HomeMy WebLinkAbout1976-23 Relation to the Issuance of Short-Term Notes in the Principal Amount Not Exceeding $500,000:~r
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The '!.'oc•~n Counci]_ of t}le Town of Vail, Col.arcu]o, met in r.e~•;ular
• ,~ scs>>.an at t:he i.ur,i_ci.I?~1J. Liui.l~ling in c~aid Town on 7'uesdrty, the 2]_st
~G'
c]ay c.~f SepLembea-, 19 %G, at tllc~ hour of ~~"_ o'clock ~i .zn.
Upon roll call t]"1 C' follc:~i..ng were I~~resent:
A4<lyor: John A. Dobson
i~2ayor_ Pr.o TCin: Josef Staufer ' .
Councilnu~n: John DOriOV~ll
[•?rt;. }leimb_~cll, J.r..
Robe r~t ['7. P.uder
E . [fir n . [~' i. ]. t. o
Absent : __ ~,~~ 1J:. ~ _-~-.
Thereui~on the following proceedings, among othc-rs, were had anti
taken
The }~ia;~oa= :info.r_-iac:d ~,.he Council ~i.hat Ordinance ;`10. ,y~ ~ Series
of_ 1976, relating to the issu«nce of Short-Term i'dotes in the prin-
c;pa.l alr;oun'~. not. exceeding $500,OC0, m~l.tua-inc,; on or before lay 31,
_1977, wJ-lich laces introduced, a_cad in full for the 1_ir.st time a.nd ordes-od
pul~l..i_~~llecl a~, a recr,u.la~ me~~tinq of tires 7'a:an Council held on Scpterlber_
I
7, 1970, ~•;a::, duJ.y p~,blislred i.rl lull in `i'liC' V~~.iJ_ grail, a nee-~spapcr of
general c.i.rculation i_n tho Tc1•;n of Vail, i_n it.s i-sJue dated Sept.emlr~cr
10, J.9'76, ~+.rid th~lt the publ=ishex~'s affid~lvit: of said publi_czt.i_on i.s
no~;; on Lila in the office of. t:he Te1~-n Clerk.
Counc_i_Jri.zn ~~~",'L.' ~t' ~°,, ~~/ t}lcn moved that tho Orclin~.nce b~~
a1t1C'ndc'.d CiS J G.1J.C>1,';~ C~.1iC~{ lii~iCll~ CC~1>1_CS of tll% Ordl.nallCC'_ aS ~71~1~']1Cll?~1 C1Vi11].Cil`1C
i:o th~~ Counc:.i 1 ~:;.ncl t~~ the public
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AI~~ O1:11711~',NC',1: '1'i) CC)I1T1~Tv("I' 7v SI'I,C:TIvT, T,N)7 LIlv11.'L'i;f~
Ul;l,.l CT','1'1 UiJ Ui1 1;7';II!`J,P' UI'' 'i'i!I; '1'UL'!tJ C)}'' VT~IL, CO].,OIr11I)O,
l3Y T;,;;l11 iJG .('.I':i f~ll(~lt`1'-'L'1';I?h1 tJO'1'1~;;> 7:N '.I'IIL; I1C(,I:I~;C;/17'L
I'ItI11i:'7 1'T,L 1\?IOIf;}`I' }JOT }?i'(.'I;l'i):CtJC~ $ O0, 000.00 II`J
11td`I'ICIP!:'1':CCIJ C1L'' `1.'I11: CO;,Ll?C'1'TO}'I O1' :illhr;S T11X
RFVLtIII;;.; I`O1; `l'I1P; I'iOIJ`I'll:~ UI' NOV]t~U;};lZ T11JD lllsCi';i•INI;R,
197G I\III) ,7T,IIUi\[''i' T,rJD L'1?}3i'.1Ut.I?Y, 1.9"17, S.'~TI) I'1O`.I;.:S
TO AiT~.7'lJ1tL•, 0:7 OP, L'I;I''OIJ; li."~.~ 3]_, 1977, I~Oh T1II~J
PURPOSIa 01? 1)T;I'I'T~`r'IIIC CU; Rlad':C 1~~fP)IJ:)IS hNll 1`"I~I:`I'II`IG
CUI<I:L;iJ`Z.' CUiv`.i'R}1C'I'tJl\L, OI;I,1C~\`1.':IUI~I.I O}~' '!'lI}~ 'I'Oidi1;
I'i'.i?SCI:.TI3IiIG TJ[I I'OR'I O}? ST~.II) SIIOI:'I'•-'I'ERI.1 tJUTiS;
T~NU I'}:i)VII):1.IG I'O1~ TIIi~, CUi~I,1;C'a lUly T:IID I:PI'L,IC~1`iIGiJ OF
SI1h1S:, 'PT,;: I:i~,VI;IU?~S GI' ':C}IL '1'CJt~7J UL~' V~'~II. TO I?T\Y ::>i'~I1)
SIIUI?:I'--i.'}::}ZI•I tJU`l'E;; I\.';D TIIi; :I:I'TEI?I~~'1' '1_'lllI??:ON; I'RC)VIDIIvC;
AI'd 11G1";1.};I•ilsi~I'P I3Y 'I'Ii1J `.CO.''11 TO CUIdTIIv~U1~; a.'II1J LL;VY Ol? ITS
Si'vhL;S T~i?~ hOlt 7'1}.)~ I~IO'iJ7.'lIS O}? I;OVI~I~IliL,i~ hND DLC},:P~i13>J'l:,
1976 1,iJD JT'~ILJARY T,I•D F'I;I;ItUAItY, 1977, TO PROV:1liI;
I?}.;Vi~IIL'~'S TO PIv~' .:T.1D SIlO`:7;~--'i'ER?~-1 NOTES; PR)JSCI::LL'ING
OT~Il~1~. I)L'_~:;:L,~ CC2?CIRi?I~,C~ .~.1Ill ~ .ORL--1_I:,,-„~ U _.~,,
II'JCLUL)1IG I3U7:' tIC>`1' LTt~;I7'I'~I) `i'O COVEtJ71N'I'S AI`JI)
AC; }?1~1~;I~il''I~JTS :L 1`I COi?ii;C'1'IO.''i `J.'iiEl~~.i~~t''I'.1'II, I~l'~~U R;~PLTiLING
ALL UI~D:I:1A'•JCi~,`~ TN COI~II~ LJ:CZ' IiL';I:.T'l'dJ:~l'Il .
WIII;RI?'\S, flit 'T'own of Va~.1 (the "~l'o~m") in the Cou~lty of E~~lg1e and
St:atc of Colo-r.ado, is a legally and regularly created and eyisting
home rul.c, town and nlunici_pa]. corpor_~l.t:ion organized under the Colorado
Const.itut-.ioli and la\~as of the S Late of Colorado and thc~ Home Rule
C:hart~e]= of the T~\rn of Vail; and
PdIIII:17.~15, the' `1'o\-in }las previously adopted its 1976 F~uclget and
I~]_11anCJ al. I'.lan io]~ the To\,rl. and ]i~a~, appropriated revenues to meet the
c:~pcndi.tl.r.es set forth thel~cin; and
j~JITERL;AS, t:11c: 7~o\an Counr,il of the To\•:n of Vail has determined, and
does hc`r(~}:~y det.crnli.nc, that it is necessary and f_or the best int~irest
of t:he '.[`c\,-n o±= Va~.l and the i.nhabit~l~its t~}lereof for the `T'own to borrow
up to `~`,00,000..0U i:or a short term prior to ~ nd in anticipation or
I:C'C:ell`l" UC :;a1e:~ L~ciX la'VC'11uC'S O1 the `I'O\411 fO]" Sd1eS tiiS:C s 11111~O:~UCi
durinc} i:llc n;unths o}- Novc`1~11~e1- rind 1)~~~cmbcr, 1976, and. ,7~lnu~lry and
1~ebruclr~', 1077, :i.n ol:cier to obt.tilin :Conti:; \ai.th which. ±.o ln~~et and clc~fr.,ly
UrCI1.I1C1L"~' iand 11C`Ct:•`~C~1"~' cl.ll`:Cl:`llt: ]lllln'LC11~<.11 U:ij1C'I1:~C.`'i il11Cl t0 IileCt'. ~ll]cl
cl~, i.r;ly c~ul-rcllt cc~n 1.1:,lc t ucl.l. obtigat_:i on:; of t.hc ''i'o\~~n proL>~~]-1y incurred
to ~1CL'(7i'~l.?IlC~t' l'd.Lt 11 1 i".S l.~)~T(, ]illClt}c`i.. illiCl 1'-111iinC1i11 I'l~ln; any
1'11ll~;1:]:?\;a, iht~ '1'o\:~n o.l ~~a.i.l. ][olu,l l~uac Chartirr (the' "Cll,.u-t:.t`r" j
~lllt'h(.)]~.1.;'t"; t 1!t` '1'c>t:;l t O )~l~i'l'(``„' 111011(')' \;'a.t }1C)t.li ~tll elt'l)i' 1 <)Il .111 :lllt..l (' 1 .
}jai :ir,ll cat t hu (:u I1t~(~1 ion <~f t.~ls~':~ (,1~ (~Lhrt` r~`~~t~nur:, ;111! Lc) :i_:;:,ut`
;'11C~:C-I "'I t'l 111 Ilttl (':: t (1 l`~' lllt'llt't' i.ll,` ~llli(~11111' :;(1 }u,l"1'(1\,'t`li; VIII(
t'vll~~l.~'-rA;', ]~lll ,~U,t111 I ~ (1i t.l l ll.lll~ ~ ?'J,~. ! ! , ~` I' Il .~ tt1 ~'11 { I t ~I" '1'(~'~~II
t~l ~'.1 I 1 , 11;,'I ~` \,',I:1 .',Illtl;ll I i ('~1 1 It 111` tlll~ll 1 ~ It`(1, 1't`~11::i ~'I't`({ t' 1``t'1 t~l ~ (1i
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'I'c~bin ref Vrti I, (:~,Ic,rr,rlc,, tti: ~~ t;l,r~r~ittl r~lr'cl~:ic~n hc'acl <,tt th,, ~',IIt clay
:~•},L~'tul.,,.,~ , .1.')7.3, Ll,c~ ~{tt~~:;l..iutt c,.f. lltu .i_n~}~~>:s i l_ic.,tt oL ~t 1 c~u.r' I,c.~r~c;unl.
::;alts:; t~_cx on the :;a1.r~ of t:.anc~i_bJ_c p~r:conal. l~r.opex'ty ~~x.t rci.:a:i.1 ,znd
f:urni~;hin~J of ~:crv:i.cc~ w:i.thi.n t.Uc '.I'o;an of Vr.ti_1; and
W11L1:1,:115, rnc,rc tl,~tn a majority of such qual:ific,d, rc~clistex:ed
• ctors voti.nrl on- said .;ales tax clues>ti_on, votccl i_n favor of i_m}?osi_ng
said sales ta.,, and
WlilshT~1~S, iaxc Town Council of i:l:e ']~o~an has e:~tim<ated, determined
antic.ip~cted and does hereby esti.matc, clet.crrni_ne and anticipate
t the princi.l,a1 matur.i_ng and the interest accruing on the said
~0,000.OU sho?~t-term bor_r.owing authorized herein may be met and
1~~ paid from revenuos derived from tho sales tax autlxorizcd by sa.i.d
m of Va:i_1 Ur_di_nancc No. 11, Series of 1913 as such sales ta;: appl_ies
is impozed during thE~ months of 1`;ovembcr_ and llecember, 1976 and
,.nary and Fe.L~ruax-y , 19 7 7 ; anal
P7IlE}.LTLS, the To•~•~n. Counci_1 of tl-~o Town hvs determined, and does
-eby determine,, that it is necessary and f:or the best interest of
-~ Town of Vail and t-he inhabitants thereof, that the subject short-
:m Notes iri the aggx,egatc principal a.mou~at not exceeding $~00, OCO. 00
not-~ :issued :i_n accorcl<.nce with th~~ pr_ovisions of this Ordinance.
NOj'7, THEPL'i'O%Ia, E3L IT ORD:I7NLD ];Y `i'IiL TOjv%Q COUNCIh OF THE ~C'OwN Or'
L , COL' OR71D0 , TII1~T
1. Pursuant to the authorizal.i.on conferred by the Town of Vai_1
'x:~tex-, ~~nd for the purpose of meeting and dcfrayi_ng in whole or in
-t the or.ciinary and necessary current o;~:pensc~s and meotinq and. dc,-
~yi_ng cur.r^r,t. contr~tctu~zl obligations of the Town, the `s'own of Vai_:1.,
~or~tdo, sltal.l_ issue ]rom t.inu~ to t:imc~ on behalf of ;aid Tot-ett, one or
~.~ of_ it :; nc~clo Liable short.-t~>>: m note; i_n t}tc~ agclrec]at.o l~ri nc:i }~a 1.
Mini: not: cxc~:c~;lincl $501), 001;.00 (th~~ "Not.cs") , '~o bc' drxtc~d thr~ sa;:u~
•~ ox- dn}~~; as tl,c~ prorc~~c}:; of_ saiid Loan or loGtns are rrcei_vcd by the
.:tt, bc:xx::incT i.ntci'u:;t. at. a r<~tt.c no L. o:cc~c~eciinc~ si::. pcx°ccnt (G",) 1.'<'r
lu?n, l:~:ly.tl,]c :itt la~:t:ul moncyy ai: l.l,u l.l~iiti~tl :1L-atc~s of 11mc~r:i.c:i. '1'hr
,ncil,;tl oC <tnci intr. t:c~:;i: on aJ.l. oil ;a.ici Not:.e~, sh~11.1. bc~ }?~tid on or
~~rc~ I~1~ty 3:1 , .1'.)7'1, wi Llt :;ttch }>~t}'mi`nt o{: },t-inci}~~tJ. ,xncl .i.nLr.rc':;L Lc~ lie
1;~ :;c>:I c~a y i rrnn thr r:~'vc'nur~; ;,n<1 :i n t:hr tu,tunrr. {>>:cwi clc'ci hc~r.~~i tt. '.l'hc~
n :;It,,.l1 lt;,~~,' i Its' c,}~l ic~tt Lc~ {>> r'}>~,y :;<tirl N~>i.i"':; ctl. ~ttty t.:inir itt wltr,l~,
', 'I'It~~ {,~ in~~il~,tl „I ,,t„i Ilt, ittl~'t,•:,1 c,tt llt,~ Nctlr~:, :;I,,,I I I„'
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hu,yuhlc: ~uua cu.l.lf~ci..ihJc: :culcly aui.~ of Lhc 1Jcl: ;>a].c:I '1'tl~; ]u:cc:i}>1.:,
].~I~~~~,li~rl Ill I'1!: (~I~il1l~llli'~'; Illy' Ilfl~i~~'I.', c)1 III' 11~~1'.,~ 111.1'' II~?I l.i%~,i: ~U
tiny fund or. :~o1lhr:n of revenur, of i~.11c` Town ot~hc'r i.han t-.}Ie Net-. ;~~,lc:~; `1'~~;:
R~'cc`il~t::. }~)e~ciclc~ci hcrc~in f.or t.hc~ I~~.I_yrnc~nt: of. the }~r:~inc.i.}>a] oL tinc3 the
interest on t:l~~n ivotc::; the dotes s11a1.]_ in no eV~nt be payable from t11e
prorecds of: gencr_al proper_t:.y tares payable to the Tovm of Vail and tl~~e
fu1.l iaitlc and cr_c~dit of the Town of Vail is not pledged for_ the
payment of t11e principal of and intcrc:~t on said Notes; the Notes
shall. nat Uc consicicred or. Ilc.l.d to be general obl.iy,-?tiol]s of the `i'o';:n
and shall collst~itutc special and 1.iri~ited obligations of the Town.
