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1985-23 Relating to General Obligation Refunding Bonds, Series 1985, in the Principal Amount of $21,715,000
~~ ~", ° ;~ , C (. ~5 , • C E R T T F I E D R E C O R D 0 F PROCEEDINGS OF THE TOWN COUNCIL Off' THE TOWN OF VAIL EAGLE COUNTY, COLORADO RELATTNG TO GENERAL OBLTGATTON REFUNDING BONDS SERIES 1985 DATED NOVEMBER 15, 1985 IN THE PRINCIPAL AMOUNT OF $21,715;000 • • • ~_ ~ ~ r ~„ ~~ town of nail 75 south frontage road office of the town manager nail, Colorado 81657 (303) 476-7000 PUBLIC NOTICE _ OF SPECIAL MEETING FOR THE .._ VAIL TOWN COUNCIL NOTICE IS HEREBY GIVE€d, the Tawn Council for the Tawn of Vail will hold a Special Meeting an Friday, October 25, 1985, at 2:00 P.M., in the Council Chambers of theYVaii Municipal Building, .75 South Frontage Road West, Vaii, Colorado. To be considered at this time is the following: ORDTNAiJCE 23, SERIES OF 1935,. SECOND READING. An ordinance authorizing the issuance by the Town of Vaii, Colorado, of genera] obligation refunding bonds, series 1985, in the principal amount of $20,585,000, far the purpose of refunding valid and outstanding indebtedness of the Town; prescribing the farm of said bonds; providing for the ]evy of ad-valorem taxes to pay the same; pledging safes taxes to pay the same; providing for the proceeds of the bonds to be deposited in a separate escrow account far the payment of the bonds being refunded; and providing other details in connection therewith. The public is invited to appear and be heard. TOWN OF VRIL ~~ ,~, ~!~ •Pamela A. Brandmeyer Town Clerk (Posted. Vail Municipal Building, Vail Past Office) • ttach Notice o~ Special Meeting) (A ,ti 35 C ~"~+ • ,~ ;~ ) STATE Off' COLORADO ) } COUNTY OF EAGLE } TOWN OF VATL ) The Town Council of the Town of Vail, Eagle County, Colorado, met in special session in full conformity with the Town Charter, the ordinances of the Town, and all other applicable laws, rules, and regulations, at the Municipal Building, in Vai'! , Colorado, on Friday, the 25th day of October, 1985, at the hour f~f 2:00 P.M. The following members of the Board were present, '; constituting a quorum: ~~ Mayor: Pa u1 Johnston Mayor Pro-Tem: Kent Rose Councilmembers : Dan Corcoran Colleen Kline -Hermann Staufer Ga it Wahrl ich--Lowenthal Al so Present Town Clerk: Pamela Brandmeyer Town Manager; Rondall Phill ips Town Finance Director: -~,~-~ata-G:~ ,;irk Town Attor/njey~y,,,:,~ Larr Eskwith Absent : l:W"Y ~t.~. ~~~~ ~i~. r (,~, JI The To~~~-~. r~l.~~'f i~'~~:rmed the Council that Ordinance No. p~, Series of 1985, concerning the issuance by the Town of general obligation refunding bonds, was introduced and read in full at the regular meeting of the Town Council held on October I5, 1985, and published in the manner prow id~:d by the 'T'own Charter at least seven t7) days prior to this meeting, The Town Clerk further informed the Council that, in accordance with the direction of Council , ;~}.~ Torn Cl ~ ~'_ ~..<<i published a notice that a pubs i.c hearing would be held on the proposed Ordinance at the special -- 35 - • • • ~~ ~. C ( ~ Town Council meeting on October 25, 1985, in accordance wi ~',: Section 4-10 of the Town Charter. Thereupon a public hearing was held an propos Ordinance No. ~_, Series of 1985. Thereupon Council member ~(}~~ moved that proposed Ordinance No. a~, Series of 1985, be amended to read as follows ORDINANCE NO. ~'~ , SERIES OF ].985 AN ORDINANCE AUTHORIZING THE ISSUANCE BY THE TOWN OF VAIL, COLORADO, OF GENERAL OBLIGATION REFUNDING BONDS, SERIES 1985, IN THE PRINCIPAL AMOUNT OF $21,715,00D, F.OR THE PURPOSE OF REFUNDING VALID AND OUTSTANDING INDEBTEDNESS OF THE TOVdN; PR ESCRZ~iING THE FORM OF SAID BONDS ; PROVIDING FOR THE LEVY OF AD VALOREM TAXES TO PAY THE SAME; PLEDGING SALES TAXES TO PAY THE SAME; PROVIDING FOR THE PROCEEDS OF THE BONDS TO BE DE POSITED IN A SEPARATE ESCROW ACCOUNT FOR THE PAYMENT OF THE BONDS BEING REFUNDED; AND PROVIDING OTHER DETAILS IN CONNECTION THEREWITH. WHEREAS, the Town ~of Va it , Eagle County, Colorado (t.he "Town") , has heretofore 'duly authorized, sold, issued, anti delivered to the purchasers the reof $7,000,000 of its General Obligation Refunding Bonds, Series 1982-A, dated June 1, 1.982, of which issue there now remains outstanding the total amount of $5,770,000 (the "1982-A Bands"}, being bands numbered 247 to 1,400, inclusive, in the denomination of $5,000 each, bearing interest payable semiannually nn June 1 and December 1 each yea and maturing serially an December 1 each year as follows: Amount Maturity Interest Rate S 74a,0oo 1985 10.00$ els,o0o 198b 10.00 905,000 1987 10.00 990,000 2988 10.00 1,105,000 1989 10.00 1,?.15, 000 1990 1.0.00 WHEREAS, the 1982-A Bonds are not subject to redemption prior to maturity; and -~ 3 7 - • • • ~,~~ ~ C- C GdHEREAS, the Town has heretofore duly authorized, sctd, issued, and delivered to the purchasers thereof $2,900,000 of its General Obligation Bonds, Series 1982-~3, dated June 1, 1982, of which issue there now regains outstanding the total amount of $2,900,000 (the "1982-f3 Bonds"), being bonds numbered 1 to 580, inclusive, in the denomination of $5,000 each, bearing interest payable semiannually on June 1 and December 1 each year and maturing serially on December 1 each year as follows: Amount Maturity Interest Rate $1,285,000 1991 11.00% 1,420,000 1992 11.25 195,000 1993 11.50 ti_ WHEREAS, the 1982-B Bonds are not subject to redempt.=n prior to maturity; and WE3EREA5, the Town has heretofore duly authorised, sold, issued, and del ivered to the purchasers thereof $9,870,000 of its General Obligation Refunding Bonds, Series 1982--x, dated June 1, 1982, of which issue there naw remains outstanding the total amount of $9,870,000 (the "1982--C Bonds") , being bonds numbered 1 to 1,974, inclusive, in the denomination of $5,000 each, bearing interest payable semiannually on June 1 and December 1 each year and gaturing serially on December 1 each year as follows; Amount Maturity Interest Rate $1,385,000 1993 11.500 6,035,000 1997 12.00 1,525,000 1998 12.10 915.000 1999 12.10 5,000 2000 12.10 5,000 2001 12.10 WHEREAS, the 1982-C Bonds maturing on December 1, 1997, are subject to mandatory sinking fund redemption, by lot, beginning on December 1, 1994, and on each December 1 thereafter, to and including December 1, 1997, upon payment of par and accrued interest, without redemption premium, in the annual amounts set forth below: 38 - • • • C (; ~ De cembe r 1 1994 1995 1996 1997 Amount $1,775,000 1,620,000 1,260,000 1,380,000 WHEJRI~AS, the 1982-C ~3onds maturing on and :~ ~'_._ _ December 1, 1997, are redeemable, at the option of the Town, on December 1, 1995, and an any interest payment date thereaftery in inverse numerical order, upon payment of par and accrued interest, without redemption premium; and WHEREAS, the Town has heretofore duly authorized, so~<.~, issued, and delivered to the purchasers thereof $1,600,000 of its General Obligation Bonds, Series 1984, dated June 1, 1984, of which issue there now remains outstanding the total amount of $1,600,000 (the "1984 Bonds"), in the denomination of $5,000 eC.~:h, bearing interest payable semiannually on dune 1 and Decembe_ 1 each year and maturing serially on December ~ each year as follows Amount $30,000 35,000 40,000 40,000 45,000 50,000 55, 000 60,000 70,000 75,000 85,000 90,000 loo,ooo 110,000 120,000 130,000 140,000 155,000 3.70, 000 WHEREAS, December 1, 1995, December 1, 1994, inverse order of Maturity Tnterest Rate 1985 11.250 " 1986 11.25 1987 11.25 1988 11.25 1989 11.?.5 1990 11.25 1991 " 11..25 1992 11.25 1993 11.25 1994 10000 1995 g.25 1996 9.375 1997 9.50 1988 9.60 1999 9.70 2000 9.75 2001 g~75 2002 9.875 2003 9.875 the 1984 Bonds maturing on and after are redeemable, at the option of the Town, on and on any interest payment date thereafter, in maturity and by lot within a maturity, upon ~_ - 39 - • • • ~~ ~- payment of par, accrued interest, and a premium of 1.OOq of the principal amount so redeemed; and WHEREAS, the principal of, premium if any, and interest on the 1982-A Bonds, the 1982-8 Bonds, the 1982-C Bonds, and tr:: 1984 Bonds {collectively, the "Outstanding Bonds") are payable at the Central Bank of Denver, a banking corporation, in Denver, Colorado; and WHEREAS, none of the Outstanding Bonds have heretofore been refunded, nor have any of the same been redeemed or otherwise pa id , can cel I ed , o r retired by the Town ; and WHEREAS, after extended discussions and consultation with the Town's financial advisotir, it has been determined by the Town Council that by entering into~~ and completing a refunding program at this time , pursuant to the provisions of the 'down Charter, the Town can reduce total interest payable on i:he Outstanding Bonds; and WHEREAS, the Town Council, pursuant to the Town Charter, is authorized to issue bonds for the purpose of refunding valid and outstanding obligations of the~Town; and WHEREAS, the Town Council has determined and hereby determines that it is advantageous and favorable to the Town, and the inhabitants and taxpayers thereof, that the Outstanding Bands be refunded, and that refunding bonds be issued in the principal amount of $21,715,000 for such pur~iose; and WHEREAS, the Town has legally available far s~.~Lh purpose, including amounts on deposit in reserve funds for the Outstanding Bonds, an amount not to exceed $3,445,900 (the "Escrow Supplement") , which the Town Council has determined and hereby determines to allocate, together with the proceeds of said refunding bonds, to supplement the same, for the purpose of paying the principal of, premium if any, and interest on the Outstanding Bands at their respective maturity dates or designated prior redemption dates as is hereinafter mare specifically set f-,~,_~,~ and WHEREAS, the proceeds derived from the sale of said refunding bonds, together with t:~e Escrow Supplement, after - 40 -- • • • ~, j i payment of the costs and expenses of the refunding pracedu~e, shall be placed in a special fund and trust account, to be established as herein authorized, for the purpose only of paying the Outstanding Bands as they became due and payable, all as is hereinafter more specifically set forth: BE IT ORDAINED BY THE TO~rJ'N COUNCIL OF THE TOWN OF VAT L, COLORADO: Section 1. t]efinitions. As used herein, the following terms shall have the respective meanings set forth below, unless the context indicates otherwise: Bank: Central Bank of Denver, a banking corporation, in Denver, Colorado, or its suc~essar, a commercial bank duly 4 _ organized and existing under the laws of the State of Color~.~~o, being a member of the Federal Deposit Insurance Corporation; and having full and complete trust powers, with which the Escrow Account is established and maintained. Bond Ac count : "the "Town of Va ii Bond Accoun t" i established by Sect ion 13 of this Ordinance. Bond Registrar: Central Bank of Denver, a banking corporation, in Denve r, Colorado, o r its successor, which shall perform the function of bond registrar with respect to the Bands. Bonds: the General Obligation Refunding Bonds, Series 1985, dated November 15, 1985, issued in the aggregate principal amount of $21,715,000, as authorized by this Ordinance. Bondowner: the registered owner of any Bond as shown by the registration books maintained by the Bond Registrar on behalf of the Town . C.R.S.: the Colorado Revised Statutes, as amended and supplemented as of the date hereof. Cer~itied Public Accountant: a c~::.°Lified public accountant within the meaning of §12-2-115, G,R.S., and any amendment thereto, 1 icensed to practice in the State of Colorado. Charter: the home rule charter of the Town in effect as of the date hereof. Combined ~haximum Annual Principal and Interest ~.~quirements: with regard to any two or mare particular issues, ~- 41 - ~ ~ • ( C' ~ the maximum annual payments of principal and interest on all of said issue s { but excluding redemption premiums } to become due during any fiscal year which such issues are outstanding] provided however, that if any particular issue has a single principal payment date and is issued as interim notes or securities in anticipation of permanent financing, such principal amount shall be excluded from this computation; and provided turther, that such computation shall assume the redemption and payment of bonds or other obligations subject to mandatary redemption, but shall be made without regard to optional redemption. Escrow Account: a special fund and separate trust account created by Section 19 of4 this Ordinance and designated as the "Town of Vail Bond Refunding escrow Account, 1985", to be establ fished and maintained at the Sank. Escrow Agreement: the agreement between the Town and the Bank dated as of November 1S, 1985, concerning the estab- lishment and maintenance of the Escrow Account. Escrow Supplement: an amount not to exceed $3,445,900, of moneys legally available far allocation by the Town, including amounts on deposit in reserve funds for the Outstanding Bonds, as a supplement to the proceeds of the Bonds, for the purpose of paying the principal of, premium if any, and interest on the Outstanding Bonds at their respective maturities or designated pr zo i~° redemption dates . Federal Securities: direct obl igations of, or obl iga- tions the principal and interest of which are unconditionally guaranteed by, the United States of America. P~BIA: the Municipal Bond Insurance Association, a IVew York insurance association. Ordinance: this Ordinance which authorizes the issuance of the Bonds. Outstanding Bonds: the outstanding portion of the Town"s General Obligation Refunding Bonds, Series 1932-A, d= ` ~.,i June 1, 1982, issued in the original principal amount of $7,000,000, of which issue there now remains outstanding the amount of $5,770,000 {the "1982-A Bonds")> the T~^~,~,'s GL;,., __, - 42 - ~ • • ~ ~ ~ "~ ~ ~.;3 ~~ 3 Obligati4r~ Bonds, Series 1982-B, dated June 1, 1982, issued in the original principal amount of $2,900,000, of which issue there :yaw remains outstanding the total amount of $2,900,000 (the "1982-B Bonds"); the Town's General Obligation Refunding Bonds, Series 1982-C, dated June 1, 1982, issued in the original principal amount of $9,870,000, of which issue there now remains outstandi~~.7 the total amount of $9,870,000 (the "3982-C Bonds"); and the Town's General Obligation Bonds, Series 1984, dated June 1, 1984, issued in the original principal amount of $1,600,000, of which issue there now remains outstanding the total. amount of $1,60U,uUU (the "1984 Bonds"). Parity Lien Obligations: additional general obligation e. bonds, notes, interim securities, or other obligations of the Town issued pursuant to Section 17 hereof and payable from and having a lien on the Pledged Sales Tax Revenues on a parity with the Tien thereon of the Bonds. Paying Agent: central Bank of Denver, a banking i. corpc~Latian, in Denver, Colorado, or its successor, which shall perform the function of paying agent with respect to the Bands. Pledged Sales Tax Revenues: the revenues derived from one-half of the Town's 4~}sales tax authorized by Ordinance No. 11, Series 1973, as amended, of the Town. Purchaser: Kirchner Moore & Company, Denver, Colorado. Record Date: the fifteenth (15th) day of the calendar month next preceding any interest payment date. Reserve Account: the "Town of Vail Bond Reserve Account, 1985" established by Section 15 of this Ordinance. Required Reserve: with respect to the Bonds authoriz~:d herein, an amount equal to $1,351,142.50, and with respect to any Parity Lien Ob1 igations hereafter issued by the Tocrn, an amount equal to one-half of the Combined Maximum Annual Principal and Interest Requirements of the Bonds and such Parity Lien Obl igations. Subordinate Lien Obligations: additional general obligation bonds, notes, interim securities, ox other obligations of the Town issued pursuant to Section 17 hereof and payable from - 43 - • • • ~~ E ( ( C and having a lien on the Pledged Sales Tax Revenues subordinate to the 1 ier~ thereon of the Bonds. Town : the Town of Va it , Eagle County, Colorado. Town Council: the Town Council of the Town. Section 2. Authorization. Tn accordance with the Con- stitution of the State of Colorado; the Charter; and all laws of the State of Colorado thereunto enabling; the Town shall issue its general obl igation refunding bonds, each to be designated "General Obligation Refunding Bond, Series 1985", in the total principal amount of $21,715,000, for the purpose of refunding the Out- standing Sonds. The Bonds shall constitute general obligations ~_~f the Tawn, and the full faith and credit of the Town shall ~~; :_ pledged foz their payment. Section 3 , Bond De tails . The Bonds shal l be issued only as ful7.y registered Bonds without coupons in the denomination of $5,000 each or any integral multiple thereof. Unless the Town shall otherwise direct, the Bonds shall be numbered separately fro~7~ ~. upward, with the number of each Bona r~receded by "R-" . The Sonds sha11 be dated as of November 15, 1985, and sha11 bear interest payable semiannually on each June 1 and December 1, commencing on June 1, 1986, and shall mature on the 1st day of December each year, as follows: Principal Interest Maturity Amount Rate 1986 $ s6o,oo0 5.50 0 19$7 1,035,000 6.oa 1988 1,100,000 6.50 1989 1,170,000 6.90 1990 1,250,000 7.25 1991 1,340,000 7.50 1992 1,445,000 7.70 1993 1,555,000 7.90 7.994 1,675,000 8.10 1995 1,815,000 8.30 1996 1,965,000 8.50 1997 2,130,000 8.625 1998 2,315,000 8,75 1999 2,060,000 8.90 - 44 -- • • • ~_ - ~~ C ( ~ The maximum net effective interest rate authorized for this issue of Bonds is 9.OOOo per annum, and the actual net effective interest rate is 8.477 per annum. Section 4. Payment of Bonds; Paying Agent and Bond Registrar. The principal of the Brands is payable in lawful money of the United States of America to the registered owner of each Bond upon presentation and surrender at the principal office of the Paying Agent. Notwithstanding anything contained in this Ordinance to the contrary, interest an the Bonds shall be payai~le to the person in whose name such Bond is registered, at his address as it appears on the registration books maintained by o_- on behalf of the Town by the $ond Registrar, at the close of ~_ business on the Record Date, irrespective of any transfer. or exchange of such Bond subsequent to such Record Date and prior to such interest payment date. Such payment shall be paid by check or draft of the Paying Agent. The principal of and interest on the Bonds shall be paid ,. in accordance with the terms of a "Paying Agent and Rega.at.rar Agreement" between the Town and the Paying Agent. Section 5. Prior Redemption. Bonds maturing an and after December 1, 1995, are subject to redemption prior to maturity, at the option of the Town, as a whole or in integr-~? multiples of $5,000, in inverse order of maturity, on December 1, 1995,"-and on any interest payment d'~te thereafter, upon payment aL par and accrued interest, without redemption premium. If less than all of the Bonds within a maturity date are to be redeemed on any prior redemption date, the Bonds to be redeemed shall be selected by lot not less than forty five (45) days prior to the date fixed for redemption, in such manner as the Bond Registrar shall determine. The Bonds shall be redeemed only in integral multiples of $5,000. Tn the event a Band is of a denomination larger than $5,000, a portion of such Band may be redeemed, but only in the principal amount of $5,000 or any inte- gral multiple thereof. Such Band shall be treated for the pu r- poses of redemption as that number of Bonds which results from dividing the principal amount of such Bond by $5,000. -- 45 • • • ~'.~ r ~~ c ~ r In the event any of the Bonds or portions thereof {which shall be in amounts equal to $5,000 or any integral multip_~~: thereof') are called for redemption as aforesaid, notice there.~.~ identifying the Bonds or portions thereof to be redeemed will be given by the Bond Registrar by mailing a copy of the redemption notice by first class mail (postage prepaid} not less than thirty { 3 0) days prior to the date fixed for redemption , to the registered owner of each Bond to be redeemed in whole or in part at the address shown on the registration books maintained by the Bond Registrar . Fa it ure to give such not ice by ma ii ing to any Bondowner, or any defect therein, shall not affect the val idity of any proceeding for the redemption of other Bonds. A].l Bonds so ~_ called for redemption will cease to k~ear interest after the speci- f led redemption date , pray ided funds for their redemption are =_~n deposit at the place of payment at that time. Section 6. Form and Execution of Bonds. The Bonds sha11 be signed with the fats imile signature of the Mayor of the x Town, sealed with a facsimile of the seal of the Town, ~:nd attested by the facsimile signature of the Town Clerk. Shnuld any officer whose facsimile signature appears on the Bonds cease tc `~e such officer before delivery of the Bonds to the Purchaser, such facsimile signature shall nevertheless be valid and sufficient far all purposes. The Bonds shah. be in substantially the following form: -- 46 - • • • '~_. -_~ CFarm of Bond] No , R- [Front of Bond] UNITED STATES OF AMER TCA STATE OF COLORADO COUNTY 0~' EAGLE TOWN OF VAI L GENERAL OBLIGATION REFUNDING BOND SERIES 1985 ,~ ORIGINAL INTEREST RATE MATURITY DATE ISSUE DATE CU5' P __ '3 - November 15, 1985 REGISTERED OWNER: PRINCIPAL AMOUNT: DOLLARS The Town of Vail , in the County of Eagle and State of Colorado, a municipal corporation duly organized and operating under the Town Charter and the constitution and laws of the State of Colorado, for value received, hereby acknowledges itsei. indebted and promises to pay to the registered owner named above, or registered assigns, on the matu~ ~;:_~ ~::~t-s specified above, the principal amount specified above, and in like manner to pay interest an such principal amount (computed on the basis of a .r 360--day year of twelve 30--day months} from the interest payment date next preceding the date of registration and authentication of this Bond, unless this Bond is registered and authenticated prior to June 1, 1986, in which, event this Bond shall bear interest from November 15, ].985, at the interest rate per annum specified above, payable semiannually on June 1 and DecembeY 1 each y~~r, com~t~encing on June 1, 1986, until such principal, amount is paid, unless this Bond shall have been prev iously called for redemption and payment shall have been duly provided for or made. The principal of this Bond is payable in lawful money of the United States of America to the registered owner upon presentation and _ ~~ • • ( C- C surrender at Central Bank of Denver, a banking corporation, an Denver, Colorado, or its successor, as Paying Agent. Payment of each installment of interest shall be made to the registered owner hereof whose name shall appear on :.iae registration books of the Town maintained by or on behalf of }he Town by Central Bank of Denver, a banking corporation, in Denver, Colorado, or its successor, as Sand Registrar, at the close of business on the fifteenth (15th) day of the calendar month next preceding each interest payment date {the "Record Date"}, and shall be paid by check or draft of the Paying Agent mailed to such registered owner at has address as it appears on such registration book. ~_ Bonds of this issue, of which this Bond is one, matur?ng on and after December 1, 1996, are subject to redemption prio-- to maturity, at the option of the Town, as a whole or in integral multiples of $5,000, in inverse order of maturity, and if less than an entire maturity is to be redeemed, then by lot within such maturity, on December ]., 1995, and on any interest payment date thereafter, upon payment of par and accrued interest, wit.l,`._~,t redemption premium. The Bonds will be redeemed only in integral multiples of $5,000. Tn the event a Bond is of a denomination larger than $5,000, a portion of such Bond may be redeemed, but only in the principal amount of $5,000 or any ~~ntegral multiple thereof. Such Bond wi11 be treated for the purposes of redemption as that number of Bonds which results from dividing the principal amount of such Bond by $5,000. Notice of prior redemption shall be given by mailing a copy of the redemption notice, not less than thirty (3D) days prior to the date fixed for redemption, to the registered owner of this Bond at the address shown on the registration books maintained by the Bond Registrar, in the manner set forth in the authorizing Bond Ordinance. All Bonds called far redemption wild. cease to bear interest after the specified redemption date, provided funds for their redemption are on deposit at the place of payment at that time. - 48 - • • • ret_ r. ~ f' REFERENCE IS HEREBY MADE TO FURTE~ER FRONTS IONS OF THIS BOND SET FORTH ON THE REVERSE HEREOF, WHTCH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF FULLY SET FORTH IN THIS PLACE. This Bond sha11 not be val id or become obl igatory for any purpose or be entitled to any security or benefit under the authorizing Bond Ordinance until the certificate of authentication hereon shall have been signed by the Bond Registrar. IN TESTIMONY WHEREOF, the Town Council of the Town of Vaal, Colorado, has caused this Bond to be signed by the facsimile signature of the ~7ayor of the Town, sealed with a facsimile of the seal. of the Town, and attested by the £acsamile signature of the Town Clerk, all as of the 15th day of~ November, 1985. TOWN OF VATL EAGLE COUN'i Y, COLORADD ( FAGS IMILE S E A L ) ATTESTED: By: (Facsimile Signature. Town Clerk By: (Facs imal e Signature ) Mayo r .N - 49 _ • ~ • ,+y ~ 1` ' 9 [Form of Bond Registrar's Certificate of Authentication] CERTIFICATE 0F' AiJTHENTIC.ATION This Bond is one of the Bonds of the issue described in the within mentioned F3ond Ordinance. Date of Registration Central Bank of Denver, and Authentication: a banking corporation Denver, Colorado, as Bond Registrar By. Authorized Signatory [ Insuranc?e Legend] .w - 5 a -- • • ~ ~ __ `~ 1 t C [Back of Bond1 AADITIONAb PROVISIONS This Bond is one of a series aggregating Twenty-One Million Seven T~undred Fifteen Thousand Dollars {21,715,000) par value, all of like date, tenor, and effect except as to number, principal amount, interest rate, and date of maturity, issued by the Town Council of the ToGan of Vail, in the County of Eagle =end State of Colorado, for the purpose of refunding valid and outstanding indebtedness of the Town, under the authority of and in full conformity with the Constitution of the State of Colorado; the Town Charter; and all laws o~ the State of Colorado thereunto enabling; and pursuant to the duly adopted Ordinance authorizing the issuance of this Bond. It is hereby recited, certified, .._,d warranted that all of the requirements of law have been f~.tlly complied with by the proper officers in issuing this Bond. It is hereby fuxtkier recited, certified, and warrani.Qd that the total indebtedness of the Town, including that of this Bond, does not exceed any .limit prescribed by the Town Charter or the constitution or 1~ ,•,s of the State of Colorado; that '~:.:. issuance of this Bond was authorized by an Ordinance of the Town duly adopted and approved prior to the issuance hereof; and that provision has been made for the levy and collection of a. r. :~d valorem tax on all of the taxaXfle property within the To~.~n, without limitation of rate or amount, to the extent other funds are not made available for such payments, sufficient to pay :._. principal of and interest on this Bond as the same respectir/ely become due, The full faith and credit of the Town are hereby pledged for the punctual payment of the principal of and interest on this ~3ond. The ~3onds are additionally secured by a Reserve Account. as provided in the Ordinance authorizing the issuance of this Bond. In addition, the revenues derived by the Town from one- half of tl~e Town's 4$ sales tax authorized by Ordinance No. 11, Series 1.973, as amended, of the Town, are irrevocably pledged to the payment of the principal of and interest on the Bonds, as more - 51 - • • • :,,W ( C C particularly set forth in the Ordinance authorizing the issuance of this Bond. This Bond constitutes an irrevocable and first lien (although not necessarily an exclusive f first l ien) upon such revenues. The Town and the Bond Registrar shall not be required to issue or transfer any Bonds: (1) during a period beginning on tiie Record Date and ending at the close of business on the ensuing interest payment date, or (2) during t.r~~ period beginninr~ on _.ny date of selection of Bonds to be redeemed and ending on the day on which the applicable notice of redemption is given. The Bernd Registrar shall not be required to transfer any Bonds selected or cal 1 ed for redemption , in whorl e or in part . The Town , the Paying Agent, and the Bond Registrar may deem and treat the registered owner of any Bond as the absolute owner thereof far all purpnses (whether or not such Bond shall be overdue) and any notice to the contrary shall not be binding upon the Town, the Paying Agent, ~r the Bond Registrar. ' This Bond is transferable by the registered o~~ner hereof, in person or by his attorney duly authorized in writing, at the principal office of the Bond Registrar, but only in the manner, subject to the limitations, and upon payment of the charges provided in the authorizing Bond Ordinance and upon surrender and cancellation of this Bond. This Bond may be transferred upon the registration 'hooks upon delivery to the Bond Registrar of this Bond, accompanied by a written instrument or instruments of transfer in form and with guaranty of signature satisfactory to the Bond Registrar, duly executed by the owner of this F3ond or his attorney-in-fact or legal representative, containing written instructions as to the details of the transfer of the Bond, along with the social security number or federal employer identification number of such transferee. In the event of the transfer of this Bond, the Bond Registrar shall enter the transfer of ownership in the registration books and shall authenticate and del aver in the name of the transferee or transferees a new fully registered Bond or Bonds o~ a~:~,..~rized denasninatians of the same maturity and interest rate for the - 52 - • • • -'„ ~~ C' aggregate principal amount which the registered owner is entitled to receive at the earliest practicable time. The Bond Registrar shall charge the owner of this Bond for every such transf_or an amount sufficient to reimfaurse it for its reasonable fees and for any tax or other governmental. charge required to be paid ~~~~ th respect to such transfer. 