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HomeMy WebLinkAbout1976-24 To Contract an Indebtedness on Behalf of the Town of Vail by Issuing General Obligation Bonds of Said Town in the Principal Amount of $300,000 • • C~ ORDINANCE N0. ~~- SERIES OF 1976 r~ L AN ORDINANCE TO CONTRACT AN INDEBTEDNESS ON BEHALF OF THE TOWN OF VATL, COLORADO, AND UPON THE CREDIT THEREOF, BY ISSUING GENERAL OBLIGATION BONDS OF SAID TOWN IN THE PRINCIPAL AMOUNT OF $300,000 FOR THE PURPOSE OF PAYING, IN WHOLE OR IN PART, THE COST OF ACQUIRING, CONSTRUCTING AND EQUIPPING A PEDESTRIAN OVERPASS AND SITE THEREFOR, TOGETHER WITH ALL NECESSARY INCIDENTALS; PRESCRIBING THE FORb1 OF SAID BONDS; AND PROVIDING FOR THE LEVY OF TAXES AND FOR THE APPLICATION OF SALES TAX REVENUES OF THE TOWN OF VAIL TO PAY SAID BONDS AND THE INTEREST 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 was submitted to said electors the following question: I-70 PEDESTRIAN OVERPASS 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 $300,000.00 or so much thereof as may be necessary for the pur- pose of defraying, in whole or in part, the cost of acquiring, constructing and equipping a pedestrian overpass and site there- for, together with all necessary incidental and appurtenant facilities, structures, land and equipment, to provide a ped- estrian overpass over Interstate Highway 70 between the Potato Patch and LionsHead subdivisions, 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 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 said question 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 elec- tors of the Town of Vail, Colorado voting upon such question of in- curring indebtedness at the special election held on the 14th day of October 1975, in a total principal amount of $300,000, as hereinafter set forth in this Ordinance; and -2- • • • , • WHEREAS, after notice of sale sealed bids were received and publicly opened on the 24th day of August, 1976, for the purchase of said $300,000 principal amount of General Obligation Bonds, the Bonds being sold to the bidder making the best bid therefor, i.e., Kirchner-, Moore and 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 in- terest and otherwise being issued subject to the terms provided herein; and WHEREAS, pursuant to Ordinance No. 11, Series of 1973 of the Town of Vail, there was submitted to the qualified, registered electors of the Town of Vail, Colorado, at a special election held on the 25th day of September, 1973, the question of the imposition of a sales tax on the sale of tangible personal property at retail and the furnishing of services within the Town of Vail; and WHEREAS, more 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 of the Town of Vail has estimated and determined and does hereby estimate and determine that the principal maturing and the interest accruing on said $300,000, the principal amount of Bonds of the issue authorized herein, may be met from revenues derived from 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 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 pedestrian overpass purposes in the total prin- ~ cipal amount of $300,000 be now issued in accordance with the pro- visions of this Ordinance. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, THAT: -3- . • ~ • • i. Pursuant to the authorization conferred by the qualified, registered electors of the Town of Vail at a special municipal elec- tion duly called and held on October 14, 1975, and for the purpose of defraying, in whole or in part, the cost of acquiring, constructing, and equipping a pedestrian overpass over Interstate Highway 70, to- gether 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 nego- tiable coupon General Obligation Bonds, Series September 1, 1976, in the aggregate principal amount of $300,000, dated September 1, 1976, consisting of 60 bonds in the denomination of $5,000 each, numbered 1 to 60, 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 September 1 of each year, and shall bear per annum interest from September 1, 1976 to the payment of their principal sums, as follows: Bonds Numbered Principal Per Annum (both inclusive) Amounts Maturity Interest 1 $ 5,000 1977 8.00 2 5,000 1978 8.00 3 to 4 10,000 1979 7.25 5 to 6 10,000 1980 7.25 7 to 8 10,000 1981 7.00 9 to 10 10,000 1982 7.00 11 to 12 10,000 1983 6.75 13 to 14 10,000 1984 6.75 15 to 16 10,000 1985 6.75 17 to 19 15,000 1986 6.75 20 to 22 15,000 1987 6.75 23 to 25 15,000 1988 6.75 26 to 28 15,000 1989 6.75 29 to 32 20,000 1990 6.75 33 to 35 15,000 1991 6.60 36 to 39 20,000 1992 6.70 40 to 44 25,000 1993 6.75 45 to 