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HomeMy WebLinkAbout1989-30 Establishing a Program of Investments to Provide for the Payment of the Town's Outstanding General Obligation Refunding Bonds, Series 1985 ORDINANCE NO. 30 SERIES OF 1989 AN ORDINANCE ESTABLISHING A PROGRAM OF INVESTMENTS TO PROVIDE FOR THE PAYMENT OF THE TOWN'S OUTSTANDING GENERAL OBLIGATION REFUNDINC:'r BONDS, SERIES 1985, ON DECEMBER 1, 1995 AND IN CONNECTION TI-IREWITH PROVIDING FOR PERIODIC INVESTMENTS OF MONEYS 7'O PROVIDE FOR SUCH PAYI',~IENT; PROVIDING OTHER DETAILS IN CONNECTION THEREWITH; .AND REPEALING ALL ORDINANCES IN CONFLICT HEREWITH. WHEREAS, the Town of Vail, Colorado (the "Town") has heretofore issued its General Obligation Refunding Bonds, Series 1985, dated as of November 1S, 1985 in the original aggregate principal amount of $21,715,000 (the "1985 Bonds"}; and 'UVi"-IEREAS, the 1985 Bonds maturing on and after Dece-nber 1, 1996, are subjc,ct to redemption prior to maturity, at the option of the Town, in whole ar in part, on December a., 199 (the: 'T.edcmption Date") upon payment of gar and accrued interest, wikEiaut redemption premium (the "Redemption Price"); and WHEREAS, pursuant to the Ordinance authorizing the issuance of the 1985 Bonds (the "19$5 Ordinance"), the Town has agreed to pledge and set aside one-half of the Town's four percent sales tax (the "Pledged Sales Tax") tc~ pay the principal of and interest on the 1985 Bonds; and WIIEFtEAS, the Town desires to issue its S~ile.s Tax Revenue Bands, Series 1989, in the principal amount of ~9,199,6~15.05 (the "1989 Bonds") and to pledge the Pledged Sales Tax and certain other revenues to the payment of thy: 1989 Bonds; and -1- WHEREAS, in order to obtain municipal bond insurance and therefore achieve more favorable interest rates on the 1989 Bonds, it is necessary for the Town to establish a program {the "Program") far the annual investment of Pledgcci Sales Tax and other legally available revenues of the Town (except for general ad valorem property taxes) in order to have sufficient funds on hand as of the Redemption Date to pay the Redemption Price of the 1985 Roads; NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF TIME TOWN OF VAIL, COLORADO: Section 1. Definitions. Unless otherwise defined in this Ordinance, terms used ire this Ordinance shall have the meanings specified in Ordinance No. 24, Series of 1489 (the "1969 Bond Ordinance"). Section '?. Ratificatinn. AlE actions heretofore taken (not inconsistent with the provisions of this Ordinance) by the Town Council anct other officers of the Town in establishing the Program are ratified, approved and confirmed. Section 3. Authorization of Pra~ram. The Program is hereby authorized for the purpose of providing far the redemption of the 14$5 Bonds on the Redemption Date, except as hereinafter set forth. Section 4. Plcd~e of Revenues. The Town hereby pledges to invest the fallowing amounts on the following dates solely from the Pledged Safes Tax or such other revenues of the Town as may be legally available (except far general act va]orem prnperty taxes): _7. Investment Amount Date ~1S9,10S .Tune 1, 1990 90?,77G December 1, 1990 310,501 June 1, 1991 9?