HomeMy WebLinkAbout1977-11 To Contract an Indebtedness on Behalf of the Town of Vail by Issuing General Obligation Bonds of Said Town For the Purpose of Acquiring Real Property. _ ~ r
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ORDINANCE NO. 11
SERIES OF 1977
AN ORD2NANC~E TO CONTRACT AN INDEBTEDNESS ON
BEHALF OF THE TOWN OF VAIL, COLORADO, AND UPON.
THE CREDIT THEREOF, BY ISSUING GENERAL OBLIGATION
BONDS OF SAID''I'OWN IN THE PRINCIPAL AMOUNT OF
$450,000 FOR THE PURPOSE OF DEFRAYING, IN WHOLE
OR TN PART, THE COST OF ACQUIRING REAL PROPERTY
TO BE USED AS OPEN SPACE AND/OR RECREATION AND
PARK LAND; PRESCRIBING THE FORM OF SAID BONDS;
AND PROVIDING FOR THE LEVY OF TAXES AND FOR THE
APPLICATION OF SALES TAX REVENUES OF THE TOWN OF
VAIL TO PAY SAID BONDS AND THE INTEREST THEREON.
WHEREAS, at a special election of the qualified, registered
erectors of the Town of Vail, Colorado, duly called and held on
Tuesday, the 29th day of March, 1977, in accordance with law and
pursuant to due notice, there was submitted to said electors the
following question:
' Shall the Town of Vail, Colorado, be authorized to issue its
negotiable, interest bearing general obligation bonds in one.
series or mare in an aggregate principal amount-not to exceed
$450,000, or so much thereof as may be necessary, for the purpose
of defraying, in whale or in part, the cost of acquiring two
parcers of rear property, known respectively as the Katsos prop-
erty and Lot 10, Vaal Village Second Filing, to be used as open
space and/or recreation and park land, together with all neces-
sary incidental and appurtenant properties and facilities, and
the costs incidental thereto, such-bonds to bear interest at a
maximum net effective interest rate not exceeding 10 percent per
annum, and to mature serially during a period of not more than 30
years from the date or respective dates of the bonds, such bonds
• to be payable from general ad valorem taxes and other funds
legally available therefor, and such bonds to be sold and issued
at one time or. from time to time, in such manner and amounts and
upon such terms and conditions as the Town Council may later
determine, including provisions for the redemption of bonds prior
to maturity upon payment of a premium not exceeding 3 percent of
the principal thereof?
and
WHEREAS, as evidenced by the canvass of the returns of said
election, more than a majority of said electors voting an said ques-
tion voted in favor of issuing such bonds, and
WHEREAS, the Town Council of the Town of Vail. has determined, and
does hereby determine, to issue at this time general obligation bonds
for the purposes authorized by said electors at said election, in a
total principal amount of $450,000, ("the Bonds"), as hereinafter set
forth in this Ordinance; and
WHEREAS, a proposal. far the purchase of the Bonds has been received
from~Westland National Banks, Inc., Lakewood, c'olorada ("the Purchaser"?,
upon terms favorable to the Town, which the Town Council of the Town
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of Vail has determined, and does hereby determine, to accept; and
WHEREAS, pursuant to Ordinance No. 11, Series of 1973, of the
Town of Vail, there was submitted to the qualified, registered
electors of the Town of Vail, at a special election held on the 25th
day. of September, 1973, the question of the imposition of a sales tax
on the sale of tangible personal property at retail and the furnishing
of services within th.e Town o~ Vail; and
WHEREAS"", as evidenced by the canvass of the returns of said
election, more than a majority of said electors voting on said sales
tax question voted in favor of imposing said sales tax.; and ,-
WHEREAS, the Town Council of the Town of Vail has estimated and
determined, and does hereby estimate and determine, that the principal
maturing and the interest accruing on said $450,000, the principal
amount of the Bonds of the issue authorized herein, may be met from
revenues derived from sources other than general ad valorem property
taxes, including, without limitation, the revenues to be derived from
the sales tax authorized by said .Ordinance No. ll, Series of 1973,
and approved by the aforesaid electors voting at the aforesaid
election; and
WHEREAS, the Town Council of the Town of Vail has determined, and
does hereby determine, that it is necessary and in the best interests
of the Town of Vail and the inhabitants thereof that the Bonds in the
total principal amount of $450,000 be now issued in accordance with
the provisions of this Ordinance.
NOW, THEREFORE, BE TT ORDATNED BY THE TOWN COUNC.TL OF THE TOWN OF
VATL, COLORADO, THAT: R
~.. Pursuant to the authorization conferred by the qualified,
registered electors of the Town of Vail at a special election duly
called and held on March 29, 1977, and for the purpose of defraying,
in whole or in part, the cost of acquiring two parcels of real prop-
erty, known respectively as the Katsos property and Lot 10, Vail
Village Second Filing, to be used as open space and/or recreation
and park land, together with all necessary incidental and appurtenant
properties and facilities, and the costs incidental thereto, the
Town of Vail. shall issue on behalf of said Town and upon the credit
thereof its negotiable coupon General Obligation Bonds, Series May
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1, 197,7, in the aggregate principal amount of $450,000, dated May 1,
1977, consisting of 90 bonds in the denomination of $5,000 each,
numbered 1 to 90, inclusive, payable in lawful .money of the [?nited
States of America. Said Bonds shall bear interest as evidenced by one
set, of bearer interest coupons, as herein set forth.
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The subject Bonds shall mature serially in regular numerical
order on May 1 of each. year, and sha11 bear per annum interest from
May 1, 1977, to the pa"yment of their principal. sums, as indicated in
the following tab1~. Said interest shall"be.payabl:e May 1, 1978, and
semiannually thereafter on the is"t da.y of November and the Ist day of ,
May of~each year. If upon presentation at maturity payment of the
principal amount of any Bond is not made as provided herein, interest
shall continue at the rate stated therein until payment of said
principal amount is made in full.
Bonds Numbered Principal. Per Annum
(both inclusive} A~naunts Maturity - interest
1 to 2 $10,000 1979 7.50a
3 to 5 15,000 1980 7.50
6 to 8 15,000 "1981 7:50
9 to 11 ~ 15,000 1582 7.50
12 to 14 15,000 1983 6.75
15 to 18 20,000 .1984 6.75
19 to 22 20,000 1985 6.75
23 to 26 2fl,000 1986 6.00
27 to 30 20,000 1987 b.00
3l to 34 ~ 20,000 1988 5.60
35 to 39 25,000 19$9 5.70
40 to 44 25,000 1990 5.80
45 to 49 25,000 1991 5.94
50 to 55, 30,000 1992 6:00
56 to 61 30,000 1993 ~ 6.10
62 to 67 30,000 ~ 1994 6.20
68 to 74 35,000 1995 6.25
75 to 81 35,000 1996 6.30
82 to 90 ~ X4.5,000 1997 6.30
Bonds of this issue numbered 1 through 30, inclusive, maturing on
or before May 1, 1987, are not redeemable pxior to their respective
maturity dates. Bonds of thi"s issue numbered 31 through 90, inclusive,
maturing in the year 1988 and thereafter, are redeemable at the option
af. the Town Council on May 1, 1987, and on any interest payment date
thereafter, in inverse numerical order, at a price equal. to the
principal amount of each Bond so redeemed plus accrued interest
thereon to the redemption date. .
Notice of any redemption shall be given by the Fawn Clerk in the
name of the Town of Vail, by publication of such notice at least one
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(1) time by one (l) publication, such publication being not less than
thirty (30) days prior to the redemption date specified in such notice,
in The Vail Trail, Vail, Colorado, if then in business and publishing,
and if not, then in a newspaper of general circulation in the Town of
Vail, and by sending a copy of such notice by certified or registered
first-class, postage prepaid mail, at least thirty (30) days prior to
the redemption date, to the holders of eaoh of the Bonds being redeemed,
if the names and addresses of such holders are recorded with the mown
Clerk. For this purpose, the holder of any such Bond may at any time
furnish his name and address to the Town Clerk, Such notice shall
specify the number or numbers of the Bands so to be redeemed and the
date fixed for redemption, and shall further state that on the redemp-~
tion date there will become and will be due and payable, upon each Bond
so to be redeemed the principal amount thereof plus accrued interest
on said principal amount to the redemption date, and that from and
after such date interest will cease to accrue. Any Bonds redeemed
prior to their respective maturities by call for prior redemption or
otherwise shall not be reissued and shall be cancelled the same as
Bonds paid at or after maturity.
2. The principal of and interest on the Bonds shall be payable
in lawful money of•the United States- of America without deduction for
exchange or collection charges at t'nited ?~anlt of Denver National
Association,, Denver, Colorado, which is hereby designated the paying .
agent for this bond issue.
The net effective interest rate on Bonds of this issue is 6.1192241.
The Bonds shall be general obligations of the Town of Vail, and
shall be payable from general ad valorem taxes without limitation as
to rate•or amount, except as they may actually be paid from other
revenues as provided herein.
3. Said Bonds shall be exECUted in the name and on behalf of
said Town with the facsimile signature of its r4ayor, shall bear a
facsimile of the seal of the Town, shall be attested by the manual
signature of the Town Clerk of the Town, and each of said Bonds shall
have attached thereto an appropriate number of interest coupons
bearing the facsimile signature of the Mayor. Said coupons shall be
numbered consecutively from one upwards for each Bond as appropriate.
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When issued as aforesaid as part of said Bonds, said coupons shall be
the lawful binding promises and obligations of the Town according to
their import, securing the payment of interest as it becomes due.
Should any officer whose manual or facsimile signature appears on said
Bonds or the interest coupons attached thereto cease to be such
officer before delivery.of the Bonds to the Purchaser, such manual or
facsimile signature shall nevertheless be valid and sufficient for all
purposes.
4. Said Bonds and the interest coupons attached thereto shall
be in substantially the following form:
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[Form of Bondj
STATE OF COLORADO
COUNTY OF EAGLE
TOWN OF VAIL
GENERAL OBLIGATION BOND, SERIES MAY 1, 1977
NO.
