Loading...
HomeMy WebLinkAbout1975-21 To Contract an Indebtedness on Behalf of the Town of Vail by Issuing General Obligation Bonds for Parks & Recreational Land & Vail Transportation Center~_ _. ~~ ~ ORDINANCE ~1D , 21 SERIES OF 1975 ~1N Oi?DINANCE TO C0;3TRT3CT AI,i INDEBTEDNESS ON BEHALF OF THE TOL~TN OF VAIL~ COLORADO, AND UPON THE CREDIT TfIEREOF, BY ISSE~'ZNG GENERAL OBLIGATION BONDS OF SAID T04VN IN THE PRINCIPAL AMOUNT OF $860, 000 F'OR THE PURPOSE OF PAYING, IN 4dHOLE OR IN PART, THE COST OF AC~2UIRTNG, CONSTRUCTING AND EQUIP~'I1'iG PARK AND RECREATIONAL LAND, IMPROVE- MENTS, AND FACILITIES, AS TtiELL A5 ADDITIONS A_ND IMPROVEP~lENTS TO THE VATL TF~?1.NSPORTATION CENTER, TOGETIiER j~IITI3 ALL NECESSARY INCIDENTALS; PRESCRIBING THE FORP'I OF SAID BONDS; AND PROVIDIi`IG FOR THE LEVY OF TAXES AND FOR THE APPLICATION OF SALES TAX REVENUES OF THE TOivN OF VATL AND FOR THE APPLICATION OF CERTAIN REVENUES TO BE DERIVED FROM SAID ACQUISITIO~.TS ArID Ii~1PROVEMEN~I'S TO PAY SAID BONDS AND THE IbITEREST THEREON. WHEREAS, at a special election of the qualified, registered electors of the Town of Vail, Colorado, duly called and held on Tuesday, the 14th day of October, 1975, in accordance with law and pursuant to due notice, there were submitted to said electors the following questions: 1. PARK AND RECREATION BONDS, QUESTION SUBMITTED: "Shall the Town of Vail, Colorado, be authorized to ls5ue its negotiable, interest bearing General Obligation Bonds in one series or more in an aggregate principal amount not to exceed $775,000 or so much thereof as may be necessary for the purpose of defraying, in whole or in part, the cost of acquiring, constructing and equipping park and recreational land, improvements, and facilities, to include open space land, athletic fields,,..a public recreational center, a public museum facility and a gymnasium, together with all necessary incidental and appurtenant facilities, structures, land and equipment, and including costs incidental thereto, such bonds to bear interest at a maximum net effective interest rate not exceeding 10 percent per annum, and to mature serially during a period of not more than 25 years from the date or respective dates of the bonds, such bonds to be payable from general ad valorem taxes, except to the extent other funds are available therefor, and such bonds to be sold and issued at one time or froze time to time, in such manner and amounts and upon such terms and conditions as the Town Council rzay determine, including at the option of the ^'own Council pro- visions for the redemption of bonds prior to maturity with or without the payment of a premium?" 2. TRANSPORTATION CENTER IMPROVEMENT BONDS, (QUESTION SUBMITTED: "Shall the Town of Vail, Colorado, be authorized to issue its negotiable, interest bearing General Obligation Bonds in one series or more in an aggregate principal amount not to exceed $$5,000 or so much thereof as may be necessary for the purpose of defraying, in whole or in part, the -6- . -. ~,~ e t~ ~ ~" cost of acquiring, constructing and equipping additions and improvements t.o the Vail Trans- portation Center, together with all necessary incidental and appurtenant facilities, structures, land and equipment and including costs incidental thereto, such bonds to bear interest at a maximum net effective interest rate not exceeding l0 percent per annum, and to mature serially during a period of not more than 25 Nears from the date or respective dates of the bonds, such bands to be payable from general ad valorem taxes, except to the extent other funds are available therefor, and such bonds to be sold and issued at one time or from time to time, in such manner and amounts and upon such terms and conditions as the Town Council may determine, including at the option of the Town Council provisions for the redemption of bonds prior to maturity with or without the payment of a premium?" and WHEREAS, more than a majority of such qualified, registered electors voting on each of said questions voted in favor of creating such debt and issuing said Bonds; and WHEREAS, the Town Council of the Town of Vail has determined, and does hereby determine, to issue at this time the general obligation bonds for the purposes authorized by the qualified, registered electors of the Town of Vail, Colorado voting upon such questions of incurring indebtedness at the special election held on the 14th day of October 1975, in a total principal amount of $860,000, as hereinafter set forth in this Ordinance; and WHEREAS, pursuant to Resolt7.tion No. 12, Series of 1975, and after notice of sale duly given, sealed bids were received and publicly opened on the 5th day of November, 1975, for the purchase of said $860,000 principal amount of General Obligation Bonds, the Bonds being sold to the bidder making the best bid therefor, i.e., Boettcher & Company, Denver, Colorado (herein sometimes designated as the "Purchaser") for a price consisting of the principal amount thereof, plus accrued interest thereon from the date of the Bonds to the date of their delivery to the Purchaser, the Bonds bearing interest