3. The princl_pal of and the interest: on the Notes shall be
pa~~abl.e .~ol.el.y and orlJ_y out of the I~?c~t Sales Tai: Receipt: of the '1'o;:n
received by it a::~ a result of the ~>ales tax imposed and collected
pursuant to Ordinance Ito. ]. _l, Series of 1973 of the Tovm, subject to
the fol l.owijlg condi ti.ons alld limitations
a) On1_y those I•Iet Sales Tax Raccipts imposed and call.ect=ed
:~
on account of sales of tanc~ibl_e personal. property at retail and
tho furni.>hinq of se.r_'vices occ:urri.ng durilig the I~ontl-IS of No~Tcn?ber_
a.I]d December, 1.970, anti ,T~.tnuary and February, 1977, are available
and }.pledged 1?ursuar.t to this Ot°di_n~+.nce for the purposes of the
paymont of t,l~Ie principal of and tl;e interest on tho subject
Notes;
b) The ~Cl"Tl1 "I`lc'_t .C-~a1CS Taa RCCC:iptS" ciS uSf~Cl 17e.t"C1n , S17a].l
moan i.hc~ an?ot.?n.t remaining f_ro;n t}IC gross s~?les tax receipts of
t.hc~ peci:~i.eci months after deducting therefrom a]_l costs and
CXh(.'.n;~c' Of CU11~'Ct:].O?.7, rc'il?]. i.t~?nce grid adI?11.n1StT'Zt1C>Il Ot: Sc~lii tFt:{
as au~i:}IO?_.i_.cd by Colo?-ado lata
C) '1'hC:' I\Ti~t: :~~?1.t`:; 'l'~'~' I:~'.Cl'].}~t::i Of t}le '1'nt>>I~ f01' cii].l i til~il?&
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:i_ni}?osc~d ciur.in~,~ t~h~ monl_lIS of. Novc~mh~~r and Dcccn?1:,~~a_, 1.97G, and
Janu,Ii°y and 1'c~1~ru~Il-y, ].977, av~il~~L~le for p.z~~nl~~nt of th<~ P~ic~i,c~::;
~Irc~ :>tih jc`ct to ~I 1.ilti:i.tat.ian cc~ntcl.incd in Oz-din,znr..~. No. 11 , ;~~~r:i c`s
of .l~?7.3 0l: t.h~' '.i'c~t,~n o1 V~Zi..l., th.it: fit.y }~c~t:•ccnt. cif ~c.l_:L c~.l t~.hc'
z-~~vr•iluc.•~; ci~~.t'iv~:ci .Crcnn t_hc~ :;uh jc'ct. .~ cur pcr.ccnt: (~l`~,) :sc1lc~s t<.~~:
:sh,i.l l h,' iictvc,l..ctcl to ~tllii :;}~c~c.i i-:ic<c.l].~r f•,tl-m;~u:lcc'd 1~cu' i hc: ;?cclui__
;,.i L i c>>? c:>t. I'~':11 c~:7t t1t:c• i c:~i~ }~t?h~l i c~ l,tzt:'1,c7:c~.`s; <,C t hc: `.I'ut;itc c~ f' ~',i i. i ,coil
ti 1 :,~, (c>i l I~~~ .~c•~lc~ i :; i t i c~;I, c~c>i~:cl ~'c~c~l i c~i~ ,~i?~1 c~clu i l~l~ i.ci~i cif' l,i~ i 1 cl i >>c;:,
,tcr,i f ,c~~ i I i I ic•:, I c~~ t li~.• ti:,~' ,iiicl l~~~tcc• f .i.l c~i 1 II~~ ~'~•:: icl~~nl :, cal t h~~
•
'.}'(.)~'JIl 01 ~11t1.]., ':Llll:.l.Lldl.11c1 1:11 (` iIITIO.L"1.1.l,iil:a_011 C)J. Tally }~)OI'1(1;; O( t,]IC! '1'C)~JII
(")~ ~,',~ i I 1 .;11~`~I 1r)1 ;li'1',' r)i ;dill 1`llt'l~~):;(',,. I''c~l' .;11C'}l j,lll'i,r,;:i , I Iri
`1'OWII hcl ::; 1)r(.'V.lOI'I:;~Ly .1 SSUC'(1 cC'I"ta]Il bond`;, al)d play i_.`;Jl1C, addl--
ti.(.~nil] 1_,;-)nds, rTr,cl in tl'lc v i:l:i ous })oad aut har.:i.~s ing Orclinanres t_hc~
`.['own lad s l)l.edcic~d sand set ~l :~;l.de (or rrlay in the Future p].e~dgc an~i
• sot aside) all of the sa]_c~~ tax revenues of the Town derived from
a sales -tax of t.\•JO percent (2~) a:; aul-.hori_zed by said Ordinance
i`'o. l.l_, Series of ].973, to pay the ~)rincipaJ_ of and the intere:~t
on ~>ai(1 }:.ollds. 11r.cordi.?~~:}11~, the .,port-te.r_m dotes authol-i.;sed
herein. :}1111 have a lien on t_1le I`1et Sales Tax R~cei.pts of: the
`T'own cier_ 1_\, ed f_rc,.11 a sa1e.~ to}: of twe percent (2 ,;) as authorized
in `.t'o~.:rl o:E Vai]. 0,-dinance 1:0. 11, Scl:'ies of .1973, which is sub-
ordi_n~.:tc, too thr.~ `.I'o:•~n's pi~:st, present anti future application of
said receipts for the acqui.~l_i:ion of .real estate for public
purposes of the `.I~o\;'n and also for the acquisition, construction
and equi.l~pi_ng of bui_ldi.ngs and faci_li_ti_es for the use and bencf.it
of the residents o:f~ the Town and, in addition, the subject short-
torlu I~ot.es shall ha'~>e a ].iel-1 on such receipts from a sales tax cf
• two pe~rcer.t (2°) subordinate t:o the lien on said receipts imposed
or ~ahi.c}1 may bc' i_n,}_-)osed l,)y sa.i.d bor,<i ~.zuthorizing ordinances for_
tYle plll'"}~OSE'_ of p~~.ying the principal of and tale interest on the
Town's })il:~tt and future bonc]s issued for_ the pul=poses of Ordinance
No. 1.1, Series ]_x'73 referred to abo~~c.
4. Subject. to the right. of_ the To\•;n t_o expend sa]_cs i.a}: re\~enucs,
enter into c:ontr~lcts and issue bonds as referred to in paragraph 3c)
abOVC, t11C `I'C?\:'1"1 steal] :101. 1SSUC' ull}' Othe1- Or addltlOn(11 S}lOl:t-i.C'1aTl
I10'~:CS, dIlt1.1.1.})~!L].017 \','i1?'1"itI1tS, bOllCl,i Or Ot;h(.'-J" SCC11I°1"(; :LC_'£i Or 0t.:h~:T"~:;]_SL'
CIltC`r ].IltO I'll\' C011t1"<+CtC; pilydb].C' 1.11 \ti'}10 ]. c' 01: ].Il p~71"t": OUt- Of t11C rJC't^
.iil1CS `l.'ilx 1-Cl'.C'i`1}.%i.3 Of: t}1(? `.I'C)\•r'll CC).1.].l.'.Ci=CI] }Jy I~C?.aSC~ll 0i :~a].C?S t~1XC'..`;
1111}~0:;1.'.(] f01: t:111' IllOllt.}1:; 01' I`IOVC`Ill}).`1:' cllld L):'Cl`Il1beL"", 19IG, ilrld ~7i11"lUill~y i1nCl
• k'Cb1-11i1I:y, 1977, and h;tv:i.nr~ a l:i.(~n ell ::,aid Nei: Sal.c:s Ta:: l:c~c~.i.}~t:, priol-
or :;11}_)1~.1-iol- i:o or on it }~:11:ii:y \a:i.i.ll t~hc ].:i.c'Il an said I'Jct ;~;l.ll.~::; `l'~Ix
IZ!'C~`1}~i::; CI'l',11 t•(1 }11`1"~` I I1 l_O :;CClll"h i_11C })ii~'1lIC`]lt'.
t_hh .i.nt:c:•I~r~:;l cell t:h(: :;ul) j;~c t: ~;Ill~l`l:-ll`t~tll N1.)l_1~~;~
nc,l ll i nrl }1,•t-,•.i tl :;h~1a 7. 1>r:• <~l)n:;l rul'rl il:: a.:imit_i n<}
i:;:',tl~` cult' :',tl~~lr (>l, i~l,ll iOi):; l)1" ~`ul,`1' :iltll> l•(~ni
(t ill,ri ~ i ~~ l I!~' i.~~ I :';r l~ ., 'I',1:, l~,'~'~' il)L.. Irr`I't` i11 1>
of t:hu }~1. i.nl~:i.}~:l 1_ of- and
I~I~C)V 1 (Ir'•ti , h(~\v~:\'C'I" i
i-}1C 1`i r1 }li". c)1.' i.ll~` '.l'c>\~il t(~
1',tr.l ~; \~'ll i clt .l.t'l` :;lll)~)1•-
t~•cl,l,~,l 1 Or t h(` I,,r,'m~•irl ~~I
I I,~ .,111, j,`<•1 ..I1~,1'l - 1 , r nr h;:,i ~ .
•
•
•
5. '1'1!x_: '1'u~~rn ~-r~!r a~•url:; l.)r~rt. iLr, (.),:cl.in~.uzcc~ }]u. 1.1., ;~c~t:~:i_c~:; otl :L`~`/.',,
i:; nr,W ~i_1! fr!1L ir>r<•~• ~,ncl r•I~i,~~•1_ ~rncl 1!<<:, t!ot_ lu•~~!t z-<~pctal~~ci c,r' an!,•i!r1t~~i,
cr.cc~pt. ~h~zi~. Oz-dincrncr. 110. i3, Ser•icr; oi:' 1~)7~t, camrnclc~d said Ord.in~:utcc
No. 1..1 cone°cr-ni.nd tlzc~ rcctc~ ;;c:hcdul_c, for :;alas to}:es inwosc~cl by Or.-
di_nance No. I1., Seric., of_ 1973. 1~7i.tli respect t.o the months of No-
vcmber and ]~ccemY~cr, 1.970, and. January and February, 1977, tho `Town of
Vail shall_ not repeal i.ts Ordi_nancc No. 11, Seri_e~a of 1973, and the
Z'own shall. not amend :>aid Or_dinanrcz in a m~~nner. ~•rhich would di_mi nir~h
tl,e sales tax revenue ~~curity for said Motes.
6. The Town shall levy, impose, administer, enforce and col.1_ec;i:
the soles tam authorised by 't'own of Vail Ordinance Ito. 11, Series of
19'13, to tl-,c ex tent of an ~a.mount not to be Less than four portent (4° )
of gross rccei.Y~fs der_i.ved from the sale of tangi}alo personal propert~~
and the f_urni::hing of servi.c~s now or herea,~ter subject to the Town' s
said sale; t.:ax during the month.:, of_ Nove;ber and December, 1976, and
January ~~nd. February, 1977.
7. 'l'lte Z'own of Vail covenants and agrees that all of- the Tv'et
•
Sa]_cs 'Pax Pecei_pts der_:i_vcd from said four percent (4~) sales tax as
authorized in Town of Vail Ordinance No. 11, Series of 1973, imposed
and collect.ecl on all sai.es of tangible personal property at retail and
thc~ ftarnishinq of services durizig the months of November_ and llccembcr,
1976, and January and February, 1977, shall be ~~nd hereby are ir-
revoc:a}?l.y ai;cl solely assigned, pledged and set aside to pay the prin-
c_p:,l_ of a.nd the int.erc_:t on the Notes, as the same becomo due and
p~{y~.blc~, st,b~ioct only to the pz~ior and sixporior rights to and 1~ledgc~
o:F :Ei.tt.1' l~erc~~r:t ofd said sal.e:~ ta:c r.eceipt:~ as spcci.f:i.ed in par.ac}raplt
3c) hc~l-c~oi . `1'Izi_s as~;ic]?tmcnt and p.?cdc~c~ ~,hal_1 be valid and }_z:i_nc?i_ncl
fro~lt r:end ai~t:~_~z~ t:he c?~ztc of i_hc first deliver ry of any of tlic~ Notes, ~~nc?
the suUjc~ct I1c~i: Sa.l.cs '1'a.: hece.}~t::;, a:; rc~cei.vc'd by t:hc To~•:tz and hcreJ.,y
as:;.i.ctned ruz~7 }_?l~~dc]c~l, :,hall. inunc.~d:iately be suhjer,t to the l.i_cn of t.lzi:~
plc ~~.lc, wi t.hottt. any' phy:>i.cal dcl_ivc: ry tazc~r.c.~oi:, any i~.iling, oz:~ further
aot:, and tlzr 1. i.c~n o}: th.i.:, }.,lc~d<~c' and t.lz~~ obl:i~tation to pc~z-L~c,i-m t:.liu
can t.r.-!cat:u.cl 1>>~ov.i :,_i.c,n:; lzcrc~h~~ mac?e :>ha.l. ]. have l~~r.i_oz-i.t:y over any or a.ll
ot~hc~z- ol~l icl,tt 1<lll:; au~i l:i.al~:i.a.it.i.c~;; c?fi i-.hc '.~'o~ti•t1 (c~xc•~~'1?L ~-!~, he ruin c~ihc~r-
w.i ::c~ c~:;l,i~~•:,~;1 i• l,t_c,~, i c1~ •cl) ;ind l.ln~ 1 .i ~~n <~f~ t:hi :; }?1 ecl~tc~ :;ha 1 1. 1>!~ ~,.t 1 i ~1
.!.t!11 l,i!t,li!!~; ,!". ,'!~~~ri!!~;I ,!1:1 l~,!~'f ic~:r 1!-!win~1 c•laitn~; c•(' ruz;~ l,inci in tc~! l ,
. ~ ~ ~ ~ `
contract or otherwise against the Town (except as herein otherwise
expressly provided), irrespective of whether such partic?s have notice
thereof.
