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HomeMy WebLinkAbout1977-27 To Contract a Special and Limited Obligation on Behalf of the Town of Vail by Issuing Its Short-Term Notes in Anticipation of the Collection of Sales Tax~ t~ ORDINANCE N0. Z7 SERIES OF 1977 AN ORDINANCE TO CONTRACT A SPECIAL AND LIMITED OBLIGATION ON BEHALF OF THE TOWN OF VAIL, COLORADO, BY ISSUING ITS SHORT-TERM NOTES IN THE AGGREGATE PRINCIPAL AMOUNT NOT EXCEEDING $300.000.00 IN ANTICIPATION OF THE COLLECTION OF SALES TAX REVENUES FOR THE MONTHS OF DECEMBER, 1977 AND JANUARY AND FEBRUARY, 1978, SAID NOTES TO MATURE ON OR BEFORE MAY I, 1978, FOR THE PURPOSE OF DEFRAYrNG CURRENT EXPENSES AND MEETING CURRENT CONTRACTUAL OBLIGATIONS OF THE TOWN; PRESCRIBING THE FORM OF SAID SHORT-TERM NOTES; AND PROVIDING FOR THE COLLECTION AND APPLICATION OF SALES TAX REVENUES OF THE TOWN OF VAIL TO PAY SAID SHORT-TERM NOTES AND THE INTEREST THEREON; PROVIDING AN AGREEMENT BY THE TOWN TO CONTINUE THE LEVY OF ITS SALES TAX FOR THE MONTHS OF DECEMBER, 1977 AND JANUARY AND FEBRUARY, 197$, TO PROVIDE REVENUES TO PAY SAID SHORT-TERM NOTES; PRESCRIBING OTHER DETAILS CONCERNING SAID SHORT-TERM NOTES, INCLUDING BUT NOT LIMITED TO COVENANTS AND AGREEMENTS IN CONNECTION THEREWITH, AND REPEALING ALL ORDINANCES IN CONFLICT HEREWITH. WHEREAS, the Town of Vail (the "Town") in the County of Eagle and State of Colorado, is a legally and regularly created and existing home rule town and municipal corporation organized under the Colorado Constitution and laws of the State of Colorado and the Home Rule Charter of the Town of Vail; and WHEREAS, the Town has previously adopted its 1977 Budget and Financial Plan for the Town and has appropriated revenues to meet the expenditures set forth therein; and WHEREAS, the Town Council of the Town of Vail has determined, and does hereby determine, that it is necessary and for the best interest of the Town of Vail and the inhabitants thereof for the Town to borrow up to $300,000.00 for a short term prior to and in anticipation of~ receipt of sales tax revenues of the Town for sales taxes imposed during the months of December, 1977, and January and February, 1978, in order to obtain funds with which to meet and defray ordinary and necessary current municipal expenses and to meet and defray current contractual obligations of the Town properly incurred in accordance with its 1977 Budget and Financial Fian; and ~ WHEREAS, the Town of Vail Home Rule Charter (the "Charter"} authorizes the Town to borrow money without an election in antici- pation of the collection of taxes ar other revenues and to issue short-term notes to evidence the amount so borrowed; and ~ ~ ~ WHEREAS, pursuant to Ordinance No. 11, 5eries of 1973 of the Town of Vail, there was submitted to the qualified, registered electors of the Town of Vail, Colorado, at a special election held on the 25th day of September, 1973, the question of the imposition of a four percent {4~) sales tax on the sale of tangible personal property at retail and the furnishing of services within the Town of Vail; and WHEREAS, more than a majority of such qualified, registered electors voting on said sales tax question, voted in favor of imposing the said sales tax; and WHEREAS, the Town Council of the Town has estimated, determined and anticipated and does hereby estimate, determine and anticipate that the principal maturing and the interest accruing on the said $300,000.00 short-term borrowing authorized herein may be met and fully paid from revenues derived from the sales tax authorized by said Town of Vail Ordinance No. 11, 5eries of 1973 as such sales tax applies and is imposed during the months of December, 1977 and January and February, 1978; and WHEREAS, the Town Council of the Town has determined, and does hereby determine, that it is necessary and fox the best interest of the Town of Vail and the inhabitants thereof, that the subject short- term Notes in the aggregate principal amount not exceeding $300,000.00 be issued in accordance with the provisions of this Ordinance. , NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, THAT: 1. Pursuant to the authorization conferred by the Town of Vail Charter, and for the purpose of meeting and defraying in whole or in part the ordinary and necessary current expenses and meeting and de- fraying current contractual obligations of the Town, the Town of Vail, Colorado, shall issue from time to time on behalf of said Town, one or more of its negotiable short-term notes in the aggregate principal amount not exceeding $300,000.00 {the "Notes"), to be dated the same day or days as the proceeds of said loan or loans are received by the Town, bearing interest at a rate not exceeding six percent {6~) per annum, payable in lawful money of the United States of America. The principal of and interest on all of said Notes shall be paid on or before May 1, 1978, with such payment of principal and znterest to be -2- S ~ ~ made solely from the revenues and in the manner provided herein. The Town shall have the option to prepay said dotes at any time in whole or in part without penalty or payment of any prepayment premium. 2. The principal of and the interest on the Notes shall be payable and collectible solely out of the "~Iet Sales Tax Receipts" {as defined in Section 3 hereof} pledged in this Ordinance; the holders of the Notes may not look to any fund or source of revenue of the Town other than the Net Sales Tax Receipts pledged herein for the payment of the principal of and the interest on the Notes; the Notes shall in na event be payable from the proceeds of general property taxes payable to the Town of Vail and the full faith and credit of the mown of Vail is not pledged for the payment of the principal of and interest on said Notes; the Notes shall not be considered or held to be general obligations of the Town and shall constitute special and limited obligations of the Town. 3. The principal of and the interest on the Notes shall be payable solely and only out of the Net Sales Tax Receipts of the Town received by it as a result of the sales tax imposed and collected pursuant to Ordinance No, ll, Series of 1973 of the Town, subject to the following conditions and limitations: a) Only those Net Sales Tax Receipts imposed and collected on account of sales of tangible personal property at retail and the furnishing of services occurring during the months of December, 1977, and January and February, 1978., are available and pledged pursuant to this Ordinance for the purposes of the payment of the principal of and the interest on the subject Notes; b} The term "Net Sales Tax Receipts" as used herein, shall mean the amount remaining from the gross sales tax receipts of the months of December,1977, and January and February, 1978, after deducting therefrom all costs and expenses of collection, remittance and administration of said tax as authorized by Colorado law. c} The Net Sales Tax ~2eceipts pf the Town for sales taxes a.mposed during the months of December, 1977, and January and February, 1978, available for payment of the Notes are subject to a 1~.mitation contained in Ordinance No. 11, Series of 1973 of the .. ~_ ,~ ~ • Town of Vail, that fifty percent of all of the revenues derived from the subject four percent (4~) sales tax shall be devoted to and specifically earmarked for the acquisition of real estate for public purposes of the Town of Vail and a~.so for the acquisition, construction and equipping of buildings and facilities for the use and benefit of the residents of the Town of Vail, including the amortization of any bonds of the Town of Vail issued for any of said purposes. For such purposes, the Town has previously issued certain bonds, and may issue additional bonds, and in the various bond authorizing Ordinances the Town has pledged and set aside (or may in the future pledge and set aside) all of the sales tax revenues of the Town derived fzom a sales tax of two percent (2~) as authorized by said Ordinance No. 11, Series of 1973, to pay the principal of and the interest on said bonds. Accordingly, the short--term Notes authorized herein shall have a lien on the Net Sales Tax Receipts of the Town which is subject to the Town's past, present and future right of application of 50~ of said receipts for the acquisition of real estate for public purposes of the Town and also for the acquisition, con- struction and equipping of buildings and fac~.~.ities for the use and benefit of the residents of the Town anc? also for the purpose of paying the principal of and the interest on the Town's past and future bonds issued for the purposes of Ordinance No. 11, Series 1973 referred to above. 4. Subject to the right of the Town to expend sales tax revenues, enter into contracts and issue bands as referred to in paragraph 3c) above, the Town shall not issue any other or additional short-term notes, anticipation warrants, bonds or other securities or otherwise enter into any contracts payable in r~ihole or in part out of the Net Sales Tax Receipts of the Town collected by reason of sales taxes imposed for the months of December, 1977, and January and February, 1978, and having a lien on said Net Sales Tax Receipts prior or superior to or on a parity with the lien an said Net Sales Tax Receipts created herein to secure the payment of the principal of and the 'Merest on the subject short-term Notes; provided, however, nothing in shall be construed as limiting the right of the Town to issue _r.~ A ~ ~ any such obligations ox enter into contracts which are subordinate to the Net Sales Tax Receipts herein pledged for the payment of the subject short-term Notes. 5. The Town warrants that its Ordinance No. 11, Series of 1973, is now in full force and effect and has not been repealed or amended, except that Ordinance No. 8, Series of 1974, amended said Ordinance No. 11 concerning the rate schedule for sales taxes imposed by Or- dinance No. 11, Series of 1973. With respect to the months of December, 1977, and January and February, 1978, the Town of Vail shall not repeal its Ordinance No. 11, Series of 1973, and the Town shall not amend said Ordinance in a manner which would diminish the sales tax revenue security for said Notes. 