/91/1993 DUE$ la/0i AW L IHN IpTIiiTY Ah0uT COUPON PRICE • CthCtfSIdN TAKEDOWN t% of par) (pt f $ (PIS) 18/01!1998 2:5M 3.loA % 1iao.0o i/4 1/4 i2/Ai/1994 535m 149,40 1$!01/199!1 she" 4.30 76 $40.90 1/4 i8/0i/1996 585M 4.60 % libel 40 1/4 i. 1$/11/1997 6111H 4. B0 % %00.00 1/4 lit/@i/399a 64" jLV4 ' 10@.96 i/A i73M 1414x. oQ i /4 lw" 10/111 ! " 100, 00 1/4 losses 1 /4 1!/01 gem f0W.0® 1/4 1 @/411 03 i, 355M two 00 1/4 1 004 1, 433)1 as % lolle me 1/4 Vol lee, oil 114 i 8/01 1 t5it0M 18/01 l,b1WM *W36. X00,00 1/4 /141/R0fb7 1~ 7 a 6. iW Y, 1041." 1/4 1a1/@ 10, OWN % 99.3W i/4 latelleal? 130 saw 6 CAI-is FRATUPAR t 14</6 i /0s w least .?..~~~i~.wry.Frr+rr~w+~rw.w~~.~~rw..r..r ~...~r.r•.~r~.r.~~.~..•-•.•.-. r~~;~.. r' 6. - - SEP-29-92 TUE 10:34 Town of Vail FAX NO. 3034792157 P.04 PACE .004 ~ . SEP 24 192 17:57 FROM PUBLIC FINANCE MO Of VAIL, WUMM Ya11D ~1t00NC1lOM PEPOIIT ' Wom" i DAM to/ 111 2 oau.tvan' 10/x2/ DATE tQIN611ti11. K'~ Yla~.o esd mcm ro WA •.~....f...M • 4 6/ 1/ rr 39:.M.00 10 ~3r0000 •0000 1 .000 } 6/ 1196 365,000100 1366 4.6000., 4.6m ,IM-OW 6/ 1/'67 .47%,000.00 376x 6.m00 4. 6/ 1/90 iSS,000.00 643"1 5.1000 6.1000 100.000 61 1199 ii4.000A0 11360 1.3000 5.3000 100.000 a 6/ 1/ 0 1,315,000.00 21443 8.5000 S.i000 100.000 6/ t/ 1 1,335,000.00 31145 5,6800 5.6900 400.000 W t/ F 1,319,000.04 "0.? 5.6m S.60o0 100.000 11 1,190,000.00 37550 6.0000 6.1128 99.121 ; 1TJ 1/ 155,005.40 SMI 6.0000 6.1002 W.i2t 6/ 1/ 4 1,?30,000.gO 73631 6.0000 6.105! 94.12'I 121114 148,000.00 75634 6.0000 6.1029 49.12'! G / 6/ If 5 1,165.000.40 99315 6.0000 6.1001 00.121 1Wt 1/ i ,CNAO 6.J150 6.3800 fr. r-* 1117163 6.1350 6.3756 9?.730 12/116 185,000.00 119843 6.1250 6.3601 97.750 61 1/ 7 1!0,0160.00 1??070 6.1250 6.:1620 97.730 121 It 7 100,000.00 168708 6.1260 6.3581 9797160 $111 S. 205.000.00 120415 6.1850 6.3535 0.950 13/ 1/ 8 210,000.00 13Q310 4.1350 4.'j495 4?.950 61 it 9 215,000.00 133993 6.1150 6.3453 9T.M 121,1/9 225,000.00 139756 6.1250 6.3416 97.750 61 1/10 230,000.00 143519 6.1350 6.3361 91'.750 .750 1111/ 2000000 IW79 /11 3+13.000.00 152753 6AUG 6.~ 97rf-m 121.1/11 290,000.00 157544 6.1250 6." 47.750 61 1/13 360,000.00 lam 6.1294 6.3361 97.750 1F1 1/14 270,000.00 166103 6.1250 6.3235 97.780 Per IMi ml 15.168.000.00 Praductisn arms Or~tlan 13,OP9,171.?5 114.1043174 loud VON we 0.00 0.0000000 I.lyderWi tars 016eot M 00=~ p;00~pppp0 Avsr~ Take DOW s1a 13 i 039,171.3s 99.4043Z7oi , 50,730.15 } Acc NNottoIsswr 15.079,111.50 j Urns intereot cost 0. Mkt OtsmAt 1Q,01,t,SSi.1s at tntsrmt cot Y ! C >i 5.9977443 Ultra M.1043M 1 C 1 6.0040633 From 1914m em its 1gl.'iQ0 .~I?S" = SY le, v~ LIA 11.0s41it199 pf'"Wed W/ 10s'IN'4li UMITID, INC. r . SEP 24 '92 17:59 FROM PUBLIC FINANCE TW OF Wt. ME CM M- CW'aWq W!1l811L MItATION priging wiNd mog aM llix 10101 f10N0 p ewitM eiMT 1 pAYgp 10/ 111408 r OZ IVm 10/011908 oAri PRINCIPAL y/Y GOi.. R•'Mvain palm To ML • .f'..••r r• r. r•.u•it.•N r r..... ..r ..r w? wwwl~ ...y. 1/513 5001000.00 333 3.0000 3.0000 100.000 { 1/48 10100,0WAO m 4.8000 •.8000 100.000 F/{ X1000.00 3317 6.1000 S.10w 1001000 1/9! 6001000.00 4900 5.3000 5.3000 100.000 4 121 1/ 0 100/000.00 IN= 5.3400, 6.5000 100.000 b' 181 1/ ! 110001000.00 8=000 5.6500 5.6300 100.000 , 1L 1/ Z ' 1/0!801000.00 5.8000 S.8o00 100.000 1Z/ If 3 1.1501000.00 fii117 6.0000 6.0616 19.500 i. 12/ V 4 111101000.00 61325 8.0000 6.05110 09-goo 1Z/ tI S 1x0,000.00 TIM 6."m 6.0610 14.!00 Per hwnt 7,5001000'00 PropuetIon •15.T30.00 i 71684~Z50.00 0Ore$Op motion A9.000.00 q 0000000 W derwitini WOW* 0.00 • Averaw Take too 0.00 mow ltd 1,03,m00 Accrued 16,330.83 ' 7~4S4.5S0.83 Not to isww Gem Intanet Cast 6,182/416.iT ?NOt dtKOU+t µ.7y0.00 Net int~ CW% 41117/166.67 5.68085:1 i~i~ 49.!366667 . ji 1 C 1 T 1 C 2 5.895038: From Dettwry 00 sand Veoft 138lQ0.040 AvW"4 h . 9411 Awe" ~1 9.843333 prq*rW by 8IMITtES1 INC. 1 _.d v I 9.1~bnrL'. . r . .r ~ t ORDINANCE NO. 25 SERIES OF 1992 AN EMERGENCY ORDINANCE AUTHORIZING THE ISSUANCE OF TOWN OF VAIL, COLORADO SALES TAX REVENUE REFUNDING AND IMPROVEMENT BONDS, SERIES 1992B; 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 SALES TAX AND PARKING REVENUES OF THE TOWN FOR THE PAYMENT OF THE BONDS; PROVIDING CERTAIN COVENANTS` AND OTHER DETAILS AND MAKING OTHER PROVISIONS CONCERNING THE BONDS AND THE SALES TAX AND PARKING REVENUES; RATIFYING ACTION PREVIOUSLY TAKEN AND APPERTAINING THERETO; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH; AND DECLARING AN EMERGENCY. NOW, THEREFORE, BE IT 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, supplemental hereto or relating hereto, and of any instrument or document appertaining hereto, except where the context by clear implication otherwise requires. All definitions include the singular and plural and include all genders. Certain terms are parenthetically defined elsewhere herein. Additional Bonds: the one or more series of bonds or other securities or obligations authorized to be issued by the Town pursuant to Section 18 hereof and having a lien on the Pledged Revenues on a parity with the lien of the 1992B Bonds. Bond Fund: the fund by that name created by the 1989 Ordinance and continued in this Ordinance. Bond Insurer: Municipal Bond Investors Assurance Corporation or its successors. 1 ~ W Bond Insurance Policy: the financial guaranty insurance policy issued by the Bond Insurer guaranteeing the payment of principal of and interest on the 1992B Bonds. Bond Reserve Insurance Policy: 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 then is rated in the highest rating category by Moody's Investors Service, Inc., Standard & Poor's Corporation, A.M. Best & Company, or their successors. Bonds: the Outstanding 1991 Bonds, the Outstanding 1992B Bonds and any Additional Bonds. Business Day: a day on which banks located in the cities in which the principal offices of each of the Paying Agent and the Bond Insurer are not required or authorized to be closed and on which the New York Stock Exchange is not closed. Charter: the home rule Charter, of the Town, including all amendments thereto prior to the date hereof. Commercial Bank: 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: the fund created by Section 14 hereof. Escrow Account: the Escrow Account for the Refunding established with the Escrow Bank. Escrow Agreement: the Escrow Agreement dated as of October 1, 1992 between the Town and the Escrow Bank relating to the Refunding. Escrow Bank: Central Bank National Association. Financial Guaranty Agreement: the Financial Guaranty Agreement between the Town and the Bond Insurer. Fiscal Year: 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 -2- other twelve month period as may from time to time be designated by the Town Council as the Fiscal Year of the Town. General Operating, Expenses: all reasonable current expenses, paid or accrued, of operating, maintaining and repairing the Parking Facilities. The term includes, without limitation, legal and incidental expenses of the various administrative departments of the Town directly or indirectly related and reasonably allocable to the administration of the Parking Facilities, insurance premiums, the reasonable charges of any paying agent, trustee or depository bank, contractual services, professional services required by this Ordinance, salaries and administrative expenses, labor, and the costs incurred by the Town in the collection of Gross Revenues. The term does not include any allowance for depreciation, any costs of reconstruction, improvement, extension or betterment, any accumulation of reserves for capital replacements, any reserves for operation, maintenance or repair of the Parking Facilities, any allowance for the redemption of any bond or other security evidencing a loan or the payment of any interest thereon, and any legal liability not based on contract. Governmental Obligations: 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 by the Export-Import Bank of the United States, the Federal Financing Bank, the Farmers Home Administration, the General Services Administration, the U.S. Maritime Administration, or the U.S. Department of Housing and Urban Development; or (c) evidences of ownership interests in obligations described in paragraph (a) or (b) above. Gross Revenues: all income and revenues derived directly or indirectly from the operation of or otherwise relating to the Parking Facilities, including, without limitation, -3- any fee, rate or other charge assessed against any persons for the privilege of using or otherwise relating to the Parking Facilities. Housing Bonds: the Town's Single Family Revenue Refunding Bonds, 1992 Series A. Income Fund: the special fund by that name created by the 1989 Ordinance and continued by this Ordinance. Insurance Paying Agent: Citibank, N.A., or its successors under the Bond Insurance Policy. Letter of Representations: the Letter of Representations between the Town and The Depository Trust Company. Maximum Annual Debt Service Requirement: the maximum amount of all required payments of principal and interest on the Bonds which will become due in any Fiscal Year. For the purpose of Section 18 hereof only, Maximum Annual Debt Service Requirement shall also include the principal and interest on the Town's General Obligation Refunding Bonds, Series 1992A and any other outstanding general obligation bonds of the Town, and the 1985 Bonds until paid or defeased. Net Revenues: the Gross Revenues less General Operating Expenses. 1985 Bonds: the Town's General Obligation Refunding Bonds, Series 1985 dated as of November 15, 1985. 1985 Ordinance: Ordinance No. 23, Series of 1985, as amended by Ordinance No. 29, Series of 1985. 1989 Bonds: the Town's Sales Tax Revenue Bonds, Series 1989. 1989 Bond Ordinance: Ordinance No. 29, Series of 1989. 1991 Bonds: the Town's Sales Tax Revenue Bonds, Series 1991. 1991 Ordinance: Ordinance No. 42, Series of 1991. 1992B Bonds: the Town's Sales Tax Revenue Refunding and Improvement Bonds, Series 1992B. Ordinance: this Ordinance of the Town, which provides for the issuance and delivery of the 1992B Bonds. -4- Outstanding: 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: the registered owner of any 1992B Bond as shown on the registration books kept by the Registrar. Parking Facilities: means all existing parking facilities, including, but not limited to, all parking facilities 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 such facilities. Paying Agent: Central Bank National Association, Denver, Colorado, being the agent for the Town for the payment of the 1992B Bonds and interest thereon, or its successors and assigns. Permitted Investment: any investment or deposit shown on the list attached hereto as Exhibit I, to the extent permitted by the Charter and Ordinances of the Town. Person: 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: (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; -5- f iii the Net Revenues; (iv) proceeds of the Bonds or other legally available moneys deposited into and held in the Bond Fund and the Reserve Fund; and (v) 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 15 hereof to be deposited into and held in the Income Fund, the Bond Fund and the Reserve Fund. Pledged Sales Tax: the proceeds of the Town's current 4% Sales Tax, including that one-half of the proceeds of the Sales Tax which is also pledged to the payment of the 1985 Bonds, the 1991 Bonds and the Housing Bonds and the one-half of the proceeds of the Sales Tax which has not previously been pledged to the payment of any bonds or other obligations of the Town. The additional one-half of the proceeds of the Sales Tax also shall be pledged to the 1991 Bonds, and to the extent necessary to effect the same the 1991 Ordinance shall be deemed amended hereby. "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 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: the Preliminary Official Statement dated September 17, 1992. -6- J 7 ` Project: the addition to the Municipal Building to be constructed and equipped with a portion of the proceeds of the 1992B Bonds and any other public improvement or equipment which the Town is legally authorized to acquire, construct or finance. Purchase Contract: the Purchase Agreement between the Town and the Purchasers dated September 29, 1992. Purchasers: Kemper Securities, Inc. and George K. Baum & Company. Rebate Fund: the fund by that name created by the 1989 Ordinance and continued by this Ordinance. Refunding: the refunding and defeasance of the 1989 Bonds with a portion of the proceeds of the 1992B Bonds. Registrar: Central