8. For so long as the Notes shall be outstanding and unpaid,
except as otherwise provided herein, the entire Net Sales Tax Receipts
for the months of November and December, 1976, and January and Feb-
ruary, 1977, upon their receipt from time to time by the Town, shall
be set aside and credited immediately to a separate special fund
hereby authorized and created, known as the "Town of Vail November and
December, 1976, and January and February, 1977, Sales Tax Receipt
Fund" (the "Sales Tax Fund"). The Net Sales Tax Receipts so collected
by the Town shall be held separate and apart from the other funds or
accounts of the Town and the entire proceeds held in said Sales Tax
Fund (except as herein otherwise expressly provided) are hereby
pledged to secure the payment of th.e principal of and tiie interest on
the subject short-term Notes. Upon payment in full of the principal
of and the interest on said Notes, any remaining proceeds of said
Sales Tax Fund may be used in any lawful manner determined by the
Town.
9. For so long as the Notes hereby authorized shall remain
outstanding and unpaid, the Sales Tax Fund shall be administered, and
the monies on deposit therein shall be applied, in the following order
of priority (except as herein otherwise expressly provided):
a) First, on or before the 31st day of rlay, 1977, the Town
shall pay the interest due on said Notes.
b) Secondly, on or before the 31st day of May, 1977, the
Town shall pay th` principal of the Notes.
10. The Town covenants and warrants that except as provided in
paragraph 3c) above, there are no pledges of or liens on tfie Net Sales
Tax Receipts of the Town to be imposed and collected for the months of
November and December, 1976, and January and February, 1977, in addition
• to or. other titan tl~ie pledge and lien thereon created by this Ordinance.
11. The sums hereinbefore provided to pay the principal of and
interest on the Notes, when due, are hereby appropriated for that
purpose, and said amounts shall be included in the 1977 annual budget
and appropriation ordinance or measures to be adopted ~.~nd passed by
the Town Council of the rl'own for the year 1977. No p.rovi:~ion ~ of any
-6~
~ •- ! ,~ •
Constitution, statute, charter, ordinance, resolution, or other order
or measure enacted after the issuance of any of the Notes herein
authorized shall in any manner. be construed as limiting or impairing
the obligation of the Town to levy, impose, administer, enforce and
collect the sales tax as provided herein, for the payment of the
• principal of and the interest on said Notes.
It shall be the duty of the Town Council, 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 of this Or-
dinance, to ratify and carry out the provisions hereof with reference
to the levy and collection of the sales taxes herein specified, and
said Council shall require the officers of and for the Town to levy,
impose, extend and collect said taxes in the manner provided by law
for the purpose of providing funds for the payment of the principal of
and the interest on the Notes promptly as the same, respectively,
become due. The subject Net Sales Tax Receipts, when collected, shall
be kept for and applied only to the payment of the interest on and the
principal of said Notes as hereinbefore specified (except as herein
otherwise expressly provided).
12. Said Notes shall be executed in the name and on behalf of
said Town with the manual signature of its P~ayor, or in the absence or
disability of the Mayor, the iMayor Pro Tem, shall bear an impression
of the seal of the Town, and shall be attested by the manual signature
of the Town Clerk of the Town. Said Notes shall be in substantially
the following form:
•
-7-
• • S • •
•
ll,J I l'I;1) „'J'i:'1'i„ Ui~' !u'•ii;l; I ('i\
s'r~\`~'I': cil~' r_.ol,c;lznuc~ CotTra'rv clr' I;T\rr,l:
`i'0~~1J~1 O1'' VI1:C L
S11LI.;S `I'I1Y. 11N`I'ICII?11`I'IUi1 SI}Oit'1~-~I'T;R?~I P]O'1'ls
•
`!.'lle `T'own of~ Vail, in the County of L;~Iglc and State of Colorado,
for vaJ_ue recei_vcd, he.r.c~by proln.i_cti; to pay to the order. of
solely fr_um L-he idc~t= SaJ_es 'I'aX I2ec;c.ipt.~> pr_ov.idcd tllerefol:,
at the office of the Town, in Vai..l, Colorado, the sum of $ ,
with interest on the unr~~l-i_d ba]_ance thereof at t}Ie rate of per-
cent. 1-~•:~z~ annv.rn j-roTn the d~:"to herco~_ until. r~~a_d.
7'1-le printil~~:l. }-ler_cof and the i_ntorest izereon wi.l1 be paid i.n
la;aful. rncnc~r° of the United ~tat_es of ~I?leri.ca on or before Play mil, 19"/7
solc:l_y and only ~Lrorn the I•,et Salts Tai: I:eceipts of tlic_ Town of ~~ail,
as provided arld ].inli_tea h.crein, fr_onl the irlposi_tion of the Town's
sales ta~> dur_i.nc; tile. months of PIo~~`mber a.nc7 Deremher, 1976, and Ja.n-
nary and I.'ebru~lry, 1971, 4r1-~en reruivcd, heretofore levied and illmosed
i on aJ.1 sa].os of tangible pel~sonaJ.. property r,t retail and the fur_~-
nisl"li.rl~~ o.f ser_v:i_ces \aiLhin the To\:~n c. b%ai:t, Colorado. This Noi.c may
bo p<;.rt.ia.lJ_y o:i~ ;aJ.IOll_y prc~pa id at tl-~e option of the i'own of Vai.1. at
an~~ time ~aitl~aut penalty.
'I'h:l_s NOt:G l:i J_SSUed _l_Il :117t1C1i?a~.lOn Of Saki P1et Sales TeX Rec~lpts
fur t:h("~ lllont.hs or November and D•:~cen~cbcl~, l~a'7G, and :I~lnuzl_~y and I?cb-
rur:ry, ]_9"l7, t.o }-,r.ov:icJ.e j:ands to meet and cefray the o~:dinary and
I~C'_CC~St,~lri~ CU.L"]a_';lt C'?:}~C'n:';C:' and the COIltrctCtUa]_ Obll<j;1t:10nS Of t11C'. TO\VI~
Of ~'IIl ~ `l'h~.:; T:Oi:L %i]'Id t}1CI 1.nte1:C~1>t 17e1:C011 d0 nOt COI'1~>tlt:llt".C Ci CjC~nCYLI].
obli.c;,~t-.i.on o1: i}1e `I~oc,Tn c)E Vai_1 ant} the f1I.11. faith and crt,dit or t_lle
7'o\•an o f: V~li.l. :i. ;:; IIC~t plee}c;~~c] i=oi:• the p~1ymelrl: hereof . '1~hi.s Notc~ :i_i~ llot:
P~ay;ll>lc~ i n \~~~1"IC)lc or in }):'.L.t~ fI:OTil i.}lc' pror..ct`d:~ of denc`i-r1_l })ror,c'1-t_y
. tCI1C:1 O1": the' `.~'(.~\i'll C~i U1"t :1. l.. `I'll ].S Nc)t:c~ 21114 t:}1C? ll~t_C'I'C'~;t. }~aya}?J C 1lt'1"c'On
arcs ]..iln:i tc'd .;}>~`t~:i.tll ol_~].:i cl,lt-..ion:; 01~ t.hi~ '1'o\•:n o£ Vail ~IIId ,lr~~ }~~1~`,Zblc
;lnd c•c):L l~.~c l i hJ t• :u~l~' ].y t,tl i. o f: ;lnd cu~c~ :;crurc'c] by 2u~1 i hrc`voc'~11) "! c~ 1~1c`~]c;i`
ot: t.ll,' N~'t ,~.lll„; 'i':lx I:~~c~.`.i}>t:; o}: t Ile 'J'cn•.'n u1. Vaa.a. \ah~•n, tl:., clnt] .i.f
c"~c,.l l,'c°t~'cl ! l~c,rl l Lt~ ]t'vy, imJ)c~~;i.t:ic>n, t~~:i-c`Il:,.ic)n ,lilcl c~<):I]c'<~i.i.c,n (~( tll~`
'I'ts\~ll''• .,;11~`., 1.1'; llllj`~`:'~`fl c,ll .11.1 X11,"`:~ c)1 t,tllt(11.1]t' }~(`1.':;(?I1~1] J~111j'~`1'f\' Ali
1!..
• ~ • ~, •
1.'.~I,;1~ ,~I;rl Ill. (1fl~lil:~lilll i ~t~ .lr'1"'',;'Ir'e .. 111.1 }1i 11 Ills' '1'(Ib;ll C~lll""111~.J Illy'
Tn(~nl II:; c., 1. Paavc~nll.,c`r arld I~c`c_°c~lulx:l', .1.`)'It~, and ;Ji(nu~ar'y un.i 1?e}~ru~l.t:}',
.[977, ~d}I1.C11 I''I(~t :;a.l.C; '.l'i1X )t('(~e5"1)t.:::~ C]Y'C `;O 1].L(.`(1CIC'd, i.l:; m01"e :;pet::L-
Lica.lly }~ravidc~cl i.n Utclill~lnce 1Ja. , Sc:~::i..e5 oL 7.976, aclol>1~c.cl
Sepi,c~nlb~~r 21, 1976 by t)le 'T'own Council of tllc Town of Vail (tlle
,.• "Ordi.]l~lnc~~") pur:;uilnt to t-;Ili.ch Or.cl.inance thin; 1`Iote is i^~>ued; ililcl Lhe
holder hereof m~~y not ].nn}; to any g(~no.r_al. or. ather_ fund of t]-~e '['o~:~n
for t:.hr~ }~i].yment. of the ?"-ri.nc:i.p~z7. of and interest on t}Zi.s 1.1ote, cxce;~t
the special 1\]~t Sales Tax Rer_cipi.s and the Sales 'l'ax Fund pledclc~d
thcr_ei:ar. Not-.lli.nd he.r.ei.n shall be c:an.~>trued as authorizing any a~~sess--
ment al:- Levy of a~ly ta~:es ar asser~mrnts for the payment of t_}ic, prin-
cip~].?. o.E and the: i_nter.cst: on this I`Iot.e, except for said sales ta:;.cs
for_ t}ic rnonth.s o riovemlacr anti Deccrnber, 1976, and January and Fc_~b-
ruar~~, 197'7.
Payn:c:~nt of the principal of and the interest on this LVote shall
be m~,.d.e solely froril and as security for such payment, there is ir-
revocably pledged, pursuant to the Urcli.nance, a special. fuTld thcr_ehy
. created and ident:ii=i.ed as the "Town of Vail. 1`IovelY~ber and DeceTr,ber,
1976, a~ld January ilnd Februilr_y, 1977, Sales Tax Receipt Fund" (the
"SaleE '.I'~a.1; FL1T1Cl") llli:0 4.;}l.1Ch fund L}1C_' TOWn GOVeTlal`.tS to I~<<l' tllc r~et:
Sales ~i'~,1 Receil~t.s of the 'i'a\an fr_oTll the: inlposlt.~_oT"1 of the ~~awn' :~ four
pc.rc(~nt: (`_~~) sale:> tax clur_ i ng the rnont:h~, of Novcnlber_ and Decenlb~:.r,
7.976, and January and Fel,ruar~~, 1977, prov.idcd that the ]_icn securing
this Noi.e on sai.ci IQct. Sales Tax Receipt=s and Sales Tzx 1''uncl i_~ :.sub-
ox:di_natc: to i3ny :L:i.e].Z thereon ar.isi.ncr out of tl]e right oi: ;:he To\`:n to
dc~vot:c' thr:~ iVet Stllc~s '1'i]x P,~,ccipt.> received froill a Sales t~lx Of t\:`o
pe.rcc`rlt (?";) fol: t:ilc' ~zcc3ui>it.ioil o~: r_ca]_ estate for pllb]_:i_c purpos~.es of
the '.['C)\t'i`1 LUZd il~ `~a .C•C~1: tl1' aCCJIl.lSli".]_a11, COI7`;"t:1"L1Ct1011 ~1Tld Ciilll.ph.i.I.iJ' Of
bui.a.din~ls rlnu fat i.l.:~ti.c~s fc]1: t:h<~ u:;~, and bcnc.fits of t.hc, rc~si_c3~~nt:; Of
{.:hC' 'J'i>\': I1, l_I1C.1-UC1.lI:Ct t:}1C' C11110]"t1.`1.,11t:L011 U.t a11~' 1~O11dS Of the TOGd11 1.:;:;lli:'d
• for. iul~• cif :.;3:icl }~llrl~o:-,r',, rl.ll as; i.:; I,lol:"c:~ shcc:iLic~ll]_y :~c~t. Earth i.n t-hc
O.rcl _i n,lncc .
:I t: i:; h(,L.r,l,~, r~-`c~i.t~~ci, c'~?1't.l.i.l.i'cj ;ulcl w~ll::rilllt:c~d ill:lt iu]: t.h~.` l~:l~'mc~l"~t:
cif t:hi:; r]c~tr` ~lu,:i cat the` :ini.:r~rc~:;i h~`]:c`<~n, t.hr` 'J'~,t,'ll c~C: Vail h,l~; c•1"~'.tt.c:Cl
~lllci ~;~ i 1 1 rt,l i t] l ,i i I] :,,] i ~l ; ~;I 1 ~::; 'J'~1:: l''ul]rf ,cncl t,' i 1 'l (lc`1 rc~s, i l i ll~`1"~` i n , ,] J. l
~ iJr`I .~~1 lr"; 'I'CI`, !'c 'r•r`ll~i i r~l' i'llr` Illr~lll 11"~ cal l\tr~Vr`Illl`t`7: ~ln<I 11~'~'r`llll~r'I~, I'i~ilr,
c]...
' ~ ~ ~ ~ ~
iil ll~ ~~,iu 31,U y' 111311 I t 111. 1.1,1 L. 'y%, .I_~)II, .1:., !!1 (J`/J Clt.,ll J.!! (~.l ll' (11. C{.I.IL llll:l~, i-11311 UUI..
of ^tl i ci rlu?c:i rla i:und:_;, r~:; nn i.rrc•vor..rt})a c~ charcJc i.hcrcon, t.tlc `.Cc~t:'n o!:
~rrt:i.1 vr:i '1 a l)F3y 1.11.1 ;s tJ<)l:C: ~tnt1 :in{:~<I~.c~:,t: i..}lcri_'c7n, :in ,tlle rnanncr. provided
k)y s~~lid nrd:inrlnr.c~. 7'hc' Net r~-11rs `.Pax Ttccei.pts of the ['own ai- Vr~i.7. from
the i.ml>~~~>i..i~i.on of- said sales t~.lx duT-]_nq the months of November rand
1`~;•cc:rrlhr:•a', ]_~7G, ~ nd ~T~ulu~l.ry ~1n~1 I?ehruary, '1.977, aT°c (exc.c~j)t as otller.-
w.i_sa e,~prc_•a:;]_y 1>>~ovi.dad in tl~ri Nota and in the Ordinance) assi~~ned,
hJ.cdc~~~d ~;nd :;et a:•~.c9rt to l_hc paymcni: of thi :~ P'lote and the i.nt.^rc's~t.
h.ercorl i n ar, ti.cip~~ t.ion of the collection of said sales taxes for said
me)nth:>.
