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Home My WebLink About1985-29 Concerning the Authorization and Issuance of General Obligation Refunding Bonds in the Principal Amount of $21,715,0001 ;r' r 1• ~ 1~~h C E R T I F I E D R E C O R D 0 F FROCEEDINGS OF THE TOWN CDUNCIL OF THE TOWN OF VAIL EAGLR COUNTY, COLORADO RELATING TO THE AMENDMENT OF ORDINANCE N0. 23, SERIES OF 1985 CONCERNING THE AUTHORIZATION AND ISSUANCE OF GENERAL OBLIGATION REFUNDING BC)NDS SERIES 1965 DATED NOVEMBER 1S, 1985 IN THE PRINCIPAL AMOUNT OF $21,715,0Q0 • o • STATE OF COLORADO 3 COUNTX OF EAGLE ) ) TOWN OF VAI L ) The Town Council of the Town of ~7ail, 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 19th day of November, 1985, at the hour of 7:30 P.M. The following members of the Board were present, constituting a quorum: Mayor: Mayor Pro-Tem: ~ouncilmembers: Also Present: Town Clerk: Pamela Brand,meyer Town Manager: Rondall Phillips Town Finance Director: Charles Wick Town Attorn y: ~ ~ `.,'Larry Eskwith Absent : ~~Vf~it~ ..~ Thereupon Councilmember ~~~(,LJ there was read in full the following Ordinance: Paul Johnston Kent Rose Dan Corcoran ,~ Gordon Pierce Hermann Stauffer Gail Wahriich-Lowenthal introduced and - 1 - ~ • ~ ORDINANCE NO, p~ , SERIES OF :L985 AN ORDINANCE AMENDING ORDINANCE NO. :?3, SERIES OF 1985, OF THE TOWN RELATING TO THE AUTHORIZATION AND ISSUANCE OE $21,715,000 GENERAL OBLIGATTON REFUNDING BONDS, SERIES 1985, DATED NOVEMBER 15, 1985; AND DECLARING AN EMERGENCY. WHEREAS, Ordinance No. 23, Series of 19$5, of the Town, passed and adopted by the Town Council on October 25, 1985, authorizes the issuance by the Town of Vail, Eagle County, Colorado {the "Yawn"), of $21,715,000 General Obligation Refunding Bonds, Series 1985, dated November 15, 1985 {the "Bonds"); and WHEREAS, the Town Council has determined that it is necessary to amend said Ordinance prior to the issuance and delivery of the Bonds so as to correct certain typographical errors: BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO: Section 1. Amendment of Section 20 of Ordinance No. 23, Series of 1985, of the Town. Section 20 of: Ordinance No. 23, Series of 1985, of the Town is hereby amended to read as follows: "Section 20. Payment of Outstanding Bonds. The Escrow Account, including therein the proceeds of the Bonds and the Escrow Supplement, when invested by the Bank, shall at ali 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 maturing as Follows, sha11 be paid and retired at their respective maturity dates or mandatory sinking fund redemption dates as provided in the ordinances authorizing such Outstanding Bonds: Issue Bonds Maturing 1982-A Bonds 19$5 to 199(), incl. 1982-B Bonds 1991 to 199:3, incl. 1982-C Bonds 1993 and 1997, incl. 1984 Bonds 1985 to 3996, incl. - 2 - • • • {B) The Outstanding Bonds, designated and maturing as follows, shall be and the same are hereby called for redemption prior to their respective maturity dates, and shall be paid on the prior redemption dates and at the prices set f+arth below; Issue Bonds Maturing 1982-C Bonds 1998 to 2001, incl. 1984 Bonds 1997 to 2003, incl. Prior Redemption Date and Price December 1, 1995, at 100 December .1, 1994, at 101$ {C} Interest on the Outstanding Bands which becomes due in the years 1985 and thereafter