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HomeMy WebLinkAbout1992-25 Emergency Ordinance Authorizing the Issuance of Town of Vail Revenue Refunding and Improvement Bonds, Series 1992B~~ w ORDINANCE NO. 25 SERIES OF 1992 AN EMERGENCY ORDINANCE AUTHORLZING THE ISSUANCE OF TOWN OF VAII., COLORADO SALES TAX REVENUE REFUNDING AND IlVIPROVEMENT BONDS, SERIES 1992B; PROVIDING THE FORM, TERMS AND CONDITI(]NS OF THE BONDS, THE MANNER AND TERMS OF ISSUANCE, THE MANNER OF EXECUTION, THE METHOD OF PAYMENT AND THE SECURITY THEREFOR; PLEDGING SALES TAX AND PARKING REVENUES OF THE TOWN FOR THE PAYMENT OF THE BONDS; PROVIDING CERTAIN COVENANTS AND OTHER DETAII:.S AND MAKING OTHER PROVISIONS CONCERNING THE $ONDS AND THE SALES TAX AND PARKING REVENUES; RAa lr YING At:l iON PREVIOUSLY TAKEN AND APPERTAINING THERETO; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH; AND DECLARING AN EMERGENCY. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO: 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, supplemental hereto or relating hereto, and of any instrument or document appertaining hereto, except where the context by clear implication otherwise requires. All definitions include the singular and plural and include all genders. Certain terms are parenthetically defined elsewhere herein. Additional Bonds: the one or more series of bonds or other securities or obligations authorized to be issued by the Town pursuant to Section 18 hereof and having a lien on the Pledged Revenues on a parity with the lien of the 1992B Bonds. Bond Fund: the fund by that name created by the 1989 Ordinance and continued in this Ordinance. Bond Insurer: Municipal Band Investors Assurance Corporation or its successors. + ~ ~ ~ f ~~ +{ ~ Band Insurance Policv: the financial guaranty insurance policy issued by the Bond Insurer guaranteeing the payment of principal of and interest on the 1992B Bonds. Bond Reserve Insurance Policv: any insurance policy, surety bond, 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 then is rated in the highest rating category by Moody's Investors Service, Inc., Standard & Poor's Corporation, A.M. Best & Company, or their successors. fonds: the Outstanding 1991 Bonds, the Outstanding 1992B Bands and any Additional Bonds. Business Dav: a day on which banks located in the cities in which the principal offices of each of the Paying Agent and the Bond Insurer are not required or authorized to be closed and on which the New York Stock Exchange is not closed. Char~gt: the home rule Charter of the Town, including all amendments thereto prior to the date hereof. Commercial Bank: any depository for public funds permitted by the laws of the State for political subdivisions of the State which has a capital and surplus of $14,440,400 or more, and which is located within the United States. Construction Fund: the fund created by Section 14 hereof. Escrow Account: the Escrow Account for the Refunding established with the Escrow Bank. Escrow Agreement: the Escrow Agreement dated as of October 1, 1992 between the Town and the Escrow Bank relating to the Refunding. Escrow Bank: Central Bank National Association. Financial Guaranty Agreement: the Financial Guaranty Agreement between the Town and the Bond Insurer. Fiscal Year: 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 _2_ ~ ~ other twelve month period as may from time to time be designated by the Tawn Council as the Fiscal Year of the Town. General Operatine Expenses: 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 reasonably allocable to the administration of the Parking Facilities, insurance premiums, the reasonable charges of any paying agent, trustee or depository bank, contractual services, professional sen~,ices 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 far depreciation, any costs of reconstruction, improvement, extension ar betterment, any accumulation of reserves fray 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 oat based on contract. Governmental Obiiations: any of the following which are nancailable 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 by the Export-Import Bank of the United States, the Federal Financing Bank, the Farmers Home Administration, the General Services Administration, the U.S. IViaritime Administration, or the U.S. Department of Housing and Urban Development; or (c) evidences of ownership interests in obligations described in paragraph (a) or {b) above. Gross Revenues: ail income and revenues derived directly or indirectly from the operation of ar otherwise relating to the Parking Facilities, including, without limitation, -3- " any fee, rate ar other charge assessed against any persons for the privilege of using or otherwise relating to the Parking Facilities. Housine Bonds: the Town's Single Fa;nily ,Revenue Refunding Bands, 1992 Series A. income Fund: the special fund by that name created by the 1989 Ordinance and continued by this Ordinance. Insurance Paving Agent: Citibank, N.A., ar its successors under the Bond Insurance Policy. Letter of Representations: the Letter of Representatians between the Tawn and The Depositary Trust Company. Maximum Annual Debt Service Reauirecng}~: the maximum amount of all required payments of principal and interest on the Bonds which will become due in any Fiscal Year. For the purpose of Section 18 hereof only, Maximum Annual Debt Service Requirement shall also include the principal and interest an the Town's General Obligation Refunding Bands, Series 1992A and any other outstanding general obligation bonds of the Town, and the 19$5 Bonds until paid or defeased. Net Revenues: the Gross Revenues less General Operating Expenses. 1985 Bonds: the Tawn's General Obligation Refunding Bands, Series 1985 dated as of November 15, 1985. 1985 Ordinance: Ordinance No. 23, Series of 1985, as amended by Ordinance No. 29, Series of 3985. 1989 Bands: the Town's Sales Tax Revenue Bonds, Series 1989. 1989 Bond Ordinance: Ordinance No. 29, Series of 1989. 1991 Bands: the Town's Sales Tax Revenue Bonds, Series 1991. 1941 Ordinance: Ordinance No. 42, Series of 1991. 1992B Bonds: the Town's Sales Tax Revenue Refunding and Improvement Bonds, Series 1992B. Ordinance: this Ordinance of the Town, which provides for the issuance and delivery of the 1992B Bonds. -4- ~~ Outstanding: as of any date of calculation, all Bands theretofore executed, issued and delivered by the Town except: (1} Bands theretofore cancelled by the Town, Registrar or Paying Agent, or surrendered to the Tawn, Registrar or Paying Agent for cancellation; (2} Bonds in lieu of or in substitution for which other Bands 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 Bands are duly held by the lawful registered owners thereof; or (3} fonds deemed to have been paid as provided in Section 20 hereof. Owner or registered owner: the registered owner of any 199ZB Bond as shown on the registration books kept by the Registrar. Parkins Facilities: means all existing parking facilities, including, but not limited to, all parking facilities constructed, otherwise acquired and equipped with the proceeds of the 1989 Bonds, and all future parking facilities operated by the Town, which facilities include all improvements, extensions, enlargements, additions or betterments to, or replacements of such facilities. Pavin~A,~ent: Central Bank National Association, Denver, Colorado, being the agent far the Town far the payment of the 1992B Bonds and interest thereon, or its successors and assigns. Permitted Investment: any investment ar deposit shown on the list attached hereto as Exhibit I, to the extent permitted by the Charter and Ordinances of the Town. Person: any individual, firm, partnership, corporation, company, association, joint-stock association or body politic; and the term includes any trustee, receiver, assignee or other similar representative thereof. Pledged Revenues: (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 Bonds; -5- „. ~ 111 the Net Revenues; (~ ~) {iv) proceeds of the Bonds or other legally available moneys deposited into and held in the Bnnd 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 time required by Section 15 hereof to be deposited into and held in the Income Fund, the Bond Fund and the Reserve Fund. Pledged Sales Tax: the proceeds of the Town's current 4% Sales Tax, including that one-half of the proceeds of the Sales Tax which is also pledged to the payment of the 1985 Bonds, the 1991 Bonds and the Housing Bonds and the one-half of the proceeds of the Sales Tax which has not previously been pledged to the payment of any bonds or other obligations of the Town. The additional one-half of the proceeds of the Sales Tax also shall be pledged to the 1991 Bonds, and to the extent necessary to effect the same the 1991 Ordinance shall be deemed amended hereby. "Pledged Sales Tax" does not 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 §31-25-103{a}, C.R.S ar 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 Town and subsequently determined, pursuant to the applicable Sales Tax Ordinances, to be subject to valid claims for refunds. "Pledged 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 expressly pledged by the Town. "Pledged Sales Tax" does include the proceeds derived by the Town from any legally available tax ar taxes ar fees (other than a general ad valorem tax} which replace or 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: the Preliminary Official Statement dated September 17, 1992. -6- ~,i , ~ . ., Proiect: the addition to the Municipal Building to be constructed and equipped with a portion of the proceeds of the 1992B Bonds and any other public improvement or equipment which the Town is legally authorized to acquire, construct ar finance. Purchase Contract: the Purchase Agreement between the Town and the Purchasers dated September 29, 1992. Purchasers: Kemper Securities, Inc. and George K. Baum & Company. Rebate Fund: the fund 6y that name created by the 1989 Ordinance and continued by this Ordinance. Refunding: the refunding and defeasance of the 1989 Bonds with a portion of the proceeds of the I992B Bonds. Registrar: Central Bank National Association, Denver, Colorado, being the agent for the Town for the registration, transfer and exchange of the 1992B Bonds, or its successors. Registrar Agreement: the Registrar Agreement between the Town and the Registrar dated as of October 1, 1992. Regular Record Date: the fifteenth day of the calendar month next preceding each interest payment date far the 1992B Bonds (other than a special interest payment date hereafter fixed for the payment of defaulted interestj. Reserve Fund: the fund by that Warne created by the 1989 Ordinance and continued by this Ordinance. Reserve Fund Requirement: an amount equal to 10% of the grinci~al amaunt of the Outstanding Bonds plus an amaunt equal to alI investment earnings on the Reserve Fund; provided that the Reserve Fund Requirement shat; not exceed the Maximum Annual Debt Service Requirement. Sales Tax: the tax upon the sale and use of goads 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. -7- r ,, ` Sales Tax Ordinances: the ordinances adopted 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. Special Reeord Date; a special date fixed to determine the names and addresses of registered owners for purposes of paying interest on a special interest payment date for the payment of defaulted interest, all as further provided in Section 6 hereof. State: the State of Colorado. fax Code; the Internal Revenue Code of 1986, as amended to the date of delivery of the Bonds, and any regulations promulgated thereunder. Tows: the Town of Vail, Colorado. Town Council: the Town Council of the Town or any successor in functions thereto. Trust Bank: a Commercial Bank which is authorized to exercise and is exercising trust powers. Section 2. Recitals. A. The Town is a municipal corporation duly prganized and existing under the Town's Charter adopted pursuant to .Article XX of the Constitution of the State of Colorado. B. Section 14.6 of the Charter permits the Town to issue securities made payable solely out of the proceeds of any sales taxes or from net revenues derived from the operation of an income-producing project, or from any combination of such revenues without an election. C. The Town imposes a Sales Tax pursuant to Section 11.1 of the Charter and the Sales Tax Ordinances. D. Pursuant to the 1985 Ordinance, the Town issued the 1985 Bands and agreed to pledge and set aside one-half of the revenues generated by the Sales Tax to pay the principal of and interest on the 1985 Bands, provided that the Pledged Sales Tax could also be pledged and used for the payment of the principal of and interest on other additional general obligation bonds of the Town issued thereafter on a parity with or subordinate to the -$- .4 ., ~ . • ` a 1985 Bands with respect to the Pledged Sales Tax. The 1985 Ordinance also provided that, to the extent that the principal of and interest on the 1.985 Bonds and any additional parity general obligation bonds are fully provided for in any Fiscal Year by tax revenues and other moneys legally available therefore, the Town is authorized to use such excess Pledged Sales Tax for 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 1985 Bonds, but only may be issued in a subordinate and inferior position to the claim of the 1985 Bonds to the Pledged Sales Tax. E. The Town has issued the 1989 Bonds, all of which remain Outstanding, which mature on December 1 of the years and in the amounts 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% $ 810,000 1996 2,200,1.34,00 6.60 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 6.85 3,075,000 2000 924,390.60 6.90 1,940,000 F. The 1959 Bonds are not subject to redemption prior to maturity. G. The Town is not delinquent in the payment of the principal of or interest on any of the 1989 Bonds. H. Chapter X of the Town Charter authorizes the Town Council {the "Council"} to issue refunding bonds without an election. I. The Council has determined and hereby declares that it is in the Town's best interest to defease the 1989 Bonds and to provide funds to pay the 1989 Bonds as they become due at maturity. J. The Town has pledged one-half of the revenues from the Sales Tax on a first priority basis to the payment of the 19$5 Bonds, on a second priority basis to the 1989 Bands and the ].991 Bonds, and on a third priority basis to the Housing Bonds. -9- ~. r. ~ ~ . i K. Except far the 1985 Bonds, the 1989 Bonds, the 1991 Bonds, the Housing Bonds, and bonds or obligations which have been paid or defeased as of the date of issuance of the 1992B Bands, the Town has never pledged the Sales Tax to the payment of any bonds or for any purpose. Simultaneously with the issuance of the 1992B Bonds the 1989 Bonds will be refunded and defeased. The Pledged Sales Tax may now be pledged (with a lien which is in part subordinate to the lien of the 19$5 Bonds but on a parity with the 1991 Bonds and in part a first priority lien on a parity with the 1991 Bands) lawfully and irrevocably for the payment of the 1992B Bonds. L Except for the 1989 Bonds and the 1991 Bonds, the Town has never pledged the Net Revenues from the Parking Facilities. Such Net Revenues may now be pledged (with a lien that is an a parity with the lien of the 1991 Bonds} lawfully and irrevocably for the payment of the 1992B Bands. M. The Tawn has received a proposal from the Purchasers far the purchase of the 1992B Bonds far the purpose of defraying in whole or in part the costs of the Project and the Refunding. N. There have been presented to the Council the proposed forms of the foilawing documents: the Purchase Contract; the Escrow Agreement; the Letter of Representations; the Financial Guaranty Agreement; the Registrar Agreement; and the Preliminary Official Statement. O. The Tawn Council desires to cause the 1992B Bands to be issued, to authorize and direct the application of the proceeds thereof as set forth herein, and to provide security for the payment thereof, all in the manner hereinafter set forth. Section 3. Ratification. All actions heretofore taken (not inconsistent with the provisions of this Ordinance) by the Town Council and other officers of the Town in the imposition and collection of the Sales Tax and the Gross Revenues, the Project, the Refunding, and selling and issuing the 1992B Bonds for those purposes are ratified, approved and confirmed. -1Q ,. a ~~ Section 4. Authorization of Refunding and Proiect. The Refunding hereby is authorized, and the Project hereby is authorized at a cost of not exceeding $5,700,000 (excluding costs to be paid from sources other than the proceeds of the 1992B Bonds). Section S. Authorization of the 1992B Bands. There hereby are authorized to be issued fully registered sales tax revenue securities of the Town, to be designated "Town of Vail, Colorado, Sales Tax Revenue Refunding and Improvement Bonds, Series 1992B" in the aggregate principal amount of $15,165,000, to be payable and collectible, both as to principal and interest, from the Pledged Revenues. Section 6. 