$5,004
The Town of Vail, in the County of .Eagle and State of Colorado,
for value received, hereby acknowledges itself indebted and promises
to pay to the beaxer hereof the principal sum of
FIVE THOUSAND DOLLARS
in lawful money of the United States of P.merica, on the lst day of
May, 19~, with interest thereon from the date hereof to the payment
of said principal sum as evidenced by one set of interest coupons
hereto attached at the rate of * per centum (~ ~~)
per annum, payable May 1, 2978, and semiannually the-reafter on the 1st
day of November and the lst day of 'May of each year. The principal of
and interest on this Band are payable without deduction for exchange
or collection charges at United Bank of Denver National Association,
Denver; Colorado, upon presentation and surrender of said coupons and
this Bond as they, severally become due.. If upon presentation at
maturity payment of the principal amount of this Band is not made,
interest shall continue at the rate stated herein until payment of
said principal amount ,is made in full.
Bands of this issue maturing on or before May 1, 198.7, are not
redeemable prior to their respective maturity dates, Bonds of this
issue maturing in the year 1988 and thereafter are redeemable at the
option of the Town Council on May 1, 1987, and on interest payment
dates thereafter, in inverse numerical order, at a price equal to the
principal amount of each Bond so redeemed plus accrued interest
thereon to.the redemption date.
Redemption shall be made upon not less than thirty (30) days'
prior notice'by publication of such notice at least one (1} time by
one (1) publicatian, such publication being not less than thirty (30}
days prior to the redemption date specified in such notice, in The
Vail Trail, Vail, Colorado, i£ then in business and publishing, and if
UNITED STATES OF AMERICA
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not, then in a newspaper of general circulation in the Town of Vail,
Colorado, and by sending a copy of such notice by certified or regis-
tered first class, postage prepaid mail, at least thirty {30~) days
prior to the redemption date, to the holders of each of the Bonds
being redeemed, if the names and addresses of such holders are re-
corded with the Town Clerk. For this purpose, the holder of any such
Bond may at any time furnish his name and address to the ",'awn Clerk.
Such notice shall specify the number ar numbers of the Bonds so to be
redeemed and the date fixed for redemption, and shall further state
that on the redemption date there will become and will be due and
payable upon each Band so to be redeemed the principal amount thereof
plus accrued interest on said principal amount, and that from and
after such date interest will cease to accrue.
This Bond is one of a series issued by the Town Council of the
Town of Vail, Colorado, on behalf of said Town and upon the credit
thereof for the purpose of providing funds to defray, in whole or in
part, the GOSt of acquiring real property to be used as open space
and/or recreation and park land, together with all necessary inci--
dental and appurtenant properties and facilities, and the costs in--
cidental thereto, by virtue of and in full conformity with the Consti-
tution of the State of Colorado, the Town of Vail Charter., and all
other laws of the State of Colorado thereunto enabling, and pursuant
to an Ordinance of said Town duly adopted, published and made a law of
said Town prior to the issuance of this Bond; and it is hereby recited,
certified and warranted that all the requirements of law have been
fully complied with by the proper officers of the Town~of Vail in
issuing this Bond.
Zt is further hereby recited, certified and warranted that the
total indebtedness of said Town, including that of this Bond, does not
exceed any constitutional or statutory limitation of the State of
Colorado and does not exceed any limitation of the 'T`own of Vail
Charter; that at a special election lawfully held in the-"'own on the
29th day of March, 1977, the issuance of this Bond was duly authorized
by the qualified, registered electors of the ^_'own voting at said
election; and that provision has been made for the levy and collection
of a direct annual tax on all the taxable property within the Town
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without limitation as to rate or amount and for the application of
certain sales tax revenues of the Town, sufficient to pay the interest
on and the principal of this Bond as. the same ,respectively become due.
The full faith and credit of the Town of Vail, in the County of
Eagle and State of Colorado, is hereby pledged for the punctual
payment of the principal of and the interest on this Bond.
TN TESTIMONY WHEREOF, the Town Council of the '_^own of Vail,
Colorado, has caused this Bond to be executed in the name and on
behalf of~said Town with the facsimile signature of the Mayor of said
Town, to be sealed .with a facsimile of the seal of said Town, to be
attested by the manual signature of the Town Clerk of said Town., and
has caused the interest coupons attached hereto to be executed with
the facsimile signature of the Mayor of said Town, alb. as of the 1st
day of May, 1977.
TOWN OF VA~L, COLORADO
By (Facsimile Signature)
Mayor
(FACSIMILE)
( SEAL }
Attest:
{Manual Signature)
Town Clerk
[End of Form of Bond]
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* Bonds numbered 1 to 11, inclusive, maturing in the years 1979 to
1982, inclusive, bear interest at the rate of seven and fifty
hundredths per centum (7.500 per annum. Bonds numbered 12 to
22, inclusive, maturing in the years 1983 to 1985, inclusive,
bear interest at the rate of six and seventy-five hundredths
per centum (6.750 per annum. Bonds numbered 23 to 30, inclusive,
maturing in the years 1986 to 19$7, inclusive, bear interest at
the rate of six and no hundredths per centum (6.OOo) per annum.
Bonds numbered 31 to 34, inclusive, maturing in the year 1988
bear interest at the rate of five and sixty hundredths per
centum (5.600) per annum. Bonds-numbered 35 to 39, inclusive,
maturing in the year 1989 bear interest at the rate of five and
seventy hundredths per centum (5.700 per annum: Bonds numbered
40 to .44, inclusive, maturing in the year 1990 bear interest at
the rate of five and eighty hundredths per centum {5.80°) per
annum. Bonds numbered 45 to 49, inclusive, maturing in the year
1991 bear interest at the rate of five and ninety hundredths per
centum (5.900 per annum. Bonds numbered 50 to 55, inclusive,
maturing in the year 1992 bear interest at the rate of six and
no hundredths per centum (6.000 per annum. Bonds numbered 56.
to 61, inclusive, maturing in the year 1993 bear interest at the
rate of six and ten hundredths per centum E6.10~) per annum.
Bonds numbered 62' to 67, inclusive, maturing in the year 1994
bear interest at the rate of 'six and twenty hundredths per centum
(6.200) per annum. ~ Bonds numbered 68 to 74, inclusive, maturing
in the year 1995 bear interest at the rate of six and twenty-
five hundredths per centum {6.25%) per annum, Bonds numbered
75 to 90, inclusive, maturing in the years 1996 to 1997, inclusive,
bear interest at the rate of six and thirty hundredths per centum
(6.300 per annum.
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Clnterest Coupon Form]
No. $
MaYr
On the 1st day of November, 19 , unless the Bond to which this
coupon is attached, if redeemable, has been called for prior redemp-
Lion, the mown of Vail, in the County of Eagle and State of Colorado,
will pay to bearer the amount shown hereon in lawful money of the
United States of America, at United Bank of Denver National Association,
Denver, .Colorado, being interest then due on its General Obligation
Bond, Series May 1, 1977, dated May 1, 1977, bearing
No.
(Facsimile Signature)
Mayor
Town of Vail, Colorado
[End of Interest Coupon Form]
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5. Said Bonds, when executed.as provided by law, shall.be
delivered by any one of. the officers of the Town to the Purchaser
upon payment to the Town in accordance with the contract of purchase
for the Bonds between the Town and the Purchaser. ?'he proceeds
derived from said Bond sale shall be used exclusively for .the purposes
stated herein, provided, however, that, any portion. of the Bond pro-
ceeds may be temporarily inveshed pending such use in securities or .
obligations which are lawful investments for the Town of Vail, with
such temporary inves~tinent to be made consistent with the covenant
hereinafter provided concerning ax'bitrage bonds. Neither the Pur-
chaser of said_Bonds nor the holder of any of them shall, be in any way
responsible for the application of the- proceeds of said Bonds by the
Town or any of its officers.
6, Tf required; the interest and principal to become due on
said Bonds in~1978 shall be advanced from any revenues or funds of the
Town lawfully available therefor. For the purpose of reimbursing any
such advance and also for the purpose of paying the interest on and'
principal of said Bonds as the same become due and payable respec-
tively, the Town Council of the Town of Vail shall annually fix and
certify a rate of levy far 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 1996, inclusive, wi11 raise ad
valorem tax revenues sufficient to make such reimbursement and to
promptly meet and pay such Bond principal and interest payments as the
same become due.
Said taxes when collected shall be applied solely for the payment
of -the interest on~and principal of said Bonds, respectively, until
the Bonds, both as to principal and interest, shall be fully paid,, .
satisfied and discharged, provided, however,, that nothing herein
contained shall be so construed as to prevent the Town from committing
and applying any other funds or revenues that may now or hereafter be
in the treasury of the Town and legally available for the purpose of
paying 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
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diminished to the extent the requirements for such Bond principal
and interest payments for the particular year are thereby diminished.
7. Notwithstanding the foregoing provisions for ad valorem tax
levies, the Town hereby further covenants and agrees that so long as
the Bonds provided for herein remain outstanding and unpaid, it will
levy, administer, enforce and collect the sales tax authorized by
Ordinance No. 11, Series of 1973, to the extent of an amount to be not
less than 4~ 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 Bonds as follows: its General Obligation Bonds,
Series November 1, 1973, authorized by Ordinance I~?o. 19, Series of
1973, in the original principal amount of $3,000,000; its General
Obligation Bonds, Series March 1, 1974, authorized by Ordinance No. 3,
Series of 1974, in the original principal amount of $5,500,000; its
General Obligation Refunding Bonds, Series 1974, dated November 15,
1974, authorized by Ordinance No. 21,~ Series of 197.4, in the original
principal amount of $2,640,000, which Refunding Bonds refunded the
full amount of~the Town's General Obligation Bonds, Series rovember 1,
1973; its General Obligation. Bonds, Series December 1, 1975, autho-
rized,by Ordinance No. 21, Series of 1975, in the original principal
amount of $860,000; and its General Obligation Bonds, Series September
1, 1976, authorized by Ordinance rlo. 24, Series of 1976, in the
original principal amount of $300,000. The Tawn has covenanted and
agreed, in each of said bond Ordinances, to pledge and set aside all
the sales tax revenues derived from one-half .of the above stated 4~ of.
gross .receipts authorized by said Ordinance No..ll, Series of 1973, to
pay the interest on and the principal of the General Obligation Bonds
and General Obligation Refunding Bands authorized thereby. Said
Ordinances provide further that said pledged sales tax revenues may
also be pledged and used for the payment of the debt service on any
other or additional general obligation bonds of the Town of Vail which
may be issued an a parity with said General Obligation Bonds or General
Obligation Refunding Bonds. The Town of Vail covenants and agrees
that 'all the sales tax revenues derived from one-half of said 4$ of
said gross receipts as authorized in Ordinance No. ll, Series of
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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 Bonds, Series May 1, 1977, 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 Bands, Series November 1, 1973,
and March 1, 1974, said Town of Vail General Obligation Refunding
Bonds, Series 1974, and said Town of Vail General Obligation Bonds,
Series December 1, 1975, and September 1, 197G, provider? that:
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 here-
after from time to time, provided that such other or additional general
obligation bonds shall be on a parity with or subordinate to (but not
prior or superior to} the General Obligation Bonds, Series May i,
1977, with respect to the sales tax revenues herein pledged; and
B. To•the extent that the debt service on all of the mown of
Vail general obligation bonds which may be issued from time to time
{including but not limited to the Bonds authorized herein} and which
are payable in whole or in part from the subject pledged sales tax,
revenues, is fully provided for in any fiscal year by tax revenues and
other moneys legally available therefor, then the Town is authorized
to use any revenues remaining from the subject pledged sales tax_
revenues for other purposes (but only after all of the debt service on
said general obligation bonds payable from said pledged sales tax
revenues has been fully provided for in said fiscal year), including, •
but not limited to, payment of special non-general abligation bonds,
which special non-general obligation bonds in any event, shall not b~~
on a parity with and shall be subordinate and inferior to the General
Obligation Bonds, Series May 1, 1977, with respect to the sales tax
revenues herein pledged.