Bank National Association, Denver, Colorado, being the agent for the Town for the registration, transfer and exchange of the 1992B Bonds, or its successors. Registrar Agreement: the Registrar Agreement between the Town and the Registrar dated as of October 1, 1992. Regular Record Date: the fifteenth day of the calendar month next preceding each interest payment date for the 1992B Bonds (other than a special interest payment date hereafter fixed for the payment of defaulted interest). Reserve Fund: the fund by that name created by the 1989 Ordinance and continued by this Ordinance. Reserve Fund Requirement: an amount equal to 10% of the principal amount of the Outstanding Bonds plus an amount equal to all investment earnings on the Reserve Fund; provided that the Reserve Fund Requirement shall not exceed the Maximum Annual Debt Service Requirement. Sales Tax: 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. -7- r ~ Sales Tax Ordinances: 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. Special Record Date: a special date fixed to determine the names and addresses of registered owners for purposes of paying interest on a special interest payment date for the payment of defaulted interest, all as further provided in Section 6 hereof. State: the State of Colorado. Tax Code: the Internal Revenue Code of 1986, as amended to the date of delivery of the Bonds, and any regulations promulgated thereunder. Town: the Town of Vail, Colorado. Town Council: the Town Council of the Town or any successor in functions thereto. Trust Bank: a Commercial Bank which is authorized to exercise and is exercising trust powers. Section 2. Recitals. A. The Town is a municipal corporation duly organized and existing under the Town's Charter adopted pursuant to Article XX 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 net revenues derived from the operation of an income-producing project, or from any combination of such 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. Pursuant to the 1985 Ordinance, the Town issued the 1985 Bonds and agreed to pledge and set aside one-half of the revenues generated by the Sales Tax to pay the principal of and interest on the 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 issued thereafter on a parity with or subordinate to the -8- 1 i ` 1985 Bonds with respect to the Pledged Sales Tax. The 1985 Ordinance also provided that, to the extent that the principal of and interest on the 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 Pledged 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 1985 Bonds, but only may be issued in a subordinate and inferior position to the claim of the 1985 Bonds to the Pledged Sales Tax. E. The Town has issued the 1989 Bonds, all of which remain Outstanding, which mature on December 1 of the years and in the amounts as follows: Original Principal Aggregate Appreciated Maturity Amount Per $5,000 Interest Principal Amount at Date Value at Maturity Rate Maturity 1995 $ 554,380.20 6.50% $ 810,000 1996 2,200,134.00 6.60 3,450,000 1997 2,046,057.00 6.70 3,450,000 1998 1,899,087.00 6.80 3,450,000 1999 1,575,599.25 6.85 3,075,000 2000 924,390.60 6.90 1,940,000 F. The 1989 Bonds are not subject to redemption prior to maturity. G. The Town is not delinquent in the payment of the principal of or interest on any of the 1989 Bonds. H. Chapter X of the Town Charter authorizes the Town Council (the "Council") to issue refunding bonds without an election. I. The Council has determined and hereby declares that it is in the Town's best interest to defease the 1989 Bonds and to provide funds to pay the 1989 Bonds as they become due at maturity. J. The Town has pledged one-half of the revenues from the Sales Tax on a first priority basis to the payment of the 1985 Bonds, on a second priority basis to the 1989 Bonds and the 1991 Bonds, and on a third priority basis to the Housing Bonds. -9- L C ` K. Except for the 1985 Bonds, the 1989 Bonds, the 1991 Bonds, the Housing Bonds, and bonds or obligations which have been paid or defeased as of the date of issuance of the 1992B Bonds, the Town has never pledged the Sales Tax to the payment of any bonds or for any purpose. Simultaneously with the issuance of the 1992B Bonds the 1989 Bonds will be refunded and defeased. The Pledged Sales Tax may now be pledged (with alien which is in part subordinate to the lien of the 1985 Bonds but on a parity with the 1991 Bonds and in part a first priority lien on a parity with the 1991 Bonds) lawfully and irrevocably for the payment of the 1992B Bonds. L Except for the 1989 Bonds and the 1991 Bonds, the Town has never pledged the Net Revenues from the Parking Facilities. Such Net Revenues may now be pledged (with a lien that is on a parity with the lien of the 1991 Bonds) lawfully and irrevocably for the payment of the 1992B Bonds. M. The Town has received a proposal from the Purchasers for the purchase of the 1992B Bonds for the purpose of defraying in whole or in part the costs of the Project and the Refunding. N. There have been presented to the Council the proposed forms of the following documents: the Purchase Contract; the Escrow Agreement; the Letter of Representations; the Financial Guaranty Agreement; the Registrar Agreement; and the Preliminary Official Statement. 0. The Town Council desires to cause the 1992B Bonds to be issued, to authorize and direct the application of the proceeds thereof as, set forth herein, and to provide 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 and the Gross Revenues, the Project, the Refunding, and selling and issuing the 1992B Bonds for those purposes are ratified, approved and confirmed. -10- A Z Section 4. Authorization of Refunding and Project. The Refunding hereby is authorized, and the Project hereby is authorized at a cost of not exceeding $5,700,000 (excluding costs to be paid from sources other than the proceeds of the 1992B Bonds). Section 5. Authorization of the 1992B Bonds. There hereby are authorized to be issued fully registered sales tax revenue securities of the Town, to be designated "Town of Vail, Colorado, Sales Tax Revenue Refunding and Improvement Bonds, Series 1992B" in the aggregate principal amount of $15,165,000, to be payable and collectible, both as to principal and interest, from the Pledged Revenues. Section 6. 1992B Bond Details. The 1992B Bonds shall be issued in fully registered form (i.e.. registered as to both principal and interest) initially registered in the name of Cede & Co. as nominee for The Depository Trust Company, shall be dated as of October 1, 1992, shall be issued in the denomination of $5,000 or any integral multiple thereof (provided that no 1992B Bond may be in a denomination which exceeds the principal coming due on any maturity date, and no individual 1992B Bond will be issued for more than one maturity) and shall be numbered in such manner as the Registrar may determine. The 1992B Bonds shall bear interest from their dated date until maturity at the rates per annum shown below, payable semiannually on June 1 and December 1 in each year, commencing on June 1, 1993, except that any 1992B Bond which is reissued upon transfer, exchange or other replacement shall bear interest Irom the most recent interest payment date to which interest has been paid or duly provided for, or if no interest has been paid, from the date of the 1992B Bonds. The 1992B Bonds shall mature on the dates and in the amounts hereinafter designated, as follows: Interest Maturity Principal R9 to Date Amount Per ,;num June 1, 1993 $395,000 3.000% June 1, 1996 355,000 4.600 June 1, 1997 475,000 4.800 June 1, 1998 555,000 5.100 June 1, 1999 665,000 5.300 June 1, 2000 1,315,000 5.500 June 1, 2001 1,235,000 5.650 -11- f 4 June 1, 2002 1,315,000 5.800 June 1, 2005 4,625,000 6.000 December 1, 2012 4,230,000 6.125 The principal of and premium, if any, on any 1992B Bond shall be payable to the registered owner thereof as shown on the registration records kept by the Registrar, upon maturity thereof and upon presentation and surrender at the Paying Agent. If any 1992B 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 1992B Bond until the principal thereof is paid in full. Payment of interest on any 1992B Bond shall be made by check or draft mailed by the Paying Agent, on or before each interest payment date (or, if such interest payment date is not a business day, on or before the next succeeding business day), to the registered owner thereof at the address shown on the registration records kept by the Registrar at the close of business on the Regular Record Date for such interest payment date; but any such interest not so timely paid or duly provided for shall cease to be payable to the person who is the registered owner thereof at the close of business on the Regular Record Date and shall be payable to the person who is the registered owner thereof at the close of business on a Special Record Date for the payment of any such defaulted interest. Such Special Record Date shall be fixed by the Registrar whenever moneys become available for payment of the defaulted interest, and notice of the Special Record Date shall be given to the registered owners of the 1992B Bonds not less than ten days prior to the Special Record Date by first-class mail to each such registered owner as shown on the Registrar's registration records on a date selected by the Registrar, stating the date of the Special Record Date and the date fixed for the payment of such defaulted interest. The Paying Agent may make payments of interest on any 1992B Bond by such alternative means as may be mutually agreed to between the owner of such 1992B Bond and the Paying Agent (provided, however, that the Town shall not be required to make funds available to the Paying Agent prior to the interest payment dates stated in this Section). 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. -12- ` Section 7. Prior Redemption. A. 1992B Bonds maturing on or before June 1, 2002, are not subject to prior redemption. 1992B Bonds maturing on June 1, 2005 and December 1, 2012 shall be subject to prior redemption, at the option of the Town, in whole, or in part, in integral multiples of $5,000, from such maturities as are selected by the Town, and if less than all of the Bonds of a maturity are to be redeemed, by lot within a maturity in such manner as the Registrar may determine, on December 1, 2002, or on any date thereafter, at the redemption prices set forth below (expressed as a percentage of the principal amount so redeemed) plus accrued interest to the redemption date: Redemption Redemption Dates Prices December 1, 2002 through November 30, 2003 101% December 1, 2003 through November 30, 2004 100.5 December 1, 2004 and thereafter 100 There shall be no optional prior redemption of 1992B Bonds unless all amounts owing to the Bond Insurer under the Financial Guaranty Agreement or any other document have been paid in full. B. 1992B Bonds maturing June 1, 2005 are subject to mandatory sinking fund redemption at a price equal to the principal amount thereof plus accrued interest to the redemption date. Such 1992B Bonds subject to mandatory sinking fund redemption shall be selected by lot in such manner as the Registrar shall determine (giving proportionate weight to the 1992B Bonds in denominations larger than $5,000). As and for a sinking fund for the redemption of the 1992B Bonds maturing on June 1, 2005, the Town will deposit in the Bond Fund a sum together with other moneys available in the Bond Fund is sufficient to redeem (after credit as provided below) the following principal amounts of the 1992B Bonds maturing on June 1, 2005: -13- Principal Date Amount June 1, 2003 $1,190,000 December 1, 2003 155,000 June 1, 2004 1,230,000 December 1, 2004 165,000 The remaining $1,885,000 of the 1992B Bonds maturing on June 1, 2005 shall be paid upon presentation and surrender at maturity unless redeemed pursuant to optional redemption prior to maturity. On or before the thirtieth day prior to each such sinking fund payment date, the Registrar shall proceed to call the 1992B Bonds indicated above (or any 1992B Bond or Bonds issued to replace such 1992B Bonds) for redemption from such sinking fund on the next June 1 or December 1, and give notice of such call without further instruction or notice from the Town. 1992B Bonds maturing December 1, 2012 are subject to mandatory sinking fund redemption at a price equal to the principal amount thereof plus accrued interest to the redemption date. Such 1992B Bonds subject to