1992B Band Details. The 1992B Bonds shall be issued in fully registered farm (i.e., registered as to bath principal and interest) initially registered in the name of Cede & Co. as nominee for The Depositary Trust Company, shall be dated as of October 1, 1992, shall be issued in the denomination of $5,000 or any integral multiple thereat (provided that no 1992B Bond may be in a denomination which exceeds the principal coming due on any maturity date, and no individual 1992B Bond will be issued for more than one maturity) and shall be numbered in such manner as the Registrar may determine. The 1992E Bonds shall bear interest from their dated date until maturity at the rates per annum shown below, payable semiannually on June 1 and December 1 in each year, commencing on June 1, 1993, except that any 1992B Bond which is reissued upon transfer, exchange ar other replacement shall bear interest from the most recent interest payment date to which interest has been paid ar duly provided for, or if no interest has been paid, from the date of the 1992E Bonds. The 1992E Bonds shall mature an the dates and in the amounts hereinafter designated, as follows: Interest Maturity Principal Rate Date Amount (Per Annum June 1, 1993 $395,000 3.000% June 1, 1996 355,000 4.600 June 1, 1997 475,000 4.$00 June 1, 1998 555,000 5.100 June 1, 1999 665,000 5.300 June 1, 2000 1,315,000 S.S00 June 1, 2001 1,235,000 5.650 -ll- - ~ ~ ~ i ` June 1, 2002 1,315,000 5.800 June 1, 2005 4,625,000 6.000 December 1, 2012 4,230,000 6.125 The principal of and premium, if any, on any 1992B Bond shall be payable to the registered owner thereat as shown on the registration records kept by the Registrar, upon maturity thereof and upon presentation and surrender at the Paying Agent. ~f any 1992B 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 1992B Band until the principal thereof is paid in full. Payment of interest on any 1992B Bond shall be made by check or draft mailed by the Paying Agent, on or before each interest payment date (ar, if such interest payment date is not a business day, on or before the next succeeding business day), to the registered owner thereof at the address shown on the registration records kept by the Registrar at the close of business on the Regular Record Date far such interest payment date; but any such interest not so timely paid ar duly provided for shall cease to be payable to the person who is the registered owner thereof at the close of business on the Regular Record Date and shall be payable to the person who is the registered owner thereof at the close of business on a Special Record Date for the payment of any such defaulted interest. Such Special Record Date shall be fixed by the Registrar whenever moneys become available for payment of the defaulted interest, and notice of the Special Record Date shall be given to the registered owners of the 1992B Bonds not less than ten days prior to the Special Record Date by first-class mail to each such registered owner as shown on the Registrar's registration records on a date selected by the Registrar, stating the date of the Special Record Date and the date fixed for the payment of such defaulted interest. The Paying Agent may make payments of interest on any 1992B Bond by such alternative means as may be mutually agreed to between the owner of such 1992B Bond and the Paying Agent (provided, however, that the Town shall not be required to make funds available to the Paying Agent prior to the interest payment dates stated in this Section). Alt 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. -12- r~ ~~ Section 7. Prior Redemntion. A. 1992B Bonds maturing nn or before June 1, 2002, are not subject to prior redemption. 19928 Bands maturing on June 1, 2005 and December 1, 2022 shall be subject to prior redemption, at the option of the Town, in whole, ar in part, in integral multiples of $5,000, from such maturities as are selected by the Town, and if less than all of the Bonds of a maturity are to be redeemed, by lot within a maturity in such manner as the Registrar may determine, on December 1, 2002, or on any date thereafter, at the redemption prices set Earth below (expressed as a percentage of the principal amount so redeemed) plus accrued interest to the redemption date: Redemption Redemption Dates Prices December 1, 2002 through May 31, 2003 i01% June 1, 2003 and thereafter 100 There shall be no optional prior redemption of 19928 Bonds unless ail amounts owing to the Band Insurer under the Financial Guaranty Agreement or any other document have been paid in full. B. 1992B Bands maturing June 1, 2005 are subject to mandatory sinking fund redemption at a price equal to the principal amount thereof plus accrued interest to the redemption date. Such 1992B Bonds subject to mandatory sinking fund redemption shall be selected by !ot in such manner as the Registrar shall determine {giving proportionate weight to the 1992B Bonds in denominations larger than $5,000}. As and far a sinking fund for the redemption of the 1992B Bonds maturing on June 1, 2005, the Town will deposit in the Band Fund a sum together with other moneys available in the Bond Fund is sufficient to redeem {after credit as provided below) the following principal amounts of the 1992E Bands maturing on June 1, 2005: -13- • Principal Date Amount June 1, 2003 $1,190,040 December 1, 2003 155,000 June 1, 2004 1,230,000 December 1, 2004 1b5,000 The remaining $1,885,000 of €he 19928 Bonds maturing on June 1, 2005 shall be paid upon presentation and surrender at maturity unless redeemed pursuant to optional redemption prior to maturity. On or before the thirtieth day prior to each such sinking fund payment date, the Registrar shall proceed to call the 19928 Bonds indicated above (or any 19928 Bond or Bonds issued to replace such 1992E Bands} for redemption from such sinking fund on the next June 1 or December 1, and give notice of such call without further instruction or notice from the Town. 19928 Bonds maturing December 1, 2012 are subject to mandatory sinking fund redemption at a price equal to the principal amount thereof plus accrued interest to the redemption date. Such 19928 Bonds subject to mandatory sinking fund redemption shall be selected by lot in such manner as the Registrar shall determine {giving proportionate weight to the 19928 Bonds in denominations larger than $5,000). As and far a sinking fund for the redemption of the 19928 Bonds maturing on December 1, 2012, the Town will deposit in the Band Fund a sum together with other moneys available in the Bond Fund is sufficient to redeem (after credit as provided below) the following principal amounts of the 19928 Bonds maturing on December 1, 2012: -14- .~ ,• • i Principal Date Amount December 1, 2D05 $175,000 June 1, 2006 1,130,000 December 1, 20Qb 185,000 June 1, 2007 190,000 December 1, 2007 200,000 June 1, 2008 205,000 December 1, 2008 210,000 June 1, 2009 215,000 December 1, .2009 225,000 June 1, 2010 230,000 December 1, 2010 240,000 June 1, 2011 245,000 December 1, 2011 250,000 June 1, 2012 260,Q40 The remaining $2?0,000 of the 19928 Bonds maturing on December 1, 2012 shall be paid upon presentation and surrender at maturity unless redeemed pursuant to optional redemption prior to maturity. On or before the thirtieth day prior to each such sinking fund payment date, the Registrar shall proceed to call the 19928 Bonds indicated above (ar any 19928 Bond or Brands issued to replace such 19928 Bands) for redemption from such sinking fund on the next June 1 or December 1, and give notice of such call without further instruction or notice from the Town. At its option, to be exercised on or before the sixtieth day next preceding any sinking fund redemption date, the Town may (a) deliver to the Registrar far cancellation 19928 Bonds subject to mandatory sinking fund redemption an such date in an aggregate principal amount desired or (b) receive a credit in respect of its sinking fund redemption obligation for any 19928 Bonds subject to mandatory sinking fund redemption an such date, which prior to said date have been redeemed (other wise than through the operation of the sinking fund) and cancelled 6y the Registrar and not theretofore applied as a credit against any sinking fund redemption obligation. Each 19928 Bond so delivered or previously redeemed will be credited by the Registrar at the principal amount thereof on the obligation of the Tawn on such sinking fund redemption date and the principal amount of 19928 Bonds -15- Y . ~ . ' to be redeemed by operation of such sinking fund on such date will be accordingly reduced. The Tawn will on or before the sixtieth day next preceding each sinking fund redemption date furnish the Registrar with its certificate indicating whether or not and to what extent the provisions of {a) and {b} of the preceding sentence are to be availed with respect to such sinking fund payment. Failure of the Town to deliver such certificate shall not affect the Registrar's duty to give notice of sinking fund redemption as provided in this paragraph B. D. In the case of 1992B Bonds of a denomination larger than X5,000, a portion of such 1992B Bond {$5,000 or any integral multiple thereof} may be redeemed, in which case the Registrar shall, without charge to the owner of such 1992B Band, authenticate and issue a replacement 1992B Bond or Bands for the unredeemed portion thereof. E. Except as provided in paragraph B of this Section, the Director of Administrative Services of the Town shall (unless waived by the Registrar) give written instructions concerning any prior redemption to the Registrar at least b0 days prior to such redemption date. Notice of redemption shall be given by the Registrar in the name of the Town, by sending a copy of such notice by certified, first-class postage prepaid mail, not more than 60 nor less than 30 days prior to the redemption date, to the Purchaser, and to each registered owner of any 1992B Bond, all or a portion of which is called for prior redemption, at his address as it last appears on the registration records kept by the Registrar. Failure to give such notice by mailing to the registered owner of any 1992E Bond or to the Purchaser of any defect therein, shall not affect the validity of the proceedings for the redemption of any other 1992B Bonds. Such notice shall identify the 1992B Bonds or portions thereof to be redeemed (if less than all are to be redeemed) and the date fixed for redemption, and shall further state that an such redemption date the principal amount thereof and the designated premium thereon, if any, will became due and payable at the Paying Agent, and that .from and after such date interest will cease to accrue. Accrued interest to the redemption date will be paid by check or draft mailed to the registered owner (or by alternative means if so agreed to by the Paying Agent and the registered owner). Notice having been given in the manner -16- r ~ . • hereinabove provided, the 1992B Bond ar Bonds so called for redemption shall become due and payable on the redemption date so designated; and upon presentation and surrender thereof at the Paying Agent, the Town will pay the principal of and premium, if any, on 1992B Bond ar Bonds so called for redemption. Section 8. Special Oblisatians. All of the 1992B Bands, together with the interest accruing thereon, and any payments due to the Bond Insurer under the Financial Guaranty Agreement, shall be payable and collectible solely out of the Pledged Revenues, which are hereby irrevocably so pledged; the owner or owners of the 1992B Bonds and the Bond Insurer may not look to any general yr other fund for the payment of principal and interest on the 1992E Bonds or payments under the Financial Guaranty Agreement, except the designated special funds pledged therefor; and the 1992B Bonds and the Financial Guaranty Agreement shall not constitute an indebtedness nnr 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. Section 9. Form of 1992B Bonds and Re~istratinn Panel. The 1992B Bonds and the registration panel shall be substantially as follows (provided that any portion of the 1992B Bond text may, with appropriate references, be printed on the back of the 1992B Bonds}, with such emissions, 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 or appropriate to conform to the rules and requirements of any governmental authority or any usage or requirement of law with respect thereto: -17- (Farm of Bond} * Insert only if bonds are delivered pursuant to Section 12 of this Ordinance. **Insert only if bonds are delivered to The Depository Trust Company pursuant to Section 13 of this Ordinance. UN r l .~D STATES OF AMERICA STATE OF COI.4RAD0 COUN'T'Y OF EAGLE TOWN OF VAIL, COLORADO SAi F~ TAX REVENUE REFUNDING AND IMPROVEMENT BOND SERIES 1992B NO. R- IN~i~REST RATE MATURITY DATE DATED DATE CUSIP October 1, 1992 REGIa .t r,RED OWNER: PRINCIPAL AMOUNT: The Town of Vail, in the County of Eagle and State of Colorado (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 principal amount specified above, on the maturity date specified above (unless called for earlier redemption}, and to pay from said sources interest thereon on June 1 and December 1 of each year, commencing on June 1, 1993, at the interest rate per annum specified above, until the principal sum is paid or payment has been provided therefor. This bond wil! bear interest from the most recent -1& ., ~ . • interest payment date to which interest has been paid or provided far, or, if no interest has been paid, from the date of this bond. The principal of this bond is payable upon presentation and surrender hereof to the Town's registrar and paying agent (the "Registrar" or the "Paying Agent"), initially Central Bank National Association, in Denver, Colorado. Interest on this band will be paid on or before each interest payment date {or, if such interest payment date is not a business day, on or before the next succeeding business day), by check or draft mailed to the person in whose name this bond is registered (the "registered owner"} in the registration records of the 'Town maintained by the Registrar and at the address appearing thereon at the close of business on the fifteenth day of the calendar month next preceding such interest payment date (the "'Regular Record Date"). Any such interest not so timely paid or duly provided for shall cease to be payable to the person who is the registered owner hereof at the close of business on the Regular Record Date and shall be payable to the person who is the registered owner hereof at the close of business on a Special Record Date for the payment of any defaulted interest. Such Special Record Date shall be fixed by the Registrar whenever moneys become available for payment of the defaulted interest, and notice of the Special Record Date shall be given to the registered owners of the bonds of the series of which this is one {the "Bands"} not less than ten days prior to the Special Record Date. Alternative means of payment of interest may be used if mutually agreed to between the owner of any Bond and the Paying Agent, as provided in the ordinance of the Town authorizing the issuance of the Bonds (the "Bond Ordinance"}. 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. Bonds of the series of which this band is a part (the "1992B Bonds") maturing on June 1, 2005 and December 1, 2012 are subject to prior redemption, at the option of the Town, in whole, or in part, in integral multiples of $5,000, from such maturities as are selected by the Town, and if less than all of the Bonds of a maturity are to be redeemed, by lot within a maturity in such manner as the Registrar may determine, on December l., 2002, or on any date thereafter, at the redemption prices set forth below (expressed as a percentage of the principal so redeemed) plus accrued interest to the redemption date: -19- • i ~ Redemption Redemption Dates Price, December 1, 2002 through I~ay 3], 2003 101% June 1, 2003 and thereafter 100 Bonds of the series of which this bond is a part maturing on June 1, 2005 and December ], 20]2 are subject to mandatary sinking fund redemption in the manner provided in the Bond Ordinance at a price equal to the principal amount thereof plus accrued- interest to the redemption date. Bonds subject to mandatory sinking fund redemption shall be selected far mandatory sinking fund redemption by lot in such manner as the Registrar shall determine (giving proportionate weight to Bonds in denominations larger than $5,000). On or before the thirtieth day prior to each such sinking fund payment date, the Registrar will proceed to call the Bonds subject to mandatory sinking fund redemption (or any Bond or Bonds issued to replace such Sonds) far redemption on the next June 1 or December ], and give notice of such call. The Town is entitled to certain credits against its sinking fund redemption obligation in the manner and upon the conditions provided in the Bond Ordinance. In the case of redemption of Bands of a denomination larger than $5,000, a portion of such Bond ($5,000 or any integral multiple thereat) may be redeemed, in which case the Registrar shall, without charge to the owner of such Bond, authenticate and issue a replacement Bond or Bands for the unredeemed portion thereof. Redemption shall be made upon not more than 60 days' and not less than 30 days' mailed notice to the original purchasers and to each registered owner of Bonds to be redeemed as shown on the registration records kept by the Registrar, in the manner and upon the conditions provided in the Bond Ordinance. The Bonds are issuable only as fully registered Bonds in denominations of $5,000 or any integral multiples thereof and are exchangeable for fully registered Bonds of the same maturity and series in equal aggregate principal amounts and in authorized denominations at the aforesaid aftice of the Registrar, but only in the manner, subject to the limitations and conditions, and upon payment of the charges provided in the Bond Ordinance. -20- .. ~ • ~ ~, * *The Brands are not transferable or exchangeable, except as set forth in the Bond Ordinance. Upon any partial prior redemption of this Bond, Cede & Co. in its discretion inay request the Bond Registrar to authenticate a new Bond or make an appropriate natation on this Bond indicating the date and amount of prepayment, except in the case of final maturity, in which case this Bond must be presented to the Bond Registrar prior to final payment.