HomeMy WebLinkAbout1987- 7 TABLED Authorizing the Issuance of Its Bond Anticipation Notes In The Aggregate Principal Amount of $3,200,000• O1/~,~/'87
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1~`~ , CERTIFIED RECORD
OF
PROCEEDINGS
of
THE TOWN COUNCTL
OF
THE TOWN OF VAIL
EAGLE COUNTY. COLORADO
RELATING TO AN ORDINANCE
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AUTHORIZING THE ISSUANCE OF ITS
BOND ANTICIPATION NOTES
SERIES 1387
DATED MARCH 15, 1587
IN THE AGGREGATE PRINCIPAL AMOUNT OF $3,200,000
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STATE OF COLORADO )
COUNTY OF EAGLE ) ss.
}
TOWN OF VAZL )
The Town Council of the Town of Vail, Eagle County,
Colorado, met in regular session in full conformity with the Tawn
Charter, ordinances, and all other applicable laws, rules, and
regulations at the Municipal Building in Vail, Colorado, on
Tuesday, the 3rd day of February, 1987, at the hour of 7:30 p.m.
The fallowing members of the Town Council were present,
constituting a quorum thereof:
Mayor:
Mayor Pro-Tem:
Council Members:
Paul R. Johnston
Kent Rose
Eric Affeldt
John Slevin
Gordan Pierce
Hermann Staufer
Gail Warlich-Lowenthal
The fallowing members of the Town Council were absent:
Council Members:
The following persons were also present:
Town Manager: Rondall Phillips
Tawas Clerk: Pamela A. Brandmeyer
Town Finance Director: Charles Wick
Town Attorney: Lawrence A. Eskwith
Thereupon the fallowing proceedings, among others, were
had and taken:
Council Member introduced and moved
the approval on first reading of the following Ordinance, which
was thereupon read by title, copies of the full Ordinance having
been available in the office of the Town Clerk for each Council
Member and for inspection and copying by the general public prior
to the time the Ordinance was introduced:
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1
ORDINANCE N0. ~
SERIES OF 1987
AN ORDINANCE AUTHORIZING THE ISSUANCE BY THE TOWN
OF VAIL, EAGLE COUNTY, COLORADO, OF ITS BOND
ANTICIPATION NOTES, SERIES 1987, IN THE AGGREGATE
PRTNCIPAL AMOUNT OF $3,200,000, FOR THE PURPOSE OF
ACQUIRING THE SINGLETREE GOLF COURSE AND RELATED
PROPERTIES AND FACILITIES.
WHEREAS, the Town of Vail, Eagle County, Colorado {the
"Town"}, has need for and desires to acquire the Singletree Golf
Course and certain related properties and facilities (the
"PT'O] eGt") ; and
WHEREAS, the Town is authorized pursuant to its Charter
and part 1 of article 14 of title 29, Colorado Revised Statutes,
as amended, to issue bond anticipation notes in anticipation of
the issuance by the Town at a later date of land transfer tax
anticipation warrants and to make such bond anticipation notes
payable from the proceeds of the sale of such land transfer tax
anticipation warrants or additional bond anticipation notes and
other moneys of the Town legally available for such purpose,
including land transfer taxes and sales taxes imposed by the
Town; and
WHEREAS, the Town is authorized pursuant to its Charter
to issue land transfer tax anticipation warrants or additional
bond anticipation notes by action of the Town Council without an
election; and
WHEREAS, the Town has heretofore pursuant to Ordinance
No. 26, Series of 1979, as amended, imposed a one percent (1%)
land transfer tax on transfers of real property located within
the Town and dedicated the proceeds thereof (the "Land Transfer
Taxes"} to the acquisition of properties to be used for parks,
recreation, open space and similar purposes; and
WHEREAS, the Town has heretofore pursuant to Ordinance
No. 11, Series of 1973, as amended, imposed a four percent (4%)
sales tax on sales of tangible personal property and the
furnishing of services within the Town and devoted and
specifically earmarked one-half of the proceeds thereof (the
"Sales Taxes") for the acquisition of real estate and the
acquisition, construction and equipping of buildings and
facilities; and
D15403 2 01/2$/87
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WHEREAS, the Town has heretofore pursuant to Ordinance
No. 23, Series of 19$5, as amended, issued its General Obligation
Refunding Bonds, Series 1985, dated November 15, 1985, in the
aggregate principal amount of $21,715,000 (the "Bonds") and
pledged the Sales Taxes to the payment thereof in such a manner
