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HomeMy WebLinkAbout1990-39 Authorizing the Issuance by the Town of Vail of Its Short Term Promissory Note (FirstBank Line of Credit) in the Maximum Principal Amount of $1,000,000~. i ~ ~~ .{ ORDINANCE NO. 39 AN ORDINANCE AUTHORIZING THE ISSUANCE BY THE TOWN OF VAIL, COLORADO, OF ITS SHORT-TERM PROMISSORY NOTE (FIRSTBANK LINE OF CREDIT), IN THE MAXIMUM FRINGIPAL AMOUNT OF $1,000,000, TO EVIDENCE THE TOWN'S OBLIGATION TO REPAY A LINE OF CREDIT, WHEN DRAWN UPON, FROM FIRSTBANK FOR THE PURPOSE OF PROVIDING FUNDS TO MAINTAIN AN ADEQUATE FUND BALANCE IN THE TOWN'S GENERAL FUND TO ENABLE THE TOWN TO PAY THE ORDINARY AND NECESSARY EXPENSES; PRESCRIBING THE FORM OF SAID PROMISSORY NOTE; PROVIDING FOR THE PAYMENT OF SAID PROMISSORY NOTE FROM MONEYS DEPOSITED TO THE TOWN'S GENERAL FUND AN!] LEGALLY AVAILABLE FOR THE PAYMENT THEREOF; PROVIDING OTHER DETAILS IN CONNECTION WITH SAID PROMISSORY NOTE AND PROVIDING FURTHER DETAILS IN RELATION TO THE FOREGOING. WHEREAS, the Town of Vail, in the County of Eagle and State of Colorado (the "Town"}, is a municipal corporation duly organized and existing as a home rule town pursuant to Article XX, Section 5 of the Constitution of the State of Colarado (the "Constitution") and the home rule charter of the Town (the "Charter"}; and WHEREAS, Section i0.2 of the Charter provides as i'ollows: Short-Term Notes. The municipal government, upon the affirmative vote of the majority of the entire council, may borrow money without an election in anticipation of the collection of taxes or other revenues and to issue short-term pates to evidence the amount so borrowed, Any such short-term Hates shall mature within twelve (l.2) months. WHEREAS, the Town Council of the Town (the "Town Council") has determined that it is in the best interest of the Town to obtain a line of credit from FirstBank of Vail, Colarado {"FirstBank") to ensure that an adequate fund WP194502-003/8 '~ r •K balance will be maintained in the Town's General Fund to pay the Town's ordinary and necessary expenses and to evidence the Town's repayment obligations under such line of credit, upon a drawing on the letter of credit, by issuing a short-term promissory note in the maximum principal amount of ~1,po0,0oU (the "Note"); and WHEREAS, the Note shall be repaid from moneys deposited to and on deposit in the Town's General Fund; and WHEREAS, the Town Council determines to issue the Note pursuant to the Charter; and WHEREAS, it is now necessary by ordinance to authorize the issuance and delivery of the Note, and to provide details of and the security for the Note; NOW THEREFORE, BE iT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO THAT: Section 1, Definitions. In addition to terms otherwise defined herein, the following terms shall have the fallowing meanings, as used herein: {a) "Person" shall mean a corporation, firm, other body corporate, partnership, association ar individual and also includes an executor, administrator, trustee, receiver ar other representative appointed according to iaw. (b} "Registered Owner" shall mean the Person or Persons in whose name or names the Note shall be registered on the registration books of the Town. w~~945az-.aos~$ -2- 1 J (c) "Tax Code" shall mean the Internal Revenue Code of 1986, as amended and any lncome Tax Regulations promulgated thereunder. Section 2. Authorization of the Note. For the purpose evidencing the Town's obligation to repay amounts drawn upon a $1,000,000 line of credit from FirstBank, which line of credit will enable the Town to maintain an adequate fund balance in its General Fund, the Town shall issue its Short-Term Promissory Note (FirstBank Line of Credit) in the maximum principal amount of $1,000,000 (the "Note"). The principal of and interest on the Note shall be payable from and out of moneys deposited to and on deposit in the Town's General Fund. The Note is hereby determined to be issued pursuant to the Charter, Section 3. Note Details. (a) The Note shall be issued as a fully registered note without coupons in the maximum principal amount of $1,000,000. The Nate shall be dated December 7, 1990 and shall bear interest from each advance of moneys pursuant to the line of credit contained in the Note on the amount of principal, if any, outstanding on the line of credit contained therein. (b) The Note shall mature on November 30, 1991, ~~ and shall bear interest on the amount of principal, if any, outstanding on the line of credit contained in the WP ] 94502-003/8 -3- Note at a rate equal to ninety percent (9d$) of the FirstBank Commercial Base Rate. Interest on the Note is computed by dividing the interest rate by 360 and multiplying the quotient by the actual number of days elapsed during the term of the Note. The interest rate is subject to change on the first business day of each month. Interest on the Nate, except as provided in Section 5 hereof, shall be paid at the maturity of the Note. (c) if upon presentation at maturity payment of the Note is not made as herein provided, interest shall continue to accrue thereon at the interest rate designated in the Note until the principal thereof is paid in full. (d) Principal of and interest an the Note shall be payable in lawful money of the United States of Amerzca to the Registered Owner thereof upon the surrender thereof at the principal office of the Town in Vail, Colorado, or of its successor. Section 4. Paving Agent; Transfer and Exchange. The Town shall act as paying agent and note registrar for purposes of the Note. The Town shall maintain books far the purpose of registration and transfer of the Nate, and such books shall specify the Person entitled to the Note and the rights evidenced thereby, and all transfers of the Note and f^ -4- WP]9~5~2-003 B the rights evidenced thereby, The Nate may be transferred or exchanged (but only in whole} upon payment of a transfer fee, any tax or governmental charge required to be paid with respect to such transfer or exchange and any cost of printing bonds in connection therewith, at the principal office of the Tawas. Upon surrender for transfer of the Note, duly endorsed for transfer or accompanied by an assignment duly executed by the Registered Owner or his or her attorneys duly authorized in writing, the Town shall execute and deliver in the name of the transferee a new Note of the same maturity, interest rate and aggregate principal amount. The person in whose name the Note shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes, whether or not payment on the Note shall be overdue, and the Town shall not be affected by any notice to the contrary. Section 5. Prepayment of Note. Any outstanding balance on the Nate may be prepaid by the Town prior t4 maturity in whole or in part on any date at a prepayment price equal to 1Qd% of the principal amount of the Note or portion thereof being prepaid and accrued interest thereon to the prepayment date; provided, however, that no prepayment by the Town in whale or in part of the Note shall prohibit the Town from obtaining future advances an the line of credit contained in the Note up to the maximum principal amount of the Note. Section 6. Notice of Prepayment. The Note may be prepaid without giving prior notice to the Registered Owner. -5- f^ HP194502~QQ3!