6. The Town shall levy, impose, administer, enforce and collect the sales tax authorized by Town of Vail Ordinance No. 11, Series of 1973, to the extent of an amount not to be less than four percent (4.~) of gross receipts derived from the sale of tangible personal property and the furnishing of services now or hereafter subject to the Town's said sales tax during the months of December, 1977, and January and February, 1978. 7. The Town of Vail covenants and agrees that all of the Net Sales Tax Receipts derived from said four percent (4~} sales tax as authorized in Town of Vail Ordinance No. 11, Series of 1973, imposed and collected on all sales of tangible personal property at retail and the furnishing of services during the months of December, 1977, and January and February, 1978, shall be and hereby are irrevocably and solely assigned, pledged and set aside to pay the principal of and the interest on the Notes, as the same become due and payable, subject only to the prior and superior rights to and any pledge of fifty percent of said sales tax receipts as specified in paragraph 3c) hereof. The assignment and pledge provided for herein shall be valid and binding from and after the date of the first delivery of any of the Notes, and the subject Net Sales Tax Receipts, as received by the Town and hereby assigned and pledged, shall immediately be subject to the lien of this pledge without any physical delivery thereof, any filing, or further act, and the lien of this pledge and the obligation t.o perform the contractual prpva.sions hereby made shall have priority -5- A ~ ~ over any or all other obligations and liabilities of the Town (except as herein otherwise expressly provided), and the lien of this pledge shall be valid and binding as against all parties having claims of any kind in tart, contract or otherwise against the Town (except as herein otherwise expressly provided), irrespective of whether such parties have notice thereof. 8. For so long as the Notes shall be outstanding and unpaid, except as ^therwise provided herein, the entire Net Sales Tax Receipts far the months of December, 1977, and January and February, 1978, upon their receipt from time to time by the Town, shall be set aside and credited immediately to a separate special fund hereby authorized and created, known as the "Town of Vail December, 1977, and January and February, 197$, Sales Tax Receipt Fund" (the "Sales Tax Fund°). The Net Sales Tax Receipts so collected by the Town shall be held separate and apart from the other funds or accounts of the Town and the entire proceeds held in said Sales Tax Fund (except as herein otherwise expressly provided) are hereby pledged to secure the payment of the principal of and the interest on the subject short-term Notes. Upon payment in full of the principal of and the interest on said Notes, any remaining proceeds of said Sales Tax Fund may be used in any lawful manner determined by the Town. 9. For so long as the Notes hereby authorized shall remain outstanding and unpaid, the Sales Tax Fund shall be administered, and the monies on deposit therein shall be applied, in the following order of priority (except as herein otherwise expressly provided): a) First, on or before the 1st day of Play, 1978, the Town shall pay the interest due on said Notes. b) Secondly, on or before the 1st day of May, 1978, the Town shall pay the principal of the Notes. 10. The Town covenants and warrants that except as provided in paragraph 3c) above, there are no pledges of or liens on the Net Sales Tax Receipts of the Town to be imposed and collected for the months of December, 1977, and January and February, 1978, in addition to or other than the pledge and lien thereon created by this Ordinance. .. ll. The sums hereinbefore provided to pay the principal of and z~.:!~erest on the Notes, when due, are hereby appropriated for that ~6- ~ • s purpose, and said amounts shall be included in the 1978 annual budget and appropriation ordinance or measures to be adopted and passed by the Town Council of the Town for the year 1978. No provisions of any Constitution, statute, charter, ordinance, resolution, or other order or measure enacted after the issuance of any of the Notes herein authorized shall in any manner be construed as limiting or impairing the obligation of the Town to levy, impose, administer, enforce and collect the sales tax as provided herein, far the payment of the principal,of and the interest on said Notes. It shall be the duty of the Town Council, at the time and in the manner provided by law for levying other Town taxes, if such action shall be necessary to effectuate the provisions of this Or- dinance, to ratify and carry out the provisions hereof with reference to the levy and collection of the sales taxes herein specified, and said Council shall require the officers of and far the Town to levy, impose, extend and collect said taxes in the manner provided by law for the purpose of providing funds far the payment of the principal of and the interest on the Notes promptly as the same, respectively, become due. The subject Net Sales Tax Receipts, when collected, shall be kept for and applied only to the payment of the interest on and the principal of said Notes as hereinbefore specified (except as herein otherwise expressly provided). 12. Said Notes shall be executed in the name and on behalf of said Town with the manual signature of its Mayor, or in the absence or disability of the Mayor, the Mayor Pro Tem, shall bear an impressian of the seal of the Town, and shall be attested by the manual signature of the Town Clerk of the Town. Said Notes shall be in substantially the following form: _~_ ~ ~ • [Form of Note) UNTIED STATES OF AMERICA STATE OF COLORADO COUNTX OF EAGLE TOWN OF VAIL SALES TAX ANTICIPATION SHORT--TERM NOTE The Town of Vail, in the County of Eagle and State of Colorado, for value received, hereby promises to pay to the order of , solely from the Net Sales Tax Receipts provided therefor, at the office of the Town, in Vail, Colorado, the sum of $ , with interest on the unpaid balance thereof at the rate of percent per annum from the date hereof until paid. The principal hereof and the interest hereon will be paid in lawful money of the United States of America on or before May 1, 1978 solely and only from the Net Sales Tax Receipts of the Town of Vail, as provided and limited herein, from the imposition of the Town's sales tax during the months of December, 1977, and January and February, 1978, when received, heretofore levied and imposed on all sales of tangible personal property at~retail and the furnishing of services within the Town of Vail, Colorado. This Note may be partially or wholly prepaid at the option of the Town of Vail at any time without penalty or payment of any prepayment premium. This Note is issued in anticipation of said Net Sales Tax Receipts for the months of December, 1977, and January and February, 1978, to provide funds to meet and defray the ordinary and necessary current expenses and the contractual abligations.af the Town of Vail. This Nate and the interest hereon do not constitute a general obligation of the Town of Vail and the full .faith and credit of the Town of Vail is not pledged for the payment hereof. This Note is not payable in whole or in part from the proceeds of general property taxes of the Tawn of Vail. This Note and the interest payable hereon are limited special obligations of the Town of Vail and are payable and collectible solely out of and are secured by an ix'revocable pledge of the Net Sales Tax Receipts of the Tpwn of Mail when, as, and if collected from the levy, -~ 8- A ~ ~ imposition, extension and collection of the Town's sales tax imposed on all sales of tangible personal property at retail and the fur- nishing of services within the Town during the months of December, 1977, and January and February, 1978, which Net Sales Tax Receipts are so pledged, as more specifically provided in Ordinance No.~ 7 Series of 1977, adopted /Ud~, ~Qt , 1977 by the Town Council of the Town of Vail (the "Ordinance"} pursuant to which Ordinance this Note is issued; and the holder hereof may not look to any general or other fund of the Town for the payment of the principal of and interest an this Note, except the special Net Sales Tax Receipts and the Sales Tax Fund pledged therefor. Nothing herein shall be construed as authorizing any assessment or levy of any taxes or assessments for the payment of the principal of and the interest on this Note, except for said sales taxes for the months of December, 197.7, and January and February, 1978. Payment of the principal of and the interest on this Note. shall be made solely from and as security for such payment, there is ir- revocably pledged, pursuant to the Ordinance, a special fund thereby created and identif ied as the "Town of Vail December, 1977, and January and February, 1978, Sales Tax Receipt Fund" Ethe "Sales Tax Fund") into which fund~the Town covenants to pay the Net Sales Tax Receipts of the Town from the imposition of the Town's four percent (4~} sales tax during the months of December, 1977, and January and February, 1978, provided that the lien securing this P1ote on said Net Sales Tax Receipts and Sales Tax Fund is subordinate to any lien thereon arising out of the right of the Town to devote the Net Sales Tax Receipts received from a sales tax of two percent (20) for the acquisition of real estate for public purposes of the Town and also for the acquisition, construction and equipping of buildings and facilities for the use and benefit of the residents of the Town, including the amortization of any bonds of the Town issued for any of said purposes, all as is more specifically set forth in the Ordinance. 