Loading...
HomeMy WebLinkAbout1984-25 Relating to an Ordinance Authorizing the Issuance of Its Lionshead Improvement District Special Assessment Bonds in the Aggregate Principal Amount of $955,000 00945 09/13/84 CERTIFIED RECORD {} F PROCEEATNGS OF THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO RELATING TO AN ORDINANCE AUTHORIZING THE ISSUANCE Ok' ITS LIONSHEAD IMPROVEMENT DISTRICT SPECTAL ASSESSMENT BONDS DATED OCTOBER I, 19$4 IN THE AGGREGATE PRINCIPAL AMOUNT OF 955,000 STATE OF COLORADO ) COUNTY C?F EAGT,E ) ss. TOWN O F VA I L ) • ~ The Town Council of the Town of Vail, Colorado, met in regular session at the Vail Municipal Building, the regular meeting place thereof in the Town, on Tuesday, the 18th day of September, 1984, at the hour of 7:30 p.m. The following members of the Tawn Council were present: Mayor: Mayor Pro Tem. Council Members: Rodney Slifer Paul Johnston Charles R. Anderson Hermann Staufer Gail. Wahrlich Lowenthal Colleen Kline Kent Rosa The fallowing members of the Town Co ncil were absent: The following persons were also present: Tnwn Manager: Town Director of Finance: Town Attorney: Town Clerk: Rondall Phillips William Pyka ~~~/rr Lawrence A. Eskwith 7~ Pamela A. srandmeyer Thereupon, the following proceedings, among others, were had and taken: The Mayor informed the Council that Ordinance No. 25, Series of 1984, relating to the issuance of Lionshead Improvement District Special Assessment Bonds, dated October 1, 1984, in the aggregate principal amount of955,000, which was introduced, passed on first reading, and ordered published at a regular meeting of the Town Council held an September 4, 1984, was duly published in full in The Vail Trail, a newspaper of general circulation in the Town of Vail, in its issue dated September 7, 19kt4, and that the publisher's affidavit of said publication is now on file in the office of the Town Clerk. -1- • ~ Council Member e,~v then read the Ordinance by its title, sufficient copie~ having previously been made available to the Council and to the public. The Mayor then declared that this was the time and place established for a public hearing on the ordinance and the meeting was then opened for such purpose. Thereupon the following persons appeared: {indicate name and substance of remarks,) Thereupon, all persons having been given an opportunity to speak, the hearing was declared closed. Council Member ~~~~~d'~ then moved the passage and adoption of ordinance No. 25, Series of 1984, with amendments from the date of the first reading thereof, in the following form providing for such amendments, sufficient copies of the amended form of the Ordinance having previously been made available to the Council and to the public (underlining indicates insertions; [----) indicates deletions): _~- •, • • ORDINANCE N0. 25 SERIES OF 1984 AN ORDINANCE AUTHORIZING THE ISSUANCE OF TOWN OF VAIL, COLORADO, LIONSHEAD IMPROVEMENT DISTRICT SPECIAL ASSESSMENT BONDS, DATED OCTOBER 1, 1984, IN THE AGGREGATE PRINCIPAL AMOUNT OF 955,000, FOR THE PURPOSE OF PAYING A PORTION OF THE COST OF CONSTRUCTING AND INSTALLING IMPROVEMENTS TO THE LIONSHEAD MALL AND SURROUNDING AREAS; PRESCRIBING THE FORM OF THE BONDS; PROVIDING FOR THE PAYMENT OF THE BONDS AND THE INTEREST THEREON; AND MAKING PROVISION FOR OTHER MATTERS RELATING THERETO. WHEREAS, the Town Council (the "Council") of the Town of Vail, Colorado (the "TOWn°), has by Ordinance No. 1, Series of 1983, created Lionshead Improvement District {the "District°) for the purpose of constructing and installing certain improvements in the District which generally include the following: replacing paving in major areas of the Lionshead Ma11; relocating planting areas; providing new focal points of interest; unifying and upgrading utility systems; providing emergency access to all areas of the Lionshead Mall; installing a new lighting system and street lights for the surrounding area, benches, kiosks, planters, bicycle racks, drinking fountains, and other amenities such as a water feature and/or a sculpture plaza, and generally improving the aesthetic quality of the Lionshead Mall and surrounding area (collectively, the "Improvements") all in accordance with the Charter of the Town (the "Charter"} and Chapter 20.04 of the Vail Code {the "Code"}; and WHEREAS, pursuant to Ordinance No. I, Series of 1983, the Council authorized and ordered the construction and installation of the Improvements as shown by preliminary plans approved by the Council; and WHEREAS, pursuant to the authorization of the registered electors of the Town voting at a Town election held on March 8, 1983, and Ordinance No. 12, Series 1984, adopted by the Council on May 1, 1984, the Town issued its General Obigation Bonds, Series 1984, in the aggregate principal amount of 1,600,000 in order to pay a portion of the cost of constructing and installing the Improvements; and WHEREAS, the Town has entered into certain contracts for the construction and installation of the Improvements and the Town Manager has submitted to the Council estimates of the total cost of constructing and installing the Improvements including engineering, legal and incidental costs; and -3- • ~ WHEREAS, the construction and installation of the Improvements in the District has conferred and will confer general benefits on the Town and special benefits on the assessable property within the District; and WHEREAS, the Council has determined that a portion of the cost of construction and installation of the Tmprovements to be assessed against the property within the District will not exceed 955,000 and that special assessment bonds of the Town for the District should be issued in said amount; and WHEREAS, Boettcher & Company, Inc., Denver, Colorado (the "Purchaser") has offered to purchase said bonds at a maximum net effective interest rate not exceeding 12.5$; and WHEREAS, i.t is necessary to authorize the issuance of said bonds and to provide for the repayment thereof, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VATL, COLORADO, AS FOLLOWS: Section 1. Approval of Cost Estimates. The estimates of the cost of constructing and installing the Improvements submitted to the Council by the Town Manager are hereby approved. Section 2. Sale of Bonds. [~h-e---'~awr~--`I'I'«„ay~r'---i-s arztharrzed--a~,.~ -- u~.,.G~:LCa --tQ--nt~~gnt7at~-- a~~~ --e'~rect~t~--a-- L~....d Brie?er~vritrn5--~rg~r~extertt-~ri-tls- Ll.c -~tr~~Ij~a~L~--f-o-r-- LI~,E - :~a].~--a-rrd parolzas~:-bf-tla~ ,~..,~c~.~ -zrs-l7erez~afte~-~1~-f-i-rre~d-~.~r- LI,~~--~a~te-a~~I--tm beYr~tif-~f 1.1,c-~otanj--~h~:vla -2rg-re~nt~rrt-~~ha33- yt,~lt~d-e--file--i~t rates-fa=-a,~[i ti,~ LGI.iC,~INL.f.Vll iCCe~LC.~ -~f -tI7C-Bal"I[~S-tO-'}~~-`1G~, prvdzc~ed- Ll~a~. ~rch•-agreement-- .,~~<<NIiC~ -with- LI,G -ree~trrre~tents--ot- i`l~rs--A~dii9at~ee--ane]--p~ev~~e~--~f~t-r~-k~~rr--~~~-t---t-ire--~q~c~~t --~-s app~eveel--a-~rd~-~-a~t:~f:~~d---b~--~i~~---Tew~-~~t~rre~~:~- '.:;~'-~~et3-l-u~z-o~n---or e~e~inar~ee:~ The Town and the Purchaser have entered into a Purchase Agreement dated September 18, 1984, for the sale and purchase of the Bonds as hereinafter defined. The Purchase Agreement is herebv approved, ratified and confirmed. Section 3. Authorization and Description of Bonds. For the purpose of paying a portion of the cost of constructing and installing the Tmpravements and the costs incidental thereto as permitted by the Charter and the Code, the Town shall issue its Lionshead Improvement District, Special Assessment Bonds, dated October 1, 1984, in the aggregate principal amount of 955,000 (the "Bands"). The Bonds shall be issued in fully registered form in the denomination of 5,000 each, consisting of 191 Bonds, numbered consecutively from 1 to 191, inclusive. The Bonds shall mature on October 1, 1994, and shall bear interest as herein set forth. Pursuant to the recommendations of the Committee on Uniform Security Identification Procedures, CUSTP numbers nay be printed on the Bonds. -4- c _~J +~ • ~ The fallowing numbered Bonds in the fallowing principal amounts shall bear per annum "A" interest from October 1, 1984, to October 1, 1994, except if redeemed prior thereto, and shall bear per annum "B" interest from November 1, 1984 to October 1, 19_y,a~t the fol7.owing~pinterest rates ~-n~ot--t-o--eetc}--~l~r~~ee~-and 'fl"n'e"'ci"Gt1-~-•'~f?