HomeMy WebLinkAbout1976-27 Authorizing the Issuance of Special Assessment Bonds~ ~ • ~~ •
O1cU.LiJ!\I•ICI': I10. ;~~ -7(i
7~1~J C)1=1~)1;];~idCl; 1~U'-['IfUI::E7,CidC `.I'll1': :I;;~ Cl1~i`1CI; C)i~' :~;1'1?C:a-TALI
1,.;~`~i~;;1;;,'~il~;Pd`I' 1;t:iJ1],`'~ OI~' `L'lll? 'I'C)L•JP~I OC' V111:T.,, C:C]I,OI'11U0,
7I] 'I'}Ji; I'RTIJC~.11'I~L T1f•.C~TJ11`l' ~)I, rr~~4C),000, I''C]l? `,f'OWPv~ C1T,
'Jt"~.fJ_,, CUT,O;?Ta-~O, :~`L'I;1:};`.[' ] iIPIa)Vl;l~ii~'I`:1.' DT;~`l';:1~CT NO. 7 ;
I'l:}::~CI2:1_I3:CIICf `1'IIL; P'Olu~9 01~ S11:C 1) I_-C~i11:):~; l'R(~V7:DITv'G I~OR
I'h1'[~~i`?fJ'1' O1'' 'i_'lII: PI?~1.IdC.LI~'T~l, `l'III;I',I~;C)I' [`1Iv1~ `a'l}L' I1`:'1')Ri;S`I'
T1~1~']~.EO1~J; T,PJI) MTIKING PJ:OV :C~ION I~'CiR O'l"IihR f•TT~~I'TI~;RS
RL;Li~`.l':LP`IG 'I`IIJI:I;`i'O.
WIIhI:L,71S, thF~ ~I'ocan Council of the `t'own of Vail, Colorado, ("thc
'T'own") }"]aS by ().C(.i Lnar1C'E'. I`Jo. 14`7(, C;rC?~l.t'E'i 'I'cJtan O~ ;'all, CO~.Ui"<ld(:),
St:t:cr:•t Improvcr:~cnt P,irtr_ict No. 1 ("t.he I-)istt~ict:") , for the purpose o
const_ruc;t~ir~q <:tnC3 inst~~l].i.nq street i_mpro~Tcnic~z]t.s, including gr~~dincJ,
base a;ph~llt, }~~]v_Lncl, :Local c3rain~;yc i,nprovemE~nt, prov:isi.ons for. public
uti_l_.i_c.ies, anti }_~ridclc, i.n]pr_ove~ments iri thc~ I3:}.ghe:~rn area oi_ the ~I'o~an and
ha:; h~~ sa.i.d o~ dinance. U~.]t.horizcd arrd ordcrcc7 th.e construction a.nd
instal:}.zTti.on o1 saki improvcn]ents; and
}~'JI;RTJI~S, pu:Lsuant. to Ordnt].nce No. 14--7~:~, tlr^ `s'own n^ar?.ac3c~r has
cr"iter~_~d into cc.rt:a:i.n contracts ion the cons"cr_uction and instal.:Cation
oI~ t}]e impr_ovc:rnents t1]e~-c'i.n t.o be fin~u"(cr,d by sp~scial assessrnerrt bonds
• of tk-,e Town <~s he rei.uaft.er set .fo_rtl"r; and
Gti'II;;h}1~S, tk;.:^ To~.:rl Manager. has submit Led to the Town Council
estirn:_~i.cs of the tote]- cost of constructing and instal] ing said irnprovn•-
me]~t.s, including engin~~c~r,inq, 1_egal and incidental costs; and
j9IIFRI,7~S, it: is now ziecessai~y to con~,i_dcr and approve :,aid esti--
znate~~ t.i}~o]r ;,}rich sa~.d borTd.s shai 1 1-zcreatea: be issued; and
h1IIIsP~L;RS, t,hc> shown Council. ha:; by Res<~ Luti.on 1`Io. 15-7G ca1.1~='d for
pul,l:i r ;,:~.le r_?f its spc~r:ia:L a;sc~: snu:n t bond:,> to b^ issued for the
ptz,:~L:Io:~o of ce,.i~t;t-.ructi.n~_} a]]d .in~t.~nl_ling i:hc~ aforesaid i]nL~rovc;nents i?1
«nd for t:}]:~ D_i.strict; ,].Td
t711I,1'?~l„~~, t}]~ ~I'a~tin I`i~]nac}cr }~]as, pnrsu~]nt. to I:esolution No. _15-76
advcrti.r(~cl to]: ~jnu r~:c~c~i.vca :~t~a_led bi_d~~ for .kr~~ purchase of s~iid
bc~nd~~; ~~nci
1dIIL;I:L'I~.:~, thc~ '.C~ow]1 Cc~unc.l_ ha:; L;y R.~sc~:1].r~i.on rlo. _-7C. dctc~r-
If
]nJtl~'tl f;llili.. I~:.`i'I-{FC'il~~'.]- .v L.c)?ni>I?~1)', 17C'nVI_;r.~, ~~C)i.C)1"~]CIc1, ("tih(' hUt'Ch~15C'I:
wr(:: L.li~• ]:c::~.}.~c~;~:,_i_I~:1~~ }_,~~(i(Ic~r .~t.~l_;m:i Lt~i.u~I t}ii` :I_c~~ac~_>L ~1nr} 1~~:~:.t ]~ici t:~or th~~.
I,r~,rc':t~~r:(~ cif :,aid I:~>c+~]~?:~ ~z]]r1 li,i:; <r,NI~]~~Jc:ci t lu• cG]]i..r~~ir`i. l~o~: t:l](~ }~t.z:rchtzsc
f',( .;a11 1?~>il;!:; ?.t) ,.~t(1 L,~~Itl~.-~i~~; ~]uIl
1 i
~ •
. •
bii(t:I'I'''.~~r. i I~ 1.. li~~T'J n/"'~`t~' ,.x;11"il ~;n l~)'~)V1(!~' t~OT" t-.ll~~ l~i~;lliIIICC.' O~ :;i1.1C1
J~c,t;cls, tc) l~r_c~;,cLil.~c.: t_iic.~ lot:;it lhc.,~.cuJ., Lc, L~iov_iclu fur tl;v I,~c';-tu~_~I7t:
tllc:..r-ciof, an~J to nulkc.~ l~.rovi:;i.~;rl for other In~Ittex-:.. re]_~:Iti.ng i:llcrctn.
NUW, `I'I11~:1tL;I'OI~L, IJ1: I:T ORi)IlI:P1~U I,`~' TI1L; `I'Ob^If~ COUNC:~L OF TIII, `I'OtJIV OF'
Vfi:C ].~ , COLOI;r'11)Cl, 'i'lIl1'I'
1. 7'17c esti.rn~rt.es su.bmi ttc.:~d by the Town M<znagc~r of the cost of
~col7structi.ng and i.n~,tal.].:i.ng t11c street and local drainage i.mpr_ovemc~nts
to b~_ financc~cl by spc~ci.a:l_ assc~rsment bonds, inclu~ti.nq engineering,
le~~~-I]_ anct i_nci_dGntal costs, aro 17ereby ar_~})roved.
?_. In order to defray the cost: of constructing and =i_nsta_l.li_nq
said i_mpro~~cn;ents, toq~~ther with all nc,ccs~,ar.y incidentals, the Town
Council r~ha:l 1. issue its r7cgoti ~i}.plc coul)oII sl~ecia]_ a~ssessmen{= bonds t:o
be do si_cJnat~~c7 "Town of Lail, Co:1_orado, St:rc.et Improvement D.istri_ct ITO.
]_ T,oc~z1 Irn ~r-o~.~ement I~or7ds Series Octol.>er 1 1976 " " "
}, ( tyre I3onrls ) in
the aggregate pz_i.nc_i_~)a1 amounts of $540, OUO, consisting of 108 bonds in
thc~ clc~riomi_na_ti_on of $5,000 each, numbered consecutively in regular
nl~lneri_ral orr?e:r_- .from ]. to 1.08, inclusive, dated October 1_, _1976, and
mat.uri_nc; aI7cJ becoming payab]_o to bearc~x° i_n lawful. money of the United
.States of. I1r,lerica on Octobez: 1, 1987.
3. ~l'}1C ljor'iC.t~ sh:x11 }~eG12" two Sets <)f }J<'arCr 1I7ter(?:~t:. CpUpOnS,
eviciencinq "A" coupon il7t: r_est-. from October ]_, 1976, to mat.ux-i.ty and.
''F~" c_:olzL~on interest from October: 1, 1976, to IY;aturity at the fo1]_owing
r.ate.7:
Fonds Ntrr,ll~r,r..~,d
(bo{..lz i nc1.u~.i~re}
Fer 111inurn
I'rinc.il~a:l. Ini.e.rest
I1mcJtrn{~ "jZ" "I3"
1-10 ~>50, 000 6. 00 ~ 2.50°,
11--20 50, 000 6.25 ~ 2.l5`~~
2.1-31 55 , 000 6. 50 ~ ?_ . 00`"
32-r12 55, UUO 6.75`" ].. 7S`~,
43--:~3 55, 000 7.00^; 1. 50`<,
c~9-G~i 55, 000 7.00°, 1.50`:,
65-75 5`_i , 000 7.2.5"s 1. ?5°,
7(i-86 55, 000 7.25°> l . ?~`'
8 /-~3 I ~5, 000 7.25° 1.25,:
98-108 55, OUO 7.Z5 s ]_. 7.5`..
;~~:i.d i;itc.~r-cst. ah~n:1:1. l.~c~ Maya.}:,1c} ~~ct:ol,cr 1, 1977, ~7rld scmiannuala_v
l~hc~re~ci'{:car can i.hcz :L:,t iiay o~f 1~'}-~x-:i_1. ~:,ncJ t:hc~ ].at day cif Ocl.o}.,~~r. c)1: er_;ch
yc~~Il:. 1 t: u;~~.~Ii l~I~t~;.~~ ~n l ~~, tlc?TI a is n,<,~LLtr-t t y 1',~1'm~~tl l- ~i~ r;n~~ 13c~~nc1 i :, IIOt
Ilt<t(t,? c2:. 11,`1_t'.111 1~,'C?v~,l~'cl, xllt.t'1°t `:;1~. :;11;1.1.]_ (.'Oll{_intli'. t17C'.I-eC>I1 :1 t,: t'}le n~~n
rc~,ul~c.~~;I r,1t.c~ ;~c~rt:rl:i.niny 111~~t_'rtc~ tu:t.i_i tl;~~ i~rinc:il~r;a t1lur~c~c,C i.:> ~~~1i_c! .i~t
ic;ii.