3_ Ki. X' -- S 3 -- • ~ 'r ~ ' '' 1 CEorm o.f Transfer] ASSIGNMENT FOR VALUE RECEIVED, the undersigned sells, assigns, and transfers unto SOCIAL SECURITY OR FEDERAL, EMPLOYER IDENTIFICATION NUMBER OF' ASSIGNEE ~5, ... {Name and Address of Assignee) the within Bond and does hereby irrevocably constitute and appoint attorney, to transfer said Bond on the books kept for registration thereof with full power of substitution in the premises. Dated Signature of Registered Owner: NOTTCFr: The signature to this assignment must correspond with the name af_ the registered owner as it appears upon the face of the within Band in every particular, without alteration ox enlargement or any change whatever. S igna t~_~r. e gua ranteed : {Bank, Trust Company, or £~`irm) - 54 • • • C. ~ ("~ Section 7. Authentication. No Band shall be val id or obligatory for any purpose or be entitled to any security or benefit under this Ordinance unless and until. a certificate of authentication on such Rond substantially in the form he reinabove set forth shall have been duly executed by the Bond Registrar. anal such executed certificate of the Bond Registrar upon any such Bond shall be conclusive evidence that such Bond has been authenticated and delivered under this Ordinance. The Bond Registrar's certificate of authentication on any Bond shall be deemed to have been executed by it if signed by an authorized officer ox signatory of the Bond Registrar, but it shall not be necessary that the same officer or sigt~atary sign the certificate of authentication on all of the Bonds issued hereunder. Section 8. Del ivery of Bonds. Upon the adoption of this Ordinance, the Town shall execute the Bonds and del iver ti~em to the Bond Registrar, and the Bond Registrar shall authenticate the Bonds and deliver them ~o the Purchaser, as directed by the Tawn, and in accordance with the Bond Purchase Agreement between the Town and the Purchaser . Section 9. Registration and Transfer of Bonds; Persons Treated as Owners. The Bond Registrar shall maintain the books of the Town for the registration of ownership of each Bond as provided in this Ordinance. Bonds may be transferred upon the reg i sprat ion books upon del ive ry' of the Bands to the Bond Registrar, accompanied by a written instrument or instruments of transfer in form and with guaranty of signature satisfactory to the Bond Registrar, duly executed by the owner of the Bonds to be transferred or his attorney-in-fact or legal representative, containing written instructions as to the details of the transfer of sucl~ Bonds, alcng ~~ith the social security number or federal. employer identification number of such transferee. No transfer of any Bond shall be effective until entered on the registration books. In all cases of the transfe r of a Bond, the Bond Registrar shall enter the transfer of ownership in the regi- stration books and shall authenticate and del, iver in the name of - 55 - • • • ~w (" ~ (( the transferee or transferees a new fully registered Bond or Bc_~ds of authorized denominations of the same maturity and interest rate for the aggregate principal amount which the registered owner is entitled to receive at the earliest practicable time in accordance with the provisions of this Ordinance. The Band Registrar shall charge the owner of this Bond.for every such transfer an amaant sufficient to reimburse it for its reasonable fees and for any tax or other governmental charge required to be paid with respeci. °~~ such transfer. Thy Town and Bond Registrar shall not be required issue or transfer any Bonds: (1) during a period beginning on ~he Record Date and ending at the close of business on the ensu~:~ng interest payment date , or ( 2 ) during ~ the period beginning on a:yr date of selection of Bonds to be redeemed and ending on the day on which the applicable notice of redemption is given. The Bond Registrar shall not be required to transfer any Bonds selected or called for redemption, in whole ar in part. ~. New Bonds del ivered upon any transfer shall be val id general obligations of the Town, evidencing the same obligation as the Bands surrendered, shall be secured by this Ordinance, and shall be entitled to all of the security and benefits hereof to the same extent as the Bonds surrendered. The Town, the Paying Agent, and the Bond Registrar may deem and treat the registered owner of any Bond as the absolute owner thereof for all purposes (whether or not such Bond shad?. }~e overdue), and any notice to the contrary shall not be binding upon the Town, the Paying Agent, or the Band Registrar. Section 10. Destruction of Bonds. Whenever any out- s tared ing Band shal 1 be del ivered to the Bond Registrar fax cancellation pursuant to this Ordinance and upon payment of the principal amount and interest represented thereby, or whenever any outstanding Bond shall be delivered to the Bond Registrar fo r transfer pursuant to the provisions hereof, such Bond shall be cancelled and destroyed by the Band Registrar and counterparts of a certificate of destruction evidencing such destruction shall be furnished by the Bond Registrar to the Town. - 5 6 ~- ~ . • ~~ ~. ~r (~ Section 11. host Bonds. Any Bond that is lost, stolen, destroyed , or mutilated may be re placed or paid by the f'r~nd Registrar in accordance with and subject to the limitations of applicable 1 aw . The applicant for any such rep]. a cement Band sh.a11 past such security, pay such casts, and present such proof of ownership and loss as may be required by applicable law, or in the absence of specifzc requirements, as may be required by the '~~nd Registrar. Section 12. Disposition of Bond Proceeds. The Bands sha_],1 be sold for the purpose of paying the costs of: (i} fund~r~a, together with the Dscrow Supplement, the Bscrow Account herein authorized, (ii} paying the Purchaser's discount, and (iii) 3_ paying the costs of issuance of the fonds. Neither the PurchG:~er nor the Bondawners shall be responsible for the application or disposal of the proceeds of the Bands by the Town or any of its officers. A11 or any portion of the Bond proceeds shall be temporarily invested or reinvested, pending such use, in se cur i-- ties or obligations hereinafter. described. it is hereby covenanted anc.l agreed by the Town that the temporary investment or reinvestment of the origirTal proceeds of the Bonds, or of any moneys treated as proceeds of the E~onds within the meaning of Section 103(c} of the Internal Revenue Code of 195, as amer..N~ci {the _"Code"}- and pertinent regula,.tions, rulings, and decisions, shall be of such nature and extent, for such period, and at such yield, that the Bonds sha11 not be ar become arbitrage bonds within the meaning of Section 103{c) of the Code and pertinent regulations, rulings, and decisions. Section 13. Pledge of Ad Valorem Taxes. If necessary, the interest to became due on the Bonds on June 1, 1986, shall be advanced from any revenues or funds of the Town lawfully ova ii able for such purpose , includ ing , but not 1 invited to , the accrued interest on the Bonds to be paid by the Purchaser on the date of delivery. k'or the purpose of reimbursing such advance and paying the interest on and principal of the Bonds as the same become due and payable, respectively, there sha11 be levied on all of the ~. 5 7 • • C! ~; C _ (~- Ci taxable property in the Town ad valorem taxes in each of the years 1985 to 1998, inclusive, sufficient to make such reimbursement and pay the interest on and principal of the Bonds as the :~arcre b~ :.~.~ due and payable, respectively, to the extent that other funds are not made available for such payments. Such ad valorem taxes shall be levied in addition to all other taxes levied to effect the pur- poses of the Town, including taxes levied to meet the Town's operation and maintenance expenses. There is hereby established the Bond Account. Sara taxes when collected sha11 be deposited in the Bond Account and appl ied solely for the repayment of such advance and the payre~ent of the principal of and inter,cst on the Bonds, respcc'__. ,%, until the Bonds, as to both principal~~~and interest, shall be fu.~_ly paid, satisfied, and discharged; provided however, that nothing herein contained shall be so construed as to prevent the Town Cr.om applying any other funds or revenues that may be in the tY~^ ~,.,~-y of the Town and available for that purpose to the payment of the principal of or interest on the Bonds as the same become due and payable, respectively, and upon the application of any other suc:~r funds or revenues as aforesaid, the mill levy or levies herein provided may thereupon, to that extent, be diminished. The foregoing provisions of this Qrdinance are l:e~-pbv declared to be the certificate of the Town Council to the Board of Count"~r Commissioners of Eagle C'aunty, Colorado, showing the aggregate amount of taxes to be levied for the purpose aforesaiu by the Board of County Commissioners from time to tune, as required by law, for the purpose of paying the principal of the Bonds and th~~ interest thereon as the same shall herear~a~ mature and accrue. The amounts necessary to pay all costs and expenses incidental to the issuance of the Bonds and the amounts hereiri- above provided to pay the interest on the Bonds and to discharge the principal thereof when due are hereby appropriated for said purposes, and such amounts as are appropriate for each year sha11 also be incl udec~ in the annual budget and the appropriation bill. to be adapted and passed by the Town Council in each year, ~- 5 8 - • • • r g respectively, until the Bonds have been fully paid, satisfied, ~;nd discharged. It shall be the duty of the Town Council annually, at the tune and in the manner provided by law for levying other Town taxes, if such action shall be necessary to effectuate the provisions of this Ordinance, to ratify and carry out the provisions hereof with reference to the levying and collectie~r~: L:` taxes; and the Town Council shall levy, certify, and collect such taxes in the manner provided by law for the purpose of funding cue ~3ond Account for the payment of the principal of the Bonds and interest thereon, and such taxes, when collected, shall, be kept for and appl led only to the payment of ~.he interest and principal of the Bonds as he reinabave specified. Section 14. Additional Tax bevies in the Event of Delin- quency. 5a id taxes shall be levied, assessed, collected, and enforced at the time and in the form and manner and with 1 i',,e 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. In the event that any of said levies, together with charges that may be made by the Town, shall fail to produce an amount sufficient to pay the interest on and the principal of the Bonds becoming due in the next succeeding year, the deficit shall be made up in the next levy, and taxes shall continue to be levied until said "fonds and the interest thereon shall be paid in full. The Town Council shall take all necessary and proper steps promptly to enforce the payment of taxes le~a.~~d pursuant to this Ordinance. Section 15. Reserve Account. There is hereby established the Reserve Account, which shall be used solely to prevent defaults in the payment of the principal of or interest on the Bonds. If moneys in the Reserve Account are used to prevent a default in the payment of principal of or interest on the Bonds, the Town shall promptly restore such. moneys to the Reserve Account from legally available funds of the Town. The Reserve Account sha11 be maintained until such time as the balance therein, when combined with other moneys of the Tawn, shall be sufficient to pay - 59 - ~ • • ~-~ c r. e the principal of and interest on the Bonds then outstanding, at which time the moneys in the Reserve Account may be applied fcr such purpose. The Reserve Account shall be establ fished and funded ~Wn the amount of $1,351,142.50 by the deposit of such amount from the proceeds of the Bonds, which amount is equal to the Required Reserve far the Bonds authorized herein. No additional deposits shall be made to the Reserve Account so long as the amount therein is equal to the Required Reserve. The amount contained in the Reserve Account shall never exceed the Required Reserve. Moneys in the Reserve Account shall be invested ~~~ obligations or securities which are lawful investment.-, Investment income shall be retained in the Reserve Account so long as the balance thereof is Less than the Required Reserve . If tree balance of the Reserve Fund equals the Required Reserve , investment income shall be withdrawn from the Reserve Account upon receipt and deposited in tn~ Bond Account to meet current .vi.~L- service requirements, For purposes of this Section, Reserve Account investments shall be valued on the basis of their original cost and not on the basis of their current market value. Upon the issuance by the Town of any Parity Lien Obl igations, the Reserve Account shall serve as a common reserve for the Bonds and such Parity Lien Obligations. Upon the issuance of arty Parity Lien Obl igations, ""' the Reserve Account shall be increased to an amount equal to the Required Reserve far the Bonds and the Parity Lien Obl igations either by (i) the deposit of such amount from any legally available funds of the Town at the time of delivery of the Bonds, or (ii) the deposit of twenty percent (20~) of the unfunded amount on December 1 of the fiscal year next following the fiscal year in which such Parity Lien Bonds are issued and on December 1 of each of the succeeding four (4) years. Section 16. Pledged Sales Tax Revenues. Notwithst:~an.'~- ing the foregoing provisions for ad valorem tax levies, 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 authorized by Ordinance Na. 11, Series -- 6 0 - ~ . • ~_ , ~ Cj 1973, as amended, to the extent of an amount to be not less than 4$ of gross receipts derived from the sale of tangible personal property and the furnishing of services now or hereafter subj~cc to said sales tax. One-half of the revenues derived by the Toyvn from said 4o sales tax {the Pledged Sales Tax Revenues) shall be and hereby are irrevocably and solely pledged and set aside to pay the interest on and the principal of the Bonds, as the same become due and payable from year to year; provided however, that the Pledged Sales Tax Revenues may be pledged to the payment of debt service on other general obligations of the Town as provided in Section 17 hereof, The Bonds constitute an irrevocable and first lien (although not necessarily +an exclusive first lien) on the Pledged Sales Tax Revenues. To the extent that the debt service, Reserve Account, and other requirements of the Bonds authorized herein, and any Parity Lien Obligations and Subordinate Lien Obligations of the Town which may be issued from time to time, are fully provided for i in any fiscal year by tax revenues and other mon~:ys le~galiy available therefor, then the Town is authorized to use any revenues remaining from the Pledged Sales Tax Revenues for other purposes (but only after all of the debt service, Reserve Accai.=.nt, and other requirements of the Bonds and any Parity Tien Obligations and Subordinate Lien Obligations have been fully prov fded for in said fiscal year) ;' including, but not limited to, payment of special non-general obligations, which special non- general obi. igations shall in any event not be on a parity with and shall be subordinate and inferior to the Bonds with respect to the Pledged Sales Tax Revenues. 50 long as the ^:~r~ds remain outstandi:~g and unpaid, the Town shall not repeal its Ordinance No. 11, Series 1973, and the Town shall not ~m~~nd said Ordinance in a manner which, taking into account other revenue of the Town which is legally dedicated and available to pay the principal and interest payments on the Bonds, would diminish the revenue security for the ~3onds. -- 61 - • • • ~_ C C , ~' Nothing in this Ordinance shall be construed in suc~~ manner to prevent the issuance by the Town of additional obligations of any nature, provided that said add itios~al obl igations are issued in a manner consistent with the provisi,:: and 1 imitations stated herein with respect to the Pledged Sales Tax Revenues . Section 17. Additional Obl igations. (a) No additional general obligation bonds, notes, interim securities, or other obligations of the Town Shall be issued payable from the Pledged Sales Tax Revenues and having a Tien thereon which is superior to the lien thereon of the Bonds authorized herein. ; (b) The Town may issue Parity Lien Obligations if: (i) The Town is then in compl fiance with all of the covenants of this Ordinance, including but not limited to the accumulation of funds required to be accumulated in the Bond Account and t~~e Reserve Account. (ii) The Pledged Sales Tax Revenues for the twelve (12) months immediately preceding the issuance and delivery of the Parity Lien Obligations shall be equal to not less than 1©Oo of the Combined Maximum Annual Principal. and Interest Requirements on the Bonds authorized herein and the proposed Parity Lien Obl igations to be issued, (iii) A written ~'~certificate by an independent Certified Public Accountant that such Pledged Sales Tax Revenues are sufficient shall conclusively determine the right of the Town to issue such Parity Lien Obligations. (c) Nothing herein shall prevent the Town from issuing Subordinate Lien Obl igat ions . (d) Nothing herein sha11 prevent the Town from issuing general obligation laonds or other securities to which the Town's full faith and credit is pledged and to which the Pledged Sales Tax Revenues have not been pledged. Section 1f3. F]efeasance. ~dhen all principal and interest in connection with the Bonds have been duly paid, the pledge and ~. ien and all obl igations hereunder shall thereupon be 62 • • • ._ f (, ~ discharged and the Bonds shall na longer be deemed to ~~: outstanding within the meaning of this ordinance, There shall be deemed to be such due payment when the Town has placed in escrow and in trust with a commercial bank located within or without the State of Colorado, and exercising trust powers, an amount sufficient (including the known minimum yield from Fe deM~al Securities in which such amount may be initially invested) to Meet all requirements of principal and interest, as the same become due, on the Bands to their final maturities or designated prior redemption dales. The Federal Securities shall became due at or prior to the respective times on which the proceeds thereof s~~all be needed, in accordance with a schedule established and agreed ,5 upon between the Town and such bank at the time of the creatic:: of the escrow, or the Federal Securities shall be subject to redemption at the option of the holder thereof to assure =•uch availability as so needed to meet such schedule. Section 19. Escrow Account; iJse of Proceeds. There is hereby established the Escrow Account. The proceeds of the Bonds, less certain costs and expenses of issuance payable therefrom, whicl~~ expenses are hereby authorized to be paid from the proceed°. of the Bonds, shall be deposited by the Town in the Escrow Account to be established and maintained at the Bank. In addition, the Escrow Supplement is hereby appro- priated and shall be deposited by~~the Town in the Escrow Account for the purpose of supplementing the proceeds of such Bands. The Bank is hereby authorized and directed to use such moneys to prov ide for the payment of the acquired obl igat ions to be held in the Escrow Account and to fund the Escrow Ac-~^a.?n` ~,aith the necessary beginning cash, if any, as required in accordance with the e:~crow sufficiency caaaputations verified by a Certified Public Accountant. T'~~.: ~•vupon, the balance, if any, of Bond proceeds held by the Bank, the Town, or any other person shall be deposited in thF Town's Bond Account to be held for the payment of the principal o~ or interest on the F3onds. The foregoing provision shall apply only to excess funds in the Escrow Account on hand at the time of -- 6 3 ~- ~ . • ~t = _ ~ ~ delive ry of the Bonds, and no further distribution of funds on. hand in the Escrow Account shall be made to the Town except at ~he time of termination of the Escrow Agreement or as provid•~u therein . The accrued interest, if any, on the Bonds from their date to the date of issuance and del ivery thereof shall be deposited in the Bond Account and held for the payment of interest on the Bonds when due. Section 20, Payment of Outstanding Bonds. The Es~~row Account, including therein the proceeds of the Bonds and #Aze Escrow Supplement, when invested by the Bank, shall at all tines be at ].east sufficient to pay the principal of, premium if any, and interest. on the Outstanding Bonds under and in accordance ~~rit3-- the follawing schedule: (A) The Outstanding Bonds, designated and maturing as follows, shall be paid and retired at their respective maturity dates: Issue Bonds P4aturirig 1982-A Bonds 1985 to 1990, incl. 1982-8 Bonds 1991. to 1993, incl. 1.982--C Bonds 1993 1984 Bonds 1985 to 1994, incl. (B) 1982--C Bands maturing on December 1, 1997, in the aggregate principal amount of $1,775,000 shall be called for redemption in advance of their maturity date, the bonds tp be caliUC1 to be selected by lot, on December 1, 1994, at par and accrued interest, without redemption premium, pursuant to sir,'cing fund provisions prow ided in the ordinance authorizing the issuance of the 1982-C Bonds. (C) The Outstanding Bonds, designated and maturing as follows, shall be and the same are hereby called for redemption prior to c;ic~ir respective maturities, and shall be paid on thy; prior redemption dates and at the prices set forth below: - 64 - t • • ~ r r Issue Bonds Maturing Prior Redemption Date and Price 1982-C Bands 1997 to 2001, incl. December 1, 1995, at 100 1984 Bonds 1995 to 20Q3, incl. December 1, I994, at lOlo (D) Interest on the Outstanding Bonds which becc;a~:s due in the years 1985 and thereafter shall be paid semiannually each year on the pzaper interest payment dates according to tr~~: ~_.~ original terms, until said Outstanding Bonds mature. Section 21, investment of Escrow Account, In accord- ance with the Escrow Agreement, the Bank shall invest the fu~l~:., an deposit in the Escrow Account in non-callable Federal Securities only, and sha11 fully secure any cash balance in the Escrow Account in the manner required'.-by._law for other trust funds; prow ided however, that the Bank may substitute obl igations in the Escrow AcGOUnt pursuant to the Escrow Agreement. Section 22. Additional Deposits. If for any xeasan the funds on hand in the Escrow Account shall be at any c~~~~ insufficient to meet payments of principal of, premium if any, and interest on the Outstanding Bonds as the same shall become due and payable, the Town shall forthwith deposit in the Escrow Account such additional funds as may be required to pay the entire amount about to become due and payable. Sect ion 23. Obligations of Bank. The Bank shall from time to time redeem at maturity all or a portion of the non- callable Federal Securities in the Escrow Account in sufficient amounts so that the proceeds therefrom and the interest thereon as the same accrues will be sufficient to pay the principal of, premium if any, and interest on the Outstanding Bonds as the same becomes due in accordance with the schedule set forth herein. Section 24. Notice of Refunding, Call, and Redemption. ThE Town Clerk is herby authorized and directed to give n~;ti.r_~ ~k refunding of the Outstanding Bonds at or about the time of such refunding. Unless additional and more extensive notice is required by law, the notice shall be sent by certified or r~=~r~i.,t~ered mail. at the time of such refunding to the following at the last known address thereof: - 65 - ~ . • ,~,~ ~ :: ~ C (1) Boettcher & Company, Inc. Denver, Colorado (As original purchaser of the Outstanding Bonds) (2) Central Bank of Denver, a bankinn corporation Denver, Colorado (As paying agent for the Outstanding Bonds) (3) Consol idated Bond Call Denver, Colorado The Town Clerk shall thereafter give notice of refunding , call , and redempt ion o f the 19 $ 2 -C Bonds and the 19 8 ~ Bonds , at or about the time of of such call and prior redempt ion , in accordance with the provisions fQx notice of prior redemption contained in the ordinances authorizing the issuance of such bonds, Section 25. Authorization to Execute Collateral Docu- ments. The Mayor, Town Clerk, other officers of the Town, and the members of the Town Council are hereby authorized and directed to take any and all actions necessary or appropriate to effectuate the provisions of this Ordinance, including, but not limited to: (i) the execution of a proper Escrow Agreement with the Bank concerning the deposits in, investments of, and disbursements from the Escrow Account; (ii) the execution of a paying agent and registrar agreement; and (iii) the execution of such certificates :. and affidavits as may reasonably be required by the Purchaser. Section 26. Declaration and Findings. The Town Council , hav ing been fully informed of and having considered all the pertinent facts and circumstances, does hereby find, determine, and declare: (A) The taxable property upon which levies are being made far payment of each series of Outstanding Bonds is identical , and the Bonds shall be payable frc.~ the same funds to be derived from the same source as would have been used to pay the Outstanding Bonds if no refunding thereof were to occur; 66 - • • • _- 4 c t (B) The Town, as of the date of issuance of the Bonds, is authorized by law to issue general obl igatiaris for the purposes for which the Outstanding Bonds were originally issued; (C) The funds and investments to be placed in the Escrow Account, together with interest to be derived from such investments, are in an amount which at all times shall be sufficient to pay the Outstanding Bonds as they become due at their respective maturities as to pr ~.,~czpal ar~d interest, and the computation. made in determining such sufficiency have been verified by a Certified Public Accountant; ~.. (I]) The total aggregate amount of bonded indeb~~- edness of the Town does not now, nor shall it upon the issuance of the Bonds, exceed any applicable ]. wmit prescribed by the constitution or laws of the State of Colorado ar by the° Charter; ,:. (E) The issuance of the Bonds and the refunding of the Outstanding k3onds, and all procedures undertaken incident thereto, are in full compl lance and confo:~-° -'~.y with all applicable requirements, provisions, and limi- tations prescribed by the Charter, the constitution and taws of the State of Colorado thereunto enabling; and (F) Entering intcS and completing the refunding program herein authorized at this time will enable the Tawn to reduce total. interest payable on the Outstanding Bonds; Section 27. Costs and Expenses of Refunding. All costs and expenses incurred in connQction w7.th the issuance and payment of the Bonds, including without limitation the Purchaser's dis- count and all other expenses related to the refunding procedure, shall be paid either from the proceeds of the Bonds, tram tii~: legally available moneys of the Town, or from a combination thereof, and such moneys are hereby appropriated for that purpose. Section 2~3. Acceptance of Purchase Agreement. The To~;rn Council dons hereby reaffirm its determination to accept the Band -- 67 - • • • ~~ r $~ c r ~~ Purchase Agreement as submitted by Kirchner. Moore & Company, in Denver, Colorado, and to sell the Bonds to said purchaser upon ~u~~e terms, conditions, and provisions as set forth in said Agreement. Section 29. Insurance. MBIA has committed to issue a policy of its municipal bond insurance with respect to the payments due for principal of and interest on the Bonds. The Town Council hereby approves the issuance of the municipal bond insurance policy and the payment of the premium required by said commitment to the end that MBIA will issue a pal icy insuring i:re Bonds effective as of the date on which the Bonds are delivered to the Purchaser.. Any notice, authorization, request, or demand required or permitted to be gives in accordance with the terms of this Ordinance shall also be given in writing and sent °_~ registered or certified mail. addressed to: MBIA, 34 Sa~~~h Broadway, White Plains, ~Iew York 10601. Section 30. Official Statement. The Preliminary Official Statement dated October 17, 1985, relating to t~~.e issuance of the Bonds is hereby authorized and approved. The Torn Council hereby authorizes the preparation and distribution of a final Official Statement, and any Addendum thereto as may be necessary (the "Official~ Statement"), by the Purchaser in conjunction with an offer of the Bonds to the public. The Official Statement shall contain any additional ar updated infoi~ation so that it will not contain any untrue statement of a material fac:~ ~~ ~~~i'~: i:v .~.,..U ~ .~«:;'~.;~ ~.:~~~ ~_:~Wt necessary in order to make the statements made therein, in light of the circumstances in which they were made, not misleading. Section 31. Ratification and Ap~?roval of Prior Actions. Ali actions heretofo re taken lay the officers of the Town and members of the Tawn Council, consistent with the provisions of this Ordinance, relaying to the authorization, sale, issuance, and del ivery of the Bonds, are hereby ratified, approved, and confirmed. Section 32. Ordinance Irrepealable. After the Bnnc?s are issued, this Ordinance shall be and remain irrepealable until - b8 ~ . • ~ t- C the Bonds and the interest dCCx'Ued thereon shall have been fully paid, satisfied, and discharged. Section 33. Repealer. All ordinances, or parts thereof, in conflict with this Ordinance are hereby repealed, but only to the extent of such conflict. Section 34. Severabll ity. If one or more sections or pants of this Ordinance shall be adjudged unenforceable or inval id, such judgment shall not affect, impair, or inval idate the remaining provisions of this Ordinance, it being the intention that the various provisions hereof are severable. Secta.an 35. Recording and Authentication. Immedi~;;:r~ly on its passage this Ordinance s~.all be recorded in the Town 'gook of ordinances kept for that purpose, authenticated by the signatures of the Mayor and the Town Clerk, and shall be publ i~hed in accordance with Section 4-10 of the Charter. INTRODUCED, READ IN FULL, AND APFROVED ON F`TRST READING This 15th day of Octobar, 19$5. ( S E A L } ~' ~ Mayor ATTESTED: ~" ~.~~~ Town C7. e r k ~ ,~ ". (The following to be inserted upon final reading and adoption of the Ordinance) FINALLY ADOF'rED AND APPROVE D 1985. A~'TT~STED: '~ ~ .~~ Town Clerk ~' ,-~ s 25t day of Octo~~er, _... ayor __ _ -- `. ~; - 69 - • • • r r c The motion was seconded by Councilmember ~~,~ ~~ and put to vote, The question being upon the adoption of the motion ~o amend the Ordinance on second reading, the roll was called with the following result : Those voting YES: Dan Corcoran Paul Johnston Co11 een K1 ine Ci..`...`.pc ~.iC44C Kent t1r3~1: ~, Hermann 5taufer Ga it Wahrlkh-Lowenthal Those voting ~iO: 1`~,~~ The presiding officer thereupon declared that at least a majority of the members of the entire Town Council having voted ?n favor of said motion, the motion was carried and the Ordinance was amended on second reading. ~t was thereupon moved by Councilmember RO~s~, and seconded by Councilmember~,~,l,(~,~(,~~(,~(,~{~at thc~ prdinance be finally passed and adopted. The question being upon the adopt ion of the motion , the roll i~'as called with the following result: Those voting YES: Dan Corcoran Paul Johnston Colleen Kl ine C:.~:~e.~ Fl:,~..~ Kent Rose Hermann Staufer Gail Wahrlkh--Lowenthal Those voting NO: ~.~J The presiding officer thereupon declared that at least a majority of the members of the entire Tawn Council having voted in -- 70 - • • • ~; ~ ( r C favor of said motion, the motion was carried and the Ordinance duly passed and adapted. Upon motion duly adopted, it was ordered that tt~e Ordinance as adopted be published once in full in the Va it Tra i1. , a newspaper published and having general circulation in the Town and legally qualified for Town publications, to become effective five (S) days thereafter as provided by the Charter. Thereupon, after consideration of other busin::ss to cc;::~:, before the Town Council, the meeting was adjourned. ( S ~ A ~ ) ~ _ .._ `Gown Clerk .Y~ 1 • • • ~~ ~ a C ~ C STATF~ OF COLO~tADO ) COUNTY OF EAGLE ) } TOWN OF VAIL ) T , Pamela Brandrne ye r, Town Clerk of the Town of Va it , Eagle County, Colorado, do hereby certify that the foregoing pages numbered 36 to 71, inclusive, constitute a true and correct copy of the proceedings of the Town Council of the Town taken at a special meeting thereof held at the Municipal Building, in ~7sil, Colorado, the regular meeting place of the Town Council, on Friday, the 25th day of October, 1985, insofar as said proceedings relate to a pubs is hearing on grid thae amendment and adopt ion on second reading of an Ordinance concerning the authorization and issuance of general obligation refunding bonds.of the Town. Tt is hereby further certified that the Ordinance, as adopted, was published in full in the Vail Trail , a newspaper published and having general circulation in the ~T'own and legaily qual~.fied for Town publications, and an affidavit of publication with respect thereto is attached hereto. IN WITNESS WHEREbF, T have hereunto subscribed my name and affixed the seal of the Town of Va it , Colorado, this ~ day o f ~1~.