mandatory sinking fund redemption shall be selected by lot in such manner as the Registrar shall determine (giving proportionate weight to the 1992B Bonds in denominations larger than $5,000). As and for a sinking fund for the redemption of the 1992B Bonds maturing on December 1, 2012, the Town will deposit in the Bond Fund a sum together with other moneys available in the Bond Fund is sufficient to redeem (after credit as provided below) the following principal amounts of the 1992B Bonds maturing on December 1, 2012: -14- { f Principal Date Amount December 1, 2005 $175,000 June 1, 2006 1,130,000 December 1, 2006 185,000 June 1, 2007 190,000 December 1, 2007 200,000 June 1, 2008 205,000 December 1, 2008 210,000 June 1, 2009 215,000 December 1, 2009 225,000 June 1, 2010 230,000 December 1, 2010 240,000 June 1, 2011 245,000 December 1, 2011 250,000 June 1, 2012 260,000 The remaining $270,000 of the 1992B Bonds maturing on December 1, 2012 shall be paid upon presentation and surrender at maturity unless redeemed pursuant to optional redemption prior to maturity. On or before the thirtieth day prior to each such sinking fund payment date, the Registrar shall proceed to call the 1992B Bonds indicated above (or any 1992B Bond or Bonds issued to replace such 1992B Bonds) for redemption from such sinking fund on the next June 1 or December 1, and give notice of such can without further instruction or notice from the Town. At its option, to be exercised on or before the sixtieth day next preceding any sinking fund redemption date, the Town may (a) deliver to the Registrar for cancellation 1992B Bonds subject to mandatory sinking fund redemption on such date in an aggregate principal amount desired or (b) receive a credit in respect of its sinking fund redemption obligation for any 1992B Bonds subject to mandatory sinking fund redemption on such date, which prior to said date have been redeemed (other wise than through the operation of the sinking fund) and cancelled by the Registrar and not theretofore applied as a credit against any sinking fund redemption obligation. Each 1992B Bond so delivered or previously redeemed will be credited by the Registrar at the principal amount thereof on the obligation of the Town on such sinking fund redemption date and the principal amount of 1992B Bonds -15- 1 1 to be redeemed by operation of such sinking fund on such date will be accordingly reduced. The Town will on or before the sixtieth day next preceding each sinking fund redemption date furnish the Registrar with its certificate indicating whether or not and to what extent the provisions of (a) and (b) of the preceding sentence are to be availed with respect to such sinking fund payment. Failure of the Town to deliver such certificate shall not affect the Registrar's duty to give notice of sinking fund redemption as provided in this paragraph B. D. In the case of 1992B Bonds of a denomination larger than $5,000, a portion of such 1992B Bond ($5,000 or any integral multiple thereof) may be redeemed, in which case the Registrar shall, without charge to the owner of such 1992B Bond, authenticate and issue a replacement 1992B Bond or Bonds for the unredeemed portion thereof. E. Except as provided in paragraph B of this Section, the Director of Administrative Services of the Town shall (unless waived by the Registrar) give written instructions concerning any prior redemption to the Registrar at least 60 days prior to such redemption date. Notice of redemption shall be given by the Registrar in the name of the Town, by sending a copy of such notice by certified, first-class postage prepaid mail, not more than 60 nor less than 30 days prior to the redemption date, to the Purchaser, and to each registered owner of any 1992B Bond, all or a portion of which is called for prior redemption, at his address as it last appears on the registration records kept by the Registrar. Failure to give such notice by mailing to the registered owner of any 1992B Bond or to the Purchaser of any defect therein, shall not affect the validity of the proceedings for the redemption of any other 1992B Bonds. Such notice shall identify the 1992B Bonds or portions thereof to be redeemed (if less than all are to be redeemed) and the date fixed for redemption, and shall further state that on such redemption date the principal amount thereof and the designated premium thereon, if any, will become due and payable at the Paying Agent, and that from and after such date interest will cease to accrue. Accrued interest to the redemption date will be paid by check or draft mailed to the registered owner (or by alternative means if so agreed to by the Paying Agent and the registered owner). Notice having been given in the manner -16- I I hereinabove provided, the 1992B Bond or Bonds so called for redemption shall become due and payable on the redemption date so designated; and upon presentation and surrender thereof at the Paying Agent, the Town will pay the principal of and premium, if any, on 1992B Bond or Bonds so called for redemption. Section 8. Special Obli ations. All of the 1992B Bonds, together with the interest accruing thereon, and any payments due to the Bond Insurer under the Financial Guaranty Agreement, shall be payable and collectible solely out of the Pledged Revenues, which are hereby irrevocably so pledged; the owner or owners of the 1992B Bonds and the Bond Insurer may not look to any general or other fund for the payment of principal and interest on the 1992B Bonds or payments under the Financial Guaranty Agreement, except the designated special funds pledged therefor; and the 1992B Bonds and the Financial Guaranty Agreement 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. Section 9. Form of 1992B Bonds and Registration Panel. The 1992B Bonds and the registration panel shall be substantially as follows (provided that any portion of the 1992B Bond text may, with appropriate references, be printed on the back of the 1992B 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: -17- 2 t (Form of Bond) * Insert only if bonds are delivered pursuant to Section 12 of this Ordinance. **Insert only if bonds are delivered to The Depository Trust Company pursuant to Section 13 of this Ordinance. UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF EAGLE TOWN OF VAII, COLORADO SALES TAX REVENUE REFUNDING AND IMPROVEMENT BOND SERIES 1992B NO. R- $ INTEREST RATE MATURITY DATE DATED DATE CUSIP October 1, 1992 REGISTERED OWNER: PRINCIPAL AMOUNT: 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 principal amount specified above, on the maturity date specified above (unless called for earlier redemption), and to pay from said sources interest thereon on June 1 and December 1 of each year, commencing on June 1, 1993, at the interest rate per annum specified above, until the principal sum is paid or payment has been provided therefor. This bond will bear interest from the most recent -1& i 1 interest payment date to which interest has been paid or provided for, or, if no interest has been paid, from the date of this bond. The principal of this bond is payable upon presentation and surrender hereof to the Town's registrar and paying agent (the "Registrar" or the "Paying Agent"), initially Central Bank National Association, in Denver, Colorado. Interest on this bond will be paid on or before each interest payment date (or, if such interest payment date is not a business day, on or before the next succeeding business day), by check or draft mailed to the person in whose name this bond is registered (the "registered owner") in the registration records of the Town maintained by the Registrar and at the address appearing thereon at the close of business on the fifteenth day of the calendar month next preceding such interest payment date (the 'Regular Record Date"). Any such interest not so timely paid or duly provided for shall cease to be payable to the person who is the registered owner hereof at the close of business on the Regular Record Date and shall be payable to the person who is the registered owner hereof at the close of business on a Special Record Date for the payment of any defaulted interest. Such Special Record Date shall be fixed by the Registrar whenever moneys become available for payment of the defaulted interest, and notice of the Special Record Date shall be given to the registered owners of the bonds of the series of which this is one (the "Bonds") not less than ten days prior to the Special Record Date. Alternative means of payment of interest may be used if mutually agreed to between the owner of any Bond and the Paying Agent, as provided in the ordinance of the Town authorizing the issuance of the Bonds (the "Bond Ordinance"). 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. Bonds of the series of which this bond is a part (the "1992B Bonds") maturing on June 1, 2005 and December 1, 2012 are subject to prior redemption, at the option of the Town, in whole, or in part, in integral multiples of $5,000, from such maturities as are selected by the Town, and if less than all of the Bonds of a maturity are to be redeemed, by lot within a maturity in such manner as the Registrar may determine, on December 1, 2002, or on any date thereafter, at the redemption prices set forth below (expressed as a percentage of the principal so redeemed) plus accrued interest to the redemption date: -19- ' r Redemption Redemption Dates Prices December 1, 2002 through November 30, 2003 101% December 1, 2003 through November 30, 2004 100.5 December 1, 2004 and thereafter 100 Bonds of the series of which this bond is a part maturing on June 1, 2005 and December 1, 2012 are subject to mandatory sinking fund redemption in the manner provided in the Bond Ordinance at a price equal to the principal amount thereof plus accrued interest to the redemption date. Bonds subject to mandatory sinking fund redemption shall be selected for mandatory sinking fund redemption by lot in such manner as the Registrar shall determine (giving proportionate weight to Bonds in denominations larger than $5,000). On or before the thirtieth day prior to each such sinking fund payment date, the Registrar will proceed to call the Bonds subject to mandatory sinking fund redemption (or any Bond or Bonds issued to replace such Bonds) for redemption on the next June 1 or December 1, and give notice of such call. The Town is entitled to certain credits against its sinking fund redemption obligation in the manner and upon the conditions provided in the Bond Ordinance. In the case of redemption of Bonds of a denomination larger than $5,000, a portion of such Bond ($5,000 or any integral multiple thereof) may be redeemed, in which case the Registrar shall, without charge to the owner of such Bond, authenticate and issue a replacement Bond or Bonds for the unredeemed portion thereof. Redemption shall be made upon not more than 60 days' and not less than 30 days' mailed notice to the original purchasers and to each registered owner of Bonds to be redeemed as .shown on the registration records kept by the Registrar, in the manner and upon the conditions provided in the Bond Ordinance. The Bonds are issuable only as fully registered Bonds in denominations of $5,000 or any integral multiples thereof and are exchangeable for fully registered Bonds of the same maturity and series in equal aggregate 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 Bond Ordinance. -20- "The Bonds are not transferable or exchangeable, except as set forth in the Bond Ordinance. Upon any partial prior redemption of this Bond, Cede & Co. in its discretion may request the Bond Registrar to authenticate a new Bond or make an appropriate notation on this Bond indicating the date and amount of prepayment, except in the case of final maturity, in which case this Bond must be presented to the Bond Registrar prior to final payment.** *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 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 Town 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, except to the extent otherwise provided hereinabove and in the Bond Ordinance with respect to Regular and Special Record Dates for the payment of interest. *The Registrar will not be required to transfer or exchange (i) any Bond or portion thereof during a period beginning at the opening of business 15 days before the day of the mailing by the Registrar of notice of prior redemption and ending at the close of business on the day of such mailing, or (ii) any Bond or portion thereof after the mailing of notice calling such Bond or any portion thereof for prior redemption, except the unredeemed portion of Bonds being redeemed in part.