shall be paid semiannually each year on the proper interest payment dates according to their original terms, until said Outstanding Bonds mature or are called for prior redemption." Section 2. Ratification and Approval of Prior Actions. All actions heretofore taken by the officers of the Tawn and members of the Town Council, consistent with the provisions of this Ordinance, relating to the authorization, sales issuance, and delivery of the Bonds, are hereby ratified, approved, and confirmed. Section 3. Ordinance Irrepealable. After any of the Bonds are issued, this Ordinance shall be and remain irrepealable until the Bonds and the interest accrued thereon shah. have been fully paid, satisfied, and discharged. Section 4, Repealer. All ordinances, or parts thereof, in conflict with this ordinance are hereby repealed, but only to the extent of such conflict. Section 5. severabilit~. If one or more sections or parts of this Ordinance shall be adjudged unenforceable or invalid, such judgment shall not affect, impair, or invalidate the remaining provisions of this Ordinance, it being the intention that the various provisions hereof are severable. Section 6. Recording and Authentication. Immediately on its passage this Ordinance shall be recorded in the Town book of ordinances kept for that purpose, authenticated by the - 3 - • • • sig natures of the Mayor and the Town Clerk, anc~ shall be published in accordance with Section 4.11 of the Charter. Section 7. Emerc~encY Declaration. By reason of the fact that the Town has subscribed for the purchase of certain federal securities in connection with the re:Eunding transaction for which the Bonds are being issued; that the Town must purchase and pay for such federal securities on November 25, 1985, or be subject to certain sanctions; that it is necessary for the Tawn to issue the Bonds in order to provide the funds necessary to purchase such federal securities; and that the Bonds cannot be issued until. the foregoing amendments to Ordinance No. 23, Series 1985, are effected, it is hereby declarer] that an emergency exists, that this Ordinance is necessary to the immediate preservation of the public peace, health, and safety, and that it shall become effective immediately upon final passage. INTRODUCED, READ IN FULL, ADOPTED, AND APPROVED AS AN EMERGENCX ORDINANCE This 19th day of Nover~, .1985. ( S E A L ) A'TTEuTED; ~~ ~~ Town Clerk yor _ 4 • • • Zt was thereupon moved by Councilmember ~~;~~ and seconded by Councilmember ~f~U that th~ Ordinance be finally passed and adopted. The question being upon the adoption of the motion, the roll was called with the Following result: Those voting YES: Dan Corcoran Paul Johnston Gordon Pier+~e Kent Rose Hermann 5taufer Gail Wahrlich-Lowenthal Those voting NO: IV~~.~J Those absent: ~I~~~Iii~ The presiding officer thereupon declared that in accordance with Section 4.11 of the Town Charter, the lesser of all Councilmembers present or five (S) Councilmembers having voted in favor of said motion, the motion was carried and the Ordinance duly passed and adopted as an emergency ordinance. Upon motion duly adopted, it was ordered that the Ordinance as adopted be published once in full in the Vail Trail, a newspaper published and having general circulation in the Town and legally qualified