So long as the General Obligation Bonds, Series May 1, 1977,
remain outstanding and unpaid, the Town of Vail sha11 not repeal its
Ordinance No. 11, Serial of 1973, and the Town sha11 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
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interest payments on said Bonds, would diminish the revenue security
far said Bonds.
Nothing in this Ordinance shall be construed in such manner to
prevent the issuance by the Town of Vail of additional bonds of any
nature, provided that 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.
8. The sums hereinbefore provided to meet the interest on said
Bonds and to discharge
appropriated far that
included in the annual
measures to be adopted
each year respectively
either as to principal
the principal. thereof, when due, are hereby
purpose, and said amounts for each year shall be
budget and the appropriation ordinance or
or passed by the ^'own Council of the Town in
while any of the Bonds herein authorized,
or interest, are outstanding and unpaid. Na
provisions of any constitution, .statute, charter, ordinance, reso-
lution, or other order or measure enacted after the issuance of the
Bonds herein authorized shall in any manner be construed as limiting
or impairing the obligation of the Town. to levy ad valorem taxes,
without limitation of rate .or amount; or as limiting, or impairing the
obligation of the Town to levy, administer, enforce and collect the
sales tax as provided herein for the payment of the principal of and
interest on the Bonds herein authorized.
It shall be the duty of the Town Council annually at the time and
in the manner provided by law for levying other Town taxes, if such
action shall be necessary to effectuate the provisions of this
Ordinance, to ratify and carry out the provisions hereof with refer-
ence to the levy and collection of the ad valorem and sales taxes
herein specified, and to require the officers of and for the 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
Bands 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.
9. The Town covenants with the holders of the Bonds that it
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will make no use of the proceeds of the Bonds at any time during the
term thereof which, if such use had been reasonably expected on the
date the Eonds are issued, would have caused the Bonds to be arbitrage
bonds within the meaning of Section 103 of the Internal Revenue Code
of 1954, as amended, and the regulations proposed thereunder by the
United States Treasury Department, unless, under any provision of law
hereafter enacted, the interest paid on the Bonds (a) shall be excludable
from the gross income of a recipient thereof for federal income tax
purposes without regard to whether or not such Ronds are arbitrage
bonds, or (b) shall be exempt from all federal income taxation.
i0. All action heretofore taken by the 'Town of Vail and by the
officers of the Town not inconsistent herewith directed toward the
authorization of bonds for the purpose of providing funds to defray,
in whole or in part, the cost of acquiring real property to be used as
open space and/or recreation and park land is hereby ratified; approved
and confirmed.
11. Pursuant to the i?niform Facsimile Signature of Public Of-
ficials Act, part 1 of article 55 of title 11, Colorado Revised
Statutes 1973, prior to the sale of the ~ionds authorized herein, there
has been or will be filed with the Colorado Secretary of State a
Facsimile Signature Certificate bearing .the manual. signatures of John
A. Dobson, the Mayor of the Town of Vail, and Rosalie Jeffrey, the
Town Clerk of said Town, certified by them under oath. Said filing is
hereby ratified, approved and confirmed for~the purposes of issuing
the subject General Obligation Bonds; Series May 1, 1977.
12. The officers. of the Town are hereby authorized and directed
to enter into such agreements and take all action necessary or ap-
. propriate to effectuate the' provisions of this ordinance and to comply
with the requirements of law, including, without limiting the gener-
ality of the foregoing:
a. The printing of the Bonds herein authorized, including
- the printing upon each of such Bonds of a copy of the approving
opinion of Messrs, De~7uth & Eiberger, bond counsel, duly cer-
tified by the Town Clerk; and
b. The execution of such certificates as may be reasonably
required by the Purchaser of the Bonds relating to the signing of
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~ ~ ~ ~
the Bonds,' the tenure and identity of the "'own officials, the
assessed valuation and indebtedness of the Town, receipt of the
Bond purchase price, and, if in accordance with the facts, the
absence of litigation, pending or threatened, affecting the
validity of the Bonds; and
c. The making of various statements, recitals, certifi-
cations and warranties provided in the form of Bond set forth in
this Ordinance.
13. There is hereby appropriated and set aside from any avail-~
able funds or revenues of the Town of Vail the amount or amounts
necessary to pay all costs and expenses incident to the issuance of
said General Obligation Bonds, Series May 1, 1977, including, but not
being limited to, any publication, legal, and fiscal agent costs and
expenses.
14. All ordinances, acts, orders, resolutions, or parts thereof,
taken by the .Town of~ Vail and in conflict with this Ordinance are
hereby repealed, except that this repealer shall not be construed so
as to revive any ordinance, act, order, resolution, or part thereof
heretofore repealed.
15. This Ordinance is, and sha11 constitute, a legislative
measure of the Town of Vail, and after the Bonds hereby authorized are
issued, sold, and are outstanding, this Ordinance shall constitute a
contxact between the Town and the holder or holders of said Bonds,, and
shall be and, remain irrepealable until said Bonds and the interest
accruing thereon shall have been fully paid, satisfied and discharged.
16. The proper officers of the "'own of Vail, Colorado, are
hereby authorized and directed to pay or cause to be paid the. interest
on the Bonds herein authorized as the same shall accrue, and the
principal of said Bonds at maturity, without further warrant or order.
17. If~any paragraph, clause or provision of this Ordinance is
judicially adjudged invalid or unenforceable, such judgment shall not
affect, impair or invalidate the remaining paragraphs, clauses or
provisions hereof, the intention being that the various paragraphs,
clauses or provisions hereof are severable.
18. A public hearing on this proposed Ordinance shall be held by
--17 -
A r l~ ~ 1~
the Town Council at 7:30 p.m. on Tuesday, Play 3, 1977, at the Vail
Municipal Building, Vail, Colorado, and it is hereby ordered that
notice of Said hearing be given as required by law.
INTRODUCED, PASSED ON FIRST READING, APPROVED AND ORDERED PUB-
LISHED ONCE IN FULL 'THIS 19th DAX OF April, 1977.
~~
~ ~ I t ' j ~ "''~,
(TOWN) ~ ~'' .
(SEAL) ,j
Attest~~~~>
f~
~~`
'own Clerk I'
TowN of I
By ,rte _ ~ ~~-
. Mayor
PASSED ON SECOND READING, .AMENDED, ADOPTED, ENACTED,
APPROVED, AND ORDERED PUBLISHED ONCE IN FULL THIS
3rd day of May, 1977.
~ t} ~~ ~-I/ ,~''.~,, TOWN OF VAIL
'~{
' t \ l~~'~
` ,~~`~' By Mayo ~.-.•
i ~TTE~S~'~
~1 ~
Ta~an Clerk /
-18-
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r~ May G, 1,
9TT ~„ , • :. , , , ,
The Vail Txail 21 ; ".
bearlrq Series May 1, 1977, with respect to the sales of the prlnd psi of the Bonds authorized ,of such Bonds o! a copy of Me approving paragraphs, Clauses or provisions hereof are
~
Vo. tax revenues herein pledged, herein antl the ,interest accruing Shereon ~ opinion of Messrs. DeMUth and Elbargar, ~ Severable. ~ '~ ~ ~
,
'
~
(Facsimile Slpneturel
~ Sv long as the General Obligation Bonds, promptly as the same, respectively, become _
- ixlnd mun5eh-duly tartifletl. by Me Town 18, A public
ilebAnq on Mla :.