and otherwise being issued subject to the terms provided herein; and -7- r 1 WHEREAS, pursuant to Ordinance No. 11, Series of 1973 of the Town of Vail, there was submitted to the electors of the Town of Vail, Colorado, held on the 25th day of September, 1973, imposition of a sales tax on the sale of property at retail and the furnishing of Town of Vail; ,and qualified, registered at a special election the question of the tangible personal services within the WHEREAS, mare than a majority of such qualified, registered electors voting on said sales tax question voted in favor of imposing the said sales tax; and WHEREAS, the Town Council cf the Town of Vail has estimated and determined and does hereby estimate and determine that the principal maturing and the interest accruing on said $860,000, the principal amcunt of Bonds of the issue authorized herein may be met from revenues derived fro*ra sources other than general ad valorem property taxes, including, without limitation, the revenues to be derived from the sales tax authorized by said Town of Vail Ordinance No. 11, Series of 1973 and approved by the said electors of the Town of Vail voting at said special election and the net revenues to be derived by the Town from the operation of the property, improvements and facilities to~be acquired and constructed with the proceeds of the Bonds herein authorized; and WHEREAS, the Town Council of the Town of Vail, Colorado, has determined, and does hereby determine, that it is necessary and for the best interest of the Town of Vail and the inhabitants thereof that said Bonds for said park and recreational pur- poses and far said Transportation Center improvement purposes in the total principal amount of $850,000 be now issued in accordance with the provisions of this Ordinance. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, THAT: 1. Pursuant to the authorization conferred by the qualified, registered electors of the Town of Vail at a special municipal election duly called and held on October -8- i 14, 1975, and for the purpose of defraying, in whole or in part, the cost of acquiring, constructing, and equipping park and recreational land, improvements and facilities and providing additions and improvements to the Vail Transportation Center, together with all necessary incidental and appurtenant facilities, structures, Land and equipment, the Town of Vail, Colorado, shall issue on behalf of said Town and upon the credit thereof, its negotiable coupon General Obligation Bonds, Series December 1, 1975, in the aggregate principal amount of $860,000, dated December 1, 1975, consisting of 172 bonds in the denomination of $5,000 each, numbered 1 to 172, inclusive, payable in lawful money of the United States of America. Said Bonds shall bear interest as evidenced by one set of bearer interest coupons, as herein set forth. The subject Bonds shall mature serially in regular numerical order on December I of each year, and shall bear per annum interest from December 1, 1975 to the payment of their principal sums, as follows: Bonds Numbered Principal Per Annum (both inclusive) Amounts Maturity Interest 1 to 3 $15,000 1976 7.5~ 4 to 7 20,000 1977 7.5 8 to 12 25,000 1978 7.5 13 to I6 20,000 1979 7.5 17 to 21 25,000 1980 7.5 22 to 27 30,000 198]. 7.5 28 to 33 30,000 1982 7.5 34 to 39 30,000 1983 7.5 40 to 46 35,000 1984 7.5 47 to 53 35,000 1985 7.3 54 to 61 40,000 1986 7.3 62 to 70 45,000 1987 6.65 71 to 79 45,000' 1988 6.8 80 to 89 50,000 1989 6.9 90 to 100 55,000 1990 7.0 lol to 112 60,000 1991 7.0 113 to 125 65,000 1992 7.0 126 to 139 70,000 1993 7.0 140 to 153 70,000 1994 7.0 154 to 172 95,000 1995 7.0 Said interest shall be payable June 1, 1976, and semi- annually thereafter on the ist day of December and the lst day of June of each year. -9- ~_. --, i ` ~,. t '~ Bonds of this issue numbered 1 through S.i, inclusive, maturing on or before December ]., 1985, are not redeemable prior to their respective maturity dates. Bands of this issue numbered 54 through 172, inclusive, maturing in the year 1986 and thereafter, are redeemable at the option of the Town Council on December 1, 1985, and on any interest payment date thereafter, in inverse numerical order, at a price equal to the principal amount of each Bond so redeemed, accrued interest thereon to the redemption date, and a premium of one and one-half percent (1-1/2~) of the principal amount of each Bond so redeemed. Notice of any redemption s3~a11 be given by the Town Clerk in the name of the Town of Vail., Colorado: A. Publication. By publication of such notice at least one (~.) time by one (1) publication, such publication being not less than thirty (30) days prior to the redemption date specified in such notice, in each of the following newspapers: (1) in The Vail Trail, Vail, Colorado if then in business and publishing, and if not, then in a newspaper of general circulation in the Town of Vail, State of Colorado, and (2) in The Daily Bond Buyer, New York, New York, if then in business and publishing, and if not, then in a similar financial newspaper published in New York, New York, and B. Mail. By