HomeMy WebLinkAbout1989-29 Authorizing the Issuance of Town of Vail Sales Tax Revenue Bonds, Series 1989 and the Construction, Improvement, and Acquisition of a Public Parking Facility~ ~ N ..
Thereupon, the following proceedings, among others, were had and taken.
Proposed Ordinance Na. 29, Series of 1989 was read by title as follows:
ORDINANCE NO. 29
SERIES OF 1989
AN ORDINANCE AUTHORIZING THE ISSUANCE OF
TOWN OF VAIL, COLORADO SALES TAX REVENUE
BONDS, SERIES 1989 AIVD THE CONSTRUCTION,
IMPROVEMENT AND ACQUISITION OF A PUBLIC
PARKING FACTLITY AND OTHER APPURTENANCES
INCIDENTAL THERETO; PROVIDING THE FORM, TERMS
AND CONDITIONS OF THE BONDS, THE MANNER AND
TERMS OF ISSUANCE, THE MANNER OF EXECUTION,
THE METHOD OF PAYMENT AND THE SECURITY
THEREFOR; PLEDGING A PORTION OF THE SALES TAX
PROCEEDS OF THE TOWN AND THE NET REVENUES
DERIVED FROM THE PARKING FACILITY FOR THE
PAYMENT OF SAID BONDS; PROVIDING CERTAIN
COVENANTS AND OTHER DETAII.S AND MAKING
OTHER PROVISIONS CONCERNING THE BONDS AND
THE DESIGNA i r.li SALES TAX REVENUES AND NET
REVENUES; RATIFYING ACTION PREVIOUSLY TAKEN
AND APPERTAINING THERETO; AND REPEALING ALL
ORDINANCES IN CONFLICT HEREWITH.
The Council thereupon held a public hearing on proposed Ordinance No. 29,
Series of 19$9. After conclusion of the public hearing, Councilmember Affeldt moved and
Councilmember Lapin seconded that Section 19.W. be deleted and that Sections 1, 4, 5, 6, 12,
13, 14.C., 14.E., 17.A., 19.K,, 2$, and 29 {or the subsections thereof indicated below} of
proposed Ordinance No, 29, Series of 19$9, be amended to read as follows and that Ordinance
No. 29, Series of 1989, as amended, be approved on second and final reading and published
in full.
Section 1. Definitions. Terms used in this Ordinance shall have the
meanings specified in this section for all purposes of this Ordinance and of any ordinance
amendatory hereof ar supplemental hereto, ar relating hereto, and of any instrument or
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. document appertaining hereto, except where the context by clear implication herein otherwise
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requires. All deFinitions include the singular and plural and include all genders.
"Aonreciated Principal Amount" means the principal value of the Bonds at
maturity, which represents the original principal amount of the Bonds plus interest thereon at
the rates specified herein, compounded on each interest payment date.
"Bond Insurer" means Municipal Band Investors Assurance Corporation.
"1989 Bonds" means the Sales Tax Revenue Bonds, Series 1989, in the aggregate
principal amount of $9,199,648.05.
"Preliminary Official Statement" means the Preliminary Official Statement dated
November 15, 1989.
"Purchase Contract" means the Purchase Contract between the Town and the
Purchaser dated November 21, 1989.
"Reserve Fund Requirement" means an amount equal to $919,964.81 plus an
amount equal to all investment earnings on the Reserve Fund; provided that the Reserve
Fund Requirement shall not exceed the Maximum Annual Debt Service Requirement.
Section 4. Authorization of Pari~ing Facilities and Defeasance of Series 1984
Warrants. The Parking Facilities are hereby authorized at a cost of not exceeding
$9,199,648.08 (excluding costs to be paid from sources other than the original proceeds of the
1989 Bonds). The establishment of the Escrow Account with the Escrow Bank and the
deposit of moneys of the Town, together with the reserve fund for the Series 1984 Warrants,
therein far the purpose of providing for the payment in full of the principal of and interest on
the Series 1984 Warrants is hereby authorized.
Section 5. Authorization of the 1989 Bonds. There are hereby authorized to
be issued fully registered sales tax revenue securities of the Town, to be designated "Town of
Vail, Colorado, Sales Tax Revenue Bonds, Series 1989" in the aggregate principal amounts of
$9,199,648.05, to be payable and collectible, both as to principal and interest, from the Pledged
Revenues.
Section 6. 1989 Bond Details. The 1989 Bonds shall be issued in fully
registered farm (i.e., registered as to both principal and interest), shall be dated the date of
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the original delivery of the 1989 Bonds, shall be issued in the denomination of $5,000 value at
maturity or any integral multiple thereof (provided that no 1989 Bond may be in a
denomination which exceeds the Appreciated Principal Amount coming due on any maturity
date, and no individual 1989 Bond will be issued for more than one maturity) and shall be
numbered in such manner as the Registrar may determine. The 1989 Bonds shall bear interest
from their date compounded on each interest payment date and payable only upon maturity.
The 1989 Bands shall mature and become payable on December 1 in each of
the designated years and in the respective aggregate Appreciated Principal Amount and shall
bear interest compounded semiannually as follows:
Original Principal Aggregate Appreciated
Maturity Amount Per $5,000 Interest Principal Amount At
Date Value at Maturit~ Rate Maturity
I
1995 $554,380.20 'i 6.50% $10,000
1996 2,200,134.00 ', 6.60 3,450,000
1997 2,046,057.00 '~ 6.70 3,450,000
1998 1,899,087.00 'i 6.80 3,450,000
1999 1,575,599.25 ~, 6.85 3,075,000
2000 924,390.64 ~, 6.90 ~ 1,940,000
The Appreciated Principal Amount of any 1989 Bond shall be payable to the
registered owner thereof as shown on the registration records kept by the Registrar, upon
maturity thereof and upon presentation and surrender at the Paying Agent. If any 1989 Bond
shall not be paid upon such presentation and surrender at or after maturity, it shall continue
to draw interest at the same interest r~.te borne by said 1989 Bond until the principal thereof
is paid in full. All such payments s~all be made in lawful money of the United States of
America without deduction for the se~vices of the Paying Agent or Registrar.
Section 12. Farm n£ 1Q89 Bonds, Leal Oainion. Certificate and Re¢istration
Panel. The 1989 Bonds, the registration panel and the legal opinion certificate to appear on
the 1989 Bands shall be substantially as follows (provided that any portion of the 1989 Bond
text may, with appropriate references, be printed an the back of the 1989 Bands}, with such
omissions, insertions, endorsements, and variations as to any recitals of fact or other provisions
as may be required by the circumstances, be required or permitted by this Ordinance, or be
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consistent with this Ordinance and necessary or appropriate to conform to the rules and
requirements of any governmental authority or any usage or requirement of law with respect
thereto:
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(Farm of Band)
STATE OF COLORADO
UN a. ~ .t1D STATES OF AMERICA
COUN'T'Y OF EAGLE
TOWN OF VAIL, COLORADO
SALES TAX REVENUE BOND
SERIES 19$9
NO. R-
INTEREST RATE
REGISTERED OWNER:
MATURITY DATE
DECEMBER 1,
DATED DATE CUSIP
APPRECIATED PRINCIPAL AMOUNT AT MATURITY:
ORIGINAL PRINCIPAL AMOUNT PER $50x0 VALUE AT MATURITY:
The Tawn of Vail, in the County of Eagle and State of Colarado (the "Town"),
for value received, praraises to pay to the registered owner specified above, ar registered
assigns, solely from the special funds provided therefor, the Appreciated Principal Amount
specified above, on the maturity date specified abave which Appreciated Principal Amount
represents the original principal amount hereof pies interest compounded an each interest
payment date at the Interest Rate per annum specified above from the Dated Date abave to
the Maturity Date, compounded on June 1, 1990 and semiannually thereafter on December
1 and June 1 of each year. The principal of and Interest on this band is payable upon
presentation and surrender hereof at the principal corporate trust office of the Town's registrar
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, and paying agent (the "Registrar" or the "Paying Agent"}, presently Central Bank Denver,
National Association, in Denver, Colorado. Ali such payments shall be made in lawful money
of the United States of America without deduction for the services of the Paying Agent or
Registrar.
The 1989 Bonds maturing are not subject to redemption prior to their respective
maturities.
The Bands are issuable only as fully registered Bond in denominations of $5,000
value at maturity or any integral multiples thereof and are exchangeable for fully registered
Bonds of the same maturity and series in equal aggregate Appreciated Principal Amounts and
in authorized denominations at the aforesaid af~ce of the Registrar, but only in the manner,
subject to the limitations and conditions, and upon payment of the charges provided in the
ordinance authorizing the issuance of the Bonds (the "Bond Ordinance").
This Bond is fully transferable by the registered owner hereof in person or by
his duly authorized attorney on the registration records kept by the Registrar upon surrender
of this Bond together with a duly executed written instrument of transfer satisfactory to the
Registrar. Upon such transfer a new fully registered band of authorized denomination or
denominations of the same series,'aggregate Appreciated Principal Amount and maturity will
be issued to the transferee in exchange for this bond, subject to such terms and conditions and
on payment of the charges as set forth in the Bond Ordinance. The City and the Registrar
and Paying Agent may deem and treat the person in whose name this Bond is registered as
the absolute owner hereof for the purpose of making payment and for all other purposes.
The 1959 Bonds are authorized for the purpose of defraying wholly or in part
the costs of the Parking Facilities {as defined in the Bond Ordinance), for the payment of
costs and expenses incidental thereto and to the issuance of the Bonds, and far funding a
reserve for the Bonds, all under the authority of and in full conformity with the Constitution
of Che State of Colorado and the Town Charter and pursuant to the Bond Ordinance duly
adapted, published and made a law of the Town, all prior to the issuance of this bond.
The Bonds do not constitute a debt or an indebtedness of the Town within the
meaning of any applicable charter, constitutional or statutory provision or limitation, shall not
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be considered ar held to be a general obligation of the Town, and are payable from, and R
constitute a pledge of, an irrevocable lien (but not necessarily an exclusive lien) on, all of the
proceeds to he derived by the Town from the Pledged Sales Tax (as defined in the Bond
Ordinance) and from any taxes which hereafter may be imposed by the Town in addition
thereto or in substitution therefor, Net Revenues (as defined in the Bond Ordinance) of the
Parking Facilities (as defined in the Band Ordinance}, any taxes, funds or revenues which the
Town hereafter pledges to the payment of the Bonds, certain other moneys held in the Bond
Fund and the Reserve Fund (as both such funds are defined in the Bond Ordinance), and
investment income on certain funds, aII to the extent that such moneys are at any time
required to be deposited into and held in the Income Fund, the Bond Fund, and the Reserve
Fund created by, and as provided in, the Bond Ordinance, subject to certain exceptions and
exclusions as provided in the Bond Ordinance (the "Pledged Revenues").
The Bonds constitute a pledge of, and an irrevocable lien (but not necessarily
an exclusive lien} on all of the Pledged Revenues. The Bonds are equitably and ratably
secured by a lien an the Pledged Sales Tax, but the Bonds only constitute an irrevocable and
second and subordinate lien (but not necessarily an exclusive second lien) upon the Pledged
Sales Tax, such lien being second and subordinate to the lien of the Town's outstanding
General Obligation Bonds, Series 1985 (the "1985 Bands"}. In connection with the Pledged
Sales Tax and as required by the ordinance which authorized the 1985 Bonds, the Town shall
fully provide for the debt service, reserve account, and other requirements of the 19$S Bonds
in any fiscal year and, only after such provision, may use excess Pledged Sales Taxes for the
payment of the principal of and interest on the Series Bonds, by transferring such excess
Pledged Sales Taxes to the Income Fund (as defined in the Bond Ordinance). The Bonds
constitute an irrevocable and first lien {but not necessarily an exclusive first lien) upon the
other Pledged Revenues except for the Pledged Sales Tax.
Payment of the principal of and interest on this bond shall be made from, and
as security far such payment there are irrevocably (and exclusively) pledged, pursuant to the
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Bond Ordinance, moneys deposited and to be deposited in a special fund of the Town (the
"Bond Fund") into which fund the Town has covenanted under the Ordinance to pay from the
Pledged Revenues, a sum sufficient, together with other moneys available in the Band Fund
therefor, to pay when due the principal of and interest on the 1989 Bonds and any Additional
Bonds (as defined in the Bond Ordinance). In addition, there is irrevocably and exclusively
pledged to the payment of the 19$9 fonds and any Additional Bonds (as defined in the Bond
Ordinance) a reserve fund (the "Reserve Fund°) which will be maintained as a reasonable
reserve therefor. Except as otherwise specified in the Bond Ordinance, this Bond is entitled
to the benefits of the Ordinance equally and ratably both as to principal (and redemption
price) and interest with aIt other Bands issued and to be issued under the Bond Ordinance, to
which reference is made far a description of the rights of the owners of the 19$9 Bonds and
the rights and obligations of the Town. This bond is payable from the Fledged Revenues, and
the owner hereof may not look to any general or other fund of the Town for the payment of
the principal of and interest on this bond except the Pledged Revenues. Reference is made
to the Bond Ordinance for the provisions, among others, with respect to the custody and
application of the proceeds of the 1989 Bonds, the receipt and disposition of the Pledged
Revenues, the nature and extent of the security, the terms and conditions under which
additional bonds payable from the Pledged Revenues may be issued, the rights, duties and
obligations of the Town, and the rights of the owners of the Bonds; and by the acceptance of
this bond the owner hereof assents to all provisions of the Bond Ordinance, The principal of
and the interest on this bond shall be paid, and this bond is transferable, free from and
without regard to any equities between the Town and the original or any intermediate owner
hereof or any setoffs or cross-claims.
This bond must be registered in the name of the owner on the registration
records kept by the Registrar in conformity with the provisions stated herein and endorsed
herein and subject to the terms and conditions set forth in the Bond Ordinance. No transfer
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of this bond shall be valid unless made on the registration records maintained at the principal
office of the Registrar by the registered owner or his attorney duly authorized in writing.
The Bonds have been designated in the Bond Ordinance as "qualified tax-
exempt obligations" for the purposes of Section 265(b)(3) o€ the Internal Revenue Code of
198b, as amended.
This bond shall not be valid or obligatory for any purpose until the Registrar
shall have manually signed the certificate of authentication herein.
IN TESTIMONY WHEREOF, the Town Council of the Town of Vail has
caused this bond to be signed and executed in its name with a manual or facsimile signature
of the Mayor of the Town, and to be signed, executed and attested with a manual or facsimile
signature of the Town Clerk, with a manual or facsimile impression of the seal of the Town
affixed hereto, alI as of the date specified above.
!Manual or Facsimile Si~nature~
Mayor
(MANUAL OR FACSIMILE SEAL)
Attest:
!Manual or Facsimile Sienaturel
Town Clerk
(End of Form of Band)
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(Farm of Registrar's Certificate of Authentication}
•
This is one of the Bonds described in the within-mentioned Bond Ordinance, and
this Bond has been duly registered on the registration records kept by the undersigned as
Registrar for such Bonds.
CENTRAL BANK DENVER, NATIONAL
ASSOCIATION, as Registrar
Date of Authentication By:
and Registration: Authorized Officer or Employee
(End of Farm of Registrar's Certificate of Authentication)
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{Form of Assignment)
For value received, the undersigned hereby sells, assigns and transfers unto
the within Bond and hereby irrevocably constitutes and appoints
attorney, to transfer the same on the records of the Registrar, with full
power of substitution in the premises.
Dated:
Signature Guaranteed:
Address of transferee:
Social Security or other tax
identification number of transferee:
NOTE: The signature to this Assignment must correspond with the name as written on the
face of the within Bond in every particular, without alteration or enlargement ar any change
whatsoever.
(End of Form of Assignment)
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(Form of Legal Opinion Certificate)
STATE OF COLORADO )
LEGAL OPINION
COUNTY OF EAGLE ) SS. CER ~ iriCATE
TOWN OF VAIL )
I, the undersigned Town Cler3~ of the Town of Vail, in the County of Eagle and
State of Colorado, do hereby certify that the following approving legal opinion of Sherman &
Howard, Attorneys at Law, Denver, Colorado:
[Insert text of legal opinion]
is a true, perfect and complete copy of a manually executed and dated copy thereof on file in
the retards of the Town in my office; that a manually executed and dated copy of the opinion
was forwarded to a representative of the original purchasers far retention in their records; and
that the opinion was dated and issued as of the date of the delivery of and payment for the
Bonds of the series of which this is one.
IN WITNESS WHEREOF, I have caused to be hereunto set my manual ar
facsimile signature.
(Manual or Facsimile Signature)
Town CIerk
(End of Form of Legal Opinion Certificate)
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Section 13. Delivery of 1989 Bonds and Disposition of Proceeds, When the
1989 Bonds have been duly executed by appropriate Town officers and authenticated by the "
Registrar, the Town Manager shall cause the 1989 Bonds to be delivered, at one time ar from
time to time, to the Purchaser, an receipt of the agreed purchase price. The 1989 Bonds shall
be delivered in such denominations as the Purchaser shall direct (but subject to the provisions
of Section 5 hereof); and the Registrar shall initially register the 1989 Bonds in such name or
names as the Purchaser shall direct. .
The proceeds of the 1989 Bonds, including without limitation the accrued interest
thereon, shall be deposited promptly by the Town Manager and shall be accounted for in the
foIIowing manner and are hereby pledged therefor, but the Purchaser of the 1989 Bonds or any
subsequent Owner in no manner shall be responsible far the applicatipn or disposal by the
Town or any of its officers of any of the funds derived from the sale:
{i) All accrued interest, if any, received in respect of the 1989 Bands shall be
credited to the Band Fund to be applied to the payment of the 1989 Bands.
(ii) An amount equal to ten percent of the anginal principal amount of the
19$9 Bonds as of the date of initial delivery shall be credited to the Reserve Fund.
{iii) Ail remaining proceeds of the Series 19$9 Bonds shall be credited to the
following special and separate account, hereby created and established, to be known as
the '"Yawn of Vail, CoIarado Sales Tax Revenue Bands, Series 1989, Construction
Fund," to be used, together with any other available moneys therefor, to pay the costs
of the Parking Facilities including costs incidental to the issuance of the 1989 Bonds.
After payment of aII costs of the Parking Facilities, or after adequate provisions
therefor is made, any unexpended balance in the Construction Fund shall be deposited
in the Bond Fund and applied to the payment of the principal of and interest on the
Series 1989 Bands.
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Section 14. Use of Manevs in Income Fund.
C. Reserve Fund. Second, except as hereinafter provided, from any moneys
remaining in the Income Fund there shall be credited monthly, to a separate account hereby
created and to be known as the "Town of Vail Sales Tax Revenue Bands Reserve Fund" an
amount, if any, which is necessary to maintain the Reserve Fund as a continuing reserve in an
amount not less than the Reserve Fund Requirement or to pay the issuer of any Bond Reserve
Insurance Policy any amounts owing to such issuer under the terms of the Bond Reserve
Insurance Policy. In determining the amounts required to be deposited as provided above, the
Town shall receive credit for any investment earnings on the deposits in the Reserve Fund.
Investment earnings on deposits in the Reserve Fund shall remain in the Reserve Fund until
the amount on deposit equals the Maximum Annual Debt Service Requirement. No credit
need be made to the Reserve Fund so long as the moneys and/or a Band Reserve Insurance
Policy therein equal the Reserve Fund Requirement (regardless of the source of such
accumulations). The Reserve Fund Requirement shall be accumulated and maintained as a
continuing reserve to be used, except as hereinafter provided in subsections D, and F of this
Section and Seetian 2Q hereof, only to prevent deficiencies in the payment of the principal of
and the interest on the Bands resulting from the failure to credit to the Bond Fund sufficient
funds to pay said principal and interest as the same accrue ar to pay the issuer of any Bond
Reserve Insurance Policy any amounts owing to such issuer under the terms of the Bond
Reserve Insurance Policy. The Reserve Fund Requirement shall be calculated upon (i) any
principal payment, whether at stated maturity or upon redemption, {ii) the issuance of
Additional Bonds, or (iii) the defeasance of all ar a portion of the Bands.
In lieu of alI or a portion of the moneys required to be deposited in the Reserve
Fund by this Ordinance, the Town may at any time or from time to time deposit a Bond
Deserve Insurance Policy in the Reserve Fund in full ar partial satisfaction of the Reserve
Fund Requirement; provided that any such Bond Reserve Insurance Policy shall he payable on
any date on which moneys will be required to be withdrawn from the Reserve Fund as provided
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herein. Upon deposit of any Bond Reserve Insurance Policy in the Reserve Fund, the q'own
may transfer moneys equal tQ the amount payable under the Bond Reserve Insurance Policy
from the Reserve Fund and apply such moneys to any lawful purpose.
If the covenant contained in Section 19.K. of this Ordinance does not permit the
use of proceeds of any series of Bonds for a full funding of the Reserve Fund in the amount
of the Reserve Fund Requirement, the maximum amount of proceeds of such series of Bonds
which may be deposited to the Reserve Fund pursuant to Section 19.K. shall be deposited to
the Reserve Fund upon the issuance of such series of Bonds, and Pledged Revenues shall be
deposited to the Reserve Fund monthly so that not later than twelve calendar months after
the date of issuance of such series of Bonds, the amount on deposit in the Reserve Fund shall
equal the Reserve Fund Requirement.
E. Defravin~ Delinquencies in Bnnd and Reserve Funds. If on any required
monthly payment date the Town shall for any reason fail to pay into the Bond Fund the full
amount above stipulated, then an amount shall be paid into the Bond Fund on such date from
the Reserve Fund equal to the difference between the amount paid and the full amount so
stipulated. The money so used shall be replaced in the Reserve Fund from the first Pledged
Revenues received that are noC required to be otherwise applied by this section, but excluding
any payments required far any subordinate obligations; provided, however, that an amount
equal to the amount withdrawn from the Reserve Fund shall be deposited by the Tawn in the
Reserve Fund no later than twelve months from the date of such withdrawal. if at any time
the Town shall for any reason fail to pay into the Reserve Fund the full amount above
stipulated from the Pledged Revenues, the difference between the amount paid and the amount
so stipulated shall in a like manner be paid therein from the first Pledged Revenues thereafter
received not required to be applied otherwise by this section, but excluding any payments
required for any subordinate obligations. The moneys in the Band Fund and in the Reserve
Fund shaA be used solely for the purpose of paying the principal and any redemption premium
of and the interest on the Bonds and moneys in the Reserve Fund sha11 be used to pay the
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issuer of any Bond Reserve insurance Policy any amounts owing to such issue: under the terns
of the Bond Reserve insurance Policy; previded, however, that any moneys at any time in
excess of the Reserve Fund Requirement calculated with respect to the Bonds in the R,sez~e
Fund may be withdrawn therefrom and used far any IawfuI purpose; and provided, further, that
any moneys in the Band Fund and in the Reserve Fund in excess cf accrued and unacc~u~d
principal and interest requirements to the respective maturities of the Outstanding Bonds n:ay
be used as provided in Paragraph D of this section.
Section li. Additional Bands,
A. Lir;zitations Lr~or. Issuance of Additional Londs. Nothing in this Ordi:~a:~ce
shall be censtr~ed ;n such a manner as to prevent the issuance by the Town of addi:lanai
bonds or other obli=ations, payable fratn and constituting a lien upon the Pledged Revenues
on a parity wit: the lien of the 1989 Bends (the "Additional Bands"). Such Additional B:;r.:Cs
'may be payable solely from Pledged Revenues or they may be Yayabie from Pledged Revenues
and another revenue or fund of the Town {"Additional Pledged Fcevenues"). Regardless cf
whether payable safely from Pledged R4vP;~ues or From Pledged Revenues ar_d Additional
Pledged Revenues, be;"ore anv such bands or other obligations are aut?~crized or actually iss-~~:.'
the following ccndi~.or_ s~•~all be satisfied; for the Fiscal Yeaz ima:ediat:lv 1 receding the issa4 rec.
of anv Additional Bonds, the amount of l?led2ed Revenues ire sue; Fiscal Year must equal cr
exceed lif}~•"o of the Y:a~ LurA7, A..nnual Debt Se:vic:. Reguire::~ent en the Bcrds {inciudir~g. tt;e
Additional Eends proYosed to be issued) plus the autstarding Series 1984 Bonds. Far tai.
purpose of satisfying tl;e afere:rtenticned 130~o test, anv ta.~, now existing ar hereafter i~nposu~i,
which legally becomes a part of the Pledged Revenues during the Fiscal Year preceding the
issuance of Additional Bonds, or any ta~c which. is to legally become a part cf the Pledg~~~
Revenues immediately prior to the issuance oi' Additional Bands, ar a:,v increase ir. the rGt;,
of any tax which is a par: of tl.~ P:ew~e~a F:e~~e::ue; V1%l~v~iy arc-ease is irr~;osed durin =
1 na tAwl.
Fiscal Year precoding the issuance of Additional Bonds er anv sucz increase which is to b~
imposed immediately prior to the issuance of Additional Bonds can be considered for its
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estimated effect on the amount of the Pledged Revenues as if such tax ar increase had been
in effect for the Fisca! Year immediately preceding the issuance of such Additional Bonds,
Any tax which is no longer in effect at the time of issuance of the Additional Bonds shall not
be considered for purposes of satisfying the 130% test. Any Pledged Revenue which is naC a
tax shall be considered similarly for purposes of satisfying the 130% test.
If the ordinance authorizing a series of Additional Bonds will pledge Additional
Pledged Revenues to the Bonds, the estimated effect of the amount of such Additional Pledged
Revenues may be considered as if such revenues had been received for the last Fiscal Year
immediately preceding the issuance of such Additional Bonds.
Section 19. Protective Covenants. The Town hereby additionally covenants and
agrees with each and every owner of the 1989 Bonds that:
K. Tax Covenant. The Town covenants for the benefit of the Registered
Owners of the 1989 Bonds that it will not take any action or omit to take any action with
respect to the 1989 Bonds, the proceeds thereof, any other funds of the Town or any facilities
financed with the proceeds of the 1989 Bonds if such action or omission {i} would cause the
interest on the 1989 Bonds to lose its exclusion from gross income for, federal income tax
purposes under Section 103 of the Tax Cade, (ii) would cause interest on the 1989 Bonds to
lose its exclusion from alternative minimum taxable income as defined in Section SS(b)(2) of
the Tax Code except to the extent such interest is required to be included in the adjusted net
book income and adjusted current earnings adjustments applicable to corporations under
Section 56 of the Tax Code in calculating corporate alternative minimum taxable income,
(iii) would subject the Town to any penalties under Section 148 of the Tax Code ar {iv} would
cause interest on the 1989 Bonds to lose its exclusion from Colorado taxable income or
Colorado alternative minimum taxable income under present Colorado law. The foregoing
covenant shall remain in full farce and effect notwithstanding the payment in full or defeasance
of the 1989 Bands until the date on which all obligations of the Town in fulfilling the above
covenant under the Tax Cade and Colorado law have been met. For the purposes of Section
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265(b)(3)(B) of the Tax Cade, the Town hereby designates the 1988 Bonds as qualified tax-
exempt obligations.
Section 28. Amendment.
A. The Town may, without the consent of, or notice to the owners of the 1959
Bonds or Bond Insurer, adopt such ordinances supplemental hereto (which supplemental
amendments shall thereafter farm a part hereof} for any one or more or all of the following
purposes:
1. To cure any ambiguity, or to cure, correct or supplement any defect or
inconsistent provision contained in this Ordinance, ar to make any provisions with respect to
matters arising under this Ordinance or for any other purpose if such provisions are necessary
or desirable and da not adversely affect the interests of the owners of the 1989 Bonds or Bond
Insurer; or
2. Ta subject to this Ordinance additional revenues, properties or collateral.
B. Exclusive of the amendatory ordinances permitted by Paragraph A of this
Section, this Ordinance may be amended ar supplemented by ordinance adopted by the Town
Council in accordance with the law, without receipt by the Town of any additional consideration
but with the written consent of Bond Insurer, unless Bond Insurer is in default under the terms
of the Bond Insurance Policy, in which case this Ordinance may be amended or supplemented
with the written consent of the owners of sixty-six percent {66%) in aggregate principal amount
of the 1959 Bonds Outstanding at the time of the adoption of such amendatory or
supplemental ordinance; provided, however, that, without the written consent of Bond Insurer
and the owners of aII of the 19$9 Bonds adversely affected thereby, no such Ordinance shall
have the effect of permitting:
3. An extension of the maturity of any 19$9 Bond autharized by this Ordinance;
or
4. A reduction in the principal amount of any 1989 Bond, the rate of interest
thereon, or the prior redemption premium thereon; or
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5. The creation of a Iien upon or pledge of Pledged Revenues ranking prior to
the lien ar pledge created by this ordinance; or
6. A reduction of the principal amount of 1989 Bands required for consent to
such amendatory or supplemental ordinance; or
7. The establishment of priorities as between 1989 Bonds issued and
Outstanding under the provisions of this Ordinance; or
8. The modification of or otherwise affecting the rights of the owners of less
than alI of the 1989 Bonds then Outstanding.
Copies of any waiver, modification or amendment to this ordinance shall be
delivered to Standard & Poor's Corporation, or any other entity then maintaining a rating on
the 1989 Bonds.
Section 29. Notice to Bond Insurer, Any notice herein required to be given to
Band Insurer shall be in writing and sent by registered or certified mail to Bond insurer,
Municipal Band Investors Assurance Carporation, lI3 King Street, Armonk, New York 10504
or to such other address that Bond Insurer shall notify the Town of in writing.
-2Q-
The roll was called with the following result:
Those Voting Yes: Kent R. Rose
John C. Slevin
Eric Affeldt
Michael Caciappo
Merv Lapin
Thomas Steinberg
Gail Wahrlich-Lowenthal
Those Voting Na: None
Those Absent: None
The Mayor thereupon declared that all members having voted in favor thereof,
the motion was carried and proposed Ordinance No. 29 as amended, was adopted and
approved.
There being no further business to come before the Town. Council, on motion
duly made and unanimously carried, the meeting was adjourned.
Mayor
(SEAL)
Attest:
r ..~---_
Town Clerlc '
-2I-
~ ~ ~ ..
STATE OF COLORADO )
}
COUNTY OF EAGLE } S~•
TOWN OF VAIL )
I, Pamela Brandmeyer, duly appointed Clerk of the Town of Vail (the "Town"),
Eagle County, Colorado, do hereby certify that the foregoing pages numbered 1 through 21,
inclusive, constitute a true and correct copy of the record of proceedings of the Town Council
of the Town, taken at a regular meeting thereof, held at the Vail Municipal Building, in Vail,
Colorado, the regular meeting place of the Council, on Tuesday, November 21, 1989, insofar
as said proceedings relate to the introduction and passage on second reading of an ordinance
therein set forth, concerning the sale and issuance of sales tax revenue bonds of the Town.
I further certify that attached hereto is an affidavit of publication of the notice
of public hearing and ordinance as passed on first reading by the Town Council at said
meeting; and that the Mayor and b other members of the Town Council were present at the
meeting and the members of the Council voted as in the minutes set forth.
IN WITNESS WHEREOF, I h++ave hereunto set my hand and the seal of the
Town of Vail, Colorado, this of ~~ day of IU~I.~--~ , 1989•
~~ ~~~
Town Clerk
(SEAL)
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`~ ~ ~ •
{Attach Affidavit of Publication
After Final Adoption)
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Tuesday, Novembe ,, 1989 2:33pm
SHERMAN & HOWARD WORDPERFECT 5.0 WORK ORDER
DEPARTMENT bonds
CLIENTIMAl tr,R # 45605.404
LAWYER wisord
DOCUMENT NAME 2nd-read.ord
NEW DOCUMENT [ ] or
DATE 8c TIME IN: Time:
RETURN TO: Ext:
SPECIAL INSTRUCTIONS:
FINAL PAPER SIZE:
FINAL SPACING:
3US ~ lr ~:
PRINT WITH REDLINING:
DISKE i i ~ SIZE:
copy to --~
copy to --~
copy to --~
copy to --~
EXISTING DOCUMENT [X]
DATE & TIME NEEDED:
SECRETARY:
Lettez [ ]
1[]
~~ I 1
YES [ ]
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DUTCH 11.50 PT [ ]
LASERJET + [ ]
Legal [ ]
1.5[]
Time:
Ext:
Letterhead [ ]
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DEFAULT FONT:
DEFAULT PRINTER:
Far VVP Use Univ
DO NOT PRINT j ]
5.25" [ ]
COURIER 12 PT[]
LASERJET SERIES II [ ]
Operatar(sl
Comments:
. _
ORDINANCE NO. 29
SERIES OF 1989
AN ORDINANCE AUTHORIZING THE ISSUANCE OF
TOWN OF VAIL, COLORADO SALES TAX REVENUE
BONDS, SERIES 1989 AND THE CONSTRUCTION,
IMPROVEMENT AND ACC~UISITION OF A PUBLIC
PARKING FACILITY AN°D OTHER APPURTENANCES
INCIDENTAL THERETO; PROVIDING THE FORM, TERMS
AND CONDITIONS OF THE BONDS, THE MANNER AND
TERMS OF ISSUANCE, THE MANNER OF EXECUTION,
THE METHOD OF PAYMENT AND THE SECURITY
THEREFOR; PLEDGING A PORTION OF THE SALES TAX
PROCEEDS OF THE TOWN AND THE NET REVENUES
DERIVED FROM THE PARKING FACILITY FOR THE
PAYMENT OF SAID BONDS; PROVIDING CERTAIN
COVENAIv"I'S AND OTHER DETAIIS AND MAKING
OTHER PROVISIONS CONCERNING THE BONDS AND
THE DESIGNATED SALES TAX REVENUES AND NET
REVENUES; RA t 1r YING ACTION PREVIOUSLY TAKEN
AN'D APPERTAINING THERETO; AND REPEALING ALL
ORDINAlti'CES IN CONFLICT HEREWITH.
NOW, THEREFORE, BE IT ORDAII~TED BY THE TOWN COUNCIL OF
THE TOWN OF VA.IL, COLORADO:
Section 1. Definitions. Terms used in this Ordinance shall have the
meanings specified in this section for aII purposes of this Ordinance and of any ordinance
amendatory hereof or supplemental hereto, or relating hereto, and of any instrument or
document appertaining hereto, except where the context by clear implication herein otherwise
requires. All definitions include the singular and plural and include all genders.
"Additional Bands" means the one or more series of bands or other securities
or obligations authorized to be issued by the Town pursuant to Section 17 hereof and having
a lien on the Pledged Revenues on a parity with the lien of the 19$3 Bonds.
"Annreciated Princir~al Amount" means the principal value of the Bonds at
maturity, which represents the original principal amount of the Bonds plus interest thereon at
the rates specified herein, compounded on each interest payment date.
"Bond Fund" means the fund created by Section 14.B. hereof.
_1_
"Band Insurer" means Municipal Bond Investors .Assurance Corporation.
"Bond Insurance Policy" means the municipal bond insurance policy issued by the
Bond Insurer guaranteeing the payment of principal and interest an the 1989 Bonds.
"Bond Reserve Insurance Police" means any insurance policy, surety band,
irrevocable letter of credit or similar instrument deposited in or credited to the Reserve Fund
in lieu of or in partial substitution for moneys on deposit therein. The issuer providing any
such Band Reserve Insurance Policy shall be an issuer which has been then currently assigned
an AAA rating or a comparable rating by Moody's Investors Service, Inc., Standard 8c Poor's
Corporation or their successors.
".Bonds" means the 1989 Bonds and any Outstanding Additional. Bonds.
"Charter" means the Home Rule Charter of the Town, including all amendments
thereto prior to the date hereof.
"Cc~rnmereial Bank" means any depository for public funds permitted by the Iaws
of the State for political subdivisions of the State which has a capital and surplus of
$10,000,x00 or more, and which is located within the United States.
"Construction Fund" means the fund created by Section 13, hereof.
"Escrow Account" weans the Escrow Account established pursuant to the Escrow
Agreement with the Escrow Bank.
"Escrow Agreement" means the Escrow Agreement between the Town and the
Escrow Bank dated as of December 1, 1989.
• "Escrow Bank" means Central Bank Denver, National Association.
"Fiscal Year" means the twelve months commencing on the first day of January
of any calendar year and ending on the thirty-first day of December of such calendar year or
such other twelve month period as may from time to time be designated by the Town Council
as the Fiscal Year of the Town.
"Creneral Operating Expenses" means all reasonable current expenses, paid or
accrued, of operating, maintaining and repairing the Parking Facilities. The term includes,
without limitation, legal and incidental expenses of the various administrative departments of
the Town directly or indirectly related and reasonable allocable to the administration of the
-2-
Parking Facilities, insurance premiums, the reasonable charges of any paying agent, trustee or
depository bank, contractual services, professional services required by this Ordinance, salaries
and administrative expenses, labor, and the costs incurred by the Town in the collection of
Gross Revenues. The term does not include any allowance for depreciation, any costs of
reconstruction, improvement, extension or betterment, any accumulation of reserves far capital
replacements, any reserves for operation, maintenance or repair of the Parking Facilities, any
allowance for the redemption of any bond or other security evidencing a loan or the payment
of any interest thereon, and any legal liability not based an contract.
"Governments! Obiieatians" means any of the following which are noncallable
and which at the time of investment are legal investments under the laws of the State for the
moneys proposed to be invested therein:
{a) Direct general obligations of, or obligations the payment of
principal of and interest on which are unconditionally guaranteed by, the United
States of America;
(b) Bonds, debentures, notes or other evidences of indebtedness issued
ar guaranteed by any of the following: Bank for Cooperatives; Federal
Intermediate Credit Banks; Federal Home Loan Banks; Federal Farm Credit
Banks; E.~rport-Import Bank of the United States; Federal Land Banks;
Government National Mortgage Association; Federal Financing Bank; or Small
Business Administration; or any other agency or instrumentality of the United
States of America (created by an Act of Congress} substantially similar to the
foregoing in its legal relationship to the United States of America, provided that,
at the time of purchase, such obligations are rated in the highest rating category
of Standard & Foor's Corporation or its successors; or
(c) Evidences of ownership interests in obligations described in
paragraph {a) or {b) above.
"Gross Revenues" means a!1 income and revenues derived directly or indirectly
from the operation of or otherwise relating to the Forking Facilities, including, without
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a ~ ~ ..
limitation, any fee, rate or other charge assessed against any persons for the privilege of using _
ar otherwise relating to the Parking Facilities.
"income Fund" means the special fund by that name created by Section 1G.A.
hereof.
"Maximum Annual Debt Service Reauirernent" means the maximum amount of
all required payments of principal and interest an the Bands which will become due in any
Fiscal Year.
"Net Revenues" means the Gross Revenues less General Operating Expenses,
"1989 fonds" means the Sales Tax Revenue Bonds, Series 1989, in the aggregate
principal amount of $9,199,648.05.
"Ordinance" means this Ordinance of the Tawn, which provides for the issuance
and delivery of the 1989 Bands.
"Outstanding" means, as of any date of calculation, all Bonds theretofore
executed, issued and delivered by the Town except:
(1} Bonds theretofore cancelled by the Town, Registrar or Paying
Agent, or surrendered to the Town, Registrar or Paying Agent for cancellation;
(2) Bonds in lieu of or in substitution for which other Bonds shall
have been executed, issued and delivered by the Town and authenticated by the
Registrar unless proof satisfactory to the Registrar is presented that any such Bonds are
duly held by the lawful registered owners thereof; or
(3} Bonds deemed to have been paid as provided in Section 2fl
hereof.
"Owner" or "registered owner" shall mean the registered owner of any 1989 Bond
as shown an the registration books kept by -the Registrar.
"Parkins Facilities" means all existing parking facilities, all parking facilities to be
constructed, otherwise acquired and equipped with the proceeds of the 19$9 Bonds and all
future parking facilities operated by the Town, which facilities include all improvements,
extensions, enlargements, additions or betterments to, or replacements of.
-4-
"Paving Agent" means Central Bank Denver, National Association, Denver,
Colorado, being the agent for the Town for the payment of the 19$9 Bonds and interest
thereon, or its successors and assigns.
"Person" means any individual, firm, partnership, corporation, company,
association, joint-stoclt association or body politic; and the term includes any trustee, receiver,
assignee or other similar representative thereof.
"Pledged Revenues" means:
(i) the revenues derived from the Pledged Sales Tax;
(ii) any additional taxes (other than a general ad valorem tax), funds or
revenues which the Town hereafter pledges to the payment of Bands;
{iii) the N'et Revenues;
(iv) proceeds of the Bonds or other legally available moneys deposited
into and held in the Bond Fund and the Reserve Fund; and
{v} interest or investment income on the Income Fund, the Bond Fund
and the Reserve Fund;
all to the extent that such moneys are at any tune required by Section 14 hereof to be
deposited into and held in the Incnrne Fund, and the Bond Fund and the Reserc~e Fund.
"Pledged Sales Tax" means that one-half o£ the proceeds of the Sales Tax which
is also pledged to the payment of the Series i9$5 Bonds. "Pledged Sales Tax" does nat include
incremental sales taxes which are or may be pledged to the payment of the bonds pursuant to
an urban renewal plan as defined in 31-25-1Q3(a), C.R.S or a plan of development as defined
in 31-25-802 (6.4) C.R.S. "Pledged Sales Tax" does not include amounts withheld by retailers
and vendors to cover their expenses in collecting and remitting the Pledged Sales Tax, and
Pledged Sales Tax does not include amounts collected by the Tawn and subsequently
determined, pursuant to the applicable Sales Tax Ordinances, to be subject to valid claims for
refunds, "PIedged Sales Tax" does not include the proceeds of any increase in the Sales Tax
which may be approved in the future, unless such increase is e.~cpressly pledged by the Town.
"PIedged Sales Tax" does include one-half of the proceeds derived by the Town from any
legally available tax or taxes or fees (other than a general ad valorem tax} which replace or
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• o •
supersede the Pledged Sales Tax, regardless of whether such tax or taxes or fees are imposed -
by the Town or the State or other political subdivision thereof.
"Preliminary Official Statement" means the Preliminary Official Statement dated
November 15, 1989.
"Purchase Contract" means the Purchase Contract between the Town and the
Purchaser dated November 21, 1989.
"Purchaser" means Kirchner, Moore & Company.
"Rebate Fund" means the fund created by Section 14.F. hereof.
"Registrar"means Central Bank Denver, National Association, Denver, Colorado,
being the agent for the Town for the registration, transfer and exchange of the 1989 Bonds,
or its successors.
"Registrar Agreement" means the Registrar Agreement between the Town and
the Registrar dated as of December 1, 1989.
"Reserve Fund" means the fund created by Section 14.C. hereof.
"Reserve Fund Reauirement" means an amount equal to $919,964.81 plus an
amount equal to all investment earnings on the Reserve Fund; provided that the Reserve
Fund Requirement shah not exceed the Maximum Annual Debt Service Requirement.
"Sales Tax" means the tax upon the sale and use of goods and services which is
currently being levied by the Town pursuant to the Sales Tax Ordinances and any future or
amended tax levied by the Town as a sales and use tax.
"Sales Tax Ordinances" means the ordinances adapted by the Town Council of
the Town for the purpose of adopting and enforcing the Sales Tax and which are in effect on
the date of this Ordinance and as later amended or supplemented.
"Series 1984 Warrants" means the Town's outstanding Refunding Land Transfer
Tax Anticipation Warrants, Series 1984, dated May 15, 1984.
"Series 1985 Bonds" means the Town's outstanding General Obligation Refunding
Bonds, Series 1985, dated as of November 15, 1985.
"Series 1985 Ordinance" means Ordinance No. 23, Series of 1985, as amended
by Ordinance No. 29, Series of 1985.
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_ "State" means the State of Colorado.
"Tax Code" means the Internal Revenue Code of 1986, as amended.
"Town" means the Town of Vail, Colorado.
"Town Council" means the Town Council of the Town or any successor in
functions thereto.
"Trust Bank" zxzeans a Commercial Bank which is authorized to exercise and is
exercising trust powers.
Section 2. Recitals.
A. The Town is a municipal corporation duly organized and existing under
the Town's Charter adapted pursuant to Article XX of the Constitution of the State of
Colorado.
B. Section 10.6 of the Charter permits the Town to issue securities made
payable solely out of the proceeds of any sales taxes, or from any portion thereof, ar solely
from net revenues derived from the operation of an income-producing project or any
combination, of sales taxes and net revenues without an election.
C. The Tawn imposes a Sales Tax pursuant to Section 11.1. of the Charter
and the Sales Tax Ordinances.
D. The Town has pledged one-half of the revenues from the Sales Tax to
the payment of the Series 19$5 Bonds and, on a subordinate basis, to the Series 1984
Warrants.
E. The Tawn has legally available funds which when combined with the
Reserve Fund far the Series 1984 Warrants will be sufficient when invested to pay the principal
of and interest on the Series 1984 Warrants as the same become due an and after December
1, 1989 and an or before December 1, 1994, the prior redemption date of the Series 1984
Warrants.
F. Pursuant to the Series 19$5 Ordinance, the Town issued the Series 1955
Bonds and agreed to pledge and set aside the Pledged Sales Tax to pay the principal of and
interest an the Series 1985 Bonds, provided that the Pledged Sales Tax could also be pledged
and used far the payment of the principal of and interest on other additional general obligation
_~_
~,
bonds of the Town which may be issued thereafter on a parity with or subordinate to the _
Series 1985 Bonds with respect to the Pledged Sales Tax. The Series 1985 Ordinance also
provided that, to the extent that the principal of and interest on the Series 1985 Bonds and
any additional parity general obligation bonds are fully provided for in any Fiscal Year by tax
revenues and other rn.oneys legally available therefore, the Town is authorized to use such
excess Pledged Sales Tax far other purposes, including, but not limited to, payment of special
non-general obligation bonds of the Town which may not be issued on a parity with the Series
1985 Bonds, but only may be issued in a subordinate and inferior position to the claim of the
Series 1985 Bands to the Pledged Sales Tax.
G. The Town Council has determined that by depositing existing funds on
hand together with the reserve fund for the Series 19$4 Warrants with the Escrow Bank and
investing such funds in Governmental Obligations, the Town can provide for the payment of
the principal of and interest on the Series 1984 Warrants and can eliminate the lien of the
Series 1984 Warrants on the Pledged Sales Tax thus making it passible to issue at favorable
rates the 1989 Bonds for the purposes herein contemplated.
H. Except for the Series 1985 Bonds and bonds or obligations which have
been paid or defeased as of the date of issuance of the 1989 Bonds, the Town has never
pledged the Pledged Sales Tax to the payment of any bonds or for any purpose with the result
that the Pledged Sales Tax may now be pledged (with a lien which is subordinate to the lien
for the Series 1985 Bonds} lawfully and irrevocably for the payment of the 1989 Bonds.
I. The Town has never pledged the Net Revenues derived from the Parking
Facilities with the result that the Net Revenues may now be pledged lawfully and irrevocably
far the payment of the 1989 Bands.
J. The Tawn has received a proposal from the Purchaser for the purchase
of the 1989 Bonds for the purpose of defraying in whole or in part the costs of the Parking
Facilities.
K. There have been presented to the Council the proposed farms of the
following documents: the Purchase Contract; the Registrar Agreement; the Escrow Agreement;
and the Preliminary Official Statement.
-8-
L. The Town Council is desirous o£ causing the 1989 Bonds to be issued, of
authorizing and directing the application of the proceeds thereof as set forth herein, and of
providing security for the payment thereof, all in the manner hereinafter set forth.
Section 3. Ratification. AlI actions heretofore taken (not inconsistent with the
provisions of this Qrdinance) by the Town Council and other officers of the Town in the
imposition and collection of the Sales Tax or the Gross Revenues, in providing the Parking
Facilities, in selling and issuing the 1989 Bonds far those purposes and in providing for the
payment of the Series 1984 Warrants hereby are, ratified, approved and confirmed.
Section 4. Authorization of Parking Facilities and Defeasance of Series 19$4
Warrants. The Parking Facilities are hereby authorized at a cost of not exceeding
~9,199,648.OS (excluding costs to be paid from sources other than the original proceeds of the
1959 Bands). The establishment of the Escrow Account with the Escrow Bank and the deposit
of moneys of the Town, together with the reserve fund for the Series 1984 Warrants, therein
for the purpose of providing for the payment in full of the principal of and interest on the
Series 1984 Warrants is hereby authorized.
Section 5. Authorization of the 1989 Bonds. There are herebv authorized to
be issued fully registered sales tax revenue securities of the Town, to be designated "Town of
Vail, Colorado, Sales Tax Revenue Bonds, Series 1989" in the aggregate principal amounts of
$9,199,648.05, to be payable and collectible, bath as to principal and interest, from the Pledged
Revenues.
Section 6. 1989 Bond Details. The 1989 Bonds shall be issued in fully registered
farm (i.e., registered as to both principal and interest), shall be dated the date of the original
delivery of the 1989 Bonds, shall be issued in the denomination of $5,000 value at maturity or
any integral multiple thereof (provided that no 1989 Band may be in a denumination which
exceeds the Appreciated Principal Amount coming due on any maturity date, and no individual
1989 Bond will be issued far more than one maturity) and shall be numbered in such manner
as the Registrar may determine. The 19$9 Bonds shall bear interest from their date
compounded on each interest payment date and payable only upon maturity.
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The 1989 Bands shall mature and become payable on December 1 in each of
the designated years and in the respective aggregate Appreciated Principal Amount and shall
hear interest compounded semiannually as follows:
Original Principal Aggregate Appreciated
Maturity Amount Per $5,000 Interest Principal Amount At
Date Value at Maturity Rate Maturity
1995 $554,380.20 6.50% 810,OOq
199b 2,200,134.00 b.b0 3,450,000
1997 2,046,057.00 6.70 3,450,000
1998 1,899,087.00 6.80 3,450,000
1999 1,575,599.25 d.85 3,075,000
2000 924,390.b0 6.90 1,940,000
The Appreciated Principal Amount of any 1989 Bond shall be payable to the
registered owner thereof as shown on the registration records kept by the Registrar, upon
maturity thereof and upon presentation and surrender at the Paving Agent. If any 1989 Bond
shall not be paid upon such presentation and surrender at or after maturity, it shall continue
to draw interest at the same interest rate borne by said 1989 Bond until the principal thereof
is paid in full. All such payments shall be made in lawful money of the United States of
America without deduction for the services of the Paying Agent or Registrar.
Section 7. Prior Redemption. The 1989 Bonds shall not be subject to
redemption prior to their respective maturities.
Section 8. Special Obligations. All of the 1989 Bonds, together with the interest
accruing thereon, shall be payable and collectible out of the Pledged Revenues, which are
hereby irrevocably so pledged; the owner or owners thereof may not look to any general or
other fund for the payment of principal and interest on the 1989 Bonds, except the designated
special funds pledged therefor; and the 1989 Bonds shall not constitute an indebtedness par
a debt within the meaning of any applicable charter, constitutional or statutory provision or
limitation; nor shall they be considered or held to be general obligations of the Town; and each
of the 1989 Bonds herein authorized to be issued shall recite on its face that it is payable and
collectible from the Pledged Revenues, and that the owners thereof may not look to any
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general or other fund for the payment of the Appreciated Principal Amount an the 1989
Bonds.
Section 9. Negotiability. Subject to the registration provisions hereof, the 1989
Bonds shall be fully negotiable and shall have all the qualities of negotiable paper, and the
owner or owners thereof shall possess all rights enjoyed by the holders or owners of negotiable
instruments under the provisions of the Uniform Camrnercial Code-Investments Securities. The
Appreciated Principal Amount of and interest on the 19$9 Bands shall be paid, and the 1989
Bands shall be transferable, free from and without regard to any equities between the Town
and the original ar any intermediate owner of any ].989 Bonds or any setoffs or crassclaims.
Section 10. Execution. The 1989 Bonds shall be executed in the name and on
behalf of the Tawn by the signature of the Mayor, shall be sealed with a manual or facsimile
impression of the seal of the Tnwzt and attested by the signature of the Town Clerk. Each
1989 Bond shall be authenticated by the manual signature of an authorized officer or employee
of the Registrar as hereinafter provided. The signatures of the Mayor and the Town Clerk
may be by manual or facsimile signature. The 1989 Bonds bearing the manual or facsimile
si~_natures of the otlicers in office at the time of the authorization thereof shall be the valid
and binding obligations of the Town (subject to the requirement of authentication by the
Registrar as hereinafter provided), notwithstandin4 that before the delivery thereof and
payment therefor or before the issuance of the 19$9 Bands upon transfer or exchange, any or
all of the persons whose manual or facsimile signatures appear thereon shall have ceased to
fill their respective offices. The Mayor and the Town Clerk shall, by the execution of a
signature certificate pertaining to the 1989 Bonds, adopt as and for their respective signatures
any facsimiles thereof appearing on the 1989 Bonds. At the time of the execution of the
signature certificate, the Mayor and the Town Clerk may each adopt as and far his or her
facsimile signature the facsimile signature of his pr her predecessor in office in the event that
such facsimile signature appears upon any of the 1989 Bonds.