* The 1992B Bonds are authorized for the purpose of defraying wholly or in part the costs of the Project and the Refunding (each 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 -21- 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 be considered or held to be a general obligation of the Town, and are payable from, and constitute a pledge of and an irrevocable lien (but not 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 certain taxes which hereafter may be imposed by the Town in addition thereto or in substitution therefor, Net Revenues of the Parking Facilities (each as defined in the Bond Ordinance), 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 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 an exclusive lien) on all of the Pledged Revenues. The Bonds are equitably and ratably secured by a lien on the Pledged Sales Tax. As to one-half of the Sales Tax (as defined in the Bond Ordinance) revenues the Bonds constitute a 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"). As to the other one-half of the Sales Tax revenues, the Bonds constitute a first and prior lien on a parity with the Town's Sales Tax Revenue Bonds, Series 1991 (the "1991 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, -22- ~ t 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). 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 "Bond Fund") into which fund the Town has covenanted under the Bond 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 1991 Bonds, the 1992B Bonds and any Additional Bonds (as defined in the Bond Ordinance). In addition, there is irrevocably and exclusively pledged to the payment of the 1991 Bonds, the 1992B Bonds and any Additional Bonds a reserve fund (the "Reserve Fund") which will be maintained as provided in the Bond Ordinance. Except as otherwise specified in the Bond Ordinance, this Bond is entitled to the benefits of the Bond 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 1992B 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 1992B 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 -23- r ~ 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 as to both principal and interest 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. It is further certified and recited that all the requirements of law have been fully complied with by the proper Town officers in the issuance of this bond. This bond shall not be valid or obligatory for any purpose until the Registrar shall have manually signed the certificate of authentication herein. IN TESTIMONY WHEREOF, 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 ature)- Mayor (MANUAL OR FACSIMILE SEAL) Attest: (Manual or Facsimile Signature) Town Clerk (End of Form of Bond) -24- e L (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. as Registrar Date of Authentication By. and Registration: Authorized Officer or Employe (End of Form of Registrar's Certificate of Authentication) STATEMENT OF INSURANCE The Municipal Bond Investors Assurance Corporation (the "Insurer") has issued a policy containing the following provisions, such policy being on file at Central Bank National Association in Denver, Colorado. The Insurer, in consideration of the payment of the premium and subject to the terms of this policy, hereby unconditionally and irrevocably guarantees to any owner, as hereinafter defined, of the following described obligations, the full and complete payment required to be made by or on behalf of the Issuer to Central Bank National Association or its successor (the "Paying Agent") of an amount equal to (i) the principal of (either at the stated maturity or by any advancement of maturity pursuant to a mandatory sinking fund payment) and interest on, the Obligations (as that term is defined below) as such payments shall become due but shall not be so paid (except that in the event of any acceleration of -25- f t the due date of such principal by reason of mandatory or optional redemption or acceleration resulting from default or otherwise, other than any advancement of maturity pursuant to a mandatory sinking fund payment, the payments guaranteed hereby shall be made in such amounts and at such times as such payments of principal would have been due had there not been any such acceleration); and (ii) the reimbursement of any such payment which is subsequently recovered from any owner pursuant to a final judgment by a court of competent jurisdiction that such payment constitutes an avoidable preference to such owner within the meaning of any applicable bankruptcy law. The amounts referred to in clauses (i) and (ii) of the preceding sentence shall be referred to herein collectively as the "Insured Amounts." "Obligations" shall mean: the Town of Vail, Colorado, Sales Tax Revenue Refunding and Improvement Bonds, Series 1992B. Upon receipt of telephonic or telegraphic notice, such notice subsequently confirmed in writing by registered or certified mail, or upon receipt of written notice by registered or certified mail, by the Insurer from the Paying Agent or any owner of an Obligation the payment of any Insured Amount for which is then due, that such required payment has not been made, the Insurer on the due date of such payment or within one business day after receipt of notice of such nonpayment, whichever is later, will make a deposit of funds, in an account with Citibank, N.A., in New York, New York, or its successor, sufficient for the payment of any such Insured Amounts which are then due. Upon presentment and surrender of such Obligations or presentment of such other proof of ownership of the Obligations, together with any appropriate instruments of assignment to evidence the assignment of the Insured Amounts due on the Obligations as are paid by the Insurer, and appropriate instruments to effect the appointment of the Insurer as agent for such owners of the Obligations in any legal proceeding related to payment of Insured Amounts, such instruments being in a form satisfactory to Citibank, N.A., Citibank, N.A. shall disburse to such owners or the Paying Agent payment of the Insured Amounts due on such Obligations, less any amount held by the Paying Agent for the payment of such Insured -26- t Amounts and legally available therefor. This policy does not insure against loss of any prepayment premium which may at any time be payable with respect to any Obligation. As used herein, the term "owner" shall mean the registered owner of any Obligation as indicated in the books maintained by the Paying Agent, the Issuer, or any designee of the Issuer for such purpose. The term owner shall not include the Issuer or any party whose agreement with the Issuer constitutes the underlying security for the Obligations. Any service of process on the Insurer may be made to the Insurer at its offices located at 113 King Street, Armonk, New York 10504. This policy is non-cancellable for any reason. The premium on this policy is not refundable for any reason including the payment prior to maturity of the Obligations. MUNICIPAL BOND INVESTORS ASSURANCE CORPORATION -27- • I "(Form of Prepayment Panel) The following installments of principal (or portion thereof) of this bond have been prepaid in accordance with the terms of the Bond Ordinance authorizing the issuance of this bond. Signature of Date of Principal Authorized Prepayment Prepaid Representative of the Depository (End of Form of Prepayment Panel) MAY BE PRINTED ON THE BACK OF THE BOND AND THE FOLLOWING STATEMENT INSERTED REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH ON THE REVERSE HEREOF: SUCH PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH HERE. -28- i * (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 tax identification number of transferee: NOTE: 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 enlafgement or any change whatsoever. EXCHANGE OR TRANSFER FEES MAY BE CHARGED (End of Form of Assignment) -29- r Section 10. Negotiability. Subject to the registration provisions hereof, the 1992B 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-Investment Securities. The principal of and interest on the 1992B Bonds shall be paid, and the 1992B Bonds shall be transferable, free from and without regard to any equities between the Town and the original or any intermediate owner of any 1992B Bonds or any setoffs or cross- claims. Section 11. Execution. The 1992B Bonds shall be executed in the name and on behalf of the Town by the signature of the Mayor, 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 1992B Bond shall be authenticated by the manual signature of an authorized officer or employee of the Registrar as hereinafter provided. The signatures of the Mayor and the Town Clerk may be by manual or facsimile signature. The 1992B 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 1992B 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 1992B Bonds, adopt as and for their respective signatures any facsimiles thereof appearing on the 1992B Bonds. At the time of the execution of the signature certificate, the Mayor 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 1992B Bonds. No 1992B 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 -30- i i 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 1992B Bonds issued hereunder. By authenticating any of the 1992B Bonds initially delivered pursuant to this Ordinance, the Registrar shall be deemed to have assented to the provisions of this Ordinance. Section 12. Registration. Transfer and Exchange. A. Except as provided in Section 13, records for the registration and transfer of the 1992B Bonds shall be kept by the Registrar, which is hereby appointed by the Town as registrar (i.e.. transfer agent) for the 1992B Bonds. Upon the surrender for transfer of any 1992B 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 1992B Bond or Bonds of the same series, of a like aggregate principal amount and of the same maturity, bearing a number or numbers not previously assigned. 1992B Bonds may be exchanged at the Registrar for an equal aggregate principal amount of 1992B Bonds of the series and the same maturity of other authorized denominations. The Registrar shall authenticate and deliver a 1992B 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 1992B 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. Except as provided in Section 13, the Registrar shall not be required to transfer or exchange (1) any 1992B Bond or portion thereof during a period beginning at the opening of business 15 days before the day of the mailing of notice of prior redemption as herein provided and ending at the close of business on the day of such mailing, or (2) any 1992B Bond or portion thereof after the mailing of notice calling such 1992B Bond or any portion thereof for prior redemption, except for the unredeemed portion of the 1992B Bonds being redeemed in part. -31- The person in whose name any 1992B 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; except as may be otherwise provided in Section 6 hereof with respect to payment of interest; and, subject to such exception, payment of or on account of either principal or interest on any 1992B 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 1992B 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 1992B Bond to the extent of the sum or sums so paid. D. If any 1992B 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 1992B Bond or Bonds of a like aggregate principal amount and of the same maturity, bearing a number or numbers not previously assigned. If such lost, stolen, destroyed, or mutilated 1992B Bond shall have matured or is about to become due and payable, the Registrar may direct the Paying Agent to pay such 1992B Bond in lieu of replacement. E. The officers of the Town are authorized to deliver to the Registrar fully executed but unauthenticated 1992B Bonds in such quantities as may be convenient to be held in custody by the Registrar pending use as herein provided. F. Whenever any 1992B Bond shall be surrendered to the Paying Agent upon payment thereof, or to the Registrar for transfer, exchange or replacement as provided herein, such 1992B 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 13. Book E_nta. A. Notwithstanding any contrary provision of this Ordinance, the Bonds shall initially be evidenced by one Bond for each maturity in which the Bonds mature in denominations equal to the aggregate principal