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HomeMy WebLinkAbout1976-26 Authorizing the Issuance of General Obligation Refunding Bonds.w J • • i~ . _. ~.~. ~~,. STATE OF COLORADO ) COUNTY OF EAGLE ) ss. TOWN OF VAIL ) r1 L.J The Town Council of the Town of Vail, Colorado, met in regular session, in full conformity with law and the ordinances and rules of the Town, at the Municipal Building in said Town, being the regular meeting place of the Council, on Tuesday, the 21st day of September, 1976, at 7:30 o'clock, P.M. There were present and answering at roll call: Mayor: John A. Dobson Councilmen: Josef Staufer Kathleen Klug Wm. Heimbach, Jr. John F. Donovan Robert W. Ruder E. William Wilto Also present: Town Clerk: Rosalie Jeffrey Absent : 'f2~?~l.(i i~ Thereupon the Town Clerk announced that Ordinance No. .2~ Series of 1976, authorizing the issuance of General Obligation Refunding Bonds, in the principal amount of $6,345,000, dated November 1, 1976, of the Town of Vail, and provifling for the payment of said bonds and the.interest thereon, introduced and read in full at a regular meeting of the Council held on the 7th day of September, 1976, had, as ordered by the Council, been published in full in The Vail Trail, a newspaper of general circulation published in the Town of Vail, in its issued dated -24- ~ • • September ~D, 1976, and that publisher's affidavit of said publication of said Ordinance is now on file in the office of the Town Clerk. • Thereupon, Councilman moved to amend said Ordinance No. Z~ Series of 1976, as follows: Pg. 4 - By inserting, following the end of the first para- . graph on page 4, the following paragraph: "WHEREAS, bonds of said 1974 Issue maturing in the years 1987 and thereafter are redeemable at the option of the Town Council on December 1, 1986, and on any interest payment date thereafter, in inverse numerical order, upon payment of par and accrued interest; and" Pg. 6, Section 1, last paragraph - By striking the words ". of $5,000 payable annually December 1, 1977 through December 1, 1986." and substituting therefor " on bonds numbered 382 to 431, inclusive, in an amount of $100.00 per bond payable December 1, 1977, and annually thereafter on the 1st day of December to maturity." Pg. 9, Form of Bond, first paragrah - By striking the words " of $5,000 payable annually December 1, 1977 through December 1, 1986, principal ." and substi- tuting therefor ". on bonds numbered 382 to 431, inclusive, in an amount of $100.00 per bond payable December 1, 1977, and annually thereafter on the 1st day of December to maturity. Both principal ." Pg. 12, Section 5, first sentence - By striking the word "District" and substituting the word "Town". Pg. 16, Section 8 - By inserting, following "than $6,345,000," in the third line ". plus cash in the amount of $352,371.25," STK,k~ vl-~~IPd (3F3uKo~ p~'~'~e~ NAT~o-~A~- ~SSoc ~ATi~oU a- ~NSc2T ~ j ~1 F/4ST rVA~~dvA~ l3HNK ~~ L~Eti ~~~ -25- i• s • Thereupon, public hearing having been held on the passage of said Ordinance No. f~ Series of 1976, as amended, it was moved by Councilman ~ and second by Councilman k~~~ that the same be now placed on its final passage, and that all rules of the Council which might prevent, unless suspended, the final passage and adoption of said Ordinance No. ~ Series of 1976, at this meeting, be and the same are hereby suspended. The question being upon the adoption of said motions and the suspension of the rules, the roll was called with the following result: Those voting YES: • Councilmen: John A. Dobson Joseph Staufer Kathleen Klug Wm. Heimbach, Jr. John F. Donovan Robert W. Ruder E. William Wilto Those voting NO: ~;1~ The presiding officer thereupon declared that, a majority of the membership of the entire Council having voted in favor thereof, the said motions were carried and the said Ordinance No. 2~ Series of 1976, as amended, duly passed and adopted. Mayor: On motion duly adopted, it was ordered that said Ordinance No. 2 ~ Series of 1976, as amended, after approval by the Mayor, be finally published in full in in The Vail Trail, the official newspaper of the City, in its issue dated September 2 ~, 1976, shall become effective five (5) days following such publication, and be recorded -26- • • • i• according to law. After taking up of other business to come before the Council, the meeting was thereupon adjourned. ( S E A .i, ) Mayor ATTEST: Town Cler // / I • -27- ~ ~ C E R T I F I E D R E C O R D • of proceedings of THE TOWN COUNCIL TOWN OF VAIL EAGLE COUNTY, COLORADO relating to its GENERAL OBLIGATION BONDS, SERIES PZARCH 1, 1974 and GENERAL OBLIGATION BONDS, SERIES DECEMBER 1, 1975 refunded by GENERAL OBLIGATION REFUNDING BONDS IN THE PRINCIPAL AMOUNT OF $6,345,000 DATED NOVEMBER 1, 1976 • • • i• STATE OF COLORADO ) COUNTY OF EAGLE ) ss. TOWN OF VAIL ) • • The Town Council of the Town of Vail, Colorado, met in regular session, in full conformity with law and the ordinances and rules of the Town, at the Municipal Building in said Town, being the regular meeting place of the Council, on Tuesday, the 7th day of September, 1976, at 7:30 o'clock, P.M. There were present and answering at roll call: Mayor: Councilmen: Also present: Town Clerk: John A. Dobson Josef Staufer J Wm. Heimbach, Jr. John F. Donovan Robert W. Ruder P. i~'i11~uA;1 .3~lce Rosalie Jeffrey P_bsent: ~-~ ~~ ~.GQ,~ w~ J i• Thereupon Councilman ~~Yl,r'U`~i1ti introduced and there was read in full the following Ordinance: -1- • • • FINAL AMENDED ORDINANCE NO. ,~,- Series of 1976 AN ORDINANCE AUTHORIZING THE SALE AND ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS, DATED NOVEMBER 1, 1976, IN THE PRINCIPAL AMOUNT OF • $6,345,000, OF THE TOWN OF VAIL, COLORADO, FOR THE PURPOSE OF REFUNDING GENERAL OBLIGATION BONDS, SERIES MARCH 1, 1974, OUTSTANDING IN THE AMOUIvTT OF $5,485,000, AND GENERAL OBLIGATION BONDS, SERIES DECEMBER 1, 1975, OUTSTANDING IN THE AMOUNT OF $860,000; PROVIDING FOR THE ESTABLISHMENT OF AN ESCROW ACCOUNT FOR THE PAYMENT AND REDEMPTION OF THE OUTSTANDING BONDS TO BE REFUNDED; PRESCRIBING THE FORM OF SAID BONDS; PROVIDING FOR THE LEVY OF TAXES AND FOR THE APPLICATION OF CERTAIN SALES TAX REVENUES TO PAY SAID REFUNDING BONDS AND THE INTEREST THEREON; AND PRESCRIBING OTHER DETAILS IN CONNECTION THEREWITH. WHEREAS, the Town of Vail in the County of Eagle and State of Colorado (herein the "Town"), is a political sub- division of the State, a body corporate and politic, and a home-rule Town pursuant to Article XX of the State Constitution, • and Article 2 of Title 31, C.R.S. 1973, as amended; and WHEREAS, the Town of Vail, Colorado, by Ordinance No. 3, Series of 1974, has authorized the issuance of its General Obligation Bonds, Series March 1, 1974, dated March 1, 1974, in the amount of $5,500,000 (herein the "1974 Issue") of which amount $5,485,000 remains outstanding, being bonds numbered 4 to 1100, inclusive, in the denomination of $5,000 each, bearing interest payable semiannually June 1 and December 1 each year, and maturing on December 1, as follows: Bond Numbers Amounts Years (All Inclusive) maturing Maturing 4 - 13 $ 50,000 1976 14 - 45 160,000 1977 46 - 80 175,000 1978 81 - 120 200,000 1979 121 -' 163 215,000 1980 • 164 - 206 215,000 1981 207 - 251 225,000 1982 252 - 299 240,000 1983 300 - 350 255,000 1984 351 - 405 275,000 1985 406 - 463 290,000 1986 464 - 526 315,000 1987 (schedule continued) -2- • • • • Bond Numbers Amounts Years (All Inclusive) Maturing Maturing 527 - 593 $335,000 1988 594 - 664 355,000 1989 • 665 741 - 740 - 821 380,000 405,000 1990 1991 822 - 908 435,000 1992 909 - 1000 460,000 1993 1001 - 1100 500,000 1994 and WHEREAS, bonds of said 1974 Issue numbered 1 to 772, inclusive, bear only one set of interest coupons. Bonds numbered 1 to 463, inclusive, bear interest thereon from March 1, 1974, to the payment of their principal sum at the rate of 7o per annum. Bonds numbered 464 to 593, inclusive, bear interest thereon from Psarch 1, 1974, to the payment of their principal sum at the rate of 5.350 per annum. Bonds numbered 594 to 740, inclusive, bear interest thereon from March 1, 1974, to the payment of their principal sum at the • rate of 5.4o per annum. Bonds numbered 741 to 772, inclusive, bear interest thereon from March 1, 1974, to the payment of their principal sum at the rate of 5.5o per annum. Said interest is payable December 1, 1974, and semiannually thereafter on the 1st day of June and the 1st day of December of each year; and WHEREAS, bonds of said 1974 Issue numbered 773 to 1100, inclusive, bear two sets of interest coupons, with one of said sets designated "A" and the other supplemental set designated "B". The "A" coupon interest on bonds numbered 773 to 908, inclusive, is payable at the rate of 5.5o per annum from March 1, 1974, to the payment of the principal of said bonds, with•said interest payable December 1, 1974, and semiannually thereafter on the • 1st day of June and the 1st day of December of each year. The "B" coupon interest on bonds numbered 773 to 908, inclusive, is payable at the rate of 2. 