No 1989 Bond shall be valid or obligatory for any purpose unless the certificate
of authentication, substantially in the form hereinafter provided, has been duly manually
executed by the Registrar. The Registrar's certificate of authentication shall be deemed to
-11-
•
have been duly executed by the Registrar if manually signed by an authorized officer or
employee of the Registrar, but it shall not he necessary that the same officer or employee sign
the certificate of authentication on all of the 1989 Bonds issued hereunder. By authenticating
any of the 1989 Bonds initially delivered pursuant to this Ordinance, the Registrar shall be
deemed to have assented to the provisions of this Ordinance.
Section 11. Registration. Transfer and Exchange.
A. Records for the registration and transfer of the 1989 Bonds shall be kept
by the Registrar, which is hereby appointed by the Town as registrar {i.e., transfer agent) for
the 1989 Bonds. Upon the surrender for transfer of any 1989 Bond at the Registrar, duly
endorsed for transfer or accompanied by an assignment duly executed by the registered owner
or his attorney duly authorized in writing, the Registrar shall enter such transfer on the
registration records and shall authenticate and deliver in the name of the transferee or
transferees a new 1989 Bond or Bonds of the same series, of a like aggregate Appreciated
Principal Amount and of the same maturity, bearing a number or numbers not previously
assigned. 1989 Bonds may be exchanged at the Registrar for an equal aggregate Appreciated
Principal Amount of 1989 Bonds of the series and the same maturity of other authorized
denominations. The Registrar shall authenticate and deliver a 1989 Bond or Bonds which the
registered owner making the exchange is entitled to receive, bearing a number or numbers not
previously assigned. The Registrar may impose reasonable charges in connection with such
exchanges and transfers of 1959 Bands, which charges {as well as any tax or other
governmental charge required to be paid with respect to such exchange or transfer) shall be
paid by the registered owner requesting such exchange or transfer.
B. The person in whose name any 1989 Bond shall be registered on the
registration records Kept by the Registrar shall be deemed and regarded as the absolute owner
thereof for the purpose of making payment thereof and for all other purposes; and, subject to
such exception, payment of or on account of any 1989 Bond shall be made only to or upon the
written order of the registered owner thereof or his 7ega1 representative, but such registration
may be changed upon transfer of such 1989 Bond in the manner and subject to the conditions
-12-
_. • ~ ~
and ]imitations provided herein. All such payments shall be valid and effectual to discharge the
liability upon such 19S9 Bond to the extent of the sum nr sums so paid.
C. If any 1989 Bond shall be lost, stolen, destroyed or mutilated, the
Registrar shall, upon receipt of such evidence, information or indemnity relating thereto as it
and the Town may reasonably require, authenticate and deliver a replacement 1989 Bond or
Bonds of a like aggregate Appreciated Principal Amount and of the same maturity, bearing a
number or numbers not previously assigned. If such lost, stolen, destroyed or mutilated 1989
Bond shall have matured or is about to became due and payable, the Registrar may direct the
Paying Agent to pay such 1989 Bond in lieu of replacement.
D. The af~icers of the Town are authorized to deliver to the Registrar fu€Iy
executed but unauthenticated 1989 Bonds in such quantities as may be convenient to be held
in custody by the Registrar pending use as herein provided.
E. Whenever any 1989 Bond shall be surrendered to the Paying Agent upon
payment thereof, or to the Registrar for transfer, exchange or replacement as provided herein,
such 1989 Bond shall be promptly cancelled by the Paying Agent or Registrar, and counterparts
of a certificate of such eanceilation shall be furnished by the Paving Agent or Registrar to the
Town.
Section i?. Farm of 1989 Bonds, Legal Opinion. Certificate and Registration.
Panel. The 1989 Bonds, the registration panel and the legal opinion certificate to appear on
the 19$9 Bonds shall be substantially as follows {provided that any portion of the 1989 Bond
text may, with appropriate references, be printed on the back of the 19$9 Bonds), with such
omissions, insertions, endorsements, and variations as to any recitals of fact or other provisions
as may be required by the circumstances, be required or permitted by this Ordinance, or be
consistent with this Ordinance and necessary ar appropriate to conform to the rules and
requirements of any ~avernmental authority or any usage ar requirement of law with respect
thereto:
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(Form of Bond)
STATE OF COLORADO
UNITED STATES OF AMERICA
TOWN OF VAIL, COLORADO
SALES TAX REVENUE BOND
SERIES f 989
NO. R-
INTEREST RATE
REGISTERED OWNER:
MATURITY DATE
DECEMBER 1,
DATED DATE CUSIP
APPRECIATED PRINCIPAL AMOUNT AT MATURITY:
ORIGINAL PRINCIPAL AMOUNT PER $5000 VALUE AT MATURITY:
The Tawn of Vail, in the County of Eagle and State of CoIarado {the "Town"),
for value received, promises to pay to the registered owner specified above, or registered
assigns, solely from the special funds provided therefor, the Appreciated Principal Amount
specified above, an the maturity date specified above which Appreciated Principal Amount
represents the original principal amount hereof plus interest compounded on each interest
payment date at the interest Rate per annum specified above from the Dated Date above to
the Maturity Date, compounded on June 1, 1990 and semiannually thereafter on December
1 and June 1 of each year. The principal of and interest on this bond is payable upon
presentation and surrender hereof at the principal corporate trust ofi"ice of the Town's registrar
COUNT' OF EAGLE
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and paying agent (the "Registrar" or the "Paying Agent"), presently Central Bank Denver,
National Association, in Denver, Colorado. All such payments shall be made in lawful money
of the United States of America without deduction for the services of the Paying Agent ar
Registrar.
The 1989 Bonds maturing are not subject to redemption prior to their respective
maturities.
The Bonds are issuable only as fully registered Bond in denominations of $S,Q{1Q
value at maturity ar any integral multiples thereof and are exchangeable for fully registered
Bonds of the same maturity and series in equal aggregate Appreciated Principal Amounts and
in authorized denominations at the aforesaid office of the Registrar, but only in the manner,
subject to the limitations and conditions, and upon payment o£ the charges provided in the
ordinance authorizing the issuance of the Bonds {the "Bond Ordinance").
This Band is fully transferable by the registered owner hereof in person ar by
his duly authorized attorney on the registration records kept by the Registrar upon surrender
of this Bond together with a duly executed written instrument of transfer satisfactory to the
Registrar. Upon such transfer a new fully registered bond of authorized denomination ar
denominations of the same series, aggregate Appreciated Principal Amount and maturity wi11
be issued to the transferee in exchange for this bond, subject to such terms and conditions and
an, payment of the charges as set forth in the Bond Ordinance. The City and the Registrar
and Paying Agent may deem and treat the person in whose name this Bond is registered as
the absolute owner. hereof for the purpose of making payment and for ail other purposes.
The 1989 Bonds are authorized for the purpose of defraying wholly or in part
the costs of the Parking Facilities (as depined in the Bond Ordinance), for the payment of casts
and expenses incidental thereto and to the issuance of the Bonds, and far funding a reserve
for the Bonds, all under the authority of and in full conformity with the Constitution of the
State of Colorado and the Town Charter and pursuant to the Bond Ordinance duly adopted,
published and made a law of the Totvn, all prior to the issuance of this bond.
The Bonds do not constitute a debt ar an indebtedness of the Town within the
meaning of any applicable charter, constitutional or statutory provision or limitation, shall net
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be considered or held to be a general obligation of the Town, and are payable from, and
constitute a pledge of, an irrevocable lien (but not necessarily an exclusive lien} on, all of the
proceeds to be derived by the Town from the Pledged Sales Tax (as defined in the Bond
Ordinance) and from any taxes which hereafter may be imposed by the Town in addition
thereto or in substitution therefor, Net Revenues (as defined in the Bond Ordinance} of the
Parking Facilities (as defined in the Bond Ordinance), any taxes, funds or revenues which the
Town hereafter pledges to the payment of the Bonds, certain other moneys held in the Bond
Fund and the Reserve Fund (as both such funds are defined in the Bond Ordinance), and
investment income on certain funds, aII to the extent that such moneys are at any time
required to be deposited into and held in the Income Fund, the Bond Fund, and the Reserve
Fund created by, and as provided in, the Bond Ordinance, sub3ect to certain exceptions and
exclusions as provided in the Bond Ordinance (the "Pledged Revenues"}.
The Bonds constitute a pledge of, and an irrevocable Iien (but not necessarily
an exclusive Iien) on all of the Pledged Revenues, The Bonds are equitably and ratably
secured by a lien on the Pledged Sales Tax, but the Bonds only constitute an irrevocable and
second and subordinate lien (but not necessarily an exclusive second Iien} upon the Pledged
Sales Tax, such lien being second and subordinate to the lien of the Town's outstanding
General Obligation Bonds, Series 1985 (the "1985 Bonds"). In connection with the Pledged
Sales Tax and as required by the ordinance which authorized the 1985 Bonds, the Town shall
fully provide far the debt service, reserve account, and other requirements of the 1985 Bonds
in any fiscal year and, only after such provision, may use excess Pledged Sales Taxes for the
payment of the principal of and interest on the Series Bonds, by transferring such excess
Pledged Sales Taxes to the Income Fund (as defined in the Bond Ordinance). The Bonds
constitute an irrevocable and first Iien (but not necessarily an exclusive first lien) upon the
other Pledged Revenues except for the Pledged Sales Tax.
Payment of the principal of and interest on this bond shall be made from, and
as security for such payment there are irrevocably (and exclusively) pledged, pursuant to the
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Bond Ordinance, moneys deposited and to be deposited in a special fund of the Tawn {the
"Band Fund") into which fund the Town has covenanted under the Ordinance to pay from the
Pledged Revenues, a sum sufficient, together with other moneys available in the Bond Fund
therefor, to pay when due the principal of and interest on the 1989 Bonds and any Additional
Bonds (as defined in the Bond Ordinance). in addition, there is irrevocably and exclusively
pledged to the payment of the 1989 Bonds and any Additional Bonds (as defined in the Bond
Ordinance) a reserve fund (the "Reserve Fund") which will be maintained as a reasonable
reserve therefor. Except as otherwise specified in the Band Ordinance, this Band is entitled
to the benefits of the Ordinance equally and ratably both as to principal (and redemption price)
and interest with a1I other Bonds issued and to be issued under the Bond Ordinance, to which
reference is made for a description of the rights of the owners of the 1989 Bonds and the
rights and obligations of the Town. This bond is payable from the Pledged Revenues, and the
owner hereof may not laa]€ to any general or other fund of the Town for the payment of the
principal of and interest on this bond eYCept the Pledged Revenues. Reference is made to the
Bond Ordinance for the provisions, among others, with respect to the custody and application
of the proceeds of the 1989 Bonds, the receipt and disposition of the Pledged Revenues, the
nature and extent of the security, the terms and conditions under which additional bonds
payable from the Pledged Revenues may be issued, the rights, duties and obligations of the
Town, and the rights of the owners of the Bands; and by the acceptance of this bond the
owner hereof assents to all provisions of the Band Ordinance. The principal of and the
interest on this band shall be paid, and this bond is transferable, free from and without regard
to any equities between the Town and the original ar any intermediate owner hereof or any
setoffs or cross-claims.
This bond must be registered in the name of the owner an the registration
records kept by the Registrar in conformity with the provisions stated herein and endorsed
herein and subject to the terms and conditions set forth in the Bond Ordinance. No transfer
17_
of this band shall be valid unless made on the registration records maintained at the principal
office of the Registrar by the registered owner or his attorney duly authorized in writing.
The Bonds have been designated in the Band Ordinance as "qualified tax-
exempt obligations" for the purposes of Section 2G5(b}(3) of the Internal Revenue Code of
19SG, as amended.
This bond shall not be valid or obligatory for any purpose until the Registrar
shall have manually signed the certificate of authentication herein.
IN TESTIMONY WHEREOF, the Town Council of the Town of Vail has
caused this bond Co be signed and executed in its name with a manual or facsimile signature
of the Mayor of the Town, and to be signed, executed and attested with a manual or facsimile
signature of_ the Town Clerk, with a manual or facsimile impression of the seal of the Town
affixed hereto, ail as of the date specified above.
(Manual or Facsimile Si~naturel
Mayor
(MANUAL OR FACSIMILE SEAL}
Attest:
!Manual or Facsimile Sienaturel
Tawn Clerk
(End of Form of Bond)
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(Form of Registrar's Certificate of Authentication)
This is one of the Bonds described in the within-mentioned Bond Ordinance, and
this Bond has been duly registered on the registration records kept by the undersigned as
Registrar for such Bonds.
CENTRAL BANK DENVER, NATIONAL
ASSOCIATION, as Registrar
Date of Authentication By:
and Registration: Authorized Officer or Employee
(End of Form of Registrar's Certificate of Authentication)
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• • •
(Form of Assignment)
Far value received, the undersigned hereby sells, assigns and transfers unto
the within Bond and hereby irrevocably constitutes and appoints
attorney, to transfer the same on the records of the Registrar, with full
power of substitution in the premises.
Dated:
Signature Guaranteed:
Address of transferee:
Social Security or other ta.~
identification number of transferee:
NOTE: The signature to this Assignment must correspond with the name as written on the
face of the within Bond in every particular, without alteration or enlargement or any change
whatsoever.
(End of Form of Assignment)
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' (Form of Legal Opinion Certificate)
STATE OF COLORADO )
LEGAL OPINION
COUNTY OF EAGLE ) SS. CERTIFICATE
TOWN OF VAIL )
I, the undersigned Town Clerk of the Town of Vail, in the County of Eagie and
State of Colorado, do hereby certify that the following approving legal opinion of Sherman &
Howard, Attorneys at Law, Denver, Colorado:
Insert text of legal opinion]
is a true, perfect and complete copy of a manually executed and dated copy thereof on file in
the records of the Town in my office; that a manually executed and dated copy of the opinion
was forwarded to a representative of the original purchasers for retention in their records; and
that the opinion was dated and issued as of the date of the delivery of and payment for the
Bonds of the series of which this is one.
IN WITNESS WHEREOF, I have caused to be hereunto set my manual or
facsimile signature.
(Manual or Facsimile Si~naturel
Town Clerk
(End of Form of Legal Opinion Certificate)
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Section 13. Delivery of 2989 Boncls and Disnositian of Proceeds. When the
1989 Bonds have been duly executed by appropriate Town officers and authenticated by the
Registrar, the Town Manager shall cause the 1989 Bonds to be delivered, at one time or from
time to time, to the Purchaser, on receipt of the agreed purchase price. The 1989 Bonds shall
be delivered in such denominations as the Purchaser shall direct (but subject to the provisions
of Section 5 hereof}; and the Registrar shall initially register the 1989 Bands in such name or
names as the Purchaser shall direct.
The proceeds of the 1989 Bonds, including without limitation the accrued interest
thereon, shall be deposited promptly by the Town Manager and shall be accounted far in the
following manner and are hereby pledged therefor, but the Purchaser of the 1989 Bonds ar any
subsequent Owner in no manner shall be responsible for the application or disposal by the
Town or any of its officers of any of the funds derived from the sale:
(i} All accrued interest, if any, received in respect of the 1989 Bonds shall be
credited to the Bond Fund to be applied to the payment of the 1989 Bonds.
(ii} An amount equal to ten percent of the original principal amount of the
1.989 Bonds as of the date of initial delivery shall be credited to the Reserve Fund.
(iii) All remaining proceeds of the Series 1989 Bonds shall be credited to the
following special and separate account, hereby created and established, to be known as
the "Town of Vail, Colorado Sales Tax Revenue Bands, Series 19$9, Construction
Fund," to be used, together with any other available moneys therefor, to pay the costs
of the Parking Facilities including costs incidental to the issuance of the 19$9 Bonds.
After payment of all costs of the Parking Facilities, or after adequate provisions
therefor is made, any unexpended balance in the Construction Fund shall be deposited
in the Bond Fund and applied to the payment of the principal of and interest on the
Series 19$9 Bands.
Section 14. Use of Monevs in Income Fund.
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i s ~
A. Income Fund. So long as any Bonds shall be Outstanding, either as to
principal or interest, the Pledged Revenues shall, upon receipt by the Town, be deposited in
the following special and separate account, hereby created and established, to be known as the
"Town of Vail Income Fund." The following payments shall be made from the Income Fund:
B. Band Fund. First, there shall be credited from the Income Fund to a fund
hereby created and to be known as the "Town of Vail, Sales Tax Bond Fund" the following
amounts:
I. Interest Payments. l~tnnthly to the Bond Fund, commencing on the first day
of the month immediately succeeding the delivery of any of the Bonds, or commencing on the
first day of the month ape year next prior to the first interest payment date of any of the
Bonds, whichever commencement date is later, an amount in equal monthly installments
necessary, together with any moneys therein and available therefor, to pay the interest due and
payable on the Outstanding Bonds on the next succeeding interest payment date.
2. Principal Payments. Monthly to the Bond Fund, commencing on the first day
of the month immediately succeeding the delivery of any of the Bonds, or commencing on the
first day of the month one year next prior to the first principal payment, date of any of the
Bonds, whichever commencement date is later, an amount in equal monthly installments
necessary, together with any moneys therein and available therefor, to pay the principal and
redemption premium, if any, due and payable on the Outstanding Bonds on the next succeeding
principal payment date.
3. Reduction of Payments. If prior to any interest payment date or principal
payment date, there has been accumulated in the Bond Fund the entire amount necessary to
pay the next maturing installment of interest or principal, or bath, the payment required in
subparagraph (1) or (2) (whichever is applicable) of this paragraph, may be appropriately
reduced; but the required monthly amounts again shall be so credited to such account
commencing an such interest payment date or principal payment date. The moneys in the
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Bond Fund shall be used only to pay the principal of, prior redemption premium if any, and
interest on the Bonds as the same becomes due.
C. Reserve Fund. Second, except as hereinafter provided, from any moneys
remaining in the Income Fund there shall be credited monthly, to a separate account hereby
created and to be known as the "Town of Vail Sales Tax Revenue Bonds Reserve Fund" an
amount, if any, which is necessary to maintain the Reserve Fund as a continuing reserve in an
amount not less than the Reserve Fund Requirement or to pay the issuer of any Bond Reserve
M Insurance Policy any amounts owing to such issuer under the terms of the Bond Reserve
Insurance Policy. In determining the amounts required to be deposited as provided above, the
Town shall receive credit for any investment earnings on the deposits in the Reserve Fund.
Investment earnings on deposits in the Reserve Fund shall remain in the Reserve Fund until
the amount on deposit equals the Maximum Annual Debt Service Requirement. No credit
need be made to the Reserve Fund so long as the moneys andlor a Bond Reserve Insurance
Policy therein equal the Reserve Fund Requirement (regardless of the source of such
accumulations). The Reserve Fund Requirement shall be accumulated and maintained as a
continuing reserve to be used, except as hereinafter provided in subsections D, and F of this
Section and Section 20 hereof, only to prevent deficiencies in the payment of the principal of
and the interest on the Bonds resulting from the failure to credit to the Bond Fund sufficient
funds to pay said principal and interest as the same accrue or to pay the issuer of any Bond
Reserve Insurance Policy any amounts owing to such issuer under the terms of the Bond
Reserve Insurance Policy. The Reserve Fund Requirement shall be calculated upon {i) any
principal payment, whether at stated maturity or upon redemption, {ii) the issuance of
Additional Bonds, or {iii} the defeasance of all or a portion of the Brands.
In lieu of all or a portion of the moneys required to be deposited in the Reserve
Fund by this Ordinance, the Town may at any time or from time to time deposit a Bond
Reserve Insurance Policy in the Reserve Fund in full or partial satisfaction of the Reserve
Fund Requirement; provided that any such Bond Reserve Insurance Pollcy shall be payable on
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~ ~ ~
any date on which moneys will be required to be withdrawn from the Reserve Fund as provided
herein. Upon deposit of any Bond Reserve insurance Policy in the Reserve Fund, the Town
may transfer moneys equal to the amount payable under the Band Reserve Insurance Policy
from the Reserve Fund and apply such moneys to any lawful purpose.
If the covenant contained in Section 19.K. of this Ordinance does not permit the
use of proceeds of any series of Bonds for a full funding of the Reserve Fund in the amount
of the Reserve Fund Requirement, the maximum amount of proceeds of such series of Bonds
which may be deposited to the Reserve Fund pursuant to Section 19.K. shall be deposited to
the Reserve Fund upon the issuance of such series of Bonds, and PIedged Revenues shall be
deposited to the Reserve Fund monthly so that not later than twelve calendar months after
the date of issuance of such series of Bands, the amount on deposit in the Reserve Fund shall
equal the Reserve Fund Requirement.
D. Termination Upon Deposits to Maturity or Redemption Date. No payment
need be made into the Bond Fund, the Reserve Fund, or both, if the amount in the Bond
Fund and the amount in the Reserve Fund total a sum at least equal to the entire amount of
the Outstanding Bonds, both as to principal and interest to their respective maturities, or to
any redemption date on which the Town shall have exercised its option to redeem the Eonds
then Outstanding and thereafter maturing, including any prior redemption premiums then due,
and both accrued and not accrued, in which case moneys in said two funds in an amount at
least equal to such principal and interest requirements shall be used solely to pay such as the
same accrue, and any moneys in excess thereof in said two funds may be withdrawn and used
for any lawful purpose.
E. Defravina De'innuencies in Bond and Reserve Funds. If an any required
monthly payment date the Town shall for any reason fail to pay into the Bond Fund the full
amount above stipulated, then an amount shall be paid into the Bond Fund on such date from
the Reserve Fund equal to the difference between the amount paid and the full amount so
stipulated. The money so used shall be replaced in the Reserve Fund from the first Pledged
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• ~ •
Revenues received that are not required to be otherwise applied by this section, but excluding
any payments required for any subordinate obligations; provided, however, that an amount
equal to the amount withdrawn from the Reserve Fund shall be deposited by the Town in the
Reserve Fund no later than twelve months from the date of such withdrawal. If at any time
the Town shall for any reason fail to pay into the Reserve Fund the full amount above
stipulated from the Pledged Revenues, the difference between the amount paid and the amount
so stipulated shall in a like manner be paid therein from the first Pledged Revenues thereafter
received not required to be applied otherwise by this section, but excluding any payments
required for any subordinate obligations. The moneys in the Bond Fund and in the Reserve
Fund shall be used solely for the purpose of paying the principal and any redemption premium
of and the interest on the Bands and moneys in the Reserve Fund shaII be used to pay the
issuer of any Bond Reserve Insurance Policy any amounts awing to such issuer under the terms
of the Bond Reserve Insurance Policy; provided, however, that any moneys at any time in
excess of the Reserve Fund Requirement calculated with respect to the Bonds in the Reserve
Fund may be withdrawn therefrom and used for any lawful purpose; and provided, further, that
any moneys in the Band Fund and in the Reserve Fund in excess of accrued and unaccrued
principal and interest requirements to the respective maturities of the Outstanding Bonds may
be used as provided in Paragraph D of this section.
F. Rebate Fund. Third, there shall be deposited in a special account hereby
created and to be known as the "Town of Vail Sales Tax Revenue Bonds Rebate Fund"
amounts required by Section 148(f) of the Tax Code to be held until such time as any required
rebate payment is made. Amounts in the Rebate Fund shall be used far the purpose of
making the payments to the United States required by Section 148{f} of the Tax Cade. Any
amounts in excess of those required to be on deposit therein by Section 14${f} of the Tax Code
shall be withdrawn .therefrom and deposited into the Income Fund. Funds in the Rebate Fund
shall not be subject to the Iien created by this ordinance to the extent such amounts are
-?b-
~ ~ ~
required to be paid to the United States Treasury. The Town may create separate accounts
rn the Rebate Fund in connection with the issuance of Additional Bonds.
G. Payment for Subordinate Obligations. A.£ter the payments required by
Paragraphs B, C and F of this section, the Pledged Revenues shall be used by the Town far
the payment of interest on and principal of any subordinate lien obligations hereafter
authorized to be issued and payable from the Pledged Revenues, including reasonable reserves
therefor.
H. Use of Remainine Revenues. After making the payments required to be
made by this Section, any remaining Pledged Revenues may be used for any lawful purpose.
Nothing in this Ordinance shall prevent the Town from withdrawing from the
Income Fund amounts collected by the Town and subsequently determined, pursuant to the
applicable Sales Ta~c Ordinances, to be subject to valid claims for refunds.
Section 1S. General Administration of Funds. The funds designated in
Sections 13 and 14 hereof shall be administered as follows subject to the limitations stated in
Section 19.K. hereof:
A. Budget and Annronriatic~n of Funds. The sums provided to make the
payments specified in Section 14 hereof are hereby appropriated for said purposes, and said
amounts for each year shall be included in the annual budget and the appropriation ordinance
or measures to be adopted or passed by the Tawn Council in each year respectively while any
of the 19$9 Bonds, either as to principal or interest, are Outstanding and unpaid. No provision
of any constitution, statute, charter, ordinance, resolution or other order or measure enacted
after the issuance of the 19$9 Bonds shall in any manner be construed as limiting or impairing
the obligation of the Tawn to keep and perform the covenants contained in this Ordinance sa
long as any of the 19$9 Bonds remain Outstanding and unpaid. Nothing herein shaII prohibit
the Town Council, at its sale option, from appropriating and applying other funds of the Town
legally available for such purpose to the Band Fund ar Reserve Fund for the purpose of
-27-
• • •
providing for the payment of the principal of, interest an or any premiums due with respect to
the 1989 Bands.
B. Places and Times of Deposits. Each of the special funds created in
Section 14 hereof and the Construction Fund created in Section 13 hereof shall be maintained
in a Commercial Bank as a book account kept separate and apart from all other accounts ar
funds of the Town as .trust accounts solely for the purposes herein designated therefor. For
purposes of investment of moneys, nothing herein prevents the commingling of moneys
accounted for in any two or more such book accounts pertaining to the Pledged Revenues or
to such funds and any other funds of the Town to be established under this Ordinance. Such
book account shall be continuously secured to the fullest extent required by the laws of the
State for the securing of public funds and steal! be irrevocable and not withdrawable by anyone
for any purpose other than the respective designated purposes of such funds or accounts. Each
periodic payment shall be credited to the proper book account not later than the date therefor
herein designated, except that when any such date shall be a Saturday, a Sunday or a legal
holiday, then such payment shall be made on or before the next preceding business day.
C. Investment of Funds. Any moneys in the Construction Fund created
pursuant to Section 13 hereof, and any moneys in any fund established by Section 14 of this
Ordinance may be deposited, invested or reinvested in any manner permitted by law. Securities
or obligations purchased as such an investment shall either be sub3ect to redemption at any
time at face value by the holder thereof at the option of such holder, or shall mature at such
time or times as shall most nearly coincide with the expected need for moneys from the fund
in question. Securities or obligations so purchased as an investment of moneys in any such
fund shall be deemed at all times to be a part of the applicable fund. The Town shall present
far redemption or sale on the prevailing market any securities or obligations so purchased as
an investment of moneys in a given fund whenever it shall be necessary to do so in order to
provide moneys to meet any required payment or transfer from such fund. The Town shall
have no abli~ation to make any investment or reinvestment hereunder, unless any moneys on
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• • i
hand and accounted for in any one account exceed $5,000 and at least $5,000 therein will not
be needed for a period of not less than sixty days. In such event the Town shall invest or
reinvest not less than substantially all of the amount which will not be needed during such sixty
day period, except for any moneys on deposit in an interest bearing account in a Commercial
Bank, without regard to whether such moneys are evidenced by a certificate of deposit or
otherwise, pursuant to this Section 1S.B. and Section I.S.C. hereof; but the Town is not
required to invest, or so to invest in such a mariner, any moneys accounted for hereunder if
any such investment would contravene the covenant concerning arbitrage in Section 19.K.
hereof.
L?. No Liability for Losses Incurred in Performing Terms of Ordinance. Neither
the Town nor any officer of the Town shall be liable or responsible for any lass resulting from
any investment or reinvestment made in accordance with this Ordinance.
E. Character of Funds. The moneys in any fund or account herein authorized
shall consist of ]awful money of the United States or investments permitted by Section 1S.C.
hereof or both such money and such investments (except the Escrow Account, which shall
consist of the invcstrnents described in the Escrow Agreement). Moneys deposited in a demand
or time deposit account in or evidenced by a certificate of deposit of a Commercial Bank
pursuant to Sectiuns 1S.B. and 1S.C. hereof, appropriately secured according to the laws of the
State, shall be deemed lawful money of the United States.
Sec€ion 1G. Lien on Pledged Revenues. The 1959 Bonds constitute a pledge
of, and an irrevocable lien {but not necessarily an exclusive lien} an all of the Pledged
Revenues. The 1989 Bonds are equitably and ratably secured by a lien on the Pledged Sales
Tax, but the 1959 Bands, in accordance with the requirements of the Series 1985 Ordinance,
only constitute an irrevocable and second and subordinate lien (but not necessarily an exclusive
second lien) upon the Pledged Sales Tax, such lien being second and subordinate to the lien
of the Town's Series 19SS Bands. In connection with the Pledged Sales Tax and as required
by the Series 1955 ordinance, the Town shall fully provide for the debt service, reserve
-? 9-
account, and other requirements of the Series 1985 Bonds in any Fiscal Year and, only after _ -
such provision, may use excess Pledged Sales Taxes £or the payment o£ the principal of and
interest on the Series 1989 Bonds, by transferring such excess Pledged Sales Taxes to the
Income Fund. The Series 1959 Bonds constitute an irrevocable and first lien (but not
necessarily an exclusive first lien) upon the other Pledged Revenues except for the Pledged
Sales Tax.
Section 17. Additional Bonds.
A. Lirnitations Ur~on Issuance of Additional Bands. Nothing in this Ordinance
shall be construed in such a manner as to prevent the issuance by the Tnwn of additional
bonds or other obligations, payable from and constituting a lien upon the Pledged Revenues
on a parity with the Lien of the 1989 Bonds (the "Additional Bonds"). Such Additional Bands
may be payable solely from PIedged Revenues or they may be payable from Pledged Revenues
and another revenue or fund of the Tawn {"Additional Pledged Revenues"), Regardless of
whether payable solely from Pledged Revenues or from Pledged Revenues and Additional
Pledged Revenues, before any such bonds or other obligations are authorized or actually issued
the following condition shall be satisfied: for the Fiscal Year immediately preceding the issuance
of any Additional Bonds, the amount of PIedged Revenues in such Fiscal Year must equal or
exceed 134% of the Maximum Annual Debt Service Requirement on the Bonds (including the
Additional Bonds proposed to be issued) plus the outstanding Series 1985 Bonds, For the
purpose of satisfying the aforementioned 134% test, any tax, now existing or hereafter imposed,
which Iegally becomes a part of the PIedged Revenues during the Fiscal Year preceding the
issuance of Additional Bonds, or any tax which is to legally become a .part of the Pledged
Revenues immediately prior to the issuance of Additional Bands, or any increase in the rate
of any tax which is a part of the Pledged Revenues which increase is imposed during the
Fiscal Year preceding the issuance of Additional Bonds or any such increase which is to be
imposed immediately prior to the issuance of Additional Bonds can be considered for its
estimated effect nn the amount of the PIedged Revenues as if such tax or increase had been
-34-
- ,. in effect for the Fiscal Year immediately preceding the issuance of such Additional Bonds.
Any tax which is no longer in effect at the time of issuance of the Additional Bonds shall not
be considered for purposes of satisfying the 130% test. Any Pledged Revenue which is not a
tax shall be considered similarly for purposes of satisfying the 130%a test.
If the ordinance authorizing a series of Additional Bonds will pledge Additional
Pledged Revenues to the Bands, the estimated effect of the amount of such Additional Pledged
Revenues may be considered as if such revenues had been received for the last Fiscal Year
immediately preceding the issuance of such Additional Bonds.
B. Certificate of Revenues. A written certification by a certified public
accountant who is not an employee of the Town that the requirements of paragraph A of this
section have been met shall be conclusively presumed to be accurate in determining the right
of the Town to authorize, issue, sell and deliver said Additional Bonds on a parity with the
1989 Bonds herein authorized.
C. Subordinate Obligations Permitted. Nothing in this Ordinance shall be
construed in such a manner as to prevent the issuance by the Town of additional obligations
payable from and constituting a lien upon the Pledged Revenues subordinate or junior to the
lien of the 1989 Bonds.
D, Sunerior Oblications Prohibited. Nothing in this Ordinance shall be
construed sa as to permit the Town to hereafter issue obligations payable from the Pledged
Revenues having a lien thereon prior or superior to the 1989 Bonds.
Section 18. Refundinff Obligations.
A. Generally. If at any time after the 1989 Bonds, or any part thereof, shall
have been issued and remain Outstanding, the Town shall find it desirable to refund any
Outstanding obligations payable from the Pledged Revenues, said obligations, or any part
thereof, may be refunded, subject to the provisions of Paragraph B of this Section, if (1} the
obligations to be refunded, at the time of their required surrender for payment, shall then
mature or shall then be callable for prior redemption at the Town's option upon proper call,
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or (2) the owners of the obligations to be refunded and Bond Insurer, if Band insurer insured
such obligations, consent to such surrender and payment.
B. Protection of Obligations Not Refunded. Any refunding obligations payable
from the Pledged Revenues shall be issued with such details as the Town Council may provide,
so long as there is no impairment of any contractual obligation imposed upon the Town by any
proceedings authorizing the issuance of any unrefunded portion of obligations payable from the
Pledged Revenues; but so Iong as any 1989 Bonds are Outstanding, refunding obligations
payable from the PIedged Revenues may be issued on a parity with the unrefunded Bonds only
if:
(1} Prior Consent. The Town first receives the consent of the owner or owners
of the unrefunded Bonds and Band Insurer, if Bond Insurer insured such obligations; or
(2) Requirements Not Increased. The refunding obligations do not increase by
more than $25,000, far any Fiscal Year prior to and including the last maturity date of any
unrefunded Bonds, the aggregate principal and interest requirements evidenced by such
refunding obligations and by any Outstanding Bonds not refunded, and the Iien of any
refunding parity obligations on the Pledged Revenues is not raised to a higher priority than the
lien thereon of any obligations thereby refunded; or
(3) Earnings Test. The refunding obligations are issued in compliance with
paragraphs A and B of Section 17 hereof.
Section 19. Protective Covenants. The Town hereby additionally covenants and
agrees with each and every owner of the 1989 Bands that:
A. Use of 1989 Bond Proceeds. The Town will proceed with the construction
of the Parking Facilities without delay and with due diligence.
B. Payment of 1989 Bonds. The Town will promptly pay the Appreciated
Principal Amount of every 1989 Bond issued hereunder and secured hereby on the dates and
in the manner specified herein and in said 1989 Bonds according to the true intent and
.,
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meaning hereof. Such Appreciated Principal Amount is payable solely from the Pledged
Revenues.
C. Amendment of Certain Ordinances; Duty to Impose Sales Tax; Impairment
of Contract. The Sales Tax Ordinances are in full force and effect and have not been repealed
or amended. The Town will not repeal ar amend said Sales Tax Ordinances in any manner
which would diminish the proceeds of the Sales Tax by an amount which would materially
adversely affect the rights of the owners of the Bonds. The Town asrees that anv taw_
ordinance nr resolution of the Town, in any manner affecting the Pledged Revenues or the
Bands, or otherwise appertaining thereto, shall not be repealed or otherwise directly or
indirectly modified in such manner as to materially adversely affect any Bonds Outstanding,
unless the required consent is obtained, al! as provided in Section 28 of this Ordinance.
Notwithstanding any other provision of this Section or this Ordinance, the Town
shall retain the right to make changes, without any consent of Bond owners or the Bond
Insurer, in the Sales Tax Ordinances, or any ordinance supplemental thereto or in substitution
therefor, concerning the use of proceeds of the Pledged Sales Tax remaining after the current
requirements of all ordinances authorizing bonds or other securities payable from the Pledged
Sales Tax, or anv portion thereof, have been met; or concerning changes in applicability,
exemptions, administration, collection nr enforcement of the Sales Tax, if such changes do not
materially adversely affect the security for the Bonds; but the Town shall not reduce the
present rates of the Pledged Sales Tax, without the consent of the owners of sixty-six percent
(66°ra) in agnregate principal amount of the then Outstanding X989 Bonds ar Bond Insurer
(whichever is appropriate), as provided in Section 25 of this Ordinance.
The foregoing covenants are subject to compliance by the Tow^ with orders of
courts of competent jurisdiction concerning the validity, constitutionality or collection of such
tax revenues, any legislation of the United States or the State or any regulation or other action
taken by the federal government or any State agency or any political subdivision of the State
pursuant to such legislation, in the exercise of the police power thereof for the public welfare,
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which legislation, regulation or action applies to the Town as a Colorado home rule city and
limits or otherwise inhibits the amount of such tax revenues clue to the Town. All of the
Pledged Revenues resulting from the imposition and collection of the Sales Tax shall be subject
to the payment of the principal af, interest on, and redemption premium, if any, of all securities
payable from the Pledged Revenues, including reserves therefor, as provided herein or in any
instrument supplemental or amendatory hereof.
D. Defense of Legality of Pledged Revenues. There is not pending ar
threatened any suit, action or proceeding against or affecting the Tawn before or by any court,
arbitrator, administrative agency ar other governmental authority which affects the validity or
legality of this Ordinance, or the Sales Tax Ordinances or the imposition and collection of the
Sales Tax, any of the Town's obligations under this Ordinance or any of the transactions
contemplated by this Ordinance or the Sales Tax Ordinances,
The Town shall, to the extent permitted by law, defend the validity and legality
of this Ordinance, the Sales Tax and the Sales Tax Ordinances against all claims, suits and
proceedings which would diminish ar impair the Pledged Revenues. Furthermore, the Town
shall amend from time to time the provisions of any ordinance nr resolution of the Town, as
necessary to prevent impairment of the Pledged Revenues as required to meet the principal
of, interest on, and prior redemption premium, if any, of the 1989 Bonds when due.
E. Further Assurances. At any and all times the Town shall, so far as it may
be authorized by law, pass, make, do, execute, acknowledge, deliver and file or record al! and
every such further instruments, acts, deeds, conveyances, assignments, transfers, other
documents and assurances as may be necessary ar desirable for the better assuring, conveying,
granting, assigning and confirming all and singular the rights, the Pledged Revenues and other
funds and accounts hereby pledged or assigned, or intended so to be, or which the Town may
hereafter became bound to pledge or to assign, or as may be reasonable and zequired to carry
out the purposes of this Ordinance. The Town, acting by and through its officers, or otherwise,
shall at all times, to the extent permitted by law, defend, preserve and protect the pledge of
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said Pledged Revenues and other funds and accounts pledged hereunder and all the rights of
every owner of any of the 1989 Bonds against aII claims and demands of all Persons
whomsoever.
F. Cnnditians Precedent. Upon the issuance of any of the 1989 Bonds, alI
conditions, acts and thins required by the Constitution or Ia~vs of the United States, the
Constitution nr laws of the State, the Charter or this Ordinance, to exist, to have happened,
and to have been performed precedent to or in the issuance of the 1989 Bonds shall exist, have
happened and have been performed, and the 1989 Bands, together with all other obligations
of the Town, shall not contravene any debt or other limitation prescribed by the Constitution
ar laws of the United States, the Constitution or laws of the State or the Charter.
G. Records. Sa long as any of the 1989 Bonds remain Outstanding, proper
books of record and account will be kept by the Town, separate and apart from all other
records and accounts, showing complete and correct entries of all transactions relating to the
Pledged Revenues and the funds created or continued by this Ordinance.
H. Audits. The Town further agrees that it will, within 14D days following the
close of each fiscal year, cause an audit of such books and accounts to be made by a certified
public accountant, who is not an employee of the Town, showing the revenues and expe;:ditures
of the Pledged Revenues. The Town agrees to allow the owner of any of the 1989 Bonds to
review and copy such audits and reports, at the Town's offices. at his request. Copies of such
audits and reports will be furnished to Bond Insurer and the Purchaser.
I. Performinn Duties. The Town will faithfully and punctually perform all duties
with respect to the Pledged Revenues required by the Charter and the Constitution and laws
of the State and the ordinances and resolutions of the Town, including but not limited to the
proper collection and enforcement of the Sales Taxes and the segregation of the Pledged
Revenues and their app[icatinn to the respective funds herein designated.
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J. Other Liens. As of the date of issuance of the 1989 Bands, other than the
Series 1985 Bonds and the 1989 Bands, there are no liens ar encumbrances of any nature
whatsoever on or against any of the Pledged Revenues.
K. Tax Coven?nt. The Tawn covenants far the benefit of the Registered
Owners of the 1989 Bands that it will not tape any action or omit to take any action with
respect to the 1989 Bonds, the proceeds thereof, any other funds of the Town or any facilities
financed with the proceeds of the 1989 Bonds if such action or omission (i) would cause the
interest on the 19S9 Bonds to lase its exclusion from grass income for federal income tax
purposes under Section la3 of the Tax Gode, (ii) would cause interest on the 1989 Bonds to
lose its exclusion from alternative minimum taxable income as defined in Section 5S(b)(2) of
the Tax Cade except to the extent such interest is required to be included in the adjusted net
book income and adjusted current earnings adjustments applicable to corporations under
Section 5G of the Tax Code in calculating corporate alternative minimum taxable income,
(iii) would subject the Town to any penalties under Section 148 of the Tax Code or (iv) would
cause interest on the 1989 Bonds to lose its exclusion from Colorado taxable income or
Colorado alternative minimum taxable income under present Colorado law. The foregoing
covenant shall remain in full farce and effect notwithstanding the payment in full or defeasance
of the 1989 Bonds until the date an which all obligations of the Town in fulfilling the above
covenant under the Tax Code and Colorado law have been met. For the purposes of Section
26~(b)(3)(B} of the Tax Cnde, the Tawn hereby designates the 1989 Bonds as qualified tax-
exempt obligations.
L. Town's Existence. The Town will maintain its corporate identity and
existence 50 long as any of the 1989 Bonds remain Outstanding, unless another political
subdivision by operation of law succeeds to the duties, privileges, powers, liabilities, disabilities,
immunities and rights of the Town and is obligated by law to receive and distribute the Pledged
Revenues in place of the Town, without materially adversely affecting the privileges and rights
of any owner of any Outstanding 19$9 Bonds.
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M. Performance of Duties. The Town will faithfully and punctually perform or
cause to be performed all duties with respect to the Gross Revenues and the Parking Facilities
required by the laws of the State and the resolutions of the Town, including without limitation
filing and collecting reasonable and sufficient charges for services rendered or furnished by the
Parking Facilities as herein provided, and the proper segregation of the Gross Revenues as set
forth in Section 14 hereof and their application to the respective funds as herein provided.
N. Fees. Rates and Char~es. So long as the Series 1989 Bonds authorized
herein remain Outstanding, the Town will cause to be established, imposed and maintained
such reasonable fees, rates and other charges for the use or otherwise in respect of the Parking
Facilities as will provide in each Fiscal Year sufficient Gross Revenues which together with
other Pledged Revenues shall be sufficient:
(i) To pay the general operating expenses; and
(ii} to pay the annual requirements of principal of, premium, if
any, and interest on the Outstanding Bonds, including any
required credit to the Reserve Fund and the Rebate Fund.
Such fees, rates and charges shall be reasonable and just, taking into account the cost and
value of the Parking Facilities and the costs of operating and maintaining them, and the
amounts necessary for the retirement oi:' all bonds and any other obligations payable from the
gross revenues, accrued interest thereon and any reserves therefor.
O. Prompt Collections. The Town will cause the Gross Revenues to be
collecteGf promptly and accounted for in the funds as herein provided
P. Maintenance of Parking Facilities. The Tawn will at all times maintain the
Parking Facilities in good repair, working order and condition, will continually administer and
operate the Parking Facilities, and from time to time will make all needful and proper repairs,
renewals and replacements of the Parking Facilities.
Q. Disposal of ProAerty Prohibited. Except for any ]ease or other right of use
far proper rentals or other consideration, the Town will not sell, mortgage, pledge or otherwise
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encumber, or in any manner dispose of, or otherwise alienate, the Parking Facilities or any part
thereof, until all 1989 Bonds shall have been paid in full, both principal and interest, or unless
provision has been made therefor, except as provided in Section 19.R. hereof.
R. Disn~s~l of Unnecess~rv Property. The Town may sell, destroy, abandon,
otherwise dispose of, nr alter at any time any property comprising a part of the Parking
Facilities which shall have been replaced by other property of at least equal value, or which
shall cease to be necessary for the efficient operation of the Parking Facilities, or which wiI1
not materially adversely affect the owners of the 1989 Bonds. A written determination by the
Town that the Gross Revenues will be sufficient to meet the requirements of this Section
19.R, shall be conclusively determined to be accurate; provided, however, that in the event of
any sale or other compensated disposition as aforesaid, the proceeds received on such
disposition shall be credited to the Bond Fund.
S. Fire and Extended Coverage Insurance. The Town shall acquire and
maintain, or cause to be acquired and maintained, fire and extended coverage insurance on the
Parking Facilities in amounts at least sufficient to provide for not less than full recovery
whenever the Ions from perils insured against does not exceed ninety (90%) of the full insurable
value of the Parking Facilities. The Town, at its election, may provide for such fire and
extended coverage insurance on the Parking Facilities partially or wholly by means of a self-
insurance fund as provided by applicable law, in compliance with the requirements hereof. Any
such self-insurance shall be deemed to be insurance coverage hereunder.
T. Other Insurance. The Town shall purchase and maintain in connection with,
but not necessarily limited to, the Parking Facilities public liability insurance and workmen's
compensation insurance in such amounts and to such extent as may be required under the laws
of the State or, in the absence of any State requirement, in an amount not less than the
limitations provided in the Colorado Governmental Immunity Act (Article 10, Title 24 of the
Colorado Revised Statutes, as amended). The Town, at its election, may provide for the
insurance specified in this Section 19.T partially ar wholly by means of aself-insurance fund
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as provided by applicable law. .Any such self-insurance shall be deemed to be insurance
coverage hereunder. The proceeds of fire and extended coverage insurance covering the
Parking Facilities, at the option of the Town, shall (i) be used forthwith for the purpose of
repairing the property destroyed, provided that any insurance proceeds remaining upon the
completion of such repair or replacement shall be deposited in the Bond Fund or (ii) be
deposited forthwith to the Bond Fund.
U. Suretv Bonds. Each official of the Town having custody of the Fledged
Revenues, or responsible for their handling, shall be fully bonded at alI times, which bond shall
be conditioned upon the proper application of such money.
V. Prejudicial Contracts and Action Prohibited. No contract will be entered
into, nor will any action be taken, by the Town by which the rights and privileges of any Owner
are impaired or diminished.
Section 20. Defeasance. When the 1989 Bonds have been fully paid, all
obligations hereunder shall be discharged, and the 1989 Bonds shall no longer be deemed to
be Gutstanding for any purpose of this Ordinance, except as set forth in Section 19.K. hereof.
Payment of any 1959 Bonds shall be deemed made when the Town has placed in escrow with
a Trust Bank an amount sufficient (including the known minimum yield from Governmental
Obligations) to meet all requirements of Appreciated Principal Amount as the same become
due to maturity. The Governmental Obligations shall become due prior to the respective times
on which the proceeds thereof shall be needed, in accordance with a schedule agreed upon
between the Town and such Trust Bank at the time of creation of the escrow and shall not
be callable prior to Choir scheduled maturities by the issuer thereof.
In the event that there is a defeasance of only part of the 19$9 Bonds of any
maturity, the Registrar shall, if requested by the Town, institute a system to preserve the
identity of the individual ].959 Bonds or portions thereof so defeased, regardless of changes in
bond numbers attributable to transfers and exchanges of 19S9 Bonds; and the Registrar shall
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be entitled to reasonable compensation and reimbursement of expenses from the Town in
connection with such system.
Section 21. Deleeated Powers. The officers of the Town be, and they hereby
are, authorized and directed to take all action necessary or appropriate to effectuate the
provisions of this Ordinance, including, without limiting the generality of the foregoing, the
printing of the 1989 Bonds with the opinion of bond counsel thereon, the procuring of bond
insurance entering into and executing appropriate agreements with the Registrar and Paying
Agent as to its services hereunder, and the execution of such certificates as may be required
by the Purchaser, including, but not necessarily limited to, the absence and existence of factors
affecting the exclusion of interest on the 1989 Bonds from gross income for federal income tax
purposes.
The form, terms and provisions of the Purchase Contract, Registrar Agreement
and Escrow Agreement hereby are approved, and the Town steal! enter into and perform its
obligations under the Purchase Contract, Registrar Agreement and Escrow Agreement in
substantially the forms of such documents presented to the Town Council at this meeting, with
only such changes therein as are required by the circumstances and acre not inconsistent
herewith;. and the Mayor and Town Clerk are hereby authorized and directed to execute and
deliver the Purchase Contract, Registrar Agreement and Escrow Agreement as required hereby.
Section 22. Events of Default. Each of the following events is hereby declared
an "event of default:"
A. Nonnavment of Appreciated Principal Amount. If payment of the
Appreciated Principal Amount of any of the 1989 Bonds in connection therewith, shall not be
made when the same shall become due and payable at maturity; or
B. Incapable to Perform. If the Town shall for any reason be rendered
incapable of fulfilling its obligations hereunder; or
C. Default of anv Provision. If the Town shall default in the due and punctual
performance of its covenants or conditions, agreements and provisions contained in the 1989
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Bands or in this Ordinance on its part to be performed, other than those delineated in
Paragraphs A and B of this section, and if such default shall continue fnr sixty days after
written notice specifying such default and requiring the same to be remedied shall have been
given to the Town by the Bond Insurer so long as it is not in default of its payment obligations
under the Bond Insurance Policy or, during such default by the Bond Insurer, by the owners
of twenty-five percent (2S%) in aggregate principal amount of the 19$9 Bonds then
Outstanding.
Section 23. Remedies. Upon the happening of any event of default as provided
in Section 22 hereof, the Bond Insurer or owner or owners of not less than 25% in principal
amount of the Outstanding Bonds, or a trustee therefor, may protect and enforce their rights
hereunder by proper legal or equitable remedy deemed most effectual including mandamus,
specific performance of any covenants, the appointment of a receiver {the consent of such
appointment being hereby granted}, injunctive relief, or requiring the Town Council to act as
if it were the trustee of an express trust, or any combination of such remedies.
Notwithstanding the foregoing, so long as the Bond Insurer is not in default in its payment
obligations under the Band Insurance Policy or the Bond Reserve Insurance Pnlicv, the Band
Insurer shall direct the enforcement of any remedy hereunder without the consent of the
owners of the Bonds. All proceedings shall be maintained for the benefit of the Bond Insurer
so long as it is not in default in its payment obligations under the Bond Insurance Policy or
the Bond Reserve Insurance Policy, and, during such default by the Bond insurer, thereafter
for the equal 6enetit of all owners. The Failure of the Bond Insurer or any owner to proceed
does not relieve the Town or any person of any liability for failure to perform any duty
hereunder. The foregoing rights are in addition to any other right available to the Bond
Insurer or owners of Bonds and the exercise of any right by any owner shall not be deemed
a waiver of any other right.
Section 24. Duties LTnon Default. Upon the happening of any of the events
of default as provided in Section 2? of this Ordinance, the Town, in addition, will do and
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perform all proper acts an behalf of and for the owners of the 1989 Bands to protect and
preserve the security created foc the payment of the 19$9 Bonds and to insure the payment
of the principal of and interest on said 19$9 Bands promptly as the same become due.
Proceeds derived from the Pledged Revenues, sa long as any of the 1.989 Bonds herein
authorized, either as to principal or interest, are Outstanding and unpaid, shall be paid into the
Band Fund and the Reserve Fund, pursuant to the terms hereof and to the extent provided
. herein, and used for the purposes herein provided. In the went the Town fails or refuses to
proceed as in this section provided, the Bond Insurer so long as it is not in default of its
payment obligations under the Bond Insurance Policy or, during such a default by the Bond
Insurer, the owner or owners of not less than twenty-five percent {25%) in aggregate principal
amount of the 1989 Bands then Outstanding, after demand in writing, may proceed to protect
and enforce the rights of such owners as hereinabove provided.
