HomeMy WebLinkAbout1980- 8 To Contract an Indebtedness on Behalf of the Town of Vail by Issuing General Obligation Bonds of the Town for the Purpose of Defraying the Cost of Acquiring, Constructing, Installing, and Equipping a New Public Parking Facility~~_
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ORDINANCE NO.
SERIES OF 1980
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 THE TOWN IN THE PRINCIPAL AMOUNT OF
$7,000,000 FOR THE PURPOSE OF DEFRAYING, IN WHOLE
OR IN PART, THE COST OF ACQUIRING, CONSTRUCTING,
INSTALLING AND EQUIPPING A NEW PUBLIC PARiiTNG
FACILITY WITHIN AND FOR THE TOWN; PRESCRIBING
THE FORM OF TFiE BONDS; PROVIDING A RESERVE FUND
FOR THE PAYMENT THEREOF; AND PROVIDING FOR THE
LEVX OF TAXES l~,I~TD FOR THE APPLICATION OF SALES
TAX REVENUES OF THE TOWN OF VAIL TO PAY
THE BONDS AND THE INTEREST THEREON.
BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO,
THAT:
Section 1. Definitions and Construction.
A. Definitions. In this Ordinance the following terms have the
following respective meanings unless the context hereof clearly
requires otherwise:
(1} Additional Parity General Obligation Bonds. any general
obligation bonds of the Town payable in whole or in part from Pledged
Sales Tax Revenues, issued after the date hereof, in accordance with
the provisions of this Ordinance, Prior Ordinances and Ordinance Na.
~, Series of 1980, of the Town adopted and approved on January 18,
1980, and in accordance with the Charter and the Constitution and laws
of the, State, having a lien on the Pledged Sales Tax Revenues equal to
or on a parity with the lien thereon of the Prior General Obligation
Bonds and the Series March 1, 1980 Bonds and superior ar senior to the
lien on the Pledged Sales Tax Revenues of the Land Transfer Tax
Anticipation Warrants and of other Obligations of the Town payable or
contemplated by the Town to be paid from the Capital Improvements and
i Open Space Fund .
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(2} Bonds or Series March 1, 1980 Bonds: the bands issued
hereunder and designated as the "Town of Vail, Colorado, General
Obligation Bonds, Series March 1, 1980," dated March 1, 1980, in the
aggregate principal amount of $7,0D0,000.
(3) Bond Fund: the special fund created by Section 5C hereof.
(4} Capital Improvements and Open Space Fund: the special fund
created and confirmed by Resolution No. 1, Series 1980, of the Town
adopted by the Town Council on January 8, 1980, into which the Pledged
Sales Tax Revenues are to be deposited.
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{5) Charter: the Home Rule Charter of the Town, approved by the
electors of the Town on September 12, 1972, and filed in the office of
the Colorado Secretary of State on September l5, 1972.
(6) Construction Fund: the special fund created by Section 5B
hereof .
(7) Debt Service Requirements: the principal of, interest on,
and any premiums due in connection with the redemption of the General
Obligation Parity Bonds, the Land Transfer Tax Anticipation Warrants
and any other Obligations payable or contemplated by the Town to be
paid, in whole or in part from the Capital Improvements and Open Space
Fund, whether payable on a parity or a subordinate basis to the Series
March 1, 1980 Bonds, and heretofore or hereafter issued, if any, or
such part of such Obligations as may be designated, as such principal,
interest and premiums become due, whether due as a sinking fund
installment as set forth in Section 3B(2) hereof or otherwise.
{8} Federal Securities: bills, certificates of indebtedness,
notes, bonds or similar securities which are direct obligations of, or
the principal and interest of which obligations are unconditionally
guaranteed by, the United States of America.
(9) Fiscal Year: the twelve (12) months commencing on the first
day of January of any calendar year and ending on the thirty-first day
of December of such calendar year or such other twelve {12) month
period as may from time to time be designated by the Town Council as
the Fiscal Year of the Town . .
{l0) General Obligation Parity Bonds: the Prior General
Obligation Bonds, the Series March 1, 1980 Bonds and Additional Parity
General Obligation Bonds, which bonds have a lien on the Pledged Sales
Tax Revenues superior or senior to the lien thereon of the Land
Transfer Tax Anticipation Warrants or superior or senior to the lien
on the Pledged Sales Tax Revenues of any other Obligations of the Town
payable ar contemplated by the Town to be paid from the Capital
Improvements and Open Space Fund.
{11) Independent Accountants of the Town: any certified public
accountant, or any firm of such accountants, duly licensed to practice
and practicing as such under the laws of the State of Colorado,
appointed and paid by the Town, who (a) is, in fact, independent and
not under the domination of the Town or the Town Council, {b) does not
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have any substantial interest, direct or indirect, in any of the
affairs of the Town, and (c} is not connected with the Town as a
member, officer or employee of the Tawn Council, but who is regularly
retained to make annual or similar audits of any books or records of
the Tawn.
(12} Land Transfer Tax Anticipation Warrants; those Obligations
of the Town issued under Ordinance Na. 4, Series of 1980 of the Town
adapted and approved on January 18, 1980, designated as the "Town of
Vail, Colorado, Land Transfer Tax Anticipation Warrants, Series
i980A," dated February 1, 1980, in the aggregate principal amount of
$1,850,000 and any Additional Parity Warrants as defined in and issued
pursuant to Ordinance Na. 4, Series of 1980.
(13} Maximum Annual Cumulative Debt Service Requirements: the
maximum Debt Service Requirements to be paid during any one Fiscal
Year for all Outstanding Obligations for the period beginning with the
Fiscal Year in which such computation is made and ending with the
Fiscal Year in which all Obligations cease to be Outstanding.