5$ per annum for the period from April 1, 1974, to April 1, 1984, payable December 1, 1974, and -3- semiannually thereafter on the 1st day of June and the 1st day of December of each year, with the "B" coupon interest coming due on April 1, 1984 being payable on April 1, 1984. The "A" • coupon interest on bonds numbered 909 to 1100, inclusive, is payable at the rate of 4.5~ per annum from March 1, 1974, to the payment of the principal of said bonds, with said interest payable December 1, 1974, and semiannually thereafter on the 1st day of June and the 1st day of December of each year. The "B" coupon interest on bonds numbered 909 to 1100, inclusive, is payable at the rate of 3.5o per annum for the period from P.pril 1, 1974, to April 1, 1984, payable December 1, 1974, and semiannually thereafter on the 1st day of June and the 1st day of December of each year, with the "B" coupon interest coming due on April 1, 1984 being payable on April 1, 1984; and WHEREAS, bonds of said 1974 Issue maturing in the • years 1987 and thereafter are redeemable at the option of the Town Council on December 1, 1986, and on any interest payment date thereafter, in inverse numerical order, upon payment of par and accrued interest; and WHEREAS, the Town of Vail, Colorado, by Ordinance No. 21, Series of 1975, has authorized the issuance of its General Obligation Bonds, Series December 1, 1975, dated December 1, 1975, in the amount of $860,000 (herein the "1975 Issue") of which there remains outstanding the full amount thereof, being bonds numbered 1 to 172, inclusive, in the denomination of $5,000 each, bearing interest payable semi- annually June 1 and December 1 each year, and maturing on • December 1, as follows: Bond Numbers I nterest Rate Amounts Years (Al1~ Inclusive) (Per Annum) Maturing Maturing 1 - 3 7.5$ $15,000 1976 4 - 7 7.5~ 20,000 1977 8 - 12 7.5$ 25,000 1978 (schedule continued) -4- • • • Bond Numbers Interest Rate Amounts Years (All Inclusive) (Per Annum) Maturing Maturing 13 - 16 7.5~ $20,000 1979 17 - 21 7.5$ 25,000 1980 22 - 27 7.5~ 30,000 1981 • 28 - 33 7.50 30,000 1982 34 - 39 7.50 30,000 1983 40 - 46 7. 5~ 35, 000 1984 47 - 53 7.30 35,000 1985 54 - 61 7.30 40,000 1986 62 - 70 ~ 6.650 45,000 1987 71 - 79 6.80 45,000 1988 80 - 89 6.9~ 50,000 1989 90 - 100 7.Oo 55,000 1990 101 - 112 7.Oo 60,000 1991 113 - 125 7.0$ 65,000 1992 126 - 139 7.Oo 70,000 1993 140 - 153 7.Oo 70,000 1994 154 - 172 7.0$ 95,000 1995 and WHEREAS, bonds of said 1975 Issue maturing in the years 1986 and thereafter are redeemable at the option of the Town Council on December 1, 1985, and on any interest payment date thereafter, in inverse numerical order, at a price equal to the principal amount of each bond so redeemed, accrued interest thereon to the redemption date, and a premium of 1-1/20 of the principal amount of each bond so redeemed; and WHEREAS, the Town Council has determined that it is necessary and in the best interests of the Town that the 1974 and 1975 Issues outstanding in the amount of $6,345,000 be refunded by the issuance of Refunding Bonds in the amount of $6,345,000 in order to reduce interest costs and effect other economies, all to the benefit of the Town and its inhabitants, and in accordance with the Charter; and WHEREAS, the net interest cost of, and the net effective interest rate on said Refunding Bonds .shall be • less than the net interest cost of, and the net effective interest rate on the 1974 and 1975 Issues to be refunded; and WHEREAS, by such refunding the coupon rate on the 1974 and 1975 Issues b~i_ng refunded will be lowered; and -5- ' • • WHEREAS, such refunding would allow for the restruc- • taring of payment dates, providing for the more timely use of the Town's tax revenues and reducing interest cost; and ' WHEREAS, proposals have been submitted to bond houses in the area and the proposal of Bosworth Sullivan & Company, Inc., of Denver, Colorado, has been accepted. BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF JAIL, COLORADO: Section 1. That for the purpose of providing funds • u with which to refund and pay $6,345,000 of its 1974 and 1975 Issues above described the Town of Vail, Colorado, shall issue its General Obligation Refunding Bonds in the principal amount of $6,345,000. Said Refunding Bonds shall be dated November 1, 1976; shall consist of 1,259 bonds in the denomination of $5,000 each, numbered 1 to 1269, inclusive; shall bear interest payable on June 1, 1977, and semiannually thereafter on the 1st day of December and the Ist day of June each year, as evidenced by interest coupons designated "A", and shall mature serially on December 1, as follows: "A" Coupon Bond Numbers Interest Rate Amounts Years (All Inclusive) (Per_Tnnum) Maturing Maturing 1 - 19 6.OOo $ 95,000 1977 20 - 52 6.OOo 165,000 1978 53 - 83 6.00$ 155,000 1979 84 - 120 6.00°s 185,000 1980 121 - 159 6.00 195,000 1981 160 - 207 6.00$ 240,000 1982 208 - 261 6.OOo 270,000 1983 262 - 322 6.OOo 305,000 1984 323 - 381 6.U0$ 295,000 1985 382 - 445 6.00 320,000 1986 446 - 515 6.OOo 350,000 1987 516 - 589 6.OOo 370,000 1988 590 - 668 6.00$ 395,000 ].989 669 - 753 6.00 425,000 1990 754 - 845 6.00$ 460,000 1991 846 - 944 6.00$ 495,000 1992 945 - 1050 6.00 530,000 1993 1.051 - ]_164 6.00 570,000 1994 1165 - 1269 6.00 525,000 1.995 Said Refunding Bonds shall bear additional interest, as evidenced -6- • • • by supplemental coupons designated "B", on bonds numbered 382 to 431, inclusive, in an amount of $100.00 per bond payable December 1, 1977, and annually thereafter on the 1st day of December to maturity. The Refunding Bonds and the escrow securities shall be awarded to and supplied by Bosworth Sullivan & Company, Inc., Denver, Colorado. The net effective interest rate on these bonds is 6.0640. The Refunding Bonds maturing on and after December 1, 1987, shall be redeemable at the option of the Town on December 1, 1986, and on any interest payment date thereafter, in inverse numerical order, upon payment of par and accrued interest. Notice of prior redemption of the Refunding Bonds shall I~ be given by publication at least once in legal newspapers published in Vail, Colorado, and in Denver, Colorado, not less than thirty (30) days prior to the redemption date, and by mailing a copy of the Notice of Redemption by registered or certified first-class United States mail, postage prepaid, to the original purchaser, or any successor thereof known to the Town Clerk, and to the paying agent of said Refunding Bonds, at least thirty (30) days prior to the redemption date. Such notice shall specify the place and date of redemption, the amount and numbers of the bonds called, and that from and after such date interest on all bonds called for redemption shall cease. The Refunding Bonds and the interest coupons attached I• thereto shall be payable in lawful money of the United States of America, at The First National Bank of Denver in Denver, Colorado - Section 2. The Refunding Bonds shall be signed with a facsimile signature of the Mayor of the Town, with a facsimile of the seal of the Town affixed thereto, attested -7- • i by the manual signature of the Town Clerk. The interest coupons attached to said bonds shall bear the facsimile i signature of the Mayor of the Town and when issued as afore- . said as part of said bonds, shall be the binding obligations of the Town according to their import. 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, such manual or facsimile signature shall nevertheless be valid and sufficient for all purposes. Section 3. The Refunding Bonds and the interest coupons attached thereto shall be in substantially the following form: • • -8- ' • (Form of Bond) STATE OF COLORADO C COUNTY OF EAGLE TOWN OF VAIL GENERAL OBLIGATION REFUNDING BOND • No. $5,000 • UNITED STATES OF AMERICA The Town of Vail, in the County of Eagle and State of Colorado (herein the "Town"), for value received, hereby acknowledges itself indebted and promises to pay to the bearer hereof the principal sum of ~• FIVE THOUSAND .DOLLARS in lawful money of the United States of America, on the 1st day of December, 19 with interest thereon at the rate of six per centum (6.00$) per annum, payable June 1, 1977, and semiannually thereafter on the 1st day of December and the 1st day of June each year, as evidenced by interest coupons hereto attached designated "A", and bearing additional interest, as evidenced by supplemental coupons designated "B", on bonds numbered 382 to 431, inclusive, in an amount of $100.00 per bond payable December 1, 1977, and annually thereafter on the 1st day of December to maturity. Both principal of and interest on this bond being payable at The First National Bank of Denver, Denver, Colorado upon presentation of said coupons and this bond as they severally become due. Bonds of this issue maturing on December 1, 1987, and thereafter, are redeemable at the option of the Town on December 1, 1986 and on any interest payment date thereafter, in inverse numerical order, upon payment of par and accrued interest. Notice of prior redemption shall be given as • provided in the Ordinance