amount of the Bonds maturing for that -32- maturity. Such initially delivered Bonds shall be registered in the name of "Cede & Co." as nominee for The Depository Trust Company, the securities depository for the Bonds. The Bonds may not thereafter be transferred or exchanged except: (1) to any successor of The Depository Trust Company or its nominee, which successor must be both a "clearing corporation" as defined in Section 4-8-102(3), Colorado Revised Statutes and a qualified and registered "clearing agency" under Section 17A of the Securities Exchange Act of 1934, as amended; or (2) upon the resignation of The Depository Trust Company or a successor or new depository under clause (1) or this clause (2) of this paragraph (a), or a determination by the Council that The Depository Trust Company or such successor or new depository is no longer able to carry out its functions, and the designation by the Council of another depository institution acceptable to the Council and to the depository then holding the Bonds, which new depository institution must be both a "clearing corporation" as defined in Section 4-8-102(3), Colorado Revised Statutes and a qualified and registered "clearing agency" under Section 17A of the Securities Exchange Act of 1934, as amended, to carry out the functions of The Depository Trust Company or such successor new depository; or (3) upon the resignation of The Depository Trust Company or a successor or new depository under clause (1) or clause (2) of this paragraph (a), or a determination of the Council that The Depository Trust Company or such successor or new depository is no longer able to carry out its functions, and the failure by the Council, after reasonable investigation, to locate another qualified depository institution under clause (2) to carry out such depository functions. B. In the case of a transfer to a successor of The Depository Trust Company or its nominee as referred to in clause (1) of paragraph (a) hereof or designation of a new depository pursuant to clause (2) of paragraph (a) hereof, upon receipt of the -33- Outstanding Bonds by the Bond Registrar, together with written instructions for transfer satisfactory to the Bond Registrar, a new Bond for each maturity of the Bonds then Outstanding shall be issued to such successor or new depository, as the case may be, or its nominee, as is specified in such written transfer instructions. In the case of a resignation or determination under clause (3) of paragraph (a) hereof and the failure after reasonable investigation to locate another qualified depository institution for the Bonds as provided in clause (3) of paragraph (a) hereof, and upon receipt of the Outstanding Bonds by the Bond Registrar, together with written instructions for transfer satisfactory to the Bond Registrar, new Bonds shall be issued in the denominations of $5,000 or any integral multiple thereof, as provided in and subject to the limitations of Section 12 hereoL registered in the names of such persons, and in such authorized denominations as are requested in such written transfer instructions; however, the Bond Registrar shall not be required to deliver such new Bonds within a period of less than 60 days from the date of receipt of such written transfer instructions. C. The Council, the Bond Registrar and the Paying Agent shall be entitled to treat the registered owner of any Bond as the absolute owner thereof for all purposes hereof and any applicable laws, notwithstanding any notice to the contrary received by any or all of them and the Council, the Bond Registrar and the Paying Agent shall have no responsibility for transmitting payments to the beneficial owners of the Bonds held by The Depository Trust Company or any successor or new depository named pursuant to paragraph (a) hereof. D. The Council, the Bond Registrar and the Paying Agent shall endeavor to cooperate with The Depository Trust Company or any successor or new depository named pursuant to clause (1) or (2) of paragraph (a) hereof in effectuating payment of the principal amount of the Bonds upon maturity or prior redemption by arranging for payment in such a manner that funds representing such payments are available to the depository on the date they are due. Section 14. Delivery of 1992B Bonds and Disposition of Proceeds. When the 1992B Bonds have been duly executed by appropriate Town officers and authenticated by the -34- Registrar, the Town shall cause the 1992B Bonds to be delivered to the Purchasers on receipt of the agreed purchase price. The 1992B Bonds shall be delivered in such denominations as the Purchaser shall direct (but subject to the provisions of Sections 12 and 13 hereof); and the Registrar shall initially register the 1992B Bonds in such name or names as the Purchaser shall direct. The proceeds of the 1992B Bonds, including without limitation the accrued interest thereon, shall be deposited promptly by the Town and shall be accounted for in the following manner and are hereby pledged therefor, but the Purchasers of the 1992B 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 1992B Bonds shall be credited to the Bond Fund to be applied to the payment of the 1992B Bonds. (ii) An amount, together with other available funds of the Town, sufficient to establish any initial cash balance remaining uninvested and to buy Governmental Obligations to effect the Refunding shall be deposited to the Escrow Account. (iii) All remaining proceeds of the 1992B Bonds shall be credited to the following special and separate account, hereby created and established, to be known as the 'Town of Vail, Colorado Sales Tax Revenue Refunding and Improvement Bonds, Series 1992B Construction Fund," to be used, together with any other available moneys therefor, to pay the costs of the Project, including the premium for the Bond Insurance Policy and other costs incidental to the issuance of the 1992B Bonds. After payment of all costs of the Project, 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 1992B Bonds. Section 15. Use of Moneys in Income Fund. Subject to Section 17, so long as any Bonds shall be Outstanding, either as to principal or interest, the Pledged Revenues -35- shall, upon receipt by the Town, be deposited in a special and separate account, heretofore created and established by the 1989 Ordinance and continued by this Ordinance, known as the "Town of Vail Income Fund." The following payments shall be made from the Income Fund: A. Bond Fund. First, there shall be credited from the Income Fund to a fund created by the 1989 Ordinance and known as the "Town of Vail, Sales Tax Bond Fund" the following amounts: 1. Interest Pavments. Monthly to the Bond Fund 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 Payments. Monthly to the Bond Fund 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. 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 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. B. Reserve Fund. Second, except as hereinafter provided, from any moneys remaining in the Income Fund there shall be credited monthly to a separate account created by the 1989 Ordinance and continued by this Ordinance 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 Reserve Fund Requirement or to pay the issuer of any Bond Reserve Insurance Policy any amounts owing -36- 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 deposit in the Reserve Fund. Investment earnings on deposits in the Reserve Fund shall remain in the Reserve Fund until the amount on deposit equals the Maximum Annual Debt Service Requirement. No credit need be made to the Reserve Fund so long as the moneys and/or a Bond Reserve Insurance Policy therein equal the Reserve Fund Requirement (regardless of the source of such accumulations). The Reserve Fund Requirement shall be accumulated and maintained as a continuing reserve to be used, except as provided in subsections C and E of this Section and Section 21 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 Reserve Fund 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 (but only with the prior written consent of the Bond Insurer if the provider is other than the Bond Insurer) deposit a Bond Reserve Insurance Policy in the Reserve Fund in full or partial satisfaction of the Reserve Fund Requirement. 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 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 tax covenant contained in Section 20.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 Reserve Fund Requirement, the maximum amount of proceeds of such -37- series of Bonds which may be deposited to the Reserve Fund pursuant to Section 20.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 Reserve Fund Requirement. Section 14.C. of the 1991 Ordinance hereby is amended to conform to the provisions of this Section 15.B., effective on the date the 1992B Bonds initially are issued. C. Termination Upon Deposits to Maturity or Redemption Date. No 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 the Bond Fund and Reserve Fund 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 the two Funds may be withdrawn and used for any lawful purpose. D. Defraying, 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. Any cash on deposit in the Reserve Fund shall be transferred to the Bond Fund to cover such a deficiency prior to the transfer of funds drawn under the Bond Reserve Insurance Policy. If the Reserve Fund contains a Bond Reserve Insurance Policy from a provider other than the Bond Insurer and a Bond Reserve Insurance Policy provided by the Bond Insurer, any draw shall be on a pro-rata basis from both such Policies. After such a draw any available Pledged Revenues, after the payments required by paragraph A of this Section, shall be used first to repay the Bond Insurer to reinstate the Bond Reserve Insurance Policy and then to replenish cash in the Reserve Fund. The cash so used shall be -38- replaced in the Reserve Fund from the first Pledged Revenues received that are not required to be otherwise applied by this Section, but excluding 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, except that 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 Reserve Fund 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 Paragraphs G and H of this section. Section 15.E. of the 1991 Ordinance hereby is amended to conform to the provisions of this Section 15.D., effective on the date the 1992B Bonds initially are issued. E. Rebate Fund. Third, there shall be deposited in a special account created by the 1989 Ordinance and continued by this Ordinance known as the "Town of Vail Sales Tax Revenue Bonds Rebate Fund" amounts required by Section 148(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 148(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 -39- i 1 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. F. Interest on Bond Insurance Policy Draws. After the payments required by A, B and E of this Section, the Pledged Revenues shall be used to pay interest on amounts advanced under any Bond Reserve Insurance Policy. G. Payment for Subordinate Obligations. After the payments required by Paragraphs A, B, E, and F of this Section, the Pledged Revenues shall be used by the Town for the payment of interest on and principal of any obligations secured by Pledged Revenues subordinate to the lien of the Bonds and on a parity with or subordinate to the lien of the Financial Guaranty Agreement hereafter authorized to be issued, including reasonable reserves therefor. H. Use of Remaining 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 16. General Administration of Funds. The funds designated in Sections 14 and 15 hereof shall be administered as follows subject to the limitations stated in Section 20.K. hereof: A. Budget and Appropriation of Funds. The sums provided to make the payments specified in Section 15 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 1992B 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 1992B Bonds shall in any manner be construed as limiting or impairing the obligation of the Town to keep and perform the -40- covenants contained in this Ordinance so long as any of the 1992B 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 1992B Bonds. B. Places and Times of Deposits. Each of the special funds created in Section 15 hereof and the Construction Fund created in Section 14 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 irrevox :.'Ae 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 14 hereof, and any moneys in any fund established by Section 15 of this Ordinance may be invested or reinvested in any Permitted Investment. 