1t is hereby recited, certified and warranted that far the payment of this Note and of the interest hereon, the Town of Vail has created and will maintain said Sales Tax Fund and will deposit therein all Net Sales Tax Receipts fox the months of December, 1977, and January ., g- ~ A ~ and February, 1978, as provided in the Ordinance, and out of said special funds, as an irrevocable charge thereon, the Town of Vail will pay this Note and interest thereon, in the manner provided by said Ordinance. The Net Sales Tax Receipts of the Town of Vail from the imposition of said sales tax during the months of December, 1977, and January and February, 1978, are (except as otherwise expressly provided in this Note and in the Ordinance} assigned, pledged and set aside to the payment of this Note and the interest hereon in anti- cipation of the collection of said sales taxes for said months. The Town of Vail covenants and agrees with the holder of this Note and with each and every person who may become the holder hereof that it will keep and will perform all of the covenants of the Or- dinance and of this Note. Reference is hereby made to the Ordinance for a description of the provisions, terms and conditions upon which this Note is issued and secured, including without limitation, the nature and extent of~ the security for this Note, provisions with respect to the custody and application of the proceeds of the Note, the collection and dispo- sition of the revenues and monies charged with and pledged to the payment of this Note, a description of the special fund referred to above and the nature and extent of the security and pledge afforded thereby for the payment of this Note, as well as the rights, duties and obligations of the Town of Vail and its Town Council and also the rights and remedies of the holder of this Note. Zt is hereby certified, recited and wazxanted that all acts, conditions and things required by law to be done precedent to and in the issuance hereof have been properly done; that all the requirements of law have been fully complied with by the proper officers of the Town of Vail in the issuance of this Note; that it is issued pursuant to and in strict conformity with the Constitution and laws of the State of Colorado, the Home Rule Charter, ordinances and resolutions of the Town of Vail and pursuant to an Ordinance of said Town duly adapted, published and made a law of said Town prior to the issuance of this Note; that this Note does not contravene any Constitutional or statutory •i imitation or any provision of the Home Rule Charter, reso- 4 -10- ~ ~ ~ lutions or ordinances of the Town of Vail; and that this Note is issued under the authority of the Ordinance. For the payment of this No#.e anc'. the interest hereon, the Town of Vail, Colorado pledges the exercise of all of its lawful corporate powers. IN TESTIMONY WHEREOF, the Town Council of the Town of Vail, Colorado, has caused this Note to be executed in the name and on behalf of said Town with the manual signature of the Mayor or Mayor Pro Tem of said Town, to be sealed with an impression of the seal of said Town, and to be attested by the manual signature of the Clerk thereof, all as of the day of 19 TOWN OF VAIL, COLORADO By {TOWN ) {SEAL ) ATTEST: Town Clerk Mayor [End of Form of Note ~11- ~ ~ ~ 13, Said Notes, when executed as provided herein and by law, shall be delivered by any one of the officers of the Town to the purchaser thereof, upon payment to the Town of the par value thereof. The proceeds derived from the sale of the PTates shall be used ex- clusively for the purposes stated herein, provided, however, that any portion of such proceeds may be temporarily invested pending such use in securities or obligations which are lawful investments for the Town of .Vail, with such temporary investment to be made consistent with the covenant hereinafter provided. concerning arbitrage bonds. Neither the purchaser of said Notes nor any holder thereof shall be in any way responsible for the application of the proceeds of said Notes by the Town or any of its officers. 14. The Town covenants with the holder of the Notes that it will make no use of the proceeds of such Notes at any time during the term thereof which, if such use had been reasonably expected on the date the Notes are issued, would have caused said Nates to be arbitrage bonds within the meaning of Section 103{c? of the Internal Revenue Code of 1954, as amended, and the regulations proposed thereunder by the United States Treasury Department, unless, under any valid pro- vision of law hereafter enacted, the interest paid on the ATotes {a} shall be excludable from the gross income of a recipient thereof for Federal income tax purposes without regard to whether or not such Notes are arbitrage bonds, or (b) shall be exempt from all Federal 'income taxation, 15. The Town. acting by and through its Town Council, its officers, or otherwise, shall faithfully and punctually perform, or cause to be performed, all duties with respect to the imposition, extension and collection of the sales tax pledged herein which may be required by the Constitution and laws of the State of Colorado, the Home Rule Charter and the various resolutions and ordinances of the Town, including, without limitation, the proper segregation of the Net Sales Tax Receipts and their application from time to time to the Sales Tax Fund provided herein. 15. At any time and at all times, the Town shall, so far as it be authorized by law, pass, make, do, execute, acknowledge, ~er, and file or record all and every such further instruments, - ~, ,~ A A • acts, assignments, transfers, other documents, and assurances as may be necessary or desirable far the Better assuring, granting, assigning and confirming all and singular the rights, Net Sales Tax Receipts, Sales Tax Fund and other funds and accounts hereby pledged or assigned, or intended so to be, or which the Town may hereafter become bound to pledge or to assign, or as may be reasonable and required to carry out the purposes of this Ordinance. The Town, acting by and through its Town Council, its officers. or otherwise, shall at all times, to the extent permitted by law, defend, preserve and protect the pledge of the Net Sales Tax Receipts, the Sales Tax Fund and other funds and accounts pledged hereunder and all the rights of the holder of the Notes authorized herein against all claims and demands of all persons whomever. 17. The Town hereby warrants and covenants that upon the date of issuance of the Notes, all conditions, acts and things required by the Constitution or statutes of the United States, the Constitution or statutes of the State of Colorado, the Town Charter of the Town of Vail, Colorado, or this instrument, to exist, to have happened and to have been performed precedent to or in the issuance of the subject Notes shall exist, have happened and have been performed, and the Notes, together with ali other obligations of the Town, shall not contravene any limitation prescribed by the Constitution or statutes of the United States or the Constitution or statutes of the State of Colorado or the Town Charter, resolutions ar ordinances of the Tawn of Vail, Colorado. 18. The Town will keep proper books of xecord and account showing complete and correct entries of all transactions relating to the Net Sales Tax Receipts and the Sales Tax Fund established herein. Any holder of the Notes, or any duly authorized agent or agents of such holder, shall have the right during normal business hours to inspect all records, accounts and data relating thereto. 19. The Town, its officers, agents and employees, and its Town Council, shall not take any action in such manner or to such extent as might prejudice the security for the payment of the principal of and the interest on the Notes. No contract shall be entered into nor any other action taken by which the rights of any holder of the Notes as -13- • • • provided and limited by this Ordinance might be prejudicially and materially impaired or diminished. 20. The Town shall promptly pay the principal of and the in- terest on the Notes issued hereunder and secured hereby at the places, on the dates, and in the manner specified herein and in the Notes according to the true intent and meaning hereof. 21. When duly executed and delivered for the purpose provided for in this Ordinance, the Notes shall constitute warranties by and an behalf of the Town for the benefit of each and every future holder thereof, that the Notes have been issued for a valuable consideration in full conformity with law. 22. Any holder of the Notes issued hereunder shall be entitled to all of the privileges, rights and remedies provided or permitted in this Ordinance and as otherwise provided or permitted by law or in equity or by other statutes. Nothing herein affects or impairs the right of any holder of the Notes to enforce the payment of the prin- cipal and interest due in connection therewith at the time and place expressed herein and in such Notes. 23. All action heretofore taken by the Town of Vail and by the officers of the Town {not inconsistent herewith) directed toward the authori2ation of the subject Notes for the purpose of providing funds to defray in whole or in part the ordinary and necessary current expenses and the contractual obligations of the Town, be and the same is, hereby ratified, approved and confirmed. 24. 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 gen- erality of the foregoing: (a} the execution a£ such certificates as may be reasonably required by the purchaser of the Notes relating to the tenure and identity of the Town officials, the receipt of the Notes' purchase price, and, if in accordance with the facts, the absence of litigation, pending or threatened, affecting the validity of the Notes; and (b) the making of the various statements, recitals, certifications and warranties provided for in the form of Note set j_ca-t-h in this Ordinance. --14- • s ~ 25. Except as herein otherwise expressly provided, nothing herein express or implied, is intended or sha13. be construed to confer upon or to give to any person, other than the Town, the Town Council, and the holders from time to time of the Notes, any right, remedy or claim under or by reason hereof or any covenant, condition or stipu- lation hereof. All the covenants, stipulations, promises and agree- ments herein contained by and on behalf of the Town shall be for the sole and exclusive benefit of the Town, the Town Council and any holders of the Notes. 