`i'lle 'rovrn of Vail covenants and agrees with the holder of: this
I•Iat:e and vri..t:h each and evcr_y person vrho may 1_)ecome the holder hereof.
i:hat it_ vri]..l lcecp Auld vri.1.1 perform all of the covenants of the Or_-
dinancc~ arlci of: this hotc .
I:e:er_erlce is llel~eby rnr.do to the Ordinance for a description of
the pr.ovi_~~ions, terms and conditions uI>on which this Note is issued
and secLtt-cc:i, ineludiny vrithout lirni.Lation, the nature and extent of
the sectlri_ty .for t:}Iis Note, provis~_ons with respect to the cust=ody and
appJ.icat.iori of l_hc~ pr.oceod: of the Pdote, the collection and dispo-
sition o:E the a°cvi~nuc~s aild nloniec> char.c;ad with and pl.cdc~cd to the
payrllent of this Notc, a dcscripti.on of the special fund referred to
above anc:l the nature alld extent of the security and pledge affcrdcd
thcreb~ for thc~ payment oI_~ -this Note, as v; call as the r.i_ghts, duties
anG`'. O1)1.:Lg1t1011:~ Of t.11C' 'J'O~rll Of Vail. aIld 1tS Town LOL11"IC].1 aTld a) .`~O the
right., rtllci. rcn,edi_c~:; of the holder of this I~1otc.
7t i. `; hereby c~~rtif:ic~~i, rcci_tcd and taarrantcd that. a7.1. acts;,
conclit:i.oll~; ~ln~i t.ll.i_n~: rc?clLli_reci b~~ 1av: to be done precedent to rlnc`i :in
the 1 ~~;tt;31"1Ci~ 11CI"~tC~.f. h~aVl"? 1)cell pr0;`i`1::1 \' clOI1C $ 't-hd{.'. u11. tllc reC~tl].I`CnIC'Ili S
cif ]_~lw h<av.~ 1_x~c~n i ul ly cc~m})l i.c~d ~,ri.th by f,hc })roc~c,r offic:c]. s af: the
`)'(~1','ll oL x':1.11. 111 t"11C' 1.:~~i1i111CC' O~ tlll.:; NOtC~ t}lilt l.t 1 ]..`'~.`~LICCi hllh.`~llant'
• ~ O Cilld i.ll :J{~1'].C`{". :'C)11 LC)I'llla.i:y
:,I:,lt.c~ c.~;. Co1c).r~tc1~), t.hc IIon~~'
O.f: i llc~ '.I'c3t;'31 c~.f. V,t.i .l ;llld j_~tt]'
~;clc~j3t.c'<l, l~ltl31 i:;1n~~1 anal nl;tclc~
~,1 I lt.i:; ni~(~•; 1 lt,t I. I It i :; Nail
;,I ,3lcti,,,,,' I ii,til,i! i„it ,,3 ,3331,
~r':Lt'.11 t'11U C:O11`;
~ l1 ~. l' l~ 11:11: {'. ~` I"' ,
:;t1~111{" i.i~ ~ln l~.l'
,1 l;tt~' c~i :;aid
l,t ~,~' i :' i 3,n ~,(
tl.t.tltl.on anal l~lvr:; of 1=hC'
Oa"'c11 n:1nCC'.:> ~llld 1:l':;C~l.ll{:. 1.011:;
,l.l_11C111C~' Of ..:11 cl '.I'cY~:'ll cull V
'1'cn:,n j~ri.ot i.o t-11;~ i:,:;u;lnc~'
t t",IV~~nc.' ,3t1~' ('i)tl:;l i l.ttl i c~3t,l l <~l
I Ili' llc~nu~ I'lt I~~ t'll.3rt ~~r, r~,•tir
i•
•
.1.ULIUlt:~ (/1 U.I ~.iJrl~ln~,'~_':; u1. l.li~~ '1'UW11 (,~t. ~/cl.l.l~ c,l,l~ 1_ll~l1_ 111.1._; )~U(_(..' .L L;
a_.,:-uc:d un~]~:z. Chc~ c,ut~.l,or.i i_y of L-hc Oz:'cl i n,:iuce.
3.'czr t:.},c. l~ttynu~nt. o.C tl>>:; }~1r~L-r' ~t,ci 1-1,e inhere ;t l~rer.c~c.,rz, l:h~~ '1'c,ti~~n of-
Vrzi]., Cc~]_or~rc]o p]c:~dcler~ the exc~~-ei:,e of a.ll of its lawf.u]. rorlaor.~~±..c-~
po~~~cr. s .
II.1 `.i'EC'I':I1•I0:1)' t~'}II_~ltl~:Or', the To~•m Cotinc]_] of i:hc Toy-,gin of V~zi]_,
Colorado, }:a~~ eau ;cad this Not-.c to be executed in the natnc~ and on
behalf of c~:~:i_d To~:~n wi_tl~t t.h~~~ mama]. :.,icJn~,ture of the P1ayc?r: or 1~t~tycir
Pro Tem of_ sriid `1'U~•Jr"1, t.o be scal.ec] ~,~i.th an irtT~r°essi_on of the seal of
said `1'o~~m, anti to be attested by the rn~inual. signature of t}t~ C]_cr}:
thci:cof:, a1.1 as of tl~rc~ day of 19
'ro~••~~T~ o~~ v1,T~~, coi~oru~no
By
~.1'ot~,~ii ClerJ: -V
I~-lay v r
[>nd of l~ o~m of Note
(TOtdi! Sl~L}
1~`1"1'1JST
•
•
1 "~ . (~,, i ~1 PI~,1 (~r., !•'l~~ •n r':~t'r•t7 i r~ti fl.`, l,rriv i c)('~i 11~']-r' i n ,-irlc) },v ),It•/
:;}1,:(.l.I. lac: c)ca_i.vc~.r~cd by quay wl~ of i:llt.: o1l:icu] :; (~f the: '.i'uwll to t.lit.~
pLlr.c;hrl::ua~ t.h~~rcoi', Ll})oil }>;lyn~cni: 1 c) i:he ~['otNll c, :f thc~ j)itl: vrlluc l.h~.']:'c~oi'.
'i'lls k~t'c.,c;eed::; derived f]:onl Lllc s~ll.o oi: t:hc IJo[.cs shall k;u u;;cd c:.-
clur;ivc,ly £or. i:he pur_1?o:.c;:; stated }IC:r_c~ilZ, providccl, llot•;ever, i~hat arty
.~ por.t::ion of suc}7 procc~ecl~> allay bc~ F:c~nlporaril.y i_1]vcsted pc~alcling such use
in sccuritie~~ o]:~ obi:igations tahich ~l]-e ]_at;~ful investments for t}~c Town
of V~.li 1, with such teml~or_~Iry inve:=>truent to he anade consistent t•:i th t.hc~
covenant he reinaff:or_ provided concc~rr~i_ng ar.bi.tr.age bonds. Neither. the
purch~~:;~r oa: said I'lotes nor i:lny holder tkaoreof- shall be in aa~y t,~ily
res•,~on:~i_ble for the' appJ.i.c~lt:i.ol-1 of i_he praccec3s of sai_cl Ldotes by the
'Town o.r_ any oi. its officers.
7.4. `i~he 'i'otvn covenants wit}1 the, holder of the I~7otes that it will
make no u:;e of i~17_~ procccd~; of such I`Iotcs at any time during th(~ term
thereof t:'Lilc}Z, ,l. ~ such use hi•ld boon reasonably e,~pected on the date
the Note~~ a.re :i ,sia.ed, taould have ci~.used said I~Totes to be arbitr~l:Jo
bonds t/i_thin the l~lea.ni]7.q of Section J_03 (d) of t.ho Internal FZev2nue
Code O~ .L~jri4' , as <.llnended, and the rE:crulations proposed thereunder by
the Uni_tc'c.3 State:.; Treasury Dep4rtanc>a]t, un]_es:;, under. an5~ valid pro-
vision of_ J_aty herc~~lfter_ en~:~cte,d, th~~ i.nterest paid on the Notes (a)
shall bc~ crc_lud~~ble from t_hc~ gross income of a rccipi_ent thereof for_
Federi•11 inco:~7e tat purNO~~es t,~i.thout regard. to t•:hether or not suc}1
Notes ~~:r~~ ~irbi_t.r,tcrc bonds, or (b) s_;hal.l be exempt from all I'edc]-a.l
1_nUCllIC' i-Clz::lt10t7.
15. 'J.'hc Tat•;n, act.inc7 b~% and ~l:h]-ough i.ts Totm Council, its
c~~::ice7-:;, or ot11~,7-t~~.isc, ~;h~:._1_.l_ fait.hittJ_ly anal punct.uaJ_J_y F:)crfor.r~:a, o]°
cause to bc~ I.'e;-{c.>~-med, X111 c)ui:.ies rai.tll r_espcct to the i.mposi.tion,
e~tonr-;:ic,n ~lnd r..ollc,ct_.i.on of th~~ scll_i~s t~~x pledged hcrc'i.n t•:h:ich rn~~i~ b~~
a-cc{uircci }~y i.hc Cc~n_> L:itut o17 allc~l :I ates_s of tllc~ Stat,c of Col.oraclo, thc~
}IC]111C' Ill }.i~ l;}lil]:LE7]" ~'111C) t,}lt? \'d].1.O11S ]"CE~O.1.11t1C)I],:> ~"llld O1:'d.lll~iI1C:CS or t.}1C
`TOt•?11, :ia1C.1-L1c.IiIli~, t' : 1. t.110L1[. 1_.iliaa.ti:lt~i0ll, t:110 j.?r0}?C `]" SCCJrC`O:7t10T'1 Oj t:h~~ NC t.
<<].) Uts '.l'i11 hC'CC:i }.~[_:: ; ;111<I ~ lll'.i.]" E11)1)J l c:';lt~.lOn 1-1"C)lll 1::1.1110 tC~ t~.l lliC~ t:0 l:}1(~
;,~Ll.t':, 'i'rl?; I''u17c1 1?1'l,\' I <)C'lJ l)l'1'i?:1.11 .
~~~. ~t filly ~;Illl~' :lll(l .l ['. ilJ.l ['Illll`,`;, f.hE' TU\dll :;hi1] ~., :;<' rill" il:~ lt:
]11.7\' l~t~ ;Ill[ i1cL1':I;;c'tl },y~ i,tt,'v }>•1:;:;, lU.ll:t', clO, t`Xt'C'l][.C, ilt')illt)\J t`clc~t`,
(1~' l ! \'~'I ~ •11~4i ~ 1 ~i` (tl I t`t'i~l it .l } ~ ~Ill~i t'\'t`I y ;lilt"ll ~ 111"[ ~lt'1' 111;; 1'llili'•'ll~ :',
• • • . •
,ICI.:., iJ:,~.iflluu~~ut.:,, i.1 lil:.af l'].:;, c,l.lt('1' cauc:uluutlL~.:~, ~lucl .r:;::;U] ~II1CC~:l (~:; lu,ay
}~C.' Il('i~(,.`;:,,"1] j' C)1' clc"; i I ,Il).lC } c11' i_lif' }~r,~ ~ f']. cl:l ;U1~.1 ill, (11"itll ~ 1 tlr), il:~;; I (lll I lifl
r.tnd conl'il~nl:iri<J a7.1. ~illcl ~iai<1u1."1]: tllc r.:i.c}hL':.>, Nct. ;>~:tles 'l'<lx ]?r~cei.fts,
Sa.l_e.~ 7.'ax l~'i.lrld alid ot.llc~r' funcl~~ and nceount~~ hc~r.c~by fledged c)r £t:~5:i.c}ItC'cl,
or i.ntend.ccl :;o to be, or. which the `i'oGan nl~ly hereafter becolnc bound to
• pledge or tr) a:~siyn, or as may be roason~ahl_e and r.cquirecl to rar.r_y olat:
tho purposes of thi.r~ O]~di.nance. The Town, act.i.ng by and through i_t.~
Tc)~•m Counci]_, its officers, or otherwise, shal.]. at all tirnr:;, to the
extant pe]:mitted by 1~1w, defend, pre.=~c~'rve and protect t_he 1_)lc~dge of
tl~le Net Sales 7'ax Receipts, tl~le Sales `].'ax Fund and other funds and
accoi.znts p]_ec?cfed herc~und.er ar,d a_l_1 the ]~.ic;hts of the holder_ of the
I~ote:s auLhc~rized he>=t:in aga.in~t all. claims and demands of aJ.]_ pcrsor.:;
~ wholnc>ver.
17. `i'he To~•an llc:reby warrants and covenants that upon the date of
is: uance of t.lie Notes, all conditions, arts and things r~quir_ed by the
Con~stituti.on or scat"sites of the United States, the Constitution or
statutes o:~ the State of Colorado, the i`O~'m Charter of the 'i'o~•m of
Vail, Colorado, or thi. a instrun,erit, to exist, to have hapt~e]icd and t;o
• have been pe]-forrned >>]~ecedent to or in the i_ssuancc of the subject
Not.e:; sha]_1 exist, have happc~nod and have boen pc~r_ formed, and the
Notes, together wi_tl-1 <1.1 other ob]_igat:i_oris of the Town, shat.]. not
contravene any limitation prescribed by ~~lie Cor.sti_tution o.r statutes
of the Unit:c~i Status or the Con~7titution or. statutes of the State of
Colorado or t_he To~•~n Charter, ]_esolutioll:~ or ordinances of thc~ `.I'o~•:r. of
Va:i 1, C::]_o].-:)do.
]_£3. 'she '1'o~an t,..i].:L k.c~ep l.,],oper boo}:~; of a:ecord and account:
_;1?o\d:Ll"lij' CC~L1;11_~"~LC:` allCl. CC)rl"~~Ct. i311t1"1C'> U~= Fi]l traliSaCta_OnS rCl_ilt;lrl~~ tC~
thc~ Net. ;~~llc~:=, 'i'u:. l:ccc~:i_i~t~ arlcl tllc Sale: `1'ax Fund cst~:ibli:;li~~ci hc~r.c:i.n.
11ny hold(~r ol_ the No(-cis, or any ciu].y autllor-iz..ed ac}cent or ac}c~nt_s o,:
~;tlch lloldc:~, shall h:lv~: the riglli: dul-i_ncl rio]:•mal bu..iness hu~i]~ to
. i.n:;i)ert. al ] rc~ ol:•d:;; ~icCOllllt'`; rind d~lt:a rc~] ati_nc7 t}lc~rct-.o.