that the registered owners of the Bonds have a first lien on the
Sales Taxes; and
WHEREAS, the Town has heretofore pursuant to Ordinance
Na. 13, Series of 1984, issued its Refunding Land Transfer Tax
Anticipation Warrants, Series 1964, dated May 15, 1984, in the
aggregate principal amount of $3,965,000 (the "Warrants") and
pledged the Land Transfer Taxes and the Sales Taxes to the
payment thereof in such a manner that the registered owners o£
the Warrants have a first lien on the Land Transfer Taxes and a
second lien on the Sales Taxes; and
WHEREAS, the Town Council hereby determines that it is
reasonable, necessary and prudent at this time to issue its Bond
Anticipation Notes, Series 1987, dated March 15, 1987, in the
aggregate principal amount of $3,200,000 (the "Notes"), in order
to acquire the Project and further to provide for the payment of
the Notes as hereinafter provided; and
WHEREAS, a proposal far the purchase of the Notes upon
terms favorable to the Tawn has been received from Kirchner Moore
& Company, Denver, Colorado (the "Purchaser"), which the Town
Council has determined to accept; and
WHEREAS, there has been filed with the Town Clerk a
form of Note Purchase Agreement, dated February _, 1987 (the
"Note Purchase Agreement"), between the Town and the Purchaser.
THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE
TOWN OF VAIL, EAGLE COUNTY, COLORADO, THAT:
1. Award of Contract. The contract for the purchase
of the Notes is hereby awarded to the Purchaser at the price
specified in the Note Purchase Agreement and upon the terms set
Earth in this Ordinance.
2. Authorization and Description. The Town shall
issue the Notes for the purpose of acquiring the Project.
The Notes shall be issued in fully registered form in
denominations of $S,ODO or any integral multiple thereof.
Pursuant to the recommendations of the Committee on
Uniform Security Identification Procedures, CUSIP numbers may be
printed on the Notes.
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The Notes shall mature on October 1, 1987. The Tawn
Council hereby estimates and determines that the time needed to
effect the purposes for which the Notes are issued is not less
than the term of the Notes.
The Notes shall bear interest from March 15, 1987, to
their maturity date at the rate of percent [~.~%)
per annum. Said interest shall be payable on October 1, 1987.
If upon presentation at maturity the principal of any Note is not
paid as provided herein, interest shall continue thereon at the
same interest rate until the principal is paid in full.
3. Maximum Net Effective Interest Rate.. The maximum
net effective interest rate for the Notes shall be S% per annum.
The actual net effective interest rate on the Notes is % per
annum.
4. Nature of Obligation. The Notes shall be special
and limited obligations of the Town and shall be payable as to
principal and interest solely out of the net proceeds of the
first land transfer tax anticipation warrants hereafter issued by
the Town (the "Anticipated Bonds") or any bond anticipation notes
issued in substitution for the Notes (the "Replacement Notes"),
when and if issued, sold and delivered, and any Land Transfer
Taxes and Sales Taxes remaining in any fiscal year after payment
or provision for payment of the principal of and interest on the
Bonds and the Warrants or any securities on a parity therewith
due in said year have been made in full (the "Pledged Revenues").
The registered owners of the Notes may not look to any general or
other fund of the Town for payment of the principal of or
interest on the Notes, except the special fund hereinafter
specified. The Notes shall not constitute an indebtedness or a
debt of the Town within the meaning of any constitutional,
Charter or statutory provision or limitation of the State of
Colorado or the Town, and the full faith and credit of the Town
shall not be pledged for payment of the principal of or interest
on the Notes.
The Notes shall constitute an irrevocable and exclusive
first lien upon the net proceeds of the Anticipated Bands or the
Replacement Notes, when and if issued, sold and delivered, an
irrevocable but not necessarily exclusive second lien upon the
Land Transfer Taxes, and an irrevocable but not necessarily
exclusive third lien upon the Sales Taxes.