~{~~3-~ -t-1-~-r`i-rv-}-^-~3{i~ =cn=nriiam~ Per Annum Bonds Nu mbered Principal. Interest Rates {both inc lusive) Amounts flT f! „B}~ 1 to 19 $95,000 8.00 ~ 1.90 ~ 20 to 38 95,000 8.75 ].. 90 39 to 57 95,000 9.50 1.90 58 to 76 95,000 9.75 1.90 77 to 95 95,000 10.00 1.90 95 to 114 95,000 10.25 1.90 115 to 133 95,000 10.50 1.90 134 to l_52 95, 000 10.75 1.90 153 to 171 95,000 11.OD 1.90 172 to 19.1 100,000 11.00 1.90 "A" interest shall be payable April 1, 1985, and semiannually thereafter on the 1st day of October and the 1st day of April of each year; "B" interest shall be payable April 1, 1985, and semiannually thereafter an the 1st day of October and the first day of April of each year, to and including October 1, 1986. "B" interest shall be evidenced by one fully registered coupon far each Bond which bears "B" interest {the "Registered Coupons"). If upon presentation at maturity the principal of any Bond is not paid as provided herein, "A" interest shall continue thereon at the "A" interest rate until the principal thereof is paid in full. Section 3. Maximum Net Effective Interest Rate. The maximum net effective interest rate for the Bonds is 12.5$. The actual net effective interest rate for the Bonds is 11.048776. Section 4. Payment of Principal and Interest. The principal of and interest on the Bonds shall be payable in lawful money of the United States of America to the registered owners of the Bonds by the Central Bank of 1]enver, Denver, Colorado, or its successor, as paying agent (the "Paying Agent"). The principal of and the final "A° interest payment due on the Bonds shall be paid to the registered owner of each Bond upon presentation and surrender thereof at maturity or upon prior redemption. Except as hereinafter provided, the "A" interest shall be paid to the registered owner of each Bond determined as of the close of business on the regular record date, which shall be the fifteenth (15th) day of the calendar month neat preceding the interest payment date, irrespective of any transfer of ownership of the Bond subsequent to the regular record date and prior to such interest payment date, by check or draft mailed to such registered owner at the address appearing -5- ." . ~.~i • • ~ on the registration books of the Town maintained by the Central Bank of Denver, Denver, Colorada, or its successor, as registrar {the "Registrar"). Any "A" interest not paid when due and any "A" interest accruing after maturity shall be paid to the registered owner of each Bond entitled to receive such "A" interest determined as of the close of business on the special record date, which shall be fixed by the Paying Agent for such purpose, irrespective of any transfer of ownership of the Bond subsequent to such special record date and prior to the date fixed by the Paying Agent for the payment of such "A" interest, by check or draft mailed as aforesaid. Notice of the special record date and of the date fixed for the payment of such "A" interest shall be given by sending a copy thereof by certified or registered first-class postage prepaid mail, at least ten {10~ days prior to the special record date, to the Purchaser and to the registered owner of each Bond upon which interest will be paid determined as of the close of business on the day preceding such mailing, at the address appearing on the registration books of the Town maintained by the Registrar. The "B" interest, if any, shall be paid to the registered owner of each Registered Coupon, determined as of the close of business on the regular record date, irrespective of any transfer of ownership subsequent to the regular record date and prior to the interest payment date, by check or draft mailed as aforesaid. If the Registrar or Paying Agent initially appointed hereunder shall resign, or if the Town shall reasonably determine that the Registrar or Paying Agent has become incapable of fulfilling its duties hereunder, the Town may, upon notice mailed to each registered owner of Bonds at the address last shown on the registratian boaks, appoint a successor Registrar or Paying Agent, or both. Bvery such successor Registrar ar Paying Agent shall be a bank or trust company located in and in good standing in the State of Colorado and having a capital and surplus of not less than 5,000,000. It shall not be required that the same institution serve as both Registrar and Paying Agent hereunder, but the Town shall have the right to have the same institution serve as bath Registrar and Paying Agent hereunder. Section 5. Redemption of Bonds. The Bonds shall be subject to redemption prior to maturity at the option of the Tawn an any interest payment date, in regular numerical order, at a price equal to the principal amount of each Bond so redeemed plus accrued interest thereon to the redemption date; provided, however, that whenever on any interest payment date there exist in the Lionshead Improvement District, -Special Assessment Bonds, Sand and Interest Fund (the "Band ~`und") hereinafter described, sufficient funds derived from special assessments exceeding six months' interest on the unpaid principal of the Bnnds then outstanding, the Town shall exercise its option to redeem the Bonds to the extent possible. -b- ~~ • ~ Notice of redemption shall be given by the Paying Agent in the name of the Tawn by sending a copy thereof by certified or registered first-class postage prepaid mail, at least thirty (30) days but not more than sixty (b0) days prior to the designated redemption date, to the Purchaser and to the registered owner of each of the Bonds being redeemed and each related registered Coupon, if any, determined as of the close of business an the date preceding the mailing of such notice, at the address appearing on the registration books of the Town maintained by the Registrar. Such notice shall specify the number of the Bonds to be redeemed and the date fixed for redemption and shall further state that on the redemption date there will be due and payable upon each Bond so to be redeemed the principal amount thereof plus accrued interest thereon to the redemption date, and that from and after such date interest will cease to accrue. Failure to mail any notice as aforesaid or any defect in any notice so mailed with respect to any Bond shall not affect the validity of the redemption proceedings with respect to any other Bond. Any Bonds redeemed prior to maturity by call for prior redemption or otherwise shall not be reissued and shall be cancelled the same as Bands paid at ar after maturity. Section 6. Execution and Authentication of Bonds and Registered Coupons. The Bonds shall be signed by and on behalf of the Town with the facsimile signature of the Mayor, shall bear a facsimile of the seal of the Town, shall be signed and attested with the facsimile signature of the Town Clerk, and shall be authenticated by the manual signature of a duly authorized officer of the Registrar. Registered Coupons shall