Section 25. Replacement of Registrar ar Paving Agent. If the Registrar or
Paying Agent initially appointed hereunder shall resign, or if the Town shall reasonably
determine that said Registrar or Paying Agent has become incapable of performing its duties
hereunder, the Town may, upon notice mailed to Band Insurer and each .owner of any 1989
Bond at his address last shown on the registration records, appoint a successor Registrar or
Paying Agent, ar bath. No resignation ar dismissal of the Registrar or Paying Agent may take
effect until a successor is appointed. Every such successor Registrar or Paying Agent shall be
a bank or trust company having a shareowners' equity {~, capital, surplus, and undivided
profits), however denominated, of not less than $10,000,000. It shall not be required that the
same institution serve as both Registrar and Paying Agent hereunder, but the Town shall have
the right to have the same institution serve as both Registrar and Paying Agent hereunder.
Section 2G. Severability. If any one or more sections, sentences, clauses or parts
of this Ordinance shall for any reason be held invalid, such judgment shall not affect, impair,
or invalidate the remaining provisions of this Ordinance, but shall be confined in its operation
to the specific sections, sentences, clauses or parts of this Ordinance so held unconstitutional
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or invalid, and the inapplicability and invalidity of any section, sentence, clause or part of this
Ordinance in any cane or more instances shall not affect or prejudice in any way the
applicability and validity of this Ordinance in any other instances.
Section 27. Repealer. A.11 bylaws, orders, resolutions and ordinances, or parts
thereof, inconsistent herewith are hereby repealed to the extent only of such inconsistency.
This repealer shall not be construed to revise any bylaw, order, resolution or ordinance, or part
thereof, heretofore repealed.
Section 2$. Amendment.
A. The Town may, without the consent af, or notice to the owners of the 1989
Bonds or Bond Insurer, adopt such ordinances supplemental hereto (which supplemental
amendments shall thereafter form a part hereof) for any one or more or all of the following
purposes:
1. To cure any ambiguity, or to cure, correct or supplement any defect or
inconsistent provision contained in this Ordinance, or to snake any provisions with respect to
matters arising under this Ordinance or for any other purpose if such provisions are necessary
or desirable and do not adversely affect the interests of the owners of the 19$9 Bonds or Bond
Insurer; or
2. To subject to this Ordinance additional revenues, properties or collateral.
B. Exclusive of the amendatory ordinances permitted by Paragraph A of this
Section, this Ordinance znay be amended or supplemented by ordinance adopted by the Town
Council in accordance with the Iaw, without receipt by the Town of any additional consideration
but with the written consent of Bond Insurer, unless Band Insurer is in default under the terms
of the Band Insurance Policy, in which case this Ordinance may be amended or supplemented
with the written consent of the owners of sixty-six percent (66%) in aggregate principal amount
of the 19$9 Bonds Outstanding at the time of the adoption of such amendatory or
supplemental ordinance; provided, however, that, without the written consent of Bond Insurer
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and the owners of all of the 1989 Bonds adversely affected thcrcby, no such Ordinance shall
have the effect of permitting:
1. An e~Cension of the maturity of any 1989 Bond authorized by this Ordinance;
or
2. A reduction in the principal amount of any 1989 Bond, the rate of interest
thereon, ar the prior redemption premium thereon; ar
3. The creation of a lien upon or pledge of Pledged Revenues ranking prior to
the lien or pledge created by this Ordinance; or
4. A reduction of the principal amount of 1989 Bonds required for consent to
such amendatory or supplemental ordinance; or
5. The establishment of priorities as between 1959 Bonds issued and
Outstanding under the provisions of this Ordinance; or
6. The modification of or otherwise affecting the rights of the owners of less
than al! of the 1989 Bonds then Outstanding.
Copies of any waiver, modification or amendment to this Ordinance shall be
delivered to Standard & Poor's Corporation, or any other entity then maintaining a rating on
the 1959 Bands.
Section 29. Notice to Band Insurer. Any notice herein required to be given to
Bond Insurer shall be in writing and sent by registered or certified mail to Bond Insurer,
iVlunicipal Bond Investors Assurance Corporation, i13 King Street, Armonk, New Yarlc 10504
or to such other address that Band Insurer shall notify the Town of in writing.
Section 30. Ordinance Irrenealable. After any of the 1989 Bands herein
authorized are issued, this Ordinance shall constitute a contract between the Town and the
owners of the 1959 Bonds, and shall be and remain irrepealable until the 1989 Bonds and
interest thereon shall be fully paid, cancelled and discharged as herein provided.
Section 31. Disr~osition of Ordinance. This Ordinance, as adopted by the
Council, shall be numbered and recorded by the Town Clerk in the official records of the
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Town. The adoption and publication shall be authenticated by the signatures of the Mayor,
or Mayar Pro Tcrn, and Town Clerlc, and by the certificate of publication.
Section 32. Effective Date. This ordinance shall be in full force and effect five
days after its publication upon final passage as provided in Section 4.9 of the Charter.
INTRODUCED, READ AND SET F4R PUBLIC HEARING THIS 7th day
of November, 1989.
ADOPTED AND APPROVED THIS 21st day of November, 1989.
Mayor
Town of Vail, Colorado
{SEAL)
Attest:
Tnwn Clerk
Town of Vail, Colorado
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The Vau Tirtfl -November 1 U. 1989 35
Ftiunt previous page
Slcv~n and Shmm~ Wond et of to
WnlEnr ,'. and Idndn K. Kell,
Warrrtrity peed, Lat"4F7:e1;-Raeub,
Lnt 46, Block 4, l:agln-Vnil, Fil. 2,
9/22/fl9, $102,600.
William C. Wnnd cL nl to ilohort
W. and Jann $. Gayer, Wnrrnnty
Dced, Unit SC, Bldg, K, Phnsa III,
Vnii Galfcovrac Townhamad,
el15lRS, $161,69n,
Willinm C. Woad ut al in Ilnlrort
W. and Jonn S, Gayer, Wnrrnniy
Dced, Unit 3G, Bldg. K, Phnsc III,
Vnil (:nlfcnurac Townhomes,
9J16/8~, $ i61,G11f1,
Chrinlina V. Wright in.Jamne
P. Pawor, Wnn•nnEy 1)nod, hnt 7,
Black 2, Linna lildgo Sub., Filhtg
4, 9!16189, $136,000.
Suxnnnn W, Wright et al to Pa-
trleia F.ilcon Poaple3, Wnrrnpty
Deed, Unit C, Bltlg. 13, Snndatano
?0, 9116!89, $109,000.
Zi(B Pnrtnorahip to William
W. Smith (T:cuetao), 111. Clny
Public Notice
ORDINANCE NO. 20
8erfas of taeB
AN ORDINANCE AUTHORI21N0 THE
F98UANCE OF TOWN OF VAIt, CptORADO
SALES TAX REVENUE BONDS, SERIES 1BBB
AND THE CONSTRUCTION, IMPROVEMENT
A#1D ACQUISITION OF q PUBLIC PARKfNO
FACILITY AND OTHER APPURTENANCES
INC30ENTAl THERETO; PROVIDING 7HE
FORM, TERMS ANb CONOITION9 OF THE
BONpB, THE MANNER AND TERMS OF
ISSUANCE, THE MANNER OF EXECUTK}N,
THE METHOD OF PAYMENT AND THE
8ECUAITY THEREFOR; pt£DpINO A PORTION
OF THE SALES TAX PROCEEDS OF TFiE
TOWN AND T1iE NET REVENUES D£FIIVED
FROM THE PARKING FACILITY FOR THE
PAYMENT pF SAID BONDS; AROVIDINO
CERTAIN COVENANTS AND OTHER TJ£TAIt9
AND MAKfNp OTHER PROVISIONS
CpNCFRNINO FHE BONDS AND THE
DESIGNATED SALES TA% REVENUES AND
NET REVENUES; RATIFYINp ACTION
FREYIOUSLY TAKEN ANO APPERtAIN4NG
THERETft; ANO REPEALINp ALL ORDINANCE
IN CONFLICT HEREWITH,
NOYl, THEREFORE, BE IY ORDAINED BY
THE TOWN COUNCIL OF THE TOWN OF VAIL,
ca.oRAgo:
BECriON !. Dellnhbne. Term used 1n fhb
Ordinance shall have Iha rnssnings epocllkrd In
rhle eedhn for aN purpoarn at Ilia Ordinance
and el any ordinance amendatory hsreal ar
eupplsmamd hardo, w rofdlrrg hdpo, and d
anY Mlmmanl or documvM gk»delnlnq hardo,
eacepi where Iha tamexl by clear Intpliadkn
h•rokr dherwlse requhea, hll tlallnhbna Ineluda
rho slnquW and Plural and NdrnM all gerMSn.
'Adtln{ond Sonde' nteana the one ar rmre
sedea d bond or dhar eewr8laa or oM1ga11ons
atnhdtaed to be baued by the Town punuad to
Sadton 77 hereal and havln¢ ^ Ilan on the
Pledged Revenues on a padty will the Ikn d the
1gBB BorMe.
'Apprectated Pllncpal Amoum' meena: [B on
each June 1 and Oecsmher 1 aamrannuel
tvnpoundlrtq dale, the apprsdaled pdnolpal
amoum d the 1gB9 Ronda ae shown In the
Tabu of Appreclaled prlnclpal Amounle u ad
fanh Fn Exhblt B allached hardo and 111) on any
dhar dens, an amount aquas Ia !ha sum d Iha
appredeted pdndpal arnaunl d the IgliB Bands
rm al Iha semiannual eompounding dale
Immedlalely precsdln¢ such data plus the
emeunr ae dabmllnad by tM tarmuln: 1 ~ SA.
BISXreI; where 'P b the rtecmed Intsrosl on Iha
tBap annd. In crud, data, 'A' G the aaprednrnd
Alepaueh (Trustee), It. Hen
Itogatt III (T1v,9tee), Ifogan Smith
Alapruah 9nmplos, Warranty
bead, Unit 163, The Lodge Apt,
Cond., 8130/89, $310,060.
Rvnrtld K. Zuckerman to
Ronnld H. and Madeleine I;.
Mnrkln, Warranty Deed, Unit ;;-
103, 5unriver Condoe, 91201$9,
$lpf1,1)U0.
1G04Invcalara to Siunrt S. Girw.
harg, Warrnnty Dced, Unit 1G04,
'i'imhar Falls Cond., 9/2$189,
$1;d7,0(Xf.
682 Big Ilat Cnrp. in Joseph V,
Mayors, Jr., Wnrrnnly Dccfl, E.rrE
6, ISlgllnt 8u h„ 9/22JH9, $212,U0U.
Tltclmn Jcnn Alloviu et sl to
Michnal 1,. Kelly, Warranty
Dced, Cat 28, Block 1, ferry Creek
Rnnch, Filing 3, 8/7!89, $48,OD0.
Rnbort C. Bailie to Mary Mar-
garnt Norton and Debi Linn
Baker, Wnrranty Dead, Lot 37,
Block 2, Bluo Lnkc Pad Snbdivi"
Winn, 9/'7.9/R9, $94,9(10.
prindpal amount ae o1 the aemlannual
corntwunJlnq dale Immodlplely succeeding
wch doh. 'B" la Iha appreddstl prlnclpal
amount u of lhs uminnnud compounding dale
Immedlaley precetllrq such dale and `%' k the
numher at months ouch tlate tollowa the
aemlannual evmpaurdinq daN ImmadletalY
preoadlna.
'Bond Fund' means Iha fund craalad by
8aatan 74.B heraal.
`Bond lnaunr means
'Band Insurance Polley msana the munlepd
6ontl Insurance poky laved 4Y the Band
Inwror ¢ueranleeing Iha paymaM d prlnclpal
end Intdeal on the 1989 BoMS.
'Band Reserve Inamance Pallv/' maem any
Insurance policy, awely bond, Inevowble letter
d eyed!! or elmher Fnnlument depoelled In or
credited to Ins Reserve Fund In flea al or In
pnnial eubelllullan far moneys On depas{t
therein. Ths leaver prov3ding eny each Band
Reaorva Inauranb PaIhY shall be an leaver
whluh has lean than currently eadgnad an AAA
rallnp or a comparable raling by Moody'a
Inventors Service. inc., Standard a Poore
Corpora[bn ar their euooeseore.
'Bonds' means [he IBBq Bonds end any
Oulelandln¢ Addllbnd Banda.
'Chatter' means th0 Horne Rule Chaney d
the Town, Induding aA Blrlandmenn thereto prior
to Iha tlate hereof.
Commardal BsnlP means anY depoahory tar
pubta funds parmklad by Iha laws d the Slate
far polhk;al aubdivkl'one d 11» 81e1s whkh has e
cephal and eugtlw al tig.UdgtXla a more, and
whldl h heated wkhkt tM Unked Slates.
•Condrudlon Fund' moans IM fuM csaeted
by Bsdian 19 hated.
'Eecraw Acmunr trteam Iha Escrow AooouM
utebhsned Punuam to rhs Escrow Aprgneenl
rNm Iha Escrow Bank
`EwClaw Agreement' means the Eacraw
Agreement beavesn the Town end the Escrow
Bank dated eedt:., - ~ 1, 18BB.
'Eecraw Bank' rrtssrts Central Bank Denver.
Ndbnd Aaaocialbn. -
'Fhce1 Year means tea twelve months
tamrnendng on 1hs Ilret day at Jenuery of any
cabndar year and ending an the Ihlrly-lint day d
Uecanper d suah mbndar Year or even dhar
twelve tnanth periotl as may frem fkne 1v Ilne be
deslpneted by Iha Town Cauncll ae the FIaGI
Yea d the Tawn.
'Genera! Opeutlnq £spensee' means all
reasonable currant expenaesg old d accrued,
al apeMtlnp, malnldning end repalrhrq all Iha
Perking Fac{Iafies. The term Indudee, wnhom
Ilmltnlbn, tngnl and hddsnld eepeneea d the
vedoUe ndminlnbutHe dq,eamante nl Iha Trnvn
Sank Western to Stephen H.
Rltd Diane H. 8toekmar, Special
Warranty Deed, Lot 2, Highland
Pat•k Townhomea, IOl4/89,
$229,000.
Carl F. Bent]ey et al tv Merlon
B, Getz, Warranty Dced, Lot 31,
Aspen Mesa Estates, Fil. 1,
9!27189, $270,000.
Thames J. Bryant to Cnrith Im
vestments Inc, Warrnnty Deed,
I'nrcel A, Resuh, Lot B, Glen Lyon
Suh„ ;}!28/89, $270,000.
Mary Jennnc R. Burka cl: al to
MEchnel L. Knlly, Warrnnty
Deal, hilt 20, Mock 1, Berry Gncek
Rnnch, 1''il. 3, 9/7188, $4A,WU,
C & (S Fnll Ridge Company to
ahnpiro Construction Company,
Warrnnty heed, Unit 901, Fnll
Ridgy. Cand„ 9!29!89, $100,000.
Rocky S. and Michael Christo-
pher to Terry A- Latlnie, Wtu'rnnty
Dced, Unit B, Building 3, $and-
stane 70, 10J?/g9, $70,000.
directly or IntlhedFy retaled end reasonable
allocable to the adfninlevedon o} the parking
Fac411tlee. Ineuranoa prerNuma, Iha reasonable
charges of eny paying agent. uuelae ar
dapoeflary bank, connacluel aervlcaa,
profeselonal aervlcaa required by ills
Ordinance, ealarlae and administrative
expenses, FMOr, and Iha oasts ineulrod by the
Town In the rnhaclbn d Oroaa Revenues. Tae
term tlaea no[ include any alhwance for
depredannn, any caste a1 reconnrudlan,
Improvement, ex[enelon ar hdrermant, any
eccumulallon of reeervea far eapltal
replacamente. any reuervee for oparallon,
maintenance or repair d Iha Parkln¢ Facliltiea,
any alhwance Pot She redenpllan d eny bond ar
dhar securty evidencing a loart at the payment
d any Interest thereon, and any legal IIabIII1y not
based on oonuad.
YTOVe7nmensal Odigatlons' means any d Iha
fongWing whkh are nonceBable and which d Iha
Ilene d Inveelrrtanl are legal Invealmente under
Iha !axe a11fie S1a[a for Iha monaya propeead to
be nvosted therein:
;a) Ohect general obligdlone at, or
obllgatlone the paymam d prlnclpal d and
interest on whbh are unoontlhlandly guaranteed
by, the Untied Slates d AmerNa;
laE Bonds, dabenluree, ndea ar alley
evldances of Indebrsdneaa hsued of
gusrameed by any of the follaxing: Bank of
oaparellvea; Federal Intermedfal4 Credit
Banks; Federal Homo Lawn Ban M; Federal Farm
Credk Banks; Eepon-Impart Benk d the United
Slates; Federal land Benlu; Govsrnmsntd
Nelloaal Mmtga¢a Aasoclatlon; Fedaal
Flnkncing Bank; or 9mNl Bualnaa
Adminlatragvn; or any oiler spency ar
IndrumantsJhy of rM Udted Stales d Amedca
(ersalad by an Ad of Cangrassl subeeantletly
ekniku totM folipohtg In ka Isgal reratfanshp to
Iha Unhstl Stales d Artterlca, provided That, al
Iha lkne d purchase. ouch ablgdbns are sled
In the hlgheat rating category d Standard a
Pouts Corpordbn Ix kt auoceaeon•ar
[c) EWdencas of ownerahlp In[efeela In
obllgMlona deetdbed In paragraph la] or Ib1
~6roes Revenues" means all Incortte and
revenues derived dlredly ar lndiredly Irom Iha
aasratian d ar dhanvlse relatin¢ to the Perkng
Facllklae, Including, whhout Ilmltatlon, any fee,
rata or other charge asaeeeed against Any
penans hr Iha pdrilege d using a dherwlse
reiatlnq to the Parking Fecllkles,
"Incnnta Fund'tneara maepedd fund b'J that
name Healed by Secibn 14.A. hered.-
71.tne to page 42
2nd Fairway Home
~`
• Fnur bedrooms, three baths, powder morn
• Spectacular views of Gore Range & Galf Course
• Vaulted ceilings in living area
• Complete builder custnirl kitchen
• Separate master bedroom suite ~659~~~~
• Steam shower, Jacuzzi tub
i3tYflg QFFERS
Branders -Cadmus Real Cs~aEee Inc.
281 Gridgge Street
Vail • (303) 476-1450
17enver Toll Free 893-310I
Open for your convenience
7 days a week,
{KCAL ESTATE )
Stop by and discover why this is
the BEST elate to invest in the
Vail/Eagle valley in aver rein years!
East Vatl(Vail vilta~west veil
,,, fn~lr. F;tmllu Dunlpx~
4846Junlper l,anc, East Elalf, 3 DR/3.5 DA .........$350,000
2566 Arose IJr1ve, 4HE2/2 HA ......:........................... 149,000
4646Junlpcr Inns, Wcs[ Elalf, 5 HR/3.75 HA
119
l ........600,000
0 Ca-Solar De
Norte, 3 HR/2.5 HA ............. ........ 379,000
1546 MaEterhom, 3 11R/2.75 HA .................... ........239,000
coriat7/TOWIIIT QtT ~~:
Courts[de T.Ij. #34, 36R/2.5 BA .................... u/c $246,DOD
Fadridge # 102. 1 HR/ 1 HA ............................. ........135.000
Entcrlochcn #H-2, 2BR/2 BA ...................................89.000
'
'
Lioh
s Manc, #602, 2BR/2 HA
........................
Meadowhrook #6
2 HR/ 1 DA .... u/c 85,000
62
,
............................ u c
,900
Millrace #6C, 3 HR/2.5 BA .....................................399.000
SunVail #22C, 2 HD + Uen/2 BA ................... .. u/c 165,000
Vail Racquet Club H3/U 10, 2 HR/2 DA .......... ........ 115,000
Vatl Racquet Club T.H. #H-4, 3 HR/3.b HA ..... ........190,OIJD
Vail Racquet Club T.Ii. #O-3, 3 BR/3 BA ........
V
I1 T
# ........22D,D00
a
raE s,
3-A, SLudEa/ 1 DA ........................ ........ 115,000
Vail Trails East #13H, T HR/1 HA ................... ........ 129,000
Vaillkails, #8, 2 HR/1 HA .............................. ........296.000
Vanta a Point # 108, 1 BR/ l BA .....................
l~n~& C[7n1TY1P.ricial: .......... 115,00
The Al Inc Collector .......................................
1 ........ $42.00(1
927 AlppEne Drive, dupitac lot .........................
Lot 19
131
h
6th P/S L
t .".. .., 75,0170
,
g
orn,
n
..........................
3966 Lupine Rr[ve, P/S lot ............................. ..u/c 128,500
........225.000
4378 Nugget lane, duplex lot ......................... ........145,000
4223 S race Way, P/S la[ ..............................
2055 Vermont Road
du
lex lot ........114.000
/
65
0
0
,
p
......................
2D75 Vermont Road, duplex Int ...................... ... u
c
,
0
.... u/c 65,000
Eagle-Vail/Beaver C1+;/Avon/Minturn
,~ifrl~ l±_amilY(Dup1P~C:
0730 W. Beaver Creek Dlvd., 3 HR/2.5 BA ..... ....,,$160,000
120 Heaver Creek Drive, 5 DR/4.5 DA ............ . u/c 605,000
135 Heaver Ctcck Drive, 7 HR/7.5 HA ............ .....1,350,000
5580 Coyote Ridgge, 3 BR/3.25 BA ..................
0063 D
Hl
d
4 ........249,000
eer
v
.
HD/4 HA ............................
0746 Aeer Hlvd., 3 BR/3 BA ........................... ........265.OOD
........ 149,900
1244 Deer Blvd. 3 BR/2.5 HA ......................... ........ 159,5D0
735 W. Eagle Dr. East 1!L West Half, 3 BR/2.6 BA ..245,000
391 Ilolden ITaad, 8 HR/6,6 HA ...................... ........860.000
D33~ Laticapur, 3 HR/2.5 DA .........................
2 L85 L ........ 172.000
on Sur, #A. 4 HR/3 1111 .....................
25 South 5 BR/6 BA ........................ ........165.0011
........895.000
01$B Stanc Crce , 3 DR/3.5 liA .................:.. ........128.000
0673 Stone Crack East Half, 6 DR/4 HA ......... ........2B5,000
Avon Center #802, 3HR/3HA ................................$295,000
Awn Center #803, 3 HR/3 DA ................................395,000
Hales Wesf #G, 3 DR/2.75 DA ..................................97.500
Heaver Ilcnch, Studio/1 BA ....................Starting at 37,500
Heaver Bench, 2 DR ................................ Starting a[ 64.900
Huck Creek #C-102, 2 HR/2 BA ............................. 101,000
Huck Creek #C-302, 2 HR/2 H ............................... 125,000
Comeratone #A-8. 3 HR/3 HA ................................ 1 19,000
H[Iphlands L.odgc #406, 3 DR/3 DA ....................... . 420,000
La eview #B-2, 2 HR/2 BA ................................. u/c 79,000
Mountain Shadows #4, 3 HR/3 HA ...........................95.000
Sunrid c. 2 IiR .................................................. u/c 52,500
Land ~ C:pmmercial:
llcnchmnr l']rvn Eiklq, cY~mtncn`tnl ................ „81:1,375,tNJ0
0020 Henchmue'k Read, cammarclal ............. u/c 1,200,000
1444 Ilecr blvd., dupErx ...........................................32.900
Deer Hlvd. & Lark Ct., duplex ............................ u/c 46,500
Lot 3, f [olden Road, P/S lot ....................................375,000
fat 4. Holden Read, P/S lot ....................................350,000
Lot 39, Bolden Road, P/S lot ..................................350,000
Lot 44, Holden Road,.V/S ]ot ..................................466,OOD
4191 Lftlle Point, 1nE ................................................68.900
Lat 62, Lang Sun, duplex .........................................64,D00
Old Ttxxil Road. duplex ..............................................33.000
Swill Gulch. commercial/reRldcntial .................... 1,565,000
3001 Wildridge Rued, multi-fam[ly ...........................39,500
WEldr[dge Road. Lot 65 .............................................69,000
Down Valley Properties
Si~nsrle Family Dtlale~:
DOl liuckbo Rd. East Iialf, 3 DR/2.5 HA.".....$186,000
0120 Buckboard., South Half, 3 HR/3.2b HA ........249,000
0120 Huekbotu'd, North Half, 3 BD/2 HA ............... 188,000
0159 Creamery TYaEI, 4 HR/2 HA ............................ 169,000
0040 Ilaward Drive, 4 BR/4.5 HA ........................... 398,OD0
274 Meilc Lane, 2 HR/2 HA, west side ....................135,000
447 Rawhide, S/F, 4 HR/3.5 DA .............................259,000
0037 Welling#on Lane, 2BR/ 1 BA ..........................105,000
~gndo /Tnwn~ {t~lc~.
Arlln~ton Place, 2 DR/2.6 DA ...............................'$127,600
711 all Run X1, 3 HR/2IlA ....................................62,000
711 Dull Run N5, 3 BR/2 DA ....................................62,000
Ifomeetead Mratdows #17, 2 HR/2.5 DA ...................96,000
Homcatead Meadows #45, 3 HR/ 1.6 BA .......:..,. u/c 96.000
Meadow Court T.H. #D, 2BR/ 1,'75 DA .....................54,500
~tlli ~1L C........erCial:
Diemen J Bar & Restaurant ...............................>i3256,006
lltlltP House E3&H .............................."............. .185,000
....
Horn -11 Ranch ................................................2,51x1.000
Lot 31. Howard Dr. S/F lot .......................................47.500
Lot 28. Lon>zlrorn Dr., S/F fat ...................................41.60D
Lat 25, Raw Ede Road, duplex lot .............................60,000
Lariat court. lot ........................................................40,000
536 Chamber Avenue, rnmmere[al ........................... 66.000
McElc Lane, S/F fat ................................................... 28,000
460 Rawhide Road, lot...........' ...................................40,00(1
S[n sires Rd., Lot ti . ................................................ 38,000
lewatcr Pkg. Liquor ...........................................150,000
b MuEtt-family Eots, New York View pr ............. From 18,OOD
VACATYON PROPER ~ ~r.S NETWORK.
AVON: 949-45fi0 • Benchmark Shopptrlg Center
-. VAIL, VILIAGE:476-4854.2$6 Brtdge Street
DENVERTOLL FREE: 831-0200
1337 VAIL VALLEY DRIVE
gg''~~ ~ ~ i
~.! 11hr yaQ 7?~afl - Nolterrtber 10, i9RS
CLEANfNG Elli[_P Cnr eccand hume-
ownc~.r. No rentals, Mast have car. Pull
or part time. $10/hour. 947.3025.
RECBPR30NIST for chlrgrrectic office
in Wes[ Vail. Rnthuaiastic, caring,
postlivc individual needed immcdistdy.
Ski pass program, 4 day week, year
round, fringe benefits, gtwd pay, good
career opportunityy for right person,
training provided. 475 M44 Nancy.
t:VCRE 1 f
REnnoo~~
C4NSTE2UCTIQN CCU.
• General Contracting
• Salving Vail since 1963
~ Finest craffsmenshlp
• DesEgn 1 Build service
949-4117
DevehpmenllPednerehlp Inqulrbs:
P.O. Fox 3D86, Vall,
Cdorado S1d55
oppQrtunitiela
NIiED GUS'I'OMBRS for your scrvirca7
AN Beg[e County property owners in
myy Bala hose for resrcher mailing
labels, letters, lists, etc. 475-9166.
NO LANDi,ORD in this restaurant and
bar ht i!agle. Price includes all futures,
cq ulppment end real estate, Only
S 13(f,Ugq. Coll today. Core Range
1'mpcreiesllieuer Bomes and Gardena
476.2482.
f N VPS'17NliN'f DPPOR7'IJNCrY - E tall
of quaint log duplex, ! bcdreom plus
Infy 1 bath, mnsll yanl, sauthweat deck,
walking distance to downtown E!aglo,
excellcut rcntd histnry+ 355,17(1(1, Block
Rear Rcai Bstatc 328-2327 or I-9tNi-
45GOI67.
OUSTANI)1NG OPPORTUNITIES -
ReJ & breakfast, realaurents, liquor
store, girl shop, retail stores, miacclla-
naous. Calk Kay Vacation P[openics,
949-4560 or 9262294,
kETA1L CLO'1711NG - Profitable busi-
ness. Reastmablc. (case vale. [.txalcd in
WaI Man shopping center. Cell qa Brace
475-69[ll Century 21 Scheid Itcalty,
Inc.
e@rviCeiB
RICIIMAN UPIIOIS'1'ERY - [)envcr's
oldest now in Vain Vphols[ering, slip-
eovcrs, refinishing, antiques restorcJ,
casework. i~ree hnma estimates, Cxll
47fi-1172,
VAII. SFiLIr STORAGE -Don't he
cmntped for apace. We have forge and
small storage traits availabta. Ca11 949,
4fi6G.
May sue be r>'f dl.erp
Ito yf~~?
Hornc^ Care
Rental Manlagement
ABS(TC#at#on Management
...yf)rtr Ic(~y to yuutity
property munct~erTient.
IIAULIN(I - We haul trash, bricks,
cement, lumber, tree limbs, construction
and garage clean up, fumimre. Reason-
able rates. "You Call - We haul." 925-
1I164.
MOVINGT Call the professionals aE
Rocky Mountain Delivery & Transport.
OfCcring lrxal & state-wide moving,
pecking & crating, storage, world-wide
shipping. Also sell packaging materiels
(boxes, tape, etc,) Call for summer
moving rate spedals at 926.1066.
PAINTING AND WALLPAPERING -
Quality work, reasonable cares. Nat the
fastest in town, but drv neatest. Free
estimates, local rcfercnecs. Jim 476-
33RR dayslavrzrings/wtxkt7tds.
FIOR$li OWNER$ -Indoor stalls
boarding. Protect your horse, $123Jmo.
Edwards. i•771-4544,926-209q.
17VTi YEAR~VAIL 1'ROPIS510NAL
sacks housesitting position. Clean, non-
smoker, no pets. Sct your rates. Can do
some maintenance. Refcrcnces avnilahlc
ulxfn request. CaEI Michael 476-2444
days, 476-5249 evenings, Leave mes-
sage.
WIi CAN HELP YOU maximize your
inVCafine[tt pproperty lneanlC. C6ntaet
Vail Resort itcntals & Rushy for more
infomtation about our property and
rental managgmrnt programs. (303) 47fi-
(19g6, 1-BOq-456-VAf[,.
WORKMAN'S COMP]iNSAT]ON -
Erick Glanz, Attomcy at Law, Vail
Profeasionel Building Practice limited
to rcprescming injured employees. 476-
8615.
PROPEIRT'Y MANAG[iMENT WI77 [ A
PIiRSONAI, TOUCH. General main-
tenance, cleaning, firewood, painting,
snow removal, lawn care, as wep as
rentals. {303) 949 6408,
SCI[AUB CONSTRUCTION - General
and aubcontmcting, reaidcntiat and com-
mercial. Complete remodels, prywall
end drywall repairing. Custom closets.
Bmergency repairs, electrical and
plumbing. Quality work guaranteed.
949.6408, mobile phone 94 Y7879.
WINDDW COVERINGS -Sales and
inalaIIetion of blinds, verticals, pleated
shades, drappeeries, etc. Ihscounted pric-
ing. Call llawkeye Services in Avon
845-7655.
lost and found
DOGS TMPOUNllIiD at the Eag[c
County Animal Shelter in Minturn from
Nov. 1-8 include eRetriever/Labrador
crass, female, yellow, picked upp in
Edwards Nov. 1; a Terrier, male, golden,
pteked up In EI Jebel Nov. 2; a
Labrador, female, black picked up in EI
JeheE Nov. 2; a Doberntanl5hepherd
cross, male, black and tan, picked up in
El Jcbe[ Nov. 2; a Chow cross, male,
brown with black muzzle, picked up in
Edwards Nov. 5; a German Shepherd
cross, male, brown end black, picked up
in Dotscro Nov. 7; a Border Collie,
male, black ertd white, picked up in
Gypsum Nov, 7; a Semuyed/Solo, cross,
neutered male, white, picked up in
Edwards Nov. 7; a Noxcr, female, fawn,
picked up in Iidwards Nov. 7; e
Retriever, female, golden, picked up in
Bogle-Vail Nov. 8; a Labrador cross,
neutered male, white and [an, picked up
in Minturn Nov. 8; a Sharpci, female,
black and tan, pitkcd up to Egle River
Trailer Park Nuv. 8. 1f one of these is
your dog, please tali the fiaglc Cuunly
Animal Shelter at 949-4292.
Vail
Resort
Rends fi~
Realtiy, Iiric.
~.~.,~~ r~._, yM~~
C__
VniE~[;C)r81657 R`h 303/476-0906
Fyam p[rye 35
'M axlmum Annual Oebl 9arvlce
Requlromanl' meene Iha maxlrnum amount d all
nquhad paymsnle of plnclpst end Inlereal on
the Bonds which will bea7ma duo In any Plecal
YeM.
'Nat Rwanuea' meene the Grose Rwenuea
fees Oanaral Opsretinp Expanses.
't9a9 Bonde^ moose the Snlw Tor Revenue
rsaMe. Sarin 1999, in the aggregate pdnclpnl
amount d s9.239zss.
'Ortllnence' mama Ihls Ordinance of the
Town, whkh provldea for the leeuenca and
dellve7 d fhs 1989 BorMe.
'OuteleMing' msana, ea of any date of
rakulsllon, alt Banda lhelalaforo axeruled,
iseuetl and delNered b1'the Toren escepl;
111 Bandt Iherotdoro cancelled by fie Town,
RsgMru or Paying ApenR dr aurtandarad So the
Tawn, Reglatrer or Paylnp Agsn! for Canoellalbh;
(21 Banda M hsu d ar m atrMtkullan fa whkh
other Baafa eha4 bare been executed, leauee
and delNered by Iha Town and arnhenikMetl by
she Raglatrar unteat prod aatbledory Id he
Replstror b Irreaentgd That any euth Barrda era
Buy hek by Iha 4wful reglelered awnaa
thered; ar
(31 Barrda deemed to hwe bean gab as
provided In 3edfon 20 hereof.
'Owrisr` or'Replelered Owner' eha11 mean
Ihs registered owner of any 1989 Bentl a4
ahawn on tM replslratfon tfoolu kept by the
RegNtru.
'Parking FadAliae' means ell axlatkrg parkfnp
facllRbe, all PmWrq lecllkke to ba canaUUCled,
othenNu aequlred and equipped xNlh the
proceeds of the 1998 Bands and elf future
parktrp faclllllss aperffied by the Tawn, whkh
facllNke Indude all Inpravamenle, ezlensrans,
entargememe, addhkne er battermenN lo, or
nk d.
~~'Payingg AganY meant Cenlrnl Bank Demrer,
National Msodalkn, Denier, Calorada, being
Iha agent fa the Twrn for the payment d the
Ti89 Banda and interstl thereon, m ht
arrccaeaon and asalgnl.
'Parson' masse any Nndlvfdual, firm,
trennarahlp, mrparatbn, company, aaeac#alkn,
Jotnt•aleck aesoclealon m body polllc; and the
term Includes arty Irualee, racalver, eealgnee a
drew slmRsr repraeemallve thefad.
`Pledged Rwenuea' moose:
(g the rwanuet de7Ned from the Pledged
Salty Tax;
ll9 any addRbnal taxes (dher Ihnn a general
ad vaoem tax], luntla a fwenuae which the
Tawn heraafler pledges to the pnymenS of
BOlale;
[kll Ihv Nd pevenuea;
(IV) procaode d Ins Bonds ar dha legally
pvelbbla Iltaneye depaehed Iola and held h fhs
Rend Ftmd ertd the Reserve Fund; and
(v1 Interest or Inveetrnpm Interne on Ihs
k+catro Fund. the Bond Fund end Iha Raxarve
FurM;
al tv the extent Ihnt suds moneys ere al any
nrt» requlrsd by Seminn 1/ hereof la be
depoaaad Into nrM hold h Iha Inooirw Fund, and
Na Bond Fund antl the Ratarva Fund.
'Pledged Serbs TnM means chat ono-hall d
the proceeds d Ihs Sake Tax which k dso
pledged to 1M Payment of the Settee 1996
Bonds. "Rfodgod Sake lax' dose ctrl Include
Incremental ealoa lexee tvhklt are or may be
pkdgad to the payment d [Ne Bonds pureuanl to
an moon renewal plan am dalfned In 3b2lF
103;e}, C, R.S, or s pion of development ea
donned In 31-2&862(8,11 C.R.S. `Ptadped
Bake Tnx" does nd Include amounts wahheld
by retsfbre and vendare to rxwm their expanaet
fn cailading antl rsmhllnp the pledged Salve
lax, antl Pledged Salsa Tax does trot Include
amounts collecrad by !ht Tawn and
^uheaquanlly determined, purouant to the
sppikabla Baler Tan Ordlnartcee, to be tabled
la valid clpkiq }or fefunda. 'Pledged Salve Tax'
dose nd Indude th0 prooaeda d any Increase In
the Saks Tax which may he approved In the
lulure, unkae oath Increase Is expressly
pledged by the Town, 'Pledged Sates Tax' doer
oat Indude ans~hnrl o} the proceeds derWed by
the Town from any fagefy avalladrle tax a texas
a lees (otherthan a general ad valorem iaxl
which replace a superoeda Iha Pledged Seise
Yax, regardleee d whashef such tax or laser or
leer are frtpaaod by rho Torn a the Slate of
other polllrhl euptlMelon lhereol.
"Prehminery Otlklal Slelamanl^ meant the
Prellminary Olllcfal Stalemam Baled
_ . 11189
'Purchase Centwd' means the Purchase
ConVad between tM Town and the Purehaaer
dated , f9Be.
'Purchsssr' means glrehner, Maare and
Company.
'Rebate Fond' rt7sane the fund seated b1'
9edlan 14.F, bored,
'Repletfai means Caniral Bank Oenver,
National Aatoclallbn, Omer, Colorado, 6erng
Ihs agent for the Town for rho replenellon,
hanefer and axrhsnge d the 1999 Benda, er Rs
Itrcteaecre.
'ReglevaT Agreement" meenr Iha Repktrer
Agreement balweon the Town end the Bspkner
dead as d Detarrber 1.1989.
'Raaerve Funtl• masse the fund crested by
8ec7bn t1.C hared.
'Sales Tax' moans the lair upon fhs sale antl
we d goads end aervlcae whlcN b currently
belrp Iwbd by Ihs Town purouam Io Iho Sake
Tax Ordlnanow end any future a amended u.
irvlad uY the Town as a lai6a std uea lax.
'Sake Tar Ordlnantet' msana the
ordlnancee adopted by the Town Councl d the
Town for the outgoes d adop157g and enfadng
[he Salsa Tex end whkh ere in eNec1 an [he dale
of Ihle Ordinance an sa later amended or
eupplongmed,
'3arkt IBB4 Warmmi' masse the Towne
oul4landhtg Refunding Lana trenaler Tex
Antlclpafbn Wananta, Sods tt1a1, doled May
15, 1881,
'Barite 1988 Bonds" means the Yown's
oulelendlnq General 061ipallon Raluntllnq
Bands, Sarlsa 1885, deed v d NwsrrMr 15,
1985.
"Serlos 1988 Ordinance' means Ordlnartca
Nq. 23, Bsdes of 1988, as amended by
Omhance No. 29, Seller d 1985.
'Slate' nwane the Stale d caloreda,
'Tex Code' moans the Infernal Revenue
Coded 1886, as n,nendod.
^ f own' Maarm the Town d volt, Cobredo.
'Town Cnuncll- manse the Town Candl d
ills Town or any eucceesor In lurrctkna lherdo.
'Truss Oank" manna a Commerckl Bank
BROWN-WO1.TN CON57RUCTLON is
bidding work [or faB and winter. Esteb-
lished since 1976. Call Rich Brown
9494186.
PROFESSIONAL SNOW RIiMOVAL~
throughout the Vaii Valley, l.iceneed,
insured, experienced. 926-3635.
PROFESSIONAL PAINTNG - !5
years.oxperience, free estimates. Ap
phases of ftnishirtg. Repaint speria6sts.
328-7164, 32$-5517.
CLEANING SERVICE - IJetail clesn-
ing end eona[ruction cleaning, Mon-Pei
(days 949-7303,(eves)328-6625.
Ir1~8C@llanBOl78
vnu. nssocln'rfis LIFE'rrmlE
E'ASSES bought and so€d. Fot the p1~ecr-
son who has evcrythingl Cap A'Eero
f~pin 476-5483.
A7"I7ZAC71VE WIDOW, early 40'8,
who cemmmes between VeillBeavcr
Creek end Connecticut, who is enthusi-
astic, vivacious and classy kwking to
meet gentleman skier, healthy non•
smoker, no drugs, who is emotionally
and financially secure, to share some fun
fiEe11 days and rtmtanticevenings- Please
respond to P. O. Box 125, Avon, CO
81620 with copy to P. O. Box 2873,
Westport, LT O6R8q.
r10VU5 ~=~- ~~
Mobrle Windshield Repair ~__.
~ ~~
Guaranteed repair for a iractian
the cost at replacement
_ _. ~ ~ sae-2osa ~ ® -
which la authatzed to axerclee and la exerde;ng
(rust pawaro.
SECTION 2 RecRals.
A, The Town la a monklpffi cogwrmion duly
organized and exkling under Ihs Town's Chenar
atlgptad qurovanl la Article X% of Ihh
Comtkullon d the 9mte d Gnlpado.
B. 8edlon 16.9 0l the Charter permhs the
Town to Isava aecufhlee matle payable solely
out or the procaede d any aides taxes, or from
any oodles tharad, or eo}ely from nal revenues
darlved from Iha operellon of an income
pradvclnp prolad or any cam6lnetion, of sales
taxes and nos revenues wNhou[ an efedlon.
C. Tha Town Imposes a Sales Tax pwevant
[o Serlos 11.1 d the Chaser and the Sales Tax
OMlnancae.
b. The Tovm hoe pledged ono-hail 01 Iha
revenues from the Sella Tax to [he paYmen! d
me series f9B5 Bonds and, on a eul+adlnala
baele, to the Serka 1984 Wanants.
E, 7ha Tawn has legally avakable funtla
which when conbined with the ReaerKe Fund ter
the Serka 1884 Warrants will ba eu8kknt when
Invested to pay the prhCpffi d and tnterett bn
[he 8erlee 1984 Warrants ae the same became
due an end aher oecembet 4. 1999 and an a
beloro (>acembar 1, 1991, the prier radenplkn
date d the Senes 1984 Wanants.
F. Purevanl la the 8arles 1895 OMlnance.
the Toxin Issued the Berke 1985 Bonds and
agreed Io pledge and sat aside the pledged
Sella Tar to pay the prhdpal d and Imaaal do
the Serlae 1995 Bonds, provided that Iha
Pledged Salve Tax could also by pledged end
uaad for the payment of Ma prlndpat of an
Interest an dher addNlonal general obllgatlon
bonds of the Town whkh may be leaved
(hereafter an a parhy whh er auwrdlnate to the
6arka 1995 Benda Kith reaped to the Pledged
Safes lax. the Series 1985 Ordlrtance also
prwltlad That, Id the avlenl that Iha principal d
and Inroreal on Iha 3e7ke 1985 Benda and any
addllbnal parhy general obllgalbna bonds ere
fully provided for In any FIeCd Year by lax
rwanues and dher moneys legally avaiteble
therdare, the Town Ie authorlxed la use each
axceaa pledged Sales lax for dher purposes,
Including, bW nd IlraNed to, payment d speck)
nomgeneral abAgallon bonds d the Town whkh
may not he 19aued on a parNy wkh the Serlos
1985 Benda, but anty may be Issued In a
tvbardlnale and hkrlor poakton [o the claim d
the Serlea 5985 Bonds to Iha Pledged Saiea
Tax.
4. Tha Town Coundl has determinatl [het by
dePaelllnp exleting Sunda on hand lopelher wkh
Rhe reserve fund for the Serbs 1881 Warrants
with the Escrow Bank and Investing such lunch
fn Governmental Obkgallone, Ihs Tawn can
prwkre (ar IM peyman[ d the prlnclpal d and
Interest on the Settee 1986 Wenante end can
allminate the Ike ai Iha Serka I9B4 Wenante
on fhs Pletlged Belae Tax thus making h
poeelble [o Issue a1 lavorebte relae the'1989
Bands for She pmpoeea herein conteapSafed.
N. Fxcepl for [he Settee 1985 Bonds and
Banda ar ebllgallons whloh have bean pall or
ddeaaed ae d the date d luusncs d Iha 1999
Gonda, the Tawn hat swat pladgad sha
pledged Srtlee Tax to 11+e paynten101 any bonds
ar For any purpose wkh 7ha raauh chat the
Pledged 3e}ea Tex rosy now be pbdped [with a
lien which k eubordlnate Is the Ike far Ibis
Series 1985 Banda) lawfuhy and krwambly ter
the peymem of sha 1969 Benda.
I. The Town sae never pledged the Net
Revenues delved item the Parking Fadllllea
whh [he reauN shat she Ne! Revenvea may now
be pledged kwlully and lnevaca6ly for Ise
payment d the 1989 Bands.
J. Iha Town has receWetl a proposal tram the
Purcheaer For Iha purchase aF IAe i9B9 Benda
far the purpose d delraylnp In whde or In pad
the costa d 1ne Parking FedlRlea.
K Throe have bean preaemad to the Council
the proposed tamte d the folkaaing dacurnertts;
the Purchase Contract; Iha Raplatrer Agreement;
the Escrow Agreamant; and the Prellrthary
OBldal slatamertl.
L. The Town Council k tlBeirdua d cauelrtg
the 1989 Bonds to be Issued, d aolhortrlnp and
dlredfnp the appllcatlan o11he proceeds IhereoF
es ed lash herein, and d prpvidhp aecudty for
the payment thereof, all In the manner
haralna8ereel fonh.
SECTION 3. Rallllcatfon. A8 ac[Eona
harololore taken (not Inwnelatent wNh the
pravlalom o1 ehM grdlnance] by the Tawn
Council and dher oHlcero of the Town In the
InpoeNlan antl Wlkxtion d the Sales Taz or the
gross Revenues, In prwldinp Ih• Parking
Fadllllee, In eePhg and leeulnp the 7988 Bands
tar those purpeaea sad In pravlding for the
paymam of [he Serlos 1984 Warrants hereby
ere, retitled, approved and cvnBrmed.
SECT€ON 4, Aulhorizatlgn of Parking
Facllitbs and Defeasance of Sarles 1994
Warrants. The Parking Fadthles ate hereby
authadzed ffi a suet d not exceedhp 58239,235
(exchrding welt to 1» paid from sources other
then the odglnal prpCaeda d the 1989 Bonda}-
The eHab}lehment d Ihv Escrow pccpunt wkh
the Escrow Bank and fhs dapotN d moneys d
the Tawn, together with the reserve land fa the
Sarlee 198+1 Warcente, therein for the purpose d
prwldinp for Iha payment la full d the phdpel
d and hlerest on the 9edet 1984 Wananls k
nereby aNhvrized.
SECTION 5. Authodzatkrn d Iha 1988 Bonds,
There are hereby amharlxad to be tasued lolly
rephtered eelee tae rwanua aecurNlea d the
Tmsm, to be deslpnmad'TOwn d VaR, Cdorado,
Sales Tex Revenue Benda, 8erlee 1989' In the
epprepata prlnolpal amoums d 58,239,235, to
be payable end cdlactlbk, bath ae [o p4nclpal
and htersat, from the Pledged Revenues.
SECTION 9. 1989 Bond Details. The 7889
Bands shat! be laauatl In sully regletered form
8.e., raglelared ae to both prhelpaJ and Intereary,
shall bo dated Iha date d Ihv orlglnal delivery of
the 1989 Bands, shall ba ksued In the
denomination d 55,660 value ffi rreturky or any
Integral nwhyf}e thereof (prwkled ihffi no [989
Bond rosy be kl a denominallan which excesde
the Apprecla[ed Prlndpsl Amount cgminp dug
qn any malurNy date, and ne Indwldual 1989
Bond wIA be Issued fa more Ihan one nraturltyl
and shall bt numbered in each manner ae the
Repletrer may delermina. The 4989 Bands shall
bear Interval from their dais compountled nn
eagh Interest payment tlete ar,d payable only
upon rrwtudry,
The Serlos 1989 Bonds shall mature and
becamm peyebb on December 1 In each d the
dealpnatad years and In the respac9ve
Aggregals prfndpal Arrant and ehalr bear
Interest cortTwunded sanknnually as IgApwa:
~"CIk7UlOUS
FCIUX
~inis~ies
by Shoshone
as seen In "Colorado
Home and Llfestylt=s"
clod "Metfopalt#an
Home.'
303-744-6240'
Maturity
Dots
OHplntl prlncfpd
Amoun! Par fS,60a
Vstue et MatuHly
Inlereat
R.H
ApgregaN
Appraelated
Pdnclpd Amount
at Maturity
The Appredakd Principal Amount of any
1989 Bond shalt be payable m the regls[ored
owner thereof es ehgwn an Iha :egnlratlon
recortla kept by the Regktrar, upon matmlly
thereof and upon presentation and surrender al
the Paying Agent. N any 1988 Band shall cwt be
paid upon ouch preaentatlon and eunendsr d a
aher rrsrourity, h shat continue to draw Imareal at
the same Interest rate home try eeM 5989 Bond
antl! the principal thereof b paid In 1uFl. All such
payntema shall be made In [aMul money d Iha
On Red Stereo of America wkhorH dodudhn for
the talvlcea d the Payhp Agars or Repletrer.
SECTION 7. P7Iar Rademplkln. The 1889
Bond shall nut be eubled to ledenptbn pdgr 10
Ihdr rvepadNe malurhka.
SECTICN 8. Spedel Obsgffilorls, Afl d [he
1989 Bonds. logdher wkh the Interest emulnp
thereon, shall ba payable and rxtNedlbk out d
the pledged Ravenuea, which are hereby
Irlwocably so pledged; the owner or ownerc
Ihereol may trot bok to any general pr dher fund
fa Iha payrrkm d pdnclpal and tmereat an the
7989 Bonds, excep! the deeignaled special
funds pledged Iharetw; and the 1989 Bonds
shall nd conslhme an Indebtetlnoee oar a tlebt
wlthfn the meaning el any applicable chaser,
canelhullonal a etalWary prwItlon or IhtNallone;
nor shall they ba considered er held to be
general obllgalbns d the Town; and each d the
1989 Bands herein amhodzed to bs Issued shat
rocks on ke face That N k payable and calisclble
from [he Pkdgetl Rwenuee, and that 1Te oases
thereof may not bok m any general or dher fund
!a the paymem d the Appredalad Principal
Amount on the 1889 Borlde.
9ECT10N 9. Negdlablllty. Subjed to the
registlallon provklorn hereof, Iha 199D Bonds
eha11 ba fully nagdlable and shell have ell the
quaNlka d nepotiab{e paper, end the twiner or
owners Ihered shall posseee all 7lghta enjoyed
by Ihv holder or owners of negallable
Inalmmenk under the prgNelona d the tlnlorm
Cemmerela! Code-leweslmenla SecurNlea, Tha
Apprectatetl Pdnc~tal Amoum of and Imereel on
the 1989 Bonds shall be paid, and the 1989
Benda shall be transferable, Irea from and
w{Ihoul regwd m arty equhiea between the town
end the mlghal or any Intermediate owner d
any 1999 Banda OI arry aatgge ar aosadelms,
SECT[ON 18, Execution. The 1989 Bonds
ahak be exacded In the name and on 6eheY d
the lawn by the elgnatum d the Mayor, eheR be
eeafed wNh a manual ar feceimile Impreaabn d
the seal d Ihv Tawn ahd attested by the
elgndure d The Town Clerk Each 1989 Bond
shall t>A aulhemkalatl by the manua} elgnsrure
of an avlhadred olllcer a1 emptpyee d the
PIiRPORMANCIiI it's a terrific
cnvirontnent Cur advertising. 'ITte Vail
Trail can do it Cur you nowt
~Q~ ~u - IVDUerTl~rlO. ~ f~89 43
Rsglatrar nn hawlneNa provided. The
efpnnures a the Maym end IM Town GbrN may
be by menus! m facelrryk atpnature. TM 1089
Bonds burlnq Ihs manual or facalmlle
elprralurra d the dfben In oHla a! the trraa d
By tttahatzatbn thereat Thal! Ire tM veld and
tNndlesg pbAgetklna of IM Tawn µubJad td M
IagdzefrMra d adMntlrylbn bl'the Repktrar v
hsrolnahH prgvbeay, notwNhetandlgpy that
testae 1M dNNary [hared end payment therNa
x betas IM beusrrce d !M 1980 8onda upon
Vary»h m azChsnps, any or ell d Ihs psngnt
Irnora manual w facslmlb s3~pnnurea arPaar
Areraan ahatl bran csesd to IAI 1Mk repeclNa
sakes. The Mayd and rhs Town CIerN FhN€, by
Ay ezacdlar d a elpnalvre cenlfkMS pertekting
:o tM 1888 Banda, adapt se and for lhnr
'eepectlw slpneluroe any Iscelmiiee Ihueof
lpPenhp on the 1960 Bands. M IM time of Ihs
rxetxalan d 1M slpnaturs certlllente, IM Mpyar
1r1d the lawn Cbrk may Hach adopt ea and for
Ib Or her (acelmils sipnelura u! hh or her
rradacesea In dfim In Ehe event Ihel tech
acalmlFe npnnma appears open soy d 1M
:q89 Bantle.