~ Series MaY i, 1977. remain ovtstarWln9 and tlue. Saitl taxes, when collectetl, shalt be kept ~ -Clerk: aM ,. Ordinance shall he held by Me Town Count'! f 'n
Mayor
Town al Vall
Colorado unpaid, the Town of Vail shall not repeal ITS for and applietl Only to Me payment of The - - ~ b. The executiion o1 sdch cert(BCates es' ; -af 7:70 p.m. on Tuesday, May 3. 1977, et Me
, Ordinance No. 17, Series of 1977, aM the interest on and principal of Saitl Bontls as .,- may be .reasonably required by ~ Me "-.:Vail Municipal Building, Vaih COIoratlO, and
(End of Interest Coupon Form) Town shall not amentl Saitl Ordinance Ina herelnbefore specified. ~ ,~-Purchaser of the Bonds relating b the ;°IT Is hereby ordered that rwTice of .said
S. Said Bands, when executed es provided manner which, taking Into amount other 9. The Town mvenantswlth Me holders of -; hearing be given as requred by law, '
signing of the Bontls, the'tenure aM itlmtity
~
DV law, shall be tleliveretl by eny one of the revenue of the Town which ~ is legally the Bonds that 11 will make no use of the -
:.col the `Town officials, Me as5es5MYaluafion ~' INTRODUCE D, PASSED ON FIRST
` -
~
" oHlcers of the Town to the Purchaser upon detl tested and ova liable to paV the principal
d I
ed proceeds of the eontlsatany time during the ORDERED
and indebtedm!ss oHhe Town, receiptM Me `f. READING. APPROVED ANO
payment to the Town In acmrtlante with the an
nterest payments on said Bontls, woo
, term thereof which, itsuch use had been ~ Bond purchase price, and, if In eccordafl[e ~> PUeUSHED ONCE 1N FULL Mis 19fR day
COnirdet of pV7[ha50 faf'Ih0 Bands batwe@rt diminish ~ Me revenue security for Said
B reasonably expected on Me date Me Bonds with the lads, the absence of Iiti aTion, ~i,'of ApfB„1977 - ~ • `
g -
the Town and the Purchaser. The proceeES ~ ontls. ~ are Issued, waoltl have caused the Bonds To '.pentlittq or lhreatenetl,affec/ine Me velFdity~ TOWN OP vAIL '
derived from said Bong sale shall be used Nothing in this Ordinance shall ba ~ be arbitrage bonds within the meaning of
Section 103 or the Internal Revenue [od
f , M the Bonds; aM ~- ~ - ' 'John A. Dobson
'
: t
-
' exclusively for the purposes stated herein, construed in such manner to prevent the e o
1954
as
d
d
tl
h ;. c
he making of variwa statemenh,
- =Mayor `-
`vided, however, that any portion of the Issuance by the Town of Vali of additional
~ ,
amen
e
, an
t
e regulations
d th
d
b
th
U
i -reclfals,. certifications antl' warranties - ATTEST: -
'
proceetlsmay be temporarily Invested
~ 1 bonds of any nature, provided that said Propose
ereun
er
y
e
n
ted States
D
~ T ~ 'provitled In Me form of Bond set forts In Mis
RoSage Jeffrey n
~sP9ing such use In seourlties or obllgattons additional bOntls are issuetl in a manner reasury
epartment unless, under any Ordinance. -: Town Clerk t
~-
which are lawful Investments Ipr the Town tonsistenf with the provisions antl provision of law Hereafter enacted, Me 13. There is hereby approprlatetl and set
:
~
of Vail, with such temporary investment to gmifau0ns state0 herein with respect to the interest paid on The Bontls (a) Shall be
excludable from the gross Income of a _
aside from any available funds or revenues '- PASSED ON
SECOND ~ READENG, -'
f Th
T
f
be made mn515ten1 with The covenant
h
i
ft
roWd
d
c
ni
bit sales tax revenues herein ledged.
p
0. The sums hereinbefore'provided to
red ant Mereol for federal Income tax '
o o
e
own o
Vall Me amount or amounh
' nete55a to pay all costs and !x Haas AMENDED, ADOPTED, ENACTED,
ry
Pe 9' APPROVED
AND ORDERED
ere
na
er p
e
con
er
ng ar
rage
bonds. NelMer the Purchaser of said Bontls meet the interest on Saitl Bontls antl to Pur
ses without r
P Heard fo whether or not
B .
,
: indtlent to the Issuance of said General ~'~ PUBLISNEDONCEINFULLthis3rtltlayof
nor the holder of any of them shall be in any tlischarge the principal thereof, when tlue, such
ontls are arbitrage bantls, or (b} shall --Obligation Bonds, Series May 1, 1977,. ^ May.~1917. -
way responsible for Me application of the are hereby appropriated for that purpose,
and said amounts for each ear shall be
y be exempt from all federal incometaxtaLion.
10. All action heretofore Taken by Me Town , indudirp, but not being limited to, any :~ - ~~~TOWN OF NAIL
"publicatlon,.lagah aTld fiscpla fmsta and ~ '
flan
proceeds Of Sold Bonds by Ma Town orany of
its ail keys
.included in the annual budget arts the of Vall andb Me off(cers of Me Tovm cwt
Y - John A. DOtmn
~
eXpe115e5. ~ ,.,_
.
6. If requlretl, Me interest antl prindpal
approprlafion ortlinance or measures tp be
Intons(stent herewiSH directed toward Me .•
-. 14. All grtlfnantes, atfs, ortlers, ~-,ATTEST: ~ ~~ - '
to become due on said Bonds In 1970 shall he edOptetl or passed bV the Tovm Councl of the
W
l
hil authorizatlan of bontls for Me purpose of
Drovldiftg funds 10 tlefray
In whole or in ~ resoluHOrlS, or parts mereo6 18kan by Mf ~ ...
Rosalie Jtdfr'ey
-
~
'
Town of 'Nall aM -I
'
fild
ith Ml
advanced from any revenues or funds of the
Town lawfully available therefor
For the y w
Town In each rest rESpect
e any of
e
the Bonds herein authorized, elMer as Po ,
Part, the mat of acquiring real r. _,_..,TO be ` ,. -
,
~
n
con
w
s
~; Ordinance are hereby repealed, except Mai _,,-Town Clerk _
.
wrpoae o! rolmburslrq any such atlvance principal or Enteresq are outstanding antl ,used as open space and dr recreation and (MIS repealer shell not be construetl so a9 to ,Published In Tha Vall Troll on May a, 7977. ,
`
~
also for the purpose of paying Tha Unpaid. No provisions of any mnsTitUTlon, Park land is hereby nUlletl, approved and
~ revive any ordinance, act, order rasolutfge, ;:
~
~ ,f.
~
terest onend principal of Bald Bonds as The Statute, charter, ortllnaMe, resolution, or ~ conflrmetl. ~ _
'pr part Mereof .. .... _ repealed
'
Same become due and payable respectively,
th
T
C
il
f th
T
f V
fl
h
lt
other order or meaSYfe McCfeO after the
Issuance of the Bonds herein authorized
Il. Pursuant to Me Uniform Facsimile
Signature of Public OFfidals Act, part ! of
15. This Ordinance is, and shall constlTuter
/~'} /~
"•.a lepisletive.measure of Me Town of Vall, -•
;
Not~ee
P
~'~
~
~
e
own
ounc
o
e
ovm o
a
s
a
annuany nxantl certitys rata of levy for atl
shau many mamer be tonstruea as llmlpng
article 55 of ntte 11, Colorado Revisetl _
,
M
V
MY
=`and atterMe BOndanereby authorixetl are ':.
:
'
valorem taxes to the Board of County or Impairing the obligation of Me Town to Statutes 1973, prior to the sale of Me Bontls - '-luued, sold arts are outstanding, Mis
~ ~ NOTICE OF
'
~
_
Commissioners of Eagle County, Colorado, levy ad valorem taxes, wimouT IimiTatiOn of
' authorizetl herein, mere has been or will be --
Ordinance shall codstitufe a
Contract.
PUBLIC MEARINO ~~
t
'b
M
T
d
'
' ~-'
which Taxes, In adtlitlon to all alher taxes, rate qr amount, Or as limiting or impairing
• filed with the [oloratlo Secretary of State a e
ween
e
own an
the h0lderw holden
!-
~
` when Eevietl M all of Ma taxable property in the obligation of Me Town to levy, Facsimile Slgnafure Certificate bearing Me of Saitl BaMS, end shag be atW remain ' NOTICE IS HEREBY GIVEN Mat there
•
-
the Toxin, In each of Ma years 1977 10 1996, adminlsler, enforce antl coklecT Me sales fax manual signatufes of John A. Dobson, the "' irrepea table until Seta
Bontls antl fhq ;
- WIII bps Publle Hearing of Me Town fauncl! '
InClVSlve,wlll else atl valorem lax roVMUes a5 prOVldetl Herein for Me payment of Me Mayer of Me Town of Vail, antl Rosalie ,Interest amroing MereOd Shell navebeen M the Townm Vail, Colorado, tln Tuestlay.
Suttidpat le make SUCK reimbursement and pllndpal o! antl Interest on the Bonds Herein Jeffrey, the Town CIMk of Saitl Toxin, ~ fully paid, satisfied and discharged. ;, Juts 7, 1977, st 7;30 p.m. M the {euttdl-
'
to promptly meet, end pay such Bond aufhorizetl. certified by them under oats. Said filing 15 16. Theproper officers o}Me,TOVm of Vail,
Chambers of ihd MVnlQpel fsuBdirq, VsB,
-
' nrindpel arts Intereaf paymenfa as the same It Shalt be the duty of Me '[awn toundl hereby ratified, approved and confirmed Jor' . Coloratl0, are hereby eufhOrEzed and toloratlo. ~. - -
Ome due. annually at Me Time and In Me manner the purposes ofissufnq the subiecT General - tlfrectetl f0 pay or cause to be paid ihd The purtwsa M Ilte public hearing is the
~
l
`~Id taxes when collected shall be applied Provided by law for levying other Town
i! SUCh action Shall be necessary fo
taxes ObpgatlOn Bonds, Series May 1, 1977.
12
The officers of the Town are hereby ~ interest nn Me Bontls herein auMorixetl as -['~,
atloptlon of fns Vafl Municipal (:ode. "
~ Me same shall accrue, antl Me principal of Any interest parsons')[a;enauraped tp
ety for the paymenl0f the interest on antl
• principal of Saitl. Bontls, respectively, until ,
effectuate the provisions of this Ordinance, .
avihOrized and directed to enter info such -sold Bond; at maturity, wlMOUt WrMer hflertd ~ - -,
'
'
w
the Hoods, both as to prindpal aM Interest, to racily and carry out the provisions herept agreements and Take all action necessary or warrant or.order.
~
TOW N OF NAIL ~
-
"
shall be fully pe id, satisfied and discharged, with reference to the levy aM collection of appropriate To effectuate the provisions of ,
, 17., if any paragraph, clause or provision of -
,By Raaelie Jeffrey
provldetl, however, that nothing herein the ad valorem antl sales taxes, herein this Ordinance atM to comply with the Mls Ordinance is tutlldaily atliutlgetl itrvalitl _ '~ "Town Clerk -
mntainetlshall halo tonstruetl as to prevent specifietl, atM to require the officers of antl
extend and collect Bald
for the Town to levy requirements of law, indutling, without
Uminng irte generality of the foregoing• sot unenforceable, such lodgment shall no! [ Published In Tha Veit Trail on Ma a and U
~~'affect impair or invalidate the remaining.