(),501 December 1, 1991 285,'?49 3une 1, 1992 1,145,249 December 1, 1992 2S 1,074 .Tune 1, 1993 1,18G,074 December 1, 1993 213,370 June 1, 1994 370 1 233 December 1, 1994 , , 52y 944 June 1, 1995 The revenues so pledged shall be invested by the Town pursuant to a guaranteed investment contract between the Town and an insurance company or other Financial institution acceptable to the Bond Insurer and the Town Manager, dated as at December 1, 1989 (the ".Investment Agreement"). The revenues so pledged and the Investment Agreement are pledged to and shall be used solely Foe the redemption of the 19$5 Bonds as provided in Section 5 hereof. The pledge of such revenues shall not constitute an indebtedness or a debt within the meaning of any applicable charter, constitutional or statutory provision or limitation, nor shall such pledge be considered to be or held to be a general ohligation of the Town. Section 5. Redemption nF 1955 bonds. The Town Council has elected and does hereby declare its intent to exercise on behaIF of and in the name of the Town its option to redeem on tl~e redemption date all of the 19$5 Bonds maturing on and after December 1, 199G. The Town is hereby ohligated to exercise such option solely From the revenues invested in the Investment Agreement, unless on or before October 15, 1995, the Tnwn Finance Director cfefivcrs ~- ccrtil'icat~: to the Bonn Insuri:r that the; Pledged Revenues For the twelve calendar months immediately preceding the delivery of the certificate equal or exceed the sum of the principal of and interest on the Series 1955 Bonds during the succeeding twelve calendar months plus 130% of the Maximum Annual Debt Service Retluirement (excluding the _~_ principal of and interest on the Series 1985 Bonds). In the event such certificate is delivered, the Tawn shall redeem the 1985 Bonds only if authorized by resolution of the Town Council. Section G. Delegated 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. The Town shat! enter into and perform its obligations under the Investment Agreement in stibstantialiy the form of such doeurnent approved by the Town Manager and the Town Attorney; and the Mayor and Town Clerk are hereby authorized and directed to execute and deliver the investment Agreement as required hereby. Section 7. Severahility. If any one or rnare sections, sentences, clauses or parts of this Drdinance 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 or invalid, and the inapplicability and invalidity of any section, sentence, clause or part of this Ordinance in any one or more instances shall not affect or prejudice in any way the applicability and validity of this Drdinance in any other instances. Section 8. Rcnealer. All bylaws, orders, resolutions and ordinances, or parts thereof, inconsistent herewith are hereby repealed to the extent nnfy of such inconsistency. This repealer shall not be construed to revise any bylaw, order, resolution ar ordinance, or part thereof, h~retofarc repealed. The Town shall invest the revenues described in Section 4 hereof in the Investment Agreement notwithstanding anything to the contrary in Council Policy Statement 88-1, Investment Policy. Suction 9. Notice to Bond Insurer, Any certificate herein required to be given to Band Insurer shall be in writing and sent by registered or certified mail to Bond Insurer, -4- Municipal Bond Investors Assurance Corporation, 113 ~.ing Street, Armonk, New Fork 10504 or to such other address that Bond Insurer sha11 notify the Town of in writing. Section 10. Disrfosition of Ordinance. This Ordinance, as adopted by the Council, shall be numbered and recorded by the Town Clerk in the official records of the Tawn. The adoption and publication shall 6e authenticated by the signatures of the Mayor, and Town Clerk, and by the certificate of publication. Section ll. 