~..~ , l 9 8 5. --~, -w , } Town Cl e r -~ 72 - ~~~'" s • C ~~ion of Pu~~ ~'~ ~~~~,ch ~~~~d Fa3.l~win9 ~da~tlari? ~ a~~lin~n~ •t. .:. 73 • • • ~- ! r U k ~`, A~ t ~ C C~~t. as,r4C ; ti347U 1{7/24/85 $21,715,000 Town of Vail Eagle County, Colorado General Obligation Refunding Bonds Series 1985 BOND PURCHASE AGREEMENT October 25, 1985 ~5 . TOWN OF VAIL ~" Eagle County, Colorado Post Office Box 100 Vail, Colorado 81657 Ladies and Gentlemen: On the basis of the representations, 'warranties and covenants contained in this Bond Purchase Agreement and upon the terms and conditions contained in this Bond Purchase Agreement, the undersigned, Kirchner Moore & Cam~aany, a subsidiary of Drexel Burnham Lambert the "Underwriter"), hereby o~~~:~::; to purchase from you $21,715,000 aggregate principal amount of your General Obligation Refunding Bonds, Series 1985 (the "Bonds"), to be issued under and pursuant to your bond _ardinan~z~ to be adapted after second reading thereof on October 25, 1985 (the "Ordinance"). Section 1. Your Representations, Warranties and Agreements. By your acceptance hereof you hereby represent and warrant to, and agree with, the Underwriter that: (a) You are a Colorado home rule municipal corporation. To the best of your knowledge, you are authorized by the provisions of the home rule charter (the "Town Charter") of the Tawn of Vail, Colorado {the "Town") and the Constitution and laws of the Stata or Colorado tt~Q "State"), to adopt the Ordinance and issue the Bonds. (b} To the best of your knowledge, you have complied with all provisions of the Town Charter and the Constitution and laws of the State, and have full power end at,th,f,°~.~-Y- ~-~~ consummate all transactions contemplated Dy this Bond Purchase Agreement, the Brands, the Ordinance, the Escrow Agreement {the "Escrow Agreement") between you and Central ~ . • ~~ C C Bank of Denver, Denver, Colorado, as escrow agent {°~~~o "Escrow Agent") and any and all other agreements rela~a..lg thereto. (c) To the best of your knowledge, you have duly authorized all necessary action to be taken by you for: {i) the issuance and sale of the Bonds upon the terms yet forth herein and in the Preliminary Official Statement dated October 17, x.985, prepared for use in connection with the Bands, ar~d in any amendment or supplement that may be authorized by you and approved by us for use with respect to the Bands {herein collectively referred to as the "Official Statement"); (ii) the adoption of the Ordinance providing for the issuance of and security for the Bonds; (iii) the refunding of the Refunded Bonds (as defined in tie Ordinance); {iv) the execution, delivery, receipt and due performance of this Bond Purchase Agreement, the Bonds, tAe Escrow Agreement and any ai4d a~11 such other agreements and documents as may be required to be executed, delivered a:~d received by you in order to carry out, give effect to L f consummate the transactions contemplated_hereby and by ~1`:e Official Statement; and (v} the carrying out, giving effect to and consummation of the transactions contemplated hereby and by the Official Statement. Executed counterparts of the Ordinance and the Escrow Agreement will be delivered to the Underwriter by you at the Closing Time (hereinafter defined), (d) Where is no action, suit, proceeding, inquiry or investigation at law or in equity or before or by any cou_ ~, public board or body pending and for which you have been served or, to the best of your knowledge, threatened aga~~ist or affecting you (ar to the best of your knowledge any b~~.sis therefor), wherein an unfavorable decision, ruling or finding would adversely affect the transactions contemplated ''hereby or by the Official Statement or the validity of the Bonds, the Ordinance, the Escrow Agreement, this Bond Purchase Agreement or any agreement or instrument to which you are a party and which is used or contemplated for use in the consummation of the transactions contemplated hereby or by the Official Statement. (e) To the best of your knowledge, the execution and delivery of the Official Statement, this Bond Purchase Agreement, the Escrow Agreement, the Bonds, the Ordinance and the other agreements contemplated hereby and by the Official ~fiatement, and compliance with the p:~visions thereof, will not conflict with or constitute on your part a breach of or a default ,under any existing law, court or administrative regulation, decree or order or any agreement, indenture, mortgage, lease or other instrument to which you are subject or by which you are or may be bound. -2- • • • .- ~ C f (f) You have not been notified of any listing or proposed listing by the Internal Revenue Service to the effect that you are a bond issuer whose arbitrate cnr~i~'ic~:tions may oat be relied upon. (g) The financial statements o£ the Town included it the Official Statement have been prepared in conformity -.:~.th generally accepted accounting principles consistently applied to the periods concerned and fairly present the financial condition of the Town and the fux~.ds pledged ~~ security for the Bonds. (h) The Town acknowledges receipt of the disclosures, comparisons and other information required by part 2 of article 56 of title 11, Colorado Revised Statutes, as amended, attached hereto as Exhibit "B." (i) Any certificate signed by any of your authorized officers and delivered to the Underwriter shall be deemed a representation and warranty by you to the Underwriter as to the staterr~er~ts made therein. Section 2. Purchase, Sale and Delivery of the Bonds. On the basis of the representations, warranties and covenants contained herein, and subject to the terms and conditions herein set forth, at the Closing Time the Underwriter agrees to purchase from you and you agree to sell to the Underwriter the Bonds far a price of $21,345,845 (98.30%), plus accrued interest from the date of the Bonds to the date of payment and delivery. The Bonds shall be issued under and secured as provided iri the Ordinance, and the Bonds shall have the maturities and interest rates and be subject to redemption as set forth c=, Exhibit A hereto. .w Payment for the Bonds shall be made by certified or official bank check or, at the Underwriter's option, by wire in immediately available federal funds payable to the order of you or for your account, at the offices of Central Bank of Denver, in Denver, Colorado, at 10:00 a.m., prevailing local time, on November 25, 1985, or such other place, time ar date as shall be mutually agreed upon by you and the Underwriter. The date of such delivery and payment is herein called the "Closing Dai:e," and the hour and date of such delivery and payment is herein called the "Closing Time." The delivery of the Bonds shall be made in definitive form payable to such registered owner or owners as the Underwriter may direct (provided neither the printing of a wrong number on any Bond oar the failure to prim a number thereon shall constitute cause to refuse delivery of any Bond). The Bonds shall be available for examination and packaging by the Underwriter at i.east twenty-four {24) hours prior to the Closing Time. -3- ~ . • ~ _ ,, g C C t Section 3. Conditions to the Underwriter's Obligations. The Underwriter's obligations hereunder shall be subject to the due performance by you of your obligations and agreements to ~e performed hereunder at or prior to the Closing Time and to the accuracy of and compliance with your representations and warranties contained herein, as of the date hereof and as of the Closing Time, and are also subject to the following conditions: (a} The Bonds, the Ordinance and the Escrow Agreement shall have been duly authorized, executed and deliverea in the form heretofore approved by the Underwriter with only such changes therein as shall be mutually agreed upon by you and the Underwriter. (b) At the Closing Time the Underwriter shall receive: '{i} The opinions in form and substance satisfactory to the Urirlerw,ziter dated the Closing Date of {A) Lamm, Edstram & Braymer, P.C., Bond Counsel, relating to the lawful authorization of the issuance of the Bonds as valid and legally binding general obligations of the Town, the subjection of all or the taxable property within the Town to the levy of an ad valorem tax, to pad the Bonds and the interest thereon, without limitation of rate or amount, ,the exemption of interest on the Bonds from Colorado income taxation and certain other matters; and (B) Haynes & Miller, Special Tax Counsel, relating to the exemption of interest on the Bonds from income taxation by the United States of Amezica; , (ii) A certificate or certificates, satisfactory to the Underwriter, of your Mayor, Town Clerk and Town Attorney or of any other of your duly authorized ~- officers satisfactory tc9 the Underwriter, dated as of the Closing Date, stating, to the best of their knowledge, that: {A) you have duly performed all of your obligations to be performed at or prior to the Closing Time and that each of your representations and warranties contained herein is true as of the Closing Time; {B) ynu have authorized, by all necessary action, the execution, delivery, receipt and due perf~r~a.nce of the Bonds, the Ordinance, the Escrow Agreement and any and all such other agreements and documents as may be required to be executed, delivered and received by you to carry out, give effect to and consummate the transactions contemplated hereby and by the Official Statement; {C) no litigation is pending or threatened to restrain or enjoin the issuance or sale of the Bonds or in any way affecting any authority for or the validity of the Bands, the Ordinance, the Escrow Agreement ar your existence or powers or your righC to use the proceeds of the Bonds to refund the Refunded _4_ • • • ~_ ., ( C Bonds; (D) the execution, delivery, receipt and due performance of the Bonds, the Ordinance, the Escrow Agreement and the other agreements contemplated her4:~y and by the Official Statement under the circumstances contemplated hereby and thereby and your compliance .with the provisions thereof will not conflict with .r constitute on your part a breach of or a default un.~er any existing law, court or administrative regulation, decree or order or any ,agreement, indenture, lease :~r other instrument to which you are subje~:~~ ~__ ~~ ,._ ___ you are or may be bound, (E) the Official State~ent does not contain any untrue statement of a maternal fact or omit to state any fact required to be incl•,.~~rd therein or necessary in light of the circumstances to make the statements made not misleading, and (F) there has been no material adverse change in the financial condition of the Tawn from that shown in the Offica~.l Statement; .5 .. (iii) A "comfort letter" in form and substance satisfactory to the Underwriter, from the Towa~,'s independent auditors, with respect to the Town's financial statements included in the Official Statement and the Appendix thereto; and (iv} Such additional certificates, opinions and other documents as the Underwriter may reasonably request to evidence performance of or compliance with the provisions hereof and the transactions contemplated hereby and by ,. the Official Statement, all such certificates and other documents to be satisfactory i,~ form and substance to the Underwriter. (c) The payment of the principal of and interest on ..~.he Bonds has been guaranteed by a policy of insurance issued by Municipal Bond Insurance Association and delivered. on the Closing Date. Section 4. The Underwriter's Right to Cancel. The Underwriter shall have the right to cancel its obligation hereunder to purchase the Bonds (such cancellation shall not constitute a default far purposes of Section '1 hereof) by notifying you in writing or by telegram of its eectiori so to do between the date hereof and the Closing Time, if at any time hereafter. and prior to the Closing Time: (a) A tentative decision with respect to legislation sha11 be reached by a committee of the House of Representatives ar the Senate of the Congress of the United States of America, or legislation shall be fa~ror."~'_°~ reported by such a committee or be introduced by amendment or otherwise, in, or be passed by, the House of Representatives or the Senate, or recommended to the -5- ~ • • ~` ~ ( ( C Congress of the United States of America far passage by the President of the United States of America, or be enacted by the Congress of the United States of America, or a decision by a court established under Article III of the Constitution. of the United States of America, or the Tax Court of the United States of America, shall be rendered, or a ruling, regulation or order of the Treasury Department of the United States of America ar the Internal Revenue Service shall be made ar proposed having the purpose or effect of imposing federal incarne taxation or any other event shall have occurred which results in the imposition of federal incarne taxation, upon revenues or other inccr.a~ ~X ~ ~~,:,>: - ' character to be derived by you or by any similar body or upon interest received on obligations of the general character of the Bonds, or the Bonds, which, in the Underwriter's opinion, materially adversely affects the market price of the Bonds; ; {b) Any legislation, ordinance, rule or regulation shall be introduced in or be enacted by any gover::~-~;~:.:_ai body, department or agency in the State, or a decision by any court of competent jurisdiction within the State sl~~all be rendered which, in the Underwriter's opinion, materially adversely affects the market price of the Bonds; (c) A stop order, ruling, regulation or official statement by, or on behalf af, the Securities and Exchange Commission or any other governmental agency hu~-ing jurisdiction of the subject matter shall be issued ar made to the effect that" the issuance, offering or sale of obligations of the general character of the Bonds, or thQ issuance, offering or sale of the Bonds, including all the underlying obligations, as contemplated hereby or by the Official Statement, is in vio~atian or would be in violation ~of any provision of the •~federal securities laws, the Securities Act of 1933, as amended and as then in effect, or the registration provisions of the Securities Exchange Act of 1934, as amended and as then in effect, or the qualification provisions of the Trust Indenture Act of 1939, as amended and as then in effect; (d} Legislation shall be enacted by the Congress of the United States of America, or a decision by a court of the United States of America shall be rendered, to the effect that obligations of the general character of the Bands, or the Bonds, including all the underlying obligations, are not exempt from registration under or from other requirements of the Securities Act of 1933, as amended and as then in effect, or the Securities Exchange Act of 1934, as amended and as then in effect, or that the Ordinance is not exempt from qualification under or other requirements of the Trust Indenture Act of 1939, as amended and as then in effect; -6- • • • y r' C t {e) Any event shall have occured, or infarmatinn become known, which, in the Underwriter's opinion, makes untrue in any material respect any statement or =nformatic_> contained in the Official Statement ar the Appendix thereto, or has the effect that the ©fficial Statement ar the Appendix thereto as originally circulated contains an untrue statement of a material fact or omits to state a material fact necessary in order to make the statements made, ~n 1ig~i~ of the circumstances under which they were made, nog misleading; (f) Additional material restrictions not in force as ~,f the date hereof shall have been imposed upon trading in securities generally by any governmental authority ar by any national securities exchange; (g} Any national securities exchange, or az-~~~~ governmental authority, shall ~-=impose as to the Bonds or obligations of the general character of the Bonds, any material restrictions not now in force, ar increase materially those now in force, with respect to the extension of credit by, or the charge to the net capital requirements of, the Underwriter; (h) A general banking moratorium shall have been established by federal, New York or State authorities; (i) Any rating of the Bonds ar any other securities of the Town shall have ~~een downgraded ar withdrawn by a national rating service, which, in the Underwriter's opinion, materially adversely affects the market price of the Bands; or trading in any securities of yours shall have been suspended on any national securities exchange or otherwise; or any proceeding shall be pending ar threatened "by the Securities and Exchang~"Commission against you; or (j} A war involving the United States of America shall have been declared, or any conflict involving the armed forces of the United States of America shall have escalate~~., or any other national emergency relating to the effective operation of government or the financial community shall have occurred, which, in the Underwriter's apinin^ materially adversely affects the market price of the Bands. Section 5. Conditions of Your Obligations. Your obligations hereunder are subject to the Underwriter's performance of its obligations hereunder. Section 6. Representations, Warranties and Agreements to Survive Delivery. All of your representations, warranties any:, agreements shall remain operative and in full force and effect, regardless of any investigations made by the Underwriter on its -7- • r ~ ~. ~"'~ behalf, and shall survive delivery of the Bonds to the Underwriter. Section 7. Payment of Expenses. Whether or not the Bonds are sold by you to the Underwriter (unless such sale be prevented at the Closing Time by the Underwriter's default), t.~.e Underwriter shall be under no obligation to pay any expenses incident to the performance of your obligations hereunder, rcr ~.,,., .. ~~ ~;bl~.c'ated to pay any such expenses excep~: frnzc~ -~~~: proceeds of the Bonds. All expenses and costs to effect the authorization, preparation, issuance, delivery and sale of the Bonds (including, without limitation, the fees and disbuYsnm~,~~s of Lamm, Edstram & Braymer, P.C., as Bond Counsel, Haynes & Miller, as Special Tax Counsel, the fees and disbursements of your counsel and the expenses and costs for the preparation, printing, photocopying, execution and delivery of the Bonds, the Official Statement, the Ordinance, the Escrow Agreement, th:;; Band Purchase Agreement and alI`~ather agreements and documez~Ls contemplated hereby? shall be paid by you out of the proceeds ~f the Bands, or, if the Bonds are not sold by you to the Underwriter (unless such sale be prevented at the Closing Time by the Underwriter's default}, shall be paid by you. Tn the event that the Bands are not sold by you to the Underwriter by reason of default by the Underwriter, then the foregoing costs and expenses shall be paid by the Underwriter. ,: Section 8. Use of Official Statement. You her~:~x acknowledge the Underwriter's use and distribution of the preliminary Official Statement; and you acknowledge the prapcsed use and distribution of the Official Statement for the u~_ by the Underwriter in connection with the sale of the Bonds and you warrant the same to be true and correct. Section 9. Notice. Any notice or other communication tc~ be given to you under this Bond Pur~"hase Agreement may be given by mailing or delivering the same in ~aritinr at ~°aur ad.c?Yc:~.~~. ,~;: forth above; and any native ar other communication to be given to the Underwriter under this Bond Purchase Agreement may be giver. by delivering the same in writing to Kirchner Moore u Company, 717 Seventeenth Street, Suite 2700, Denver, Colorado 80202. Section 10. Applicable Law; Nonassignabilit~~. This Band Purchase Agreement shall be governed by the laws of the State. This Bond Purchase Agreement shall not be assigned by you. Section il. Amendments; Execution of Counterparts. This Bond purchase Agreement may b~ executed in several counterparts, -8- • • • :.,_. < < C each of which shall be regarded as an original and all of which sha~.l constitute one and the same documc~~~. Very truly yours, KIRCHNER MOORE & COMPANY $v: Steven D. Jeffers, Vice President Accepted as of the date first above written: TOWN O I (Ea e y, or o) By ~ ~ Bv: Robert E. B3.gelow, President ~_ 4 -9- ~ • C E~zB~~ A [Attach Pre~.iminary O£:Eicial Stat~rn~r~t] ,. ~. ,. -ia- • • • ~~ ~ '~ v'.e ~.-_ 7 'C +~ h ~ CG ;~ .. r v o `n ~ a ~v- ,V L~ ''! J. w ~ ~y h `. S .~ ~~ J .~ i J ., ._ r J ~'~._ r . ~ s - _ 1. v ~ f. '.~ :, , r E ~ c ~ ~ = C f •~ ~~:, ~~~ ,_ v ~. 'C c :, --~- C t 'r ~ ~ ~~~. °' ~~ :s v :f -~ J i. ~ ,~ ~. z 3 ~~ J CJ L ~ _ ,~ .Z' .~ ~ ~ w ~ •_ r ~ s C r: G J t,,` y C L ~. V 41 . y _ ~ :~:/. - ~ c ~ E C ~. - c~=W- ~. ~~ .. ~ .~ w ~ _ ~ L_ ~ ~ a ... E ~ ~ ~ M ' . __~ r"'w; '`= •c ^~~,~' a '- ~ ~'C. ~~~a. r _;,- .~ =^ - ~.. a _=~~, _ _ ~s • PIti;1,IM1\Altk~ OFFICIAL ST, 1'IENT I~ATF.ll t~::T0131•:lg 17, 1985 - NEW I55UE Rating: Moody's " " Interest exempt, in the ppinion of Special Tax Counsel, from income taxation by the United States of America under federal Income tax laws as presently enacted and construed. Interest exempt, In the oplnian of Board ~'o::,~:sel, from Colorado income tax under present laws of the State of Colorado. EAGLE COUNTY, COLORADO GENERAL OBLIGATION REFUNDING BONDS BETTIES 1985 Dated: November 1S, 1985 Due: December 1, as shown below The Bonds are issuable in registered form only in denominations of $5,000 or any integral multiple thereof. Semiannual interest (payable June 1, 19$b and each June 1 and December 1 thereafter) is payable by check or ~~.raft mailed by Central Bank of Denver, Denver, Colorado, as paying agent (the "Paying Agent") to the addresses of the registered owners of the Bonds. The principal of and premium, if any, on the Bonds are payable upon presentation and surrender of the Bonds at the principal corporate tryst office of the Paying Agent. $~L ,, ~ ~.~1J rJI~D~~ TOWN OF VAIL The Bonds mature, bear interest, and are priced to yield, as follows: Principal Interest Maturity Amount* Rale 1986 $ 4000 $: Soo °Iv 1987 I,o3s,~,000 {*,eoo 1988 t, I ~ o Z~,000 to • s'p° 1989 t'lo f~,000 I ~~ 4O4 1990 , t, z.~ X000 7. zso 1991 , 3yo I~,000 '1. sao 1992 , ~~ ~{ ~ S 1,000 ~ . ~ o© Price or Principal Yield Maturity' Amount* ~ y~"~aoa QIo 1993 ~0 - ~ 1994 t, ~~S x,000 1995 t , 8 t S ~, 000 1996 t ~`l ~~ 1P1~1,000 1997 Z, ~ 3a 'i~,000 1998 z, 3 ~S i1~,000 1999 z.,p ~ n X900 Interest ',ice or Rate k•ield 'l . ~ a bra %o ~. 1ao g, 300 g,soo g,c~~sr ~, . '~ Sp g,goo " S Bonds maturing on or before December 1, 1991, are not subject to redemption prior to their maturity. Bonds maturing on December 1, 199~and thereafter are subject to redemption prior to maturity as described herein under the caption "THE BONDS-Redemption." The Bonds, in the opinion of Lamm, Edstrom & Braymer;-P.C., Denver, Colorado, Bond Counsel, will be ~:r,_: ;l obligations of the Town. The Town will covenant to levy and collect ad valorem taxes upon all of the taxable property in the Town sufficient, together with other legally available revenues and funds of the Town, to pay when due the principal of, premium, if any, and interest due in connection with the Bonds. The Bonds are further sect~rc~ ?-,~ ~.::~' are payable from certain sales tax revenues of the Town. See "THE BONDS-Security." The Bonds are being issued to provide the amount required, together i=rith other amounts available therc~or, to refund all of the Town's outstanding general obligation bonded indebtedness. The Bonds are offered when, as and if issued by the Town and accepted by the Underwriter, subject to approval ~f validity by Bond Counsel, the delivery of an opinion of Haynes & Miller, Washington, D.C., as Special Tax Counsel and certain ~ti~:., _, ,...:~.„s. Certain legal matters will be passed upon for the U:derwriter by Ballard, Spahr, Andrews & Ingersoll, Denver, Colorado. Delivery of the Bonds in Denver, Colorado, is expected on or about November ?5, 1985. November 1985 / KIRCHNER MOORE ~, ~ ~. ~~f~ll'ANY A Subsidiary of Drexel 13urnham Lambert *Preliminary; subject to change. ~ • • ~"- ~ C C {3} Beginning in 1980, the Tawn changed its ac:caunting method to include Sales Tax collections through November 30, 198x?, December being counted as zevenue in the following year. Subsequent years' Sales Taxes will be accounted for on a December 1 through November 30 year. For accounting purposes, the revenue recorded is as follows: 1980 - $1,725,029 19$1 - $2,239,430 1982 - $2,b10,610 1983 - $2,746,773 1984 -- $3,062,955 Redemption Bonds maturing in the years 1986 through 1993° are nt~t redeemable prior to their respective maturity dates, Bonds maturing in the years 199.2-4'and x_ thereafter are sub~ect to redemption at the option of the Town on December 1, i99~, and on any interest payment date thereafter, in inverse order of maturity and by lot within a maturity, at a price equal to them ~` principal amount plus accrued interest, .gLt.~C ,~reaemptiryon premium ;;.;_al ..~ ~,.r i;~......i-~:~.... t..~.~.~ ~~ a ~~~ ~} ;, principal amount) for the ~redemptian dates forth in the following table: r, " Redemption Dates (incl e) Redemption Premiums December 1, 199 June 1, 1993 3% December 93 to June 3, 1994 2% Dece 1, 1994 to June 1, 1995 1% - --~--_ .~ Notice of redemption o£ the Bonds is to be given by sending a copy of the notice by first=class postage prepaid mail, at least 30 days prior to the redemption date, to the registered owner of each of the Bonds being redeemed at the address appearing on the registration books of the Town maintained by the Registrar. Failure to mail any such notice as aforesaid ar any defect in any notice so mailed with respect to any Bond would not affect the validity of the redemption proceedings with respect to any other Bond. Charter Authority to Issue Securities, General obligation bonds may be issued by the Town, subject to the provisions of the Charter requiring that general obligation bands must be issued pursuant to an ordinance, and must be authorized at a general or special election at which the question of their issuance is submitted to a vote of the registered electors of the Tawn and approved by a majority of those voting thereon. '.F~awever, bonds issued for improving or extending any municipal utility system, including water axed -6- • • • ~ _ ~ '' ~ .. ~ ~ - ~ ~ EXHxBIT B [Attach disclosures, comparisons, in£ormation~ ~_ 3 -11- • • • ~~ ~ C S~IV1165 COltPARISD~ 118IA Il1SURfD RECREATE st,350,044 DSRF 171,715,000 TDYI( DF VAIL, COLDRADa 8E11ERAl ~16ATIOi~ 84M05 SERIES 1985 RE~iJIIDIlf6 a0l1D SCIIEDUl.E A5 Of NDVEIlBfR 25,1985 Itett lsrincipal iz141119e~ 17101/!986 860,000 12101!1981 ;,035,x40 12/41/1988 1,!04,400 11/01!1989 1,170,000 11/0111944 1,250,000 12!0111991 1,340,004 12/01/1991 1,445,000 12/41/1493 1,555,000 12/011194# 1,675,040 12/41/1945 1,815,000 f2/011!445 1,965,404 12101!!947 2,!30,000 17/01/1998 2,315,400 12/01/1999 2,060,000 1x!4112000 17/0112041 12101/200 12/01/2003 Tot~IS 2I,115,000 Proposed AeDt ---~------ Rtte Interest 5.500 1,738,322.08 5.000 1,662,525.00 5.500 1,500,425.00 6.940 l,srs,9~5.v~ 7.250 1,448,195.00 7.590 1,357,570.04 1.700 1,257,010.00 ' 7.900 1,1+15,805.00 8.100 1,022,960.00 8.300 881,285.04 8.500 136,b44.40 8.675 569,bt5.0~7 8.750 385,902.50 8.900 183,344.44 15,524,579.58 37,239,579.58 39,615,301.88 Iot~l ~5 , 1,598,321.0$' 2,691,525.00 7,100,425.00 Z,b~d,YZ3.OJ 2,698,195.00 2,697,510.00 1,702,47fl.00 2,100,&05.00 2,b47,950.00 2,702,285.04 2,701,b40.00 7,b94,b15.00 2,100,902.50 2,243,340.40 Current Sett lntrease 1,89!,090.63 -1,891,090.b3 3,014,806.25 -416,484.11 3,024,368.75 -326,843.15 3,014,368.75 -313,943.75 ;3,030,8b8.75 °331,943,75 3,030,34b.25 -332,!11.25 2,978,181,25 -780,611.25 2,910,643.75 -?68,573.75 ?,974,!43,75 ~=213,338.15 2,984,568.75 -286,608.75 2,614,068.15 83,2lb.25 2,061,846.25 634,833.75 2,032,168.75 667,445.25 2,012,058.75 b88,833.75 1,216,983.75 1,026,356.25 194,b28.75 -194,629.75 191,3,18.15 -191,348. T5 181,493.75 -187,093.7'5 186,787.50 -186,787,50 Less funds o4 issuer Bet strings Avg. rYte 8.281900 Bond yrs. 187451.92 9:44; 29 IO/74/E985 Present value of wrings °2,375,122.29 1,987,000.00 -388,7Z2~;.q 1,004,348,48 C ~ ~ • ~.~ C C r 121,715,000 TOkk OF VA1L, CCI.ORA00 BEMEAAL dBLI6ATltlk BOk05 SERIES 1485 Rt"FU1f41k6 BOkD SClfEDUIE AS 0f ktlVEMBER 25,1485 DATE PR1kCIFAL COllPOk INTEREST TOTAL AKMUAE. 8/ 111488 434404. T2 430904.72 I2! 1/1988 A80000 5.500 854912.50 1714412.50 2845811.22 dl 111987 831282.50 831782.50 !2! 111487 ]035000 b.000 8.11282.50 I:c5282.a0 2841523.00 8! 11[488 800211.50 A00212.50 121 1114A8 1100000 8.540 800232.54 1900212.50 2700425.00 81 111484 1$4482.54 784482.50 121 111484 1170000 8.440 784482.50 1934462.50 2648425.00 8! 111490 ~° :j24047.50 724047.50 k21 111940 1250000 7.254 724441.50 [974047.50 2b4BI45.00 81 1!1941 878765.00 878185.00 l2J 1!1991 1340000 7.500 878785.00 24187A5.00 2847510.00 d/ 111442 828535.00 826535.00 12/ 111492 1445400 7.704 828535.04 2473535.04 2742470.00 8/ 1!1943 ~ 572447.50 517402.54 121 (/1993 1555000 7.400 572402.50 212]902.50 :~04B45.04 81 V1444 5114BO,p0 51!480.00 121 111444 1815040 8.100 511480.00 2188480.04 1847480.00 8/ 1/1495 443842.50 443842.50 121 1!1995 ~ 1813400 8.304 443842.50 2258842.50 2102285.00 b! 111448 38832D.04 388320.00 121 111448 3985000 8.500 388320.00 2337320.00 2101840.00 8! f/194T 284847.50 284807.50 12/ 111947 2130000 8.825 284807.50 2414807,50 2894815.04 w- e! 1/1448 142451.25 142451,25 !2! 111498 2315000 8.750 14295 L 25 250795 L 25 2700902.50 8/ 1!1944 41874.00 4187A.00 121 111994 2480000 8.400 41870.40 2151870.00 22433x0.40 TQTALS 217!5004 15572014.72 37287074.72 372B7p14.72 ACC INT: 47445.14 RATE: A.2808 80110 YRS: 188055.1! AVE iiFE: 8.880[ F1RST PAYME1aT NAS R9T REDUCED Br ACCRUED INTEREST 10/21/1985 AT 921:38 • ~ • ~~~~~ ~. r, -~ . ~ ~ ;_ C E R T T F T E D R E C O R D 0 F PROCEEDINGS OF THE TOWN GOUNCTL OF THE TOWN OF VAIL ,: EAGLE COUNTY, COLORADO RELATING TO GENERAL OBLIGATION REFUNDING BONDS SERIES 2985 DATED NOVEMBER 15, 2985 IN THE PRINCIPAL AMOUNT OF $20, 585,:000 C ~ . • 1 h ' 4~ ~' STATE OF COLORADO ) COUNTY Off' EAGLE } TowN of vAZ~ } The Town Council of the Town of Vail, Eagle County, Colorado, met in regular session in full conformity with the Town Charter, the ordinances of the Town, and all other applicable laws, rules, and regulations, at the Municipal Building, in Vail, Colorado, on Tuesday, the 15th day of October, 1985, at the hour of 7:3Q P.M. The following members of the Board were present, constituting a quorum: Mayor: Paul Johnston Mayor Pro-Tem: Kent Rase Councilmembers: Dan Corcoran Colleen Kline r •-Hermann Staufer Gail Wahrlich-L,awenthal Alsa Present: Town Clerk: Pamela Brandmeyer Town Manager: Rondall Phillips '~- Town Finance Director : ~`' Charles Wick Town Attorney~r:~^,- ~` ~' I,a~~Y L.~l...iLt. Absent : ~~ $'Y'G~.~C, ~.G~~. ~ ~Y~ ~~Q~)1•~~ Thereupon Councilmember ~ ,C, ~~i introduced the fallowing Ordinance, which was thereupon read in full: -- 1 • • • ~_.~.~ C C ORDINANCE NO. 4~3 , SERIES OF 1985 AN ORDINANCE AUTHORIZING THE ISSUANCE BY THE TOWN OF VAIL, COLORADD, OF GENERAL OBLIGATION REFUNDING BONDS, SERIES 1985, IN THE PRINCIPAL AMOUNT OF $20,585,000, FOR THE PURPOSE Off' REFUNDING VALID AND OUTSTANDING INDEBTEDNESS vc THE TCi>" PR ESCRTF;INC; TEiE FORM QF ,SAT]] BONDS ; PROVIDING FOR THE T,EVY OF AD VALOREM TAXES TO PAX THE SAME ; PLEDGING SAFES TAXES TO PAY THE SAME; PROVIDING FOR THE PROCEEDS OF THE BOND6 TO BE DEPOSITED IN A SEPARATE ESCROGd ACCOUNT FOR THE PAYMENT OF THE BONDS BEING REFUNDED; AND PROVIDING OTHER DETAILS IN CONNECTION THEREWITH. ~s... WHEREAS , the Town of Va il~,~ Eagle Cot.tnty , Colorado ~ the "Town"), has heretofore duly authorized, sold, issued, and delivered to the purchasers thereof $7,000,000 of its General Obligation Refunding Bonds, Series 1982-A, dated June 1, 1982, of which issue there now rem~~ins outstanding the total amount of $5,770,000 (the "1982--A Bonds"), being bonds numbered 247 to 1,400, inclusive, in the denomination of $5,000 each, bearing interest payable semiannually on June 1 and December 1 each year and maturing serially on December 1 each year as follows: Amount Maturity Interest Rate $ 740,000 1985 10.000 ~- 815,D00 198b~' lo.oa 905,000 1987 10.00 990,000 1988 10.00 1,105,000 3.989 10.00 1,215,000 1990 10.00 WHEREAS, the 1982-A Bonds are not subject to redemption prior to maturity; and WH1:.I<iAS, the Town has heretofore duly authorized, sold, issued, and delivered to the purchasers thereof $2,900,000 of its General Obligation Bonds, Series 1982-8, dated ~7une 1, 1982, of which issue there now remains outstanding the total amount of $2,900,000 (the "1 982-B Bonds") , being bonds numbered 1 to 580, inclusive, in the denomination of $5,OD0 each, bearing interest - 2 -- ~ . • ~.