No 1880 Band abet ba vahd or abhppstory rot
my pdrpgas unfeae the caNlllcele of
Iu1Mn11cstlon, aubHentfally In the tam
ierelnafter provided, hoe been duly manually
aecuted by Ihs Replalrar, TM Rvpleuar'a
edNk:ale d aulheMMxllon shall tie deemed la
~aw 6san duly exeCtaed by the Replalrar Y
ianually signed by an aulhm€zod o111cer d
rrployas d Ih9 Rspltlrar, but @ shell nd be
eoeesary that 1M aerty o8ker yr amplbyM
Ion Ihs certNkzrre d aulhentkallgn on ell d tM
989 Bontla leaved hereunder. By
ulhentkatlnp any of the 1988 Bands InhlAlly
elNarotl puyusnr to Iho Ortllnencf, the
IegltlrN ehNl be daerned to have eaeMSd to
» frrgvfebrta d Ihb Ordhanca.
SECTION la. psphttatlon, Transfer and
xMange.
A. Ratxrrda d IM replelrNbn and uanakr d
y lt189 Bells tMlt W kept by the Rrpk[rp.
Ankh la Mra6y appolntad by Ihs Town es
ghlraz (Le-, Irarnler apenfy far Ihs 1968 Bonds,
Ipoa ant ^wror,dH for nanihr a any 1489
and at the ftephtrer, duly enddrsad la itanehr
r aaompanled by an aatlpnman! duly
xsr;ded qt' IM rlryhlHOd amer m hie agorney
uty adhvdzed In wrhlnp, IM RaQislrar ehNl
ntH such vanelH on IM replatratbn records
M steak ardhanHme and anAtar at the Hems d ,
ra 1rwwlHee er trantlaroes a new Ifta9 Btlnd
r Banda d IM same antes, d a fIM apgrepste
ppndnsd PHndpal Armum and o1 Ihhes same
uturky, bsarlnp a numbs+ a sambas na
rsvbualy anlgnetl. 1889 9onda cosy ba
xehanged n th• Peplnrar Icy an aqua
ppre9ms Apaetlarsd Ppncbal Amount a 1M
688 BmM d tM NrfM and [ha eertw meturay
I dher edhorixsd danombatlana, The Replarar
ha8 eutMMlnale end dNMar a 7860 Bond sr
ondr IYfiftrt Ihs rophtarad ownH malting IM
echenps b aMhbtl m recdw, bearhQ a
sntber a numbsn no gwlowfy asalpnsd. The
egbirat cosy Irlpas reasonable chary[ In
xnnadlan whh such exchanpaa and tranefen d
189 Banda, Which Charger tae well as enY felt
' dher povarnmenhl drupe requhed to tae
std vrhh ropes to such exchange a uanMery
all be gab 6Y Ihs rsplrlerad owner rsque.tlnp
rdr axphenge a Transfer,
0. The panes In whole name any 1969
and ahW be rsphlered on the rspleaallon
imrds kept W the Rsglatnr ihnl M deemed
ad regarded es the abadds owner thereat fa
K Pugxoie d maklftp payment IMled and for
11 dher purpnees; and, eub~ect to ouch
roeglpn, peymem d or on account d any 1969
and shall M made only to Or upon IM vwhlsn
rder d IM rspletafed owner thereat of hle Iage1
mrsuMnNa, bd such reglelrarlon cony be
sarspeA upon wander d ouch [889 Bohd In 1M
Manor antl avb]ea !o the condltlona and
nhefiona provided herds, All ouch paymanls
te11 M valid and Nlecivar Io dlacharpe 1M
ihWty Leon such 1989 Band to the skies! d IM
an m some ae geld.
C. N any 1989 Bond shalt be bat, stolen,
strayed a rmAAatsd, Ihs Ra9htfra than, upon
rCSipt d ouch widsnce, Information gr
dsmnhy relating thereto u A and iha Town
My reasonably require, aulMntltare and
sl{var a Isplacertynt 1989 Bond a Sands d a
y epprspets Aoprsdeted Plinc~eN Amount
td d the same maturity, benhg a number a
rmben oar prevbuely esipned. If such bH,
den. destroyed or muFiktad 1989 Bond shall
eve meturatl a Is Ghoul 70 become tlue and
syabk, IM gapletrar may dlred the Paying
gam ro pay cunt 1089 Bond In IVeu pl
[slaoenrent.
D. Tire dlkam d pee Town are aurhalzed to
sliver ro Iho Repletrer luhy oxactded but
tautheMlcaled 1969 Banda in each qunntltin
s may bn mnvnnlent la be held In custody by
r Reghtrar pondlnp use as heraln provided.
E. Whenever any 1989 Bond shall bs
urendHed Io Ihs Paying Agony vpoh payment
ereoF, or to the RogMlrm 10r hannor, gxchanpa
• repkcemenr ae provNed heraln. ouch 1889
and steal tie promptly cenmied 6t' the Psying
gem or Raplehar. and counterpane at a
snilke» al ouch rancdkllon shall t» lurnlshad
r the Payhp Aganf or Regfetrm to Ilm Toren.
SECTION 12. Form of 1800 Ronde, Legal
phlors, Certillrala end Rsgle1ra11on Panel. Tha
iBB Bands, the tagotntlpn panel end the beef
stolen certilltate m appear on Ihs t9a8 Bonds
fall be eubalanllally a lollowro [provided Thal
sy portion d the IBBB Rond Ivrl may, wllh
rproprlala relmence, ba prlnlvd an the beck d
e 1989 Bondyy, won sooty omiaslone,
senlem, endmsemenle, and vnrlaHona ae 10
ry rochels al lea or dher provlebns ae may W
qulmd try the clrcumetancos, be rrrgnlrod ar
vrNtted by ih{t prdlnanca, ar ba canals»m
Ih thla Ordinance and oases vary or
rpraprlale Ip conform Iq the talus antl
quiramenn of any govornmenlal eulhmlty ar
y usage or roqulremenl of law with reaped
Into:
(Fam d Band1
UNITED STATES OF AMERICA
STATE OF CDLDRApO
COUNTY OF EAGLE
TOWN OF PAIL, CDLORAl7O
9ALE8 TAX REVENUE 9bNb
SEAIEB t9B9
NO. R•~_ f
INTEREST RATE: K
MATURITY GATE: DECEMBER 1,
BATED DATE; DECEMBER t, 198D
CVSIp; '
' REGISTEREOOWNER: -
APPRECfATEO PRINCIPAL AMOUNT AT
MATURITY:
ORKhINAL PRINCIPAL AMOUNT PER 6EW9
VALl1E AT MATURITY;
TM Tram d Velf, In fly Caunry d Eegk end
Bla» al Cokndg phe 'Tawn'y, for value
rodhnd, gumless to pay to dh• rsphtersd
own+r spavNkd Wove, a rplNerad eaalgna,
adNY from Ihs spacial funds provided tharefar,
the Apprsdatsd Prlndpal Amount alawhbd
aban, on IM merurhY doe tpecHled above
Whkh APPretlNad PdnCbal Amoum npremis
ill alplnN pdrlCpal smoum hared aw Imnsi[
oorrTloundsd on each In»rott payntvnt da» nl
IM In»ret Ra» per annum epsdgad Wave
from rho Dated Dale eksoh [alto Malurky gala,
mnpoundad rm Jurrs 1, 1990 antl semlannuallY
lhHeMtal on DawrrbH 1 and JuM 1 a Bach
Y++r• TM f11E+kMN d and bterel on thle bated b
payabb upon prossmallon and auadrtdH heroel
al ma pdngbal mrpbrns trwt asks of the
Fown'e nplANar and paylnp spent {Ihs
Rsplnrar^ a the 'Psying ApsM"y, prsaendy
Cemtel Bank Denw4 alb Assadatfat4 M
Damrer, Oabrado. All such paymsnle shag ba
matle In IeWlul rrorwy of IM UANed State d
Arttartw whhod dedudbn for 11+e earvloss d the
Paybp Apam m Rsphrraz.
The 1989 Bands maturing ere rte iub~ect to
'. t pdor ra [testy repedlva rne[vrllbs.
TM Bonds ere laus6le an1Y as lolly
regle»rrd Bonds In denominafN>ns pf f5,d0o
valve at rlwwky m any hreprel rrktgbba [[tared
and an exchangeable 1d fulFy rephtHW Banda
01 the acme masurNy end aarlsa In equal
agprepne Appradalad Pdncbal Arsydnlr acrd h
aul riled tlerwrrNnatigm at IM elaeak! ohke
d iha Rephlrar, but any In IM rnartner, aubjaa
to the Ilmhslbni and colWhlona, and upon
payment a1 the charges provided In 1M
ordlnants aulMrlrlnp the hauana d Ihs Banda
(tM'Bandhlg Ordlnanm^J.
ThlIe Band h fully IrsmlHabk by the
rogleldred pwnq Mod In pawn a by hh dal y
avlMllzed aBwMy on IM apifunbn records
hspt W the R+phtrar upon surrendH of thla
Band IopelMr with a duly executed wmisn
Innrurtrsn! of Irannu anlsfaelary to rhs
Rsgqlgraf. Vpan Guth 1»mler a new tatty
registered bated d adhortrad tlenaanatton or
dsnaminallone d me cone aHbe, apgrepa»
APPretletsd Pllnclpel Arnpunt and msdurhy wilt
fad hleusd to ms Iranaferse in ecltenge fa thle
bond, iub]ea to 1uGh tHme and aorMkloria and
on payrrtani 011M chary[ a eN fonh In rM
Bond Ordhsrtve, Try Chy and tM Replelru and
Payhp Agent may dasnl end treat the pHam hr
WMe• name Ihh Bond la regfHSrotl q the
abaoMe orrnar Mred fa Ihs purpose d nrkhsp
paymam ant for aB steel purposes.
The 10BR Bands us aumorlxed far the
purpose d dNrglttq arholy a h pan the tali d
Ihs Puhlry Fadihle [s dNlned In the Band
grdlnsnah for tM payment d cons and
sxlxansss irtpklsntH raero» end fo the lesuance
q IM BarMa, (and td lurtdrrp • reserve for the
Bgntla,) nl undH 1fia authaay d and in !u!I
codamhY whh EM Calelkdkm d the 31are d
Colaada and IM Tawn Chador and punuanf la
1M Bond Ordbanae duEy adopted, publlahsd
and toads r taw d the Town, aN pbr to tM
oauanvs d lhla bond.
The RoMS tltl na connNds a debt or an
IndeMednea d IM Tawn wilhlrt IM rrsenlnp d
any epe,IltzrMa rnerlsr, corlstautldnal m Nnulory
provblon a IhdrNlon, shag trot beconeklarsd a
held » be a general dfllgelbn d tM Town, end
era payabb from. and tblblkds a pledge g1, an
irrevocWb Ibn (but red rreoeetulY ~ axCbeive
tbn], on a! d the proceWa to be dedved by the
Torn tram IM Pledged Setae Tax Sae ddfnetl h
the Bpnd prdinpare) and from any terse whkh
harealler may ha Irtsaosed by tM Tawn in
adtllllon Fherno a In au6erkNlon MHNa, Nd
Revenue (u dNhsd In Ihs Bgnd Ortlinergej of
the Palklnp Fatllltie tae ddlned In the Bond
Ordfnantey, any taxer, furMS a revenue whkh
the Town hsrealler pledge to ill payment d
the Bgntla, Cbneln o[hn masers hob In the
tlond Fund and tM Reserve Fund (ea bdh rrnh
funds are dNlned In IM Bond OMfnancey. antl
Inwathtant Income an cenelrt funds, all to the
extern Thal wch moneys ere N any lhna requhed
[o be dapoalted Into end held In the Income
Fund, the Bond Fund. end the Reserve fund
masted by, end as prpvlded In, the Band
Drdlnance, aubled tv r:ertaln ercapllena aiM
aaclualone ae proWdsd In [he Barsd OMEnattce
Bhe'Ptedpee Ravenuery.
The Banda msrataula a pledge d, and en
Ircevacahb Ibn [bd opt ner»siarey an exeluelve
Ibn] on all d Iho Fgadped Revenue. Tha Bolls
me equhWly ant ratably secured by a Ibn on
tM Pledged Seise Ter, but the Benda only
aonuku» sn Irnvoca6» end umntl and
iubordlnel4 Ilan (but hd naceparlly an
srclwNa second lent' upon IM Pbdped Setae
Tax, each Ilan belnq eemrW and aubordinue to
the lien of iha Town's putatandlnp Oenarel
Obllpallon Bonds, 3erlas 1986 [Ihs '1885
Bonds'y, In oagryatrgn whh Ihs Pledged Bales
Tar and u rsqulrad by the prdinanCe whkh
edhdrizee 1M 1985 Banda, the Town shall July
pravbe Ira Ihs debt eervk», reserve acoount,
and dher rpqulrertytsle d the 1986 Banda In
any Ilecal you and, only dher such provlebn,
cony use excaa piatlpad Sale Take la Ihs
payment d the princbnl of end Intarert pre rhs
Rorlee Ronde, by Iran/fart{rep such excess
Plodpe,d Snlae Taros to Ihs forams Fvnd tae
dapnod In Ihs Rond Ordhantey. Thg Banda
conelllute an bravorabie and IIr6r Iron (but red
nocoeannly an exaue]va that Ilan) upon the other
Pledpod Revenue axcopt la the Piadped 8alea
Tex.
Payment o} the principal of antl Irdereal pre
Ihle bond shall be mode from. and ee aecwNy fm
such payment there era hrevgtably (spa
srdwNalyy pledged, pmauant to the Band
Ordinance, mpneyi ~tlepeellad and !o be
deposhad In a epaclet fund of the Tawn [the
"Bond Fund) Into which rand the Town has
covenanted under the Ordknente to pay from the
Plndpod Revonua, s sum euNklent. logelhar
with ether moneys avellWfe In tM Bantl Fund
lhardor, la pay when due the prlndpal M and
INeraal pre rhs 1988 Banda and any Addlibna{
Bonds (e ddlnsd In the Rand prdlnance]. In
AddNlan, Ihore la hrevocably and ezcfuslvefy
pledged td ho paYiTeem d the 1988 9onda and
any Addslonal Bontla (ne ddlned In the Bead
Ordinance) a reurve fund [the'Reeerve Fundy
whkh will be mnntnlnad as a nasonehla
nerve Ihernm. Exppr a dhsnvhe tpecnletl
In [ha Rond Ordinance, Ihle Bond le enlhled to
Ihs bandha d the Otdlnenm squnly and ratably
trdh sa ro pHnr;ipa! {and rodenptlon price) end
Intaral with all dher Bonds leaved and to r>a
Isauetl under the Bond Ordinance, to which
fefetenm la made for a descr}tlbn a! the rights
of the ownan o11he 1Ba9 BorMS end tM dghta
and obllgallona of the Tawn. Thle bond le
payebfe tram 1M Pledged Revenue, antl the
owner barest may not look to any general m
dher lurid d the Town for the payment of [he
princlpaf d end Enlneat en fhb frond exoapl the
Pledged Revenues. Reldanq b made Iv the
Bond Ortlfnante for Ihs provhlpna, among
others, wllh respect [o the custody end
appikallgrt d the proceeds d IM 7888 Bonds,
iha rmelpt and dhpaeNloh of the Pledged
Revenues, Ihs nature end eaenl d the eecurky,
Ihs [altos and mndklgne undo whkh addkbnal
6pn6e payable from Ilse Pledged Revenvae may
be hsued, the rlphta, ddfea and gb6gatlone d
rho Town, and the rlphta d IM vwnen d ill
Bondy, and by IM eFeeptance of thla bond the
owner tense estenls » ail provhlpne d the
Rend Ordinance. TM pr]nclppl of and the
Inlsrotl on fhb bptotl that be geld, antl thle bond
b rronalerable, Ire[ Irom ant wkhour regard !o
any equhba betwsert the Town and Ihs pr~htel
W any h»rrtted»te owns hared ar any aNO14e
a txosat~lalttts.
Thle band must tee regMeretl h the name d
tM oxmer on Ihs repbtralkh records kept by the
Rsplerru h oonfortttky w8h IM proWebm nNed
totals ant endorsed Mrein end eubyea to tM
toms and mndklona ea fonh In IM Rond
Ordinance. Nv Iramfer d cob bond shall be valkl
unless made on the n9qhha[ion records
pMfnlahed at the prkrapal offkxe d [ha Replalrar
by Ihs replalered owner or ho attorney duly
adhodzed h wrNhp,
Thb bond shell not be vnH IX obkpatory fa
any purpose until Ih+ Replenar shell bees
manually atoned IM mrtalcate d aulhamknion
Mraln.
fN TESTIMONY WHEREOF, !ha Town
CavncA d the Town d Volt he teased Iho bond
to be atoned and axecvled in he name wqh a
menuN or 1ankMb algna[ura al tM Mayor d Ihs
Fawn, and to be afgnad, executed scot aReatad
with a menus! or facevrdb elpnnure d the Tawn
Clerk, whh a manual or fanimlle hTaretelgn d
rtes seal d the Town spiked Mrolo, all ae d IM
data alxr-ilbd above.
Manual a FacalmAe Sfgnaturey
Meyer
(MANUAL DR FACSIMILE SEAL)
ATTEST:
Manual or Faaimlb Slpnnuray
town Clerk
(End d Fam d Bondy '
[Farm d pepletrah
Cenlrkels d Authent{tatbny~
Thb Its pne a the Benda deecr8yd in the
wHhln-mvnlbned Band Ordinance, and thle
Bend teat bean duly repfa»»d an the
reglalrnlon regards kept ley tM urltlexalgnad e
RepWrar for iuch.lAarrds.
CENTRALBANK DENVER
NATIONAL ASSOCIATION
as Repietnr
tiara d AulMnikxdbn
ant Replelrnlpn;
By:Adhorfzed Ohicer or
Errpkryss
(Fad d Forts d Replnrefa
Cathkate d AdhMdlGabny .
(Form d MslgnmsMy
Fa value reoelwtl, the undsnlpreed hereby
sells, acetone and assets re unto
the wNhln pond antl hobby
;nwocabfy contlFluge and appolnia
atterrny, [a trartsfer IM aanw an
the raaprda d IM Reepplelru, wkh fulF power d
aubatddbn In the pnmfaw.
Dnsd:
8lpnnvre Guenmasd:
Addrosr d Translaree:
Bodo Sscmhy or olhH tar Wengflcallon
nvrttMrd Trmslerw:
NOTE: TM signaluro to lhle Afdpnrnem must
careeporM whh the nerrra as wrksen an the lace
d the wllhln Band In avert' panlcuFar, whhout
alteraNOn or enlargamanl or any change
whalroeYef.
{End d Form d Asslgrxrtsntl
(Form d
Legal Oplnbn Canillebla)
STATE pF GpLORADO
COUNTY OF EAGLE
TOWN OF VAIL
LEGAL OPINION
CERTIFICATE
I, undersigned town Clerk of tM Town pl
Yell, In life County of Eagle and Stale of
Colorado, do busby comfy 1hn the following
approving legal ophbn at Sherman a Howard,
Attorneys et Law, Denver, Cdvlado:
(fneen rep of legal opiMmj
la a True, pertaa and conplete copy of a
manually erecured and dated copy thereof on
111[ in the records of the Town In rrry oNlm; That a
manually executed and dated copy d the
oplnbn was forwarded to a raprewnlelNe p11ha
orlginel purdtassre Sar tetenlbn h lhelr recants;
end That rM opinfpn wpa tlnetl and bevetl a of
Ihs data d the delNery d and payment iof the
Banda d the sole d sdlfch Ehle k one.
IN WITNESS WHEREOF, I have caused to be
hereunto let nIl' manual a lacelmlb eSpnature.
[Manuel a FaalmRe Slpnetvre]
iawq Clerk
(End a Fam d
Legal Oplnbn Certlllcatey
SECTION 13. DeElvery pf 1988 Banda and
p€spoehbn a Proceeds. When IM 1089 Banda
save been duly executed by appraprlate Tam
gNlmra end arnherstbaled by the Reglabar, 1ha
Town Manager shall caws the 1988 Banda to
ha delNarod, q1 one time or Imm rhea So dme, to
!ho Parcteaser, on tatelpt o} the agreed
purchase price. The 1989 Ronde shall be
dellyered In such denvminelfane as Ih0
Purchaser shall dheCl (but eublecl to the
provlelons oS Seaton 5 hmedy; end the Replevnr
shall Inlllally rephrer [ha 1988 9onda In such
name yr nanrrs as the Purchaser shall dlrecl.
Iho pracaeda al the 5909 Banda, hduding
without IlmBatlon the accrued Interest thereon,
shell be deposhed promptly by the Tawn
Manager and shall 6s accounted for In the
Farlowlnp manner and are hereby pledged
lherelor, but the Purchaser d the 1980 9onda or
any aubeaquenl Owner In rte manner shall a
rnepanebb far [he ppplkatlon m tllapoeai by Ihs
Town or any of lea olllcere d any d the lands
dedvod hum IM eats;
{ly AB accrued Iniereel, h any, recalved in
.respect d the 1989 Bantle shall t>a credged [a
the Rond Funtl to tie epplbd to the payment pl
Ihs 1989 Bonds.
;ip An amount oquaf !o the Maximum Annual
Debt 9ervlce Requlremenl shall be cradaed ro
the Reserve Fund. (ory The Band Reserve
Insurance Polley Issued 6t' Band Insurer
almuNaneaueiy wllh Ihs delivery ~d the 1989
Bantle shelf M degassed to and held In Ihs seed wleiy to pay soar u the same arory9, and
Reserve Fundy any moneys h stoats Ihereol le Bald two lands
(liq A{I rerrreining promede of tM Sehes may be withdrawn and used for any lawful
t0e8 Bands ehaA be crodhetl to the fdlarring gamuts.
epetfal and asperse account, hereby created E• Ds}rayEng Dahnquencfee In Rond antl
red etabllshed, to he Nnawn a the -Town d Reserve Funds. Bon any raqufretl rrraMhly
Yell, Colorado Salsa Tax Revenue Bonds, payment data the Town shall Far any reason fail
Sedaa 1989, Cpnevuctlon Fund; 1o be used, Ip pay htro [M Bpntl Funtl the full arnoun! ebov9
together with any ether avaklable moneys slbulded, then an amount shalt be paid Into the
theretor,» pay the costa d the Parkfnp FedlNlea 8pnd Fund on such date from the Reserve Fund
Inchrdbg costa Inddenlal tv the Issuenca d the equal to the diherence behveen IM amount pall
T98B Buntle. ANer payment d ell meta pf the and the full amount so nlpulalea. The money sv
Puking Fadfklea, ar steer adequate provolone used shall be replaced In IM Reserve Fund from
Iherelpr is made, any unerpentled baianm In the flnl P;odged Revenues reoefvetl that are red
the Cpnatmabn fund ahe}I a depoaketl In the requlrad to be dherwlee eppBed by thle eectlan
Bond Fund and spotted to Ihs payment pl the ,
but exduding any payments regvlred Igr any
prlntlpel d end Inters[ on iha Settee .1089 eubardinete obllgarbna; praNded, however, Ihe1
Benda. an amount equal to rtes amount whhdrawn f rom
SEGTION 14. Une of Mpnoye In forams Reserve Fund shall be depwlldf by the Town la
Fund. the Reserve Fund no Imer than Irvelve mdnhe
A. income Fund. 30 loop ae any Bonds styes from tM dale d such Milhdrawel. tl al any Ilan
ba Odatandkq, aaMf as to prlncbel a Imereal, the Town shall 1m any reason IdN to pay IMp !M
IM Pledged R~venvea shall, upon t.eebl by tM Reserve Fund the lull emaunt above alipulated
Town. be dapwAM In the fdbwhp tpedN and Irom tM Pladpad Revenue, the dMlerence
sspanl• apepunt, hereby steeled acrd between the emgum paid and ill empum sa
endiihad.» ty browns u ell 'Town d Vsil atlpvlated she! let a 9ke manner M paid thereln
Income Fund.' The folkwlnp peyrnsnta shall sy ism [ha flat P€edgetl Revenues 1Mraaf[er
made from rM ktoony FurM: terohred red requhed [g bs epplNM dherwfw by
B. Bond Fund. Flnq Ihns ant! he credksd thin aecrlon, but srcludlnp any paymanU
from tM Imm~se Fund to a fund hereby created required lay any atrbvrdlnare odlpalbns. TM
and» ba b10wYl as the'iown d YaA. Sales Tax moneys In tM Bond Fund and fn tM Resrva
BondFUnd'tMfoTrnvfnputlotrnit: Fund shelf tie used solely far ill purpose d
1. Inters! Payments. Monthly to the Rond paylnp the principal and any redemp[lon
Funtl, Wrranerrclllg d111te Ikal day d the month premium d and the IMHe1 on the Ba1de and
Imrtwdlndy aumeetllnnpp the dNhrory d any d moneys In the Reervs fund shell be used to
1M BorMs, a Cdtxrsertclnp on IM tent day d the pay the hswr d any Bond Reerw Insurance
month nos yeaz next pdor to tM Brst imerat Polley soy arroume arhp rp eutfi lamer under
payment dale d any d the Bonds, whkhawr the terror d the Rand Rearw Insurance poesy;
rwmneretemeM dale le titer, an amoum let equal provded, however, lhn any rrnrreys u any t{me
rnomhq tne1a11meMt Mteeeary, topather with In excee dlhe Mexhnum Annual Debt Sarvks
enY moneys thereln and availsble mnefor, to pequlremem calculated with [aspect to the
pay [he Interest due end peyabte on Ihs Bonds In the Reserve Fund may M withdrawn
Oulnandfnp Bonds on the next succeed#np lherdrom and used fa any lawful purpose; end
IMeieet paymem dale. provided, 1uaMr, that any moneys In IM Band
2. Ptlnebal payments. Monthly to the Bond Fund and In the Reserve Fund fn excess d
FurW, mmmpndng bn the lfrm day d the month accrued and unaccrued prlnefpal and Interest
Invnedlately eurxzteding 1M delivery d any al requlrememe to the Ieapeahre malurNle d the
Ihs Bands, m mmmencing on the lfrot day d the Outstanding Bonds rosy ba used a provided in
month one year nett prior to the Ikal pdnClpal Pazaprrtph D d Ihle castes.
payment date d any d the Banda, whichever F, Rebate Fund- Third. [tsars chaff be
mmmenCemartl date b later, art amount h equal tlepashed In a special account hereby masted
monthly InalAllmenSa neoesary, tppelhar whh and to be known as [he ^town of VNI Sales Tax
any moneys thereln and avaflWie Iharefor, to Revenue Bontla Rebate Fund' amoums regUlred
pay the prlndpel and redampifm premium, N by Sedlon 31Bgy of [ha Tax Cade [v be held
any, due and payable on the Ouletendhp Bands anti each [tree as any raqulred rebate payrnenl
an [he next surznedlnp prlndpal payment doe, h made, AriqunE6 fn the Rehab Fund ehdl tie
3. Redudbn d Payments: II prior to any used for the purpose d making the paymanta to
Inters[ payment tlata m principal payment tlate,
than has bean amumulated I
IM B
d F the Unked Statue required by 9edion 14811y d
1M T
n
on
und
[ha enllre amount peceeaary !a pry the next ax Code. Any anqunta in er,xaae d Ihoae
required ra be on deposll thereln bl' Sealvn
meturlnp inalellmsnt d htereet m prbclpal, or ' 14e(ly d the Tax Cotla shall be' wdhtlrswn
bdh, IM payment raqufnd fn subparagraph [1) therdram end degassed fnlo me Inaame Fund.
or (2t' (whichever la appllcabb) of Ihle Funtla In the Kabala Funtl ahatl red he eubJea to
paragraph, may be apptoptimely reduced; bd Ihs Ilan masted by thla Ordlnanm to the extant
the required Itnnlhfj armvnle again shell he aq such emoums ere required to be paid to the
' credhed to suds account rxsnxttarrclrrp on such Unned State Treasury, TM Town may crotae
Inlerett paymam dale or pdnclpal payment date. eeparete arooume In the Rebate Funtl In
TM rtgneya In the Bona Fund shall be used connealgn wish 1M feeuance of Addltbnal
gnfy to pay IM prlnClpal d, prior rtsdsmptbn Bdtda•
prelNUm M any, acrd Interel on Ihs Banda as the p. Payment for 8ubordlnue O611gatlons.
carne bappmes due. After the peymsnn repotted 6t' Paragraphs B, C
C. Reserve Fund, Second, except as and F d this scabs, the P+adped Revanuai
harolnaller provitled, from any manaye ihaB bs used by fM Town fa the paymem d
remalnlnp in the Inoama WM there shalt be IMHNI M and pdrrdpal a any submdlnela Ben
credhed mouthy 1g a aepuals ampLrnt hardly Obtlgnlpni hneaher aulhaizetl to b• bsusd
aoMed and to a knrtwn as iM'Tpwn d Vall and Payab» Irom lM pbdgad gwanuaa,
Saks Tex Revenue Bends Reserve Fund' an ~ h+dutllnp resaonabb resatysa therHa.
amount, k enY. Yshkfl h nacaiaary trt rtialMeln ' - Ft. Use d Remnnvsp flevsnve. Aare makksq ~ ~ ,. -
-
-the Bastes Fund e a mmrnuhtq reserve Ire art !ha fasyneanls required ro be made by rhla
~~
emoum cot lass then ill Maximum Annual Dahl ~ any remNning Pledged Revenws may
~ ua~ fa enY lawful Iwrpoee
ServWe Requfremnrt d la pay the Bader d any
Bond Reserve Imurance PoElq any amounts - .
Ndhirg In this Ordinertca shell prevem ill
esnng to sdch leeuH ender the »rma d IM Band Town from WAhtlraWlnp Irom IM Incases Fund
Reerve Laurance Pdlcy. fn tlnprnllnlnp the amounts colbctetl by IM Town and
amoume r ulre4 [o bed
sq epoaked ae provided aubaequanlly determinsd, pmsuent m 1M
above. the Town atoll receNe credN tar any applfceble Setae Tax atlfnarece, to b. a ea
[o vapd delve 4a re#unde
~
Invaetmem eaznlnpe on Iho depoehs in the
Reserve Furrd
No Credk need be made to the .
SECTION 15. fleneral Adminlelrsibn pl
,
Reserve Fund so long a6 the moneys and/or a Funds, TM {undo detonated Fn Sealtlna 13 end
Bond Raeerva ineurence Pdlcy meretn equal 14 hereof shell he adm;nlnated ae follows
'
the Maxlrtwm Annual beDS Service Raqulrsment aubytsct» tM tlmitnbne Gated In Seaton l9.K
(regaraaaa p! the source o! each hereof;
A. Budgd and Appraprlatlon d Fonda
The
arovmutellonsy. The Maximum Annual DWI
Service Ro-qulremem shell be be amumulned .
auras provkled tv make the payments apecBled
and meinlelnsd ea a ronllnulnq Ieserve b be In Sedlon 74 hereof are hereby eppraprlehed for
sold u
p ~e• and said amaunfa }or each year
used, except a hsraFnai»r provldetl In
eubaadloni b
dna F d cob Bsalon and Sedlon Lhel! be included In the annual budget antl IM
,
2g hared, only to prevent deffdencle In Ihs epprpprfatian ordlnanq or meeurea to bs
ea°pted or paeed by the Town Coundl h Bade
paYrrenl d the prktcaal of and the Inlereal an
[he Bands reavhhq Irani the iallure to cradle to ,
Yeaz roapealvel ~ {la any d the f989 Bonds,
either as to rlnc I or InlsreR
Od
t
di
the Band Funtl iWlldenl funds tp pay geld
l , are
s
an
ng
and unpaid, No provlslen of any con6rdutlon
princ
pn! and Interel as the same accrue ar to
pay the itewr oI any Sond Reerve In6unnca ,
elatda, charter, o[dlnance, reolutlon or other
Po11ry any ennunta owing to each haver under order or measure enacted dher the leeuence d
the termedthe Band geerve #naurante Poilry. Itte 1089 Benda shell In any manner he
Fhe Maximum Annual Debt Service ronatrursd as Ilmiting m impntlng the ebligatlort
Requirement shall be enaulned open {q any of the Tawn to keep and pedorm the covenaMa
principal payment, whelhm al stated maturit pt cgnla[ned In this Ordinance rd tang ae any d the
upon redemption, {Ily the Issuance a Addipann 1889 Bontla rams{n Outstanding and Unpaid.
Bontla, or {ill) the dNeasancs of aN or a pnnlon Nolhfng herein shall prohihk the Town Coundf,
d the Banda. al ha sole soften. from appraprlaling end
In lieu pl al; Or a portion of the moneys aPPEying other funds pi the Town legel;y
requked lobe tlgfwahed in the Reserve Fund by avaltabb Ira such puryaee to the Bontl Fund ar
Ih1a Ordinance, tM Town may al any lime or from Reserve Full far the games d provdfnp 1a the
time to time depeh a Bond Reserve Inwranca payment of the prlntlpal d. Immeat an or any
Porky in the Reserve Fund In }all ar peAlal Premiums due with rasped tp the ise99onda.
anfaladion of Iho Mexlmvm Annual Debl B. Places and Times of Deppsfta. Each dtM
Servlm Requlremenl; provided that any ouch spade} funds created In Sedlon t4 hared and
Bond Reserve Insurance Porky shag ba payphb the Construction Fund crga[ed In Sealgn f3
an any date on whlth moneys wNl be required to hared shell be nvtlnlalned In a Commemfal
be withdrawn from the Reserve Funa ae Bank u a hook amount kept eeparele and span
provldatl heraln. Upon deposll of any Bond from all dher eaVUnla or funds al the Town as
Reserve Insurance Palley In 1M Reserve Funtl, [cost accounts solely for the purposes Mreln
the Town may Inrtaler moneys equal la She delpnned there}af. For purposes of invetmeM
amount payable under IM Band Reserve o! moneys, nolhing, hereto prsvsnia the
Insurance Polley from ill Reserve Funtl antl c~nyn9An9 d moneys aotauntatl for in any two
apply such ngneya to any lawful purges. ar more ouch book aamunte panalning » the
11 the tovenaM mntalnad hs 3ealan 19.K d Pedged Revenues or ro euth lands and any
Ihla Ordinance does not permit the use of dher funds d the Town tp Ce estabhsned urrdar
pracaededany ssdaed 9onda toraluq funding this Ortllnante. Such book attouM ahatl be
of rho Rsaerve Fund In the amount d the connnuouely secured to Ibn fuhnel eaten[
Maximum Annual ^ebl 9ervlce Requharnepl, raquhad by the levee d the Stare Ira Iho aearrlnq
the mexlmum amount of prapeede o! such codes d ¢uhllc lands end shaft be Irreva. able and red
of Banda which may by tlepoelled to the Reserve withdrawable by anyone IOf any purpose other
Fund pursuant lg Secllon. 1B,X shell be than the respective deslgnaled purposes d such
depaelled to the Reserve Fund upon rho funds or aFnvunls. Each podotlic payment [hall
faeuanm d suet settee of Ronda, antl Pledged bo cretlited Ig the proper brok account red later
Revenue shall ba tlepoalted fo the Reearve man iha dale IMrelm heraln daslgnaled, except
Fund monthly sp 1hn not later than twelve that when any such date etrett be a Saturday, a
cabndar months dher Eha dale of laauartce d Sunday or a iagal halldey, then such payment '
such aarlsa d Banda, the amount on tleposl in shall be made an or bdme the sex! preceding
the Reserve Fund shall equal Ihs Maximum businee day.
Annun Debt 3ervlCe Requlmment. C. Invetrnent of Fonda. Any moneys in the
D. Termnatfan Upon Dgaaaks to Malwhy or Conetrualon Fund seated pureuanl so Sealgn
Redsrrpdon Oata. No payment need bo made 13 herevh and any maneya in any fund
Into the Rand fund. the Reserve Fund, or both, N etablhhed by Seaton 14 of this Ordinance stay
the amount In the Sand Fund and the atrtpunl In be degassed, laveerad ar reinvested In any
the Reserve Fund Imo! a sum al least equal to manner permitted by taw. Sarvrhlee or
Ihs entire amadnl d the Oulamnding Ronda, abBpatione purchased ae such an Invettrrent
both as Ss pdndpal and inroleal to Ihelr shall either he eutrject b redenntlen al any Iltre
respecive malmbe, or to any redemption date a[ tam value by the holder thereat at She apllon '
on wnich the Tawn ahatl have axerclaed ns of such holder, or ahan mabre at such Ihns or
option to redeem the Bgrsde then Oufeland{ng times ag shall moat nearly mfncfde whh the
and thereatler rnatvring, including any prlpr expelled need for moneys Irom rho fund In
redemption premlume Ihen due, and ovlh questlen, Sacurhbe or oblipatlons so purchased
acnued and hd aaaued, In which see moneys as an Invalmant of moneys rn any such land
!n Bald hoc lands In an amoum n least equal to shell be deemed at aN threes to be a part d the
atxh pdndpal and Intarel requkaments ahatl be applicable fund. Tha Tawn son! present for
.44 11Ae VtaA 7Yau •r rV. IrJ89 ~ i
rodemptbn a pale qn 1ha prwalling mnrkat anY
securklea or o1>bpmbna eo purchnad q pn
f+~vselmeht d moneys In n given land wMnwa
h shall be nsapeeary la do cep h 9rtler to provide
maneye to meet any required paymanl or
t[nnala IromauM land. lhq Tovm ehea haw no
abllgatlgn tv make sny Invealmanf or
reFnvealmenl hereunder, anises any rrwneys on
hantl end ammunted for In any ono emcun!
exceed ti5,000 artd M least 56,989 thesis wEll
not bs needed Ice a period al rid kaa Ihsn slyly
days. Frt such wpm, the Tawn shall Invest or
relnvsal not last Ihan tvbelantielly all d the
Ivnoun[ whkh wRl rid hs needed during ouch
sixty day perod, except for any moneys on
depvph In an Inlerrlet bearlnq account In a
CamnrerdpE Bank, wNfxid regard to whether
path maneye are widanaed by a artNbtele d
dapvaN ar dhsrvelaa, punuenl to Ihh $sttlon
15.8 erM 9snlan 16.C hared: but the Town b
na rpulrod la i1rYMh m eo to invest Fn audl a
manner, anY maneye acccunted fa hereuntla H
any wck Inseument would mnlravana tae
envenom cnnrornlnp arbllrepa In Badbn 19.K
hood.
O. No l{abNlly far Lanes intoned In
Partarrrdnp Terms vt Ordlnence. Netlher the
town rid any oNicer d the Tvwn aheA be liable
ar reepansalle !or any lase reeuhlnp Ifom any
Inveslmertl ar rolnvnlmonl mods In eCCardsren
with Ihh grdlnarlce,
E. Caaradar of Funds, Tne maneye N any
lurid or aacaunE botch aulhdlred ehAll DPnshl
of IpwfuE money of the Unlled states or
Invoelmatte pomdtlad by 9adbn 15.G hereal or
bdh each money And each lnrwetmenh (except
Iho Escrow Acrount, which ahd€ cronthl d Ihr
Invssfinenle depcribad in the Eaaow
Agrsenlem]. Moneys depoeked In ^ demand or
11eM depoaN aeeounl in or evldsneed by e
gertNk:ale a1 derwsll of p Commerclnl Bank
pursuant la Secllona 15.0 and 15.C herod,
apprvprlatey secured acmrdinp So [he laws d
tea SIMa, aheA be dpenytl lawful rnaMy at Iho
Unlled $lelea.
SECTION 18. Lion an Pledged Rwonuse,
Tha 1898 BorMa ronelllule a pledge d, and nn
Irrevacabk Ilan fbu! rid nocesearHy an sxalveNa
Ikn} on atl d Iho Pbdgad Revsnvee. Tha 4989
8ontla arc equhably and rdably eacwed by a
Ilan 011 IM pledged Saloe Tax, but Iho 1989
Ronde, In aepprtlance whh Iho raquhamonle d
11,e Settee N985 Oralnanea, any conalHde an
Rrevoceble end second and aubard€nafe Ilan
{but rid noconedly an excluelvn eemnd flan)
upon the Piadgpd Bates 7nx, aura Ilan 4dnp
arrmnd and autyrdinNe to Iho lion d the Tawn'e
Sates 1985 Banda. 1n cOnngdlon with the
Piedpod Saiee Tax and m required by Iho
Settee 1965 Ordinance, the Tawn shall lolly
provide for 1M debt earvko, reserve account,
and ofhar requlrementa of Iho Settee 4995
Banda let any Focal Year and, only aher ouch
proNebn, may ape excess Pedged Saba Tayee
for the paymanl d the prlndpal d and IntereeF on
the 3erles 1989 Ronda. by Ireneleninq wch
eetee^ Pledged galas Taxes to Iho Inrome
Fund. The 9sdoa 1908 Ronde mnetltute M
Inevoufbk antl Ilrsl Ilan awl rid aeceeeally an
exdueWs Ilrol Ikn) upon the other Pfedpetl
Rwenuee except for Iho PledOod 8pka lax.
BECTKAN 47. Addllbnsl Ronde.
A. LlmHallans goon InuanCe d AddNknel
Bonds. Nol3rinp Iq Ihls Ordlnnnce ahdl ba
ronslmad In such a manner ae 1a prwenl the
heuartce by the Town of addhbnel panda or
aher abllpaeona, pa efts tram and cotrothvtlnq
e Ilan upon Ihs Pledged Rwenuee an a padry
wka the Aen d the 1989 Bondp {the'AddRbnal
Bortpe7. Such Addltbnal Ronde nuty M payable
wlely From Pledged FTwanuae a they n+*Y be
pnynbh hqm Pledpsd Rovenuea and andha
avenue or land of IM Town J'AtldNionst
Pledged Revsnws'). Rnperdleea d whether
payable eololy from Plodped Reva1UM or Irom
Pledged Rsvenuee and Adtlllbnaf Piedgetl
Rwenuee, before any euoh bbntla ar other
drligatkna are aulhorirad a edually Inued the
following pgndilron rhell be aadelled: la IM
Fiscal Year 6'mledlately precodlnq IM Inuance
d any AddNbnaf Ronda, the Mtounl of Pledged
Rewnuea in each Plecpl Year moat equal or
eycaed _ % d IM Maximum 0.nnuar Opd
Servke Mqulramenl on IM Ronde ({ndutling
the Addllbnnl Banda propeead 1a be InuM)
plus the odelandlnp 3e•rka 1986 Bgnde. Fa the
purpm• of satterying Ihs aloremenlloned
%tM1, any tax, now sapling or hmenher
Irepased, which legany becomes a pad d tM
Pledged Rsvenuee dunsGG Iho Fhwl Year
preceding fhe lewantr of Additional BarWa, O7
anY 1Nr which b ro legally bemrrr a pea d Iho
Pledged Revenues Imrnedla4aly prior Iv Ihs
leauena d pddllbnN Ronde, a any ktcnaae In
Ily tale d any lax wh{dr h a pelt d IM pledged
Rawnuw whlah Inwame le Irrpoaed dwing 1ha
Fhcal Vaar precad4np the beuarwe d Addllbnal
Bonds as any such Increase wHleh h to be
Irrpoesd Imrnpolalefy prior to the hauance d
AtlaHbnal 8ontla can be canaldsred for ih
aptlmelstl effeq on Ihs amount d IM Pladgsd
Rwenuee as A wch !ax a Increase had been In
shed fa the Flecal Year Imnwdlatey precedlnp
fly kauMw d such Addillpnel Bondp, Any fax
whkh h no tinoo•r In e11ad a[ the time a1
rasuance d Ihs AdtlHlonel Sands shall ryl ba
oateldprad far PuTOaw d eallefylrtp ihs ___
%lest. Arty Pledged Rwanua whkh h rid a lax
shall be conaklaed elmlhrly for pwpaeep d
adlefying the -_ X [apt.
II the ordinance pulhmlring a aeries of
AdAltlonel Ronde wIN pledge AddNbnel Pledged
Rwenuee to Iho Bonds, fhe eatlmated affed d
1ha amount of ouch Addlllpnal Pledged
Ravanuea may hs conelderetl as if such
rwenuse tend boon rocelved for the teal FlacaE
Year tmmetllaiely prnceding the lasuance d
each Addnbnal 8ontla.
B, Cmtihaate of Rgvanuoe. A written
cedlflmlbn by q cgrtlllad puhRc ecmuntanl who
h nvS an employee of the Town [tent the
requlremonte of paragraph A d Ihle Beglon
save bean mM shalt bs mndusNely praaurned
to be amurmp In determining rile rlgal 01 the
Trim ra aulMrize, issue, poll and deliver sold
RddRlonal Ronda pn a parhy with the IeB9
Bondp Mreln nUthcd=od.
C, Suboldlnate Obllpnt€ona Pefmitted.
Ndhinp b Ihh ONlnanca obeli be mnetrupd fn
ouch a mestner ee Ip prevent the beuanro by She
loam d addNbnsl abllgatlpne payable from antl
mnalhding a Fkn upon tale Pbdped Rsvenuee
aubadlnafe or Junior la 1ha Ifen of the 1889
Banda.
D. 9uperim Obligplbne Prohblfed. Ndhfnp
In Ihh Ordlnanm shall be construed ao es fo
permit the Town to herealler issue obll~albne
payable from Ihs Pfetlped Rwsnuea n vrrtp a
Ibn Iherean prbr or superior Iq the tg90 Gonda.
SECTION 1B. Rdunding Obilgallone.
A. Qanmal{y, M al any Ilene aher the 4999
Bondp, or any part thereat, ehpll awe open
issued and remxln Ouhlendlnq, Iho Town chap
tend h deelrable to refund any Oulalahdlnp
~bilpatbna payable From eha Pledged Rsvenuee,
pa4d obilgatlonp, ar pay pan theraaf, may be
rofundad, fubJsd to Iho praNebne d Psrograph
$ d EHIa Sedlon, H (t] the abligallvna to be
rdunded, at the litre d thgh requked awmntla
la paymem. shelf Ihan mature a ehaN then M
Cela4le tar odor i ... ,.'. n al the Town's ap[bn
upon proper ca0, or [2) the awnen of the
ohNgalbne la ba refunded and Bond Insurd, H
9antl 4nsgrer Insured path abligallons, mnaem
to path awrerWSr and , : ,
B. Prdactlen d OOIIyaSlana Nol Rdunded.
Any refundlnp obllpallana payable team the
Pledged Rsvenuee ahaH he kaued with ouch
dalalh ae the Town CouncR may prwfde, so
bng as Ihore b m Inpalrrmnl d any rontraqual
dlllgallon Imposed upon the Town by any
pmroedrnps autMriring Ihs laauance a! any
unrdundad portion d obhpellans payable hqm
the Pledged ReYanuee; bIa po bng as any 1969
Bonds ore Ouhlandtng, rduntling pbilgatlona
payable Irom rho Pledged Rwenuee may be
Itwed qn a parity who Iho unrdvlMatl Honda
only R:
[1} Prig Coneme, The sown lira[ reaNee IM
toneenf of the owner ar owners of tM
umdunded Banda and Road Insurer. H BoM
IMUrar Insured push abllpatlona; or
[21 Requlrsmenis Npl Increased. The
refundlnp abHgatbne do ttd increase by more
Then 125,000, !of any Flacal Veer prior to end
Inclvtllnq the last melwig date o1 any
umeiunded Honda, its aggregate pdnclpal and
Iniareel fegvlrememe evtdencBd 4y each
refunding obllgallone and by any Ouletanding
Banda sat relundad, and the Ilan a1 any
refundlnp parity oblipallane on the Pledged
pwanuoe la rid raised 1o a telpher prbrlty Ihan
the Hen lMreon of any ohllgasbne Thereby
telurMed; ;ar
{3) Farnlnpa Teel. Ths rNundMg ehllpailona
are hsued in contpllarxr with paragraphs A and
B d 9enlen t7 hared.
SECTION 19. Protediw Cwaname. The
Town hereby additbnatly emyen4nts and sprees
whh each end wary owner al 1M 1989 Barrie
that:
A. Uee d 1686 Bond Proceeds. The Town
wttl proceed wtth tM mnevudbn d she Parking
FacllNlee wllhauf delay eqd wah due dlllgence.
B. Paymem of 1989 Bgnde. TM Town vdN
pramptty pay the Appreciated P1lncpal Amount
01 every N9B9 Bontl leausd hereunder and
aomred hereby on fhe dares antl h the manner
epecllled heraln end In aab 1989 Ronde
nemrdhp to the true intent and meaning hared.
Such Appraclatod P1lnclysel Amount le payable
solely from the Pbdpad Revenues.
G. Amondmem of Cedah prdinarwee: pdy
1a Irtpoee Salrre Tax; Impairment al ConHact.
TM S81rn Tex Ordinances are In full force and
eFfgq pod have rid been repeated a emended.
Tha Tawn will rid repeal m amend Bald Sates
lax Ordlnancee In any manner which would
dlmnleh Iho procryds d the 8aln Tax by en
amount which would meterhly adversely sited
1ha rlghla of ma armere d the Bantle. The Towp
agrees Ihel any law, ordinance or rssdullon d
Ih- Town, In any Mannar eHenNtg tM Pledged
Revenues er the Bands, or olharwlee
appeReining thereto, shell rid be repeaed or
dherwlee dkedly a Intllredy rmdllied in such
manner as la mMerlaly etlvaaely e8ad any
Gonda Odeumling, Vnlaea the required mnaent
fe obtained, all ae provlQed In Sadbn 2a d fhb
Ordhrance.
NalwNhelanding any other prwhbn d thla
8eclbn nr Ihh Ordfnenoe, the Tawn obeli [main
Iho right to make thongs, wNhoul any Moses[
d Bond mNAlere a its Bond Insurer, In Iho Saiea
Tax tkdkranan, or sny ordhartce atrpplemantal
thereto ar to aubaSRUtlon 1Mrda, rxxtcemkrp 1M
ups of pracesda of the Pladged~Baka Fnx
remelning after the current requlremenla of all
ardbancee authorizlnp bonds a dher eenrrHka
payable Irom fhe Pledged Safes Tax, yr any
padign [hared, have been mat; er concerning
nhanges In epptkebNlly, exampllona,
pdmk+leHalbn. cdlsdlon d enforcement d IM
Balsa Tax, H such changes do sat maialatly
edwney affed 1M eero,hy fa tit. Hinds; bd
Ihs Town aheA not rWUn 1M prseam roes d
IM Pbdped Bobs Tu, whhaut Ihs mnaent d
the owner d alxty-fix parsed feeX} In
epprspale prlndpaf amount ni Ihs then
Oulllandlnp 198g Sands qr Band Insurer
Iwmchevat le rppropdstay, as prwlded In
Bedlon 28 dllA Ordlnenoe.
Ths lorepolnp cwenanls are mbJad to
cwlpAanCe by IM Town Meth amore d cantle d
mmpetm[ Iorhdbtlon mncaming 1M valldky,
constllutfonaFlry or collecllon of each tax
rovenuee, anY bghklbn d IM lMNed Stales a
the Slate or any rrpuFalbn a dher adios taken
by the lsdaal pwammed a pay State agency
a anY poRlkal aubdMelon d 1M Btate punusm
to ovate leglafalbn, b the exerotee d the polka
pawat Thereof for the publld weHaw, which
Iplehdlon, reguletbn er anion egotist to the
Town as a Cobrado tsar ink dry end Hmpa or
otherwise inhblla Ihs amount of such lax
rwenuee dos to the Then, All d the Pbdpod
Rwonuea rseuHlnp Nom the irrpaaAlon end
cmledEOn d Ihs Sales Tax shah ba a+bJed to the
payment of fhe pdndpel ol, rmeren en, and
roderrption premium, H any, a1 all aecurlllae
payade team the Pledged Revanuee, Inctuding
ieeervwa Iharelm, as provkled heraln or In any
Instrument atalplementd a emandafary hared,
D. Ddenae d Legaply d Pledged Revenues.
There b rid pending ar lareatanad arty soh,
anion or proceeding against or aNading IM
Town before or by any court, arblhalor,
pdminldralire agency a other govemmanlal
eutaoriry whkh alloga tna valklHy or bpaliy al
Ihh Ordlnanpe, a the Saks Tax Ordhantaie m
the IrtpoaNbn ant mBadlarl d the Saks Tai.
sny at Iho Tawrt'a oblfgatFana under this
grdlnanca er qny of the pane actions
cantarlpieled by thh Ordinann a the Sales Tap
Ordklancse.