be signed with the facsimile signature of the Mayor and shall be authenticated by the manual signature of a duly authorized officer of khe Registrar. Should any officer whose facsimile signature appears on the Bonds or Registered Coupons cease tv be such officer before issuance or authentication of any Bond or Registered Coupon, such facsimile signature shall nevertheless be valid and sufficient for all purposes. No Bond or Registered Coupon shall be valid or become obligatory for any purpose or be entitled to any security or benefit under this Ordinance unless and until the certificate of authentication on such Bond ar Registered Coupon shall have been duly executed by the Registrar, and such executed certificate upon any such Bond or Registered Coupon shall be conclusive evidence that such Bond or Registered Coupon has been authenticated and delivered under this Ordinance. The certificate of authentication on any Bond or Registered Coupon shall be deemed to have been duly executed by the Registrar if signed by an authorized officer or signatory thereof, but it shall not be necessary that the same officer or signatory sign the certificate of authentication on all of the Bonds or Kegistered Coupons. _~_ ~~ • 1 Section 7. Registration and Transfer of Bonds and Registered Coupons. Upon their execution and authentication and prior to their delivery, the Bonds and Registered Coupons shall be registered for the purpose of payment of principal and interest with the Registrar. Thereafter, the Bonds shall be transferable only upon the registration books of the Town maintained by the Registrar, by the Central Bank of Denver, Denver, Colorado, or its successor, as transfer agent (the "Transfer Agent") at the request of the registered owner thereof or his, her or its duly authorized attorney-in--fact or legal representative. The Registrar or the Transfer Agent shall accept a Bond for registration or transfer only if the registered owner is to be an individual, a corporation, a partnership, or a trust. A Bond may be transferred upon surrender thereof with or without any related Registered Coupon together with a written instrument of transfer duly executed by the registered owner or his, her ar its duly authorized attorney-in-fact ar legal representative with guaranty of signature satisfactory to the Transfer Agent, containing written instructions as to the details of the transfer, along with the social security number or federal employer identification number of the transferee and, if the transferee is a trust, the names and racial security numbers of the settlor and the beneficiary of the trust. Any Registered Coupon is separately transferable in the same manner. Transfers shall be made at the expense of the transferor, and the Transfer Agent may also require payment of a sum sufficient to defray any tax or other governmental charge that may be imposed in connection with any transfer of Bonds or Registered Coupons. Ala registration or transfer of any Bond or Registered Coupon shall be effective until entered on the registration books of the Town maintained by the Registrar and Transfer Agent. Concurrently with the entry of the required information on the registration books the Registrar and Transfer Agent shall enter the required information on the registration panel pertaining to each Band. The Transfer Agent shall not be required to transfer ownership of any Band or related Registered Coupon during the fifteen (15) days prior to any interest payment date nor fifteen (15} days prior to the mailing of any notice of redemption nor to transfer ownership of any Bond selected far redemption ar any related Registered Coupon on or after the date of such mailing. The Town may deem and treat the person in whose name any Band or Registered Coupon is last registered upon the books of the Town maintained by the Registrar as the absolute owner thereof for the purpose of receiving payment of the principal of and interest on such Bond or the interest represented by such Registered Coupon and for all other purposes, and all such payments so made to such person or upon his order shall be valid and effective to satisfy and discharge the liability of the Town upon such Bond or Registered Coupon to the extent of the sum or sums so paid, and the Town shall not be affected by any native to the contrary, -8- ~, Section 8. Farm of aonds and Registered Coupons. The Bonds and the registration panels pertaining thereto and the Registered Coupons shall be a.n substantia].1y the following form: -9- • [ Form of Bond ] (Text of Face) STATE OF COUORADO No. R- "A" Interest Rate UNTIED STATES OF AMERICA TOWN OF VAIL LIONSHEAD IMPROVEMENT DISTRICT SPECIAL ASSESSMENT BOND SERIES 1984 Maturity Date ~ October 1, 1994 Dated October 1, 1984 5,000 CUSIP Number The Town of Vail (the "Town"3, in the County of Eagle and State of Colorado, far value received, hereby promises to pay to the Registered Owner hereof whose name, address and identification number appear an the registration panel attached hereto, solely out of the special Funds hereinafter described but not otherwise, the Principal Sum of FIVE THOUSAND DOLLARS in lawful money of the United States of America, on the Maturity Date {specified above), with "A" interest thereon from the date hereof to the Maturity Date, except if redeemed prior thereto, at the per annum "A" Interest Rate (specified above), payable semiannually on the 1st day of April and the 1st day of October of each year, commencing an the 1st day of April, 1985, and, if a Registered Coupon is attached hereto, "B" interest thereon from November 1, 1984 through October 1, 1986, at the rate of one and ninety hundredths percent {1.90? per annum, payable semiannually an the 1st day of April and the 1st day of October of each year, commencing on April 1, 1986, all in the manner provided herein. If upon presenta~ian at maturity payment of the Principal Sum of this Bond is not made as provided herein, "A" interest shall continue at the "A" Interest Rate until the Principal Sum is paid in full. This Bond is one of a series which is subject to redemption prior to its Maturity Date at the option of the Town on any interest payment date, in regular numerical order, at a price equal to the principal amount thereof plus accrued interest thereon to the redemption date; provided, however, that whenever --10- w COUNTY OF EAGLE :~.~ an any interest payment date there exist in the Lionshead Improvement District, Special Assessment Bonds, Bond and Interest Fund hereinafter described, sufficient funds derived from special assessments exceeding six months' interest an the unpaid principal of the Bonds of the series of which this Bond is one then outstanding, the Town shall exercise its option to redeem such Bands to the extent possible. REFERENCE IS HEREBY' MADE TO THE FI7RTHER PROVISIONS OF THIS BOND SET FORTH ON THE REVERSE HEREOF. This Bond is not and shall not be considered or taken to be a general obligation or indebtedness of the Town within the meaning of any requirement or limitation imposed by law. This Bond shall not be valid or become obligatory f or any purpose or be entitled to any security or benefit under the Ordinance authorizing the issuance of this Bond until the certificate of authentication hereon shall have been signed by the registrar. IN WITNESS WHEREOF, the Town Council of the Town of Vail, Colorado, has caused this Bond to be signed in its name and on its behalf' with the facsimile signature of the Mayor of the Town, to be sealed with a facsimile seal of its seal, and to be signed and attested with the facsimile signature of its Town Clerk. TOWN