~ ~ C C payable semiannually on June 1 and December 1 eaci7 year a~:,u maturing serially on December 1 each year as follows: Amount Matur ity Interest Rate $1,285,000 1991 11.00% 1,420-000 1992 11.25 195,000 1993 11,50 WHEREAS, the 1982-B Bonds are not subject to redemption prior to maturity; and WHEREAS, the Town has heretofore duly authorized, sold, issued, and delivered to the purchasers thereof $9,870,000 of its General Obligation Refunding Bonds, Series 1982-C, dated June 1, 1982, of which issue there nova r mains outstanding the total amount of $9,870,000 (the "1982-C Bonds"), being bonds numbered 1 to 1,974, inclusive, in the denomination of $5,000 each, bearing interest payable semiannually on June 1 and December 1 each year and maturinr~ serially on December 1 4~.~.~-, year as follows: Amount Maturity Interest Rate $1,385,000 1993 11.50a 6,035,000 - 1997 12.00 1,525,000 1998 _ 12.10 915,000 "' 1999 12.10 5,000 2000 12.10 5,000 2001 12.10 WHEREAS, the 1982-C Bonds maturing on December 1, 1997, .M are subject to mandatory sinking fund redemption, by lot, beginning on December 1, 1994, and on each December 1 thereafter, to and including December 1, 1997, upon payment of par and accr~~ed interest, without redemption premium, in the annual amounts set forth below: December 1 Amount 1994 $1,775,000 1995 1,620,000 1996 1,260,000 1997 1,380,000 WHEREAS, the 1982-C Bonds maturing on and after December 1, 1997, are redeemable, at the option of the Town, on -- 3 - • • • ._._ ~ ~`~ < C December 1, 1995, and on any interest payment date thereafter, in inverse numerical order, upon payment of par and accrued inter=L;~, without redemption premium; and WF~E~2BAS, the Town has heretofore duly a~~thari~ed, sold, issued, and delivered to the purchasers thereof $1,600,000 of its General. Obligation Bonds, Series 1984, date c! June 1, 1984, of which issue there now remains outstanding t~~e total amount of $1,500,000 (the "1984 Bonds"), in the denomination of $5,000 each, bearing interest payable semiannually on June 1 and December 1 each year and maturing serially on December 1 each year as follows; Amount Maturity Interest Rate $30,000 1985 ~ 11.25 35,000 1986 11.25 40,000 1987 11.25 40,000 1988 11.25 45,000 1989 11.25 50,400 1990 11.25 55,000 1991 11.25 50,000 1992 11.25 70,000 1.993 11.25 75,000 1994 10.00 $5, 000 1.995 9.25 90,000 ,~ 1996 9.375 100,000 1997 9.50 110,000 1998 9.60 120,000 1999 9,70 130,000 2000 9.75 _ 140,000 2001,, 9.75 155,000 2002 g,g75 170,000 2003 9.875 WHBRSAS, the 1984 Bonds maturing on and after December I, 1995, are redeemable, at the option of the Town, on December 1, 1994, and on any interest payment date thereafter, in inverse order of maturity and by lot within a maturity, upon payment of par, accrued interest, and a premium of 1.00% of the principal amount s o redeemed; and ~JHDREAS, the principal of, premium if any, and interest an the 1982-A Sonds, the 1982-B Bonds, the 1982-C Bonds, and the 1984 Bonds {collectively, the "Outstandi ng Bonds") are payable at the Central Bank of Denver, a banking corporation, in Denver, Colorado; and - 4 - ~ . • < < WHEREAS, none of the Outstanding Bands have heretofore been refunded, nor have any of the same been redeemed or other-,wise paid, cancelled, ar retired by the Town; and WHEREAS, after extended discussions and consultation with the Town's financial advisor, it has been determined by the Town Council that by entering into and completing a refunding program at this time, pursuant to the provisions of the Town Charter, the Tawn can reduce total interest payable on the Outstanding Bonds; and WHEREAS, the Town Council, pursuant t:o the Town Charter, is authorized.to issue bonds for the purpose of refunding valid and outstanding obligations of the Town; and WHEREAS, the Tawn Council has determined and hereby determines that it is advantageous and favorable to the Town, and the inhabitants and taxpayers thereof, that the Outstanding Bonds be refunded, and that refunding bonds be issued in the principal amount of $20,585,gt30 for such purpose; and ~. WHEREAS, the Town has legally available for such purpose, including amounts on deposit in reserve funds for the Outstanding Bonds, an amount not to exceed $ (the "Escrow Supplement"), which the Tawn Council has date rmined and hereby determines to allocate, together with the proceeds of said refunding bonds, to supplement the same, for thE. purpose of paying ttie "principal of, premium if any,~`~and interest on the Outstanding Bonds at their respective maturity dates or des ign ~ted. £,:~._or redemption dates as is hereinafter more specifically set forth; and WHEREAS , the proceeds derived from the sale of sa i ~? refunding bonds, together with the Escrow Supplement, after payment of the costs .and expenses of the refunding procedure, shall be placed in a special fund and trust account, to be established as herein authorized, for the purpose only of paying the Outstanding Bonds as they become due and payable, all as is hereinafter more specifically set forth: BE IT ORDAINED BY THE TOUdN COUNCIL OF THE T~?~'N OF VATL, COLORADO; - 5 - • • • ( C C ~.y r "A• Section I . Definitions . As used .herein , the fol lot,ring terms shall have the respective meanings set forth below, unless the contcvt indicates othQr~aise: Bank: Central. Bank of Denver. a banking corporation, in Denver, Colorado, ar its successor, a commercial bank duly organized and existing under the laws of the State of Colorado, being a member of the Federal De pas it Insurance Corporation, and having full and complete trust powers, with which the Escrow Account is established and ma into ined. Bond Account : the "Town of Vail Band Accoeant" established by Section 13 of this Ordinance. Bond Registrar: Central Bank of ' Denver, a banking corporation, in Denver, Colorado, or its successor, which. stlall perfo rm the function of bond registrar with respect to the Bonds. Bonds: the General Obligation Refunding Bands, Series 1985, dated ~dovember 15, 1985, issued in the aggregate principal amount of $20,585,000, as au`thoxized by this Ordinance. Bondowner: the registered owner of any Band as shown by the registration books maintained -by the Band Registrar on behalf of the Town. C.R.S.: the Colorado Revised Statutes, as amended and supplemented as of the date hereof. Certified public Accountant; a certified public accanx~tiant within the meaning df X12-2--IJ.5, C.R.S., and any amendment thereto, licensed to practice in the State of Colorado. Charter: the name rule charter of the Town in effect as of the date hereof. Escrow Account: a special fund and separate trust account created by Section i7 of this Ordinance and designated as the "Town of Vail Bond Refunding Escrow Account, 19$5", to ~;~; established and maintained at the Bank. Escrow Agreement: the agreement between the Tawn and the Bank dated as of November 15, I9$5, concerning the estab- lishment and maintenance of the Escrow Account. Escrow Supplement: an amount not to exceed $ , of moneys legally available for allocation by the Town, including - g ~. • • C C C amounts on deposit in reserve funds far the .Outstanding Bonf:~.' ~ as a supplement to the proceeds of the Bands, for the purpose. of paying the principal of, premium if any, and interest on ~:he Outstanding Bonds at their respective maturities or desa.gn<=~t.ed prior redemption dates, Federal Securities: direct obligat_EOns of, or obl.l~a- tians the principal and interest of which are un conditionally guaranteed by, the United States of America. META: the Municipal Sond Insurance Association, a ~Iew Xork insurance association. Ordinance: this Ordinance which authorizes the issuance of the Bonds . ~E, Outstanding Bonds: the ~~outstanding portion of t;~e Town's General Obligation Refunding Bonds, Series 1982-A, da~:ud June 1, 1982, issued in the original principal amount of $7,000,000, of which issue there now remains outstanding the amount of $5,770,040 {the ~"1982--A Bonds"}; they Town's General Obligation Bonds, Series 1982-B, dated June 1, 1982, issued in the original principal amount of $2,900,000, of which issue there now remains outstanding the total amount of $2,900,000 (tY3e "1982_B Bonds" } ; the 'Fawn's General Obligation Refunding Bonds, Series 1982-C, dated June I, 1982, issued in the original principal amount. of $9,870,000, of which issue there now remains outstanding the 'total amount of $9,870,000 ~"{the "1982--C Bonds"}; and L3~e Town's General Obligation Bonds, Series 1984, dated June 1, 1984, issued in the original principal amount of $3.,600,000, of wh~c:h issue theiE now remains outstanding the total amount of $I,o00,C00 {the "3.984 fonds"?. Paying Agent: Central Bank of Denver, a banking corporation, in Denver, Colorado, or its successor, which shall pexform the function of paying agent with respect: to the Bonds. Pledged Sales Tarc Revenues: the revenues deri~,~ed from one--half of the Town's 4~ sales tax authorized by Ordinance No, 11, Series 1973, as amended, of the Tawn. Purchaser: Kirchner Moore & Company, of Ik;,:F~er, Colorado, - 7 ~ ~ • C C C Record Date: the fifteenth (15th} day of the calendar month next preceding any interest payment date. Town : the Town of Vail , Eagle County, Colorado . Town Council: the Town Council o£ the Town. Section 2. Authorization. In accordance with the Con- stitution of the State of Colorado; the Charter; and all laws of the: State of Colc~ra~?o thereunto enabling, the 'Down shall issue its general obligation refunding bonds, each to be designated "General Obligation Refunding Bond, Series 1985", in the total principal amount of $20,585,000, for the purpose of refunding the Out- standing Bonds.. The Bonds shall constitute general obligati:;~~ of the Town, and the full faith sand credit of the Town shall. be pledged for their payment. Section 3, Bond T~ tails. The Bonds shall be issued only as fully registered Bonds without coupons in the denomination of $5,000 each or any integral multiple thereof. Unless the To;~~, shall otherwise direct, the registered Bonds shall be numbered separately from 1 upward, with the number of each Bond preceded by ~~ R- ~~ The Bonds shall be dated as of November 15, 1985, and shall bear interest payable semiannually on each June 1 and T?e camber 1, commencing on June 1, 1955, and shall mature on the 1st day of December each year, as follows .;- Maturity 1986 1987 1988 1989 1990 1997. 1992 1993 1994 1995 1996 1997 1998 1999 Principal Amount $ 970,000 1,075,000 1,135,000 1,205,000 1,285,000 1,375,000 1,480,000 1,595,000 1,720,000 1,855,000 2,010,000 2,175,000 2,365,000 340,000 g Interest Rate 0 • • • C C 'The maximum net effective interest rate authorized for this issue of Bonds is ~ per annum, and the actual net effective interest rate is ~ per annum. Section Q, Payment of Bonds; Paying Agent and Pond Registrar, The principal of and premium, if any, on the Fronds is payable in lawful money of the United States of America to the zegister;~d o~~ner of each Bond upr~r. presentation and surr;:nc~<:: at the principal office of the Paying Agent. Notwithstanding anything contained in this Ordinance to the contrary, interes_ an the Bonds shall. be payable to the person in whose name such Bond is registered,, at his address as it appears on the registration books maintained by or on behalf of the ~ Town by the Soted Registrar, at the close of business on the Record Date, irrespective of any transfer or exchange of such Bond subsequent tte such Record Date and prior to such interest payment date. Such payment shall be paid by check or draft of the Paying Agent. The principal of,~premium if any, and,. interest on the Bonds shall be paid in accordance with the terms of a "Paying Agent and Registrar Agreement" between the Town and the Paying Agent, Section 5. Prior Redemption. F3onds mattering on and after December 1., 1992, are subject to redemption prior to maturity, at the option of the Town, as a whole or in integral multiples of $5,000, in inverse order of maturity, on December I, 1991, and on any interest payment date thereafter, upon payme.e`~ of_ par, accrued interest, and a premium of the principal amount so redeemed as follows: Ftedempt ion Da tes Premium December 1, I991 to June 1, 1993, incl. 3.OOo December I, 1983 to June I, 1994, incl. 2,00 De cember 1, 1994 to June 1, 1995, incl. 1.00 December I, I995 and thereafter 0.00 2f Iess than all of the Bonds within a maturity date are to be redeemed on any prior redemption date, the Bonds to be redeemed shalt be selected by lot not Less than forty-five {~}5j - 9 -- ~ . • C C C days prior to the date fixed for redemption,,in such manner as the Bond Registrar shall determine. The Bonds shall be redeemed only in integral multiples of $5,000. In the event a Bond is of a denomination larger than $5,000, a portion of such Bond may be redeemed, but only in the principal amount of $5,000 or any inta- gral multiple thereof. Such Band shall be treated for the pur- poses of redemption as that number of Bonds which results from dividing the principal amount of such Bond by $5,000. In the event any of the Bonds or portions thereof {which shaJ.l be in amounts equal to $5,000 or any integral multiple thereof) are called for redemption as aforesaid, notice thereof identifying the sonds or portions thereof to ~be redeemed will be g zven by the Bond Registrar by ma it ing a copy of the redemption not ice by first class mail (postage pxepa id) not less than thirty (30) days prior to the date fixed for redemption, to the registered owner of each Bond to be redeemed i.n whole or in ;part at the address shown on the registration books maintained by the r F3and Registrar. Failure to give such notice by mailing to any Bondowner, or any defect therein, -shall not: affect the validity of any proceeding for the redemption of other Bonds. All Bonds so called for redemption wi11~ cease to bear interest after the speci- f led redemption date, prow idt~d funds for their redemption are on deposit at the place of payment at that time. ~- Section 6. Form and Execution of Bonds. The Bonds shall be signed with the facsimile signature of the Mayor of the Town, sealed with a facsimile of the seal of the Town, and attested by the facsimile signature of the Town Clerk. Should any officer whose facsimile signature appears on the Bonds cease to be such officer before delivery of the Bonds to the Purchaser, such facsimile signat~_~~-~ shall nevertheless be valid and sufficient for all purposes. The Bonds shall be in substantially the following form: l0 - ~ . • ~ ,. ,~ C C e [Form of Bond] No . R -- [E'ront of Bond] UNITED STATES OF AMEKICA STATE OF COLORADO COUN'T'Y OF EAGLE TO4dN OF VAIL GENERAL OBLIGATION REFUNDING BOND SERIES 1985 INTEREST RATE ORIGINAL MATURTTX DATE ISSUE DATE 'S5 ... November 15 , 19 8 5 REGISTERED OWNER: PRINCIPAL AMOUNT: CUSTP DOLLARS The Town of Vail, in the County of ~'.agle and State of Colorado, a municipal corporation duly organized and operating under the Town Charter and the constitution and laws of the State of Colorado, for value received, hereby acknowledges itself indehted and promises to pay to the registered owner named. above, or registered assigns, on the maturity date specified above, the principal amount specified above, and in like manner to pay interest on such principal amount (computed on the basis of a 360--day year of twelve 3C~-day months} from the interest payment date next preceding the date of registration and authentication of this Bond, unless this Bond is registered and authenticated prior to June 1, 1986, in which event this Bond shall bear interest from November 15, 1985, at the interest rate per annu~t specified above, payable semiannually an June 1 and De cember 1 each year, commencing on June 1, 1986, until such principal amount is paid, unless this Bond shall have been previously called for redemption and payment shall have been duly provided for or made. The principal of and premium, if any, on this Bond is payable in lawful money of the United States of America to the registered owner upon presentation and surrender at Central Bank of Denver, a - 11 - ~ . • ~ '~ C ( t banking corporation, in Denver, Colorado, or its successor, as Paying Agent. Payment of each installment of interest shall be made to the registered owner hereof whose name shall appear on the registratian books of the Town maintained by or on behalf of the TOWn h~~ Central Bank of Denver, a banking corporation, in Denvez, Colorado, or its successor, as Bond Registrar, at the close of business on the fifteenth (15th) day of the calendar month n=.~~ct preceding each interest payment date (the "Record Date"), and shall be paid by check or draft of the Paying Agent mailed to such registered owner at his address as it appears on such registratian books. ~K_ Bonds of this issue , of which this Bond is ane , maturing on and after December 1, 1992, are subject to redemption prior to maturity, at the option of the Town, as a whole or in integral multiples of $5,000, in inverse order of maturity, and if less than an entire maturity is to be redeemed, there by lot within such maturity, on December 1, 1991, and on any interest payment date thereafter, upon payment of par, accrued interest, and a premium of the principal amount so .redeemed as follows: _ Redemption Dates Premium December 1, 1991 to June 1, 1993, incl. 3.OOo -.,December 1, 1993 to June 1, 1994, incl. 2.00 De cember 1, 1994 to June 1, 1995, incl. 1.00 December 1, 1995 and thereafter 0.00 The Bonds will be redeemed only in integral multiples of $5,000. In the event a Bond is of a denomination larger than $5,000, a portion of such Bond may be redeemed, but only in the principal amount of $5,000 or any integral multiple thereof. Such Bond wi11 be treated for the purposes of redemption as that numbQr of Bonds which results from dividing the principal amount of such E3and by $5,000. Notice of prior redemption shall be given by mailing a copy of the redemption notice, not less than thirty (30) days prior_ to the date fixed for redemption, to the registered owner of 12 - ~ . • .~~. this Bond at the address shown on the registration hocks maintained by the Band Registrar, in the manner set forth in the authorizing Bond Ordinance. All Bonds called for redemption will cease to bear interest after the specified. redemption date, provided funds for their redemption are on deposit at the place of payment at that time. REFERENCE IS HEREBY MADE TO FURTHER PROVISIONS OF THIS BOND SET FORTH 4N THE REVERSE HEREOF, WHICH FURTHER PROVISIONS Sf1ALL FOR ALL PURP05ES HAVE THE SAME EFFECT AS I~' FULLY SET FORTH IN THIS PLACE. This Bond shall not be valid or become obligatory for any purpose or be entitled to a,ny security or benefit under the authorizing Band Ordinance until the certificate of authentication hereon shall have been signed by the Bond Registrar. IN TESTIMONY WHEREOF, the Town Council of thy; Town of Vail, Colorado. has caused this Bond to be signed by the facsimile signature of the Mayor of the Town, sealed with a,facsimile of the seal of the Town, and attested by the facsimile signature of the Town Clerk, all as of the 15th day of November, 1985. ToSaN OF VAIL EAGLE COUNTY, COLORADO {FACSIMILE S E A L ) ATTESTED: By: ( Facsimile Signature} Town Clerk By: (Facsimile Signature) .. Mayor 13 -- • • C C t (Fora of Bond Registrar's Certificate of Authent~.cation] CERTIFICATE OF AUTHENTICATION This Bond is one of the Bonds of the issue described in the within mentioned Bond Ordinance. Date of Registration Central Bank of Denver, and Authentication: a banking corporation Denver, Colorado, as Bond Regis>~trar BY= Authora.zed Signatory (Insuranc°e Le.~end) - i4 - ~ . • ~ '~ C C C [Back af' Bond] ~' ADDITIONAL PROVISIONS This Band is one of a series aggregating Twenty Million rive Hundred Eighty--Five Thousand Lbllars ($20,585,000) par value, all of .like date, tenor, and effect except as to number, principal amount, interest rate, and date of maturity, issued by the Town Council of the Town of Vail, in the County of Eagie and State of Colorado, for the purpose of refunding valid and outstanding indebtedness of the Town., under the authority of and in f::;~l conformity with the Constitution of the State of Colorado; the Town Charter; and all laws of .`the State of Colorado thereunto Pnabli.ng; and pursuant to the duly adopted Ordinance authorising the issuance of this Bond. It is hereby recited, certified, and warranted that all of the requirements of law have been fully complied with by the proper officers in issuing this Bond. It is hereby further rer.ited, certif:ie,d, and warranted that the total indebtedness of the To wn, including that of t,'~i~ Bond, does not exceed any limit prescribed by the Town Charter or the constitution or laws of the State of Colorado; that the issuance of this Bond was authorized by an Ordinance of the Town duly adopted and approved prior to the issuance hereof; and t~:;.;i. provision has been made for the levy and collection of an ad valo~•em tax on all of the taxable property within the Town, without limitation of rate or amount, to the extent other funds are not made available for such payments, sufi:icient to pay the principal of and interest on this Bond as the same respectively become due. The full faith and credit of the Town are hereby pledged for the punctual payment of the principal of and interest on this 8o nd . In additin;~, try ~_ ~~t~~nues derived by the Tos~%~ from ~,~e_ half of the Town's 4o sales tax authorized by Ordinance No. I1, Series 19'73, as amended, of the Town, are irrevocably pledged to the payment of the principal of, premium if any, and interest on the Bonds, as mare particularly set forth in the Ordinance - 1S - • • • C t authorizing the issuance of the Bonds. This Bond constitutes an irrevocable and first lien (although not necessarily an exclusive first lien) upon such revenues. The Tawn and the Bond Registrar shal:I not be required to issue ar transfer any Bonds: {l} during a per:iad beginning on the Record Date and ending at the close of busir3ess on the ensuing interest payment date, or (2) during the period beginning on any date of selection of Bonds to be redeemed and ending on the day on which the applicable notice of redemption is given. 'The Bond Registrar shall not be required to transfer any Bonds selected or called for redemption, in whole or in part. The Town, the Paying Agent, and the Band Registrar day deem and treat the registered owner of any Bond as the absolute a caner thereof for all purpose s (whether or not such Bond shall be overdue) and any notice to the contrary shall not be binding upon the Town, the Paying Agent, or the Bond Registrar. This Bond is transferable by the registered owner hereof, in person or by his attorney duly authorized in writing, -. '~~~e ~~: ~.,~ul~~a~. o; five of the Bond Registrar, but only in the manner, subject to the limitations, and upon payment of the charges provided in the authorizing Bond Ordinance and upon surrender and cancellation of this Bond. This Bond may be transferred upon the registration books upon delivery to the Bond R~c~~.s-tray of this Bond, accompanied by a written instrument or instruments of transfer in form and with guaranty of signature satisfactory to the Bond Registrar, duly executed by the owner of this Bond or his attorney-in-fact ar Legal representative, containing written instructions as to the details of the transfer of the Bond, along with the social security number or federal employer identification number of such transferee. In the even t of the transfer of this Bond, the Band Registrar shall enter the transfee of awnersh.ip in the registration books and shall authenticate and deliver in the name of the transferee ax transferees a new fully registered Bond or Bonds of authorized dEnominations of the same maturity and interest rate for she aggregate principal amount which the registered owner is entitled - l6 - • ~~ C C to receive at the earliest practicable time. The Bond Registrar shall charge the owner of this Bond for every such transfer an amount sufficient to reimburse it for its reasonable fees and for any tax or other governmental charge required to be paid with respect to such transfer. ~~. r l~ ~ . • ~ `~ ~~~ ~ C C C [Form of Transfer] ASSIGNMENT FOR VALUE RECEIVED, the undersigned sells, assigns,-and transfers unto SOCIAL SECURITY OR FEDERAL EMPLOYER IDENTiFiCATiON NUMBER OF ASSIGNEE X57 (Name and Address of Assignee) the within Bond and does hereby irrevocably con:;titute and appoint ~~ , attorney, to transfer said Bond on the books kept far registration thereof with fu11 power of substitution in_the premises. Dated : Signature of Registered Owner: NOTICE: The s ignature to thi's assignment must correspond with the name of the registered owner as it appears upon the face of the within Band in every particular, without alteration or enlargement or any change whatever. Signature guaranteed: (Bank, Trust Company, or Firfn} - i8 - ~ . • C C C Section 7. Authentication. [vo Bond shall be valid or obligatory for any purpose or be entitled to any security or benefit under this Ordinance unless and until a certificate .~f authentication on such Bond substantially in the form hereinabove set Earth shall have been duly executed by the Bond Registrar, and ~u~i7. ~:t~cuc~d certificate of the 3ond Registrar upon any such Bond shall be conclusive evidence that such. Bond has been authenticated and delivered under this Ordinance. The Bond Registrar's certificate of authentication on any Bond shall be deemed to have been executed by it if signed by an authorized officer or signatory of the Bond Registrar, but it shall not be necessary that the same officer or sigfnatory sign the certificate of authenticata.on on all of the Bonds issued hereunder. Section 8. Delivery of Bonds. Upon the adoption of this Drdinance, the Town shall execute the Bonds and deliver them to the Bor-d Registrar, and the Bond Registrar shall authenticate the Bonds and deliver them ~to the Purchaser, as,.directed by the Town, and in a~,:ordance with the Bond Purchase Agreement between the Town and the Purchaser. Section 9. Registration and Transfer of Bonds; Persons Treated as Owners. The Band Registrar shall maintain the books of the Town for the registration of ownership of each Bond as provided in this Ordinance. Bands may be transferred upvxs the registration books upon delivery of the Bonds to the Bond Registrar, accompanied by a written instrument ar instruments of transfer in form and with guaranty of signature satisfactory to the Bond Registrar, duly executed by the owner of the i3onds to be transferred or his attorney~in-fact or legal. representative, containing written instructions as to the detai:}.s of the transfer of such Bonds, along with the social security number or federal employer identification number of such transferee. No transfer of any Bond shall be effective until ent~~~ed on the registrat.ie~n books. In all cases of the transfer of Gt Bond, the Bond Registrar shall enter the transfer of ownership in the reg i- stration books and shall authenticate and deliver in the name of - 14 • • • C C C the transferee ar transferees a new fully registered Bond or Ba~~~~, of authorized denominations of the same maturity and interest rate fnr the aggregate principal amount which the registered owner is entitled to receive at the earliest practicable time in accordan;~e with the provisions of this Ordinance. The Band Registrar shall charge the owner of this Bond for every such transfer an amount sufficient. to r. eimbux se it for its reasonable :Fees and far any tax or other governmental charge required to be paid with respect to such transfer. The Tawn and Bond Registrar shall not be required to issue or transfer any Bonds: (1} during a pera.od beginning on the Record Date and ending at the }close of business on the ensuing interest payment date, or (2) during the period beginning on any date of selection of Bonds to be redeemed and ending on the day an which the applicable notice of redemption is given. The Bond Registrar shall not be required to transfer any Bonds selected or c all.ed for redemption, in whole or in part. ~. New Bonds delivered upon any transfer shall be valid general obligations of the 'Town, evidencing the same obligation as the Bonds surrendered, shall be secured by this Ordinance, and shall be entitled to all of the security and benefits hereof to the same extent as the Bonds surrendered. The Tawn, the Paying Agent, and the Bond Registrar may deemr"and treat the registered awrter of any Bond as the absolute owner thereof far all purposes (whether ar not such Bond shall be overdue), and any notice to the contrary shall not be binding upon the Town, the Paying Agent, or the Bond Registrar. Section 10. Destruction of Bonds. Whenever any out- standirYg Bond shall be delivered to the &~nd Registrar for cancellation pursuant to this Ordinance and upon payment of the principal amount and interest represented thereby, or whenever any outstanding Bond shall be delivered to the Bond Registrar for transfer pursuant to the provisions hereof, such Bond shall be cancelled and destroyed by the Sand Registrar and counterparts of a certificate of destruction evidencing such destruction sha~~ ;., furnished by the Bond Registrar to the Town. - 20 -- • • ~ ~ '~~ C C Section ll. Lost Bonds. Any Bond .that is lost, stole,, destroyed, or mutilated may be replaced or paid by the pu•_-,; Registrar in accordance with and subject to the limitations of apUl i gable la~~. The applicant for any such replacement Bond shall post such security, pay such costs, and present such proof of ownership and loss as may be required by applicable law, or in the absence of specific requirements, as may be required by tY-e Bond Registrar. Section I2. Disposition of Bond Proceeds. The Bonds shall be sold for the purpose of paying the costs of: (i) funding, together with the Escrow Supplement, the Escrow Account herein authorized, (ii) paying the Purchaser's da.scount, and {iii) paying the costs of issuance of ;the Bonds. Neither the Purchaser nor the Bondowners shall be responsible for the application or disposal of the proceeds of the Bonds by the 'Town or any of its officers. All or any port~.on of the Bond proceeds shall be temporarily invested or reinvested, pending such use, in securi- ties or obligations hereinafter described. It is hereby covenanted and agzeed by the Town that the temporary investment or reinvestment of the original proceeds of the Bonds, or of any moneys treated as proceeds of the Bonds within the meaning of Section 103(c) of the Internal. Revenue Code of 1954, as amended {the ~"Code"), and pertinent regulations, rulings, and decisions, shall be of such nature and extent, for such period, and at such yield, that the Bonds shall not be or become arbitrage bonds within the meaning of Section 1~3{c) of the Code and pertinent regulations, rulings, and decisions. Section 13. Pledr~e of Ad Valorem Taxes. If necessary, the interest to become due on the Bonds on June 1, 1986, shah. be advanced from any revenues or funds of the Town lawfully available for such purpose, including, but not limited to, the accrued interest on the Bonds t.o be paid by the Purchaser on the date of delivery. For the purpose of reimbursing such advance and paying the interest on and principal of the Bonds as the same become due and payable, respectively, there shall be levied on all of the 2i - f ~ • _ ~: C C C taxable property in the Town ad valorem taxes in each of the years 19$5 to 1998, inclusive, sufficient to make such reimbursement and pay the interest on and principal of the Bonds as the same become due and payable, respectively, to the extent that other funds ~e~e not made available for such payments. Such ad valorem taxes shall be levied in addition to all other taxes levied to effect the pur- poses of the Town, including taxes levied tea meet the Town's operation and maintenance expenses. There is hereby established the Bond Account. Said taxes when collected shall be deposited in the Bond Account and applied solely. for the repayment of such advance and the payme^?