$ Section 7. Execution of the Note. The Note shall be executed in the name and on behalf of the Town with the manual or facsimile signature of the Mayor, shall bear a manual or facsimile of the seal of the Town and shall be attested by the manual or facsimile signature of the Tawn Clerk; provided that at least one such signature shall be manual. Should any officer whose manual or facsimile signature appears on the Nate cease to be such officer before delivery of the Note, such manual or facsimile signature shall nevertheless be valid and sufficient for all purposes. The Mayor and the Town Clerk are hereby authorized and directed to prepare and to execute the Note in accordance with the requirements of this Ordinance. Section 8. Delivery of the Note. The Note, when executed as provided by law, shall be delivered to FirstBank, as the original Registered Owner. Such issuance of the Note is hereby found to be to the best advantage of the Town and is hereby approved. Initial delivery of the Note is subject to FirstBank signing an investment letter (the "Investment Letter") in the form presented to the Town Council and made a part of the record. The form of such Investment Letter is hereby approved by the Town Council. The Registered Owner of the Note shall not be responsible for the application or disposal of the funds derived from any draws upon the line of credit contained in the Note by the Town or any of its officers. wPi~a~az-oa3ia -6- f Section 9. Rex~laaement of the Nate. If the Note shall become lost, apparently destroyed or wrongfully taken, it may be reissued in the form and tenor of the lost, destroyed or taken note upon the Registered Owner furnishing, to the satisfaction of the Town: {i) praof of ownership (which shall be shown by the registration books of the Town); {ii) proof of loss, destruction or theft; (iii) an indemnity to the Town with respect to the Note lost, destroyed or taken; and {iv) payment of the cost of preparing and issuing the new security, in which case the Tawn shall then execute and deliver a new Note for reissuance. Section l0. Form of the Note. The Note shall be in substantially the form submitted to the Council at the meetings at which this Ordinance is approved with such omissions, insertions, endorsements and variations as may be required by the circumstances. Section 11. Deposit of Proceeds; Investments. The proceeds of the Note shall be used exclusively for the purposes recited herein; provided, however, that all, or any proper portion of, the proceeds of a drawing on the line of credit contained in the Note not used to immediately reimburse the Town for expenditures previously made by the Town shall be deposited in a special fund established by the Town at the time of such draw and invested only in tax-exempt obligations, ^ -7- wP19d~oz--oasis Section 12. Payment of the Nate. The Note shall be payable from money deposited to and on deposit in the Town's General Fund. Section 13. Tax Covenants. (a) The Town covenants that it shall not use or permit the use of any proceeds o£ the Nate or any other funds of the Town from whatever source derived, directly or indirectly, to acquire any securities or obligations and shall not take or permit to be taken any other action or actions, which would cause the Note to be an "arbitrage bond" within the meaning of Section 148 of the Tax Cade, or would otherwise cause the interest on the Note to be includible in grass income far federal income tax purposes. The Town covenants that it shall at all times do and perform all acts and things permitted by law and which are necessary in order to assure that interest paid by the Town on the Note shall, for purposes of federal income taxation, not be includible in gross income under the Tax Code or any other valid provision of law. (b) In particular, but without limitation, the Town further represents, warrants and covenants to comply with the following restrictions of the Tax Code, unless it receives an opinion of nationally recognized band counsel stating that such compliance is not necessary: -8- wP~9a~o2-oasis ~ ~ (1) Gross proceeds of the Note shall not be used in a manner which will cause the Note to be considered "private activity bonds" within the meaning of the Tax Code. (2} The Note is not and shall not become directly or indirectly "federally guaranteed." {3} The Town shall timely file Internal Revenue Form 8038-G which shall contain the information required to be filed pursuant to Section 149(e) of the Tax Code. (4} The Town shall comply with its No Arbitrage Certificate executed on the date of issue of the Note with respect to the application and investment of the Note proceeds. (c} The Tawn represents, for purposes of Section 148(f)(5)(C) of the Tax Code, that the aggregate face amount flf all tax-exempt obligations (other than "private activity bands" as such term is defined in the Tax Code) it, together with all entities who issue bonds on its behalf, reasonably expects to issue (or has issued) during calendar year 1990 or calendar year 1991 will not exceed $5,000,000 in either year. The Town further covenants that in the event it determines it is f necessary to issue additional tax-exempt obligations (other than private activity bonds) in the calendar year -9- WP144502-003/8 • 1990 or in calendar year 1991 which cause the aggregate amount of tax-exempt obligations to exceed $5,000,0~~ in either year. the Town will first receive an opinion of nationally recognized bond counsel that the issuance of such additional obligations wall not cause the Note to be an "arbitrage bond" as such term is defined in the Tax Code. The Town recognizes that the issuance of additional tax-exempt obligations includes, but is not limited ta, the issuance of tax-exempt notes, leases, loans and warrants. Section l4. Further Covenants. The Town hereby irrevocably covenants and agrees with the holder of the Note aS fallOWS: (a} At least once each year it will cause an audit to be made of the banks of the Town, such audit to be made by a certified public accountant after the close of each fiscal year, and a copy of which audit shall be furnished upon written request and at its expense, to the Registered Owner of the Note. The annual audit of the Tawn's combined financial statements shall be deemed to satisfy this requirement. (b} The Registered Owner of the Note shall have the