:L9. '.1'li(~ '1'o~:In, :ii_:; off_ir.crs, n~Jent~; <lnct cmflc~yc~c~s,, alld :i.ts 'I'c~~•:n
CC",u11C:11, :,ll:tJ_.1. I1<?i, i..il:f~ any rlf~tion ill ~;l.lc:ll nuuin(~r c)r, to such (~~:t_~`ni. ci:~
m:if~hl. l~l'c~.jllclic(~ t~lic~ :;f~cuhi.ty lc~]:' th(~ }~.1)•nn:~nl, of tllc~ fr-inc~il~.1] c~C an(l
ili~~ i lli.(~t'(';;1 <,u t 11~~ t:C7I:C~:~. Nc, c~c~nl t',lc~i r;li,ll l }icy c~ll(c~x'C'cl i 111 c) nor ,ink,
c,lli~'r' ,ti-i if~:l t,~1:~~1i 1~~~ ~.~liic•li lli,• I-i~llil~; ~,i ,illy lifll~lf~r c~l~ IIiC~ 1'Jf,lc':; ,1:.
• . • , •
1.»_t,/J~i~:t.l ~.;,tta J..il~ti_L~~~~1 Ly t..},., i)].(Lil,,lnt:~~ ul.i~Jlll. l,tl }~i'u.jucl~c:.i.~tLa.y ~,ud
In~lt~~~r..i <11.:1 y i m}.,;1 i rc`d o.r. cl i.nl:i.l~,:i.;;hccl .
2.U. 'f.'hr '.l'c)wrl ~;haJ_J. p]°onlht]-`,~ }~~ly t}lr p.l:incip.rtl. of and th(~ 9.n-
te:]:esi_ on t11e Notes issued hercunclcr <~lnd scr.ured h~ ~rc~l:)y ~.tt t:he places,
on 1:he d<ltc~s, and i.n the manner specified herein in the Not.e~~
, '• aCCO]'C%7 nc~ "tU t:110 t.. ]: UC ] 11 ~Cllt Fuld InCaIl1_riC~ hCrCOf .
21. Whin duly (~}.c~cutc'd and delivered for t-hc~ purpose provided
for in t.}lip; Urcli_narlcc, tl'1,, t,lotes shall. constitute ~?arr~~ntics by alld on
bchal.f_ of t=he To~fm f.or the benefit o.f. each and every future holder
thereof, that the totes have been issued fo.r a valuable consideration
in full t:onforrai_ty with law.
2?.. Any ho:Eder of_ the Notes issued hereunder shall be entitJ..cd
to a]_7_ o?~ the pr_.i_vileges, rights and remedies provided or permitted in
this Orcii.nancc: alld as ofYlerwise provided or permitted by law or i_n
equity or b~~ ot.hcr statutes. TIoth~_ng herein. affects or_ impair. the
right of any holder of the T~TOtes t:o enforce the payment of the pr_i.n-~
cipal and interc~si: dlz~ in connection therewith at the tine and p]_ace
expressed herein anti in such 1`,otes.
23. hl]_ act.i.on her_etofare taken by the To;'?n of Vail and by the
officers of the Town (not inconsistent herewith) directed to~`?ard the
authori ~.~~ticn of the sub.jcct Notes for the purpose of p]~oviding funds
to dej:ray in ~allol_c or i_n part the ord.i.nary and necessary current
e~pen.,c~s and thy' C011t3~aCt.11::1:1_ ob]_iga.tlons of the Town, bG and the s~~nl(~
ia, he.rcb~~ rati-iic~d, apZ~rovcd azld confirmed.
2~ . Th(~ officers of the `s'own ai°c here}:~~' atlthorl„cad and d;_rcct_Gd
to entc]- ~_Ilt.o such agrec,menl-s and taJ:.e aJ_1 action ncce<;~;a].:y or a}~~-
pro}:)r l.'i1 t=C'. t.0 C::~l"t'Cttl ~?tC' 'l-hC pI"Ot'1:i101]:3 O1: t }1 ].S ~]:d1.IlaI1CP_ aIld t0 Cc~iil2~ly
lti'.lt l] t}]C' .l"CClllll:CITi:`lltl OT lilw, 1.nC~_1.1C~11I1C~ H?].t }lOUt. 111t11t111t~ t}1C <)Cri-
(.'1"~11_i.t=~" O.C the (01(:`(70:LnCJ: (£1) the C`;C~Ctit:l011 Of SLlch CC7"t_.i.l.lCal:i'.:> aE]
Illcty }7C~ ] t_'ilaOllilb].y riJ(]U1]'Cd })\' t.}7L` plll'C.`.1]ct.`iC.'.1: Of t11C NOt(~s leliatlllc) t0
• the {;C`.1111.L"C ~znd icl~`nt.:i.t.y o.f i-.ht~ 7'o~~~n c,fi:~.e:i,l J_s, the recd.}~L of Lht~ ?`:oLr:;
pll]'c~h;.l:t<: }-~1"1C:i', ~111tt, 1.~' :Lrl CtC'C'O1:C~?111Ct' ~,'ilh t}1C'. fC1Ci.t>, t:.l]C'. .1}:):_;t`n(1:' oC
.l.ll.'.1,~J~1~"l.Uli, })t`11(~ lll(1 Or ~:}1]"C.`i1t C]]i'(}, X1,1 1 l.'Ct.,a.ll (~ t}1C.` ~'~11.1C.1i.~ ~' 0.1 l.ht.' IBC>~.i";;
:llil (})) l~lc.' 1111}i. :lllij (~.~ th,` V;ll~a.Oll:i :.~~.:lt:l`llll`.11l. tt, rc~ci.t~l7.:,, ('i'.l't.:L.~ IC'.lt'1_C111.`l
~Illtl \~'i11'1:',ltli"it`;; 1~L'C1~'I(1~`(! 1.O1"' ]11 !'1'iC` 101111 nl 1'~0lt.` .'.>(:`~. ~O1"111 LI1 I'.}li'.
• . • • •
~~~i. }?'•rr`~`t~i tt: lir~,'~ II1 Uili"1tll::t: ,`;:~,JC',,•;l.y }~I~OV7(1~JCi, 11(,lll.lll~i
lt~_~ C.i.ll c~.:l>1.~_::,;; c_)1: iul})_L.ic.cl, :i.,~ a.rrtc?n~lccl or :;1t~ilJ. }_u_' con:~tr.uc~El 1-.o coT1L"car.'
ti},c~„ c, t: i_c~ ~1.i.~,~c` t o r:uly })c_~~-.on, ~ot.llc:r tit~)ri tllc ']'own, the? '1'ot•m Cotluci.J.,
~i11C1 l_hc: 11UJ.U~;1_:.> front ti.nte to t..i_ntc of the T1c~tc::, Ftny right., rc;n~`c7~,= car
r.J_a:i.rn udder oI. by reason }le.r.c>of oI_ ~~ny covc`r,allt:, cone?it-.i.on or stiiiu-
lctt.i_on hcl-eof . T.1 ]. thE~ covcnFlT,t~.,, ~~tipu)_F:ltion:., prorni:~c~~~ and acfrcc-
nteni.s her.ci_n contairicc3. by and on behalf of the Town s}-1~i1.1 be for the
sole: and c~xcJ_ur1.VC b;?nc.~i_t_ of the Ta;•,n, thci sown Council anc? any
hoJ_cfcr_ s of the Nc)tes .
2 G . 1.1o recaur_ sc~ slla.ll be h~cd for thF~ payment of t:he pI°incipal of
anc7 L-hc int:cr_cs•t on the I`dotes ar far any cJ_aim based thc~re.on ar othel:-
~risc t.ipo:, thi_:~ Ordin~ncc~ author:i..:i.nq its _i_ssuance or any other ir.-
StYt1T~lCllt J~ert.ai.nl.r1CT t:hC'rE`'t-.a, C7C~c 1.nS"t clTly _i.I7dlVldtlal P1C_T11}7C'I_ O L11C,' TU~~7I1
Cattl-,ci.J_ cI: ~lny ofliccr o~- other- agent o£ the To;m, pa~'t, pl-esent or
futu~~c., c:i.tJe~r di,.ectJ.y or :Lnciirertl~~, t}-~raugh thc~ To~•an Council or the
TU'i'JI1, O:C OL11C?1"l•T:1_:~C?, L:`11C:t11C>" ~1' V11"tt1E: Of c~nS' COTls~tl_f:uti0il, Stc~.~:ti~:C' OY'
ru1.c of :La.~::, o:~~ by i:he enforcc~lnent af-. any p~^nalty or otherwise, all
sticll. J_:i ~)}_>:ili L'y, :~_ f ~:,ny, }JE~lnC~ by the ~.creptance of t_ho Pdates and as a
• p~:-r.i: of t:h.e c~~n:~idc~I:cition of its issu:.ince specially t•;~~i~cd and released.
7~~. hJ.1 OI:~1T`lEil1CC`f_1, ctCtS, OrC1C'1"E>, Or rC'SOJ.Ut:L011S, ar ]?c~.rtS
thcl°cof, tal~cn }~y the 't'own o~: VaiJ_ and in confl7_ct t-pith this Ordinance
c~rE_ here}~5= tC_'}%E-'J.lE'd. 'I.'1115 ru}~E'_cil(_'7_" SJ.lall nOt }J G' COnSt:rt1E?Ct t0 1'ErV1VC
any OrClln£,inCCS, c1C"tC, Or C1E=:r~T, rE'SO1L1t1.Un:T, Or p~I"~=s thE'rCO~, he~rC'-LC~-~
fay"C rC'1.)C~F11CC~.
'?. Tllis Urc1i_1-lancE~ i.s, ~znd sha1J_ consiritute, a J.cgisl~itivc
111 C'. £1~>U:~"C at t'.11C' '10~~'Ti C; ~. VCIi_l., Find c11--ter tlli.' iJOt;E's 11C~rClay a1It1~,0I'1;3E'd Lire
a_s:,t,.:.cl, ::;osci t:~nd atit.~t,:~~nd:i_nc7, t:lli.~; 01:~linFtncc ~hF11J. const.itui.c_` a cols-
tr~ar.t: }.;cLt,`c~nn i:}lc '1'ot;11 F.tnd th~~ holders of said I`Tot:c:s, and shaJ.J_ be <UZCi
h~_'iila:; 1'l :1.1'?'L`.t`:'~t1_~?}/.Ll:` l1lit:.1.1 Fiat ll 1\<?i C"~ anci t: }.1 C'. 1.ntC1"C:>t aCCl"11111~~ tai01",`O11
sha 1.1 h~lvc? l)~~c~tl f 1.111_y } ~~,irl , s,l t-.:i..~:f _i_cd .inci di_:,ch;.irclc`d .
2`)` ' .i'i,c, }~T:'c~}?~~x o1-1:i.ccr :> c:)3' t.hc~ `~'cn,Tli o~ V~~l:i 1 , Col.oraclc~), ,iris
hc`T.~?1~~1• .ctli.ilc~l'i::~`ca tllul cii.l:c:ot_cc1 tc~ }~,Zy or c:au:,e t:o }.>~~ },~~tic t.l,~~ i.lti_c~rc.~t
oli l 11~^ IvC)t ~`:~ It~`c~~.i n :,ti i Itc)t: i :'r`c~l ,t:~ t ]lc t,<uu~~ ;.h,t1..1. ~tcc.rttc?, ."tll~l t lt,,
)~1"~il,~~i}~,t1 cal :,:,:ic~i i7~`i.~`:~ Fit c)1' }~~`i~)T:~: ut,citll":ii~r, t~~.i.il;c~tt{.. Litt,ih~`t~ c;~,tl°i',~~nt.
c,r c~r~lc.`r.
ltd, ~ ~ ~II1~" }~•II~~!~~I~~II~I,, <'l,ili'~~~` (11~ }~1 ~`\' 1 ;:I liL1 i~~ ~ It l:. (lI ~l I Il~ill('l` I ;
~ . • . •
J1"~Iir.~i,~ l l_~ ,~c'i.Jli-1 ;~ ~1 inv•~~1 ic1 c>r itn(~ril"rlrc~c~r11~1r~, :,ur•h jlt(lrin~r~nl r~h,l'11 llrll-.
~!1 i ~'<:l , Ili~j~illl O) I11V~t ~ Ir1,ii ~ ~ ~1~' 1 ~'111~11J1_I11~1 }~~!I~~i~{I .l}.)ll:~, ('loll];.(':; (.~]'
})r~c)vi.::i.c~l!:~ }lc]-~•c:~i i,llc .lllt.~'111.:inrt, l)(,irlc! th~.>t: thr: V,ir..i.oitr, }~~~(:a~Jrtll~h:~,
C~.t.tllst!t> l)): }.11OV:1:~.1Oi)fa }1C']:l'UI ti)'r~ :iC.'Vl'I'cl}_1~.C?.
3:1_. 1~ 1)u})lic }lcarind or, thi s }pro}~oscd Or_d:i.nance ~~ha]..I. }~~~ hclc3 by
the Totan C'ot~nci.l_ at. '1:30 P.l`1. , on `T'ta(,~,d~ly, Se})tcrnber 21, ] ~37G, at: t-hc
`.Town of- V~i:i.a. i:5uni.c-;ipc..l I3ui_].d:ir,cJ, Vail, Colorrldo, ~tnd it is hc]°c~ k)y
c)rc:ored. t:h~ct notice c)i: sa.id rnc•eting be gi_von <.ts rcgu.ired by la~~~.
IP1'1'P.UL~IJC:LD, PI~T,I~ O'.~l FIIt.~;'1' IZL;~~DIi;G, i.L~I']~UV]~D I1IvD OI.I)F~I2i~ll hU]3I~J-SII1;I~
Oi.QCI; Ii~~T F'U.LI~, '1']IIS 7t}1 DIY UF' ~ I;L'TT~?~913ER, 1.976.
13
1U~4~'i'~ S~i~,tr)
~rl,~rh.~':~~.' :
T0~4N UI, V11IL
~ ~~ r
._ ~.; _. _
)ayu~
`)'0711 C` l c]
IN' ~']:?ODUCED, h1:_;I~:D AI~II? I,P~9%,i~I~T:D ON c},CUI~TD RE11D_Ci~C, AI?PP.UVT,D, 11DCPTED,
LNhCT3~D l~~.i'.n OI.1>I;P.Ill 1'l1L'sLISIl1~;h U;CL' liV F'L1LI, `1'lITS 2)_st D11Y UI:~' SF~P`.1.'EP~i~I;i:,
.1.976.
~`i":i]~:~T:
TUldiv OF VT1T I~
I3 ~ _ ~/~~
1
t`i~lyO]"-- -- -----
~.