(14} Nan-parity General Obligation Bonds: any general obligation
bonds of the Town, issued after the date hereof, in accordance with
the Charter and the Constitution and laws of the State, either not
payable in whole or in part from Pledged Sales Tax Revenues or, if so
payable, having a lien on Pledged Sales Tax Revenues subordinate to
the lien thereon of General Obligation Parity Bonds.
{15} Obligation or Obligations: when used with reference to
obligations of the Town, any warrant, bond, note, lease or other
instrument of whatever form or Legal nature issued or entered into by
the Town or any other evidence of the advancement of money to the Town
or the purchase, delivery, Tease or the use of real or personal
property by the Town for which the Town has promised to pay money.
{16) Ordinance; this Ordinance No. Series of 1980, of the
Town, which provides for the issuance and delivery of the Series March
1, 19$0 Bonds.
{17) Ordinance No. 11: Ordinance No. 11, Series of 1973, of the
Town authorized by the electors of the Town on September 25, 1973, and
any supplements or amendments thereof.
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(1$) Ordinance No.
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26: Ordinance No. 26, Series of 1979, of the
Town, adopted and enacted on July 17, 1979, by the Town Council, and
any supplements or amendments thereof,
(19) Outstanding or outstanding: when used with reference to the
General Obligation Parity Bonds, the Land Transfer Tax Anticipation
Warrants or any other designated Obligations of the Town and as of any
particular date, all the General Obligation Parity Bonds, the Land
Transfer Tax Anticipation Warrants or any such other Obligations
payable or contemplated by the Town to be paid, in whole or in part,
from the Capital Improvements and Open Space Fund, whether payable on
a parity or a subordinate basis to the Bonds, in any manner
theretofore and thereupon being executed and delivered, except the
following:
(a) Any General Obligation Parity Bond, Land Transfer Tax
Anticipation Warrant or other Obligation cancelled by the Town, by
the Paying Agent, or otherwise on the Town's behalf, at or before
such date;
(b} Any General Obligation Parity Bond, Land Transfer Tax
Anticipation Warrant or other Obligation held by or on behalf of
the Town;
(c} Any General Obligation Parity Bond, Land Transfer Tax
Anticipation Warrant or other Obligation of the Town for the
payment or the redemption of which moneys or Federal Securities
sufficient to meet all of the payment requirements of the
principal of, the interest on, and any prior redemption premiums
due in connection with such General Obligation Parity Band, Land
Transfer Tax Anticipation Warrant or other Obligation to the date
of maturing or any redemption date thereof, shall have theretofore
been deposited in escrow or in trust with a trust bank for that
purpose, as provided in and required by Section 7 hereof; and
(d) Any Lost, apparently destroyed, or wrongfully taken
General Obligation Parity Bond, Land Transfer Tax Anticipation
Warrant or other Obligation of the Town in lieu of or in
substitution for which another warrant, bond or other Obligation
shall have been executed and delivered pursuant to law.
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(20) Paying Agents:
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Morgan Guaranty Trust Company of New York, in
New York, New York, or The First National Bank of Denver, in Denver,
Colorado, which are the agents of the Town for the payment of the
Bands.
(21} Pledged Sales Tax Revenues: the one-half of the gross
receipts collected by the Town from its 4~ Sales Tax authorized by
Ordinance No. 11 devoted to and specifically earmarked by Ordinance
No. 11 for the purpose of real estate acquisition and for the
acquisition, construction and equipping of buildings and facilities of
the Town .
(22} Prior General Obligation Bonds: the following Series of
General Obligation Bonds of the Town: Series 1974, dated November 15,
1974, in the original principal amount of $2,640,000 which issue
refunded Series November I, I973; Series September 1, 1976, in the
original principal amount of $300,000; Series 1976, dated November 1,
1976, in the original principal amount of $6,345,000 which issue
refunded Series March 1, 1974, and Series December 1, 1975; Series May
1, 1977, in the original principal amount of $450,000; and Series
December 1, 1977, in the original principal amount of $2,350,000.
(23) Prior Ordinances: the following ordinances of the Town:
Ordinance No. l9, Series 1973; Ordinance No. 3, Series of 1974;
Ordinance No. 21, Series of 1974; Ordinance No. 21, Series of 1975;
Ordinance No. 24, Series of 1976; Ordinance No. 26, Series of 1976;
Ordinance No. 11, Series of 1977; and Ordinance No. 31, Series of
1977.
(24} Project: the acquisition, construction, installation and
equipping of a new public parking facility within and for the Town,
together with all necessary incidental and appurtenant properties,
structures, facilities, equipment and costs, for which purpose the
Bonds are issued .
(25} Purchasers: The First National Bank of Denver, in Denver,
Colorado and Morgan Guaranty Trust Company of New York, in New York,
New York, and their associates, if any.
(26} Reserve Fund: the special fund created by Section 5D hereof.
(27} Reserve Fund Requirement; the sum equal to the Maximum
Annual Cumulative Debt Service Requirements of all Outstanding
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Obligations of the Town, of whatever form or legal nature, payable or
contemplated by the Town to be paid in whole or in part from the
Capital, Improvements and Open Space Fund, whether payable on a parity
or a subordinate basis to the Bonds, excluding the annual. Debt Service
RF~quirements for (i) the General Obligation Parity Bonds; (ii) the
Short Term Notes; (iii) the Sand Transfer Tax Anticipation Warrants;
and ( iv ) Non--parity General Obligation Bonds .
{28) Sales Tax: the sales tax established by Ordinance r:o. 11
upon the sale of tangible personal property at retail and the
furnishing of services within the Town, in such percentage as set
forth in Ordinance No. 11, or any supplements ar amendments thereof.
(29) Short Term Notes: those Obligations of the Town maturing
within 12 months of their date, Outstanding on the date hereof or
hereafter issued, issued in anticipation of the collection of the
one--half of the gross receipts of the Sales Tax which one--half gross
receipts, pursuant to the provisions of Ordinance No. 11, is
immediately available for general fund purposes of the Town.