5. Payment of Principal and Interest. The principal
of and interest on the Notes shall be payable in lawful money of
the United States of America to the registered owners of the
Notes by Denver, Colorado, or its
successors, as paying agent (the "Paying Agent"), upon
D15403 4 01/28/87
presentation and surrender thereof at maturity. Except as
hereinafter provided, the interest shall be payable to the
registered owner of each Note determined as of the close of
business on the fifteenth day of the calendar month next
preceding the interest payment date (the "Regular Record Date"),
irrespective of any transfer of ownership of the Note subsequent
to the Regular Record Date and prior to such interest payment
date, by check ar draft mailed to such registered owner at the
address appearing on the registration books of the Town
maintained by Denver, Colorado, ar its
successors, as registrar {the "'Registrar"). Any interest not
paid when due and any interest accruing after maturity shall be
payable to the registered owner of each Note entitled to receive
such interest determined as of the close of business on the date
fixed by the Paying Agent for such purpose (the "Special Record
Date"), irrespective of any transfer of ownership of the Note
subsequent to the Special Record Date and prior to the date fixed
by the Paying Agent for the payment of such interest, by check or
draft mailed as aforesaid. Notice of the Special Record Date and
of the date fixed for the payment of such interest shall be given
by sending a copy thereof by certified or registered first-class
postage prepaid mail., at least ten (10) days prior to the Special
Record Date, to the Purchaser and to the registered owner of each
Note upon which interest will be paid determined as of the close
of business on the day preceding such mailing at the address
appearing on the registration books of the Town maintained by the
Registrar.
6. Redemption. The Notes shall not be subject to
optional redemption prior to their maturity date.
7. Execution and Authentication. The Notes shall be
signed by and on behalf of the Town with the signature of the
Mayor, shall bear the seal of the Town, and shall be signed and
attested with the signature of the Town Clerk. Any such
signatures or seals may be affixed pursuant to part 1 of article
55 of title 11, Colorado Revised Statutes, as amended. Should
any officer whose signature appears on the Notes cease to be such
officer before issuance or authentication of any Note, such
signature shall nevertheless be valid and sufficient for all
purposes. Na Note shall be valid or become obligatory for any
purpose nr be entitled to any security or benefit under this
Ordinance unless and until the certificate of authentication an
such Note shall have been duly executed by the Registrar, and
such executed certificate upon any such Note shall be conclusive
evidence that such Note has been authenticated and delivered
under this Ordinance. The certificate of authentication on any
Note shall be deemed to have been duly executed by the Registrar
if signed by an authorized officer or signatory thereof, but it
shall not be necessary that the same officer or signatory sign
the certificate of authentication on all of the Notes.
D15403 5 01/28/87
t • 1
8. Registration, Transfer, and Exchange. Upon their
execution and authentication and prior to their delivery the
Notes shall be registered for the purpose of payment o£ principal
and interest with the Registrar. Thereafter, the Notes shall be
transferable only upon the registration books of the Town by
Denver, Colorado, or its successors, as
transfer agent (the "Transfer Agent") at the request of the
registered owner thereof or his, her or its duly authorized
attorney-in-fact or legal representative. The Registrar or
Transfer Agent shall accept a Note for registration or transfer
only if the registered owner is to be an individual, a
corporation, a partnership, or a trust. A Note may be
transferred upon surrender thereof together with a written
instrument of transfer duly executed by the registered owner or
his, her or its duly authorized attorney-in-fact or legal
representative with guaranty of signature satisfactory to the
Transfer Agent, containing written instructions on the details of
the transfer, along with the social security number or federal
employer identification number of the transferee and, if the
transferee is a trust, the names and social security numbers of
the settlors and the beneficiaries of the trust. The Transfer
Agent shall not be required to transfer ownership of any Note
during the fifteen (15} days prior to the first mailing of any
notice of redemption or to transfer ownership of any Note
selected for redemption on ar after the date of such mailing.
The registered owner of any Note or Notes may also exchange such
Nate or Notes far another Nate or Notes of authorized
denominations. Transfers and exchanges shall be made at the
expense of the transferor or exchanger, and the Transfer Agent
may also require payment of a sum sufficient to defray any tax or
other governmental charge that may hereafter be imposed in
connection with any transfer or exchange of Notes. No transfer
of any Note shall be effective until entered on the registration
books of the Town. In the case of every transfer or exchange,
the Registrar shall authenticate and the Transfer Agent shall
deliver to the new registered owner a new Note or Notes of the
same aggregate principal amount as the Note or Notes surrendered.
Such Note or Notes shall be dated as of their date of
authentication. New Notes delivered upon any transfer or
exchange shall be valid obligations of the Town, evidencing the
same obligations as the Notes surrendered, shall be secured by
this Ordinance, and shall be entitled to all of the security and
benefits hereof and thereof to the same extent as the Notes
surrendered. The Town may deem and treat the person in whose
name any Note is last registered upon the registration books of
the Town maintained by the Registrar as the absolute owner
thereof for the purpose of receiving payment of the principal of
and interest on such Note and for all other purposes, and all
such payments so made to such person or upon his order shall be
valid and effective to satisfy and discharge the liability of the
D154Q3 b 01/28/87
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Tawas upon such Note to the extent of the sum or sums so paid, and
the Town shall not be affected by any notice to the contrary.