25. No recourse shall be had for the payment of the principal of and the interest on the Notes or for any claim based thereon ar other- wise upon this Ordinance authorizing its issuance or any other in- strument pertaining thereto, against any individual member of the Town Council or any officer or other agent of the Town, past, present ox' future, either directly or indirectly, through the Town Council or the Town, or otherwise, whether by virtue of any Constitution, statute or rule of law, or by the enforcement of any penalty or otherwise, all such liability, if any, being by the acceptance of the Notes and as a part of the consideration of its issuance specially waived and released. 27. All ordinances, acts, orders, or resolutions, or parts thereof, taken by the Town of Vail and in conflict with-this Ordinance are hereby repealed. This repealer shall not be construed to revive any ordinances, acts, orders, resolutions, or parts thereof, hereto- fore repealed. 28. This Ordinance is, and shall constitute, a legislature measure of the Town of Vail, and after the Notes hereby authorized are issued, sold and outstanding, this Ordinance shall constitute a con- tract between the Town and the holders of said Notes, and shall be and remain irrepealable until said Notes and the interest accruing thereon shall have been fully paid, satisfied and discharged. 29. The proper officers of the Town of Vail, Colorado, are hereby authorized and directed to pay ar cause to be paid the interest on the Notes herein authorized as the same shall accrue, and the principal of said Notes at or before maturity, without further warrant or order. 30. If any paragraph, clause or provision of this Ordinance is • 1.5- • r r judicially adjudged invalid or unenforceable, such judgment shall not affect, impair or invalidate the remaining paragraphs, clauses ar provisions hereof, the intention being that the various paragraphs, clauses or provisions hereof are severable. 31, A public hearing on this proposed Ordinance shall be held by the Town Council at 7:30 P.M,, on Tuesday, November 1, 1977, at the Town of Vail Municipal Building, Vail, Colorado, and it is hereby ordered that notice of said meeting be given as required by law. INTRODUCED, READ ON FIRST READING, APPROVED AND ORDERED PUBLISHED ONCE IN FULL THIS 18th DAY OF OCTOBER, 1977. i ,~ (TOWN) s (SEAL } r r \~ ATTEST: //~''' ~~~1~~ZZ ~~Z ~~ ~~ Town Clerk TOWN OF VA ~~ i- By ;` / „~i/ '~ Mayor INTRODUCED, READ ON SECOND READING, APPROVED, ADOPTED, ENACTED AND ORDERED PUBLISHED ONCE IN FULL THIS let DAY OF NOVF1~+!BER, 1977. TOWN OF r ; . 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Q G ~a.°'d'oorn=oo~~~~~c~o«c~roN•c-E~r~a`w.'".>a.uv~ '~ m c-a ~~;_wm amVwN~°ymai c!-~ nao~c y.. 0.mLb ~~ m~°~ca`o"°~'a.°-~n?`w yYcidoi4„my me~~ Aw ~~eou«axi°Eu`.av~n°cmo5~~-~9ian~u~i°,NZUr°-m~a~m !1 ~1 F .. ~ ~~^. ~ O N O ~ ~ O ~~ ~ ~ ..a m O ~ ~ y L 'd ,s ~ y 6f r.a ~ .~ ~ ~ ~ ~ y' ~ O O aara ¢ a~ ~ ~ ~ ~ ~ 'O t0 W ~ ., ':. .... 3:e ~., 'a .. ~ ~ xs, A 3 0~ ~~~ a ~~ c ~ a~ ~ ~ U '. 0. U ~ _ l z p `U°. U iV ~'" O'er,, .,_, G ~ w ,,,, A O .~... O C ~ ~ ,['\ {~ ~ M 'd •w ~~ -0 O ~ O C ~ ~ ~ ~ ~ ~ l ~= 1 .'~.~ s. O d~ y~ C d m u~ ~+ G, ~l Y~ 'O d y y v_i ~ ~ ~ ~ ~ ~ a a ~ •~ ~ 'O ~ ~ ~ y ~ N ham. ~ ~ e7i •.~-~ "' O ~ ~+ .C1 O ~. vl vl .C tip O y ~'' ~n 1 ~ G W ~ ~" aas''wc~yro .'o ~ f.-.' ~~ ... A m ca a a~ ~ ~w y 9 ~ ~ ~V ~ ~ y C ~" ~ N ~ v r.' d Q ~ W ~ ~ ~ ~ ~ ~ ~ w a+ w. w a+ U ~ y ~,. O ~++ O e0 7 O V~~ ;~ ti ~ ~+ G 'cd6 ~ . O G y Q' W ~ O .~ ~ 3 G w O D' ~ ~ Y ~ w y (~f ~ N '6 Csw G `P 3~ o~'~~o~ob~ ~ o G g a~ 3 ~ c Q ~ C ~~~ 'c *" w ~ °~ a a 6i p {~ `~ 'II U W F roro..°cw~~..mc°'~'~ ~~~ b '~ u ~ o E~ 1z-~ ~~ rr--~~ ~ Q 0 d ~ D~ O qOq N A B acdi tV y C w ~ ~ r~ V 3 0. 0 z H OI ~~ m ~x W O E 0. a .~ U ~+ r•-, ~ ~~ •Thc Vail Trail ~uxu~v POTATO PATCH ~rorn~ ~~. ~~. _ .~~_ ~`~'~ . 77r~.'' ./~~ ' I r. ' ~-'r } ...~~fy tl For Sale by Owner/Builder Single famiy home on Potato Patch Road with magnifi<ent view of Vail ,Mountain and valley. Features fair bedrooms, five bathrooms vrilh two Jacuzzis and bekofi, one bedroom apartment Two fireplaces. Atrium with elevated walkway and skylights. FJectnc kitchen with designer cabinets, microwave ayen, Jenn-Aire stove and top appliances. {,}door/Outdoor solar heated sv7imming pool with Jacu2zi and large deck Spacious garage with workshop area and storage. Fully landscaped grounds. Choice of Carpeting, Oooring and decorative finishes, For funkier informaGOn, direct inquiries tD: F ~ L ~~~~~~~3fflSIIt Box 166! • Vail, Colorado 8]657 Telepl~tone: {303}476-0055 Or contact your Real Estate Broker November 4, 1977 PLx~~~C ~4~1CC ORDW 4NCE Nq,tT avr les of l yI7 AN ORDINANCE TO COkT RACT A SPECIAL ANO L-1.1AI TEp pBLiGAT10N ON BEHALF OP THE TOWN OF VAIL, COLORApp, aY ISSUING ITS SNORT TERM NOIE$ IN THE AGGREGATE PRINCIPAL AMOVN7 NOT EXC EEDlNG S7o0,o0D.00 SN ANTICIPATION 0>: THE COCLEC710N OF SALES TAX REVENUES FOR THE MONTHS OF pECEMBE R, 1977 AND JANUARY AND FEBRUARY. t97 B, SAID NOTES TO MATURE ON OR BEFORE MAY 1, 1919, FOR THE PURPOSE OF DEFRAYING CURRENT EXPENSES AND MEETING CURRENT CONiRACTUAi OB~ L[GATIONS OF THE YOWN: PRESCRIBING THE FORM OF SAID SHORTTERM NOTES: AND pROYIDING FOR THE COLLECTIgN AN^ APPLICATION OF SALES TAT( R EV ENUE$ OF THE TOWN OF VAIL TO PAY SAID SHORY~TERM NOTES AND THE INTE R£ST YNER EON; PROVIDING AN AGREEMENT 8Y THE TOWN TO CDNTtNUE THE LEVY OF !TS SALES TAX FOR THE MONTHS OF DECEMBER, 1477 ANO JANUARY AND FS BR VARY, 1978, TO PROVIDE REVENUES TO PAY SAID $HOR T~TE RM NOTES; PRESCRIBING OTHER DE 7A13.$ CONCERN7kG SAID SHORTTERM NOTES. INCLUDING 8U7 NOT LIMITED TO COVENANTS AND AURE EMENTS IN CONNECTION YNEREWITH, ANO REPEALING ALL ORDINANCES IN CONFLICT HEREWITH. WHf=REAS, me Town o1 VaN iTho "Town") in the county of Eagle antl state OI <alarddo, is a IegaSly arW regularly created antl exlstinp name rule lows and municipal corporation organized unapt the Colorado <fmstlfutEOn and laws of tM state of Colorado and the Home Rulr Charter of the Town of Vail; antl WHEREAS. the Town has previously adogfetl ffs I9rl Budges antl Finanddi Pian tar ina Town and has appropriated revenvas to meet the expendlluTeS set forth Therein; and WHEREAS, Me Town Council at mf Town of Vail ass determinetl, and does Hereby tlefarmine, that it is necessary and for the best Interest of the To~:n of Van and me TMlS WEEK'S FE44TUIRED HOfi~ES i• i.7l,dildii~hrid~~,nlu ILi78;IIL.a 11ia,.i~ala~li,blt,lier~~ NOR VAIL: Living roam laces Golden Peak, !rooms located on Gore Creek. The best o1 n wOrldS. Veil's lines[ location. Larne Manor rse unit. Two bedrooms plus tlen, three-balk t. f=eatures such as hardwood floors, excellent .vs and the Manor Vail rental management ' <e this one of veil's most exclusive 'idominiums. This unit Is being offered urniahed. Two betlrodm and den/three bath .................................. $165.000 i~ ;k ~•g~ .+ .- _ , - , ~T_'y. . .. `..t,a Rdi'N t/ ~ +.~lr .'Y: <l:~: 4..e. T' ~ ~~ ._ he' E ~~~~ f .s .r! t s ',. ..t _: _ ... t ,~7 '°~7N.'~~r'S.y fig`. -~~ f' ~'1. r'-T"' ~ t1 S~ , ~ Y ~ ,,,..,, ~: +;'. t ""° _ # _ • -~ f~~~LF'~L~.Jfs ,wile A~ „pis Ylil'-';.,t.,`". ,_s"ii47isSa~::ai~wlSl{-ter- •Iye~olx.L East and West Vaif AR)C MEADOWS: OnB bedroom, furnished ....................................... 517,500 OMESTAKE: Studio plus loft, furnished ............... ................. from 528,500 ..... AIL SKY HIGH; Onft bedroom, great views .......................:.......... from 533,OOD LTAIR VAIL: Ona bedroom, in town of Vail ............ . .............. . ........... 533,500 LTAIR VAIL: Two bedroom, great floor plan ...................................... 547,500 ?ESTRIDGE: Three bedroom plus loft ............................................ 553,500 ARDON CONDOMINIUMS: FIVO bedrooms, custom built ........................ 557,500 tTERMOUNTAIN DUPLEX; f3Dlh sides for only ............. . . ................... 5125,000 Or stop by ttl pick up our IttoSr current Ftomfs For Llvtng Iftageztnf with plCtursl, pdcu fnd deurlpllona of many alhfr wallfbb propfdlff. ors ~~~~~ ~~~~r~~~~ P 0. Box 1528 Uall, Cnlnrado, 81&5T 303-a7G-IA182 ar Uemar Llne (d05} tit]-lli0 i irzi :'.O1?np Am©rJca's No.,~ J?v3J EStafQ ~, ,,,M n,~ ~~ .,..,....r'~ MarkOting & fiLtfurrai Network '-`°'. c'd ---M.. ~,fl9a VAIL 2t: Twenty-one condominiums plus many shoFs and services make Vail 2T a prime Choice 1 ort nd minium. LOCat d 'ust or our res co o r 'JO 1 Y yards from the Lionsnead Gontlola along the healed walkway. Vail 21 is truly in the center of BCRIYiIy. ChOiCe COndominiUms avadalTlO, each with IneplaCB, balcony, fldly equipped kitchen, carpeting, drapes, and cdmpletr furnishings. 