(30) Town: the Town of Vail, Colorado.
(31) Town Glerk: the de jure or de facto Town Clerk of the Town
or his or her successor in functions, if any.
(32) Town Council: the Town Council of the Town or any successor
in functions thereto.
B. Construction. This Ordinance, except where the context by
' clear implication herein otherwise requires, shall be construed as
follows
(1) Words in the singular number include the plural, and words in
the plural include the singular.
(2) Words in the masculine gender include the feminine and the
neuter, and when the sense so indicates words of the neuter gender
refer to any gender .
(3) Articles, sections, subsections, paragraphs and subparagraphs
mentioned by number, letter, or otherwise, correspond to the
respective articles, sections, subsections, paragraphs and
subparagraphs of this Ordinance so numbered or otherwise so
designated.
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(4) The titles and headlines applied to articles, sections and
subsections of this Ordinance are inserted only as a matter of
convenience and ease in reference and in no way define, or limit the
scope or intent of, any provisions of this Ordinance.
Section 2. Recitals; Authority.
A. Authorizing Election. At a special election of the
qualified, registered electors of the Town, duly called and held on
Tuesday, the 20th day of November, 1979, in accordance with law and
pursuant to due notice, there was submitted to the electors of the
Town 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
$7,000,000, or so much thereof as may be necessary, for the
purpose of defraying, in whole or in part, the cost of acquiring,
constructing, installing and equipping a new public parking
facility within and for said Town, together with all necessary
incidental and appurtenant properties, structures, facilities,
equipment and costs, 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?"
As evidenced by the canvass of the returns of the November 20, 1979,
election. more than a majority of the electors of the Town voting on
the question set forth above voted in favor of issuing such bonds.
B. Sales Tax. Pursuant to Ordinance No. 11 there was submitted
to the qualified, registered electors of the Town, at a special
election held on the 25th day of September, 1973, the question of the
imposition of a Sales Tax on the sale of tangible personal property at
retail and the furnishing of services within the Town. As evidenced
by the canvass of the returns of the September 25, 1973 special
election, more than a majority of the electors of the Town voting on
the sales tax question voted in favor of imposing the Sales Tax.
C. Pledged Sales Tax Revenues. The Town Council of the Town has
estimated and determined, and does hereby estimate and determine, that
the principal maturing and the interest accruing on the Bonds and the
Outstanding Prior General Obligation Bonds, can be met from revenues
derived from sources other than general ad valorem property taxes,
including, without limitation, the Pledged Sales Tax Revenues.
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D. Necessity. The Town Council has determined, and does hereby
determine, that it is necessary and in the best interests of the Town
and the inhabitants thereof that the Bonds in the total principal
amount of $7,000,000 be now issued in accordance with the provisions
of this Ordinance , for the purpose authorized by the electors of the
Town at the November 20, 1979, special election.
Section 3. The Bonds.
A. Authorization and Nature of Obligation. Pursuant to the
authorization conferred by the qualified, registered electors of the
Town at a special election duly called and held on November 20, 1979,
and for the purpose of defraying, in whale or in part, the cost of the
Project, the Town shall issue on behalf of and upon the credit of the
Town .its negotiable coupon General Obligation Bonds, Series March 1,
1980, in the aggregate principal amount of $7,000,000.
The Bonds shall be general obligations of the Town, 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.
B. Band Details.
(1) Generally. The Bands shall be issued payable to bearer and
dated March 1, 1980, consisting of 1,400 Bonds in the denomination of
$5,000 each, numbered l to 1,400, inclusive and payable in lawful
money of the United States of America.
The Bonds shall bear one set of interest coupons evidencing
interest thereon from March 1, 1980, to their respective maturity
dates, except if redeemed prior thereto, at the per annum rates of
interest stated below. The coupon interest shall be payable November
1, 1980, and semiannually thereafter on the 1st day of May and the 1st
day of November of each year.
The Bonds shall be numbered, shall mature on May I of each year in
the principal amounts and years, and shall bear per annum interest at
the rates as shown in the following schedule:
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Bonds umbered Prin~;.~pal Amount
(bath inclusive} Years Maturing
1 to 20 1982 $ 100,000
21 to 53 1983 165,000
54 to 83 1984 150,000
84 to 108 1985 125,000
109 to 173 1986 325,000
174 to 241 1987 340,000
242 to 312 1988 355,000
313 to 388 1989 380,000
389 to 466 1990 390,000
467 to 1400 1997 4,670,000
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Per Annum L~upon
Interest Rates
if upon presentation at maturity payment of the principal amount
of any Band is not made as provided herein, interest shall continue at
the coupon rate designated in the Bond until payment of said principal
amount is made in full.
(2) Redemption of Bonds Prior to Maturity. The Bonds shall not
be subject to redemption prior to maturity except as follows:
(i) A sinking fund account shall be established and
maintained by the Town in the Bond Fund for the Bands maturing in
1997, and sinking fund installments shall be credited to this
sinking fund account in the following respective amounts and the
Town shall redeem $3,295,000 in principal amount of the Bonds
maturing in 1997 on May 1 in each of the following respective
years and amounts, without reduction for amounts redeemed pursuant
to Section 3B(2)(ii) hereof, at a price equal to the principal
amount thereof plus accrued interest to the redemption date:
Sinking Fund Installments
(Principal Amounts to be Redeemed)
Date
(May 1} Amount
1991 $ 410,000
1992 435,aoo
1993 450,000
1994 480,000
1995 520,000
1996 1,000,000
There will remain $1,375,000 of the Bonds to be paid on May 1,
1997.
(ii) Bonds maturing on May 1, 1997, shall also be callable
for redemption at the option of the Town, in whole ar in part, on
any interest payment date beginning May 1, 1990, at a price equal
to the principal amount thereof, plus accrued .interest to the
redemption date, and to the extent such Bonds are redeemed with
moneys in excess of the required sinking fund installments
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provided for in Section 3B(2)(i) hereof, there shall be paid a
premium of three per centum (3~) of the principal amount thereof.