48 20,000 1994 6.75 49 to 53 25,000 1995 6.00 54 to 60 35,000 1996 6.00 • Said interest shall be payable March 1, 1977, and semiannually thereafter on the 1st day of March and the 1st day of September of each year. Bonds of this issue numbered 1 through 22, inclusive, maturing on or before September 1, 1987, are not redeemable prior to their re- spective maturity dates. Bonds of this issue numbered 23 through 60, -4- • • • . • 3 inclusive, maturing in the year 1988 and thereafter, are redeemable at the option of the Town Council on September 1, 1987, and on any in- terest payment date thereafter, in inverse numerical order, at a price equal to the principal amount of each Bond so redeemed, accrued in- terest thereon to the redemption date, and a premium of one and one- half percent (1-1/20) of the principal amount of each Bond so re- deemed. Notice of any redemption shall be given by the Town Clerk in the name of the Town of Vail, Colorado, 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 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 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 holders of each of the Bonds being redeemed, if the names and addresses of such holders are recorded with the Town Clerk. For this purpose, the . holder of any such Bond may at any time furnish his name and address 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 the principal amount thereof and accrued interest on said principal amount to the redemption date, and any premiums payable on prior redemption, and that from and after such date interest will cease to accrue. Any Bonds redeemed prior to their respective maturities by call for prior redemption (or otherwise) shall not be reissued and shall be cancelled the same as Bonds paid at or after maturity. 2. The principal of, interest on, and any premiums due in con- nection with the redemption of said General Obligation Bonds, Series September 1, 1976, shall be payable in lawful money of the United States of America without deduction for exchange or collection charges at United Bank of Denver National Association, Denver, Colorado, which is hereby designated the paying agent for this Bond Issue. -5- • ~ • • • The net effective interest rate on Bonds of this issue is 6.5327%. 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 A4ayor. Said coupons shall be numbered consecutively from one upwards for each Bond as appropriate. When issued 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 suf- ficient for all purposes. 4. Said Bonds and the interest coupons attached thereto shall be in substantially the following form: • -6- • ~ • (Form of Bond] UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF EAGLE TOWN OF VAIL GENERAL OBLIGATION BOND, SERIES SEPTEMBER 1, 1976 i• No. $5,000 The Town of Vail, in the County of Eagle and State of Colorado, for value received, hereby acknowledges itself indebted and promises to pay to the bearer hereof the principal sum of FIVE THOUSAND DOLLARS in lawful money of the United States of America, on the 1st day of September, 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 * per centum ( %) per annum, payable March 1, 1977, and semiannually thereafter on the 1st day of September and the 1st day of March of each year. The principal of, interest on, and any premium due in connection with • the redemption of this Bond 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. If upon presentation at maturity payment of the principal amount of this Bond is not made, interest shall continue at the rate stated herein until payment of said principal amount is made in full. Bonds of this issue maturing on or before September 1, 1987, are not redeemable prior to their respective maturity dates. Bonds of this issue maturing in the year 1988 and thereafter are redeemable at the option of the Town Council on September 1, 1987, 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 one-half per centum (1-1/20) of the principal amount of each Bond so redeemed. 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 The -7- . ~ ~ ~ ~ ~ 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, Colorado, and by sending a copy of such notice by certified or regis- tered first class, postage prepaid mail, at least thirty (30) days prior to the redemption date, to the holders of each of the Bonds • being redeemed, if the names and addresses of such holders are re- corded with the Town Clerk. For this purpose, the holder of any such Bond may at any time furnish his name and address 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 the principal amount thereof, accrued interest on said principal amount, and any premiums payable on prior redemption, and that from and after such date interest will cease to accrue. 