3wo budroomltwa bath (furnished) errd unit a5,DD0 ~7 InneAllamt Ihcreof for 1ne Town Ib borrow up to S]OO.C00 W for a shot! ter m Tx lpr to end In enllcipdtwn n1 receipt tit sails tax revrnvea a the Town tnr {.,its tazM Imposts during fife months M pnrrrnher, 1971, and January anA Fehru.uy, 197x, in order le obtain funds wdh whicn ra meet ant defray ard~nary antl nerevsxy torrent municipal exprnise3 and fo mee•r and defray current contra dual obllgatlons W the Town property inc urrea in at[ardanr~wrih its 1977 Budget and Findnti al Plan; arw WHEREAS, ina Town of Vas Hame Rub Charter nhe "Cnar}er") autssdr4zp me Town to borrow money without aq elcchan In antics palion of the [Ollalion of leaps Of other fevEUU¢S and lb is5ur ShgrT term nalea tb rvidencE the amUUnt sa bdrrowetl: and WHC NEAS, pursuant fo Ordinance No, 11, Series of 197] of the town al Varl, there was submitted to the quellfletl, reglsteretl alts fats of /ne Tdwn of Vafl, [iilardda, df d special NecNOn herd on the 25th day of September, 3973, the gVesrslM ar the imposlnan of a four {percent La prrcentl sales Saxon ma sale or fangiDle -ersaoal property of retail and the fUrnishlnq at services Wiihrn Me Town of Vail: antl WHEREAS, more than a mararity of SVCh qualified, fegiaterea elatafs ysA inq oft se+d Sales tax goesiion, vofeq ifl favor of impdsmq the saitl sales lax; a+ed wHE R£AS. the Town Counts a11he Town has eSlimdletl, tletefmined dnG anticipated and tloES hereby estimate. derxmine antl anticipate that the prsrtcipol eecahrrinq afW the interest accrvin4 Tan the sa,.tl S3i]O.000.00 shorPterm borrow~nq eufhorcied herein may ba met and luilY paid Tram revanues derived tram ma Safes taz ,r~lhorNep by said Town of Vdtl prdinatlte Na let, Series OF 1979 as SUth sales tax applies arts is imposed during me man ins of Daemxr, 1977 aiW January and February, i91E; are WHEREAS, }he sown Covnc~l of tM 7pwn has tleiermtnetl, antl does Ixre:%s' determine, than it is necessary antl for [ne oast interest Of mr TDWR of wall and !hx inhabRanfa Thereof, that the subs e[t Stwmaerm notes In the dggregate principal amount not axceetling s]CO,CBO.Cq be 'issued in accordance with the provlsabns of thl3 grtlinance. NOW, 7HER EFOR E, BE IT ORDAINED 8Y THE TOWN COUNCIL OF THE TOWN OF VAk L, COLORApq, THAT: 1, PVrSVaM 1a fur aumorira59wt canlerred by MB Tgwn nt Vail Charter, antl tar the purpOSe b1 meeting and tlelraering in whole er in part the ordinary and necessary current expensds and Meetirtg,3ritl detraYlnq current contractual obligafiares.uf the Town, the sown of Vail, Colorado. 5ttail Issue Tram Time td time on behalf of said Town, one or Tare 01 its neaatianle shtlrt-terry) nate3 in The aggregate principal amount fffit excbetlinq 5300,000,00 Ithe "Notes"7, to the dated ina same day or pays as fhr ,. ~.~_,a of said loan Ur loans are received '3y }he Town, bearing interest at a rate net exceeding six percent {a percent) per amtvns, payable In lawful money of the Unitwcf Slates of America. The principal of and'lnferest on alt of said Notes shall 1)E paitl on et before MdY 1, 797 a, with such payment Of r:rf in[ipol and interest /0 be mace sp181y from The revenues and in the manner provided fiereln. The fawn Shall have the option to prepay saitl Notes dt any f i me in wools ar in yari without penalty or payment of any prepayment perm ivm- 2. The principal of and the _~sterest an the Notes shall be payable and cauecribie solely OVt pi the "Nef Sales Tax Receipts" (ds d fin tl in S tie e e ec n 3 hereol7 pt2dgetl in this Ordinance; the n0ltlers of the mates may hat took to any fund Or source of r=venue of the Tcwn other Than the Net Sa3es lax Raef pis pletlged herern for If)r payrrsenl~ of the principal Of antl the interest cn Thr Notes; The Notes shall in no event by 9aYable from the proceeds bf general property taxes pdYable to the Town of Vaik and the full faith and credit of the Town bi Vail ie not'pledged lbr ina paymenx of the principal of and Ibterest on said Notes; the NOMS shah not he considered ar Held t0 be general ob7igahons of the Town and shoo constiterte special and Yimited odligations of tM Tonvn. 3. The principal ai ant the .r+rerest on the Holes shall be pdYable sote[y and only Out of ih¢ Nei ShceS Tdx Receipts of 1ne Tawn receivatl by it as a resul! of the sates tax 'mpnaetl antl Coh acted ovr5u ant 10 OrtlinanCe No. Il, series of Tg770f fhr Tqwn, wDlect 1q the following canditlOnS and Nmitaflons: d7 Only those Net Sates lax Receipts imposed antl collected on account of sales of Tangible per50naf property at retad and foe furnishing 01 services accurrlnq during Cite months of December, 7977, Grad January and February. 1978, err available antl plengetl ursuant sot rdina p his q nee Tor the purposes of tar payment of the principal of and the Interest pr1 the subiecf Notes: bl She term "Net sales Tax Reesipls^ as Vied hatpin, shall mean the dmoum remaining item the gross sites 1dK rttel pis e} the months of Drcemfser, 1977, and January and FebrOa rv, 1978. alter detluctinp Therefrom all costs antl lxpr-'uses o! collection, rem itidnce and ad+rlintsirenOn of sale tax as authorired by totoratlo law. c) The Net Sates Tax Recerpts of the Town Idr sales Sexes imposed dyritva ina months of Dttember, lgT7, and January arts FCnruary, 1978, evailadte for payment of flip Notes are SU6ieCt to d Ismltano,l canidlned In grtlinance No. 11, se~ln of iW] of the Town of Vail fha0 liar percent of au the revenues derivM 4rom the svblrct tour percent N percent) Gales fez sneN be gevotetl 10 and spalflcaily earmarked for khe acquisiflon al real estate !ar pubuc purposes W 'nE Tawn of Vail and altp for fife aC4VNBion, conslructlon and equlpplrq qr i}uiltltnq and fecitnles Far iha ux and bM)efh o1 the resitlMy of me Town ,rt Van. mclud;ng inc amarrizehan q[ any bands W Ina Town of Yap tssvrd for any of sate purposes, For such purposes. SM lawn pas previously hsued rerlaln boetds, and may Itsus atldlf lOnal bonds, end NI fire verlpus bond aViharltlnq Ordlnan[es thf Fown Ma ptetll7rd and sal auue !ar Huy In tM lufun plMga antl set esldaY ell of the sales tax revenues ut Ihr Town der Turd front a SHIES fax of Iwo percent Iq percrnn a euumrized by said Ordinance NO. 11, ref ies 01 IY/J, 10 pay IhC pruLLlpal OI Alx1 the mtere9t nn SAItl Dralds AclofdlnVlY, the short terra NerH aVlhpf Tied nerCnt shall have a I{en V,} ina Net Salts Tax Reretpts of the TUwn which Is f VF)IKf 1o Inn iaWn's Loft, prelunt ant future rlaht or ao-17cetlon M SO percent of sold rc¢cipls for the acqul5ltlon pf real e5fale Idr public purpoSn Uf foe rnwn end also for the acgwsitiun, eonseruaion and equlppmq of bu dd,ngs and taulVtlas for fhr uSa antl beneFl! of the res10M1S o+ The Tbwn and also For the purpoiE al -ayinq the principal of end fhr interest i7rt me Town's -asl antl fviura bonds Issued Tar the purposes of Ordlnenc• No. 71, SerleS or 1977 re{crretl fo above. ~. Subs eft to tM right Of fhr Town to Pkpend sales fd% reYPAVH, enter Inca contracts and issue ponds as relerrM td In paragraph 3c adove, the Town snail not issue any Mhef Ur adtlnianal Shart~term notes, an Nci-atlon warrants, bonds or ooar Securifi¢! or ptherw'i3E emef Iola any tontracti payable in wnUIE Or to pan ovT of the Nei Sales Tax Recei Uts of the Town collected by reason of safes taxes rmpased far She months of pecem der, 1977, and January ant FebrudrY. 191 tl, and having a Tien on laid Net Sales Taz Receipts prior Or superior to qr on a parpy with fhr lien on said Net safes Tax Receipts created herern Io 3ecure the payment Of The printipa} pf eM the interest an the subject short rerm Hates; provided, however, nOthinp therein Shall be construed as IimiNng the r}qh! dt mU Town tp i53Ue any aVCh Obligd11an3 Or ¢nier into contracts wmcn are svdordinate fo me Nef sales Tax Receipts herein pleaded for tM payment of the sublet short term notes, 5. Tna Tawn Wdfrdnla thdl its Ord indrlce Na. I1, Serbs 01197], is how let toll force end effect and nos not been repeatM or amandetl, except that Ordinance Na. 8, Series Of 197, dmentl¢tl sold OTtlinance Np. 11 [ancerning the rate 5cnetlule 10r sales faxes imposed by Ordinance Na. Ile, Series Ot 1973. with respe07 tb the months 0/ petember, 1977, and January and Fenruery, 1978, foe 7pwt1 of Vail snap not repeal its Ordinance No, 17, Series of I913, and iha Town shall not amend said Ordinance in a manner whicn would diminish the sales tax raven Va sootily FM Shcd Notes. b. The Town shall levy, impose, administer, enforce and WHect me Safes Pax darhoriied by Town 01 Van Ortlindnce Np. !?, Series at 1473, fo the Exien> of an amount not to be less than four percent (a per[enit Of grOSS receipts tlerived from the Sale of tangible personal property and the furnishing of services now dr hereafter Subiat to ina Town's said sales tax during the months of December, 1977, and January and February, 1978, 7_ The Town of Yail Covenants and agrees that all Of the Net Sales lax Receipts derivetl from said four percent I1 percent? sales fax as authorized in Towrt of VaIF Ordinance No. 11, Series of k973, imposed and caileded an ati sales pf tangible personal property at retail antl She furnishing of 9eTViceS tlUrinq iha mOnlhS 01 December, 1977, antl January and February, 1978, shall be and hereby are irrevocably ono sot ply assigned, pledged and set aside to pay the principal of and [he interest on the Mates, as the samn becmm~ duo and payable, subjeCl duty fo the pnOf antl superior Nghis to and any pledge of fifty percent of 5a:d sales fa% receipts ds specified in paragra-h here f. ssi I Jc o The a gnment antl p edge provitletl for herein sha^ be valid and b+ntling from and alter the data of the first delivery of any of the Holes, antl the subiecf Net Safes Yax Receipts, as received by the YoWn antl hereby asSignetl antl pledged, shell im mediafeiy be sub) aft to the lien of inlS pledge WimOVi any pnys;t a# delivery thereat, any filing, ar Nether act, and the I:en a1 this pledge antl the obhgatian to perform the contractual provisions hereby made shall have pri0fly over any or all ether pnligations and IPauil ides of the Tawn !except as herein otherwise expressly provitletl), and the lien Of }his pledge snail be valid and bindinS as against all parnes having claims Of any kind in tort, contractor omerWise against the Town (exCi'pT as herein at nerwise expressly provitletl ). irrespective of whether sUCh parties have notice there04 B. For sa IanR as the Hates shall he autsranding and pnpaid, except as otherwise provitletl herein, the entire Net Sales Tax Receipts far the months of December, 1977, and January and February, 1978, uban their receipt from time to time by the Town, shall be set aside and credited immediately fo a separate specie! fund herehv aumarixed arts cr SM xno n th ea w as °7 f v e awn U all December, 1977, antl Jam)arY antl February, 1978, SalcS Tax Rece"rat Funa•' Imo "$alei Tax Fund"). The Net Sates lax Receipts so Collated by tM Tawn sha}I De na7d separate antl apart 1rOm the other funds or dccaunls of the Tawn one the entire proceeds held In saitl idles Tdx Funtl lextept ds hereto otherwise expressly provitletl) are hereby . For the best'in Vail accommodations, 1 t ~ S . Tay .aG iH ' ~! ~#7b-117 7 Isee ad on page 2J1 ~' faVs,lidxur4r;,aWa1JeJ,lrlaylWiyryly l.Hdi, Yb Yr4 dYlYet..dsiliaWJYkYAaWi/aa~ure~~tiY..vdt7siwN ~~~~ ~,~U~~ ~~i~~~y 22:10) f''irat iJzttipnnl i3link fSuilctigg f?euvhr, Cn[urattn ttU'SU2 f.