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 FOR PUBLIC HEARING TI-IIS nth day of November, 1989. ADOPTED AND APPROVED THIS 21st clay of November, 1989. Mayor Tawn of Vail, Calarado (SEAL) Attest: ~ ~~~ ~`--~.Mt 2.1,rJ ~. ~~7~Yula~ Town Clerk Town of Vail, Colorado -5- • i STATE OF COLORADQ ) COUNTY OF EAGLE ) SS, TOWN OF VAIL ) ~ ~ 1j r~ • Tlrc Town Council of the Town of Vail, Colorado, met in regular session, in full conformity wish the Town Charter and the applicable laws, rules anti regulations of the 'T'own, at the Vail Municipal Building, Vail, Colorado, the regular meeting place thereof, on Tuesday, tiro 2Xst dory of Nav~:rr~bcr, 1.989, at tl~e hour of 7:30 p.m. The following were found to be present, constituting a quorum: Mayor: Kent R. Rose Mayor Pro Tcm: John C. Sleviu Councilmembers: Eric Affcldt Michael Cacioppo Merv Lapin Tliamas Steinberg Gail Wahrlich-Lowenthal Absent: None There also were present: Towta Manager: Randall V. Phillips Director of Adminis- trative Services: Charles Wick Town Clerk: Pam Brandrueyer Town Attorney: Larry Eskwitli -1- ~ • Tlrereuporr, fire following proceedings, among others, ~-vcre had and taken. Proposed Ordinance No. 30, Series of 1989 was read by title as follows: ORDINANCE NO. 30 SERIES OF 1989 AN ORDINANCE ES"I'ABLISI-iING A PROGRAM OF INVESTMENTS TO PROVIDE FOR THE PAYMENT OF 'l'III~. 'I'UWN'S OUTS"I'AND[NG C1~NCRAL 0131_1GATION KEI''UNDING BONDS, SERIIrS 1985, ON DCCLMBER I, 1995 AND IN CONNECTION TIIEREWITI-I PROVIDING FOR PERIOI]lC INVES'I'MEN1'S OF MONEYS 'I'O PROVIDE FOR SUCH PAYMENT; PROVIDING OTIIER DC'I'AILS 1N CONNECTION TI~iEREWI~`Ii; AND REPEALING ALL ORDINANCES IN CONFLICT' I~EIZEWITFI. Tire Council thereupon held a public lrearing on proposed Ordinance No. 30, Series of 1989. After conclusion of lire public hearing, Counciilncnrber Afield[ moved acrd Councilmcnzbcr Lapilr seconded drat fire recitals and Sections 4, 5, G, 8, and 9 of proposed Ordinance Nn. 30, Series of 1989, be amended to read as follows and that Ordinance No. 30, Series of 1989, as amended, be approved orr second arld final readinf; and published in full: WIIEREAS, the Towtr desires lcr issue its Sales '1'~rx I~evcnue I3c)nds, Series 1.9$9, in the principal amount of $9,199,G~8.05 (tire; "1989 I3oncls") and I.o pledge Elrc I'leclgcd Sales Tax acrd certain Qther revenues to fire payment of the 1989 Borxls; anti Section 4. Pledge of Revenues. The Town hereby lrledgcs to invest the following IiIr3oltI1L3 on the fUllcrwirrg d~rics solely frcrrli the Pledged Sales 'I'ax car sUCh otlrcr rcvezrucs of the Town as may be legally available (except for gecrcral ad valorenr property taxes): -2- ~ i ~ •_, i Ilvestment Amount Date $189,108 June 1, i 990 902,77G December 1, 1990 31{},801 rune 1, 1991 920,8{)1 Dccember l. 1991 285,249 June , 1, 1992 1,145,249 December 1, 1992 251,074 June 1, 1993 