OF VAIL, COLORADO (FACSIMILE) ( SEAL ) ATTEST; (Facsimile Signature) Town Clerk DATED: By: (Facsimile Signature) Mayor -11- ~~ CERTIFICATE OF AUTHENTICATION This Pond is one of the series issued pursuant to the Ordinance therein described. Printed on the reverse hereof is the complete text of the opinion of bond counsel, Ballard, Spahr, Andrews & Ingersoll, Denver, Colorado, a signed copy of which, dated the date of original issuance of the Bonds therein described, is on file with the undersigned. Central Bank of Denver, as Registrar By: {Manual Signature) Authorized Officer {Text of Reverse) The principal of and interest on, this Bond are payable to the Registered Owner hereof by the Central Bank of Denver, Denver, Colorado, or its successor, as paying agent. The principal of and the final "A" interest payment due on this Bond shall be paid to the Registered Owner hereof upon presentation and surrender of this Bond at maturity or upon prior redemption. Except as hereinafter provided, the "A" interest shall be paid to the Registered Owner hereof determined as of the close of business on the regular record date, which shall be the fifteenth (15th) day of the calendar month next preceding the interest payment date, irrespective of any transfer of ownership hereof subsequent to the regular record date and prior to such interest payment date, by check or draft mailed to the Registered Owner at the address appearing on the registration books of the Town maintained by the Central Bank of Denver, Denver, Colorado, or its successor, as registrar. Any "A" interest hereon not paid when due and any "A" interest hereon accruing after maturity shall be paid to the Registered Owner of this hand determined as of the close of business on the special record date, which shall be fixed by the paying agent fpr such purpose, ,irrespective of any transfer of ownership of this Bond subsequent to such special record date and prior to the date fixed by the paying agent fpr the payment of such "A" interest, by check or draft mailed as aforesaid. Notice of the special record date and of the date fixed for the payment of such "A" interest shall be given by sending a copy thereof by certified or registered first-class postage prepaid mail, at least ten (10) days prior to the special record date, to Boettcher & Company, Inc., Denver, Colorado, and to the registered owner of each Bond upon which "A" interest will be paid determined as of the close of business on the day preceding such mailing, at the address appearing on the registration books of the Town maintained by the registrar. The "B" intezest, if any, shall be paid to the registered owner of each Registered Coupon determined as of the close of business on the regular record -12- _.^ ~,. ~ s date irrespective of any transfer of ownership subsequent to the regular record date and prior to the interest payment date, by check or draft mailed as aforesaid. Notice of redemption of any Bands shall be given by the paying agent in the name of the Town by sending a copy of such notice by certified or registered :First-class postage prepaid mail, at least thirty {3p} days but not more than sixty {60) days prior to the designated redemption date, to Boettcher & Company, Inc., Denver, Colorado, and to the registered owner of each of the Bonds being redeemed and each related Registered Coupon, if any, determined as of the close a£ business on the day preceding the mailing of such notice, at the address appearing on the registration books of the Town maintained by the registrar. Such notice shall specify the number of the Bonds to be redeemed and the date fixed for redemption and shall further state that on the redemption date there will be due and payable upon each Bond so to be redeemed the principal amount plus accrued interest thereon to the redemption date, and that from and after such date interest will cease to accrue. Failure to mail any notice as aforesaid or any defect in any notice so mailed with respect to any Bond sha11 not affect the validity of the reder~~ption proceedings with respect to any other Bond. This Bond is one of a series of special assessment bands in the aggregate principal amount of $955,000 Ethe "Bonds") issued for the purpose of defraying the costs of constructing and installing improvements to the Lionshead Mall and surrounding areas in and for Lionshead Improvement District, by virtue of and in fuJ.l conformity with the Constitution of the State of Colorado, the home rule Charter of the Town and Chapter 20.0 of the Code of the Town, and pursuant to and under the authority of an Ordinance of the Town Council duly adopted prior to the issuance of this Bond. It is hereby recited, certified and warranted that all the requirements of law have been fully complied with by the proper officers of the Tawn in issuing this Bond. This Bond and the interest hereon are payable solely from, and as security for such payment there is exclusively pledged, a special fund designated as the Lionshead Improvement District, Special Assessment Bonds, Band and znterest fund Ethe "Bond Fund"}, into which there shall initially be deposited accrued interest and capitalized interest on the Bonds and any proceeds of the Bands remaining in the Lionshead Improvement District Construction Fund after the cost of the aforesaid improvements has been paid in full and into which there shall thereafter be deposited moneys collected on account of assessments hereafter to be levied against the property within Lionshead Improvement District and specially benefited by the construction and installation of the improvements therein. -13- ~, ~ ~ Bonds of this issue, together with any bonds of other special or local improvement districts of the Town hereafter issued, are additionally secured by moneys deposited in the special Surplus and Deficiency Fund of the Town. Whenever there is a deficiency in the Bond Fund for the payment of principal or interest on this Bond, the deficiency is to be paid by transferring moneys from the special Surplus and Deficiency Fund to the Bond Fund, The Ordinance authorizing the issuance of this Bond provides that whenever three--fourths {3/4) of the Bonds of this issue have been paid and cancelled and for any reason the remaining assessments are not paid in time to redeem the remaining Bonds and to pay the interest thereon, and there are not sufficient Funds in the special Surplus and Deficiency Fund to cio so, then the Town shall pay the remaining Bonds when due and the interest thereon and reimburse itself by collecting the unpaid assessments due. ,. The mown covenants with the registered owner of this Bond that it will levy and collect the assessments against the property specially benefited and deposit the same into the Bond Fund and that it will diligently enforce the lien of any unpaid assessment against the property charged therewith. The Town further covenants with the registered owner of this Bond that it will keep and perform all of the covenants of this Bond and of the Ordinance authorizing the issuance hereof. Reference is hereby made to said Ordinance for a description of the provisions, terms, and conditions upon which this Bond is issued and secured, including, without limitation, the nature and extent of the security for this Bond, the collection and disposition of the special assessments and moneys charged with and pledged to the payment of this Bond, the special funds referred to above, and the nature and extent of the security and pledge afforded thereby for the payment of this Bond, the rights, duties and obligations of the Town and its Council, and the rights and