** *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 bond of authorized denomination or denominations of the same series, aggregate principal amount and maturity will be issued to the ~t•ansferee 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 Town 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 ali other purposes, except to the extent otherwise provided hereinabove and in the Bond Ordinance with respect to Regular and Special Record Dates for the payment of interest. *The Registrar will not be required to transfer or exchange (i) any Bond or portion thereof during a period beginning at the opening of business 15 days before the day of the mailing by the Registrar of notice of prior redemption and ending at the close of business on the day of such mailing, or {ii) any Bond or portion thereof after the mailing of notice calling such Bond or any portion thereof for prior redemption, except the unredeemed portion of Bonds being redeemed in part.* The 1992B Bonds are authorized for the purpose of defraying wholly or in part the costs of the Project and the Refunding (each as defined in the Bond Ordinance), for the payment of casts and expenses incidental thereto and to the issuance of the Bonds, and for 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 -21- • ' 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 ar an indebtedness of the Town within the meaning of any applicable charter, constitutional ar statutory provision or limitation, shall not be considered or held to be a general obligation of the Town, and are payable from, and constitute a pledge of and an irrevocable lien (but not 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 certain taxes which hereafter may be imposed by the Town in addition thereto or in substitution therefor, Net Revenues of the Parking Facilities (each as defined in the Bond Ordinance), arty 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, all 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 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 an exclusive lien} on all of the Pledged Revenues. The Bands are equitably and ratably secured by a lien on the Pledged Safes Tax. As to one-half of the Sales Tax (as defined in the Bond Ordinance} revenues the Bonds constitute a 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 Bonds"}. As to the other one-half of the Sales Tax revenues, the Bands constitute a first and prior lien on a parity with the Town's Sales Tax Revenue Bonds, Series 1991 (the "1991 Bands"). In connection with the Pledged Sales Tax and as required by the ordinance which authorized the 1985 Bands, the Town shall Fully provide for the debt service, reserve account, and other requirements of the 1985 Bonds in any fiscal year and, only after such provision, ..~~,. ~- . i ~ ~ ' may use excess Pledged Sales Taxes for the payment of the principal of and interest on the Scries Bands, by transferring such excess Pledged Sales Taxes to the Income Fund (as defined in the Band Ordinance). Payment of the principal of and interest an this bond shall be made from, and as security for such payment there are irrevocably {and exclusively) pledged, pursuant to the Bond Ordinance, moneys deposited and to be deposited in a special fund of the Tawn (the "Bond Fund") into which fund the Town has covenanted under the Band 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 1991 Bands, the 1992B Bonds and any Additional Bonds (as defined in the Bond Ordinance). In addition, there is irrevocably and exclusively pledged to the payment of the 1991 Bands, the 1992B Bonds and any Additions! Bonds a reserve fund (the "Reserve Fund") which will be maintained as provided in the Band Ordinance. Except as otherwise specified in the Band Ordinance, this Bond is entitled to the benefits of the Band Ordinance equally and ratably both as to principal (and redemption price) and interest with all other Bonds issued and to be issued under the Band Ordinance, to which reference is made for a description of the rights of the owners of the 1992$ Bonds and the rights and obligations of the Town. This band is payable from the Pledged 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 bnnd 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 1992B Bands, the receipt and disposition of the Pledged Revenues, the nature and extent of the security, the terms and conditions under which additional bands 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 an this bond shall be _Z,3_ a . ~ • 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 band must be registered in the name of the owner as to both principal and interest 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 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. It is further certil;ed and recited that all the requirements of law have been fully complied with by the proper Town officers in the issuance of this bond. This band shall not be valid or obligatory for any purpose until the Registrar shall have manually signed the certificate of authentication herein. IN TES t iivIONY WHEREOF, the Town Council of the Town of Vai! has caused this bond to be signed and executed in its name with a manual ar facsimile signature of the Mayor of the Tnwn, 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, all as of the date specified above. (Manual or Facsimile Si~naturel Mayor (MANUAL OR FACSIMILE SEAL) Attest: (Manual or Facsimile Si~nature~ Town Clerk (End of Farm of Bond) -24- k ` e ~ (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 Bands. as Registrar Date of Authentication By; and Registration: Authorized Off cer or Employee (End of Form of Registrar's Certificate of Authentication) STATEMENT OF INSURANCE The Municipal Bond Investors Assurance Corporation (the "Insurer") has issued a policy containing the following provisions, such policy being on file at Central Bank National Association in Denver, Colorado. The Insurer, in consideration of the payment of the premium and subject to the terms of this policy, hereby unconditionally and irrevocably guarantees to any owner, as hereinafter defined, of the following described obligations, the full and complete payment required to be made by or on behalf of the Issuer to Central Bank National Association or its successor (the "Paying Agent") of an amount equal to (i) the principal of (either at the stated maturity or by any advancement of maturity pursuant to a mandatory sinking fund payment) and interest on, the Obligations (as that term is defined below} as such payments shall become due but shall not be so paid (except that in the event of any acceleration of -25- • ~ • ' the due date of such principal by reason of mandatary ar optional redemption or acceleration ~ resulting from default or otherwise, other than any advancement of maturity pursuant to a mandatary sinking fund payment, the payments guaranteed hereby shall be made in such amounts and at such times as such payments of principal would have been due had there not been any such acceleration); and {ii} the reimbursement of any such payment which is subsequently recovered from any owner pursuant to a final judgment by a court of competent jurisdiction that such payment constitutes an avoidable preference to such owner within the meaning of any applicable bankruptcy law. The amounts referred to in clauses (i} and (ii) of the preceding sentence shall be referred to herein collectively as the "Insured Amounts " "Obligations" shall mean: the Tawn of Vail, Colorado, Sales Tax Revenue Refunding and Improvement Bonds, Series 1992B. Upon receipt of telephonic or telegraphic notice, such notice subsequently confirmed in writing by registered or certified mail, or upon receipt of written notice by registered or certified mail, by the Insurer from the Paying Agent or any owner of an Obligation the payment of any Insured Amount for which is then due, that such required payment has not been made, the Insurer on the due date of such payment ar within one business day after receipt of notice of such nonpayment, whichever is later, will make a deposit of funds, in an account with Citibank, N.A., in New York, New York, or its successor, sufficient ~ for the payment of any such Insured Amounts which are then due. Upon presentment and surrender of such Obligations or presentment of such other proof of ownership of the Obligations, together with any appropriate instruments of assignment to evidence the assignment of the Insured Amounts due on the Obligations as are paid by the Insurer, and appropriate instruments to effect the appointment of the Insurer as agent for such owners of the Obligations in any legal proceeding related to payment of Insured Amounts, such instruments being in a form satisfactory to Citibank, N.A., Citibank, N.A. shall disburse to such owners or the Paying Agent payment of the Insured Amounts due on such Obligations, less any amount held by the Paying Agent for the payment of such Insured -2b- ~_ ~• • s ti Amounts .and legally available tlaerefar. This policy does not insure against loss of any prepaymen# premium which may at any time be payable with respect to any Obligatian. As used herein, the term "owner" shall mean the registered owner of any Obligation as indicated in the books maintained by the Paying Agent, the Issuer, or any designee of the Issuer for such purpose. The term owner shall not include the Issuer or any party whose agreement with the Issuer constitutes the underlying security far the Obligations. Any service of process on the Insurer may be made to the Insurer at its offices located at 113 King Street, Armonk, New York 10504. This policy is non-cancellable far any reason. The premium on this policy is not refundable far any reason including the payment priar to maturity of the Obligations. MUNICIPAL BOND INVESTORS ASSURANCE CORPORATION -27- ' **(Form of Prepayment Panel) ~ The following installments of principal {or portion thereof} of this bond have been prepaid in accordance with the terms of the Bond Ordinance authorizing the issuance of this bond. Signature of Date of Principal Authorized Prepavment Prepaid Representative of the Denositorv (End of Form of Prepayment Panel) MAY BE PRINTED ON THE BACK OF THE BOND AND THE FOLLOWING STATEMENT INSERTED -- R F,FERENCE IS HEREBY M AT7F,, TC) THE FURTHER PROVISIONS OF THIS BOND SET •FC}RTH ON THP~ REVERSE HEREOF: SZJCH PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH HERE.** -25- .' "' (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 identificatr`on 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. EXCHANGE OR TRANSFER FEES MAY BE CHARGED (End of Form of Assignment} -29- . • • Section 10. ~otiability. Subject to the registration provisions hereof, the 1992B 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 Commercial Cade-Investment Securities. The principal of and interest on the 1992B Bonds shall be paid, and the 1992B Bonds shall be transferable, free from and without regard to any equities between the Town and the original or any intermediate owner of any 1992E Bonds or any setoffs or crass- claims. Section 11. Execution. The 1992B Bonds shall be executed in the name and on behalf of the Town by the signature of the Mayor, shall be sealed with a manual or facsimile impression of the seal of the Town and attested by the signature of the Town Clerk, Each 1992B 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 ar facsimile signature. The 1992B Bonds bearing the manual or facsimile signatures of the officers in office at the time of the autharizatian thereof shall be the valid and binding abiigatsons of the Town (subject to the requirement of authentication by the Registrar as hereinafter provided), notwithstanding that before the delivery thereof and payment therefor or before the issuance of the 1992E Bonds 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 1992B Bands, adopt as and for their respective signatures any facsimiles thereof appearing on the 1992B Bonds. At the time of the execution of the signature certificate, the Mayor and the Town Clerk may each adopt as and for his or her facsimile signature the facsimile signature of his or her predecessor in office in the event that such facsimile signature appears upon any of the 1992B Bonds. Na 1992B Bond shall be valid or obligatory for any purpose unless the certificate of authentication, substantially in the farm hereinafter provided, has been duly manually executed by the Registrar. The Registrar's certificate of authentication shall be -30- dec;med to have been duly executed by t•Registrar if manuall si ned b an•thorized y ~ y •, ofhcer ar employee of the Registrar, but it shall not be necessary that the same officer or employee sign the certificate of authentication on ail of the 19928 Bonds issued hereunder. By authenticating any of the 19928 Bonds initially delivered pursuant to this Ordinance, the Registrar shall be deemed to have assented to the provisions of this Ordinance. Section 12. Recistration. Transfer and l~>;change. A. Except as provided, in Section 13, records for the registration and transfer of the 19928 Bonds shall be kept by the Registrar, which is hereby appointed by the Town as registrar {i e.. transfer agent) for the 19928 Bonds. Upon the surrender for transfer of any 19928 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 19928 Bond ar Bonds of the same series, of a like aggregate principal amaunt and of the same maturity, bearing a number car numbers not previously assigned. 