right at all reasonable times to inspect all r non-confidential records, accounts, actions and data of the Town relating to the Note. -10- WP1945U2-U03/$ • Section i5. Miscellaneous Documents, The Mayor, the Town Clerk and the Town Manager of the Town., are hereby authorised and directed to execute and deliver any and all closing documents necessary or desirable in connection with the issuance of the Note. Section 16. Qualified Tax-Exempt Obligations. The Town, including any entities acting on behalf of or subordinate to the Town, does not anticipate issuing mare than $10,000,000 of tax-exempt obligations (other than private activity bonds, which are not qualified 501(c)(3) bonds) during either calendar year 1990 or calendar year 1991, one of which shall be the calendar year in which the Note is issued. No proceeds of the Note will be used (i) in a manner which would cause the Note to be a private activity bond, or (ii) to refund any other issue of government obligations. Accordingly, the Town hereby designates the Note as a "qualified tax-exempt obligation" pursuant to Section 265(b)(3)(B)(i) of the Tax Code. Section 17. Severabilitv. Should any one or more sections or provisions of this Ordinance be judicially determined to be invalid or unenforceable, such determination shall not affect, impair or invalidate the remaining provisions hereof, the intention being that the various provisions hereof are severable. -11- WP199502-003/8 i. ~ r ~ Section 18. Repeals. All ordinances, ar parts thereof, in conflict with this Ordinance, are hereby repealed. After the Note has been issued, this Ordinance shall be and remain arrepealable until the Note and the interest thereon shall be fully paid, satisfied and discharged in the manner herein provided, or sufficient provision shall have been made for such payment, satisfaction and discharge, Section 19. Findings and Determinations. The Town Council, after examination of all pertinent facts and circumstances, hereby finds, determines and declares that it is an the best interest of the Town, and arts inhabitants and taxpayers, that the Note be authorized, issued and delivered at this time and in the manner herein authorized in order to provide funds to allow the Town to maintain an adequate fund balance an its General Fund to pay the Town's ordinary and necessary expenses. Section 20. public Hearing. A public hearing on this Ordinance will be held during the regular Town Council meeting which will be held in the Council Chambers in the Municipal Building, 75 South Frontage Road West, Vaal, Colorado, on Tuesday, the 5th day of November 199A, beginning at the hour of ~ ~ _.m., before consideration by the Town Council of its final passage and adoption. Section 21. Records. This Ordinance, after its final passage, shall be recorded in a book kept for that purpose, shall be authenticated by the signature of the Mayor and the WP194502-003/8 -12- ~~ Tawn Clerk, shall be published in said Town, shall take effect five days after such publication and, after becoming effective and upon issuance of the Note, shall be irrepealable until. the Nate issued hereunder shall be paid in full. WP1945p2--OQ3/8 -13- _ ~ • PASSED ON FIRST READING and ordered published in full this 16th~day of October 1990. Attested ~f~f ~iX~C by Published: October i9, 1990 Vail Trail Town Clerk of Vail, Colorado Approved by: Kent R. Rose, Mayor -14- WP194502-003/8 PASSED ON SECOND READING and adapted by the Town Council and ordered published by title only this 6th day of November 1994. Attest: ~. ~IN}L(,c.~+c.,s,,,~ Town Clerk Approved for Town Council Action: ~~ ' `own Manager y Approved by: Mayor and Town Council Approved as to form: ~. ~' Town At,~orney Published: November 9, 1990 Vail Trail -15- WP194502-403/Q APPENDIX A ~~ It is hereby certified, recited and declared that all conditions and acts required to be performed precedent to and in the adoption of the Ordinance No. 39 (the "Ordinance") authorizing the issuance of this note, and the issuance of this note, have been. performed in due time, form and manner as required by law; and that the issuance of this note and the series of which it forms a part does not exceed or violate any constitutional, statutory ar home rule charter limitation or requirement applicable hereto. The Ordinance shall constitute a contract for the benefit of the holder of this Note and is hereby incorporated by reference. Interest on this Note is payable upon the maturity of this Nate, except that interest on any portion of principal prepaid by the Town shall be due on such date of prepayment. This note is a duly authorized Note designated "Town of Vail., Colorado, Short-Term Promissory Note (FirstBank Line of Credit) (the "Note"}, limited in aggregate maximum principal amount to $1,000,000, issued under and pursuant to the Constitution and laws of the State of Colorado, the home rule charter of the Town of Vail, Colorado, and the Ordinance duly adopted by the Town Counci7~ of the Town prior to the a.ssuance hereof. This Note is payable from moneys deposited to and on deposit in the Town's General Fund. The Note is issuable solely in the farm of a fully registered note, without coupons, in the maximum principal amount of $1,000,000. This note may be transferred or exchanged (but only in whole} at the principal office o£ the Town of Vail, Colorado, but only in the manner, subject to the limitations and upon payment by the Registered Owner of the fees and charges provided in the Ordinance (including any transfer fee of the Town and any tax or governmental charge required to be paid with respect thereto), and upon surrender and cancellation of this note, Upon surrender for any transfer, duly endorsed for transfer or accompanied by an assignment duly executed by the Registered Owner hereof or his ar her attorneys duly authorized in writing, a new registered Note for the same aggregate principal amount will be issued to the transferee in exchange therefor. 'Z'he Tawn may deem and treat the Registered Owner hereof as the absolute owner hereof (whether or not payment an this note shall be overdue) for the purpose of receiving payment of ar on account of principal hereof and interest due hereon and far all other purposes, and the Town shall not be affected by any notice to the contrary. A-1 Wp19Q502-003/8 i • The amount and date of advances and repayments an the line o~ credit contained in this Note sha~.l be recorded by the holder and acknowledged by the Town in the space provid~:d below, Such record off' repayment shall include the amount of such repayment applied to interest and to outstanding principal. ADVANCES Lender's Date Amount Initials REPAYMENTS Principal Interest Date Amount Amount -- ----- ~ ----- ~ Lender's Initials Town'S Initials Town's Initials A-2 WP194502-003/B ~~ [Form of Assignment) ASSIGNMENT FOR VALUE RECEIVED the undersigned transfers unto _______ (Tax Identification or Social Security Na. ___ } this note of the Town of Vail, Colorado, and daes~hereby irrevocably constitute and appoint , Attorney to transfer this note on the books kept far the registration thereof, with fu11 power of substitution in the premises. Dated: NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within note in every particular, without alteration, ar enlargement or any change whatever. WP194602-003/8 A-~-3 r - F y ~ ~ o~ ~ ~ a z~ a ~~3Q°~c°Q~ G ~ ~ ~ ~ lV X ~G y(~~Q~4 W a ~ ~ ~ T ~ ~ ~ ~ Q~-~p~~cQQ fp ~ ~ ~ •H 7 o m ~ 3 ~ ~;m~ c~m - ~; ~ ~ ~ ~. ~ o ~~cp Q ~~~ o~ z ' ~Q ~ ~ © m ~ ~, ci o~~~Q~~ijO° m ~ r~, o ~ m ~ ~ y m ~. ~ Q. 