• . •
rl . ~.~•il<< n~' ~_ ~.' l .i.~ :.: L1.'v'l' 1 ~tt..l' 1~~.':; t_ I'~i { <~ ~,l~t J~<iil~l.'~ O'f' t-.}11 J, 7 ^u!~ ! ,`~
~. ~9HJ.J'~,.
~. `:L'lic. }~ri ne:i.l.,a7.. off- <rnc7 ii~tcrc~r~t. on the J3c?nds, :-~hra1~1. be payal,lc~
i r~ ) awfu L money of t_lre Unito~l ;Mates of ;'1mr~rica tai t.lrout deduction f_or
cxchancJe or_ co.lleci_i.on r.har_clc~s at tln.i.Led I3~~nk of Denver N~:ztional
11:,:sociat.i.on, Dc~nvc~r, Cc~.]_o.r~ido, (" Lhe P~,yinq 11clent") , which is hereby
desi.ynated the payin<} agent for this Bond issue.
G. J?onc;~; of this i_s~>uc~ ~~hal1_ be' r_c:deemahle prior to maturity at
the option of the Town Counc.i 1 on any i.nt.erest payment data:, in r_oqular
num~r..i-cal order, at. a price ec1ual t:o t.}ie princi}~a1 amount of_ each Bond
so ~~edeeruecl plus accrued i_ntere~>t thereon to the redemption date;
}?rovi_cled, lrot,:ever. , t]rat talienever on any interest payment date there
exist in t.}re "Town oL Vti_I, Colorado, Street :Lmprovernent District i1o.
1, Local. I_mpr.oveznc~nt Bonds, Sc~.ries Octo}x~.r_ 1, 1970, Bond and Inurest
Fund" ("the Lund P'u.nd") hereinafter dc~~rribed, sufficient funds exceed-
i.ng six months' interest on the unpaid balance of the Bonds issued and
outstanding, tlic~ '!.'own Council- sl-~a11 excrci~;e its ciption to redeem the
Ponds to the extent. l~o,sibl.e. RcictempL:i_on shall bo made upon not less
t}za.n tli.irty (30) days' prior noL.ice b.Y publication of such notice at
least once in T1ie V~,i.l Trail, Vail, Colorado, ii i.hc~n in uusiness and.
pul:,lisliinc3, a,.r;d if not, then in a newspaper of gc~rieral circulat:Lon in
t.h~ Town of ~~ai.l, St~at.e of Colorado, and by, scndir~q a copy of such
nat,ic.c~ by fir ~1_-cl~ascs, postag<~ prepaid mail, at least thirty (30) da1,~s
prior to i_hc. .r_ecic~.nption date, to the Holders of each of t:he Poncls
hei_nq r-c~dc~c~ra~~d i.f the names and adc_res:~es of such holders a.re recorded
t~;i.th t_}ie Town Cleric. For thin; pur_posc>, the holde~_ of any such Bond
zn~zy at any time 1=urn i.~~li li:i.s name and post= office address to t_lie Tot•;n
C.le.r};. If. any L3c;nd shall_ have bean duly r.al7.eci for. redemption and if
on or bef_,.-,r-~~ t~h~~ i~,:~dc~;nhtion d~iL.r.~ thc~r-c .>ha1.1 h~zvc bc~czl dcl:~o~~.i.tc~d c,~.i.th
the I'~~yincl Ilrlent: suf: Cicient :CurlcZr; to priy ,uc}r J3or,c1 at the rc~dem}~tion
}~r:irc~, i:lrc~rz ~:tzcl~ I~~ond. sh~a1.1 hc~c_c,rne dt.ze c,nd payable upon such zodc~ruptioli
r;~rte, <7nd i.nl:r:ti~t~t ~;}r<t:ll cea~sc~ to ar..cruc° thereon ~ii:tt~:r. tl.le r.c~dem}:>f:.c~n
ci,lt~c'. Taffy J.ior,.clr_~ r.~'ll~~~_~nti~Cl l~ricir to m~_it.ttr'.i t.y by c,i1.1. fc7r ~'r.:i.or_ ?"i'-
d~~ml~t-.:i.c>n c~z.~ c~i_i,c~rta.i:;~~ .;h:ia..l nc}i_ l,u rr~i.:_,:str~-~d r,nd :.,h~i1:1_ bc~ c,cucc~llrcl thr:'
s;;un~~ .~.:; 1.~<,1,~.1:; }~~~.i.cl ,, t_ c:~t ,iC~i_c'r' nt~t~t-tir~il.}'.
__ ,1 .._
•
•
• ~ •
7. ;'~,i~l i;,.~lu3., :~,h,,1_:I },~_~ c-:_~,c~ut.~~~.1 i.il l_}r~, ii,uu~.~ <rtid c~rr 1.~,~Jr~zlf. uL
tlrc.; 7'owr~~ w_i.t [i t:hc.~ 1.r,~c:;.i mi 1_c' tsl,3n.~t.u.rc~ crt: i tr; P-1~ryc~r, Shall ),c~~rr a
f~:.c:~.irru.lc~ of tlres :,caa of tlrc~ ~Ccn•~n, arrcl sh~,1.1 be tri.l_cstc~d by the manu~rl.
si.clnat~urc~ oi: the 't'own C:lc~rk o.l= t~l~e ~i'own, ~~rncl each of said Bonds sha.].1
have att.achecl thc~rc~to an al.~pr.opr.iai.e numl.,cr of int.erest cote.}-:ons
be.-zr.ing the f~~resin~ile sic~3natur~~ of the ISr.iyor of t.hc~ 'I'owa. ~~id cou}ions
• s}ra]_1 be nt.~m}:x~red. consecutively froir~ ono upwards for each F3ond as
appropri~rtc~. [~1hcn i.~c;ued as rrfor.nr~~...i_d r~r; pa.r.t of the I3on~l.s, said
cou.pcns shall l:~e the 1.awf_u1. binclin~J pr_omi:-es and oh1_idations of the
Town arcor_dir7cl i:o their import, securing the payment: of i.nLcrest as it
becorr,cs du<:. S}~ould any officer whose ma;rr.ral or f acsi_mi.le signature
appears on raid Bond<; or t.hc ir~terest coupons attached thereto cease
to be such officer bet:ore delivery of thc~ Bonds to the Pur_clraser, such
manual or facsimile signature slral_1 nevc~rtl~el_ess br.. vali.d and suf-
ficlcnt for ~~.11 purl;poses.
8. ;~a:icl Londs r.xnd the interest coupons attached thereto shall
be in substantially t}~~~ :fo1.lo~aing form:
~J
•
~ ~ ~ ~ ~
llf~d_C'_L'I;I) ;;TJ'~'1'1~;5 O1' l,P1I~;RLCA
S`1'T~'1'i:: OI' (.".UI,C/RT,f)O CO[7?~]'PY CN~' I,AGT~i•;
`)'C),'Jr1 n1~' ~~~h }~T,, CC>T,C)I:'..~1I)C)
STIt1,1~;`P ;CI~9P1ZOt%};i .F;N'1' I)1:S'I'R:I C'.1' NO. _l
T,~)C;AL, :L;~11' l~.C>''~/l ;h~Ii;I~J':1' f ,~)}11~S
SI~;IZTL:S OC'TOI3ER 1, 197C>
1`1b. ---- ~~ r QQQ
`1'}Ie `1:'ot,,n of Vail, in t11e Cc,t.tnty of ]:aglc_~ and ;Mate of Colaradu,
for value rc~ccived, h~•i-c~l~y pr_onlis(~s to p~a.y to t.l1c bc~ar_c~r hereof,
sel~.ly out of the spc~ci.~,_1 fund;_~ hclrei.naf t:c7~ described, but net other-
wi_~e, the principal sure of
h':LV~ THOiJST3NB DOLh11RS
in ]_at•Jftl1 rnonc~y of the Uniived States of_ America, on the lst da~,~ of
OCtGbC'`, ]_9t37, t~J7.th lI1l:_C'.L"C_St tl1E_'1"E'OII from thE~ datL' 11CYE~Of t.0 th(
matL:ri.ty of this }3ond as evidellccd by in tea=est coupons desi_gnatcd "A"
hereto attached at tho rate of and hundredths
per centum (___._~ .___°) * per annum, payab]_c Octobor_ 1, ]_977, and semi-
annual.]_y the rezfter on the ]_st day of Apri 1. and the 1st day of October.
of each year and additional interest i=hc~.r.cGn from the date hereof to
the mates°ity of this Bond as evidenced by supplementa]_ intea-c~st coupons
desic,n~~lted ">3" 1lereta attached at t.llc rate of_ and
hundredths }per centum ( °) ** per annum, payable October_ 1, 197 7 ,
and scm.i_anntaa]_ly ther_eafte.r on the lst da.y of April and the ]_st day of
October of eac.}I year. :Cf upon 1.1I-~sent.at.ion at maturity payment of
this Bond i.s not n1~1de as herein ~~1°ovi_ded, interest ;hall conti.nuc-~ at:
the "f>," cou}ion I:~tte pertaining 11eI:~~to until. the pr.inci_pal hereof is
paid i_n full. 1'llc~ princ:i.l.~al of sand ]nterE~:=>t_. on this I}ond ar(~ payable
w:it,hout deduction f_oa~ c;~:c}tan~~E~ oz` co].].ect..ion chargc~:> at Unitrd 13x11}: of
}~OIIV('.I° l~~ll~l.(~n~:?]. J~:;SOCiat:]_On, 1~C'nY/C'L", CO.1.01:c1d0, upon 1?rCSE'r7tCit10I1 aIICI
surr(~Ildcr of :;~li.d cou1.>olls and tl1i:~ Bone] ~~:~~ t:hey sc~vcrall_y bc>c~ome due .