1,180,074 Dccember 1, 1993 213,370 .Tune 1, 1994 1,233,370 December 1, 1994 82, 944 June 1, 1995 The revenues so pledged shall be invcstecl by the Town pursuant to a gtlaranleecl investment contract between tlic Town and an insurance company or otlicr linaricial institution acceptable to the Bond L)surcr and Ilse Town Manager, dated ris of Dccelnbcr 1, 19$9 (the "Irzvestrnent Agreement"). The revel>.ues so I)ledgeci anti tlic Tnvcsimcrlt Agreement arc pledged to and shall be used solely for the reden)1)tion of the 1985 Bonds as provided il~ Section 5 hereof. The pledge of such revenues shall riot constitute art 111dC:blC(iRCSS ()r Il debt wlllll^ llle I11Ca17111~,T of ally al)pllcable L'l1aI'tCr, CUilStltlltlollal or StaflitUI"y provision c)r limitatiUn, nor slirlll such pledge be colisidcrcd to be or lic;ld to be a general obligation of tl)c Town. , Scctioti S. Redemr)tion of 1985 Bonds. The Towrl Council has elected and sloes hc;reby clcclarc iks intct~t to exercise orl behalf of and in the nalne of the Towrl its option tc~ redeem on the redemption date all of the 19$S Bonds matcrring on and after Dccember 1, 199G. The 'T'own is l~ere!)y obligated to exercise such option solely from the revenues invested ill the Investment Agreement, unless orl or before October 15, 1995, the Town Fil)ance Uircctor ci+;livcrs a ccrtificalc to the 13olid insurer that the 1'lcdgccl l~cveuues for the twelve calendar mol)tlis immediakcly preceding the delivery of the: certificate e(lual or exceed the sum of tlic principal of and interest on the Series 1985 Bor)ds duril~g the succeeding twelve culenciar molitlis plus 130% of the Maximum Annual Deht Service ltequirenrcnt (excludilig llle _3_ • i ~ principal of and interest oti the Scric;s 1985 Bonds). In tl~e event such certificate is dclivcrcti, the Town shall redeem the I.985 Bonds only if autlorized by resolution of the Town Council. Section fi. Delceated Powers. The officers of the Tawn be, and they hereby are, authorized and directed to take all action necessary or appropriate to effectuate the provisions of tljis ordinance. Tlrc Town shall enter into rind pcrfc}rrn its obligations urxicr the Invcstit~cnt Agrccnrerit in substantially the form of suety dcaeurncnt approved by the Town Manager and the Town Attorney; and tl~e Mayor grid Town Cleric are hereby autliarizcd rErrcl directed to execute and deliver the Investment Agrccnicrit as required hereby. Section 8. I2enea[er. All bylaws, orders, resolutions and orclinanees, nr parts thereof, inconsistent herewith are hereby repealed to the exter;t only of such inconsistency. 'phis repcalar shat! not be construed to revise any bylriw, order, resolution nr ortlirrance, or part thereof, heretofore repealc;tl. 'I'hc `I'c}wn shall invest the revenues tlescril~ed ia~ Scetion 4 hereof in the Investrxrcrit Agreement notwithstanding anything lc> the contrary in Council Policy Statement 8$-I, Investment Policy. Scetion 9. Notice to Bond Insurer. Any certificate herein required to be biven to I3ojid Insurer shall be in writing and sent by registered or ccrtificd mail to Bnntl Inst~rcr, Municipal Band Investors Assurance CorporatiorY, 113 King Street, Any-o~ak, New York 1U50~ ar to such other address that Bond Insurer shall notify the Town of in writing. -4- • i i The ra11 was called