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'^'r S,3 n ~ ~~ m °rOQ~~ ~-~,mm~.~~~~ LT~6~~Q~~`m~m~sa4~~ma~~~~~~,mgz .a ~ ~.y-~ s~' ~~ ~+ '8 mvX7p,z~cn $~'~~~~,~~~5~ 3 4m n~[a'l~7 F•m~ $, ~!~6m ~Om a Q P ~' m ~~~(pm" ~P? g'S, m~ c{pm P1 :.-~~.~~ i~31~~md~?~.m ~m. c^p g. ~ ~ ii .SS.a ~3"i ~ em dp~ x! i.,, ;~m ~~irt~ ~m ~_ ~~ y ~ ~ Olga _ y~~.. m m?j °am~ m°.I'~.~w 03 ~m $,~ ~~~~m ~a ~~~~ ~~g, '. ~c~O~~ q ~°j ~n .Q ~~~e ,~a-^'~$t ~, T~~mal ~~~ _. eJ~~m~,ma2m~c ~~~ '~~ya^'.~:~~3`~ ~.e~ ~'»~c~a=do a..e~ ~' ~ , F SECTION 6. Prepayment of Note. Any oulatandin balance on the Nola may be -epak! I w p " [bj In paglculer, but withauE Ilmitatton, the , Town further relxesents;warrants and covenants SECTION 19. Fintlinge and Determinatlone.. The Town Council, after examinallon of all - ADVAt~C68 „ ~ ' ' ' ln art b the To n for to irraturN In whole or y ~ y p on any date at a prepayment price equal to _tq comply with the tollowing rastridlona pi. the - - •' f Co a ertinenf facts end olrournstenoes, hareD lands, p y delerminea and dedaras that h Is in the 4ea1 pate 1049: nl the principal amaun! of the Nate or portion thereof being prepaid and accrued an opinion o Tax da, unless h recaWe natonally recognised bond rxwnsel stating that Interest d the Town, grid Its lnhabitanta and taxpayers, that the Nota be airtharized, Issued ' ~.~. _~• ~'~'"'frnr~ Interest thereon to the prepayment date; ~ such cgmpllance b nol.nooesbery; `' ~" [1) arose prxaeds of the Nora shag nql be~ and delivered et this.tlme and in the manner ~ , pray€dad, however, that no prepayment by the Town In whole or In part of the Nota shall prohibit ;used In a manner which will cause the Nole to ' be cons[dered "prlvato aalhrlty bonds" wlthln the hsreln autharized In order to provide funds to allow the Town to maintain an adequate fund ' Amount S ' ' the Town from obtalning future advances on the line al credit contained In the Note up tc the meaning o1 the Tax Code. . ~ balance in hn 4eneraf Fund to a p y Iho Town s ordinary and hacessery expenses. S ~ S maximum prindpai amount of the Nnta. ' . The Nate Notice al Prepayment SECTION 0 (2} The Note Is not and shall not bocome directly or Indlrectfy "federally guaranteed'. ' SECTION 20. Public Hearing. A public hearing on fhb Ordinance wIN be held during the S , . may be prepaid wlthcut giving prior notice in the - Registered Owner, (3} The Town shatl timely file Internal Revenue Form 5038.0 which shall.comelo the regular Town Ccuncll meeting which will be held In the Council Chambers in the Municipal Lender's Initials ' SECTION 7. Executicn of the Notn. Tha Nale shall he axanuled In the name rind as behalfot Inlnrmallan requlrad to be Tiled pursuant to Seaian I49(e} of the Tax Code. ~ Building, 76 South Frontage Road West, Vall, Colorado on Tuesday, the 8th day of November, . Ihs Town wNh the manual o- facsimile slgnalurs shall bear a manual or facsimile o1 of the Mayor (4) 71ie Town shall comply with Its No Arbitrage Certificate executed on the dale of 1990, baglhning al the (tour of a~4 p.m„ balers coneideratlon by the Town Council of hs final' ~ ' . the seal of the Town and shall ba attested by the ' manual or lacalmlle elgnature of the TOWn'Clerk; Issue o1 the Note whh tee t to the lbation entl lnvestrnent o1 the Note pcroceeds; ~ • passage and adoplWn. ~ - SECTION 21. Hacorda. Thb Ordinance, aftaF :, _ ,. TOWn'~ provided that at least one such signature shall qe manual. Should any slitter whose manual ar ! c Tha Town r resents, for ur Dees ot. O ~ p p section 148[Q[6)(G} of the Tax Code, that the;; Ile final passage, shall be retarded In a back ' kept !or that purpose; shell be authenticated by Inltlals' facsimile signature appeart on the Note cease to ' be such officer before delivery ofthe Nola, ouch aggregate lace amount of a!I 'tax-exempt obligatlont (other than "private adivhy bonds" as , ' the signature al the Mayor and the Town Clark, , shall be published In Bald Town, shall take afled t manual or facsimile signature shall neverthetegs be valid and aull3clsnt Tor all purposes. The each farm b defined in the Tax Cade} It, tcrgerher with ell entkles who,leaue bands on Its behalf, flue days after ouch publication end, after - becoming etfedive,and upon issuance of the .. , . r,. Mayor and the Tawn Clerk are hereby d 'reasonably expects !o issue [er has Issued) , during Calendar year 1994 ar calehdar year .; Note, shall be Irrepealable until the Noto issued I hereunder shah ba paid In full REPAYMENTS ' to ~ authorized and directed to prepaid an execute the Note In accordance ,with the 199[ will not exceed.:5,000,040 in either year ~ The Town lurlher covenants that in the avant R' . ppgSEO QN FIRST READING 'AND pain' ' requlremenls of Ihis Ordinance. ' ' ' Delivery of the Nola, The Note, ' SECTION A . ,, determines h is necessary to issue: addklatral OROEREp PUBLIgNEp ONCE IN FULL this 18th de of October, 1990, ' y . when executed as provided by law, shall ba j as the oriplnal Registered ' delNared to FlrstSenk tax•exerrpt obllgallnns [other than privets acGtrNy _ bonds} In ihe calendar year 1994 or In calendar' "TOWN OF VAN_, Pamela A. Brandmayer , Owner. Such issuance ai the Nois Is hereby , ~ found to be to the best advantage o1 the Town i _ fg tax exarrpwoblhet o e ~to ex~cegedi5,00p,000 ~ '. either year iha Town will first renaive an pplnlnn ~ ~`- Taaxl Gerk APPENDI% A ~ ~ ~ , principal - . ' '' end is hereby approved. Initial delivery oT the Ngte Is subbed to , ; ' of nationally recngnlxad bond counsel that the ~ ' tt b hereby cedllled, tasked and declared that aN ov~tdklana and acts required to be pedorrned Amount S Flretsenk signing an Investment letter (the "Invasiment LetteP) in thelorm presemed,tsthe I Isauanca'nl such additional obllgatlons .will. not : cause the Note to be en "arbitrage band' a6 such I ' precedent to. and In the ado tlon ' of Ihs [ . p) ~ Ordinance No, 39 the Ordinance' authtrriti S S : Town Caunch end made a part of the record. The term le depnadan Ike. Tax Gode, Tha-Tnwtt recagrtlzed the! file Issuance oT gddllianal tax= ~ the Issuarroa of this note, and the bsuanoa of this 3 farm