9. Form of Notes.
substantially the following form:
The Notes shall be in
D15403 7 01/28/87
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CForm of Nate]
(Text of Face)
UNITED STATES OF AMERICA
STATE OF COLORADO COUNTY OF EAGLE
TOWN OF VAIL
BOND ANTICIPATTON NOTE
SERIES 1987
Na. R- $
INTEREST MATURITY ORIGINAL
RATE DATE DATE CUSIP
October 1, I987
March 15, 1987
REGISTERED OWNER:
PRINCIPAL SUM:
The Town of Vail, in the County of Eagle and State of
Caiorado, for value received, hereby promises to pay to the
Registered Owner (specified above), or registered assigns, solely
from the special fund hereinafter specified, the Principal Sum
(specified above), in lawful money of the United States of
America, an the Maturity Date (specified abave), with interest
thereon from March 15, 1987, to the Maturity Date at the per
annum Interest Rate (specified above), payable on October 1,
1987, in the manner provided herein. If upon presentation at
maturity the principal of this Nate is not paid as provided
herein, interest is to continue thereon at the same interest rate
until the principal is paid in full.
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF
THIS NOTE SET E'ORTH ON THE REVERSE HEREOF.
D15~l03 8 01/28/87
This Nate shall not be valid or become obligatory for
any purpose or be entitled to any security or benefit under the
Qrdinance authorizing the issuance of this Note until the
certificate of authentication hereon shall have been signed by
the registrar.
IN TESTIMONY WHEREOF,
Colorado, has caused this Note
its behalf with the (facsimile)
to be sealed with (a facsimile ~
attested with the (facsimile}
Clerk.
the Town of Vail, Eagle County,
to be signed in its name and on
(manual} signature of its Mayor,
>f} its seal, and to be signed and
(manual) signature of its Town
TOWN OE VAIL
Eagle County, Colorado
1 (TOWN) By: (Facsimile or Manual Sianaturel
(SEAL) Mayor
ATTEST:
(Facsimile or Manual Sianaturel
Town Clerk
DATED:
D15403
9
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..
CERTIFICATE OF AUTHENTICATION
This Note is one of the series issued pursuant to the Ordinance
therein described. Printed on the reverse hereof is the complete
text of the opinion of bond counsel, Ballard, Spahr, Andrews &
Ingersoll, Denver, Colorado, a signed copy of which, dated the
date of the first delivery of the Notes therein described, is on
file with the undersigned.
as registrar
By: (Manual Sicxnature)
Authorized Officer or Signatory
ABBREVIATIONS
The following abbreviations, when used in the
inscription on the face of this Note, shall be construed as
though they were written out in full according to applicable laws
or regulations.
TEN GOM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN _ as joint tenants with right of survivorship
and not as tenants in common
UNIF GIFT MIN ACT -- Custodian
(Gust)
under Uniform Gifts to Minors Act
(State)
Additional abbreviations may also be used
though not on the above list.
(Minor)
D154Q3 10 01/28/87
(Text of Reverse}
The principal of and interest on this Nate are payable
to the Registered Owner by Denver,
Colorado, or its successors, as paying agent, upon presentation
and surrender of this Note at maturity. Except as hereinafter
provided, the interest is payable to the Registered Owner
determined as of the close of business on the regular record
date, which is the fifteenth day of the calendar month next
preceding the interest payment date, irrespective of any transfer
of ownership hereof subsequent to the regular record date and
prior to such interest payment date, by check or draft mailed to
the Registered Owner at the address appearing on the registration
books of the Town maintained by Denver,
Colorado, or its successors, as registrar. Any interest hereon
not paid when due and any interest hereon accruing after maturity
is payable to the Registered Owner determined as of the close of
business on the special record date, which is to be fixed by the
paying agent far such purpose, irrespective of any transfer of
ownership of this Note subsequent to the special record date and
prior to the date fixed by the paying agent for the payment of
such interest, by check or draft mailed as aforesaid. Notice of
the special record date and of the date fixed for the payment of
such interest is to be given by sending a copy thereof by
certified or registered first-class postage prepaid mail, at
least ten (10} days prior to the special record date, to Kirchner
Moore & Company, Denver, Colorado, and to the registered owner of
each Note upon which interest will be paid determined as of the
close of business on the day preceding such mailing at the
address appearing on the registration books of the Town
maintained by the registrar.