19928 Bands may be exchanged at the Registrar for an equal aggregate principal amaunt of 19928 Bonds of the series and the same maturity of other authorized denominations. The Registrar shall authenticate and deliver a 19928 Band ar Bonds which the registered owner making the exchange is entitled to receive, bearing a number or numbers nor previously assigned. The Registrar may impose reasonable charges in connection with such exchanges and transfers of 19928 Bonds, 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. Except as provided in Section 13, the Registrar shall not be required to transfer or exchange {1) any 19928 Bond or portion thereof during a period beginning at the opening of business 15 days before the day of the mailing of notice of prior redemption as herein provided and ending at the close of business on the day of such mailing, or {2) any 19928 Bond or portion thereof after the mailing of notice calling such 19928 Band or any portion thereof for prior redemption, except for the unredeemed portion of the 19928 Bands being redeemed in part. -31- • C. The person in whose name any 1992B Bnnd 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 far all other purposes; except as may be otherwise provided in Section 6 hereof with respect to payment of interest; and, subject to such exception, payment of or on account of either principal or interest on any 1992B Bond shall be made only to or upon the written order of the registered owner thereof or his legal representative, but such registration may be changed upon transfer of such 1992B Bond in the manner and subject to the conditions and limitations provided herein. All such payments shall be valid and effectual to discharge the liability upon such 1992B Bond to the extent of the sum or sums so paid. D. If any 1992B Bond shall be lost, stolen, destroyed ar 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 1992B Bond or Bonds of a like aggregate principal amount and of the same maturity, bearing a number or numbers not previously assigned. If such lost, stolen, destroyed, ar mutilated 1992B Bond shall have matured or is about to became due and payable, the Registrar may direct the Paying Agent to pay such 1992B Bond in lieu of replacement. E. The officers of the Town are authorized to deliver to the Registrar fully executed but unauthenticated 1992B Bonds in such quantities as may be convenient to be held in custody by the Registrar pending use as herein provided. F. Whenever any i992B Bond shall be surrendered to the Paying Agent upon payment thereof, or to the Registrar for transfer, exchange or replacement as provided herein, such 1992B Bond shall be promptly cancelled by the Paying Agent or Registrar, and counterparts of a certil:icate of such cancellation shall be furnished by the Paying Agent or Registrar to the Town. Section 13. Book Entrv. A. Notwithstanding any contrary provision of this Ordinance, the Bonds shall initially be evidenced by one Bond for each maturity in which the Bonds mature in denominations equal to the aggregate principal amount of the Bands maturing far that -32- • maturity. Such initially delivered Bonds shall be registered in the name of "Cede & Co." as -~ nominee for The Depository Trust Company, the securities depositary for the Bonds. The Bonds may not thereafter be transferred or exchanged except: {1) to any successor of The Depository Trust Company or its nominee, which successor must be both a "clearing corporation" as defined in Section 4-8-102(3), Colorado Revised Statutes and a qualified and registered "clearing agency" under Section 17A of the Securities Exchange Act of 1934, as amended; or (2) upon the resignation of The Depository Trust Company or a successor or new depository under clause (1) or this clause (2) of this paragraph (a), or a determination by the Council that The Depository Trust Company or such successor or new depositary is no longer able to carry out its functions, and the designation by the Council of another depository institution acceptable to the Council and to the depository then holding the Bonds, which new depository institution must be both a "clearing corparatioa," as defined in Section 4-8.102{3), Colorado Revised Statutes and a qualified and registered "clearing agency" under Section 17'A of the Securities Exchange Act of 1934, as amended, to carry out the functions of The Depository Trust Company or such successor new depository; or {3) upon the resignation of The Depository Trust Company or a successor or new depository under clause (1) or clause {2) of this paragraph {a), or a determination of the Council that The Depository Trust Company or such successor or new depository is no longer able to carry out its functions, and the failure by the Council, after reasonable investigation, to locate another qualified depository institution under clause {2) to carry out such depository functions. B. Tn the case of a transfer to a successor of The Depository Trust Company or its nominee as referred to in clause (1) of paragraph (a) hereof or designation of a new depository pursuant to clause {2) of paragrx.~.~~ {a) hereof, upon receipt of the -33- • Outstanding Bonds by the Band Registrar, together with written instructions for transfer E satisfactory to the Bond Registrar, a new Bond for each maturity of the Bonds then Outstanding shall be issued to such successor or new depository, as the case may be, or its nominee, as is specified in such written transfer instructions, In the case of a resignation or determination under clause (3) of paragraph {a} hereof and the failure after reasonable investigation to locate another qualified depository institution for the Bonds as provided in clause (3) of paragraph (a) hereof, and upon receipt of the Outstanding Bands by the Bond Registrar, together with written instructions for transfer satisfactory to the Bond Registrar, new Bands shall be issued in the denominations of $5,000 or any integral multiple thereof, as provided in and subject to the limitations of Section 12 hereof, registered in the names of such persons, and in such authorized denominations as are requested in such. written transfer instructions; however, the Bond Registrar shall not be required to deliver such new Bonds within a period of less than 60 days from the date of receipt of such written transfer instructions. C. The Council, the Bond Registrar and the Paying Agent shall be entitled to treat the registered owner of any Bond as the absolute owner thereof for all purposes hereof and any applicable laws, notwithstanding any notice to the contrary received by any or all of them and the Council, the Bond Registrar and the Paying Agent shall have no responsibility for transmitting payments to the beneficial owners of the Bonds held by The Depositary Trust Company or any successor or new depository named pursuant to paragraph (a) hereof. D. The Council, the Bond Registrar and the Faying Agent shall endeavor to cooperate with The Depository Trust Company or any successor or new depository named pursuant to clause (1) or (2) of paragraph (a) hereof in effectuating payment of the principal amount of the Bonds upon maturity or prior redemption by arranging for payment in such a manner that funds representing such payments are available to the depository on the date they are clue. Section 1~1. Delivery of 1992B Bonds and Disnasition of Proceeds. When the 1992B Bonds have been duly executed by appropriate Town officers and authenticated by the .3,¢. .. .. ~ ~ ! Registrar, the 'T'own shall cause the 1992B Bonds to be delivered to the Purchasers on ~~ receipt of the agreed purchase price. The 1992B Bands shall be delivered in such denominations as the Purchaser shall direct (but subject to the provisions of Sections 12 and 13 hereof); and the Registrar shall initially register the 1992B Bonds in such name or names as the Purchaser shall direct. The proceeds of the 1992B Bands, including without limitation the accrued interest thereon, shall be deposited promptly by the Town and shall be accounted for in the following manner and are hereby pledged therefor, but the Purchasers of the 1992B Bonds nr any subsequent Owner in no manner shall be responsible for the application or disposal by the Taws 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 1992B Bonds shall be credited to the Bond Fund to be applied to the payment of the 1992B Bonds. {ii) An amount, together with other available funds of the Town, sufficient to establish any initial cash balance remaining uninvested and to buy Governmental Obligations to effect the Refunding shah be deposited to the Escrow Account. (iii) All remaining proceeds of the 1992B Bonds shall be credited to the fallowing special and separate account, hereby created and established, to be known as the '"Town of Vail, Colorado Sales Tax Revenue Refunding and Improvement Bonds, Series 1992B Construction Fund;' to be used, together with any other available moneys therefor, to pay the costs of the Project, including the premium for the Bond Insurance Policy and other costs incidental to the issuance of the 1942B Bonds. After payment of all costs of the Project, 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 1992B Bonds. Section 15. Use of Monevs in Income Fund. Subject to Section i7, so long as any fonds shall be Outstanding, either as to principal or interest, the Pledged Revenues -35- • ! i shall, upon receipt by the Town, be deposited in a special and separate account, heretofore created and established by the 1989 Ordinance and continued by this Ordinance, known as the "Town of Vail Income Fund." The following payments shall be made from the Income Fund: A. Bond Fund. First, there shall be credited from the Income Fund to a fund created by the 1989 Ordinance and known as the '"Town of Vail, Sales Tax Bond Fund" the following amounts: i. Interest Payments, Monthly to the Bond Fund 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 an amount in equal monthly instaAments 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, If prior to any interest payment date or principal payment date there has been accumulated in the Band Fund the entire amount necessary to pay the next maturing installment of interest or principal, or both, 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 on such interest payment date or principal payment date. The moneys in the 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. B. Reserve Fund, Second, except as hereinafter provided, from any moneys remaining in the Income Fund there shall be credited monthly to a separate account created by the 19$9 Ordinance and continued by this Ordinance 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 Insurance Policy any amounts owing -36- to such issuer under the terms of the Bond Reserve Insurance Policy. In determining the 3 amounts required to be deposited as provided above, the Town shall receive credit far any investment earnings on the deposit in the Reserve Fund. Investment earnings an 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/ar 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 provided in subsections C and E of this Section and Section 21 hereof, vniy to prevent deficiencies in the payment of the principal of and the interest an 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 principaC payment, whether at stated maturity or upon redemption, {ii) the issuance of Additional Bonds, or {iii) the defeasanee of all or a portion of the Bonds. 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 ar from time to time (but only with the prior written consent of the Bond Insurer if the provider is other than the Bond Insurer) deposit a Sand Reserve Insurance Policy in the Reserve Fund in full or partial satisfaction of the Reserve Fund Requirement. Any such Band Reserve Insurance Policy shall be payable on any date vn which moneys will be required tv be withdrawn from the Reserve Fund as provided herein. Upon deposit of any Band Reserve Insurance Policy in the Reserve Fund, the Town may transftr moneys equal to the amount payable under the Bond Reserve Insurance Policy from the Reserve Fund and apply such moneys to any Lawful purpose. If the tax covenant contained in Section 20.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 -37- series of Bonds which may be deposited to the Reserve Fund pursuant to Section 20.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 sa that not later than twelve calendar months after the date of issuance of such series of Bonds the amount an deposit in the Reserve Fund shall equal the Reserve Fund Requirement. Section 14.C. of the 1991 Ordinance hereby is amended to conform to the provisions of this Section 15.B., effective an the date the 1992B Bonds initially are issued. C. Termination Uflon Deposits to Msturity or Redemption Date. Na 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 Bonds then Outstanding and thereafter maturing, including any prior redemption premiums then due, and both accrued and not accrued, in which case moneys in the Bond Fund and Reserve Fund 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 the two Funds may be withdrawn and used for any lawful purpose. D. Defraying Delinquencies 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 Resen+e Fund equal to the difference between the amount paid and the full amount so stipulated. Any cash on deposit in the Reserve Fund shall be transferred to the Band Fund to cover such a deficiency prior to the transfer of funds drawn under the Bond Reserve Insurance Policy. If the Reserve Fund contains a Band Reserve Insurance Folicy from a provider other than the Bond Insurer and a. Bond Reserve Insurance Policy provided by the Bond Insurer, any draw shall be on a pro-rata basis from bath such Policies. After such a draw any available Pledged Revenues, after the payments required by paragraph A of this Section, shall be used first to repay the Bond Insurer to reinstate the Band Reserve Insurance Policy and then to replenish cash in the Reserve Fund. The cash sa used shall be r -3& ., ~ ~ • replaced in the Reserve Fund from the first Pledged Revenues received that are not 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 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 Band Fund and in the Reserve Fund shall be used solely far the purpose of paying the principal and any redemption premium of and the interest on the Bonds, except that moneys in the Reserve Fund shall 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 Bond Fund and in the Reserve Fund in excess of accrued and unaccrued principal and interest requirements to the respective maturities of the Outstanding Bands may be used as provided in Paragraphs G and H of this section. Section 15.E. of the 1991 Ordinance hereby is amended to conform to the provisions of this Section 15.1]., effective an the date the 19928 Bonds initially are issued. E. Rebate Fund. Third, there shall be deposited in a special account created by the 1989 Ordinance and continued by this Ordinance 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 Code. Any amounts in excess of those required to be on deposit therein by Section 148(f) of the Tax Code shall be withdrawn therefrom and deposited into the Income Fund. Funds in the Rebate Fund shat[ not be subject to the lien -39- a . • ~ # created by this Ordinance to the extent such amounts are required to be paid to the ratted States Treasury. The Town may create separate accounts in the Rebate Fund in connection ! with the issuance of Additional Bonds. F. Interest an Band Insurance Policy Draws. After the payments required by A, B and E of this Section, the Pledged Revenues shall be used to pay interest on amounts advanced under any Band Reserve Insurance Policy. G. Payment for Subordinate Obliiations. After the payments required by Paragraphs A, B, E, and F of this Section, the Pledged Revenues shall be used by the Town far the payment of interest on and principal of any obligations secured by Pledged Revenues subordinate to the lien of the Bonds and on a parity with or subordinate to the lien of the Financial Guaranty Agreement hereafter authorized to be issued, including reasonable reserves therefor. H. Use of Remainine~ Revenues. After making the payments required to be rriade by this Section, any remaining Pledged Revenues may be used far 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 Sates Tax Ordinances, to be subject to valid claims for refunds. Section 16. General Administration of Funds. The funds designated in Sections 14 and 15 hereof shall be administered as follows subject to the limitations stated in Section 20.K, hereof: A. ~ud~et and Annronriation of Funds. The sums provided to make the payments specified in Section 15 hereof are hereby appropriated for said purposes, and said amounts for each year shat! be included in the annual budget and the appropriation ordinance ar measures to be adopted or passed by the Town Council in each year respectively while any of the 1992B Bonds, either as to principal or interest, are Outstanding and unpaid. No provision of any constitution, statute, charter, ordinance, resolution, or other order ar measure enacted after the issuance of the 1992B Bands shall in any manner be construed as limiting or impairing the obligation of the Tawn to keep and perform the -4Q __ ~ _ ~ ! covenants contained in this Ordinance so long as any of the 1992B Bands remain ' ~ Outstanding and unpaid. Nothing herein shall prohibit the Town Council, at its sole option, from appropriating and applying other funds of the Town legally available fnr such purpose to the Bond Fund or Deserve Fund for the purpose of providing for the payment of the principal of, interest nn or any premiums due with respect to the 1992B Bands. B. Places and Times of Deposits. Each of the special funds created in Section 1S hereof and the Construction Fund created in Section 14 hereof shall be maintained in a Commercial Bank as a book account kept separate and apart from all other accounts or 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 shall be irrevocable and not withdrawable by anyone for any purpose other than the respective designated purposes of such funds or accounts. Esch 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 1~ hereof, and any moneys in any fund established by Section 15 of this Ordinance may be invested or reinvested in any Permitted Investment. Securities ar obligations purchased as such an investment shall either be subject 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 for redemption or sale an 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 -41- ~ • S so in order to provide moneys to meet any required payment or transfer from such fund. The Town shall have no obligation to make any investment or reinvestment hereunder, unless ~ any moneys an 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 60 