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 -41- 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 60 days. In such event the Town shall invest or reinvest not less than substantially all of the amount which will not be needed during such 60 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 16.C. and Section 16.E. 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 20.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 16.C. hereof or both such money and such investments. Moneys deposited in a demand or time deposit account in or evidenced by a certificate of deposit of a Commercial Bank pursuant to Sections 16.B. and 16.C. hereof, appropriately secured according to the laws of the State, shall be deemed lawful money of the United States. Section 17. Lien on Pledged Revenues. The 1992B Bonds constitute a pledge of, and an irrevocable lien (but not an exclusive lien) on all of the Pledged Revenues on a parity with the lien of the 1991 Bonds. The 1992B Bonds are equitably and ratably secured by alien on the Pledged Revenues. The 1992B Bonds, in accordance with the 1985 Ordinance, only constitute a second and subordinate lien (but not an exclusive second lien) upon one-half of the Pledged Sales Tax, such lien being second and subordinate to the lien of the Town's 1985 Bonds. In connection with the Pledged Sales Tax and as required by the 1985 Ordinance, the Town shall fully provide for the debt service, reserve account, and other requirements of the 1985 Bonds from one-half of the Pledged Sales Tax in any Fiscal Year -42- { and, only after such provision, may use excess of such Pledged Sales Taxes for the payment of the principal of and interest on the 1992B Bonds, 1991 Bonds and any Additional Bonds, by transferring such excess Pledged Sales Taxes to the Income Fund. The 1992B Bonds constitute an irrevocable and first lien (but not an exclusive first lien) upon the other Pledged Revenues, including the other one-half of the Pledged Sales Tax, on a parity with the 1991 Bonds. Section 18. Additional Bonds. A. Limitations URon Issuance of Additional Bonds. Nothing 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 alien upon the Pledged Revenues on a parity with the lien of the 1992B 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, such bonds or other obligations may be issued only if for the Fiscal Year immediately preceding the issuance of any Additional Bonds, the amount of Pledged Sales Tax Revenues in such Fiscal Year equalled or exceeded 150% of the Maximum Annual Debt Service Requirement on the Bonds (including the Additional Bonds proposed to be issued). For the purpose of satisfying the aforementioned 150% test, any tax, now existing or hereafter imposed, which legally becomes a part of the Pledged Sales Tax Revenues during the Fiscal Year preceding the issuance of Additional Bonds, or any tax which is to legally become a part of the Pledged Sales Tax 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 Sales Tax Revenues which increase 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 Sales Tax 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 be considered -43- for purposes of satisfying such tests. Section 17 of the 1991 Ordinance hereby is amended to conform to the provisions of this Section 18.A., effective November 1, 1992. 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 1992B Bonds herein authorized. C. Subordinate Obligations Permitted. Nothing 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 alien upon the Pledged Revenues subordinate or junior to the lien of the 1992B Bonds. D. Superior Obligations Prohibited. Nothing in this Ordinance. shall be construed so as to permit the Town to hereafter issue obligations payable from the Pledged Revenues having alien thereon prior or superior to the 1992B Bonds. Section 19. Refunding Obligations. A. Generally. If at any time after the 1992B Bonds, or any part thereof, shall have been issued and remain Outstanding, the 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 the Bond Insurer, if the Bond Insurer insured such obligations, consent to such surrender and payment. B. Protection of Obligations Not Refunded. Any refunding obligations payable from the Pledged Revenues shall be issued with such details as the Town Council -44- ~ r r 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 1992B Bonds are Outstanding, refunding obligations payable from the Pledged Revenues may be issued on a parity with the unrefunded Bonds only i£ 1. Prior Consent. The Town first receives the consent of the owner or owners of the unrefunded Bonds and the Bond Insurer, if the Bond Insurer insured such obligations; or 2. Requirements Not Increased. The refunding obligations do not increase by more than $25,000, for any Fiscal Year 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. Earnings Test. The refunding obligations are issued in compliance with Paragraphs A and B of Section 19 hereof. Section 20. Protective Covenants. The Town hereby additionally covenants and agrees with each and every owner of the 1992B Bonds that: A. Use of 1992B Bond Proceeds. The Town will proceed with the construction of the Project and the Refunding without delay and with due diligence. B. Payment of 1992B Bonds. The Town will promptly pay the principal of and interest on every 1992B Bond issued hereunder and secured hereby on the dates and in the manner specified herein and in said 1992B Bonds according to the true intent and meaning hereof. Such principal and interest is payable solely from the Pledged Revenues. C. Amendment of Certain Ordinances: Duty 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 -45- 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 35 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 current rate of the Pledged Sales Tax without the consent of the owners of 66 percent in aggregate principal amount of the then Outstanding 1992B Bonds or the Bond Insurer (whichever is appropriate), as provided in Section 35 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, 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 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 -46- , 1 1 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 1992B Bonds when due. E. Further Assurances. 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 every owner of any of the 1992B Bonds against all claims and demands of all Persons whomsoever. F. Conditions Precedent. Upon the issuance of any of the 1992B 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 1992B Bonds shall exist, have happened and have been performed, and the 1992B Bonds, together with all other obligations of the Town, shall not contravene any debt or other limitation prescribed by the -47- 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 1992B 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 1992B 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. Performing 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 1992B Bonds and after the Refunding, other than the 1985 Bonds, the 1991 Bonds and the Housing Bonds, there are no liens or encumbrances of any nature whatsoever on or against any of the Pledged Revenues. K. Tax Covenant. The Town covenants for the benefit of the Registered Owners of the 1992B Bonds that it will not take any action or omit to take any action with respect to the 1992B Bonds, the proceeds thereoL any other funds of the Town or any facilities financed with the proceeds of the 1992B Bonds if such action or omission (i) would cause the interest on the 1992B 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 1992B Bonds to lose its exclusion from alternative minimum taxable income as defined in -48- Section 55(b)(2) of the Tax Code except to the extent such interest is required to be included in adjusted current earnings adjustment applicable to corporations under Section 56 of the Tax Code in calculating corporate alternative minimum taxable income, or (iii) would cause interest on the 1992B 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 1992B 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 1992B 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 1992B Bonds. M. Performance of Duties. The Town will faithfully and punctually perform or cause to be performed all duties with respect to the Pledged Revenues, the Gross Revenues and the Parking Facilities required by the laws of the State and the resolutions of the Town, including without limitation fixing and collecting reasonable and sufficient charges for the Parking Facilities, the proper segregation of the Pledged Revenues as set forth in Section 14 hereof and their application to the respective funds as herein provided. N. Fees. Rates and Charges. So long as the 1992B Bonds authorized herein remain Outstanding, the Town will cause to be established, imposed and maintained such reasonable fees, rates and other charges for the use or otherwise in respect of the Parking Facilities as will provide in each Fiscal Year Gross Revenues which together with other Pledged Revenues shall be sufficient: (i) to pay the General Operating Expenses; and (ii) to pay the annual requirements of principal of, premium, if any, and interest on the Outstanding Bonds, any amounts owed to the Bond Insurer -49- under the Financial Guaranty Agreement and any required credit to the Reserve Fund and the Rebate Fund. Such fees, rates and charges shall be reasonable and just, taking into account the cost and value of the Parking Facilities and the costs of operating and maintaining them, and the amounts necessary for the retirement of all Bonds and any other obligations payable from the Gross Revenues, accrued interest thereon and any reserves therefor. 0. Maintenance of Parking Facilities. The Town will at all times maintain the Parking Facilities in good repair, working order and condition, will continually administer and operate the Parking Facilities, and from time to time will make all needful and proper repairs, renewals and replacements of the Parking Facilities. P. Disposal of Properly Prohibited. Except for any, lease or other right of use for proper rentals or other consideration, the Town will not sell, mortgage, pledge or otherwise encumber, or in any manner dispose of or otherwise alienate, the Parking Facilities or any part thereof, until all 1992B Bonds shall have been paid in full, both principal and interest, or unless provision has been made therefor, except as provided in Section 20.Q. hereof. Q. Disposal of Unnecessary Property. The Town may sell, destroy, abandon, otherwise dispose of, or alter at any time any property comprising a part of the Parking Facilities which shall have been replaced by other property of at least equal value, or which shall cease to be necessary for the efficient operation of the' Parking Facilities, or which will not materially adversely affect the owners of the 1992B Bonds. A written determination by the Town that the Gross Revenues will be sufficient to meet the requirements of this Section 20.Q shall be conclusively presumed accurate; provided, however, that in the event of any sale or other compensated disposition as aforesaid, the proceeds received on such disposition shall be credited to the Bond Fund. R. Fire and Extended Coverage Insurance. The Town shall acquire and maintain, or cause to be acquired and maintained, fire and extended coverage insurance on the Parking Facilities in amounts at least sufficient to provide for not less than full recovery whenever the loss from perils insured against does not exceed 90% of the full insurable -50- value of the Parking Facilities. The Town, at its election, may provide for such fire and extended coverage insurance on the Parking Facilities partially or wholly by means of a self- insurance fund as provided by applicable law, in compliance with the requirements hereof. Any such self-insurance shall be deemed to be insurance coverage hereunder. S. Other Insurance. The Town shall purchase and maintain in connection with the Parking Facilities public liability insurance and workmen's compensation insurance in such amounts and to such extent as may be required under the laws of the State or, in the absence of any State requirement, in any amount not less than the limitations provided in the Colorado Governmental Immunity Act (Article 10, Title 24 of the Colorado Revised Statutes, as amended). The Town, at its election, may provide for the insurance