•
. •
Cc!ul,(: i. .lul,.u,
•
•
•
I:~6'v>/cr U`~{,.v~ 1.11('11 r('~tcl (ltc' c]rrl i llrtnr•(~ ,,;;
,,rl~~l~~l~',I 1,., i t_:, t.~i 1 I~_'.
T11(' },r(,r;:i d i 1,(i oi~ficr.~1: t.llcit, dr:c] ~,rcr] t=hat tPl i s wilt; t.hcs t.i.nu.~ itlt~l
r>l accl c~~;t~,}, l ~ ~;Flr~c} i or ~z ptlh l i c l~IC~ari 1,rI on tllc Ordinance ar,d the nu.c.'t.ing
was then opened for such }~ur.lx~se. `!'l~c~reupon the following r~er~ons
• ~ appc~.tr.cd:
(Tndica.te Ilarnc and suk~stancc of-~ rcrnar.l:s)
`l'i)crcupan, a]_1 parsons having been given as opportune-t.y to S.perlk,
tlic~ hearenc; was declared el.o: ed.
1'}ICr.c:t;?un, Cc>?1,.1c:i_lman -~~(,~~.~,L~ q~._(',I,~, introduced and movccl
t=h( finill i.}~pr_oval, aclo}~t:i_on and ena_ct.lnc~nt of Ordinance }'Jo. <- ,
~iC'1:leS O~ 1 ~~7i~. A~; F;r:IC~nr?,'-~r1_ ~'nnnri 1rn;.n ~i-r/ ~ -;yeti. ~~..~-,,,.7~,:, ,~t.,.
n:oi.iaiz, ai.cl t:he clt:tes ~ ion l~eiliq upon the final approval, adoption aI^d
Cnc3.C f:IllE?ni". c):L Sind OY"Cl1nc]I1C.'' , i.l s a111C]111CC~ , the x011 \'JaS Cal1C.d \s'_li,h t}1C
fol_lc\J.inc~ r_csult:
`.Pho::,c voting "1ec~"
• Mayor. _lC'lt;ri, ~~~%-'2.~`~'\.~
CbtillCe._a.liir'Il: /:l;,:t•- >1.i<~.-,'Y~../'o'.L~e=-. iG'-.r'.>; ~~~.[: ,...~,/~.~
/ ji _
).~ ~) ~~>• l..- 1. < ~-'~ ~Gi.'L.1 l L ~.i, / L~ /~.f ,r, ~ /,}~
i~ j
`1'110 SC VOt~ing "1'Io" : ~~.~ ~ L(
,
_._.~,~;%_~.';'.~'. n?ernl_~ct:::~ of t-llc C:o;ancil, t',~11ich number si_ a mi_17ority oi:
t:hc: c;~Lii°c' i'auncil, h=tvinc~ vc~i=cd i.n filvor. of the final_ a}>~~r.oval,
~~ ~ .~
rtcic~L~t-.io.. ~':tc c~Ilacia~cni-. of O~•~ii_nancc Nc~. .,~ :> Sc~r.ies of 1.76, as
~3?li.'11c~~~d, L11:'. '.>]'i?:=-Lr~11I1rJ l> f:].CC`1" ~hCrCli}011 di?C1:.rCC~ Sa1d ~)1:'t1'1_I:ilI1CC' ~].l?:''...L`I'
,lpl_'ro~.`t~d; c,~=1_ti' i~lclc;_~, l c~ti zuld c~:,l~::c:t.c~d, anci ~'? i rt~cteca that tlle~~ Ordin~_~nc ~~
Inc' p117~] i.;,',~`d c~ncc iIl Lt?11 in `i'hc~ \~ail '.i'rai 1., a ].c~dal rle\;~:;;„i,et.: of
c,c-rlc:,: ,, .1. c~il.clll~rL.1.i~I1 \, .i.t-.Il.in t.ll_` 7'c~\ti~n of 1'111.1_, on ~;c~ptcmL~t:r :';, 1~17G.
`.i'lli'? i'li}`i?11, alt t:('I"' CC~I1:>:1 Cli`t'i3t'.].t~ll C):(_ C)a'ht',]" 1)Ll;i.LlIC;S t-.i~ C'c)11iC I~C't.O1:C
• t,}lt' C'C~llnl~l. ~ , t.ll(` ]ili'l:'t .11111 \~~~lF; :l(1 ~Ot.?l~ll(`tI.
(;i,.t )
'~~
Pt.tVi~r
`.l' \' r1 nt: V11.i .l , C'c,1 c?.I~;tclt~
~,,.....,.... ._, Y .
.~ ~ • • . • •
)
I, I2osa]..ie Jeffr.~'y, i~he '1'o\•m C]er_k of- th~~ 'I'o\-m of. Vai_]., T.ac}lc
'~ County, Co].orr.,c~a, do l,r_~rcby cczl_i1-:y lalat t.},~_~ ~ittacllcd co}~y of Ol:~iil,~anr_e
it
Ivo. ) , Series of 1970,, r_ega.rdi_ng is ~u._ulcc and vale of 'T'o\,'n of Vail
Short-`l'ei.m •,otre:> i_11 t:llc. }~r.:incil~al ~rrnount not-_ c,~;ccedi.nc~ $.,00, OOU,
rnat.urinc! on o.r_ before May 31, 1977, i.s a true and correct copy; hL-:.,t
said Grcl.i-n~.lnc~~ \•:as ap}?roved and ~.doptod oIl first reading by tllc Torn
Council at a rec;ular lneet.i.ng thereof, he1.d at the To\-~n P4unicipal
l3uildir,c~, the icc;ular nu.etinq place of. t}ie To~~.Tn Council in the To\•m, .
on `Tuesday, the Ith d~.,y of- Sept.elr~bcr, 19'76, and said Ordinance was
amcnde 1, a}~p~_o~.~ed, adopted and enacted on second readirla on `i'ue:~day,
the ?_lst~ d~~t}~ of.. ~~~pl:ernbc'r, 1.976, by thr_~ To\an Council at a reguJ_ar sleeting
thereof; that true copies of said Ordinance'have been duly executed
and authent.i_c~ i:cd by tl~~e si.gnatures oL- tl~~c P~Zayor of the `l'oran of Vail
alid rn~.~self, as To~fn Clerk oC said To\an, sealed with the seal of the
']'own, sum}.?_~.r_cc] ~~nd recorded i_n the o_ffici.al records of the Totan kept
for that pizrpo<>c' in my of.f:icc, and auth:~ntic~ited by the affi_davit:: of
pbu]_ic~iLion attacl-led to the foregoing proceedings. I further certi_f1~
that: t:lle f:ot~egoi.ng l~agc:s r..onst:i tu.tc a true and correct copy of to
record of the pr.or.c~edi.rlcls of the '7'o\an Council at its regular nioGtings
of Septc~nll-.,car 7, :1976, anti :~cptcmbcr 21, ].976, insofar as said pro--
cec~dincJ, ~-c~late. i~o ~~ai_c] Ordi.nancc; that said p~_-occedincls \,er_e duly
11<:1C. ~II~Ct f:~-1};C`.n; ht.~it.. tl)C'. lllc.c~tlnq,; \ii'1'C dl.lly }]clil; alld t11at= t}1r_? pcr~;ons
\~i_'r~'_ t)rC~;c`ni". <tt Saa.d lll:etlnc;:; <1S tI1C'T'C111 ShO~.•.',1.
Ti;~ 1da `!'N.L,SS lr1IL1:L,OP' , 7: l~lave hereunto .~~ L my hand and thc~ sc,a 1_ of
~1->7 ~''
thc~ 'i'~,\•,~n o.~ Vai:?.., Color.~.ido, t:h.i_s '`~''`"d;~y o{- _1 ~C ~~~YE ~i?^-~ ].976.
•
,.
~}'C)\all Ot: x':11! , ~.O LCII_,1.c10
4
(~'I I
. ~ , 'i j °
-~ ~1
OI?DINANCT?. NO.
SL:R~I/S OI' 1976
AN OP.DI:D]ANCE TO CONTRACT A SPECIAL AIdD LIMITED
OBLIGI1TIOi1 Oil PEHALF OF TIIE TU~'71`] OIL VAIL, COLORADO,
$Y ISSUING ITS SHORT-TERM NOTES IN T1iE AGGREGATE
' PRINCIPAL AMOUNT NOT EXCI"EDITIG $5U0, 000.00 IN
AIJ'I'ICIPATIOT7 OF THT' COLLECTION OI' SALES Tf1X
F~EVI;iIUES FOR THE I1ONTHS OF' I1OVL;I~iBER ATID DECEP•IBER,
1976, SAID NOTES 'I'O I~IA'i'L'I2E ON OR BET'ORE MAY 31,
1977, FOR THE PURPOSE OF DEFRAYITdr CURRENT EXPET]SES
AND P4EF'`1'IT1G CURRF.':IT CON'?'RACTUAL OBLIGATIONS OF THE
T0;'v'Td; PRiSCRIL'1:T1G THE FOP~T~1 01' SAID SIIORi'-TI;RJ~I I~IGTES;
AND P1;UVIDING FOR ~l~I-iE COLLECTIONI AIID APPLIC7ITION OF
SALES TAY REVET]L'ES OF TIIE TOP7N OF VAIL TO PAY SAID
SIIOP.T-~EI2T-1 NOTES AND TIIE IN'T'EREST TIiEREO~I; PROVIDIT]G
AT] AGREEiIETQT BY THE TO,'~N TO CONTINUE THE LEVY OF ITS
SALES TAY FOR THE I~lOTJTHS OF iJOVEi~1BER Ai]D DECET•1BER,
1976 TO PROVIDE REVET~]i7ES TO PAY SEND SHORT-TERM NOTES;
PRESCRIBIT~IG OTHER DETAILS COI1CERi]ING SAID SHORT--Z'ERI~~1
NO`T'ES, IT~tCLUDING BUT NOT LIMITED TO COVENAN'T'S A`dD
AGRI~EMEIITS Ir1 COTIT~IECTION TIIr;R1„~'I`I'II, ATdD REPE~~LII`~G
I ALL ORD1:T~:f~,NCES IN CONFLICT HEI2ETdITIi .
WHEP,EAS, the Town of Vail (the "Town") in the County of Eagle and
,State of Colorado, is a legally and regularly created and exist.inc,
home rt,.le town and municipal corporation organized under the Colorado
,Constitution and laws of the State of Colorado and the Home Rule
• Charter of the Town of Vail; and
WHEREAS, the Town has previously adopted its 1976 Budget and
Financial Plan far the Town and has appropriated revenu:.~s to meet the
expenditures s~,~t forth therein; and
WIIERF;AS, the Town Council of t17e Tom of Jail has determined, and
does hereby determine, that it is necessary and fo1- the host interest
of t}ie Town of Vail. and the inhabitants thereof for the Totian to borrow
up to 4500,000.00 for a short term prior to ar~d in anticipation of
receipt of sales tax revenues of t_he Town for sales taxes imposed during
the months of November and December, 1.916, in order to obtain funds
with which to znoet and defray ordinary and necessary current municipal
expenses and to meet and defray current contractual obl_igati.ons of the
's'own prcp~rly incurred in accordance with its 1976 Budget a.rd Finan-
cial Plan; and
W1II-;R'~,AS, the `1'O~~m of Vail Holm Rule Charter (the "Charter")
author. i:res thf~ Toc;~n to borrow money without an election in a,itici-
pation of the collection of t~~xes or oth.~r revenues and to issue
chart-term notes to evidence the amouz?t so borro~~~~~d; and
WIII;RIA~, I_>ur:auant to O~~di.n~incc~ No. 11, S~,r.ir.s of 197 of-. tl~7c~ To~.~n
of Viii :L, thaz:c ~•a,z:~ subrna l~i_~~d to t.l~c ciu~ll i.f:aec3, ~:egi.::,Lc~r~~d c~le•ci.c~l~r, c~{
t.hc' 'i'OMIn C7~' ~,'`~1:1 ~ , Cl.?1c?z'i1~1.O, ill_. ~t [1]~C`(".l.il i:.it~CL"~_C~1~ h(`1c1 C)11 1~.11c~ 2'>t_li cl~~y
• . ! , ~
of Sept.ember_, 1973, the question o:f_ the imr~osi_tion of a four I7c~rcent
(4a) sales tax on the sale of tangible personal property at retail and
the furnishing of service; within the Town of Vail; and
WHEREAS, more then a majority of such clualif_ied, registered
electors voting on said sales tax question, voted in favor of imposing
'~ the said sales tax; and
WIiEREAS, the To~~m Council of the Town has estimated, determined
and anticipated and does hereby estimate, determine and anticipate
that the pr.i.ncipal maturing acrd the interest accruing on the said
$500,000.00 short--term borrowing authorized herein may be n~~et and
fully paid from revenues derived from the sales tax authorized by said
Town of Vail Ordinance i1o. 11, Series of 1973 as such sales tax applies
and is imposed during the months of November and December, 1976; and
WIIEI2EAS, the Town Council of the Town has determined, and does
hereby deterin.ine, that :i.t is necessary and for the best interest of
the To'~m of Vail and the inhabitants thereof, that the subject short--
term Notes i_n the aggregate principal amount rot exceeding $500,000.00
be now issued in accordance with the provisions of this Ordinance.
NOTr~, THEREFORI; , BE TT ORDAI2dED BY THE TOVJPI COUNCIL OF THE TOf4N OF
VAIL, COLORADO, THAT:
1. Pursuant to the authorization conferred by the Towr, of_ Vail
Charter, and for the purpose of meeting and defraying in whole or in
part the ordinary and necessary current expenses and meeting and de-
fraying current contractual obligations of the Town, the Town of Vail,
Colorado, sha1.1 issue from time to time on behalf of said Town, one or
more of its negotiable short-term notes in the aggregate principal
amount not exceeding $500,000.00 (the "Notes"), to be dated the same
day oi: days as the proceeds of said loan or loans are received by tha
Town, bearing interest at a rate not exceeding six percent (60) per
annum, payable in lawful money of_ the United States of America.. The
prlrlC:lpal of acid .intcrr:~ t on all of said Notes shall. be paid on or
before 1~iay 31, 1977, with such payment of pr°incipal and interest. to be
made solely from the re~.~enu~~:y and in the maru~cr. pravi.dc~d herein. T1re
Town sha.I.l havE, t.ho ol~t.ic>n to prt~l~ay said Notes at any time in ~~~holc
ar in part wii-horrt 1~c~na:!.t_y.
2. ';['he 1>r-i.nc.i}~._~1_ c~.f arid. t,lrc~ intcr~,: t on the I~]rrt-,~~~~ stl~r] ]_ be
~ • • . •
•
payable and collectibles solely out of the Net Sales Tax Rccoipts
pledged in this Ordinance; the holders of the Notes may not look to
any fund or source of revenue of the Town other than the Net Sales Tax
Receipts p]_edged herein for the payment of the principal of and the
interest on the IJotes; the Notes shall in no event be payable from the
proceeds of general property taxes payable to the Town of Vail and the
full faith and credit of the Town of Vail is not pledged for the
payment of the principal of and interest on said Notes; the Notes
shall not be considered or held to be general obligations of the Town
and shall constitute specia]_ and limited obligations of the Town.'