remedies of the registered owner of this $ond. It is hereby recited, certified and warranted that the total issue of Bonds of the Town for Lionshead Improvement District, including this Bond, does not exceed any limitation imposed by law; that every requirement of law relating to the creation of said ,District, the construction and installation of the aforesaid improvements, the preparation for levying of the aforesaid assessments, and the issuance of this Bond has been fully complied with by the proper officers of the Town; that all acts, conditions and things required by law to be done precedent to and in the issuance of this Bond have been properly done; and that this Bond does not contravene any constitutional or statutory provision of the State of Colorado or provision of the Town Charter or ordinances. For the payment of this Bond and the interest hereon, the Town pledges the exercise of all of its lawful corporate powers. _lq_ ~ -~ ~ This Bond is transferable only upon the registration books of the Town maintained by the registrar, by the Central Bank of Denver, Denver, Colorado, or its successor, as transfer agent, at the request of the Registered Owner or his, her or its duly authorized attorney-in-fact or legal representative, upon surrender hereof with or without any related Registered Coupon together with a written instrument of transfer duly executed by the Registered Uwner or his, her or its duly authorized attorney-in-fact or legal representative with guaranty of signature satisfactory to the transfer agent, containing written instructions as to the details of the transfer, along with the social security number or federal employer identification number of the transferee and, if the transferee is a trust, the names and social security numbers of the settlor and beneficiary of the trust. Any Registered Coupon is separately transferable in the same manner. Transfers shall be made at the expense of the transferor, and the transfer agent may also require payment of a sum sufficient to defray any tax or other governmental charge that may be imposed in connection with any transfer of Bonds or Registered Coupons. No registration or transfer of this Bond or any related Registered Coupon shall be effective until entered on the registration books of the Town maintained by the registrar and transfer agent. Upon such transfer the registrar and transfer agent will enter the date of registration and the name, address, and social security number or federal identification number of the new registered owner of this fond on the registration panel attached hereto. The transfer agent shall not be required to transfer ownership of this Bond or any related Registered Coupon during the fifteen (15) days prior to any interest payment date nor fifteen 415) days prior to the mailing of any notice of redemption ar to transfer ownership of any Bond selected for redemption or any related Registered Coupon on or after the date of such mailing. The Town may deem and treat the person in whose name this Bond or any related Registered Coupon is last registered upon the books of the Town maintained by the registrar as the absolute owner hereof for the purpose of receiving payment of the principal of and interest on this Bond or the interest represented by such Registered Coupon and for all other purposes, and all such payments so made to such person or upon his order shall be valid and effective to satisfy and discharge the liability of the Town upon this Bond or any related Registered Coupon to the extent of the sum or sums so paid, and the Town shall not be affected by any notice to the contrary. -15- ~~ ~ ~j (Registration Panel) This Bond is registered in the office of the principal office of Central Bank of Denver, Denver, Colorado, as registrar, ar its successor registrar, in the name of the owner listed below, and the principal of and interest on this Bond shall be payable only to such owner, Signature of Name, Address, and of Authorized Identification Number of Representative Registration Registered Owner of the Registrar --16 -- • ~'UR VALUE RECEIVED, transfers unto (Assignment) ASSIGNMENT the undersigned sells, assigns and PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE (Name and Address of Assignee? the attached Bond and does hereby irrevocably constitute and appoint Central Bank aE Denver, Denver, Colorado, or its successor, as registrar and transfer agent, to transfer said Bond an the books kept for registration thereof. Dated. Signature guaranteed: (Bank, Trust Company or Firm) NOTICE: The signature to this assignment must correspond with the name of the Registered Owner as it appears upon the registration panel of the attached Bond in every particular without alteration or enlargement or any change whatever. [End of Farm of Bond] -17- ~, • ~ [Form of Registered Coupon] UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF EAGLE TOWN OF VAIL LIONSHEAD IMPROVEMENT DISTRICT SPECIAL ASSESSMENT BOND SERIES 1984 REGISTERED COUPON RELATING TO BOND NO. (AS ORIGINALLY ISSUED) On the lst day of April and the 1st day of October, commencing Aril 1, 1985, and continuing through October 1, y 1986, the Town of Vail, in the County of Eagle and State of Colorado, will pay to , or registered assigns, solely out of the special Funds described in the related Bond referred tp above, by check or draft mailed to the registered owner hereof, determined as provided in the related Bond referred to above, by Central Bank of Denver, Denver, Colorado, in lawful money of the United States of America, an amount representing partial semiannual interest on the principal amount of the related Bond referred to above, for the period from November 1, 1984, to October 1, 19$6, at the rate of one and ninety hundredths percent (1,900 per annum. This Registered Coupon may be transferred as provided in the related Band referred to above. This Registered Coupon shall not be valid ar become obligatory for any purpose or be entitled to any security or benefit under the Ordinance authorising the issuance of the related Bond referred to above until the Certificate of Authentication hereon shall have been signed by the registrar. TowN of VAIL, coLORADo (Facsimile Signature) Mayor -18- ~ • • CERTIFICATE OF AUTHENTICATION This Registered Coupon is a valid Registered Coupon relating to the Bond described therein. CENTRAL, BANK OF DENVER as registrar By: (Manual Signature) Authorized Officer -1.9- •. • ~; FOR VALUE RECEIVED, transfers unto {Assignment) ASSIGNMENT the undersigned PLEASE INSERT SOCIAL SEG[JRITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE se11s, assigns and (Name and Address of Assignee) the attached Registered Coupon and does hereby irrevocably constitute and appoint Central Bank of Denver, Denver, Colorado, or its successor, as registrar and transfer agent, to transfer said Registered Coupon on the books kept for registration thereof . bated; Signature guaranteed: (~3ank, Trust Company or Firm) NOTICE: The signature to this assignment must correspond with the name of the Registered Owner as it appears upon the face of the attached Registered Coupon in every particular without alteration or enlargement or any change whatever. [End of Form of Registered Couponl -za-- ~ • ~- Section 9. Delivery of Bands and Registered Coupons; Application of Proceeds; Construction Fund. The Bonds and kegistered Coupons, when executed, authenticated and registered as provided by law, shall be delivered by the Town Finance Director to the Purchaser upon receiving full payment therefor. The proceeds of the Sonds, excluding accrued interest and capitalized interest, shall