sending a copy of such notice by certified or registered, first-class, postage prepaid mail, at least thirty (30) days prior to the redemption date, to the Pur- chaser, ar any successor thereof known to the Town Clerk. Such notice shall specify the number or numbers of the Bonds so to be redeemed and the date fixed for redemption, and shall further state that on the redemption date there will become and will be due and payable upon each Bond so to be redeemed at the office of the Paying Agent the principal amount thereof and accrued interest on said principal amount to the redemption date, and any premiums payable on prior -la- --- } redemption, and that from and after such date interest wi11 cease to accrue. Any Bonds redeemed prior to their respective maturities by call for prior redemption {or otherwise? shall not be reissued and sha11 be cancelled the same as Bonds paid at or after maturity. 2. The principal of and interest on all of said General Obligation Bonds, Seri payable in lawful money of the without deduction for exchange United Bank of Denver National which is hereby designated the ~S51Ze. .s December 1, 1975, shall be United States of America or collection charges at Association, Denver, Colorado, paying agent for this Bond The net effective interest rate on Bands of this issue is 7.044. Said Bonds shall be general obligations of the Town of Vail, and shall be payable from general ad valorem taxes without limitation as to rate or amount, except as they may actually be paid from other revenues as provided herein. 3. Said Bonds shall be executed in the name and on behalf of said Town with the facsimile signature of its Mayor, shall bear a facsimile of the seal of the Town, shall be attested by the manual signature of the Town Clerk of the Town, and each of said Bonds shall have attached thereto an appropriate number of interest coupons bearing the facsimile signature of the Mayor. Said coupons shall be numbered con- secutively from one upwards for each Bond as appropriate. When issues as aforesaid as part of said Bonds, said coupons shall be the lawful binding promises and obligations of the Town according to their import, securing the payment of interest as it becomes due. Should any officer whose manual or facsimile signature appears on said Bonds or the interest coupons attached thereto cease to be such officer before delivery of the Bonds to the purchaser thereof, such manual or facsimile signature shall nevertheless be valid and sufficient for alI purposes. -11- - ^-- - ', ~~. q. Said Bonds and the interest coupons attached thereto shall be in substantia~.ly the following form: -12- #~i,.._ .r+ ~. [Form of Bond] UNITED SPATES OF A.'~'IERICA STATE OF COLOR11D0 COUNTY QI' EAGLE TOWN OF VAIL GENERAL OBLIGATION BOND, SERIES DECEMBER 1, 1975 No. $5,000 The Town of Vail, in the County of Eagle and State of Colorado, for tTalue received, hereby acknowledges itself indebted and promises to pay to the bearer hereof the principal sum of FIVE THOUSALVD DOLLARS in lawful monei* of the United States of America, on the 1st day of.December, 19 , with interest thereon from the date hereof to the payment of said principal sum as evidenced by one set of interest coupons hereto attached at the rate of [*seven and one--half per centum {7.50) per annum, **seven and three--tenths per centum (7.3p) per annum, ***six and sixty-five hundredths per centum (6,65°x} per annum, ****six and eight-tenths per centum (6.8~) per annum, ***** six and nine-tenths per centum {6.9b} per annum, ******seven per centum (7%) per annum,] payable June 1, 1976 and semiannually thereafter on the lst day of December and the 1st day of June of each year. Both principal of and interest on this Band are payable without deduction for exchange or collection charges at United Bank of Denver National Association, Denver, Colorado, upon presentation and surrender of said coupons and this Bond as they severally become due. Bonds of this issue maturing on or before December 1, 1985, are not redeemable prior to their respective maturity dates. Bondi of this issue maturing in the year 1986 and thereafter are redeemable at the option of the Town Council on December 1, 1985, and on interest payment dates thereafter, in inverse numerical order, at a price equal to the principal amount of each Bond so redeemed, accrued interest thereon to the redemption date, and a premium of one and mne--half percent (1-1/2%) of the principal amount of each Bond so redeemed. --13- ~~ ~~ - Redemption shall be made upon not less than thirty (30) days' prior notice by publication of such notice at least one (1) time by one (1) publication, such publication being not less than thirty (30) days prior to the redemption date specified in such notice, in each of the following newspapers: in The Vail Trail, Vail, Colorado, if then in business and publishing, and if not, then in a newspaper of general circulation in the Town of vai1, Colorado, and in The Daily Bond Buyer, Nec,~ York, New York, if then in business and publishing, and if not, then in a similar financial news- paper published in New York, Neva