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, constructing, and equipping a pedestrian overpass and site therefor, 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 Town of Vail Charter, 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 hereby 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. It is further hereby recited, certified and warranted that the total indebtedness of said Town, including that of this Bond, does not exceed any 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 14th day of October, 1975, the issuance of this Bond was duly autho- rized by the qualified, registered electors of the Town voting at said election; and that provision has been made for the levy and collection -~- • • • • ~ U i• of a direct annual tax on all the taxable property within the Town without limitation as to rate or amount, and for the application of certain sales tax revenues of the Town, 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 Vail, 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 PZayor of said Town, to be sealed with a facsimile of the seal of said Town, to be attested by the manual signature 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 1st day of September, 1976. (FACSIMILE) ( S E A L ) Attest: (Manual Signature) Town Clerk TOWN OF VAIL, COLORADO By (Facsimile Signature) Mayor [End of Form of Bond] -9_ • • • . • * Bonds numbered 1 to 2, inclusive, maturing from September 1, 1977, to September 1, 1978, inclusive, bear interest at the rate of eight per centum (8%) per annum. Bonds numbered 3 to 6, in- clusive, maturing from September 1, 1979, to September 1, 1980, inclusive, bear interest at the rate of seven and one-quarter per centum (7.250) per annum. Bonds numbered 7 to 10, inclusive, maturing from September 1, 1981, to September 1, 1982, inclusive, bear interest at the rate of seven per centum (7.0%) per annum. Bonds numbered 11 to 32, inclusive, maturing from September 1, • 1983, to September 1, 1990, inclusive, bear interest at the rate of six and three-quarters per centum (6.750) per annum. Bonds numbered 33 to 35, inclusive, maturing on September 1, 1991, bear interest at the rate of six and six-tenths per centum (6.60) per annum. Bonds numbered 36 to 39, maturing on September 1, 1992, bear interest at the rate of six and seven-tenths per centum (6.7%) per annum. Bonds numbered 40 to 48, inclusive, maturing from September 1, 1993, to September 1, 1994, inclusive, bear interest at the rate of six and three-quarters per centum (6.750 per annum. Bonds numbered 49 to 60, inclusive, maturing from September 1, 1995, to September 1, 1996, inclusive, bear interest at the rate of six per centum (60) per annum. • • -10- ~ ~ ~ ~ ~ [Interest Coupon Form] No. $ March, On the 1st day of September, 19_, unless the Bond to which this coupon is attached, if redeemable, has been called for prior re- demption, the Town of Vail, in the County of Eagle and State of Colorado, will pay to bearer the amount shown hereon in lawful money of the United States of America, at United Bank of Denver Plational Association, Denver, Colorado, being interest then due on its General Obligation Bond, Series September 1, 1976, dated September 1, 1976, bearing No. (Facsimile Signature) Mayor Town of Vail, Colorado • [End of Interest Coupon Form] • -11- • • • ~ • 5. Said Bonds, 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 used exclusively for the purposes stated herein, provided, however, that any portion of the Bond proceeds may be temporarily invested pending such use in se- curities or obligations which are lawful investments for the Town of Vail, with such temporary investment to be made consistent with the covenant hereinafter provided concerning arbitrage bonds. Neither 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 1977 shall be advanced from any revenues or funds of the Town lawfully available therefor. For the purpose of reimbursing any such advance and also for the purpose of paying the ~.nterest on and principal of said Bonds as the same become due and payable respec- tively, 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 1977 to 1995, 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 any other funds or 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 or principal of said Bonds, and upon the application of any other such funds or revenues as aforesaid, the levy or levies for ad valorem taxes herein provided may thereupon be -12- • • • • ~ diminished to the extent the requirements for such Bond and interest payments for the particular year are thereby diminished. 