of such Investment Letter Is hereby approved by the Town Council. h , exemfN:obllga0one Inductee, but is Hat Ilrohsd to, i 'the issuance af.Iax-exompJ notes, leases, Wars Hole, have begirt performed in due tlrrte,lerm and. manner as required by taw; and Ifhat !hs l d N' Lender's l l l i all Hat The Regletered Owner al the Nate s , and warrants: s Hate and the aeries d Yt tlafr leauarroe oi.th " ' a , n l a bereaponelbleforiheappllcaticnordleposelol :'the funds delltied ironi an ' thaws u ri file line-" Y po '' SECTION 14. Further Covenants. The Town ;' hereby Errevocabfy covenants and a rees with nM,exceed }orrns apart dose or violets My canalkullonal, statutory yr home Iule charter ~ - , of credit cantalned In the Nola by the Town or d its oifloera an , g 'the holder o1 the Note as folkows: ' i A l h k ill Iimltation or requirement appNcabls hereto. Tha Ordlnance shall constkute a centred far the , ; • . y 1' SECTION 9: Replacement of the Note. H the ed or arentl destro l t N o i o [a) oss[ once eac t year w cause an audit to be made of the hooka o1 the Town, such ! benafk d the holder oT this Note end k hereby Incorporated by reterance. • ~ Interest , app y y as me te eha bec N wrongfully taken, k rosy ba reissued In the form , ~ audit to be made b a cerllfied ubllc accountant attar the cbna aT each llscal year, and a cagy of ' Interest on Ihis Note Is payable upon the ' Amount ' ' and tenor of the lost, destroyed nr taken note j.whlch audit shall be Turnlshad upon written ,; maturNy of this Note, except that Interest an any upon iha Raglatered Owner lumiahing, to the ~ ', request and at he expense, to the Registered i e Town shall be ~ d d ~a~ an l a ft ~ - satlaleclian of the Town:,Q} prooT of vwnarshlp , which shall be ahawn b iha regletratkm twoita ', y , pwner of iha Nole. The annual audit' of iha Town's combined ilnanclal stalemente shall bs ' e r ieni au l da o n p.~y Thls Hato la a duly authorized Nato; d ll f d `T d i f Y C Sh T ' " __ ~' ' ~ css, dealructica a Ihe1h 01 !ha Town); pi) proof of l [III) an Indemnity to the Tawn whh rasped to the deemed to satisfy this requlrernent, ' [b) The Registered Owner of the Note shall a , o ara o, own o art• sa gnate eim Prominaor Note FlrstBank Line d Credit the' ' m ' f nc : ~ u Town a , . Inhlals Notelnsl, destroyed or taken; and (iv} payment o1 the cost of preparing and Issuing<the new have the right at all reasonable gmea 1c inspect all non•conifdentlal records accounts actions }, li ited In Note eggregate maximum pri pal amount to 51,000,400, Issued under and ; ~' ~~'' " security, In whisk cane the Tnwn shell then execute and deliver a new Note tnr relsstianoe. , , and data of the Town relating talks Note. SECTION 16. Mlacellaneous pocuments ureuent to the Conatltutlon and laws of !hs p Stale of Cabrado, the home rule charter of thY - ,. ~, :. ` SECTION 't0.' Form of ilia Nde:' The Nate' . The' Mayor, the 7uwn Clark and rho Tawn; , Town at V~11, Colorado, and the Ordinance. dal ' ,' j shall be in substanllally the form submitted to the Manager of the Town, are hereby authorized and Tawn'prior adopted by the Town Council 01 the I M} : (Farm of Asslgnrtre Council at the meetings al which this Ordinance Is approved with such omleslons, Inaertlons, directed to execute and deliver any and all l g; d c s d l bk I tv the issuance hareoT. ~ This Nots Is payable Irom moneys deposited ~ • ~ ~ ; `'` ' endorsemenla and variatlona as finny be ' c a o ng umenls nece sary or es ra e n . ; connection with the Issuance of the Nate. : to and on deposk In the Town's General Fund,' , ; ASSIQNMENT. FOR VALUE RECEIVED Ohs' undernlgned requlrad by the circurrtatancea. SECTION 11. Deposit of Proceeds; SECTION 18. Oualitiad Tax-Exam t p Dbligatlons, Tha Towri, Including any antltiae : The Note Is Isauable sole) in ihe form o1 a y fully registered note, without cnupana, In the Tax Idsnthk:atlon , trtihsfere unto ~ vr, Social Security Nurnbar !this Invasiments. The proceeds of the Note shall be acting an behalf of or subordinate to the Town, trraxlmum prlnclpal amount d 51,000,000, Thls nose ot;the Town a1 Vall, Colorado, and used exclusively tar the purposes redted hsreln; does not antlclpate issuing more than: Hate may be transferred or exchanged (but only I Dint hereby irrevocably conelhute and app provided, however, that all, er any proper portion ot, iha proceeds of a drawing on the Ilse of aedk , Si0,04n,n40 of tax-exempt obligallone jbihsr' ;than private activity bonds, which ors not In whale) at the principal attics a1 the Town al Volt, Coloradc, but only In Ihs manner; eubjoct to l_ ---~---~ At{crney to transfer Ihis note on the books kept for Ihs egletrallap thereof, with lull cantaiged In Ihs Note not used to immediately reimburse the Town for expenditures previously valllled 601 a 3 bonds duds either calendar ' Year 1990 ar sa[lendar year 1481 one o1 whk:h .Ike iirriltatlons and upon payment by the ~ Regstered Owner of rho leas and charges powor of substitution In the premises. d ' made by the Town shall be deposited ~ in a i spedal fund eatabltahed by the Town at iha rime , shall be ihe calendar year in which the Note le ; Issuod. No proceeds of the Note will be used {I) provided in the Ordinance (including any transfer it;a n! the Town and dny tax ar gnvarnmental ~ Date : 9 NOTICE: Tha signature to thl8 seal nr ors ond whh iha name as' It app orres t d such drew and Invested onl In .fax-axe t ~ y rnP ' ~ ' "' ' ' ~ In a manner whlcfi wguld cause the Note to be a charge requlrad to 1w paid with rasped thereto), nallatlon ar thl a c I p mus c upon iha face of the whhin note in every a ~ ~ . obligations. " 1 ECTiON 12. Payment of the Note. The Nda prlvato activity 6ortd, or gll),ro refund any other; ~ Issue of govsrhmerrl abllgatfons. Accordingly, ~ pn ~ ~~ Upan stg ender lor y franaler, dal l d b r padk:ular, without alleratlon or, enlargement any change whatever: shall be payable lrnm money deposited to and on deposk In the t'own's Qenerai Fund. .the Town hereby designates the Nots es a - "qualltiad tax•exalrpi obllgatlon" pursuant to :' y an . e endorsed for vansfer nr ancorrpan assignment duly executed by the Registered pubNehed in Tha YaN Trail SECTION 19. Tax CavenenPo. [a} The Town oovenaraa theE it shah not use Serxian 285[b)[3)(FiJ(q o1 the lax [..ode„ ~' btli Sh ld SECTION 17 8 6wner barest or hla or her attorneys duly authorized In writing, a new registered Note tar ~ vn October 19.1990 .; - or permit the use at any prooeedb o1 the Nate or of rho Tawn irnm wherever d h f evara ty. ou any one . , or more sections or prv+rislons of this Ordinance lid the same eggrepale prlnc~ral amount will be lesued to the transferee In exchange therefor. ~ --' - un s any ot er source derived, directly or Indlredly, to acquire e' o- be Judldally determined to be Inva i. unenforceable, ouch determinatlon