~ of the principal of and interest, on the Bonds, respectively, until the Bonds, as to both 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 applying any other funds or revenues that may be in the treG~ ~l y of the Town and available for that purpose to th,e payment of the principal of or interest on the Bonds as the same become due and payable, respectively, and upon the application of any other such funds or revenues as aforesaid, the mill levy or levies her~_:F pravi.ded may thereupon, to that extent, be diminished. The faxegoing provisions of this Ordinance are here;~y declared to be the certificate of the Town Counr,il to the Board of County Gommissianers of Eagle County, Colorado, showing the aggregate amount of taxes to be levied for the purpose afor;Lai.d by the Board of County Gommissianers from time to time, as required by law, for the purpose of paying the principal of the F3onds and the interest thereon as the same shall hares Ler mature and accrue. The amounts necessary to pay all casts and expenses incidental to the issuance of the Bonds and the amounts herein- above provided to pay the interest on the Bonds and to discharge the principal thereof when due are hereby appropriated for said purposes, and such amounts as are appropriate for each year shall also be included in the annual budget and the appropriation bills to be adopted and passed by the Town Council in each year, - 22 - ~ . • C C C respectively, until the Bonds have been fully paid, satisfied, and discharged. It shall be the duty of the Town Council annually, at the time and in the manner provided by law for levying other To,~.-: 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 levying and collection of taxes; and the Town Council shall levy, certify, and collect such taxes in the manner provided by law fox the purpose of funding the Bond Account for the payment of the principal of the Bonds and interest thereon, and such taxes, when collected, shall be kept for and applied only to the payr~tent of the interest and principal of the Bonds as hereinabove specified. Section 14. Additional Tax Levies in the Event of ~::: ~~~~- quency. Said taxes shall be levied, assessed, collected, and enforced at the tithe and in the form and manner and ~.~it;-; sine interest and penalties as `other genera. taxes yin the State of Colorado, and when collected said taxes shall be paid to the Ta°.rn as provided by law. In the event that any of said levies, together with charges that may be made by the Town, sha11 fail to produce an amount sufficient to pay the interest on and the principal. of the F3onds becoming due in the next succeeding year, the deficit shall bo made up in the next levy, and taxes seal l contl~nue to be levied until said"Bonds and the interest thereon shall be paid in fu11. The Town Council shall take all necessary and proper steps promptly to enforce the payment of taxes levied pursuant to this OrdinancA. Section 15. Pledged 8a1es Tax Revenues. Notwithstand- ing the foregoing provisions ~a.r ad valorem tax levies, 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 authorized by Ordinance No, 11, Serial 1973, as amended, to the extent of an amount to be not less than 4~ of grass receipts derived from the Salo of tangible personal property and the furnishing of services now or hereafter subject to said sales tax. One--htalf of the revenues derived by the Town ~_ .~ - 23 - ~ ~ • 1€~. ~$ C C t from said 4o sales tax (the Pledged Sales Tax Revenues) shall be and hereby are irrevocably and solely pledged and set aside to pay the interest on and the principal of the Bonds, as the same became due and payable from year to year, provided that the Pledged Sales Tax Revenues may also be pledged and used fo7- the payment of the debt service on any other or additional general obligation bonds of the Town which may be issued hereaftez from time to time, provided that such other or additional general obligation bands shall be on a parity with or subordinate to (but not prior tc~ ... superior to) the Bonds with respect to the Pledged Sales Tax Revenues. The Bonds constitute an irrevocable and first lien (although not necessarily an exC~usivo first :Lien) an the Ple~ic~ed Sales Tax Revenues. To the extent that the debt service on and otiZer requirements of all of the general obligation bonds of the 'T'own which may be issued from time to time (a.ncluding but not limited to the Bonds authorized herein}, and which are payable in whole or in part from the Pledged Sales Tax Revenues, is fully provided for in any fiscal year by tax revenues and other moneys legally available the~•efor, then the Town is authorized to use any revenues remaining from the Pledged Sales Tax Revenues fox ot~;~:r purposes (but only after all of the debt service and other requirements of said general obligation bonds payable from the P1ed'ged Sales Tax Revenues has ~"een fully pxovided for in said fiscal year}, including, but not limited to, payment of spe~~~.al non_general obligation bands, which special non-general obligation bonds 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 nat: repeal its ordinance No. 11, Series 1973, and the Town shall not amend said ordinance in a manner which, taking into account other revenue of the Town which is legally dedicated and available to pay the principal and interest payments on the Bonds, would diminish the revenue security for the Bonds. - 24 ~ . • ~_ `~ ,, Nothing in this Ordinance shall be construed in such manner to prevent the issuance by the Town of additional, bond ~f any natuxe, provided that said additional bonds are issued in a manner consistent with the provisions and limitations st~~-~.~ herein with respect to the Pledged Sales Tax Revenues. Section 16. Defeasance. When all principal, premium if any, and interest in connection with the Bonds have been duly paid, the pledge and lien and all obligations hereunder shall thereupon be discharged and the Bonds shall no longer be deemed to be outstanding within the meaning of this Ordinance. There shall be deemed to be such due payment when the Town has placed in escrow and in trust with a ce~mmercial bank located within: or without the State of Colorado, and exercising trust powers, an amount sufficient ( including the known minimum yield from c~~:`:eral Securities in which such amount may be initially invested) to ~.neet all requirements of principal and interest, as the same became due, on the Bonds, to their Final. maturit:ies,. The Federal Securities shall become due at or prior to the respective times on 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 cxeation of the escrow, or the Federal Securities shall be subject to redemption at the option of t.le holder thereof to assure such availability as sa needed to meet such"'schedule. ~. Section l7. Escrow Account; Use of Proceeds. There is hereby established the Escrow Account. The proceeds of the Bonds, less certain costs and expenses of issuance payable therefrom, which expenses are hereby authorized to be paid from the proceeds of the Bonds, shall be deposited by the Town in the Escrow Account to be established and maintained at the Bank. In addition, the Escrow Supplement is hereb,, appro- priated and shall be deposited by the Town in the Escrow Account far the purpose of supplementing the proceeds of such Bonds. The Bank is hereby authorized and directed to use such moneys to provide Eor the payment of the acquired obligations ~o bc~ held in the ESCrQW Account and to fund the Escrow Account wi~-h 2S -- • • • r r r the necessary beginning cash, if any, as required in accord.=nce with the e scrow sufficiency computations verified by a Certified public Accountant. Thereupon, the balance, if any, of Bond proceeds held by the Bank, tha Town, or any other person shall be deposited in the Town's Band Account to be held for the payment of the principal of, premium if any, or interest on the Bonds. The foregoing provision shall apply only to excess funds in the Escrow Account on hand at the time of delivery of the Bonds, and na further distribution of funds on hand in the Escrow Ac:count shall be made to the Town except at the time of termination of the Escrow Agreement or as provided thereini. The accrued interest, if any, on the Bonds from t',ei.r date to the date o£ issuance and delivery thereof shall be d~:positpd in the Bond Account and held far the payment of interest an the Bands when due. Section 18. payment of Outstanding Bands. The Escrow Account, including therein the proceeds of the' Bonds and the Escrow Supplement, when invested by the Bank, shall at all times be at least sufficient to pay the principal of, premium if any, and interest on the Outstanding Bonds under and in accordance with the following schedule: (A) The Outstanding Bonds, designated and ma turfing as fob.lows, shall be paid and retired at their respective maturity dates: Issue Bands t9atur inq 1982-A 1985 to 1990, incl. 1982-8 1991 to 1993, incl. 1982-~C 1993 - 1984 1985 to 1994, incl. (S) 1982-C Bonds maturing on December 1, 1997, ;n the aggregate principal amount of $1,775,000 shall be called for redemption in advance of their maturity da te, the bonds to be called to be selected by lot, on December 1, 1994, at par and accru~~~~ interest, without redemption premium, pursuant to sinking ~_.,.:~ - 26 -- • • • r r r fund provisions provided in the ordinance authorizing the issuance of the 1982-C Bonds. (C) The Outstanding Bonds, designated and maturing as follows, shall be and the same are hereby called for redemption prior to their respective maturities, and shall be paid on the prior redemption dates and at the prices set :Forth below; is sue Bonds t~ta tur ing Prior Redemption Date and Price 1982-C ].997 to 2001, incl. December 1, 199, at 1000 1984 1995 to 2003, incl. December 1, 1994, at I01% (D} Interest on the Outstanding Bonds which becomes due in the years 19$5 and ther5eafter shall be paid semiannually each year on the proper interest payment dates according to their original terms, until said Outstanding Bonds mature. Section 19. Investment of Escrow I~ccount. In accord- ance with the Esc~.~., :_~~;:ament, the Bank shall. invest the funds on deposit in the Escrow Account in non--cal ],able Federal Securities only, and shall fully secure any cash balance in the Escrow Account in the manner required by law for other trust funds; provided however, that the Bank may substitute obligations in the Escrow Account pursuant to the Escrow Agreement. Section 20. Additional Deposits. I£ for any reason the funds on hand in the Escrow Account shall be at any time insrt'fficient to meet payments of principal of, premium if any, and interest on the Outstanding Bonds as the same shall become due and payable, the Town shall forthwith deposit in the Escrow Account such additional funds as may be required to pay the entire amount about to become due and payable. Section 21. Obligations of Bank. The Bank shall from +~ irr;t; to time redeem at maturity all or a portion of the non- callable Federal Securities in the Escrow Account in sufficient amounts so that the proceeds the refrom and the interest thereon as the same accrues will. h-~ sufficient to pay the grincinal of, premium if any, and interest on the Outstanding Bonds as the same becomes due in accordance with the schedule set forth herein. - 27 -- • • • ~~ ~} Section 22. Notice of Refunding, Call, and Redemption. The Town Clerk is hereby authorized and directed to give notic~s of refunding of the Outstanding Bonds at or about the time of such refunding. Unless additional and mor¢v extensive notice is required by law, the notice shall be sent by certified or registered mail at the time of such refunding to the following at the last known address thereof: (1) Boettcher & Company, Inc. -- Denver, Colorado (A~ original purchaser of the Outstanding Bonds) (2) :Central Bank of Denver, a banking corporation Denver, Colorado ~,_ (As paying agent for ~:~~~e Outstanding Bonds) (3) Consolidated Bond Call Denver, Colorado The Town Clerk sha11 thezeafter give notice of refunding, ca ll, and redemption of the 1982-C Bonds and the 1984 Bonds, at or about the time of of such call and prior redemption, in accorda nce with the provisions for notice of prior redemption contained in the ordinances authorizing the issuance of such bonds. Section 23. Authorization to Execute Collateral Docu- ments, The Mayor, Town Clerk, other officers of the Town, and the members of the Town Council are hereby authorized and directed to take any and all actions necessary or appropriate to effectuate the provisions of this Ordinance, including, but not limited to: (i) the execution of a proper Escrow Agreement with the Ba.,n concerning the deposits in, investments of, and disbursements from the Escrow Account; (ii) the execution of a. paying agent and registrar agreement; and (iii) the execution of such certificate and affidavits as may reasonably be required by the Purchaser. Section 24. Declaration and Findings. The Town Council, having been fully informed of and having considered all the pertinent facts and circumstances, does hereby find, determine, and declare: - 28 • • • ~, ( C C {A) The taxable property upon which levieG ;~r4 being made for payment of each sE:ries of Outstancl~.ng Bonds is identical , and the Bonds shall be payable fro~~n the same funds to be derived from the same source as would have been used to pay the Outstand inch Bands if no refunding thereof were to occur; ~B} The Town, a s of the date of issuance of the Bonds, is authorized by law to issue general obligations for the purposes for which the Outstanding Bonds were originally issued; (C} The funds and investments to be placed in the Escrow Account, toget5her with interest to be derived from such investments, are in an amount which at alI times shall be sufficient to pay the Outstanding n.=~~ds as they become due at their respective maturities as to principal and interest, and the computations made in determining such 'sufficiency have beein verified by a Certified Public Accountant; (D} The total aggregate amount of bonded indebt- edness of the Town does not now, no:r shall it upon the issuance of the Bonds, exceed any applicable limit prescribed by the constitution or laws of the State of Colorado or by the Charter; -- (E} The issuance o~ the Bonds and the refunding of the Outstanding Bonds, and all procedures undertaken incident thereto, are in full. compliance and conformity with all applicable requirements, provisions, and limi- tations prescribed by the Charter, the constitution and laws of the State of Colorado thereunto enabling; and (F ) Entering into and complet ing the re fund i:~g program herein authorized at this time will enable the Town to reduce total interest payable on the Outstanding Bonds; Section 25. Costs and Expenses of Refunding. All costs and expenses in cur~-ed in connection with. the issuance and payment of the Bonds, including without limitation the Purchaser's dis- - 29 -- • • • ~~~ C C Sect ion 25. Costs and Sxpenses of Refunding. A7,1 costs and expenses incurred in connection with the issuance and payment of the Bonds, including without limitation the Purchaser's dis- count and all other expenses related to the refunding procedure, shall be paid either from the proceeds of the Bonds, from the legally available moneys of the Town, or from a combination thereof, and such moneys are hereby appropriated for that purpose. Section 26. Acceptance of Purchase Agreement. The Town Council does hereby reaffirm its determination to accept the Bond Purchase Agreement as submitted by Kirchne r Moore & Company] in Denver, Colorado, and to sell the Bonds to said purchaser upon the terms, conditions, and pravision,,s as set forth in said Agreement. Section 27, Insurance. MBIA has committed to issue a policy of its municipal. bond insurance with respect to the payments due for principal. of and interest an the Bonds. The Town Council hereby approves the issuance of the municipal bond insurance policy and t'~~~ payrlent of the prezna.um required by s~..id a commitment to the end that MBIA will issue a policy insuring the Bands effective as of the date on which the Bonds are delivered to the Purchaser. Section 28. ~Ot=ficial Statement. The Preliminary Official Statement dated , 1985, relating to the issuance of the Bonds is hereby authorized and approved. The Tawn Coud'cil hereby authorizes the pri?paration and distribution of a final Official Statement, and any Addendum thereto as main b~: necessary (the "Official Statement"), by the Purchaser in conjunction with an offer of the Bonds t:c t:.r~ piz4~' iv, The Official Statement shall contain any additional or updated information so that it will not contain any ur~tr~_?~ ~tate~?Qn". of a material fact or omit to state a material fact: necessary in order to make the statements made therein, in light of the circumstances in which they were made, not misleading. Section 29. Ratification and Approval. of Prior Actions. Al Z a ct inns he re to fore to fcen by the officers of the Town and members of the Town Council, consistent with the provisions of this Ordinance, relating to the authorization, sale, issuance, and - 30 - • • • .~ -_r,.~ r r e de 1 ive ry of the Bonds , are hereby ratified , approved , and confirmed. 5e ct ion 30 . Ordinance Trrepealable . After the Bonus are issued, this Ordinance shall be and remain irrepealable until the Bonds and the interest accrued thereon shall have been fully paid, satisfied, and discharged. Section 3~.. Repealer. All ordinances, or parts thereof, in conflict with this Ordinance are hereby repealed, but only to the extent of such conflict. Section 32. Severability. If one or more sections or parts of this Ordinance shall be adjudged unenforceable or invalid, such judgment shall not,..affect, impair, ar invalidate the remaining provisions of this Ordinance , it being ti;e i.i~ ~ -~ ._~n~3 that the various provisions hereof are severable. Section 33. Re ca rding and Authentication. Immediately on its passage this Ordinance shall be recorded in the Town book of ordinances kept for that purpose, authenticated by ~.ze signatures of the Mayor and the Town Clerk, and shall be published in acc~ardance with Section 4-10 of the Charter. INTRODUCED, READ IN FULL, AND APPROVED ON FIRST READING This 15th day of October, 1985. __ _., ~ /.. ~ j Mayor ATTE S TF D ; v c /~ ~, ~ . ~~..~ Town Clerk (/ (The following to be inserted upon final reading and adoption of the Ordinancer~) FINALLY ADOPTED AND APPROVED Th..~ s pti~,~day of ~~~,J 19 8 5 . ...._ ~._-~ ~~ Mayo r ATTESTED: t. ~- ~t~J Town Cle r. k (~ - 31 - ~ . • C C ~ Tt was thereupon movte1d~ by Councilmember s~Os~ and seconded by Councilmember W~t~~~,~~ • ~y}.~(~~,,~(~{-~ that the Ordinance, introduced and read in full at this meeting, be published in full in the Vain Trail, a new:5paper published and having general circulation in the Town and legally qualified for Town publications; that a public hearing on the proposed Ordinance be held at aS~~Q,~,(~1 meeting o£ the Tawn Council on~(,~ ~.~, 1985; and that the Ordinance thereafter be considered for fina]. passage. The question being upon the adoption of the motion, the roll was called with the following result: Those voting YES: i ' Dan Corcoran Paul Johns ton Colleen Kline Co,r~-le_. ~ n `pip r Kent Rose , Hermann Staufer Gail Wahrlich-Lowenthal Those voting NO: ~ ~~,(_~ The presiding officer theztiupon declared that a majority of the members of the entire Town Council having voted in favc~ of said"motian, the motion was carried. Thereupon, after consideration of other business to •ome before the Council, the meeting was adjourned. 'own Clerlc(~ ' -- 3 2 -- ~ . • f ~~ C ~> C STATE OF COLORADO ) COUNTY OF EAGLE ) J TOidN OF VAIL ) I, Pamela Brandmeyer, Town Clerk of the Town of Vail, Eagle County, Colorado, do hereby certify that the foregoing pages numbered 1 to 32, inclusive, constitute a true and correct copy of the proceedings of the Town Council of the Town taken at a regular meeting thereof held at the Municipal Building, in Vail, Colorado, the regular meeting place of the Town Council, on Tuesday, the 15th day of October, 1985, inso~`far ;mss said proceedings relate to the introduction and first reading of an Ordinance concerning the authorization and issuance of general. obligation refunding bonds of the Town, a true and correct copy of which is therein set forth. It is hereby further certified thdt the proposed Ordinance was published in full in the Vail Trail, a newspaper published and having general circulation in the Town and legally qualified for Totivn public atians, and an affidavit of pualica~aon with respect thereto is attached hereto. IN WTTIVESS WHEREOF, I have hereunto subscribed my name an ,affixed the seal of the Town of Vail, Colorado, this (~~~dav a ~~~~ 19 $ S . i~ Town Clerk(/ - 33 1 ' r ~~ C ~, C (Attach Affidavit of Pui~lication of Ordinance After First Reading} ~~ .. 34 -- ~;Ij11Q;~`, . y ~'~, , ~r , ~ %~ , ~ '1 ~flp~~ O O •~~~ ~ ,Qf1,,~ ~~ ~ N 6 ..-. ro O ~~ `~ ~- m V~5 Q o -~ ~' ~ . ~~_ t z~ ~ ~ a m ~a~ ~~ ~ Q~ ~Q__~~ ~~ ~ m ,~ ~ a ~ fl nQ ~~~~~~ o ~' C'1 u, ~p --., p ~- O C Q . ~, ~ ~ ~ ~ ~ n roamNQN.<ca~ my p G! N Q ~ ro a ~ ~~0~~~~4~°~-~`` ~ may. -~ (D Q C (D tip p ~ m ~ tD C'J ~' C[} ~ N ='-~ Q O V C ~ ~ CZ ~' cti Q' ~ 3 N Q 3 p ~' n ~ ~ ~~-rte 6 y Q, (D ~^ ~ ~ p (D n ~ ~j ~ ~ ~ , ~'rr} v~ 3 ~. Q ~ ) Q~OQ~ NCC7 ~p S~ ~ O fl -~ C~ O Q. ~ Q Cl.p ~~~~~~~ ~ ~ ~ ~ Q a ~ a~~Q~-.~~~~ ~ C ~ fz ~ ~ Q c~n~~~jt?Np~~ ~ ~~O Q tD `` Q q Q Q ~ (D .+ Q. ~ CD ~ { ~ ~ 3 p ~ g ~ ? ~~~ fl~q~G~ Q ~ji C? ~t Q %. w m (D ~ N O Zj ~, tD C~ m ~ ~ m~°Q.~~-cum{ m '\,, i ~ ~ g Cpl. ~ Q~pD~~~d~ ~ Q (D 4 ~ ~ ~ ~ c~D~=~~"~~~0~ ~ pV Q ~ C2. "Q °!°t ~_ .• ~ • ~~ • { `• .F ~` . ', ~ r'S'., I, , lei L' Viceft 't}gtl - ~CfOl1C'Y is Vl~S - SeCr rO/l yt r "We betieue ~ t~tll5 tOWll... that's whrJ we're beret" :~'i ' . . ~ by antenna InlO end complatlnq a relundlnp~ F r m Pubue Notre program B11fii911lne, pumuam IO Iha prowalOne tq~Charter. the Town can reduce total E lt e ' o u rr er s payaotecntha0utalend mg eonda,end WHEREAS th w T C N ' ~ Oi4r11NANC6 NO. 23 . e a n ounc , pursuant !q the Town Charter, is authorized EO Issue bontls F)•I7fR ~4e t4 - ~ nR{Oltu Rata dean nBX ~~ipn. $erree oT 1866 for Ina purpose of rafunding YBlitl Bntl ORB, Onl ORB, y peraDR tR bring DOT t 8Ci Ln "me too" fashion AN GROIN ANCE AUTHORt21NG THE 4 AN E Y oulatantling ablrgatlpns o11hB Tawn; and wHE REAS the Tawn Council h Justice to al the people. and paint to me ae scapegoat SSU G B THE TOWN OF VAIL, COLORADO. GF GENERAL OBLIGATION , as determined and hereby determines Ihet It Is Don't lte turned 8W8 from y that $baolves the council of its REFUNDING BONDS, SERIES 1965, IN THE PRINCIPAL AMOUNT OF 529,595.600, FOR advanlageoua entl favorable to Iha Town, and the inhabitants and taspayere thereat, that She ndi OW l B seeing the part, the council had paw' THE PURPOSE pF REFUNDING VALID AND GlslstaNOtNG INDERTEDNFSS DF THE ng S e grWS ba refunded, entl that refunding bonds be 199 Vad in Iha prlnolpaV In bringing about this TOWN; PRESCIiiBING THE FORM OF SAID unl of $20,565.1100 (eY ouch ppurpose: entl ' aWHEAEAS the Town hflsle e6 6 1 " IB All Of OU W}IO have y BONGS; PROVIDING FOR THE LEVY OF AD , g yave a6 0fgr such purcoso lncludlnpemaunta n d l i carefully read what I have said VALOREM TA%ES 7D PAY THE SAME, PLEDGING SALES TA%ES TO PAY THE . o apds t n reserve fund3 Ear the utetanding Bonds an ' for mOCB t}]$n 10 years know SAME: PROVIDING FOR THE PROCEEDS OF THE BONDB TO SE DEPDSNED IN A , amount not to exceed 5 (Iha EecrOw Supplement"f. WhlGh Iha Town that my desire for Vail and Weat SEPARATE ESCROW ACCOUNT FOR THE COUncilhastleterminadandherebydelerminea C Vail 19 a UR10R Of BQU&18, a PAYMENT OF YHE BONDS BEING REFUNDED; kN0 PROVIDING OTHER to eflOCelo. tagelher with the proceeds al said refuntling bontls, tq gupplemBnt [ha same. for ~ friendly union. That even after DETAILS IN GONNECTiON THEREWITH- if eBFpurpose of payingthe prlnaVpe{oF, premium s anne7Cat10R 111 I980I did what I WHEREAS, the Town of Vatl, Ea I County CalOretla the "Y " h h 9 } d ty Iheir ~aspact ve mafuruy dates or desrgnatotl ' COUId t0 make that union one ( own ], as ere p ore u aulhorizatl. ac W, lasuetl, entl delivered Eo the actor retlemptlon dates as is heminalter mare - epeolhwey sal Igrlh: and that was based On a RtrOng PbreheaBr9 thereof 37,000,000 0l Its General Obligation ROIu[Ming eontls, 5erles 1982-A, WHEREAS, Iha prgCeOtle danvetl }rOm the _ sale of Saitl relundlrq bonds together with the charter. in 1982 I joined a tlaled June 1, 1982, of which issue there now , Escrow Supplement, alasr payment of the co618 Charter ReVESW Committee Of remains out9landrng the total amount of 55,770.000{Ina"1982-A BOntls"] being bonds and eapenaes al the retudding procedure, aheEl 'r ba placed ins s i l t citizens W130 BllCCeedCd after , numbered' 247 tP 1,480, Inclusive, in the pec a una antltrusl account,to h0 established a) navels authorized, }or Iha Freet Chain Saw Accessories some nine months in presenting tlenominetlOn of SS,p00 each, bearing interest Payable aemlannually on Junelend December purpose only td paying lha0utalantlingg Bonds rss lheV become duo flntl a able 11 U upTvA $9300 Retail Value amendments tothecharter.The amendments wtrre defeated In 1 each year and malurinp sedally on December leach year eafPltows: Amount Maturity Imeresf Rafe p y , 8 e] hefeinallet mere apeciliCally set Igrih' BEITORDAINEDBVSHETOWNCOUhlClL-" OF THE TOWN OF vArL, COLORA00: election, but they did serve t0 $746,969 196: 16.60% f3EGT1oN 1, Delinibana. Ae used berate, $815,006 1986 10.06% [h0 fallowing farina ahak have the respective make the aerate aware Of , 5905.660 1987 1009% anings set forth below. unless Ina context , charter reform. In early 1984, ses6.o96 1988 m.66% IptliCafes otherwise: 51.105,600 1989 10.09% Bank; Cert[rel Bank of Denver, a banking the COURCII did app0lntacharteT 31,zf5,000 1990 ~ "1001194 gorporation, in Denver, Colorado, qr Ito review COmmltte6 On lt8 OWR WHEREAS, the 1682-A BOndsam notaubjal aucwsaor.a commerclel bank duly or9anfzBtl _ !q ratlam{SIiOn prior tq maturity; and arM BXishng Under 1nB Iflwe Of Slla SIatO di , Bu a Homellte• y "~~ 1 InltiBtiVe. The COmmltt¢0 Was WHER A5, the Town has aretolore duly authorized, sold, issued, and deliveretl to the COforedo. Enp empar O! iha Federal Deposit Inauranro corpoation. entl Raving furl ' II Chain Saw r1pW aefd '- ~ a Composed Of 8170 pf th6 Original pp baser: thereof 52.990.009 F} Ile Gerraral and compiafe dust powers, wlih which NB EfCrow A t l t bk h i we'll help you C11t a lot more ~ 4 elgnera Of the charter as 061igatiOn Gonda, Series 1962-B, tlaledJUna 1, 1982 of whlcn Issue there now remains ccoun sea a a ed andmflinlalnetl SOnd Account the °TOwn 91 Vall BOn6" tv+t7od with it. T-1rM,7 ust thpo9e a r J prepared m I9'7'l, I fSlaO W$$ & 0 lslantling the fo481emOUnl of 52.900.099 (1hB amount" established by Seolion 13 of (hie powerfiil ^•10, 245 33D Dr 3611 (txtry - y .. member, andtwoothermembers ~ ^t982-9 Bontls"], pain bonds numbered 1 to 580. ;ncwsire. in Iha ~enpminatidn pf Ss,9a9 Ordinenw, •,- Bu^tl Registrar: Central Bank 1 Uemer.~a rase models Gnly) The chain saw COrr1eS " ` • were chosen from the citizens' each, bearing mtareat peyeme semiannaally nn banking eapprelion. In Denver, Colorado. w ' rte aucces r hkh h il f _ ked lit the fD6e carry case, Then we'tl send lw art extra charter review committee. I took Junetend DeOemberleach year and metunng aerially On December 1 each year as Ipllpwa: , w se : a per orm the luncllon a! band rogisirer with respect Io the Bonds.. nd : te B C t O 1i i and chain. l~rld that rtledlL9 you'p be able to cut d 101 room pride in the work of the ,iVn°tatt Mattemy Mt4rreee Rete o s a artere tr 991 on Refuntlfng Rontla. series /96s, dales lFnvember,5. 1866. wood without spending a lot store o9mmittee, and some of its 51,265,000 1991 17,apg6 51 420 t10D 1992 - ~~~ 1 25 iesuBd In the eggregelP pdnclpal emoVnl of 529.585.000. es euMOrizBd by this OrOinance y up to 99Ci,00 fur the ~ ~ . recommendations leave ,been , , . ,. -r; 1. % .5105,090 ' 1993 :'-'%t. 11.51196 . ~ registered owner of any n ~ - CAB P. (bl ' $fld Clkli[7~ t aRyOR6 Smut ' accepted by the council 88 WHFAEAS,tha 19x2-$Bpndsarenofaub act 1 Boh ae show irf the repblration hooks ' maintained by Iha Bond ReglElrargn behalf o! rrgsrls < w~._ enough to pk'k up a Homelite [IOW - amendments tD be voted on Ir1 10 redamVLion pilot to maturity; entl WHEREAS the Town has nesetof9re duly die Town. G R S th C l g dEaeNe9 t4 prck ttp a bonus. Come on in theconaing municipal electionin , edlhonxetl, soltl, issued and dakvered 10 Ise . . .: e orado o evlsed StaNfea 1973, a! amBrMetl and supplemBnled as of the dale ~ • end BE'B 1rt6 toddy and take home -' NOVember ~ " ~: ~ pD haser¢ [hxacf 59,870,000 of Ha Geneal 9bligatian Rafvndtng Bonds 5erles 1992 C nereol. C l /~,•,x,y,,,,'g n1111111er O~ Cl9d1i1 g$51y dnd d . „ ; .. ,: ,-, '' . , dated June 1, l9B2, ql which Issue there now eni ied Podia Accaunfant: a cgnified public eccaunfant wahln Iha meaning of _ Gb free Carley [aSr. 7lten Pn gore you d Coupon 19. My hopes forthe beneficial _ Ins qut918ntlin9 Lhe total o t al :9:879,91]6 (1Re `1982-C Rontla"], tieing bona III-2-915, C.R.S., entl any amBndmenf ' O 3kensad lO rectice in th St t f SD yon inn Olfder yatr bee bar and Clta1R. affeCtB Of 1nC0 OC8t10R $rid CP umberetl 1 to 1.874 inclusive, In the d ' i f , .p e a e o Colorado, ~ ~ . _ Remember...wlntertSrlrttttatfdraway! , 8000 thereafter, Of ODnsOLda- ' • anom rn8t on o 55.099 ea4il, beenng lnteresl payableaemiennuallyonJuneland0ewmbBr Cn¢ner.Ihe home rule Cnaneraf [nO TawniR eff~ctaaanneda~eRereof. ;. y~; =' IB ® .:; .~ , i._-; tlOn, I believe tG bewell placed in 1BAChyeafantl rn8lV<Inpsellelly On December 1 Bath year as follows: , EaerawAe0ounl:aspBCl4lfund entlseparete Lust abmunl crestetl b S cti 17 f hi C I I r`~•M . '~:' the good will of the peoplepfthe- Amount SAahtrtty Irrtw/OwtRata y e on o t s Ortlinanuanddesignetedsslhe`TdwnglVau ~ t s • Croce Valley, I have eat sought ~ ~ .iz ~ ~ .i~ Bond RBlundin facrOw Account, 1965", to rya eslabRShed en~maimeinea at tea sank We Put tyt9re P1ee Trine L1 Your i)ay ~ elective office.I Wish still to bale . ; 7 51 525 000 1896 11 1996 Escrow Agreement: tea egreemant between ;,~` ` _ the posthon of benevolent . . . 5916'000 -1898 1219% 55 I1W • Opp - 10% 12 the Town &nd 11ta Bank dated a¢ OI November 15. f9B5, fAnCatnirfp the eslebllshmenl and , 4 ~ "4~r advisor, and do what I can to - . 36;900 .z961 Ix.tO% malntananca of the E1Crow Accaunl. E r S l .,i(f a - VGrI ~ •. , t - 1 - help those im office who tlsk my WHEREAS. tMS 1982-C B iM mallxrn9 an sc ow emenc an amount r1g1 10 uPP ea~tl S of moneys legally i } - - f L ~ nN ACY ?it0lsl Inc. Y ' ' ~ h alp :,.' - _~ - - DecBmbel 1, 1997. are tub}act t and8lgry ¢Inklnp fund redempllon. M lot. tyeglnning on aYe laDle 1of allpcali0n try She Town, inOt6tling amounts on depoa I m reserve funds far Me " 2~~~ 51. Std. Wsst °11 s ' ~ 4Tb9 < ~ t - _'•! ~-: ~ • Oecemiaer 1, 7989, and on each DOCember 1 lhareelter.ro8ntl rrrcludin December 1 1997 Dulslantlr og Bona. ea a aupplament to Iha Proceeds f Ina BOiMa. for the Purpo ~e of . ,t . , ~ a BF~;~rr~. ~..h-- ~.T.,. •tszvffi.~t ,, ,.. ., ^,+. "Y .