(lrlx;l'; ti(I[1Ti1 (".()1V1)()MiiVil.Jb1 '1'hre'P. !fe'xlmotn, three bath luxury unit well fnrniyhed.. , ......... $1.iU,tHX) -... . .. .. ... _......" .. .. I •~dged to the payment of the l~11n[ipaf pl 111,1 Ella Inter r5l On Ille 7UhllCt ~shprl teeth Nnlcs_ Upun p,tynlent In lull of the prlnnpol of ana Iha inleresT nn sold NMrS, any rrmaminu prxeeds of gala Sales Tax Fund mny hr used m any IawiW manner determmrd ny me IPwn_ 9. For w Juno as Ine Notes hereby eulhorltrd mall remnln outsfendlnq and unpaid, rnr `'ales tnx Funtl shall be admimslrrre, and Ine mantes an tleposlf therpln shall hf! apPlled, to 7h! faNDWing order of prior rty lexcepl of hereto otherwise expre151Y PrOVIUCdI~ a1 Rrsi, on Pr before fha I sT day of May, I91B. 4w Town Snell pay rnr Interest due on said Notes, bl srrondly, On or bC10rr Fnr tsf tlaY of May, 1979, Mt Town Shah pay the prlnc ipal Of the Notes. 1g. The Town covrnanls and warrants Ihnt lxCepl ds prOVidCd in paragraph 7c abovC, [sera are no plCdgrs Of Or hens On the NM Sales Tax Rr<r,pls of the Town to nc imposed and cOUrclCd for the months of December, 1977, and January and February, 1978, }n ddtll}ion la Or other roan Ine pledge and lien thereon creaSCtl by Ihls Ordinance. 11- The sums hercinb0lOrC prOYid Cd 10 pay the pnnupol of and ,merry) on Ine NDles, when due, are hereby appraprldted far that purpose and sa,d amoums shall be Inciutletl 7 nn al bud c! 8ntl a Orp rid7i0n in Inr i9 S a v g P P artlinanCe ar measures fo be adOplCd and passed by Ine Town CounUl of the Town for Ine year 1976. Na pf DVisIDnS of any Constitutipn, stalVte, Charter, drdlnence, resoluhpn. pr other order or measure t r Ine is uancp of an o1 the enactptl of e s Y NOles herein aufhprltCd shall In any manner he ransHUCtl as Ilm lung or Impairing the obligalign of rnr Town !o levy, Impose, ddminl SSCr, CnfOrCe and COIIOCt ihP sales tax as proviUed herein, fOr ihE payment of fhC principal of ana ter interest en sold Notes. It snarl be tea duty of the Town Councih at the lime and m the manner prOYltletl by taw tar tevyinp Other Town IaxeS, if Such actEpn shag b0 necessary to eflectuete the prpvlsiony of this Ortllnance, io ratify and Carry Out the provisions hereof with reference rP the levy and cokleetlon o! the sales faxes herein specihetl, end said COdnCll shall fegvire the officers Of and for rhr TOWn to levy, Impose, extend and collect Saitl taxes in the manner pYOyitled by law tOr the purpose of provltliny funds far Ine payment of the principal al and Tne mrerest pn the Notes promptly a5 the Same, rCSlx!ctively, become due. The sublect Net Sales Tax Receipts, Wnen Collected, shall be kept for and applied only t° the payment o! itle interest on and ine principal OF aaitl Notes as hereinbelore specifletl (except as Heroin OSherWlSe a%pYessly prpvided), 17, Saitl Notes shell b4 a%ecurea in Ina name and on behalf of said Town with the manual signature al ifs MdYOr, or Vn~ the absence or disability Of Ina Mayor, the MaYOr Pro Tem, shall bear an Impression pf 9 the seal of fh• Tnwn, arN shall be a1lMled by the manual slgnnhtre ul the Town Clerk a1 the Tnwn. Said No1rs Snell rte In svbstenflellY rhr laliowitlq loan: iF tern of Nafet UNITFp STAT [S OF AMERICA STATr OF COL4RApp COUNTYOF EAGLE TOWN OF VAIL SALFS TA% ANTlCIPAr10N SHORT~T£RM NOTE The Town of Vall, m Inc County of Fagle .Ind State of CDlnradP. for value reCCIVCtl, heroby proml5r5 to pay f0 t1C prUer of solely from me NM Sa lrs Tax Receipts Orovidctl Ihrrelar. et far oFllce OI the town, In Vail, Colnrad0, the sun} 01 t ,with interest pit the unpaid balance thereof at the role of txrc CnT per annum 1lom the dale parcel until pa,tl. The principal hereof and the interest herCOn WIII CP paid ,n Inwlul money Of the United Stales nl AmCrica pit or bptprC May 1, 1978 vilely and only Irom the Nef Spies Tax Receipts a the Town of Vail. as prpv,tled and Ism VIeO her Cin, from Ihr imPO511i0n or the Town's sates fax during the morons at December, 1977, and January and Frprunry, 1978, when rrteiveU, Mretplore levied and ,mposetl on au sales oS rengi ble personal property al retail and Ihr tarot snmg of scrvicrs within the Town of vau. Colorado T hi s Nole may be part,any or wool Iv prepaid dr ItIC Dalian pl the TpYm pt V.l it dS any SimC wilhDVf penally or paymen! o! any prepaymCnl premh'm. This Nole s issued in antlCl potion of sofa Net Sales lax RxCeipls for Ine months of December. 1917, and January and February, 1978, !p provide funds t° meet ono defray me DrtlindfY ono necessary current expenses and the cghlractual ophgations o! me Town of Vaii. TniS Note and she ,merest hereon do opt cOnstit ate a Penrrai obligation of ihr Town pr van and the Wq faith and credi! of Ih4 Tpwn Of Vdi} iS not pled OCtl IOr ihr payment hereof. This Note is not payable in whale pr in part f ram the proceeds 01 general properly taxes o! ine Sawn of Vail, This Note and the inleresf payable hereon are 1=mifetl speclel oblipat7on5 of the Town of Vail and are payable and [oi}ectible solely oaf pt and orp secured by an irfev0[able pledge of ine Net Sales Tax Receipts of the Town of Vail when, as, and if collecfrd from the levy, Impp51llon, extension and collection of the Town's sales tax imptlsetl on all sates of tan9161e personal properly at retail ana ine lurnlahing p! services within ine Town during the martins M December, 1977, ana January and February. 1976, which Nei Sales Tex Receipts are sp pledged, as more specifically pravitlea fn Ordinance Nq. 27. Series of 19/7, adopted O[toher t0, 1977 by rho Town Council of me Town o! Vall Ilhe "ordinance"1 pursuant to wMCh Ortltnance this Note is issued: and the holper hereof may not IDOL 1o any general ar other fund of the sown for the payment of the principal of and Interest Dn this Note, except the special _ Nef Sales 7aa Receipts and the Ssles Tax A lot of peo 30 d[IVe Fvntl pletlgeo therefor. Nothing herein shall ! p be construed as aufhorizing any assessment themselves al! year long just r or IevV of any texts or assessments far the ~ sotheycandrivethomselves AdymentpftheprifscipaloFantllheinterest t0 G4loradO• pit this Note, ex[eAt IpI said sa:e6 Taxes for the months of December, 1977, and January You re lucky. Ypu have Fess tldva. ~ and February, 19)8. Payment or Ine principal of ana ine interest on this NO1E shall be made solely (!Y1- „f ~rl., w^',.+ from nntl as secuNtY for svcn Payment, '`L-=, 7~"yUV there 3s irrevocably ptedgeo, pursuant fo the l°, ° Orpinarxe, a special fund thereby created - V~91 ~i~~+~'S ~ r ,,.~~,~I ~S~i~~, ln~. Vail Village Vail Gondola E3uilding 51lzmark Annpx LionsHead 47&4500 47rr3393 Box 7, Valf, GOIDr8d081657 -r, ':"%`S>•.!..~7~:'~;.we%rnW'." _~Y^ -'t"r'r4-~~aR,~, ,_ n i •s r•y`i F. c. ~~• } ifr" s 'i' i -,,,.,,,, iY ss,, +. r. ~. ~' ....r.. 4'v3,r i. 1 k '+ +t+r~:~~ 'iti S _ ,i '•^acv,'~~ .. 'tv '4'Yya ~~` ~, mot:-~ i r" ~ 'x' ey ~,,., 1 . '" '." ~' ~ '• • •~ mow., -r~'fiww ~ ~ ,st 'fi`n f ~ ~~, .. t .._~J~~,•~r /~~l r ' .~w,t-, i t EIIGHONN DUPLEX: A largo rpstd4nuc slEuated4n a heavily wondutl lot ci4,r, by the V:ill Racyurlt Club and Gore Crack. 7h4 upshtirs unit fenturns thrpr, bedrpnms, two baths with a lanir. hvugf room and eastern kileh4n. Uownslpns (here is a two hr'~hn[Irn mnlill unit. Allraclive financing mny De arranged Glfll J.J. Collins. November 4, ]977 and Iden1111ed as Ih1 "Town o4 Valt Drr emner, 19!], and Janunry and Petyruary. IYr B, $nlrs Tnx Heceiryt F unrl" fine "'~a lrS lox Fund"1 Into whl[h land Ihr town vrnn nl5 ro n.lY the N,N Sales Inr Nrce~{Us n! the Tnwn from lire Impn511i0n PI rnr Town's four Ix~rcenl if herruntl sales tax durinll 1hn m[,nlhS of UrCrmher, )411, and January and trhrparY, 1978. pruNded IhnT the Ilrn sec urlnq 7hls Nore pit sn~tl NM Snlrs Tax Necri pis anU Sales Tax Funtl Is SWnrtlinatc to any Ilcn thereon arising nu! of Ihr r:nhf OI the Town t0 devote Iha NrT Sd1e5 Tax Rrceicts rtt hived from a shies tax of Iwo perrenf 17 prrrrnN for Ine acgWS,llon pf real eslnlC for puClir pVrppSes OI Ine lawn and Also for the argVislliOn, tOnSfr VChpn ana rqu~pp~ng of aullUi nos and tacit hies for the USL• dn!1 ben,`I11 0l ihr rMiernf3 Of 1hC IOWn, inclua~ny tnc nmorlltahan or enY OOntl3 0l Ina TDwn 1s5u['d tqr any OI sa,0 PUf poses. a31 aS +5 mare SpCCl11[dlly set fgrtn in the ~rdindnCe. It I5 hPrCUY recited, cprtifled and warranlCa tent for the pay men( of this Note and 011he rntrre5l herrgrt, In! Tqwn pl edit hd3 creatCU And will malnla in said SaICS Tax Fund and w,ll deposit Iher Cln an Nrf Sales Tax RCre~Afs !Or inC months 01 Derem bee, 1977, and Janus rY and February, 1978, its pmvlaetl m top Ordinance. and Ovl Of said face al funds, as art irrevocable charge thereon, the TaWn of V all wilt pay ih lS NDIe and ,merest inrregn, in the manner provmee by said Ordinance. The Nef Sales [ax R rCeip lS O! the Town o1 Va.l Irom the impOSd+Dn o1 said sales tax during the months pt orcember, }977, and Janavdry 7 and Frbruar 19 9, are exec t Y ( p a5 plheYw,Se expressly prpvided in This NaTe and :n Ine OrdinancU assigned, pledged and set aside }p the paymen) of this Note and the inkre5f hereon in anti Ci poliCn a! The collection of said safes faxes ipr said months. Tne Town of vas cavenanfs and aPrees with the holder of mks Note and wish each and every person who may become the holder hereof that if will keep and will perform all Of the mvenanls of the Ordinance and gf this NOf e. Reference is hereby made 10 ehr Ordinance for a description of