specified in this Section 20.S partially or wholly by means of a self-insurance fund as provided by applicable law. Any such self-insurance shall be deemed to be insurance coverage hereunder. The proceeds of fire and extended coverage insurance covering the Parking Facilities, at the option of the Town, shall (i) be used forthwith for the purpose of repairing any property destroyed, provided that any insurance proceeds remaining upon the completion of such repair or replacement shall be deposited in the Bond Fund or (ii) be deposited forthwith to the Bond Fund. T. Prompt Collections. The Town will cause the Pledged Revenues to be collected promptly and accounted for in the funds as herein provided. U. Surety Bonds. Each official of the Town having custody of the Pledged Revenues, or responsible for their handling, shall be fully bonded at all times, which bond shall be conditioned upon the proper application of such money. V. Prejudicial Contracts and Action Prohibited. No contract will be entered into, nor will any action be taken, by the Town by which the rights and privileges of any Owner are impaired or diminished. Section 21. Defeasance. When the 1992B Bonds have been fully paid both as to principal and interest and all amounts due to the Bond Insurer under the Financial Guaranty Agreement have been paid, all obligations hereunder shall be discharged and the 1992B Bonds shall no longer be deemed to be Outstanding for any purpose of this -51- 1 1 ! Ordinance, except as set forth in Section 20.K. hereof. Payment of any 1992B 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 principal, interest, and any prior redemption premiums on such 1992B Bonds as the same become due to maturity or a designated prior redemption date; and, if 1992B Bonds are to be redeemed prior to maturity pursuant to Section 7.A. hereoL when the Town has given to the Registrar irrevocable written instructions to give notice of prior redemption in accordance with Section 7.D. hereof. The Governmental Obligations shall become due at or prior to the respective times 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 1992B Bonds of any maturity, the Registrar shall, if requested by the Town, institute a system to preserve the identity of the individual 1992B Bonds or portions thereof so defeased, regardless of changes in bond numbers attributable to transfers and exchanges of 1992B Bonds; and the Registrar shall be entitled to reasonable compensation and reimbursement of expenses from the Town in connection with such system. Section 22. Delegated Powers: Acceptance of Purchase Contract. 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 1992B 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 1992B Bonds from gross income for federal income tax purposes. The form, terms and provisions of the Purchase Contract, the Registrar Agreement, the Escrow Agreement, the Financial Guaranty Agreement, and the Letter of -52- Representations hereby are approved, and the Town shall enter into and perform its obligations under the Purchase Contract, the Registrar Agreement, the Escrow Agreement, the Financial Guaranty Agreement, and the Letter of Representations 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 such documents as required hereby. The Preliminary Official Statement hereby is approved and the officers of the Town are authorized and directed to participate in the preparation of, and to execute and deliver, a final official statement for the 1992B Bonds. The execution of the final official statement by the Director of Administrative Services shall be conclusively deemed to evidence the Town's approval of the form and contents thereof. The Council hereby accepts the Purchase Contract as submitted by the Underwriters, and hereby authorizes the sale of the 1992B Bonds to the Underwriters at a price of $14,910,126 (consisting of par less underwriters' discount of $119,045.25 and original issue discount of $135,828.75) plus accrued interest, and otherwise upon the terms, conditions and provisions as set forth in the Purchase Contract. The Council hereby determines that the sale of the 1992B Bonds as provided herein and in the Purchase Contract is to the best advantage of the Town. Section 23. Events of Default. Each of the following events is hereby declared an "event of default:" A. Nonpayment of Principal. If payment of the principal of any of the 1992B Bonds in connection therewith, shall not be made when the same shall become due and payable at maturity or by proceedings for prior redemption; or B. Nonpayment of Interest. If payment of any installment of interest on the 1992B Bonds shall not be made when the same becomes due and payable; or C. Incapable to Perform. If the Town shall for any reason be rendered incapable of fulfilling its obligations hereunder; or D. Default of any Provision. If the Town shall default in the due and punctual performance of its covenants or conditions, agreements and provisions contained in -53- the 1992B 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 60 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 not less than 25% in aggregate principal amount of the 1992B Bonds then Outstanding. Section 24. Remedies. Upon the happening and continuance of any event of default as provided in Section 23 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. Notwithstanding 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 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 25. Duties Upon Default. Upon the happening of any of the events of default as provided in Section 23 of this Ordinance, the Town, in addition, will do and perform all proper acts on behalf of and for the owners of the 1992B Bonds to protect and preserve the security created for the payment of the 1992B Bonds and to insure the payment -54- 1 of the principal of and interest on said 1992B Bonds promptly as the same become due. Proceeds derived from the Pledged Revenues, so long as any of the 1992B 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 25% in aggregate principal amount of the 1992B Bonds then Outstanding, after demand in writing, may proceed to protect and enforce the rights of such owners as hereinabove provided. Section 26. Replacement of Registrar or Paving Agent. 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 1992B Bond at his address last shown on the registration records, appoint a successor Registrar or Paying Agent, or both. No 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 shareowner's equity (M 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. Section 27. Maintenance of Escrow Account. The Escrow Account shall be maintained at all times subsequent to the initial deposit of moneys therein in an amount at least sufficient, together with the known minimum yield to be derived from the initial investment and any temporary reinvestment of the deposits therein or any part thereof in Federal Securities (as defined therein), to pay the Refunded Bond Requirements as the same became due. -55- Section 28. Use of Escrow Account. Moneys shall be withdrawn by the Escrow Bank from the Escrow Account in sufficient amounts and at such times to permit the payment without default of the Refunded Bond Requirements. Any moneys remaining in the Escrow Account after provision shall have been made for the redemption in full of the Refunded Bonds shall be applied to any lawful purpose of the Town as the Council may hereafter determine. Section 29. Insufficiency of Escrow Account. If for any reason the amount in the Escrow Account shall at any time be insufficient for the purpose of Sections 27 and 28 hereof, the Town shall forthwith deposit in such account such additional moneys as shall be necessary to permit the timely payment in full of the Refunded Bond Requirements. Section 30. Notice of Defeasance. The Town hereby authorizes and directs the registrar for the 1989 Bonds to give the notice of defeasance of the Refunded Bonds, in the name of and on behalf of the Town and the bond registrar forthwith upon issuance of the 1992B Bonds. Section 31. Manner of Giving Notice. The notice of defeasance shall be given by mailing a copy of the notice by first class mail (postage prepaid) to the registered owners of the Refunded Bonds at the addresses shown on the registration records of the registrar for the Refunded Bonds. Section 32. Form of Notice. The notice of defeasance so to be given forthwith shall be in substantially the following form: -56- 1 1 (Form of Notice) NOTICE OF DEFEASANCE OF TOWN OF VAIL, COLORADO SALES TAX REVENUE BONDS SERIES 1989 NOTICE IS HEREBY GIVEN that the Town of Vail, Colorado (the "Town") has caused to be deposited in escrow with Central Bank National Association in Denver, Colorado refunding bond proceeds and other funds which have been invested (except for an initial cash balance remaining uninvested) in bills, notes, bonds and similar securities which are non-callable direct obligations of the United States of America, to discharge the Refunded Bond Requirements for its Sales Tax Revenue Bonds, Series 1989 (the "1989 Bonds"). The CUSIP numbers of the 1989 Bonds so discharged are as follows: Refunded Bond Requirements means: the Appreciated Principal Amount and interest due in connection with the 1989 Bonds as the same comes due on and after December 1, 1992. According to a report pertaining to such escrow of Causey, Demen & Moore, Denver, Cola ado, certified public accountants, the escrow, including the known minimum yield from such investments and the initial cash balance remaining uninvested, is fully sufficient at the time of the deposit and at all times subsequently, to pay the Refunded Bond Requirements of the 1989 Bonds on the respective maturity dates. DATED TOWN OF VAIL, COLORADO By: /s/ Director of Administrative Services CENTRAL BANK NATIONAL ASSOCIATION By: /s/ Title: Authorized Officer (End of Form of Notice) -57- Section 33. Severability. 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 34. Repealer. All bylaws, orders, resolutions and ordinances, or parts thereoL 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 35. Amendment. After any of the 1992B Bonds have been issued, this Ordinance shall constitute a contract between the Town and the holders of the Bonds and shall be and remain irrepealable until the Bonds and the interest thereon have been fully paid, satisfied and discharged. A. The Town may, without the consent oL or notice to the owners of the 1992B Bonds (but followed by notice to the 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 omission 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 1992B Bonds or the Bond Insurer; (2) to subject to the lien of this Ordinance additional revenues, properties or collateral; (3) to grant or confer upon the Registrar for the benefit of the registered owners of the Bonds any additional rights, remedies, powers, or authority that may lawfully be granted to or conferred upon the registered owners of the Bonds; or -58- (4) to qualify this Ordinance under the Trust Indenture Act of 1939. 