with tlic following result: Those Vating Yes: Kent R. Rase Jahn C. Sievin Eric Affeldt Michael Cacioppo Merv Lapin Tharnas Steinberg Gail Wahrlich-Laweuthal Tkrose Vating No: None Those Absent: None The Mayar thereupon declared that all members having vated i~r favor thereof, the motian was carried and proposed Ordinance Na. 30 as so amended, was adopted and approved. Tlrere being zro further business to came before the Tcawn Council, an motion duly maclc and urranimausly carried, the meeting was adjourned. Mayor {SEAL) Attest: Town Clcrlc -5- STATE of CoLORAno ) couN~rY or EAGLE ) ss. } TOWN OF VA.IL ) I, Pamela Brandmeyer, duly appointed Clerk cif the Town of Vail (the "Town"), Eagle County, Colarado, do hereby certify that the foregoing pages iiumberecl 1 tl~rougli S, inclusive, constitute a true and correct copy of tlxc record of proceedings of floc Town Council of the Towta, taken at a regular meeting tlicrcof, held at the Vail Municipal Building, in Vail, Colarado, the regular trcceting place of tl~e Council, on Tuesday, Novenlber 21, 1989, insofar as said praceedicigs relate to the introduction and passage on second reading of an ordinance therein set forcla. I further certify tl~at attaclccd hereto is an affidavit of pubiicatioii of the notice of public hearing and ordinance as passed an first reacting by tl~e Tawn Council at said rneetin~;; and that tlxe Mayor and G other members of the ~1'owtl Council were present at the meeting and the members of the Council voted as in the ~xiinules sec forth. IN WITNESS WI-IEREOF, I haave hereunca set my land and the seal of the Town of Vail, Colarado, this ~Is~ clay of ~J4U~(~1i[, 1989, t~~ `-~ lt/1?U~.(~~. ~~Yif ,tc.f3l'~rJf.c.Ur~c~~ Town Clerk ' (SEAL) -G- • • (Attach Afii~la~it of Publication After Final Adoption) :a.. s -7- • • Tuesday, November 2i` )89 2: ~Oi~ttt SHERMAN & HOWARD WORDPERFECT S.0 WORK ORDER DEPARTMENT bonds CLl ~ ~ NT/MATTER # o56os.o0~1 LAti',~YCR wlsord DOCUMENT NAME second new NEW DOCUMENT [ ] Ur DATE ~F 'l'lNIE IN: Time: RETURN TQ; fit: SPECIAL INSTRUCT.I~NS: RETURN AS rINAL: FINAL PAPER SIZE: FINAL SPACING: .IUSTI;`'Y: YES [ ] NO [ ] RETURN AS DRAFT'; DRAFT PAPER SIZIr: DRAF SPACING: copy to -- ~ CUpy tU --~ copy to --y copy to --~ EXISTING DOCUMENT [X] DATC & 'T'IME NEEDED: SECRETARY: Letter [ ] Legal [ ] Letterhead [ ] 1 [] 1.S[] 2[] PRINT WI'i H REDLINING: [ ] Letter [ ] Legal [ ] 1[] 1.5[] 2[] For WP Use 4tzly Ext: Time: Oneratar(s): Cam~netrts: ~ ~ o ro ~ ~ ° ~ ~ 3 0 ~ ~ ~ ~ o~' a n. ~ N N ~+ `~ O ~ T i fir, ~ ~ `~'~ ° ~ Us ~ m ° o ~ ~ ~ ~ ~ ~ T~T J~ ~ ~ g ~ ~~ ~a; ~ Q ~. ti v ~ 0 0 ~~ ~~ 0 0 c o' m a mxo t.J_ ,_ ~ ~~ C a O ~O L2 O Q ~ ~ ~~ ~m ~. ~ J ~ ~ o ~QQ°=~~a~m c ~ ~ ~-fl3oooQO.,b ~~ ~ Q yam°-•~oNa~ c m O ~ ~~QQ~~~~~ o+ cD x Qc "'N~a~o r'' $' Z °~~p~z'cQ° ~ • ~ ~t ~ ~ ~~(DC7~{D(DC 'Zi a ~ O Q ~~-+C®~b~Q~' -~ Q rn ~+ •~ _. fl O r~+ fl O ~ pOQQ~(~D~~Q= ~ ~ ~ C QQ~~OHcD_~,~ ~ i$ ~ o.~ m E o a~~~ •~N~ "~ ~ ~~a~~Qn~~ n ~ ~~ ~~ ~ ~ ~~~ ~ ~ ~ ~Ea,~~~mQ ~ 4 ~$°Q~so~-gJ .~~ O ~ ~ ~~~~~•4~3(D ~. -. ti (~ m ~'~ (j Q t2 ~ ~' ~Q~~~,~~~7~~ O o ~ ~ ~~~Q~°~Q~- ~ ~p cD t2 ~ m ~ ~ ~ ~ ~Kn ~~p O~_ Q _~~ 7 Q b `" ~~~a~~ ~~ yC w ~1 ~ .~ iSSD ~~~ ~~~ ~ O ~ ~uZfla3~~0 ~ c ~'~~ro~~~(~~ ~ ~ ~ o c~ c'c~.