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 b0 day period, except for any moneys nn deposit in an interest bearing account in a Commercial Bank, without regard to whether such moneys are evidenced by a certii"icate of deposit or otherwise, pursuant to this Section 1b.C. and Section 1b.E. hereof; but the Town is not required to invest, or so to invest in such a manner, any moneys accounted far hereunder if any such investment would contravene the covenant concerning arbitrage in Section 20.K. hereof. D. No liability for Losses Incurred in Performing Terms of Ordinance. Neither the Town nor any officer of the Town shall be liable ar responsible for any loss 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 shalt consist of lawful money of the United States or investments permitted by Section 16.C. hereof ar both such money and such investments. Moneys deposited in a demand or time deposit account in or evidenced by a certifiicate of deposit of a Commercial Bank pursuant to Sections 1b.B. and 16.C. hereof, appropriately secured according to the laws of the State, shall be deemed lawful money of the United States. Section 17. Lien on Pledged Revenues. The 1992B Bonds constitute a pledge of, and an irrevocable lien {but not an exclusive lien) on all of the Pledged Revenues an a parity with the lien of the 1991 Bonds. The 1992B Bonds are equitably and ratably secured by a lien on the Pledged Revenues. The 1992B Bonds, in accordance with the 1985 Ordinance, only constitute a second and subordinate lien (but not an exclusive second lien) upon one-half of the Pledged Sales Tax, such lien being second and subordinate to the lien of the Town's 1985 Bands. In connection with the Pledged Sales Tax and as required by the 1985 Ordinance, the Town shall fully provide for the debt service, reserve account, and other requirements of the 1985 Bonds from one-half of the Pledged Sales Tax in any Fiscal Year -42- i • -_ and, only after such provision, may use excess of such Pledged Sales 't'axes for the payment 7 of the principal of and interest on the 1992B Bonds, 1991 Bands and any Additional Bands, by transferring such excess Pledged Sales Taxes to the Tncame Fund. The 1992B Bands constitute an irrevocable and first lien (but not an exclusive first lien) upon the other Pledged Revenues, including the other one-half of the Pledged Sales Tax, on a parity with the 1991 Bonds. Section 18. Additional Bonds. Ar Limitations Unan Issuance of Additional Bonds, Nothing in this Ordinance shall be construed in such a ananner as to prevent the issuance by the Town of additional bands or other obligations, payable from and constituting a lien upon the Pledged Revenues on a parity with the lien of the 1992B Bands (the "Additional Bands"}. Such Additional Bands may be payable solely from Pledged Revenues or they may be payable from Pledged Revenues and another revenue or fund of the Town ("Additional Pledged Revenues"). Regardless of whether payable solely from Pledged Revenues ar from Pledged Revenues and Additional Pledged Revenues, such bands or other obligations may be issued only if for the Fiscal Year immediately preceding the issuance of any Additional Bonds, the amount of Pledged Sales Tax Revenues in such Fiscal Year equalled or exceeded 150% of the Maximum Annual Debt Service Requirement on the Bonds (including the Additional Bands proposed to be issued). For the purpose of satisfying the aforementioned 150% test, any tax, now existing or hereafter imposed, which legally becomes a part of the Pledged Sales Tax Revenues during the Fiscal Year preceding the issuance of Additional Bonds, or any tax which is to legally become a pact of the Pledged Sales Tax Revenues immediately prior to the issuance of Additional Bonds, ar any increase in the rate of any tax which is a part of the Pledged Sales Tax Revenues which increase is imposed during the Fiscal Year preceding the issuance of Additional Bonds ar any such increase which is to be imposed immediately prior to the issuance of Additional Bands can be considered far its estimated effect an the amount of the Pledged Sales Tax Revenues as if such tax ar increase had been in effect far 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 -43- for purposes of satisfying such tests. Section 17 of the 1991 Ordinance hereby is amended to conform to the provisions of this Section 18.A,, effective November 1, 1992. ~ 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 far the last Fiscal Year immediately preceding the issuance of such Additional Bonds. B. Certificate of Revenues. A written certification by a certii"ied 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 19928 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 19928 Bands. D. Superior ObIi~akions Prohibited. Nothing in this Ordinance .shall be construed so as to permit the Town to hereafter issue obligations payable from the Pledged Revenues having a lien thereon prior or superior to the 19928 Bonds. Section 19. Refundine Obligations. A. Generally. If at any time after the 19928 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, or (2) the owners of the obligations to be refunded and the Band Insurer, if the Bond 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 -44 .. • ~ ! may provide, sa 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 long as any 1992B Bonds are Outstanding, refunding obligations payable from the PIedged Revenues may be issued on a parity with the unrefunded Bands only if: 1. Prior Consent. The Town first receives the consent of the owner or owners of the unrefunded Bonds and the Bond Insurer, if the Bond Insurer insured such obligations; or 2. Reavirements Not Increased. The refunding obligations da not increase by more than $2S,U00, for any Fiscal Year prior to and including the last maturity date of any unrefunded Bonds, the aggregate principal and interest requirements evidenced 6y such refunding obligations and by any Outstanding Bonds pat refunded and the lien of any refunding parity obligations on the Pledged Revenues is not raised to ~ nigher priority than the lien thereon of any obligations thereby refunded; or 3. Earnines Test. The refunding obligations are issued in compliance with Paragraphs A and B of Section 19 hereof. Section 2D. Protective Covenants. The Town hereby additionally covenants and agrees with each and every owner of the 1992B Bonds that: A. Use of 1992B Bond Proceeds. The Town will proceed with the construction of the Project and the Refunding without delay and with due diligence. B. Payment of 1992B Bonds. The Town will promptly pay the principal of and interest on every 1992B Bond issued hereunder and secured hereby on the dates and in the manner specified herein and in said 1992B Bonds according to the true intent and meaning hereof. Such principal and interest is payable solely from the Pledged Revenues. C. Amendment of Certain Ordinances; Dutv to Impose Sales Tax: Impairment of Contract. The Sales Tax Ordinances are in full farce and effect and have not been repealed or amended. The Town will not repeal or 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 agrees -45- i ~ • that any law, ordinance or resolution of the Town in any manner affecting the Pledged Revenues or the Bonds, or otherwise appertaining thereto, shall not be repealed ar otherwise directly or indirectly modified in such manner as to materially adversely affect any Bonds Outstanding, unless the required cansent is obtained, all as provided in Section 35 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 any portion thereof, have been met; or concerning changes in applicability, exemptions, administration, collection, or enforcement of the Sales Tax, if such changes do not materially adversely affect the security for the Bands; but the Town shall not reduce the current rate of the Pledged Sales Tax without the cansent of the owners of bb percent in aggregate principal amount of the then Outstanding 1992B Bonds ar the Bond Insurer {whichever is appropriate), as provided in Section 35 of this Ordinance. The foregoing covenants are subject to compliance by the Town 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 ar any regulation or other action taken by the federal government, any State agency or any political subdivision of the State pursuant to such legislation, in the exercise of the police power thereof far the public welfare, which legislation, regulation or action applies to the Town as a Colorado home rule city and limits ar otherwise inhibits the amount of such tax revenues due 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 of, interest an, 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 or threatened any suit, action or proceeding against or affecting the Town before or by any -4b- . caur~arbitrator, administrative agency or 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 or impair the Pledged Revenues. Furthermore, the Town shall amend from time to time the provisions of any ordinance or resolution of the Town, as necessary to prevent impairment of the Pledged Revenues as required to meet the principal af, interest on, and prior redemption premium, if any, of the 1992B Bonds when due. E. Further Assurances. At any and all times the Town shall, sa far as it may be authorized by law, pass, make, do, execute, acknowledge, deliver and file or retard all and every such further instruments, acts, deeds, conveyances, assignments, transfers, other documents and assurances as may be necessary or 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 become bound to pledge or to assign, or as may be reasonable and required to carry out the purposes of this Ordinance. The Town, acting by and through its officers, ar otherwise, shall at all times, to the extent permitted by law, defend, preserve and protect the pledge of said Pledged Revenues and other funds and accounts pledged hereunder and alt the rights of every owner of any of the 1992B Bonds against all claims and demands of all Persons whomsoever. F. Conditions Precedent. Upon the issuance of any of the 1992B Bonds, all conditions, acts and things required by the Constitution or laws of the United States, the Constitution or 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 I992B Bonds shall exist, have happened and have been performed, and the 1992B Bonds, together with al[ other obligations of the Town, shall not contravene any debt or other limitation prescribed by the -47- Constitution or laws of the United States, the'Constitution or laws of the State or the Charter. G. Records. So long as any of the 1992B Bands 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 140 days following the close of each f~sca! 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 expenditures of the Pledged Revenues. The Town agrees to allow the owner of any of the 1992B Bands to review and cagy 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. Performing Duties. The Tawn 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 application to the respective funds herein designated. J. Other Liens. As of the date of issuance of the 1992B Bonds and after the Refunding, other than the 1985 Bonds, the 1991 Bonds and the Housing Bonds, there are no liens or encumbrances of any nature whatsoever an or against any of the Pledged Revenues. K. 'Tax Covenant. The Town covenants for the benefit of the Registered Owners of the 1992B Bonds that it will not take any action or omit to take any action with respect to the 1992B Bonds, the proceeds thereof; any other funds of the Town or any facilities financed with the proceeds of the 1992B Bonds if such action or omission (i} would cause the interest on the 1992B Bonds to lose its exclusion from gross income for federal income tax purposes under Section 103 of the Tax Code, (ii) would cause interest on the 1992B Bonds to lose its exclusion from alternative minimum taxable income as defined in -48- ~! ~ r Section SS(b)(2) of the Tax Code except to the extent such interest is required to be included in adjusted current earnings adjustment applicable to corporations under Section Sb of the Tax Code in calculating corporate alternative minimum taxable income, ar (iii} would cause interest an the 1992B 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 force and effect notwithstanding the payment in full or defeasance of the 1992B Bonds until the date on which all obligations of the Town in fulfilling the shove covenant under the Tax Code and Colorado law have been met, L. Town's Existence. The Town will maintain its corporate identity and existence so long as any of the 1992B 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 1992B Bonds. M. Performance of Duties. The Tawn will faithfully and punctually perform or cause to be performed alt duties with respect to the Pledged Revenues, the Gross Revenues and the Parking Facilities required by the Taws of the State and the resolutions of the Tawn, including without limitation fixing and collecting reasonable and sufficient charges for the Parking Facilities, the proper segregation of t ~ Pledged Revenues as set forth in Section I4 hereof and their application to the respective funds as herein provided. N. Fees. Rates and Charges. So long as the 1992B 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 Grass Revenues which together with other Pledged Revenues shalt 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 Bands, any amounts owed to the Bond Insurer -49- ., . ~ ~ r under the Financial Guaranty Agreement and any required credit to the r 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 casts of operating and maintaining them, and the amounts necessary far the retirement of all Bonds and any other obligations payable from the Gross Revenues, accrued interest thereon and any reserves therefor, O. Maintenance of Parlin~ Facilities. The Town 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. P. Disposal of Property Prohibited. F..xcept far any, lease or other right of use for proper rentals or other consideration, the Town will not sell, mortgage, pledge or otherwise encumber, ar in any manner dispose of or otherwise alienate, the Parking Facilities or any part thereof, until all 1992B Bonds shall have been paid in full, both principal and interest, or unless provision has been made therefor, except as provided in Section 2Q.Q. hereof. Q. Disposal of Unnecessary Property. The Town may sell, destroy, abandon, otherwise dispose of, or 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 will not materially adversely affect the owners of the 1992B Bands. A written determination by the Town that the Gross Revenues will be sufl~icient to meet the requirements of this Section 20.Q shall be conclusively presumed accurate; provided, however, that in the event of any sale or other compensated disposition as aforesaid, the proceeds received an such disposition shall be credited to the Bond Fund. R. Fire and Extended Coveraee Insurance. The Town shall acquire and maintain, or cause to be acquired and maintained, lore and extended coverage insurance on the Parking Facilities in amounts at least sufficient to provide for pat less than full recovery whenever the loss from perils insured against does not exceed 90% of the full insurable -sa 1 val~of the Parking Facilities. The Town, at its election, may provide for suc~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. S. Other Insurance. The Town shall purchase and maintain in connection with 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 any 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 2Q.S partially or wholly by means of aself-insurance fund 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 any 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. T. Prompt Collections. The Town will cause the Pledged Revenues to be collected promptly and accounted for in the funds as herein provided. U. Surety Bonds. Each official of the Town having custody of the Pledged Revenues, ar responsible far their handling, shall be fully bonded at all times, which band shall be conditioned upon the proper application of such money. V. Preiudicial 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 21. Defeasance. When the 2992B Bands have been fully paid both as to principal and interest and all amounts due to the Bond insurer under the Financial Guaranty .Agreement have been paid, all obligations hereunder shall be discharged and the 1992B Bonds shall no longer be deemed to be Outstanding for any purpose of this -51- ~^ Ordinance', except as set forth in Section 20.K. Hereof. Payment of any 1992B Bonds shall y- be deemed made when the Town has placed in escrow with a Trust Bank an amount t sufl•"icient {including the known minimum yield .from Governmental Obligations) to meet all requirements of principal, interest, and any prior redemption premiums on such 1992B Bonds as the same become due to maturity or a designated prior redemption date; and, if 1992B Bonds are to be redeemed prior to maturity pursuant to Section 7.A. hereof; when the Town has given to the Registrar irrevocable written instructions to give notice of prior redemption in accordance with Section 7.D. hereof. The Governmental Obligations shall become due at or 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 their scheduled maturities by the issuer thereof. In the event that there is a defeasance of only part of the 1992B Bonds of any maturity, the Registrar shall, if requested by the Town, institute a system to preserve the identity of the individual 1992B Bonds or portions thereof so defeased, regardless of changes in band numbers attributable to transfers and exchanges of 1992B Bonds; and the Registrar shall be entitled to reasonable compensation and reimbursement of expenses from the Town in connection with such system. Section 22. Deleeated Powers: Acceptance of Purchase Contract. 