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 the Bond Insurer, unless the Bond Insurer is in default under the terms of the Bond Insurance Policy or the Bond Reserve Insurance Policy, in which case this Ordinance may be amended or supplemented with the written consent of the owners of 66% in aggregate principal amount of the 1992B Bonds Outstanding at the time of the adoption of such amendatory or supplemental ordinance; provided, however, that, without the written consent of the Bond Insurer and the owners of all of the 1992B Bonds adversely affected thereby, no such Ordinance shall have the effect of permitting: (1) An extension of the maturity of any 1992B Bond authorized by this Ordinance; or (2) A reduction in the principal amount of any 1992B 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 1992B Bonds required for consent to such amendatory= or supplemental ordinance; or (5) The establishment of priorities as between 1992B 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 1992B Bonds then Outstanding. Copies of any waiver, modification or amendment to this Ordinance shall be delivered to any entity then maintaining a rating on the 1992B Bonds. Section 36. Notice to Bond Insurer. Any notice required by this Ordinance or the Escrow Agreement to be given to any party also shall be given to the Bond Insurer. Any notice herein required to be given to the Bond Insurer shall be in writing and sent by -59- 4 ! v registered or certified mail to the Bond Insurer, 113 King Street, Armonk, New York 10504, Attention: Surveillance, or to such other address of which the Bond Insurer shall notify the Town in writing. Section 37. Payments under the Policy. A. In the event that, on the second Business Day, and again on the Business Day, prior to any payment date on the 1992B Bonds, the Paying Agent has not received sufficient moneys to pay all principal of and interest on the 1992B Bonds then due, the Paying Agent shall immediately notify the Bond Insurer or its designee on the same Business Day by telephone or telegraph, confirmed in writing by registered or certified mail, of the amount of the deficiency. B. If the deficiency is made up in whole or in part prior to or on the payment date, the Paying Agent shall so notify the Bond Insurer or its designee. C. In addition, if the Paying Agent has notice that any registered owner has been required to disgorge payments of principal or interest on the 1992B Bonds to a trustee in bankruptcy or creditors or others pursuant to a final judgment by a court of competent jurisdiction that such payment constitutes an avoidable preference to such registered owner within the meaning of any applicable bankruptcy laws, then the Paying Agent shall notify the Bond Insurer or its designee of such fact by telephone or telegraph, confirmed in writing by registered or certified mail. D. The Paying Agent is hereby irrevocably designated, appointed, directed and authorized to act as attorney-in-fact for registered owners of the 1992B Bonds as follows: 1. If and to the extent there is a deficiency in amounts required to pay interest on the 1992B Bonds, the Paying Agent shall (a) execute and deliver to the Insurance Paying Agent, in form satisfactory to the Insurance Paying Agent, an instrument appointing the Bond Insurer as agent for such registered owners in any legal proceeding related to the payment of such interest and an assignment to the Bond Insurer of the claims for interest to which such deficiency relates and which are paid by the Bond Insurer, (b) receive as designee of the respective registered owners (and not as Paying Agent) in -60- accordance with the tenor of the Policy payment from the Insurance Paying Agent with respect to the claims for interest so assigned, and (c) disburse the same to such respective registered owners; and 2. If and to the extent of a deficiency in amounts required to pay principal of the 1992B Bonds, the Paying Agent shall (a) execute and deliver to the Insurance Paying Agent in form satisfactory to the Insurance Paying Agent an instrument appointing the Bond Insurer as agent for such registered owner in any legal proceeding relating to the payment of such principal and an assignment to the Bond Insurer of any of the 1992E Bonds surrendered to the Insurance Paying Agent of so much of the principal amount thereof as has not previously been paid or for which moneys are not held by the Paying Agent and available for such payment (but such assignment shall be delivered only if payment from the Insurance Paying Agent is received), (b) receive as designee of the respective registered owners (and not as Paying Agent) in accordance with the tenor of the Policy payment therefor from the Insurance Paying Agent, and (c) disburse the same to such registered owners. E. Payments with respect to claims for interest on and principal of 1992B Bonds disbursed by the Paying Agent from proceeds of the Bond Insurance Policy shall not be considered to discharge the obligation of the Town with respect to such 1992B Bonds, and the Bond Insurer shall become the owner of such unpaid 1992B Bonds and claims for the interest in accordance with the tenor of the assignment made to it under the provisions of this subsection or otherwise. F. Irrespective of whether any such assignment is executed and delivered, the Town and the Paying Agent hereby agree for the benefit of Bond Insurer that, 1. to the extent the Bond Insurer makes payments, directly or indirectly (as by paying through the Paying Agent), on account of principal of or interest on the 1992B Bonds, the Bond Insurer will be subrogated to the rights of such registered owners to receive the amount of such principal and interest from the Town, with interest thereon as provided and solely from the sources stated in this Ordinance and the 1992B Bonds; and _ -61- 4 2. they will accordingly pay to the Bond Insurer the amount of such principal and interest (including principal and interest recovered under subparagraph (ii) of the first paragraph of the Bond Insurance Policy, which principal and interest shall be deemed past due and not to have been paid), with interest thereon as provided in this Ordinance and the 1992B Bonds, but only from the sources and in the manner provided herein for the payment of principal of and interest on the 1992B Bonds to registered owners, and will otherwise treat the Bond Insurer as the owner of such rights to the amount of such principal and interest. Section 38. Ordinance Irrepealable. After any of the 1992B Bonds herein authorized are issued, this Ordinance shall constitute a contract between the Town and the owners of the 1992B Bonds, and shall be and remain irrepealable until the 1992B Bonds and interest thereon shall be fully paid, cancelled and discharged as herein provided. Section 39. Emergency Statement. In accordance with Section 4.11 of the Charter, the Council hereby determines that this Ordinance is necessary for the preservation of public property, health, welfare, and safety, and that it shall be adopted at a single reading as an emergency ordinance, due to the volatility of the municipal bond market, the favorable interest rates that currently can be obtained, and a general election ballot initiative threatening to limit the Town's ability to issue bonds. The Town's planned schedule for adopting this Ordinance and issuing the 1992B Bonds has been delayed due to an error in publication beyond the Town's control, and expedited adoption therefore is deemed appropriate and necessary. Section 40. 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 Mayor, or Mayor Pro Tem, and Town Clerk, and by the certificate of publication. Section 41. Effective Date. This ordinance shall be in full force and effect upon passage. -62- INTRODUCED, READ, PASSED AS AN EMERGENCY ORDINANCE by the unanimous vote of Council members present or five Council members, and ordered published at a special meeting of the Town Council on September 29, 1992. Mayor Town of Vail, Colorado (SEAL) Attest: Town Clerk Town of Vail, Colorado -63- L EXHIBIT I M Q 1A Permitted Investments LIST OF PERMISSIBLE INVESTMENTS FOR INDENTURED FUNDS A. Direct obligations of the United States of America (including obligations issued or held in book-entry form on the books of the Department of the Treasury, and CATS and TGRS) or obligations the principal of and interest on which are unconditionally guaranteed by the United States of America. B. Bonds, debentures, notes or other evidence of indebtedness issued or guaranteed by any of the following federal agencies and provided such obligations are backed by the full faith and credit of the United States of America (stripped securities are only permitted if they have been stripped by the agency itself): 1. U.S. ExRort-Im2ort Bank (Eximbank) Direct obligations or fully guaranteed certificates of beneficial ownership 2. Farmers Home Administration (FHA) Certificates of beneficial ownership 3. Federal Financina Bank 4. Federal Housing Administration Debentures (FHA) 5. General Services Administration Participation certificates 6. Government National Mortgage Association (GNMA or "Ginnie Mae") GNMA - guaranteed mortgage-backed bonds GNMA - guaranteed pass-through obligations (not acceptable for certain cash-flow sensitive issues.) 7. U.S. Maritime Administration Guaranteed Title XI financing 8. U.S. Department of Housina and Urban Development (HUD) Project Notes Local Authority Bonds New Communities Debentures - U.S. government guaranteed debentures U.S. Public Housing Notes and Bonds - U.S. government guaranteed public housing notes and bonds C. Bonds, debentures, notes or other evidence of indebtedness issued or guaranteed by any of the following non-full faith and credit U.S. government agencies (stripped securities are only permitted if they have been stripped by the agency itself): 1. Federal Home Loan Bank System Senior debt obligations 2. Federal Home Loan Mortgage Corporation (FHLMC or "Freddie Mac") Participation Certificates Senior debt obligations 3. Federal National Mortgage Association (FNMA or "Fannie Mae") Mortgage-backed securities and senior debt obligations r • MQ6 4. Student Loan Marketing Association (SLMA or "Sallie Mae") Senior debt obligations 5. Resolution Funding Corp. (REFCORP) obligations D. Money market funds registered under the Federal Investment Company Act of 1940, whose shares are registered under the Federal Securities Act of 1933, and having a rating by S&P of AAAm-G; AAAm; or AAm. E. Certificates of deposit secured at all times by collateral described in (A) and/or (B) above. Such certificates must be issued by commercial banks, savings and loan associations or mutual savings banks. The collateral must be held by a third party and the bondholders must have a perfected first security interest in the collateral. F. Certificates of deposit, savings accounts, deposit accounts or money market deposits which are fully insured by FDIC or FSLIC. G. Investment Agreements, including GIC's, acceptable to MBIA. H. Commercial paper rated, at the time of purchase, "Prime - 1" by Moody's or "A-1" or better by S&P. I. Bonds or notes issued by any state or municipality which are rated by Moody's or S&P in one of the two highest rating categories assigned by such agencies. J. Federal funds or bankers acceptances with a maximum term of one year of any bank which has an unsecured, uninsured and unguaranteed obligation rating of "Prime - 1" or "A3" or better by Moody's and "A-1" or "A" or better by S&P. R. Repurchase agreements provide for the transfer of securities from a dealer bank or securities firm (seller/borrower) to a municipal entity (buyer/lender), and the transfer of cash from a municipal entity to the dealer bank or securities firm with an agreement that the dealer bank or securities firm will repay the cash plus a yield to the municipal entity in exchange for the securities at a specified date. Repurchase Agreements must satisfy the following criteria or be approved by MBIA. 1. Repos must be between the municipal entity and a dealer bank or securities firm a. Primary dealers on the Federal Reserve reporting dealer list which are rated A or better by Standard & Poor's Corporation and Moody's Investor Services, or b. Banks rated "A" or above by Standard & Poor's Corporation and Moody's Investor Services. r /I/ BIA 2. The written repo contract must include the following: a. Securities which are acceptable for transfer are: (1) Direct U.S. governments, or (2) Federal agencies backed by the full faith and credit of the U.S. government (and FNMA & FMAC) b. The term of the repo may be up to 30 days c. The collateral must be delivered to the municipal entity, trustee (if trustee is not supplying the collateral) or third party acting as agent for the trustee (if the trustee is supplying the collateral) before/simultaneous with payment (perfection by possession of certificated securities). d. valuation of Collateral (1) The securities must be valued weekly marked-to-market at current market price plus accrued interest (a) The value of collateral must be equal to 104% of the amount of cash transferred by the municipal entity to the dealer bank or security firm under the repo plus accrued interest. If the value of securities held as collateral slips below 104% of the value of the cash transferred by municipality, then additional cash and/or acceptable securities must be transferred. If, however, the securities used as collateral are FNMA or MAC, then the value of collateral must equal 105%. 3. Legal opinion which must be delivered to the municipal entity: a. Repo meets guidelines under state law for legal investment of public funds. Additional Notes (i) Any state administered pool investment fund'in which the issuer is statutorily permitted or required to invest will be deemed a permitted investment. (ii) DSRF investments should be valued at fair market value and marked to market at least once per year. DSRF investments may not have maturities extending beyond 5 years.