shall not : The Town may deem and treat iha Registered o! as iha 'absolute ownor hared{ ha O or any securklea ar obligations anti ahaN oaf lak permit to he taken any biker adlan or ad(one, bNra e b ' affect, impair or Invalldats the remalning prov4slans hereof, the Iniantlon being that the ro wner , (whether ar not payment on this note shall be ose of receiving payment of ur h ar g e an. which would cause the Nate to tion 148 of the f S " various provlebns hereof are severable. p e p overdtie} for t lnt9rest rlnolpai barest and, f t ec wlthln the meaning o bond Taut Code, ar would otherwlee cause the interest gECT10N 18. Repeals. All ordlnancas, or~ In wnflld whh this Ordinance, are arts thereof , p o ' or an accoun and the due hereon and for all other purposes; iha t on iha Nate to be lncludlble In gross Income for -' , p hereby repealed. After the Nole hoe been, o Town shall not be affected by any notice Town federal income tax purposes. The cwonanb that it shall at all Ilrnea do and psdorm Issued, this Ordinance shall be and: remain cookery. 'The amount and date o1 advances god ag sate and things perm111ed by law and which are necessary In girder to assure that interest Irrepealabla until the Noie and the Imeresl thereon shall be fuhy paid, eatlsfled and ~o{By ehAll beheoorded b kt entholderlnend paid by the Town on the Note shall, tar purponae dlble ln I l b discharged In the manner hsreln provided, or sWficlenf provision shell have been made for eaknowled ed by ihe Town in the space s ~ ch record vl repayment ehali 8 . e u nc of federal income taxation, trot grass Income under Ihs Tax Colo ar any, other ;such payment, sellslaplon and discharge. ^ ~ u rovlded ~ ~ irdude the amount d wch ropaymam applied to " valid orovislan oT few. Interval and to outstanding prtndpal.. r • PROOF OF PUBLICATION STATE Of COL012Ab0 ) COUNTY OF EAGLE )) ~~ I, ALLEN KNpX do solemnly swear thaT I am the _ _ publisher of THE VAIL TRAIL; that the same Is a weekf Haws printed, In whole or In part and published In the County of Eagle. State of Color~aor and has a general clrculatlon thereto; that said newspappeer hues been publlshod fifty ttwo~ ansecuf v I weekpnext pI rioato theuflr~ publigCatlon of the annexed ITehgaaf notice or advarfisoment; tha# said newspaper has been admitted to the United Sfatos malls as second class mattor under the provisions of the Act of March 3,1879, or anYy amendments thereof, and Thaf said newspaper is a weekly newspaper duly quallflad for publishing legal notlcas and advartlsements within the meaning of the laws of the State of Colorado. That the onnexed legal notlce or advertisement was published In The regular and Entire Issue of every number of said weekly newspaper for the parted of ~Yl.e~ consacuflvo Insertions; and that the first publication of said notlce was in the issueof said newspaper doted /~¢1,~1YL:Cr:£ a A,p, 19 ~ and that the last publication of sold notce was In the Issue of said newspaper dated ~~67.~1.:1(t~LY, ~7 AD. 19 ~~~' In wltnass iAl.a.,;,,,f I hwe hereunto set my hand Phis ~ i~d d of 4444 ~ r 0 // ~ Subscribed and sworn to beforq mo, a notary pu]b.Ilc,n and fort ounfy of Eagle, State of Colorado, this ~ its day of. ~~i:T.luces~c.r~ 71D. 19~L ./ (/ J ~J My commission expires ~~ ~ .~ 3 `~ ~ ~ 9ECTiON 6. P:epaymsnl of Nare. Any -; SfiCTK}N 19.'Tax Gavenanla,.. :. odamrklYt9 balance an tM Hole msY M ly°P°U •' ~' (af TM Town dovananq that p shaft rid ass SECTION 16. Oua%Fled Faz•Exempf Oliflgaimns. Tha Town. InCluding any en[%Na bf' [M Tdwn pray to maldAy M whtiN a h pan a ptlmyl tM IMS d arty pmaada d tM rgols a adirg an Behan a or aMordlnffie to the Taws, an ulY dots al a prspaymsra Mks sgwl to any afisr }uhda d fM Town Irdm wMlewr does not anticipate leauing more than 100% or tM prlndpsl lmeuM a lhr Nas or soave derNsd, dlraay or Intl%eay, m atequYe 310.606,900 of tax•exemp ebligallvne (ether pottlan Iherocf boing propaW and aCaued any eacurelNaobllpatbtte sad sheA not lake or than prware ac[ivlty Benda, which ere not Inlereat lhareon ra 1he prapayfMnt de1e; ~,mn !a w taken any abet action of adlvna, provkled, Msvaver, Thaf no {xspaymam by lM whkh would uwa the Note n he en 'arbaraga qualilled 561(c]13) horMa] dudnp either Calondu Peer 1999 of calendar year 1991, one d whkh Town In whole a In part d tM Nele shall prahats bond' vdlhln the msening of Section tA8 of the shelf be the rdende+ year In whkh the Nda le tM Town from dxalnlnp loran advencaa on the Tax Code, or would dhetwiae rouse ihs Interest I laeued. No proceeds of the Nda wll be aged Iq line o{ aed% connlnad In IM Note up 1o the ~ the Nate to by Includible in grass Income for In a manner whldi wouu Cauca the Note l0 M a maximum pdradpal amount d IM Nde. federal Inaoma lax purpoaee. The Fown SECTION 5. halos d PnpeyrMM. The Note carenanta that ft shay a1 a9 lHrwe do aM pedorm prlvata actNhir bond. M III m rotund any abet , Issue d grwsinmaM obllgffilana. Accordingly, may bs prepaid wllhoul 9~rW WNr ildke to t%° all acts and lhinga parmined try law end which Reghlerad Owns. ere necessary In order to aseu+e the! Interest the TaM hereby daelgnaNa Ina Note as a 'qual%Nd lax-ezenpl aWigatNrt' punnMt m SECTION 7. Exoallon a IM Nda. TM Nds pdd by IM Taws on 1ne Nda sha11, for puryoaea Benton 295;b113)[SI(q d the Tex Cody. shall be executed In the name end en beMM d of laderal Yicrome texellon, not be incktd161e rn the Tpwn wlh 1ho manual a fecelmlN si9narure roaa rncama under 1tN Tex Cads or en dher y SECTK)N 17. SeverebllNy. Should any one or more sedlom or provl61o1te a thle Ordk%IrKa of tM Mayor, shall bear a manual Or lad la d vend prwhbh d law. the Baal d the Tawn and shah 6s satssted by the 1p} In paakuiar, but without IlmHatlon, Iha be ivdlcmlly delerminad l0 bs Invalid or.. unenlaceabN„suds determl,tafbn eMll not' ~ manual a facasmlN slgnalurs d die Town CNtlr Town IunMr,spreaenle, warrants and cwenente provided Eha1 a Nasl one such slpnaturs than fo txaiiply whh the Ialowing reahktlom of the , ailed, Impair oz+ InvalldaU ohs iemalnlnp provhlan Mod,.,tM'~YdaMlon~berng.tlt~~M..r " be maiiuLL 8haukl any oRlcat whlxss Iflan1181 a Tax Cnda unless N recelvsa an oprnlan of tattoos provNNM hated are - ' s .:=' ` , tecshtM sl9nalun appears an the Nds asasa to Mik~Y recognized bond counsel stating lost M stxh oil 4Nara deyverlr d tits Nda. each Ya t w no! necessa : d ~.w: 9ECTICN.1& liepaaN AY oMMalxgsr Para dtdsol;hi o0111N<p w1h'thM OrdYtaaW.'are n e ry t oonp su ma,tuffi a IaaYnlle slgnalun shall rlevenhdesa (1)'O~s proceeds d the Nan ehaA lief be bs valW and sunklsM Ior eH purpan. TM used h a manna whkh will cause iM Moro to ~ ~ hsrtlby rsplaNd Atla~tRS. Nas bar tiwn iaauad- 1hN°OIdllWloli iha~Rfis. NIW~ ramsM Meyer and the Town Clerk ors Mraby M oonaWered •pMale ectMlly bonds' wtlhln the hripsaltlWa'YM9 llt° Nob"~tld.iM Inlarasl ~ nunrorixad and dlrensd to prepus and to meankrg of the Tax Code. salldlad and lhareon ella9` ha Cully :geld: ezseure Iha Nate In aocordanu~ whh the (21 The Nde Is nor and shall rid becartie requlralleMS d thN Otdinana. Shady a IndYady'ledera9y guaraMeed.