Y ~ -
the Town from commitfing and applying any
ofher funds or revenues Mat ma
now or ,
taxes in the manner provitletl by law for the a. The printing of The Bonds herein : 19)J
'-.paragraphs, Clauses or prOVislons' berets,. ~ -
~
"
y
hereafter be in the treasury of the Town and purpose of provltl ine funds for the payment authorizetl, in[lutling the printing upon each .The inlentl0n being
~ihat .the varlou3
'~ ,
tegauy available for the purpose of paying -
the Interest an or printipal of Saitl Bontls,
and upon the application of any other Such
funds or revenues as aforesaitl, the levy or
vies for ad valorem faxes Herein Provided
ay thereupon ba tllminlshetl fq the extent
e requirements for such Bond principal
and Interest payments for the partkular ',
year are thereby dlminlShaQ., ,_
~~ 7. NotwiThstendlnp ihd ,forsgoinq"`:e
' provisions }or ed valorem fax Iwlas, the
TtMm hereby further covenenfs antl sprees
• that So long as ine Bontls proWded for herein
Temain outstanding and unpaid, !t will levy,. -
- atlminister, enforce and collect the sales tax
authorized by Ordinance No. 15, Series of
~
~;;~~
1977, t0 iheextent of en amount l0 be not less . . "
,
-'.than}Peru11T P1 prOls recllptstlorWed from '
~~
f
;The.Sale:ol .tanglolp persanal;propaNy,and
~1
=' Ma lumithlflp of services rww or barge}Tartf. '~
.
' sublecf fo Saitl Sales tax. The Town Of Vail i~ '
has pravi0u51y issued Ira General Obtlgsllan
BOnCS as IOllows; ir3 General Obllgafl0n
.
.
~., •tr .
hvoPolne -- - i
original Prlnicipel amautll OT L7AOO,dOdj•Ilf~ -- -'--"----~~ -~-
General Obligation Bontls; SorUs Mereh.s' ,
•
az:
9974, authorized hy'Ordlance No. J. Series tH ~-
1974, In ihd Original prlntlpai eRlOUnt ol:
SS,SOO,OpO; Its General Obllgeti0n RMundlnq
Bonds, Series 197, dated November IS, 1414,
,' 'authorized by Ordinance No. 21, Series of ;
' H974, In the original prlndpel amount of
r - T2,M0,000, which Reluntling Bontls reluntled
. ~ the full amount o! the Tovm's General
Obligation Bonds, Series November 1, 1977;
its General Obligefion Bonds, Series
December 1, 1915, authorized by Ordinance
x•.740. 21, Series of 1975, In the original
rincipat amount of 5860,000; and Its General
;negation BOnas, Series September 1, 1976,
authorized by Ordinance No. 24, Series o!
_ 1976, in the original ~ principal amount Of
5300,OOD. The Town has covenanted antl
~ - agreed, in each of sold bond Ortllnentes, to ;-
_;•~pledge and sat aside all ih4 sales tax, s;
-
'`~ revenues derived tram One.hell of Me above•~p;
,_ stated 4 percent of gross recelPfs eutnorlzetl
~~SS by saM Ordinance N0. 11, Sorles of 7917, to.
~
~
.
~ pay the interest on arq the principaF of the
' -~~-General Obligation Bonds and Generet'~
- Obllgatl0n Refunding Bonds authorized
thereby. Saitl Ordinances provide further •;
,met said pledged sates tax revenues may=:~
be pledged and used ra Me payment 01 ,Y
debt service on any oMer or additional
eral obligation Hoods of the Town of Vall ;~
which may be Issued an a parity Wlih Saitl
General Obngatlon Bontls or General
0611gaflon Refunding Bonds: The. Town Ot -~
•Vall Covenants eM agrees that alt The saleb .,,
• tax revenues tlx]vetl from one~helf of Bald P '
' percent of 56 itl gross recelpis as authorizetl -
- In Ordinance No. 11, Series of 1973, shall b@ '.
and hereby- era Irrevocably and solely,;;
pledged arts set aside fo pay the Interest on, ::
antl M0 prindpal. of Me subiect Gettoral~"~
'
Obligation Bontls, Series May 1, 1917,ea Me
.?
same become due aM payable fiom rest M 4
weer, on a parity wifh the Town's obllgetlon':
t Pay from sold sales fax rMeflVe9 Me''.:
.nfere5l tli1 antl the prlnclpe I or sold Town of ,
Volt Gerloral Ob110atlon Bontls, .Series; pY.
_ November f; 1973, pod March 1, 1974, sold,...
~~ Town of Vell General Obllgetlon Refunding{
`' Bonds, Series 1971, and Saitl Town of Vail ~':
General ObElgeflon Bonds, Series December': F
1,'1975,, antl September 1, 1976. Provided".
'_ than ~. ...
A. The said pletl0etl sales tax"feSerivas,'"r
,
-;may also ,be pletlgad And used for thee,
' payment of the debt service m eny other or
adtlitlonel general'Obtigallon bonds o! the
Town o1 Vail whkh may be issued hereafter ;~ '
J~I[ntlme To time, provldetl that such other .
! `itlinOnsl general obllBatlon bonds shall `~
1 la parity with ar subordinate to (but not •
;:. , p, for or superb+• 101 Me General Obl Igetion
:.~;y Bonds, Series May 1, 1977, wIM respect to the:
- !`.. sales faK rQVMges herein pledged: end i
-' -" ` B. To the axlent Mat the debt service on bll` ~~
• of the Town of Vell general obllpetlon bonds
'
~ which may DB Issued Irom time to time ;.,
Uncludlip 71VT not limited to Me Bontls ,
euthOrizad he+Nn)eM whits ere peyableln
whole or In pert Irom Me aublect pledgetl'~
sales tax revenues, is tufty, providedJor In
any fiscal year by 4ex Tevenues. antl otheY:
moneys legally available therefoh Men the
'own is authorized to use any reVMUes •
maining from the suhEect pledged seles~
~'~6x revenues for other purposes (but only '
after al! of the debt Servile On 6altl general .
obligation bonds payable ffom 5810 pledged `
sales tax revenues has been fully pravitletl'
- for in said fiscal year), Including, our not-
limited To, payment of spedal non~generaP*
Obligation HOntls, which special non.genefal
obligation bondsj5l.any event, Shall not-beoh
a parity wifh and shall be SVbaftllnatB antl„
inferior, fo the General Obligation Bondsl
Public Notice
PLEASE TAKE NOTICE Thar- Mr.
Thomas afloat, representlnq URIDA N.V.,.
Professional
Residential &
Commercial Cleaning
+~4^76.3557
the
cleaning people
who care
has requestetl a variance Irom Arflcle d,
Section 6,502 of Ordinance No, S, Series o1
197], In ortler to constrVd a contlominlVm
prolett on a portion of Lot 1, Block ], Vall
LlonsHeatl Thtrtl Flling that does not meet
the o0Tlinetl spetlf lcaflons of bulltling
dtaganab length of wall and requiretl offsets,
and bulltling setback, Appllcatlon has been
metle In accortlance with Section 21.500 of
the Zaning Ordinance, Ortllnance No. e,
Series of 1973, as amentletl. '
A Public 'Hearing will be held In
accortlante with the provisions of section
21,500 of the Zoning Ortllnanca on May 26,
1977 before the Vall Planning Commisalon
whose decision will be tronsmlfletl to the
Town Counclf for Ilnal declsfon. Sold
Hearing will be held In the Vall Municipal
BuIltllne at 3:00 p,m.
TOWN OF VAIL
DEPARTMENT OF
COMMUNITY DEVELOPMENT
Diana Togghll I
Zoning Adminlsfrotor
Publlshetl In The Vall Troll, on May 6, 1977
Public Notice
PLEASE TAKE NOTICE that Mr. Boss
bouts, .Ir„ representing Spruce Creek
Fixed Base Operation--Eagle County Airport
>r y"`!,
k. ~. ;~ r
w~
Avgas and Jet Fuel • Pilot Lounge anB Snack Bar
A.P.U. ~ Pre•Heat • De-Ice ~ Oxygen • Air Charter
Plane Rental ~ Helicopter Service • Lear Jet Charter
1 LIMOSINESERVICE • CAR'RENTAL
MOUNTAIN FLYING SERVICE INC.
John Oleson -President and Chief Pilot
Arnie Bontrager - F.B.O, Manager
Phone 524.7575
Invedment Corporation dba cyreno'a 1-. ~ Ionlnp AtlminlstratM ~ Oefore 7:00 p.m., Mountain Dayllghf time
Restaurant, has requested a two apace
~ ,publEehed In The Ve6 7rall 9n May 6,:1977. ,
~ Mey 70th, 1977, at which Tlma the Proposl'"
pa rking variance Irom SetflOn' 8.510 and '~
~ ~ ~= will be publkly openatl am reetl. /
Arflcle 14 of Oftllnente No. B, SMlea of 1977, ~
~ ~ ~ ~ Proposal racalvetl offer Me abbye epecl6
I The Zonlnp OrdlnarKa) In order to
construtl a 300 sq. ff. extension to the bor. ~~
' •.` Publlo NOtIC time wnl ha Immediately rtlumed td tilt'
~ bltltler, unopened.
antl patio area. Appllcatlon has been metle
in accordance with the prOVlslona of Seetlotl B The site of Me work leaf V011 Vlllapa West,
25.500 of the Zonlnq Ortlinanca.
~ ~ INVITATION TO BID ~~ ~~ about two miles waaT of VaH, near the West
~ Vail Inferchen0s 01'1.70 M;
Eagle COUnty,'
A Public Hearing will ba held In rv Eagle~Vall WaTar Treatment PIan4 Ea01e- .
Colorado. -
atcordanca with the provisions of Secflon
21,500 of the Zoning Ortlinance brt May 26 yell Metropolitan Dlafrlct. Sealed proposals
~ - The Work under Mla Cohered conalsfs a} •
,
1971 6Hore the Vpll Planning Commiselon . w311 be received by the EaBle•Valf
~ Melropol0an DlSirfCt for the purchase of furnlshinq end ln5hlllnq iln followlrp mslor
hems: ~ ~
whose decision will be tranamlNeO to Tha~
Town Lounch far final tleclalon: 5aid
„wafer treatment equipment of the ofHCe of _
" ' 11 2,0101.1. winch D,i.R. watR main. -
~
'
.
Hearing will be held In Mayall Munlelpet ,,KKBNA, Inc.,, consultlrrg englneera on or
n, before 2:00 p.m. Mountain Dayllghf Tlme 2) 500 !.t a-inch D,Lp, water mats.