Notes of this issue are not subject to optional
redemption prior to their maturity date.
This Note is one of a series issued by the Town for the
purpnse of acquiring the Singletree Golf Course and related
properties and facilities in anticipation of the receipt of the
net proceeds of the first land transfer tax anticipation warrants
hereafter issued by the Town ar any bond anticipation notes
issued in substitution herefor, when and if issued, sold and
delivered, and certain land transfer taxes and sales taxes
imposed by the Town, pursuant to, by virtue of and in full
conformity with the Constitution of the State of Colorado, the
Town Charter, part 1 of article I4 of title 29, Colorado Revised
Statutes, as amended, and all other laws of the State of Colorado
thereunto enabling, and pursuant to an Ordinance of the Town
Council duly adopted prior to the issuance of this Note; and it
is hereby recited, certified and warranted that all the
requirements of law have been fully complied with by the proper
officers of the Town in issuing this Note.
DI5~k03 Il 01/28/87
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This Nate is a special and limited obligation of the
Town payable as to principal and interest solely out of the net
proceeds of the first land transfer tax anticipation warrants
hereafter issued by the Town or any bond anticipation notes
issued in substitution herefor, when and if issued, sold and
delivered, and certain land transfer taxes and sales taxes
imposed by the Town.
This Note constitutes an irrevocable and exclusive
first lien upon the net proceeds of the aforesaid land transfer
tax anticipation warrants or bond anticipation notes, when and if
issued, sold and delivered, an irrevocable but not necessarily
exclusive second lien upon the aforesaid land transfer taxes, and
an irrevocable but not necessarily exclusive third lien upon the
aforesaid sales taxes.
Payment of the principal of and interest on this Note
is to be made solely from a special fund identified in the
Ordinance authorizing the issuance hereof as the "Town of Vail,
Colorado, Bond Anticipation Notes, Series 1987, Fund," into which
fund the Town has covenanted in the Ordinance to pay an amount
sufficient to pay the principal of and interest on this Note from
the aforesaid sources.
It is hereby recited, certified and warranted that for
the payment of the principal of and interest on this Note the
Town has created and will maintain said special fund and will
deposit therein the net proceeds of the aforesaid land transfer
tax anticipation warrants ar bond anticipation Hates, when and if
issued, sold and delivered, and the aforesaid land transfer taxes
and sales taxes, and nut of said special fund, as an irrevocable
charge thereon, will pay the principal of and interest on this
Note.
This Nate is secured by a lien on the sums deposited in
the aforesaid special fund, and said sums are pledged and set
aside for the payment of this Note.
The Town covenants and agrees with the Registered Owner
that it will keep and will perform all of the covenants contained
in this Note and the Ordinance authorizing the issuance hereof.
In the Ordinance the Town has covenanted that it will
in good faith make every reasonable effort to issue and sell a
sufficient amount of its land transfer tax anticipation warrants
or bond anticipation notes at one time or from time to time so
that on or before October 1, 1987, there will be sufficient net
proceeds from such bond or Hate sales to pay the principal of and
interest on this Note in full. The Ordinance provides that the
Town shall not on ar before the maturity date of this Note issue
and sell any land transfer tax anticipation warrants other than
D15403 12 01/28/87
those anticipated hereby unless the Notes of this issue have
theretofore been, or are concurrently therewith, paid in full.
Reference is hereby made to the Ordinance for a
description of the provisions, terms and conditions upon which
this Note i°s issued and secured, including, without (imitation,
the nature and extent of the security far this Nate, provisions
with respect to the custody and application of the proceeds of
this Note, 'the collection and disposition of the moneys charged
with and pledged to the payment of the principal of and interest
an this Nate, a description of the aforesaid special fund and the
nature and extent of the security afforded thereby for the
payment of this Note and the interest hereon and the manner of
enforcement of said pledge, and the rights, duties, immunities
and obligations of the Town and the members of its Town Council
and also the rights and remedies of the Registered Owner.