Ehe PrOy:5i0n5, terms and Canditi0n3 Upon WhiCn mss Note is issued and secured, including without limifalign, The nature and extent or the security for this Note, provisions witR respect to Me custody and applicalian of the pr0[eed5 Pf the NOIe. the GPIle9lion and dispdsitian of the revenues and monies charged with an pledged to the payment of This Nate, a tlescripfibn of me special fund relerretl fa above and the nature and extent of The security and pledge atfgrtletl thereby for the payment of this Nore, as well as ine rigmS, dupes and Dbhgahons of the Town of Vail and its Yawn Coun[i} and also Fhr rE9hts and remetl~es °! the holder a! Ihes NOSe. N is hereby certified, recites and warranted that all acts, conditions and things required by Idw iP be done precetleni tp and in Me i55uance hereof have been properly done; Fhat all the requlremems of law have Deco fully complied with by fha proper officers of the Tpwn al Vail in Ine issuance of mss Note; that it Is issued pursuant 10 and in atri0t cOnfprmity with me Constitution and laws of the State OF Colorado, the Home Rufe Charter, ordinances and resolutions Dt }rte Town of Vail and pursuant to an Ordinance of said Tdwn duly adopted, published and made a law of Saitl Town prior fo The issuance of this hole; that this Nale Does not cPniraverte any ConSfiTUTiOndl Or statutory limitation or any provision of the Home RWe Charter, resolutions ar ordinances of She Town W Vail; and that this Nole is issued under the authority of the drdinance. For the payment of this Note and the interest hereon, Me Town e! Yail, Colorado pledges the exercise of ell o! Ifs lawful corporate powers. IN TESTfMONY WHEREOF, the Town Cpuncil of the sown of Va11, CO4oratlP, has caused fhis Note fa be executed in the name and on behalf pf sold Town wifR Ine manuak signature of The Mayor or Mayor Pro Tem of said Town, to be seated with an impression of the Saul of • rid Town, and ro be anesiee Sy the manual Signature 01 the Clerk ihereaf. altasof the day of ,t9 TOWN OF VAIL VAIi„ COLORADO MayM ATTEST: Town Clerk 1 End of Form Pt Nore? 17. Said Nofea,when executed as provided herein and by law, shalt M delivered by any one of me officers of the Town to the Durcnaser Thereof, upon payment 1D the Town of the par velVe InereOf. Tne proceeds derived from the sale of IDe Noses shall be used exclusively for the purposes stated herein, provided, however, that any portion or svcn proceeds may be temporardy irtvesled ppntlmp such use in sacurlfirs ar Pbligations which are lawful Investments Jar the TOWn Or Van, with such fempprary Irtvesfmrnt fo Ix made consistent won Tne covenant hereinatfer proviped cancersing arbitrage bonds. Neither the purchaser o! said Notes nor any haktler thereof shale be In any way responsible la rnr apphCAlion et she proceeds of said Notes by Mr Town a ady of its ofRcera. 1 t. Tne Town egvenants with The holder or Ine Ntltes (net it will make rlP use o! ine proceeds o1 such Notes at any time dyeing Please Turn to Palle 22 ~jti~r~~~ A ~1$~~,~~ AT VAIL, LTD, Full S•rvlce Prlntlnq i Ciraptdu PI WhiN You WffOukk-Copy S•rvfca • Convention rlFAterial • Announcements •' Full-Color W rnk • Busmass Forms • pNSlnnssCalds • Farm Letters • Mate Cdrd6 • InvdALOns • fttOChurCS ~` 1 • Slnfionery ~ >~ • Ptuyram9 {{ . Posters /4L~ J{ 4 •Menus ~~y~r"y~s~'wf~~: . Ffynrs N 31t~! .` vplN frpnlrpr Rd .~ yNPW:'aarr ~'-, vw ' rlrr+. l~ F... 476-2248 ^~~ `~~ l~~„-r~. ... ,.. '1'hc Vail Trail ~J1T~~ T~~E GJIJCIE ~Af~~~~TY DE G~rEAT REAL ESTATE t~UYS, N06 cAr~ YDU Jf lfirl/ r~~~~ ,eEST 1~JL~'Ji~II~UAL PROPERTY FDR YDU EASY...ASJFr cA~~Aa,~ ~s VAIL -- 476-1600 TOLL FREE DENVER LIPf1E _ 534-5015 {~®it~~a7 ~ ~oi~3~Q~,f 111r~~~iVls "4ra.f r ~~~' 1 '-1 f,.t k~.4 ~ '' 1. f e,:JtTir~ire,ki;7rf 'i~;~kS'Nx~~ _ $: !}fti ~, ,' ~ 4 d ;-1 (~ , ~- .,rg . -. ...~ - - _~ ..~ :,"n"' ~ i .;ta_"'•F : ,~a4' .arm NOT THE USUAL studio apartment. Located in the heart Vail at Crossroads Shopping Center. Features me furnishings. Reduced for quick sale. Ask for Will Miller, pric[ at ............................................... 542,0 CONTEffPORARY DECOR: Accents this mountain hoe. with spacious living area, vaulted ceiling and extensi custom-crafted shelving and cabinetry. Call Will Miller, pric at ............................................... $g4,0~ PENE HOME AND 1NCOMEii: Three bedroom, two bath hoe with two furnished rental aparimenis. includes new two-c garage with office. Assumable VA Eoan... no pre-quaiifieatic necessary. Coil Dean today ..................... $t35,0i CHRISTMAS WEEK: This one bedroom, one bath'rnterval located in one of Veil's most impressive buildings... Vail Ru Because of Vail Run's membership in RCf, you may trade th week and vacation around the world. Call Jim now. $8,5+ PERFECT FOR LOCALS: Two bedroom, two bath townhou with 600 square feet of basementlstorage. Partialtyturnishe Call WiEI Miller .................................. $46,Oi INCOME PROPERTY; Vail Intermountain fourplex, each vii two bedrooms, one bath. Partially furnished. Ask for 4S Miller .......................................... $125,0 WHY RAY RENT?: Wtlen this superb 640 square fc condominium Eoeated in Liortsridge with southern expose is being sold completely furnished along wish fireplace al huge tuft. Emmetliate occupancy. Assumable loan. Call To< ................................................. $25.5 A HOME YOU'LL BE PROUD t0 OkrN: A three bedroom, tl' bath residence with garage is now under constructic overlooking first fairway in Eagle-Vail. Quality constructil - with c€ose attention to deiail. Model available. Nowisthetir to choose your appointments and colors. Call Dean. BREAKAWAY WEST: Two bedroom, two bath located on t: first floor opening ouE to a large lawn in front of the port Newly furnished. l3us service in winter. Call Stuart $47,0 KfVE 9EDROOMS: Condominium home featuring 2,0 square feet... thelargefamilywilEappreciatethespaciousnc• and quality o! construction and appointments. One c garage and den. Callf]ean ....................... $87,5 TIMBERFALLS CONDOMENIUM: Two bedroom, one ba located in one of Veil's most popular projects. Call Will Mille priced at ............................:........... $53,4 POTATO PATCH DRiVE: aver 4,500 square feet exgwsite#y designed luxury living area. Richly furnished al beautifully landscaped, this homy hasadeep swimming pc located in the center of the living area do every imaginal convenience. Spectacular views from every window. Shov by appointment only. Call Stuart. HOP~fE SITES FOURPLEX SITE: Pleasam Intermountain location zonedi lour units. NICe tree cover. excellent owner terms and owe will subordinate. Cali Swede today ............... $21,0 ASPEN TREES: These duplex zoned lots En V Intermountain Subdivision offer a prime spot for that hidd' moumain home. Call Jim ........................ $11,6 160 ACRES NEAR LEADVILLE: A high, heavily timber mountarn valley. Running stream and numerous bear ponds. Nice views of Collegiate Range. Entire parcel or $75,000. Owner wit! finance or sell as little as 4D acres. C Swede. 18.66 ACRES: With 1,000 square teat of frontage on the Ear River in VJ41cot1. Call Stuart ...................... 522,0 BIGHORN AREA: Zoned for three to lour units, three-quay acre, heavily wooded lot. A nice site torspeculation or incur property. Ca11 Swede ............................ $30,G GORE; GRE>;K DRIVE; This duplex zoned lot is located in t heart of West Vail, a prestigious residential neighborhood building site that is still affordable. See Jim ....... St3,5 DROP !N AND PICif UP OUR FRJEE CATALOG OF PROPERTIFSx 'I YOU'LL APPRECIATE CANADA'S CAR,E.f ~~I; ;,~>~ Out 4f lnwnhnme Imf}mgirrv~rx I, } 1 NO pxlra cost or ObhgdNOn 4 { ri_l; ~ 'r ~r~~t ~ ~ t- ~~ ~'}fnssaEwr,` n; ~'~ ~ Tr# ianv i~i}R 1l;TiE C:nlnr~dri ..-.-..-..`,I, ,.. ~a ~. a .. 22 The Vail Trail From Page 15 the term Mereo7 winch, If {uch V5f netl been f+afOndbly fxtS9[la0 M m! tleH IM Note •r+ISbufd. would have ceuutl sold No}es fa W arbllral7e bolds wI1Mn Ina misnlnq pi Settlpn Ig] I[p Os M! Inlfrndl RlvMVO Cpdf b1 1931. as amended, and the requlaNens prOpOled ihHauntler by the Uni led $ld}es 7Ha]pry Dlparfinenl, VM1le3l, UntlN any Va11d prpVISIOn 01 IdW hrreellpr InAttltl, the Ine+re{7 peed On IB{ Nplla IaY Shall be axeludabIf Ir9m the gross Incpm! 01 a ratlOEeM fhefeof for Federal onc¢me tex purpolla Wi1R0Ul regard la wnelhH Or net SUCK NOIaS are drbllydge bonds, Or Ibl shall tS! fx+mpl Irgm all Flderpl IncOm! Id%dNOn. 13. TM Tpwn, stfmq by +nd through Its TOYm Cquncii. Ill OIfiCCr3. Or, olherW isP, Shalk IdiMtpnY dntl pvnClually pelfOrm, Or cease ro pe perlOrmetl, der duties with IlSpect Ip Ihr Im OasRfOn, exlensfon ono cgNecil9n Of the sates tex pledged herein nick mdy be rlqulred OY 1BC COnSlllutlOn ana laws dr ne stare Pt empraeo. the if orne Rule [Barter dntl the verrOVS resolutions and ortlinan[e{ Ot rh! TOWn. IntlVPinq, WIInOUt Iim ifaNOn, the 9rOPer segrrydh9n of the Nel Snltl Tax Receipb and their AIMhCallon Irbm lime 10 Nm! t0 the Sales 7dx Fund prgvidM rterMn. 16. A} any sine and dl all flints, the Tpwn ]Bill, SO far 4311 mdy b! duthorired aY SaW. 1 {~ -.~~. ~. 1 ~. ~; ~ } v ~ ~ 1 //~. +~.~I #yy1F i.ir'.I-.i:j;{.4 i; '15,, ~~]`.>_~f~~i' _.„'~t;i l1 ~~ ^~_ 4.- .. .~r'.•:I L:, .A .eel - :I`r I _!tpp''~' i,l5' p r. I-r1 r,:lf~r.. .,ii ~1='~a JJ! .:'1.1 _5... -, ..f'~ ` ~ ~~ ~, " f i -~ - ... r1 (Clip and slave for your awn referencJ~) High Cost of a Free Ride ' 1~,+, =:,*,` :._ '°~•r"%~' There Comps •, y•- WEDNE$CAY MUR$CAY ~~ ~ ~ fyIONDAY TUESCAY • ;:f a Tr'Tte ;c.. ~ tri 'J sr?'~sgrsl4~ '~ >:t~a' ' L . ASPEN 8:30 PM VAIL 7:30 PM *'~ ra J i ;~ -~ ,~ ASPEN 8:30 PM VAIL 7:30 PM 10:30 PM 10:00 PM. ~ ~ ~ ~ E ! ~'~,~ j'~""s"'' a -s. w, ~~~. ra ~, =,~ s tlr_~~ i0:30PM iO:00PM j, ~~~: ..iaa_. :h ?_:.. s2~a~t~~.~S''+'t~,at YVEDNpf5,0AV fHURSOAY '~~1`~ na' d~+ i ~ ~ i~ sy.~ ~ ~y~, ~ - c MONpAY TUESCAY .~ ~~ ~s f~lr,.~,l~R: r i~ sir P~'~a 1~'~~rr~l+ ~`i~`,..- ~.~ ~~?7~ ASPEN 8:30 PM VAIL 7:30 PM ~~+.O~i-n ~ t ~~~~~ 1 ~ 4 ~~~ ~~ ~ ASPEN 8:30 PM VAIL 7:30 PM 10:30 PM IO:OOPM ;.'