TM Tawn shall, b the extent pdrtNNSd by
law, dstend the valldiry and bpalky d this
Ordinance, the Salsa Tax end the Sde^ Tsx
grdlnancee apelna a31 dolma, eWle and
pproneedinga which wvukl tllminlaA or hrpalr IM
Pbdpod Rwenuee. Furthermore, the Town aheA
amend from Ilene to time the pravhbne d any
ardlnence or reaolmlan el the Town, se
necaeemY ro pnvenl Irrpalrrrenl d the Pledged
Raucous as required to meet the principal d.
Imsroas an, end prbr redenptlon premium, H
any, d the f9B9 Banda when tlue.
E. Further Assumncn. pt any and all tlrttee
IM Towr1 [hall, ao tar ae N may t» authorzed bl
Mw, pan, males, da, execute, acknawledps,
deliver ary rlFa ar tsrord all end way ouch
lurtha Inetmmente, ado, deeds. aonveyancae,
asalpnsrente, hemfere, dMr documenla and
aaaurancae cep may be neonaary m dnFrebla
is the beHer aewring. conveying, granling,
aeeipninq and mnlhminp all and aingufar the
rights. SM Pkdgod Rwenuee and dher Funds
and eccounta hereby pledged or assigned, or
Intended eo to be, a which the Town may
hereahar become bound to pledge a to malgn,
ar at may be reasonaby and requhad b carry
nut the purpgpn d thh Ordlnanca. The Tawn.
edlnp by and Mratya he oHkert, a dhs,rvlae.
aheA d ell Ikrw, to the [stem psmrmetl by few,
dafaM, pMeMe and prated IM plstlge d eeb
Ptadpstl Rewnuea antl other funds and
accounts pbYged Mreundsr and all the rights d
every owner d any d the 1989 Balch against aA
claims end demand d aFl Persona wa+orrwoever.
F. Condhlans Precedent. Upon tae bsuance
d any of the 1988 Banda, all condHl9ne, ado
and things raqueetl by the Gvnatkutlon or laws d
Ihs Unkad Slates, the Canalhwlon a tewa of thg
Stale, the Charter alhh Ordbannr, fq exist. to
have happened, and fo have bean pedormad
precedent to or In the Inuance o1 the 1984
Banda shall axial, have happened and have
bean pedorttled, and the 1989 Bantle, lrfgomm
with aA other obllgetiona d the Town, shell not
conlrevene any debt er other hmEtallon
preetrtbetl by the CanelNUtion ar lewa of the
Unltad Stelae, the Conelautian or lawn of the
Stale or fhe Chener,
O. Rmade, $p bng as any d fhe A989
Bonds remain Odetendfng, proper hooka d
record end account will be kept by Iho Tawn,
aepalrala and aped from ell dMr records and
aocaunta, showing conpbte and rotten an[rba
e1 an lraneecltone reluing la the Pledged
Rwenuee and Iho lands created or ceniinued by
1h16 Ordinance.
N. Audha. The Town funfrer agraea That h w111,
within 140 days Pollowlnp IM done d each tbpaF
year, cause an audH d such hooka and eCCCUMe
f9 be made by a certHled publb accountant, who
le sot an enployea d the Town. showing the
revanuae and expendhurea o! the Pledged
Rwenua5. Tha Town agrees to allow the anner
d any d the 1909 Bonds to review and easy
each avdha end teparta. a! the Town's aHEms, d
hie request, Coplee d each audits and ralwRe
will be lurnlshed to Bond Insurer and the
Pwchnar,
I. perfarmlrsg Dulles. The Tawn wlA lakhluly
and punquapy peRomt atl dv[lea whh reaped to
Iho Pbdgetl Rwenuee required by the Chador
and the Conalltutlon and lava d 1ha Sleie aria
iha gMlnancee and rasolullone d tM Town,
Inclvding but na IimAed to EM proper collenlan
end entoroelrym d tae Sates Taxes and the
aeprepalbn d the Pledged Rwenuee antl their
nppilca[tan to fhe reepedWe funds heraln
deelpnaled.
1, Cther Lkne. Aa of the date ql hauanm d
the 1989 Banda, pleat than the Sedea 1985
Bantle and the I9B9 sand, there are no Rena ar
encumbrances d any nature whatsoever on or
egalnal any d the Pledged Rwenuee.
K, Tax CavenBnl. TM Toren rwtrenanls for [he
henelll of the Raple[ered Owners of the 1969
Banda Ihe4 It wNf not take any adbn m omit to
taNe any adios whh reopen la the S9B9 Bonds,
the plocseda Ihweol, any other IurMa d the
Town or any lecllltlee flnancad whh the proceeds
o! the 1989 Ronde h such am{an or ombaian [g
waub cause fhe Inimeal an the 1989 Bantle to
lone He exclusion from grass Income fa federal
Inmme tax•pwpvaee under Section 1 a3 d rho
Tax Code, {iIJ would cause Inler9e[ on the 1989
8ontla to Ivel its exclusion from alternmive
minlmom taxable Inmma as defined In Sedfon
65{b]l2l d the Tax Code except to fhe extant
such Imereet Is requ0ed to be Included In the
adJuatad rid book Income antl atl~neted wnonl
oarninge adJustmenn eppllrabla to mryorellona
under Seclbn 58 d the Tax Coda In ralculatlnp
corporde akema[Ne minimum [okapis fnmma,
[NB would euhfad the Town to any genahlea
vndm Section 14a d [he Tax Code or [rvj would
ceuaa interest on the 1668 Banda to loos Hs
exclusion Irom Colaredo taxable Income or
Colapdo ahemallve minimum taxable Income
under present Colorado law, Tha tarepoing
owenent shall ramaln Fn toll fence antl affed
notwilhstandng the paymanl In' fait or
daeaaanCe d the 4988 Ronde until the date on
whrdt all abligm{ono d its Town In fuytlling the
shove rovenaol antler the Tax Cada end
Colorado law have been rrwf.
L. Yawns Exhtence. Tha Town win maintain
Ae mrporera IdenrNy and exhtenca ao loop n
any M the 1989 Ronda ramaln Owalanding,
vnleea andher palhlcal eubtlMSlgn by operallon
d law euoceeda to the ddlee, pdNiegn, powers,
Ilebliillee, disabllhlan, immvnhka and rights d
the Tawn and b d>Ilgaled by law to receive end
dlelrtbute 1M Pledged Rwenuee hl place d the
Town, whhau! matedaliy advereey a11ec11ng 1M
prlvllagas and r hte o! any owner of any
Odetandirtp 1999~onde.
M, Perfvfmnnce of Dulles. Ths Tawn will
iailhlully end puncluahy yyrterm a muse to M
psdamed all dudes wish rasped to tM Orvaa
Rwenuee and Ihs Perklnp FaclHllee requhed hY
the taws d the Stale and the reeddlone d the
Town, Including whhaut Iimitatlen tiling and
mfletlbg reaeonabis and suHlcbnl charges for
eervicoe rendered or imnlahsd by the Parking
Fadlllln es heraln prwkled, antl the proper
eagregauon d the Rroae Rwenuee ae col fodh
in Sedfan !4 hared and [teak apppcailon 1d its
reepenMe funds an herein provkled.
N. Foes, Rates and Chmgea. Sa loop ae the
Serlas 1989 Bands amhodeed herein ramaln
Outatanding, the Tawn will ceuaa to be
ee[abi4ehad, Imposed and mafnlalned such
reesonahte fees, raise and dhm d>argee For the
use os olherwiae In respect o! iha Parting
Fadlitks as will provba In each Fhcal Year
euHldeni groaa gwenun whl'ch together whh
dher Pledged Rwenuee aheA ba auNlClent:
[IJ To pay the general operalfng expenses;
and
fig to pay Iho annual requlremen[a of
prbc~al of, premlurtL H any, and Imeraet on the
Omslanding Ronda, Inctuding any required
credh 10 3M Reserve Fund and the Rebate Fund.
Such fees, rates antl chargaN ehpR be
reasonable ant Just, labng Into amount the coal
antl value d Ihs Parting Fedlkias and iha costa
n! epereting and malnlelning them, end tM
amouma necessay for me retirement of all
bands and anY dher ob8gallone payable team
lM grass revenues, arorued Intareat thereon
and any reserves therefor.
O. Prompt Collections. The Town wAl cause
the Oroaa Rwenuee to be mlleded prampny
and amounted For In the funds as heraln
provided.
P. Malnlenence of Perldng FadlHlas. The
Town w141 ed all [tense maintain the Parking
FacllNlee in good regale, working order and
cantlhbn, wIN mntlnually adminbter end operate
the Parking FgCIINIea, end Hom time ip time W10.
make ail needful and proper regain, renewals
antl replacemanla of the Panrlnp FadlNlee.
q, Dlepgeal of PrrrpanY Prohlbhed. Except fa
anY lease or dher right d vas tar proper reMSln
ar dher mnaldarat , tM Tnwn will rid aetl,
mongaga. pledge ar dherwAee encumber, or In
any manner dhlpoea d, or alharwlae alienate,
the Parklnp FadlNlee or any pan [hared, until all
1989 Bonds shall have bean geld in lull, bosh
prlndpal and Interest, m unless prwlalon Wan
boon made therefor, exmpS u provided In
9edlon 19.R. Mred.
R. Diagonal of Unnecessary Propedy. The
Town may ael6 deeeay, abandon, dharwiae
dispose of, ar aher at any time any property
mrtQdsbg a Part d iha parkng FacllAlee weld[
aheA have been replaced by dher property vl al
feast equal value, a whkh obeli cease 10 be
necessary !or 1M el0clenl aperallan of the
paRdng Facilklee, or which wSll rqt me[arlally
adversely affed the ownere of the f999 Benda, A
wrMen dderrmnallon by the Tawn that Iho Oroae
Revenues will ba eulFidenl ip meat the
lequlfementa o1 Ihh Section 19.R, shall M
conduelvaly dalprmined to be accurate;
prvvldad, however. teat En the evem d any sale
or other compensated dispaefilon as alnreeeid,
the proceeds receWed pn ouch dlspos111on shal€
be credllad Iv Iho Band Fund.
S. Fire and Extended fbvemge lneunnce.
The Town shall ecqube and rnalntaln, ar cause
Eo be,acqulrad and maintalnetl, fire end
extended mverage Insurance ort the Parkbp
FaclHtlea In anl9uMe at lase[ euHldenl to prwlda
Rar rid less man full fedwery whenwer the loan
from perils Insured agalrol clan not exceed
ninety {90%) of the lull Inaurabb value of the
Parking Fadlhies, TM Taws, a< its ekdlan, may
provide im such fhe and extended coverage
ineurenca an Iho Parking Fadl4lea partially or
Wholly by mearre d a seH~lnaurance fund ea
provided by applicable law, In rompllance whh
1ha requiremenla hereof. Any such aslF-
lneurance shall be deemed to ba Imuranee
coverage heeundm,
T. Clhar Insurance. The Town aheA purchme
and malntaln In connedlon wNh, but not
neceaparflY Ilmlted ta, the Parking Fedlitlee
public Ilabllhy Insurance and workmah'e
CerrpenaalEVn Inavranve in each arttouMa end 1a
each extant ae maybe required under the #ewe
d the State or, In the absence vl any State
regvlremeM~ in en amount not lees than the
Ilmhatlone provided In the Colorado
Govemmenlal Immunity Ad (Article 19, THIS 24
d Iho Co}oredo Rsvlsetl Statdea, u arrwndedl.
The Tawn, et Hs a}edlen, may provide far the
Inewance apedhed In lhla Sedlan fe.T peAldly
ar wholly by means d e eeH-IneurerMe fund ae
provided by applicable law. Any such eeH~
Insurance shall he deemed to M Insurance
coverage hereunder. 7M precaeda d lire and
adentled mverpga Insurance mvering the
Parking FadlRlee, at [he oplbn d the Town, shall
{i1 be used lonhwith far the purpose d repairing
the property deptroyetl. pravldetl ihal any
Insurance proceetle remalning upon Iho
comptartan a! each repaEr yr replacement chap
be dppointed In the Bond Fund or [II) ba
tleoosfied lonhwkh tM Bond Fund.
U. Surely Sonde. Each dlidal d 1ha Town
having custody or the Pledged Rwenuee, or
reaponelbb for [halt dandling, shall M pity
bonded al atl Ilmea, which bond shall be
mndllbned upon the proper pppilcatian d such
money.
V. preJudlnal Contracts and lJctlan
Ptahlbhed. No contras wll! be entered Into, nor
will any action be taken, by the Tawn by whkh
the rights end prlvllagas of anY Owner era
Inpalrad or dlminiaMd.
W. Na Free Uee. No free use, fac}Ikles, or
other temmodhlea eaall be furnlphed by the
Parking Facilhlea during its months d January,
February, Marts and Deramher of Baca year. H
the Town clads In any manner to sue ouch
parking Facllttiee or any part 1Mreof. or any
service clattered Iherelram, any each use, oe
service will ba geld la from tM Town's general
furM or ham dher avallebla maneye dher Ihan
Net Rwanaee at 1M reasonabe valved the uaa
ao made. All the Income eo darWed from the
Tarn shall ba deemed to ba Inrome darWed
tram IM operalbn d the Petkktg FacNklee, to be
vaed end to ba emqunlBd for In 1ha oriole
manner ea any other Inmme derNed from the
operef?on d ouch facANy.
SECTION za, Odeaeance. Wrten 1M 1988
Bonds aeve been fully pafq, all obngafbna
hetwrtdar ehe8 be dlechaped, end tae 1984
Bonds eha{I no longer he deemed to be
Ou7atandlnq Ice any purpose d Ihie Ordinance,
except as eel IaHh In Senlan 19.K, hereof.
Payment of any 1999 Bands shall be deemed
made when the Town hen Placed in aenow with
a Tenet Bank an amount sulfklent graludlnp the
known minimum yield Tram Oovernmenlel
Obligalione) fo meat all requhemenls a1
Appretlmed PrlncFpal Amount ae the aerate
become tlue to matudy. Ths governmanld
Obllgatfana iha;k become ride prix [a the
reepedNe limes on whldr the proceeds Sherad
shell be needed, h accordance wNh a scnedufe
agreed upon behveen the Town and such Trual
Bank at the [tats of ueallon d 1M escrow and
shall rid be tellable prbr to their achaduled
matuHtlee by the Isauerthared.
hr the evert that there le a deleaaence d only
pen d Iho 1aa9 Ronda d any mrilmfly, the
Regbtrm ahdl, H requested b1f rho Tawn, hethuta
s aystam to preserve the benthy d the IndNldual
1989 Bonds a pentane tMreoF se de}eased.
regmdleas of caangee In bond numbers
aarlbulable to hanstere and exchengea o1 79Q9
Bonds: and the Reglahar shall ha enlhlad 10
reasonable mmpsnealinn and relmbureerrlent d
expenses [ran the Toren In gannedbn whh soh
pyatam
SECTION 21. Delapated Pawera. the
d#icere d rho Town M, and they Mrehy era.
authorized and directed !o take a€I action
necessary ar appropriate to eflsetusta the
prwlNlona of Iho Crdlnance, Inctuding, whhaut
Ilmtling She generalhy of its laragoing, tM
printing d the SaB9 Bonds wNh the oplnbn ort
band murmel thereon, the procvr;np d bond
Insurance enferlnp Into end executing
eppropdate agreamenie wNh the Regtsttar end
Payfnp Agent as So Re eerNcea hereunder, and
tM exacutbn at each ceRlllmin u may be
required by Iho Purchaser, Indudinp, but rid
neceaeer44y Ilmlted 1a, the absence and
exlelence of ladma effecting the excfus3an of
Interest pn the 1489 Banda tram prose Imm~r
for federal imm~le ray purpoaep.
tM form, terms and prwlalone o1 the
Rephvaf Rgreamsnl end Escrow Agreement
hereby are approved, and the Twin aha)I enter
Into and pedorm Ito abllga8ane under the
Regbtrer Agreement and Escrow Agreartwnt In
eubalanlleNy the forme d uch dacumsnh
p,eeeMetl Io iha Town Council el mis ntmllnq,
with any ouch changes Ihereln at era requhed
by iha dreumetaxea end ors not IncaneleteM
harewkh; and Iho Mayor end Fown Clerk me
hereby authorized end dlraded to execme and
dalWer the Regletrm Agreement and [straw
Agreement es required hereby.
$ECTN7N 22. Evens d pe(auH. Each d IM
folloMnp waste b hereby declared sn 'went d
tlefauh.'
A. Nonpayment of Appreciated Prlndpal
Arnounl. M paymanl d tae Appredaled PdnCpal
0.rnounl of sny d the f 969 Ronda In mnnedlon
therew{Ih, eheR rid be roads when iha same
aheA baq~rrlB due and payable d rrteludry; ar
B. Inrapable to Perform. M the Tam abaft tar
any reanort be rendmod Incapable d iullilling Ne
obApationa hmeundor; ar
C. DelauN vl any Prvvlabn. N Ihs Town ehaN
defauH In [M tlue and punctual padormanro d
lea mvananle er mndRlona, apreemeMe and
plavblona contained Irt the 19&9 Ba1ds or b fhb
Ordinance on lee part [o be partdmad, dha than
those dellnaated h paragraphs A ant B d this
eodbn, and H such defauH shall continue br
atxly tlaya aher wrntan ndlro apecHyinp such
tldauh end raquklnp tM same to be remedied
enan haw bean gWen to Ihs Tawn by its Bats
Irwurer ao long 88,11 h rid In dafau3t d Hb
payment oNigatiana under the Band fnemance
Polley m, dutlng ouch defauh by the Bond
Insurer, 4y the Owners of tweny~Ma patron[
125%) In aggregate prlnepa4 amount d Iho 1984
8ontla then Odetanding.
$EC71CN 23. Remedies. Upon the
happenirp d any want d ddault as provklad in
SecNbn 22 hared, the Bono Inemm a owner or
ewnere d rid kAe than 25X In pdnclpat amvun!
al the Outebnding Bonds, pf a Irvatee therefor,
may prded arld estates their nghta hareunda
by preper legal ar equNable remedy deemed
moat effectual Including mandamus, apedllc
perh7nnance d any C9venante, the appolnlmenl
d a fecaWer pM mnaent d such sppolnlmenl
being hereby greened]. InJundivs toilet, r
requiring the Tvwn Covntll toad as Y A were the
trustee d an eyprrrae Iruet, or any mrrpinallon d
such remedlee. Notrdthslantling the taregabg,
so bng se the Bond Inwrerte rid In ddeuN In ha
payment abilgatlona under the Bond insurance
PoAcy or the Bond Reserve Irmurence PoIk:Y, Iho
Bontl Insurer shall dlren the enforcemed d any
remedy hereunder WAhaul the mnaem d rho
owners d Iho Bonds. AA proceedings shell be
malalahed lorihe benefit d the Bond Snsurer ao
loop ae h h rid In defauH fn ha paymanl
obllpMbne under the Band Insurance Policy ar
the Bond Reserve Inawance Polley, and, dudng
ouch defauH by the Bond Insurer, Ihereaher for
iha equal bendH d ell owners, The failure of Iho
Bond Insurer or any owner to proceed does no!
relieve the 7ravn or any person d any IfabANy for
failure to pertmm any duty hereunder. TM
faapnlnp rights ere in addltlen to any dher right
avaliaUa to the Bond Insurer m owners of Bonds
and Iho exercise d any dgM bi any owner shall
rid ba tleematl a waiver d any aher rig M.
SECTION 2a, Outten Upon Dafauh, Upon 1M
heppenlnp d any d the events d derauh u
provided In 3enlan 22 of Ihle Ordinance, Iho
Town, kr addition, wld tla and pertorm aA proper
ettt on 4ahaN d and for tM owners of the 1969
Bonds and to insure the payment d the princ¢al
d and Interest on said 1989 Banda pmmpty as
Iho aama become tlue. Proceotle derived From
the Pledged Rwanuae, as long ae any o! the
1989 Bvnda heraln aulhorized, ehher as to
principal or Imeresl, are Dulatantling and
unpakl, Wheel lee paid Imo the Band Furl artd Iho
Reserve Fund, pureuent to the farms hereo! and
to IM awenl prwfded herein, and used For IM
purpoaee horola provided. in the went the Tlrwn
fails or refuses to proceed as En Ihla sepias
provided, the Bond insurer ea long as 816 rot In
delauN aF Ha payment obllgetlona under the Bond
insurance Polley or, during ouch a ddauR 4y IM
Bond Inaursr, the ownm or owners d rid leas
Ihan Iwemy~llva percent 125%) In aggragato
principal amount o1 1M 1989 Banda Ihan
Ou[a[anding, aver demand in wrHing, may
proceed io protrxt and anlvrce the rignla d ouch
vwslere u heralnahave provided.
SECTION 25, peplamrrwnl of Registrar m
Paying Apen[. If IM Reglevar d Paying Agent
InNIeAy appointed hereunder abaft resign, ar fF
tM Town ahetl reasonably determine Thar eeb
Registrar or paying Agent hoe become
Inmpahb d pedwming he tlutiea hereunder, the
Town may, upon mtlgq maned to Bond Insurer
and each owner of any 1989 Bend at hla
eddreae last shown art the reglehalbn records,
appoint a eupCeaanf Raplahar a Paying Agent.
or both. No realgnatlon a dlemlaaal of the
Raglelrer a Paying Agen; may take eNed until e
succeeaor le appointed. Every each aucceseor
Reghlrer or Payfnp Agent ehaN be a bank or
Inut mrnpsny Mvlnp a ahareowmen' aquay
Ne.g.. caphat, surplus, and untlYVlded prallmy,
however deneminated, of sat 4esa than
Sro,gpe,0g0, h shall not M required that the
soma Inslilullon carve es bdh Registrar and
Paying Agent hereunder, but the; Town shalF
have the right to have Ehe early krplhwbn serve
as both Regbuar and Paying Agent hareundor.
9ECTICN 2B. Severeblllly. N any one ar more
aedfvne, eemenros, Clqusee or pads of this
Ordinance shall for any reason be field Invalid,
euoh iudpment shall not a1nd, ingsalr. or
invalidate the remalnlnp provlabns d lhh
Ordinance, but shall be canllned in He oparetlon
'ta the BpecHb sedbna, wntences, dauaee or
parts d thh Ordinance ao held unoanathwtane'
a I9vaAd, and IM InapdbabilNy antl Imaediy t
any eedion, aeMenae, dauaa or pan Of this
Ordlnenm In any one or Mae Inalanme shall
not affed or preJudlce In arty way the
eppibahlAty arW valldhy d this Ordinance In any
finer klalences.
SECTION 27. Repealer. All bylaws, ceders,
reedulbns end ordinances, or pane 1Mred,
Inconsielenl herewith are hereby repealed to the
eytent only d such Imm~alstency, Tah repealer
ehdl rid M mnelmed to revise any bylaw, ceder,
reeoludon or ardfnance, or part thereof,
herotdgre repealed.
$ECTKAN 20. Amendrrent.
A. Tha Tawn may, wthout the mnaent d, qr
ndice to the owners d the 1989 Banda a Bond
Inaursr, adopt euoh ordinencee evpplemanlal
harem {which pupplemenlal arrrndmanls ahep
Ihareaha krm a part hereof) for any ary a mere
a aSl d tlrefolknving purposes:
1. To cure any ambiguity, a to cure, mnea ar
nupplemaM any ddBq a bmnelsteM prrnlelon
mntalnad In this Drdlhence, ar to nwka any
prwblane whh respect to maaero arbbg under
this OrdlnenCa a 1of any other purpose H each
provlslone are necessary m deelrab}a and do
rid edvereey ailed the Mtereen d the owner d
1M 1969 Bonds or Bond looter; a
2. To subject to ibis Ordinance addhbna
rwenuea, propertlae a mpeterel.
$, Eyduslve o1 Ihs amendatory adinancae
parmFHad by Parapreph A v1 Stela Sadfon, thla
Ordinance may M amended m eupptemenled
by grdfnenca adopted by the Tawn Council In
accordance with the law, without receipt by lM
Town d any addhbnel ronsldeatbn teat whh
the wrhen mnaem d Band Insurer, unbea Bond
Inamm Ip in ddauh under IM lerma d the Band
Inemanm Palley, In whkh case fhb Ordlnanm
may be amended a aupptemented with IhB
wrlHOn mnaent d the comas d aht[y~elx perms[
(68X) In aggropala prlncpel amount d the 1989
Ronda Qutalandlnp al the lime of the adoptbn d
such emendalary a auppfememal ordinance;
p,wided, however, that, withal the wrhten
mnaent d Bond IneUmr and file omen d all d
[ha 1989 Bantle adversey aheded thereby. no
ouch Ordinance shall have 1ha eileot of
permlHinp:
t, An eelenalon d the mdurhy d any 1989
Bond adhorhetl by Ihh Ordinance; a
2. A redudbn In IM pdnclpal smount d any '
1969 Bond, the rate d Intereel Iherean, a the
pda rademplbn premium Ihefeon; a
3. Tha creation o4 a Ilan upon or pledge d
Pledged Revenues tanking prior to 1M Ifen or
pledge treated bythb Ordinance; or
4. A reduttlon d the pRndpal amount d 1989
8ontla required far mnsenl to such amendatory
or eupplemeMaF mdkrarrce; pr
5. Tha ealabllehmanl d prbtklee sa between
1869 Banda issued ant Qutseandinp under lire
prdrlalone d tole Ordlnarme; a
6. The tnadNbalion d a dMrwbe aHecllnp
the rights d tM owrren d ties than all d try
- - °' • 77Te l7aiI7ratI - Nopernber I17. 1989 45
11989 Banda then Oule7andlrtg.
SECTItlN 2g. Natbe fa taond Ineunr. Any
ndlce herein required Iv ba glean 70 Send
surer ehaT be In caking and seal by rapielared
rr cartlRed mall to Bond Insurer,
_ _ or ro
sudr a1Mf address Ihat Rand Insofar than nexNy
ilia Tovm of In wrAing.
SECTION 3a• Rrdinahcq Irrop9alable, Altar
any of the 1989 BondB herein aulhodted era
issued, [lib Ordinance ehaA oonallEUlo n conhnd
between the Town and the owners o1 [ha Iflfl9
Sande, end shelf bo and remain Irrepeatabla
ume tM 1009 Barrde and In7areal thereon shell
be lulty paid, Cancelled and dhcherged ae
herein provided.
SECTKN 31. Dlepcrelnon of Ortlinenoe. Thh
Ordlnanoe, na ndoplad by Ilia Coundl, shall be
numbered and recorded by the Fown Clark in
the enklnl recOrda of the Tgwn. The adgnlon
and publkallon ahan be nulhnnticnled by Iho
slgnaturee d the Mayor, or Meyer Iho Tem and
Town Ckrrk and by 1M certllkato 01 prbPCntion,
SECTION 32. EIIedHe Dale. Thb odlnanca
shall M In 1uA farce end effect five days seer Ile
publlCallpn open 11nn1 paaeege na provided In
Sadbn 4.9 of the Chaner.
INTRODUCEb, TAEAb, APPROVED AND
ORDERED PUBLISHEp ONCE IN FULL this 7th
day d November, 3980 end a publld haaring
ihaA ba bald qn 1h;a ordinance ort the 71h day d
Iwember, 1888 a1 7;38 o.m, in Ifile Council
narmera a in1 Veil Munlnlpal RuAding, Velf,
Cdoradv.
TOWN OE VAa.
Heal R. Rose
Meycr
ATTEST:
Pamela A. Brnndrneyer
Town Clerk
Pubaahed In The VeA Trnn
M fovember 10, 1 tl89
Public Notice
ORDINANCE NO. 2Z
9arla of 1889
ANNUAL APPROPRIATION OA DINANCE:
At]OPTINO A SUDOET AND FINANCIAL PLAN
AND MAKING APPROPRIATIRNS TO PAY THE
COSTS, E%AENSE9 ANbl1ABILIT7E3 pF 7l-tE
TOWN OP VAII, COLORADO, FOR 179 FISCAL
YEAR JANUARY 3, 3990 THROUGH
DECEMBER 31, f990, ANO PROVIDING FOR
THE LEVY A39E5SMENT AND COLLECTION
OF TOWN AD VALOREM PROPERTY TA%E9
WE FOR THE 3909 TAX YEAR ANp PAYABLE
Y! THE 1996 f ISCAL YEAR.
WHEREAS, h accartlanoe with Artlda IK of
the Chewer vi [M Town d Vail, Cofofado, Ilia
Town Manager preperod and eubminsd b 111s
Town GWndl a propaaed long•rango capllal
.program for ilia Town end A prapoeed budgd
antl Ilnandal plan for ell Town funds end
aclMles !or rM 19BO Ibcal Year; and
WHEREAS, ndke o! publlo haaring an the
.pmpoaed Town budget end emplW pfogrem was
PuWfAhed on the Blh day d Odabu, 1989, coon
then teem days prior to the hsadng held on IM
1Th day d Odrlb9h 1989 Wnuenl 7o Ssdkm
9.6 d 1M Chewer; and
WHEREAS, h h nscwary fw Ihs Tawn
GbtrrktN b adapt a budyel acrd ffnantlal plan !a
.Sha 7990 0aca1 year, to make snptgplintbm Las
rlro antounte speckled 1n the budpel, and to
~prevlds for iM boy, aeenament and voflsdlon
d Tovn ad valoeem property fern due far Ih•
1999 year and payabb In the 19901iscal year,
NOW, THEREFORE, BE IT OFlDAINEp SY
7#TE TOWN COUNCIL OF THE TpWN OF YAIL,
COLORADO, THAT;
SECTION 1. The procedursa prescrAted In
Awk;rre I% d the Chaner d the Town o1 Va6,
Colorado, for IM anadment hared have been
IuAAled.
SECTION 2. Pursuant to Article 1% d the
Chewer, the Town Cpuntll Mraby makoe Iho
b1loWtng annual afJproprlallone tar the Town of
.tall, Colorado, tar ks Ilscal yeti boglnning on
ilia feat day of January, 1990, end OndlnO on rho
3tst day of December, 7986:
FUND AMOUNT
Oonpral Fund a41,4f6,411
Capital Pmjode Fund s,449A20
Censervatbn 7mal Fund 7,066
Real Eslaie Trnnsler Tax 2,139,721
Heavy [qulnrcwnt fund 1,930, 529
Dew enrolee Funa a,san.esa
Sperlak parbnq -
Assesamenl Fwd 276,000
HeanhNsurance Fund 630,On0
LbnsHeatl Ma11
Assassmen; Dhtrict 150,020
wear eau Aaeaeement
Ratrid 8,900
VaA Marka6ng Fund 671,000
Total: 28,&17.5x5
Lass Intewund Translnre: {8,170,2501
TOTAL BUitGET: S2n,480,767
9 EGTION 7. The Town Cwuncll hereby
adwpte the full and compbto Budgol end
Financial Plnn tat tM 1990 }Iec:11 your for Ilia
Town d Vall, Colorado, which are Inrorpomted
sy ralarenee herein and mnda paw Mrool, end
top}ea o1 acid pubbc racorde shalt be mnda
rvalhWa to the public In the Munlcpal 9unding
N rM Tawn.
SECTION 4. Far she purpaae d tlolrnying
fart W Ehe aperaiing and capllnl expenses al IM
rows of Vel1, Colorado during ea 1989 Racal
rear. the Town Coundl hereby IeNae q propany
ez d 8.43 mills upon oath dollar of Ilia lalel
laaeysd Vdluallvn 0! 8293,276,796 br Ilia
.989 lax year vl all trtxpble Pfopany wllhln Iho
-own, which Wnl ram8 In a gran lax levy al
11,921,481 Bald pseeeerMnl shop by duty mnda
7 lM County or Engle, 91e1e of Cnloredo, and
Ilreds Rwbed Stalulea {1873 Aa Amendadl and
re dhatwlea equied by kw.
SECTk7N 5,Thie Drdlnenca shall take eked
va days alter publication fcllawing the Ilnnfi
ueags hereof.
INTFiObUCEO, READ ON FIRST READING,
.PPROVEO AND OAOERED PUBLISHED
iNCE IN FULL ibis 37th day of October, [986
M a public haaring on Ihie Ordlnanca shall b0
e7d a! a regular mpeling Iwr Ih9 Town Coundl of
re Town d Vak, Colorado on Ilia 17th tiny d
:c4aber, IBB9 al 7:30 pm, fn the Cauncfl
nanbera of Sha Vail Munlclpal Bonding, Vall,
obrado.
TpwN c)F van.
Kohl A. Rosa
Mayer
ETEST:
amda 0. Brandmsyar
pwn Clerk
INTRODUCED. READ ON SECOND
EAOING, AnPRUVFi] AND OiIUF RF.Ii
UOLISHFD IyNCF IN f~VET thin 7h, day al
ovgmswr, 1998,
TOWN OF YAIL
Krvil R. S109a
Mnvar
ATTEST:
Pamela A. Rrandfneyar
Town Clerk
PWllahsd In The VeA TraN
on November 10, 1959
Public Notice
ORblNANCE NO. 24
enlea of teas
AN ORDINANCE. AfAENOtNG SECTION 9 OF
ORUINANCE NO, tA, SERIES OF 1987 TO
PROVIDE FOR THE AMENDMENT OF REN511V
OF TF{E APPROVEp DEVELOPMENT USTRECT
NO, n,
NOW, THEREFORE, DF lT ORDAINED BV
THE TOWN COUNCIL OF THE TOWN OF YAIL,
COLORA[~l, A9 FOLLOWS:
SECTION 1. legblydive 7ntanl.
A, In 1078, ilia Vall Town Cvuncll passed
Ordinance No. 7, 9arlea d 1e76, eetabllahing
Special pavelgpment Dbtdd Na. 9 to Insure Sha
unllbd and ooprdinatBd dwelopwrent o! a cmlcsl
pa ne a whets and b a manner aultahte la the
eras In which N was ekueted.
B. 9psclsl Devalopmenl Dla7ricl No. 8
prw7ded In Section 14 that IM Town Council
reserves the right 1o abrogate or modify 9pecW
Daveivpmanl Dhldct No. 8 for good cause
Ihraugh the enaalmern el an ordlnanca In
canfermhy WAh [he zoning code d the Tovm d
Veil.
C. In 1986, IM Vall Town Coundl paaeed
Ordlnenw No. 1, Hades d 985 prwkiing cawaln
emendmenlt to the deveopment plan for
Spedel DevslaprrwM Dhirkt No. e.
D. In 1887, 1M VAII Town Council parsed
Ordinance No. 14, Sarbe l0 1887 prov[ding
cartNn arrrentlmanle tv ilia dwsloprnenl plan Ia
3pecle7 Develapfnenl DlaRbr No. 8.
E. APPIbelion hu been made In [M Term d
V911 to modify and amend Section 8 ai
Ordinann No, 14. eedee d 1887 whits relates
to the aAowed danelty d IM devebpnrem plan
Id 3pseW OaYabpmanl Obhld No. e.
F. Tha Plannlnp and Em€ronmental
Cammlaafon d the Taws d Vall lies rwfewed
1M changes.
G. The Vail Town COUncA contldere Ilia[ the
amsndmsnta provide a mare unNled and
aeethellcany pleaeing dwaiapmsnt o1 a ctlllcal
the wllhln SM Tawn qnd such arnendmer+Sa are
d banefA 1v the heahh, safely acid vreYare d tM
Inhabltanle d the term d Vetl.
BECTIDN 2,
A. Soellan 10.66.130 Denehy la harpby
amended to reed es 1o?bws:
Iho Grose reeldankal door area (GRFAJ of art
dlafrkta in the Spadel DeVelglrnent Dlslrkl shall
nd exceed 124,627 square iasl. There eMEI M
a minimum of 130 accammadatbna untie and
a7,nd7 .guars feel of DRFA devoted to
eccamrmdalknt ones b Phap IV and Phase V
ql OpeClal DaveiopmeM S%ellld No. B. 3,927
aglua tent d DRFA Shp be aAoatsd 1o Unh 90
d Iho Vp VlAags Plata ..-.~-.....alums pnty,
B, 8eatbn it M Ordlnansa i4, Serbs of
1987 M Mraby axwnded by she addnbn d
tgbtedlott 9 w0M11 tneA rsaa as roAOwa:
9. Candominlum Unk 36 ql the Yal1 Ylnege
Plus Conddrtlinlunle shall f» tubjact to the
raatrkelana d 8adlon 17.28.676 d the Town d
Vail Subdlvrsldn RegOlallOns k utllhed for
reardsnthl pu+pwea.
SECTION 9. tt any pan, eeabn, aubsdlon,
scalene, claws a phrase d Iho Ofdkianca b
fof any reuort held b bs Invalid, such decbbn
slip cwt affect Ihs valWhy o! IM amalning
poltbns d Ihh adkiance; amt ilia Town Council
Mraby daalaru h would bees payed Ihh
Drdlnenta, and each part, eedbn. aubeedlan.
esrsenca, dauee ar phrua (hued, rogerdbsa of
the led Ihet any one or more pane, eed7ona,
aubaoclbm, aenletices, dsuses or phrases he
declnfed imalld,
BECTIDN 4. The Tewn Coundl Mraby Ilnde,
dMerminee antl dadares that Ibis Ordinance la
nosneanry and proper for the heahh, safely antl
wvAara of the Town al VeA and the Inhabitance
Ihereol.
S ECTK]N 5. The repeal ar the repeal and
rnanrlCirilenl M any provlelon of the Munlclpal
Dade al [ne lawn vl Veli ae prwided In thle
Ordinance shan not affect any right which by
accrued, anY duty Imposed, any vlela8on that
oocuvetl prlof to the olledivo dale heregL any
prosoculbn comrnnuond. nor any oilier action or
procnodings an cnrnnwncod under ar by Wriue
of ilia provlelon ropnnlrrd or repealed and
rDnnadwd. The ropanl n} any provlelon hereby
shah not raWVO any provksion w any ordlnanca
praviouely tgwaled wr eupnreedatl unleae
nxproealy a741od herein.
INTROpUCED, F1EA0 AND PASSED ON
(IRST RF.AUING ANL7 URDFRED PUSLISHEU
^NC£ IN FULL this 7Ih day of Novambm, 1909
and a public haaring shall ba hdtl on this
grdlnnnr;n vn Iho 71h daY o7 Noverrbar, 1989 at
7:96 p,m. In the Counctl Cnarrbera o} the Vall
Munlcpal puilding. Vnll, Calmado.
TOWN OF YAIL
Kent R. Rose
ATT£3T: Mayer
Pamela A. Rrandmeyer
Town Clerh '
Publlehad In The Vak Tran
on Novarrber 10, 1988
Public Notice
ORDENANCE NO. 26
Berlee of 3989
AN OR4INANCE AMENDING TITL£ 77 YO
ADp CHAPTER 17.26 DEALING WITH SMOLE
FAMU,Y SU9DIVISIONS; AMENDING 9EGTICN
17.08.210 TU PROVIDE A DEFINITION FOR
9iNOLE FAMILY BUBDIVfSIONS; AND
9ETTINO FORTH DETAILS IN REGARD
TVIERETO.
W HEREAB, the Town CouneA a! tM Torun v7
Va8 bsllwy IM[ ostablbning a new rstapwy a!
tt7bdivhlan ral{od aingl9 lamily eubdlvlsfan wik
premDla ilia Mahh, solely end wahnre o} 1ha
preeanl and lulme Inhebnanta d the Torn d
Van. Colorado; end
WHEREAS, the Planning and Envlronmonlal
Comnyylon lien recommended the treatise d e
new larm al eubtllvlalan cnhod aingla lamily
ephdmldnn.
NOW, THEREFORE. BE IT ORDAINED eY
TIIF TOWN COUNCIL OF THE, TOWN OF YAIL,
CUIOrVSiIO:
SECTION 1.
Rodlon 17,gB.2t0 SuhdlvlBlon Is hereby
arrwndad by the ntld2inn M pungraph F rc read
as fnikrvm;
17.n02f0 311mDIV IS IIJN
f. '9mglo Fnrnur SuWivislon' means a
mrhdlvielun al an nvsilnq Ini, which la
rernglliZMl Ily IhD Tgwll 01 VAIf a9 a iayally
nubdlvidnd lal, aro• white shan cwnlaln aingla
lamily of prlrnarylaecondarY detached dwaNing
un4a. Each ouch dwelling unh thaA be Aeparelad
lrom any ether dwelnng unh by apace an all
eklea. For tanhg purposes, the b[s sealed by a
aingla lamily eubdHlelon shell be [reeled as one
fd,
SECTION 2.
Chapter 17 of the Municipal Cgde of the
Town of Va11 Is hereby enrended by Ilia addilEon
of Chapter 17.25 Single Family 9ubdHislons la
read p 1O11urrs; '
17.25.010 Single Family Subdlvlslone -
Requlretl Approval,
A aingla lamily subdlvlsfon shall only be
pprmined on properly that le recagnlzed try the
Town of Vall as a legally subdivided bt. No
single farnlly aubd{visbn shall ba apprnvad
unleae the Iola to M comalned wllhln the
eubdlrlelon havo loundalione canslmcled
Ihoraon al trra lime of Ihs aubmltlpl,
57.26.030 3{ngie Femliy Subdivlalvne -
3ubmltial Requiremenla.
A. Two myler ooplea vl the subdlvlelon plat
ehAn he eubmllled to the Oeper7manl Of
Cornmunky Devabpmenl. The plat shall Indutle
e ens map ae requyed by Sadbn 17.22.930.
Tha plat rrwet conleln the lonowing alelemanl:
'For toning purpaaes, the Irna created by Ihh
au6dlvhbn are to fro treated as one lot whh nv
more Then Iwo dwelling unite allowed do the
rnmbined area d tM Iwp islet The sla7emBn1
ahan be mCdkled ro bdbete Ilia number d unl7a
and parcah proposed.
B. A copy d declarations endlar cevenanle
relating f0 the aubdHltlon Which shalt assure the
mldmenernre d any common area which may
be created. The cwennnla shall run whfi the
land and shall be In a form euNable for
recordation whh the Eagb County Clerk and
Recorder.
1725.040 Guaramee for Campletlon antl
Melnlanance d Improvenian7a.
The requhemeni for the guarsntee Fes
campletbn and malnlenance of Improvements
slier corripty wnh 9eclbn 17.10.250.
t 7.25.669 Single FAmlly SubdlvlBlone
Procedure.
The eingb family aubdNlalOn proosdure shell
M al eel lorth el 17.22.050 d fhb ihle wkh the
addlliand requirement of an Impravamem
krwlbn carlAlca<e.
17,25.OB0 Cdluta far Review.
The burden of prool sMll real wNh the
appACant to show 1ha11he eubdivblon campiba
wllfi the zaning ordinance wlfi rasped to
bullding Ivcatlon end other aepeds of the
etmdure and grounds, wNh the anginal Plana as
approved by ilia Qeafgn Review Sward of Ilia
Town and the aroura[enaBa and Intagrlly d the
survey data round on ilp Pict.
(7.25.100 Appeal of 2anfng Adminls[retore
Deciaran
The Zanfng Adminlaval0ya decblan may be
appealed la the PEC in accordance with the
procedures set lonh In Secllon 18,80,630 d IM
Vail Munlclpal Coda.
17.25.110 FNbp end RecoNing,
TM Depnnnrent d Community Dwaicpmem
wFll record the plat and any rolalsd corenanta
wish IM Eagle County Cbrk and Recorder. Fees
for reoording Shall be paid by Sha appkcanl. 7M
CvmmunhY Devekptnenl DefMwrrletll wll7 retain
one mylu Dopy d the plel for Ihalr reoada and
wIA record the remaining mylar a0py,
SECTION 3, q any part, section, au6eec71on,
aenlance, douse or phrua of Ihls OMlnanve is
ter anY reaean held lobe inv®id, wch dedabn
ehNl cot dpscl the valfdlly of the ramalning
portions d Ihh Ordlnenoe: end rho Tewn Council
hereby dadaraa I1 would hwe passed Ihh
Ordinance. and each part, aedian, subaadbn,
aanlence. dauee or phrua lhusof, regardless
d ilia fad the! any one ar mere parts, eedbns,
aubeedlane, eantencea, daueae ar phraeee W
declared Invalid.
SECTION 4. TM Town Council hereby 11ndA,
determines and dadriry shat chic Ordinance b
necessary and proper far the heanh, talety and
wellnre d the Town a} Vail antl the tnheWtants
Ihered.
SECTION 5. Fhe repeal or the repeat antl
reenactment of any provlelon of the Munlclpal
Coda vt the Town o1 Vail as provided In Ihie
Ordlnoncv shall not ailed any right which hoe
accrued, any duly Imposed, any vlwlatlon Thal
occurred prbr ID um a7redlve data hereof, any
prosaculbn commenced, nor any other action or
procaedinga as cnmmancad under ar by virtue
o} Ilia prevision repealed or repealed and
reanaclad. Tha repeal of any provision hereby
ahan not revive any pravlslon wr any nrdlnence
prnvfaualy repealed or euparsedad unless
arpreasly stated herein
INTRODUCER, READ AND PASSED ON
FIR57 READNG AND ORDERED PUBLISHED
ONCE IN FULL 1hEa 71h day of November, 1909
and a public hearing shall be heb on Ihls
mdlnanoo an IM 7th day of Navambp4 1989 at
7:30 p.m, in Ina Council Chambers at the Vall
MuMC~ial Sulltling, Vall, Calvradq.
TOWN OF YAIL
Kent R. Rasa
MaYOr
ATTEST; ,
Pamela A. Brendmayer
Town Clerk
Pu6nshad In Tha Vall Troll
on November t0, 1989
Public Notice
ORDINANCE NO. 28
3eNea e1 7980
AN ORDINANCE AMENDING SECTION
18.24.020 OF THE MUNICIPAL CODE OF THE
TOWN OF VAII BY AOD]NG'COMMF,RCIALSKl
STORAGE' AS A AERMIT7ED USE IN
9ASEMENT OR GARDEN LEVEL3 WITHIN
STRUCTURES IN THE COMMERCIAL CORE I
ZONE DISTRICT.
WHEREAS, ilia Town Coundl is Of the ballot
Ilia[ ekl storage la an acceptable use In
MBernen[ or garden lavele withNt a alrudure In
the Connwrdal Cara I Zone Dletrld; antl
WHEREAS, the Town of Vall planning and
Envlranmontal Commisabn has recommended
teal commercial antl storage be parmined a8 a
permhred uea !n basement or garden levels
whhln a elrudura in the Commerdal Cme I Zone
Diable.
NOW, THEREFORE, SE IT ORDAINEp RY
THE TpWN COUNCIL OF THE TOWN OF YAIL,
coLpRADD:
5£CTpN 1.
Sacllon 18.24.026 B(2) la hereby amended
by Ilia adtlidon of -Cpmmardal Skl StarageJ
SECTION 2. !t any pan, aecslon, suhsectlan,
sentence, dauee or phreaa al this Ordinance h
f01 any reason hold t0 be bvalkl, el1Ch dBClspn
shah net aflxl ilia validity of the romalning
portions of thEa Ominnncn; and the Town Cwundl
hmaby dacfnrea it would have passed 1Ma
Ordinance, and aarh pa^, section, eubsectlon.
santnncD dauee nr nhraso thoreol, regard lass
of :ha la^., f.+ai env sne ~u mare pale. sedr,ns.
auMectlana, sentences, dausea Pr phrases M
declared invalid.
SECTION 3. The Town Council hereby Linda,
derefminea slid declares That Ihls Ordinance b
necessary end proper for IM heanh, ealety and
welfare of Ilia Town d Veil and the Inhabilama
Ihereol,
SECTION 6. Fhe repeal or the repeal and
reenactment d any pravlalan of the Munlclpal
Coda of the Taws of Val! as provided In this
Ordinance shall not ailed any right which has
accrued, any duty Imposed, any vlolatlon Shat
occurred prbr !o the ekedlve data hereof. any
prosecuibn rnmmeneed, nor any alher amion or
proceedings as commenced under or by virtue
of the provlelon repealed ar repealed and
reenacted. The repeal of any provision hereby
shall not revive any provlelon or any ordinance
previously repealed ar cuperaeded unless
exproeely staled herein,
INTRODUCED, READ AND PASSED RN
FIRST READING AND ORDERED PUpLlSHEO
ONCE IN FULL fhb ]Ili day of November, 1989
and a publk haaring elicit be held on this
ordinance on the 7th day d Novenber, 1988 at
7;06 p.m. In the Coundl Cnamben d the Yall
Municpal 8ulldlnp, Vall, Colorado.
TOWN OF VAR
Kent R. Rose
Mayvl
AT7E3T:
Pamela A. Brantlmeyer
Town Clark
AubAehed In Tha VeN Trap
an November 10, 1989
Public Notice
ORDINANCE NO. 27
Series of 1969
AN ORDINANCE AMENDING CHAPTER 220
LOCAL LICENSING AUTHORITY OF THE
MUNICIPAL CODE OF THE TOWN OF YAIL,
COLORA00 TD ADD AN APPLICATION FEE
FOR TEMPORARY LIQUOR LICENSE UNpER
THE COLORADp LIQUOR CODE; ANp
SETTING FORTH DETAILS IN REGARD
THERETO,
WHEREAS, the Leghlp7ure o1 the Slate d
Colorado hoe paaead a etetuta authorlifng the
laeuance by Local Lbenaing Aulhoralae of
tenporary licensee b nceneeea whose ncenee
has expired and has nd been renewed; and
WHEREAS, the Town Coundl wbhes la set a
tae ro ba paid lOr the heuanoe o7 such flcensa.
NOW. THEREFORE, BE IT ORpAINEO 6Y
THE TOWN GOVNCIL OF THE TOWN OF YAIL
COLOlupO:
SECTION 1.
Sedbn 2.20.1 AO Application Foes fs hereby
art+endad by tM addnion d Section F to read a,
follows:
2.20. f 10 APPLICATION FEES
F, Tenporary Lkenaee - 5250.
SECTrON 2, N any part. aedian, eubeecilan,
aenlence, chute or phrase of this prdlnance k
la any racoon Mid t0 be FnvalM, euoh dechlon
shall not aged the validly of Ehe remaining
ponlona d !hh Ordinance; end ma Town Coundl
hereby declerae It would Mva passed ihle
Ordlnancs, and cacti part, sedbll, eubaedfon,
eelsence, dauee a phrase thereof, regaMkaa of
the fad that any one ar mare pads, sx4brre,
aubeedbne, aemanc«, dausas or ohraea ha
declared IrivalJd.
SECTK)N 3. The lawn Council hueby finds,
delermtnea and declares Ihel thle Ordinance b
necessary ant proper for the heahh, aalely arA
++ednre of iM Town d Yalt and 7M Inhaonsnta
Ihereol.
SECTION 4. The repeal a the repeal antl
reenadmenl d anY provislan of the Munlclpal
Cade of the Town of VAII as provided In thin
Ordinance shall not affect any fight which has
accrued, any duly Imposed, any vlolatlon Ina[
occurred prbr [o the eNeahe dale hereof, any
proaeculbn oommenced, nor any mh9r action or
proceedings u commenced under or by v'rnue
ql tM provision repealed wr repealed and
raenaded. Tha repeal of any prrnlslon hereby
shell not rwlve any prwlafon or any ordinance
plBYlogaly repealed pr evpal6edad gnlBBe
expressly staled herein.
INTRODUCED, READ AND PASSEU UN
FIR57 READINp ANO ORDERED PU6LISliLp
ONCE IN FULL this 71h day o} November, 1989
and a public hearing shall be hold on this
ordinenw on Ilia 7th day of November, 1809 at
7:30 p.ni. in cop Coundl Charthers of cop Vail
MuniclpaE Auliding, Vall, Colorado.
TOWN OF YAIL
Konl R, Rase
Mayer
ATTEST:
ParnaCa A. Brandmeyer
Town Clerk
Published In TM Vail Trail
on Novanrier Itl, tees
Public Notice
ORDINANCE NO, 2e
Series al iBe9
AN ORDINANCE AMENpING CERTAIN
9ECTION3 pF CHAPTER 16.22.50 THAT
CHAPTER 16.22 REGULA7£5 9iGN9 IN THE
ARTERIAL 9U91NESS DISTRICT ZONE
UESTRICT OF THE TOWN OF YAIL (ABDj AS
WELL AS THE COMMERCIAL CORE Itl ZONE
DISTRICT [CC3j.