York, and by sending a copy of such notice by certified or registered, first--class, postage prepaid mail, at least thirty (30) days prior to the redemption date, to the original Purchaser of the Bonds, Boettcher & Company, Denver, Colorado, or any successor thereof known to the Town Clerk of the Town of Vail; Colorado. This Bond is one of a series issued by the Town Council of the Town of Vail, Colorado, on behalf of said Town and upon the credit thereof for the purpose of providing funds to defray in whole or in part the cost of acquiring, con- structing and equipping park and recreational land, improve- ments and facilities, and additions and improvements to the Vail Transportation Center, together with all necessary incidental. and appurtenant facilities, structures, land and equipment, by virtue of and in full conformity with the Constitution of the State of Colorado, the home rule Charter of the To:,rn of Vail, and all other laws of the State of Colorado thereunto enabling, and pursuant to an Ordinance of said Town duly adopted, published and made a law of said Town prior to the issuance of this Bond; and it is herebv recited, certified and warranted that all the requirements of law have been fully complied with by the proper officers of the Town of Vail in issuing this Bond. ~t is further hereby recited, certified and warranted that the fatal indebtedness of said Town, inc~.uding that -14- ~ -~ ~~ ~_ of this Bond, does not exceed an~~r constitutional or statutory limitation of the State of Colorado and does not exceed any limitation of the Town of Vail Charter; that at a special election lawfully held in the Town on the lath day of October, 1975, the issuance of this Bond was duly authorized by the qualified, registered electors of the Town voting at said election; and that provision has been made for the levy and collection, without limitation as to rate or amount, of an annual tax on a.ll the taxable property within the Town, for the application of certain sales tax revenues of the Town, and for the application of the net revenues to be derived from the land, improvements, and facilities to be acquired and constructed with the proceeds from the sale of the Series of Bands of which this is one, sufficient to pay the interest on and the principal of this Bond as the same respectively become due. The full faith and credit of the Town of Vaii, in the County of Eagle and State of Colorado, is hereby pledged for the punctual payment of the principal of and the interest on this Bond. IN TESTIMONY WHEREOF, the Town Council of the Town of Vail, Colorado, has caused this Bond to be executed in the name and on behalf of said Town with the facsimile signature of the Mayor of said Town, to be sealed with a facsimile of the seal of said Town, to be attested by the manual signa- ture of the Clerk thereof, and has caused the interest coupons attached hereto to be executed with the facsimile signature of its Mayor, all as of the lst day of December, 1975. TOWN OF VAIL, COLORADO By {Facsimile Signature) Mayor (FACSIMILE) { S E A L ) Attest: (Manual Signature} Town Cie.rk [End of Form of Bond] --15- ,_, r ~, (> i * Bonds numbered 1 to 46, inclusive, maturing from December 1, 1976 to December 1, 198, inclusive, bear interest at the rake of seven and one-half per centum (7.So) per annum. ** Bonds numbered 47 to 61, inclusive, maturing from December 1, 1985 to December 1, 1986 inclusive, bear interest at the rate of seven and three-tenths per centum (7.30} per annum. *** Bonds numbered 62 to 7d, inclusive, maturing on December 1, 1987, bear interest at the rate of six and sixty' five hunr~redths per centum (5.650) per annum. **** Bonds nurbered 71 to 79, inclusive, maturing on December ~1, 198$, bear interest at the rate of six and eight- tenths per centum (6.8~) per annum. ***** Sonds numbered 80 to $9, inclusive, maturing on December i, 1989, bear interest at the rate of six and nine- tenths per centum {6.9$) per annum. ****** Honds numbered 90 to 172, inclusive, maturing from December 1, 1990 to December 1, 1995, inclusive, bear interest at the rate of se~.ren per centum ( 7°s ) per annum. -16- -, i } t '"" ~ ; ~ i . [Interest Coupon Forrnl No. $ December, On the 1st day of June, 19_~, unless the Bond to which this coupon is attached, if redeArnable, has been called for prior redemption, the Town of Vail, in the County of Bogle and State of Colorado, will paX to bearer the amount shown hereon in lawful money of the [United States of America, at United Bank of Denver National ~.ssociation, Denver, Colorado, being interest then due an its ~~eneral Obligation Band, Series December 1, 1975, dated December 1, 1975, bearing No. (Facsimile Signature) 2~ayor Town of Vail., Colorado [End of Interest Coupon Formj -~7- ~, 5. Said ~3onds, when executed as provided by law, shall be delivered by any one of the officers of the Town to the Purchaser thereof, upon payment to the Town in accordance with the contract of purchase for the Bonds between the Town and said Purchaser. The proceeds derived from said Bond sale shall be Tared exclusively for the purposes stated herein, provided, however, that ~~ny portion of the Bond proceeds may be temporarily invested pending such use in securities or obligations which are lawful investments for the Town of Vail, with such temF:~rary investment to be made consistent witYi the covenant hereinafter provided concerning arbitrage bonds. ~ieither the Purchaser of said Bonds nor the holder of any of them shall be in any way responsible for the application of the proceeds of said Bonds by the Town or any of its officers. 