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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 -2- . document appertaining hereto, except where the context by clear implication herein otherwise K 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 -3- ~ • • 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 -4- ~ ~ ~ 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: -5- • • (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 -d- , 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 -7- • • ~ 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 -8- 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 -9- ~ ~ ~ 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) -1.0- (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) -11- ~ r ~ .. {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) -12- (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) -13- 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. -14 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 -IS- • t 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 -16- • • 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 -1 ~- ~ ~ ~ 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 -18- 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 -19- . • 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) -22- `~ ~ ~ • {Attach Affidavit of Publication After Final Adoption) -23- 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 [ ] ~s"[] DUTCH 11.50 PT [ ] LASERJET + [ ] Legal [ ] 1.5[] Time: Ext: Letterhead [ ] 2[] 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 -3- 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 -5- • 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. -6- _ "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. -9- 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 -10- 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: -13- (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 -1 ~- 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 -15- 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 -16- 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) -1$- - - i ~ ~- (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) -19- • • • (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) -20- ' (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) -21.- 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. _?~_ 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 -23- ~ ~ ~ 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 _?q_ ~ ~ ~ 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 -25- • ~ • 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 -28- • • 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, -31- ~ ~ ~ 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 ., -32- -~ i • i 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, -33- ~ ~ ~ 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 -3~- -~ • i • 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. -35- ~. 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. -36- r i ! 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 -37- ~ ~ ~ ,. 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 -38- _- 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 -39- ~ ~ ~ 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 -40- • 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 -4I- . .. 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 $10,000,000. It shall not be required that the same institution serve as both Registrar and Paying Agent hereunder, but the Town shall have the right to have the same institution serve as both Registrar and Paying Agent hereunder. Section 2G. Severability. If any one or more sections, sentences, clauses or parts of this Ordinance shall for any reason be held invalid, such judgment shall not affect, impair, or invalidate the remaining provisions of this Ordinance, but shall be confined in its operation to the specific sections, sentences, clauses or parts of this Ordinance so held unconstitutional -42- or invalid, and the inapplicability and invalidity of any section, sentence, clause or part of this Ordinance in any cane or more instances shall not affect or prejudice in any way the applicability and validity of this Ordinance in any other instances. Section 27. Repealer. A.11 bylaws, orders, resolutions and ordinances, or parts thereof, inconsistent herewith are hereby repealed to the extent only of such inconsistency. This repealer shall not be construed to revise any bylaw, order, resolution or ordinance, or part thereof, heretofore repealed. Section 2$. 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 -43- .. 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 -44- 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 -45- 1.~ w ~~ ~ 6 ~^ ~'. ~'i 7 ~. o y~y ~~ ~. ~, ~ s ~ ~~ a ~~~ p b~ ~~ s ~~ ~ __ n P _ ~ ~ ~ p o x ~~ 3~~ Q~ o ro ~ O ~m c ~ ~ c o .o ~ ~ ~ 4~ m ° Q ~ ~.~' ~~ ~~ ~~ ~ ~ ~ ~' ~~~~ ~ ~ ~•~ Q ~ o ~- ~ ~ T z 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 ~ • m ~ ~ Q ~ ~ .~ ~ ~o~~~-C~}~a~ Q, cr ~' ~ ~ ~ ~ ~, ~ m -~ cD Q ~ o p o ~ Q a ~ ~ o ~ ~ ~ x Q~3~ro~Q~o N Q ~ N ~ ~ Q~ ~C a~ ~ N ~, t~ ` Q O C p pcd ~4cD ~ ~~. ~ ~ a ~ o Q~~~:~~~Q~ ~~ o~ o m ~~~ ~ o ~ o J ~,~ ~~t~ o Q a m C ~ ~ -~ (D OQQ (D~~Q~ ,p ~ .Q ~ L7 C3 ~ ~ ....-~ 7' C .n ~, oc~o ~.~,- n ~6 _ boa ~~ o ~ ~ ~ •c x• ~ Q Q ~ ~ ~ D ~ ~. ~ g ~ m ~~~.~o~p~r= r ~ ~ ~ o ~, o -~ o ~$oy~o~~m ..a ~. O. ~ ~ ~g~~Q~~-+~~~~ Q 'C1 ~ ~ ~ 3~~Q~~(b~w' t~ ~= ~ L7 ~ ~ ~ `C -~ ccepp ~ tD `n ~ cc~pp ~ ~ ~ 4 ~ ~ ~ ~$~$~aQ~~~~ Q ~ ~ ~ ~ ? O ~p ~v~4~~~~03 ~ O }~~y O ~ C /~~ ~ W N~ p~ O '[`Lug, Q ,V ll ~ -I~ ~ Q7 ~.`X t~' N L=J z 0 ,'n' a ro 1 3 O o ~ O O m 0 Z 62 ~ vast nets - NoDerALer 24, f 983 ~"-W _~~, [~ .d fe`4• h~ t 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 ,~~ 1 ~' ,\ ~=: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 ~-