3. The principal of arYd the interest on the Notes shall be
payable solely and only out of the Net Sales Tax P.eceipts of the Town
received by it. as a result of the sales tax imposed and collected
pursuant to Ordinance No. 11, Series of 1973 of the Town, subject to
the following conditions and limitations:
a) Only those ~det Sales Tax Receipts imposed and collected
C
on account of sales of tangible personal pr_oL~erty at retail and
the furnishing of services occurring during the months of November
and December, 1976 are available and pledged pursuant to this
Ordinance for the purposes of the payment of the principal of anal
the interest on the subject rdotes;
b) The term "Net Sales Tax Receipts" as used herein, shall
mean the amount remaining from the gross sales tax receipts
of the specified months after deducting therefrom all costs and
expenses of collection, remittance and administration of said tax
as authorized by Colorado law.
c) The Net Sales Tax Receipts of the Town for sales taxes
i•
imposed during the months of November and December,. 1976 available
for payment of the Notes are subject to a limitation contained in
Ordinance No. 11, Series of 1973 of the Toren of Vail, that fifty
percent. of all of the revenues derived fi:om the subject four
percE~nt (4~) sales tax shall be devoted to and specifically
earm~~r}ced for the acquisition of real estate f_or public purpose~~
of i.he 7-'own of V~zi_]. and also for the acquisition, constr.ucti.on
and ccli.r~ir~pi.nc.~ of bui_l.dinc~s and f..~r_.i].i.tics far t}ic use' anc] bcncf::i t
of thc~ 7-<~:,i~ic~r t s of the '.1'c>cen of: \':1i.] , inrl_u~ii nc~ t-.hc amc~:rti.:gat, i.c~n
• • •
of any bonds of the Town of Vail issued for any of said purposes.
For such purl~o:,es, the `l'awn has previously issued cer_ t.ain bonds,
and may issue additional bonds, and in the various bond autho-
rizing Ordinances the Town has pledged and set aside (or may in
the future pledge and set aside) a11. of the sales tax revenues cf
the To~~m derived from a sales tax of two percent (2~} as autho-
rized by said Ordinance ~Jo. 11, Series of 1973, to pay the prin-
cipal of and the interest on said bonds. Accordiligly, the short--
term Notes au+~horized herein shall have a lien on the Net Sales
Tax F.eceipts cf the `T'own derived from a sales tax of two perce:It
(20) as authorized in Town of Vail Ordinance No. 11, Series of
1973, which is subordinate to the 'town's past, present and future
application of said receipts for the acquisition of real estate
for public purposes of the Town and alse for the acquisition,
construction and equipping of buildings and facilities for the
use and benefit of the residents of the Town and, in addition,
the subject short-term Notes shall have a. lien on such receipts
from a sales tax cf two percent (2~) subordinate to the lien on
i said receipts irapased or which may be imposed by said bond autho-
rizing ordinances for the purpose of paying the principal of and
the interest on the Town's past and future bonds issued for the
purposes of Ordinance No. 11, Series 1973 referred to above.
4. Subject to t}1e right of the Z'own to expend sales tax
revenues, enter into contracts and issue bonds as referred to in
paragraph 3c) above, the Town shall not issue any other or additional
short--term notes, anticipation warrants, bonds or other securities cr
otherwise enter into any contracts payable in cahole or in part out of
the Net Sales Tax Receipts of the Town collected by reason of sales
tales imposed far the months of November and December, 1976, and
having a lien on said Net Sales Tax Receipts prior ar superior to or
on a parity with the lien on said Net Sales Tax I.E,ceipts created
herein, to secure the payment of the principal of and the interest on
the subject short-term Pdotes; provided, however, IlOtlllIlg herein shall
be eonstl=teed as li_mi.L-inch the ri.c~ht of the Town to issue any such
ol~li.gations or enter. ilita cont:2°~-ICt.s tia}iicl2 are suborclinatc to the: Net
S~:Iles T~~~: 7:ecai}its hcrc.~:in i~lE~clgE:d for thG payment oi: the sub,jcct
~;}101"t.-~tE°]"IIl NOtE.'.S.
-~ ~ -...
• • ~ . •
5. ~i'he Town warrants that its Ordinance No. 11, Series of 1973,
is now in full force and effect and has not been"repealed or amended,
except that Ordinance No. 8, Series of 1974, amended said Ordinance
No. 11 concerning the rate schedule for sales taxes imposed b_y Or-
dinance No. 11, Series of 1973. With respect to the months of No-
vember and December, 1976, the Town of Vail shall not repeal its
Ordinance t1o. 11, Series of 1973, and the Town shall not amend said
Ordinance in a manner. which would diminish the sales tax revenue
security for said Notes.
6. The Town shall levy, impose, 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 four percent (4°)
of gross rece.-opts derived frorl the sale of. tangible personal property
and the furnishing of services now or hereafter subject to the Town's
said sales tax during the months of November and December, 1.976.
7. The Town of Vail covenants and agrees that all of the Net
Sales Tax Receipts derived from said foL7r percent (4~) sales tax as
authorized in Town of Vail Ordinance No. 11, Series of 1973, imposed
and collected on all sales of. tangible personal property at retail and
the furnishing of services during the months of November and December,
1976, shall be and hereby are irrevocably and solely assigned, pledged
and set aside to pay the principal of and the interest on the Notes,
as the same become due and payable, subject only to the prior. and
superi.~r. rights to and pledge of fifty percent of said sales tax
receipts as specified in paragraph 3c) hereof. This assignment and
pledge shall be valid and binding from and after the date of the first
delivery of any of the Notes, and the subject Net Sales .Tax Receipts,
as received by the Town and hereby assigned and pledged, shall im-
mediately be subject to the lien of this pledge without any physical
delivery thereof, any filing, or fuz-ther act, and the lien of this
pledge and the obligation to per.forn~ the contractual provisions hereby
made shall_ have priority over ani~ or all other obligations and lia-
bilities of the To~~~n (excci~i: as lierc~in othc:rwi:;e c~.;l~ressl~~ l~rovidc~ci) ,
and the li.c~n of 1,lii.:.~ 171edcle~ :~hal.l bc~ valid and bindin~T a.~ ~icf~iin::t al.l
._ ~;
_.
• . • . •
E~artios havi.nc~ clailna of any };ind in tort, contract or otherwise
against the Town (except as herein otherwise expressly provided),
irrespective of whether such p~lrties have notice .thereof.
8. For so long as the Notes shall be outstanding and unpaid,
except as otherwise provided herein, the entire Net Sales Ta:~: Receipts
for the months of rovember and December, 1976, upon their receipt from
time to time by the Town, shall be set as~i.de and credited immediately
to a separate spacial fund her.cby authorized and created, knot~~n as
the "Town of Vail November and December, 1976 Sales Tax Receipt Fund"
(the "Sales Tax Fund"). The Nc.t Sales max Receipts so collected by
the Town shalt be held separate and apart from the other funds or
accounts of the Town and the entire procc~~eds held in said Sales Tax
Fund (except as herein otherwise expressly provided) are hereby
pledged to secure the payment of the principal. of and the interest on.
,the subject shot-terz~l Notes. Upon payment in full of the principal
of anal the interest on said IJotes, any remaining proceeds of said
Sales Tax Fund may be used in any lawful manner determined by the
Town.
9. For so long as the Notes hereby authorized shall -remain
outstanding and unpaid, the Sales Tax Fund shall be administered, and
the monies on deposit therein shall be applied, in the following order
of priority (except as herein otherwise expressly provided):
a) First, on or before the 31st day of r.1ay, 1977, the Town
shall pay the interest due on said *Totes.
b) Secondly, on or before the 31st day of May, 1977, the
Town shall pay the principal of the Notes.
10. The Town covenants and warrants that except as provided in
paragraph 3c) above, there are no pledges of or liens on the Pdet Sales
Tax Receipts of the Town to be imposed and collected for the months of
November and December, 1976 in addition to or other than the pledge
and lien thereon created by this Or.dinancc.
11. The sums hcreinbefore provided to
interest on the Notes, when due, are hereby
purpose, and. said amounts sh,nll be included
L1T1Ct ~Zl]1]L'O[1r1:It:1.OCl Oz'd1IldIlCC al" 111~~afiUrCS t0
the `.C'~]c.~n Council or Lllc Tocti~n f=~1- th~~ year 1
C.~]I1:~f:.il:Ul.1C'Il, :. t:."l t.Ll~~', Cllcll't_:'1", Ortlln..U1c'~',
1' i _..
pay the principal of and
appropriated for that
in the 1977 annual. budctet
be adopted ~-lnd p~l~.sed h},
977. Nn provi~:>ion:, of any
1-c:~o1.lltioll, c.~r of hc~r orclc~r
• • i . •
r ~
U
•
•
or measure enacted after the issuance of: any of 1=1tc:: Not~~:~ her~c~iri
authorized shall. in any manner be con:>L-r.ued as 1._im.iting or impairing
the. obligation of the `POwIl to Levy, i~a;>o:~c, acimi.n.i_.:~tcr, enforce and
collect the sales tax as provi-ded herein, for tho payment of the
principal of and the interest on said Notes.
It shall be the duty of the Town Council, at the time and in
the manner provided by law fo.r levying other Town taxes, if such
action shall be necessary to effectuate the provisions of this Or-
dinance, to ratify and carry out the provisions hereof with reference
to the levy and collection of the sales to<:es herein speci-tied, and
saki Council shall require the officers of and for the Town -to levy,
impose, extend and collect said taxes in the manner provided by law
for the purpos:> of providing funds for the payment of the principal of
and the interest on thc~ Notes promptly as t.hc, same, respectively,
heCOnle dLle. The Sub]eCt Net Sales `I'aX 1?('Cei_ptS, when COlieCted, Sliall
be kept for and applied only to the payrncnt of the interest on and the
principal of said Notes as herei_nbefore specified (except as herein
otherwise expressly provided).
12. Said Notes shall be e.tecuted in the name and on behalf of
said Toc~~n with the manual signature of_ its Mayor, or in the absence or
disability of the Mayor, the i~~ayor Pro Tem, shall bear an impression
of the seal of the Town, and shall be attested by the manual signature
of the Town Clerk of the Town. Said Notes shall be in substantially
the f.ollot~~ing form:
-- 7 --
~ . i , •
13. Said Notes, when executed as provided }-~crein and by law,
shall be delivered by any one of the officers of the Town to the
purchaser thereof, u}~on payment to the Town of the par value thereof.
The proceeds derivocl from the sale of the Notes shall bc: used ex-
elusively f:o.r the purposes stated herein, provided, however, that any
portion of such proceeds may be temporarily invested pending such use
in securities or obligations which are lawful investments for the To~•~n
of Vail, wit}r such temporary investment to be mace consist.cnt with t}ie
covenant=}~~ereinafter provided concerning arbitrage bonds. Neither the
purchaser o{ said ;Dotes nor arty holder thereof shall be in any way
responsible for the application of the proceeds of said ~?otes by the
Tovrn or an;' of its officers.
14. The Town covenant; with the holder of the P~Iotes that it caill
make no use of the proceeds of such Notes at any time during the i;.errn
'ther_eof v:}rich, if such use had been reasonably expected on th` date
the Notes are issued, would have caused said Notes to be arbitrage
bonds witizin the meaning of Section 103 (d) of the Internal Revenue
• Code of 1954, as amended, and the regu]_ations proposed thereunder by
income taxation.
15. The Town, acting by and through its Town Council, its
officers, or other~ti~ise, shall faithfully and punctually perform, or
cause to be performed, all duties wlth respect to the imposition,
extension and coll_oction of the sales tat pledc;ed herein which may be
required by the Constitution and laws of the State of Colorado, the
}come Rule Charter and the various resolutions ~tnd ordinances of the
Town, incl.uclinq, taithout limitation, the proper segreq;rtion of_ t}ic Net:
Sales Tax Receipts and their application from time to t.i.m~ to the
a11eS T~lx Fund l~rovi.dc>d herein.
16. lit any ti.mc~ and at all times, thc~ To~~;n shell, ::~o far as i_t
may b~ ,rui.hori: col by lcr~•~, p~~t~,:,, m:-r}:c', do, c::ccuLc~, cickno;al~~d~te,
cl~~l .ivcz-, ~iu~} f i l~~ or r c_~cord 11.1 ~rncl c,v~~ry :such fur't.hc~r- in:~trt~m~•nl.:;,
the United States Treasury Department, unless, under any valid pro°
vision of l.aw hereafter enacted, the interest paid on the Notes (a)
shall be excludable from the gross income of a recipient thereof for
Federal income tax purposes without regard to .vhether or not such
dotes are arbitrage bands, or (b) shall be exempt from all Federal
. 1 .~ _.
• • • . •
acts, asc.i.gnment:,, transfer.:, other documents, and assurances as may
be necessary or desirable for the hotter assuring, granting, assigning
and confirming all anti sincJular thc~ rigl~Its, Net Sales Tax Receipts,
Sales Taf: Fund and other funds and accounts hereby pledged or assigned,
or intended so to bc, 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
Town Counci..1, its officers, or otherwise, shall at all timers, to the
extent permitted by law, defend, preser~,~e ar2d protect the p1_edge of
- the Net Sales Tax Receipts, the Sales Tax Fund and other funds and
accounts pledged hereunder and all the rights of the holder of the
Notes autha_r_ized herein against all claims and demands of all persons
whomever.
]_7. T'rIe Town hereby warrants and covenants that upon the date of
issuance of the Notes, all conditions, acts and things required by the
Constitution or statutes of the United States, the Constitution or
statutes of the State of Colorado, the Town Charter of the Town of
• Vail, Colorado, or this instrument, to exist, to have happened and to
have been performed precedent to or in the issuance of the subject
Notes shal]_ exist, have happened and have been performec], and the
Notes, together with all other obligations of_ the Town, shall not
contravene any limitation prescribed by the Constitution or statutes
of the United States or the Constitution or statutes of the State of
Colorado oi: the Town Charter, resolutio2~s or ordinances of the Town of
Vail, Colorado.
18. 2'he TOW21 will keep proper books of record and. account
showing complete and correct entries of all transactions relating to
the Net Sales Tax P.oceipts and the Sales TaY Fund established herein.
Any holder of the Notes, or any duly authorized agent or agents of
such holder, shall have the right during normal business hours to
• inspect a11. rccor.ds, accounts and uata relating thereto.