~
3) 3 Flre Hydrants.
autlding at 3:00 p.m. ,
.~. May 10, 1977 at Which Nme they will he
~ ~, 4) ContROt BOlltllnp, 8'K10' IntiM,rre'
TOWN OF VAIL ° pubhcally opened aM read aloutl. Any • slap. '
~
DEPARTMENT OF
~ -proposals received after the above time will : ''~, ~ S) 25ubmerslble Etechle Pumps h
COMMUNITY
DEVELOPMENT ~ be Immediately returned to }he bltltler 250 GPM) In Z eklstlnq shallow walls ISO'
Diana TOUghlll ' ~ unopened. The equipment fo be purchased plus or minus depth) with pltleas adapttln.
Zonlnq Atlminlatrofor 'under Thls contract Inclutles the following ~ drop pipes, att.
Publlahed.In The Vall Troll on May. d, 1917, Items; U H[gh-rate mulTl~metlla pressure - 6J Electrical antl control Syatam
. filter (300 gpml; 21 VerT]cal Turbine pump additions, Includlfq electrkal wlrlrq for
' ' (600 gpm); 3) 6" pressure reducing valve; 4) 'control bulldinp, eledrode3ln Walla, flbM t0
Pub11c NOtICe 2" flow rate maters; 5) Chlorine gas flow
'I molar; d) 3" flow' [omfal Valve: 7).
+~- Necessary piping antl flttings~to install now aKisting control system, aM
" 7) Mlscallaneous Valves; piping pod
,..
appbrtenances.
• r; equipment. ~~, ~ .. ,
'~ 2. The Contract DOtumenta cOntainln0 the
PLEASE TAKE NOTICE that Mr. Warren :~ Contrail Documents may ba examinetl at ~ ~~ detailed Drawings antl SPeralkatlane for tae
K. Pulls, representing Vall Valley, Inc. has ~~: the offRe of KKBNA, 7456 Wast 5th Aven00, ~. ",conatrUCflon of the work, togaMar Wllh Mo
applletlIota resubtllvlslon ofeportlon qt the Denver, Colorotla'80226. A copy of the~ 3 Proposetl eonstructlon COntracf, may-ba
SunbVrst property, Town of Valh CountyM
Ea
l
C
l
tl tontrect tlocumenis may 6e ohfalnetl from
~~ the abo
e ofll
tl •' seen et The -oHke of The Consult
ineers
W
i
ht
~ En
g
e,
o
ora
o pursuant fo Arflcle II I, ~
Section 3, o} }he Town of Vall Subdlvlslon v
ce upon a
epOSlt of 525. The-
~ tleposlt wl116e refunded l}the documenh era^ ,
r
g
g
-McLeuphlln En01ne1
^'2d20 Altott S1reeA'DenVar, Coloratlo 9021,../
Regulaflons. returned in good condition within,. t0 days: ','. Ctlples thereof may 6a obtained by
NOTICE 15 AL50 GIVEN that Mr. Warren after bltl openln0• ~ ~ ~~ ~ ~?'tlepgslflnq 525.00, 510.00 ohwhkh will be
K. PVIIS has requestetl that the resubtllvlslon ~ published in The Vali Troll ~on April 22; R9 , ; refunded upon the return of ~Me CoMYacf
of Bald property be rezoned from the ex1911ng and May 6, 1977, - ,
~ ~~ Documents In good wntlitlon wlMln tM tlays
'
'
special Dovelopment District 1 to Two
Family Resltlenhal lots In accordance with ~
~
~ effer the proposals era received.
'
3, Bltl security In the arrwunf o1 S percent,
Section 21,500 of The Zoning Ordinance,
Ord thence No, a, Series of 1973, asamentletl.
Publle N
t ' unqualilletl, of the amount of Ma total
Proposal price will be requlrfM with ea[h
NOTICE lS ALSO GIV EN that Mr. Warren O
iCe Proposal. Character and dlsposltlon o/each
K. Pulls has requested a variance from bltl seeurgy are stated in "InstrVCflone to
Ordinance NO. a, Series of 1973, Secflon 3.501 '. ~ ~ ADVERTISEMENT Bldtlers" of the 'COntrecT Documents,
~
in order to allow bulltllnes on two lots not FOR BIDS included with the Contract Documents ~•
havinga30 to>Hrontage one puhllt roatl but 1(JATER MAINS AND WATER ~ Bld Bond form to be usetl by 61tltla'
mnnetfed to a public road by a 2a foot
rivate tl
l _'pUMPING PACILITIES
~ ~ auhmliting a cashier's or cerfllletl c
4
FgrMe
I
f
~`
p
r
veway,
Pursuant to the provlslonsafSechon 21500 CONTRACT NO 17 ,,,~
~
[~
~ .
r
n
ormation will 40 f0
~'
~: "Instruc110n to Bltltlers" of th0 Contract
of the Zonlnq Ordinance and pursuant to the :~ '
.-
`~
VAIL VILLAGE WEST ~~ Documents, Each Bltltler will fM assumed b
subdivision Regulations, a public hearlnp `~~ ~.' WATER AND SANITATION DISTRICT be familiar with ah Contract Documents,
Will beheld on May 26, 1977 before the Vell ~ - ~ EAGLE COUNTY, COLORADO Intlutllnq ell Drawings boil SpeclflCatlons,
Planning Commission whose tle[ISlon will 6e
transmitted to the Town Louncll for final 1. Sealed proposals for the Installation of
municipal wafer mains
for ro
t
tl VAIL VILLAGE WEST
WATER AND SANITATION DISTRICT
action. Sold Meaning will be haltl In the Vall
Munldpal Buhdlnp at ]:00 p,m. ,
ns
ruc
on ofe
frame control bullding, and for Insfallaflon ~ ~ Byron D. Brown
of 2 Shallow well submersl6le pumps will be ~ Presltlent
rowNOFVAIL 'recetvedbymevanwnagewesfwaterpnd Dared:Mavs,l9n
DEPARTMENT OF
~ Sanltatlon Dlsfrlci, the Owner, at iha olllces Published In The Valf halt on May d, 13 arts
COMMUNITY DEVELOPMENT
' o} WrIghLMcLaughlln Enginae/a, 7120 20, 1977,
Diana TOUghlll Altott street DMVer COIOYado 80211 ql or
~'+ 'LEARN ;KARATE '~#;ClaaSr7a;'
..' r
`£f 7ueaday and .Thursday; 8 p rq ,
StH't1ICt8s ~ rnISC6I~aneolWS,4 '- ~Minturn Commurlity Center Gym, ;.
r '' a" ''~NOrmen'Avenue S?»~[n shape,
durirl the off'seaspn Qall 47 - -
"-' FromPaga27 'VAIL' ASSOCIATES`~LIFETIM~E~~~'1'615:~(274t) ''' ~~. •'g -
' ~ '_' PASSES bought, and•sold. Call.."-SEW MORE, SAVE MONEY -At
NEED'~GOOD SOUNDS `FORD': Merv''Lapin"at' Vall` Securities., -Gingham and Lace,. 1
YOUR SYSTEM? Fine 'music 'Investments, 476-5531- 2,8 '
created ter you on cassette. Call --"„°mm ~ Broadway in Eagfe, with
n~r_ goon. rn~, ~~ _. .. .. rrl,n nlof,-, ;:.-,._ _. _.
~,~, ".
~~
•
c-
!',~ The Vail Trail . .' :, _....... May 6, 1977
~0tIC8
~ ORDINANCE NO. it
Series x11977
AN ORDINANCE TO CONTRACT AN
INDEBTEDNESS ON BEHALF OF THE
_ TOWN OF VAIL, COLORADO, AND UPON
THE CREDIT THEREOF, BY ISSUING
GENERAL OBLIGATION BONDS OF SAID
TOWN IN THE PRINCIPAL AMOUNT OF
bEF RAYING,RIN WHOLE ORP ION PART
- THE COST OF ACQUIRING REAL
PROPERTY TO BE USED AS OPEN
SPACE AND OR RECREATION AND
PARK LAND; PRESCRIBING THE FORM
OF SAID BONDS; AND PROVIDING FOR
THE LEVY OF TAXES AND FOR THE
APPLICATION OF SALES ?AX
REVENUES OF THE TOWN OF VAIL TO
PAY SAID BONDS AND THE INTEREST
THEREON.,
WHEREAS, at d speclak el¢C110n of ih@
V iI IflColoreadaedeudlyl atlletl oande heldn on
Tuesday, the 29th day of March, 1977, In
accordance Wifh law and pursuant to due
there was Submntetl fo said electors.
lowing question:
1 the Town of Vell, Colorado, be
ble interest
ss Its ne otla
orized to I ue g
nds In one
bll anon b0
tin eneral o g
9
g
series or more In an eggregefe prlntipal
amount not to exceed 5450,000, or so much
thereof as may be necessary, for the purpose
of tlefreYing, in whole or In part, the cost of
i~-
MENUS?