Bondr> of.. tla~~ is~st.lr of which l:hi s i_.1 C)Ile ~-,a:~~~ rc'dc~~mab]_(:1 }~>a-i oI- to
mat.ul-i.t.y ~~tt t:ll~~ o}~t~:i.orl E.lf~ t.i)~1 7'o~ti~n Cc1u11c:i. .] c(n any i.I-Iterest 1~<lyanc~nt
d:~t~:a, _i_n a~c`(_fnl~I7~ Ilunu'ric,.ll or(]r,r, aL ;1 lv°ic:c cdu<11 t~o t-ho 1-,r:i.nc]1~3a].
~Lnlc:7un i. c! i <.': ii'lt 1'~<,;t<? :'. El r!~~ i(~c,mc~(1 1> tu:; ,!i~( a'ta~_'<1 i IIi~.E~ re`s l: I:IIE'I c`(~Il t(~ t_ })c`
rG?(..1,~.'ltlhl 10)11 ~l.l l ~ ` ~ l' I t ~V~ l ~l~'(} , l It ~1~'~'V~' 1~ , l h~.l t A'.'ll! `lll`V(_' l' OIl illly 111 ta`I"~ `:i 1. }>a`,'llli'I7 t:
(l.tlt III~'1'~`. ~'..;I:ll tIl III;` ~rrl'i.`l';II ('S} \'.I! 1, (~irl!il;l/l(>, ii f('i:l lillli~(~}/i'll!('llt.
f)1 ;It.l 7('l" 1':I(l. 1 ~ Id)i.'~i l ll!1!~I'1)\''`lllt'III. lil)Ilil:~, :~~`I 1(`;; tlt'l (1laCa" a , ~_~)~~f~, I,(~tl;l
• . • • •
~1!.lCi. i.ll t_l'.I~U:'~ f. i'r.ill~." l,t ~.l.t'..l ll~.tl t_~'1- ~~~ ~:..'<<:.L J_i,~.'ti, :,;l.l ~ )_1C:LCltl t_ f1t11~.1G t_•;;C:C'~'Ct L11~_j
six lnc)]lth:,' i.ll ~c~rc~~;i-. UII t he ul,l.~~rid br:t.} rlnc~c:~ of t=hc i.:~:~uc~cl nltd out--
stand i-nta lic)nt_l:s of_ the :i_~~.~uca off: tdFla ell t.h:i_;; is one , the 'town Cotlnci..l
shall. e;~cercisF~ .its o1)t.ion to rodc•cm :such Bonds to the extent. possible.
Rc~dc~lnl?tion :~h~tJ_1 }7e rn~tde upon not less than thirty (30) days' prior
nr~ti.c<~ by ptrb]_:i.c~~lt.ioll 01: such not.i.cc at lc~~l.:tt oncr.~ _n The V<:1i7. Trail,
V_ri.l, Colorado, if t:.nc~tl irl 1.)usinc:~s and publishing, and i_f not, then
in ~~ nc,;-rsp_)}:,,,r of gerlc~ra.l ci.r_cu]_at.ion in the Town of Vail, State of
Colorado, and I)y send.i.ng a copy of sur.h notice by first-class, postage
pr.~~)_)~ii_d rna.i.l, at le~-r.st_ thir_ ty (3C)) days prior_ to the redemption date ,
to thc~ lrol~,c~]:'s oL eac}r of t_l;c Bends being redeemed if the names and
adc-l.rc~sses of: such ho]_der_ s are recorded with the `t'own Clerk . For this
pu]:pose, thc:~ holder of ally such Bond may at any t:irne f_urni.sh lri_s name
and Lost officc_ add.r_ess to the 'I'o~•.n Cle?-}c. I:f thi_s Bond shal.]_ have
be:~n duly ca]_lod for_ redemption and if on or before the redemption
daire there shall_ bc~ deposited w:i_th United Bank of Denver National
Assoriati.on, Lcnvc.r_ , Colorado, suffi-dent funds to pay this Bond at
the r~~demptic~I~ }_>ri.ce, t:llcn this Tiond shall become due and p~:.t_y~able upon
such ]-edr'mption d~~te, and interest shall cease to accrue he]°eon after
tr: redf~ml)t ion da+ue .
This Bond i-s not anct shall not be considered or taken to be a
general obligation or indebtedness of the 'Ibwn within the me aninq of
any rec}ui.rement or ]_i_mitat_i..on imposed by lata.
This Bond arld the int.orest hc~rc.on are payable, except as herei.n-
after st.~tted, solely .f_:.roln, and as s~curi.ty for such payment thcarc i.s
pl.edc}cd, a sl~i~ci~tl_ fttlld d^s~igrtatc,d the "`l'o~~n of Va:i.:l_, Colorado, Street
Iml~rovcment L'.i.~,t.r_i-ct fdo. 1., liocal. Irnl.~roveluc~nt Bonds, Series Oc~t:obcr .l,
1970, Bond ~:tnd I]ttcrc:~t-. Fund," into tvilic~h t.hE~rc sllal.l initia:Lly l.~ca
del~o~:itc.d any nzonc~y:~ ].-c~mai_nill<l i.n t_hf:~ "T~t•.n of Vail, Colorado, Strc:ot
Imprc)vcm~nt 1>:isLr:i.ct l~do. 1 Con.st]-ucti.on 1't]r]d" afti~r the co~zi of tl-lc~
afcrrc~:>tticl iml~.] ovcnu•Ir!_:> h~]:-; born 1)~.ric] i_n iua.1. and .into wlnicll t_ll~ro
shall til('r~~<1}-i:C`]' }JC C1C'l~C>`~ 1 t.Cd ]11C~llt_'~'S c'Ol.IC'ct.c'd O11 aCCOUIlt; Ot: ~i,'-:SC~iS-
nu~rlLr, i.c:) hc~ Lc,~:ic~d ac}<t:i.u.~t_ t11~:~ i_)].~~1~~~]:ty .i.ncludc~d ~a:i.t:hi.n `1'or.'n o(: V,_ti1,
Cc~Ic.)r',tclo, St. ,~t~t- tlul~rcwrmrnt I).i~.t.]-ir,l~ .Jo. ] told t;pc>ci~.ll l~~ 1,~.~nc>1:.i t:.c~c3 by
t ht~ c.:t~n:~.l_r1lc~ l i can r ltt.c i n:-i.:a f I ~rL.i c,lt c.)f` t. he i mi~ruvi~nu~rl t.~; t:hc~z'c~ i u. 't',,c,
'.t~lti',:11 ~'l~V'~`!l~,lll..: A;'1 t.{l t III ht~Jcl,.'1~ (11 t I11 `, li,,Iltt t~tL;t' 1 t Vd 'I I I, III t ht,
~ ~ ~ ~ ~
?Il•~; il,~ ~1l~,Cl i_ , i ~,~ ~ ..t ~ ~~~ 1 1111 l I t ;~ l,•,~ ~~1;^', ~~'Vj' _.. ,.;r`, ,.:T11('nt ~ ~It1;1711:~t
s~~id pl~c~}~c~rL~1~ to pay f-I~?c l~l:i nc i ~~<,1 c.,t ~tnr.i intur.c:;t: c~rT t:h i .; Ik~ncl wlic~n
du.t~, that i. t: ~•.~i 11 coa 1_cct s~.I_i_d ~Is~;e:,;?ncnt; ant] dc}~o:~.it tlic~ :;,:znu~ ini.o
said 13c~T~d and I.ntc>I~c:si: 1: un~i, slid ti~at it wi_1]. enf:or_cc~ thc~ lien of any
trnpa:id a:~~:~c.:~:~,mc~?it against the propcr.ty cl"Iai-ged thero~~/ith.
7'hi:~ Bond, together w.i.t.h anti bonds of otlic~.r_ special or ]oc~al
imp.r.overn^nt di.~;t-r i_cts i.n t.hc 'Town he~reaftcr issued, i_s and sh<:.T11 be
addi_tior~a7].,, ~,c~r_u.r_ed arid. its payment sha17. he sup}-~lcmr~nted. b;~ moneys
in the. "Town of Vail, Co:I_oraclo, Local Irllprovc~ment. D.i_strict Surplus and
Defic.i_c'ricy Fund." P1he?:ic~<<~er t=here i.s a deficiency in the "Tot^;m of
V~_ti.l, Col.or_ado, Str.cet Irnpr_ovctnc~nt D.isti:ict No. 1, Local Improvcrnent
Bonds, Series Oc;t.ober 1, 19.76, 13onci arld Tnt_cr.est Fund" to pay i.he
pri_ncipu]_ or intci_est of outstanciillg 1->ondc~ ~.I:.~ tho same beronie due, tl"?e
dcf9_ci_erzcy sl?a~l_] l~,e paid out of said Sur_p]_ur and Del=ici_ency Fund. In
addition, the `:Co~~`n covens±nts that- ~•,TIIC~never_ .it has paid and canccll.ec?.
three--fvurtl"is o:C the Bonds of the issue of wl~Ti.ch this is one, and for
any rea,;on the rc~mai_ni_nc} ass,essmc~nts ar_e not paid. in time to pay when
due the .remai rTinq Bonds ther_eof_ and tl?e intei_ost coupons appurtenant
. thereto, and t.lic>re are not suff.ici.erlt mon<_~y~; i_n the "Town of Vail,
Col,oraclo, Loca]_ J.illprov~mc~nt Di_str_i_ct Surplus anal Defic_ienry F"und,"
i.t wi_1]. pay said Bonds and the i.ntcrest t.hereon when due and will
~-eimbw-se itsel:E by col.lecti_Iig t_1Te un}_~ai_d assessments due .