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 1992B 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 1992B Bonds from gross income for federal income tax purposes. The form, terms and provisions of the Purchase Contract, the Registrar Agreement, the Escrow Agreement, the Financial Guaranty Agreement, and the Letter of -52- •Y Representations hereby are approved, ana the Town shall enter into and perform its -~ obligations under the Purchase Contract, the Registrar Agreement, the Escrow Agreement, the Financial Guaranty Agreement, and the Letter of Representations 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 are not inconsistent herewith; and the Mayor and Town Clerk are hereby authorized and directed to execute and deliver such documents as required hereby. The Preliminary Official Statement hereby is approved and the officers of the Town are authorized and directed to participate in the preparation af, and to e~cecute and deliver, a fine[ official statement for the 1992E Bands. The execution of the final official statement by the Director of Administrative Services shall be conclusively deemed to evidence the Town's approval of the form and contents thereof The Council hereby accepts the Purchase Contract as submitted by the 'Underwriters, and hereby authorizes the sale of the 1992B Bonds to the Underwriters at a price of $14,910,126 (consisting of par less underwriters' discount of $119,045.25 and original issue discount of $135,828.75) plus accnaed interest, and otherwise upon the terms, conditions and provisions as set forth in the Purchase Contract. The Council hereby determines that the sale of the 199213 Bonds as provided herein and in the Purchase Contract is to the best advantage of the Town. Section 23. Events of Default. Each of the following events is hereby declared an "event of default:" A. Nannavmcnt of Principal. If payment of the principal of any of the 1992E Bonds in connection therewith, shall not be made when the same shall become due and payable at maturity or by proceedings for prior redemption; or B. Nonpayment of Interest. If payment of any installment of interest on the 1992B Bonds shall pat be made when the same becomes due and payable; or C. Incapable to Perform. If the Town shall for any reason be rendered incapable of fulfilling its obligations hereunder, ar D. Default of env Provision. If the Town shall default in the due and punctual performance of its covenants or conditions, agreements and provisions contained in -53- ~ ~ i:. the 1992~Bonds or in this Ordinance on its~art to 6e performed, other than t ose delineated in Paragraphs A sod B of this Section, and if such ~ default shall continue for GO r• days after written notice specifying such default and requiring the same to be remedied shall have been given to the Town by the Band Insurer so long as it is not in default of its payment obligations under the Band Insurance Policy ar, during such default by the Bond Insurer, by the owners of not less than 2S% in aggregate principal amount of the i992B Bonds then Outstanding. Section 24. Remedies. Upon the happening and continuance of any event of default as provided in Section 23 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 mast 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 Bond Insurance Policy or the Bond Reserve Insurance Policy, 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 Band Insurer sa long as it is not in default in its payment obligations under the Band Insurance Policy or the Bond Reserve Insurance Policy, and, during such default by the Bond Insurer, thereafter for the equal benefit of all owners. The failure of the Bond Insurer ar any owner to proceed does not relieve the Town ar any person of any liability far failure to perf,..-.. 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 25. ~7uties Unnn Default. Upon the happening of any of the events of default as provided in Section 23 of this Ordinance, the Town, in addition, will do and perform all proper acts on behalf of and for the owners of the i992B Bonds to protect and preserve the security created for the payment of the i992B Bonds and to insure the payment -54 .~ of the rinci a1 of and interest on said 1992B Brands rom tl as the same become due. P P P P y Proceeds derived from the Pledged Revenues, so long as any of the 1992B Bonds herein authorized, either as to principal or interest, are Outstanding and unpaid, shall be paid into the Bond 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 event the Town fails or refuses to proceed as in this section provided, the Bond Insurer so Lang as it is not in default of its payment obligations under the Bond Insurance Policy ar, during such a default by the Bond Insurer, the owner or owners of not less than 25% in aggregate principal amount of the 1992B Bonds then Outstanding, after demand in writing, may proceed to protect and enforce the rights of such owners as hereinabove provided, Section 2S. Reblacement of Registrar or PavinE Aeent. If the Registrar ar 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 1992B Band at his address last shown on the registration records, appoint a successor Registrar or Paying Agent, or both. Nn resignation or 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 shareowner's equity (e.g_, capital, surplus, and undivided profits}, however denominated, of not less than $10,000,000. It shall not be required that the same institution serve as both Registrar and Paying Agent hereunder, but the Town shall have the right to have the same institution serve as both Registrar and Paying Agent hereunder. Section 27. Maintenance of Escrow Account. The Escrow Account shall be maintained at all times subsequent to the initial deposit of moneys therein in an amount at least sufficient, together with the known minimum yield to be derived from the initial investment and any temporary reinvestment of the deposits therein ar any part thereof in Federal Securities (as defined therein), to pay the Refunded Bond Requirements as the same became due. -55- • +: Sectian 2$. Use of Escrow Account, Moneys shall be withdrawn by the _ Escrow Bank from the Escrow Account in sufficient amounts and at such times to permit the r payment without default of the Refunded Bond Requirements. Any moneys remaining in the Escrow Account after provision shall have been made far the redemption in full of the Refunded Bonds shall be applied to any lawful purpose of the Town as the Council may hereafter determine. Section 29. Insufficiency of Escrow Account. If for any reason the amount in the Fscrow Account shall at any time be insuffieient for the purpose of Sections 27 and 28 hereof, the Town shall forthwith deposit in such account such additional moneys as shall be necessary to permit the timely payment in full of the Refunded Bond Requirements. Section 3Q. Notice of Defeasance. The Town hereby authorizes and directs the registrar for the 1989 Bonds to give the notice of defeasance of the Refunded Bonds, in the name of and on behalf of the Town and the bond registrar forthwith upon issuance of the 1992B Bonds. Section 31. Manner of Giving Notice. The notice of defeasance shall be given by mailing a copy of the notice by first class mail {postage prepaid) to the registered owners of the Refunded Bands at the addresses shown on the registration records of the registrar for the Refunded Bonds. Section 32. Form of Notice, The notice of defeasance so to be given forthwith shall be in substantially the following farm: -Sfr _r (Form of Notice) ~ NOTICE OF DEFEASANCE OF TOWN OF VAIL, COLORADO SALES TAX REVENUE BONDS 5ERIES 1989 NOTICE IS HEREBY GIVEN that the Town of Vail, Colorado (the '"Town") has caused to be deposited in escrow with Central Bank National Association in Denver, Colorado refunding bond proceeds and other funds which have been invested (except for an initial cash balance remaining uninvested) in bills, notes, bonds and similar securities which are non-callable direct obligations of the United States of America, to discharge the Refunded Bond Requirements for its Sales Tax Revenue Bands, Series 3989 {the "1989 Bonds"). The CUSIP numbers of the 19$9 Bonds so discharged are as follows: Refunded Bond Requirements means: the Appreciated Principal Amount and interest due in connection with the 1989 Bonds as the same comes due on and after December 1, 1992. According to a report pertaining to such escrow of Causey, Demgen & Moore, Denver, Colorado, certified public accountants, the escrow, including the known minimum yield from such investments and the initial cash balance remaining uninvested, is fully sufficient at the time of the deposit and at all times subsequently, to pay the Refunded Bond Requirements of the 1989 Bonds on the respective maturity dates. DATED TOWN OF VAIL, COLORADO By: Isl Director of Administrative Services CENTRAL BANK NATIONAL ASSOCIATION By: Isl Title: Authorized Officer (End of Form of Notice) -57- • Section 33. Sever~bil~. If any~ie or more sections, sentences, claus~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 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 Ordinance in any other instances. Section 34. ~,enealer, All bylaws, orders, resolutions and ordinances, or parts thereoi~ 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, ar part .thereof, heretofore repealed. Section 35, Amendment. After any of the 1992B Bonds have been issued, this Ordinance shall constitute a contract between the Town and the holders of the Bonds and shall be and remain irrepealable until the Bonds and the interest thereon have been fully paid, satisfied and discharged. A. The Town may, without the consent of, or notice to the owners of the 1992B Bonds (but followed by notice to the Bond Insurer), adopt such ordinances supplemental hereto {which supplemental amendments shall thereafter form a part hereof) for any one or more ar all of the following purposes: {1) to cure any ambiguity, or to cure, correct or supplement any defect or omission or inconsistent provision contained 'in this Ordinance, or 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 do not adversely affect the interests of the owners of the 1992B Bonds or the Bond Insurer; (2) to subject to the lien of this Ordinance additional revenues, properties or collateral; (3) to grant or confer upon the Registrar for the benefit of the registered owners of the Bonds any additional rights, remedies, powers, or authority that may lawfully be granted to or conferred upon the registered owners of the Bonds; or s ~' -5& ~~ =_~ (4) to qualify this Ordinance under the Trust Indenture Act of 1939. '~ B. Exclusive of the amendatory ordinances permitted by Paragraph A of this Section, this Ordinance may be amended or supplemented by ordinance adopted by the 'T'own Council ian accordance with the Iaw, without receipt by the Town of any additional consideration but with the written consent of the Bond Insurer, unless the Bond Insurer is in default under the terms of the Bond Insurance Policy or the Bond Reserve Insurance Policy, in which case this Ordinance may be amended or supplemented with the written consent of the owners of 56% in aggregate principal amount of the 1992B Bonds Outstanding at the time of the adoption of such amendatory or supplemental ordinance; provided, however, that, without the written cansent of the Bond Insurer and the owners of all of the 1992E Bonds adversely affected thereby, no such Ordinance shall have the effect of permitting: (1} An extension of the maturity of any 1992B Bond authorized by this Ordinance; or (2) A reduction in the principal amount of any 1992B Band, the rate of interest thereon, or the prior redemption premium thereon; or (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 1992B Bonds required for consent to such amendatory or supplemental ordinance; or (5) The establishment of priorities as between 1992B 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 all of the 1992B Bonds then Outstanding. Copies of any waiver, modification or amendment to this Ordinance shall be delivered to any entity then maintaining a rating on the 1992B Bonds. Section 3b. Notice to Bond Insurer. Any notice required by this Ordinance or the Escrow Agreement to be given to any party also shall be given to the Bond Insurer. Any notice herein required to be given to the Bond Insurer shall be in writing and sent by -59- .. ~ registere~r certified mail to the Bond insurer, 3 King Street, Armonk, New York IQ 44, Attention: Surveillance, ar to such other address of which the Bond insurer shall notify the a' Town in writing. Section 37. Favments under the Policy. A. In the event that, on the second Business Day, and again on the Business Day, prior to any payment date on the 19928 Bands, the Paying Agent has not received sufficient moneys to pay all principal of and interest on the 19928 Bonds then due, the Paying Agent shall immediately notify the Bond insurer or its designee on the same Business Day by telephone or telegraph, confirmed in writing by registered or certified mail, of the amount of the deficiency. B. If the deficiency is made up in whale or in part prior to or on the payment date, the Paying Agent shall so notify the Band Insurer ar its designee, C. In addition, if the Paying Agent has notice that any registered owner has been required to disgorge payments of principal or interest on the 19928 Bonds to a trustee in bankruptcy or creditors or others pursuant to a final judgment by a court of competent jurisdiction that such payment constitutes an avoidable preference to such registered owner within the meaning of any applicable bankruptcy laws, then the Paying Agent shall notify the Bond Insurer or its designee of such fact by telephone or telegraph, confirmed in writing by registered ar certified mail. D. The Paying Agent is hereby irrevocably designated, appointed, directed and authorized to act as attorney-in-fact for registered owners of the ]9928 Bands as follows: 1. If and to the extent there is a deficiency in amounts required to pay interest on the 19928 Bonds, the Paying Agent shall (a} execute and deliver to the Insurance Paying Agent, in form satisfactory to the Insurance Paying Agent, an instrument appointing the Bvnd Insurer as agent for such registered owners in any legal proceeding related to the payment of such interest and an assignment to the Bond Insurer of the claims for interest to which such deficiency relates and which are paid by the Bond Insurer, (b) receive as designee of the respective registered owners {and not as Paying Agent} in -60- K~ ~ . . ` accordance with the tenor of the Policy payment from the Insurance Paying Agent with 's respect to the claims for interest so assigned, and {c) disburse the same to such respective registered owners; and 2. If and to the extent of a deficiency in amounts required to pay principal of the 1992B Bonds, the Paying Agent shall (a) execute and deliver to the Insurance Paying Agent in farm satisfactory to the insurance Paying Agent an instrument appointing the Band Insurer as agent for such registered owner in any legal proceeding relating to the payment of such principal and an assignment to the Bond Insurer of any of the 1992B Bonds surrendered to the Insurance Paying Agent of so much of the principal amount thereof as has not previously been paid or for which moneys are not, held by the Paying Agent and available far such payment (but such assignment shall be delivered only if payment from the Insurance Paying Agent is received), {b) receive as designee of the respective registered owners (and not as Paying Agent) in accordance with the tenor of the Policy payment therefor from the Insurance Paying Agent, and (c) disburse the same to such registered owners. B. Payments with respect to claims for interest on and principal of 1992B Bonds disbursed by the Paying Agent from proceeds of the Bond Insurance Policy shall not be considered to discharge the obligation of the Town with respect to such 1992B Bonds, and the Bond Insurer shall become the owner of such unpaid 1992B Bonds and claims for the interest in accordance with the tenor