authorizing this bond. This bond is issued by the Town Council of the Town of Vail, Colorado, for the purpose of providing funds to refund valid and outstanding General Obligation Bonds, Series March 1, 1974, and General Obligation Bonds, Series December 1, 1975, -9- • • • of the Town, under the authority of and in full conformity with the Constitution of the State of Colorado, the Charter of the Town of Vail, and all other laws of the State of • Colorado thereunto enabling, and pursuant to an Ordinance duly adopted, published and made a law of said Town prior to the issuance of this bond. It is hereby further certified, recited and warranted that all the requirements of law have been fully complied with by the proper officers of the Town in the issuance of this bond; that the total indebtedness of the Town, including that of this bond, does not exceed any limit of indebtedness prescribed by the Constitution or the laws of the State of Colorado or the Charter of the Town; and that provision has been made for the levy and collection of annual taxes on all of the taxable property in the Town, and 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, Colorado, are hereby pledged for the punctual payment of the principal of and interest on this bond. IN TESTIMONY WHEREOF, the Town Council of the Town of Vail, Colorado has caused this bond to be signed with the facsimile signature of the Mayor, sealed with a facsimile of the seal of the Town, attested by the manual signature of the Town Clerk, and the interest coupons attached hereto to be signed with the facsimile signature of the Mayor, as of the 1st day of November, 1976. C7 (Facsimile Signature) (FACSIMILE SEAL) Mayor ATTEST: (Do Not Sign) ' Town Clerk -10- • • • (Form of Coupon) No. June, On the lst day of December, 19 unless the bond to which this coupon is attached, if redeemable, has been called for prior redemption, 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 ' in being interest then due on its General Obligation Refunding Bond, Sated November 1, 1976, bearing No. (Facsimile Signature) Mayor • -11- ' • • • Section 4. Said Refunding Bonds, when executed • as provided by law, shall be delivered by an officer 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 the purchaser. The proceeds of the Refunding Bonds shall be used only for the purpose stated therein and for paying the costs and expenses incurred incidental to the issuance of said bonds and for no other purpose whatever. Neither the purchaser of said bonds nor the subsequent holder of any of them shall be responsible for the application or disposal by the Town, or any of its officers, of any of the funds derived from the sale thereof. Section 5. If necessary, the principal and interest • to become due on the Refunding Bonds in 1977 shall be advanced from any fund of the Town available therefor. For the pur- pose of reimbursing said advance and also for the purpose of paying the interest on and principal of said bonds as the same become due and payable respectively, the Town Council of the Town of Vail shall annually fix and certify a rate of levy for ad valorem taxes to the Board of County Commissioners of Eagle County, Colorado, which taxes, in addition to all other taxes, when levied on all of the taxable property in the Town, in each of the years 1977 to 1994, inclusive, will raise ad valorem tax revenues sufficient to make such reim- bursement 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 i• the payment of the interest and principal of said Refunding Bonds, respectively, until the bonds, both 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 -12- • • • 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 diminished to the extent the requirments for such bond and interest payments for the particular year are thereby diminished. Section 6. Notwithstanding the foregoing provisions for ad valorem tax levies, the Town hereby further covenants and agrees that so long as the General Obligation Refunding Bonds dated November 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 2~ of gross receipts derived from the sale of tangible personal property and the furnishing of services now or hereafter subject to said sales tax. The Town of Vail has previously issued its General Obligation Refunding Bonds, Series 1974, dated November 15, 1974, in the original principal amount of $2,640,000, authorized by Ordinance No. 21, Series of 1974, in which Ordinance the Town covenanted and agreed to pledge and set aside all the sales tax revenues, derived from the above stated 20 of gross receipts authorized by said Ordinance No. 11, Series of 1973, to pay the interest on and the principal of the General Obligation Refunding Bonds authorized by said Ordinance No. 21, Series of 1974. Said Ordinance provided 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 Refunding Bonds. The Town of -13- ' • • • • Vail covenants and agrees that all the sale tax revenues, derived from said 2~ 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 and set aside to pay the interest on and the principal of the subject General Obligation Refunding Bonds, dated November 1, 1976, as the same become due and payable from year to year, on a parity with the Town's obligation to pay, from said sales tax revenues, the interest on and the principal of said Town of Vail General Obligation Refunding Bonds, Series 1974, dated November 15, 1974, provided: A. The said pledged sales tax revenues may also • be pledged and used for the payment of the debt service on any other or additional general obligation bonds of the Town of Vail which may be issued from time to time, provided such other or additional general obligation bonds shall be on a parity with or subordinate to (but not prior or superior to) the General Obligation Refunding Bonds dated November 1, 1976, with respect to the sale tax revenues herein pleged; 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 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 -14- • • limited to, payment of special non-general obligation bonds, which special non-general obligation bonds in any event, however, shall not be on a parity with and • shall be subordinate and inferior to the General Obli- gation Bonds dated November 1, 1976, with respect to the sales tax revenues herein pledged. So long as the General Obligation Refunding Bonds dated November 1, 1976, remain outstanding and unpaid, the Town of Vail shall not repeal 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 iterest pay- ments on said bonds, would diminish the revenue security for said bonds. Nothing in this Ordinance shall be construed in such manner to prevent the issuance by the Town of Vail of addi- • tional bonds of any nature, provided said additional bonds are issued in a manner consistent with the provisions and limitations stated herein with respect to the sales tax revenues herein pledged. Section 7. The sums hereinabove provided to meet the interest on said Refunding Bonds and to discharge the principal thereof, when due, are hereby applied 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 Refunding Bonds herein authorized, either as to principal • or interest, are outstanding and unpaid. No provisions of any constitution, statute, charter, ordinance, resolution, or other order or measure enacted after the issuance of the Refunding Bonds herein authorized shall in any manner be -15- • • • • • construed as limiting or impairing the Town to levy ad valorem taxes, without or amount, or as limiting or impairing Town to levy, administer, enforce and as provided herein, for the payment of interest on the Refunding Bonds herein obligation of the limitation of rate the obligation of the collect the sales tax the principal of and 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 effec- tuate the provisions of this Ordinance, to ratify and carry out the provisions hereof with reference to the levy and collection of the ad valorem and sales taxes herein specified, and that said Council shall require the officers of and for the said Town to levy, 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 interest 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. Section 8. The proceeds derived from the sale of the Refunding Bonds authorized herein in $6,345,000, plus cash in the amount interest on the bonds being refunded FiQST NA7~o~A~ (3q~tc ocs Deti~cr~ an amount not less than ~~vCL~dINCa of $352, 371.25, ~--t~-~e accrued T~ shall be deposited with ~.;~.i Liu Denver, Colorado (hereinafter the "Bank") in a separate fund and escrow account hereby created and known as "Town of Vail General Obligation Bonds, Series 1974 and 1975, Refunding Escrow Account" herein designated as the "Refunding Escrow Account" or "Escrow Account", which account shall at all times be sufficient, together with any interest to be derived from the investment and any temporary reinvestment -16- • • lJ of the deposits or any part thereof only in direct obligations of, or the principal and interest of which obligations are unconditionally guaranteed by, or agency obligations of, the . United States of America, to pay the principal of and interest on the outstanding 1974 and 1975 Issues being refunded, as the same become due and payable under and in accordance with the following schedule: 1974 Issue: Bonds numbered 4 to 1100, inclusive, maturing in the years 1976 to 1994, inclusive, shall be paid and retired at their respective maturity dates, according to their original terms, at Security National Bank, Denver, Colorado. 