WHEREA3, tM Town Council d the Town of
Veli wishes to provide sign cetegorlee for the
Anarlal BuaMese Zana Olatrk7.
NOW, THEREFORE, BE IT ORRAIN£O BV
THE TOWN COUNCIL OF THE TOWN OF YAIL,
COLORADO:
sEC7xiN i.
The title o7 Chapter 18.22 d the Meniclpel
Code al the Town vl Vzdl Is 3teraby amended to
read Slgn Cateporles for CC3 Zone Olntrid and
ABD Zane Dis[rk1e.
SECTION 2.
Section 15.22.010 daslgnaled la hereby
amended to read as folb'.va:
t5.zz.e16
A. This chapter concerns those typos of
permanent and lerrtbrary signs requiring a sign
applicalfon permh under Sha prvvlslons d INB
Title for mopeny Wnhln the CC3 and AeD tone
dislrida. Thle chapter further Includes the
purpose d each sign type, size, height, number,
locallon. design and Iandscepinp requframenla
and special provisions for each type of sign
B. The tollowing le a listing d sign catagaries
parmiuetl In the CC3 and ABp under tM
provisiom d This tkla:
i. Bullding idenlificalbn signs;
2, DtsplxY boxes;
3, FGgs, pnnnanls. banners and boding;
4 Mwnla and auporgraphlcs;
5. POldical signs;
6. prajw_King and hanging ages. arcade., ~,
7 Prulec;ir'g end hanging sigra, ;n3./~dioa'~.
businesses wflhin amulti-tenant AuilCing;
8. Prd}acling end hanging signs, feint
dlredory signs Sor a muhldanam hulbing;
9. 31gn programs;
10. Publk inlormatlan signs;
11. Temporary sne dwotapment signs;
12. Traub cmlrol signs for private propewy;
43. Wall slgr+s, arcade;
k4. Wall signs. Individual buslnasaes wllhln a
mufllgenam buibing;
15. Wall signs, ]Dint directory signs for n
mullbtenant buiding;
t5. Wah algae, single business use;
17. Window signs.
C. A business ar organization wirhln CC3
endlar ARD Js parmined the }ollowing number of
signs provided the provisions a1 each category
era neat:
3. An individual buelnnsa wllh a muli4lenaM
buAding may havo the folbwing signs;
a. A tlhplay box;
b. A proloding and hanging alga or a welh
mounlod sign;
c. Traffic control signs;
d. Window algae;
a. Other temporary signs as permuted In the
pravhlolw d ibis Coda;
1. Space whhln a ]DIM dlredory sign for the
bullding,
2, An Individual busineee which Is the eels
occupant within a building may have the
lollvAing signs:
a. A dLaplay boa;
b. A waA sign or a free atanding sign;
c. Ttaklc control algae;
d. Window signs;
e, Other lemporery signs as permued In IM
provhlom d Inh cads;
D. Following In Sadlon 16.22,020 through
18.22.160 la a Ihling by alpn types d the
requhemants under Ihls Section.
5£CTgN 3.
Sectlen 76.22.615 Building Idanhllcatlon
Slgna. paragraph C, b hereby amended to read
u fvl;owa:
18.22.015 Bulding Identhkatian Signs.
C, Helg ht; wall-mounted build lag
IdamAkatbn signs:
No part al the sign shall extend above
twenty-live (25) feet tram exESting grade or the
pleb kne of fl building, whlcharar b lase;
Free alanding bulbing IdsnlNlratien signs:
No pan Of Sha sign shall extend abgye elgM
{b} Leal from exle0ng grade;
SECTION 4.
Section 76.2z.tOp Sign Program, itaregreph
qtj, la hereby amended to lead u ldlorrs:
f8.22.t00 Slgn Proprem
I. 1. At the time that any sign on a bullding
Ivcalad wuhln Cammerdal Care UI or Arterial
Bvelneee Dlslrld b removed, changed or phered
In any Way, a sign program tar that pawlcular
hukldEng moat be evbmltted to Oeslgn RevlaW
Board and epprwad prbr 1o Sha erection 01 any
new sign On the bullding.
SEGTIRN S
Section 16.22.100 I(4y le Mraby artrended to
read m lallgwa:
1922.100
1. 4. In the case where a bonding located
wnhln CC3 or ABC hoe a bualnese frontage
which h Irot adjacent tb the Nash or South
Frontage Ronda, bW hew cafcvlable Iron[age
Which h healed almg a psdealdan way tl IM
end of a bullding adjecam to the imatler d CC3
w ABO urd hu diced eeos.a or 0lsplay uea
slang That psdealr7art'way, [hs prgvleigna
applleable shall be Iho same u far a htra4iess
ffgMing on N ucads, subjen N the approval d
8re Design Rwlew Sward.
BECTON 9.
Bedbn 19.22.100 IS41IbJ M herabY artrerMSd
to nod ea feltvas:
18.22.500
I. 4, b. Tula provlelon Is no[ appllcahla t0
buelnaesee with frontage adjacent fo exterior
baundadae of CG3 or ABO other Shen Ilia North
end Samh Frontage Rnade.
9ECTpN 7.
Sac7lon 16.22.A 70, paragraph A, Is hereby
amended to read y tdbwa:
t 6,22.110
A. Pmpos e, m Indlrale or Identify e
development pl teal property under conetrudion
In Cc3 or ABO.
SECTkoN B.
Section 16.22.120 Is hereby amended Io
read as lallars:
16.22.120 7raiflc Control Slgne For Private
Propany
Trellk ronuol signs tar CC3 or ABO shelf be
regvlaied as follows:
A. Purpose, [o relieve vehicular and
pedestrian Vallic congestlvn and promote the
sa}e and expedien111ow and paik;ng of Ire11k on'
private property;
D. Size, all vehicular hal7ic conbol signs shall
not exceed one square loot exCepl muhh
purpose algae, which shall not exceed four
square feel. An pedestrian uafnc cvmrol signs
shall not axce0d one squdra foot, except mulu~
pwpoae algae. which shall not pxcead lour
square IOei, avhlact tq the approval 01 the design
raY~ew board;
C. Height, no put of the sign shall extend
above six feet 1mm axhung grade;
p. Number, sub]ed Iv Ilia approval d the
design review hoard;
E. Lacaiion shat! be delermined by design
revleW OOard. with a letter of approval nom She
town engfnear Iqr any elpn placed adjacent to a
public s[reel orway;
F. Design, aubled 1o the approval 07 the
design review board;
G. Lighting, Indirect, al the dlacretfon of the
design review board;
H. Landscaping a1 ilia dlsaetlon wf the
design review bcard;
I. Spodaf provisions shall be ae lollovre:
1. May be either free-atantling ar wall-
mvunted, whh same she ragdrerrgnts:
[. No IndlWdusl alga Will 6e appreved Unless
k ronlbrme to an Overall alga program for the
entire bullding, av6mNted by the eppuwnl;
3. No sign shall wn[aln any advenis{ng, but
may k1anlNy the owner by name;
4, h a'no parking' sign [as Iumlehad by the
1ovmJ b used, there maybe no alher alga for the
acme purposB.
SECTiDN 9.
SBCIIOh 16.22.140, paragraph E. shall be
amended u 1o11ase:
16.22.140
E, Lacallan, parallel to the ertedor wail of the
Individual buslneae or organlzallon, edlacenl to
the Nanh ar South Frontage Roads, subject to
the approval oI Ilia Des{gn Reviev Sward;
SECTION 10,
Sedian 16.22.140, paragraph H[71, is hereby
emended Iq lead as Folbxre:
16.22.740
H. 3. An Indlvid ual bgalga6a with no
elculabla froniago along ilia Nonh or Squib
Frontage Aoads. or with a basement or second
Iloor OntranCe, may nave sne 17) sign wflh a
maximum area o7 IWe (51 square Teat fn a
!ocagon approved by a,o Design Rgvrew Board
3
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Bolduc Realty Management, Inc.
P.O. []rawer 5800, Avon, Colorado 8T6Z0
NQW AVAfLABLE
Numerpus quality short-term rentals
starting at 5!5000 nightly.
_ Call for details
949-6070
o®• "We help keep yrour ducks in a raw'
Pra~erty Managens,att
is clemrity Geirtg I~ereff fly
EtTSt Vail Rerttnfs, specializing in excGlsive
properties thrntlg(tout East VaiG
For mvrv i~ fdmmtion m to submit your property, contact
Eus# VaiC Reaffy and Retttafs, Inc.
476-6636
The Seasons at Arrowhead
is a place where you, your
family and guests can
enjoy the best Vail Valley
has to offer...anytime of
the year. Located two
miles west of Beaver Creek
nn Highway ii, Arrowhead
is art exclusive community
providing the maximum
resort experience in an
uncrowded, serene country
club environment.
The Seasons is an
elegant Southwestern
FYnm preArtos4s Page
TOWN OF VA3L BY ADDING'COMMERCIAL SKI
STOAAOE' A9 A PERMITTED USE IN
BASFMEHT OA GARDEN LEVELS WITHIN
STRUGTUAES RN THE COMMERCIAL CORE I
TONG O15YRK:T.
Copies d rhy ordlnartoa an evafleble far
pudic laapectbn In iha dike d Iha Tpwn C{ark
during narrwl bualrreaa boon.
INTRODUCED, READ AND AppROVEO ON
SECOND READING AND ORDERED
PUBLISHED BV TITLE ONLY IMe 21st day d
Naamber, tees.
TOVyh1 OF VAh.
Kent R. Rvae
ATTEST: Mayor
Pamela A flranameyvr
Town Clerk
Publlahetl in The Veil Tra1
on November 24, teas
PubIIC NOtICQ
ORDINANCE NO. 27
Sxlea of t9ae
AN ORDINANCE AMENpING CHAPTER 220
LOCAL LICENSING AUTHORITY OF THE
Mi1NICIPAi CODE OF THE TOWN Of VAIL.
:; COLORADO TO ADD AN APPLICATION FEE
FOA TEMPORARY LIOUOA LICENSE UNDER
THE COLORADO LIQUOR CODE; AND
;;, SETTING FOATH DETAILS IN REGAAD
THEfAETq.
Copies d Ihh vrdlnence are available !or
S puNle fnapedfon In the offlea pl the Town Civrk
§ during rbrma! buaineae hours.
INTAOWCEO. READ ANO APPROVED ON
9ECOND READING AND ORDERED
PUBLISHED RY TITLE ONLY thh 2rat dsy d
Naertrber, 189&
TOWNOF VAIL
Kent R. Rase
Mayer
ATTEST:
Territorial style complex
with 2 and 3 bedroom
units, overlooking the
greens of the acclaimed
Country Club of The
Rockies golf course, or the
ski runs of the Arrowhead
ski area.
The Seasons is only
200 yards from the Arrow-
bahn high-speed ski lift.
adjacent to the golf club-
house and restaurant,
swimminc3 pool, and a
short stroll to the tennis
Courts.
Pamela A 8rendmeyer
Tpwrt Clwlt
.. Pvb1e#tsd In The YW Tretl
on Novanlber 24, tgag
Public Notice
ORDINANCE NO. 2Y
enlaa of lass
AN ORDINANCE AUTHORIZING TH
ISSUANCE OF TOWN OF VAIi, COLORAO
SALES TA% REVENUE BONDS, SERIES 199
AND THE SX)NSTRl1CTION, IMPROVEMEN
AND ACQUISITION OF A PUBLIC PARKING
FACILITY ANO OTHER APPTSRTENANCES
ING3DENTAL THERETO; PROVIDING THE
FORM, TERMS AND CONDITIONS OF TH
BONDS, THE MANNER AND TEAM9 OF
ISSUANCE. THE MANNER OF EXECUTION,
THE METHOD OF PAYMENT AND THE
SECURITY THEREFOR; PLEOOINOAPORTIO
OF THE SALES TAX AROCEEpS OF THE
TOWN AND THE NET REVENUES pERIVE
FAOM THE PARKING FACILITY FOR THE
PAYMENT OF SAIp BONDS- PROYIOIN
CERTAIN COVENANTS ANO OTHER DETAILS
AND MAKING OTHER PRO VESIONS
CONCERNING THE BOND9 ANq THE
DESIGNATED SALES TAX REVENUES AN
NET REVENUES; RATlFYINO ACTION
PAEVIOUSLY TAKEN AND APPERTAINING
THERETO; AND REPEALING ALL OADINANCE
IN CDNFLICT HEREWITH.
NOW, 7HEREFOAF, RE !7 ORDAWEU RY
TF[E TOWN COUNCIL OF THE TOWN CF VAIL,
GCLORADO:
SECTION t. petbhbna. Terms used In this
Odlnaras shall Nava rho rrtvanlrtga apedlled In
stile ae4ipn for all purposes d this Ordinance
and Of any adlnlnce amendatory hereof or
abppbmpnlBl harato, of lelydlnp hereto. and d
anY Inalrument a Qacumenr eppendning hotels,
except where the pantevl ny clear Irrplkation
heron dnerwiw requlree. All dellnkkan Include
Iha aingder antl pbrW and indude all ganders,
•AddAbnal sates' nwarta IM One W tiers
tarts d bond or other aeathlea ar odigallana
No other place in
Vail can you find this ski-
golf combination in a pri-
vate country club setting,
Yau owe it to yourself to
take a look.
THE
s~Aso~s
fall Arrowhead of Vail Irroperdts 4:orp02don:
303/470-I~J72
!'rfced from .5215, 000.
R developrneRt at James H, Moore & Assocaitas, Realty, Inc.
e,ehorEred ro be luuetl q iha Town pursuant ro
Sactbn 17 tiered and having a Ibn on IM
Pbdped Rewnuea on ^ parhy rMh Rn IMn d ore
1858 Bonds. ~ .
'Apprecined Prlnelpal Amount' means the
prlncpel value d the Ronda m rrewdry, whkh
reprWBnb the orlplne! pdndpal arrgYM d the
Bands p'tn Inbraet theeon at the terse apa1.41kad
herein. con+pattntled an each Inlxeat PeYmant
QMa
'Bond Funtl" m.ana the land created by
3adbn 14.8 tiered.
0 'Bond Insurer means MunEClpal flpntl
e Inveatore Aeaurarroe Corpwatbn.
T 'and insurance Pdi~y rrwana tM munkbai
bond inawance ppllty laauetl by the Band
Inaurx guaranteeing the payrrwM d ptlnclpal
and Iniareal on the 1090 Sala,
E 'Bond Reserve Insurance pdky nwarw any
insurance polky, outcry bond, inevacable iener
d cladtt ar aimllx InelmmeM depoalIetl En pr
credhed to the Raearve FuM fn Ilea d er fn
N panbi aubathwhn for moneys an deposh
ihxeln. The Issuer provlding any such Bond
C Reaarve Insurance Pdlcy shall ba en kauar
whkR two been then curnMM asalgnad an AAA
O raring w a comparable ratVng by Mvatly'a
Invaalora Service, Inc., 8laneard R Pooh
Coryoralbn athdrauooaeagn.
'Ronda' means the 7098 Benda and any
C Outalantling Addefpnd Banda. ,
'Chaney' means the Wrrw Rub Chaney d
Ina Town. Indutling W enrerdmama !hereto prior
to the date hared.
'Corrrnwrclal flanM means any tlepoehory tot
pubAC funds permhled by the wws d the Gish
for polAfral aubdivlstona dthe Slate whbh has a
caphaf antl surplus d S10,eW,oad mmore, and
which is bested wtthn Ihs Unked Slates,
'Cotwhudion Funtl' meena the lord Heated
b1f Sedbn I S hared,
•EpaPw AVrounr nradna Iha Ewaow Aeeeam
eelablished pvrauent lv the Eeavw 0.gteameM
with the Escrow Sank.
Esaaw Agreamem' means the Eacrpw
Agreement botwaen the Town and the Escrow
Bank tlatptl 88 d Decwnbx 1, 1989.
'Escrow Rank' means Central Bank [samrx.
Nailpnai Aasaclarbn. -
•Flatal year' means the twelve months ,.
vpmnrandnp of the drat day al January d any
nalsntlar year and erdfng an She IhIrIY4in1 day d
pecem4ar d such nlenaar year a such dher
twelve tnonlh Petlod as may Irom time Iv Byre hp
dealgnated by the Town CoundE as the Fiscal
Year of fie Tam.
'Genera! Operating Expanaea' means all
reasonable current expeneeaA aid a arxvued,
d aperaling. mainlafning and repairing ap the
Parting Facllltlee. The term lncbtlea. whhout
IlrNtetbn, legal end bdtlenlal expenses d the
vahoua etlrWnlatrelNe tlep811n1enls d the Town
dire t3y or Intl[regN related antl reasonable
allocable to the sdrrJnlauetbn of the Parking
Fanhklae, Insurance premiums, the rematabb
charges d any paying aBeM, iruetee ar
deeps l[Ory bank, CgntraCIV81 aalYiCee,
proleaalonal aetvlcea required by this
Ordinance, aalerlea and adminielrativa
expemee, labor. and the costa incurred W the
Toren In the colledbn d Groan Revsnue+. Yhs
term does not Vnclude any albwanca for
depredalbn, any voata al rewnatiudlan.
EmprovemenL extensbn or betterment, any
eccumuledon of nservee for capital
rePlacemen[e, any reserves for opetatlon,
maintenance or repair d the Parking Facllidea.
any allowance for the redemption d any bond ar
other eearhy evklenchrg alvan ar the payment
d anY Interval thereon, artd any legal IWbIIky not
based an wmyad.
'GOVernmxpW gdgeuvna• mean. any d the
}olbwfrlg rrhbh are nanCa4N;la attd vdildf d the
time d Imeetrnent are legal bvaalmerga under
the laws d the Slate }a EM moneys propmae n
f>a Imeelad lhareln:
(al plred general oblfgatlona d, or
oblkgatlona Ihv paYmem d prlndpal d and
blatant en which xe unrandkbnelly gtwremaed
by. are Untted Buries dAmerba;
[b} Sonde, debenlwee, notes v etha<
avidencva of Indehretlneee laauad o:
guaramead by any of the Idlaaing: Bank of
Cooperadvae; Federal Intermealale Cradil
Santa; Federal Name Loan Ranks; Federal Ferm
Credit Santa; Expprl~lltnod Bank d the Unlletl
Brazes; Federal Lend Santos; Governmental
Nailonal Mortgage Anocialion; Federal
Flnencing Senk; ar Small Bualneaa
Adminlatrallon; or anY ocher agency ar
ImtrumentalM al the Untied 8tatee of Amenca
[created by an Aa of Cengr.aa[ wbetentlally
ehnilar tolhe fatrgong In hs bgal ralatiorwh'p to
the Untied States d Amarlca, prwdad that, d
the 11me d pvmhaee, ouch obllgatlonr are rated
In the highest rating odegory d Standad 6
Poore Corporation a ha atta~eaae; or
(cJ Evfdencee al awnerahlp lntereate In
vbllga9ona tleecnlred In paregmph [al or Sb[
above.
Y3rosa Revenues' means ell Income and
revenues tlerhetl tllredly a Indlndry tram the
aperMlon d or dhenvfea reletng ro the Parklrg
FacHAI®, includirtg, wl[hod Ifmhatbn, any fee,
rate a other charge aaaeased against any
persona fa the privilege d using a clMrwlea
rdatlrg ro the Parkng Fachplea.
'Ittcame Fund' nwsna the apeciel htld M that
nertre aeatad M 9ectlon t4A horad.
'Maximum Annual Dab[ 8arvlca
Requlrerrem• rreana the lwxlmum anrotrm d all
rsgVlred paYmertM d pdndpel .ne Interest on
the Bala which wfR beparrw dw In any Fieul
veer.
"Net Rsventtea' 111B8ria the Dopes Rwanuse
Ives Gerwrd Gl»ralinp E~enaea.
•IeBa Bortde• seam the 9a]es Tax Revenue
Bands, Saner 1888, In the aggregate pdxgsT
amoum d 58.188,849.09.
'Ordinance' meant stile Ordlr,alice d the
Town. whbh provklee for Iha hauana and
ddiYary d Iha 7999 Bade.
"Odtatentlfng' rneam, as d any date ai
rabuiatlon, all Ronde thervle}pre executed,
luued and delNered by Ihs Twat except:
11f Ronda thxetdae uncalled by the Toww,
See next page
I.os l4BeaverGleekT)r.,1.47actes
wady to build, zoned primary!
secondary, can build upto tspprox.
I2,Opp s.f. Allutilitiest0 site exist.
Tetrificviews. Mountainsto north,
ski slopes to south, av9rl,ooka
Seaver Creek and Green Belt area.
Otigutal cost war $300,000. Wild
sell for 522.0,000 including sails
and foundation repots, Terms
avlri[abla Cai1 owner 949-7979,
evdtinga476-7577- sc
Probably the Best Ski-Golf
Combination in Vail Valley.
~ ~
~~~ :~
.~~
FYorn prevfpus page
Ra9latru a PeyYg A9aw, a ewrantlared to IM
Tam. Rs91a1ru a Prylrp A9Mt la catabllNbn;
f~ SaMa In aeu d a n cutatlutlat lawhkh
shat sonde ehNr haw been arawlsd, based
end da4varad br IM Tpwn and aanamiulad try
tna Regklru unW1 prod eQlafagtlry td M
f(e°klru h proaantb firs[ any avdt SonM ^n
duly nNtl by tha lawlu3 r•9111ered owners
Iltaapr; or
(S] SorWa tlaarid b hww bass WM •w
prodded In Sx7bn M hared.
"Owner a'Rs9ktaretl Owrter shall mean
tM re°Iafered owner d any 1984 Bond as
an9wrr an IM re9lakalbn bops. kept by IM
Rspkirv.
puldrg Fadlklea• mans NI axbllg paddn9
fachhbe, al patkirrp Iatlldky 10 be cp rutrucretl,
dhernlae acqulrad and pYlpped wi[h Iha
proptreda d IM 1959 Ronda and ell fuwra
parking (acllhba operated M tM Town, which
fadlhba Include all Ilrprovem•n1s, axtsnalpna,
Mlu9emenla, addnbrw or aell•lmanh to, or
d.
.'P+~r~rg A@eM' macaw CenlrN sank Damw,
Natbnsl Maocktbn, Cemd. Colorado, being
the a9a1 !a the Town to IM payment d the
1059 Bpntl1 end Intend IharaOn, or hs
suocauon antl aagi.
•PUaOn• mast any rodfvldva4 14m.
IurtpOwkip, oorporalbn, canpanY. aeeadall9n,
pint-.rack aaeodubn a bony pdhk; and IM
rpm Inotudea any InnUa, eeu•hr07. aagnas a
shat alm9ar repreeamNlye Ihend.
'Pladpetl Rwa7uw manna:
191M rwenuea darlwtl tram 1M Pbd9ad
galas Tu;
pq any eddarond tarn Idltar Irian a yysnwel
ad vabrem tax], funds or wakh the
Town Mretaar Wadpn a Ihs paym•nl or
RatMj
(19lM Nd Rwantwa;
IM pr0+-beds d IM 8ond1 a dhw la°aly
dtWf• mxwp tlapoa%ed Imo acid Mld ai IM
Band Fund end the f7Mdw Fund; and
(v) Interact a InvnlrMnl Inportw en the
tnoome Fund, IM Bad fund and tM Rnarva
Ftad;
al tv tM oleo[ IhN audt rroneya ua at any
dm• nqulnd ay Sectbn 14 hared to M
dapoaaad Inl9 and hsid h IM IPOan• Furl, and
Ste S9rtd Furl arM 1M gaaaN• Fund.
'pydpM salsa Tart mearte Ihra ortwha9 d
1Aa procaaM d IM Bala. Ta% whbR k also
phdpad Se the Payment pl the Barley 1995
Honda. •Pbdystl Says Taa• tloaa rl9t Ircluds
In[farttenhd aWS to%ec whkh Bra er may be
pbd9ad t0 the payrtwnt d IM bonds punpara to
an urban nnsww# pion u tldlned In 31-2&
roa(r), C.A.S. a a plan al dwebpmant u
de5netl ht af-26Ba21s.4] C.R.9. •Pled°ad
Heist 7s>r' done red btcNda urounh whhhoW
bh'rNafbn uttl wndara ro awd [heir axpenaa
>n odyr.7lnp antl ramalnp IM Pbtl9sd Saks
tax, and Pk atl 9Naa Tar Cart oat Include
ampunu co lsdsd by OM Town and
eubeegwNiy dsiarminad, punuanl to Ina
applkabla Sake Ta% Ortllnan0ea, l9 6e atPo]act
b vahtl ckrk7w la tdunda. 'Pled°ad 8aka TaK
tl9aa not Induda IMProweW d arty Irtcnaaa In
the Salsa Tu whkh may bo approved In IM
1dun, unbaa su0h Inrnus Ia srpnuly
taidai°ndvas lorl~had 01 phi °proN wderwed by
the 7pwn Ilan anY IpNY aNbds Earl a lacer
a fen (dha than a 9eiral ad Vabfam nx]
whkh repkrw a aupenstla IM Pbd9ad Sake
Tar, r.qudbef d whlNSr au4tl W Of Wn ar
fen an iwppaad by tM Tayry a die 8tala d
od41r Pdhks aubtlhlal9n 1h•red.
'Prdlminartyy Ohidel 9lalamerSC meant IM
Prsfminary Ofllelal SWerint rimed Nwambar
EB, 1989.
'PUrehaaa Comrsd' rMana Iha purchase
Cpmrad batwaan IM Town and tM PurehWr
dated MlpverR,er 21, 1999.
Putehasae' mni i(Irchnsr, Yo9r• and
Company.
RNttlla FunC means IM land awed M
9aabn 14.F. hand.
'Raplslrar' means CenbN Hank Oanver,
NubnY AnociNlon, DenvOr, Cp1aWo. Wlnp
Ehs sysrt[ for Ihs Town fOr the ra9ialralbn,
trainer and -%dtanpa d tIM 1989 Rands a la
atmra0n.
'Re9ilbar A9tsamanl" meats the Re9ytrar
A{]rs•meld Wtwban IM Town and tfw Rpblru
dN•d p d DeOartGaf i, 1989.
lieaarva Fund t7rur ae ford .'Nall 6Y
9adlDn 14.C hwed.
•RSaatrs Funtl RsquyarrwlC magna an
amaunl equal Sp 1979,954,51 ales an anqunl
squN b ap nmM°a an [M Reserve
Fund; prmltlad that lhs Rnsrri Funtl
nagek•nwrd aMH red axt:aad air Ypkmrm
AnnuN Debt Servloa Reqursrid,
'Baba Tax• rowan tfw Ina upon IM aW and
tan d 9aorb art aerrloea whkh h aurndly
bNrq bvlad by IM 7awrt puntNM b ihs Bate
Tax Ordfnurpea and anY lu[ure a amattdw to
bYNtl by lft• T,wwt M w .airs arttl the lat.
"B•tn Tax Ofdlnanaa' m•aN the
pMMwtaw adoplsd b1' dro fOww t:wrtd d 7M
yawn fafh•faepaa a alltlpeaq ark
dry eats. Tan art wnbh ue In ad on IM dni
d Ehk Ordlnusaa aw M ytsr awelMatl a
c .. tad.
'BwMa 19M Warrrv marls iM TawNa
ou[tlantlln9 R•fvndlnpp Land Tranalf Tar
Andc4+Nan watrank. Berlaa 19M, daaad Yry
15,1984.
•Safkw 1488 Benda' ttwrta IM TownY
ouurendN9 UeMrN Oblgallpn Rdundlnp
956. , B«ba 1NB6, dNad r d la .
'Barg. ,596 ordinanor m.aw C ,
Na. Za, Serbs d 1958, a amandw by
OrWUnn Np. 99. Sarlaa d 1988,
'Slat'' nwuw tM SWa d Cobrado.
•TU Code' mast 1M Mtwtwtl pwanw
Coded 1958, u attwMed,
'Town' YaYw 9fa Tpww d VNy Caloratlo.
'Town Coundt' nwada the Yam Cound! d
rtw 7gwct a ally sups... kt futtdfab 11tarNe.
7ruN Renk• mans a Commarcyl Bank
tMkh k authahad b nelcla a+d y axarWlnp
true pawn.
SECTION 2 R•rtala.
A. The roan b a nwnbyrl cvtpprygn duly
argrthad and nkdn9 undw 7M Tawn'a Charier
adoputl puyuanl to Anlei• X1t of IM
x'.Oi7RNlen d Mro Bldg d Cdaade,
B. sawn t9.4 a a. cMrl•r partdk IM
Tam la rises aapunllaa road' payabb allay
ou d tM procaatla d any aNw uu«, a from
arty Panlpn flwr9d, a allay Iran red rwMlun
tlNlvatl from IM aparatlow d an In9orrra
pmduNn9 prafcE a arty oaMlnNion, of asks
lacaa and AI lerbralaa tahltplA M alaclarr.
C. TM town hpoaM a D+Yaa lax Wnwd
b 9adlon 1 k.l d tM ChrEw and Oro gait Taa
Onlnanpa•,
D. Tna Town lra pydq.d aclthr9 d tlr
mahuy from ds Lys Tar b 9ta Parrttar9 d
ale Bafwa 194. Bond/ ord. oa R eYbardktlla
b+wy, b Nr Stirs 14M Wrrr4a.
F, Tfr Town h. b9ry wra9abla hatch
rrhkJr rwwrt uwrradrratl wlh tM liaaervb Fund for
tM 9arM 19s4 Warranea wIH M auRYdanl when
Irrreatad to f+aY IM prixpd d and Imernt an
Iha BMIn 1981 Wawanw Y tlla same bamnw
des 9n antl aMr 4•c•rra.r 1. 4989 and art a
biters . r t, 1994, tlro prbr redntptbn
dNe d en. s.riea 19eu wuratas.
F. Pursuant b tha 9srln 1883 Oralnarri.
tM Tewn kauad rM Sarya 1955 Sonde and
.goad to Pbd9a antl Bar olds lea Pladpad
Sate Taa Eo pry dts prNtlpaf d and Inlaaw an
the 8•nn tpa5 Sontla, praWd•tl Thal Ina
Phd9ed Ba?•a YQ cauN Wo ba Plea9atl art
used far IM payrrwrtt o! Iha Prlnelpal of sn
inlarsat on shat adtlnbnel 9anard odgNlon
bands d dss Town tMkh v'rY G havad
Ihersaaar an w pulry wlh d aWadinels ro 7M
SMIn 1986 8ortds w1a raapad b IM Pladpad
Sale Tax. TM Sarba 199. O+dlnutcs ak0
prwklatl ihM. b dra sand Mat IM Pnnp4N d
acrd Inrrwl pre IM 8a W 1986 9atda and anY
addnbrul puitY 9strrN drgtNoi boMa ue
July proWdetl la M anY Fhcaf Yur by Ia%
rwsnttsa and dh•r ImtrYa k9+IlY wsitaby
thsrda•. 1M rows y arutakatl to trs auto
sxcra Pbdq•d 9•ya Tax la dMr purppeee,
Irrckrdkt9. htn na IImItM b, paymam d apae4l
rran~patrrN obN9albn bard. d tM Town whkh
riy n01 ba kwa9 pre a P•dy wnh N• garbs
1956 Sorts, bu7 enry may M hewed In a
eut»ttllnats and imarlor Poaabn b IM dNm d
Iha Sarba 1968 Banda l0 1hs Pkd9ed Saba
Twl.
O. 731• Yawn Cputtdl hu detenNitl Sur try
dep9ehkp nylkq luMa en hart topeaar with
tha. raasrw I9M fa tM Halt 1554 wurenta
wnh dr Escrow Senlt W ktvwit9 such lands
In Oovsrnmadal ObSgadpna, Ina Town can
pwkb !a 7M paym•m d ma pMrcpN d sIW
Inlarrl on M• 9eriaa r9B4 wartanta end can
Nlmincla Ora IMtr d tM f3raea 1964 warruna
on Ina Pbd9ad SNn Tax thus riklrg 5
pna4XS ro iuw aI levprabb nMa the 1989
Sawa fa tl,e WrpwM herein m,nerrpiwed,
H. EaCaPI Fa EN Ssfke• 1985 R9ttde art
cond. a odgatroi whka naw bean paid of
ddaassd as d 9re daN d W oars. d rM 1959
Bontla. Iha Tpwn hu nswr pl.d°ed the
Phd°W Sake Fu b the paym•ra of anY curt.
br 1a anY porous' wnh tha faauh that Ne
Pladpaa Balsa Tas may now tr pydpad SYIm ^
Nan whkh h subordlnar m tM Ilan br IM
8arlaa f4e6 llardaY IaayttFY antl ... 3a
dta paymard d 1M 1989 BoMa. '
L TM Yawl hw nave pb9b the IMt
Rawness danvad Iran IM Puknq Fecllakra
rrhh tM r•wk Ihfa Ehs kbt Rawnuaa mry mw
W pkd9ad yvdullY end kravocahy for Ms
payrint d Ilw 1858 Bord-.
J. TM Town hr racekbdaprq%teeai homtM
Pufchnw fa dw purcfiraa 01 4r 1959 Sunda
fa ms pulpaes d tlanrayln9 b what a In pan
1M a9a4 d the Puklg Fatll#Iw.
K 71rra haw been pnaadsd b des CourteEl
Iha PrePOaad lamw d 1M tdbwbn° dOCwrtatrb:
!ne PurMau CiollErad; the Ra9kVr A°rwenwre:
~ e=~ernem; and IM Pfel4nlnary
L- TM Town cotmcN b drlroua d t:aunlnp
tM 1559 Batch b ba kaued, d au5arltkp and
dltedlnp eM aPPNpubn a tlr ptooaade thaad
M sal kM MraY4 and a , .. .. aacutltl' 1a
the payrtrnt Inar•d, all In IM manner
harNrtdlw sN lath.
9ECT10t4 9, RaEMlca7lon. All nations
harerelOn I.kM fool InOOihlam who Ihs
provfelOna of Ihh Ordlnanp} by 7M Town
Camdl and dhar dllan d as Town In tM
Irtp9ahfa9 and Odlacdort d [M Sala Tax a the
Thin fn page 65
7fte VnQ T7uT1 • November 24. 1989 L7 3
SKI IN SINGLE FAMILY RESIDENCE
22T R4CKLEDGE ROAD
Showtl by dppOlnlmenT. 3[]3/476-1967 RaN
BYRNE
&ASSOCIATES
REAL ESTATE INC.
~.
~_
4•
ONE OF A BaiD PENTIi0U9E
+480(1 SQUARE FEET OF ELEGANCE ATOP THL' Id03'EL
tarn:.. sth n~tr61
t EYpaaeive mountain views from living, dining areas, game
mom, sad matlter suites
f Two fireplaceN and wet bar
~' Five bcd7noms, five and one-ha[f baths
~ Chafe Ilitcbea, alt gas appliagcea, private laundry room
iTwo a9eigned indoor parking spaces
ONE OF A I{II4U LOCATION
4 In the Heart of Beaver Creek Village
* A$jaceet rn ski lifts! ski slope9 -ski ia/eki-0ut
* Walk W Beaver Creek Interfaith Chapel, Golf Course, Teonie
Courts, Riding Stables
ONE OF A KIIVb HOTEL
• World cl5ea all-Beason moxmtsin restnt
+ Complete hotel Services provided, daily maid service, room
service, valet parking
f Restaurant and Shops
• Conference Center
~ Iiaalth Spa, Athletic Clete, IndoorlOutd6orpool
u
For snore information,
please call only
Barbara Harris or
Bob Scheid
II I I ~ _~~
SCHEID R,EAIaTY, INC.
953 S. FRONTAGE R.D., W.
Vail Professional Bldg., Ste. 105
Vail, Colorado 51.657
(303) 47G-x901
($00) 237-8153
O1flB5 CenWry 21 Real Eamle ... r.: _... as 9uslea for t9AF~atW ^` irad8tn4rius of Century 21 Real E:s~te CglpcralEop. Etpalf Houalrt° Oppa6lnhy
. fACti OFFICE (S INDEPENDENTLY OWNED AND OPERATED
! ~~
~~
a._ ~
^
Located just steps off Van's ski slopes is a new country Franck
chalet with 9 bedrooms and 3 baths. This single Family home
has custom details throughout such as rharble bathrooms,
jacurz3 tubs, 2 fireplaces and a custom granite kitchen.
lleslgner decorated. Available November 1989.
ti ~ •
a
~ p}nne pruje 63 tM a•m• Intx«t rata horns by aaW 198A Bond
Broaa Rewnu«, In prpkllq IM Parklnp
tllel
F
I
Nl6
d W
& un11 ~ prhlc4d tA•r•d 4 pall M luq. Atl ouch
P.YnMma ahali M
l
I
~
«,
n e
7p an
u
1p 11» 1989 Bontle
Itr 7neN pww.« and In provkgp fa tn• ma
e
n Im,WI molly d IM
~'lb 9ta7« d AmaNCa wlltolrl daduGgn fa
pay,wrd pl 7fi• 9rNa 19M wxranla hxahy
w
rtlylatl
ll
dl
W tM aeeMo•a dill PryYq Apada Ylrx.
9ECTgN 7
Prb
~l
d
l
~
.
, ... , a
aa
m
.
SECTiDN 4. AulMrlxatlon of Pxkinp .
r
e
xlpl
en
he IB89
Bald shoo nd be aubiea ro reder7ptbn pda b
F•cltklra antl DN•aaanp d Sarl« 1984 ~r raep•ctbe mwyrklae,
Wur+ma. Yh• ParkJnq Fadlhl« ere kx•by 9ECTgN 8. BPackH Oblpatbna. Ag d IM
aulhorix•d x • c«t of Aal «oeadinp 1989 ~~~ roDe##1+r wkk 8w IMx«t acaufrq
W,199,848.06 teaclWirp coa7a b b P+~ from 0wreon, .hdl ba Payable and coTadbw our d
aowda char dun dre orWhul prooaada d tM th• Pledp•d R•wn0«, which are Mreby
In
+
b
1
1999 Bendel. The «Ieblhhment a ltle Eaaaw
AomuM wlh 818 Eae'ow Bank and Sw dapdk d a
oca
y w P
adWd; 7M owr»r or owner
9'wd nw rid look b srry pxlxal a othx funtl
morays d !M Town, top•IMr wkh 9w r«•rve fa tM P•Y~ d Principal end IMer«t do pea
lord 1a SM Bed« f9B4 Wartartla, 7kenrln fa 7M 10e0 Bra7da, eaeep d:a d«Ipnatad ep•clel
pu~poar d pmrNinp for IM IxYrcwm h ful d the fund/ padped tMr•fa: and th- 1989 Bo Me
pdnelpal d and Inlarwl en the eerNl tptµ ahNl nd mnatkuts an Itldeb[sdnesa nor a dohs
Wartama h Mreby aullprhed, wkhln IM ,wanMq of any applkatae akanx
SECTION 6. AWharlxtlbn d the 1988 8ond8, ,
mrMkullonel M alatutory pravfabrl a Ihlkalgnl;
TMre an Mreby authorised ro M laalred July na ahal tlyy t» oonaNxatl a held to M
npwtered Wes tea r.wnw eawrill« d tM 981»r~ obegetbna d tM Town; and aatlr d the
Town. le h} d«Ipnaled'Torm d VsF, CWaada. 1~ Ba1da MrNn xrlMdrW ro b• issued /hat
SaNa Tea A•wmw Bantle, 8xlea 1988" In tAe reclt•on ka loco Ihaf k 6 payebla and colleUda
ag9ro9•t•Pdxbal ernWn[a 0119,199,818.06, frdm tM Plwlpstl Rwenu«, slid lhal the awn8re
ro M payable end coltaclq?•, both es to dared my nd qak m any genial a mMr Iund
prlnclpel and Intern!. !rom tM PNdp•d Ia 1M paymsd of the Appr•dalad Principal
'§ naYenusa. I
A 9EC
q
•
SECFiON d. 79e9 Bond peµlh. TM 1989 TlO
N 9. Ny
!
dIM
Y~ Subiec7 to tM
Bonds shall be INwd In IvOy raglal•rad lam r•piatratbn provhlan Mrmt, the 1989 Bands
R.•, registered u [e both prkxllW antl lnlar«Si. ehaEl M !airy nagdlabi• and shall hew all tM
atoll 1>• dated EM dais el IM nrlphaf delvxy d
A 4ualkge d nepeliaMa paper, end ell mvner w
awnar
7h
h
1
a 1988 Banda, ehalr M aeuad In fAa a
s
all possess all rights eniayed
d•nawnC6M di6,r709valw et n7almftya any by the holler er owners e} nepotrable
integral muhlpl/ tMr«! fprovldW Ihat r1a 1989 Inawrrwn4 ardor IM prartalare d IM Ilnnorm
Bad may 4 h a tlenaminalbn w11gh aepaada CemmarCW Cede-Inv«7nwr,ta 8ecvdtke. TM
de APWac3M•tl PrlncptY Amount oomirp dw es a yA ~ m of and Imereat on
on ant' m.tartry tlalo, end no IndNtdual 1980 tM 7984 Bon
199
9
~
d
Bond w{l M 6kwatl la nw• than orw mdurhy} d
Bontle eh•II ba IraneteraMe
Irsa
fran
an
antl MW he numb•rad In adah mentor as tM willlout r
+P+q ta+mY pu16e. h•Wnen lM Town
RaplalN may detxrtlN7a. YM 1989 Banda ahal one ih• aylrW a any Mlarmadlal• owner d
Mar Infix«t from fhelr dat• cerrpound•tl on ~Y 19B980nde a etryaetdfa a aeaa[7aane.
••ch In1aMa1 payment das• and payatN• any SECTION 10. E><ar-vtbn. Tha 7989 Bonds
Won mebMy, Ihdl M «ecvl•d In the nacre and an behalf d
Tha 1999 Bands shah moon antl Moanw Vu Tawn by tM .lgruture d 1h• 6rayor, shoo be
payable on December I In each of the a•a7etl will a ~~ a Facalnxk ircar«alon d
d«Ignand yams •nd in th• n/pecuv th• seal el 7h• Town and auaarae by [he
A98ragete Principal Amount and shad Mar elpnalur• d Ire Town Gierk Each 7989 BorW
Inlereat rorcpounded a.rNanAlWy al lelvae: shall M wfMnikadsd by 1M manual elgnmure
Original PrInN I
~ of an aarwr#caa oefcar d anpbYee d the
Reghnx as hxalnaher provided
The
Yalurlry Amours Par 86,989
Oa!• WI1r al t1•tlwlry .
ynalur« d 1M Mayor •nd IM Town Clerk nary
y
7096 15be,08020 , by ttw7w# a Illnimlk elpnelure. TM 1989
Ronde bearing Ina manwl or taco+mhe
1998 14,420,134.00
1997 14
018
00
847 a7gnalur« d IM odicara In ogloe el 1ha Igls of
,
.
,
1998 It
00
e89
OB7 IM authaderbn IMr•of shall M IM veld and
,
,
,
1998 !7
676
599
46 dndinp ablpalgna d !M Town (aubled !d he
,
.
.
2000 1944
090.80 regdremaed d adMmkation by 1M Replatrer «
, Mrelws7ra provbedl, netwgMlending Tha[
A09re9ala b•Iae IM dallvary tharad and P+Yr«m tlakxa
ApPreclahd a bolls tM hauar7p d IM 1989 Bontle upon
In«r•e! PrInCEpal Amount Iran61•r a «chang•, any or all d the p•gona
R•U al kYkrrlry whore manual a larsimlp algnatur« appear
8.60% 1818,008 ~'~ shell hire aaaa•tl to IYI lM+r reepedHe
5.80% 19,Iti0,000 aflldaa. TM Maya all the Town Ckak shall, by
8.7016 f3,450,Op0 91e e2aaMon daeynaturo e•ndkets perlaining ~
BBO% 13,180,000 !o IM 1999 Bontle, sdapt ae era for th•fr
886% 13,07b.000 r•ep•Ctlw elgnatur« any saplmlba thxwr
6.0076 11.940.000 +pPaerYq an tM 10e0 8ontla. At lM dens of rM
«eoulbn d tM /19natun artNir~fe, tM Maya
all IM T
C
TM AppraciaNtl PrlrlNpal Amount of any arn
met! •atl1 !dept •a and }a
oadorwwy wkh IM Cenaeiurlarl of the Blab d
7088 Bond ehe5 be BaYabh l0 1ka repMtxsd Goglada and the Tewn Chahar and Wnuar7t b
ewnx Ihereol u shown an the r•pl•lralbn 1+>• Band Ordlnatlcs dory adopl•d, pyplMhad '
r•cads Xepl by IM Repl4Uar, upon mabrhy and made a law d the Town, all qbr to the
tlyrsd and upon Pre«wlldbn and wrraMx at Iruann d dw herltl.
IM PayYg ApsN. 5 any 1990 Bond shall nd a Th• Benda do na eonsdtute a tl•bt or an
paid upon auto pr«MGIIOn all aurc•Mer u q lndaClBdlw+a d 1M Tnwra whhb tM moaning d
dlx rlwurM. h ahal Inmlrwa ro dew kXarat d See r'w-M page
'~.~
' ~ .
:~
h'
:~
><,;
1 - ' -
r. k., ~,
7fleYuII~Yutf-Nouernber24, )989 65'
HOME_
Vail Valley's Best Value!
Warner Developments, Vail Valley's premier developer/
builder, is proud to present the finest, affordable
housing in the area.
~H4MEST AE D)
1 Lots from the s34's
~ Homes & Townhorrtes from the low tf00's
.- Fully planned community below the
gorgeous New York Range
~ Automatic membership in the 37,000 5F
Homestead Court Club recreation facility
•~ Close to area skiing and golf
You deserve a place to call home!
}~~ ,r.weh~.
( .7 ..., z}e ti ~d .~~ '~ .:4. FYrtr;lh ~ - y '~
s I
_ -. ~-'^ .~ rte, ~. _ ~ '.~t, r:._: ~s+~,
OFFICE: Homestead CourF Club -- Mon. -Sat. 16-5; Sun. by ap~ointmen[
Only 5 minutes west of Beaver Creek on Fiwy 5 at Edwards
303/449-5898 Ca!! or carne by t«i,y.r
,..,
Newly constructed custom stngte family home located oh the
4th green of Vafi Valley's Singletree Galf Course. This home has
It all -elegant master suite, cammanding views to
Arrowhead's ski slopes, vaulted Collings throughout, end
country kitchen with cozy den. The open and spacious floor
plan 15 perfect for €amtly living of entertaining. Completion
schedu]ed for hoUdays, bur new owner can choose interior
finishes at this hens.
For more [nforTrtellon
caU Ginger Bt 47&1987 3t73~g76-1967 RoN
- ~ & ASSOCIATES
REAL ESTATE ~lC.
7
SINGLETREE
' A GOLFER'S PARADISE
rrt
f. r,
a \Y 4
1~ !r
,ty,.
~`-4
C~'•
•
6 V 7Tm VaLL zrwt - Nouentber 24, 19$9
BEAVER CREEK
Creeksi.de A-104
• TruCCrecksido un'st
• Twn bedroom., 2.75 bath
~ Great floor plan
' • Pool, Jacuzzi spa, front desk
• Walk to lifts
• Motivated setter $315,000
. Grandees-Cndmus
Real Es~aEe, Inc.
`, ~ 281 Bridge Street
Vail • (3031476-1450
"` I I t]enver'f'oll Free 893-3101 (
Open for your convenience 7 days a week.
F7draa prettbtta page
any agYkehl. rdtarNer, owlatlhpknal a' etNdory
prov41or1 or IhrilJdlvrt, shag nd W wrtstlered d
Ilald b b• ^ ganrai , . ~, .; . d the Tawn, and
an pgada horn and wrulMr a ptedpe o1, an
Itrovocabla 11sn {bd not naoaawty an axchraNe
Iharl, on al d dte , ... , . m M darted by Ms
Town learn tlw PNdped Sales Tax [m dNlned h
IM Bontl Ortllnancs[ art lrom any lexea whkR
hereaNar may be Vmpowd M tM Tawn In
nddfllon [hwNa as In subethu[lOn therda, Net
Revenue iaa dNMed In IM Band (kdlmrnce) d
the Parldnq FadlNlea {ea tldlned In the Bond
Ordinance), any tax66. lurAe d revanuea which
Ma Town huealler pledgee to 1M payment d
IM Banda. cedaEn alhd morteye Mb in the
Bond Fund Ivld Ihs Reserve Funtl (ae both such
luntls are tlellnetl Vn 1M Bond Ordinance[, and
Inv9elRgn[ Income an cenain tootle, an 1o the
exted that each mmtaya era al any Ihne required
1o ba dapwked Into and held In the Income
Fund, she Bontl l=untl, and IM Reaerva Fund
rraaled 4y, one as provided la. Iha Bontl
Ordlnancn, nu~'ect to canaln excepibne and
exclualane ae provltletl in Ihs Bond Ordlnarrce
pM 'Pledged Revenueaq.
The Bontla conaMUre a pledge d, end an
Irrwocehle lien {but nd nemaeariy an ex<wewe
Ilwt] an an d the Pledged karrtuee. Tha Bantle
are equhaAy and rNaMy secured by a Ifert on
Ihs Pledged Salsa Tax, but the Bonds only
conalhute an IrrevocaLle and semnd and
eubordinale Ilea {but not necuaarily an
exclueNe second Nan) upon tM Pledged Sales
Tax. aucR Ibn befog eecontl antl eubordinan to
the lien o1 the Towne ounlanding General
trillgalion Bonds, Series 79x5 (Ihs 't s85
Banda ), In connxtkn wkh Iha Pledged Shea
lax and u required by the ordinance which
adhar+zae the 1485 Gonda, rM Town anaP fuly
prevlde for the debt earvire, reserve account.
and dher requlramente d Me 1995 Bonds in
any lkul Year and, Doty altar such pmvleion,
may use excess Pledged 9alae Taxes ipr the
peyrnenl d the princpal d and Inieres[ on the
Sarfee Gonda, by tranalerdng such excess
Pledged sales Tasee tv me booms Pund Las
deNned In Iha Bond Ordinance). The Bonds
eonathute an irrevoeabEe and Ilrel Ilan (but nd
neceeaady an exdueiva IhN Ibrt~ upon IM other
Pbdgatl Revanllee except la tM Pletlged Salsa
7G.
Paynwm a Ma principal d antl Imere6[ on
ihb bond shall be matle from, antl ae eecurih td
such payment there era IrrevacabfY ;antl
sadulhrely) p4dgrtl, punaanS ~ iM Band
Ordfnanb, rnarraye tlapbllW arW 10 W
"B~aIdMFdund'lnlrttao dw~IM lied 1M 7owrr hu
mN.namad urdw the Ordinance to pay 1mm Me
Pladpad Revenuer, a sum aupkdenl. topNhar
atlh o1Mr moneys avalNbb In IM Band Funtl
IhrrMOr, ro pay when due the pdndpal d art
InnreN on iM 1989 Borlda arM any Addhkxtal
Gonda [aa tldlned Sn 1M Bond Ordinance). In
eddhbn, Ihare la irrevocably and excluelvey
platlpad Id M payment d EM 7480 Banda and
anY Addkbnal BoMS Iu dNlnetl In IM Bond
Ordinancef a reastw land [the ~Retervs Furtd')
whkh vent be melnteMed u a raasvnabla
arva Merela, Eeoept as dMrvdae epecmatl
In the Bond Ordlnanca. lhla Band is entryled to
IM Lerreltta d the Ordinance equally and ratably
Ldh ae to prbtlpal (and redampllon price] antl
{nterssl whh all ether Bonds issued antl to be
issued under the Bontl Ordinance, to whkh
reference ie made for a deacrplion al 1M dghn
d the wmere o11he 1988 Honda and Me dgMa
and vbliga[kne of the Tawn, 7hla bond Is
payable Imm the Pledged Revenues. antl [ha
saner herea} may not look to any general er
dhw fund a IM TOwa tar rte payment al tM
principal d and Imere6t On IhM Bontl except Eha
Pledgetl Revenues. Reterenae la made to IM
Bona Oralnanee lot the proWeloae. among
others, with sped to me custody and
application oIIM proceeds d the 1989 Bonds,
the recegt antl 0leposkfon o} Iha Pledged
Revanuee. IM nature arW axnnt d tM sewray,
tM temw antl contlhbne under whkh addhlanal
beetle payable Irom the Pledged Revenues may
BECTICN 12. Fam d 1989 Gonda, Lapel
Opklon, Canalrals and Raglavdbn Pond. Tha
1989 Bonds, the reglalydbn panel and [M legal
opinion cenilfcale la appear an Iha 1888 Bonds
shall be aubatamlalH ae }dbwe (provided (hat
any portbn d the 1999 Bond text may, with
approprWe rMenrtuw, M pdn[ad m tM back d
th• 1999 Bonds], with ch a Iselena.
inesrtione, endatsements, and variallona as to
any recdala d }act or dher prwiakna ae may >»
required try the clroumalenree, bit requked or
permhted by thla Ordinance, cr be oonslatanl
with this Ortllnance and necessary or
appropdate to conform to [he rules and
requlremema of any gwernmenlei aulMmy of
any usage or regdremem d law wkh rasped
IherNe:
[Farm d Handy
UNrI'60 STgTES GF AMERIC0.