`I'1"l1S Bund ~~_S OI1C? Of tl ~el:'_leS Ol. speCLa1 aSSeSSI11c'nt )"JOndS 1n ti1C'
a c1c~I=~;C~1aLe pr"l.lic:lpal arllOLlilt: 01= y~")~iQ,C)0~ 1SSUC,d fO:r the pL1rpOSC'. Of
de.frayi.nc~ the co:~ts of const:.ructi_n~_, and instrz]_1_ing st?~ce~t and local
draln~iClc' .irnprovc~~nents, togei=iicr t,r:itlz ~..1._l_ neccs::,ar,,~ incicic_~ntalr~, in
`i'o~an of Va.i 1, Cc~l.or.ado, ,~trc~c~t: Srn}~i:~ovc~rnc~rri_ 1?:i st.r_ict No. 1, in t_ho ~I'ot•/zi
of: V~ci.]_, Co].or~.zdo, }~}~ v:i_rt.uc~ of and in :Cu:11 conformit:~> ~L~itli the Con-
st:it-_ut.i.on ~Tnd 1at•/:; o.f. the .~tatc~ of Colorado, the `i'o~en of Vail Charter,
gild '.I'ot•;n oi: V~t:i_1. C?z:"din~~u~c~~s No. 9--76 an<l No. 14-76, and pur:~uant to
Ind IuTder the ~iuth~~i:.i.ty cif `T'own of V~zi.l Orcl_i.?I<t,ice No. __ --7G duly
• adol~i..c~d, pul.~a.i:;i~~^ci, anti ?uriilc.~ a 1~T~a oi~ t}I~~ `7'o~an of V~ii.l, Co].ora~lo,
}>>_ iol: t r, t_h~^ i :;:;u~ui~.~~ c., f. t IT.i ~; 13c~rt~3 .
'a~hc' `l~(~1wn (`1 Vi1J._I_ C<)vI(•t7iti11`Si F-lull. il,l.l'l`.t'S vti I t:h t:lll, llc")1C1C.'r C?l. t.11.L:~;
ltc:~nc .n~,l tLil.lT ~~~~<~h ,inr3 ~,~,t,?_), 1~~~:r:;uu tt~h~ ni,:•~~ },c,e.cnnc~ thu lie>1~ic~r lu~z.c^e.~f
' • ~ • , •
[]r,!1 i ( ,,,i.1.1 ?-,,.,1> ,:i~~? ~ l;. rf~~r-m ;ill <~1~ i 1~~~ ~ r~r7~,i~~r~,~nl ~; c,f (7r~li.n,inr•r, I`~]r).
.- 1t, ~!nd c; t. t.lr:i : lsc,nci,. );c~ i ~~~ c_~nc~, .i :> h~~r c ley m,!dc~ Lc~ t;a:i.ci cat:~cl_i t!~_u!cc~
i•
for_ a cic::,c:r.i.pt i.c,n of tl~rc~ l,rovi_s:ion:~;, t.c~a:-m~; ~~ncl c;ondi.t~~ion:; upon w}~r.i.cl!
this l~orr~l i5 .i.~suc-c.l and :_~c:cuLCCl, irrclucli.ny w:itlrout limLta{_iorr, Lht.
nature and c~xt:r_nL of tho security f_o!~ this Bond., the custoely and
aL~pLic~:!t..ion c,f the proceeds of this bond, t~.hc~ co.ller_.t.i.on and di_:;l:~o--
si_tion of the sl-,ecial a5sc~~~:.>nrents and moneys charged with ~~rid plectgecl
to t:lie. 1?ayment. of thi:~ Bond, the sl~c~r.ia]. f_~tnd.~ r_of..errc'd to a}aove,
and the mature and e};tent of the sc~curlty and. pledge afforded tlrer_c~by
for the payment oi= thiea Bond, as t~~e1.1 as the rights, duties and ohl_i-
gations o.(=_ tl;c 'iown of Vai.]_ and its `Town Cou.nci.1_ and a1_so tho rights
and remed:i.es of tli~~ l~roldcr of_ tl~i.s Bond.
It is hereby certified, recited and warrant:cd tl-rat the total
issue of Bonds oL` l.he 't'own of Vai_]_ l:or- 'I'o~~.~n oL "Vail, Colorado, ~ trcet
l:mprovement: Di_st~:'irt T?o. a., inc:J.uding this Bond, does not exceed tho
amou.n.t authorized by law; that evo.r_y requirern~~nt of law relating to
t:hc creation of said District, the construction of the aforesaid im-
provemer~ts, the preparation for levying of the aforesaid assessments,
and the issuance of this Bond has bc}en fully complied with by the
proper of f.i_cers o:(' the `T'own; that a1.1 acts, conditions avid thine}.~
rec1uir.c•.d by la.w to be doge pr_ecedcnt t.o and irr the issuance of this
Bond have begin properly dc)ne; grid that: this. ]3ond does not contravene
any coast=itutional. or statutory li.initati_on o1: any provision of t-hc
Town of Vai_.l Charter or the ordinanc,_:s or resolutions ~:~doptod pursuant
t.heroto.
I'or the payme!rt of tlr:i_s 13onci and t.lie i_ntcrest hereon, the 7'o~,tin of
Vai.7., Color-ado, i~ae~dyes tlrc~ exerci_.,c~ o.f al_1 of_ i.ts lawful corporate
p otae r s .
II~7 `I'L,,.~':i':11`lOiJY C•~1il,Rl~,OI~', t.lrc; `I'owa c:ounci_1 of tlic "i'own of Vai.1,
Colorado, h<is eau~scd this Jsond t.o lac exec:utc~d i_n the na!nc and on
bclra.l.f o1_ :;~:!id 'I'c~~en w.it=li t.he~ facsirnilc~ s~.ignat.t!rc of the ~q,iyor of said
i To4:~n, t_o be :;calr~cl with a fr_~c::~imi.lc~ of this :;c~t~l. of said '.Pc,~an, i o hc~
at.tc~st:~~d by t-hc~ nuur!ral ~;iyn~r[.ut-c of t_h~: '.(!~~;•n! Clark of :;~iid '.I'o:err, ~u!d
h<~:; c,~!rsc~c] i..h~.~ ititt~rr;;t: c!.>tipi:~n:; ~rl.t.iciic~d hc.~re~to t_o }.)c e~;;ccut~~d wi.t_1!
a ....
s • • , •
tpi,-. f~:I~~~~~.i*,ri1~~ ,~i~~r1r)t-t11-rte r,; I-I~,, P1.i•;~nh (~f r„rirl '1'r~~.an, ~n17 iii, 1, f' t}1~~ ~~~.~-
clay o1 E.~ci_olx~l_~, .l.~i"/f~.
`.L'Ol•If•] OI•' Vl1I:I,, C'03,OR71I10
BY: (.T.~'ac:rirnil_e Signature)
.~ __ Ptayo>_ ~_.__ _, _.
(SE71L)
~;t t~'St:
(f.t;:nual ;~i.gnat~tll:°c)
` rn~~n C l c' r: k.
*Bonds num]_~eLr~ci 7.. tllrougll 10, inc.7..usi.ve, bear_ "~" coupon interest
clt the rc~.1-.G (~~ ~:L?; dI1C1 Ilo 1111 I7ClrE1dtl1S 1)C:I" CE'-11t~UI[i (~. 0O°) pC'Y" ~~31-1nUTIl.
Bonds Ilwaberc~d 1.1 lhr.ough l0, inc.ltl:,ivc~, bear "~" coupon interest= at
the rat: ~ of sip ,:end tw~nty~-f.ive htzndt:c~clt}ls per centurn (6.?.5~;) per
annum. 13ond.s nun~ll~c~rc~d 21 tllrougll 37 , inc] us.ive , hear. "1~" r_oupon
intc~rc'st at the r.a'~e of sip; and fifty )'.undredth per centum (6.50°.)
per ~znnu?n. Bond:> numbered. 37, throucrh 42, inclusive, bear "~" coupon
intere:~t at ~}le r~ to of ,six and seventy--l=i vc hundr_cdt~hs per centum
(6.75=~;) per allnwn. Bonds nurnbcred 43 throuq_ 11 6~1, inclusive, bear- "i~"
coupon i.nl~erc~st at thE~ rate of. seven and no llurldredths per centum
(7.00<~) }?c.r. ~lnnurrl. Bonds ntzrnbc~l°ec:l G5 tlir_ot,g11 1.0£3, l,nclusl_~=e, gear "It"
coul.~o1.1 illterc~st rzt~ i.hc rate of seven ,n.nd twenty-five hundredths pc~.r
• centum ("1 . 25 ~;) per annum.
*~~1;onds nunlbc~rc~d 1_ t=hrough 1.0, i.nc.l_usive, bear_ "B" cou}_~on in--
te.rest at t-hc~ .rate of two and J:i.f.ty 1ltzndredtll per centurn (?_. 50°) }?er
a11l1liln. T30I1d5 nUlrll:~C~YE='d 1.1 ~11rOUC~11 2O, 1_I1C1.USa_VC, }r)Gdr "l_5" COUpnn J_I7°
te>_~est at. the ratc~ of two and twenty-five hundredths per centum (?...250)
ner annum. Bonds nurnb~.red ?_1. through 3.1, inclusive, bear "B" coupon
inter_e_,t at. the r~~lte of two ~lnd no Ytundre~dths per centum (2.00°~) per
annum. Fonds nuni};<~.red 32 t]~.r_ougla 42, incl_usivc~, bear "B" coupon
interest at t~hc ratc~ of one ~tnci soverlt;`-dive hundrerlt=hs per centum
(1...75;) per_ allnurn. B<:>nds nt.~.Ii~]~~red 93 t=hrrough 6~}, incl.usi_v~, bear "]~"
coupon inte.r_c,st alt the rate of one and f:i_fty huncircdths per centurn
(1.50°) per annum. ;'onds nunll~ered ,5 t.}11-~Ilgh ].08, incl_u_~ive, bear "I3"
r.oupon :intcr_c~sl. ~zt: tllc' rate of one and tt~;enty--fi_ve hundz-edtlls pc~r
centt.lm (1. 25~,) 1-~cr at;-num.
r~
• • • • •
i.d n .