• dhchsrged 61'tlla Iliararer=airdn provided, o! autlkNd pmvklon shaB~havs been made-tor ' BECTON 9, UdMery d lM Nda. TM Note. 13) The Town shall Ilmely Ills Inlarnel ~sutlt yrrrwM, sathladNn and dhoharys. ~ C wMn ssecutad at provklad by law, shah be gevsnw Form 5939-0 which shall t»nialn the deNYSradmFlntBsrtll,utM br161naI Rap4tersd nfamalbn requlrad l0 6e flied pureuam to Flndings aM DsIMm(nalkrM TK)N 19, 61 Tha Towrrt Cdunsll, aRar'axaminabn o1 att' 0nds a Mrab i d h Owner. Sudr Iseuarics d tM Nola N Mrsby 3edNa 14t+;e) or tM Tae Code. found to b. N 1M Met advaMa9s d the Town (4) Tha Town shall comply whh hs No : y aans arl9a u Mnlnsm lads an denrmines and declaen that:a~fs Yi Ne best " end b hweby aPMaf°d• 1xb%rage CanNlcale exacded an.lhe data of lnNltl dNivery d the Nara Is sub(rcf Io save d the Note µ31h respect la the applkallon YdtabhaMS and Intateat d~[M Town, sold=M taWwYen, 1h~t the Nd4 ba ,aulltor@ad, Nsued Fini9ardr algning an Investment NtMr [the tnd Yrveumem tithe Nole proceeds, 'InvepmaM t.etlsr'] In tM tam prasaMSd to 1M (c) Ths Ttrwn represanta for purpwes of and dellvered.~a1,1h3e,1YilA;yzid fa lM, mariner heroin au9tarized Ir1 artier 4o plovlde lands W , 7twm rdundi and Medea part d IM reCMd. TM 3edlon l~9lryf5)IC) of the Tax Code, that Iha Sorm of such InveelmeM F.atnr N Mrsby t df ail tax-exem t l 1l dNw IM 7own~d tnakneln-eri edequffia Wnd ~01tCe M'~ Qeasral"~~ N par.{M TowNa ~ p . rg ! a ace anwun e :,, ~ 1 by IM Town Councl. +bl lo,w (dM, Ihan •arh'ata aalY3ly bands- m ~ ordinary arl~~ . axpdoea s ; ottle' A i ~blk N f ~ Tlta Ra9hlond pwnat d the Nds sNUr rid Ism 4 derlnld In IM Taz t.ada) A, fogdher on fa 1M applaallen err drpasd d W rsa a h b h P ear ng u . SECTtO V: 2 O hearing on Ihle OrdYurtie wIN r e k ~ p , s e a xNh alt anlnise who twos bonds on Iha funds derhxsd hem any disws upon IM 14h• ,eassnah1y expects la Isaur for has laved) d ttstlR txitltaltted In lM Nas by tM Town a ear r 1990 a calendar d e held ll b v0i tls regular Town Cou+tcYsfteelNtli ~ In the Ccundl. CrharrbHf,ln 'Mr. M t n ar Yea aurmp ca Y anyd b oHkxrs. 1991 WIN ,tar exceed a5,996,1xH1 In ehher year. SECTION 9, AaplaCerrwnl of iM Ntfts. M 1M rM xtiYm fuaM+ ovrsnanu Ihal €n~tM avem N ~ wli~x r SuNtling e7(E M Caoradv on 7yy µ91h"CaY d N' `Mlae~ i tM hour d 7~0 p m., Nda shat beoonte toe+, apparonly tMtreysd a iaNmtlnas b K necessary to Issue addllbna; wn utl taken, k may ba rolssued h Sts form pngl y a. ~ dWlgetlona [dhef Shan prlvata adh+hy .. t~0 bepinnlrig a sWaatioR~by tMq rrdl d Rs tlrutl ~t!~ ~ ~ ~4.:. d~ and Nnw d IM bat, dealroYed rx Isksn Has wtd1) in the ,xdehdar year 1996 or h cabrtdar apart 11» Istsrad Owner lumNlWp, m IM rev 1991 avhkh came (he aggregate amount of ~ etkfaaran tithe Town: (q proof M awMnhlp 409 in 096 ffifam ro sxoeed 55 a QBa sag ° ~"` bn)klance, a%ar ~naV r,.,,12f. pecofds.~:pn- ,its final Ps!!r~a shM bd-iatwraed in a book led b t k ~.w~ ~ , . s (whkh shall bs shown W tM rsgklrffiNn books tlr° own wllllnt rotelve an oplnhn R th d tem a y kap 1a t1q,Rpurooae ahsA ba, auf ~° algneaure o11fia #aayor and lha Town l;Nek s m err ; ~ ~ r nhed 4ond mensal Ihaf the a IM Town); lit Prod d N°°• dsatn+e °~9 pit] an indsrmhY n tits Tavm with respect m tM asuu~~ites~esudr ~dNbrtai abllgatlvrra µ1i1 tat sdMtakan; and M)P-ymutld t dsslm te b i 'ba'en' hh b ad' h ltl M saW; Yc~wti, shat lake aNact shat be pllbllaMd flue tlays.aRsr wch: publka6on and.'atler , y a o ar rage o ea suc s r celka re tl Iha csa! of preparing and Nsuing IM new term N'ddlned m the Tax Code. 'TM Town securhy, In whkih case IM Tawn shad then leragnlzed~~thal the hsuanca d addabnffi tax- decOming ~dleGttva and'yp~n Nsparlce d IM -Mots aM1 bs ~ N~l°,i6,,~~y bo ~ ~~ %^"'~g 4x" d r axeada and delNar a Haas Nda ltu nNauance, sxerrpt ab%petbna inductee, but h rid IYrd[ed to. Tha Non d tM Naa . . I)areln o :~ PASSEO'~OIV a ]hg D)Nfl%ANDa - , SECTION 10. Form lhe4suencsdtax•exertp ltane,leflaes loans d r hrNned IotM IMl 3 . d~l~ - - ` - ;QRDEH~D,~ pt y efrr su wartenla. shoe bs In aubatentia s sd Nilkh IhN Ordhanca - SECTION it Funhsr Cavanenu l tM meslin Tha Town C A ~ _ ; 1 tfph ~Y 8f g . , twrrt e b approved µ11h such omkslans, Yrartlone, nroby frraVacaby cavenaMa end agrees with endvnemanls and va,lellona u may M MlioYier d1M Mae ere faknvs: - ~ ~ Tt]WN OF VAtI. ~ psrttala A. Srandnwyer requlrad try the ckamatenow. (y At Wet awe each year s wll rsuae an SECTION ti. Oapeall of Procande: uxlktobs madedtM beoke tithe Town, wch ' - ~' ~ ~~ Town Clerk INTRODUCED, RE0.0,' PASSED ON lnvealmenle. Tha p~oceedsdthe Nde shell M;ttdn le be nrsde byaoertlllad gable aooavnient SECOND READINQ "AND~URDEAED used sxcktalvoly la IM putposse redlsd Mreln; Ra+ Iha cbse of Gads fltCal year, and a Dopy of rtbn puntI3HE0 ONCE IN FULL ihle 9th bay of pavvMod, however, thffi all, a1 any popar po rhich aud% shall be iulnlshed upon wrlnen d, the pratxeds d a drawNq on IM the d aedh oast and ffi ds expense, to she Rsgislardd Inxrvsdfsfey W d t Novsrrlter, 1990. TOWN OF Vol. Rose R ~ v contslrwd In 1M Nds rid use relmbuns Iha Ta+m Ia axpsndhurM prav(ousry hurter al Iha Noie, The annual audll of the ~ . . ~, Kent - Mayer a CoPWned Ilnenclsl slatertwnts sh&II M made b)r the Town shell bs depuNsd In a tMm ed blr lM Town a11M [Yoe ~~ 10 affi41y ihk requlrartwnl. l lnbil l d ~ - ATTEST: f~ ~ s r w epedel uri Note shelf d wch d+aw and mvMted only In tax-exar+p[ ~ ib) fie Registered Owner d Ihe , Pamela A. Srandmeye wn Clerk ~ ' T aWlgatWns. iw iM rlgM al alt reasenabN notes to Inaped Payrtwnt d[M Nare. The Non i na^~ohlWan[Rd ntorde, aosaunla, actlona SECTION f2 o Approved rdr Town Cdlndl Adldn: ' . shall be payaMs from rtto,nY d had to and M dated tM Town retatin~ la the Nde. 