This Note is transferable only upon the registration
books of the Town by , Denver, Colorado,
or its successors, as transfer agent, at the request of the
Registered Owner or his, her or its duly authorized
attorney-in-fact or legal representative, upon surrender hereof
together with a written instrument of transfer duly executed by
the Registered Owner or his, her or its duly authorized
attorney-in--fact ar legal representative with guaranty of
signature satisfactory to the transfer agent, containing written
instructions on the details of the transfer, along with the
social security number or federal employer identification number
of the transferee and, if the transferee is a trust, the names
and social security numbers of the settlors and beneficiaries of
the trust. The transfer agent is not required to transfer
ownership of this Note during the fifteen (15) days prior to the
first mailing of any notice of redemption or to transfer
ownership of any Nate selected for redemption on or after the
date of such mailing. The Registered Owner may also exchange
this Nate for another Note or Notes of authorized denominations.
Transfers and exchanges are to be made at the expense of the
transferor or exchanger, and the transfer agent may also require
payment of a sum sufficient to defray any tax ar other
governmental charge that may hereafter be imposed in connection
with any transfer or exchange of Notes. No transfer of this Note
is to be effective until entered on the registration books of the
Tawas. In the case of every transfer or exchange, the registrar
is to authenticate and the transfer agent is to deliver to the
new registered owner a new Note or Notes of the same aggregate
principal amount as the Note or Notes surrendered. Such Nate or
Notes are to be dated as of their date of authentication. The
TQWn may deem and treat the person in whose name this Nate is
last registered upon the registration books of the Town
maintained by the registrar as the absolute owner hereof far the
purpose of receiving payment of the principal of and interest on
D15403 I3 01/28/87
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this Note and far all other purposes, and
made to such person or upon his order will be
to satisfy and discharge the liability of the
to the extent of the sum or sums so paid, a
be affected by any notice to the contrary.
all such payments so
valid and effective
Town upon this Note
nd the Town will not
D154Q3 1.4 01/28/87
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(Assignment)
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned sells, assigns and
transfers unto
PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE
{Name and Address of Assignee)
the attached Note and does hereby irrevocably constitute and
appoint , or its
successor, to transfer said Note on the books kept for
registration thereof.
Dated:
Signature guaranteed:
(Bank, Trust Company or Firm)
NOTICE: The signature to this
assignment must correspond
with the name of the
Registered Owner as it appears
upon the face of the attached
Nate in every particular
without alteration or
enlargement or any change
whatever.
Transfer Fee Required
[End of Form of Note)
D15403 15 01/2$/87
10. Delivery. The Notes, when executed,
authenticated, and registered as provided herein and by law,
shall be delivered by the Town to the Purchaser upon receiving
full payment therefor in accordance with the Note Purchase
Agreement.
11. Application of Proceeds.. The proceeds derived
from said sale shall be used for the purposes stated herein and
for na other purposes, provided, however, that any portion of the
proceeds may be temporarily invested pending such use, with such
temporary investment to be made consistent with the covenant
hereinafter made concerning arbitrage bonds. Neither the
Purchaser nor the registered owner of any Note shall be in any
way responsible for the application of the proceeds of the Notes
by the Town or any of its officers.
1Z. Note Fund. A special fund shall be created and
designated the "Town of Vail, Colorado, Bond Anticipation Notes,
Series 1987, Fund" the "Note Fund"). The Town shall deposit in
the Note Fund on the date of delivery of the Notes interest
accrued thereon, if any, from the date of the Notes to the date
of delivery thereof and shall apply the same to the payment of
interest first due on the Notes. When and if the Town has
issued, sold and delivered Anticipated Bonds or Replacement
Notes, the Town shall deposit the net proceeds thereof received
from time to time in the Note Fund and shall apply the same as
soon as practicable to the payment of the principal of and
interest an the Notes. The Town shall also deposit the Pledged
Revenues in the Note Fund.
13. Pledge and Lien. The sums required to be
deposited in the Note Fund, together with all securities in which
the same may be invested from time to time, are hereby
irrevocably pledged to secure the payment of the principal of and
interest on the Notes as provided herein. This pledge shall be
valid and binding from and after the date of the first delivery
of the Notes, and such sums, as received by the Town and hereby
pledged, shall immediately be subject to the lien of this pledge
without any physical delivery thereof, any filing, or further
act. The lien of this pledge and the obligation to perform the
contractual provisions hereby made shall have priority over any
or all other obligations and liabilities of the Town, and the
lien of this pledge shall be valid and binding as against all
parties having claims of any kind in tort, contract or otherwise
against the Town, irrespective of whether such parties have
notice thereof.