of the assignment made to it under the proF~~:.Sions of this subsection or otherwise. F. Irrespective of whether any such assignment is executed and delivered, the Town and the Paying Agent hereby agree for the benefit of Bond Insurer that, 1. to the extent the Bond Insurer makes payments, directly or indirectly (as by paying through the Paying Agent), on account of principal of nr interest an the 1992B Bands, the Bond Insurer will be subragated to the rights of such registered owners to receive the amount of such principal and interest from the Town, with interest thereon as provided and solely fxom the sources stated in this Ordinance and the 1992B Bonds; and -61- l . •' ~ • 2. they will accordingly~y to the Band Insurer the amount of such principal and interest (including principal and interest recovered under subparagraph (ii} of ,~' the first paragraph of the Bond Insurance Policy, which principal and interest shall be deemed past due and not to have been paid), with interest thereon as provided in this Ordinance and the 1992B Bonds, but only from the sources and in the manner provided herein for the payment of principal of and interest on the 1992B Bonds to registered owners, and will otherwise treat the Bond Insurer as the owner of such rights to the amount of such principal and interest. Section 38. Ordinance Irrenealable. After any of the 1992B Bonds herein authorized are issued, this Ordinance shall constitute a contract between the Town and the owners of the 1992B Bonds, and shall be and remain irrepealable until the 1992B Bonds and interest thereon shall be fully paid, cancelled and discharged as herein provided. Section 39. Emereencv Statement. In accordance with Section 4.11 of the Charter, the Council hereby determines that this Ordinance is necessary far the preservation of public property, health, welfare, and safety, and that it shall be adopted at a single reading as an emergency ordinance, due to the volatility of the municipal band market, the favorable interest rates that currently can be obtained, and a general election ballot initiative threatening to limit the Town's ability to issue bands. The Town's planned schedule for adopting this Ordinance and issuing the 1992B Bonds has been delayed due to an error in publication beyond the Town's control, and expedited adoption therefore is deemed appropriate and necessary. Section 40. Disnositian of Ordinance, This Ordinance, as adopted by the Council, shall be numbered and recorded by the Town Clerk in the official records of the Town. The adoption and publication shall be authenticated by the signatures of the Mayor, or Mayor Pro Tem, and Town Clerk, and by the certificate of publication. Section 41. EfFective Date. This ordinance shall be in full force and effect upon passage, -62- 4R ' + i INTRODUCED, READ, PA SED AS AN EMERGENCY ORDINANCE by +~ the unanimous vote of Council members present or eve Council members, and ordered published at a special meeting of the Town Council on September 29, 1992. - (~~e--: Mayor Town of Vail, Colorado (SEAL} Attest: i~/t.-- ~. R~eck~ Town Clerk Town of Vail, Colorado -63- EXHIBIT 1 ,. . ~ ._ ~~ ~Q~ Pcrtnitted Investments --" s' T~I___5,~_~F PEftMTS~7~I.F Ii+~~ESTMENTS FOR IIZDENTU$E~ FUNDS A. Direct obligations of the Vaned States of America (including obligations issued or held in book-entry form on the books of the Department of the Treasury, and CATS and TGRS) or obligations the principal of and interest on which are unconditionally guaranteed by the United States of America. 8. Hands, debentures, notes or other evidence of indebtedness issued or guaranteed by any of the folloxing federal agencies and provided such obligations are backed by the full faith and credit of the United States of America (stripped securities are only permitted if they have been stripped by the agency itself): 1. y.5. Eaport.-Import Bank (Eximbaak) Direct obligations or fully guaranteed certificates of baneiicial ownership 2. Farme~~ Hobe A_dminist-ration (FHA} Certificates of beneficial ownership 3. p'edera F.inan inv Bad 4. ~'ederal_g +s na A m{n~,~~:ration_Debanttres (FHA) 5. Gig er~al SrQrvices Ad~!inistrd~fon Participation certificates 6. Govarnm~~~~~3ona3 Merti~Qgge A~sogiation (~A or "Ginnie Mae") GNMA - guaranteed mortgage-backed bonds GNMA - guaranteed pass-through obligations {not accefltable far eertwin rw+at,..fle~sens+tiL,La issues ) 7, U.S. Maritime Administration Guaranteed Titie XI financing 8. U.S. Deyartment of Housinc and 4lrban Dev i,,.,,~e.,* [HUD) Project Notes Local Authority Bonds New Communities Debentures - U.S. gvvernment guaranteed debentures U.S. Public I~ousiag Notes nod Honds - U.S. government guaranteed public housing cotes and bands C. Honds, debentures, notes or other evidence of indebtedness issued or guaranteed by any of the Following non.-full faith and credit U.S. government agencies (stripped securities are only permitted if they have been stripped by the agency itself): 1. Federal Home j~yan HaB.~r S~~ Senior debt obligations 2. Federal Honig L•oan_ Mor,~,g~ge CoFporatiaa { FH~G or "Freddie Mhc" ) Participation Certificates Senior debt obligations 3. _Federal Ntit~Dpal Mor cra4e Assaoia_3n„ {FNMA or "Fannie Mme"} Mortgage-backed securities and senior debt obligations ~ ~ I ~~ 9. Student T~anlrlarketincr Association {SL.tySA or "Sallie Mae") Senior debt. obligations 5. Resolution Funding Corn. (REFCORP) obligations D. Money market funds registered under the Federal Investment Company Act of 1940, whose shares are registered under the Federal Securities Act of ].933, and having a rating by S&P of AAAm-G; AAAm; or AAm. R. Certificates of deposit secured at all times by collateral described in {A7 and/or (H) above. Such certificates must be issued by commercial banks, savings and loan associations or mutual savings banks. the collateral must be held by a third party and the bondholders must have a perfected first security interest in the collateral. F. Certificates of deposit, savings accounts, deposit accounts or money market deposits which are fully insured by FpIC or FSE.IC. G_ Investment Agreements, including GIC's, acceptable to MBIA. H. Commercial paper rated, at the time of purchase, "Prime - 1" by Moody's ar "A-1" ar better by S&P. I. Bonds or notes issued by any state or municipality which are rated by Moody's or 5~P in one of the two highest rating categories assigned by such agencies. J. Federal funds or bankers acceptances with a maximum term of one year of any bank which has an unsecured, uninsured and unguaranteed obligation rating of "Prime - 1" or "A3" or better by Moody's and "A-1" or "A" or better by StxP. K. Repurchase agreements provide for the transfer of securities from a dealer bank or securities firm {seller/borrower) to a municipal entity (boyar/lewder), and the transfer of cash from a municipal entity to the dealer bank or securities firm with an agreement that the dealer bank or securities firm will repay the cash plus a yield to the municipal entity in exchange for the securities at a specified date. Repurchase Agreements must satisfy the following criteria or be approved by MBIA. 1. ~gnos must be between t~Q municipal e~,~v ~d a de~,j,gr h~gk o~ securities firm a. Prim~rv dealers on the Federal Reserve reporting dealer list which are rated A or better by Standard & Poor's Corporation and Moody's Investor Services, or b. Hanks rated "A" or above by Standard & Poor's Corporation and Moody's Investor Services. ~~ ~ ~ ~ ~ i . Mt3t/a 2. The writ en ren~ ronrract must ~n.~ude he fo ~ow~na: a. ,~~,,ia~ which are arrefltab~e for t a~sfer are: (I) Direct U.S. governments, or {2) Federal agencies backed by the full f aith and credit of the U.S. government {and FNMA & FMAC} b. ;the term of ~ rann may be un to 39 ~vs c. The collateral must be delivered to the municipal entity, trustee (if trustee is not supplying the collateral) or third party acting as agent far -the trustee (if the trustee is supplying the collateral} before/simultaneous with payment (perfection by possession of certificated securities). d. V~1,:at=yn of f'nlla eral (1? ~e Rpcurities must ha ~,+~,~r3 wee ly. marked-Yo~market at current market price plus accrued interest {a) The value of collateral must be equal to 104 of the amount of cash transferred by the municipal entity to the dealer bank or security firm under the repo plus accrued interest. If the value of securities held as collateral slips below 104'! of the value of the cash transferred by municipality, then additional cash and/or acceptable securities must be transferred. If, however, the securities used as collateral are FNMA or F'MAC, then the value of collateral must equal 1059x. 3 . Leoal nn~,~,xx whj~x mu~be r7g~,iYerrd, to t muDicippal anti tv: a. Repo meets guidelines under state law far legal investment of public funds. Ad~,itional Nntgy, {i} Any state administered pool investment fund 'in which the issuer is statutorily permitted or required to invest will he deemed a permitted investment. ~4 ~'~ R {ii) DSRF investments should be valued at fair market value and marked to market at least nxxce per year. DSRF investments may not have maturities extezidixyq r~eyond 5 years. ~.. ~ ~ ~ ~~~~_~~ ro ~ ~ ~j ~ ~ ~ A ~ C ~~ ~y ~ ~ ~~~ Q ~ ~ m ~ ~g ~~ Q ~ ry ~~ ~ ~ ~ ~ ~~ ~ . ~ ~ ~ .~~o ~ ~ ~ ~ ~ ~ ~ ~ ~~ ~~ ~.~ o w ~ ~ ~ ~ ~~ n~_~ ~, ~ r- ~~~~~~~ ~ ~ ~ ~ ~ ~~.~ ~~Q ~ ~ ~ ~~ ~~ ~ ~ ~.~~ ~~~~~m ~ ~ ~o = ~,~~-~ a ~ ~ ~ s ~ ~~~ ~~' ~ ~~w G ABSOLUTELY ANY VEHICLE. ABSOLUTE LOWEST PRICE. ~uARAHTEEIf. Automotive ~areh wi€l save your time, your ntoncy anr€ your saniky --~- and het you exactly what yon want, at the bt~t po,sible prier. Delivered, ^ R,{l tnAk ~ and 1ffA~d~~ ^ C?sed cars ]crater] and thur•rnll;hly inspertrr[. . 1'urrhase or €easa~. ^ "1'radt~-ins wclconu~. ^ 13rn€trr/rlealt'r since 1 S)t{[i. FYom preWous pale .nd a.drl ar tM u.s. gw.mmrn lend FNUA a FMACt. >, its farm d all rspC rrey W rip to Jp drys. C. Th! oA4ipw111 mVtl he tlNWwad 1e IM klpak anSAY. IrMtlae tIS StVa1N N nay auPpYing Ins OdNlMall a thou pony aWing ea aqm Ia IM IroNae (a IM hrlaa N etppying IM ualMwal) bMAratsflmlheanovt Yalh PeYmenl {parlarhon by pdunelon of Canulca[ed securRNel. 0. Vduuien a ColUaral. ftr The aaWrMNe mwt M valtrad tt~aaly medlad~lo-rtladlat ae scree] make] prloa phx atx+wtl hlwrl. [al Tlb valve d Wlatwaf moat W egwi to Ibex d IM .rnwm d wh IraMlwred M IM munkipal enUfy k Ins deeNr bank or aacurllY lirm undM the repo plea acdt+sd INMrf, h 1M vyus d Nwrhlr hak r cMtlwal Ilea below EtM% at rM valve of tM orb pMdeMd by munlclPFAIY. tRan addlllonal crh andttu aL+CtFlaae sacllraW rnV1l t>o lransleffad. 11, however, IM aeCUrkNa used r cdNleral are FNMA a FMAC, Than IM vak» d colNlaal rmral puaf 145%. 3. Legal oplnlon vdrkh rrwaE bo deeverM to /M rnunkfpal enlAy; a. #apo rMep gugNhr under a1e[e law la Ipft hWprtwnt d lalbliC talk{. Addtbnal ftldee 11l Any npe adminktrred pool Irwutmanl land h +d+kh tM ]sever N aNtutal'y parMnad or nqulred 1o lour] will W dMmed a {lermalad i111~alhtan[. IN) DSRF invrtmema ahoultl M vakrs0 tl Isar markN velw 41d nWketl to malka M tart vow per yu. DSRF IeWNlmema may nor have rrtaulglr ~beyakv~asle, On OokArw 2, f 8y2 Public Notice ORDINANCE NO. 2a Ser4sa of 1la2 AN EMERGENCY ORDINANCE AUTHOR3ZING THE ISSUANCE OF MOWN OF VAII, COLORADO 9ALE6 TAX REVENUE REFUNDfNO AND IMPROVEMENT BONCS. SERIES IBO2B; PROVIF11N4 THE FORM, TERMS ANp CONDITgN9 OF THE BON09, THE MANNER AND TERMS OF ISSUANCE. THE MANNER OF El(ECUTpN. THE tABYHOD OF PAYMENT AND THE SECURITY THEREFSORE; PLEDOIND 8Al.ES TAK ANB ~-soo•~~x"aas~ ^• I y-h„LUI a aMYasl;t•,wn~ 1873 tiD. EiellBirc St. Suite 61.5 1lenvcr. Ci} 8(122'2 (303) {i91~56l'l 1•iee rfefihrry c+>.vudrere in Cnlnrrrdu abawMro MMn. Addklooal.9GOtla: Ire one a mde crass d Uond{ o/ Olhlr leCa1111M er Oba9 atbn{ lulhattratl !o ba YW ttl try llle Town p1lriVam to oeclbn 1B hNea and Rarutg a kkn en IM PW}aed Flarlnur en a ewlry nth q.a INtI d Ma F4o2B Banda. l~FJIOg: Ula IoM M That name aaatad M the IoBg Ortlll+anoe and conllnwd In fhb Ordhanca, Mod InaunC Munldpal Bond Invealaa Ayurana Coyaufon. Bend Inursnn AeAn: Me munldpal bark N{VMhd pakY lewd lay lha Bend Insurer 4MxM1 oil IM tM~pry ~t a rxcncbal d ant Bond Rrq~p Inkurarine Pallcr: any Imunnw pdky. aurey bond, kre+Cnbk beer d aadd a Hrc74r MabanaM depoanw In or cratltted to the Reasm Fund In Neu o! a In parllAl euWEdullon Icr mpnrya on depoall IhxNn, TM bsuad prWksnp any eucn BoM Rrarva Inauranw PolkY ahaN bo an Yawr rrhlCh IMn N aasignad an 'AAA' radng a a CCRtIIIabN ratFg by Moody's Ir+venas Service. Inc., Blandard 8 Poofa Gaparpbn. AM. Baal a Corrnany, w tMir a .. .. . iloBdL: the Odalantling Ig81 Ronde, tM 9utelarking tagxe Banta and arty Addebnal fiord{. &wlrra new ^ day on wllkfl tlsNla kcalatl In llte cAVee 1n whlcll the prhopal atPces d aatll a SM Paylnp ABMs and tM Bond nlalrnr ero not requfrad a awharlAed to W clewed and an IrhlCh 1M Nsw Vork Stdck Ercharpa la MI cbeetl. `etl)appt: IM horde nAe CMrter d IM Tpm, InNllding all an+arkmenh thefMO p'la m tM dau Ewes. fdxnma[rJsLBaot: any dapoaMrY fa plydlc Funds parmllled by IM ta1M a lM Stara Mr ptNRkal {ubdNNkal{ a IM arcs whkh hoe a rN11tlh N ntl~ aMhln6iM Untad Stales. 1. ark ('BBal~mlen Fund; IM funtl rxealed by 9adlon IL herad. Far M A^eee~nr: tM Eaadw /nwunt to eM RNdlklnq eMWlNlyd ante IM Eaadw Bats. EasY~y..dg[MIDapt: tM Esnew A., : dated r d Octabar 1, Iaa2 between the Town and Ma Escrow Bar roltletA to the Rdundha. ~,rrow Bank; CenNat Bank Nltional A{aotlegn. toiffllY3aI.S?rlaiAOhl..~~ i. ..~ .., : IM FlnancNl Guaromy A, baWMn 7lla Town acrd IM Bak truer. FLgal-Ihau lM aautva mauda ......_.. 'q m late Ilr>N day d ,Nmrw d env rttttd.. vu, Facts support the ru~,les for child car safet~r seats 1 Q: What are ells limitatiana of the law? A. All ehiIdren under four years of age and under 40 lbs. in weight must be properly Pro- tected, Once a child . r,;~ the weight or are limit, they are no longer requirled to ba secured in a child safety seat. 2. Q. Who is raspoyaaibk? A The driver of the vehicle in which the child is being trans- ported is . ~.,r,,..aib1B. 3. Q How can 1 be style that my child safety rest is on ap- proved system i A. Every approved child safety restraint system is re- quired by Federal taw to have a sticker mounted on the seat which reads: "This child ra- ^traint system conforms to all applicable Federal motor vehi- cle safety standards." The stamp of manufacturing should be after January 1, 1581. 4. Q. Where is the beat place to put the aofety seat? A. The safest place for a child is in the rear seat of the vehicle, correctly buckled into a child safety seat, ~ rap arty reeavw far aparatfon, ar rapW d its padlhg FatlNliaa, fa MM ratlanp{bn d er7 bontl a eUMr aadnay ~ A tole a Ilra payhMnt d enY Mew.[ Mlueee+. ant .nlr kgN NablNr oat ra,ed on ronhact. Limrarnmenrel tlbnestfona: arty d its wi+kh are rtartcalYbN ark eAllch a! 1M tlrre d [meet an Ipai Imwlmeda antler its laws d tM state for M. moneys , ...: ~ to b h+W W dtxalrt: (aJ dlran geese] Cbllgatlons oh er oblgatlorN tM PaY+rlanl d dM prlncpal a and MNMaat m Ydtich a» i ~ ~, ~ ,M puarafaMd bY, are United Staros d America; N) bonds. tlabenroras. notes, or dMr d hGaedrlrs Nsued a pvaredaed by Ne Etµfod•Impat Bank d 1M IMMd Sim%, tlla FedarN Firunclrp Bank, the Famwa Hare Adminlrtratlon, Iha GeMrol 9ervlcea AdmklNhatbn, tM U.S. MarkkrN AdminNhatM+n, « Ma U.S. tkpartn>ertt a Housing ant Urban L ;a (c1 avihncee of ownenNp Iderrte In obllgelbnl drer6atl In parpraph fat a NS above. arm' amren: all Fnpbms an0 reyerarea dartvatl dllataltl a Irdlredly Isom the opwatlon a a rllharwlN relating m Ilya PsAcirg faalNlas, hdrdilg, waMd IrMlgbn. cry fee, rak a dher charge aearaed apelrel any ]across to! IM prNBapa d Iwhlq a aMrwlee raldirq l0 1M PMIYq Faclaba. qualm Bends: its TowRY ShpN FaMiy Reuerkw RMUklrq Bards, f as2 awNa A. aloonr Fund: Mta epaCW lure by that mama Ct+,alad by Ifle 1964 QdhsRw elk 02111hued a1 nap Ordblenoa. Kurmea Pte: Ghl6arel, N.A., q b -t+K'eeaaa uMM Ble Bad Irwurann Pdlsy. I .oar d r~anlatlem; the t.eber d Repraaenutlala htelvraan IM Tarn old The DaPaabtry Trust Carpany. tM rrwutlnwl+amoud d at reyuead .. ; . ~ a pHndpal and htYgt art tM Banda whkh will bacanle due h p+y FNCeI Yav. FatM WtPve d 8aabn 18 head OMy, MakMrwm Annual DeN Swvlca RpWrwrlent e1taH aNO MxAede tM O~bl ppbn Ra ~~tera-l tm Iha TownY (iarlaraE dip Banal, Serks Ioo2A and any aMr oulatantling paneral obegatbn 1wMs d tM Tam, and Mla 1665 Bdndl umA paltl er daauad. star Bevenuaa: tM Otou Revenues teas Qarlsrol Operotlrrg EperNr. teas Bards: tM TaAnY GenarW Db68albn Rdundlp Banda. Swkr tg66 dated as of 5. Q. What ie the coat of the fine acrd can it be waiuedl' A. If a driver fails to comply with flee law, a citation ct3tt be imltted with a 8ne aseassment of 158 -that aloe shall be waived in lieu of acquisition of a seat (purcheae or loan). 