7. Notwithstanding the foregoing provisions for ad valorem tax levies, the Town hereby further covenants and agrees that so long as .. the General Obligation Bonds, Series September 1, 1976, 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 4% of gross receipts derived from the sale of tangible personal prop- erty and the furnishing of services now or hereafter subject to said sales tax. The Town of Vail has previously issued its General Obli- gation Bonds as follows: its General Obligation Bonds, Series No- vember 1, 1973, authorized by Ordinance Pdo. 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; its General Obligation Refunding Bonds, Series 1974, dated November 15, 197, authorized by Ordinance No. 21, Series of 1974, in the original principal amount of . $2,640,000, which Refunding Bonds refunded the full amount of the Town's General Obligation Bonds, Series November 1, 1973, and its General Obligation Bonds, Series December 1, 1975, authorized by Ordinance No. 21, Series of 1975, in the original principal amount of $860,000. 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 one-half of the above stated 4o of gross receipts authorized by said Ordinance No. 11, Series of 1973, to pay the interest on and the principal of the General Obligation Bonds and General Obligation Refunding Bonds authorized thereby. Said Or- dinances 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 general obligation bonds of the Town of Vail which may • be issued on a parity with said General Obligation Bonds or General Obligation Refunding Bonds. The Town of Vail covenants and agrees that all the sales tax revenues, derived from one-half of said 40 of said gross receipts as authorized in Town of Vail Ordinance No. 11, Series of 1973, shall be and hereby are irrevocably and solely pledged -13- • . ~ and set aside to pay the interest on and the principal of the subject General Obligation Bonds, Series September 1, 1976, as the same become due and payable from year to year, on a parity with the Town's obli- gation 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, said Town of Vail General Obligation Re- funding Bonds, Series 1974 and said Town of Vail General Obligation Bonds, Series December 1, 1975; provided: ~1. 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 September 1, 1976, 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 payable from said pledged sales tax revenues, has been fully provided for in said fiscal year), including, but not limited to, payment of special non-general obli- gation 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 September 1, 1976, with respect to the sales tax revenues herein pledged. So long as the General Obligation Bonds, Series September 1, • 1976, remain outstanding and unpaid, the Town of Vail shall not repea l its Ordinance No. 11, Series of 1973, and the Town shall not amend said Ordinance in a manner which, taking into account 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. -14- • • • • • Nothing in this Ordinance shall be construed in such manner to • • prevent the issuance by the Town of Vail of additional bonds of any nature, provided said additional bonds are issued in a manner con- sistent with the provisions and limitations stated herein with respect to the sales tax revenues herein pledged. £3. 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 to 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, reso- lution, 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 ad valorem taxes, without limitation of rate or amount, or as limiting For impairing the obligation of the 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 of this Ordinance, to ratify and carry out the provisions hereof with refer- ence 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, extend and collect said taxes in the manner provided by law for the purpose of providing funds for the payment of the principal of the Bonds authorized herein and the in- terest accruing thereon promptly as the same, 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. 