be deposited into and there is hereby created the Lionshead Tmprovement District Construction ~`und, and used only to pay the costs and expenses of constructing and installing the Improvements and costs and expenses incidental thereto. The proceeds derived from the Bond sale shall be used for the purposes stated herein and for no other purposes, provided, however, that any portion of the Bond proceeds may be temporarily invested pending such use, with such temporary investment to be made consistent with the covenant hereinafter made concerning arbitrage bonds. Neither the Purchaser nor the registered owner of any Bond or Registered Coupon shall be in any way responsible for the application of the proceeds of the Bonds by the Town or any of its officers. Section 1Q. Bond Fund. The Bonds and the interest thereon shall be payable solely from, and there is hereby created, the Lionshead Local Tmprovement District, Special Assessment Bonds, Bond and Interest Fund (the "Bond Fund"), into which there shall initially be deposited accrued interest and capitalized interest on the Bonds and any proceeds of the Bonds remaining in the Lionshead Improvement District Construction Fund after the cost of the Improvements has been paid in full and into which there shall thereafter be deposited all moneys collected an account of assessments to be levied against the property within the District and specially benefited by the construction and installation of the Improvements therein. The moneys in the Bond Fund shall be used for the purpose of paying the principal of and interest on the Bonds and for no other purpose whatsoever until the ~3onds, both principal and interest, have been fully paid and discharged, and as security for such payment the Bond Fund is hereby exclusively pledged. Section 11. Surplus and Deficiency Fund. In the event that less than all the moneys in the Bond Fund are expended to pay and discharge the principal of and interest on all of the Bonds, any remaining sums shall be transferred upon the payment of all of the Bonds, to, and there is hereby created the Special and Local Improvement District Surplus and Deficiency Fund (the "Surplus and Deficiency Fund"). The Bonds, together with any bonds of other special or local improvement districts of the Town hereafter issued, shall be additionally secured by moneys deposited in the Surplus and Deficiency Fund, the Surplus and Deficiency Fund to consist of moneys remaining to the credit of any special or local improvement districts now existing or hereafter created, the bands of which have been paid in full, both principal and interest. Whenever there is a deficiency in the Bond Fund for the payment of principal or interest on the -21- ~ R Bonds, the def iciency shall be paid by transferring moneys from the Surplus and Deficiency Fund to the Bond Fund. In the event that such a deficiency cannot be so paid, the Council may, in consideration of general benefits conferred upon the Tawn at large from the construction and installation of the Improvements, levy taxes on all taxable property within the Town at a rate to be determined by the Council, or in lieu of such action transfer other available funds of the Town, for the purpose of advancing moneys to pay such deficiencies. The proceeds of such taxes or such other available funds shall be placed in the Surplus and Deficiency Fund and disbursed only for the purposes herein specified. Zn addition, whenever there is a deficiency in the Bond Fund for the payment of principal or interest on the Bonds, the deficiency shall be paid by transferring moneys from the Surplus and Deficiency Fund to the Bond Fund. Whenever three-fourths (3/4) of the Bonds have been paid and cancelled and for any reason the remaining assessments are not paid in time to redeem the remaining Bonds and to pay the interest thereon, and there are not sufficient funds in the Surplus and Deficiency Fund to da so, then the Tawn shall pay the remaining Bonds when due and the interest thereon and reimburse itself by collecting the unpaid assessments due. The obligations created by the payment provisions herein shall not be construed or held to make the Bands general obligations of the Town and the registered owners of the Bonds sha11 have no claim on any general or other fund for the payment thereof, except as Yzerein provided. Section 12. Arbitrage. The Town covenants with the owners of the Bonds that it will make no investment or other use of the proceeds of the Bonds at any time during the term thereof which, if such investment or other use had been reasonably expected on the date the Bonds are issued, would have caused the Bonds to be arbitrage bonds within the meaning of Section 103(c) of the Internal Revenue Code of 1954, as amended, and the regulations promulgated thereunder, unless, under any provision of law hereafter enacted, the interest paid on the Bonds shall be excludible frarn the gross income of a recipient thereof for federal income tax purposes without regard to whether or not the Bonds are arbitrage bonds or small be exempt from all federal income taxation. Section 13. Assessments. The Council shall cause the assessments to be levied and collected as provided by- law for the benefit of the registered owners of the Bonds and Registered Coupons. All assessments made, together with all interest thereon and penalties for default in payment thereof, shall be a lien in the several amounts assessed against each property from the date of the publication of the assessing ordinance and shall be a first and prior lien over all other liens excepting general tax liens. The Council wi11 further cause the lien of any unpaid assessment to be diligently enforced against the property charged therewith. _~2_ ! • Section 14. Bookkeeping and Records. So long as any of the Bonds remain outstanding, the Town will keep or cause to be kept by Eagle County, Colorado, true and accurate books of records and accounts showing full and true entries covering the collection and disposition of the assessments and any delinquencies in the collection thereof, covering deposits and disbursements in each of the special funds herein described, covering the payment of the Bonds, both principal and interest, and covering disbursements to defray the costs and expenses of the Improvements. The Town will permit inspection and examination of all such books and notices maintained or received by the Town at any reasonable time by the Purchaser or the registered owner of any Bond. Section 15. Rights and Remedies. The registered owner of any Bond or Registered Coupon shall have the right and power for the equal benefit and protection of all registered owners of Bonds or Registered Coupons similarly situated: a. By mandamus or other suit, action, or proceeding at law or in equity to enforce his rights against the Town and to require and compel the Town to perform and carry out its duties, obligations, or other commitments under this Ordinance and under its covenants and agreements with the registered owners of the Bonds and Registered Coupons; b. By action or by suit in equity to require the Town to account as if it were the trustee of an express trust; c. By action or by suit in equity to have appointed a receiver, which receiver may take possession of any accounts and may collect, receive, and apply all revenues or other moneys pledged for the payment of the Bonds and Registered Coupons in the same manner as the Town itself might do; d. By action or by suit in equity to enjoin any acts ar things which might be unlawful or might be in violation of the rights of the registered owners of the