19. The 'T'own, .its offi_ccr.s, acJ~nt ~ and employees, and its Town
Counci]_, shal]_ not take an~~ action in such manner or to such extent as
mi.cTllt~. prcjuciicc thc~ sc~curi.t.y for t.hc l~;i~~ment oL the pri2lci_l~al of anti
t11C ]_r1t:,C`1"i`:St UIl Llh' NULL):;. NU COI)t~L'~.iCt: :>h,:ll] 1.)t' C21t:C'1'i'C] 1nLU rl0)' ~I211~
at}Icy)- ,i~~t.-i.ol) t-~:)];c~i~ by ~~~lii_cl) 11)c~ r.i~,hL-s o1: ~121y ho]_c.]c~)- oi- th~~ Notc~r, <I_,
_. ] -: _.
~ ~ ~ ~
provided and limited by the Or.din~lncc~ might be }~r.cjudicially and
m~_iterial.ly irnpairc:~1 or diln i ni:,hed .
20. The Town shall promptly pay the princi.}gal of and the in-
t~rest on the Notes issued }ler.eunclcr. and secured hereby at the places,
on the dates, and in the rnanller specified herein and in the Notes
• according to the true intent and rneani_nq hereof.
21. j•Jhen duly executod and de]_i.ver_ed for the purpose provided
for_ in this Ordinance, the TloteS shall constitute warra~lties by and on
behalf of the To~an f:or the benefit of c~lch and every future holder_
thereof, that the i~JOtes have been issued for a valuable consideration
in fu11 conformity with law.
22. Any holder_ of the Motes issued. hereunder shall be entitled
to all of the privileges, rights and remedies provided or permitted in
this Ordinance and as otherwise provided or per_m.itted by law or in
equity or by other statutes. 7;dothing herein affects or impairs the
right of any holder of the Notes to enforce the payment of the prin-
cipal and interest due in connection therewith at the time and place
expressed herein and in such Notes.
23. All action heretofore taken by the Tovm of Vail and by the
officers of the Town (not inconsistent herewith) directed toward thn
authorization of the subject Notes for the purpose of providing funds
to defray in whole or in part the ordinary and necessary current
e:;penses and the contractual obligations of the Town, be and the same
is, hereby ratified, approved and confirmed.
24. The off.i.cor_s of the Town are hereby authorized acid directed
to enter into such agreements and take all action necessary or ap-
propriate to effectuate tl"1C' provisions of this Ordinance and to comply
with the requirements of law, including without 1.i.miting the gen-
erality of the foregoing: (u) the execution of :such certificates as
may be reasonably rcquir.ed by the purchaser of the Notes relating to
the tenure and identity of the Town officials, the: receipt. of the tiotes
purchase }?rice, and, if in accordance with the facts, the absence of
litigation, pendin<:3 or. thrcatc~ned, af_i=c~ct.i.nc~ tl le~ validity of the Notes;
alld (17) the ma}:x.r1C~ Uf thC' Var1oU,~ st:atC'.111C'I"lt:~, r('Cltal: , CL'rt.1.flC~ltlOns
and ~-r~zrrallt.ies prov.icic~c_l for.. ~~.n thc~ forln of Note ~~ot forth .in tlli.s
Ordinance.
• • • ~ ~
25. Except as herein otherwise expressa_y provided, nothing
•
herein e:{press or i.mplicd, is intended ar shall be construed to confer
upon or to give to any person, other than the Town, the Token Council,
and the holders from time to time of the dotes, any right, remedy or
claim under or by reason hereof: or any covenant, condition or stipu-
lation hereof. All the covenants, stipulations, promises and agree-
men a herein contained by and on behalf of the Town sha11 be for the
sole and er>c]_usive benefit of the Town, the Town Council and any
ho7_ders of the Notes.
26. Tdo recourse shall be had for the payment of the principal of
.and the interest on the Notes o3- for_ any claim based thereon or other-
wise upon. this Ordinance authorizing its issuance or any other in-
strument pertaining thereto, against any individual member of the Town
Council. or. any officer or other agent of the Town, past, present or
future, either direct]_y or indirectly, through the Town Council or the
.Town, or otherwise, whether by virtue of any Constitution, statute or
rule of law, or by the enforcement of any penalty or otl~ierwise, all
stach liabi]_ity, if any, being by the acceptance of the Notes and as a
part of the consideration of its issuance specially waived and released.
27. All ordinances, acts, orders, or resolutions, or parts
thereof, taken by the Town of Vail and in conflict with this Ordinance
are hereby repealed. This repealer shal_1_ not be construed to revive
any ordinances, acts, orders, resolutions, or parts thereof, hereto-
fore repealed.
28. This Ordinance is, and shall constitute, a legislative
•
measure of_ the Town of Vail, and after the Notes hereby authorized are
issued, sold and outst~.nding, this Ordinance shall constitute a con-
tract between the Toren and the holders of said Notes, and shall be and
remain irrepealablc~ until said Notes and the interest accruing thereon
shall have been fully paid, satisfied and discharged.
29. The proper officers of the Toren of Vail, Colorado, are
hereby authorized and directed to pay or cause to be paid the i.nter.est
on tllc~ IJotes lie re in aut.hori..~ed as the samo sha] ]_ accrue, and the
pr.inr.il.~.rl. of :>aicl i1~~t.c~:; at. nr l~c~forc mat.urit.y, wi_t.hout: f-urt.her warrant:
~r or'dc.r-.
30. ] f <rri~' 1>,->>~~Lr~:r.,il~ii, r..1.ru:x~ oi: 1?r~ovi:~i.on cif. t.hi :; O1c3.i n,rrrc_c~ .i.::
_? ~;__
• • Z , •
jt.tcli.ci.ally tulj ttdclrcl inv,il-.i.d car unc~nEorcc~al~1E~, such jt_tclgtneni. s}~a11. noi.
affect, impair or inv,.~_1-z.<l~zl-c~ tttc~ r c~riiain.i_nr3 }~arayr_aph:~, cla~t :,~:> or
prow-isions }zc~r.~~~~f:, the ini,enti.c~n bczing that_ the various paragraphs,
clauses or provisions hercor are ~averablc:.
31. A pukzlic heara_ncJ on this proposed Ordinance shall be held ray
the Town Council at 7:30 P.M., on Tuesday, September 2l, .1976, at the
Town of Vail I~Sunicipal }3uil.dinc~, Vail, Colorado, and i_t is hereby
ordered that notice of said meeting be given as refit-ii.red by law.
INTROllUC1D, P~L11D O~I1 I'IPST 1:!?~LDIi~G, 71PPROVED hND ORDERED PIII3I~ISIII?D
ONCL; IN >'UI,L `I'I.IIS 7th Dli`~ OF SEY`1'T't~4I;IR, l~)7u.
~r0~9IQ OI~ VAIL
~~TTr s'r
'own Cler}}- ---
By
ayor
• • • i
[For-m of NotcJ
UNITED S'1"'A`i'ES OF AP473RICA
STATE OF COLOI2AD0 COUNTY OF E71GLr
TULQid OF VAiL
• SALES Tt'1l ANTICIPATION SIIORT-TEIZt'i NOTE
The Town of Vail, in the County of Eagle and State of Colorado,
for value received, Yu_~r-eby promises to pay to the order of
solely from the Net Sales Tax Receipts provided therefor,
• at the office of the Town, in Vail, Colorado, the sum of $ ,
•with interest on the unpaid balance thereof at the rate of per-
cent per annum from the date hereof until paid.
The principal hereof and the interest hereon will be paid in
la~~~ful money of the United States of Arr~erica on or before May 31, 1977
:~olel.y and only frcrl the Net Sales Tax Receipts cf the Town of Vail,
as provided and limited herein, from tl.c imposition of the Town's
sales tax during the months of Ploventber and December, 1976, when
. received, l~~eretofore levied and imposed cn all sale:- of tangible
personal property at retail and the furnishing of services within the
Tcwn of Vail, Colorado. This Note may be partially or ~,~holly prepaid
at the option of the Tern of Vail at any time without penalty.
This Note is issued in anticipation of said Net Sales Tax Receipts
far the months of November and December, 1976, to provide funds to
meet and defray the ordinary and necessary current expenses and the
contractual obligations of the Town of Vail. This Note and the in-
terest hereon do not constitute a general obligation of the Town of
Vai_1 and the full faith and credit of the Town of Vail is not pledged
for. the pa~-ntent hereof. This Note is not payable in whole or in part
from the proc~~ods of general property tales of the TOWI1 of Vail. This
Note and tho intero'_,t. payable: hereon are limited special obligatiolt=,
of the Town of Vail and are pa~•able and collcetiblt~ solely out of and
are st.curod by an i.rr~~:vocalal~~ plc~_lc~t~ of tllc Net S,_iles ~"a:c Recoipt.s ol:
the '.~cwn of ~~'ail cdltcn, as, arl~i if collect.~ct front tYte levy, imposi.ti.on,
etil:ults.ion al~.d co.1:L<~ul.i~~n oL thr~ 'i'c~wn' S sale: tax imposed on all 5a1~~~~
oil t.In~Ti.i_,1~~ I:'~,r_>on,:tl E~rol,~~r-ty at r~~t,~:i.l and the furni:;lrin~I of: ~>c~rv1c~.~:;
\^iJ~:.lll.ll tll~_' "1.'t1~~11i ~ILrL'1.Il~j t-}lt' lli~)I1~:,11::~ C~~ N(.)\,'~_'Jll~.l~_?L" ~ill~l ~)~~Cl'll'ti)<'].', 19~U,
,;
~ ~ ~ ~ ~
w}iich P1ct Sales Ta:: I:eceipt~ are so pledgi:d, as mare specifically
provided in Ordin~lnco No. Series of 1976, adopted September 21,
1976 by the moan Council of the Town of_ Vail (the "Ordinance") pur-
suant to which Ordinance this Note is issued; and the holder hereof
may not look to any general or other fund of the Town for the payment
.• of the principa]_ of and interest on this Note, except the special Net
Sales Tax Receipts and the Sales Tax Fund pledged therefor. Nothing
herein shall be construed as authorizing any assessment or levy of any
taxes or assessments for the payment of the principal of and the
interest on this i]ote, except for said sales to}:es for the months of
November and December, 1976.
Payment of the principal of and the interest on this Mote shall
be made solely from and as security for such payment, there is ir-
revocably pledged, pursuant to the Ordinance, a special fund thereby
created and identified as the "Town of Vail November and December,
1976 Sales Tax Receipt Fund" (the "Sales Tax Fund") into which fund
the Town covenants to pay the Piet Sales Tax Receipts of the Town from
the imposition of the Town's four percent (40) sales tax during the
• i.~onths of November and December, 1976, provided that the lien securi.r_g
this Note on said tlet Sales Tai: Receipts and Sales Tax Fund is sub-
ordinate to any lien thereon arising out of the right of the Town to
devote the Net Sales Tax Receipts received from a sa]_es tax of t~ti~o
percent (2°) for the acquisition of real estate for public purposes of
the ToUm and also for the acquisition, construction and equipping of
buildings and facili-ties for the use and benefits of the residents of
the Town, including the amortization of any bonds of the To~~Tn issued
for any of said purposes, all as is more specifically set fortri in the
Ordinance.
It is hereby recited, certifie..] and warranted that for the payment
of this Note and of the interest hereon, the To~~Tn of Vai]_ has created
• and will maintain said Sales Tax Fund and will deposit therein, all
Net Sales Tax Receipts for the months of November and Deceml~ar, 197
as provided in the Ordinance, and out of said special funds, as an
irrevocable charge t:her.eon, the Town of Vail will pay this 1`lotc and
interest thcrf~on, in the mZnner_ provi.dr~d by said Ordinanc:..~. The Net
~;.~:Lc~:; 'I'aS Rr~cci]>t_~.; r~C the 'Po~~~n of. V~iil front t.h~~ im}~o: i.tior~ of :>Zid
:;.~]~~<; t..7:; ci~tr.in~;, t.li~~ month: of I1ovc~ml~~~r r:rn~l I:~c~cc~mt~cr, 1976, ~_ire
__ c~ _.
G
i
• • • , •
(e„cent a.; othr~r~aiso expressly pr.ovi.ded in this Note and i_n the
Urdir~ance) assi.cJned, plc~dgc~d and t,r~t: aside to the p~ryment of this :tote
and the interest hereon in anticipation of the collection of said
sales taxes for said months.
The Town of Vail covenants and agrees with the holder of this
•• Note and with each and every person who may become the holder hereof
that it wi_11 keep and will perform all of the covenants of the Or-
dinance and of this dote.
Reference is hereby made to the Ordinance for a description of
the provisions, terms and conditions upon which this Note is issued
and secured, inc7_udi_ng without limitation, the nature and extent of
the security for this dote, provisions with respect to the custody and
applicati.an of_ the proceeds of the IvTOte, the collection and dispo-
sition of the revenues and monies charged with and pledged to the
payment of this Note, a description of the special fund referred to
above and the nature and extent of the security and pledge afforded
thei:eby for the payment of this T1ote, as well as the rights, duties
and obligations of the Tocan of Vail and its Town Council and also the
Y~ights and remedies of the holder of this Note.
It is hereb}J certified, recited and warranted that all acts,
conditions and things rertzired by lac•,~ to be done precedent to and in
t}~e issuance hereof have been properly done; that all the recruirements
of iata have been fully complied with by the proper officers of the
Town of Vail in the issuance of this Note; that it is issued pursuant
to and in strict conformity wit}~ the Colist_itution and laws of the
State of Colorado, the Ho.r~c Rule Charter, ordinances and resolutions
of the Town of Vai.1 and pursuant to an Ordinance of said Town duly
adopted, published and made a law of said Town prior to the issuances
of this Note; that this P~ote does not contravene any Constitut.i_anal or
statutory limitation or any provision of the Flomc Rule Charter, reso-
lutions or ordinances of the Town of Vail; and that this Note is
issued under the authority of the Or.di_n3nce.
ror the p~~ymcnt of thi:~ 21ote ~-~ncl the interest heroon, the Town o£
Vail, Co].ox-ado ;~leclc}es the exercise of all of its la.•;f=ul corporate
l~o~•:er:; .
7N `I'TS'1'1t~1C1r11' IJII}~'P1~?C)I', the Town Cc~unci.l. of thc~ Totti~n o.f_ V~li.].,
Cc~lc~r~~clc~, h, :; c:iit:,r~cl !-.lii~; Nc~tc~ ts~ 1~;~ c~tir~rttt~•cl in t:h~~ n,.t~nc• ~itld nn
~ ~ ~ ~ ~.
C
i•
i•
behalf of said Town with
Pro Tem of said Town, to
said Town, and to be att
thc~reof_ , all as of the
(T06
ATT1
the m~inual :aignature of the Pt::tyo.r or M~lyor
be sealed with an impression of- the seaJ_ of
ested by the manual signature of the C1e.r_k
day of 19
TOWI~T OF VIGIL, CU~RI~DO
td of Form of Note]
~1
-]:l_.