;~
Un tl,e .l.st= clay of 11pri._L/Uctobc,r, 19 tznlc,ss the l_3ond to v.~l,ich
• this cotzj~on i.s akt~7c;}ied has been cal.lc~d for prior rcydompt.-ion, the ~i'o~f~n
01. Vail, :i.n the County of ls'~+c}le and State of Co:l.or_<ido, wiJ_1 lay icy boarc.r
f=hc~ ~~mour,t, shov~n l,c.rc~oti in l~s;aful rnanc:y of the United Si.af.es of_ I~rner.ica,
v,~i rliout dcc{uction for e:rcli~.,ngc or ro) lect:i.on ch~zrgc~s at Z1rzi tecl I:~ln}:
of. llcnve,r_ i~lation~.tl ~~:,soci_a.ti.ozi., Dc~nvel-, Colorado, solely out of tho
specia:t 7:und:_, and sources crt~~:.t.ed, c,e:,r_r-ibed, and pledged as recur. ity
for such p~.iy~nent: by Urdinaz~icf.;.~ loo. -76 of the ~l'ov;n of. Vail and
also descri_L~cd a.n.d so 1:.~1.edc~ed in t},e i3ond to w}~ii_ch this coupon is
~~.ttachc_c~i, btrt not. ot.l,er~ai:~ci, }.-at~i_nq ? n!_erest than due on its mown o.C Vai.l.,
Colorrado, Strc_et :LmI>rovemc:z~t I:~ist.r.ict i1c~. 1 Focal Improvement I3oi~~d,
Series Uctobcr 1, l9.7G, beara.zir~
No.
U
(T'a;:simil_e_Si~}naturo)
b~ayor
Tovrn of Vail, Colorado
f
~ ~ ~ ~ ~
~). '1.'llr.~ I~r'c>ct~c~cl:, of ilic.~ l,r>nca„ :,li,Ill bc~ d~.~l~c~:~itc:d i.nt.o, anti t I~c.~rc
l;~ Il~.'I ~~tr., r,l ~..1~ '{, ~ il" "`~'t~\:'1) rat ~J;I I ~ , (~~dr)I~~l~lr), ,~~ 1'r`t't_ lllil~l r)'Ji`nlr'll~
]~i_cLric~L. I~Ju. l_ C<>>i;;i.t:ucti_oIr I~'i,tiid" ("l-hc Construct.:~_on I'uttd"/ ,~rnd
t.hc;rc~~aftt~r said procc~ccl~. slia L:I. be usc,d only to }~a~, tht' co_iLs and
erp~nses of c.;onr- Lr:uct.i_ng the i_mprovernenL--;~ hcrei_nabove desc.ri.k>ed and
the. costs and expenses incidental therct.o. In i:he event. t:-.hat less
. than a1.7_ ci the p.r..~c~~,c,ds of said }3onds are ex}:>ended to pay such costs
and e~;pcnse~i, any rcan~zinincl sump; shall l.~e transferred uk~on com}?lct:i.on
of tl.c i.mk~.LOVCmcn t: to the J~oirCl t'und and used for the pur. pose of-
calling .in grid paying tlrc p~°ilAci_pal oC and the interest on said Ponds.
10. `i~hc: k3onds rand the i_nt~rest thereon shall be payable, except
as her_t_~:i.nai=t.~:-~r st_at~d, so lel1~ f:r-onr, and t.lrer_e is hereby created, the
"Town oi~ Vai.1., Colorado, Strut Improvci,:iclrt District No. 1 I.,ocal
Zm1~rovement. Lond, Series Octol~r_~r 1, 1976, t3ond anal lnte.rest Fund,"
into which there sha_%1_ i_nitia.ll.y be dr,~posi.tc'd airy moneys rc:maini.nck in
the Constr_ucti_on Fund af::ter t.hc; cost of i.mpr_~ovcmc~nts has been pa.i_d i..n
full and into which l.}rere shall thereafter be deposited all moneys
collected on account. of assoss;.ncnts t.o be levied against. the property
~aithi_n the District anci specially benefited by the construct::ion of t}re
• irnprovcments therein. The moneys in s~:ri_d }3ond Fund shall be used for
t.hc~ purpo:;e of paying the pr:I_ncipal. of and interest on the Bonds, and
for. no other_ purpose ~-a}rat;~oever until the Bond_==~, both principal and
interest, have bean fu.1_l_y paicl and d.i.scha~~c7ed, and as security fo.r.
such prryment~ the Band fund :i_s hereby cr:clu;:~ively ploc7gc:d. In the
event that 1.e:;s th~.~n all. the monoys in thr~ Bond Fund are elponcled to
retire the p.rinci.pal. 01. and i_ntt~r_esi~ on t:he l3oncz;, any remaining sums
shall be tr:alrsic~riecl upon tlic p~rytnc~nt. cif a_l_1. of t}rte k3onds, both pr°.in--
C:Lpc'1 ~ rinCl 1ntC7."t~st~P t"O, ~1nd t:liF'1"E3 1S hC']:'Ck)y CrC~1tCd, the "TOwIl Of
Vc~.il, Cc)lor~.do, Loc:~::rl Lm1.,I-o~rcr,r:~nt District .trrt~l_us and ll^.f.iciency
I~'ur.d" ("tlie Surl>:lus ~rtrd Dc~i~i.ci_cncy Fund") . Tlie rands herein authUri;.c~d,
t~og~~tht~r t,~:i_tli the? bc~nd~s ol. ol-.Irc~r sl,eciril_ o.r loc,il_ iml>rovemcnt di:.;ir.ic~ts
itr tht~ `.]'uwn hc~.r.c~af_i_ce' is:.iu~ci, rrr.e ~rnci :..hill 1_u' ~r~l~l.ition~r]_]_y sccur-c~d
anal 't:lrc~i_r_ l~~rr~~ni~~nt: :;Irr~~ll. k~c. ,;u}~p.lcmc~ntcr-l l,v tlic :~ur.'kaa_us and Ircf.i.c.i.rnc~y
Fun~t, ;..t..ici l u.~rc! t_c~ cut~<;.i.sL of nic~n~~y;a r~t~nr.r.i.nin~! t~.r:~ t.l:c: crc~d:i.t ui ~r.rr~{
:;!>c~t-i.aa or 1t~r~i1 inrl~ruVr:~~uc•tIt di.;;t.3':i_t~i::.i nc?~a c~x:i;~t ~iir~~ c~,I~ ht~rt~.rLt,c`r
c•,~~,ilr~r.i, f I~c~ to%nl:~ cif talt.i_c.~L I~.rvr~ 1)t.`c~n l~~;tit~l. its f:ttl L, I~r?Llr }~r,inc~:il~~il :ru~'1
.. y ~~._
• • ~ . •
~i~!.~ r~•.~L; ,u,~l ,,t,,,t,,.~~ !}~~,~-~, ~i~~, ,i rl~~~(-:i~.~ir~I-1~•.~, irl Il~r~ 1i~nd l~'ilnri t-.o ~'~~1,•
t.flc~ l~~rinc.~ip,1.1_ c11: or_~ _itlf_c_~:r'~•,~t c,u rout:~t:,Inct.iliy J3oncl~. hc~l_u_i_n al_li_}IOr.'.izr;~rl <r:,
i.hc aan'rc~ bc'ce~!nc~~ dtlc~, t_he def:i.c:i.c~I~c~,' .~hala_ bc~ paid c~uL of the ;~~ul.'plu:;
alld 1?afi_cic.~Ilc;y I'tlnc:i. zn t~11e r~vcllt: that. :.,uc)1 a deficiency c~.lnnat k~o so
paid, the 'Town Cow`ICiI. shall, in cons:i_derati.on of gc~ner_al }~enefits
con:fc:~rre'c3 ul:ion the 'I'o\•,~n at ]_arr7r~ from t.)~e construct_ir~n and i_n~.ta.llation
• o.I- tllc~ aL-orc~s~a_i..d i.mr~r•ovclnents, lr~vy taxes on a].l thc~ taxable proper:t-y
within the Toy::r: at a rate to }~e d.c~termi_nerl by the `l'o~•~n Counr_il, or i.n
lieu of sucl~l action transfer othcx: <1v~tilcAbl~~ funds of the `T'own, for
thr~ purpose of advanci_rl~r mone1~:> to }gay :such dc~j:ici.encies. '1'he proceeds
of. such taxes, or such other available fun~l.s shall be placed. i_n the
Stir)?lus anc} Dcf_i.ciency l,urld and d.isbur~sc~cl only f_or the pur.l_?os<~ hcr.ei.n
spcci.f.iE~d. :lll aeiditiorl, whenever the To\•Tn has k~aid and cancelled
thr-c~c'--fourths of the Bonds, and fcr any rc~~.~son the romaininc~ assess-
rnez,+,:.; are not. prod .in ti_mc~ to pair when du.e the .r.em:~lin:i_ng Bonds and the
inkserest cou).~orls al~pu:rtenant thereto, anc? there are not sufficient
morle,,~s in thc~ SI_lrplus arld l~efici_cncy fund, then thr~ Town sh.1.11 pay the
Bonds and the i?~terost t11c~3.-con why n due and reimburse itself by col-
lect~.i.nq t.}le t.zn)~aid asses:~ments due. `1'he o}~.li_gati.ons created ).>y t}~:e
pa'_~m~:nt r~ravi_sion.s hca:c~ .rl s1laJ_1 not: be rol,str.ued or ILC~].d to make the
Bonds general. oblic~ati_on:~ of thc~ 'i'o\,~n, and the Iloldors of- the Bonds
shall have. rlo cl~~i_m on any gener~.l_l oz: other fund for the payment
thereof, except as herc.irl provi.dc~d.