6. if required, the interest and principal to become due on said Bonds in 1976 shall be advanced from any revenues or funds of the Town lawfully available therefor. For the purpose of reimbursing any such advance and else far the purpose of paying the interest on and principal of said Bonds as the same become due and payable respectively, the Town Council of the Town of Vail shall annually fix and certify a rate of levy for ad valorem taxes to the Board of County Commissioners of Eagle County, Colorado, which taxes, • in addition to all other taxes, when levied on all of the taxable property in the Town, in each of the years 1976 to 1994, inclusive, will raise ad valorem tax revenues sufficient to make such reimbursement and to promptly meet and pay such Bond principal and interest payments as the same become due. Said taxes when collected shall be applied solely for the payment of the interest on and principal of said Bonds, respectively, until the Bonds, both as to principal and interest, shall be fully paid, satisfied and discharged; provided, however; that nothing herein contained shall be so Construed as to prevent the Town from committing and applying --18- ~~~ ~ ~ ~ ` ~, 1. any other funds nr revenues that may now or hereafter be in the treasury of the Town and legally available for the purpose of payment of the interest on ar principal of said Bonds, and upon the application of any other such funds or revenues as afcresaid, the levy or levies for ad valorem taxes herein provided may thereupon be diminished to the extent the requirements for such Bond and interest payments for the particular year are thereby diminished. 7. Not~~rithstanding the foregoing provisions for ad valorem tax levies, the Town hereby further covenants and agrees that so long as the General Obligation Bonds, Series December 1, 1975, provided for herein, remain outstanding and unpaid, it will levy, administer, enforce and collect the sales tax authorized by Town of Vail Ordinance No. 11, Series of 1973, to the extent of an amount not to be less than 2~ of grass receipts derived from the sale of tangible personal property and the furnishing of services now or hereafter subiect to said sales tax. The Town of Vail has previously issued its General Obligation Bonds as follows: its General Obligation Bonds, Series PFavember 1, 1973, authorized by Ordinance Na. 19, Series of 1973 in the original principal amount of $3,000,000; its General Obligation Bonds, Series March 1, 1974, authorized by Ordinance No. 3, Series of 1974, in the original principal amount of $5,500,000; and its General Obligation Refunding Bonds, Series 1974, dated November 15, 1974, authorized by Ordinance No. 21, Series of 1974, in the original principal amount of $2,640,000, which Refunding Bonds refunded the full $3,000,000 principal amount of the Town's General Obligation Bonds, Series November 1, 1973. The Town has covenanted and agreed, in each of ~ said bond authorizing Ordinances, to pledge and set aside all the sales tax revenues, derived from the above stated 20 of grass receipts authorized by said Ordinance iao. 11, Series of 1973, to pay the interest on and the principal of the General Obligation Bonds and General Obligation Refunding -19- ~M S;- l i ,~ _ ~S Bonds authorized thereby, Said Ordinances provide further that said pledged sales tax revenues may also be pledged and used for the payment of the debt service on any other or additional gea~eral obligation bonds of the Town of Vail which may be issued on a parity with said General Obligation Bonds or General Obligation Ref~znding Bonds. The Town of Vail covenants and agrees that all the sales tax revenues, derived from said 2~ of said gross receipts as authorized in Town of Vail Ordinance Na. lI, Series of 1973, shall be and hereby are irrevocably and solely pledged and set aside to pay the interest an and the principal of the subject General Obligation Bonds, Series December 1, 1975, as the same become due and payable from year to year, on a parity with the Town's obligation to pay, from said sales tax revenues, the interest on and the principal of said Town of Vail General Obligation Bonds, Series November 1, 1973 and March 1, 1974 and said Town of Vail General Obligation Refunding Bands, Series 1974; provided: A. The said pledged sales tax revenues may also be pledged and used for the payment of the debt service on any other or additional general obligation bonds of the Town of Vail which may be issued from time to time, provided such other or additional general obligation bonds shall be on a parity with or subordinate to (but not prior