Bonds or Registered Coupons; and e. To bring suit upon the Bonds or Registered Coupons. Na right or remedy conferred by this Ordinance upon the registered owner of any Bond nr Registered Coupon or any trustee therefor is intended to be exclusive of any other right or remedy, but each such right or remedy is cumulative and is in addition to every other right or remedy and may be exercised without exhausting and without regard to any other remedy conferred by this Ordinance or by any other law. The failure of the registered owner of any Bond or Registered Coupon so to proceed as provided herein shall not relieve the Town of any obligation to perform or to carry out any duty, obligation, or other commitment. -23- • ~ Section lb. Lost, bestzoved or Wrongfully Taken Bonds or Registered Coupons. If any outstanding Bonds or Registered Coupons shall become lost, apparently destroyed or wrongfully taken, it may be reissued in the form and tenor of the lost, destroyed or taken Bond or Registered Coupon upon the owner furnishing, to the satisfaction of the Councilo (a} proof of ownership, (b} proof of loss or destruction, {c) a surety bond in twice the amount of the Bond or Registered Coupon in question and {d) payment of the cost of preparing and issuing the new }3ond or Registered Coupon. Section 17. Ratification of Actions. All actions heretofore taken by the Town and by the officers of the Town not inconsistent herewith directed toward the creation of the District, the construction and installation of the Smprovements and the authorization, issuance and sale of the Hands are hereby ratified, approved and confirmed. Section 18. Facsimile Signatures. Pursuant to the Uniform Facsimile Signature of Public Officials Act, part 1 of article 55 of title 11, Colorado Revised statutes, as amended, the Mayor and the Town Clerk shall forthwith, and in any event prior to the time the Bonds are delivered to the Purchaser, file with the Colorado Secretary of State their manual signatures certified by them under oath. Section 19. Authorized Acts. 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 limiting the generality of the foregoing: a. The printing of the Bonds and Registered Coupons herein authorized, including the printing upon each of the Bonds a copy of the approving legal opinion of Ballard, Spahr, Andrews & Tngersall, bond counsel; and b. The execution of such certificates as may be reasonably required by the Purchaser of the Bonds relating to the signing of the Bonds, the tenure and identity of the Town officials, if in accordance with the facts, the absence of litigation, pending or threatened, affecting the validity of the Bonds, the exemption from federal income taxation of the interest on the Bands, receipt of the Bond purchase price, and the accuracy and completeness of disclosure of information provided in the Preliminary Official Statement and the Official statement furnished to prospective buyers of the Bonds; and c. The making of various statements, recitals, certifications and warranties provided in the form of Bond set forth in this Ordinance; and -24- r, ~ d. The preparation and execution of a Preliminary and final Official Statement for the use of prospective purchasers of the Bonds, including, without limitation, the Purchaser and its associates, if any; and e. The payment of the interest on the Bonds as the same shall become due and the principal of the Bonds at maturity or upon prior redemption without further warrant or order. Section 20. Repealer resolutions, acts, orders, or conflict with this Ordinance this repealer shall not be ordinance, resolution, act, repealed. of Measures. All ordinances, parts thereof , of the Town and in are hereby repealed, except that construed sa as to revive any order, or part thereof heretofore Section 21. Ordinance Irrepealable. This Ordinance is, and shall constitute, a legislative measure of the Tawn, and after the Bonds hereby authorized are issued, sold, and are outstanding, this Ordinance shall constitute a contract between the Town and the registered owner or owners of the Bonds and Registered Coupons, and shall be and remain irrepealable until the Bonds and the interest accruing thereon shall have been fully paid, satisfied and discharged. section 22. Severability. If any paragraph, clause or provisa.on of this Ordinance is judicially adjudged invalid or unenforceable, such judgment shall not affect, impair ar invalidate the remaining paragraphs, clauses or provisions hereof, the intention being that the various paragraphs, clauses ar provisions hereof are severable. Section 23. Recording; Effective Date. This Ordinance, af~.er its final passage, shall be recorded in a book kept f or that purpose, shall be authenticated by the signatuzes of the Mayor and the Town Clerk, shall be published as provided in the Charter of the Town and shall take effect five (5) days after publication following final passage. Section 24. Public Hearing. A public hearing on this Ordinance will be held at the Vail Municipal Building in Vail, Colorado, on Tuesday, the 18th day of September, 1984, at 7:30 p.m. and notice of such hearing is authorized to be given by publication once in The Vail Trail on September 7, 1984. -25- • + INTRODUCED, READ, APPROVED ON FIRST READING, AND ORDERED PUI~LISHED ONCE IN FULL THIS 4th day of September, 19$x. 'i'OVdN OF MAIL, COLORADO -~'~-, (TOwN) Mayon t (/ ( S~;AL} A` EST//: ~~ 1~I,, Town Clerk 4 -2b- • PASSED ON SECOND READING, ADOPTED, ENACTED, APPROVED AND ORDERED PUBLISHED ONCE IN FULL this 18th day of September, 198. (TOWN) (SEAL) ATTEST: ~. ~.~ ~ Town Clerk TQWN OF VAiL, COLORADO Y' Mayor / U -27- ~ a Council Member L~`~~J seconded the motion, and the question being upon the ~5pssage and adoption of the Ordinance as amended from the date of~the first reading thereof, the roll was called with the following results: Council Members Mayor: Mayor Pro Tem: Council Members: voting "YES": Council Members voting "NO": Rodney Slifer Paul Johnston Charles R. Anderson Hermann Staufer Gail Wahrlich Lowenthal Colleen Kline Kent Rose ~~,~,(~ members of the Council. present having voted in favor of the adoption of Ordinance No. 25, Series of 1984, the Mayor thereupon declared the Ordinance finally passed and adopted and directed that the Ordinance be published once in full in The Vail Trail, a newspaper of general circulation within the Town, in its issue dated September 21, 1984. After consideration of other business to come before the Council, the meeting was adjourned. .. ~~ f TOG~1N? Maya' T t (SEALS Town of Vail, A TEST: ,' Town Clerk Town of Vail, Colorado -28- ~_,~~. G Colorada .._~,~ • ~ ~ STATE OF' COLORADO ) } COUNTX OF' EAGLE } s,s , TOWN OI+' VA I L ) T, ~'amela A. IIrandmeyex, Town Clerk of the Town of Vail, Colorado, do hereby certify that the attached copy of Ordinance No. 25, Series of 1984, is a true and correct copy; that said Ordinance, as amended from the date of the first reading thereof, was passed and adopted on second reading by the Town Council of the Town of Vail, Colorado, at a regular meeting thereof held at the Vail Municipal Building, the regular meeting place thereof. on Tuesday, the 18th day of September, 1984; that a true copy of said Ordinance has been duly executed and authenticated by the signatures of the Mayor of the Town and myself as Town Clerk thereof, sealed with the seal of the Town, and numbered and recorded in the official record of the Town kept for that purpose in my office; and that said Ordinance was duly published in full in The Vail Trail, a newspaper of general circulation within the Town, in its issue of September 21, 1984 as evidenced by the affidavit of publication attached hereto at page 30. I further certify that the foregoing pages 1 through ,28, inclusive, constitute a true and correct copy of the record of the proceedings of the Town Council at its aforesaid meeting insofar as said proceedings relate to said Ordinance; that said proceedings were duly had and taken, that the meeting was duly held; and that the persons were present at said meeting as therein shown. IN WITNESS WHEREOF', I have hereu set my hand and the seal of the Town of Vail, Colorado, thisf~day of September, 1984. (TOWN) (SEAL} ~. Town Clerk Town of Vail, Colorado -29- • STATU Off' COLORADO ) CUUNTY U~' EAGLE ) ss. ) TUWN U~' VAI L ) (Attach affidavit of publication in full of Ordinance in the September 21, 1984 issue of The Vail Trail.) --30- j ra _ __ ._ .. .._ _ .;.