(iii) Tf less than all Bonds maturing May 1, 1997, are to be
redeemed, as part of a sinking fund installment or otherwise, the
Town shall select by lot any of such Bonds which are to be called
for redemption from among the serial numbers of the Bonds maturing
May 1, 1997.
Notice of any redemption shall be given by the Town Clerk in the
name of the Town, by publication of such notice at least one (1) time
in the Bond Buyer published in New York, New York, and in The Denver
Post published in Denver, Coior.ado, if then in business and
publishing, and if not, then in a financial journal ar newspaper of
genera]. circulation in New York, New Yark, and in a newspaper of
general circulation in Denver, Colorado, such publications being not
less than thirty (30) days prior to the redemption date specified in
such notice, and by sending a copy of such notice by certified or
registered first-class, postage prepaid mail, at least thirty (30)
days prior to the redemption date, to the holders of each of the Bonds
being redeemed, if the names and addresses of such holders are
recorded with the Town Clerk. For this purpose, the holder of any
such Bond may at any time furnish his name and address to the Town
Clerk. Such notice shall specify the number 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 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 Bands paid at or after maturity.
(3} Paying Agents. The Debt Service Requirements of the Bonds
shall be payable in lawful money of the United States of America
without deduction far exchange or collection charges at Morgan
Guaranty Trust Company of New Yark, in New Yark, New York ar The First
National Bank of Denver, in Denver, Colorado, which are hereby
designated the Paying Agents for the Bonds.
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{4 }` Net Effective Interest Rat. The maximum net effective
interest rate specified for the Bonds was 10.00. The actual net
effective interest rate on the Bonds is
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{~) Execution and Delivery. The Bonds shall be executed in the
name and an behalf of the Town with the facsimile signature of the
Mayor, shall bear a facsimile of the seal of the Town and shall be
attested by the manual signature of the Town Clerk; and each of the
Bonds sha11 have attached thereto an appropriate number of interest
eougons bearing the facsimile signature of the Mayor. The coupons
sha11 be numbered consecutively from one upwards for each Bond as
appropriate. When issued as aforesaid as part of the Bonds, the
coupons shall be the ].awful 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 the 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.
The Mayor and the Town Clerk are hereby authorized and directed to
prepare and to execute the Sands as herein provided. When the Bonds
have been duly executed and sold, the officers of the Town are
authorized to, and shall, deliver the Bonds to the Purchaser on
receipt of the agreed purchase price .
{G} Form of Bonds and Coupons. Subject to the provisions of this
Ordinance, each Bond, and the coupons to be attached thereto, shall be
in substantially the following form, with such omissions, insertions,
endorsements, and variations as to recitals of fact or other
provisions as may be required by the circumstances and as may be
required or permitted by this Ordinance, and as may be necessary or
appropriate to conform to the rules and requirements of any
governmental authority or to any usage or requirement of law with
respect thereto:
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STATE OF COLORADO
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[Form o Bondi
UNITED STATES OF AMERICA
COUNTY OF EAGLE
TOWN OF VAiL
GENERAL OBLIGATION BOND, SERIES MARCH 1, 1980
No. $5,000
The Town of Vail, in the County of Eagle and State of Colorado
(the Tawny, for value received, herby acknowledges itself indebted
and promises to pay to the bearer hereof the principal sum of
FIVE THOUSAND DOLLARS
in lawful money of the United States of America, on the 1st day of
May, l9 , with interest thereon from the date hereof to the maturity
date of this Bond, except if redeemed prior thereto, as evidenced by
bearer interest coupons hereto attached at the rate of
per centum (~ ~~) per annum, payable November 1, 1980, and
semiannually thereafter on the 1st day of May and the 1st day of
November of each year. If upon presentation at maturity payment of
the principal amount of this Bond is not made, interest shall continue
at the coupon rate Stated herein until payment of the principal hereof
is made in full. The principal of, interest on, and any premiums due
in connection with the redemption of this Bond, whether as part of a
sinking fund installment as hereinafter provided or otherwise are
payable without deduction for exchange or collection charges at Morgan
Guaranty Trust Company of New York, in New York, New York or The First
National Bank of Denver, in Denver, Colorado, upon presentation and
surrender of said coupons and this Bond as they severally become due.
Bonds of this issue are not subject to redemption prior to
maturity except as follows:
(a) $3,295,000 in principal amount of the Bonds maturing an May
1, 1997, are to be redeemed from the sinking fund account in the Bond
Fund created pursuant to the Ordinance as hereinafter defined in the
following principal amounts on May 1 in each of the following years,
respectively, at their principal amount plus accrued interest thereon
to the date fixed for redemption:
Year Amount Year Amount
1991 $410,000 1994 $ 480,000
1992 435,000 1995 520,000
1993 450,000 1995 1,000,000
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(b}` The Bonds maturing on May 'i., 1997, are also subject t~
redemption at the option of the Town, in whole or in part, on any
interest payment date beginning May 1, 1990, at a price equal to the
principal amount thereof, plus accrued interest to the redemption
date, and to the extent such Bonds are redeemed with moneys in excess
of the required sinking fund installments provided for above, there
shall be paid a premium of three per centum (3 o} of the principal
amount thereof .
(c} If less than all Bonds maturing May 1, 1997, are to be
redeemed as part of a sinking fund installment or otherwise, the Town
shall select by lot any of such Bonds from among the serial numbers of
the Bonds maturing May 1, 1997.