ll.. 'file. }3ollds, whe11 ex:~cutc~~l as pr_ovidcd here_i.rl and. by la\a,
s1~IaJ.1 be deliver:ed by ally one of th_~ offic~crs of the Tawn to the. Pur.-
ch~t~~<~r.', iapol~ )?~lynlcnt to tllc~ Town of the purcrlau>e pl:.i.ce. The proceeds
dC`1:'1.VC('1 fl"OItI I~IiC' Sale' Oj- the L~OI1C1 ~; S}Ball 1?~;~` U.SC_d ClxCluS:l_VC1f7 1-Oi: the
pul-po:,cs :>t-:lt:cd h~~~rc~:i n; pr.ovidc'd, llo\eevcr.. , that an.y portion oi= such
p.r.c,;.~oc~c:i:; m,z~7 }.~~~ tcntpo r:~~ri1.y ir,.vc~s t.c~d penclinq suc h u:;e .i_n sccuri.ti.c.I or
Oli1.1,J~.it..l.. On`: wll.l_C~h ci1:C l.~:i\ti'tUl_ 711~'C~ :-, t.1ti;~llt_;i fOL" the `1'O\+II1 W:I.th 5uC11
tc~llli)C71"~1L ti' 7.Ilvi">f'IC1C~n~:S l~c.~ }_)E' Il1C:(1C Ci)I1S]_;;~.CI1L w:1th t_}lid CO~TC?11~1nL 11E'rC:1.I1--
at ti'r I~~1_°oviclc~~.l ci~IZCr~rn l az~7 ~l.rbi. i.t,~.c~<~ 1}r~nct:; . Nci.t.h~~1~ t:hc~ ):,llz:ch~~so1- o.l
s~li.;~l l~c~~ll~l,; rl<-:~r ~Irly hc~-Lc;<~t:' t~hcz~~•oL r.,ll~r7..1 k,c~ :i.n tlny vti'~ly rc':~I~ot~~;:i..bl.c I:or
t.hr. clp}',1. ~ c'~; i_ ic~il o.f_ f: }r~, }>1: c~c~c~cc] ~, c, C :,tr:i cl }1c~Ild<; b}r t h~.~ `.l'c~wn ~r ~,ny c~ f
~ • • i
l/. /1_I l r~r' ..It(:Y l~~~l i. i.c~rl (~I l.ll~` ~;(,Ilct I,t.~x'~~r~d:, ni.ly l~c.~ ~c:t~.!l~r~] ~,r..i.:Ly,
i_nvc?t,L~~ca, or r. c_~i.nve:~L.ucI, I~c~nc:li.Il~I c:;I>(~IIC.3i_tutc? }:or t;.lzr_' Intrllo:;<,~; lug]:'cin
set Io.t_t}I, .in :;(_>ctzr.it::ices, or of>:!_:ir~~It_inns t~~hi.c~}l ar.c :1,lwtul invc~c>l.nlc,nts;
for thc~ Town; provided, Ilo~ac~vE,r, th~.lt the `i'~wzl wi_ :L1. malcc na usc~ of the.
proce(~ds of t. l]c ]3onds at any ti_m~, c:iur~:i_nc} the term the]-caf which, if
• -;uc;ll u~;c 1-Iad I~c.c~n rca:;on~ll~J y e..~;E::c: t.c:cl on the date t~11c:~ Bonds arc i.~sued ,
wauld }lave eau:>ccl the Ponds to he arbi_ t.r.-agc bonds w.i_t,h the moarri.nq of.
Secti.a,, .103 (d) c, the Int_e]:n~l_l Revenue Cade of 195~I, as anl~nclE~d, and
the regul~:tti.ort ~~ px'o}_~osccl tl1c~]-c:under by the United States '1'reasux~Y
DE:partrnl:int., unJ.(,r: under any l~:rov.is:i_on of 1.ac•~ herc~aftc.`r en~(cte<1, the
.i.ntE~r~:~st p~zici on t:Ile Bands (a) shal=l be exc]_udable from the gross
incolnc~ of a rcripi.ent t}Ierc~of- for federal income tax purposes without
r_egarcl to t-:hetr.~]- or not the Bonds are ar_bitr~~Ige bonds, or (b) srlal_1
bo exempt= from al:L f.eder~.ll :i_ncorne taxation.
13. Upon asc•c,rta:i_nir,c~ t11e cost of the improvements the Town
Council shall ~117pox'tion, 1_evy and assess said cast upon each 1.at or
tract of land to be assessed. far t}le impr_ovcments. The Town shall_ pay
for addi+,_ional. z-elateci irnprovement.s as pa~av.i_cic~d in Ordinance Ivo. 14-
76, Thereafter' t.}l~~ 'i'owr,. Council. s}Iall catz;e said asscssrnents to be
col.lec,ted as prey idcd by law far the benefit of the 11o1_dcr_ s of tl7c'
I3ondti;. 111 at~ses.~ments rnadc shy:x.1.1 be a lien :i.n thE? several amounts
assessed against= e=ach tract or parcel of land assessed fr..om the e.f-
fect.i,~c~ date of t-11e assc~ss_i_ng orcJ:inarlco. ~1 1.icn shall_ not, ho\aeve.r,
attar~h to ani= tract or pax-cE:1 of land so a~;~~essed t'.~hich is owned b~=
the :; t,~.lte, or any age=ncy, or instru~nent.al.ity thereof, or and= county,
nlun.i.ci.~~~l1i.t.~=, ~c11oo1. di:strict, or special or cJuasimuzli.cir>al di.stric.t,
other. pol_it.i.ca_l. .~u}x3ivis%on, o.r px'i.vat.e cor},ar~lt.ion o}.?oratinq ~:~ }>ubli.c
uti.1._it.y. 1!~ to any subdi_vi.s~ion`~ of <III~= real cst~l.te so assessc'cl, the
a:~:~C'S`~lilC'lll:.`.; >1}~11.1. :L I7 E?~C.II C~_l:"~E~ bC~ i3 1]_C`Il UI'C111 tht? 1nCl]_V1dUa1, lots Of
t~llt' :~Lli~d1V1S_IOIl ]rl }`rai~O]=t7.C~n to t11E?1]" T"E?SL~c''Cf',:1.V1' :3h~lx'CS, '1'hc' 11E'nS
for s;uc~l~I assc~:;:~,nu:~Irt.:., s11Z:L J_ h(' }~I.i_or and `.l_I}~c~rior t.o ~ll]_ ot=her 1.:iE~n:s,
r,]~li.;lls, c~Ilcut;tl~]-.ulcc:':, ~lnEl f~i.l.le:;, tail('i.lli~r L>rio]:- in ti.mc or Ilet, sand
slla] 1. cc1II:>t_:i t.ut.c` suc~ll ~~ l~i.c~n tll~lt.i 1 1~'~ai~i; I~!:ovid(~d, Il<necvc~r. , .~;t.ICh
,l;~.r;E~:;:url'IIL ~l i(`II i.; :.ul~nr~~i.i.ltat.c` ~nlct jlllli.r,.t' t.rl ,lny 1.:ic',tI of:~ c~C~ncr<11_
t..l~:~':; ::11~( 1;, :;lll1l~'~'t' frl (":f7tlr}+.711t1i1;!+'11~" l)1= t.11(` .;;t1.c.' l)l- ~1Tlt= I>1"C>}~i')"t`)= C,n
,_,•i'rt1111t ~1! i I)~ lliill~ ~~. )i', `flt. (~I c)l`!!~ I,;.I L,1.:~- ~ ;tll(I I'1'C~\%lili'cI flli'L.17(`l , ~111`~'
! i'
~ • • • •
su"1r rl:;:;u:;:~;1n(~ul.. 7:i(~tl r~11 ~IZy 1~~~I::L. c.1 :1- }~);;r<:~•1 c~t_ ].;ul~i t_::~ L~r':i.(>r rlll(~}
.~li~,~ j ir,r ~ O ail ~1.~.~~ .~.,II~''ll~_ ~ 1('il ~.~ir'1 ('(ill .;li},,';~ (jll(`I!~.~`,~ }f ( r r
C~,urlc:i.1. ~;}la l l ua.:;o rrluu<~ the: 1.i cn of tiny un}.;rlid a:;r;r~::;nrc~nt. t.o he
c7i.1 ie~(_:nt1y eIr(-~rcc~d acJtiillsi~ thc~ Jlro}~ez:t_y c}Izrged therewith.
:1.4. o lone a:~ any of t_}rc, Bonds .rerna:i n outstandincj, the Towrz
wilt }:ec~p or cr~luse to }.)e kept true and accurate books of records and
accounts show:i_1)<t full and true ent.r. i.es cover_.inq file collection and
dl ~pOS) t.l On U1 ~7{IS(~ ~SmC?nts as Well as ally c}GlinC~Ue71C;1E'_S In t:17E', col-
lecti.(_)n thereof, rover.incJ deposits and cli s}lur~~crrlc~nt~; i.n each of the
special funds herein cieri_gnatec3, covering the redem}~t:ion of- t}re
F3onds, bcth pr_incipa.l rand interest, and covering disbursemcnt:s to
defray i-.JI(~ cost of ~a.id iruprovF~meni.s, including incidental expenses
and those` expcn::;es to be paid other than ]~y special assessments or
t}~re px~ocecds of J.oca1 inlprovemc~nt bonds ; arrd fire Town w.i_1]. per_mi_ ~ an
ins}_,cct.ion arid. cxanli_nat.ion of al.] }gooks and accounts at all reasonable
tirnes by a representative of the Purchaser or any holder of the Bonds.
In addition, thc~ 'T'own at 1c~ast once a year. 4ail]_ cause at its regular
annu~ll audit, an audit to be r,;t~zcle rc_latinc~ t:o said books and accounts
by an accoullt~.lltt to be employed b_y the `1'o'J1n at its own expense, and a
• copy ot~ said audit immediately after its conl~~lction 4rill be furni.shcd
)r)y th(~ 'T'otarr, w:i.l.hout c}~rargc, to tl~le Purchaser.