Imagine...
AUailllesort
YouGet
1'aid'loVisitt
Streamside at Vail will pay everyone interested in Vacation
Condominium Ownership, who takes the tour of the Streamside Resort.
Payment is in your choice of either a $100 U.S. Savings Bond, ar.
a $50 Gift Certificate at any of the Vail area businesses listed below.
AVON EAGLE vAIL Llnla Fbwer Shop Maruou Gih Shop 4AIL VILLAGE Club Vail
Chicago Piua
J
da
' Grammyy's Alnc
P
dd
'D
WESTIN - Vail 7~Shitl Co-
V
i
ll fiki
S Eve's Fragga a Vail TSNn Co.
or
n
s
China Garden - a
y O
aya
Gascatla $pons a
er
erv
ces
Vail Tratling Cp. Creala-A~Giass
Beg pod Pack $hap Vail Swaeler Co.
The Bdol lab
Sport Pah
' MINTURN Sport Diua Eye Pieces of 4ah The Vauh at Vall
TaotsY
a
' Nova Gmdea Clancyb CROSSROADfi
' Designer Furs Ttmerbhne Tours
Atane
a Choice Ommmy'd Antic Laura
s Fudge Shop FriVdYV9 Sals Lama's Fudge Shop
Avpn Lquore
Beauer Uquas
WEIST VAIL LIONSHEAD
Vali filet Tech HaCkeil'a
$candanavlan Cepgt Cos Bar
Maz Alexander
DastOnl Eyas Tonno'a Vae Selac! A Pace Gn Earth Snug
$proa Dda~gner Furs Cmaaga Pixie Margrethe's
Pc~A.PIi~N
Vad fie Aiphie Packers
Gondola Cale Can}eni Auckeack
Christy Spnds
°°I~iDITI°~5: Cain 476W4455 Ext 8000
Interested parties please. One •
payment per Family or group. FREE SHUTTLE SERVICE UPpN REGIUESi:
Itequiremcnts include a real
estate tour with your spouse
and rte annual income exceeding
$30,400. Residents of Eagle
Colnuy and current owners are
not eligible. Offer cannot be
n5L'd in conjunction with any .
other Strcautside offer. 2 MILES WEST OF
FHE GONDOLA AT
THE WEST VAIL EXIT ,- ... .., -
STATic OF COLORADO ~jf°~
WUNTYOF EAGLE -
TOWN OF VAIL, DOtORA00
9ALE8 TJdt RkVENUE SOND
9ER1E314B4 -
NO. R• i
1NTERE9T RATE: %
MATURITY GATE: DECEMBER 1, _
DATED DATE:
CU31p;
REOk9TEREQOWNER:
APPRECIATED PRINCIPAL AMOl1NT AT
MATURITY'
ORIGINAL PRINCIPAL ANAOUNTPER i5d80
VALUE AT MATURITY:
The Tertt d Val{, {n [M Covrty d Eagb and
S[alr o1 Cokrado phe 'Town-[, for value
recaNed, promisee [o pay !o the regfetered
Owner epeeklletl eboue, Or repfetered uelgm,
adely }ram iM special funds ptwked therdor, -
the APpreclNad Phnapal Amount apacdletl ,
above, an IM metwky date epecttletl above
Whkh Appredxled Pdncpal Amount repeeante
the origlnN plnclpal azmum hared plus Interap
[arrpounded on each imeroet peymred dare at ,
the Interest Raie per annum apecvied abws
from IM Datatl oats above re [M Maturity Date, .
Odmpauntletl On dune 1, 1940 sea eemiannuefly
Ihereahar on Oecerrb« 1 and June t death -
yea.. The ptlndpat d arm Imereal on thin bond h
peYebb upon Paeenlalbn afro sunertd« MreOe
at the pdndpal corporate vuat Orrice o1 the
Towne reglelrer and paying agent {the
"Regi9lraf W Iha 'Paying Apenl'[, prpently
Central Bank Denver, National Aeeociation, In
Oenvea Cobrado. All such paymenn ehalE M
made In lawful money al the Unhetl Stares d
Arrwrka wnhod deduclbn for tM servkaa d IM
Paying Apam rn Raplgrsr,
The 1g8B Gonda maturing are nd aub[ent m
!,. . prld to their reepeClNe maturities.
Tha Banda era issuaLle only ea Wlly
reg4trratl Bonds {n denomnnbna of 25,000
alw at nudurry« any'enepral muhbka thsred
and ero axchsngsebk la Fuly egktxetl Gonda
al the Hama aturnY and aarlea In equal
apgregero Apprsdaled Pnnelpai Amaunn and b
dhaizee denominpriona m IM alrneaakd o#ke
d tM Reglalrar, but any b the manner. wl>lect
to the nmkaBana and condhEona, antl upon
paYnr•nt a} the ahargea provided In the
adlndnce adhd'¢Eng tM heuenoe d EM BaWa
{the'BontlMg OrdMarke'}.
This Bond k lolly Namrerable by Me
regYrarstl owner hereal in person « M Hie dory
auth«ized erswroy on iM ropletratlan rewme
Neq by Ma Replatrar open sunentler or Ihk
Bontl tagatMr with a duly s .aatea wrktan
lnavumem al vanetar aavetactory to Ike
Repktraf. Upon ouch Irenalel a Haw fairy
tephrered Lund d authorized tlenaNnatkn ar
tlanoMnatlone d tM soma s«b., agprepan
Appredaiad Prlnclpal Amount and rrwudry will
be kaued ro tM vatroteroe h exchange id thh
band, albjxt Ea wch term antl cdMhlana eM
on Payment Of iM cMrgee as ria lash In iM
Svnd Ordktence. TM Chy art IM RegNtrar ertd
PaYhq Apem may deem end treat IM parade F
whcae name this BoM is replerered oa Ma
aLeokne owner Mrecl Fa Ma popper d makkq
payrrem seed f« all dhw Purposes. -
TM [989 Sonde aze auMOrized for Me
purpose d defraylrtp wtadr d In Part me Doer. d
IM Parkirg FacllHlee tea tldlned In Me Bond
tlrdbancef. far the payment of even artd
sx]»ryee IncldentN iMrelo antl ro tM Neuanoe
d the BdMs, {and tp fundlnp a reserve fa IM
Bonds.l all urWar the aulharhy d antl In ful€
hB or het }aolmne e34nuure d nle a bar
predaceasor in duce In N• avant that veto
facelmlie aEgnature appaan upon any d 1M
1959 Banda.
NO 1989 Band shat b• vahtl or ublfgtlory far
any purpose unless the certificate of
adthenthcailon, eubstanllNly In the term
herelnalrer prwitled, nee Lean tlury manually
executed by [he Raplattar. TM Raphrraya
cohttkate al auihen11Ce11d1 ahalF be tleentetl So
have been duly s%recuted by Ma Repntrar k
Ily Igned by an adhorizad vlllwr d
employb d the Reperret, but h shall nd ha
neoasaary Iha( IM same opleer w employee
glgn IM rertakate W aulMmkdksn on dl d IM
f989 Banda leered hereunder, By
authenrkanng any of lM i999 Sontle Inkidh
delivered purauaN to thla Ordinance, the
Reglatrar shall M tleemetl ro have maattatl tv
the provision of thL Ordinance.
3ECTION is. Regleiratbn, Trersier and
Ezchange. ,
A. Recode d the regetrN6n and [mMfar d
the less Ronda shall be kept by Ehe ftegWraz,
whkh le Hereby appalnntl ay the Town as
rapiavaz p.a.. Iranaler aganB for 1M 1988 Sonde.
Upon the surrender br lranafer d any 1989
Bond at the Register, duly endorsed 1«tranefd
or aaompanled by an aaslgnmenl day
e%ewtetl by tM ragideretl owner or his anomey
day atnhodxed In wminp, 1M Regleuar shalt
enter such treneler on IM regfetratlon reeorda
end shah adhenikale end deliver h the named '
the vanelerea nr trandarees a new 1984 Bard
d Sonde d 1M aama eedee, d n like aggregala
APfaecietetl PrEndpai Ampum and of IM cams ,
rrlatarhy, bearing a number or numben na ~ - „
prwfouey aadpnetl. 1999 Sonde Rlay ba
exchanged al Me Registrar far an equal
afyrapw .. .... b Prlrx:pld Amount d [M
1989 Sawa d IM wires arW !Iw eons mNUrhy
d dher authorzed . ~ ben. The Raghtrar
sMll auMemkats and delNer n 1999 Bond ar
Bantle wh{ch SM repk[wad owner rnakJnq IM
exchange la settled to receMe. beazing a
nura»r rn nulrosn ra prevbualy aaagned. TTte
Aegleher may (repose remonable cMrpaa k
canrteubn vrkh such axchwtgee eM Irenaiw d
1499 Bantle, whkh chugee [eel evd! as any ta%
d qMr governmenul charge raqulred to t>f
paid whh reepece to such e%chanpe d vanferf
ehey be paid by the reglNered ownwr regrnetlnp
audt exchange ru hanaM,
S. The paaon In wMw name any t9B4
Rand snail be repiaterW On IM repielrauon
fe00rda kept Ly lM Reg4lrr obeli be deerrrad
arM regarded as tM aWOkne owner theleol la
1M Purpose d making payrrwM shared art tar
ail oilier purpaeea; and, aubfed la mch
•%oadbn, PAYrteM! d d on acmum d art 1999
sand obeli ba erode only le a upon ins written
tlMar d tM raghlerrtl ewner Mered d hie lapel
reprewntatNa, bra such rrgiatrrbn may be
d+rlgwi upon Iranefar d aaeA 14Ep Bad lea tM
manner and aubJea to Iha corwltkne and
Ilmltubn pravlded hareb. Ah such paynrKN
shaft be valid and rd.atual tv e4cnarga tM
liehilkr span ar:clr 1999 Rand ro IM extent d tM
antl ewers sa paid.
e C. h any 1998 Bona abed 4e bet, etden,
de.treyed or mWxeted. the Re9ktraz shat. upon
receipt d such evidence, EnlormaHon a
indemnky rdallnp tharwa ar a old IM iaNrl
may raaeonaby regain, autMntkals end
de'ivar • regacwrwd 1999 Sold d Bards d a
like aggrepNr AlMrscla[ed Prkcpal Antoun
and d the same muuray. hearbp a nvrrAer a
nurltben nee prevbuay aaslpned. N such lbaL
alelen, d~vdyetl a mahwd t9p0 Send sAaa
7tlm fo page 72
!, 2
~ • ~
u ..1
GS
~t ,,
,'aA ~
~~,;
t~•4
~Z 7718 Vali TYtrQ -November :
_f
SCIIAUB CANSTRUCTION - Cercnl
and aubconVading, tefidGteial and com-
mercial. Cumpleee rcmodelr. Drywa-
and drywall repairing. Cruwm cloacla.
Emergency repairs, electrical and
pplumbingg. Qualify work guaranteed.
449~b4011, mobile phuns 949-7$79.
WINDOW COVERINGS - Sa1n and
Installation or blindf, vertlcils, pleated
OR SUPERVISOR
SUN VALL>CY, lI)Af10
Progressive 27-bed hospi€al
located in world Cnmotts Sutt
Vaflcy, Idaho is seeking moti-
vated individuaE to pmvidc
strong Icadership to our DR
Dept. SS Nwith atlcpst S years
t7R cxpericncc and 2 years
management expcricncc. Sx-
cellent benefiLS,moving assis-
tance available. Send resume
to: Kathleen Siwlich, Uirtxtor
oC Nursing SCrvices, Moritz
Communi€y Ilospiwt,l.O.Box
$ti, Sun Valley, Idaho 83353.
(208)622.3323,ext.183.
eNo professional recnritcn please.
Wanted
de[~VeCy
persons
There ~smodtrsg exdOng
happerilsg at Dorrt'rlob P¢xa.
Our delivery peoplo ®arn
$ti-$1 o an hour, almost twice
the siading payof other
fast-food restaurants.
NO&y,o„a,,.v rsocassary.
~ you have a reliable car,
wilts Insurarsce, a valid driver's
licersse,good drivlrsg rtaaord,
arxi are over 19 years del,
Check US OIII.
Come be apa~~ o11heteam -
CafdTlhe spirit)
Apply in person al Vail Rvn
Boson, lower level, Nosh
Frontage Road.
Qgomina's Pizza 1988
!4, 19199
ahadn, doppuustef, sk. Difrnuntcd pac-
ing. Gll Hawkeye Services in Avon
845-T655.
BROWN-WPI.IN CONSTRUCTION is
bidding wok far folk and winger. FssnM
fished since 1976. Call Rich Brown
949-0f 8G
PROFESSIONAL SNOW REMOVAL
throughout the Vail Valley. lictmed,
irv+ured, eaperscrMZd. 926-3635.
CLEAMNO SERVICE - Detail clean•
ing and ronftructicn cleaning. Mon-Fri
(Jsys 949-7303, (aura] 32$-6625.
-OXHOLDEff numeric mailing labels.
An location. S301M. Data Services
47~9t66.
EIIPERIENCf:D, COMPETCNT, very
mature housrkeeper svailabte for dudes
N rivate residence otu day a week. 926
3836.
IP YOU N-GD REFAERS on any type
of woad latish, vinyl ar Icafhcr, we can
help you. Boulder Woodcase 476-0929,
1-099-0463.
COMPUTERIZED BUSINESS SRR•
VICIlS -Typing, word proccaaing,
mailing lia[e, payroh. Pickup and deliv-
ery available, 949-0163 k-5 pm.
TF-S SPACE COULb nE YOURS for
as litile es $3.50 per week. Try The Vail
Trail Classificda. lacy get results.
iIT VAIL
Arrowhead
Resort
Community
is currently
seeking quali-
fied applicants
for both year
round, full and
part-time
Security/
Community
Service Officer
positions.
['referred applicants
should be:
21 ears or older.
Available for
shift work.
Trained ih l:trst Aid
& CPR desirable.
Personable &
Servsrn Oriented.
If interested please
send a current
reStimC tit;
Arrowhead Ski Cot'p.
Box 69
Edwards, CO81632
Atm. Smuily Supmiaor
AFFORDABLE
EMPLOYF,E HOUSING
AVAILABLE
--- By working at SilverCreek Ski Area,
Granby, Colorado.
--- Full and part-time jobs available.
--- Jobs open include: Ski Patrol, Lift
Operators, Food Service, Ticket
Sellers, Citizens Racing Coordinator,
Snpwboard Instructor and Ski
Instructors.
- Competitive wages.
- Contact; Paige Krueger, Personnel
SilverCreek Ski Area
P.O. I3ax t1I0
Granby, Colorado 80446
~-aoo-aces-gars
$OE
rnirBIC6YYaneOUa
YpU11
~~^
-- -- -
[1['~l~
~~yl
]C'~
VAIL ASSOCIATES LIFETIM&
PASSES bought and sold. For the p~er-
h
h '
'
~Nb YUU~LIF~3`~LLr
ton w
o
as tverythingl Call Mcrv
Lapin 4765483.
{
E Yost aucY fouaid ! ~•
~
~
FO€JND -EAGLE COUNTY moto,- ~
;
cycle Gcenae piatc in Loat Lake area in
~ ~
October. Pleax can Allrn Best 476- ~~
~
29[9 or 476-2077 [o claim. ~..
CAN f!E
DOGS IMPOUNDED at the Esgle ~~~~-~--
Caunty Animal Shelter in Mintum from
Nov. 15-21 include a Labrador, mats,
chocolate, wearing a blue Itaatcr cellar, ~_
picked pp in Eag a Nov. 16. If this is
yam dog, call ate Eagle County AedmaL ALWAYS IiUCiCLE Up~
Shclterat449-0292. at,as,,;,rR„~;,d„r,,,,
DONT AEANDON YOUR PETI Give
it to s good tree home iltrough a
classilicd ad. 476-2444.
F~fECU71VE pIRECTOR
NEEDED for aggressive mountain
rtssarc association. Need assertive,
creative bBltom fine txiented leader, ~
Must bare strong specie events tad
fundraising skills and a history of
tbmmulftymvolvemlgnt.Chamberof /CleaningServlces
Commerce anon-profd orgdrflZatiGl J Remotleling & Rumbing
experiencepreferred.PleasBrespond .~ General Malntonance
with a mvar totter including salary
requirements, reSU0lBaftd refprenCes. a~Roperty Management
Sorel to: Screoni Committee, P.O.
Boxs437,Avon,~8162c.Naphone
ll JRenfals
.~ fk o service ro~fouz
`~f f
V
d
CO 47
5r68dD
~ ca
s please. EOE. ,
el
t
J
Vail .May we be of help
Resort ~ yQU'
Rentals ~. Horne Care
R~t,57 I11C
Gds f 111 • Rental Management
A
/~a l~ /~.
a~arNw ssnciatian Management
...your key to yllality
property management.
V~aJ ~or~~b5~ ad. 303/476-0906
novas =-~~~-
Mobile Windshield Re~air~
~ r~
Guaranteed repair for a traction
the cost at replacement
=.i
949-20fiQ~~
3 13 .••
ARROWEiEA1~,°SKI RE5pR7` P~R$OI!(Pt~L 4,
SKI INSTRUCTORS
Seeking experienced ski instructors for the '891'90
ski season. Applicants must be innovative with
strong communication skills. Hours are flexible.
To apply please send resume or call for Interview
to Director of Ski School, Arrowhead,Skl
Corporation, P.Q. Box 69, Edwards, CO 81632
303-926-3029
GUEST SERVICE
• Do you want ko ski a lot?
• Dp yw chat with people you don't know?
• Dp ypq lake pride in your work?
• Are yea energetic? Do yon aiwayya need to be workin~7
• Da you take pride ifl knowing thak ypu are making things happen?
• Do you enjoy l7avin8 fun with yoar lob?
• Are yvu a perfectiontsl7
• Are you an open•nexibfe ptrsonl
• Can you build positive relationships with your guests and
assoelakesl
If so, we have a tremendous opportunity for you to work in a
company that cares about its associates and guests. The Roost
Lodge is now searching far Guest Service people. No experi-
ence is necessary, just the talent to make each guest feel
comfortable in a clean environment. Housing available.
APPLY PLOW in person at The Roost Cadge, Jim Osterfoss,
Monday-Saturday 8 am-7pm, References rcxluired.
An equal Opporftttdty Employer.
l7arrt page 66
Nava mafurw « r ahota b hetune dw and
pPyahle, 1M Raprtrar may tlked IhP Payk,g
Agan7 b par such !989 Bwd b Neu d
t•pracnrrv.
0. Th• dhcwn d tM Town rte Putltadzed b
d•Nwr le tM Ryruv Idy resvted bur
unauMndryad I9e9 Benda it ouch gvadklr
r may d oonverdaa b be held M warody by
IM Regr7rar patellae use as lwmin proMdetl.
E. Whenever any fpSp Bond fhaN be
sunaMend b [M Payifp Aped ,peer payment
Nteraof, a ro Iha Repaua la rranda, eacfwvtpe
a , • - ' r ProvMed herein, each 1989
Band anal b• Pmnary eae,seled by tlw PaYlrp
Agent a Rplslrar. and uountapana o! a
ttdilrate d ouch cartcNaebn rhaN he tumrh•tl
M Yte Pottle ApeM a Rprvu a dw 7vArt.
a rsvW. the rgMa. dutra Pnd ohlpatkxea a
the Town, and Yta rI9Ma d tM ewnen a the
Bala; avM by 1M acaptancs d Ihr ho+ttl 1M
owner heroof aawda ro aN pravhbm a !M
Bond Ordinance. TM principal d antl me
bWrt On mr barW ehal M geld, and Ihr hand
r trantaahfe, tree iron and rdtfeve rrpard m
arty puklea ttawaen iha Town and the «Iglrl
a arty idarnediaa awns hood a cent wadta
acroucrlna,
Thh bend moat be ra9twaed n tM rvvre d
tM Demo on 1M regrtrauon racada Nap! try the
RepMrar b oon}artay wnh lha provrhm elated
herein and endonal Itaarn arttl auhferA b Cte
lama rind contlltfons sea loon n Ens Bond
orolraYrca. Wo trenla d tar bond anal M vlPltl
unlace made an Me rapletrstlen recoroa
rrrlntei,•d •11M Wirepa eNle• d she Raplrrrae
by the rprtaetl owner or hr as«ney duly
authaneo N wdlnp.
Tha Bonds hws Deen dae3gnste0 rn the
Bond Ortllnance u 'qualdfatl tex~axantp7
obllpahona' let the pmpuea of 8nctlon
~ro1131 d the Idanal Rewnv Cods d Igoe,
ere amended.
Thr harW atwll oat •a vela «adlpamryr 1«
any purpose until the Raglatrar ahal! have
aaty apned:na cedNiuf. a aatn•ntl~alwn
haraEn,
IN TESTIMONY WHEREOF, the Town
carrnct d me town a vak hr eawad Ihr land
b be alpe,ed aM executed In In nano wah a
manual a lacehnlb signature d the Mayad the
Tam. and io he algnad, executetl aM enacted
won a manual «lacsfmib alpnaNre d the Town
Clerk, whh P manual err faseinib irpnrelsm d
Ina seal d the Tam allixetl hereto, ell as d the
data rpecifrd ahwe.
Manual a Fe,afmae Slgratwe)
Mayor
(MANUALOR FACSIMILE SEAL,
ATTEST:
Manual «Fa slmlb sgnatvral
Town Glerk
{End d rwm d Bond]
(Form d Replatrara
Cennkate d AuInmNCdlonl
Thr r ono d [he Bonds tlucrlbed b the
wkMn-mentbnetl Bond Ordinance, and thla
Bond hoe haen duly repletered on the
reglnrazlort remrde kept by the urdae;pned as
Reprvar foramtBdrde.
CENrIUL aAN7C OFNVFR
NATIOrYAL ASSt7CWYN)N
r Regblrar
qa• a Au[Irrtllaabn
end Regrbalpn:
try; Avlhorlmd Onlca a
Errpbyee
{End d Form d Regrha'a
C•nNicafe d Authwtlkalbnl
gFam d Aaalpnmeml
Far valve r•ah•d. IM undaegned haehy
calla, ualgna and Ganarara unto
tM aMthln acrid and hereby
Irr•vetabiy conelNwn antl appolnla
a<brney, t• 4ansM the same on
tM eerardn d Ina Raglatrar. won Idl power d
arbatltrrtbn In the preeraae•.
DalaO:
Slgnpun Guaanteed:
Addmea d Transferee:
SoG•1 Security err orner la+c bentlncaNan
number d 7rarroreree: .
NOTE: Trealpr>Atweblhr Malgnrrnl moat
,.- whh the name as wrnen on tits face
d Ihs~wHMn Bantl in every penkvlar, witMUt
ahetallan err snlargemenl or any change
whatsoever,
(Ertl d Formd Aeslgmwr,if
a
legal OPitbn Cendbalel
STATE OF COLORApa
coutYrr of EAOtE
701NN OF VAIL
LEGAL OPINION
CERTFICArE
I, uMerelyryfed Town Crrk a the Town d
Vail, In the Gaunly d Eagle and SteEe of
Colorado, do haehy cenry that the tolkMring
appmvlnp legal Dentin or shaman 8 Howard,
(~ ~L ~,~ nCabrsdo:
r a trw, peeled and wlrnlNe Dopy al a
manwly executed and deed copy thereof on
flr h tM raoorda a tle Tewn In my afha; that a
mPnuNlr executed one dated toPY d the
opkam Mme lanwrdetl m P rapraerrlNe a1M
orplnal purtlea.re t«+Nenlbn in that rec«de;
and that ve epinbn rr dead and iaued r d
tn. seta a the dNrrery d and uaytred to she
Battde d rte aerlr d whkh tMs r one.
N WITNESS WHEREOF. 4 have ceueed to he
Itaraumo W my mMWll a faalmkr alpltalrar.
alanuel a Faralml• Slgr,durat
Tam Crtk
{Pntl a Farm a '
L•p•I Opisbn Cadirirafe)
SECTION 19. QaMerY d leap Bards attd
Ctspwlbn d Prexs.da. Yrlren the 7880 Banda
saw beat day u•cuf•d by appropriate Towrt
oRlwre artd a ., : ~,.. I fry IM Reprtrar, tM
Tam Mae9a aMq tour des leap Gonda b
a delhraed, tl «e rim. «1rom tine a dm•. b
tM Pwchuer, on reealpt d the agreed
pmchap price, Toe t9Bg Gonda shall be
tlallvared in ouch tlanamina[bna u the
Purcheaer anaN dlract rout suhlsa Iq the
.. d t;eabn 5ltaracrl; and foe Fkpletrar
shall Innialty rprta Iha )989 Benda fn ouch
a names ere the Pun:haear shell alrect.
TM txoceeda d tlr 79Bg 6onde. Includktp
Mtlhout Nmlwbn IM ctryd Imeraal thereon,
shall W tlearN.d pr•mply by 1M Taws
Manarper end anon he acnawled far N7 the
lolbwlnp manna Pntl are aaeby plalped
dterdw, ha 1hs W rchaea d tle 1989 Bootle «
Par adrs.quem owns b no manor anon f>p
Iwperwbr Icr IM apdicasbn a drpaeal hY the
Town a arty o1 b olfbae d ry d Ile Fonda
derMd From tM aala:
m AY scatted iaarl, a ry, racatrae In
rrpect d Iha 1959 Bards ahaN b ctedked to
tlw Bantl Fund b to rvWrd b tM payrrem d
Iha ttse9Bonda
Nl M arnaunt peal to qn peroaM d the
See next page
kr,7.y
lYnmprevfoets pryge
orpind pdncyxn annum ar tM 1989 Bonds ea
d the da4 d inilf4 dahvwy shall M aedlled ro
IM Awws Fund.
{Ilq All remalning procseda 01 IM Sarlaa
1998 bands shill ba coshed t0 the followlnp
apeclaf and eBparele ac00unt, hereby created
and ulaaiehatl, le M known W the 'Teen d
Vail, Colorado Saroa 7sx Rwranw Bonds,
Smiee 1889, COnevuabn Fund; fo M used,
t09dhw wI1R any otMr avellable moneys
tharel«, ropey IM ocale d IM Parldr,p FadIXNa
Includhp costa Enclhmtl to IM Yeuarbs d IM
1989 Bmde. Attar payment d all 00.11 of IM
Ptlhing FadlNlw, or ettor adsgwls proviebne
therda la mode, any unekpendad balanq In
tM Cmelrudbn Fund ehetl M dapaahad In rM
Bond Fund art applied le fhs paynwnl al IM
pdndpal d end Inlereel an the Settee IB89
Ronde.
SECTION 74. Uaa 4f Moneys In Income
FuM.
A Income Fund. S01arr9 M any Benda enaX
M Odllerklnp, aithBl M to pNClpal qr inlerr 1,
IM Pledged Ravenur ahsl, upon receMs try rM
Tawn, M tlepaXed In the IolYwrNg .pedal ark
separate account, hereby prBatoe and
wtabllahotl, to I» knovm ee IM -Tawn d Vau
Income Fund' The lolbwlnp ryYmenta Mail M
mrtla fromlha Income Funtl;
g. Rood Fund. Finn There shay be cndltad
ham the Income FuM to a fart hereby crrled
end fv M known se Ihs'TOw71 d VaY. 3atr Tax
Band Fund' Ihs IohaMnp empunle:
I. Intuwl PaYmonla. Monlhty to Ihs ROnd
Fund, oamnencfng on lM fkal day of Ihs month
immediately aucceedlnnpp the delivery d any of
IM Bmh, a cntnmencfnp on the liver ley d the
month one Year rte%1 prim to IM Ilnt Inlateal
payrsrd date d any d the Bnntla, whchever
canmerMenynl date N tabr. an amount h equn
rrrOnlhly IRIIaBmanN nevMaary, tagelhm with
enY m¢heri therein and aVFlhde rharelar, SO
pay the Inlareat due and payable an the
Odetandnq Ronde on IM nsxl lucmadlnp
inlelwl payment dale.
2 Pllnclpel Payments. Mmlhty [o the Bantl
Fund, 0ommenNng an the I¢n day d the month
Immedialaly /ucpoodinp the dNNary al any a
the Rands, a mmmenclnp on IM firer day d tM
tramh one year nest prbr !o the Iku prlnclp.l
payment date d any d iha Rattle, wnlchdvar
CatanBnCemenl 4atsN NSSr, an amaunl In equal
mouthy Inetanmenta neeaanry. logolher with
any maneya IMreln and avnpabfe Iherafoa So
pay the pNncEpal eM redemplbn prerdum, it
any, due end payed. on the Ouulandnp Ronda
on the nab euccaotlbg pnndpal payment date.
3. Retludlon of Paymema: II prior to .tiny
Inl¢rest payment dale or pr€ncyXal paymBnl date,
mere hoe been smvmulaled in Ihp Bond Fund
the entlre emoum neteeaary Im pay the next
mnurlnp Itnnllmam d hlarwl of phapm. or
bdh, the payment raqulnd in eubparagreph {l}
or {2} [whichever la appllceblB] of Ihle
paragraph, may M eppreplnaly reduced; ha
IM required mouthy emaunla again shall M ao
cetlXSd to ouch account comrMncfng on each
blerMl paymonl dale Or pdncWt paymem date,
TM maneya In the Band Fork shell he used
only la pay [he pdndpaf d, ptbr redemption
premium M any, art Inlerrl en the gouda ae She
came beconwe tlua.
C. RSearvs Fund. BscOnd, atop[ ae
huainallar provldsd, from any monaya
remelninp In tM Inppf111 Fund there shah M
crsdlted mnnlhly 10 s aspune aroaum heoby
crwetl and ,u :.,. ~ -n vn na iha 'Fawn cl Vall
5tlea Ta% Rawnua Ronda Reserve Fund' en
emcunl, X any, which la nanra7 la malntam
the Reserve Fund as a mntlnulnq ronrve Irt an
dmevnt oat Ion than rho Aeserva Fund
Raqufremgnl ar to pay IM Metier of any Rand
Rwervo Inauunce Polley any amounts wing 1m
such Inver undo IM tsmr d IM 8oM Rrrve
insurance Po11cy, In tlaumfninp the amovma
raqulrad to M depoehad r provNetl at7wa, tM
Twit shalt ramlve credit fa enY Invealment
wnlnpe on IM depart In 1M Rrarw Fork,
inv/atm.d iemlrpa an dapahe In the Rrarw
Funtl eh.lt remain in 1M Reserve Fund until IM
altwun[ On deFoad Square IM Mrxhtlm Annual
pea Servld Requhenrem. No credit need be
made ro the AMSrve Fund as long M Tha
matsp ands q f3orttl Neaerw Imurenw PoACy
Therein equal iha Rwerva Funtl Requlremem
{repardlan of IM source el each
acmmulalbnel. TM Rrsrvs Fund Requlremom
Man M M axumulaled artd msinhined r q
mngnulnp reaerva to M uud, except ws
Mralnaller provided b eubwdbu O, and F d
Ihh Sedbn and Settlon 2q Mred, only la
pressor de}idenclee In Tha payment o} rho
principal d end the IntereN an the Bonds
rwugfnp bom Ina INWre 10 Valk to IM Bork
Fund auNiclBni Wpol to pay nk principal and
Intoroet u the same encore or l9 pay the Nauer
of any Bond Rrsrva Ina9uncs Polity any
amnUnla Oannp So ouch iuwr under the rontle of
Iho Bond Reserve Inaurana Pdlc}t. TM Reserve
Fond Requirerrenl ahaq M etlcultlae agog, {i]
any princlpal payman6 whether al alelad
maturity a upon retlompllan. INI IM beuana d
AddXbnn Bantle, a fAll IM tldewance of u or
a padbn d the Rends,
In Ilea of all or a podion of Tha moneys
raquked to M depmaketl in Tha Arane Fork by
Ih1e Ordinance, Shs Tawn may n enY Irma or Irom
time to Ihle depaah a Rand Raorva hemanca
Porky In Ihs goaerra Fund In IWI a perlial
eatielaVbn of Tha Rrsrve Fund Regvlramant;
provided That any each Rantl Rrww IMUrana
Palley eha}I M payable M any dale on which
moays well M rpvhetl to be withdrawn Irom
Ins Rwervo Fund a¢ prwidod Mreln. Upon
drooaR s any Bond Rwerre insurance Pdkw b
ma geaww Fund, IM Town may luna}ar
moneys pun io tM snul+nS payabb uMU the
Bond geearve Inamenme Palley }tom the
Reema FuM and apply aumh rnoneri [o any
radar purpose.
N the C9rananl cvmnnetl h Sedbn 19.K d
Ihh OMlnanee done not permit tM use cl
procaeaa d any eedaa d Benda tar s Ill lurying
a1 tM Rewrw Fund In Tha amount d tM
Rrwva Fund Raquhemenl, Tha maximum
4nIWd d pro0eeda Of each ewNe d Rand{
whbh may M depoehed to SM Rrervs Furl
punwm m 9eabn 19.N atoll M tlap0ahetl to
Ihs Reserve Fund upon the Neusntr- d each
asrlw d Bmde. and Pledged Rwenlga ehtlt be 1
depaehsd b the Rwerva Fund monthly ea Ihen 1
red bra Than nveNa rabndu mantM alive 7M
day of Nauanw of such earNe d Bantle, tM
amount an dePwit In IM Reaarve Furl atoll
puallM Arsne Fund Regllrartwrt.
O. 7ermlryH«t Upon Uepoab k Mnuary a
Ratlrty9bn Naze. No paYmem need t>e made
krfO lM Bad Fund,1M Rrarve Funtl, a both, R
1M mum In 1M Bak Fund ark tM am¢uM h
7M Reserve Fuck bbl a suet ql least part b
IM erXlre arrbuM d IM OltWaltdlrq Borltle, bah
r 10 Adnspa! end In[eren to IhW rSapSaNs
rtwlurXtaa, el b NY redelrpbn riot pit 7ailbll
tM Town Marls Mva a%erclaed Xe dpllon to
redwm she 9artda IMn Odelanainp and t
thwaaner mtlurhg, Ideludldp ;ny Prior
redartptlon pnmluma Ihaa dos, and Mth
gr;atsatl art na aaruatl. In whdt teas moos
in Bald tyro 1uMa In an amount d brier equn
•uch Pd^dpal and hllwwl requ4emenn aRafl
wed eoNIY b pay eudr M the asam aarue, e
any rmnaye h exaea 1Mreol N said two run
may he withdrawn and ueea for any ravel
purges.
E. Odnylrrg Odinquencba fn Bond a
Rrervs Funds. II on any reauhed months
payment data tM Town eharl for any reason }
[o pay hto the Bork FuM the rail amoum
atpufatod. IMn an amaunl shall M paid into 1h
Bond Fund an ouch doe bom Ins Reserve Fu
equal tv IM tla}erenoe between the emounl p
end the rail amount w alpula[ed. The money s
used atoll M raplexwe b the Rusrw Fund fm
7M flnl Pledged Revenur realved thaz ua n
regrind to M dMrWlae eppeed by this aeala
hat a%Cluding any payments required for an
eubordintle oblrpal4ne: prvuitled, Ixrwwer, Ih
an aribunl equal to the munl withdrawn lit)
Ruarve Furl shall be deprhetl by the Town I
IM Reserve Fuck n9 Ia1Br Ihen IrrehrB menih
Iran the date d etch wnhtlrewai. n al any If
IM Town ahtll fa any reeaon fW le pay Into Ih
fleesrva Furl the IuH amount above atlpuNl
from the pledged Rewnur, the dntaren
Mtwaen IM annum ptld one the amount e
ulpuNled shay N e cka manner 4e gab morel
Irom the Ilnl Pledged RavenuM lheredte
reaerred nil requaed l0 M appAed aMrwlse 6
Ihla aealon, hw emludlnp enY payment
required I0r any sub«dinde abhgnlane. Th
moneys h the Rantl Fund end In Me RMerv
Fund ahtli M used edelY for Ihs• purpcae a
payFnp the princlpal end any redempllon
osmium d end IM hterrl on IhB g9nda Bntl
rtbneya In AM Arerva Furrd /hall i)e used to
pay IM iaewr d any Bond Rrerve Ineurence
Pdlry any anbunN owXSg [e tuck Never ands
IM Idm1 d 1M Band Rrnerw lnwrance polcy
pnNtlW, hpaeaer, that any materi tl enY Ome
In uaaa d IM Aeferve Fund Ragalramant
cakuNtad wkh rrped 10 Ihs Bonds In IhB
Rwerw Fund may be wXntlrawn 1Mrehom and
wad 1« any lawful purpose; and provided,
1unAw. IMI any moneys In the Rork FuM end in
IM Reserve Fuck In extra of accrued Bntl
unaedued pdncpel end Interwe requlrMwnls b
IM upaame mtlurXNa d IM Oulelanding
Bonds may M uaatl M prodded in Paragraph O
d M4 aecAon.
F. Rebate Fund. Third, there shall be
hpoeHee fn a apeclal amount hereby created
and to ee known a. IM •Tawn of VaA Sete Ten
Revenue Ronda RBMIe Funtl' amount' required
by Sedlon 146{f) d tM tax Code to he held
unrlr sucn Ilene ea any rBqulred rebate payment
is rtisa, Amcunn In tM Repels Fcnd shall be
used rot rte our. ~e d meNlnp the payments to
the Unhed States requlntl by Section 148[1} of
IM Tax Coda. Any amouma In excess of thvas
requlrad Im be on depoah therein by 3eaion
11Bp] d Sha Tex Code shall be withdrawn
tMrdrom and deprkad Imo She Income Fdnd.
Funds In the Rebate Fork ahni na f» cub]ar to
IM INn crenee by Ihh Ordinance to the extent
such ^movnSe ere required ro be paid to the
UnHSa 3telr Trerury, The Town may create
eeparala amounts In the Rebate Fund In
mnnonian whh Tha issuance of Addlbnar
Berke.
~• Paymgnl far SubaMlnalB 03xlgatbne.
Afiu the paymems required by Psregrapha & C
erttl F d Ihie eaten. Tha Pledgee pevenwe
shall M vaed M tM Town }Or Tha peymBnl d
Inferwl on and pdnck7al d any aubatllnme non
ohtlpalbns hdeahe aulhorixea to M Issued
d peya4ra ham the Piadped Revenues,
inciudlrp reuonaNle reeervr Iheref«.
N. lHe d Aemalnhtg Aerenur. Aber making
[he payments required to be made by lhia
Sedbn, any ramalning Pledged Revenues may
M used ter any lawful purpos®.
Ndhinq In thla ONinatxe shelf prevent iha
Twit bom wXhtlrawing Irom the income Fund
amounts collected by Tha Town and
lubasquanlly tlalerminetl, pursuant to Ins
appllcabN Saba 7aa Ordinencee, b he eub}ent
b vaild daft la rMUnde.
SECTION 46. Oaneral Adminlercatbn of
Funds, 117e funds halpnated in 9aalom 13 and
t1 Mrell ehaN bs adm'nlatarsd ae blbwa
erab}ad la IM NmlaybM noted In Sedbn 19.K
Tested:
A. Badger and Aopropdatbn d Funds. TM
come provided ro mske tM paYnrme apedfNd
in Sedfon n Itarad srs hxeby atpprgaletetl for
aaltl parpaw, and say mnMa !d each year
anal) De Indudsd h iha annul dkpa art Tits
approprblbn Ordinance or rMrurr to be
adapted orareed by IM Tawn Catntll h sort
yes reapeaivwy whlN enY d Hra 1989 Borah,
adhar r to prAtcpal d hkren, w Ouraarkinp
and urrpnd. No pmvlelcn d any mnikdbn,
elalule, Chartlf. OrdlnancF, rrOlNlon or other
cedar a rrouen enanetl abet IM Nauanaa d
the 7989 Bonds shall In any manner be
opfyllaed u RmXEry er inpabng IM cdlgatbn
d IM Tewn to keep and peddm IM mrenants
oen W nail In tub Orrnnanoe w bog u any d me
1989 Bonds remain Outstanding and unpaid.
Ndhing herein shat{ prMblt IM Town Ccundl,
at Ira aria optNn, bom apprapfa9ng and
applYlnp Omar lunch of me Tawn bgany
avnlabb la auto pvg7oea to the Band Fund a
Rrww Fund bt tM purpose d prwbinp tar the
paymem d tM proton d, Enterrt on or any
prermume due wain rwped Im IM 1089 Seth.
fl. Places art Timr of pepoaua. Each d the
apadtl faith awed In 9anlon to Mrwl and
IM Conahudian Funtl Orrlee in 3eabn i3
hand shsH M melmalyd In a Commercbl
Bank r a bock CCtlenl leap aaparats and apart
ham nl dMr aaeume «funa/ d IM Toren n
Imat acmunb easy Id IM outpost hereln
drlgnated IhwMa. Far payer d bvriment
of mdMys, nglhlnp herein prevents the
ca"^v^9k^9 d rrwneya amceunled for Yn enY nao
« man ouch book axouny penalnlnp to IM
PNdgad Rawmlr or to ouch IuMe sM any
aMr funds d Bra Tawn to M aeteb&enetl under
ihla Ordlnana. Such beak ammo shall be
motto VOUeIY wcuntl [e Ih1 ludrl astenl
rpulretl by the Nava d fie Srne fa the aearNq
d pudb lunch art oboe M Ir.: .... ark red
whlkrawaEM hit anyone Id any Wrpow other
than IM feapgNe tlrigrrad purger d each
funds a avicetrme. Earn padodb payrtwm ahaA
M cndlled b me peps back ammm red kilt
ban tM we tMnla harsh dMlpnalatl. exaPl
hit whoa any erxdr dots arty M a 9nurday. e
Sunday ar • Ngtl ndlday, SMn ouch payment
mall M nwde on a bdo» the nab prsoedlnp
dwlnwa day.
C. IrwMimwlt d Fantle. Any rrrer,eYe h tM
QBMtrrrdiprr Fund drnd punuam f0 Bsnidn
73 hereol, and any monaya In any Iona
rStlNlyd by ~aclbn 1a d thN OMiruraa nay
M dapoeked, 9,vnlad er rnmatW In any
manna permllletl by tar. AKYNIIM or
9bllgatbrw puadlaeetl r abdt en Imwlrrwm
ehal adlter M eabMrd ni redwrpllon r any time
at fag vow try lM holder IMred at the oplbn
d .rah htrkbr, a ahni rtaqun al such Irma or
hrH a ahni rrwsl marry odncbe whh IM
Sxprrded neM I« rmrteya bom IM land In
qurrbn. BrwaNs a odlptllaro M wchwed
i
b ahal~M dwmM d sl~mr fonba a part of tM
M applicable fund. TM Town eheX present for
red redsrrptbn a sale on the pwalkng rtratks any
de eemrkiw a odrgetione ao purchased as an
ul InvSnngM d moneys in a given fund whenever
k span M necessary ro tlo so h order ro pmvde
nil rmnayro b meal any raqulred payment or
y tuna}erirom ar h fund. TM Town shoo haw no
all obllpalEOn t0 mske ,any hveetmem o
above rnmeelrtwrll hereunder, unlMS any monaYa an
a hand and acmuMatl Id In any one aaounl
red nceed 35,000 and tl lert 15,008 IMreln well
old nil M nestled br a period d nil rasa than sixty
days. in each evert, the Town shall Envest or
m reinreel nee bet then aubetan[lelly ell of IM
d amount whleh wXl MI M neBdetl dating aVCh
n, alxty day gerbil, ateept for any moneys on
Y deposit In an Inlerrl bearing account In a
et Canlnarcltl Bank, Wkhailt rBpafd to whnMr
m ouch moneys are wldencad by a segllicale at
n depaX ar orhenriae, punuanE b lhla Seaton
a 15.8 and Sedlon tS.C horeol; bur tM Tam b
me rwq requred to Invest, a av to invest In curt a
a manner, any moneri accoumed }a herednder N
ed any such InwatmeM would mn[ravena the
~ covenant concerning erbnrapB In Sec7lon is.K
o hereof.
^ C. No Lfabillty for Loaaes Incurred in
r Pertorminp Terms at Ordinance. Nekher [he
Y Town nor any oHber a IM Town ehaX he liable
e 9r responsible tar any rasa reaukinp Imm any
Invwlmem or relnveslment made In aaardana
e wllh Ihb Onlinence.
E. Chuaaer d Funds. The moneys h any
land or amount hereln authorfzed shall a'annel
o! lawful money of the Untied Snlea or
IrlvealmBn4 pertniHetl by Secion 15.C Mred ar
both such money art ouch bwstrreme lexoept
r tM Escrow Amount, whkh shell Oonaier d IM
Invae[mente dasOrlMd In the Escrow
AgreemenE}. Moneys tleposhee in a demand Or
time tlepwil ecmunt ro or evyencetl by a
cedHbate of dapoaX of a Commercial Bank
pureuen[ l0 9emom t6.B end tS.C hared,
apprppelney secured acmrdrng 1o the laws d
the Stale. chap M deemed lawful money d the
UnnBtl Stelae.
SECTION I8. LNn do Pledged Revenues.
Tha 1898 gouda mnetXUle a pledge d, and an
Ineymabb INn {but nor rre®eearifY an e%cluebe
INn} on all d [he Pledged Rwenur. The 1989
Bonds era equitably errs ratably secured by a
van on tM PletlOed Salve Tax. but the 1989
Nand.. Irt accortlana wkh tM requirements d
the 3erIM 1995 Ontlnanm, onry mnsfibo en
irrevocabN art second and subordinate Ilan
{but not necssaedry en axctuelve second liens
upon the Pledged Bose Tax, ouch lien being
aewnd and eubordVnate to the lien d IM Town's
Sarlee 1985 Rantl.. In conneabn with the
Pledged Salsa Tax and as requhe0 by the
Seder 1985 Ordinance, rite Town obeli Tully
povitle Ice tM debt sonim. reaerva account.
end other requlnnwnla of the Sedea ;985
8ontla N any Fhcai Year and, only after such
pmviafon, may use exoaa Pledged Setae rases
I0r the payment s the pdndpal d one Intere9l on
the Sedw 1989 Bonds, by Iranslening such
axcwn Pledged Salsa Taxu to the Enmme
Fund. The Serlr 1989 Ronde conetllu[e an
Irrevocable and ore[ Ilan (but nil nacesearlly en
Sxcluerve Firer Ilan] upon the other PNdgad
Revenues ucea tar the Pledged Sales Tax.
SECTION f T. Atldkbnal vanes.
A. Limilnlons Upon leeuanve d Adanlanal
Bootle. Nothing in ihb Ordinance shall M
construed In each a manner n to prevent IM
Nsuance by the Town o} addllfonn bonds ar
dhar adigniona, payable Irom Bntl twnalkding
a Ilan upon 7M pledged Rewnur on a pant
with the Iran d the 1089 Bonds {!ha'pdtlH{coat
gonda'Y. Such Adtlnbnal Bonds may M payabb
coley Irom Pbdgetl Revenue u they may M
payable Irom Pledged Revenues Bntl andher
revenue or tuna a the Tewn ('Addhional
pledged Rewnuw'}. Ragerdlwe d whether
payable aobty bom Pledged Revenrxr or bom
PNdpee Aewnuee and Additbnal Pledges
Rwenur, Mlore any each bonds ar dhar
adlgtlbna are adhorized or aauny Naued IM
fdbwlnp condnbn eMll M selNlletl: for the
FNcn Vw ktvrrdlnety praoedrnp the Nsuurce
d any Adel[bnn Ronda, the amvum al Pledges
Rmenr In woh Flectl Year naval equtlsor
exewa t3QX d the Maximum Annual Oebl
&arvbs-RaqukSrneM on IM Betide (1ndWing
the Addnbnn Bootle proposed to ba Naued]
ores IM ouNlanding Serk7a 1985 Bake. Fa the
purpae d wbrying IM alaerneMbnetl f 30nc
[eel. any tax, nw a%klirg « hereafter Nrpaetl,
7rhlclt lapoly becorrua a pad d the Pledges
Rerenur during the FNexl Year preceding Ins
Nauattw d Aatldkwn gangs, a arq'tax which N
Io Ngally become a pan mF the Pbtlpetl
Ravsnur Immedialsy prEOr to the heuance d
Aaahbntl Bonds. « am Increaea'In the rata d
enY tax aMbn Is a pad d the Pbdged Revenues I
which Ir7creue h Impwed during [he Fleai
Year preceding IM Nauence d AdeXionn Runes
a any ouch InenaM whbh N to M Irrpaaad r
Irmwdlalefy prior to the Neuanecd Addnimd
gouda can M emsbwed br ha rtlmatad ehea
on the amoum d the Pledged Revenues as H
audt tax a #ncreaae had Veen In eltea tar the r
Flea! Year fmrwdidely preceding the inuanCa
d sucn AddiBanal Bonds. Any tat whbh k no
boost In Sffea al the time d lecuance d the I
AadNlonal Bantle ahni not he considered f«
outgoes of wllsiyinp the 139% teat. Any
Pledged pewnue which Ice red a tax ahni M
mnsyend almlNrly Sor pwpoew d anlsiylrq
iM 130%MeG
n the mrplnenca authorizbg a aeries aF
Additionn Bake wig pledge Additional Pledged
Ignenr to 3.e Barks, [M ailed d l
th• amount d such Atltlnienel Pledged
Ravsnur may M mereldared F h each
rwxenwa had been receNad tar 7M Ian FNetl
Year IrmwtlNlny precedrq e,. Nauarr9e d
etxRt AddkhW Bdrka
fA. GKNSeare 01 Reweave. A wNlren
e _ by a o.arbd Xtut7lb acooumtmt sNfo
N red r ampleyr. d the Town 1hm IM
nquYenlMle d paaagraph A d 1hN 8eaiort
hwn br mn ahe9 ba c«wialvay prrumae
to M waarrrs in asterminlnp tM ripen d IM
Tawn to aulhorfea, New. cell ark eeAVar gab o
AtleXbnal Narks rn a puXy wSlh tM 7980
Bands basin aulhoriz•e.
C, SulnrdlnaSe Oblfpetlons Psrminee.
Ndhhp h IhY Ordinance ahni M connwae In
arch a rlwnnar u b present IM Nwanw try rM
Tawn d MdRlmal obepafldn payable from and
cowtdu[Inq a INn upeel 7M Pkrdpad Rwrwtuae
aula7rtllnats er junior to the Ilan d Ihs 1989
gmds,
4. Supwka ObflgetNry Proh~lled. fa;lYenp
h tlIN OrGnanoe eMlf M Oorlatrued ac vi b
PS»7X1 Me Toren to harWtw Nsw aWyalbM f
Payable from IM P{adged Aeranuw haNnp a
INn thereon pNr a auvwbr to Ihs 1989 Bath.
SECTION 78. RdurM]np Oblipatbrw.
A. ClarunBy. X e any Hms asr [M X9N h
)ranee, a any pert shared, ahni haw Men
Nwed and renrah OubkMlrp, rite Tawn ahni
Bntl 11 dwlrade fo rdund any OulnaMlnq
dfllptlkrw payalde from IM Pledged Reatetual,
~~
..Id •4B7tlb^i. or NY part IMrell, may
rolunded, aWlad 1e rite poMba d ParaOr
rdulndee, a! tMbama W their requteddeurrend
la payrtwrq. ehtll IMn IN1ure «ahaA then
calahN Ice prior rede^Ptlsn tl tM 7orm'a opY
upon Proper cart. M 121 the owners of fit
o011gmbne fa M eahttked and Bork beunr,
Rend Insurer loured auM obllpatbna. moos
ro such wrrenaer and payitwm.
B. PraMbn d QdIpaINM Not Rnunde
Any rduntling oblfpatlana Peyabb Irarrl Ih
Plod ea Raven tied witn sue
detelb as 1M Town Coun4NSl may prayba, a
loop u Ihara k rq Ireyidmym d any oomraa
obligelbn Imposed upon file Tawn 4Y an
procsedinga aulMrizlnp IM beuance al an
unrefunded penlort d cWignbna payable Ito
the Pledged Revenur; but ao bog u any tee
Burka aze Qublantlinp, rdundirrp abllganm
payable Irem Ihs pledged Rwanur may
Issued an s parity with 7M unrdvntled Bond
only X:
(I {Prior Conaed. iha Town Ilnt reoaMr I
consent of the owner Or venue of [h
umefunded 8ontla and bond Insurer. d Bo
insure IMUred such ohllgnlona; a
{2J Aequlremenle Not Incresaetl. Tn
relunaing obllgazbns do Rot IRCnrB W msr
Ihen 325.000, for any Fiscal Year pbr ro an
Inclutling Ins lam mel«nY dale al any
unrelundetl Bands, the aggregate pnndpa!