for Town publications, within ten (10) days after passage. or as soon thereafter as possible, as provided by the Charter. Thereupon, after consideration of other business to come before the Town Council., the meeting was adjourned. ~" ( S E A L ) ~~• ~~ Town C1e 5 • ~s • STATE OF COLORADO ) COi31~TY OF EAGLE ) TOWN OF VAT L ) I, Pamela Brandmeyer, Tawn Clerk of` the Town of Vail, Eagle County, Colorado, do hereby certify that the foregoing pages numbered 1 to 5, inclusive, constitute a true and correct copy of the proceedings of the Town Council of the 'l'awn taken at a regular meeting thereof held at the Municipal Building, in Vail, Colorado, the regular meeting place of the Town Council, on Friday, the 19th day of November, 1985, insofar as said proceedings relate to the adoption of an Ordinance to amend Ordinance No. 23, Series of 1985, of the Town. It 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 Town and legally qualified for Town publications, and an affidavit of publication with respect thereto is attached hereto. IN WITNESS WHEREOF, I have hereunto subscribed my name ands)affixed the seal of the Town of Vail, Colorado, this ~ day ~S E A L ) ~n ~~ Town Clerk ~ - b -- • • • (Attach Affidavit of Publication of Ordinance Following Adoption) - 7 _ _.__.. y 0 P~ CxD b V~ ~J a ~ o o ~ 0 / Cl !~~ c t ~_ n ~~ ° Q a ~ o ~ ~ .0 0 ~i c -. ~ m ~ C ~_ J Q u o C] ~ ~ ~' d `~ ~ O ~~0, 4l (D m Cn O ~ ~ 3 Q ~ ~ D m ~o -~ ~~ ,C Q ~ ~ o tIt nL ~ `~ fi ~ Q Q O ° ~ ~ `~ ~ o~-~~m~~~~ Q ~ C VI ~ --h Q ~ ~ ° ° ° ~ _. ° "' ~ CD Q (D ~~Q O VIQ~ ~ ~ ~ o ~ ~~ W ~~Q~~~ ~~. O ~ w {p ~ Qc~~~~~~p ~'(', cn Q- ~: ~ Q- O ~' ~ n in' ~ ~' Q p (~e ~ Q `~ ~ ~ o~ ~Qro ~ ~~~~ ~ ° 3 ~ omcp°~~~~~ E ~ ~ C~~D ~ QQ~~~y~Qt]OO a m a ~ o~ 3°~m°~~ ~ ~ O O Q Q y ~Q3 Q~ `n Q ~ Q ~G rt~ m ~ -O c~D ~ Qfl ~ ~ O Q~Q~ ~ a" -G cD Q^"~Q~Ofl~ (D ~~ ~ ~ ~ ~~ ~ ~ ~~ ~ ~ m N o a m~~•o~o~p~ p fl Q ~~0`"~mcD~cD a ~o ~ ~ `" w` maaOC~Qy. m ~ ~ ~ ~ Q ~m~~°°~ror~ ~ ~ ~ a a ~, ° ~ ~m~ oam-F~ m a ~ -~ ~ ~~3~mo~o~ ~ ~ ~ c ~ Q o ~ wcQ~ ~O~ Q m fl ~ Q ~~~~~ Q m Q~ fl Q ~ O Q W~G ~QQ ~ Q.Q ~ ~ O D z `T' O ~ O m ~ O ~~".., Q W r D Z • ~ • =~ Public N~fiice ORDINANCE NO. 29 Series v! t 985 rAN ORDINANCE AMEI+1DiNG ORDINANCE NO. 23, StnRtES OF T965, OF THE TOWN RELATING TO THE AUTORfzATION AND ISSUANCE OF 52t,]15,000 GENERAL OBLIGATION IiEFUNaING BONDS, SER1E5 1985, DATED NOVEMBER 15, 1985: ANO DECLARING AN EMERGENCY. WHEREAS. Ordinance No. 23, Seres of f985. at the Town, passed artd adopted by the Town Council on October 25, [865, authorizes the issuance by the Town of Vail, Ea to County, Colorado (!ho "Town"), o} $2t,715,~00 General Dbllgation Refunding Bonds. Series 1985, dated November 75, 1965 (the "bonds"y; and WHEREAS, the Town Cnuncil hag determined that fl is necessary to amend said Ordinance prior Eo fhn issuance and delivery of Che t3onds so a9 to correct cnriain typographical errors; BE IT OROAINED BY THE TOWN COUNCIL OF THE TOWN OF PAIL, COLORADO: SECTION 1. Amendment of Sec[ion 20 of Ordlnartce No. 23. Series of 1985, of the Town. Section 20 of Ordinance No. 23, Series o! 1985, of the Town 19 hereby amended to read as 1allOwa: "Section 20. Payment of Outstanding Bonds. The Escrow Account, including therein iha proceeds of the Bonds and the Escrow Supplement, when invested by the Bank, shell at all