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 been reasonably expected on the -15- ~ f ~ ~ _ _ ~ date the Bonds are issued, would have caused such Bonds to be arbi- trage bonds within the meaning of Section 103(d) of the Internal Revenue Code of 1954, as amended, and the regulations proposed there- under by the United States Treasury Department, unless, under any _ 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. Z0. All action heretofore taken by the Town of Vail and by the officers of the Town (not inconsistent hex'ewith) directed toward the authorization of bonds for the purpose of providing funds to defray in whole or in part the cost of acquiring, constructing, and equipping a pedestrian overpass and site therefor for said Town, be and the same is, hereby ratified, approved and confirmed, including, without limi- ting the generality of the foregoing, the acceptance of the bid pro- posal for the purchase of the Bands authorized herein submitted by Kirchner, hSoore and Company, Denver, Colorado. • 11. Pursuant to the Uniform Facsimile Signature of Public Of- ficials Act, part 1 of article 55 of title 11, Colorado Revised Statutes 1973, prior to the sale of the Bonds authorized herein, there has been or will be filed with the Colorado Secretary of State a Facsimile Signature Certificate bearing the manual signatures of John A. Dobson, the Mayor of the Town of Vail, and Rosalie Jeffrey, the Town Clerk of said Town, certified by them under oath. Said filing is hereby ratified, confirmed and approved for the purposes of issuing the subject General Obligation }3onds, Series September 1, 1976. 12. The officers of the Town are hereby authorized and directed to enter into such agreements and take all action necessary or ap- propriate to effectuate the provisions of this Ordinance and to comply • with the requirements of law, including without limiting the gener- ality of the foregoing: a. The printing of the Bonds herein authorized including the printing upon each of such Bonds of a copy of the approving opinion of Messrs. DeMuth & Eiberger, bond counsel, duly cer- tified by the Town Cler};; and -16- • • • . • 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 Town officials, the assessed valuation and indebtedness 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, certifi- cations and warranties provided in the form of Bond set forth in this Ordinance. 13. There is hereby appropriated and set aside from any avail- able 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 September 1, 1976, including, but not being limited to, any publication, legal, engineering and fiscal agent costs and expenses. 14. All ordinances, acts, orders, resolutions, for parts thereof, taken by the Town of Vail and in conflict with this Ordinance are • hereby repealed. 15. This Ordinance is, and shall constitute, a legislative 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 or holders of said Bonds, and shall be and remain irrepealable until said Bonds and the interest accruing thereon shall have been fully paid, satisfied and discharged. 16. 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 warrant or order. 17. If any paragraph, clause or provision of this Ordinance is • judicially adjudged invalid or unenforceable, such judgment shall not affect, impair or invalidate the remaining paragraphs, clauses or provisions hereof, the intention being that the various paragraphs, clauses or provisions hereof are severable. 18. A public hearing on this proposed Ordinance shall be held by the Town Council at 7:30 p.m. on Tuesday, September 21, 1976, at the -17- .• • ~ • ~ • Town of Vail Municipal Building, Vail, Colorado, and it is hereby ordered that notice of said hearing be given as required by law. INTRODUCED, READ OPd FIRST READING, APPROVED AND ORDERED PUBLISHED ONCE IN FULL THIS 7th DAY OF September, 1976. i• i• TOWN OF V ( S E A L ) By /~Yor Attest: Town Cleric (~ INTRODUCED, READ ON SECOND READING, APP~RyOVED, ADOPTED, ENACTED AND ORDERED PUBLISHED ONCE IN FULL THIS ~IIW DAY OF ~ , 1976. ( S E A L ) Attest: Town Cler • TOWN OF V I B y Q s•ti. Dd' o r -18- • • ~ ~ • • i • Councilman seconded the motion, and the question being upon the approval on first reading of said Or- dinance, the roll was called with the following result: Those voting "Yes": Mayor: Councilmen: Those voting "No": John A. Dobson Josef Staufer John Donovan ~f~ri-t.l.l~~,a I;iuy William Heimbach, Jr. Robert W. Ruder L . ti~~.1-1 ~ asp ,7ti ?~~~e.. ~~~ ~"l~,Q, 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 September 10, 1976. Thereupon, after consideration of other business to come before the Council, the meeting was adjourned. (S E A L) ATZ'E ST Town Clerk Town of Vail, lorado ~i!