Inlere¢t requirements evldancad by auc
rounding abligalbne and by any Odetendln
Bonds not refunded. and the Ilan of an
relundlnp parity obllgallone on [he Pledged
RevenuBS is nor raised re e higher prbrity Than
the IIBn fhBrapn of any obllgadOne [harB4y
founded; Ar
13] Earninge Test. The rdund'mp ohngatione
are Ensued In mrrprfance anlh paragrAoha A and
B d 5adlan 37 here¢I,
SECTION 18. Prates;rya Cwenanta. The
Town hereby addinanally covananta and agree
with Barn and every owner of Ihs 1969 Bootle
flea:
A. Used 19a9 Bond Proceeds. The Town
will proceed with the mnelruaion d tM Parking
FaeiWiw wtlhoel delay end whh due diligence.
B. Payment of tees Banda. The Town will
promplry PaY [he Appraciatetl Prlnc{3al Amoum
of every 1989 Bond lasued hereunder and
aecurad hereby on tM dates and h the manner
apecifiletl herein and In aaltl 1969 gouda
acmrdk,g Io IM true tnfenl and meaning hereof.
Such Appredaled Pnnapal Amoum is paya4N
eobty Iran tM pledged Revenues.
C. Amendment d Canain Ordinances: Ou[y
t9 Irtpae Salsa Tax; Impairment of CanlraM.
The Sales Tax OMlnancea are m toll Inca and
aged alit have not been repealed or amended.
The Town w',II nor repeal or arrentl Bald Sales
Tax Ordinance In any manner which woub
diminish the proceeds d the Sales lax by art
arrlDUd whldr wmb metenazly adversely affect
lM ryhts al [ha owners d the Bnntla. The Town
agrees that any law, ordinance ar readvlimn d
Ihs Town, In any manner aHactlnp the Pbtlgad
Ravenuaa ar the Bonds, or otherwise
ePpedalning 1Mreto, shall na be repeabtl or
aherwiae dkedly ar Indlrecly modified In sucn
manner as to materhaliy atlueroely aHan any
Bonds Outstanding, unite the required consent
N dnahed, all ae prwitled-In Sed'nn xe d Ina
Ordinance.
Naw9helanding any o1Mr pwhbn d Imo
Seaton or Ihl9 Ordhtal5a, 7M Tawn ahni rnnn
the tight to make changes, whhod any mnaent
d Bond wmsm or tM Band Tenure, b tM Sales
Tax Ortlinaneu. IN any erdiRarlCe eupplerrwnlal
therero or In eubalhuflan fiereE«, oonoarnNp 7M
use of proceeds of Ehe Pledged Salsa Taz
remaining nor IM cvrcent requhememe a all
ordinancr authorlEing bands m dhar eeatmba
payabN from the Pledged Salsa lax, ar any
portbn lheted, Moe been mar; or mncarning
changes In applicabllny, exampibna.
admfnfalnllon, mtleabn a en}mfeBmenl d [he
Salsa Tar, M sucn cnangea do nor matalaliy
adwrasy aHed the aecurXy }a SM gm7da; bcd
tM Town ehtl net radars Ins present rates d
the Pledged Salsa Tex, without the oonaenl a
the Owners ml Iby~elx pareanl 16615} En
aggrs9ata pdnc~7a1 amount d the then
Outn.ndlnq taea Bantle or Bond Insurer
{whleherer 3s appropriate], M provltlad In
9adion 9B d TMs OdlnanaB.
The forsgoing cwenen[e are aubjea to
mrcplbncs bl'the Town whh Orden of cation d
mmpeNm luriadktbn concerning the valbity,
e0nelRUdonal{ry 9r wllaction of each [ax
rev.nur, enY bghfatbn d the Untied Stela a
the State «any regulation or Mha edbn taken
try IM }elan povemmrmt « any Slate agenty
a any polXimi eubtlMebn d the State punuam
ro ouch feglsialon, In Ma asemise d IM calks
paver ShBre01 for the public wekua, which
eplelnion, regulatbn ar eethn apprise to the
Twit r s Cabredc hnrrw rule dry area Ilmpc «
olharwlea InhNI1a the amount pf ouch lax
evenur due to the Tewn. An d the pledged
Revenues rasu8irtg from IM €rrpaklon end
odiedi0n d the Salty Tax shall be a Wled to the
payrrent o! the pdnclpat al. Interest on, end
edenption premium, H any. of dl eecml[lea
payabe Irom the Pietlged Revenues, IncrWing
rruvea therdmr, ae pnvbad herein or in any
rwlrument eupplemenW a ameMarory Mreat,
O. [?sense d Lapnitlyd Pedged Revenues.
Yhera N red pending a EhraalenBa any cult.
aabn or pracaed[np annnu er ellec[Inq tM
Town berate or by any coon, arbllralar,
atlminlahatlve agency d c[hu governmenln
eNhairy whbh a8ac4 IM validly or legalhy d
MN Oninan®, w the Sales Tax Qrtleynae d
ha Impdakbn and mllaabn d tM SaNe Tax,
any bf the Towne obligallam antler [hie
Ordinance mr any of 1M tranaanlena
anmerrplazed by this Ordlrrarta a tM 5nr Tax
OdNancr,
7M Town shat, m IM extent permleatl Try
Nw. delend [ha validity and kooky d thy
Ordlnarta, N¢ Stir Tr end tM Saba Tax
OMlnancee aganst all dafma, wits and
proceedings which wouy dlminleh w bpalr 1M
Pledged Revenur. FuMwmae, tM Town ahr
attwnd }ran time id time [he prwwbrw d any
relneMe er reaolmbn d 1M Town, as
naceaeary m prw+ent Inpalrmem d IM PNdped
Rswnrrr q rsqulred b man IM Prlrtdptl d.
bbmt art, art pbr nMrtplbn premium, A
any, dthe f9B9 Barth when tlua
E. Further Auurendea AI enY art all times
1ha Town ehn1, eo fu r M rrwY Des atah«frad bl
Nw, Poe, maNe, do, wsrxrN, adutowNdpa,
dalnwr ark flN a record M and every such
AudMr Xwttumrr, acaa. dash, oortveyartmM,
ralpnrttsma, tnmfw., aMr tlowmwaa area
aaauranpea u may a a drkable
a tM Mver auurlnq, mousy€nq. pranlinp,
raiprkp art mrikntktp M and sirquNr lM
rlphu, 1M Pledged Rwenur area rAMr faith
ark a9mume Mra4Y pYdpsd er rsl9^sd, a
Moiled w b M, er which 1M Town mry
ItereYlar heenrne bolak b pMdgs a b Melon,
a r may a rSaaonaAN and rsquheb m carry
dA IM W Igor d XtN .. ~ ... TXw Tawn,
aUkq by and Ihrdgh b dlkwn. a dMnwe,
71Ae Va[17taU - November 24. 1989 7S
ehal at all 7Xhee, ro tM exert pamrmed by law,
M deferk. peeBrw and Prdecl She Pledge d oak
~ pledged Rewnuw and other lunch and
be ecoouraa pedged StareNMu aril dl IM rrgMa d
a every nwrrer d a,grd eM 79ss gouda against ee
be etyma end ds+nued d ell Persona whomsoever,
,on F, canditbnc Precedent Upon tM Nsuann
e d any a IM 1989 Bala, all cond'nbns, ode
d and Ihinga requhsd by the CanstXdiOn « lave d
n[ iha Unhetl States, She ConatAUllon or laws d the
Stare, Ihs Chanu « Ihla Ordinance, to e%NI, sa
d. have happened, and to have been perlamnd
h precedent m er In the Issuance 01 the 1989
Bonds shall ax?at, have happened and Moe
° bean Periomxid. art the 7s8P Banda. togdher
ual whh alE dhar oMparbtts d the town, shah rot
Y contravene any dabs or olhar Ilmitellon
Y prescribed by IM Co Mlnulbn ar laws OI IhB
m Untied Slates. lM Conathu8an ar Isws of IM
~ Slate a Ihs Chaner.
G. Records. Ss long u any ol, the 1989
bB Bonds remain Odslanding, proper booty d
e record end a00ouni win be kept by lM Town.
M aeparata and apart from all other records art
unle, showing narrgble and cvrrea ennba
~ a! all haneachona eefating Io the Pledged
Ra+anuee and IhB fVMa ClBBled Of wnhnuad bA'
mla orebanca.
e N. Audee. The Tawn lunher s9rees then h wiK
e within 740 days fdlwwng 1M ilea o1 each lister
d year, CausB an auda d eudr bmka aril 8¢Waa
lobe made by a cedBNd publb eocounrenh wM
and la nil an arlploy99 d the Tnwn, showing 7M
h revenues and expend'nures of the Pledged
9 Revenues. The Tawn agrees to allow rite was
Y d enY d the 1989 Bonds to review and copy
ouch audhe ark reports, n the Town's dfbr, tl
hh request. Copir d audr audits and repona
will M IurnleMd to Bond Insurer end the
Purchase.
I. Pedomdng O,dNa. TM Tovm wiY leYlHuly
ark punduaXy pedorm elf dudes wIM rasped to
the PNtlged.Rmrenues requhed m the Chador
en4 the CanelXNbn end laws d the Stars and
the «dlnaRws and resolutions d Ihs Town,
Inciudbp ben na IfmRSd to [ha proper calleabn
and enforcement d 1M Selea Text and IM
aegreparion d the pledged Revenur and their
appl[cetbn to ma reepecllve ranee herald
designated.
7. Olh« Lb^e. Ace d the date d iuuanca d
the 1989 Bones, dhar IMn the SegBa 1985
Bonds and the 1989 Bond, there are tic Gana a
envumbrencas a enY nature whatsoever an ar
against anyd the Pledged Pevenues.
K. Tax Covsrym, The Town mvananta }or the
Mrre}II o! Ihs AegNlaee trwnem d the 1989
8ontla then h wilt not take any salon ar or7tit iq
lake enY anion wryh respect 7o the t 9B9 Bonds,
ihB proceeds thersol. any Other tunda a! Ihs
Two a any lacehba financed whh tM proceada
d the 1989 Rohe Is mGe ocean ar omission {q
wuub Cause IM imarrl on [he 1988 floods i9
bee its exduebn from Bras Inrxare !e federal
inoorrw rev outgoes under Section 1 03 d the
Tax Cade. {ii] wwb cave Interwl an the 1989
Benda to bit I4 eseluelon }tom aharnatlve
minimum laaeble bmrre M tlellned h Seaton
55{bl{2) d Tha Tar Code a%cept to SM anent
such intean la req frail to M -ncfuded In Me
adjusted n« book Fnoon7a and adjusted artenl
earMnga adjualrrwma applicable Io mT;atlbna
urMer 3eaNn sa d IM Tat Cove In cncultlin0
mrpatle ahernatNe minimum taxable income,
{EEI} woura aubled IM Town to enY Penanlr
under Seaton 148 d iM Tao Cade a (h} would
cause Imereel on tM ts69 gouda la 3oae Xe
e%dusbn Irom CdOraao faxable Income qr
Cakxadm aherrytiw minimum lexable Irtmme
under preaenl Cobredo law. TM laregainp
mrenam atoll remain h surf force and abaci
notwllhefantllrtg the paymem In 7uh or
defeasance d tM 1989 Binds unlll the date on
whbh all dMlpalfom d the Town in fuitmvy IM
above mwnsnl under the Fax COOS and
Colorado Nw haw been met. Fa do outpost
d Badlan 2B5{b](3)t B} d IM Tex (rode. IM
Twit Mreby deslpnataa the 1989 Bonds as
qualHfetl te%-exeripl aWigallana.
L. Towrra Exwtena. TM Town wfX mafmnn
b ewparare bemlty and atNtartcs eo katg ea
any d IM 7899 BoMS remain Ountantlinp,
. unless NtolMr poBlral suodlvlsbn by aperallon
d Nw aucceeh b rite dNbe. PdeilBpBe, pmwere.
Ihbllhba, dlaabibles, fmmunXla srW rigma d
tM Town and N oagrwd by lees b recehe and
dbtrfads EM Pledged Revanur h piece d tM
Town. tNlhod mnariMty adversely aflachrrp IM
privnepr area rlghn d arty owner d any
Outnandirg 1888 Bartle.
M. Parfomancs d OuMa. TM Town wIN
feilhfully and punrntaly pwfalm a cauw to M
padormW eft tlulNe wXh rrpaa 1a 1M Omsa
RevenruM ark Ore Parkhrp FaditHw rsquketl by
lets lotto d IM Sure end ma rwdulbr d >M
Tawn, induelnp without NnYtarbn Tiling and
carlsnhrp reasanahN end aulllcienl dwpr for
eervkree rerkwee or rumktred by NS Parking
FacIINNe ea heeN provided, end me proper
aspregation d tM Orpr Asv.nuw u w[ forth
In Section 14 heed end 1M'+ appecatbn to tM
recpedhre IVMa Y haraFrr plovlded.
N. Fees, Rates and Charpr, So kwp r tM
Serir 7989 Benda arAhotlzed Mrnn remain
Odatandlnp, the Twn will nave to M
wlerblNMe, Irrpoied and mefmalned such
reronalxb tar. rides and ansr dwgr la the
use ar dMrwNe In reep.ct o} IM Parynp
FadlXlr ae will gaolers b Sash Fiaad Year
eufliCNm Gras Rwrww whbh lapnhar won
cover Pledged Revenues aw M auflbNnt:
1q To pay tM q.irrn aperatNg a%peMee;
end
{IB to pay Ihs annual raqulrsmente d
pRk:pal d, prenvum, d enY. and Inlerl on 7M
OutauMing Banda, InclWinp sny requhad
cretlX to the Rrerw FUrk and tM gebtle Funs,
Such teas, rates and chugea shag >H
~rermabrs ark Mat, IaNnp ima emoum Ms mat
Ord onus d des PtlWng FadlXir end IM cons
d opernlnp ark maimalnlrq them, end tiro
amounu naorwry tar me retlrwnem d aR
bands and alrr' aMr odlpatbrw peYa8le iron
Ihs gnu revenues, emptied knwwt NMean
and any reaervaa thwd«,
O. PronTa Cdladbrw. TM Fowtt wIN crre
the Oren Rewnuw Io M cdlact•d pontpty
ark apCOUnled for 3n IM funds u hereN
provyetl.
P. Mahaenwro d parking Fac9tha. TM
Town will r nI Iln.a mahurn ma Parynp
Fadlhlw in good nfpnr, woddnp ordw and
mntlXlon, MY condmrWY atlnW Nw site gawate
1M padthg Fadahea, and Irom 71ma 1o time w9
make ah nsadul one proper regain. renawaN
D. ONMaaI d P ~ PaWdnp FadRir.
raparty Prohbhaa. £aeep («
arty ter p dhar floe d ur !a proper r.aaN
d aNer mrberrabn, Tha Town wW rid eW.
morga9s, P4d9s or alharwhe artaanrber, a h
any manner dMpws d, ar alMmhe alletute,
tM PMrklq FatlRfw w cry ptlt tltwad, tidy Y
Y989 Beta ahni !yes bean pay h tuR, tfam
pnc~gel art IMarwl, a uMrs proNektrt My
brit made sherd«. Sxapt r prevfdetl h
Sedbn 19.R. heeof,
R, ONPaan d UnMOwawy Proparry. Ties
Tawn may aNl, dwvoY..bandoM1 M4arwM
See next page
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1
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~=:r
s • •
74 7}IeVad'1Yad-NoNember2-0, 1989 ~.
1'1'one preUlaas Nags
qrJ
ur r
{i',i
r_C'c
Y
.1~
~,.
~~
dl•po•a ol, d eher d ry Ilrne any popany
canpdslnq a p+rt d IM PatNnq Fadlhlr whkfi
ahaN have boon roPkced b1' dher proywdy al Y
Naa1 equal velw, « which ahMl antis to M
nscrsary for IM sills»nr apsretlon d IM
Parking Facllhlee, a whkh will not rtwlahHy
advaraeiy ones IM owners d IM 1008 Seals. A
wxnen ddaminalbn by IRe Tawn that the Oraee
Revenues will M acfflchnl to meal she
raqulramsnle d this 3edbn 1p,R, shall be
CanCIVllvdy dellsmin•d t0 be a eurple:
provklad, Mowyver, lhPl in the wnm of any eels
del Mr ampenswetl dlepoedla u al«reld,
IM proceeds received a such dkpwhlan Mall
4e cretlHad to Iha Band Fund.
S. Fire and EXlendetl Covanpa !na«ancs.
TM Tawn shill aegvYe and malnlaM, er cause
Iv be acqulrod and makmalMd, tiro one
ealendatl mverega IMUUnte an the Parkfnq
4FaolNba in arroVnla al b1ra1 auHkdenl» Prwlds
tin trot tae Ihen full recovery whenevm IAa lose
Irom gape Insured agalnat clot ncl exceotl
nlndY (90%] of the 1V14 InwrWle onus d the
PsAIMg Fadlh{r. The Town, at Ile ehRlan. nwy owmera d not ter marl 25x In pandpM amount
proviso for ouch Ilra and extended averepa d IM OuwtarAlrg Banda, p ^ vuelee Iherebr,
IroVlanCe on the Park;nq FadNlas partlnly or
whdly by moans d a aeB~inaulanp land of 'TMy wd.n and snf«ta tMlr dphu hereuntla
prwlded by npplbahle Inw. in ampllance with ~ proper legal « equXade remedy deematl
the raqulremenla heravl. Any aucR eeR. mat ellMusl Indudlrg mantlamue, spank
Insurance shall be Deemed la M Insurance penomlence d any av9nenh, tM appalnimenl
coverage hereunder. d a recaNa (IM eorraenl d face appdntmanl
T. Other Inamanco. TM Town shat gambols being Mleby grsn[edj, InjundNS relief, or
and mafnlaln In connedlan whh, but sat f°quld"q gre Tam Candl ro ad r N X were Ise
necaaaarlly flrMtad to. the Parklnp FacllXlr In,alr d en wprees lruat, d arty carNndlan d
public IhblRty baaranca and warkmsn'a such ramdk.. NmeXhatwrdtng IM kregairg,
oonpsnaMlon M+wlance In such srrounts end Iq ~e bop r IM Bent ksur•r k oar In tlMwk En Ne
aunt sited as maY ba regdrsd under IM laws PaY>~Y adlpublr pnder Ma Bond IMdente
d the Sla» ar, In tM absence d any Stele Poesy ante Bond Reserve haurance Polley. the
regWremsM. In an amounT net kae Than IM Bond lrourar shall street IM er .. :.. d any
Ilmllshana prorldsd In the Colorado rertwtly hereunder wXMd iM consent d the
OaremmeMal Immundy Ad 4Artkk 10, Tdk 24 owners d IM Betide. All proceedings shall !b
d the Catoredo Reriee0 SkadeR u amended}. melMSklb fd tM belldh d the Bond fnaura ea
TM Town, al M elsctbn, InaY DroNde for IM bop M N k nd in dafauh In Na payment
anuranm• apedlEeq at thh Section 19,T Psn1e11Y adynbm antes IM Bend ksurarxa Pdky ar
d whdy by IMam d a sell-Inevrarlde fund r IM Bontl Rravs Inaurenn Pdicy. and, tludnp
prwlded by sppllcabh kw. My Wch eaH• each tldWH by Ihs BoIM Irourer, Ihaeaha fa
msursnw obeli W deemed to ha Ineormoa IM pualhwwlNdall ownwa. ThsfMurodlM
avaege hdeundar. Ihs Pronede d fns and Bono Imuror d arty owner ro proceed does nd
aatentled average Inaunncs avaing the raElwti fire Tawn d •nYpenan d any N•b1Ay tar
ParNnp FadlAir, stint oPibndtM Town. ~'TeJlure to paddm anY doh harauntlef. Tha
W W wad tgdhwlth for tM pVRlae d repaldng slwdhXae» Bw BarM linear aownero BaWa
the PrvpartY deslr0yed, Provksd Iha? any p~ IM ax4rdr d anY right by any owner shall
Insurance proeeds rsmalnfnp upon Ih• rwlMdeerrradawaNadany dha right.
cortplelbn d soh raptor a [apkcemrl qMN 8£CYION 24. Oder Upon DefWN. Upon 1M
M dapoaHad in the Band fund er {ily be happanlnq d any d 1M avema d ddauh u
depoehetl Idlhwhh lM BRM Fund pork»d b Bests 22 vi Ihk Ordlrtarwe, IM
U. Surety Bends. Eadr dlldal d IM Yown Town. N adtlhbn. wIE do and perform Y proper
MvEnp awtady of IM Pfedped Aewnur, or pda Op behaA d old for tM ownaa d IM 1989
roaponelbh for that han0lVnp, shall 6• lolly Bands end»Ywun Vra paYmemdlMprlncipal
bonded al MI times, wMch bond shall be d ant iMenal a ails 1980 Bantle haply r
rorrdNbnetl Upon IM proper appNCallan d such Ihs ear» hsoante tlus. Proreeda dalhwd from
mromY. Me P»tlped Aavanur, w long r soy o1 IM
Y, preludlclsl Cantrec» and Aollon 1989 eoAda Myln alnhatlred, ehhw ae to
prohdhed. No contract wXl be entaetl Nla, nor prlndp+l or Inlereeh era Oulatandfng and
wIB any adbn M taken, by IM Town by rTbh unpaid, ahMl M pats into lira Send Fund and IM
IM rlphta and PrNlleges of arty Owner ors Reserve Fund.lwnlwrt M 1M krlA Mreol and
inpalled d dlminlahed. » IM arteM pro+b•d herein. end wad for lM
SECTION 2D. Odaasancs. WMn IM tOB9 WrPaeee MrNn provkled. In tM ereM lM Town
Batle haw bean idly paid, all dbllgalbna Isila d rMwea to proceed es In Ihie eectbn
Mnuntlu shalt W tlkhharged, and Ih• 1989 prorWW.IM Band IrrWfa w brg r N k trot In
Bonds shall no boost M tlNn'etl le ba ddauH d pa payrrwnt at9ipatfaa ender IM Bond
Olrtslendlrg fa any W Moo d Ihl/ Ordinaxs, Insurance Pdky «. ddYq such a ddWA Dry the
except as eel lonh In Ssdlon 19.K. bawl. gad Irounr, !M owner ar owmro d not kae
Payment of any 1989 Bantle shall G daamW IMn twanly~llvs percent 125xy In agpregala
made w11an IM Town hr placed In rROw ralh prlnclpal amaVni al [hs 1989 Bongo then
a Trwl Bank an ucouM evKh:lam (inoludlnp tM Oulatendfnp, oiler demand In wrninp, may
known minimum yield 1+vm pgwrnmenlal ~.~ b Prd~ and eel«® the rights d such
Obppatlonly 1o meet all regvlramenla of dwnafa se Mrelnabare yovlded.
APpreda»d Prlnabel AmauM ae Ihs same BECTK7N 25. Rephlcenwnl d Repietraz or
become dw » rwlurlty, 7ho Ciavemmanlsl PAYIIg Agent. 111M Rspielrol d Paying Agent
Oblyatbro atoll become tlus Prbr Io the Inhlaiy sppdntetl hawnda shot trigs. « H
napedNa lims• an whkh the prvoeede Ihared IM Town shall reaaonady dNarNa Thal said
shell ba metled, b aclxlMance wkh a schedule Replalrar or Paying Agent hoe became
agreed upon belrrean lM Tawn and oust TNII Inapable d padandrg ha tlu[ba MreuMer, She
Bank d 1M Ilms of crrtbn d IM rordw and Town nry, .pen colts mesas m Bend Inaunr
abaft nd M prllab» prbr to IhNr AeR.dd•d antl each owner of soy 1989 Bono al h;a
mnumW by the luwrlhared, addrra teal Mevm an rM repietratbn remdy,
h dls oven[ Mat IhOro k adderanw deny eppONlt ^ wmeae« Rephtnr « Payhlg Agent,
part el EM 1984 Benda d anY melurNr, IM qr both. No roaipnatlan « dlemkaal d the
RepkBU shall, h raquw.l.d by IM Tawn, brthule Apl4lraz a Paying Agent may take eHed unity a
^ ayetamm prrsrn tM benihy d tM Intlvidun wcceaeor le appahlled. Every such allcoaseor
7980 Bella er ponbM 1Mreaf so delaoed,' Regklroa or Paying Apanl obeli M • tasty ar
nperdiesa of chenpsa In bond numbere Irwt cpmpeny Mvlnp a aharesvmare' aquhy
aIIlNadabk lO lranpl•re and OxdlangM d 1989
Ronde; and IM ReplNru aha9 be enlhled to (•.p., oaphal, eu+dus, and untlNldetl prolEk].
nawMbk wmpennfbn antl relrtbuwement d however denominated. al not lees Ihen
expensr Irorn Ihs Teem in oannsdhm whh ouch t1D.000.000, N shall not be required Ihs the
syetan acme inentuhon serve ae bah Reghtrar and
SECTION 21. Delegated Pawen. The Paying Agent hareuM«, but the Town shall
dlkwro d IM Tawn M, and they hereby are, heva IM fight EO have the cams ksikmlon ,errs
aulMrtxetl antl dlreclad to lake all aclbn r dAa Asgwlrar and P•yirg Agent rwrourwa.
necewery or apprapNats to dlssuata the $ECTICAN 2tl. Sererab.dy, h any orw amore
pravhbna a! IM Oroinarlce, InelUtllrg, wkhout adlene, s•n»no., demee « paAe of INa
PrMllnq IM generalky o! !M lorepoing, IM OrohanW faell 1« any rowan b• Arad Invalid.
prlMirg d [M 1880 Bada whh the pplnkn On each judgment shall sat arfad. Irtgalr, or
bond Oounael Ihereen, Iha procuring d bond Irnaadale tAa nmaining provfe]ona d Ihla
Insurance anlerinp Isla and exaeuling ~ Iroh- ~~ s~~ Mnt•~irpins ~•aaloorri
.le aprr+ronte who tM Rpletru and ~y d thk Ordlnanas as aslq unopnphlnlanal
Pry[nq Apanl N ro As aerobes herauMar, and «Ywalld, and IM I ., . ~ pod hvadbfy d
tM gentian d each undlcMw r may ba any eectkn. aal»na, davw or pan d thla
requ;ratl by the Purchaser, Including, but nd Ordinance In anY one « code Irotanoaa sMll
Aseseeully limbed lo, tea absence ^nd not ,Ned or prejudice to any way the
sahtenge of faders nflsd{rq IM axdwlon d
kA•rort an The 198$ Benda Srom groan locator ~~111y antl raldlty d Nk Ordlnanas In any
Tna farm, terrro and provhlons al the al~~w~'
SECTION 27, Repealer. M bylww, arson,
R•phlfar Aproamortl antl Escrow Apylsemsnl reedvlMxlF antl ardinAnor, Dr patte IMroot.
Raa7y ae . ~ and IM town atoll eMa bcollsklam hslewkh ar hereby refwaYed to iM
Imo end panorm ItA ehflgalbAa antler the ~Mi1 only d sveh irrmn•kMrcy. 'fhb mpsMa
Repklrar Agre«mnl and E•Clow AgreMINM In shall +IOl a ~ru~ Go rerhs any nytww. oroer.
Wbe»ntlaXy lha f«ml of loch decumanh rnolwled Or ordbanas, ar pan MerooF,
graMSd to tM Town Cqundl tl Ih4 mrllnp, ~~~ ~~
Xuith only each ChanQee Iharob r ue requkad
by tM clramAlwlr>,a ant wa not IncdrahnM SECTION 2&
MrawNR: and iM MaY« and Town Clerk era A. TM Tawn flwy. wlhwt Meoomenl d, d
ha.by adhdked and dlraaed b execu» and ndbe w IM owmn d tM 1989 B«raa d Bard
delta the ApleNar Agrrrtrd end Eaelpw Irsurer, swept oust rxdfnaner aupplwrwmsY
AgreanwM r roqulnd hereby. Meta (wRldl . ~ ..~ al arMrwrrlaMa sM0
SEC7gN 22. EvsntsdDdeuh. EaehdlM ShaNpla term apws lwrsd}far arty orreamen
fdbwhtp avank k hasty datlarad an'svenl d a ell d iM bllcwhg purpaer:
Ualailk." 1. To an any arlrirpUlry, d to are, o«req «
A. Norpaytt»m d Appreclalsd Principal al "~' '~ anY dMSe d k+porwbleM pwkbn
Amoum. N payment d IM Allpadusd PAncbal aMalnstl b Ihk OMlnaaq, or M walks arty
Amoum of any d Me tea9 Bads In annedbn provblam wnh rsep.ea b rrranere arklnq under
1RaewAN, shall not be made when Ne same ~ Ultlinsrroa or ~ a"y other purpose h such
abet beasts drw and pgyaGa at Ilwludty; a n~etwkbrw are rteireaaary a drkahle alw tlo
8. InnpabM to P•rlaan M the Town ahdl Icr advasey ~~ ~ ~~ d iM awrrers d
any reason be rarwa.d Intapeble d IuYHNnp As IM 1988 Sande or Borw !rod«; d
od Mbru hsrounda; d 2. To aubNcl [o ink Ortllnanos addkbMl
rarenuaa, praMnlr d ceimral
. flelauh d any Provklon. h tM Yawn ahsM B. ExcNnNe of the unendatay «dingncw
ddauh In IM sus end ounciuel pedomlana d permlNSO by Perapreph A d tole Sxtbn. Ihk
M cevenaml er wndNlom. apreameMS ant Ortlinenca rrray be amended « eupplamenled
Provlelona wnWnad b IM 4999 BaM or In Iha by ortllnance rWOgW q IM Tawn Council In
Orobence on Ih Pan to lb psrtRmed, dMr then accaganrs with IM law, wnMut retelpl by IM
IMu ddlnaatetl b ParapNphe A errtl B d ihh Town d try edwllorral o«wbawbn but wort
ssclbn. and h ouch tldWh shad continua ter lea WrX[911 COriellnl d Band IM Vrer, Vnhea BWw
alxh Jaye ahd wnXlsn ndks epedylnp such I+uursr k h d•fgyk urger tM tams d 1M Bond
dNWN arw requXing IM eanw !a M ranadlad Idaurarw Polity, b whblr case lhk Ordlnanca
shall haw bass pvr, to the Town W IM fiontl play M .m•r,dea « •upphmanlatl with IM
Irourar w brg r h k nd In dMwN d lea iwhren oanaaddlMa~mrw•dskysix pwaaM
payrlwM obllpslbrr under IRS Band fmurwloe iB81L] b a0p+•9ws prh,cpal ameum d tM 1989
Polley or, tlurklq suety ddauR M the Barg BawsOwtaMlnp aftM Sines Vr Udoprlond
baVIM, by Iha Osrmr• d twenty'INa pared oust anwnoabty t: alpplemwi»I Orobanca;
128xY b •pprep•1• pMlcpel amaum d tae i$e9 prwlded, hae•ver, ih•1, Wlhad IM writrort
~B CTION~2~Remetllea, Upon the arwern d Borw pwtner ant tM aAnas d all d
IM 1480 Bond Adaerwty aflea»tl Irrarsby, n0
d qnr eisM d ddauN r providatl b ouch Ordinance shall have iM odes d
Beabn 22 bored, tlw Bond IMVra d awrla IX pamwtlrg:
1. M sxlsmlen d IM rrrburhy d any 1989
Rend amh«kad by Ihk Oldmanca: ar
2. A rearrabn In eM pdnelp.l amount d arty
1900 Rand, the rated IMaroet thereon. « IM
pdor rwlaplbn premWm Thereon; or
3. Tha crealbn d a Ebn upon yr pledge d
Pledged AwMuea ranking prior l0 [M Ilan or
pledge creMed by Ihk Ordinance: «
4. A redudbn d IMpdndpal artaun[ d 19Bs
BerMa requhed for cansem ro such emandalary
«erppkrrenlN ordinance; a
6, TM eelabllahrtldm d prbtAlee a1 betwwen
1989 B«Ida Is Wed arM ONYentllrg Vnda the
prov]elona d [hk Orolnalxa; «
B. The modHiratian d « dherwNe aBesinp
IM rights d Vie owners of has Than all d IM
19L9 Bonds Ikon Odeterdlnp,
Cop€ss d any weFrer, modBlcatlon er
wnendmera to Ihls Ordinance ahdl be delivered
to Slandald a PaaYe Corp«alla. Or any dher
rtky Ihen malnrainlnp a rating on the 1989
Bands.
SECTION 29. Ndloe l0 Bond Insurer. Any
ndlce herein required to be given 3a Bond
Iroda shat be In xa Hkg arM sent by reglsiered
ar oenpkd mail to Bond Insurer. Municpal Bontl
Invaatora Aawrants Corparalbn. il3 Klnp
Street. Amgnk Nor Yod 10504 d to aUCh dMr
addrre that Bond Insurer shall ndHy the Town
of b wrhing.
SECTION 3b. Crdinance Iraepaelabk. Ahar
any aF the 1888 Banda Mre1n amhonxe0 are
Iwued, Ihk OrdEnarlce ahaN conalNUls a centred
Ddween the Town end IM owners d IAa 5989
Bontl,, arM shall M end remain nrepealabk
unltl tM 1989 BorMS antl inlart thereon shall
be fully paid, cancelhd and diaeharpetl as
hereto provltled.
SECTION 37. OllvoalBOn d Ordtrorax Thk
Ortllrlsnas, r adopted by IM Countl;, aAafl M
wrtbwed and recorded by Iha Fawn clerk In
the dfk'W racsrda d IM Town. 7h• .tloptbn
and pubhuebn obeli M authrtbated by tM
abnatVlr d IM Mayd, «Mayor Pro Tem ant
Tam Clerk antl by ehs anNYr~e d pubaadbn.
9ECTgN a$, EPedNS Dale. Thk erd[narrtre
shall b In }ul toles antl affad fhre tlaYa filer Ae
pudkJlbn Vpon ilnal peeaape to pravM•d In
Sstlbn s.a d the CRwta.
p9TRODUCEO, READ, APPROVED ANO
OgDEAEO PUBLISHED ONCE IN FULL thk 7M
day d NovemMr, 7pe9 and a PIAab hearing
abet M haltl a tale erdMenure on 1M 7th day d
Nawmbsr, 1980 d 7:90 P.m In the Council
CherMrs d tM Yaq Munblpal BuIltlYlq, Veil,
Cdaedo,
TOVNJ OF VAL
Kam A. Rave
Mayor
ATTEST:
PaTrwh A Brwrdnwysr
Tawn Clerk
ADOPTED AND APPROYFO Ink 21st dry d
... 1989.
' TOVyI'1 OF VAL
Kem R. Row
Mayor
18EALy
ATTEST:
Psmela A Brandm•ysr
Tawn Clerk
P16Nahed In TM YeA TnA
a Na+ertber 2{. 1889
Public N4tICe
OROINAHCE NO. ab
Ssrlaa of 1988
AN ORDINANCE ESTABLISHING A
PROGRAM OF lNVESTMENT3 TO PROVIDE
FOR THE PAYMENT OF THE TOWN'S
OUTSTANDING GENERAL OBLIGATION
REFUNDING BOND5, SER{E8 1981, ON
OECEMBEA 1, 1995 AND IN CONNECTION
THEREWITH PROVIDING FOR PERIODfC
iNYE9TMENT3OF MONEYS TO pgOVIpE FOR
$UCH pgYMENT; pgOVlDINO OTHER
OE7gIL5 IN CONHEGTIDN THEREWTH: AND
REPEALING ALL ORDINANCES IN CONFLICT
HEREWITH.
WHEREAS. [M Tam o1 Ydh Cvl«aa phe
'Town'y has heretdore laaued Ns Oenera3
Ohl€gatlon BoMe, 3erir 1985, dated as of
November 15, 1985 In the original aggregate
drindpaf emeunt d 521,71s,0oq (Iha '1985
8oride'y; and
WHEREAS, Iha 1995 Benda na$uri,g on and
attar Oersrrfper I. 199¢, are aubled to
retlertpllon prbr to maturity, a[ tM apilon d the
Town, in whole m In pM, on December 1, 1995
(Ihs 'Redemplbn Oate'} upon payment d par
and accrued Infer9el. without redemption
premium QM'Retlemplfan Prbe'1; an4
WHEREAS, purauanl io the Ordinance
adhRlxlnp tM Issuance d the 1985 Bontl, phe
'1985 Ordinance'], the Town hoe agreed la
{Neege alto set aeWe ane~haX d the Town's law
percent calm tax RM'Piedgad Sales Tax"y to
pay Vie prlncgal d and Interest on IM 1981
B«Itla; and
WHEREAS, the Town dr;rea to kaue he
Sales Tax Aevenua Banda, Settee 1989, h IM
pnncbal am0dnl d !9,1$9,619.06 pM '1989
Bonday and to pledge tM pledged Sates Tax
ant certain dher rarenueato IM payment d too
1984 Benda; and
WHEREAS, In dderta eclat munklpal bead
Imuranca ant IMref«a achieve more favorable
Inlerrt relr on Ihs 1989 Benda, h k necessary
fa the Tam iq rrebfleh a program pM
'Proprallf} fa [ha ensue! Invrlmam d pledged
Seise Tax ant dher bgaly avdlabpe revenlres
d the Yawn {axoepl for general ad valorem
properh tarry nl order b have euHicbm footle
a hand r d IAa Redarplbn Date to pay the
Retlelrplbn Prke of the leas Balwa;
NOW, 7HEREFOgE, BE I7 OROAINEO BY
THE TOWN COUNCIL OF THE TOWNOF PAIL,
caoRapD:
SECTION 1. DellnXbne, Unlrs Otherwiea
tldlrlad in nth Ordinance, taint wed In Ihk
Ordlnanca shell heva Ihs rroeninge epecilled In
OIOIMnce No. 2B, Series d 1988 (tae '1989
Barw Orofnarrw'].
912C710N 2. Rallllcallon. 0.11 adlona
heratalora taken (not Inans[atent with the
provlelona d 3hk Ordinancey by the Town
Caundl antl other 011itera of the Tnwn 4n
rlabAahing the Program ere rdkled, approved
and anllmletl.
SECFION 3. Amhopzallan of Program. The
Program h hereby adhdhad I« the purpose d
providmp t« Ise roder+ption d the i9Bi Bonds
on the Aetlemplbn Oats, except es herelaaher
ad forth.
SECTK7N 4. Pledge d Revenur. Rte Town
h«aby pledgr b invrt tM followlnp arnounte
vn IM following dates solely Iron the Pledged
Sales Tax a ouch q[ha ravenur d the Town
u rtwY be kgelly avaihbla fexnot for general
ad ralareml propMy text];
fnYlatmsnl
Amount Dale
1189,108 June 1, 1990
1902,778 DeOBrr6el I. 1990
!319.801 Jum 1, 1981
iB20.601
1265,249 Dacerrber 4. 1981
51,145,219 June 1, 1992
1251,074 Oscelrber I. 1982
11,198,074 Juna f, 1993
5213,379 Decanter 1, 5993
1,237,379 Juna 1, 1994
S82,ti94 Deoanber 1, 1994
The revenues so pledged shell be Invested
by the Tawn pursuant la a gaaranteetl
invrtmem contras Mlwean IM Town and an
Insurance company or other linantlal Institution
acceptable to the Bond Inauror orb Abe Town
Manager, dated sa d Densrrber t, 1989 phe
'Inveetrrent Agreement}. The revenues so
pletl9ed and the Invmtment Agreement are
pledged [o and shall be used solely tar the
redarrpdon d the 1985 Sonde as provNled in
Sedbn 5 Mred, TM pledge of aunt revenur
abet{ nd analilute an EndebretlMSe or a debt
whhin Iha meaning al any applicable chaser,
canelputbnd ar ntalutory provision or Ilmkatinn,
nor shell ouch pledge ba considered to be or
MM to be a general ~Ygatbn of the Tam.
SECTION 5. pedeirplbn d 1885 Rontls. Tha
Town Cevncl; has elemed and d0e6 hereby
declare hs Intent to exercka on behaH d and In
the name d tM Town M option to redeem an the
edemptbn date ell d 1M 1981 Bonds matudrg
an and alter December 1. 1998. The Tarn la
hereby obligated to axerdee such option sole
Tram the revenues Invested In the in the
Invrtmant Agreement, udre on or before
October 55, 1895. the Town Finance Dlresor
delvers a cenNksla to the Bond IMUfar that the
Pledged Ravenvea fd me IweNe Calendar
rtwnthe Immediately preced€rg Iha delivery d
the cen'rflcata equal « aACmtl the sum d IM
prlndpal d and Intent an me 9erlea S96i
Banda during Iha suoce•dbg esvwNa calendar
menlM plus 13Dx d the Maximum Mnwl Dept
Servka RequlremeM (excluding the prindpd d
and Imarest on Iha 9erlea 1885 eonde]• In me
event ouch cenllicale k delveretl, the Tawn shell
redeem IM 1905 Bonds only N evlh«Eaed by
reedulbn d the Tawn CouncB.
SECTION B. Detepdetl Pewere. 1Te oHkaa
d the Town ba, and they hereby are, Authorized
end d{reded la take all actipn neaasary ar
approprlde to dlactuais the pravhbna d [hk
Odinance,
The Fawn shall enter fine end ped«m ha
obligallor under IM Inveatrrwm Agreemam In
aubslartbefly the form o! each doeu menl
approved by the Town Manager end the Town
Att«nay; antl the Meyd arM Tawn Oferk are
hereby edhoHZetl ant directed to execute and
delNer tM Irrveslrllem Agreerrem as required
hereby.
SECTION 7. Severablllty. h any one or mare
Rbna. aenlencea, clauses or Pena d Ihie
Ordinance aha11 for any reason be heU invalid,
such judgment shall not allec4 Impair, o
Invatbale the remaining provl9lone of this
Oroinana, but obeli M cenilned In Na operedon
to the epaHb aeslaa, semencea, clawes Or
pane 01 Nla Ordinance BO held unconelX WOnaI
or krvald, erltl iM InepplltaOllXy and Inva4dhy d
any aectfa, ,entente, deuce ar pen d Ihk
Ordinance In any one or coda lnatances SR831
not alleci or prelueice In any way the
appirabilhy and vetbhy d Ihla Okinance In any
dher balances.
SECTION 8: Repealer. All bylaws, orders,
rdulbrla and oWinanaa, or pane thereat,
Inconslalenl herewith are hereby repealed to Iha
extern any d evert Incanbs»ncy. This repeabr
shall nd ba ronstnrad to revise any bylaw, order.
resoldlon ar ordinance, or part thereof,
herds«e repealed. TM Town ehaX invent the
revenur tleacrbetl In Sedlnn 0. hereof In the
IhVe81ri10nl Agleemera mtwi[Mlanding anything
to Ihs wintery b Counca Pdicy Statemem 00-1,
Invrtmam Pdry,
SEC71aN $. Ndice l0 send lneurd. Airy
eankbate herein required la ba ghven 1V Band
Irourer ehaB M in Wrhbg and sent W regisiersd
or cenHled mall m Bond Incur«, Munbbal Bond
Inveemm Jaevrana Corparatbn. li3 King
Slral, Amtvnk Haw YOM 10504 orMarwh other
atltlresa tRal Bontl Inaur« shall notify the Town
of b wvAing.
SECTION 10. Dlspaklon d Ordinance. T'hk
OMinanos, as adapted by the Ccundl, shall he
unbaed and rewdad by the Town Clerk In
the aaldal rewrda d She Tarn. The adapt3on
end plbllra8on shelf he sutRemksted by the
Xlgndures d the May« and Tovm Clerk, and by
the cenifbala o! publrtian.
SECTION t I. EHechlve Bate. Thk ardmance
shall be in fuN fo{ce antl enact INa days soar Hs
pudkatlon upon Ibd pmsaga as provldad In
Section 4.9 d lM Ghaner,
INTggODUCEb, REAb AND PASSED ON
FIRST AEADING AHp ORDERED pUgUSF',Eb
ONCE IN FULL [hk 71h daV OI November. 1889
and a public hearing shalE be held on this
ddinance vn IM 7th day d November, 1989 d
7:30 p.m In Ihs Council Chambero d IM Vall
Municpel8uildlrg, Val1, Colorado.
TOWN OF VAL
Keel R. Rose
Mayer
aTrESr;
Pamela 0. Rrerdmeya
Tawn Clerk
Awr , rv AND APPROVED elk 21st dory d
Nbva+nMr, 1809. _
YOWNOF VAL
Kent R. Rose
Mayor
(SEALy '
ATTEST:
Pamela A Brendrtwya ,
Town Clerk
PuMhhed In TM Val Tray
M Na+anber 2a, 1909
PUbIiC NOtiO@
Thh ndbe rrvke !o advke That a epeagal
meeting al the Lord Liquor Lkanalrg Auth«Ay
for Iha Town vF Vall wll! bs anvened on
MoMay. December 4, 1989 at 1OJ10 am, b IM
Council Chemben of the Vail MunlclpeE
Sainting, 75 South Fronlape Reed. Vsll,
cd«ado.
The public k IMiled ro ,nand and M heard.
TOWN OF VAL
LOCAL LYJIIOR
UCENSINOAUTHORfTY
Pamela A. Brerwmeyx
Seerdery Inv the Adharlty
Potashes In Tne Vsli Tray
on November 24, 1989
Public NotaCe
PUBLIC NOTICE IS HEgEBY GIVEN that
Wrausm m tM COLORADO LKIUDR CODE An
1835, ae emended July 1. 1970.1M Majkq Vail
C«pordlal, dba, Club Mallq Cra•arOdtla d
Vd4 and Hering tM fdbwlnq dnawa: Prrwrt.
Mark 3, SMwartz, 4t860 Caumy Road 30,
8leatnboat Spdnga, Colorado; Vlcs•
PI9sWenvS•Retary, James R. Farlmarl, 28BI9
County Road, 33A, Steamboat Springs,
Colorado: Treasurer, Linda Nabproo, 1 Retort
Read, x224, Staanbpat spdnps, Cakxatlo; IiNd
whh IM Local Lbenaing Aulhdeyior IM Town d
VaU on November 9, 1989, for a
HOIeUReataurant L'Iquor L3cenee who Enendad
Hoare. at tM ka[1on d 143 East Meadow D+M•,
IM Cbsaroads Shopping Came, SpRro N•ep0,
Vail, Coorado. Such bert+epas to M wmumed
an the mamlaaa where served,
Mailing eddreae d IM appAtanl k 143 East
Meatlaw Drive, Space N•100, Val}, Cdorade
81657,
A publb hearing a thk appllralbn will be
held bdvre the Local Lkenabg AWharlly I« SM
Town of Vail an Mersey, Detester 4. 1989 ai
10J10 am., h the Courwal Charrben d tM Yell
Munldpal Ruudinp. 75 South Frontage Road
Weal, Vail, Gobrado. PetAlae, remonetrencae,
motions and dher Irowmank may M Iliad wXA
tM Lod lleanalnp Adhorly by aubmiting owns
to the Town Clerk at the Munklpal Buibinp In
person or by mail.
Mailing adtlreia d the Local Lkaneing
AuihomY b 75 Sodh Frontage goad Weal. Vas,
Coorado 81657.
Any Inierealetl pant may appear at cab
ptblic aearing tp ba hesM I« « agalnal tM
praMlrg vl this Ifgvor Ibensa.
TOWN DF VAL
LOCAL L30UOR
LiCEN51NGAllOIORITY
Pemeb A. Brendrrwyer
Secrdary to the AulMray
Pubeehed In ills YaX TraA
art November 24, 1889
Public Notice
NOTICE OF APPLICATION
FOR TAVERN UCY;NSE
NOTICE IS HERESY OIYEN tRal I.F.
Manapallwnl Group she TM Check-Inn Lounge,
Craig 9tIVVe. Pra•Itla nt/Vise
PrealdenVSecrelary; made epplballon to the
Aron Town Council ae8np as Iha Local
Lk;elelnp Aulh«Ny fd a Tavern Lqud Lloenae
for sale of Mall, Vtnsue and Splrituoua
beverages on tM premiaea located al the
Carryad Inn, 181 West Beaver Creek Boulevard,
Tawn d Avon. County of Eagle, $1A[e o1
Cobrada.
A nearing will be held al 7:00 p.m. on
Turday, December 12, 1989 at Iha Town
Counall Chambora, Avan, Colorado. to
delarmne N Ihls appNCatico should <ro approved.
Informatlvn may be obtained vP to antl
including [M date d IM aeaTing and all pereorw
tlesidng ro goriest tM granting o} Mia applicafien
may lily their petAbn « rema9lrarMea uma that
thw.
AVON TOWN COUNCIL
ACTING AS THE
AVON LlOl10R
L]CENSING AUTHDAI7Y
By: Palhcia J. OOyfe
Twin Clerk
Publkhetl In The VaX Trap
on November 24, Decenber 1 and 8, 1989
Public Notice
OgDINANCE NO. 10
SefIN d 7989
AN OROINAMCE FOR THE LEW OF TgJ(ES
0.Np THE SETTING DF MLL LEW UPON T11E
RrCAL ANO PERSONAL PROPERTY WITHIN
THE TOWNOF MINTURN FOA THE YEAR 1990.
The Town Caundl d Ma Turin of Mlmum.
Cd«ado hereby Groats:
SECTION f. TMt Ihen ba, and hasty k.
ferled upon IM reel end Personal property
whmn the Town d Mlmam, Gobrada. aocorofrg
to IM aaaraetl velunbn IhereaL fa tM year
t990 a tae d 20.251 nab pn arch dallaz d asb
prlpeny acoortlirg to ha aeareed valwtbn f«
the purpose d paying antl providing br the
payment al the current expener d Iha Town d
Mlnturn t« tM Ikcal year beginning Jruary 1,
1990.
SECTK)N & €n the agnbn of [ha Town d
Mlntwn. Ihk ordinance k nemeaary br the
immadlale p•otedla arttl praservarbn d [M
public heaXh, wldY. cenvenbnce and general
wedare. and it k 91Wdetl br that Purpose antl
shall be in loll face ant eAedhe January 1,
3990.
N4TAODUCED, REAP SY TffLE. APPROVEO
ON FIRST READlNO AND ORDEREC
PUBLISHED ONCE IN FULL Ihie let day m
Nvverrber, 1099 and a pudic heazbp shall ba
held on thla «dlnsnce the 1e1 cloy al
November, 1989 at the Gomnlunhy Cema N the
Tawn d Mlnturn,
TOWNOF MINNAN
Dwell wegen
ATTEST: Meyer
O[Vlane Lr Unger
Town Clark
THE TOWN OF MINTURN, COLORADO
OgDAINS THAT THIS OgpINANCE IS
iNTROWCED, BEAD BY TITLE. APPROVED
ON SECOND READING AND ORDERED
PUBLISHED ONCE IN FULL 7hh i51A xlay d
November, 1989.
TOWNOF MINfURN
pwrell Wpert
' Mayor
ATTEST:
Darbne Lee Urger
Tawn Clerk
PubXahed In TM Vaa TraA
a Narwnber 21. 1889
Public Notice
OuH 5 Wr1amG0 Damea•MOOre: 1125
Sevsdeedh Strrl. e12D0, Denver, Gobnwo
8o2P2 10'031 29 9-9100 has filled an appllcatl.ln
face MIMnp ant Reclanwtian PermN whh fine
CaloradO Mined Lard R•dartwlbn Boero ulwa
provkfone of the Colorado Mined Lane
Aedemazbn Ad. TM propveetl mine le foaled
m «near 59dlon 2,0. Tawnahlp 6.0 9, Range
81.0 Weer, 98th puma Merwian.
Fhe propoeetl date a1 commncement la
Much 1, 1990 and the prapoaed tla[e of
omplallon is Nauembar 30, 1993. The
pmp"aed allure uea d IM land la wldltla habileG
Adtlttbnal int«mallon antl IeMa1Ne hosting sets
cosy he ablalned from me Mlnsd Lantl
Rrrclematbn Board, Ra«n 215, 1313 Shaman
Sired, Denver. Cobrade 89203 (303y 888•
35x7, «Esgb County Clerk and Receroer, Boa
b37, Eagle, Coorado aIBTI or the atpva-
namallipplkw+L
Wrlnr oorrvrwnn meal M raedved by IM
Mlnsd Land Redematbn Beard by b W p~m on
Dacembw 21, 1980,
Pudkhsd b TM Vail Trail on
Novambar 10, 17.24 and Deosnber 1. 1988
4 ~-