~ ~o~ 4 m ~ ~ ~~~~~ ~~~ Q O o O 0 ~ O m `~7 0 W r z • f1W Ul~ a ~ oa v ~ na s mOOa n~ you 4 m ..... __ __ .. .. w ~ ' G~ ~^° c m ° a»~ m' ~~O »~ ip~ a~-a o~+~a ry a w ~ 1^ m my Z xmmm--~vyOm~ ~" (/~ g5. t/1 wccmVi ~y a(n f`filzo.s me mna,~ ~.<~$W~ ~~s0 ~~ o.... 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COUNTY QF EAGLE I ALLEN KNO]C do solemnly swear that I am the ___ Publisher of THE VAIL TRAiL• that the same Is a weekly newspaper printed, In whole or In pert and published in the County of Eagle, State of Colorado, and has a general circulation #herein; that sold newspaper has been published continuously and uninterruptedly in sold County of Eagle for a period of more than fifty-two consecutive weeks next prior to the Arst publication of the annoxed legal notce or advertisement; that said newspaper has been admitted to the United States malls as second class matter undor the provisions of the Act of March 3, 1879, or anY amendments iheraoL and that said newspaper Is a weekly newspaper duly qualified for publishing legal notices and advertisements within the meaning of the laws Of }t1e $ta#e Of COlOrada. Thai th© annexed legal notlce or advertisement was published In the regular and entire issu9 of every nulrlber of Bald weekly newspaper for the period of .~~-E-~ consecutivq insertions; and that the first publlcatlon of said n`rorrtGGilce was In the Issuoof said newspaper dated ~1~r-L~PlI't~LU ~~ AD 1q,z_1._ and that the last publlca#lon of sold notice was in the Issue of said newspaper dated In witness Whereat ! h[rve hereunto set my harTd #his '~~''f day of ,,fie ~eln_~fG4J Ab, 19 :~ ~~ ~~ Subscribed and sworn to before me, a notary public in and for oun#y o Eagle, J ~`1t State of Colorado, this ~!'~ day of ~~'-Q-!)t//.k~ Ab. 19 ~~ 17 t~. ..U - C~~{vZ.~n~ tvly commission expires f 1 - ,~ 3 ~ i ;3 (J BECTItTN 9, Netlw to Band Insurer. Any cenkbaN herein roqulrstl m be Brian to Band Insurer shat be In wmep and sem by rogistered a oankled,rrulf Iv Bad Itwurer, MunlclpaF Rand Invealora Aaauranca Carooretbn..113 King StreN, Mnonk NewYOrk 111504 a m each ether addrsea thaF Bond Inwrre ahaR naky the Tam d h wrMlnp SECTION 10. Dieposhlon d Ordbanae. Thb Ordinance, ae atlapled by Iho Coundl, obeli be nu+rtered end recorded by the Tarrn Clerk In the akltlel rewrde d 1ha Town. The atloptkn and pubSkallon ahau a autheMlcated by the elgnetura N lha Mayof ant Town Clerk, and M !ha certllbate d pudkallort. SECTION ii. ESacllre Data. This ordinance shell be In !uk force and a8ad nve days alter he publlcellon upon Onel paasege as provMed In 3lydion 4A N the Charter, INTRODUCED, REAP AND PASSED ON FIRST READMO ANA CRDERE4 PUBLISF:ED ONCE IN FULL IhN llh day d November, 1988 and a publla hearing shall be bald vas thla adinartoe on IM 7th day d Nwerrb9r, 1889 at 7:30 p.m. Fn the Gvuncil Charrdero d the Yall Munfcpel Building,_Vel{, Cerlaada. "' 70YAJ CF VAR. ' ~ Kexd R. Rose ~ Mayor ATTESF: Pamela A. Brandrrwpr . ' . Town Clerk ' ADOPTE4 AND APPROVEp Ihle 210! day d Narertber, 1989. TOWFI BF VAIL ' Nest R. Rase 1 ~ ' ~ .Mayer ISEALt ';, , .. , . .. ATTEST. Pam6fa A. BnMnryer ,. '-"': ;-:~ "" -.., . ~' ;' :' Town Glark ~ " ~ -_ . Ptbhhed In TM Yet Trd ~~ ' ,'.: an N . 