~_ .. x~.. ~ i - - ~ -s • r3 ;y ~ ~ • ~~~' ~ I Q ' ~'l•' i ~ ~ 1 ~ I {' ' ,f1 I I i i i{ ~ ,~ - i k~ { .. ~ - -- 1 `_jI _ ~ _.. - ~~ ,~ ._- - _ .~_ _~- f - - - _ - - - - ~, ~ fi$ -~-- ~~ - - ~ - - _ C ._ _ -. 1~ Y y 1 ~ ~~; __ -- wi~. ~Il r ~, .. ~ ill ~ L i ~, f~,;; - -- - ~ ~~ _t- -, _ -. -_ _.____________ _ r, -__- __ -_-_._____-_~~r.~- ,._ _~ . I ! h ~ ; ! w ...-r I I _~ ..~~~ ~._ • ~, . i ~. ~ ~ i I I . ... ~-._ . _. ~G .-: ~ I -.: --_- _ ~ .-. ~.- +_ -~ _ E- i ~:_ . ~.: ~ i _.!~ ~ 1 ' i I1 .: ! , ~:-_ is .. I. _ ,.._..I _.{~_ ~--•-~~ I ~ I I 1 I ; ,.. i } .. I ~ .. .. ,. ~...~ .. . ,- _~ 3 I i I 1 ..,J I , ~ ~ - .. __ ; I ' I I i I ~_~_. -_ ..-..-.1 .... ~ ~ _. I - 1 - - _ ~ - I 1 _ , i ~ ~.. ~ ~{ ~ ~ 1 ~ # I 1 ~ i- -I --_ ` ` 'T I . ~. ~ 1 j ! ~ 4 r ~ # ~ - - -~ I { ~ ~ r I ~. I 3. .- 1 r. V -. i _ _1lS _-~ { S . _ ~.-~ 11 i r I , -' ~.-.-,, q I- IT y I -i -.- .~. i i I ' ` I ~ • ~. _ _ __. _ ._ . ii. ...~ , 1 ~ - - Y_ ,_.~_ I _ _ - -- __ , _ _ __. 1 _ . ~ __ _ _._. _.~ -_ _ _ ___ I _ ~ _ __ __ ._ . -_ • I l _f__ ~ ~-- ~~ ,'.•."•' ...I .. ~ i ~ I ..I . ... I ~ f I LL -• ,-.- ~• is ~ ~~~J{ ~ ___ ___ _ _ ._ - ~ I - _. lip i I ~' :: ~~ it ;~, i~ ~ ~.-: ~ ~ ~~ ~ ~ , ~:.. ~-_~~.: fi ~ .~,,, ., n - k ri.r .~ 1 r~~~. ,~~~: ~. 7 YI3 _-. t .. la . ~,` :S ;tj r= a~ `,'f,J „'y SUF.; - y~ •~ ~ ~~~ . ,._.~ E~ ' A trr ~ ~~> ~ tt IJ~ '~ )F 1 :~ s" -~ ~• ~, { l ib ~ T', ~~ t~ ~ -~, ~ ~ x 4, ~' {•~ ,• r3 f ~~ r 1 ". _ w h t' r. yi. ~ S ' Y~ ~ s ~1 ~ ~ ~ f ~ ~ ~ i- r '~ -~ ' ~. ~ ~- ~ 5. S ~`4 ~ ~,' ~s cs 4' r ! ` N I f~ -- ~ ; ~~- -~,~ ~$OE:~C~'1~~' ~' ~~~ r"~t~I ~ ~ ~-~~ tnvesimc~nf &~ntcers Sirice 1910 82(i `,.iev+~ntevnth Strciet P.O. t3ox ,A Denvur, Galar£tdo ES02Ut (303} G2&-ESUUU Mayor ~7ncl Cit:~ CqunCil.~ _._ .~..~._~__~ TrJwn of Vat :l. For $ ~} 5:~ ~Q44__.. _.__,_. _ ___..-----_.~_. legalVy[[issued St~te7ci a Z .~~ Y'f7~7f?rj]I4.t~~_ .Ll 3 ~' ~ ~~._~~_ BUnds of __-..4~Q~~_ d ~ V c~.~ deliver@4t to LIS In ~ _._I2f::11SLG3--,--~ 1 n r a C~Q_ -..~__ __._ 19.3 r~1lL, and to mature and bear int©res# Ks fallaws: Your of Coupon Year of Amount Maturity Rata Arriount Maturity .~--9 a-..Lf40. _r..~~3f35 __._.._ ~._Q~ _ - ~. _ r. 95.044. _.... _~3.9fib --- ~ - ~z.._ _ `~~~_.4D~. ___.. 1~~3.`L_ _ _.9.50 ~ - 9`3,-0{)0 .___ 1.~3f3~____ 1.0.00 _ 95,(]x. .1.990 _ 10.25 ~~+-44Q- ---- 1991_ - --~4- _ _ _ 9 ~ - Cl QQ. _-...19~~--- 10.7 5 _ _.~ -.g5.OQ4 199`3__ .-11 -0-4 - --- -- - l~ !~ Assessment Bonds _ l;i~nshead ,dated nrtQ~~.r' 1. Coupon Year of Fiaie Amount Maturity t:,oupon fiats 1(1 O~ Il00 ~~_19 ~ ~ _ 1 .t - ~-. _- _ i t=.c~cqrral mu~.ti~l.es #~-herec~Z' The bonds are to b© in the denomination of $~,~~~ 3n~/ ~rearfng tnteres as • town above, payable semi-annually, bath prirtcipat and intorest payable at _ ('r~ n i- r ~-~ 1 rt~n k n f r~~nv~ r _._,_-_ -~ Wo wdl pay $ . ~_~_._~Q- . artd accrued ingest from the date at the bpncks to the date ai delivery to us ~ n ire nve r' , f n 1 n ~' ~~ d~._..__ _ . __. __._.-___ ----- Prior to our accepting dolivory of said Securities, you agree to furnish a certi#ied transcript of all legal proceedings requisite to their issuance and delivery, including a signature and non-lttigatton certificate in the customary form evidencing the logality of said Securities and the security provisions rotating thereto the satisfaction of ~3a 1 1 a r~ ~~.r3>•t r Anr~ rP~•Tr ~, T n r~A r c~1.1 whose unqualified approving legal opinion in the customary form shad accompany said Securities at delivery. These hands aro to be drrlivered to us on or about nc tobe.r. 2 3 . 19 f3 ~ The cost of tho printing these bonds wi11 be paid !3}~ out. a ~ h on c1 nro ce e d s and thefoc:sofapprovingatiarneyswillbepaid~~. out. _of honcl ra_r_~reed~ We horewith hand you a _.._~r`i~~7.1.~~" ' s._. check tar $_.1.4_,~Q.4~Q4._____ m. as evtdenca of our goaU faith in complying with the terms and conditions of this proposal which is to apply as part payment tar said bonds when the legality of satne has been approved by our attorneys, and to be fort©ited as fut4y liquidated damages should we tai! ar refuse to take up said bands as abava provided. Said Check is to be returned to us tf this proposal is not accepted, or it the above attorneys should deciine to approve the legality at the issue, This otter Is for immediate acceptance uni©ss otherwise specified above. Grass int©rest cost .._.~ ~$~_}.~~? 2~.~~_ __ Premium or t]iscoul~l _...._ .-_f1.--.. -.__--.._._ NQt interest cost .... ~..~tl:?_~.f32:' ...~ 2 _ --__- . AuQrage oftortivo rata __ .._~.~:. ~? ~_~3 7~l G'~, ____,- Respertfully submltinll, ~ ~atattcher 8 Compat~ %- _-V~.L'L' ..L~~r.L:;.l_Cl.~rl.f_. __ * In addition, all. the Bands bear addi-- 1_ional ";'•3" coupons in the amount of. 1..9'f;, vrhich intercat accrues from No~rc~rn- ]aer if 198~t aura is nayakale Apr:i.Z 1, 1~1i35 #:hr.ough Octak~el; 1, 1986. The Prtrserit~. Va1ue_~ of such payments a.s approximately r28,53B.0G oz 2.9Qt3~, of the pair iarnaunL. /~ . ACCEPTED for and on bUhalt at _...._._~h.c._`i'.LZ~n ~5 _1T.ct.3.1-._ _._ ~.______ _ _. pursuant to ~tuthoritatinn by its governing body, and receipt et this abava mentioned check acknowledged, on this daEe ~ ~ ~ _. jlta{~triiuru n ~~ tFs#urf~ ~~~ ~ t~~i fd I S 1~, r.ll~li ~, I'.' .. , :~ e cs c~ •d 4 r U s-~ ~' (', N h. f, f. C..' V~ r~ ~, ~':~ ,r ;~ r-. ,. u., is :~ ~. _. ~. J-, H W tea; sLl tl , . y .-J r V .-t :r • _, .. -- :. ._ ..- a.a ~ C{' .. lip t J ~~i a(~, hr , . • ~ ([5 t--: .~ yr }., _.. ~.i: v: G, ..i. ~a ll.. iii ^-1 Y~1 r-j u= 1 ,v - ., _ s~. .~ c~ i ,ti QI 1 • • • • • w • • • • i (1 1 r-• .11 sti r •n .l7 T~ fV t. ..~ 1 , V .-r 7 1 t~ x .-~ .-w .r. n"] .b 1} d' c:~ 1 r c+ Z, --~ 1 . ~ . . . } +~~ QY i D "r. 't^ Jl an .fJ .I) C •-D .-a 1 o u] 1 t o}r .u,nv'rncvMH 1 `~ fa 1 .1J .-•. .--. ~.•~, H .--r rM .-a .-, rK 1 t[7 / 1 t!] t4 i1J tTi t/) ih in V3 tq '[/) 1 ~ ~. t 1 ,--r 4' 1 1 in .~ 1 i 1 } 1 1 ~- } r u 1 1 t5 -•t 1 1 r. 5 1 1 •.~ ~.. e 1 +-+ N i } In V] 1 i ."' f 1 1 ac +-i } 1 a.1 t i 1 i Q) 1 1 1 1 1 } 1 1 } } Cv ... ~ ._ .. C ._ .' E ~ i u~ 1 • ^ • • . ^ ^ 0 1 1 u 1 r ~n .v r .n ~f: R ;v t~ ~ 1 ~r 1 QJ i 1 yj 1 ~ 1 1 { 1 1 1 i 1 v7 r ,~.. _ .r, .r _. _ ~n ~s; ... .. 1 :~~ u) 1 r- tt, .- .. a ~ r. t, ,3. .. i W 4, ~ ! ~. . - r 1 +-} •(~ I ~/ .--. Cl aii U) L') U) t/J 1,~] trJ 1 ll , r•-1 H v 1 1 i # i 1 ! 1 1 i 1 1 Y i 1 ! - -. . . - .., - - - i i .,~ 1 .n s, .r, .r. r, r, u ~ s, „~~ ~; } ,, . i t~ ~ 1 3~: o ~+ ~, :. ~, ,r. ~, ~ .a k .r. L'. 7 i v) Vl V1 J1 i!i ti! l/Y t!) Vs .-. 1 ,J , i ..~ r-t 1 v, 1 v, i .~. i } k 1 1 1 1 } 1 1 - "" i V. .a.. 1 1 _ 1 ~ w ~ r • :~r + :Y~ i'3 ~ Ji eM ~ • ;i rV :1] • ..r} .-t QJ i~ Qi L.. '~ J'^ `rl ~l r} CIl •r~ '7 w ~~ +J +~ ~ ~ ~ .~ _. <: v~ a-~ :,~ ~ ~ 4. T ~ 4+ Ql •M W. J--. ~ in ~~ ~' V i-+ .~ r-F •^.J 'G w 4J u, 't: •.; ; W ~~ ~ ~i ~a a r .. z~ ,-~ C : (U U a U ;. c, -" .G K +i,