Redemption shall be made upon not less than thirty (30} days'
prior notice by publication of such native at least one (1) time in
The Bond Buyer published in New York, New York and in The Denver Post
published in Denver, Colorado, if then in business and publishing, and
if not, then in a financial journal or newspaper of general
circulation in New York, New York and in a newspaper of general
circulation in Denver, Colorado, such publication being not less than
thirty (30) days prior to the redemption date specified in such
native, and by sending a copy of such notice by certified or
registered first class, postage prepaid mail, at least thirty (30)
days prior to the redemption date, to the holders of each of the Bonds
being redeemed, if the names and addresses of such holders are
recorded with the Town Clerk. ~'or this purpose, the holder of any
such Bond may at any time furnish his name and address to the Town
Clerk. Such notice shall specify the number or numbers of the Bonds
so to be redeemed and the date fixed for redemption, and shall further
state that on the redemption date there will become and will be due
and payable upon each Bond so to be redeemed the principal amount
thereof plus accrued interest an said principal amount, and that from
and after such date interest will cease to accrue.
This Bond is one of a series issued in the aggregate principal
amount of $7,000,000 by the Town Council of the Town of Vail,
Colorado, on behalf of and upon the credit of the Town for the purpose
of providing funds to defray, in whole or in part, the cost of
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prov.~aing a new public parking facility within and for the Town,
together with all necessary incidental and appurtenant properties,
structures, facilities and equipment, and the costs incidental
thereto, by virtue of and in full conformity with the Constitution of
the State of Colorado, the Charter of the Town, and all other laws of
the State of Colorado thereunto enabling, and pursuant to Ordinance
No. , Series of 1980 (the Ordinance} of the Town duly adopted,
published and made a law of the 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 in issuing this Bond.
It is further hereby recited, certified and warranted that the
total indebtedness of the 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 Charter of the
Town; that at a special election lawfully held in the Town on the 20th
day of November, 1979, the issuance of this Bond was duly authorized
by the qualified, registered electors of the Town 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
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 Band .
Reference is hereby made to the Ordinance , and to any and all
modifications and amendments thereof, for a description of the
provisions, term s and conditions upon which the Bonds of the series of
which this is one are issued and secured, including, without
limitation, definition of terms used herein, the nature and extent of
the security for the Bonds, provisions with respect to the application
of proceeds of the Bonds and the rights, duties and obligations of the
Town and the members of its Town Council as well as the rights and
remedies of the holders of the Bonds.
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IN TESTIMONY WHEREOF, the Town Council of the Town of Vail,
Colorado, has caused this Bond to be executed in the name and on
behalf of the Town with the facsimile signature of the Mayor of the
Town, to be sealed with a facsimile of the seal of the Town, to be
attested by the manual signature of the Town Clerk of the Town, and
has caused the interest coupons attached hereto to be executed with
the facsimile signature of the Mayor of the Town, all as of the 1st
day of March, 193Q.
TOWN OF VAIL, COLORADD
By {Facsimile Signature}
(FACSIMILE} Mayor
( SEAL }
Attest:
(Manual Signature}
Town Cler k
[End of Farm of Bond)
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[Form of Interest Coupon]
No. $
May,
On the 1st day of November , 19 , unless the Bond to which this
coupon is attached has been called for prior redemption, the Town of
Vail, in the County of Eagle and State of Colorado, wi11 pay to bearer
the amount shown hereon in lawful money of the United States of
America without deduction for exchange or collection charges,.at
Morgan Guaranty Trust Company of New York, in New York, New York or
The First National Bank of Denver, in Denver, Colorado, being interest
then due on its General Obligation Bond, Series March 1, 198Q, dated
March 1, 1980, bearing
No.
(Facsimile Signature)
Mayor
Town of Vail, Colorado
[End of Form of Interest Coupon]
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Section 4. Sale of Bonds.
A. Necessity of Project and Tssuance of Bonds. Tt is necessary
and for the best interests of the Town and the inhabitants thereof
that the Town acquire the Project and defray all or a portion of the
cast of the Froject by issuing the Bonds.
B. Bond Purchase Agreement; Award of Sale. The Town Council has
received for approval and there is now on file in the office of the
Town Clerk a Band Purchase Agreement, dated February ~, 1980, between
the Town and the Purchasers, executed by the Purchasers, pursuant to
which the Purchasers offer to purchase the Bonds in accordance with
the terms of this Ordinance and the Bond Purchase Agreement at a price
of ~ of the principal amount of the Bonds. The Band Purchase
Agreement is approved and the Mayor is authorized and directed to
execute the Bond Purchase Agreement in the name and on behalf of the
Town .
C. Preliminary Official Statement; Official Statement. The Town
Council. has received far approval and there is now on file in the
office of the Town Clerk the Preliminary Official Statement of the
Town, dated January 31, 1980, relating to the issuance and sale of the
Bonds. The contents of the Preliminary Official Statement are hereby
approved. The use of the Preliminary Official Statement by the
Purchasers for the reoffering of the Bonds to the public is approved
and the Mayor, on behalf of the Town, is authorized to sign one or
more copies of the Preliminary Official Statement and the Final
Official Statement.
Section 5. Funds Created by Ordinance.
A. Disposition of Bond Proceeds and Other Revenues. The
proceeds from the sale of the Bonds, the Pledger] Sales Tax Revenues
and other moneys of the Town shall be deposited by the Town in the
funds described in this Section 5, to be accounted for in the manner
set forth in this Section 5.
The validity of the Bond s shall not be dependent an nor be
affected by the validity or regularity of any proceedings relating to
the Project or any part thereof. The Purchasers of the Bonds, any
associate thereof, and any subsequent holder of any Bonds shall in no
manner be responsible for the application ar disposal by the Town or
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by any of its officers , agents and employees of the moneys derived
from the sale of the Bonds or of any other moneys designated in this
Section 5.