or superior to) the General Obligation Bonds, Series December 1, 1975, with respect to the sales tax revenues herein pledged; and B. To the extent that the debt service on all of the Town of Vail general obligation bonds which may be issued from time to time (including but not limited to the Bonds authorized herein) and which are payable in whole or in part from the subject pledged sales tax revenues, is fully provided for in any fiscal year by tax revenues and other moneys legally available therefor, then the Town is authorized to use any revenues remaining from the subject pledged sales tax revenues for other purposes (but only after all of the debt service on said general obligation bonds, which are so -20- -~-~ :''~ ,-- t payable from said pledged sales tax revenues, has been fully provided far in said fiscal year), including, but not limited to, payment of special non-general obligation bonds, which special non-general obligation bonds in any event, however, shall not be on a parity with and shall be subordinate and inferior to the General Obligation Bonds, Series December 1, 1975, with respect to the sales tax revenues herein pledged. So long as the General Obl~_gation Bonds, Series December 1, 1975, remain outstanding and unpaid, the Town of Vail shall not repeal its Ordinance ido. 11, Series of 1973, and the Town shall. not amend said Ordinance in a manner which, taking into aCCCJL1Ilt other revenue of the Town which is legally dedicated and available to pay the principal and interest payments on said Bonds, would diminish the revenue security for said Bonds. Nothing in this Ordinance shall be construed in such manner to prevent the issuance by the Town of Vail of addi- tional bonds of any nature, provided said additional bonds are issued in a manner consistent with the provisions and lirmitations stated herein with respect to the sales tax revenues herein pledged. 8. The sums hereinbefore provided to meet the interest on said Bonds and to discharge the principal thereof, when due, are hereby appropriated for that purpose, and said amounts for each year shall be included in the annual budget and the appropriation ordinance, or measures ~o be adopted and passed by the Town Council of the Town in each year respectively while any of the Bonds herein authorized, either as to principal or interest, are outstanding and unpaid. No provisions of any constitution, statute, charter, ordinance, resolution, or other order or measure 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 ac3 valorem taxes, without limitation of rate or amount, or as limiting ar impairing the abl.igation of the -- 21-- r'-- -~ ~ --,. ,~ ~ #~ s Town to levy, administer, enforce and collect the sales tax as provided herein, for the payment of the principal of and interest on the Bonds herein authorized. It shall be the duty of the Town Council annually, at the time and in the manner provided by law for levying other Town taxes, if such action shall. be necessary to effectuate the provisions o.f this Ordinance, to ratify and carry out the provisions hereof with reference to the levy and collection of the ad valorem and sales taxes herein specified, and that said Council shall require the officers of and for the said - Town to levy, e.ctend and collect said taxes in ths-manner provided by law for the purpose of providing funds for the payment of the principal of the Bonds authorized herein and the interest accruing thereon promptly as the sa.TMie, respectively, become due. Said taxes, when collected, shall be kept for and applied only to the payment of the interest on and - principal of said Bonds as hereinbefore specified. 9. In addition to the covenants made herein with respect to the levy, extension, collection and application of general ad valorem taxes and sales tax revenues, the Town further covenants that any net revenues derived by the Town from the operation of any of the land, improvements, and facilities to be acquired and constructed with the proceeds of the Bands authorized-herein, whether by way of rentals, user fees, assessments, charges, or otherwise, shall be used first, to the full extent that such net revenues are available, for the payment of the principal of and interest on the Subject General Obligation Bonds, Series December 1, 1975 when, as, and to the extent that, the same become due. Said net revenues are hereby pledged and appropriated for such purpose, and the estimated amount of said net revenues for each year shall be included in the annual budget of the Town of Vail. 10. The Town covenants with the holders of the Bonds that it will make no use of the proceeds of such Bonds at any time during the term thereof which, if such use had -22- ~~ t i ~ ~. ~? been reasonabJ.y expected on the date the Bands are issued, would have caused such Bonds to be arbitrage bonds within the meaning of Section 1Q3(d? of the Internal Revenue Code of 1954, as amended, and the regulations proposed thereunder by the United States Treasury Department, unless, under any valid provision of law hereafter enacted, the interest paid on the Bonds (a} shall be excludable from the gross income of a recipient thereof for federal income tax purposes without regard to whether or not such Bonds are arbitrage bonds, or {b) shall be exempt from all federal income taxation. 