.1A 2, ~ ~ ~r 10:30 Ph11 10:00 PM WEDNFSOAY ~ a.1,y~d a':T~ -' ~ t { f FRIDAY reuRSDAY , ~ ~ sAruRDAv ~1k r~ ~n'Af~ i~ F3 ~ 9 '~ ` r. ~ L] ~~ ~ I,' _, _. .L^~S,n'~-' :-`~„ JbrTis ! F ?'r. i~ : ~C?, ~aJ ASPEN 8:30 PM VAIL 7:30 PM ] n::~ ? 1 ~] 7 I:%',s~ '~ j]~J"~y , ~ ~ ~ ~ ASPEN 8:30 PM VAIL 7:30 PM 10:30 PM FO:OOPM ~'1,.1f~ ~--~•-~~: ea% ~t~" .~ IpIP• 10:30?M IO:OOPM 'IRfeYYY',~ '.r-'ie .v T ~~ - MONDAY WEDNESDAY ~i ASPfN 7:30 PM ASPEN 8:30 PM 10:30 pM 10:30 PM The Color Blazing Skis ofSkilltg Oyt7ickBarrymore By WDUen Millar luE$UAY A u" h., ..b, ~~Q ~~p~'~ 14b~'W'YI~,.X~ The ColOrof Skiing 7:30PM and Benzins Skis lo:oo PM' ry' ~E Movies boa{n at 7:30 8110:00 PM T~~" Mav'tes begin b.30 & 10:30 PM a9Z+O~E Admission 52.50 -~3I.OP~ Admission: 52.50 al VpN First Drink Free Ot Aspen First Prink Frey -. , r, r~ .. a. v . . ~~ . v . + :•an-, .~c.a-w. ,,.-~dt~.r-,..<t _ v -. ,. s ,. November 4, 1977 pass, make, dp, exacl7te, a<knOwledge. deliver, and ell! br record all and 4very such tanner onsir VlnRnt3, dcl3, assignm¢ntS. iran5fa[3. 01hPr tlOCUmPnls. dnd d55vrences as may bP nec¢SSdry or tleilrabla fQr thY better assunng, grantlnq, assignlnq and [Onbrmm9 an and slmlu ear Ine ngnts. N¢1 Sales Tax Re[¢int•.. S.d C1 lax Fvnn ana other funds and a000uni5 hereby pledgotl ar asslpned. qr mtenped w tp be, or wnkn the Town may Rrr~ai ter bCMme 4CUnd l0 pledge ar tp assign. Or as mar be reasonable and redulr¢d t0 Carry OU! the pgrpptes pr this Ord thence. The Tawn, denng by and through ii! TOWn C9Vncll, its af7i[Pry. pr O[nprwise, Shall al all timPb, t0 'hP extent permilletl by law, defend, preserve .Intl protect the pledge PI Iha NPt $die3 Tak RRCaIPt}, th! Sa145 Td% Fund and Olner lands dnd d[coVnls pled5ed ~e~auntler and del Ine NghtS al Iha n01deY of the Nbitf dVlhali [Ctl nefeln against elf claFms dnd demdndf pf del pei50n3 wnbmever. I7, The Tpwn hereby warrants and Covenant! Indl upon the date pf issuanc CP the NOIl3. del SOntlifi0ns, of is dntl IRIng3 rlquiYetl by 1R! CdnShlVl{qn Or stalgt43 OI the Unlfetl Sidles. IBC Consti NfiOn Or ftatutues 01 the State of eoloratlP, me rows Cnditer Of the Town pF V die, Dblgrddp. Or tint inSlfument, t0 ex.sl, f9 nd Ve ndppenetl dnd iq h dud been rlOrmetl rem d of t pa v .c e o or m }ne i3aVdnte Of Iha SVCledt Notes shdll exist. have happened and have been performed, and >ne Notes, tagemer with au since Obligdti9ns pf the Town. Shall not [OMraVPrte any limitation pres[f ibdtl by she GOPSNIViSon Of siatules Of the United 5}ales or the Constitution or slawtes of the stare of CdlOfadp or the Town Charter, r[s0lu}ions Pr gra~nances pr the Town of veil, Caioraap. IB. The Tawn will keep proper bookb qF record dntl dccpunt shewin4 [gmplrle and correct Pnirleg of aii irnnaaCirOnS relaNna ,O }he Net sales Tax Receipts dntl the °_aics Tax Fund lSidblished helpin. Any ncltlPr pl iBe NatCf. Or any duly dvlnOrlietl agent Or sashes Of sdth bottler. !Hall have InP rinm during normal business hours rq connect an rutcrtl5, accoun55 artl data r9latin5 thereto 19. the Town. Us oilifers, ascots and em rp ees, and Its r wn p Y a Cquncii, she,! npf take any acnon in Svcn manner or fP such extent d5 mesh} pr Plud:ce the sP[vnfy }nr the pdymdnl at the prlnc pal or and ine infelest On the Nafe S. NO Camraci Shall Ce emere0 into nor any 91nar ditldn taken by winch the ripRiS o! env holder b the NOtlS as provided and IImiIPO by then Ortllnence might ba prllutlicf oily dM miief idlly ~mpelred ar dim.inishrd, Ih. the Town shell prompny Pay the prfnci pal of and }he interest on the Notes issued npreuneer and secured hereby at me pfa[e5. pn th< tlatss. ana in the manner xpec died h!rlln ana ih She Notes aCCOrtling 70 Ih! true intent end mednin0 hereof. Il 1: hen pVIY C%e[uled af.d deli eared }9r }he purppsp prOVitl[a ine In this Ordinance. the Notes shall <Onslitute •xarranties by an0 on OMa1101 the Town for Ine poneNt 01 earn aM curry Iv7ure hotpot thereof. Thal the Nolef have been i35Utd }Of a VdVVd01P [OnSiderahOn in IVII conlormity wlin law. 22. AnY helper Ot IhC Npie3 issued Bereuntler sndll b? eniltlOtl tp all Or }he OriV ileges, floats dnp remppie30fOVidPd or permiNetl This Ortlinan[e And as o}herwiSC pmvidrd Or ptlrmilf ld by ld W Or In or ay other s}atute9, Nofhin h equity 9 Prein II 1 d PC S 9f impairs th! ri nt O1 do holder of ~ Y the NOIps f0 enlOrce the payment ql the princ!pol dnd interest due In [onnet}i0n therewith a1 the time and place expr¢35ed heroin and 'in such Ntl1es. ~ 7. A II action BerelOfore f aken ny me Ypwn pF va it dntl by the OFIICen pf the Town foot inf.OnSisfenl herewi}h doe t tl 1 PC 4 toward Ine u:n r r. n a 0 iIa 0 al the subleci Notes tar the purpose o1 praViding lungs to defray Vn Whgl¢Or in pdn the OrtlindYy dntl ne[e33drY Current expenses don me COnlfactual Obligdti0n3 pl }he Town. be and MP Same is, hereby ~a~iFietl. approved ana [Onlirmed. 25. The Ollicer5 Of 1hP Town are her¢aY authorixea and tlirdfietl to enfpr info such agreements ono tare alt action necessary pr A OprOpndie to a}RCIVdIe ine plOVi4lons pl IniS Grtllnance dnd r0 Comply Whin the regpirPmems Of law, including wilhp Vf limiting ine gCM1Crdliry qt the FgfegOinq: Id1 Ine dxrtculipn pl such terfifitate5 as may be r¢dSOndbIY le OVlretl by the pVTCndSC! Of the Nutes relating to the tenure and ltlenlity of ine Town afFitiais, the re[eipS of the Np1e5' purchase pace, and. it in acfortlante wish Ine facts, the dnsenCe of inlgation, pending Of Ihreatenetl, aFlecling ine vdiitl ty al the t No es; and fb] !ne martin of the various 9 stdiem rots, re Cildl4, CerflrlCatiOns dnd Wafrdnlre5 plOVicrd Ine in the term Or Note set IOrtn in this OrtlinancP. I3. Ex[epl dS herein Oinerwlse CxpYe551y prOVip¢p, nothing Herein expreSI pr im Plied, If inlMtletl Or shell be cOnSfrued to fOnfef uplxt pf lp give to any person, Prner Ihan tnf Town. the town Cgvncil. dnd }h! holders From time 10 }line of the Natebr anY r,ghl. metly pr cldim under Or py rpdwn nerept or any c ant, condition or sripvlarian boreal. Ailenlhe covenants, ssipulationi, pram ices and aqr PernenE nefein [ontametl by and on behalf pf the Town Snell t>e for the sole and ex[IUS,vC benefit of the Town. the TOWn CPVncll dnd any h01der3 of !hP Notes. 2a. No recourse shall be natl ipr the Pdymenl of the principal qr dli<i Ine merest on the Nafrs or 'or any Claim based Inereon or Otherwise upon this Ordinance aulhoriSinq II5 issuance or any ocher nslrumenl perldininq Iheret0, agdmft any 'rntlivitlV81 memper O! the Tarn ~puncll pr any atficer or other agent 01 the Town, past, precool or tutu re, vifnPr tlirCCny Or intlir Pf tly, tare Vgh the TnWn CaV ntd Or ihf Sawn, Pr otherwise, whClher by virtue 01 any COnSIifNign, sfdtu fe O! rule Of taw, pr by the enbrcemenl of an halt ar ether , V De Y w Se, all such lidpilily, II any, acing by ine eplance o7 Mf Note$ and a5 a part of tn! fOnSitlerdtipn pF 'ds issuance speci011y waived ana released. 27. A11 drtlinarces, aces, orders. of resolutions, Or pd r13 InCreOf, taken by the Town pF veil and i n i; t n to I [ with then era [name are hereby repealed. Then repealer shall n01 be cdnstruea to revive dnY prdin APte S, dC13, aYd CrS, renal utlpns, Or pdn5 InereOf. nor}nlpre rPPeafed. Ia. This 9rainanfe Is, and rhea consu:utr, d Iegi5lalive m¢asVre O} the T9Wn of Ydil. and after the Notes hMepy dvlhorrsetl are issued, sold and outstanpirq,tms Prtlinance shall [pnsllfUte d [unlydcl between 1RC Tgyrn and the holders OF Sa ltl NOSeS. and Shall b! dntl remain irrepedlable until said Notes dntl the imere5r d[[YUing IhereOn Sha'~i have teen lu13y paid. sahshed ana pisrhargetl. 79. Th¢ proper o}ricers of the Town of Vail, Colprad0, are herebv authorized dntl Cir CCt¢tl 10 pdy ar [dVSe tp be paid Shp interest On Ine N01es n?rein dVihdri Ted as the same shall accrue. ana Ine printipal pF sditl NOtY3 dt Of before m3turllY, Wi1n0Uf luriher warn nr a or order. 36. IS an n era ra .clause or pr i YP 9 A pV SlOn pf This Ordnance is taste avy atl;udged invalid or unenforceable, such jVCOmF:n/ shall not alfecf, impair or invahdzte the remaining poldgrdph S. Clauses at pro ViSidna hereof, ine intention being mat Ine our paragraphs, clauses or provisions hereof are SYYpfdble. 77, A public hearing on this proppSCd Drtlinapce shall be held by the Tpwn Cauncfl at 7:3q p.m., on Tuesday. November I, 7977, of the TOwrt of Vall Municipol 9uiiding, Vail, Cptaradp, and it i2 hereby ordered that notice pf said meeting tae given as regViretl by taw, INY ROD VCfip, READ ON FIRST READING, APPROVED AND ORDERED PV BlI5NE0 ONCE IN FULL this IBM day of October, 1977. TOWN OF VAIL By pooh A, polasOn Aaayor ATTEST: Colleen Kline TOy7n Cserk ~~~~~~~, .?-~ ~~~~ Wr'~Iii~EN M~LLC~ ~ DfC1C SAR~YMORE'S _-..- FINEST FALL LENGTF-I FG~1Tl3RFS INTRODUCED, READ, ADORTED AND : Please Tarr: to Page 23 All Night Movies Fro ere Pale 3I They inC73trate into Moscow and discover a traitor Sn their midst. Bibi Anderson, Richard Boone, and Orson Weller. 1970. 3:15 a.m. - "'Elie Lives Of A Bengal Izneer" -'Duly thrilling adventure story of the Bengal Lancers, always outnumbered but never out-fought. Gary Cooper and Sir Guy Standing. 1935. 5:30 a.m. -- "I'm No Angel" - Curvaci013s midway dancer with a shady past falls for a handsome socialite. it4ae VL'est at her best. 11ae West and Cary Grant. 1933. Friday, Nov. t1 12:30 a.m. - "Hush, Hush, Sweet Charlotte" - A wealthy southerner stops his daughter from running off with a married man who is later found dead. Anguish and the murder case torture the girls' mind. Bette David, Olivia De 1LaYiland, and Joseph Cotten. 1965. 3:311 a,m. - "Ministry of Fear" - An exciting and suspenseful melodrama about Nazi spies in wartime London. Ray 113illand and Marjorie Reynolds. 1944. 5;30 a.m. - "The Light That Failed" '-' War correspondent turned painter, finds himsolf going blind but 'ss determined to rintsh his masterpiece. Ronald Colman and Svelter Huston. 1939. F=or property & ten#af management, 1#f5 ~ ~ `' !~ %t,1 - ~7b-1117 (see ad on page 291 wW ..