84, 1989 . :.:' .public Noti~ :~'r~~.', ~:,'OprhfIANCB NC. 88 _'~~ ,.,. "SarIN el 1980 DECEMBER 1, t199$ AND IN ECONNE4TfON -'THEREWITH PAOVIDINq FOR PERIODIC INVESTMENTS OF MONEY9 Tp pAOVIOE FOR "SUCH PAYMENTI PROVIbINq OTHER ~' DETAILS IN CONNECTK)N TNEgE4VITH; AND AEPEALINO ALL.ORDINANCES IN IX7NFLK;T HEREWfTH. ~- WHEREAS, Hie Town d yNl; Colorado phe "Tawn•t has haretdore issued he gene rat Obligation Ronds, Settee 1985, doled as of ,November 15, 1986 In the 9rlgfnal aggregate pringpal enlount d t21,T15,rxxi,(ihe '7985 .~Bonda•j; end , ' WHEREAS, IM 1996 Bantle malurhg an and after Decerrdrer t, 1998, are aublact tv redarrptlon prbr m matudly, ei the ppllon d the sown. In whole ar In part, an Oeoembar t, 1986 {the •Redempllpn pate'] upon payment d pat and accrued Interest, without redemptFan premium {the •Redenplion Prlca't; and WHEREAS, pursuant to the Ordinance auFhorlring The lasuanee of the 1985 Bonda phe •1995 Drdlnanca"I, the Town has agreetl to pledge and set aside one-hale M iha Town's four percent seise tar ghe 'Pledged Setae Tax•) to pay thB principal d and In[ereat an the iBBS Bonda; and WHEREAS, the Town deafres to usue ha Sales Tar Revenue Borxse, Series 1889, M Eha pnntlpsl amount d 39.199,e4B.05 phe •1888 Sonds•j and m pledge the Pledged Bales Tar and aerlgln rhher ravanusp fn1M payrnwt[ dthe IpB9 Banda; std WHEREAS, In ceder to obtain munblpal bord Ineurante and rMrelae acRlaw mare fewratNe Interest tales on the 1989 Ronda, h Y nsceeaary for the Town to setabllah a program (the 'Plogranft [pr the annual slvewtmem d plgdgsd Sales Tar and abet bga}ly sveileble revenues d 1ha lawn (except fa general atl valorem property faxes) fn aria to have auhbbm lands m hand ae d the Rederrptbn Date to pay the Redarrplbn Pdoe d the 1995 Banda: ; ' NOW, THEREFORE, BE rc ORDAINED BY THE TOWN CDl1NC8. bF THE TOWN OF YAK, COLORADO; :. ~ . ~ .;: SECTION L pNmhbM. Unbee otMrwhe ' ddfrred In Ihk Ordinance, lerrrw used In thk Ordinance sReP have ale meaninga speckled In Ordfnante No. 2q ~Sarlss d 7099 {IM •1989 Band OMinsnce'f..':.:`.., _ ~ , . 9ECT10N 2, Ratgreallort. Afl adlona heretalofs taken (nd' hoonelstertl with the provialona d this Ordinance} by the Town ' CauricB end other ol9cers a1 the Town In eslebkehFng the Pro9rem ere ret4lad,'epproved end can}Irnrad. SECTION 3. Authodzatlon o1 Program, The Progmm ie hereby eutharked im the purpose d prodding far the redemrdhn d Iho f8B5 Benda an [M Redemptbn Dr4e. sxoepl se herelnaher eat bash. ' ~ -•~ - . ' ' SECTK7N 1. Pledge dltevanrars. The Town hereby pledges to Irnset tM rdbwlrq amounts on IM rdfowfne data aoNy lrarrr rn. Pred9ed , Rams Taxer .ueh.ed,.. ~ ~~. ~ ~ ae may be Iigedy 7wallabN (exospl for genYrel advalonmProWAY~++1: . : InveatmenT.,,~ ' .~-,.;~:.' Amount',. ~~. ~ bale :ti:ra:::e~!},*q.y,.,~;:f1B9,10S~~n'~=I~;Jurr91.~198(! ,... s~.. ~a.7.~yi ~fB1k!,TTt7'.~+ .. }.:1980. iF___~~--. ~. t2B5,249 '~~C..'~ '.. 1, 190f~'a I~.; ;: _: ,,;;;` i1,145.249.,~ji, . •,., :JSens 1, 1992: 4 • ~ f25t,074 y{ Decarteler,t, 1492~i 1 _-.~~~ ;tt,18f,0Y4ernrd. -ig:Jdna1.1993`] !~ l~.