1.5. nny holder of Bonds or trustee thez:efor shall have the right
and power for i~he equal }~enefit ~.irzd pr_otect.ion of all. holders o.f_ Bonds
s.i_milarl.y sittl~itc~d:
~I. I;y mandalnu:> or by oth.cr suit, action, or proceeding at
law o.r. i.n cc_ltli_t=y to enforco 21i_s r.:ig}zts a(~airrst the Town and
acrclinst. ti~x~ ~I'c?tcn Counci..l and t.,ny of i.tr~ officers, aclents, and
c~mployee ~; arld t:o z-ec}uirc and to eomY~:~1 the Tot,~~.7 or the; Town
OL1nC11 GI' ~"11Zy St 1C11 Of-}_1Cl`rs, adCnt:S Or c'ml)_}.O)'i'CS t0 pNZ:f_Or"I12 rllld
to ca.r_ry out. =i.ts anal tilei.r dut~i.c>~, ol~li_ gations, or otlzcz.- conl-
III.].L.II1~~IltS 11I1(1C'.1:" ~.h a5 U]'C11IZZnCC F111C1 UI"ldi.'.h itS r.Ild t)rClr: COV("-'nrlnl.S
rlncl rlctrc(`ln:~ni.s 4ai_t}i l.lle }rc):Lc}(:'r~s of ltonc<<i;
b. I3y .zct-.i c)rI cII~ by :_,u.i_t i.n c~(}l.li.t:y to .r~~(lu.i.z-c~ t~.h(~ '1'ot`;n rind
t.h(_~ '1'c~tvtr C'c,unci ]_ 1-.~, ,lc~~r,lllrf- :1r> i .1 ih~`y w(~r~e th~_` t~ru.,l('c~E; c~T ~u7
(.~. lt~~ ~l~~t-iu11 c~l~ },~' :,ui t in (.`(dui l:`,~ to h,IVC` rl}r},tli_Iit~(`(I ,a
a . • ~
I'!~~',_'LVC:I , lti'l,z.('h I~'<'~`IVt:.t' lil.ly t,l~;~.' 1)U;;:;(~;;:ilt>n C)} rtlly ~!(:CCillllt:; ~lnCl
rn~ty c;o] lc:c~i._, I:~~~cc~:iv~:, ~tnd ~tl)1>].r~ ~"t.i.:1. I-cv~~Ilttcs o~~ ot.hc~r Ittoney~~
17~c'~1c{C:Ct L(_)1` t: 17 C' j>~I~'ll~~f?II!: OT. t.l2f~ };rinC~:; lI1 t. 110 S~LI(1c.? I(I~lI1nC.'..C i.1S t„h('
Tot•~n i.tsc].f. m:i.c~11t. da;
d. }3y act-.i_on oz~ by suit in ecluit:y L-o enjoin any acts or
•
th:inr~s t~~I1i.c11 Inigltt~. be uni~,t~~l~ul or In:ic~rtlt }>c~ .in viol:tt.i_on of t.ho
r_ i_g}It.:~ o f- the Izo.1c}c;z ., of }3ond::; ; and
L. 'I~o }";ri_I~~~ ;;lilt. Llj)OI1 t.ll~' rolld:,.
No i'iciht or r.c~Inecly conferred by tltis or-di.nanee upon any ho.lc7er of_
~~
U
}3onds or. a.ny tru:tce therel"or is irI ~c~nded to be exclusive of any other
ri<fht oL- rentcad_y, bt;t~ each. such r.i_gl-~i, o:r_- rert,F~c3y is curnulat_i.ve ztnd is i.n
addition to evE~7_:;~ othE~:r ri ~}l,t. or. 7°elnE'dy and m~~y be exerr,ised wi_thc)ut.
exhaust ing ~znd t•a; tliovt rc~c~a7~d t:o any other rc~m~c?~j confcrrod by tiz:is
o;_:di.nance o.r_ by any other l~.ta. The failure or any holder of }3onds so
t.a proc~~ecz ~~s h~rci_n pi:-ovidE~d shall I~ot rE~l:',-eve tl-~e ToG:>n, i:}Ie To~,-n
Counci.!_, or any c>f its ofii.cc~is, ac;c~IZt.:;, and em~_)loyees of any 1.iahi_1_it~~
for fails}~e to pe1.'iorln or too carry ovt <cny dut=y, oblic~at:ion, or other
cor,rn.i t-Inent.
IG. This o:r.c?_iTZance, is, and sl-i<_z]_]. consi.itute, a legislative
measure of the 'i'a~.•rrl, and ~tLtc~7., the Lond>a hereby authori_ ed ar_e issued,
sold, anti ~.re oLZLti~tandilzq, th:i_:> ordi_na.r,cE, shill coast-itute a cont.r~.ct
}aet-.taec,•n i:l~te ToG•.~zl ~cnd the 1zo:l_der. or holde7°s of said F3onds, and shall he
and re~I,ain irr.el)c,:3.l~-dale ultt.:i.l said L',oiuls and t:he ini_ez-ost accruinc3
the=reon ~h~~Ill h~IVC laeen fu]_-1_~r }~a:i_cl, s~~ ti sfie~a and clisclz~trged.
17. Pursuant: to thc~ ITtz:i.forlrl i ~:,c-:im.ile Siclnature of Public.
OLSi.c;:i.a1.s i~ct, pu.>:"t= ]. of ,i,r.t:.ic:1_e 55 of title l1, Colorado l:ev.ised
St.atuLc,:> 1.73, ttiic~ ti:zyoz- cznd t:.lce Tot~~IZ C]_t~:r_'}; of the `1'OZVn sha].]_ fo7-th-
t•rit:li, Lout in rzn}T c~ve~rlt pT.:i.cr to t:}ze d~~l.ivery o.E the I?Lirch~iser_ oi: thc~
l>onds authori_~c~~l }~,c.rc.;i.n, :f:i lc~ t•~it:h thc~ Colorrtdc:> Secretary of St~:tl_~~ a
I,<xcsil;li l c~ Si.c}n~-lt:ul,~~~ Cc7~t:i..i c•.:it.c~ i)c:al::i act f:.hc~i_r m~.~nual sicinatures cc~rt..i.f i eel
by t:hero under oa t-.1, .
.~. lhc_~ r>f.f:,cc~r:; of L}zc~ Town F]I:c hc~I:cloy ctLtt}z~ri.;>.~•d ~Znd di_rcc~:cd
i.o ent.cr into :. E:c~l; ,,c~rc~c~ti,~~,,L.:; c,ncl t.t1;<._' rza_:1. ~.tc;t.i_on ,nc~cc:;sczz-y of a}-,-
1)rc?1~rir, l C~ t.:,, c i .l`~ ~c i c.l~:c t c • l }ICS }):I c)v1s i t~I,:; oL-- t:l, i :.; r,rd.i It~titcr~ ,atul t:.ca rrnn}~] ~,
~~~:it11 t?~~~• ~~,~c(ui~rc~m~~„t :~ c~i ;l.,cta, i n<"]tl<~i itc~) t•~~i t.hc~c11~ ] i,ui t~it,~i I-hr <}ruc•t:~zl..i L~~
(il lit It>.l,~i~;illl~j;
~ ~ ~ ~ ~
~~. 'I'I,•:~ l,r iril i;i~; r1i t}t-~ l;c,r:rl:, }i~•r'~~ii~ tall:}rr~,a~7<;~~~c7 inrlt~rl~ira~J
Fri: i.}rig o}~t~i<~~a c~t_ l_h~~ 'I'nwn t.lu~ }~.r:~i.ntirrc.} a}>c>n e~.tclr ~i!_ tlru I3onc1:> 01
a co}>y of_ the ~a}~provir~~i ~,}~a.niur, c~f_` Ptc:,ssr~;. llcP~'!ut:h sand Lil~er.cJc~r. ,
bond c;ours:>c~.l., duly ceri_:i_f..:i.c.;d }~y thc> '.i'owti C: ].c:rk; grad
}~. `1;ae exccut.ion of such certif:a.cal:es as rn~ty reasonal~]_y Ue
redu.irc:~d b}~ the Pu.r_ch<,:.c~r .r_el~zti_nc} to thc~ :;i.gnind of t.lre l~oncas,
• the ter~rurc~ sand identity of the `T'own officials, rc~~.~c;ipt. of the
T?oncl }aur.c}a~t:-;c, price, anrl, :i_f i.n acr.ord~ance with t}ae facts, t:he
a.bsencc: of. liticfat.ion, pending or tha:e~atened, affecting the
validity of t:hc Bonds, using a S.ignaturcr Cea:-tificate, a General
and ido-I~i_tigatian Ccr. ti_ficate, and a Del:i.very Cer_tifi.r_ate i_n such
forms as may be L:~re~~;cr:i.hcd by the F'urchaso.~= ; and
c. 7.'he making of various :statements, recitals, certif.i_-
ca t.i.orts ar:cl t-~~<:~rranti_c:s }.~rov:Lcled :i.n the form of Bond set= f_ortlr in
this Ordinat:c~e; a.nd
d. The payment- o:f the i_ntc're~;t on L-hc Bonds het:e in aut:h-
orired as the same sha.l_:L accrue, and the pr. incipaJ_ of_ said Bonds
at rnatua:ity, gait:bout fuxt_}aer warrant or order.
19. 111.1 act:i_on herct.ofoa:c: taken by the Tot~,~n and by tlae of-fircrs
th^reof rtot inconsistent }r.c.rr~w.i.t.Ia di_,:ected toward the crc~atiorz of. the
District., L-he.~ con:atr_uctiun of the sukaject ir;lproETenients, the autheri_za-
lion and sale of t:he }ponds and tlae l.c.vy o.f_ assessments for.. payment
therc~oi: is he.reb~~ ratified, approved and conf.:.i..rnied.
20. 111.1 acts, ordcar:_,, ox-dinanc~~s, resolutions or }arts tl~rercof
taken }.~y the' 7'o~-,-n ~:a.rad in conf:L.i_ct ~•-:i_th dais Ordinance a1_e hereUy
rc}_~ea]_ed, c>.:cepi: that this re}_~c~al_er_ ~>hal]_ not lac consta:ued so as t.o
r.evivc~ ~an~~ act:, oa_de.r, orc:li nanc;e, re:~ol.uti_on o.r_ part thereof laerctro-
ore rc}?e~tled.
21. If piny I~.:ar~iclrapta, c.: :l.~:lu:=,t'. ar pr..ovis:i.on of this (~rdinancc~ :i_~~
jttdici~~.l_ly ad_judc}c~d inv~al.id or uncrri:arccable, such judc}nu~nt shall not
~rff:i~c;t, :i.m}>ai..i: or i_nv~:tlidatc t.hc a:c~m~~in.irz<3 }~zrra<}r~tpJrs, clauses or
}~.r.ovi.sic~n::; hc~rc~~>i:, t.}~rc~ iral~~ni.i.orr bc.i.ttcJ than t.hi~ vaa:.a.ous l~~rrctgrahh:r,
c_l~cu:;c:~:; oa: }.~tov:i.:~ i_orr:; 3ac,rc~c~i ~zr:~c:~ sc~vc..r:~r1~]c~.