1975 Issue: Bonds numbered 1 to 172, inclusive, maturing in the years 1976 to 1995, inclusive, shall be paid and retired at their respective maturity dates, according to their original terms, at United Bank of Denver National Association, Denver, Colorado. Interest on the outstanding bonds of the 1974 and 1975 Issues shall be paid as the same accrues, according to the original terms of said bonds. Section 9. The Bank shall invest the funds on deposit in the Refunding Escrow Account in direct obligations of, or the principal and interest of which obligations are unconditionally guaranteed by, or agency obligations of, the • United States of America, and shall fully secure any cash balance in said Account in the manner required by law for other trust funds. Section 10. If for any reason, at any time, the -17- ~ ~ • funds on hand in such Refunding Escrow Account shall be insufficient to meet the payments required as the same shall be about to become due and payable, the Town Council of the Town shall forthwith deposit in such Refunding Escrow Account such additional funds as may be required fully to meet the amount so about to become due and payable. Section 11. The Bank shall from time to time redeem all or a portion of the obligations in said Refunding Escrow Account in sufficient amounts so that the proceeds therefrom and the interest thereon as the same accrues will be suffi- cient to meet the interest requirements on the outstanding bonds of the 1974 and 1975 Issues as such interest accrues, and to pay or call in and redeem said bonds at their respective maturities according to the schedule hereinabove set forth. Section 12. The Mayor, the Town Clerk and the Tawn Manager shall, and they hereby are authorized and directed to take all necessary or appropriate action toward the execution of a proper Escrow Agreement with the Bank concerning the deposits in, investments of and disbursements from said Refunding Escrow Account, and such other agreements as may be necessary or desirable to effectuate the provisions of this Ordinance and comply with the requirements of law. Section 13. On or about the date when the Refunding Bonds are delivered, or within a reasonable time thereafter, the Town Clerk is authorized and directed to publish a Notice of Refunding one or more times in a newspaper or newspapers customarily used by the City for legal notices., Section 14. The Town covenants and agrees that • it will make no use of the proceeds of the Refunding Bonds authorized herein which might cause such obligations to be arbitrage bonds within the meaning of Section 103(d) of the Internal Revenue Code of 1954, as amended, and the Regulations -18- • • • proposed and in effect thereunder. Section 15. That if any one or more section or i• part of this Ordinance shall be adjudged unenforceable or invalid, such judgment shall not affect, impair, or invalidate the remaining provisions of this Ordinance, it being the intention that the various provisions hereof are severable. Section 16. All ordinances or parts thereof in conflict with this Ordinance are hereby repealed. Section 17. After said Refunding Bonds are issued, this Ordinance shall be and remain irrepealable until said bonds and the interest thereon have been fully paid, satisfied and discharged. Section 18. This Ordinance, as adopted by the Town • Council, shall be numbered and recorded in the official records of the Town. Its adoption and publication shall be authenticated by the signature of the Mayor and the Town Clerk, and by the certificate of publication, and shall take effect five (5) days after publication following final passage. Section 19. A public hearing on this Ordinance will be held by the 't'own Council at 7:30 o`clock P.M. on Tuesday the 21st day of September, 1976, at the Dlunicipal Building, Vail, Colorado, and it is hereby ordered that notice of said hearing be given by publication once in the edition of The Vail Trail dated September Z~1 , 1976. INTRODUCED AND READ this 7th day of September, 1976. I~ U (S E A L) ATTEST: ' ~~~ lf'~~~~~~ ' Town C:Lerhz'/ ~//O' / a or`' -19- • • • (To appear in final publication only:) FINALLY ADOPTED AND APPROVED this 21st day of September, • 1976. ~~~ O- M'a`yor (S E A L; ATTEST: / Town Cle ;/ ~~ l U r~ U t ~` 4 I a e -20- • i i It was thereupon moved by Councilman and seconded by Councilman N that the foregoing Ordinance, read in full at this meeting as aforesaid, be passed on first reading and be published in full in The Vail Trail, in its issue dated September ~~ 1976, and that said Ordinance be considered for final adoption at a regular meeting of the Town Council to be held at the Municipal Building, Vail Colorado, on Tuesday the 21st day of September, 1976, at the hour of 7:30 o'clock P.M. The question being upon the adoption of said motion, the roll was called with the following result: Those voting YES: Mayor: Councilmen: i~ Those voting NO: Robert W. Ruder L'. YdilliuYr~ ~7.~ll.v ~~/`P/ members of the Town Council present having John A. Dobson Joseph Staufer Wm. Heimbach, Jr. John F. Donovan voted in favor of said motion, the presiding officer thereupon declared the motion to have carried and said Ordinance approved on first reading and ordered published. Thereupon, after consideration of other business to come before the Council, the meeting was adjourned. (S E A L) Mayor ATTEST Town ,C~l~~c // -21- ~ . • STATE OF COLORADO ) COUNTY OF EAGLE ) ss. TOWN OF VAIL ) • I, Rosalie Jeffrey, Town Clerk of the Town of Vail, Colorado, do hereby certify numbered 24 to 27, inclusive, con copy of the record of proceedings the Town of Vail, Colorado, taken the Town Council held on Tuesday, 1976, insofar as said proceedings that the foregoing pages stitute a true and correct of the Town Council of at a regular meeting of the 21st day of September, relate to the final passage and adoption of Ordinance No. 2co , Series of 1976; that said original Ordinance No. 2-~0 Series of 1976, as amended, has been duly authenticated by the signatures of the Mayor, as presiding officer of the Council, and myself, • as City Clerk of the City; and that said Ordinance No. ~~ , Series of 1976, as amended, was on the ,2~ ~ day of September, 1976, finally published in full in The Vail Tr~l a newspaper of general circulation published in said City, the same being the official newspaper of said City. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the Town, at Vail, Colorado this ZD~ day of , 1976. t~- ~ ~ ( Town/~C k / -28- ' e • • • C E R T I F I E D R E C O R D • of proceedings of THE TOWN COUNCIL TOWN OF VAIL EAGLE COUNTY, COLORADO • RELATING TO AN ORDINANCE AMENDING SECTION 3 GF ORDINANCE NO. ,2~p , SERIES 1976, AS AMENDED, OF THE TOWN AUTHORIZING THE ISSUANCE OF ITS GENERAL OBLIGATION REFUNDING BONDS IN THE PRINCIPAL AMOUNT OF $6,345,000, DATED NOVEMBER 1, 1976, FINALLY ADOPTED ON SEPTEMBER 21, 1976, AND PROVIDING FOR THE ADOPTION OF THIS ORDINANCE AS AN EMERGENCY MEASURE. k>>' i• • I •• i• STATE OF COLORADO ) COUNTY OF EAGLE ) ss. TOWN OF VAIL ) • • The Town Council of the Town of Vail, Colorado, met in regular session, in full conformity with law and the ordinances and rules of the Town, at the Municipal Building in said Town, being the regular meeting place of the Council, on Tuesday, the 26th day of October, 1976, at 7:30 o'clock, P.M. There were present and answering at roll call: Mayor: Councilmen: John A. Dobson Kathleen Klug Wm. Heimbach, Jr. John F. Donovan Robert W. Ruder E. William Wilto Also present: Town Clerk: Rosalie Jeffrey Absent: i• Thereupon Councilman ~ introduced and there was read in full the following Ordinance: a -1- ', ~ • • ORDINANCE NO. 3~- Series of 1976 ' AN ORDINANCE AMENDING SECTION 8 OF ORDINANCE NO. 2(e , SERIES 1976, ,• AS AMENDED, OF THE TOWAT, AUTHORIZING THE ISSUANCE OF ITS GENERAL OBLIGATION REFUNDING BONDS IN THE PRINCIPAL AMOUNT OF $6,345,000, DATED NOVEMBER 1, 1976, FINALLY ADOPTED ON SEPTEMBER 21, 1976, AND PROVIDING FOR THE ADOPTION OF THIS ORDINANCE AS AN EMERGENCY MEASURE AND DECLARING AN EMERGENCY. WHEREAS, the Town of Vail in the County of Eagle and State of Colorado (herein the "Town"), is a political subdivision of the State, a body corporate and politic, and a home-rule Town pursuant to Article XX of the State Constitution, and Article 2 of Title 31, C.R.S. 1973, as amended; and WHEREAS, the Town of Vail, Colorado, by Ordinance • No. ?