B. Construction Fund. A special fund is hereby created and
designated as the "Town of Vail, Colorado, Series March 1, 1980 Bonds,
Construction Fund." The proceeds of the Bonds, except the sum
required in Section 5C hereof to be deposited in the Bond Fund, shall
be deposited in the Construction Fund to be used and paid out Pram
time to time solely for the purpose of paying the cost of the Project.
Any surplus remaining in the Construction Fund after completion of the
construction, acquisition, installation and equipping of the Project
may be deposited in and used for the purposes of the Band Fund.
C, Band Fund, A special fund is hereby created and designated
as the "Town of Vail, Colorado, General Obligation Parity Bands, Bond
Fund." The Town shall deposit in the Bond Fund, forthwith upon
receipt of the proceeds of the Bonds, interest accrued thereon from
their date to the date of delivery thereof to the Purchasers and the
sum of $200,000, to apply to the payment of interest on the Bonds as
the same becomes due after their delivery.
As moneys are received from collections of ad valorem taxes
levied, if any, for the purpose of providing far the Debt Service
Requirements of all of the Outstanding General Obligation Parity
Bands, including all Outstanding Prior General Obligations, within
- each Fiscal Year, they shall be credited immediately to the Bond Fund.
From moneys received from the Pledged Sales Tax Revenues and credited
to the Capital Improvements and Open Space Fund, on or before the due
date of each respective installment of principal and interest, there
shall be credited to the Bond Fund, to the extent that moneys in the
Bond Fund are not sufficient for this purpose, the following:
(1) Interest Payments. The next maturing installment of interest
due on any General Obligation Parity Bonds then Outstanding;
(2) Principal Payments. The next maturing installment of
principal due on any General Obligation Parity Bonds then Outstanding.
Such interest and principal shall be promptly paid when due.
The moneys credited to the Bond Fund shall be used to pay the Debt
Service Requirements of the General Obligation Parity Bonds then
Outstanding, as such Debt Service Requirements become due.
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D. Reserve Fund. A special fund is hereby created and
designated as the "Town of Vail, Colorado, General Obligation Parity
Bonds, Reserve Fund . "
The Town shall deposit in the Reserve Fund, forthwith upon
delivery to the Purchasers of the Bonds, from funds of the Town
legally available for this purpose, the sum of ~ , which sum on
such delivery date is equal to the Reserve Fund Requirement, as
certified by the Director of Finance of the Town to the Purchasers and
filed with the Tndependent Accountants of the Tawn.
The Town shall maintain the Reserve Fund in the amount of the
Reserve Fund Requirement from any of its funds legally available for
this purpose and no payment need be made into the Reserve Fund so long
as the moneys therein shall equal the Reserve Fund Requirement from
time to time.
The moneys in the Reserve Fund sha11 be used only to prevent
deficiencies in payment of the Debt Service Requirements of the
General Obligation Parity Bonds to the extent that funds in the
Capital Improvements and Open Space Fund are not sufficient for that
purpose. The money so used shall be replaced in the Reserve Fund,
promptly upon receipt thereof, from any other funds of the Tawn
legally available for this purpose, until the Reserve Fund Requirement
has been reaccumulated in the Reserve Fund.
Except when issuing General Obligation Parity Bonds, Land Transfer
Tax Anticipation Warrants, Short Term Notes or Non--parity General
Obligation Bonds, before the date on which the Town proposes to enter
into or incur a new Obligation of the Tawn to be payable or
contemplated by the Town to be paid in whole or in part from the
Capital Improvements and Open Space Fund, the Director of Finance of
the Town shall certify, in writing, to the Tndependent Accountants of
the Town, the sum which will be equal to the Reserve Fund Requirement
on the date on which the Town will enter into or incur such new
Obligation and the sum in the Reserve Fund on the date of
certification. On or before the date an which the Town enters into or
incurs such new Obligation, the Town shall deposit to the Reserve
Fund, £rom legally available moneys, the sum required to increase the
amount in the Reserve Fund to the Reserve Fund Requirement for the
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date on which the Town enters into or incurs such new Obligation, as
certified to the Independent Accountants of the Town. The Town shall
not enter into or incur such new Obligation if it is unable to make
the deposit to the Reserve Fund as required herein.
Section 6. Covenants and Provisions.
The Town hereby particularly covenants and agrees with the holders
of the Bonds and coupons appertaining thereto from time to time, and
makes provisions which shall be part of its contract with such
holders, which covenants and provisions shall be kept by the Town
continuously until all of the Bonds and the interest thereon, have
been fu11y paid and discharged, to the effect and purpose that:
A. Levy and Collection of Ad Valorem Taxes. If required, the
Debt Service Requirements of the Bonds in 1980 and 1981 shall be
advanced from any revenues or funds of the Tawn lawfully available
therefor. For the purpose of reimbursing any such advance and also
for the purpose of paying the Debt Service Requirements of the Bonds
as the same become due and payable respectively, the Town Council of
the Town shall annually fix and certify a rate of levy for ad valorem
taxes to the Baard of Caunty 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 1980 to 1996,
inclusive, will raise ad valorem tax revenues sufficient to make such
reimbursement and to promptly meet and pay such Debt Service
Requirements as the same become due. .
The taxes when collected shall be applied solely for the payment
of the Debt Service Requirements of the 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 the Bonds, and upon the
application of any other such funds or revenues as aforesaid, the levy
or levies for ad valorem taxes herein provided may thereupon be
diminished to the extent the Debt Service Requirements of the Bonds
for the particular year have been provided for from such other funds
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or revenues legally available for such purpose. The foregoing
provisions of this Ordinance are hereby declared to be the certificate
of the Town to the Board of County Commissioiners of Eagle County,
Colorado, showing the aggregate amount of taxes to be levied for the
purpose aforesaid by said Board of County Commissioners from time to
time, as required by law, for the purpose of paying the Debt Service
Requirements of the Bands as the same shall hereafter accrue.
The Town shall prescribe and. take all necessary and proper steps
promptly to enforce the payment of the ad valorem taxes levied
pursuant to this Ordinance.