times be at least sufficient to pay the pri+tcipel af, premium it any, and interest on the Outstanding Bonds under and in accordance with the following schedule: {A) Tha Outstanding Bonds. designated and maWring as follows, shalt he paid and retired at their respective maturity dates or mantlatbry sinking fund redemption dates as provided in the ardlnancvs authorizing such Outstanding Bands: Is®uf Ronde Maturing 7802-A Benda 1985 to 1990, incl. 1982-8 Bonds - 1991 to 1993, incl. t862-C Bonds 1993 and 1997, ~nct. 1984 Bands 1865 [01990,ipd. (B) Tha Outstanding bonds, designated and - maturmg as lahows, shalt be and the same are hetaby coifed for rademptlon prior to their respective maturity dates, and shall be paid on the prior rademptlon dates and at the proves set forth below: - taeus, Bondtl Matut'tny' Prtor Hademptton Date artd Prtae 1982-C Bonds -- 1998 id 2001, 1neL - December 1, 1995 al Y00%, 1994 Bonds - f997 to 2003, Incl. -December 1, 1994, at 101y6 - - . (CJ interest an the Outstanding Bonds which becomes due in the years 1985 and thereafter shalt be Raid semiannually each year on the proper interest payment dates according to their arlgVnaf karma, until said Outatendrng Sonde maiwa or are taRaa for prior retlnmption " SECTION 2. Ratification and Approval of Prior Actlana, All actions heretofore taken by the ottlcera of the Tnwn end mombar6 of the' Towrt Coundl, consistent with the provisions of Phis Ordinance, relating l0 the auth0(zafion. safe, issuance and delivery of the Bonds, are hereby rat)fletl, approved and confirmed. SEOTiON 3. Ordinance Frrepealable. After any of the Bonds era Issued, this Ordinance shall be and remain irrepealable until the Bonds and the interest accrued thereon shat! have .been fully paid, satisfied and discharged. SECTION a, Repeater. All ordinances. or Aarts thereof, in conflict with this Ordinance am hereby repeated, but only to the extent of such conflict. ' SECTION if. Saverabllity. 7f ono or more sections or parts at this Ordinance shall be~ adjudged unenforceable ar invalid, such Jutlgmenl shall not effect, impair or invalidate iha remaining provlatons of this Ordinance, it being the intention that the various provisions hereof are severable. $ECTIQN 8. Recording and Auihenti;a- tlan, .Immediately on its passage, igis Ordinance shall ha recorded in iha Town 5r,,{ik at ordinances kept for that purpos,9, authenticated by iha signatures of the MayBr and the Town Clerk, and shalt be published in accordance with Section 4.71 oYthe Charter. $ECTtpN 7. Emergency Oeclaratlon, By reason of the tact that the Tawn has subscribed for iha purchase of certain federal aecuritles in connactlon with iha refunding transaction tar which iha Bonds ere being Issued; that the Town must purchase and pay for such federal ancurittes an November 25, 1985, or ba sutrjact to certain sanctions; that ii is necessary for iha Town to Isauo iha Banda in order to provide the funds necessary to purchase such tetlerai securities; and chat the Banda cannot be Issued unit{ the fnregoing amendments to Ordinance No. 23, Series of 7965, are effected, It Is hereby declared that an emergency exists, the! this Ordinance Is necessary to the immediate praservetlons of the public place, health and safety, and that ll shall become elfectlve immediately upon flea! passage. INTRODUCER, READ IN FULL, ADOPTED AhiD APPROVED A9 AN EMERGENCY j ORDINANCE thla 18th day of November, t$85. I (SEALy . ~ ~ TOWN OF YAIt - Peul R. Johnston . ~ fYtaydr ATTf;ST+ Pamela A. Brandmayer Tawn Clark ~- ; ~ Pubhshetl In 'The Yaif 7rall an November 22, 1985 ' Z ~ y --~-~t. ~.