`"-:.skit have ~ReD~galrB ko NR aRy , ' . , upon payment q1 par aM atcmetl 7n1erB91. _ 3 o y n~gr~lton Pee Oal / Cf lB sa e tl ~~ " OOO 1t rARfICOATM0 B3At9li aNLr government whether Veil s OY wmnun redemption premium, fn (rte annual f t l t s an Ond n9 ¢i th i laectiva meturitles Or d l ' ~ West Veil's I take too much s se t below: .. pri p es gnalad Pnar ~ ± -. r '~ -' ~: ~' ` ' ' . pride in those who do $nd are ~~bar / Amount ~ ~ FeEe al seer Ilea' direct ahngafiona Of, Or hli ' . . . y: _ - •~`' responsible for the day-to-day lgpa -~ k,716 gqp tees fst,a29,119o o galrons the prmcipsl and Interest of which are uncontlitkona6y guarameed by, Iha United ~.. offrY l11r18 DlClp[~lr ,~ ]~ $Ch Vltlee In b••i....mCnt. My 1999 ~, :1,260,009 1897 Stale of Amarice MBIA: the MunlCrpet Bgntl lneinance "t~'~ ~ aptnt would be deadened tD St,300.W0 WHEREAS. the 1882-C Banda matudn On B Aeaoclatign.a New Vork rnsurenceasaociation. r ce which aulhorizaID i ' - aupervlae BOCK aCtlVltleB. ~ entl eher DeCemlyar f, 1897, ere redeBmabl , et ~n~~ the iseLence of 1nB Iha Option Of ins Town, on Oecamber 1, 1995, Ouhtanding Sgnds: the pulelentling pantos • entl an any lnlerest payment date lhereaher, fn I Of the Fown'¢ General Obligation Refunding "The 'L~''.LP. loo - " The ultimate_identi~cation program for your child. Ask about it at your child's school. - PtieSEE]LP.d by: Heritage Community Access Television arld Foto E'inisli in the Concert Hall Plaza Bldg. in cooperation with the... Veit Police 476-5fi71 nverfe numerical order, upon paymam o! yar - lftd accrued Inlerear wllhout r0demphon Bgntla, Sarre: 1982-A, dated June 1. 1982, iealled [h i i l pramlum; end e or g na principal amount ql 57,000.000. 01 welch issue there now remaire WHEREAS, the Town has herBlalora duly Ou191antling the amount Of 55.779.000 [the aulhonxeQ sped, issued, and delivered tq me '•x982-A Bonds"1: iha Town's Ganaral yurchasara Iheregl 31,600.000 of rte General Ohligetipn Banda, Series 1982 B. tleledJUne 1, ObllpaliOn Bonds. Series 1984, dates June t, 7982, Issued in the arigfnal principelampunt of 1984, or which l53ue there now oleo 32,900,O0p, of which issue tnBtB now ramaln9 puletanding [ha lWelem0un1 of 51,BOO,p06 (Iha "1984 BOndB"], in the denOminahon or 35 000 outalanding lhBlalafamOUnI Of 32,960,Dpp lthe "I Bbl-e B ntl " h T ' . e8c71. bearing in[a[BSt payable aemiannudlly on O a ]: 1 0 own s General ORligeti0n Refunding BOntls, 5erles 1992-C Junelend ~ecembertaacn year entl maturing . dated Juna 1. 1982, 'ssaatl In the gdgigal 8Brlally On Decembef t each year a9 IglteWa: ' prin0ipal amount of 59,870,000, of whi0h iEaue Arn°urrt ~ IN9turity Mtlsreat Raea Ihae now remeirts qulataneing the Sala 539 89 amount 01 59,670.009 Itne "1982-G Bonds'r, ' . 0 1985 11.250% '53:.006 ~' 1066 "11.259% tl the Town s General Obligation Rontla, Senaa 1964, detetl June 7, 1984, fasued In the 549.006 '1887 11.258% original pnncipat mount a}St,60Cr,p00. of which 540.009 1988 .. 11.258% - ~ issua theca now remains owslanding the total 545.609 1969 _ 11.250% ' amount Of 51,669,606 (lh0 "1969 Bondi"y, 350.000 1990 . 13.250% Paying Agent: Cenlfel Banc o! Denver a 355.009 .1991 11,259% banking corporation. in Denver. Colorado, or 580,060 , .7992 - 1 e 250% ifs aucrossgr, which shoo perform the function 570,999 1993 11 759% 75 O6a 1994 '10 1]110% of peyrng agent with respect to the Bonds, l d tl l l , . 585.990 1895 ~ 9.250% e ge a es ax Revenues. me revenues tlenved from ono-half of the Town's 4%sales 596,1ga 1995 8,375% tan authorized by Ordinance No. 11, Sertea 61011,1109 1997 ~ 9,500% 1878, as emended, of the Town. 5110,1100 1998 9.609% Purchaser: KUCM01 MOare and Company, of 113~a~ 00 Y0~00 -~ ~ 9150°%4 Denyef, Colorado, (149,009 2991 8.750% 3155,909 2992 9.675% 5170.900 2998 9.675% '~ a ll WHEREAS. the 1984Ieonde maturing on entl lly or Se a Beer December 1, 1985, era redeemable. at the Op1VOn of the Yown, on December 1 1894 and r^ , l r ~ . , on any inlerea! payment dale Ihereafiar, in W o a V V V inverse Ortler or maturity and by lot wiihln n malunry u n 1 (SyfA~, ~]~~ ~ , po payment o par, accrued Interest, and a pramlum Of 1,11096 0l the ~ VaaWL loll prlnCip ! amount ao redoBmed; and WHEREAS [he rin i l f i i COntdCt ' . p pa c o , prem } any. um entl interest on the 1982-A Bonds, Ise 6962-8 R tl th 19112 C B Carol n Callawa Y Y on a. e - onds, and the 1984 Bondi (collectively, the 'Oulslanding Bootle") era The Gueal Ratwh Speclelisl ~ayeble at the Cenlrel sank O1 Denver. a k i I QVw Baal ~9t8t8 lnC as ing corpoat on, n Denver, Cotaretlo: end WHEREAS none d( the Oulstantlin B e , . ~' 1 , g on s txavaheramfora txrenrefundea, nor have enyot 925 E. Swallow Rosd •Ppr Coflina. CA 80525 !h0 same been redeemed or otherwise peril, ~ rr ll tl i Z1,i-$QCQ Ott ( l Or ca ce e . or fBl red by the Town; end WHEREAS. alter extended dlseuaslgm entl , 484-5130 ired.l OpnaWation with the Town a financial atlvlsor, it. has been determined by Ne Towrs CounCif that j~kx Contract Draffing Architectural Draffing Service Design Development- Working Drawings As Built Drawings ~ Solar Design Services • SCOTT McCUAIG, OWNER - (303) 5249433 731 Rdrlgevlew-box 357-gypsum, Colorado 61637 • 4 .a L....rs RecnrO Oa1F ma uneenlh 1flEth1 day of Iha UNITED STATES OF AMERICA cdmaar manta next predadlnp any Imerell BTATE OF cpLOflapO meat de1~ COUNTY OF EAGLE Own' the Town Ot Yrtll. Eagle Geunly, TOWN OF PAIL Cdaedo QENEAAL OBLIGATION Tawn GPUncll'. 1h1 Tawn r;eundll pl IM REFUNDING BOND Town. SERIES [9e5 SEC710N 2. AVlhgrltallpm In accOrdenc4 INTEflE3T RRTE With lM1e GPnalllutlon q}Ihs Stale arCPlPreda; MA7VAITY pAYE rite Ghaner; and art Iewe of rite Stela o} ORIGSNAL ISSUE DATE: November 15. t4BE GOIOIada [neleunto enabling: lh4 TOWR snail CUS}P. owe rn general pallgallon raiumm~gg bonds. REOISTtREb OWNER: " etch le 1» deslgneletl ' Oenerel Otllpatlgna " PRINCIPAL AMOUNT', fK]LLAR$ Rafund4np Band. Senea 1985 , 1M the S°f8i clpel emaunl di 340.596.904. for the pri ny Tawn of VBll, infieCpunl of E• Ie and i g ' u pWe or rpluntling Ina pulalending BPnda p stab of CplPrpdP,emunicl Icd I p ~ n i p T a} d n r ~ l t / a an4xed end ratio und9 [M Tow 4 a o} the Tg wn, antl She u n tel9h arW c atl ll o r n° Town shall be pledgBd for Iheir Raymanl. CMrler and the e etitu m and laws ql the Slats PI GPIPredo. lw Value fecelvBd. nBfBhy SECTION a-BOnd bPldue The flanda enau acNngwleagea itself indebted end promises to pay to the reglelared owner named above, pr be hatred pnlyee luayrepiatered Bonds without reglllered assigns. m IM malunry dale epupona In the tlenominpllon ar 15,000each °r a Ilketl abov~.lne pdnclpslsmoum epecdled any imeprel multi le lhereol. Unlesv the Town pp shall otherwise dlrBCl the reRlelefad Banda strove, end in iNa manner IP pay interest on h l l , shelf a numbered aeparatery Iram t upAward, aYg pa prlnP emaunt (eomputedm the beefs yoer or lwewe 30-da oI a J8p-da monmsl Wdt rite number of escn Bontl preceded by y y fiom Iha Intefeel pa ment dale next recedirt R-'~ y p p 1M date o! ra9g18tran°n and authenllcelton di FM Bonds shall Mamsa Ps of November 73, this Bontl] anises [his Bontl b regglelered arts (485 end shad bent mleroal pay file , awnentlcated prior la Juna I, t88E, in welch eemiannveily tln Been Juna t and Oecpmhar I, event this Bontl shell Nast InlBreal Irpm commmc7np on June 1. tp84 andaha8 metwe ' sfovemher 15, 7085, at the mtereel rata vet on the let day a1 becemper each veer, u annum epeclflsd above, psyebte wmlannuelly INlowa: on June 1 and December t ..tit year, Prktolpat interest 'Cpmmmcing an June I, l9Bd, tit such AAwhxity Ameunz Rats prln d ~l^ m au oua ca eal wreU4am o onantl 1888 S97b,00a e i prr y ll l pp ri p p. gwnt shall have bean dory provided tar or 1887 1,07$,a0n 1988 1,f3E,Opp • ~ , y male. The pprtnclpel of eqd plemlum, a an , m tab Bond 4e vble In Irwtul mone e o1 Ne 1989 1,20.s,~P . p y y ., tfilbtl Slates o1 Amarloa to the repfamred 1890 f,3&S,OW + owner upon preamle[lon and eurrentler at 199( ~ 1.97E,dpp ~ - ;•; Cenhel BanN al penver.e WnNln9 [arPOrauon, 5992 IAB0.p00 ., , in oamor, Colorado, aritafucceae¢<,as Paylnq 199e 1.740.000 + - .:~AgenL. ayment °t eaoh Inalallmml of Interest enau tWi 1 ,~, 000 M medals the replatered owner Mraol whpae 1988 0,810,000 ~ 1 ~ name !hell 6pppeBV ¢n the requlrallon bpoke of ' T ~ ,~ 3, 00 ~ 364~0 Bts awn malnlelned by pr on behau or tM Town hY Cmteal Bank p1 banver, a banking 1999 :310,499 corporm{m. kit panrer, Celeratlo, or Its The ma €mum net ellective Inierasl reG tucceaenr, as I)prttl RaglsVar. H Ihb close of euSn¢rla9d for lhlalaua of 8pntlab % per annum, and theaclual neS hffxnve littered IXtaineae on the hneanlh 115rhI tley of IM calendar mpnih next prepadinQ eadh Interest a se %per annum. payman! dale Rhe"Retard Dale' ,and shall Iro ld b ft P SECTION 4. Pa mem oteonde; Pa In A ant e g a a y check or dra of the ayying Apml ' 'ge mailed to such repiatered owner et h4a address end Bdnd R fa rav The princip l ! nd ng e On esl e ~ c l B d premium. II a q. on the Banda la pay blo In lawful mone al [ho Uttiled BtaltnofAmerice to B Ga oflMe~eeu o wh h hb O isone, y the' replafared owner of loch Berra, upon p:plurln9 an and alter DacemGeT 1. 1998, are aublecl to retlemvhvn prior to melurlty el ~~ malwity, Issued by the Town Cauncll of the Twm of Vse, In the County °f Eagle end State of Caarado, for trio Purpose al refunding valid and oulateM{np Indebtadnesa of tM Tdwn, under the eulhdrity of end in lull rpniprmlly Wlh Iha CdnatllutlOn of the Stele of Colaratl°. the Tawn Chsner; and all taws of the 51a1e of C¢Ipratlo thereunto enabiing: end punuan! to !M duly adopted Ordinance euthorlxing the lesuanpe br Ihla Bond. 3! fa Mreby recited. Certified. and wernmad that all pF the ement] of law have been filly egmplied wu uby the proper o!}ltara rn bauing IhVa Bontl. II is hereby further recited, CBHIAetl end xrmtetl Ihal the tDi01 indBbSetlneea pl Iha Tpwn, Including that o! thra Bontl, dose not • The VGIi 7hTll -- October 18, 1985 - Sec[ton A l / .. 6lgneture guarenteetl: IBnnk. Tuel ComPeny, or FNm) SECTION 7.AUlhenllcetion NO Bontl aheA LOT be valid or °6lipatory for any purpose nr be ' mulled to any security or benefit under Ihls FOR SALE Ordinance unless end until a certificate df euthm[ICelfpn on such Bond auWlBnllally In the fprm hereinabov0 eel iprih shell have bean BY OWNER duty B%BCUIlO by the Bontl Registrar, and ouch axeCLEed CBIIitiC@[e dl the Bontl Aegi9lra{upon. ' any such Bona shall be c°ncfusive evidence ' That such OPntl has been euthenllceletl and '-' ' "' rudVe COE}7R7L,gjpn On tht5 aellvered nnder title Ortlinence. TM Bontl beaGtifilt ire of ,...,,.z,: h,',,}~ Reglatrar'a cerlllicete pl aumemiceRan On any P ~ 1gh . Bond shall be deemed fo have bean eaecuted above Vaii Gn d privais roadoYer- by q II aiQnetl by an emhdrrrea dlllcar qr iWt4 the entire ,,~~.,,''ff~ry,,,, afgnatdry of the Bond R°glelrer, but ll ahen npl ~ V~Y +.vlth ' ba necBaeery fiat the same onrcer oraignn[ory views 10 the west Ot Heaver afgn the certilicete ar aulnenlrcabpn m an m Creek & the New Yank Ran the Bonds issued hereunder, ge• SECTION 9. Delivery pf-BPnda Upon the adoption of Ihla Ordinance, the Tpwn Shell i'trrll self for $265,OOlt execute Iha Bootle end dBliverthem lOlhe Etond fa, OftB Yl]Oel~fl Only . ABgg Irar, end the Bontl Registmr shall ~9 authenncele the Benda &nd dellVer thBm fa [he write. Purchaser, es directed by the Town, end In , ccordanca flh 4he Bontl Purchase P,O,BOX 28(10 visli, CO $1(yj$ Agreement between 11re Town and Iha. ~ ~ ~. ~: Purchaser. ., SECTION B: Repislrmfon end 7rensler af. '' ~ ~~b'10~4 fOC dTl dept. B¢ntls: Pereans Treated s8 Owners. The Bend ' - 'c Regfalrer ahNl mefnte'm IM baoNRW.lhe Town r ~ - C. C, TLrTt to Rtge 22 , .AFTER ~3~YEARS~ ,:;. a JAE AND RUNNY LANaGMAID would like to sell their house ou Beaver Dam Road.. ' i'erfec# k)cation on Gore Creek. House designed t>yT - lamed aspen architect Fritz Benedict. Ttre lot was ' chosen in l4b~ for proximity to Vilage and ski lifts, , privacy, t~eauty pf Gore, Creek, marry large evergreeru. ~ Ivor I~HornSatiae Irallr _ _ 13ob Kaatlall at 1303j 476-2466. Contra ,y mterrrll Pit X40 BOndsahall EB pPAVe Ole e u ryp I nd I W[ Wlmin sash maturity, an OeCBmbpr t, - 1 1. and u n any Intareaa payment dale P re enon n whose name such B° s r Iatered, al file address ea IS appears on the ~ ~Iherealler, pan payment f par, accrtrcd InlereeL and epremlum gllhe prlnClpalamounl r NUehan husks melntarnetlb or on bohad f~ 6 ao redeemptl ea fol{pWa: o M Town by the Bontl Regtatr r,aline close of business on the Redord Oete, krespacuveof ., Hedempdan Oaten : Prelalkrrlt any trsMfer ¢r eacnang0 Of loch spite pecemher 1, 19BI fo June 1, 1483, Irrcl. 3.(141N ubsequenl tp such RPGPrd Dale and prlpr 10 s December 1, 1983 EO June 1, 1884, incl. 3,0¢16 uch 3merasl payment dale. Such payment Mltb ard I dr f Ih h k g l Oecembcr 1. 1804 to June 1, 1895, Incl. 1.00% ~ vy c e p a ec or a o o ay n0 Agjjy' ~ principal ol.pmmlum lfany. end hloraet ', December 1, 189E and fhaaeeller >p,gm4 TM B¢ndf will be redeemed pit In ihl l ry egral lti l 5 n00 I B l an LM e°ntls shall be pard in eccardence with ne toms of a `Paying Aponl and Rdeislrer ' mu es p i . n^Hn ~ve~i ond a of e tlanpminaflan qer Portion of such Bpnd m .d D 6 b t l In h AgreemmT between rite Town end ma PayVn9 Agent. ay e r eema . u on y I a .prlnclpel amount W 15.000 or my 4ntepral ' SHCTtON 6. PHOr Redemption. 9onde~ irruluple lherml. gush Bond WII t» Veatetl Ica M p°rp°aas pl r¢demplipn as that number of mstwm on ens ellsr I~cgm!»r 1, 1943, are 4 @pnds which roaulle ham dlvltling the principal . tub{aCl t¢ retllmptlpn poor to maturity, BI the amWnt of loch BOrltl by 35.990. - ~s 81 9 i n ppr 7 oo„ n l S Nphce of p rlpr retlempuan e hsll be given by 1 v lee a1 lnreraa prderol m elu n 5 4 l pit r3eecemh.r 1 1991 end en any Interest- _ pp N l hi h~ l P , , payment dole IhmeerSar, r+PPn Pa~ment °I per, acerueamlereyl sndapramWmo lhspdnc pal ee l n f flY {29f dayap la O lhetlaNllxad Ica redemption. IP IM rep{aferBd Owner 0l thN B . amppnl ie redeemed as rplfoWa: orwNlea address shown do merapratra0m hoake mafnlalnrld by the Berl Regla[rer,in lM Retl~mfagpw I~a1M •N' ~L `+.~mA~ t f ' a ' " ~r?' hh~~mllr!aaaGnsneNAtl BOfrde 0a11etl hXlBdamp[IOBn WIH "' T9@ December r~1991~ b Julie 1, , oci- Sg03N OaCmaber 1, Y999 Ie.JUne 1, ,Intl, 4 Wtembef 5; 599110 Juno 1,~ , tlrct, i~ Vane 10 Lear Interest sitar IM ~aprrclaed r, ,dedemptlon dtl1e, praWtlpd lands Iqr Im#r NdemPllOn ere•~ On tlepOM a!' INS piers' of ' ' DacembM 1. 189E end tneresleer - C~da'a ' Mymem al Ina( S+ma REF RENC I H R Y ~ Il lase loan ag pllM Bpntl]wllhinameturtty date ors Ia Le redeemed an any prbr e E S E EB MADE TO ..lFwm of Trerwter] ~ ' FURTHER PAOVI$ION5 OF THIS BOND SET redemption deq. the Bantle Io be mdnemad FORTH ON THE REVERSE HEREOF, WHICH A931GNMEN7 , pl the any o! Snb n011 M'In such e FURTHER PAOVISSONS SHALL FOR ALL pURPp9E$ HAVE THE SAME EFFECT AS IF 'FOR VALUE RECE[VEp. Ina untlerelgnetl li FULLY SET FOATH IN THIN PLACE. pya ualgna, end eranslare unto TNe Bontl shall not bs vend or eatpme ~~ ~ ahllgstory for enypurpose vrMentitledmany BOCIAL SECURFTY e eeeurlly or bend n under tM autnwialnyy Bares QA FEDERAL EMPLOYER n Otdlnanca unikl thacaslillcelsdf sut/wntlcallm IDENTIFICATION y hereon shell hev0 been stoned by eM sand NUMBER OF ASSIGNEE e Nlrer, n I TE9TIMONV WHEREOF, the Town IName and Adtlresa 9l Aeelgneel q C¢uncVS of the Tawn dt veu, Dglwedv, nag L caused Ihla BarM Ia be algnW by the fecelmite l n t th M l th t T the within Bontl and dove Hereby Irrevocably cmatktule and a oint n ure a ayer a a e e own, sea ed wkth 'o a Pamlmlle of Ihaaaat o} Ina Sown and attested pp ellomey to tsanaler ]altl Bond on the baoNe , e bytMlac lmlle alpnalure vl the Tawn Ctark.al , dept for registretl¢n thereof wVtn full power of e w of the }$Ih day a}November. 1985, auhellwtlon In Me, premieaa, a ~ TOWN OF VAIL Ogled: - e EAGLE COUNTY, COLORA00 Slpnalura of Regi[dered Owner. a By: fFataimlia Slgn lure} a ATTESTED: Mayor NOTICE: Tha Ig nelwe to this asslg mmt P By'. fF9c11mile 81Qnalure) ~ must epmasppnd with the name Of Ih0 d Town Clare ~/ ~ replstered owner esneppeara upon theists of ,the Wlhin I)Pntl In every pamculan without (FACBIMILE SEAL) ~. .' elterptlgn or enlargement o[ any change' - " '1Fwm gf 9ond Re9ialrer'a .vAlalever. ~ , dl npi Cerll}icele °f AWhendcellpn) -' sr the CERTIFICATE OF AUYHENYICA716N caned This Bdnd ie one pl the Bonds of Iha issue t sitar described In the whhin menuanaa Bond lunge Ordlnenca 10r inBlr redBmptlOn ale on dBpdslt al Ihp place di payment et lost alma. pale pl Reglstraugn SECTN7NdFOr and E ti f B tl ~ mtl AutMnucallm: . xecu m on o pn e TM Bands shall M ugnad with Ihd iacelmlle Cemral BmN of [Mover. ae4n8ture Ol the McYDr0f 71le TOWn. adated Wllh ebanNlnq Ggrp°rehm a acsimlN pNhe seal of the Town, and sllbaletl b rite laraimlls aipnawra d} the Town Clara. ~ Denver. Colorado, ae Bond Registrar iould any oRicar wnaae tecalmlle ngnawre 5 ey: Aumwlzep Slgnalory appdan on the Bands cease la he each olhcpr gelare delivery al the ednaa to the Purchupr, {Fnaurence Lee d 9 q 1 such lacaimNe elpnelure Shen nereHhelees be (Bach of Bontl) ' Yal[d .na wmttmt lPr .a pnrpoaee. Top Ro Ma anon be In eJbalantlally the ADmTIOnAL PRDVtslons rdloWng mrm: Tnla aorta to Oita o1 Wces aygregagnq ~EFdrm'af 0owf1 Twwnry Mnllprv FNe Munared EipMy-Elva No. R- 7 Tllouserta gollare 1S30,Ee¢.g901 parvalua, an pf 9Na tlpla, tenor, and eiiaeexeepl ee tpnurnber, tFronl °I Bond1 prindpel amaunh Inlereel rate, aM data or _ DERRY - CREEK ,. Single Family Lod ~ 3~ FQirwQy X49,500 Phone 476-440D t Er~oy lots of sun in this spaclous.5hed- room, 21/a-bath duplex.8pecla! Peahires Include a deluxe kitchen with Jennaire range; solar heated water with spa and elech'7cal backup system spectacular views ofVail & gore Range. Ihtmished: prnssible tet'ms ............366,000 tACatlon Type 6edleath PTIte ' Vail Run ReSW[ Interval 211.5 - ~ 57500 Wk. q8- ~~~ ~ ~ ' ' tOwnersh#p 314.5 - SB750 Wk. 31 ' 1lt.5' STS.g00 Wk. 59 d 52 ~ ' eduldef St., Mlnturn 5ingle Family 2!1 ~ f90,D00 assumaple f0an, bring offers The Heather, Bighorn Condo 212 WrnKhed f9D,000 terms, pring OffCTS - All seasons, Vail Condo 1H f/3B.DOD ' N. Taylor. MlMUrp Single Family 3N 4139,000 possible lease/opdOri ''I MadOr Va4F, Val! CORdO Stud10 5159,000 pOSSlple trade for Hawakl property ' Bald Mtn. Rd., VaU Duplex 3!2 ft 65,000, trade ftlr Hawall property ' Cottonvygod RQ, EagleVallDUpleK 312 5179,000 ~ " ' I ~, Bellya[he Ridge Single Family q!3 5250,000. Terms, Terms, 7erm51 Landmark, tlonsttead ! Townhame 2•IOftl2 , 4250,000, all/par[ Interest, trade for From Range prep, I Mauntaln Haus, Vall Condo 212 4275,DOD ~ Mountain Haus, Vail CDntlO 4!2 4325,000 ' 'I taydar Del Norte, W. Vai l Duplex 312.5 5365,OOD possible terms _ 'I Whiskey Hltl. Eagle-veu lot 21,21a sq. rt. 499,550 terms, pring an ofFersl ' ''., Singletree, Edwards Duplex lot 2!1 Acres 5130,000 terms '~ NOttingham Rd., AYOA 2 Comm. tots 23,522 Sq. ft. ea. f376,340 terms Hawag O[BanhOR6 Va[atICR IR paratllSB, Mland Of KaUBI COntlOmIRIDm for Yent day week. Sleeps 4•B. Aldah Medsker, Broker ~//A Kathy SchcenReld. Sates Assoc. (303) 478•Y798 ar 478--0117'1 [ ~/ C' Ellie Manzi, Sates Assoc, 478.8'S92 eee~~K~ 1IK~~ ~~~~~`h7fri798 ar 8~7-4F132 "Wr.O. Box 2327 ~ Vail, CO 81836 P.Irfl'F;FiF'Ki5[i5 Inc. I ql C°Ipratla: that lh0 Vasuence anhia Bontl case suthwizetl by an Ordinancp pf the Town duly adopted end approved goes tp the IeguanCe Mreof: and that pmvlaian nos Lean made l°r IM levy and CGlecllpn pf en ed valorem la% an 611 OI Iha taxable property w![hln the Tawn, W mqu! Ilmllalipn w tale ar amount !o the extent other lunch are Hal made available }or such payments, eunicfent lopeythe principal of and Interval an Ihfa Bontl ea the game ,s Lt~ ~.... I ~li..a ~,., • ~ 22 'nle Vuit 77rtft - Ocrolx'r 18.1gH5 -- Sectforl A -.a Desperate ! 2 bedroom, 2 bath condor 1200 sq, ft. at Sundown #n Eagle-Va#I. By Qwner, $75,000, very flex#ble terms. 303-893-230/883-713I • Artily M.H. -a :.C i1 Duplex Lot on Singtetree God Coulrse, Incredible views down the 7th fairway to Game Creek Bowl and south to Arrowhead. SELLER SAYS Sl~I t rt $57,5Q0 C'ontect Jinn fatter ~ LionsHeari Office 476.3393 UailAssociatesRealFstate, , Asul,aWry dVvkl A.ranew, hic..tinny9c(5hg w.tpvssrCxeA Flom Page 17 1w Ina regislrallon or pWnef9nlp of each Bond a! provltled m Ih'ra OrdlnBnga. Bonds may ha vanslerred upon the rBgishetipn books upon aelivBry of Iha Bonds Iq Ina Bond Registrar. ccpmpanletl by a ripen Instrument p1 e slrumBn[a o} transfer In [qrm erw with renty or signetdre 9arisfeclgry to the Bond Bonds tp be l3rensf9l ued ~hla ellorneer ofla0l y m- r legal rBprefBnlanve, cpntalning wrdlan malrgGllgna as [d Iha details of [hB [renetBr of such Bonds, along with Iha 9aC191 aecurny number qr IeaBr81 employer ltlanllllcadon number or such [ranslerae. No trensrer at Bny Bond shall be B1}BC[iva until enlaretl on the Oglstralion hooka, r In all Gea050}[hBerBnafar PlaRpnd, the Bond Re99lslrar eh¢II enter the trensler of ownership In 1hB faglalfatign hooka entl shall eutnentiGal6 And tlellVaf In [he name O} SItB IrenslBreB or trenslerEea a w lolly regiatere0 Bontl ar Bpnd9 of aulhorlietl tlBnominalicn9 pl iha same malunly and Interest rata }or the eg~Irsegate wrtnciSal amount which the rap [Bred o Br entitled Iq receive al the Barlieat Aractlcabte Ilme In eccortlanGB wiN the prOViatpns of INe Ortllnanea. ThB Bontl Reg,strer shell charge the owner o1 thi9 Bontl Iw every such transfer an amount aulricien[ lq mburse rt for Its reasonable F999 and far any Iex m other governmental charge YBquiretl tp be paid whh vespecl to such Iransler. ThB Town and Band RBBgqislrer shall not bB requirBtl t0 laSUB qr IrBM19}ar Bny Hontls' =ly during a pariotl beginning on [ha Recgrd t7ate and entling at rho- close of business on the ensuing In[eraet payment date, or (2) during the perigtl beginning on nny date or 9elecbon CF bonds l0 6o- retlaemad entl ending pn the day 0n wh,cn me avpncanta notlce of redemptioNa given. The Bond flegi9lrer Shall not bB laquired m trenafer any Bontle selected or calletl Ipr redemption, in whiEe Or In part. ' New Bonds tl0livared upon any SYenbFar shell be uslltl general 0611ggaEipna pl [ha Town, evidencing the same gbkgation ea Ina Bonds surrendered, 9n841 be sec d by this Ortlinanca, add shall ba enrr11Bt1 Ic all ql the securit4 and Eenellta hereol to lira sameeytent as the eonda 9unentlaretl. The Town, the paying Agent. entl ihB Bpnd Pegiatrer may deem and treat the ra9isteretl 9Wm B! of any Bond eg the abeclu[o- Owner IhBrap} far all pvrpp9es twhather pr not even Bond shelf be overduBl, entl any ngllce [O the popery ahaEl not OB bintling oooh the Tawn, Ina Paying Agent. or the BontluflBgielrar. SECTION t0. Ce9lructlon o7 Bantl9. whenever any aV[stantling Bond sheik be tlagveratl to the Bona Registrar Ipr cBncBllatlgn puntlenl to this Ortlmance and upon paymem e! Iha principal amount and In IOleal /BpresentBd thereby, r whenever any culsteneing Rqnd ghMl bB tlBliVeratl [o InB agntl Regmnar for r gist puraV and to InB provisions hereof, such Bond Shall ba CenCBllad end destroyed by Ma Bontl Registrar and CqunlBrpBtt3 Of 8 Cariirr Cele pt deslrucNOn mftlenCMg such tlBShuchgn shall be lurmshed by the Bond Raglatmr Ip [he Tawn. SECTION 71. Lost Bonds. Any Bontl mat is 109t, Stolen, deslrgyeq p mulilalBtl may be rBDIeCBd or geld by that Bond Registrar in eccordence wnh entl subiad to the limitations 01 applicable law The Bppllcant rpr any such replecamenl epnd Shall pPSI such gaCUrity, pay Such costs, ntl preaanl each prod o! mahip and loos as may be requiretl by applicable law. Or In iha absence o} 5pecinc 61 parents. as may be requhatl by the Band SECTION 14. Olapoairrpn of Bond Proesada. ThB Bontle shall ba 9ohtl for the Pougethor withailhe E9crow615vplpleimanttlJrhv~ Escrow Account herein aulhorired, lit} paying 1hB purchkaBr'9 tl19C0Un[, and till) paying Iha casts of issdBnce Of the Bpntls. Neither the Purchaser nor Ina Bgndpwners shah be reapon9tble Ipr Ina application or disposal of the proceeds OF the bonds by the Town or any of II9 olllcere. All Or any podlon of the Bontl praceetl9 Shell be 7Bmporeriiy'ktvaslBd pr refnya9led. pentllg aVgn use, In 60curI11B9 Or pbllgehpns hereinaller deacrlbetl It Ia hereby covenanletl and agreed by the lawn that ma temporary invastmenl ar relnvea[menl m the original proceatls of the eonda, or pf any moneys Ireatetl as praceeda pl the Bonds within the meaning Ot 5BChpn S031c) of the Internal Revenue Code of 1954, as emandetl Sthe "Cade"), and penlnanl regulations. rulings, and tlecisicna, shall be of such nature and aslant, far such periotl. 0.ntl ai Such yield, Ihat the Bonds shah not be or becom0 arbitrage bands Rhin Iha meaning of Sectbn 103(c} p} IhB (qde and pBBlnBnt regulations, rulings. entl dapl910n9. SECTION 93•Pled9e qt Ad Valorem Taxes. 11 nOCBSSary, the ImBreel tp become tlua pn IhB Benda on June 1,1986, shall be advanced Irom any revenues or funds o! the Town lawlully flVe,letrle ter such purpose, inGlutling. but np[ limited Ip, the accrued Interest on Iha Bontle to ba peitl by the purohd8er pn the date OltlBllvery. For the purpose or reimbursing such advance entl paying the ial9fBat on 0.ntl principal aF the Spoils as the same beL'OmB due entl payable, espeetivaly. there'shall be Iaviatl on en of the taxable progeny in the Town etl valorem loxes in Bath ql IhB yB¢Y9 1985 SO 1998, inclusive, sufficient to make SUCK reimbursement and pay the In[Bre91 an entl pdnripal o}the Bonds as the game becomBduB end payable, respeGlivaly, tq the B%IBnI that ether funds era not mace ava118618 laf Buch paymenW. $uch ad valorem EaxOS shell bBlavietl in atlditlpn In all other lases IBWBtl [q affect the purppsBS of IhB Tqwn, including le%es levled Ip meal the Town's operation entl maintenance Bxpcn9Be Thera 'a hereby established me Bond Acequnl. Said [eves when eolleceed shell be d9pa9ktBtl in the Bond Account and epplletl s0101y for the repaymanl o} Such advance entl Iha 6pntls,lrespgcli elycl~ntln the eonda as Iq both prlnclpel and inI0r091, shall be lolly paltl, 9a[islled, and tli9c RBlgatl; provided however, that nothing harem cantalnetl shell be sp Construed 9a Ip prevent the Tqwn tram applying pessary rpl [ha Town ens availeb shpt that pulpoae 10 the payment q! Iha principal of pr nlarest an the Bondg ea [he Same become due end payable. resppctivaly, and upon the applicahon of Bny other wCn fundsor rpvenu99 as aforesaid, fie miEl Ibvy qr levlee herein prpvitled may thereupon, tp that extent, be dimlmehee. The fgregoing provisions of Ihia Ordinance ere hereby tleclaled to be Iha co~74}iCaIO al the Town CgpnLh [D the Board p} Capnly Cgmmis8pners pl Eagle COVnIy. Colorado, showing Iha aggregate amount of to XBS to be levletl for iRe purpose aforeseltl by the Bpertl of Gounly Commissmners }rqm time Iq NmB. es &91ne aema shall RBrBdItBf mature and EpcnfB The amounts neGBBSary 10 pay all costs and expenses inoidental to Iha issuance pf the Bontle and IhB ampum9 nareinabovB provided Iq pay 1hB In1erB91 On Iha Bontle entl tq discharge the principal Iherecl when due are hereby appropriated Iqr said purposes, entl such amounts as era apprgprlata 101 epch year shall also 6a included In the annual budgBtand the epprpprlalion dills Ip ba atlgptad and pas9ed by the Tqwn Council in h year. respectwely. until the Bands have been IuAy paid, satisfied, and dischergetl. II shell be [he duty pl the Tqwn Council annually, at the lima and In the manner sugh acdp~ Shan tralnecanasaryap e}p}ep[pa[a the proriaigns of Ibis Ordinance, to rarity and carry out the prgvlsipn9 hereof with ra18r0nra to Ina levying end eonechpn pf eaves; ana me Town Council shell IBry, eerily entl Collect ouch tares in th0 manner providetl by law for the purpose of fuuamg me Bond Account far the payment pf the principal o} Iha Bonds and Infareat thereon, and 3uCn 1a%es, when Collected, shall bB heel for entl eRPlled only 10 Ind payment of the interest and pnnclpal of the Bands es hereinabove aped}tad, 9RCTION 14. Additipnei Tav revles In ihs Event Or CBlinquenOy. Said texas shall 69 levled, assessetl. corrected, ana enlorcetl at me time entl in the form and manner and wlm like inlere9i end pBnalliea as other general taxes ,n the SIatB O! Cgfoiadu, and when [Ollectatl Bald taxes Shall ba paid to the TPWn es prantletl by 18W. In IRS event that any ofgAld l0n03,1op Iher With Charges That may 69 made by the Town, cn shah pa mesa up In the next levy, entl taxes shalt continue so be levled until said Bonds end 1hB InIefB91 Ineregn shall bB paid In lull. The Town Caunml Sha111akB al! napeasefy and proper 910p9 plOmplly IP Bn1pYCa Iha payment o} taxes Inured pursuant l0 thi4 Ordinance. SECTION 13. Pledged Sales Tex RBVanues, Npiwithstanaing the forBgW~g prpY191pn91pr ad valorem lay IBV;BA ShB ToWr1 hereby Further tpvenenlg entl agrees Ihal-eo long as the Bonds re n ovlstanding and unpaid. I[ will levy, admini3[ar. anlprca and Tax RBYBnu Ba. ~ ~ ~--' _. ._ ., ... a ,,.,,,,, SP Ipn9 as Iha Bontle remain outstanding and paid tRB Town shah npl repeal its Ordinance No. 11, Sa11e8 iB7d, entl the Town shall opt taking into account other revenue pF the Town which Is legally detlitatatl end 8vallabla to pay the pr{nCipal and Interest payments on ins Bpntl9, woultl diminiah the revenue security 1qr the Bontle. Nothing in [his Ordinance Snell be construed In such manner to prevent the issuance by the Town of adairrpnal bontls of Bny nature, The eacfest way to see Jusr how efflclently any new In penver, you have to dial 571-7012. Anywhere appliance uses energy is take It home and wait for else in Colorado, 1-8D0.332-9799. your nh~rt utility bill. The only drawback to this By making [hat call, you'll find out if the method is if your blEl takes a quantum leap, you're appliance you're thinking of buying uses the most pretty much stuck with an energy hog. Surprise. "i'he second easiest way Is to check with Public economical energy source today. Bu[ there is a drawback to this method too. Service Company of Calorrdo's Energy Management , It ruins the Center bcforr you buy your nlVsv clothes dryer, ho[ surprise of ~ water heater or furnace. !t's the second easiest way ~ public Service ° finding out ~ l because you do (lave to make an extra phone call. ~ alga hard way You've got the power. ,.,........................ .+, ......., .... .. .. .. e.,a...,.„ae. a...:~,........ .,i 1~):.fr.r„hr.arafs'ays~.a•s•,u.vrrr.:.. DUPLEX FOR SALE BY OWNER E-ilgh above Vail vitih souihlnrt exposure and panoramic views of the Gore Risnge, Vail & Beaver Creek. 3 bedrooms, 2 baths plus loft. I]esigTer kitchen, Jacuzzi, gas & solar heat. Fireplace, lazge deck, crasher/dryer & wrage, Priced to sell at $395,[100. Write: P.0.t3ox 281x1, Vail, CO 81658 Or Call: 47fi~1014 for an appointment. c.c. '~ . . u ...... rarrrrs..y'r: .Yi • 1 • laird - r pulled that said addrllpnel Gentle are issued l with the rOYl9lpn and l in suppl0manlinq the proceeds of ouch @0nda. n d end dir h d b t en p s a m unera pmiisl one staled herein wltll nepac[ Iq the o 2e ec y eur e The Bank i0 here lease such maneya laprovrde FOr the paymaM Pladped Saba Tax RBYanUea. O} She ecgmred pbligalrone to ba held In the BHCTIQN 16, Deleeaence. When ell Escrow Accounl arse to fund ins Escrow Accounl wkh the nBCea9ary beginning cash, rl pnnclpel, pemrum II any, and In[eren In dul i d nave b itl n B any.as regaired In acc0rdancawilh the necraw ypa aan , nachpnw e On a lht !ha pledge antl Ilan antl tlN pbllpallpns aulflciency campUl BllOna rerlried try aCeAilied here Veda! shall lhBfBUp On LB dlachlrgad pod P hIIC ACCOUnlanl. 7hereuppn, Iha balance, II any, nl Bend the Banda shell n0 langs. be deemed to be h h 1 praCeetls neltl by Ina penh, the Town, Or any t if 0 me•nrnq 0 0unlmtlinp loot I 7hOre shall bB [}earned 10 be ouch Qfdlnen CB ether person shell bB depwaetl In IhB Town's . due payment when !rya TaWn has plaCdd In Band Attounl tp be held l0riho payment at lh0 I l eaCiaW end In Irual with a cOmmerC101 Dank nlerB91 art Iha nmpel at, prOm Um If anV• Or u l , lOViti h T 13 IocBIBd Within ar wrtnaUl lh0 Sl0.1e of Colorado, y prBgalrtq p an a a he app ond4. un he E A d n l end ekBrci]Ing tool Paware. an am tint scrow cco 9.n t l o ^Y lu Bxc as Un Ira pat[hapme of dellvnry 011hd aonds.andna au!