(p Series of 1976, as amended, finally adopted September 21, 1976, has authorized the issuance of its General Obligation Refunding Bonds, dated November 1, 1976, in the amount of $6,345,000; and WHEREAS, the Town Council deems it necessary and advisable that Section 8 of said Ordinance No. 1(e , Series of 1976, be amended by the adoption of this Ordinance as an emergency measure. BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO: Section 1. That Section 8 of Ordinance No. 2!e , Series 1976, finally adopted September 21, 1976, be and the • same is hereby amended as follows: "Section 8. The proceeds derived from the sale at discount of the Refunding Bonds authorized herein in an amount not less than $6,218,100, less - 2 -~ • • • • • the sum of $55,000 representing the expenses in issuing the bonds authorized herein, plus cash in the amount of $283,371.25, including accrued interest on the bonds being refunded, shall be deposited with The Cdlt~rado ~Jational Bank ., Denver, Colorado (hereinafter the "Bank") in a separate fund and escrow account hereby created and known as "Town of Vail General Obligation Bonds, Series 1974 and 1975, Refunding Escrow Account" herein designated as the "Refunding Escrow Account" or "Escrow Account", which account shall at all times be sufficient, together with any interest to be derived from the investment and any temporary reinvestment of the deposits or any part thereof only in direct obliga- tions of, or the principal and interest of which obligations are unconditionally guaranteed by, or agency obligations of, the United States of America, to pay the principal of and interest on the outstanding 1974 and 1975 Issues being refunded, as the same become due and payable under and in accordance with the following schedule: 1974 Issue: Bonds numbered 4 to 1100, inclusive, • maturing in the years 1976 to 1994, inclusive, shall be paid and retired at their respective maturity dates, according to their original terms, at Security National Bank, Denver, Colorado. 1975 Issue: Bonds numbered 1 to 172, inclusive, maturing in the years 1976 to 1995, inclusive, shall be paid and retired at their respective -3- • • ~ C maturity dates, according to their original terms, at United Bank of Denver National Association, Denver, Colorado. '• Interest on the outstanding bonds of the 1974 and 1975 Issues shall be paid as the same accrues, according to the original terms of said bonds." Section 2. Except as herein modified all of the provisions of Ordinance No. 2(p Series 1976, as amended, finally adopted September 21, 1976, authorizing General Obli- gation Refunding Bonds dated November 1, 1976, in the principal amount of $6,345,000, shall remain in full force and effect. Section 3. By reason of the fact that the muni- cipal bond market and the government bond market are subject to sudden and unpredictable changes, the savings and other advantages afforded to the Town by refunding the issues of • General Obligation Bonds described in this Ordinance and Ordinance No. ~ Series 1976, as amended, finally adopted September 21, 1976, could be drastically reduced or eliminated, thus jeopardizing the entire plan of refunding, all to the detriment of the Town and its inhabitants, and by reason of the fact that the price of the federal securi- ties to be used to fund the escrow will be fixed only until November 2, 1976, it is hereby declared that an emergency exists, and that this Ordinance is necessary for the immediate preservation of public property, health, welfare, peace or safety, and that this Ordinance shall become effective upon final passage, shall be published within ten days thereafter, and shall be numbered and recorded in the official records • of the Town and authenticated by the signatures of the Mayor and the Town Clerk. INTRODUCED, PRESENTED AND FINALLY PASSED this _4_ ~J • • • 26th day of October, 1976. (S E A L} ATTEST: ~~ Town Cler ~ / n ~ _ ' Mayor -5- • • • • • It was thereupon move~~d""//by Councilman and seconded by Councilman ~YV~ that the foregoing Ordinance, read in full at this meeting as aforesaid, be passed and adopted as read as an Emergency Ordinance. The question being upon the passage and adoption of the Ordinance, the roll was called with the following result: Those voting YES: Mayor: Councilmen: • Those voting N0: John A. Dobson Kathleen Klug Wm. Heimbach, Jr. John F. Donovan Robert 64. Ruder E. William Wilto TheQQpresiding officer thereupon declared that ,(1l/~, members of the Tocan Council having voted in favor thereof, the motion was carried and said Ordinance duly passed and adopted as an Emergency Ordinance. Tt was then ordered that said Ordinance be recorded by the Town Clerk in the official records of the Town, and that a copy of said Ordinance be published in The Vail Trail, a newspaper published within the Town, within ten days following adoption, or as soon thereafter as possible. Thereupon, after consideration of other business to come before the Council, the meeting was adjourned. • (S E A L) Mayor ATTEST 's'own Clcrk ~ ~ a -6- i• • • • STATE OF COLORADO ) - COUNTY OF EAGLE ) ss. TOWN OF VAIL ) I, Rosalie Jeffrey, Town Clerk of the Town of LJ Vail, Colorado, do hereby certify numbered 1 to 6, inclusive, const copy of the record of proceedings the Town of Vail, Colorado, taken the Town Council held on Tuesday, 1976, insofar as said proceedings that the foregoing pages itute a true and correct of the Town Council of at a regular meeting of the 26th day of October, relate to an Ordinance amen3ing Ordinance IJo. /~P Series 1976, as amended, finally adopted September 21, 1976, authorizing the issuance of General Obligation Refunding Bonds of said Town, dated November 1, 1976, in the principal amount of $6,345,000, which was introduced and passed as an Emergency Ordinance, a true copy of which is set forth in full in the proceedings of the Council; that the original Ordinance has been duly authenticated by the signatures of the Mayor and myself, as Town Clerk of said Town, sealed with the seal of the Town and recorded in the book kept for that purpose in my office. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the Town, at Vail, Colorado this ~1~ day o f ~~!.~sc~r" /1~ 19 7 6 . t/1(,~~ ~~2~ ' Tow iC k (S E A 1:) -7- • • • STATE OF COLORADO ) COUNTY OF EAGLE ) ss. TOWN OF VAIL ) i• TOWN CLERK'S CERTIFICATE I, Rosalie Jeffrey, Town Clerk of the Town of Vail, Colorado, hereby certify that I caused a true copy of Emergency Ordinance No. 3 ~ Series of 1976, adopted Tuesday, October 26, 1976, at a regular meeting of the Town Council of the Town of Vail, to be .published in The Vail Trail, the official newspaper of the Town, in its issue dated October 29, 1976, and that the affidavit of publication has not been issued, but when issued will be attached to page 8 of the proceedings adopting said Emergency Ordinance. IN WITNESS WHEREOF, I h/ave hereunto set my hand and the seal of said Town this (~ day of November, 1976. ~_~ ` Town ~X ' (S E A L) • LAEL S. DEMUTH CARL F. EIBERGER WILLIAM G. KEMP r ALAN C. DEMUTH ROBERT A. BACKUS ROBERT L. ROBERTS WILLIAM F. SCHENKEIN DONALD A. HOULEHAN RUSSELL P. ROWE CHARLES A. HILLESTAD DANIEL C. LYNCH CORING E. HARKN ESS 111 JOHN L. TRAYLOR RODNEY L. SMITH DAN E. SPICER DAVID F. DOUBLEDAY DAVID H. STACY RAYMOND W. MARTIN PERRY L. GOORMAN RAMONA T. ROCKWELL PETER A. RICCIARDELLI Ms . ~'olleen T'.line Town Clerk Town of Vail P.O. Box 100 Vail, CO 81657 Dear Colleen: LAW OFFICES OF DEMUTH &EIBERGER 1600 WESTERN FEDERAL SAVINGS BUILDING 718 SEVENTEENTH STREET DENVER. COLORADO HOLO2 TELEPHONE 303.829-1800 November 15, 1977 • J. H. SHEPHERD OF COUNSEL Pursuant to your request, please find enclosed herewith a copy of Ordinance No. 26 as printed in The Vail Trail edition of September 10, 1976. You may be able to obtain a more suitable copy for your purposes from the law firm of Tallmadge, Tallmadge, Wallace & Hahn, which acted as bond counsel for this issue. Very truly yours, DeMUTH & EIBERGER Maureen Lowe Assistant to Robert A. Backus mol Enclosure ~.- I~~~IC ~~iC f. ORDINANCE NO. 26 Series of 1976 AN ORDIANCE AUTHORIZING THE SALE AND ISSUANCE OF GENERAL ODLIGA- TION REFUNDING BONDS, DATED NQVEMDER 1, 1976, IN 7NE PRINCIPAL AMOUNT OF 16,345,000, OF THE TOWN OF VAIL, COLORA00, FOR THE PURPOSE OF REFUNDING GENERAL OD- LIGATION BONDS, SERIES MARCH 1, 19(4,OUT57ANDtNG IN 7HE AMOUNT OP 55,485,000, AND GENERAL OBLIGATION BONDS, SERIES DECEMBER 1, 1975, OUTSTANDING IN THE AMOUNT OF 5860,D00; PROVIDING FOk THE ESTAB LISHMENT OF AN ESCROW ACCOUNT FOR THE PAYMENT AND REDEMPTION OF TFiE OUTSTANDING BONDS TO BE REFUNDED; PRESCRIBING THE FORM OF SAID BONDS; PROVIDING FOR THE LEVY OF TAXES AND FOR THE APPLI- CATION OF CERTAIN SALES TAX REVENUES TO PAY SAIp REFUNDING BONDS AND THE INTERE57 THEREON; ANO PRESCRIBING OTHER DETAILS IN CONNECTION iHEREWITH. WHEREAS, the Town o1 Vall In the County of Eagle and State of Colorado (herein the "Town"), is a political subdivision of the State, a body corporate and politic, and a home-rule Town pursuant to Arftde XX Of the State Conshfution, and Ari(cle 2 of T%le 31, C.R.S. 1973, as amerxsed; and WHEREAS, Ma Town of Vait, Colorado, Dy Ordinance ko. ], Serlts of 1»t, has arr}norized ttwt issuanct Ot tit r+ervral Obligation bonds, Sreries MarrJt 1, t»t, dated March 1, 1971. to pie at'munt M 55,300.000 lt+ereln,-he "if7t laver") o! which .' imaw4r..' iS.g3;00D pelnains "'ovgtlind}nq'` d belnp bonds numbered 4 tp l )D0, inclusive, in the denomination of 55,00(1 each, bearing Interest payable srmlannualty June 1 end December 1 each year,, and maturlnq On December }, as follows: ~ ' ~ '~ Bond Numbers Amounts I. ` ~ ~ Years (All Incluslvsl'~ , Maturing Maturing 4 t0 17 I' ~ ~ fS0,000 ' 1916 ' ld~d5 ' 160,000 '~r 1. 