's Ostianr Fund• SECTIUdI~ 16.E MlaaNanaoue pocumenfe. M T , ~~ Taws ManapelrW ' own on daposR h I `;,o Mayer. Ina Taws CNdt end iM Town ~vM ~ to lam. , .. Mans-0er a the Town, an hw.by eulhod:ad and dlredad to ehsewa and tNRvx say and all l.ar Eskwllh ry Town 0.nomey clvain9 dedumaMa necaeaery a daslrede In cannedlon with the Issaance d IM Nde. WHEREAS, fAe TownaVall,hth~ Caymy of Eaple end Slaze d t:cioredo (the 'Towm'], la a munfClpal corpotatl0n duly organized and exlstrng ae a home mN Sown pursuant tp Mlde xX, Seclian S d tM Censt%ut;nn of the Sleta pl Colofedo pM'Gonsf%dkM) and the Mma nN charter d tM Town (!M'cttaner]; and WHEREAS, Sadbn 19.2 d [M ChaNer provEdes M fdfmrs: Short•Tsrm Notes. Tha munlolpal govammsM, open tM a0imtatlw vote d tM ' mafomy d tM snNre courirJl, maybaaaw money wahaut an' sledlon In enllClpallon of lhs . cropedron a raxea a abet reventtea and m rave ahorl•te,m notes N avidertos iM amouM so borrowed. Any such shatderm Hasa shalt mature wNhrn hwrMe (121 Irtonths. WHEREAS, the Toan Courrdf d the Town . (the •Tam Courrce') has dele,mina! ihtl x Fe In the best irNarest d tM Town m ablaln a floe d evade from~~FlrnBank d,+VsII,~,Colorado (•Flnfl3artk') to snaure that as adequate fund balance µ11l ,bs'rruYtfalnad -In.IM~~TOwrt'a OeneralFund Io~ry;tM Ttwrr(a ordinary`and ' rtetxtasary sxpelgessyM m widence tM Tamy .dltlpegq([a; Widoi:~~ch %ne deed%. :upon 1 tlrawl(sg.oh ~Ile,Nflar d asdN, b1r Isaufng a short-farm promNwry ~Mte In Hte maximum ' :.prlnClpal anbuM d t7.909,9n9 (Ihe'Nde'q; a,d WHEREAS, fns Nds shat] ba repaid Iran, maneya depeshad to aM.on depvsN h, tM .t ' Tawny Ranaral Fund; and ,<. . <a_., - , WHEREAS, ms lawn Caundl d . ' b ~~ W w the Nde punua+d b ills Dhadsr, and ' `~ WHEREAS, N!a npw nsawsary by ardfnrln tv evthaize iM heuance and dallvery atM Nola, and n prwYre detalb d entl 1M saarrlly ~. fatM Nda:- - ~'ri,i. ~incoms Y+ 1[tNaundaf ~:' 86CTK the purpos~ rfepaY'arrgi 'Cisd% frorli OnahN the ' bafAnco:in ~leaua b SI ~ilne d cn d 51,099,5 IMarnt on ~om d Imn~ ~fiown's Oi n daemthtstl }jreglelered nee WhhofR talgsorN; h tha7 - ~prlncpeleunouM;dil,onDDDt},i•Jhe'h ~Rbs deledita~dati•.b! skec4tloepnd- whldi a1tA% be IM dau d lIN HtY.luTvat the Ilw a uadq~and shill he~pjldrlo I ~7, 't990, and ~ 3liitlabaaf~?rtitYfest~=Ir aEvanoa d:mdtays punuarlttoihe.la r~:csntaYted h IM NoW,dn,9MlxI1CUM d d B+IY, outstanding qn~ r+-fis IYre a aedlt i fbl=Tha 4taq Ghsid mraure an'.Nmti 1991 and Shall),tea~ . tNes! 0}i di.~e gNndplV, ll any;a9>eilq on Me:Nra coniairled fat Sts Note a1.-;zats~, egad: psicinl f909U a;fnv divldlnp Std hN 3tE071iid7rr file qusganiby`)hi,aclusk~nurrbOt eNpeed durkq the /IiA1[ dJM Matti.+Th "rate lesub]edtd~iange'tm ihe;ikw. ~„deyof~ea,dt:btbmh:~Ydsraet on ttta Nis s-act pbvkledh Sscdan 6 hared shah t t~ mrawhy d the Non. -'`a... .. GT:II 11paa1rwMitatlal~pi Mrta~~~"' pif~jY 'elie9COllltttae ts'dd~aV[I tllstson'dl,dw ' NNS.dwlpnprsirtl obit - u Iheted N Wild inf.. ~, ~4" .~~ (d)Arhll:fpaf~d ~reslon.tltaf - bs payeMe 4i lailid'itoiwy,d tits UMd rd Artwka i6 tM Rp Ills wrroMw Itriad ~ gWrogar o~rl Tovm h Vd, Coforndo wd.As alttxwt i~:•:B:SEC71C}N A Pgfrq'''RybnN, Tram ~ Exdlangs. Ths Town eltaq tact n pays laid tloro fatpVrpo a tits h r..Twrh skaN n+ahpalr~;boai teorms pi '~nghtittlW and frnlshf d {he~NCa~, , (:boohsiahL c ~ . j.1h11 Ptlysm aMldt r>=Nnu suMtM lgMs ~ 1 IhusbY li hensfen'.,d 1M NriU~anC:iM rlghb e Ithanby 'The ; Ndq' m.y',~b.' trsnatl `t wrahangad (Wt any:MtwlgM)-,[pgt pa I'a CamlM lee,-enr,li+t uryordrnrrlrtfz ~kiwgtdrsd,b.bepilld~Mlq~!aa(rpW:bslrif 7own~ ...: ill ~ r slpnerielkTduN": awrrw a+hN ornar -~: tafa: i7l~IfIMletW e9adi rarYlY.f }ma rant rata d ppffyilM arttvunL °pilrsalh sdlaes, fMStdd. :alydll~ps fapI~F10 ~11'tir~miA feQnrdrd fn fh Ilpaqula owner purpasa wh.lhei:a rid pllurmad an tM NIX!:} shall ik IIWfd9s;'afld tllti, own'aMq rid ha ailklW Wjanp noildsio IIIIr gorgrery ~. ~ i , ` ~ 9EOTK}N'~ 6',: PrepaymoM'~d; Nats. ~ Anti ~ , auhtet%dYp bela,ior, a~ t~,a tYOM array a prtiprdd •, ~. by tllf Town prkr to har4r`ly ItlA~hols & h pad ; - vm any den ~, tl' i,' Myw4rnantrprka%agwl td ~. 100% d-iM prkl!'Ipal s ~,;r.tnt`d~ the Nato or '. p4nbn thuwF bslnp priakl an4 aOaFUed ' nlsrost°"thanes td tM prspayrMM dotal - .provided; twawsr, tied n:- a ' Town h wltoM a h peR cJ v~ N9se shaa ptoFllbl tM Town ban ob W eyq flours sdrariws oe 1M ' Ilne of credll mMalnad In tits Na0 up 1o the , r, , .It N hetelfy cerlkNOr rade0 and deparod that all condkl4ra and aoM'fa4dred m 6i pailwmed precedent to' and !n' Iha adapllod. N lna Ordbanaa No. ~ Ithe'prdlnance'1 uNftarttl Ins wa.na. d dtudt> ~~ eu ume'Irorm ~~ note, have been pe manner as required by law; and'lhm the isauence d th~~e ~~ exceed o~v olaialoany larrra .a part I mltarionl aa~e9ukamenF oepphcablerheraloaThe Ortllnance~eheB canalkute a Cpnlracl far Iha beneiil of the nobler 6f this No1B eml,k'ihereby }n°oiparated by releterwe, ebb'upon the Intereal on this Nola la pay maturpy d Ihie Nda, except that Intaroat an say portbn °f principal prepaltl by Ina TeK'n shall Ee due an such dale of prapeymenl, Thla. note H s duly authorized' Note dealgnated'Tovm d Yall, C°loted°, Shad~Term Hale'teorml odtlnleppre4eleLlmexlmurfr Mtn Icipal anwunl 1° Si,00ormddthddulion a 6 lawds o1 the pursuant to Iha ¢ State d Cabrado, ins home rule charter of the -7nwn d'Yep, Cobrpdo, and the Ordinance duly adapted hY the Town Coupol d the lawn prier to the;8}Uariea hpearYeof. ~~~' .: ' Thh Rota k 1 hI the Towna~0anard~~had to and on depos ' The Nola M keurbN solely In tM trim of a .fully rpRterad naa, whhmd poupahs, In the :rnexlrnum Drlnclpaf amount d it,go0,ftg0. Thh note may. ~ pamlenad w sxcfirngad gwt ardY M .d,o~ef~m. prl~dpd offla d,thr Town d _ Y N dr Inellllar: {Ilbler.~ al lea a ttls 7ownand any tea a garnnnrnlal charge requkid b W paid whh ieepaq Iilarab~, amf 4Paa e4rr+rnder and WrlGllatlon d this nets. klpon ~urrander for'anY Irafider, duly andoroed !ar trantlar G aacarrpamied by an assignment duly iurawted by the Raylatared Owner hared[ or M~ a bar attomara duly authorhad in wrhing, a ne+e rrghtered Nde far the acme Aggregate pdncpal ~amouM will be leaved to lfn trwteleree In szdlanga therofor. TM T9wn may dwm and tnal,lhe 4taglelered Owner'hmdW as the ahaotuta~aMlref hereof Iwflslhat or not payrtwnt vn-this nokq'~rail 4e overdue) tat rite purpose d reoeMnp payhrenf of or an acwunl d prfrrclpel hereol and4fMerest ,due fiereorl amt fa all other purpad,+and the Town shell not be agacSedpl',arrr. nodes to the Iha amount end dale ol~~dvances and repaymeme art the Fk1s d nedk oomelned In this Nob rhak br reoordad 6y'thr ~~IOfder and aeNnawladped by 1M 7ewa In'lhe spade prodded brow. Buch roaad d shell InBUdr tM amoum W such raps mBlil ~ppplld to h4erest artd to outstanding pdrw~pe4: '. ' AOYANCEB ' pats e a r~ ~ ~, •.~ T ''. - -,- sJ'. '5 ~ Amcunl ~~,; ~',.. 4 .. 1 ;. ~ . '' } ~ - e4.~Lendera -.. InNYda & t a~ai ~~ i !r y '~ ~ ~,~ . , ~ k ct f f s r~ ` ' _~Town'e ~ h i. MnWe ';'+'~~ ~ .3 i - I . -`~~.,'~:';'REPAYMENTB ~y ,~4.,;te i oats _~ I ~--~-- r }1`. ~. :Prlnatpafs s ~'~`r , Anitnlyd - ~~~' ~'I ~r Intereal ~ ~ ' Amount Town's .~ Mltkls (Farm e1 Msignment).. ~: A88kQNMENT '~ FCR~~VALUE. f3ECE1VEq'Tak ~ ~~ tia Uanafere unto ~{ '~.1~thls- or Sade1 13ec4rh Nurr6er note of the Town d Val1, Cobrado, antl ddei hereby Irrevocably eenetllule and appalnl Attorney to trerreier this rwte an iha hooka kept for the reglslmtlan lheted. with luk power d euhslhulbn b the Premises. Fated: NOTICE; The slgnelure le this assignment must correspond wish the name as k appears upon the tees aF Iha within note In every penbtrlaz, wnhout akeratbn,ar enlergernerd or anY change whet~vN. Pubkshed In The Vaf Trak ~ ~~~ , an November 0. tYYg _ .