THE~E
rill
,LTD.
ac4uiring two parcels of teal property,
known respectively as }he Kafsos property
and Lo110, Vail Village Second Filing, to be
used as open space and or recreation and.
park land, together with all necessary
Incitlenfal and appurtenant properties and
facilities, and the costs Incitlenfal thereto,
such bonds fo bear interest at-a. maximum
net a/fective Interest rate not exceed in9 10
percent per annum, and to mature serially
during a perigtl of not more Than 30 years
from the data or respective dates of the
bonds, such bonds fo 6e payable from
general ad valorem taxes and other funds
legally ova liable therefor, and such bonds to
be said and issued at one time oY from time
io time, in such manner end amounts and
upon such terms and contliflons as the Town
Coundl may, later determine, including
provisions for }he redemption of bonds prior
to matuYitY upon payment of a premium not
exceetlln9 3 percent of the principal thereof?
end
WHEREAS, as evltlencetl by the canvass
of the retains of Bald election, more than a
majority of said elecfori voting on said
question voted in favor of issuing sock
bonds; and
'' WHEREAS, the Town COUntil of the Town
oP Vall has determined, and does hereby
' e ener
€ssu at this t,m al
lermine, to e 9
de
authorized
5 far the Lr OSeS
li atlon bond
ob g P P
by Bald electors at said election, In a total
principal amount of 5450,000 P'the Bonds"),
as hereinafter 5e1 forth IR this Ordinance:
and
WHER EAS, a proposal for the purchase of
the Bonds has been YeceWed from Westland
National BanKS, Inc„ Lakewood, Colorado
(^rhe Purchaser"1, upon terms favorable to
iha Town, which lee Town CouncB of the
Town of Vail has determined, and does
hereby determine, to accept; and
WHEREAS, pu rSUanT t0 Ordinance No. 11,
Series of 1973, of the Town of Vail, there was
submined f0 iha qualif tad. re915teretl
electors of the Town of Vaif, at a special
election held oh the 25th day of September,
1473, the question Of the imposition of a sales
tax on the sale of tangible personal property
ai recall and the furnishing of services within
the Town of Vail; and
WHEREAS, as evidenced by iha canvass
Of Me returns of sold election, more than a
malOrliy Of sold el eClerS toting On Sald Sales
tax quesllon voted In favor of imposing sold
sales tax: and
WHEREAS, the Town Counci! of the Town
of Vall has estimated and determined, and
does hereby estimate and de}ermine, that
the principal maturing and the Interest
accruing- OR sold 5460,000, the n mrlnal '
herein, may be met from revenues derived aforesa id as part of sa itl Bonds, sold coupons ~ requirements of law have been ~iVlly
from sources other than general ad valorem- shall be the lawful binding promises and complied with by the proper oHlcers of the
-
property taxes, ' including, wiFhout obligations of the Town according to their '~ Town of veil in Issuing this eontl.
limifation, the revenues fo be derived from import, securing the payment of interest as - It is further hereby redte0, cerilfletl and
the sales fax author€zed by sold Ordinance it becomes due. SnouW any officer whose ' wMranlM That thetotal indebtedness of said
`
NO. 1L Series of 1973, and approved by tae " manual or facsimile signature appears on ri ToWn, indutllnq that of this Bond, does not
aforesaid electors voting ai the aforesaid said Bonds or the interest coupons attached ~i~, exceed any constitutional Or statutory
'
election; and ~ thereto cease to ba such officer txdore~ antl does
~.i• ilmnation 4f the State of Colorada
WHEREAS, the Town Council Of the Town ' -' delivery of the Bonds to the Purchaser, Such' + ,.not exceed any lim itatlon of the Town Of Veil
of Vail has determined, and does hereby ~~ manual or facsimile signature Shall Charter; Thai at a special eledtpn lawfully
determine,-that it is necessary and in the "-°neveriheless be valid and suHident stir-elf ,
^~.. held in the Town on the 1Wh day of March,
~
best interests of the Town of Vall and the purposes. : BOnd wax duly
~ 1977, the issuance of this
inhabitants thereof that the Bonds in the ~~'~ 4. Saitl Bonds and. the Interest mupons ~; authorized by the qualtftetl, registered
"
total principal amount of 50.50,000 be now : alFechetl thereto 58811 be in substantially the electors of the Town voting al Saitl election;
-
issued in accordance with the provisions of following form; _
' ~ ~ made }or the
:' ~antl that prov(SiOn has been
~ - levy and tolFeetlon of a direct annual tax of
this. Ordinance.
f FOrmof Bond)
NOW, THEREFORE, BE IT ORDAINED..- ~
~
i all the taxable property wlMin MB Town
UNITED STATES OF AMERICA
BV THE TOWN COUNCIL OF THE TOWN "
~ without Ilmltati0n as to rate Or am0uM end
THAT: .. STATE OF COLORADO ,
COLORADO
OF VAIL "' Sor the appllcatton of certain Sales tax
,
,
- COUNTY OF EAGLE
~ revenues OF the Town, suHl[lent to pay the
_
1. Pursuant to the authorization conferred
~>"v"~.~<~~~ -' i' TOWN OF VAIL interest tin and the pNndpal of this Bond as
by the qualified, registered electors of The ''°~"~ ,GENERAL OBLIGATION BONA
'
` the Same respectively become due. ,
The tull-taith and credit of the Town of
Town of Vail at a special election duly called
( : -'SERIES MAY 1,1971 ~ ~
'~~ Vail, in the County of Eagle and State of
~~ .. ~ ,.
and held on Marcn 29, 1977, and fOf the
'k0' ~ ,- 59,000
in
whole or In part
the ^
a
in
fd
f Colorado, l5 hereby pledged for the punctual
.
,
,
y
g,
purpose o
e
r
cost of acquit ing two parcels of real ':'~-~ The Town of Vail, In the County of Eagle Payment of tae principal of and the Interest
property, known re5peclWely as the Katsos ~"and State of Coloradd, for Valus received, _~ qn this Bond.
property and Lot l0, Vail Village Second "-; hereby .acknowledges itself Indebted and
- IN TESTIMONY WHEREOF, ihr Town
_
hgre0f. Me
Filing, }o be used as open space and or :- promises to pay to the boater Council of the Town of Vail, COIOratl0, has .
recreation and park land, together with all principal sum of
S - -Caused this Bond to he executed in Me name
necessary Incidental and appurtenant' -.FIVE THOUSAND DOLLAR
'
~ _~ and on behalf of Saitl Town WlM thefacsimile
-signature of the Mayor o/ Saitl Town, to be
properties and fa dllti05i and the costs ' in -'lawful money dt the United States
of
W Vall shall ;
t
t
th
T P
'th facsim it 'the s al of Bald
sealed w, a e of C
wn
i i I here
o
e
o
r1G dente
M 19 w]M
on the lst da of a ,
issue on behalf of Bald Town and Upon the,America, Y Y
f
th
reof to the
h
l
h
d
own,~~fo be attested by iha manual-
e
ereon
rom
a
e
e
credit thereof its negotiable coupon General ~':- Interest t
ment of said principal sum as evidenced
a ;Signature of the Town Clerk of sold Town,
;=
t
h
I
t
y
Obligation Bonds, Series May 1, 1977, in the x; p
by one set Ot .Interest touprMS hereto
': eres
coupons
e
n
and has caused t
aHached hereto fo be executed with Me -
,<~
;
aggregate principal amount of 5650,000, +
consisting of 90 bonds in .~~ BttBchetl' at the rata or ~ per [entum
1977
datetl May 1
M
- .
°='~ facsimile signature of the Mayor df said
'
~
,
,
ay
the denomination of 55,000 each. nvmberetll ~(~~ percent)per annum, payable
and semiannually Mereafter on iha
~ ~~)' 1978 .Town,allasof Theist deyof May, 1977,
•_
,
To 90, inclusive, payable in lawful mone of
y 151 day of November and She 1st day of May _ TOWN OF VAIL COLORADO
z~
the United States of America. Said Bonds .,. of each
The prlntipal Of and interest on
ear ~ ~_ BY (Facslrnlle SlgnatuYel.
.
y
shall bearinterest as evidenced by one set of , ihl3 Bond are payable without deduction for ~ fYlaYOr
bearer ilUere51 coupons, as herein Set forth. ~ ..exchange or collection charges at United (FACSIMILE.SEAL) . ~~
. The subieci Bonds shall mature serialFy In Bank -of Denver National AsSOClatlon, -
`ATTEST:
reguiar numerical ardor o_n May 1 of each Denver, Colorado; upon presentation and _
, (Manual Signature)' ~` '
year, and Shen bear per annum interest .'~surretlder of Bald coupons and this Bend as' Town Clerk
irom May 1, 1977, to the payment of their
`they severally become 'due. If. upon : n-. ~.
principal sums as Indicated in the following presentation at maturity 'payment of the" ' ~ ~ ~ -
~
taple. Saitl interest Shall he payable MaY 1, principal amount of this Bond is rAt made. ~ -
'(End 01 Form of Bond)
1976, and sem iannualty ih¢reafter on the-151 interest shall continue aY the tale grated
day of November and the 1st day of May of herein until payment of said principal "
Bonds numbered 1 to 11, Inclusive,
each year. If upon presentation at maturity amount is made in full. maturing in Me years 1979 )0 1982; inclusive,
payment of the principal amount of any Bonds of this Issue maturing on or before • bear interest at the rate of seven and (Iffy
Bond Is not made as provided herein, May 1, 1987, are not redeemable prior fo hundredths per tentum (7.60 percent) per _.
interest shalt continue at the rate state0 their respective maturity dates. Bonds of
ment of Said principal
therein until
a
' annum. Bonds numbered 12 Ta 12, Inclusive,
maturing in the year5 1903 10 19~5, inclusive,
p
y
this IssuematUring In the year 1988 and
amount is made In full.
f
h bear interest at the rate Of six end seventy-
e option o
thereafter are redeemable at t five hundretlMS per tentum (6.75 percenU
the Town Coundl on May 1, 1987, and on
Bonds "'
t .per annum. Bonds numbered 23 to 30,
-interest -payment dates ih area
ier, In
Pri
oo1ni
l
et a price equal t0
t inverse numerical order
e
d e
t T
6
~
l
t
{
An
s
,
Meludly Mteres
(Both Indu
aF
ie)
iha principal amount of each Bond so' rest a
ne rats 0
antl ,
ndusive, bea
r Int
s
x
1 to 2 $10.000,_ J979 7.50% . redeemed plus accrued tnferest MereOn }O
%`-
'
~ ~ no nuntlretlihs per centum (6.00 rcenN per
~
inclusive.
Bonds numbered 31 to 34
annum
1980 7.50
$15,000
3 l0 5
}he . ,.~_,..,,.ton date. ~
. 1961 7.50% ' . ~ ~ _
6 to a $75,000' ,
.
maturing in thoyear 1988 bear in}drest ar the
,
91011 $15,000 . 1902 ~ 7,50%" Redemption shall be made upon not less - 'rate of five and sixty hundredths per tentum
' 12 to t4 $15,000 1983 6.75°h'' -'than thirty (301 days' prior notice by 15,60 percent) per annum. Bonds numbered
~
1510 f6 $20,ODD 1984 6.75% publication of such notice at least one (1) 33 to 39, Inclusive, maturing in the year 1989
19 to 22 $20,000 1985 6,75%: time by ono (1) pubilcatfon, such publication bear Interest at the rate of five and seventy
23 to 26 $20,000 7986 6.00% ~ being not less than thirty (307 days prior ib ~ hundredths per tentum (5.70 percent) per
27 to 30 $20,000 1987 .6.00%::•., ,,, theredemptlondete spedfletl €n ouch notice,
1986 5
60%
"
,
~
000
' :j annum. Bonds numbered 401044, inclusive,
.