1917 ~" 46 AO ~ 175,000 "' ' 1978 81 to 120 ?00,000 "~ 1919 111 t0 163 215,0(10 ' ' ~ 1980 ibd t0 706 215,000 1901 ' 207 to ?51 225,On0 ~ ~ 1982 252 to 299 240,000 ` " 1983 300to350 155.D00"'' ~" 19A4 351 to 405 ~ ~ 175,000 1985 ' 406 to 463 290,000 ° 1986 ' db4 ip 526 ' ' 315,000 ~ 19A7 577 to 593 335.000 1988 594 10 664 355,000 " 1989 66510140 ~ 3AO,Otx1 ~' 1990 ' 741 to B?1 ' 405,000 1991 ' 822 to 908 435,000 1992 909 to IOW 460,000 ~ 1993 ~' 100110 1100 ~' 500,000 ' 1994 ' and 'NHEREAS, bonds of said 1974 Issue numbered 1 to 112, Inclusive, bear only one set of interest coupons. Donds numbered 1 to 463, inclusive, bear Inter esl thereon from J March 1, 1971, fo the payment of their ~ principal sum of the rate o! 7 percen) per annum Donds numbered 464 l0 597, Inclusive, bear In teresi thereon from March I, IA74, t0 the payment of their principal sum at the rate of 5.75 percent per annum, Bonds numbered 594 fo 740, Inclusive, bear Interest _ thereon from March 1, 1974, to the payment of their principal sum at the rate of 5.1 r. portent per annum. Bonds numbered 741 to 772, inclusive, bear Interest thereon from . March 1, 1914, to the payment of their principal sum at the rate of 5.5 percent per annum Sald Interest Is payable December 1, ' 1974, and semiannually thereafter on the ist tlay of June and the 1st day of December o/ each year; and WHEREAS, bonds of said 1974 Issue numbered 773 fo 1100, inclusive, bear two sets of Interest coupons, with one of Bald sets ' 'designated "A" and the other supplemenfa! set designated "D". The "A" coupon interest on bonds numbered 773 to 908, Inclusive, is payable at the rateof 5.5 percent per annum ~' Irom Mardr 1, Ip74, to the payment of the prlnclpal of said bonds, with said Interact payable December 1, 197 d, and semiannually ~ i thereafter on the 1st day of June and the 1st day o1 December of each year, The "D" '" coupon Interest on bonds numbered 773 to 908, Inclusive, is payable at the rate of 2.5 percent per annum for the period Crom April 1. 1974 to April 1, 1984, payable December 1, 1914, and semiannunlly thereafter on Iha 151 ~~ day of June and the 1st day of December of ' each year, with the "B" coupon interest , coming tlue on April i, 1984 being payable on . April 1, 1904. The "A" coupon Interest on„ bonds numbered 909 to 1100, lncluslve, IS ', payable at the rate of 4.5 percent per annum from March 1, 1974, fo the payment of the pr(ncipal of said bonds, with said Intrresf , pa yebte December 1, 1974, and Semiannually :'• thereafter on fha lsi day of June antl the 1st , ~~ '~ day of December of reach year. The "B",~: `; -coupon Interest on bonds numbered 909 to ;'a,t,' ~' )100, lncluslve, is payable at the rate of 3.5 d~i., percent per annum for the period Irom April "., 1, 1974 to April 1, 1984, payable December 1, . 1974, and semiannually thereafter on the 1st day Of June and the 151 day of Decemnrr of each year, with the "B" coupon interest coming due on April 1, 1984 being payable on 'April 1, 19fl4; and WHEREAS, the Town of Vait, Colorado, by Ordlna nee No. 21, Series of 1975, has ~' authorised the Issuance of !fs General ODlipatinn Bonds, Series December 1, 1975, dated December 1, 1975, in the amount of ' 5860,000 (herein the "1975 Issue") of which there remains outstandinp the full amount thereof, being bonds numbered 1 to 172, , Inclusive, In the denomination of 55,000 each, bearing Interest payable semiannually June '1 and December 1 each year, and maturlnq ~~ on December 1, es follows: ,' r' ....,J ~.i a / 17 / U Bond Interest ~ ~' Numbers Rate ~ c (All (per 'o ~ Inclusive} Annum) a ~ 4~ d~ Y~ 1 fo 3 ~ 7,5 15,000 1976 4 fo 7 7.5 20,000 1977 81012 7.5 25,000 1978 13 fo 16 7.5 70;000 1979 17 t0 71 " 1.5 25,000 19A0 22 t0 27 7.5 70,000 1981 2A t0 33 7.5 ~ 30,000 1982 34 to 39 7.5 30,000 1967 40 t0 46 7.5 35,000 1984 47 to 53 7.3 35,000 1985 . 541061 7,7 40,000 1986 6210 70 6.65 45,000 1987 11 fo 79 d.A 45,1X70 1988 BO fo A9 6.9 50,000 1989 90 to 100 7.0 55,D00 1990 101 to 112 ~ 7.0 60,000 1991 173 to 125 7.0 b5,D00 7992 126 to 139 1.0 10,000 1993 140 to 157 7.0 ~ 10,000 1994 154 to 172 7.0 95,000 1995 and WHEREAS, bonds of said 1915 issue maJUrinq in the years 1986 and thereafter are redeemable at the option of the Town Council on December 1, 1985, and on any interest payment date thereafter, in inverse numerical order, at a price equal }o the principal amount Of each bonU so red reined, d CCrUtd interest th CrcOlt t0 the redemption date, and a premium of lbl percent of fhr. principal amount of each bond so redeemed; and WHEREAS, the Town Council has determined that it is necessary and in the best interest of the Town that fho 1974 and 1915 Issues outstanding in the amount of Sd,345,0(# be refunded by the issuance of Refunding Donds in the amount of f6,145.000, In order to reduce interest costs and effect other economies, all to the benefit of the Town and its inhabitants, and in accordance with ihr Charier; and WHEREAS, the net Interest Cost of, and the net effective interest rate ort said Refunding Bonds shall De less than the net _ interest cost of, and the net effective Interest rate on the 1974 and 1975 Issues to be refunded; and WHEREAS, by such refund log the coupon rate on the 1974 and 1975 Issues being refunded will be IowerM; and WHEREAS, such retundinp wvutd allow for the resfructurinp of payment dates, providing for the more timely use pf Iha Town's tax rrvmues end reducing interest cost: and WHEREAS, proposals have been submitted to t+ond twuses In Ina area and the proposal 0/ Bosworth Suttiwn and d Compa»y, ,Inc.. ~~ DertvK, Colorado, hat M~'efi accspted:' •.' .• •• •• DE IT ORDAINED DY THE TOWN COUNCIL OF THE TOWN OF VAIL coLORnoo: SECTION 1. That for fha purpose of providing funds wifi which to refund and pay 56,345,0[10 of ifs 1974 and 1975 Issues above described the Town of Vail, Colorado, shall issue ifs General Oblipation Refundinp Bonds in the principal amount of 16,345,000. Said Refunding Bonds shall 6e dated November 1, 19rb; shall consist o1 1.269 bonds in the tlenontination of 55,000 each, ,numbered 1 to 1269, Inclusive; shall bear ~•Interest payable on June 1, 1977, and semiannually thereafter on the 1st day of December and the 1st day of June each year, as evidenced by interest coupons designs led "A",and shall mature serially on December 1, as follows: „ ' ~ + Bond "A" v, rn rn y, C Numbers Coupon ~ _ ,, (All Infrrac_f '-° ~ ,OC(~;('vel.__.... Rate .........~ m ..._7;, ;~_-.. (Per Annum) `_ ~ ~ Ito 19 6 00 195,000 1977 201052 6.00 165,000 1D78 57 to Al 6 00 155,000 1979 • BA to 120 ~~ d.UO ~ 1AS,ODO 19ft0 121 to 159 - 6.00 , ;' r 195,D00 ~ 1981 160 Io 107 ~ ,,. bA0 240.000 1982 • ~. 10810 261 .~ 6.00 ~, x;.270,000 1983 ' 262 to 322 ',',,' 6.00 '~ 305,000 1984 :323 to 381 r ,• 6.00 ~ ~ I ~ 295,000 . 1985 392 fo 445 ~ 6.00 320,000. 1986 4d6 to 515 6 00 ~ 350,000 I, 1987 ' 516 to 589 6 00 370,000 1V88 59010668 b.GO ~ 795,000 1989 669 fo 753 ~ 6 00 425,000 1990 754 to A45 ~ 6.00 460,000 1991 846 in 944 6.00 ~~ A95,000 1992 ' 945 to 1058 6 00 530,000 1VD3 105110 1164 6.00 ~ ~ 570,000 ' 1994 116510 1269 6.00 ~ 525,000 1995 redemption, the arnounr and Horn hers of the bonds called, and that from and alter such date interest on all bonds called for redemption shall cease + The Refunding Bonds and ihr inlere.t` coupons attached thereto shall be payable In lawful money o{ the United States of America, at in •°~~~.