The ad valorem taxes provided far herein shall be levied,
assessed, collected and enforced at the time and in the form and
manner and with like interest and penalties as other general taxes in
the State of Colorado, and when collected said taxes shall be paid to
the Town as provided by law. Tn the event any of said levies that may
be made by the Town shall fail to produce an amount as provided herein
sufficient to pay the Debt Service Requirements of the Bonds becoming
due in the next succeeding yearn the deficit shall be made up in the
next levy, and taxes shall be made and continue to be levied until
said Bonds and the interest thereon shall be paid in full.
B. Pledged Sales Tax Revenues, Notwithstanding the provisions
of Section 5A hereof, the Town hereby further covenants and agrees
that so long as the Bonds remain Outstanding and unpaid, it will levy.
administer, enforce and collect the Sales Tax on the sale of tangible
personal property at retail and the furnishing of services within the
Town in accordance with Ordinance No. ll without reduction in the
four percent amount of the Sales Tax as set forth in Section ~ of
Ordinance No. 11 and that upon receipt thereof the Town will credit
the Pledged Sales Tax Revenues to the Capital Improvements and Open
Space Fund. The Town has covenanted and agreed, in each of the Prior
Ordinances authorizing the issuance of the Prior General Obligation
Bonds to pledge and set aside the Pledged Sales Tax Revenues for the
purpose of paying the Debt Service Requirements of the Prior General
Obligation Sands. The Prior Ordinances provide further that the
Pledged Sales Tax Revenues may also be pledged and used for the
payment of the debt service on any Additional Parity General
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Oblig. ~.on Bonds of the Town. The Town covenants and agrees that all
the Pledged Sales Tax Revenues shall be and hereby are irrevocably and
solely pledged and set aside to pay the Debt Service Requirements of
the Bands as the same become due and payable from year to year, on a
parity with the Town's obligation to pay from the Pledged Sales Tax
Revenues the Debt Service Requirements of the Prior General Obligation
Bonds, provided that:
{1) The Pledged Sales Tax Revenues may also be pledged and used
for the payment of the Debt Service Requirements of Additional Parity
General Obligation Bonds, Non-parity General Obligation Bonds or other
general obligation securities of the Tawn which may be issued
hereafter from time to time, provided that such Additional Parity
General Dbligation Bonds, Non-parity General Obligation Bonds or other
general obligation securities shall be on a parity with or subordinate
to {but not prior or superior to) the Bonds with respect to the
application of Pledged Sales Tax Revenues; and
{2) To the extent that the Debt Service Requirements on all of
the Town's Outstanding General Obligation Parity Bands from time to
time which are payable in whole or in part from the Pledged Sales Tax
Revenues, are 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 Pledged Sales Tax
Revenues for other purposes (but only of ter all of the Debt Service
Requirements an the General Obligation Parity Bonds payable from
Pledged Sales Tax Revenues has been fully provided for in that Fiscal
Year) , including, but not limited to, payment of special non--genera3
obligation bonds or securities, which special non-general obligation
bonds or securities in any event, shall not be on a parity with and
shall be subordinate and inferior to the Bonds, with respect to the
Pledged Sales Tax Revenues.
So long as the Bonds remain Outstanding and unpaid the Town shall
not repeal Ordinance Na. 11 and the Town shall not amend Ordinance No.
11 in a manner which, taking into account other revenue of the Town
which is legally dedicated and available to gay the Debt Service
Requirements on the Bonds, would diminish the revenue security for
the Bonds.
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Noting in this Ordinance shall be construed in such manner to
prevent the issuance by the Town of additional obligations of any
nature, provided that said additional obligations are issued in a
manner consistent with the provisions and limitations stated herein
with respect to the Pledged Sales Tax Revenues.
C. Budget and Appropriation of Funds. The sums provided in
Sections 5 and 6 hereof to meet the Debt Service Requirements of the
Bonds, when due, are hereby appropriated for that purpose, and said
amounts for each Fiscal Year shall be included in the annual budget
and the appropriation ordinance or measures to be adopted or passed by
the Town Council of the Town in each Fiscal Year respectively while
any of the Bonds, either as to principal or interest, are Outstanding
and unpaid, No provisions of any constitution, statute, charter,
ordinance, resolution, or other order or measure enacted after the
issuance of the Bonds 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 far the payment of the Debt Service
Requirements of the Bonds.
D. Performance of Duties. Tt shall be the duty of the Town
Council annually at the time and in the manner provided by law far
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 reference 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, impose and collect said
taxes in the manner provided by law for the purpose of providing funds
for the. payment of the Debt Service Requirements of the Bonds 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 an and principal of the Bonds as hereinbefore specified.
E. Arbitrage Covenant. The Town covenants with the holders of
the Bonds that it 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 Bonds are issued, would have caused the Bonds
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it
1
to be arbitrage bonds
Internal Revenue Code
proposed or prescr ibex
(~
within the meaning of Section 1Q3(c) of the
of 1954, as amended, and the regulations
~ 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 Bonds are arbitrage bonds, or (b) shall
be exempt from all federal .income taxation.
Section 7. Defeasance.
When all of the Debt Service Requirements of the Bands have been
duly paid, all obligations hereunder shall thereby be discharged and
the Bonds shall no longer be deemed to be Outstanding. There shall be
deemed to be such due payment when the Town has placed in escrow or in
trust with a trust bank ~.ocated within or without the State of
Colorado, moneys or Federal Securities in an amount sufficient
(including the known minimum yield available for such purpose from
Federal Securities in which such amount wholly or in part may be
initially invested} to meet all Debt Service Requirements of the
Bonds, as the same became due to the final maturities of the Bonds or
upon any redemption date as of which the Town shall have exercised or
shall have obligated itself to exercise .its prior redemption option by
a call of Bonds for payment then. The Federal Securities shall become
due prior to the respective times at which the proceeds thereof shall
be needed, in accordance with a schedule established and agreed upon
between the Town and such bank at the time of the creation of the
escrow or trust, or the Federal Securities shall be subject to
redemption at the option of the holder thereof to assure such
availability as so needed to meet such schedule.