~ , air` ~ ";' PROOF OF #'U~l.I~ATION STATE OF COLORADO ) )) ss. COUNTY OF EAGLE Allen Knax do solemnly swear that I am the Publisher of THE VAfL TRAIL; that the same is a weekly newspaper printed, in whole or in part and published in the County of Eagle, State of Colorado, and has a general circulation therein; that said newspa~~er has been published continuously and uninterruptedly in said County of Eagle fear a period of more than fifty-two consecutive weeks next prior to the first publication of the annexed legal notice or advertisement; that said newspaper has been admitted to the United States mails as second class matter under the provisions of the Act of March 3.1879, or any amendments thereof, and that said newspaper is a weekly newspaper duly quaiifed far publishing legal notices and advertisements within the meaning of the laws of the State of Colorado. That the annexed legat notice or advertisemen# was published in the regular and entire issue of every number of said weekiy newspaper for the period of one cansecutive insertions; and that the first publication of said notice was in the issuoof said newspaper dated November 22 A.D. 19$ and that the last publication of said notice was in the issue of said newspaper dated November- 22 A. D. 19 ~5 }n witness whereof I have hereunto set my hand thin 22nd day of November A. D. 19 ~ 5 1,~.'. ~~ Subscrilaud and~sworn to before me, a notary~plublieri'n andfort Countyo Eagle, Slate of Color~4#a,. this ~-~~~day of ~lcrue~u~e.~` A.D. 19 S~ „~ •. n My commission expires ~~ "~~~ - ~5 r~~.~ ~J I ~J ~ Public Notice oROIrvANCe No. zu settee ar le&a 7 AN OHf31N AN~,E AMENfTiNlf OROINAN(:E I NJ 1:1 SEn'f:S OF 1965 OF T11£ tOWN 4=,Cp11NC TCT THE AIIi DRI:h IION ANf: +S SI'AN.:E C7F S~1 t1S.U8~ (iENF'RAL OBLIGATION REFUN'hING n4VPS_ SEh;FS ?irS DATF.p NUvEMBER 15. 1985, AND OECLAAING 0.N EMERGENCY WIJFREAS.OmrnencP Np 2a.5anes p1T985, rnP Town, p9e5C0 end ep0pien by the Tpwn Go~rvc,i on OclOpar 2S. 1965, avinpruns the 455nancp by the Town of Ynd. EaB4e CWnty. L:glaratla (Ihe "Tpwn~l. nr;21,715,i1U0 Ganpral Vbhgat~Cn RelUnpinp Bands. SVries 1985. ddled November 16, 1885 llha "ROrtd9"I, end YYNERE AS, the Town Cv until hes ~ OPlarmmGd fndl +4 41 rwCeaaery to amend l9ltl prtliStanCO pnpr 10 the +ssuan[@ end tl¢Irvp~y pl Ine Rpnds so ea fp correct corta4n '~ lyppq~aphiuel errors: 1 BE IT ORDAINEh BY THE TOWN GQUNCIL GF THE TOWN OF VAIL. COLORADO' HECTiON i. Amendment 0f Sechpn 20 pl t7rdinencE Np. 23. Sariea pt 1985, p1 Ine lawn SCCIidn 20 pl Ordrnence Np. 23. SnncS 01 1985, of Ih0 Tpwn e5 hereby amentled Ip Ioatl es rOllawa' ' Sccben 20. Payment pl0utslanping Bontls, Tna Escrow ACCOVnI, inclPOmp thelern me proceeds O1 the ponds and the Escrow Suppiam PAS, when mrea[ed by M0 Ran%, Snell et ail IrmCa tra LL least gut}+etenl ttl pay Ihv pnueipal el. Pramrum d any, and rotates! on Sh0 Omslrmtlm Rands under and m eCCprdanc¢ won Ine loipbwmg scneaule: IAI Tne Ousstantling bonds, dasignetea and malUrmB e3lMlOWa, (hell be Rare