34. Anticipated Bonds and Replacement Notes,. The Town
shall in good faith make every reasonable effort to issue and
sell a sufficient amount of Anticipated Bands or Replacement
Notes at one time or from time to time so that on or before
D15403 I6 01/28/87
•
October 1, 1987, there will be sufficient net proceeds from such
bond or note sales to pay in full the principal of the Notes.
l5. Restrictions on Future Financing. The Town shall
not on or before the maturity date of the Notes issue and sell
any land transfer tax anticipation warrants other than the
Anticipated Bonds unless the Notes have theretofore been, or are
concurrently therewith, paid in full.
15. Tax Covenants and Designations. The Town shall
make no investment or other use of the proceeds of the Notes at
any time during the term thereof which, if such investment or
other use had been reasonably expected on the date the Notes are
issued, would have caused the Notes to be arbitrage bonds within
the meaning of Section 1Q3 of the Internal Revenue Code of 1986,
as amended (the Code), and the regulations promulgated
thereunder.
The Town shall. comply with all arbitrage rebate and
information reporting requirements under the Code.
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17. Appropriation of Sums. The sums hereinbefare
provided to pay the principal of and interest on the Notes when
due are hereby appropriated for that purpose, and said amounts
for each year shall be included in the annual budget and the
appropriations ordinance, resolution, or measures to be adopted
or passed by the Town Council in each year, respectively, while
any of the Notes, either as to principal or interest, are
outstanding and unpaid.
18. Defeasance. When all of the principal of and
interest on the Notes have been duly paid, all obligations
hereunder shall thereby be discharged and the Notes shall no
longer be deemed to be outstanding. There shall be deemed to be
such due payment when the Town has placed in escrow or in trust
with a trust bank located within or without the State of
Colorado, bills, certificates of indebtedness, notes, bonds, or
other similar securities which are direct obligations of, or the
principal and interest of which obligations are unconditionally
guaranteed by, the United States of America ("Federal
Securities"} in an amount sufficient {including the known minimum
yield available for such purpose from Federal Securities in which
such amount may wholly or in part be initially invested) to pay
all principal and interest due on the Notes at maturity or upon
prior redemption. The Federal Securities shall became due prior
to the respective times at which the proceeds thereof shall be
needed, in accordance with a schedule established and agreed upon
between the Town and such bank at the time of the creation of the
D15g03 17 01/2$/87
~! ~ ~
escrow or trust, or the Federal Securities shall be subject to
redemption at the option of the owner thereof to assure such
availability as so needed to meet such schedule.
19. Rights and Immunities. Except as herein otherwise
expressly provided, nothing herein expressed or implied is
intended or shall be construed to confer upon or to give to any
person, other than the Town and the registered owners from time
to time of the Notes, any right, remedy, or claim under ar by
reason hereof or any covenant, condition, or stipulation hereof.
All the covenants, stipulations, promises, and agreements herein
contained by and on behalf of the Town shall be for the sale and
exclusive benefit of the Town and the registered owners of the
Notes.
No recourse shall be had for the payment of the
principal of and interest on the Notes or for any claim based
thereon ar otherwise upon this Ordinance, or any other instrument
pertaining hereto, against any individual member of the Town
Council or any officer or other agent of the Town, past, present,
or future, either directly or indirectly through the Town, ar
otherwise, whether by virtue of any constitution, statute, ar
rule of law, or by the enforcement of any penalty or otherwise,
all such liability, if any, being by the acceptance of the Notes
and as a part of the consideration of their issuance specially
waived and released.
20. Authorized Acts. The officers of the Town are
hereby authorized and directed to enter into such agreements and
take all action necessary or appropriate to effectuate the
provisions of this Ordinance and to comply with the requirements
of law, including, without limiting the generality of the
foregoing:
a. The printing of the Notes, including the
printing upon each of the Notes of the text a£ the approving
legal opinion of Ballard, Spahr, Andrews & Ingersoll, bond
counsel, duly certified by the Registrar, and, if necessary
or desirable pending delivery of printed Notes, the
preparation of one or more temporary typewritten Notes in an
aggregate principal amount equal to that of the Notes,
otherwise in substantially the same form and bearing the
same terms, to be delivered to the Purchaser and thereafter
to be exchanged by the Furchaser for printed Notes when the
same are received by the Town; and
b. The execution of the Note Purchase Agreement
and such certificates as may be reasonably required by the
Purchaser relating to the signing of the Notes; the tenure
and identity of the Town officials; if in accordance with
the facts, the absence of litigation, pending or threatened,
D15403 ~.8 pl/~grg7
affecting the validity of the Notes or the Anticipated
Sands; the exemption from federal income taxation of the
interest on the Notes; receipt of the Notes and the purchase
price thereof; and the accuracy and adequacy of any offering
document prepared; and
c. The making of various statements, recitals,
certifications, and warrantees provided in the form of Note
set forth in this Ordinance; and
d. The payment of the interest on the Notes as
the same shall become due and the principal of the Notes at
maturity or upon prior redemption without further warrant ar
order.