Section 8. Rights and Immunities.
Except as herein otherwise expressly provided, nothing herein
expressed or implied is intended or shall be construed to confer upon
ar to give to any person, other than the Town, and the holders from
time to time of the Bonds and any coupons thereunto pertaining, any
right, remedy or claim under or by reason hereof or any covenant,
condition ar stipulation hereof. A11 the covenants, stipulations,
promises and agreements herein contained by and on behalf of the Town
-26--
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shall be far the sole and exclusive benefit of the Town, and any
holder of any Bonds and any coupons thereunto pertaining.
No recourse shall be had for the payment of the principal of and
the interest on the Bonds ar far any claim based thereon or otherwise
upon this Ordinance or any other instrument pertaining thereto,
against any individual member of the Tawn Council, or any officer or
other agent of the Town, past, present or future, either directly or
indirectly through the Tawn, or otherwise, whether by virtue of any
constitution, statute ar rule of law, or by the enforcement of any
penalty or otherwise, all such liability, if any, being by the
acceptance of the Bonds and as a part of the consideration of their
issuance specially waived and released.
Section 9. Miscellaneous.
A. Ratification. All action heretofore taken (not inconsistent
with the provisions of this Ordinance) by the Town or its officers, or
otherwise by the Tawn directed:
(1) Project. Toward the Project; and
(2 ) Bands . Toward the sale and deI ivery of the Bonds for that
purpose,
be, and the same is, hereby ratified, approved and confirmed.
B. Facsimile Signatures. Pursuant to the Uniform Facsimile
Signature of Public Officials Act, part 1 of article 55 of title 11,
Colorado Revised Statutes 1973, as amended, the Mayor and the Town
Clerk shall forthwith, and in any event prior to the time the Bonds
are delivered to the Purchasers, file with the Colorado Secretary of
State their manual signatures certified by them under oath, using a
suitable Facsimile Signature Certificate for said purpose.
C. Delegated Duties. The officers of the Town are hereby
authorized and directed to enter into such agreements and take all
action necessary or appropriate to effectuate the provisions of this
Ordinance and to comply with the requirements of law, including,
without limitation:
(1) Printing Bonds: The printing of the Bonds herein authorized,
including the printing upon each of such Bands of a copy of the legal
opinion of DeMuth, Kemp & Backus, bond counsel, duly certified by the
Town Clerk;
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(2) Final Certificates: The execution of such certificates as
may be reasonably required by the Purchasers relating, inter olio, ta:
(a) The signing of the Bonds;
(b} The tenure and identity of the Town officials;
(c) The assessed valuation and indebtedness of the Town;
(d) The delivery of the Bonds and the receipt of the Bond
purchase price;
{e) Zf in accordance with fact, the absence of litigation,
pending or threatened, affecting the validity of the Bonds;
(f} The exemption of interest on the Bands from federal
income taxation;
{g} The making of various statements, recitals,
certifications and warranties provided in the form of Bond set
forth in this Ordinance; and
(h} A statement concerning the disclosure of information
provided in any Bond offering brochure, preliminary official
statement, official statement or offering circular far prospective
buyers of the Bonds;
(3} The preparation and execution of a Bond offering brochure,
preliminary official statement, official statement, or offering
circular, for the use of prospective purchasers of the Bonds,
.including, without limitation, such use by the Purchasers, and its
associates, if any;
{4} Bond Sale. The execution of the Bonds and the sale,
issuance, and delivery of the Bonds to the Purchasers pursuant to the
provisions of this Ordinance; and
{5) Payment of Debt Service Requirements. The payment of the
Debt Service Requirements of the Bonds as due, without further warrant
or order .
D. Appropriation for Casts and Expenses. There is hereby
appropriated and set aside from any available funds or revenues of the
Town the amount or amounts necessary to pay all costs and expenses
incident to the issuance of the Bonds, including, but not being
limited to, any publication, legal, and fiscal agent costs and
expenses.
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E. Repealer, All ordinances, acts, orders, resolutions, or
parts thereof, taken by the Town 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.
F. Ordinance Irrepealable. This Ordinance is, and sha11
constitute, a legislative measure of the Town, and after the Bonds are
issued, sold, and are Outstanding, this Ordinance shall constitute an
irrevocable contract between the Town and the holder or holders of the
Bonds, and shall be and remain irrepealable until the Bonds, as to all
Debt Service Requirements, shall have been fu11y paid, satisfied and
discharged, as herein provided.
G. Severability. If any section, subsection, paragraph, clause
or other provision of this Ordinance shall far any reason be held to
be invalid or unenforceable, the invalidity or unenfprceability
thereof sha11 not affect, impair or invalidate any of the remaining
sections, subsections, paragraphs, clauses or provisions hereof, the
intention being that the various paragraphs, clauses or provisions
hereof are severable.
H. Public Hearing. A public hearing on this proposed Ordinance
shall be held by the Town Council at 7:34 p.m. on Tuesday, February
19, 1980, 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
FUBLZSHED ONCE IN FULL THIS 5TH DAY OF FEBRI3ARY, 19$0.
TOWN OF VAIL
(TOWN} BY
(SEAL) Mayor
Attest:
Town Clerk
_29_ i
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PASSED ON SECOP3D READING, ADOPTED, ENAC~'ED, APPROVED, AND ORDERED
PUBLISHED ONCE IN FULL TINS 19TH DAY OF FEBRUARY, 1980.
TOWN OF VAIL
(TOWN} BY
(5EAL} Mayor
Attest:
Town Clerk
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