11. All action heretofore taken by the Town of Vail and by the off~.cers of the Town {not inconsistent herewith? directed toward the autharizaticn of bonds for the purpose of providing fun3s to defray in whole or in part the cost of acquiring, constructing, and equipping park and recreation and Transportation Center property, facilities, structures, land, equipment and improvements for said Town, be and the same is, hereby ratified, approc~ed and confirmed, including, without limiting the generality of the foregoing, the acceptance of the bid proposal for the purchase of the Bonds authorized herein submitted by Boettcher & Company, Denver, Colorado. 12. Pursuant to the Uniform Facsimile Signature of Public Officials Act, part 1 of article 55 of title 11, Colorado Revised Statutes 1973, prior to the sale of the Bonds authorized herein, there Peas been or will be filed with the Colorado Secretary of ,State a Facsimile Signature Certificate bearing the manual signatures of Jahn A. Dobson , the Mayor of the Town of Vail, and Rosalie Jeffrey, the Town Clerk of said Tawn, certified by them under oath. Said filing is hereby ratified, confirmed and approved for the purposes of issuing the subject General Obligation Bonds, Series December 1, 1975. 13. The officers of the Town are hereby authorized and directed to enter into such agreements and take all action necessary or a~apropriate to effectuate the provisions -~23- r ~+" of this Ordinance and to comply swith the requiremQnts of law, including ;without limiting the generality of the foregoing: a. The printing of the Bonds herein authorized including the printing upon each of such Bonds of a copy of approving Bond Counsel's opinion, duly certified by the Town Clerk; and b. The execution of such certificates as may be reasonably required by the Purchaser of the Bonds relating to the signing of the Bonds, the tenure and identity of the Tatwn officials, the assessed valuation acid indebted- ness of the Town, receipt of the Bond purchase price, and, if in accordance with the facts, the absence of litigation, pending or threatened, affecting the validity of the Bonds; and c. The making of various statements, recitals, certifications and warranties provided in the form of Bond set forth in this Ordinance. 14. There is hereby appropriated and set aside from any available funds or revenues of the Town of Vail the amount or amounts necessary to pay all costs and expenses incident to the issuance of said General Obligation Bonds, Series December 1, 1975, including, but not being limited to, any publication, legal, engineering and fiscal agent costs and expenses. 15. All ordinances, acts,, orders, resolutions, or parts thereof, taken by the Town of Vail and in conflict with this Ordinance are hereby repealed. 16. This Ordinance is, and shall constitute, a legis- lative measure of the Town of Vail, and after the Bonds hereby authorized are issued, sold, and are outstanding, this Ordinance shall constitute a contract between the Town and the holder ar holders of said Bonds, and shall be and remain irrepealable until said Bands. and the interest accruing thereon sha11 have been fully paid, satisfied and discharged. -24- i ~~ 17. The proper officers of the Town of Vail, Colorado, are hereby authorized and directed to pay or cause to be paid the interest on the Bonds herein authorized as the same shall accrue, and the principal of said Bonds at maturity, without further caarrant or order_ . I$. If any paragraph, clause or provision of this Ordinance is judicially adjudged invalid or unenforceable, such judgment sha11 not affect, impair or invalidate the remaining paragraphs, clauses or provisions hereof, the intention being that the various paragraphs, clauses or pro- visions hereof are severable. 19. A public hearing an this proposed Ordinance shall be held by the Town Council at ~=30 P .m. on Tuesday, December 2, 1975, at the Town of Vail Municipal Building, Vail, Colorado, and it is hereby ordered that notice of said hearing be given as required by iaw. INTRODUCED, READ, APPROVED AND ORDERED PUBLISHED THIS I9th DAY OF November , 1975. T ( S E A L ,); B ., 1 Attest: ~c. Q. ,~(!,~ Town Clerk /~ ~ . TNTRCDUCED, READ, ADOPTED AND ORDERED PUBLISHED THIS 2nd DAY OF December , 19 7 5 . ~~,,,, Attest: .i ~'~, Town Cler/~ ~~~~ TOWN OF V~IL r' ~ , ~/ n !/ ~yor -25- Ot,TN 0 Y ~" ~ Mayor Y ,- "_ ~. _ i Councilman Donovan seconded the motion, and the question being upon the approval on first reading of said Ordinance, the roll was called with the following result: Those vota_ng "Yes" Mayor: John A. Dobson Councilmen: JoseF Staufer John Donovan Kathleen Klug Wm Heimbach, Jr. Robert W. Ruder E. Wm. Wi1to Those voting "No": None seven members of the Council present having voted in favor of the approval on first reading of the Ordinance, the presiding officer thereupon declared the Ordinance duly approved on first reading and directed that the Ordinance be published once in full in The Vail Trail, a legal newspaper of general circulation within the Town of Vail, on November 21, 1975. Thereupan, after consideration of other business to come before the Council, the meeting was adjourne .