%~ ayor ow of Vail, Colorado -19- • ~ • • • STATE OF COLORADO ) COUNTY OF EAGLE ) ss. TOWN OF VAIL ) The Town Council of the Town of Vail, Colorado, met in regular • session at the Municipal Building in said Town on Tuesday, the 21st day of September, 1976, at the hour of 7:30 o'cloclc P.b'I. Upon roll call the following were present: Mayor: John A. Dobson Councilmen: Absent: Josef Staufer John Donovan Kathleen Klug William Heimbach, Jr. Robert W. Ruder E. William Wilto ~~ Thereupon the following proceedings, among others, were had and taken: The Mayor informed the Council that Ordinance No. ou'T~ Series of 1976, relating to the issuance of General Obligation Bonds, Series September 1, 1976, in the principal amount of $300,000, which was introduced, read in full for the first time and ordered published at a regular meeting of the Town Council held on September 7, 1976, was duly published in full in The Vail Trail, a newspaper of general circulation in the Town of Vail, in its issue dated September 10, 1976, and that the publisher's affidavit of said publication is now on file in the office of the Town Clerk. Copies of the Ordinance were made available to the Council and to the public. Councilman ~M,~j~' then read the Ordinance by its title. The presiding officer then declared that this was the time and • place established for a public hearing on the Ordinance and the meeting was then opened for such purpose. Thereupon the following persons appeared: -20- • • • • (Indicate name and substance of remarks) • Thereupon, all persons having been given an opportunity to speak, the hearing was declared closed. Thereupon, Councilman ~!/YYI.C)a~tiW introduced and moved the final approval and adoption of Ordinance No. Series of 1976. Councilman ,IJ~YW1/Gl/V~ 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": i~ John A. Dobson Josef Staufer Mayor: Councilmen: John Donovan Kathleen Klug William Heimbach, Jr. Robert W. Ruder Those voting "No": U N. William Wilto 1r~ f ~~(~ members of the Council present having voted in favor of the final approval and adoption of Ordinance No. ~_, Series of 1976, 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 cir- culation within the Town of Vail, on September 24, 1976. -21- • • • • Thereupon, after consideration of other business to come before the Council, the meeting was adjourned. ~- ~7ayor ~ T w of Vail, Colorado • (S E A L) ATTEST: ~Q~~~tit~C. Town ClerY~~ Town of Vail, Colorado • -22- .' .' STATE OF COLORADO COUNTY OF EAGLE TOWN OF VAIL • ss. } I, Rosalie Jeffrey, the Town Clerk of the Town of Vail, Eagle • County, Colorado, do hereby certify that the attached copy of Ordinance No. ~ Series of 1976, regarding issuance and sale of Town of Vail General Obligation Bonds, Series September 1, 1976, in the principal amount of $300,000 are true and correct copies; that 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 Tuesday, the 7th day of September 1976, and said Ordinance was adopted on second reading on Tuesday, the 21st day of September, 1976 by the Town Council at a regular meeting thereof; that true copies of said Or- dinance have been duly executed and authenticated by the signatures of the Mayor of the Town of Vail and myself, as Town Clerk of said Town, sealed with the seal of the Town, numbered and recorded in the of- ficial records of the Town kept for that purpose in my office, and authenticated by the affidavits of publication attached to the fore- going proceedings. I further certify that the foregoing pages con- stitute a true and correct copy of the record of the proceedings of the Town Council at its regular meetings of September 7, 1976 and September 21, 1976, insofar as said proceedings relate to said Or- dinance; that said proceedings were duly had 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 my hand and the seal of the Town of Vail, Colorado, this J~' day of ~~, 1976. Town C e • ~_ Town of Vail, olora o (S E A L) -24- • . . C E R T I F I E D R E C O R D O F PROCEEDINGS OF THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO ~ RELATING TO THE ISSUANCE OF ITS • GENERAL OBLIGATION BONDS, SERIES SEPTEMBER 1, 1976 IN THE PRINCIPAL AMOUNT OF $300,000 BONDS DATED SEPTEMBER 1, 1976 • • ~ ~ ~ ~`. STATE OF COLORADO ) COUNTY OF EAGLE ) ss. TOWN OF VAIL ) The Town Council of the Town of Vail, Colorado, met in regular session at the Municipal Building in said Town on Tuesday, the 7th .~ day of September, 1976, at the hour of 7:30 o'clock P.M. Upon roll call the following were present: b4ayor: John A. Dobson Councilmen: Josef Staufer -iii.. l.lal~,,- ~-. I:~.a~ P)illiam Iieimbach, Jr. John Donovan Robert T~1. Ruder Absent: ~- ~~ ~~ Councilman ~~~,~j~~(,~, introduced and moved the approval on first reading of an Ordinance which, sufficient copies • of which having been made available to the Council and to the public, was read by title, and is as follows: 'i~ -1-