}lclant llncludrnq }hn known minkmum Vl0ld h lurlher drelflbuhpn or Ipnds on npn0 In the smounl ham Federal Secmnlge Vn which suc ll ll t Escrow Acaaunt shall he made la the Town e y Inreabd) la mea may [re imlld a9 the lram Orrle aI phnClpAl Bnd Snleleal except pi IRB Simepl tBfmin AliOn ar lnB E9tmW , feq U same taepmo tlue, on the Bantle, to their final Ap cement pr ae prerltlad Iherefn. the 8 nd9 d I if a l T 4tuNllae. Tha Fetlara15ecudtieaahagbxOme duo at ar pile. lp ShO napecllvO limes an WnlCn p , ny, an hB acct nNref hem their dab Ip IhB date al laauenca antl the procOBdi Ihereol ehak b0 needed, In delivery lherepf !hall r10 d0pgsnad In iha Bantl l accordance wVlh echatlula aetabhahad end lkcgunl end held far lhapeymemc lnbresl on ^Qreed upon between the Town BRdauch bank Iha Banda when due. al iha Ilme pt the craahon ql the lacrpw, pr ILA REC'r[ON !B. Payment of Oulsbndlnq Federal Securities anmi be eub~ecl ro Banda rho E;craw Araaunl, ihcluoinq therein redampllpn al Ina aptlnn a! Ina belle. lhereol Iha prncapvs o! the Bonds and the Eacrpw l0 asaur9AUCM1avanablllly pa ap needed to meat such eChBOUb. 54pplemem. when inVe9t9tl by the pank. snail at all llm@] he at least sufhaignl t0 pay the BECtIpN 17. Escrow Accounl; Use al tlndpal o! premium if qny. and inlmest an lne ~ Proceeds. Thera If hereby ealabllehetl Ina utalandingg Bonds under antl In BCCOltlflnca Eecrpw Accounl. Tha proceeds pt Iha Sends, with Iha falkowing achatldle: IAI The OuWtendlnq Bonds, designated end lase certain coals end axpanaae ql luuence h h b l nl meluring as fpkaws. shall be paid end reared at d expenses ere ere y payable lhere wm. w authodZad la be paid Irpm IhB prOCaetls a} fhe 1hOH roepecllva malurily dales: Bonds. shall be depo911ed by Iha TOWn in iha 1•eW Borld• Maturlnp Ewrow Account to be wlehll0lwd end 15]82-A 1995101990. Incl. mNntalnad nl the Bank. In addlllon, lhaEearow SUpplomonl is hereby lg9q .6 1981 Io iB93. Incl. approprlaled and shall be depoanad by the 19e2 C 1993 f964 ~ 1985 10 1994. tool, Town In tAe Escrow Account 1pr the pvrpoea of HORSE OWNERS! Una month FREE baelydW in Lake Creek Give your horse is better home, indoor, outdoor individual box stalls. Ensile rink, tack room. excellent supervision. SPEQAL FALL. RA7EI f'aY 6 .. ~_..':.J board in advance aril receive the 7th rnorltfl FREEf John & Audrey Stolle CAsslstant Vet Medal Fnr mMalnrormetlon galls 9~ Ei-35$~ R.~. ~ Lake Creek Streamside ProperE~r eutiders own CtFrldi 3 be;:.,.. •,.,, 3 bath home vn Hearty 3 acres. Enerythfng top-pFthe-tine. Over 300 Feet of stream Frontage, sun, views, privacy, Putty Fenced +~ landscaped. ~MPLETE riDR.RC' 8CT UP with new Gam, stalls with tornado heated wateeets, heated tacK rrwm, corrals, e fenced and irrigated pasture, Very o[d water rights. Cal[ Mar,)orle IQalllna, Owner/Broker 92&3bk!! • ttagc D, Lawarasr Colorado Choose Distinguished Neighbors at the Best Address In Town. BRANDFSS BUf~DING 2077 N. Frontage Raad West flr, Thomas Anderson, D,M.D. Dr. Fredric Gordon, D.D.S. New Design Porter Industfies Shields Construction Co. Yashiro Marketing & Advertising Dr, Rotaert Thomas, Chiropractor Vail Board of Realtors Vail Village Carpets H & !,2 Block Far your ohfice or retail needs contact: Jayne Branders PXo. Box 30I7, Lihue, Hawaii 96766 II life Val! 71'ai! - t7c[ober 18, 1985 - .Secltoa A ~ILs (e}11198-C Bands maturing on December 1, canalltuficn or laws of the Stateol Colorado or applice610 raquirementa. provisions, and 1997 in NB Bggrepale principal amount of by Iha Charter: Gmildlian9 plt9Cribud by the Charter, the St 7)5,000 9h9h -a calFed lo+ Btlemplran m IE} The 'sauenoB of rho Bonds antl the a0n9til UllOn Bnd laws of ih0 elate o1 Colorado advance of ihwr malurily dale. tau Goode tg be refunding a1 the autvending Bands. and all Inereumo eneblinyn and - calbtl 10 ba selected by IOf, an December 1, prgcBtlufOS Underlekan inCitlent lhprBta, are in (F] Emeling In end CVmpleling Iha tees. BI per antl dcaruBd InlOreal, wr7h0ut FUII Camplience and canl0rmitY with ell refunding program herein aVlhprlred et Ihl9 r0dempt'r0n premium, pursuant to sinking fund provisi0ne prpvidatl rn the rtli na nos autlwn2{rvg lne icsuance of the 19p2-C Bonds. IC] The ^utetantling dontls, dBaignfl[sd pod maturing as IWIOwS. shall be antl Iha Same are hBr tail b d ! r tl N th i ti t ~Or Renti e e re emp Or e r o an p o Y lBapecllve maturiliBa, end Shall pa paid on the daw pliers dates and el the paces sal p 0 L 0y ~ % r1h 1 a T r + ~i }~ ~~`VV ~- S®1'1'y Beth ^~^~ I.BUa, Gonda Matulfrlp and Pnprl7aderwpslonOBleerlaPr[ea pep er ellOr r~, ~ 1992-C - 1987 to 200f. induaire - - ~ew .\ ~e/r ~.~•e G G DBCBmber 7. 1995 el 190% 198a-1995 t02tNk7, indusiva-December 50" Big Screen TV Son 1,789-0 m 103% y ID] Interest qn the CUUlandln9 Rpnga which becomes tlue in the year 1965 and Shefeatter Shall b0 paid 9Bmiannu Ally each year pn the ' preps. m1arB9[ payment dete9 BaaOrtling lU Inert Origmel terms. unnl said put9sanding bonds mature. 5ECTIpN }9, Investmen[o} EacrowACCpunl. In aceordanca With IhB E9CtUw AggrBBmanl, the Bank shell invest the funds on dep0sll In Ina Escrow Accounl In noncallable FederBi Seturjtlea only. end ehetl rally a9auY0 any cash balance in the Escrow Accounl in the mannm required bylaw for other trust funds; provided however, nisi the Bank may su0elrtute onilaebona In the Escrow pCCaunt pursuant to IM Escrow Agreement., 13ECTICN 20. Additional Dapp9f19. It for anY reason the lands on hand i Iha Escrow Account shall OealBny lime Ineulhclen110 meal ppayments Of prinGpal at, premium II any, one inlereat pn the Cutalending @Ontla 99Ihe same shall tlecame tlue and payable, the Town shell rarfnwllh depoar! en the Eaeraw Accounl such edtlillanel funds es may be required to pay ens entire amount appal to become tlue and payabb. SECTION 21. ObugallOns o} Bank. The Barak shell from [Imago nm9 redeemat maturity .~ All or d porllan oI fhe npn-Calbhla Federal SecUNilee In Ih9 EsGraw ACa0unlln sulllclenl amaunb 9a That Iha prptBrrds IhBralram antl the Interest thereon ea Iha same edCrues will be sufficient [o pay Ih0 principal of, premium it any, one Imereal an foe ouubndmg Bones as Ih9 same becomes due in accordance with the eon0tlule set lodh herein. SECT[pN 22. Nettie of Refunding Call, antl Redemption The Town Glerk fa hereby aulharlsBtl antl tlI10Cled to give notice of re}unding prtne abutenaing ponds atorabobl fhe lima al such refunding- URIB99 eddilfonal antl male ekten9ire notice rs required by law, the naticeehflll basanl by a9r11}ied Or reglaler,ad mall at the time of such refunding fo She following al Ina bat known address thereof', {p Bdetteher A Company, Inc. ~. . Denver, Colorado As Original purchaser ql Ina ~utstandrng Bands] , T421 a banfairn~corpaDaio ar. _ Denver. Cologrado O tetenrd nq 9~IC~ the {3] COnsolldeted Bantl Calf Denver, Colorado The Town Gmk shelf theresllargg~ye nOllrso, relundmg, cell, antl reaemption of ShB 1982 C Bondeanethet9Ba Bantle,aror.boultnallme 01 such tall and prior retlemptian. kn aCCartlance with fhe prOW9ianS tar nOllte a( prbr redempllon eomalned In Iha ominences dulhor'rzlnq the b9Wnce of suers bonds. SECTION 2a. Au1h Mi2Blipn to ExeCUfe' Cglataral popumanta, The Mey0r.7own Clerk, other officers of me 7own.antl Iha members of the Town Council e e hereby auiharued and direcle4 tp [aka BmY antl NI aclian! necessary a appropriate 10 effedueta Ina provisions of Ihla QrdinanCe. inCludng, but not IIrn IIBtl lo' h) the Axecutian of A ernes. ExrOw Agreement who the Bsnk concerning fhe depaalb In, Inveslmenta or, e d diaburxmenta from Ina Escrow Accounl: (iiy the erecupan of a paying agent and regain. egreemant, Bnd {ill{ Ina axeculidn of loch caditicetes Bnd alhdevits ea mBy rBaaonab% be roquiretl by [ifB Purchaser. SECTION Z4. Declaration end Flndinge. The Town Ccuneil, having open lolly inlormad of end baring cansideretl ell the pertinanl tacos end mstances, does hereby find. tlararmine sae declare. (A{ The taraOle property upon which lauiea are being made for payment OI Bach series of Ou7slantling Bonds is memlcal. antl the Bands 9hAll hB ¢ayabla }tom the Same lunch [o be darlVed Irani the sem8 SapraB Bi Would have been used to pay the Cuistantling Bands II no refunding Thereat were t0 scour; {ay Yha Town, as Of the date of resuance of [he Bonds, Is eulhpriced bylaw Ip issue general pblignbona Ipr Iha purp09es far whlph ;ha 4u191ending Bantle wBfB afigirlally IaSUed: (C] Tne rands antl Invealmenta tp be placed In mB E9arpw Aacaunt, tagulher with 'rnfBreal la be derived Irom won mreatmenb. are In an Amount which al all Ilmea shell be suiticlent to shall I[ any r f the cpmpularians made In uch suniciency have Lean Certllied Public ALGadnIAnl; tel eggrBge[9 amaunl 01 bonded ~ V7 tfihe town tlae9 not now, nor MOUNTAIN MUSIC 476-5156, 949-5060 Far Sale By Owner Custom homes fn 5ingletree Goff Club Superior quality and workmanship Plenty of sun, views, decks 8, privacy Low maintenance exterior and landscaping Week Side: 5175,OOQ unfurnished , East Side: $t64,500, unfurnished Call i-926-3020 S.C. dr ~ iCE SPACE YPODAY?? , We have the best rates. - See tee Lasttl! 47C-1600 =Ask for Stuart. 1 RED CANYON ~J rn E S 7 A T E 5 35 acre parcels available _ starting at $100,000, with exceptional finaricirlg. Exclusive Agent Seibel-Moore Realty, Inc. For more information please cal! Dan Seibef (303) 949-71$1 r~ ~= ~ SUNDIAIa TOWLYHOMES • 5040 MAIN CORE I)RNE 3 bedroom/3 bath • on the Core Creek, East Vail • Bank foreclosures 1,752 sq. ft. • $1$8,000 • 3 bedroom 1,922 sq. ft, • $178,000 • 3 hedroam plus den 10% Down - i0~ interest rate • 36-yr, financing with 3-yr. call • No closing costs • No points PLEASE CALL MIKE PALN€ER REAL ESTATE • 476•I370 ~. o' m ~_ ~,~! 5 .. ,...~, ,,~~~,,~ t~f. ,,.... ! ~ ~ .~ f• Q .~ ,o 0 ~ro m Q ~ ~ ~ O ~ O ~~ ~ ~ n T Q Q . lit n Q ! ~. ~ m C7 0 o ~ 0 0 m Q (D a~ N C 3 m ~ o S fl A ~ ~ C -~ 7 ~a O ~~ (- V! 3 Q Q Q O ~ ~!1. o S1 N i ~ C1 i ~ ~ ~~ o `~ m `. H ~ ~: S Q ~ O Q Q `n S ~ ^ a Q ~ n ~ c D ~ ~~ Q ~ _' ~ ~ i ~o ~ ~ - c ~~ ~ ~ f ~ ~ ~ ~ Q ~ N ~ ~ U ~ O C O 0 ~ ~ Q .p Q. C_ Q ~, O ~~ ~ 0 a Q ~ c fl ~ ~~ ~ ~ ~ - m fl ~ -. m Q ~ ~ ~ ~ (~D 4 ~ O D ~ ~~ O ~O~O Q~ ~ _ ±_ Q yQpfl~ ~Q~tD ~ ~ D = p ~.C ~ @ ~~ ~~ n' ~ -+ Q p C Q _ ~r~~~~7 p ~ oc°-N~~o~o ~ n 6 a C°°-~c~ycQmm o~-?.oC°c`a~°-o.~ 7 Q o~ ~a~ ~ ~~~.~ 3 ~ o<~~n-~+~rocQ T a Qcam~-~.~cp~ ~ n O~~NQ~-°QQo ~, N pQQNcDQ~fl-~ j O n Q~p'~-[ ~a m Q flfl~~~Ofl~~~~ (~D ~cnQ~OQ.~ Q'~~` 7 -~ N .~ f ~ < N C -~ ' ~ ~~~`°y~~ama Q ~ Q w;Q~ ~ 7 O/~ f w <p @ O ~6Q ~ 7 ~ _6 ~fl~_~~~fl~~ O m (D r ~ 7~ ~p Q ~ ro fl d q ~ ' Q mD~~.-~~ro ~ m~am~ m ~, ~ ~m ~Q°ac~a°~_ ~ m Q~~~~°~o,` ~ ~~ ~~mo~co~ ~ Q ~QOO ~-~ 5~~~ Q (U ~ Q (D O D C ~ ~ m 'T1 O 0 ~ O ~rtT- Q 0 r --~ Z f? • ~ :..r.a5 ~~-,r. ~, 20 The y01! Tfntl - Nooernber !, 1985 - Sec[lon A ~~ ~ sr ` ~ Playoffs open today FYorn flogs 17 Battle Mountain's offensive .. biggest starter far the Cowboya- TheCowhoysadvancedalltho strategy will he pat to pressure at 6.2, 210pounde, a key way tG the stake 2A champion- on Gunnison'e defensive ends, confrontation. ship game in 1984 before falling 63-215 1a Brush. They abandoned The Cowboys have faced only Gne option team this fall Battle Mountain's offensive their wiehbono attack last , Hotchkiss. They smashed the line has been eettledsincetackle Saturday in favor of an i• Bulldogs but Moran wasn't Sigi Langegger returned to the lineup a month a o after formation that featured the impressed. g passing of tailback Steve recovering from a knee injury. Guerrieri, who repeatedly took "Their defensive ends don't JunierMikeCanadaiaattheleft quick pitches from quarterback react that well. We'If see if they " tackle spot, next toaeniorguard Shannon Wood, then put the can contain us, he commented, Chris Allen, Senior Ted Keleske ball in the air. Moran also called the -- is the right guard. That offensive twist praduc¢d matchup between BMHS center Langegger was projected as dramatic results. Gunnison Tim Christiansen, a fT•foot, 17b- the Huskies' tap offensive clobbered MoffaE County, the pound senior, and Gunnison lineman during preseason drills, NWI: a only 3A team, 48.8. noaeguard Jahn Hutchison, the but he was knocked Gut of ..~ 1~h acres, Evetything topwffhe-lime. Oulzr 6po feet of stream frontage, sun, News, privacy. Fully fenced ~ iandsraped. COMPLI:T~ ttOR46-~T L1P with new bem, Stalls with autalnattc heated waterers, heated tack roam, corrals, large fenced and irrigated pasture. Very old water rights. 8260,000. Corti MarfGtle OeBlna, Owner/6rolter B~t3.344[3 ~ Box b, Edwards, Coiorada , "I don't think we can take ~° (Gunnison) lightly. They got to Lake Creek ~ ~ ~~ ' be &I because they're a good ~i ~" "` team. They expect to win. ,1 Streamside Property They're wall coached, and it - shows. But we're peaking et the BuildeY9 owrl Lllr16' 3 bedroom, 3 bath home on Hearty 3' right time," Moran commented. commission in Battle Moun- tain's 7~0, season-opening lose at Steamboat Springs. The 6-2, '~ 185-pound senior suffered V~r L ,~' ]igamentdamage,anddidn'tget back in the lineup until the sixth WAf4i'ED' 1 to 2 families to week of the season. '_ ~O ~O purchase 1/3 Interest in a newly "Sigi l..angegger ie really i ~ l redecorated rnado Gn bus line. playing only his fourth game," ~r~r~p p~! t 1~"~ ~~~ 3 bedrooms ti 3~aths. ~~ Moran noted. ' Co"~~~ ti~ A11en was shifted to right (303`751-5100 tackle whileLangaggerweeout. lhonday-FIWgy dulfig the tray. he n W turned, dag ¢r ~ move o left guard, MM `- ~ re lacin p g junior Corby Rowe, who did an excellent jab while Filling that spot ;I~y~~in CREEK <~ - ~.... ~ ,tl... Playoff brackets appear stacked in BMHS' favor The Battle Mountain teams are in Battle Maun• Huskies appear to hays been tam's bracket. The remain' placed in the easier of thetwo ing eight teams ranked in the Colorado State High School 2A polls - AlamoBa is 2A FootbaEl playoffs ranked in one, Denver brackets. If the Huskies can Lutheran is ranked in the get by Gunnison, fast year's other -are on the opposite 2A state runnerup, today ' aide of Ehe draw, including they ll meat the winner of Northwestern League tomorrow's matchup be- champion Roaring Fork, and tween Pike's Peak League Santa Fe League champion champion Manitou Springs Trinidad, ranked first and (7-2) and Metro Ixague second by both the Rocky second aced Clear Creek (7-2) Mountain Newa ,?r.d the at Manitou Springs. Battle Denver Past. Mountain wouldbeafavorite "I really behove this team over Dither team. will do well in the playoffs. I Bertho_ttd (9.0}, and don't think we have to be defending slats champion intimidated by anybody. We $ruah (&1) meet tomorrow at lost to Roaring Fork by six Berthoud in what should be paints, and Roaring Fork is the biggest game in the supposed to be No. 1. So Bookies' bracket. Both teams where does that put us?," are among Ehe favorites to Battle Mountain coach Steve claim the elate title, even Moran commented, tough Brush was upset by Northern PlainR League e aw on ' champion University of sl lea,e rilgn lichool 2A Fnmban Playoua Greeley earlier l]]18 saaBan. Brush has h n t th t t Gemea °f Frltlayy. Nov. 1 'BATTLE MOUNTAIN al Gunnison 1:30 rr ce 0 e s a e 2A championship game each , p, Gemea of Saturday. Nar. 2 ' "Clear cr k t M i of the last five years. The ee a an tou springs, 1 p, m. •ar°an al Berlno°d. Lao p.m. Beetdiggere have won the 'Pegnaa spr,nge at Aiamoae, f:3o P m. "glathe at Roaring Fork, 7:30 p. m. last three a ate 2A football -'oanver Lmneran ai rrinidad. n3o p.m. titles. "Feral euplcn al G eiy University. f p m, "L i -Palmer at Kent Denver, 1,30 p m. Only tWU other ranked (-Upper braCNal, "Lower b[achet) ~ ~ ~'. State 2A statistical leaders d '~ y . _ AeY11nq -~~ ~~ ~ .: aecelrlnq ~ ~ NarMwaalnn Leaque TG THY AYG C Tb TNY ~ ~ Final SdnIXnga Smith. FFC t23 1 S68 8.6 Miller, Plalle Yalley 35 3 602 LNqus Overall CAMPBELL, BMHS 125 1155 9.2 L Aechard, Weld 35 2 535 Roaring Fork.. ~ ........ ....: &0 9~q Bed9. Windsor 187 992 5.3 SPetni Eagan 193 Schmuck. M. Park 30 t 508 fEDR1221 EYHS 30 2 4a7 . ...... BATTLE MOUNTAIN ...............&2 7-2 . 9t4 4,6 19okenkO, ROar1n Fk 93 900 8.6 ~ . LeBlanc. WOOtl Park -:,9P .2 .353:...- EAGLE VALLEY .. ........:........ .5-3 G3 .w_Nnllae ceunW ... .-:.., :...,• H ,,.tr9 .'>d _ 9AMre: 6, METT RNICK. EVHS 147-60d-5. q. "" -' "_ -'-- ~ . .. . ~ Sleamb°at Spr ngg ... 4.6 45 - ' '-- Meeker .. .. .}5 4.5 - ~ ~ - ~ Searing Glenwootl Springs ..................3-5 3.6 Puilntl TO XP FG PTS lASPen f°rrenee all NW{varefly gamin poor Att Com TG TNY Bokenko. Roaring Fh 15 41 0 131 m the oeginning of the 1985 NWL sesacn.l Knu W°n, eedheutl 151 87 20 1602 Smith. FFC 20 4 0 124 Laat weekh games ValdiviesD, Rom 1B9 B4 3 1235 M whiacra, L-P 16 2 B 9B BATTLE MCUNTpIN 33. EAGLE VALLEY 0 Hualon, Valley 212 93 5 5180 METTERNICK:EVHS 13 12 f 91 Roaring Forh 69. Meeher t0 Noble, Yuma 1fi5 75 50 1148 HARRIS EVHS 6 3 Slrell°n, Pago9a 15 0 0 90 G ' Glonwood Springs 20, Sleampoat Springs 14 . 1 4 7 7 1108 Others: 6, Psl[h. Roaring Fork 80-53-1&1873 lnarv , 8, CAMPBEiI BMHS 14468, 1•ianke, Roaring Fork 14-'j.B6 Gunnison 46. M°Ilal County B gill0 tlel. Aspen by Iprte,t Single i='amify Lot 13th fairvvoy X49,500 Public Notice ORDINANCE NO. 29 Berllye of 4Baa AN ORDINANCE AUYHORIZING THE ISSUANCE BY THE YOWN OF VAIL COLORADO. OF GENERAL OBLGATION REFUNDING BONDS. SEmES 1985, !N THE PRINCIPAL AMOUNT pF 521,715,000, FOR THE PURPOSE OF REFUNDING VALID AND OUTSTANDING INDEBTEDNESS OF THE TOWN; PRESCRIBING THE FORM OF SAID i z ^ ~R 1 -_ - 3Y~.e.' One of Mlnlurn's finest homes, this ~~" ' ±' ~;,~~~ single-family residence Is totaled ;-,, adiacent to dame Creek Trali. ~~; Features Include hot tub, oak @oors, ,~ large two•car garage, greenhouse, , Lau-+4t~~-r.?^~~;~,;i•• ~ ~ :3i57as+k . woodstove plus master bedroom t.. _, Hr1:placeE Views are superb firm this ~ ' ~"~ t pdvalel/2acreslte.l'IeasecaiEusfor ,~` ~. , " *r an uppolntmen# to see this lovely ~ •,., + ~ , ,~~~~-; Vi'''a' offering ............ . . . ...8139,000 ~r':r~ .. ?il~~idk„a,n , ,,.-.~ '~'", ~~ [3ERRY Phone 47~-1400 V at: 1 ~~ ;~~ ~. ~t, Y `~ ~ ~;" Y 4 NEW LISTING: Pltkht CCeek Park...Excellent locals' opportunity end unit wfth gootl views. Two betlroom, 1ti bath. fdnidStiL d55UmdDle Iean ..................... .........................:.......................... 594,560 tacatlon Type ettdy6atn Price Volt Run RBS6rt lnterVdl 711.5 57566 Wk. AS IhYnOrshlp 312.5 58750 Wk. 37 111.5 515,660 Wk. 51 & 52 6oultler 5t., Min[urn Single Famly z!1 580,600 assumable loan, bring offers THE Heather, 8lgnorn COntlG 712 fUrnlShetl 580.000 terms, bring offers All Seasons, vall Contlo 1H 5130,000 N Taylor, Minturn Single Family 311 5139,006 possible l¢dselOptron Manny van, V011 CGntlO Stud[o ft59,006 passible [ratle far Hawall property Bald Mtn. Rd.r Vall Duplex 312 (165.006. rratle for Flawall property COttOnwoOd Rtl., EagleVall DUpleX 317 5179,0(10; under cOGCra[t . Bellyache Ridge Single family 413 5250.000. Terms. Terms, berms! Lantlmark, LIOnSHeatl TOWnnOme 2+Ioftf7 5756,066, alFlpaf[ Interest, [ratle for PrOnt Range prop. Mountain Haus, Vall Condo 212 f775.00D Mountain Haus, Vail Contlo 7!7 f375.D0a ` Casoiar Gel Ndrte. W, Vall Duplex 357.5 f3fi5,600 possible terms ' Whiskey HIII, Eagle-Vah Lo[ 21.714 sq, K. 589,950 terms, bring ail offer5t Singletree. Edwards DdpleX Lot 2N Atre« 5130,660 [arms Nottingham Rtl„ Avon 7 Comm. Lots 73.527 sq. ft. ed. S37S,350 terms HdW211 OCeanffDRL: YdCaCldn In pafaal5e, ISlafKl of Kauai [OnliOminium for rent ddyfWeek, 51eap5~A~ti. Aldah Medsker, Broker Kathy Schcenfleld, Sales Assoc. / (303) 478.1798 ar 478.4171 a G. Btlte Manzi, &ales Assoc. 478.6b92 ~jJ ,y ~ ~'IiGC~ X761798 or 827.4132 ~LP/P.O. Box 2327 ~ Yail, CO B1fiS8 BONO3; PROVIDING FOR THE LEVY OF At} to YBdempli°n poor 1° maturlly; antl VALOREM YAXES TO PAY THE SAME', WHEREAS, the Town has herelOrOrg duly PLEDGING 9ALE3 TAXES TO PAY THE eu[henxed, s°Id, issued end deiiVelad to the GAME; PROVE DING FOR THE PAOGEEn90F puYCRasers ihereol ;9,870.W0 of 119 Genera! THE BONDS 70 BEi OEPOSIYEn Ik A SEPAR TE ESCRO CCO Obugalron Relundmg Bonds. Series 1982-a A W A UNT FOA THE PAYMENT OF 7HE BONGS BEING dated 3una 1, 1982, 01 which issue Ihera now remarna a [standing 1ha total amount of REFUNDED; AND PROVIDING OTHER ;9,870,000 phe "1992-C Bonds"}, being bonds DETAIL3 }N CONNECTION THEREWITH. numbered I to 1,97q inclusive, ,n the WHEREAS, She Town of Vail, Eagle County, denommaROn a1 ;5.000 each. bearing interest CA10md0 (the "Town"y, has herel°lore duly payebleaemlannue{ly On JUnelend December aulhOrized, add, is9ue[I, and tlal'wered 1° the h l i l 00 000 G 1 arch year and maturing 9erfelly on December 1 each ear as foll pulC a9erS lhare0 57,0 , e 19 eneral Obligation Refunding Bonds, Series 1982-A, dated Juna 3, 1982, of wnieh issue there Haw y Owe: Aryq~ MaMHtY intaroet Rata emains owstandina the rota) amo 1 I u 57,385,000 7893 77 5pgg 55,770,1100 (the "1982-A Elands t. baing bonda [8,035,000 1997 ~ 12,gogl6 numbered 2a7 to L490, InclusWe, m Sne ;1.525,000 1998 12.74% danominalion of 55,odG each, bearing Interest 5915,000 1999 12 10% Payable semiannue4ly ptJunalentl December 000 2(100. 72,10% leach year and maturing Serially pn December :000 2ppt 72.10% 1 each year ae follows: wHEAEAa. Ns 1982-C Banes maluring on Amount NEatwgty Ilttereat Rate necember 1, t98T, ere subject to mandatory 3740.000 1965 10.00% 3655.004 T885 10.00% sVnking fund retlemption, by !oL beginning on 5905.000 1987 10.00% ~z°a oo i ~ i i° °a : s 9i o:o WHEREAS.Ihe 1982-h BOnd9are notaub18ol ^a••~yCj~,D! [o redempption prior 1o memory antl WHEREAS h T h f . t dwrl oe nerel° e °re duly eu[horizetl, sold, i4aued a tlehvaretl 10 Ina T ~„~~~„y ~yX~~ iiV MY OOY iJa purchasers ihareol 52,900,000 rf Ira General Obligation BOntls,3erEea l9a2-e,dated Juna 1. w~k ~ v~~~~ 1982, of which i9sue thole n emaina outstanding lha lolalamoum o152,9p0.000 hoe F1lrmirahEKl L lyoC...,.,a„y °t 98z-e B°nds'1, halo banes numbered t m ,~, bg~ OII C10I'B Creek With 6~Ohi belsg9^ve'n' rest "Dyable 9etm~annual5y0on J b QC9at V1eW6. ~1~,~. une 1 end Decem er t Hach year and maturing serially an December I sash year as follows: Amount MaturltY Interact Rate ~0~~ Prynrr~~ ~~~ ~l I~j 'S i~idLS lad~ UllLSIEtfJ G 51.286,000 1991 11.00% , l u~v u uu 51.4zg,oaa lssz n.zs% PA.gll= 9tSS Vail, lT0 8At368 5195,000 7993 11.5(Flh 47&4460 ~ 478-618ft WHEREAS, the 1882-B Bantle ere nolaubject • i :~ ~I '^" .. - ~W ~ petemoer 1, 1884. end M each pecemWr 1 Band s ahdwn eY the roglNrallon book{ ~ , W~C /d n yl 1 e a~BOnd Rag{atrar on behell of °~ lued knlMME er pe ppn PaYmenl Of ~ M T ew". 0 h l d R C R 9 C h d 5 9 3 whhaul retlempllon Premium, Sn the annwl i~." amaunle sat larlh beiaw: ,: I a o ora er . . o a letutez 1 7 , ~ o' ndad aM {UPPlemanlW ea o! tM Wle WaerrM7wr f 6ketrwrrt Ctrtiflad PuMIC A1/COanlanl: a cerlHietl t894 t.T75.W0 poetic aceoununt wilnm me meanlnq or 5995 1.e130.000 glx-x-175, C.R.S., and any amentlmene 1998 1,x60,000 IMfelO, kcenaM t0 praCliCO YA 1i1a StalB Of t997 1,380,000 Cdarsda. ChertN. tM home IUIB Chanel Of The Town In sneer ae M the Mla hsraol. CgmDined Maximum Annual Principal end Inlereal flequlremanB: with rv;gar~ to any Iwo ArTlorlrt MarrltY iMfnwt nay X70 p0ft 1865 11.x50% 535.000 1gB6 ~ 1e.260% .000 1057 -: 11.250% .000 .BOP 1888 1059 lF2$OK ~ . ;. 11.2$OM ,000 1090 ~ .,..11.260'4 .000 ig91 #1.x6M6 ~ ~ x ~ 70.000 ~ 16 9. Y 11.250M 73 . S 1 y B 5 W0 1685 •: 8.xb0% 500.000 7908 ~ 8.376% 106.000 1997 g.60D% 110.000 1x0,000 1889 1888 g.600% '''^''0.700% 130,000 2800 q.TbO% 740,000 ''2901 ~ '~' 0.750% 165,000 'xopx ~ " 9,875% 17ga66 2093 9e759c at Danes w erne' glory redemption. wgerd to apllonal i~ntl and saparole ;a(:tVM 19 0l IRq r tM'7own of Yall '~oun1, 1965^, lobe al Ins punk. Q as of"NOrD emmb r alshllshment an0 4ccounl. amOVnl oat 10 h Mgally availehle ncludlnq amaunta 'the Outs7antlltp to proceeds of the IYlrg IM PHnclPal kntwsat on me rhelr reepecliue glpr retlempdon ohtWubne of, or I Interest of wnien letl DV. the Uni:etl eons tpwmncs T1te Vaf! T}nl! - Nauemher t, 1985 - Sectlan ALfl beiaued onryas luilyregletered BOndswithout pENERAi OBUp4npN cOUpOna In the danOm,nal,on al 55,000 each or REFUNDING BON¢ any intep+al mWtlOlp tnereor. Unleaa the Town ma replata,ad Gonda ll rw4 Irect h lR SERIES 1865 ae , s a O e atoll M numbered saparal6ly from 4 upwaM, INTEgEST RATE' whh the number pl seen BOntl preceded by MATURITY DATE', -A_ , the ROnm {hell ba dsledas of Narember l5, ORIGo-NAL ISSUE OATIE; November t5. 1985 CUSIP: 1 1085 end shell bear interest payable gEGIS7EREG OWNER: temiannuauyoneacnJUnelandDecamWri. PRINCIpALAMOUNT: pOL4AR5 [;QI~ tommenunp en June 7,1998, end shall meld's On [he 1s1 day of December each yasr, as The Tpwn pi Vaif, in the Gopnty OI Eagle and Smte f G i ao e i l u l d l (M~ r,r ~ ~}e~i ~ ' sr i idlowa: prkrdlpad Interawt o p pre , mun corp"re c pa on u y organizes and OperahnQ under the Town Charter and she COnsbwhon and lawb of the J~i .1 Mauro Aeswwt qp,u Y State al GOloredo, for value receivetl, hereby ~ $ t88d1r00lrt. 'Z t!a5h 0).179 & 19@$ 5880,000 5.5069k acknowledges I[see lntlebled end pramisea ra l th i 1 t)adrrp0 1 t)B.Gtl Y'p11tA1. ~ 3667 7688 7,615,W0 $,t1W% 1,100,000 8.500% 0 PeY e re9 slered owner named aDOVe. ar r eplarerad aseipns, on [he melurlly dale PPi7r68.1y/3BCOI1dP1^,Q hams 1989 1,t70,p00 $.600% 1 7 ' F 9' e pecllied above, the princlpalflmounl spaCi}led a e and in like mann I l [ ~~ O~~n~~~~ ~ ~• 1608 199! ~ . 1 g ,250,OOP v 1,340,080 7.500% , er erea p pay ,n on such principal amount fcemputed do the bads . t9B2 1983 t,a$,008 7.70096 1,555,008 7.980°A of a 360-day year OI twelve D-day monthap from the Interest payment dale next pretedinq ~~,~ ~ ~ ~ 1997 1,875,080 $.10076 the dale Of r gVatroflen and authenhcellpn OFF Ihn B nl d B d g110,t1001 . 5993 1998 1.8?5.000 8.308:6 1 (K5 000 8 500% on ond la ragg stared an s, u eu tms eu[henticated prior to June 1 I9B6 In wmcR 1997 . . . 2.139.1100 8.525% , , 9YM1 lhle Bpntl hall bear ,nlarest Irom (:ppiart 1895 2.315.000 8.75094 November 75, 1985, a1 ih0 Interval rate per 1889 .060.880 9.800% annum apeallea shave, payable sem,annuahy d Dersmber t a h oar o" J°ne t a ~~~ ~~~~ The maklmum net aHeclive Inures[ rate n un s , commenting a Juna 1, 79$6, Ill h gl2$~.i15 aWDOrited fOrth,a laaue pf Sande !69.00016 per pInclpal ampum,la peltl, unless lms Bond shalt pp,~ggg entltheactuel net ellectlve lnteresl rpte 4 $.477%per annum, ~ ~ here bee"prewpuaiy call@d lorredemphonand hh ll h b d l l tl f ~r~ ,~818~ ' 9ECTIpN1.Paymenl oI Bones; PaylrgAgenl payment s a ave een u y pmv e or or mess. Tha pnnnpel of [hie pond Is payable In *rrB„L480 • ,B•yG-8166 and BOndRegislrpr. The prbdp IOf the ponds t a l f h l lawlul money al the United $tales OfAmerlCR to the re istered ewner u lesentallon end o - t d payahlaln money o e Un e u led States aI Amedra b the re istered owner of eacR g p p wmender el Central penk of poorer abenAing --- - g k9pndupon preaenlation and surrender at the . - , - oorpore5on, In ¢enrer: Cblarsdo. trr Its -~ ~ - pprinclpal oftice of the Paying Apent. - " ' - Nalwhhalandlnp enylhing cantalned in thla Ordinen[a to fhe contrarryy Interest an Ih9 ll b B d h bl l SM I h ~~~p~~~- nA7~r~rwwr :;~ WAUA7 '~NW1au,lUM5 ~• ~~ y an s s a e paya e 0 person n w ose nemeeuch BOntl isreglaleretl. et hicatltlressas i th l k l i O i d ~'"i lbtr%1h~f1A~i!/O L4T7[i o^TktfQ YY!aM VV t3 OL'VlAa olLtli [l.7 lappeereon e reg klrer on sma nla ne OO r Dy or on Dehall of the Town by the 8ontl l i R h I F b h ~ •' ra>~w++•w+E vVL~1/lll•lL\lyl RO eg elror, el t e C Oae O be na94 en t e RecOn1 Date. irreaPecere of any vemler « ~ altaRsnge of such Bond subsequent to such _ , PRIVATE OUTDOOR SWIMMING POOL. JACUZZI. LB SAUNA.~~ rQ9 Record pate pod pnOrtOSUCh inte•esi payment tiers. Such paymegnt aheEl ba peltl by Check or d ln P m s ~ MEETING ROOM. LAUNDRY. 3 ELEVATORS. BEAUTIFULLY iJ1NDSCAPEO. SPECTACULAR VIEWS. FREE TOWN OF VAlL' ncF nt pt and I"tarasl on the BOntli The prf p BUS SERVIC€. 2-M3NUTE WALK YO Goff Club Prp Shpp end RBSt- ehellDepaidineacordancewVthmetermsata " BICYCLING and HIKING TRAILS gUTBRl PRIVATE LOCK-0445 Payinq Agent and Repintrar Mreemenl Itefweert llts Town and foe Paying gent. . . ~ .FOR RENTAL. ~ - ~ ~ ~ •ECT10N aP~or Redemption. Boma UNIT~166l19BAFURNISWEO..~.> :. Li~ ::'f::~-'...'.~5~,000.00~ maturing an end eher Deaamber 1, 1988. are .. ' UNfT 167/147A FURNISW6D . . . . . . . . ......... (325 006.00 ublIact to redempton poor to marorlty. et the O tlen d the Town as a whda or to inl I , - ' p , t"`°tur~sy ° a ° 'H p l ' , LOOATED ON VAi L S PRESTIGIOUS PGA CHAMPIONSHIPGOLF ' ' ;, o~ «. p e mmDe: ~ie9s ~a~e y interest , COURSE7HOME OF THE GERALD FORD 1 OUANAMENT. payment dale thereafter, upon payment of par d t Oh d I + d CONTACT: Abe or Ken 5ha Piro aF SWAPIRO REALTY ~ seeme n an eree ont re emption , w ~kr less Man all of the Bonds wltNn a maturity , . 363/4713.1280 (d8 S) 3fl:1'476-35771~~47Cr1122 (evpninga) date are to be retlaemed on anY prior retlemptlan tlale. Iha Bantle [a be retleemetl ;, , .., - ~ pf Wf110: ~ ' ` ehsR tie selected by rot not lees man tarty-rwe ~ - p,p, Drawer 1448 Vail CO 81658 (45) dsye ptlortO the tlete fixed Ix redemption. In WCR manner as the (!entl Re tetra' shall - , , ' _- - _ _ .. Ow mnama oueaunarnp me roru determine, The Bantle abet! he retleemetl only t 58,$70,000 ilhe '7962-C Gonda"1: In Integral mullip'en of 55.000. In the evem a aTowni pMeru Omiga[ion Gonda, Bond la olatlenominallOn leper than SS,000,e 861, dales Juna 1, 1984, i/wed In the ponlan al ^uch Bond meY ba redeemed, tut pdnclpal mpunl O15t,e00,6o0, of wnleh only fn Ito prlnd Pal amount al 55.080 ar any Bra now remelna wtntandlrry the IoW kttsqu! mulllple Thereof. Sucn Bond shell Oe o15t,680,880 ilhe "7664 Gonda^{. Iroatsd for the Purposes of redemption ,r that Lhn adgstbna: edtlhlonal oaneru number of Gonda which rewlu from divminq >n auntie. natea. }nterium secur[nea. ar the pnnapal amount d such Bind by S5,o00, fpatlons W the Town issued punwnl m Iln avant am o! the eprwa or podium IXt 17 hereof and pays We from sod thereof fwhlur /h4tl 1>b in em0unia egpal 1a ^ Ilan an IM PladOad Sala4 Ter 53.000 Or any Inlq,rel m 111ppN lhereoFl ere w artapMltywtlhtne lien tnNeOn oNna salted !or Yetl6mpbon eev atpresad, nOllca Apenl: Cen1lM Bank of Denver, a Iheraol Itlennfyin9 the Banda Or parlians 2carporattan, M pen's', Coorado. Or tMreof Io Ds redeemed will I>a gluon by me radar, which shall penarm IM 1pnmlon BoM Raglall9! byY mallinYY a CapV d1 Iha e aaant wlrh reaaect to IM Gonda. redem~uan ,'arise bV flro~cle~u moll Ipoata0e ._. _.-_--_. _._.--- - _..- Purchaser. NlfeRner MaOreend Company, of .......~ ...d,,.r..a .. Failure Ip glre such nalice try meilirp o any panYar, CAIOrWO. Bpndawner, M any tlefeCt thereto, atoll not RecoM pate: the liheanlh f15thY darn I the Calendar month rrexl prlrpeding anY 7 tern! sHxt the vatrdily of any proceeding for Ina f h e d All g d lbtl h Oaymen! tlale. an o Ot er ort eo e ao G redemP i. la rodempelpn will ceau t0 sear Inlergt abet Rakerw Account: IM "Town of qan Bond " Ifle {pecHiatl retlempiVOn tlate, Pravltletl tootle ea[ebllahed by $eetlan Reserve Account. 18&5 for cost' redemPllan are en depokh al the Place i6 of lhla prtllnance~ d Payment at IRel lime. Required ReaarYe: Wtlh rppecl to [he Banda aWhorited Mreln. an amount equal ro >81-CTIONAForm entl ExecullonolBande. 