-. r_ i,i213,370~ [ 1r 1997: ~:. -: 1.233.S70.a,J..:k;"Ir`Jurre11994~.', ~" fB2,B14.. ~ paoerrersf x..1994' _ 'The revanuw ao~pladgedshali:beanvoatad£ ley the-rawn..'pursuankr A9 4 9u4rantead~' . Irtvestmem-. a9mrad between tMTown and en. ' ~ insurance oonpanY m alhaf Bnandal Irrotkmbn ~'~',apteptable. to me Band IMWer'and~:the'Ta1m ~~~ Manager. dead as d paoarr6er 7,~ t9B9. (iM InvestmenT Apraemeet't.:The revenues eo '~ ~~; pledged and the IrNesttrtarlL Agroernem are ; ,,; pledged m' and obeli be wad. soINY for the. i , redetrpllon d iM.1985~ Batlde Bi' provided m ,- Sectlen 5 hereof. The pledge d aud+.revenuea ' '-: shell not conathul9 arr.Itldebtednaea er a dent.:' f . whhln: the meaning d any ~apphcaMa chailer.., :~:'comlRUtbrtal a 61a1utory plavlslon-a kmkatlon;' ~~ i ~:rwr ahali ntclt pledge be eyitadered- re be of . ;::Mid 1a be a9aneral Cbrrfelbn d the Town;...., .~. :.~.deaMre lea Intent to ezerdse on batlaM d and In,:, -.tM name al ilia Toaiil ll~ option tdrrdeerriem tM :: ;' rodarrptbn date-aB,d ths:1B85 Ronda rreludng .: +-on and agar pacember.t; 1999: The Tawas M ,,~1lereby oWlpNed m Rtlerdae ~11Gh aptbn 6olely ' r' from Ihereveeuee,:IrWeated'in the~InYha,; ' Inveelm9m ,AgreemertL eMns on:ot-before ~' ~.Odobir 15, 199d,~pte Tawas Flnance:Dheiaor. tleMaro a nrtfbafa m the Bad Mwra That tM ~: ,PbEgged Reveduas„-1a-IRe'IweNa ca4ndar% :.rl7omhs imrttadletely preceding Ells delwary d .:: Ue~cerlNbau equal a.exoeed the sum d the? fi'prlndpal~N acdrhtarest en~Ihi~3erNa :1986"I Sands during the ~auaxeding tvreNa calendar momM ptde 130%d are Maxtrpvrd Annual Dent i '.. Savba RaqulromeM (oxeludlrtp 9t9 pdntfper d'~. -. and M1N6et M the 8BrI9e :1988 Bonda}. m' lhs went. ouch vertRlate 4 tlelNered.9la Fawn shale ' •:. redeam,lha' 7886 Bondi: only k ~aulhaired~ by ' ~. reeoh+tbn d tM Town Courrct, ~~ :. SECTIDFE & Dslegeted Pawara.,The arfkers : .,,~ 1ha rows be, end they Mreby aro, autlror?ted ~. +~~, end dhadad lei taMe~a11 aalon~ neceaaary,or' :~ Orhertce. m Nfaatuata,Ue 1uwtNaM d Ur" .~ 'The Tawas Shan enter Imo~ud prrlam hs ~. ~.~abllgatbtta undor the IrcveaterreN AgrsameM In - eubsfanlielly Yha [orm d such tloauman!' , epprevkd by the Town Manager old Ue Town 'Allaney; and the.MaYnf~,~and Taws Clerk srs hereby aulhalzed and dhaded m.exadM and; deliver tM:invsethlsd~,/tgnerrwM N requaed hereby. "Y~%S:kr'f^- :w ~i. ~. t ' i ;r 'S'`GTION 7.~3evetNelkbl..ll:anlt.ohaormml ~`b~iF~~~t ,i tie~MM Irna~Pdllbbll, e~ch~kidpmalre;ehali4r~OtKatt9at.:htpalr. dr;' E; IpvA1 atr.th4 remu~np ppy~vvh}OnlAd-fR1e I -.grdlnartds, twt inlet ~ ccaPnad.Mi lea aperetlat i ,fo the apaclb aadkln;SWfiprteefltlBtMes or pant d thb Ordharta so held;urpartNkdienal . a Ywaild, antl IM inepp~oeMlky entl krvaRdkY d : .anY seWan, sentence, clause or pert d Ufa Ordinance In anY Orte or mae Imtantlss shat! nd affect or ~ preludke In any way the apprle~SlilRY ease vatHklr.a Ihh brdhance In arty. ~, OIRWklstancea.~. ~ . SECTION e. gopealar.-Alf bylawa,~orders, resdutbrro and ortlinaneea, or pane thereof..' hwnaN[em herewith era hereby repealed b iM ~. extant only d ouch Inomebteaty. ThV repealer 4lI shall not M carWlNetl m revNe any bylaw, order. l rasdulldrt or ordlnanCe, or part thered, 1111 heretefae repealed. The Town anal Imael IM { revenues daecrPoed In 5ewtlon 1 hereof in tMp to A aoMNUY fn CounoN p by 8t lmrnenlceal: ImrastmeM Palley. SEGTKTN 9. Notloo to Bend Insurer. Any vartYicata herein required m M gNen !o Bmtd Bnurer ahs11 be fn vIrII-q tad sonf by rayfatared~ a /»rlkled,nmll m Bond Irteurer, Munblpal Bad ' ' Invnlas Aauronce Corporatbn, .113 King addwes that pM InWrKlsftak Aodly' the loan dbrwRh~ .. SECT N sa. pispoetllon N ordhenpe. rnw . n,dinanrn, se adopteA by the Ccundl, shall Ue -k'~-..;'7 i