~~ down Cler, Town of Vail, o rado Mayor ' wn of Vail, Colorado ;; ; ~ f , (S E A L) ,l ~\ t . ~ R t, , ATTEST: -26- r^^- 1~ STATE OF COLORADO ) } COUNTY OF EAGLE ) ss. TOWiV OF VAIL ) 4 The Town Council of the Town of Vail, Colorado, met in regular session at the Diunicipal Building in said Town on Tuesday, the 2nd day of December, 1975, at the haur of 7:30 0' clock P .M. Upon roll call the following were present: Mayor: John A. DobSOn - Councilmen: Josef 5taufer John Donovan Kathleen K1ug Wm Hei mbach, Jr. Robert W. Ruder E'. William Wilto Absent : -~iL~'~'~-~• S, Thereupon the following proceedings, among others, were had and taken: The Mayor informed the Council that Ordinance X10. 21 , Series of 1975, relating to the issuance of General obligation Bonds, Series December 1, 1975, in the principal amount of $860,000, which was introduced, read in full for the first time and ordered published at a regular meeting of the Town Council held on November 19, 1975. was duly published in full in The Vail Trail, a newspaper of general circulation in the Tawn of Vail, in its issue dated November 21, 1975, and that the publisher's affidavit of said publication is now an file in the office of the Town Clerk. Copies of the Ordinance were made available to the Council and to the public. Councilman W by its title. then read the Ordinance The presiding officer then declared that this coos the time and place established for a public hearing an the Ordinance and the meeting was then opened for such purpose. Thereupon the following persons appeared; -27- ~ ~~S`l1, d4a • ll '~~ ~ BG~~ aaa - la. j . ~s ~~- ~ --~, t ~ ~. ~ c (indicate name and substance of remarks) Thereupon, all persons having been given an opportunity to speak, the hearing was declared cclosed. Thereupon, Councilman G~a.~ introduced and moved the final approval and adoption of Ordinance No. ~~ , Series of 1975. Councilman ~{~J seconded the motion, and the question being upon the final approval and adoption of said Ordinance, the roll was called with the following result: Those voting "Yes": Mayor; John A. Dobson Councilmen: Josef Staufer John Donovan Kathleen Klug Wm. Heimbach, Jr. Robert Ruder Wm. Wilco ThOSe voting "No" : ' None seven members of the Council present having voted in favor of the final approval and adoption of Ordinance No. 21 Series of 1975, the presiding officer thereupon declared said Ordinance finally approved and duly adopted and directed that the Ordinance be published once in full in The Vail Trail, a legal newspaper of general circulation within the To~,~n of Vail, on December 5, 1.975. -28- i . m.. ''~ ~. r j "~ ~ r 1 t Thereupon, after considera~:ion of other business to come before the Council, the meeting was adjourr~xed. -~ ~ ---~ "r~ ~ ~~ •` ,Mayor T~~~~ of Vail, Colorado (S E A L) ~_~ ATTESx' r '~ . , -- _ t Town Clerk Town of Vail,. Colorado ~, _2g_ i ~.. -..~ ~~. i ~' ~ STP_TE OF COLORADO ) ) COUNTY OF EAGLE ) ss. TOWN OF VAIL ) (ATTACH AFFIDAVITS OF PUBLICATION OF ORDINANCE) -30- STATE OF COLOP~UO } COUNTY OF EAGLE ) ss. } TOS~N OF VAIL } I, Rosalie Jeffrey, the To~•rn Clerk of the Town of Vail, Eagle County, Colorado, do hereby certify that the attached copies of Resolution No. 15 Series of 1975, and Ordinance No. 21 , Series of 1975, regarding issuance and sale of Town of Vail GenQral Obligation Bands, Series December 1, 1975, in the principal amount of $860,000 are true and correct copies; that said Resolution was approved and adopted and said Ordinance was approved and adopted on first reading by the Town Council at a regular meeting thereof, held at the Town Municipal Building, the regular meeting place of the Town Council in the Town, on Wednesday, the 19th day of November 1975, and said Ordinance was adopted on second reading on Tuesday, the 2nd day of December, 1975 by the Town Council at a regular meeting thereof; that true copies of said Resolution and said Ordinance have been duly executed and authenticated by the signatures of the Mayor of the Town of Vail and myself, as Town Clerk of said Town, sealed with the seal. of tha Town, numbered and recorded in the official records of the Town kept for that purpose in my office, and authenticated by the affidavits of publication attached to the foregoing proceedings. I further certify that the foregoing pages constitute a true and correct copy of the record of the proceedings of the Town Council at its regular meetings of November 19, 1975,~and December 2. 1975, insofar as said proceedings relate to said Resolution and said Ordinance; that said proceedings were duly hack and taken; that the meetings were duly held; and that the persons were present at said meetings as therein shown. IN WITNESS~WHEREOF, I have hereunto set ~' hand and the seal of the Town of Vail, Colorado, this day of 1975. • Town Clerk Town of Vail, Colorado (S E A L} -31-