} SECTION 2. The Refunding Bonds shall De Signed with a fa c5irn rte signature of the Mayor bf the Town, whir a facsimile of the seal of the Town afNxcd thereto, attested by Iha manual5lgnnturrnf me Town Clerk. The (nlerest coupon, allachrd Ib Bald bonds shall Dear fhr fa csim ale signature of the Mayor of the Town and when Issued as aforesaid a•. part of said bonds, shall he the bmdinu obNyatlon5 of the Town accordlnp to Ihrir Import. Should any officer whose manual or facsimile signature appears on said bcxttls or' the lnferest coupons attached thereto cease' to he such oft leer before delivery of the Donds to the purchaser, Such manual or facsimile sipnature shall nevertheless be valid and sufficient for all purposes. sECTION 7. The Rclunrr lop Bonds antl the. interest coupons attached thereto shall be In subslantlally the following form; , (Form of Dond) • UFiITED STATES OF AMf-RICA STATE OF COLORADO COUNTY OF EAGLE TOWN OF VAIL v REFUNDING BOND ' No. 55,000 s The Town of Vail, in fhr County of Eagle t and State of Colorado (herein the "Town"1, for value received, hereby acknowledges itself indebted and promises to pay fo the s bearer hereof the prlnclpal sum of . FIVE THOUSAND DOLLARS ~ V In lawful money of the United States of e America, on the 1st day of December, 19 ~, d with interest thereon at the rate of six per f' cenhrm (600 percent) per annum, payable ~ p June 1, 1917, and semiannually thereafter on a the 1st day of December and the 1st day of June each year, as evidenced by Interest I coupons hereto attached designated "A", p and bearing additional Interest, as p evidenced by supplemental Coupons a drsig Hated "D", of SS.000 payable annually r December 1, 1977 through December i, 1986, a principal of and interest nn Ibis bond beHrq t pa yaDlG at ,upon person tailor, of ~ r said coupats and this bond as they severally p become due. ' ,,t Donds of ihfs issue maturing on December -~ 1, t9 W, and th ereafier, are redeemable at the option Of Nee Town nn December 1, 1986 ,~ and on any Interest payment date thereafter, in invers?numerical order, upon payment of p par and accrued interc5l. Notice of prior f1 red rmption shall be given as provided In the a Ordinance authorizing this bond. R This Dond is issued by the Town Council of (~ the Town of Vail, Colorado, for the purpose u of provid my (und5 to refund valid antl c oulstandinq General Obligation Bonds, V Series March 1, 1774, and Generaf Obligation e Bnnrl s. Srrics December 1, 1975, of the Town P , under rhr authority of and In full conformity i s with Ihr Consfifution of the State of lu Colorado, the Charter of the Town of Vall, i h and all other laws of the State of Colorado thereunto enabling, and pursuant 10 an ~ R Ordinance duly adopted, published antl ' N made a law of Bald Town prior to the, a . issuance of this bond. ' ~'• O It is hereby further certified, recited and'' O : warranted that all the requirements of law ; to [ nave been fully complied with by the proper i re ofllcers of the Town in the issuance of this Pr bond; That the total Indebtedness of the O Town, including that of this bond, does not In exceed any limit of indebtedness pre5cribrxf Ot Dy the Con5lilution or the laws of the Seale of sa Colorado or the Charter of the Town; and O that provision has neon made for ihr levy PI ' and collection of annual taxes on aN of the ~ s'~ taxable properly In the Town, and the application of certain sales tax revenues of oh the Town, suffidenf to pay the interest on rn and the principal of this bond as the same O res pecfwely become due V The full taifh and credit of the Town of to Vail, Colorado, are hereby pledged for the sa punctual payment of the prlnclpal of and V lnferest on this bond. an IN TESTIMONY WHEREOF, the Tawn pl .Council Of the Town of Vail, Colorado has an caused this bond to be signed with the 0 ' facsimile signature of the Mayor, scaled N '. with a facsimile of the Seal of the Town, an ' attested by the manual signature of the wl 'Town Clerk, and the Interest coupons sa attached hereto to be signed with the pr facsimile signature. of the Mayor, as of .the O 1st day of November, 1976. a (FacslmileSignaturel m _ Mayor pa AT1 EST' ad {Manual Signature) To Town Clerk to , ' t' ' ~ 1 9r. Said RC(undiny Donds shall bear additional inferesl, as evirlrnccd by supplemental utupons designated "B", of f5,000 payable II December 1 ~ 1977 ihrouph annua y , j Decrrnhrr t, 1986 ~ ~ ~ ~ , 1 f ._ The Rrr„„!inn Donds and the escrow I (Facsimile ' {{ sec urilir~. .+n ! aw-v drd to and su PPlied Seal) ,~ I i„ Dy Bosw^,' ~ ~, Ivan and Company, Inc., ~ , ~ I JJ Denver, .. ~ .r•I j The nr_t r•Ir,•I~vr interest rate on these (Form ofCOUpon) i,x~ ~ ~ Donds is 6 Or,n percent ~. r The Refunding Bonds maturing on and No.' ~ f alter December I, 1987, shall be redeemable - . June at the option of the Town bn December 1, On the 1st day of December, 19 ,unless 1986, and on any interest payment date the bond to which this coupon is attached, If thereafter, in Inverse numerical order, upon redeemable, has been railed for prior payment of pnr and accrued Interest, redemption, the Town Of Vall, in the County Notice of prior redempflon of the of Eagle and State of Colorado, will pay to ' Refunding Donds shall be given by bearer the amount shown hereon, in lawful publication ar least once in legal newspapers money of ihr Llnifed States of America, at published in Vail, Colorado, and in Denver, in ,being lnferest then Colorado, not less than thirty (70) days prior due on its General Obligation Refundinp to the redemption date, and by mailing a Dontl, dated November 1, 1976, bearing copy of the Notice of P.edemptlon by N0. ' ' , registered or certified lirshdass United ' ,States mail, postage prepaid, to the originol „ . (Facslmlle Signature) . purchaser, or any successor thereof known;;f Mayor to the Town Clerk, and to the paying spent of • .. , , said Refunding Donds, at feast thirty UO) 1 i,•C ;.{,) .days prior to the redemption date Such nnrirn -hall znnrifY fhr niece an[) tlarr Of r ~ _ -' SECTION 4. SAId Refunding Donds, who ~xeeutcd as provldM by law, shall t fellvarod by an officer of the Town to th wrd,asrr ihrrrol upon payment to the Tok n accordance with Rte contract of purcha~ or the bonds between the Town and tt wrchasrr. The proceeds of the Refundlr 3ond5 shall he used only for the purpo~ stated (herein and for payinq the costs ar •x pens es (ncurrM Incidental t0 the Issuan[ ,f said bonds and for n0 other purpo' •.hairver Neither fhr purchaser of sa r~l: nor the subsequent holder 01 any i h+'rn shall be responsible for the applicatlr .r disposal by the Town, or any o1 1 officers, of any of the funds derived Iron tt ale thereof. SECTION 5. If necessary, the princi p~ Ind interest t0 become due on the Relundin 3ondS in 1977 shall br, advanced from ar Und Of the Dislr iCl eve liable therefor. Fr. he purpose of reimbursing Bald advanr Ind also for the purpose of payinq tl- ~r~ract on and nrinClpal of said Donds as IP ame Dreome due: e : Ne'ynulr i 8>N~: '.:^'~ hr Town Council of the Town of Vail she annually six and certlly a rate of levy for .+ ~alorem taxes to fhr Dnard of CoVn1 :ommissioners of Eanle County, Colorarf. vhirh taxes, In arLlit~~+n to all Hiner !rr~ open levied nn all nl tlir I++. ~Llr ; ~•L hr Town, in radt of ihr }cars 1977 fo ~clusive, will raise ad valarem tax rev rn,~, off iclrnt to make such rrirnbu rsement ,r, 0 promptly meat anct pay Such hnn principal and Interest payments as the cam become due. Said taxes when Cnflrr k~rf •,hall be apt>'~ olely for foe payment of the interest rincipal Of said ir~rundinq Don-'~ rspecfively, until the hrn+ds, both princ~c nd interest, shall br fully paid, satisfied ,+ i5charged, provid!d, however, that troth' areal contained shall be so construed a', revrnf the Town Irom committing a pplying any other funds or revenues +~ may now Or hereafter be in the treasury he Town and legally available for r urpnse of payment of the interest bn rincipal of said bonds, and upon r pplication of any other Such funds avenues as aloe [Said, the levy or levies I d valorem taxes herein provided rn hereupon DC diminished to the extent r equlrrmenii for such bond end Inter, aymenls for the •,partlculer; year. a hereby,llfminlshed. ~ , (. ,a~ , r•,~ ,{ ~. ` ><~ P ~ 1r1 ' 1'r ' SECTION d. Nof withslentlinp the log oing provisions for ad valor rm tax loop le Town hereby further Covenants ; }roes that so loop as the General Obllga' elundinp bonds dated November 1, p1 rovidrd for herein remain outstandinp a~ npaid, It wi!I levy, administer, enforce a~ ollecl the sales tax authorized by Town all Ordlna nee N0. 11, Scrles of 1973, fo I• xtent of an amount not fo be less than recent of gross receipts derived from ' ale of tangible personal property and rnlshlnp of services now or herrar~ ublect to said spies lax, The Town of ~ as previously Issued Ifs General Obllgar afundinq Bonds, Scrles 1974, da' ovember 75, 1914, in the orlglnai prlnc'.. mount of 52,640,000, aulhorized rdinance No. 2), Scrirs of 1974, in v;t rdinance the Town covenanted and aye pledg0 and set aside all the sales ' venues, derived from the above stair rcrnt of 4ross roc ripts authorized Dy '• rdinance No. 11, Series of 1973, to pay trrest on and the principal of the Grn,~ rllgation Refunding Donds authorized id Ordinance No 21, Series of 1974. S rdinance provided further that ecfyed sales tax revenues may alsl edged and usetl for the payment of ihr ,~ rvice nn any other br addlfional gene Ilgatlon bonds of the Town of Vail v.'~ ay be issued on a parity with said C,en- bligation Ref vnd inq Bonds The Tow ail covenants and agrees that all the ' x revenues, derived from said 2 percr~,' id gross receipts as aulhorized in To~ti all Ordinance No. 11, Series of 1973, shay d hereby are irrevocably and sr' edged and set aside to pay the intere~' d the prlnclpal of the sublact Gal bllgatipn Refunding bonds, do ovember 1, 1976, as the same become d payable Irom year to year, on a p:+~ th the Town's obligation to pay, Iran les tax revenues, the lnferest on am; incipal of said Town of Vail G^r~ bligation Refunding Bonds, Series I fed NOVem Her IS, 1974, provitl[d, A. The said plMged sales fax revr^ ay also he pledged and used Inc ymrnt of ihr. debt service on any oth~ dillonal general oDlipatlon ponds r~' wn of Vail which may De issuM fro,~~ time, provided such other or adds neral obligation bonds shall be on a 1'. 