and retired el Iheir re3pocnve melunly dalvn tlr mentlatory s+nk,ng tune regemplrpn tlMea ds prpvltl Cd In Ihv ordmenc9a aUlhOniinp BUCK VutStBntling 6pnd3: ues,a Dana. Messarlnq 1982-A Ronda 1985 10 1990, IncL 18.a2~R Bpndf 1691 EO IB97, inGl, 4987-G BOdde 1897 and t897, mGl. 1881 ppMl 1895IO 1996, Inai. IRY The Oulalentlrng Banes. aesignalatl and melurrnB da fgllgwfi. ehall ba 0n0 the aamo are hereby called 101 retlempt+en pnpr to Iheir reapxllve mat Prily dales, entl !hell be paitl pn the poor radempiidn dai99 end aC1hE plicea sa4 Ignn bolpw le9ue, eprxF~ Met~Mnp Pa1pr RatlMnptlgn Data and Pr1ea 1984-C pgndi - 1898 td 2001. Intl, DCCEmbal i. 1895 al tp090. 1991 Rands - 199% SO 2r](k3, Incl. - December 1. 1994, at 1011: (CI interest on the Outatand<ng Ronde whtiCn necamoa duo in the yeer3 IB85 and theredllar srtea be pea wmtannuenv eacn yesr en me prOpe+ +n1a+H[ payment tlatea aoGp:tlmg t0 tna., oupt+nu !arms, umd ae q Optuend~n8 Ban !lure yr •re uariya e~ pnpr redpmplipn" SEGTICN Z. Ralili[abpn enp Approval Ol poor pcl+pnS All adipna noretplpre taken by + me plncros of tr,p town ar,a memnLra m mE Town cppnLit. cvnnslem won map.onarpnspl this OrOinance, rdleEing Io the au(horiiallpn, sate. rasnenc0 and dehrary dl lpe 80nds, erp hplo6y raldletl, aPpipVeq entl ronl+smatl SECTION 3. Orpin0lwe Ilrepveieble Alter ~f any pl Ihv Bonds era issued Ims Ore+nan[O -f shall be entl remain irrepceleble until lhapMd9 ~'. i and the rnl Craal eGCrued tnarepn shall have j bean }ugly pe+tl, sel+slretl ana d+sahsrged, m~~ HECTION ~. Repesier 0.i! ordinances. or ~~ paRS lnereN.mvoNltcvwrthlms Oramancaere 3.~~ 7 horeuy<epnaled. but only lp the cntenl pl sucn ~, - cpntl+ct ~. HECTIRN e. Saverebiilly. Ir qne or more P aptlipns or p3~I3 ul fhi5 OrdmanCO 5ha11 pa edjvdpee uneniprceable dr rnye!'tl. sucn Wpgmant !halt np3 e(facl. Ymparr pr invalydalE Ine remarnrnp prpvrsion3 of Ih4s Ord+nanpo, It bCinp Ihp inlCallen Ina[ the VarrpV9 prOVra+pn3 n@leol ere aeva(able- SECTION e. nacprdtnp anp Autnenaice- lion ImmOtl¢alely pn its pasaagp. this Ordmdnca easel! ba ICCefdad in the Town book OI ard+nd Adea kept Inr that pprpp8e, dumenhCelod by the SlpnelUlea pl Iha Maye( and Clue Town Llerk, entl shalt ba pubhsned m acLOfdanCe with Saclipn a.11 OI lna Cnaner, HECTtON 7. Emergency Declarauvn. Ry son 01 the Iacl Inat Ina Tpwn hes Mlbacribed Iprn Ihp purcnaav al Cetlein kderal saLUrmea In nnach On wile the reluntlln9 Irenaact'ipn ter wnteh Ina Rpnds e e bemB Fasuetl, that IhB Town must purtnase end peq Ipr sucn federal wcunbea on November 26.1965, pr ba subiecl Ip cattalo annehpns: lost n ro necessary ttlrihe Town sp issue lh0 Bdntl3 rn Oitler Ip provr0a lne luntls naceeadry l0 purchase sash Federal faLV hhaa', end Ina! Ine Ronda Cannot b0 issued unlq Ina rpregpmp amendmanls [p Ortlmance Np. 27. Sehea o1 5985, ere ellecldtl, ir+5 hereby 1- tldclare0 Ina! an dmBrgenpY eaisla, that Ih10 prgmance IB necessary la the rmmetliale Praaelvalrent p1 Ine ptrbltc pasta, naailh and falaly. and Thal I shall pacgme ellrlclire anmatlleSafy upon boat paa]160. IN(RODVCEp. READ IN Fl1Ll. ADOPTER ' AND APpn OVfp AB AN EMERGENCY ORDINANCE ih+e 18th dry OI Ntlvamper, ye$5. ISEAi] TovvN OF vwlL Pe W A. JprnuOn AIfiE ST wysa Pe^'e~a A BreVtpmayar PualuReq .n Tna Yaiy Yrall 10wn rwa ._.__..._ an Npremder 22, 1985