22. T~I_i-r1.~ tl~e cti}~i.r.~at-:ic~n c>i: 3O d:.ty:; }:rc~n~ the ciat~: oi: tYrc C.i,r,,r:L
ttclic>rr .urd ~i}~i-~r~;~v,tl_ J~~~~ t:.hr~ V~: i 1 `I'c~~,~n i'r~trrlci.l oL C:}ii:, r~?:ct~i n~tuc<~, <r (.1
,r~~l ic~tr:: ,>i~ s;ir i i~ ~~, .tf l ,rc~h i nil i l :; h.i ri~l i ~t~~s;, ~l~~l.c~rru} ~~rtt~~i cart:;, ,iri~i c~~~ttl:c~ttt.:;
• . • , •
c,r ~},,~ ~~+ i ~~,r~~ir,~; I L~~ 1~~~~,r1 i i ~,~ nf' i l,r~ 1',r~n,7~, ~,r~11r~~_t~i •,>.~~c7 ],c~,l_~,~in rrnrl r,l l
1)COCtr:cl i.rr~l<; rc>l.,ri_.i.r,c~ tl,c,i~c.:l.c~, s~ir.~.l _I. l~c~ l.~c.rf.,c_:i-.tr,_t-t.1_}' 1~<,i t:uc1, surd tlr_i.,,
r.,.r-di.n~ir,c~c rtnd l:lr~~ }~c>rrd ~ :~ha] .1 hey cc>>>c:] u:;ive of` t_he f act~~ so statec} in
this u~:dinarrce z,ric:l i_n thc~ >und.s arr~l :,h~i]_1 t;c carrc:Lu:.iv~.ly dc~emccl valid
~3rrd ]_egal in every court or_~ oi.hcr tri}~unal and shall not }:~e open to
contc:~t by t..he `:Po~an of Vai_1 or any pr. r. son whom.~oever, for any rcas~n
whatever.
IN`I'RODUCI?,D, T;I~;T~D, AP}?ROVI~D ON F'IF?ST PF'T~L)ING, AND OR1~1,RI~;ll PU}3-~
:LIS11L',D OI~JCI; IC; L'UI_~h this 21st day of September., ]_976, and a publ.i_c
hear_inq on this ordinance rhal.l be held at a rc~ciu]_a.r rnceting of the
Tot•:n Council of t,lrc~ Too~~n of: Va.i]_, Colozado, in the Vai_1 Municipal
Building on Tucscl<~.~2~, t:he `nth clay of t~ctober , 1976 at tyre hour of 7:30
p.m. , and .it is he.r_cb~r or~lercd that notcr~ of said hear.irrq be given as
required by l~.cw.
T04dN OI' VAII.~,
I~Zay
. (Tours )
(SI~L~L~}
' A`l' 1'I'a 5 `I'
'I'o~an C:Le.
•
RADO
I f;
!ii'1'i?Oi)IIC'I;I~, I~a~,l\I), ~"~J%i~~i''I'l;l) T1ii1) }~;i1T+C"I'1;)) 111 :,(:('Oi11) T;T~;,'~l)~I~f1~)~ T1I;1)
OI:I)l.;I?i;ll I'1II3I,I;,111,I) OI`1CJs ]_I~d 1~'UI_,I, t.l~.i :; 5i: 11 cl:a~?~ ~~1 OcLc',bc~.r. , 1`a7G .
`1'0~7I1 Oi'' VI1_CL,, COLORT~DO
• (TO ~'7rd
(SI7~1,)
I~T'T'L S'T'
-- ,~ , U : ?n - C 1--- ---
•
i•
1 ~) -.
• . • . •
CouiiciLuan ~vu~~•C/ ~ s~coiided 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":
Councilmen: John Dobson
John Donovan
Bill IIeimbach
Kathleen Klug
Bob Ruder
Josef Staufer
Bill 4~'ilto
Those voting "No":
Councilmen:
L~"~2"~'1~ n~c~mbers 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 24; 1976.
Thereupon, after consideration of other business to come before
the Council, the meeting was adjourned.
ti.~
P~Sayor
Tow f Vail, Colorado
(TOWN)
(SEAL)
ATTEST:
~~
't'own C 1
Town of Vail, olor ~o
-?0-
• ~ •
5`i'h'1'L Ul~' COLU121~UU )
COUNTY OF 1;11GLIa ) ss.
'TOWN OF V1~IL )
n
The Town Council of the Town of Vail, Colorado, met in regular
session at the Vail Municipal Building, the regular meeting place
• thereof, in said Town on Tuesday, the 5th day of October, 1976, at the
hour of 7:30 a.m.
The following members of the Town Council were present:
2dayor
Councilmen:
John Dobson
~~2.:. r.....vvu.I
Bi 11 lie imbach
Kathleen Klug
Bob Ruder
8111 Wilto
The following members of the Town Council were absent:
Jo~i~, 1~
J
The following persons were also present:
C ~ , ~rv~vt r4-tf
Thereupon the following proceedings, among others~e had and
taken:
The Mayor informed the Council that Ordinance r1o. ~~' -76 re-
lating to the issuance of the Town's special assessment bonds in the
principal amount of $540,000 for Town of Vail Street Improvement
District No. 1, which was introduced, approved on first reading, and
ordered published at a regular meeting of the Town Council held on
September 21, 1976, was duly published in full in The Vail Trail, a
newspaper of general ciruculation in the Town of Vail, in its issue
dated September 24, ].976.
Councilman ~yiG~ ~~ then read said Ordinance
• by its title.
The presiding officer then declared that this was the time and
place established for a public hearing on said ordinance and the
meeting ~~~as then opened far such purpose.
-21-
.l'l~c~~i~c~n l.ii~~ S.c~]~w.incJ ~>c~i~:,ori•~>i~c~~ir~o~i:
• •
Thereupon, al.l persons having been given an opportunity to speak,
the hearing was declared closed. /
Thereupon, Councilman ~~~~bA~ introduced and
moved the final adoption and enactment of Ordinance No. ~~ -76.
Councilman seconded the motion, and the
question being upon the final adoption and enactment of said ordinance,
the roll was called with the following result:
Those voting "Yes":
Councilmen: John Dobson
.3uli;i Lvi.v v cAi.
Bill Heimbach
Kathleen Klug
Bob Ruder
• Bill Wilto
Those voting "No": i~
Councilmen:
~'(,~j members of the Council present having voted in
favor of the final adoption and enactment of Ordinance No. ~.1-76, the
presiding officer thereupon declared said ordinance finally adopted
and enacted and directed that said ordinance be published once in full
in The Vail Trail, a legal newspaper of general circulation within the
Town of Vail, on October 8, 1976.
Thereupon, after consideration of other business to come before
the Council, the meeting was adjo ned.
Mayor
Tow ~ Vail, Colorado
• (TOWN)
(S)/11L)
ATTEST:
" - `t'own C.ler
Town n f Vrr i 1 , _ is ~zdc
-?.?.--
' ~ ~ ~ • ` •
STI1'1.'I: OF CO.LOIZ11D0 )
COUN`T'Y OF E71GLE ) s s .
TOWN OF V11I L )
I, Rosalie Jeffrey, Town Clerk of the Town of Vail, Eagle County,
.• Colorado, do hereby certify that the foregoing copy of Ordinance No.
-76, relating to ttie issuance of the To~on's special assessment
bonds in the principal amount o~ $540,000 for Town of Vail, Colorado,
Street Improvement District r1o. 1, i,s a. true and correct copy; that
said ordinance was approved on first reading by the Town Council at a
regular meeting thereof, held at the Vail Municipal Building, the
regular meeting place of the Town Council in the Town, on Tuesday, the
21st day of September, 1976, and adopted and enacted on second reading
by the Town Council at a regular meeting thereof held at the Vail
Municipal Building, the regular- meeting place of the Town Council in
the Town, on Tuesday, the 5th day of October, 1976; that true copies
of said ordinance have been duly executed and authenticated by the
signal-.ures of the P4ayor 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 official records of the Town kept for that purpose in my office;
and that said ordinance was duly published as required by law as
evidenced by the affidavits of publication attached hereto at p. 23.
I further certify that the foregoing pages constitute a true and
correct copy of the record of the proceedings of the Town Council at
its regular meetings of September 21, 1976 and October 5, 1976, insofar
as said proceedings relate to said ordinance; that said proceedings
were duly had and taken; that the meeting 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 ~ ~ day of October, 1976.
is
(`T'OWN )
(SEl1L)
1.
Town e
Town of Vail, Col ado
~-?. 4 -
•
~ sTr~~rL or coLOl~no )
CC)UI~1TY OI~ L11GLI's ) s~, .
TOWN OF V11TL ) ,
(Attac~~. affidavits of publication of ordinance.)
•
•
-23-
•
T
r
i
t
4
r
• ~
.~
CERTIFIED RECORD
OF
PROCEEDINGS OF THE TOt4N COUNCIL OF
THE TOL~TN OF VAIL, COLORADO
RELATIPdG TO THE ISSUANCE OF
ITS SPECIAL ASSESSP~IENT BONDS
IN THE PRINCIPAL AP~IOUNT OF $540,000
FOR TOj9N OF VAIL, COLORADO, STREET IMPROVEMENT DISTRICT NO. 1
•
,~i ~ • •
sTATI: or coL,~rz~i~o )
COUNTY OF EAGLE ) ss. ,
TOWN OF VAIL )
The Town Council of the Town of Vail, Colorado, met in regular
• session at the Vail Municipal Building, the regular meeting place thereof,
in said Town on Tuesday, the 21st day of September, 1976, at the hour of
7:30 p.rn ..
The following members of the Town Council were present:
)viayor : John Dobson
Councilmen: John Donovan
Bill Heimbach
Kathleen Klug
Bob P,uder
Josef Staufer
Bill Wilto
The following members of the Town Council were
`IV~ absent:
• The following persons were also present:
Thereupon, the following proceedings, among others, were had and
taken:
Councilman '~ introduced, moved the approval on
the first reading, and read by title the following Ordinance, copies
of which had previously been made available to the Council and to the
public:
i•
-1.--