'h or su Dordlnate to (but not prin. porter lo) the General Obllp^ lundlnp Bonds tleted November 1, 'h respect to the soles tax revenues hr dged; and B. To the extent that the debt scrv of the Town of Vall general obHp~~ ~~~, ,nav br Issued Irom time fo 1,,,/rig hvt clad to the bonds 1r e,1 nrrrln) Ich are payable In f e nr In part it a sublet pledged ' „rs fax raven Ufs an4 othef moneys legally ova ilablr Ihprcl or, IlTen the Town is ' aUfhOrIICd in l1SC any rCVenlleS remalning Rom the subiecl pledged sales tax rev roues for other purposes (but only alter all of Ihe' J debt service on Bald general obllpaflon ~ bonds, which are so pa yebie Irom Bald pledged Sales lax revenues, has been telly 4 provided for In said fiscal year), InUuding, i but not Ilmlted to, payment of speclal nom general obllgaffon bonds, which sprctai non ` general obligation bonds in any event, ,~ however, shall not be on a parity wllh and ' shall be Subordinate and Inlerlor to the ,General Oblige hoe Bonds dated November 1, 1976, with respect to the sales tax revenues herein plfdgrd. So long as ~ihe General Ohiigat!on Rrlund h,q Fronds dated Novrmher 1, 1976, remaln nut Standlnq and unpa ld, the Town o} Vail shall not repeal Its Ordlnnnre No I1, ~SCr~f3 ui „'fit, anrf tha_ r~wn ;non nn. ;,,`„~;,y,r i ~ said Ordinance In a manner which, taking i Into account other revenue of the Town ~ whl[h is legally clad lcatecf and a,w:~la.Ea to ~. pay the principal and Interest payments bn said bOnUS, would tliminl5h Ih@ revenue ~~ security for Bald bonds. Noth inp In this Ordinance shall be construed In such manner to prevent the Issuance by the Town of Vall of additional ' bonds of any nature, provided Bald ad!1itlCnal bonds art ISSUrd in a manner '~consistrnt with the prnvfstnns and IlmRation5 stated herein with respect to the .,sales lax revenues herein pledged. SECTION 7. The Sums herelnabove provided to meet the Interest on said ~, RClunding Bonds and to discharge the principal therfo(, when der., are hereby applied for that purpose, and said amounts for rash year shall he included In the annual budget an,l the appYOprldtlOn ordinance or mfasurfs to be adopted end passed by the Town Coundl of the Town In each year, respectively, while any of the Refunding 1 Bonds herein authorized, either a5 to -', iprindpal or Interest, are outstanding and ' ( unpaid. No provisions o{ any cOnstllutlon, 'statute, tharter, ordinance, resolution, or '~Ofher order or measure enacted after the,. `f~lssuance nl the Refunding Bonds herein authorized Shall in any manner be conshu(d ~` as Ilmlting or Impairing the obllpatlon of the Town to levy ad valorem texts, without lim Nation of tale or amount, or as Ilmlting ~~ Or Impairing IhC obligailon OI the Town 10 ~', levv, administer, enforce and collect the ' I saleS~lax as provided hfrrfn, for Fhe . ~ payment of the principal of and interest on ~~~Ihe Refunding BCndS herein authOfllecS. ' i~' It shalt be fhf duty of the Town Council ~ annually, of the time and In Ore manner ,-, Eprovidrd by law Eor levying other Town taxes, I! such action shall be necessary to i e~lBCfUate the prOVi51Of1S Of lhli OrdlnanCe, ~ to ratify and carry out the provls7ons hereof with reference to Fhe levy and collection nl the ad valorem and sales taxis herein specified, and that said Council shall rrqulre the officers of and for the said Tnwn to levy, extend and collect said faxes In the manner provided by few for the purpose of providing funds for the payment of the principal o} the bonds aulhoriled herein and the Interest ~~~accruing thereon promptly as the same, respectively, become due. Said taxes, when collected, Shall be kepi for and applied only ' to the payment of the interest on and Nrlnclpal of sold ,bonds es herelnbMore sP~lfied. ~ ~ ~ ~ ' SECTION a. The proceeds derived from ~~ the sale of the Refunding Bonds authorized herein In an amount not less than f and the accrued interest on the bads being refundrel shall be deposited with United 'Bank of Denver National Assoclatlon, ,Denver, Colorado (hereinafter the "Bank") In a separate fund and escrow account hereby created and known as "Town of Vail ter: ~..,.r.l ~munwr,nn ..,..1`a, ~arl?c Fv r! 1975, Refunding Escrow Account" herein ' designated as the "Refunding Escrow ' Account" or "Escrow Account", which account shall at all }Imes be suHidenf, ;together with any interest to be derived from ~~, the Investment and any temporary F reinvestment of the deposits or any parr Iherfof only In direct obllpellons of, or the principal and tnteresf of which obtlgatlons ?are untondltlonally guaranteed by, or . agency obligations of, the United States of ' America, to pay the prlndpal of and interest , on the outstand ing 1974 and )975 Issues being refunded, as ihr. same become due and payable under and In accordance with the following schedule: ~ , ' 1974 Issue: '- ` Bonds numbered 4 to 1100, Inclusive, malurinp In the years 1976 to 1991, inclusive, shall he geld and retired at thole resprctlve malUllly da1f5, dCCOrding 10 fhflr OYlplnal ' terms, at Security National Bank, Denver, Colorado. .1975 ISSUC'. '~ Bonds numbered 1 to 171, inclusive, mafuring in the years 1916 to 1995, Inclusive, I~, shall be pa ld and rfflred at their respfctlve maturity dates, aaordlnq to their original +,terms, of United Bank of Denver National Association, Denver, Colorado. 1 t"'pr elf on the Cl~+stand~ng binds of the fECTrOV 1 T-~ 9 -. s'a i ^,ps• agency obligations of, the Un I,•d ;.talc; of Anarica, and shall fully ~ nY crsh balance In said nccoun r manner rrqu%rr. c} by law for other r,l, ds. SECTION la. If for any rfr•v at any tln,e, fhf funds on hand in svu~ Lrfundinq Gserow Areount shall be Insulfi~ ant In inert fhc paymrnfs requlrrd as the s; mr shall he about fn hrromf due and payahir, Ihf Town Crnmdl n! the To.vn shat! forthwith clrposit in such RMUndlnp FSrrow Arunrnt Such arldifional funds as maybe requlrrd fully fo mref ihr amount so about to become due and payable. SECTION 11. TPIC Bank shall Irom time to }tree redeem al! or a portion of the obligations in saltl Refuntling Escrow Attount In sufficleM amounts so n,ar 1~. ~~ proceeds tercet corn and the interest}hereon as the same accrues wilt be svflfdent fo mref the infects} requirements on the oulstandinq bonds o! R,f 7979 and 1475 Issues d55VCh IniCr CSf acct Vfs, and to pay or call In .anrl rrdfcm said bonds at their respfctlve maturities accordlnq to the schetlute hercinabove set Forth, SECTION 17. Thr Mayor, fhf Town Clerk and fhf Town Manager shall, and they herfhy are authorized and dlrectrd to fake all necessary or appropriate ac}ion lowarrl the execution of a proper Escrow Agrrfinenl with the Bank concrrning the deposits In, roves Lt,enfs of and dlsbursemenis from Bald Rrlund h,q Escrow Account, and such ether aprrements as may be necessary or desirable fo effectuate the provisions of this Ordinance anU comply with iha requlremrnts o/ law. SECTION 17, On nr about the date when the Rrf ending ponds are dellvfred, or within a tea sonablr. lime thereafter, the Tnwn Clerk is aufhorizftl and directed to publish a Nolite of Refunding one or more limes In a newspaper or newspapers eustomarlly used by the Clfy for legal nofkes. SECTION 14. The Town covenants and agrees Ihat It will make no use of the proceeds of the Refunding Bonds authorllyd herein which might cause such obligations fo be arbitrage bonds within the meanlnn oI Section 103(6) of the inirrnal Revenue Code of 1954, as amend cd, and the Regulations proposed and in attest thereunder. SECTION If. That if any one or more section or part of this Ordinance shall be adjudged unenforceable or Invalid, such judgment shall not affect, Imps lr, or invalidate the remaining provlslCns of ihls Ordinance, it being the In lention Ihnt the various provisions herfol are severable. SECTION 16. All ordinance or parts thereof in conlllct with ihls Ordinance are hereby repeated. SECTION 17. After said Refunding Bonds are issued, ih;s Ordinance shall be and remain irrepcafable until said bonds and the interest thereon have been fully pattl, Satisfied anq discharged. '~ SECTION IB. This Ordinance, as adopted by the Town Council, shall be numbered and ~- recorded in the olfiUal records of the Town. ;~ Its adoption and publication shall be aufhenlicated by the signature of the Mayor and the Town Clerk, and by the certlflcate of Dublicafion, and shall take effect five ES) days alter publlcalion following Iinal passage. SECTION 19. A public hearing on this Ordinance will be held by the Town CouncN at 7'30 o'clock p.m. vn Tuesday the 41st day o! September, 197b, of the Municipal Building, Vail, Colorado, and it is hereby drdrrfd that notice of said hearing be given ' by publication once nt the edition of The Vail Trail dated September' 10, 1976 INTRODUCED AND READthis 7th day of September, 1976. _ ~ TOWN OF VAIL_ '' John A, Dobson Mayor ATTEST; Rosalie Jeffrey Town Clerk Published in The Vail Trail on September 10, 1976. ~ .. • i • ,~ -£3- 197E)