21. Ratification of Actions. All actions heretofore
taken by the Town and by the officers thereof not inconsistent
herewith directed toward the authorization, issuance, and sale of
the Notes are hereby ratified, approved, and confirmed.
22. Repealer of Measures. A11 ordinances,
resolutions, acts, orders, or parts thereof of the Town in
conflict with this Ordinance are hereby repealed, except that
this repealer shall not be construed so as to revive any
resolution, act, order, or part thereof heretofore repealed.
23. Resolution Irrepealable. This Ordinance is, and
shall constitute, a Iegislative measure of the Town, and after
the Notes are issued, sold, and outstanding, this Ordinance shall
constitute a contract between the Town and the registered owners
of the Notes and shall be and remain irrepealable until the
Notes, both principal and interest, shall have been fully paid,
satisfied, and discharged.
24. Severability. If any paragraph, clause, or
provision of this Ordinance is judicially adjudged invalid or
unenforceable, such judgment shall not affect, impair, or
invalidate the remaining paragraphs, clauses, or previsions
hereof, the intention being that the various paragraphs, clauses,
or provisions hereof are severable.
26. Public Hearing. A public hearing on this proposed
Ordinance shall be held by the Town Council at 7:30 p.m, on
Tuesday, February 17, 1987, at the Vail Municipal Building, Vail,
Colorado, and notice of such hearing is authorized to be given by
publication once in The Vail Trail on February 6, 1987.
D15403 19 01/28/87
INTRODUCED,
APPROVED, AND ORDERED
February, 1987.
{TOWN)
(SEAL)
ATTEST:
Town Clerk
Town of Vail
Eagle County,
Colorado
•
READ BY TITLE, PASSED ON FIRST READING,
PUBLISHED ONCE IN FULL this 3rd day of
Mayor
Town of Vail
Eagle County, Calarado
D15403 20 01/28/87
-r i • ~
The motion to approve on first reading the foregoing
Ordinance was duly seconded by Council Member ,
and the question being upon the passage on first reading of the
Ordinance, put to a vote and carried upon the following vote:
Those voting AYE:
Those voting NAY:
Council Members present having voted in
favor of said motion, the Mayor thereupon declared the Ordinance
duly passed on first reading.
Thereupon it was ordered that the Ordinance as approved
on first reading 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.
After consideration of other business to come before
the Council, the meeting was adjourned.
{TOWN)
(SEAL) Town Clerk
Town of Vail
Eagle County, Colorado
DI5403 21 01/28/87
~i • i
STATE OF COLORADO
COUNTY OF EAGLE ) ss.
TOWN OF VAIL
I, Pamela A. Brandmeyer, the duly elected nr appointed,
qualified and acting Town Clerk of the Town of Vail, Eagle
County, Colorado, do hereby certify that the foregoing pages ]. to
21, inclusive, constitute a true and correct copy of the Record
of the Proceedings of the Town Council of the Town, taken at its
regular meeting held at the Municipal Building in Vail, Colorado,
on Tuesday, the 3rd day of February, 198?, commencing at the hour
of 7:30 p.m., as recorded in the official Record of the
Proceedings of the Town kept in my office, insofar as said
proceedings relate to an Ordinance authorizing the issuance of
its Bond Anticipation Notes, Series 1987, dated March 15, 1987,
in the aggregate principal amount of $3,20D,OOD; that said
proceedings were duly had and taken; that the meeting was duly
held; and that the persons were present at said meeting as
therein shown.
It is hereby further certified that the Ordinance, as
approved on first reading, 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' the undersigned has hereunto set her
hand and the seal of the Town this day of February, 1987.
(TOWN)
(SEAL}
Town Clerk
Town of Vail
Eagle County,
Colorado
D15403 22 01/28/87
t •
(Attach Affidavit of Publication of Ordinance)
D15403 23 01/28/67