57,351,142.50. entl with respect ro any Parity The Bonds shall De elgrsed with !ne fecelmlle Llan ObfipellOna hereafter laauatl by the Towrt, al netura of rlw MaYw Othhe Tawn. sealed with l' an amount equalroone-nsH Ol the CgmalMtl acaimileotttle anal ar the roan, anaattealetl a Maximum Mnael Prlnolpal tl Interest by the fecelmlle alpnalure o1 the Tawn ClerN. Sttoub any officer wnoea fe[sintlle si nature Requframenls OI tine Banda entl such Partly Llan OWl1ggsuons, g appppeear on tea Bonds [ease to tb such ollicer b f d li f th B tl l tR p h 8ubwdlnale Llen OhlipstlOne adtlV4onal generaE oMlpalbn hortd6. notes. InIerlVm e ore very O e oo e 0 e urc aser. e wch lecelmlle alpnatur0 abet! nevenheless bB aeCUnbee, Of other ODllpellane of the Town valb end wfficlent ter all purposes. i4ued purswnt l0 Section 17 heraol and 7ha Bootie shat! De in wWtenllally the pnyaale from and hsvinp a Ilan an the Pled ed P 1011oxlnq corm: Salsa Tu Revenerss wbardinara ro the lan (Form of Bond) - tllefe0n PI the BondL Town: the Yown Of Vail, Eagle County. E1o, q_ S Colorado (Front of Bond! Tawn Coundl: ew Tawn COUncll O! the UN17E6 STATES OF AMERICA Town. $TATL pF CpLORApO SECTION R. Autnori:a7lon. In accordance ~ LE Y With tRa Canellfulian of eM Stele at Colaretl0, AIL O N OF Ion 13 d this t e tele O the Chador; and all lava o CaEOredo IMreunio anebunq: the Town anal! ' t O1 Oenyer, a Iwus Ile pensrp oWi9 tbn refundingg bonds, Oaah !O fM deeipp led 'General pbilgnllona f. ColOfatlO, W Bond. Serlea 1865 In the 16161 principal Im the lanellan am00nt of 521,7a5,W0, far the pprpOaa o! o IM Bantle. relundlnq 1ne Putalanairp Gonda, 7ha Bpnaa ion Rafundlnp aRnlr eo"•tiwla geneeel oOllganona of [he rmber 16. tp5$ psi amour! of Town, end the IuO latch end cretlll Of the Town d f h nle arelnenae~ a T eir payment. shell to pledge Owner Of any f f h S •IEOnpN 380nd Dalaile. The Bootie abet! FOR SALE $165,004 1[aA-KE CREEK HOME At Below Build#n; CostsZ • 2000 sq. ft., 3 bdr., 2~/a bath, 1/2 duplex • Desirable Lake Creek location • Very sunny, open architecture • Tap of the line throughout • Passive solar, energy effident • L78 acre lot, near horse boarding Please call erenings until 10:00 p.m. 1 926-2010 M.L. IPre~Construction Sale on East Vail Chalet Club For Sale By Builder • Beautifully finished 3 bedroom, 3 bathroom townhames from $205,aaa. 2 bedroom, 2 bathroom with loft, Vail Racquet Club condominium. Located on Gare Creels, • Financing available , • Purchase includes Family Membership to the Vail Racquet Club ' Fur more information phone X76-1400. .. BE iT ORDAINEDBY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORAOp: SECTION }- Dehnhione. M used hereVn. the lakawing terms shall i1aW IM rospeClVVe meanlnea ws fonh tNlpw, unleae the canrext Primary/secondary Home Prtmary: 2,SQ0 sq. ft. with 2-car garage. Pour bedroom, three bath. - Secondary: 1,8D0 sc}. ft. with 2-car garage. Three bedroom, two bath. IYIIKE PALfNEIt REAL ESTATIr 476.1370 LJ Lw~ ~~~ I r r The Va![ Trr1t[ - NoBPmtler t, 1985 -Section A ~. +_~ i~ ~, cam'+~-~. ~~a wV~ REA110R~ ~, ~'ompa.ny of Vail REALTY & PROPERTY MANAGEMENT Mauglnnd lZeddlnnee, a new It3tlrig In the Sartdatohe area. 3 bedroom, 2 bath, offered unfumtehed. Art lmmacu]ate properrttyy In teat condition, sunny with views of ski area...$~38.0~. BreB'c,,,, ,,, Wmt 192, two bedroom/loft, three bath. Year around ppool and hot tub, heated garage, on bus route...$149.900. HrootkKree Condvmiaium A-8D3, two bedrooms, 11~ baths, furnished, 12arelyy rented, an cxceAent value in the L[onsl2ldge area...$7$.500. C-2, s cious one bedroom with massive area. Nloming sun with mounlaln views... Vail View Townhauae "'8, consisting of two nesidendal living units. owner's apartment Is a two bedroom, two level unit with a beautiful patio. iZental apartment consists of one bedroom with priv,'>tte entry. A sunny Eocatfan in Vail dos Schone, a further price reductlon...S1t7,000. 1. ~ a E:azlan at Vat; 117, large furnished 3 Ixdrooin, 3 bath. [deal rlcntal loc~tlon. Walk to lifts, heated pob1. heated ppaarkln;qq, all shuttle buses atopp across strleef;. l;njoy Vatl's Illestytel Compare at S322,500. 'l'imbert?alls, three bedroom and loft, top floor unit In excellent condition, furnished, Adjacent to National Faeest...S 199,000. r,,.~n Lot 9, Vd! Valley, thl rd Etltng, on Sunburst Drive with unexcelled views. Terms available to qualified purchasers, price reduced...S39b.000. i.at lb, Matterhorn VWage, P/S zonfn excellent mountain views, next to Elonoaan Park...~9.500. Lot 3, Block lf. Volt dos Schane Fill~nk 1, excellent views and access, wning !s Y/S.,.SS8,900, .Daeild IL hrisll, Broker DO-1aId M. Cluxpiirl, Broker Stl2 Hanson Ranch Road ~ Va11r Colorado B18b7 9D9.478-b881 ~ 1-8p0•'tiab•99H8 amendatl. of 1M Town, ere hreVOCably pledged Iq the payment of the principal Of and imereal an the Bontls, ea more partiCUlarFy a0t Igrlh in the Ordin0.nte 9ulharizing the kasuanca a7 thla Bond Thie Bond OOMHIUII,f sn IrrBVgcable and lint lien fal[haugh not netseeanly en exGUakve Nret Ilan] upon such rBVenuea. TM Town entl the Bontl Regiatrarahell nor be reguhetl to faaue Or menaler any Benda: 11y ~I II ~ number IeGrol ampl0yyaer IdenTfiCBIiOn numbef of euCn irelNarea. k10 trnnaler °! any Bond snail M elfbclwa amlA ertmed :~f :he regVatrallon books. In Bil Cates ollMaransterof a Bond.lne Bor+d Re9mtrer anall ensw eM eransler m ownership In the registraban amlrsand enau sutbenncate and dBllYer In IM same of Ina Irenaferee or trMarereaa a new 7W1M F94mEBred Bond or wd twplnning on any tlate of aelectlon of fepleleretl awnw b enhtletl to receive at the nds to be redeemed and entling an the day eenleat pret11Ca01eameln xcordance with the On wnleh the apPlieabia ngtlCB Ol redempli°nia gluon. Tne Bontl Registrar anal) n014B raPulfBtl IB Irenalef a0 B tl ` l d ll d T pprraYlebna d tMa Ortllnanes. The Bontl ~~ Regfatror obeli Onsrrpp++me owner ql lhla Bontl l gn a ne ec e qr Ca e V OY rarl2mpt:On.:nwndle or In pan Tne i'.;~.n, 1f:e pr every won trensier an am^-'~ ,u171CiBn1 t0 rsir,i;Vr-a ll lOr its ru ~nau~alaBeend l0lany Paying Ag0n1. and Iha BCntl Ragialrar may tar Or OSlyrg9v0rnttdntalChargB requlrBd tC tp deem en treat the reglatered owner of any paid with reaped msuch trtnsler. Bond as the ebaoluta owner thereol }or all 7hB Town entl gantl Regialler shah not be purpowa [wMlher or not ouch Bontl obeli be ragolred 10 issue m lreneper any BontlB: h I orertluel and any rlotiee eo the Contrary shoe dunng a perlotl beg'kvrOd the Reedtl pate of be binding upo the Town, the Paying A M, or the dNeglevar. ~ entl entling a[ the ctoBe d auainsss on the suing lnlerast paym0ntdalB.cr 4]durirg[ne hla Band la Itanaferehle by the rBgEaterBd perlad beginning a6 arty date °~ selecbgn o1 owner here0l, In perwn qr by hla attorney duly Benda i° M redeemed and ending on Iha day authorized in wnhnq, al the prlnclpal olllca of on which theepPEr-able notice of retlempttgnla the Bontl Reglstra r, but only In the mflnnBr, glvBm ThO Bontl Ryialfar shall not be requllBd wblecl Io me hmgalfana,entl upon peymem al to transfer any B-.~da aBlectad a+ caked rot the charges proufdad In the eurhonxing Band redemption. in wells ar in rm~- Ordinanee e d upon surrender and WnC011allan pl thle Bond. Thia Bontl may J>e New Banda delivered uponely tranater shall bs vend general ~~ttowa of 1nB Tawn. ~ tranafe+red upon the regia[ratlan books upon evltlencing the san. giNiepslign sa tM Bontls dehrery eo tea Bond Repiatrer of [hla Bona. eurreneeretl. seed se aerated by pile accompanied by a wntten ina[rumanl d Inatrumenla of Ironafer in brm and with Ordinance, and snag s+r eTlptlsd Eo all of the aecunty and benelRS harebl tome 5ameexlenl apuerenty of alp Relure eB1101BClOry la Ine Rond es the Banda surrantl9ratl. Registrar, duly executed by1ne owner of Thia The Town, the Peyinp.AgwrR, ar,u '..".s fiend Bontl or nla attorney-}n-fact ar Iegai Reg Ulrar may deem acrd VBa11he regulated represenisllvB. Contekning WYitbn instrareliona M to Ina dal§Ila of the venelBr of Ine Bond. q! BOr 3 aB d,B Bb301uSe ° InBreof for all purpaaes (whemer or rwt such along with theaoClel aOCUrllynumberor letlarel faand shall be arerduel, deny notice to the amp Oyer itlenli}icallOn number of such Contrary anell trot Dn b'mdng ppen the Town, iransfere9. to the even[ of the tranater of [his the Paying Agent, or ttw Bomb Raglatrar. Bond the Bond Repiatler obeli enter the transfer al ownefshlpmmBrepiatrollon hooka gECTION to. Dearn,etion of Bontls. snd aheh ec[henticate end deliver in Me name yyhenevBr any ouEtandln 9ontl shall be g of the transferee or ttansteraea a new lolly tlalivered lO tea Bw,tl Reglalrar for cancellation i D roplslered Sane or Bontls W authorized tlenominatlone of Iha name maturity end Purauam l0 m e ,dmanca entl upon payment al the principal am Cunt and inlBreal Interest rare lClSnB flggregale prlnClpalamoun[ represented Thereby, nenever y t t di B which the reglalared ownaiaenlltled to receive a sn np rru ond sM6 Ee dalivgred 10 the B M at lee aarlleat ppre arable time. The Bond or Reg attar fa tranater ppureuem to Ine i l h L A Registrar shall the pp8s the owner of Chia Bond for eve rock irenafer an amount aulflden[ to Prov a ona ereo wc BOndslrall OBCSltcelled and destroyed M IM Bond RegEStnr entl relmbune}t for lt9 YaBSOnabFe fees &nd for an CWnlerpana 01 a Certllicaro s} dealmGtlan Ed taxer ClhergovernmentelcnargarerlWred to ba ev encmg ouch MOV1YL5val alwu be lumishetl b th B d R h paid with reaped to such IransMr. y e on ag ver fo Br Town [Form of 7ranafer) BBCTfON 7 t.LOat Bagda. Any 9onethalls - _ ASSfGNM~NT loaf, atalBn, tlBSITByed, p mutlletetl may b0 ropIBOBtl or paid by 1!r Bontl Reglalret In TOWN OF VAIL FOR VALVE RECErvEP. the untleralgnrld a011e asalgna and tranelera unto °}caortlanoe with and wblecamlha umuattons ApllCeble VeW. The a recant for an B EABLE COUNTY, COLOBACO , , ry ~Y aeplecemenl BOndaAailpoel such aecun ' By: IFacafmae 3lgneWlel ~ rock coals. erM preaenl such proof CI Mayor SOCIAL SECURITY owneraMO and 1oa9 ed may be re aired by ATTESTED: ~ oR FEDERAL EMPLOYER aPPliubla law, p in IrIB absence o1 spedtlc By; fFaCeimlle 3ignaNre) ~ IDENTIFICATION ~ raqulremBnla, as mayMreCuired 6y the Bontl R l Tern Clerk NUMSER OF A$SIGNEE eg strar. [FACSIMILE SEAL) ~ ~ '~ SECTION 12 t7lsposittan of Bond (twin of Bontl Regiatrer's ~ ~ ~ (Nam snd Add ! A l Procaatla. TM Bwrda shag be aoltl rot the purpose al DaY ng tlr cwt! otr S9 tootling, D811dlute o} AulhenllCatlOn) CERTIFfCJ4TE OF AUTHENTICATION e ress ° aa gne9] the within Band entl does hereby irrevocably Er ow Account Mrs! iuWnop edlB(II npayina Iha Purchaasr'a tllacwnr, errd }kl} paying tea Thia Bond is one o1 the Bontls of the Issue [xmslituta snd appoint cmla of issuance d the Banda. Neither the deacrlbed In the within menllOned Bond attorney, 1a Irenatar acid Bond on the books Purchb8ef trot Ilre f3antlawnera shell M Ordlnence. kept iw repiatretian tnereol with lull power of rosporeible for the appl[Cation ar diepoael a Bala al Reglsmallan wbetlluli0n In the premisae. ihB praceetla d tlrB Banda by 1hB Town or any and AuthBntiCalion: '- Detetl: of Ile olllcere. Alf oran ni lfMll Central Benk at Denver Slgnalure at ReglslerBd Droller. - y pg on a orvtl procaetle shag be lemporanly isamted p rlsinves[ed. psndig aM ara NOTICC: The aignalure to Ih aignmen r ~ u n de Denver. C atl,>, ' moat prtlapOntl with IhB of fhe name h0ralnatta a urit tl li ia hereby co anted tl ag Bond R ISifuf B a9 i egiswered ownerult eppear upon thBWSCe aF en agreed bf IM Town that th0 temporary in t i Y~ Authgr zetl 3lgnet0ly e iha Ilhin Bontl in every p mcular, IlhCUt ves ment o ra nveatmenl of the origknai tl } h e BnwranCe Legend] ~ altarellgn a enlBrgBmenl d any Change proCeB a ° s e nds, a of any rrbneya hBaled 09 pr0,a,eda or the Bonds wI1Nn the • ~~s .'~- lBack of Band _ ] "' ~ ~ WnetevBr. ; Sfgnsturo puerBnteea: -' ~ ~ eaninp I $aClgn 103c fa 01 Iha Internal '"~ ADDITIONAL pFiOVISION$ - ~~- [9arrk, Trust CampBny,W Flrm) RBVenbe Gotle of 1851, a amended [IhB Code'l, antlpertlnentragulations, rulinga,end This Bond fe one 01 s aeries agop B8 ling Twenty-Ono Mlllbn $eren Hundretlr PlN n BfCriON 7. Authentirallan, NO Band !hall tleciwlone. shall (q o1 ouch natgrB and ex[em. for n period and Bt such y,elQ Thal Iha ee Thousand Dallera l59t,7t5.Wg]parvalue, all Of be valid or obligatory for any purpose or be tipatl to soy setvri[y or hanelh under Ihls . Benda shah rpl be or become erbVtrega agnde IikO dele,lenOr,antl of}BCC excBpl Ba tanumb0r, Qrdinance unle99 entl hid s cBdillcate of thin the m@anirg qr Sealian 1p3(cl f the ~ principal amount interest rate, end date of m t l tl b h T V[henticallon an such Bond substantially In ~ and peRinenl reguladana, rVlinge. Bntl decisions a mr y, rxua y I pwn Council of Ina B Town of Vall,Inlhe COUnlyol ESgleantl Stelegl ihB form herelnabovO SBI lOrlh shell have been duly ereculetl by the Bontl Registrar, and each . BECTIpN tB. Pfadge of Ad Valorem Texas, Caloratlo, for the purpose of refunding valid Bed aulslending indebtedness of the 7 wi, executed cartlllcate Cl the Bond Registrarupon n Il necessary, Ehe interest [a 6eeamedueon Ina g , VntlBr the eulhonty pl entl In full 4VnFatmify any wC Bpnd abaft ba C°nclusne eWdenCe that su Cq Bontl hey bean au[henneelad and Bonds on June f, 1Ha6,anall be advancBd Frain BnV YBVanuea Cr funds of me Town lawfully 1[h Iha GgnsIIN110n of Iha State of Colorado; deflrBrnd antler this Ordinance. The Bontl avallabl8 far such purpose, mCluding, but not the 7aWn Cnartar; Bnd all Iowa of 1hB Sate nl l C Aegislrar'a cerlllicate o! aulnengcallon on any limited lo, the accrued ImeresS en tho8ontle to O dada thereunto enabling: and pVrsuanl t° h gong shall ba deemed ro have been executed >»Paltl by the Purcnas>on lnadale oftlalivery. S e duly adopted Ortlinanca authorizing Ih0 V by it if Signed by en authgnaed glliCar or FBr th0 purp0ae al rermnurging euGh atlvanCO awenra qt lhla Rqnd II la hereby recileA, lfi gnaloryo the Bona Raglstror,bm It shall not G Bntl paying the lniereat qn entl principal al tea Cen ed, end warranted that all of me i f l e naceasary Mai the same o}}lcer or signatory Benda as the same become tlua entl payable. repu remems o aw have been lolly cOmplfed ith b m r sign ~Ihe cenilicata of authentlcalign on Bli of r08pechvely, there snail M lev{etl on all of the w y B propel Ol iCBro In lSauing !hie Bontl, ft la hereby fanner recited. cerlllied entl Iha Bond9 issued hereunder. rantBd Ina! the total indebtedneea al Iha f3ECnON 8. {)shivery at Bontls, V Pon the ~' ~ r~~'ra•• Town, including that a} this Bontl, does not adoplian of Inis Ordinance, Iha Town shall ' exceed any kmlt prescNbetl by the Town gxecule iha Bondsand tlallverihemlolha Bontl ~ Cnanaf Or the COnatl1b1i0n ar laws ql the $la3e RBgE9IYBr, and the Bontl Reg191rer Shall 9uI anliCat th B tl d d l ' Vail of Colorado: that the issuance Cf tniseond was aulhorizetl 6 en Ordinance of the Tawn tlV! e e on s an e iver them to the Purchaser, a9 tlhecled by 1110 Town, and in adopted Bntl apPrgvatl prior to [ha i96uenC9 accordance with the Band PV<chese Heights I I hereof, and teal prgviabn has bBen made for AgraBmen! betwe9n 111! Tawn entl [he the levy and colleetign M an atl valorem tea qn Partnaaer. ~ has p one bedroom ell OF the taxable properly within the Town, Wlthodl limilatian or rota or amount. [0 MO SECTION 9. Reglatretign and 7ranafer of Benda; Persons Yreatea as Ownara. Tne Bond ~COndO in West VdII extent other rands ere not made available for rock paymnn[a sulfiClenl [q paylhe prinClpalaf Reg,sbar shell melnlaln tnB books of the Town lot the re iSlretlon oiawner ni f h B d , Unit 3-B iht3te is an , entl Interval aft this Bond as the same g p o a eac an es prgvEded m [his Ordinancs. Bontls may be . assumable t rBSppBC[IVely become tlua. Th8 l ll fBi1h e d dit 1 th T [rBnafBfYed Upon the regEBE,etIOn bOake Upon iner a (? ~ 9 u n cre 0 e own Bra h ereby pledged lorthe punclual mem ollhn a tlelirery o! the Bontls to the Bond Regl9lrar, aa d b vlfith V9Ih ioW lltllltles t41 p y pr /rase B tlla dditi I o cpmpame y a written instrument or In eels ql tranater in form and wish .. ~Srooo• condo fees . an ere a ana cured d a Reserva s prov Y Y ACCOVnI a Idetl ,n the Ortllnancn Aran gg NaF gignaW r08at191901ary [O the Bontl Re istrar d l f tl b h Co[ dl Ch eutharicing the Issuance of this Bond. g , u y execu e y t e owner ql the Bontls lq be tranelerretl arhis attorney-in-tact um ne dslian Carnp fn addiugn, me revenues denvea by the town or regal represemstive. COmeining written gx6.~033 (ram One-hall I IhB Towne 4% 98188 tar InatruCliong ag lathe tlelall9 01 the Trans}er CF eVlhon:ed by lhtllnance Na. 11.9ar1ea 197, an rock Sonde, along with [he aortal security i i ~--rte ; d ~' .... r. ~ ~f ~::' ,~ i • ~-~ _. SUNDIArI. TOWNHOIHES • SO~IO McU1V' GORE DRIVE 3 bedroom/3 bath • on the Gore Creek, Fast Vaii • Bank foreclosures 1,752 sq. ft. .T ;168,000 • 3 bedroom 1,822 sq. ft. • ;17$,000 • 3 bedroom plus den 1095 Down • 1096 Interest rate • 34yr, financing with 3-yr, tali • No ka s rig costs • No points PLEASE CALF, MIl{E PALMEI2 REAL E~i7'ATE • 476-1370 ^ t,odg O~~rlog ~gts~tudkos lu the GGId Peak house itltcTSenettc reticle 2" br L ~ Stt~~eCt~beu~° slgp¢ side I'~catton and views...$ ~~p alto S'90,000. Brooktree Condon4talum C-214, Ono bedroom, furnished with new carpeting, [.orated In the Llonsrtd a area, on bus route, an excellent rental unl[..,Sfi~,500. ~ • ~~ ad char ilNe, reapecuvs) and upon My n of any oilier such funds ar+evanup old, the mill levy ar brba harem meY InerwpOn. 1a thgl erlenf. bn !. ( daaCliratl baba ant gruflGlB ps the wncn to the Beard of Crnm7 anon al Eels County, Coiargdo, iw aggregsla amount dr taxes to M n~,p.,~~~i.+Gielspia mWih~l 1a B11m~e. is `~'!,::, '.. ,. . :~ ~.~ o~rCa~/B'crarN~SS Y.AIYa NA~IQN~1L BANS +Ir+r.:.iat.~al..aurs on~oe ~A~~r vt~rH met luaoou}~4UQ location. Covered ~arldng. Pilevator service. Tenant fiiitsh allawt~nce. Suites from aas - x,~oa aq. ft. wffisar v~tz ~,a~rara: (~oodvisibility. Established location, between Safeway Ffi Mel70na1da. Free pelrkinB. Tenant finish allowance. ltetatl speca& from &!0 -- 4,2Cfd sq. ft. .~za ~ va'l oc,: ,rni ContEWt: ~1it'Va '_,a .~,.. :3i rtamlor $os 330a ~ Yait, QO B~B88 C~~) 94B-SY00, ember t, 1985 -Seaton„ 23 clllad io ba aeleclea by fol, on Becember s, 199A. s< par and accrued intneat. wrlnout reriampuarr premlam. purwenl Ea lmkirytund Rrovlaionb provided In the Ord+nsnae eutnensnrp the lalW nppC9 0l Iha 1892-C Banta maw)ring @! rdlowa, ahallbe artd roenseme are h@rtrhY tilled br rademPlian poor 7a Bleb eayecU.re mntuntws, end alrall be paid an IM prior and@mpupn dates and at irte prices sal farm below, - • ~:.,~„ . ,WIII~ The Volt 77ptt - Noc 7ww BerM~ MaturMQ 7882-A Bands t9&5 ro 1980, incl. a9B2-B Band: r99t IR 1993, Incl, 18 2 Bondads 1985 ro 19ga, incl. (E) 198E-C Bonds meturlnp on axemher 1, 1987, in the a4igrggat@ princlpel amount or {t,775.000 shall be called for redampnon In advance O( hair matprhY dale, the band8 to lb D~5~JC~aa~~ ~ , 2 bedroom, 2 bath eondo,1200 sq. ft at Sundown in Eagle-Vail, By Owner, $75,000, ver,~ lleYible terms. 303-893-2305/8&3-713Y ~ Andy Mat. Attt~ttion: 'tTAt~ I~E~~II?E1rTTS ~ . - ~ Own a NEW condominium in Vail ViliaOc ozt Gore Creek (east of the Vail Athletic Club1. - One bedroom units start at $JcJ,5(?(). Studio units start at r$89,504. _ ~ MIKE FALMER ,_.~ Please call; X76-1370 REAL .ESTATE S®9rs00. VILLAGE INN PLAZA In the heart o f Vaii, a distinctive ~ocataon that deserves your COnsidCrfltiOn. 1nclUdes: pOOlr J8C1IZ2lr , heated parkEng, spa facilities, security system. Prices stars at $240,006, with 101fz% financing available far the remaining ten units. aff~~ M: ~ . Slifer & Co~rlp~ar~y Next to the Cloc& Tower Jeut aunts the Cparered Bridge 230 Hridge Street Vail, CO 81657 303-4762421 ti . . ~ t, ~. t;4 ' ~rt5s~., ~... - -, +~ ~ StTecitt ' t ~±e f/ ~ F3 _. ~~~~~Z ., 5tudla ~ ,,, ~, . ,~ BHCStON 70. payment or OuWranWnp Borafa. The Escrow Aeeaunr, Ineludup therein IM ........,_ of the Banda end Iha Escrow 9upplamenl, when Mreated by ih0 Bank, ehe.ll el all Umea he Al 16ae1 suhfeient le pay the prlnciRel ol, premium II BnY. and interval an the O islen~ngg Bonds under and in accordance with tae 101tawing SchedulE: (A}The ~ublanding Bonds. daslgnetad qnd mawang w tollowb, anafl tie paid and rellrad el Maf! respeciire n:aturity dalPa: era laauae qnd an OaCambM 1 dl each al the wccasdinp spur (a} yeva- 9CC710H 79. Escrow Account: Uas or WaceeOe. There is hereby aaisblbhea 17re E,aRraW ACCOUAt, the proaead! of Iha Bands. Ipr ctrr(eM calls and espenaea at lasuance payYable Ih@rafrom, wNCh expenaee era hereby aulhobiee 10 be paid Imm the prrxeeda oI the Banda, ahalf be depoutea by rho town in the [adrdw AdCdunl b pe afIrIN15Md pittl mN@talnad at me Benk, In rMdhion. the Escrow $URRtemMllahereby ~~ppppropneied and shalt he depaalled by Ina Tpaln In IM Exraw Accapnl for the purpose of wpplamenllap lh@ proceeds of such Honda. f ~` -+ n TheVat[YYutt--IY(HI[RItJCrf,]BB.S-SecttonA dreg ~A«i«r~iptlw' tewtl P,ior 1984-C Bootle -- 1907 q 4001, Irwl. - Deelmber 1, 1006, « 1001e. 1984 Bentlf 1986 q 2003, Incl. - December 1, t9W, .! tgl+N. l6} Inl«an aR tM Qulstantlfng Ronde whkh tlewmr aw In iM y1«e 7985 and tMraall« i~lrpNlpi«Demta«+plsWlYm/nrllEplNh y ~Bil+npt p BWr ado{ntl t«ma, untVl rake CuNWShcnq 9Bnes mature, i[CTiON =t. Invrtlnenl of Escrow Account. In accorMnu with tM Ewrow Agrlemrt, IM Bank rMll Invr! IM lands on tlapoell In Ih1 Ewrow Accoun! In non-calbbll Ftlelal SeCUn1116 «Ily, end fMll lylty faeun any cash balance In IM Ewrow Account In m1 manner required DV law for ether treat tuned; pwVlded howaYlr, the! IM Bank mryruballlu[e obllyytlldns m tM Efaow Acc6um p,nur[ to IM EfCrow /~IrmMr. SSCTIDN !Z. Atldltional Ospoeita If far any rrwn [hp lundf on hand In 7M Ewiaw pqACCOUntaMll beeten~umalnfufficienl tamrt Intent oiitthirOuuisndkn08 na ~r3~+e~ e MIII became des and pa able, the Town ahau MAhwllh rleprVr m lM Eyscmw Acepunt seen ''7 yl addnlorlal fender maY M requlnd la paythe Inure amaum Ibaut ro blcom. tlw and payable SECTION Q~. OblgBtlnne of Bank, TM Bank rMll Irani Ilmp q 1 fms redeem nmetudry all ar a portlBn a1 IM non-cege9la Federal 3ecwigsa m 1M Ewrow Accourt! In sutllclMt em0unb a0 IMt Ufa Proaltle LMr11lOm and thelnt«prl IMreon r IMrma ecerur reel be eufflc4nt to W IM Pnnefpm ol, premium H Any, and IINIrMI on IM GubWMinp Boner r tM esme beeomn dr in accortlartce week lM schedule rt forth Mrain. SSOTION !.. Nolka o! Mfuntlilp Call, antl Rldempgon, YM Town CIBrk is MrMy aWhosxw d dlrectetl to qiw reduce t relunalnq or iM Ouhllantlinp Banda el waboue IM ffma Br seen rNurMing, Umerr addlllanrl rtl tnon uhnafw nodes Ya r..gqWretl by law. IM noun ahail bermby anlned orrepisterw 41 rl 1M Uma o1 each rdundlnpp to IM blgwinp at the Fm NrwwA dearer tMreal: . l1} BO/ffcMr t Company. too Dlltver, Cabledb ' fAe aginal pulcnu« of rM , blerMing Sundae 14) l Wink Bpf1e~ f Grnwr. panwr. Colorwo Iron . At~1:~N110N SRtt[Ya Itt1~s#OTS~,UCA~ ~ILIt#i~Li~ .3 UI~6171.1[!ln Li[1L111~ wli4G 1982 Atfcuttic 24'x44' with 7'x14' sFled tie. Eag(e Rived Priced ~ ol~[y... . I,apgtelf at the Fife Ram Ma6ife Flume [#ak in F[fwn>d5+78, fTgke the ltlad along rarer fu ,P~TttFIt'IIICC~ ~T/h~~is inMi[e'n~u t'bu~telf ., i.Sr()t)D 50 thfd. [ t'zlsl 5Q(E ~ 7 ill II,IlC1' t0 x""'11 far a Inartgage lldlele 1110 W reside. .- . . HL[~t TFus IS '""w'r l n ~ [~ i~'!'~YJ°F ~-') ~ . Rt~ilfetlce is priserttfy tentcJ4 w ~ direct af( quesdorls to rrre: 1V(are FGNSS it* Austirv vexes--aGGc--s"]~2~~17p9 I'lmae iPm4 J-'u IId1f18 dttd ~IOtIC fttlnyv avtllt lily SCivi[C AtIQ ra ~ Igla GKk >~ yDd. ' ,r ~,.,.w III Ol,tslandinp BonlMl tM i3) prwr. Col bradpe Call TM Yown C!«k ahpll tMrrher plwnOllce of Nfundinp, uIi antl retlpmptian of rM 1882-C BontlsandtM t964 BOnde, at or aboultMtims of each un an4 prgr redemption, Nl eaortlenoe with 1M prmisgna for natip of prgr redemption conbinad In tM ardinencr eulMSaM9 tM leauana o1 ouch 4ontla.. ~~ ]0. Aulhorizeuon b Ekedute } Cotl~[~nl Qocumenle. The Mayor. Town Ctsrk, a1Mr dllcen of IM Town, and Shp member or tM Town Councll aro Mreby augoraed end ~d~lppraaxt.d to lekaanyantl «I aatwns necr8ery or prdroanmrolnc u Id ~t~arwl not~imii.d ii% ji} elletution of a Prop« Bacrow Agrrment w4th tM Rank wnnminp the depoalb In. InveslmenN ot, alq diabursementa tram the Eacraw Account; (II} the e4eCLtiOn of a eying pent antl registrar appreamem: and ffiq tree eaecullon al nick cartllicstee antl effitlavhs u may reasan~blY be regil,etli by the Pc'aAaser. Ixeble property upon which ides atle for paymem of each serer of Ronda is Idemicsl, end the Eontla reb}e from IM fame funds to be 1 1M esme edUlCe es WOUId Mvp y pay IM Owetanding Bones If no Breol were to ocar, own. es al tM date o! fruence of Ieulhortzetley law ro aue~enarel for 1M purpwea for wh ch Ins Bontla were ariginelly Ivuetl; daend Inwa[ments to M placed in AccounF, together week Inl«eat ro 'ram such Invemmenta, are m an :h et ell Iimea snag M autllciene to tantliltg'BOndB r they becOmadUa Ibhw maturtlir r to pnncpaland d IM computauona made in seen r'tfflclancy nave been ceraued .wbnc Accornlanl; Hal aggregate amount of h0ittletl s ¢f the Tawn does not saw. nor 1M 1»Uance of the Bonds, BaceBtl able Ilmlt prescribed ar laws BI f M Slate of Colwed0 a ar: sauenca al IM Bonds and Ins ' tM Ou[slending Ronda, end aIF ,ntlertaken inndenl 1Mretb. en in tFI Enlenng iota end rnmpialing the r0lundlny program heNln aulnorized at thlr Bme wiH enable [M Town IR reduce total hlllresl pfyebrl on IM Oulatending BOMn. ' SECTION 27. Coale antl Expenses BI RNUgding MI CBeb and eapenrs incense In cOnn1990n wlrh fM ie5uance antl payment OI IM Bonds, 3nrdudinp wilMUS limitation Iha PurchuaYe dl8gount Bna a+l mMr e,ippeenn related to the remnaing procedure, abate oe wed eNMr from iM proceetl5 0! Me Bones, from IM Ipallyawilabls moneys of 1M Town, Of from a eemdnalion [hBreol, and fuck moneys us Mreby ePpraPrletetl Ibr that W rPa••~ N sa Aecappttrea of Purenar Agrrmenr. 7M Town Calncll tlaes Mr/py resfhrm its debrmination M acuPt IM Bond PrpChUB Agrrmpnl r eubmlffetl by Klrah Mr Moors end CO pany,in penver, Gatorado.entl m sell IM Bonds to saw pumMa« upon IM l«Ir.[Arttll[bm and Oravia3ona r set faith fn r10 Aprlemenf. - . OECTTON 3Y- lrtwmncl. MBfA hq cammhtetl IB IefUe a pOlky o1 ih munklpal bond Inaurana whh reepecf to the payrrnta due for prlRClppal of rd intera5l on [M Bandr. The Town Councll Mreby eppraref !M Iswenp of !M mURlCipel bdrltl IRfb Nnu pokey and IM peymtlM of tM premium rpulrBtl by isle wmmllment td the end that BECTON 80. OIIICI81 Slalwnent. The Preliminary OlFlclal Statement tlaleb October t7, t8B5. elatng loenelfauenoraNM OOntls la Mreby autlmrizetl and approved. TM Tarn Councll Mreby aulhorlxef the preperallbnentl dielribulian Bi a linsl ORicinl Slalemant. antl any Addendum therms ea may M neceeaery tme "OHICIM Sletement"1, by the Purchaser in tonlunclfon with art offer et IM eor,da to IM pub Ic. TM Official 37elemantar+arlcontalneny gdtllllpnel Br updated Inform lion S01hBt l1 will not contain any uninle abtBmeM of a materlaf reel or omV[ 10 aro[a a mat«lal tact mceswry in order to make the atelamenb made therein, In Ilphl BI tM Circumennc/a in which IMy were made, rot misieadinp. SECTION Jt. pau0catian antl Approval BI Prtar ACbOna. All eelldna heretofore IBkert by IM offlCers OI 1M Town an[I mBmhen DI the Town Councll, uonelalanl with IhB provisionsat rhea Ortlinenos, relating tb tM euthorixetlan, wee, Aeauance, antl delnpry o! the Ronda, are h«eby ra[i11Bd. approved dad Wmirmed. BECt10N 3II. OrdinysCa Irrepeala410. AfNrtMBondsare issued, thlf Ordinanrsshan . bB and remain mrepealabie emit tM aonda one IM intent accrued IMrean atoll Mve Veen Nliy paid, wtl5hed and diacharyed. ~~ SECTION 33. Repealer. AEI ordinance, or parts InBrapt, in can Flicl with lhi9 Ordinanceare h anY aepealed, but BnEyto trre extent Btaucn cpn111ct. SECTION 9.. Severebility. E! area Br more sections ar porn of this Ordinance shall be d}ud9ed unenlaceable or invelld, ouch lu gmenl 5M5 not 91NCt, impair a invalidate !M remaining provimana Bt Iola Ordinance, rt being the IMamipn Iha11M radoua preyi8iana hefeal «e aBVaf861B. SECTION 38. Recording antl AuEMntiW- ripn Immadlalely an its passage, foie grdinance shall be recorded in tree Town book of rdlnancea kBpt for That purpose, authenticated by the signalurw of Iha Meyer end Iha Town CrorN, antl Shell be published in accordance with Seclibn 4.10 of the Chaser. _ INTRDOUCEQ. REAO IN FVLL ANO APARQVEO ON FIRST REAGING AN^ ORQEREG PUBLISHEG ONCE IN FULL This t5lh day of October. tg85 ends public nearing , ' h' ~ -P'rey' ~"+m N. ~ ^N - .. .. t . I ~ •, p, v.e+s'a-r.5y, Your Rtes! Fstate OJflce fbr Tile West Vai! 1/alley Featured properties o~'the week: , ~ '. F, ARROWI~BAU AT VAIL - ~; Lot 17, Filing 10, on the 18th Fairway. `-t.i: 'of The Country Club of the Rockies. . ,. " $250,000 2484 BALD MUUIYI'AIlY RD. ~ .. BFd.LYACI~E II ;: ,° ;. , 4 bedroom, 3t/x bath, 2,4641 sq.ft. 35.5 acres with spectacular views to thF; South Facing views overlooking the Vail golf south and east to Adams Rib. course and ski slopes. X339,000. .. - X137,500. - ~AGLFrVAiI.. ' - 0316 Deer Blvd. -'~ 4 bedroom, 3'/s bath, 1590 Deer Stvd. - 3 bedroom, 3 bath, 3,300 square feet $295;@@x-• .1,800 square feet $130,000. lieduced to r$285,R00! ~ - - ' Located at x.1199 U.S. Highway B ~ Z4 in Eagle-Vail; Colorado P.D. Drawer 2198 Vail, Colorado 81658 / {303) 949.4141 • II •%'~ WII (M h«tl on tMS Orolnance ale 3peclsf MeeBnp pre IM25m daYOf Oclraber. 1965x17:30 pp q !M Councll Chemben o1 tM Veil MunlclpM Building, YeH. Colorado. TOWN OF VAIL ,~ Paul R.JOnnetan ,- r' -].. Meta ATTEST:. Pamela A. BnnJmeypr ' Town CI/M ~" ' FlNALLY AOOpTEO AND APPAOVEO ANp OROEREa1 PUBU3HEp ONCE IN FULL ihlr 251n day of October, 1985. - TOWN OF VAIL ~~ .. ~ ~ ~ Pout R. Johnetan ATYEBi: '`-' . .. MaYw Town G ark nhdRllym .. - .. •': A,dbhed in TM VWI Trail an Naramber I, 1985 Public Notice 16LIG NOTICE IS HEREBY GIVEN re:ary-n..,.... ,.~ L cpnsmgg AuEnumq a Halal/Realaurant i Llotnsqua a Cirele. n Mveragas to M where saltl- apPlicanl is fi75 prado 61657. epplicatiOn will ba Mumapal eunding in veil. Goloraeo, Pehticn. remonavancaa, oli¢ns area Omer insuumenls may M Silty with [M Aulhanly by submitting lame IO Ifie Town Clerk at the Municipal Building in person or by mail Making address m the Licensing Authority is 75 Sbulh Frontage Road WesE, Vaii, Colorado Bt&67 Any interested party mayapAesratsaid public Maring to be heard ror br against Ihegranlingol 9814 llbena9. , „ ' TOWN OF ypIL iOCAL LIQUOR LICENSING gUTHORITY Pamela A. BrentlmeyBr SeCrel3ry to the AUlhenty Published in The Vail Trail on NBYamber i,1965 ~~9.-~-.-... ,~- .*`~ Public Notice PVBLIC NOTICE IS HEREBY GIVEN IMt -_ pursuant to [he Colorado Li uor Code in 1935 a;. amentlBd July 1, 1976, The Swedish Connecuon Parlnerahip. BO Rainbring, Gunina ` Bidm Caffi6Y. dbe, The ldchne Club; FiIBd with IM LOGdI Lidddr LiCEn9inQ Antlwnty an cadre h¢vnra9as w Ae cansumeu an Ise premiers where said. Meiling address al the ¢RPtcent Is 818 Weal UOilaNead C~rde. Vail Colorado a 5851 --*P,dabac hearin0 on Imseppicauonw N na held Galore the Local Llquer L,cen. rig AuihonlY on Wednrstlay, November 13, 1995 a1105U B,m,~n the Cdunal Chambers nl iha Va'I MLm Gi Adl Suilamg in van. Colorado Pnul ores. remonstrances, morons and other inslrumenls Seam On lRrl~ewTOwn Clark itylhe aMUmitipal Building m person or by mail a Mailing address of the Licensing Aulhoray r5 75 Scum Frontage Raatl Wesl. Vail. CBlarado 81657. Any Interested parry mayappesr al sard public hearing to be heard for or against nlegranbngol seed license. TawN Gr vniL LOCAL LIOUQR LICENSING AVTHOAITY - Pamela A. Rnnameyer Secretary to the Authority - ~ Published in The Vail Trap on November 1.1885 'Public Notice NOTTCE OF SALE ':;bA ABANOONBOOOOOa NOTICE IS HEREBY GIVENthal a9afe wince heldpurauan[[o TiIN 38 21,5-t01 CAS. 19I3.as remanded on Or after me t21n day nl NPVOmber, 1964 at 10:00 a.m. et 41458 Highway 6. Eagle-Vail. Colorado. The p+dper[y to be sold i9 in Unit No. 737. The accupenl of such unit is Slave MCOonald whose last known address is 1552 Lorimer, Eagle County. Tha persanaltc be Id i3 a91011owa: one 1 t }king sire bed, mattre9s arW box apnngs. lhB propesy war be wed to me mghest bidder 16r C85h and canbelnspected Bnehallheurpnor 1C SM hme of sale by contacrmgg the manager at ShB 8boY0 address or phane949-46fifi. Published in Tha Van Troll Olt November 1 end 8, 1885 Public Notice NOTICE OK$AL/< OFABAN06NEO[i0003 NOTICElS HEREBY GIVEN that aaalewill be h0ltl pursuant td 7ille3a-21.5-101 CRS, 1973,es amBnded On or alter the 12[n day of NAVBmbBr, 1985 I 10:30 a at 41458 Highway 6. Ee99Ie-Yak. Gblamtle, The prdperl 10 be sbitl is in Uni! No. 3313, The occupenl e~ 9UCh Unit i9 Randy Solak, who9eiasl known address isP O. Bok 25, Minlurn, Colorado. Eagle County. Yne p0lsonal fa b0 wed is as follows: few carpentry IocN.3piece9 iN Gregg, bike gents, lights, amahl beola. bb gun. miace3laneous housBnoltl items VAIL coNDOs dlreet From o5frerlrs Call john anytime k-57b5152 or M/ F, 9-5 at I-694-9287. }.5 t"~ A