.,
_
,
;,
31 to 34 $20,
.
in The Van Trail, Vell, Coloretl0, If. than ln
570% -;
9
'
-mafurinp lnihe Year1990bear interest at the
,
89
35 to 39 $25,000 1
4010 44 "$26A00 1990 5a0% ~ bW1ne55 end publlshlnpy and if not; then Ina ,r'rate of live and Nghty hundredths per
45 to 49 $25.000 1991 590% •n'eWSpapar of genataLCifCUletioh in Me
'
i
~
' 'Cenigm (5.80 perCMU par annum. Bondi i
f :
r
44
matunt
In the
b
d 45 t
in
WSlva
,
g
num
e
e
.
y sendFnq
o
c
%~YoWn of Vail, Colerad0
, aM l
800%
501065 $30,000 1992
..' 50 to 61 „$30.000. 1993, ~ 810% ~ _.6 ~ tOpy of such notice Ep Cgrtlfieti or [yUffiretl ~i~Vear 1991 bear In1Ne51 at the rate of flue and„
We're 4 ~en ~a1l
P Y:
. ,1 `.
"T~4r~{lt~;f ,.1 ' ....,. ..
~ I
~' /'a~ ;:,-. _. ~-,, 45r ...
- ~ Id"tidlii: ~tYesne~ne nlNWifpdM,e?
~
4
,
,,, ~"'/W~ r. - ~. ~ ~ - - _„ ..
h . ci'. C; sore recorded with ine Town: ;Per tentum (6.O0per n/) per fig Bonds,
-
rrlatuYin
In the
ed 5a t
t
b
dh
si
h
'
p
ve,
er
mc
v
I throug
o
Bontlsof This issuenumbereu
ao;,, Clerk. FOr this porpgserfae holder of any'~,~, num
ir
inclusive, maturing on or before May 1 1487 .. sudh Bond mayat any time Nrnish.hls name ~,vear 1993 bear interest at the rate of six and.'
are not redeemable prior to their respoctive r-' and address to t71e~tOwn-CIerK.-Such notice ten huntlYlttlms per tentum Ib 10 percent)+:
i maturity tla res. Bonds"of }his Iss "+°shall SpCdtfy tne; number or'numhers of the'~i~per., annum,' Bends ;numtered OZ iq'67, Y;
numbered 31 through 90, InCIOsiVe ma}Urln~ '{ Bontls;;o t0 be redeemetl~and the~dale~flxed~~y.'Anclusiva, maturing In the-Year' 199A bear,4
"
`
. ~~~~ r to of Six and twenty!
Interest at the
tin the year ':1988 and 'thereafter are {~ to edempilon, arid shell /urMer-state ih Y
^
0'
t
~
percen
) _pel
p
redeemable at the option ~ W., the 7own~t
qn°the;redeptptlpn -date- Me70 will: became .~gundretlms, peY~ Centum (6:1
"
.,
~ and will be du. and (Seyaple upon each; Bond annum, 8ontls Ovmberetl 60to 74, indvSive, •
Council on May t; 1987, and brv~.any Inferest"'
tm9tgr3n¢In the Yeer1995 bear interest of the'
te ihereafletl
In Inverse"
t'
t' d
l
i
o
:'
ihe
l
a
_ti ~°~~ ~.UNCfI 8B7V8d froffh71:3O B. RI. t04QQ p. rrl.. ,
~pr
pe
un
a
,
.
nC
:
)m
~ paymen
-r5o to be:;Ted9emed;
~ numerical order, ai a pNCe equal tb the •~ thereof ?pips accrued interest oh said ` Tate of. six and twenty five hutWredMS per
~
the LiOnsHead CIOCk'
' Located JUSt Morth •.Of centum 16.25 percehN per annum. Bonds,
,, principal amount of each Bond 50 redeemed a; prindpal:'a"gsount and that from and. flat ,
"
,
• '„_numberetl 761090, inclusive, maturing In the ;
'~;,'; plus. accrued 1mereSt' thereon 10 the:,g SVCh°ttatf fOteregf ,iNill;;ttease~t4 aderue.
' Yedempiion date. This Bdnd ig One of e'5efies IsSUi'<I by iha Years 1996 to"1997, 1nclu5ive, bear Interest at _,
f
`TOwn Council df the Town of Va1fiCOlorado,-:he rate of six amlm7rty. hu. per-
Notice o/ any redemption shall be g van by
'
~
~j^+f - annvm
' '
-the Town Clerk in the name of rho Town'of tt'on behalf tN said Towmand upon "fhe•creQli,' tentum (6.30 percerifl Per
="'V2I1, by pdbliCdtl0n Of SV Ch notice at least' :thereof fpr the p0rpO5e O}prOYltling.fvnds l0 •':; (Intereal COUpgrt Earm) ~
•
lone Il) time by one Ii) publicat on, Such'._defray,'{n whole. ar Tn part,
rhe_ Cost ot„ .NV ., ,_ 5 •
-
- pu611cafion being not less than lhirtY f30Y:
: acquit ing real proprty to be used as. open,.
-days prior to the redemption tla to speeifled": space and or recreahon arM park land ' - ~"' May, -~'~-
-in such notice, to The Vai{ TratP, Vaih , )ogeffien with al) nebessary.ipcltlental and ^-• On the lst day of November, 19 ,unless
`Colorado, if then in business and publishing,. appprtenant properties. and facilities, and ",.~ the Bontl fo which ih15 coupon is attached, Ii
~
: ~'`.Fedeemable, has been called for .prior
and if not, then In a newspaper of general ;.the mstslnddental thereto, byvlrtpe of and
~
1 ?e' In fug tOnfprmitywith the Constitution Of>ihe "'" retlempti0n; the Town of Veih in MB County
circulation In the Town of Vail. and by
E d d sending a copy of such notice by certiiletl or '.State of Colol'atlo, the 7owmot Vail Charter , ofEagle and State of Coloredo, will pay to;
-
~
'-'bearer the amoum shown hereon to lawful
'registered first class, postage prepaid mall, ?;arid .all other laws at the state-oF Colofatl0 •
- at Least Thirty (30) days prior to. 7ae~ ~:" thereunto enabling,- and-.pursuant ~ to' an ~ rrloney of the United;$tate5 of America, at
-
NaflOnal
redemption date; to the holders of each of the •:~Ortlinance of said Town duly adopted,-. ~.Unitetl Bank 'of "DenveY
8ontls being redeemed, II the names and . -pub115hsd and madeelaw Of said TOwll prlof'---Association, Denver,' ColOrada, being
. ~ addresses of such holders are recorded with `. to the Issuance of this Bond; and if Is hrrebv l<~=Interest then due on its General Obligation'
the Town Clerk. For this purpose, }fie holder ra fed; zertifietl andwarrantetl that aII the Eond, Series May 1,.1977, dated May 1, 1977,
of any such Bond may at any time furnish his -
-
• .name and address to the Town Clerk. Such ~ ~
notice shall specify the number of numbers
pf the Bonds so to be redeemed and the date
fixed for redemption, and shall further state ~. ~ ~~ -
that on the redemption date Thera will
and will be duo end payable upon- ~
beco
~
O
. me
each Bond so to be retleemetl the prlntipal,' ; {\
~~
amount thereof pWs accrued interest on said.':
' .
•
=principal amount to the redemption date,
' -
4.-
.
antl that from and alter such date Interest -
r will cease to accrue. Any Bonds redeemed:' ~. _ -
e
• 1 / , 1 prior to their respective matvrlties by call.' -~
'
for prior redemption or otherwise ShalYnot,*
. be reissued and shall be canteheq MB same _
~
1 1 1
~ a5 Bonds paid at or aHer maturity
~
~ ~ ~ ~ ~
-~ ~°~ ~~-~ ~
,
~~
Me~
- 2. The prlntipal of and Interest On -.
.
~ ,
-
"'Bonds shall be Payable in IawlUl money of t~ w
the United SiateS of America wIM0u1 ~ ~ A r.
/
~a~~OUSe
dedudlortfor exchangeor collection charge; ,
w
at United Bank of Denver Natlonai = ;
~ ' .' '
Assodetfon, Denver, coloratlo, which I5 ~~~~
a .hereby designated the paying agent for Fhis
~ ~ bond Issue.
• Tne net effective interest rate on apnea ol.,::
~
`igh#.
Manufac#tJi'Ing?
'. this Issue is 6.1192141'percent. -
~ The Bonds Shall be general obligations of ' .
Q A/
'±R
#
~f
•,~~
1 1 , 1 , 1 I
•
'the Town W Vaih aatl shall be payable from (
Q
^
e
-
`
'
=gerxralad valorem taxeswitnout fimitafion _.. -„~.,
~-
;
d 1 1 ~ ~as to rate or amount; except as they may
acfuagy be pain from other revenues ai ~-- ~ -
~' What about.Your business future iii the Vaif
,. provided herein. ~ '~ ?; arei3?'~ .0O0Id ;be our' Eagle-Vail Business
1 .. 3. Saitl Bonds Shall 6e executed in MB
lf
wn with MB
b
h
aid T
d
f
Centel ~ hOid& 'the dnsWer : FeatUrinq a
'
, ,
e
a
o
name an
on
d
s
-: tatsimlle signature oilts Mayor, shall beam ~
- .standard 'pf'~' uatity;; fare-°above, the
~ , • I ,
1
1 I fat5imne m rho seat of me town, anon be
-• coin tition "the Centf3r~Stitl has some rental
(~
. attested by Me manual signature o! the
'Town Clerk of the Town, and each of sale
~ 4 .,
: ;SpdCe' 0 n..'~ Compare `carefully, consider
-
Bonds shalt have attached thereto an • - pOtenttal, then'sall us for a comprehenS'+e
'approprlete number of interest wupons
t
f M
'
Eagte-Vail Business Center
ook at how-the
ure d
e
~bearmg the fat5imne signa
Mayor, Said coupons s0a11 be numbered ~ .
^- relates tp your: present.and to-your„future
e e _ consecutively irom one upwards for each = ~ ~ -
,
r 1 I , 1 1 ~BOnd as .appropriate,. When issued •.. as ~ w
C'~Or . An~
( _Ar~