6. Q. Can an adult tidal a child (under faun years of age and under 40 lbs.) on his cy' her lap to meet the childl's Yleeda, i.e., char4ge diaper, feed, etc. when the +,daick is in rr{otiora? A No. The law was dealggnned epeeifrcally to grevent adults from continuing the highly dangerous practice of holding children in their altos or on laps. T. Q. Can a safety belt, as long as it fits securely, be used in- stesd of achild safety seat? A No. Utilirstion of a safety belt in lieu of a child safety seat is not acceptable and will con- stitute aviolation of the law. 8. Q. Cvu1d I use the same safety sent for my other child after the first one has grown out of it? A It is beat to use the safety Taell. Rplrnu a Payip Agent fa calloeaPtbn; (Ay Borrda h Mu d a In srrbat2ulual for whldi dher 9anda sees Mw bean sxsartad, Nauad and . py tlra Tarn and ru ...ad by RagYtrproasned h~W1 ro era duly hold by IM 4wlul rpbtaed ownero Mlrad: p _ providatl b Saalon 20llaad. been paid r fhfmac9l...,~ , .., ~[: tM rogNlered OwnM d any 1t1112B Bentl r shown an 1M ngNhalbrt becks Meg bl tM FlsgNUar. Padrhg FsrAMMr; tlwera u arbdng pedring fadatiaa, Fr+caMlslg, but ndt 8mhed b, a8 padtlnp faGlhka tamerutled. otherwW aegWred and .yapped wan IM proceatls d IM toes Horlds, and WI future padtlp facdNNe apwated by tM Town, whkh tttcildea fnduda all I„ ~ ~ ~ s, eelanslone, enlargements, atldftione at . to, a rapt..,., ... d such fadWke. pavane asset: Central Bents Natlonai Aseatlalbn, Denver, Colorado, belrlg tM agsm br the Totm for IM payrrem d tM 1BB2B Banta antl Interset tharaan, tt fta aucaaedro an0 ~pa~rmesd lnxeatmem: any hncestnyM or d.pwa Rkoam on the INt attachetl hereto m Exhibd I, to ar oMara Pamlfaed by tM Chert& and OMnarK+ae d the TPwTr. P.sYaga any IndNidutl, firm, partnaahp, eotporeBon, aattpany, ueadallon, ieMll~atbilt aaaaC41Fen a body pgeit ^ld tM term MlcMldea any bootee, racdrer, auiprlee a arha alm}ktr allye Slarad. ~: (p 1M revenur tlerlvad from IM Pedged stye Tar; _ _ itl yaleleel Fa11) bindt re (reVMrlaa lyh~~h ~M Tam Rsraahsr pMWpes Id the WYnrnl a Banta; (rn ale 1'IM Ralwnl+r; (H{ piDCaada a IM Benda a dhw NWyY avalubie rrlarlsp dapwaad boo ark heN In tM 9ork Fund ana tM Rrsrve FUM; ark (p Imsraat or Introelrrem trrcome an tM Income Fund, [M Bak Fend end iRe Raeerve Fund; at to Ste at4ald ale al+ctr ttpllwye w a any tMre raquMad by 9eclbn 15 brad to be dapot4ad Mleo ant hdd h tlra Ir1Care Fund, the Belk FuM gktl1M Raaa+Vt FuM. PNdg~ A.I.. Ter; ttte gapsds d !M Tam's camel /% Sala Tax, Indutlhq IhM eR-ha6 d ar ... :. d the 3a1aa Tar whkh b aNO Pledged [o tM prlymerte d Ma 1665 Bands, Me togs Bake ark IRp H[xNl~p Bards and Iha Mrs•haM a rho .r _ _,-_ seat only for the duration of one child's growth through early childhood. 9. Q. Which states one oouered by the child safety restraint lawn A. 1n all fill states, the child saafety restraint law is primary. 't`his means that any driver traveling with'an unrestrained child (under four years and 44 lbs.) is subject to'boing pulled over by the police and ticketed, regardless of whether another infraction was committed. 10. Q. Just how effective are child safety septa? A Flare are the facts: Cor- rectly used child safety seats fob: •71 percent affective in pre- venting fatalities. YB7 percent effective in reduc- ing the need for hospitaliretion. •SD percent effective in pre- ventingminor injury. 11. Which ealkety seat is best? A. Buy and use only child safety seats that meet the 1f.S. Department of Transportation rat;uiremente. Carefully read and follow the instructions that come with the seat. Also, read the car owner's manual far in- atallatlDtlinstructions. include dla preCaade darhvd by tM Tam Iran at1Y fagally Ilvallabie lax M iaxr a }sae (dha fMn a gatwal ad vaNrem tax) rMkh rapipw a aupenade IRB PNtlgsd salve Tax, reyudans d IrrMlw such Tarr a ]suss a far are trpo{ed W 1M Town or tM elms or other PollNCal attbdhhlon thereat. Praflminw OlfiMal Statemwnl~ its PreMrniMry OBIrJaI 9aearrwn deaad Saptembet 17. 1882. prefect: tM atlddtlm to 1M Munlcfpal euddlrp ro a mlNtrudatl and ayubPad whh a partlan d Nw ... ~ . of tM 7pR2B Ronde and shy dMr public Irrproverrrenl a squlpmenl rdtldl IM Tpwn b Ngely authodzetl to aoquka, Cortalntcla finance. Purtdrau rnr..~: the Purchase Contract benvaan tM 7awn and the Pumhaaeh tlatetl SapMnber 29, toe2. Ptrref+a.en: Kerrpa SecvrMbs, Inc. antl Georpa K. Baum 8 Compatry, ~g Fund: the tuntl by rtwt name Created by the F46o Ortlhlarlca entl wmintratl by this OnlMkutce. 13aAwdiBg: tM rMUrtdlrtg and tleferanoe a the 1oB8 Bar+da with a porMOn d lM pro eels d tlt9 1DB28 8orttla. lle¢IY:at: CsmNJ fdarot Natfcnal Maccialbn. Darner, Colorado, 8dng tM pent for tM lam fa tlw ragNeratlon, trarafer and ..-. ~ , d tM fop2B Bards. rr ba suocwaa. Heglslt~~grasmenr- lha Rsglebar Aglaenbm beMewt aW Town and tM Regblrer dated K d OcichM 1,1982 ~e7r'!a'~lii'll~ ~~ tM fMtaaMh day d IM oalarttlar month Mrd pratadlrg each Ntereal paymNrl dam for IM 10828 Bootle {chef then e a~padalpay I~ ~ dW~ ~ h~araattar Ikad la Rsearlr FuM; tM Ta+d by Intl name exsepetl by the 1oaB Ordlrunq ark Connpuetl by MIN Ordlnanoe. $Y/Ma,E1tOQ,@a611~: an arrqud equal to 10% of 1M Wlnok+td amount al the Ouburking Barks plw en amoum syu1J to al fnvrtmarn earnings on the Rwerva Fork; arovNed that tM Ryerva Funtl Requlramem shall not axcaad the Maximum Annual Debt $Mwba RWWhrrknl. sA14A_71a: IM tar upon the aaN arty wa d le/tad by he TTam ur0uard to M Saks 7a~il Ordlnarlwe and wry future or amentled ro. Ielded by rte Tavn m a aaNS ark tree tax. 8l1"' ra., n"ig~r~a; its polnancae {IdoPled by tM Tam CwrMdl d tM Town la tM pudrpgaekd adoptlng end edarcyp tM saNa Ter F'or the best rle;t€, you Call for a free don't have to tr~avt' Veil for price quote on your next new or trace] arty vehicle today. vehicle. ~ ~ ~ ' $s Tyre t4~ TnpA • Ocwber 2. !1;`92 .rsw.r 9dvu5lw+us cone ums o! wee {mate INn tayant rhr. Ns1. con.etirm srrrrce ear O,V yet ytar5. Pw.en an 6vn 6,000,000 wrtl,rxttl5 + Nort rssunrxe cwnNnrn wane the dedxy6k 10 [eMl rrOFrrr . Our me6ae un5 wawmr la you G.uroarno 471~033i3 Sewrr9 ta0r, srmmk t• life CaV011Qa E [,etas .,~. y~9r~~y and C .I.~'•o,~P. I Your httlrte. e9 years Itxal _,........: eRdlxttlces avBUlahle •Ylxrr 6m8y&h9rrteate mYDri~Y C4L~RIER SERVICES AVJA~LABLE!!! Vail and Aspen merchants and residents AFI lntemational Forwarding, inc. is proud to announce daily service to: • Vail and Aspen • Service from Vail and Aspen to Denver vai<11>d Pra>an{~ i Smow Plmtr€u¢ Depenciahie, Courteous, Quality Service 24-Hour Service Cali for FRgE gstimate 471-1101 CREEK ElOMH -Experienced caretaker wRh relerenl7es reeks 8ve- in slluallon In exchange (or security, yard work and home maintenance. 1'leasc call Mlchad 827.5(638, Icave message. ^ Child Care PRESCHOOL OPENINGS -Halt day morning sessions, 2 1/2.5 years, Drop-ins welcome. Vail Interfaith Chapel, 47ti-7759, 476676]. ^ Home Improvement WINDOW t:OVER[NGS -Steles end Installation of blinds, verticals, pleated shades, dre lea, eta 1316 eotmted prldng. GE] Hawktya Ser- vlces In neon 845-7b56. RFMODELWG/PRDf'ERTY MAIN- 78NANC8 earvlxe. Wa provide high gvanty work and rallabl0 aer• WCe for your eveerryy need. $atebllshed in VeB sines 17lZ, we apeclalt2e in the smaller pprrojects. Please conlect Rich Brown 949~i86. F'}orn page 50 adoWed punuant to Arikla Nx at tM GaN,twbn d su sew a Gdlaadb, B. Seabn 10.8 d the Chartr Wrr>+d 1M Town to low saaaxNa made paYrMa saNN as d ill prooreda d any aeNa carom a 11om nee IwenuM tlerNad (ran ill Opaffilart a an lncome.producln9 prOled, or Tram any combinetlpn Ot ruch rawnuw wllh0ut m sNnbn, C. The Town YrlpOaw a SaNS Tax purawM k Beabn 1 I.! d IM Chahar rid tM Bsl.e Tar OrdnatKaa, D. Purruanf td tM 1985 Ordkwtoe, rho Tawrr Neuad 1M 1986 SOrda ana agreed b pbtlpe and u7 aada one-ha8 01 the rwenuaa pwfwdw by 11y saNa Tu 70 WY fM pnncyul d and IdarM! On the 1066 Betide, pro`rdr0 Ika1 the PlWpatl Santa Tu mud aN0 t» pFed9etl and ueatl fa IM payment d [M principal d and IMaen on dhet eddhlonal gonad obOpffilon bonds d tM Ttwm Nawtl thereNfr an a party wNh d wbardlnata la IM 1985 Bonds with raapttct to the PNdgad Sals6 Tar. TM 1965 Ortllnenca a4o prwded IMI, to IM erynl thffi IM nnnctpd d ant thereat On IM 1905 Banta and any addnlona! parhy pensral od{gFOldn bonds nee luly proyidetl la r any Fecal Ysar W tax revanuw ell char moneys N9aty avafWtN Inadae, IM Tywn Ia authairatl to We rush exceai Pktlgsd BaNa Tar fa char RwPOen. irtdvding, nor red limhed ta, lurmant of rpacrl rton.penvrel dtageti0n btyda a IM Tdwn whkh may nd ba iasvad an a pdNy whh 1M 19Bi Bondy. bw only nay tr ksuad In a au0ordinda and Interior peeltkn to the deem O! the 1985 Balls m IM PNdgad SaNa Tax. E. Ttte Town her Ilwad IM 1989 Bondf. nil d whkh rondkn OUIrItuWVng, rtttkh tnalwe m Dttt»rrber t a fM yeah Fed h IM amounn a tdlows: Mdurrty Daoa t 901 1006 1997 1896 sg99 2000 pdglnel Prlndpal Amount Par 33,000 Velua al MFnuriry ss54,3a6.2o 12,200,134,00 12,618.057,96 st,e9a,os7.ap 31,578,698.26 i92e,39P30 Inura6l Fide e.5o76 6.6ox 8.70°6 8.8014 6.65K e.aa% Agpr+9ay Appreclalad Pdncbal Amount a1 Malurhy STEAMMASTEf C.Arp01 Gleatartq and fieSlor0llp, F E}rapery, Upholstery Oriental Rug ~ Auto Interior Cleaning, t:atpet Repair, Flood 8 Fire Restoration, Oder Ren3oval 24 Hour Servile PAINTING, WALLPAPERING. Neat, quality work Reasorlsble rates. Free esHmatp. Jlm 4763388. ^ Storage VAEL SELF STORAGE - Don't be rzamped far spate. We have large and small storage units available. GH 949666. INTERMOUNTAIN SELF- 5TORAGE -Sizes from 5'x4' to 1(7x24'. Easy atee~a m tmkts. Very competitive rates. 1.486-2041 LeadvWe. CMC 8UIL131NG near to Westin Hokel. Indoor loading dock access, 80.205 •q. f-., 575-5180/ma. Greg Amxlen 4767'990, 47621145. ^ Other ALTERATIONS BY LISA - ThLs >a the Irmo tp make sure your winter wazdrobe is up to date! GH 4763(]71 for alterations or new custom made clothes. 1et9.o99 19Aif0,t190 Ct.a6n,d99 14,680.000 33A75,000 sl,wb,9o6 F. TM 1969 Bonds era not aubNcl re redaRNlal O+M romduriy. 0. Tin tans r tax dNrt9vaM qt Oe paymam d 1M pdnc~al a a Irxaea on eery d} 1M 7989 Ronda. H. Gltrpta x d tFr Town Chang lwlhOhzw rho Town Cqundl (Ma 'COUnehry to Nwe nluMiq DOrdt whttorr en aledion. I, 71ta Courlq[ has desamlkrtl and haaby dacww Ihffi a r In lM Towrye heal Imerwt t0 Wfaau tM 7988 BOr1de and tp prOritle tunM m p.y tM ttts9 Bootle r My become duo M nW Vrt1'. J. Tha Turn has pNaOad Onrhar d 7M rwanuw (ran ma Bair iTr~ an a lint pbmy Mrk W 1M yaymeM d tM t96S Bendy. on a iii Bond. Y•ne~dNn . mtN ~wdy~b+.N~W ChM. HoSwktoo Bottle. N. Exaq Id IM 7985 Bohr, the 1999 Bala. IM lg9t Rolla. INe itoltsttg Bartde. and bOnda a dxlgffibrw wafds hew Oeen paid a adaaaed u a ins date a wuan0e d tM It71t28 Bootle. {ha Taan has never d iro Safes Tar to Iha pay0wnr of anY trends a fa any P1trPOae, Simultanaotnly wNh 1M luuano- d the 1992E Banda tM 1989 Bonds will bQ refunded and dNtyaW. TM Pladgatl Sofas Tae may now ba pledged (weir s Ilan whkh N In pnn tuhadinata to the Ilan d the 1865 Banda txR on e paay rhh Ilw 1981 Bantle and In pan a fine akrNy Ilan on a parNy amN the 199f Barrdel 4arlully and 1ney0caby for tie peymem d IM 18926 Bohr. L. Exoyx to [M 1909 Garda and tM 1907 Bantle, IM Tovn IW ewer pNdped she Naf Rwrmuw Iran tM Parking FacatlN, 95Fd1 N• ilevsntFas NNy rpw M pNdgad hrah ^ hen end N qn a pMfry whh tM Nand 1Fta 1991 BonW) baafuay and NrevOCably yr tM payment d the 19928 8697. M. Tha Tarn has reglvsd a arlpoaal from the Pumhaesn fa Iha pwchsta d IM 19D2B Bontl+ fa tM pulposa d dMraferg In whoN a h part IM cMta d tM Prdjau and the Rdundfng, N. TMr1 nays blear prwaMetl rP IM COUn[fl the prapoead forms d tM idbatnq documents: the Purtlnse Codram; the 6staow Agraanwnl; the Latbr d Reprwenldlate; the Flnanciel Ouaamy Agrwmenl, the RpWra Agraarnem; and the prNhnlnary gnkNl 9Nrrrent. O, ill Town Cwrrdl dwirae w cause tM t982B Bdndt to be Nrxretl, fo sulnaia ant dlrad rM eppllufbn d rM , .. 1Mnd ,ti aN IonA basin, end to provide aecuriry fa IM paymaa 7Mrad, all In me runner hadnaner eel IfMh. SECT16N 3. {late iat# n, All aclbna hnaloloro 7akan (not IncorwNtanl whh the proylllonr d thM Ordinance) by the Town Cwndl ant dna dhlsera 01 the Tavn in 1M irtpnehbn and wMabn a! IM 3aN6 Tax antl IM droaa FtwMUw, IM Prplacl, ill Rffiunding, end wltlnp antl homing lM 19928 Banda for IhOae pmpoese an rathfetl, .pawed end • Airport pick-up is available for those who have excess baggage or Items - • Daily service is available far large or oversized items • Air and trucking services are available nationwide • Worldwide international shippingldocumentatian services • Creating and packing services FOR BEST RATIJS or PICK UP CALL / soo~6ss~zsso ~ ~ , !. .e NUTRTTIONAL SUPPLEMENTS tined by Hie U.SOlympit Skt Team. Ecology sate cleaning products, natllra skin tare, Shaklee, of course. 949-1771. CUSTOM FABRIC CREATIONS. Unltmkted possibilities fn home decor, crafts, oostume6, clothing, embellkshments, etc. Satisfaction guaranteed. Carl The PAi3RIGtor 9262262. LOST & FOUND LOST -Emerald and diamond bracelet, in Village cote area. Reward. 9265253. DOGS IMPOUNDED at Hie Eagle County Animal Shelter in Mintttrn frau+ Sept. 24-3D include: Border Col- lie mix, female, black and white, picked uP to Gypsum Sept. 29; Rot- tweller/Shepherd mix, neutered male, black and tart, piriced tip iR West Vail Sept 29. IF one of these is yaROr pet„ « u you would like to adopt any one of the many dogs, acs and kittens, please canted the Eagle County Animal shelter 949h192. MISCELLANEOUS VAIL A550CIATkS LIFETIME PA5- sB5 battgirt and sold. Far the person who has everythingt Call Merv raptn 4765483. SINGLE do LOOKING ~ 1F YOU'RE SINGLE ANI) LOOKING for people to spend time w11h, don't fee! alene. Even in the VaH Valley it tan be difficult. And in the Single & Laoktrlg" da~tfieds you may 6e able to find mmpaNona MESSAGE5~ NEED FEMALE VOCALIST and amgtwiter, duo. Spemldng skills, en- vironmental issues, 16ctlools, fairs, bevel. Emkrjikc, llox 300(3, Aspen 81612, (3003)925-0670. CAR POOLS DO YOU WANT TO CAR POOL to work? Or to Denver? To San Frandsca? Minimize those nasty ettUxsiarta and line tip a elder ar a tide Bern f« FREE. Ca11 The Vat! Trail at 827-40D6 by ]lam Wednesday. Paw week tninimttm tar free ad. I. SEGTIOft 1. i'1J~ TM Rdundlrq narabY N sJAhOrbw and tM Prapn hare6y N atalteatad ffi a m• d era axweang 15,7011.906 (exdvdrrp Mob fo De pNd from seurpe Otltr burl the laecasda d the 19928 BOrdal• SECTION 6. Auir!eHZnion d rM 1fA2a 9o[fd[. Turn Mreby are audtortted m a twt•d tu8y regetared aaMS tax ravMw s0axkltt d IM TOam, to be tlaifghffied 'Town 01 Yell, CNaado, SaW Tu pavffirva RNvndhtg antl !rtq . Bondy, Serlw 79628' In the sQgngay pdndpaE amount d it5.165,000, t0 ba payable and ., both as 1o pNnctoel and txaeaL hen Ow PNdgad ReYanuea. SECTION 8. 79a0n Bard 1leldhr_ Tly F982B Sala sNNI ba NatFad In tiny reprtaed (alert (~„ r... . as [0 bah prirtdPSl 711d Maw1] krllalM rogbtsretl In IM nacre d Cede a Ca. ae nanhye fa Th. Ottpwltory Treat COrrpeny, ahffiI W dated as N Odobr 1, 1992. Mali ba Wuetl in rho . Ion a 15,0011 Or arty Inlagral mrrhtlla ttlareq 1g0yitlatl Itrffi ro t9e2B Bend may ba In ^ datomNffibn wtlbn arcwada dy prbppal tx7mirg tlw on anY mduray dare. end 710 inOMdwl 19928 Boll w1140 Nsuad 1a mac than ate mAurlfy) and shop bo nunberetl in such manner r the Ragillnr may delantlina. Tho 11F92B Bala ahAl bear nttFreef from IhN1 dffiad date uMl mffiway b ill rffiw pr annum shown bNow, payable satrtannuary do June t and D+centlrer 7 h aedt yeeF... On Jung t, 1983, axdpr the ant' !9928 Bond i hide N ~ .upon DaFadr, ndurgr a dMr ., rhdl Dee klyrwl Iftxn tM cowl IaOarlt Imaw[ dffie l0 rrtddl krl8rwl Ifa1 bast Wed Or tidy praddatl Mr. Or,H no infarwt hp hem paid, from the dffie N IM 1962E BOnM. TM 19828 Bads 115d1 metes on the tlelar end In the amounts harslndter tleelprtded a fdloae: Mffiudry Osy Jiry !, 1993 Jwy 1,1999 Jura 7,1997 Jury 1, 1988 June t, 1999 Jar1a t, 2000 Juno t, 2001 Jvy 1.2000 Juu t, 2005 Daaarrbsl I, 2042 Pnnclpal Amoum i3B6,000 3355.(X10 1.[75.000 {555.000 1sa6.oa9 sl.sts,666 11,235,OOp 51,316,000 1/,fi2b,009 3a.230.Ofx1 NdrMl Rite (Per Annum) 16000% 4.800% a.t1t10% 5.100% 500% 1.60016 5.660% 6.800% 6.900% 6.126% TM pdncfpd d and pnmbrr6 tl Airy, at arty 19928 Band Ne8 a payabN ro 1M vrmar 1ltanef ae attown On the ragiunlial records kept bN tM Ragltttrffi, upon maNrlry tharad and open prasartmbn and sutraMa ffi the Patirtg Agra, 6 eery 19928 Bad rhdl rid be paid upon au0h . - and sunendor sa a alto mdwhY, H shall OOnhtxuto sew hdared ffi tna eerrre lntstast rate home by sold l9B2B Bond umd 1M pnndpd tlNrad r paid in full. Payment ateW as aa6 rnalad dy P shall ba made by before each kaarWt paynlam tlaas (der, r such kdarw! payr11M1 Bala N n0E a btafneae day, on a bNae tM rtsxl erFecoedlnq budryea day). to tM ngkteretl awns thereof n the ttOdrwe rlwwm an Ma ragistratlOn recatli kep by tM Regbhar ffi the rJoaO d bushes On tM HeguNt Flacon Dale is such Merest payrtunl dw; but Any eUah Mterwt hat a0 llmNy paid Or tluly provklad fa shall CeI.M tP ba payable fa Ih9 pereon who N the ragWsred owner 1Mred ffi IM tddaa a buahtesa on Ma Regular lkroad Date and shat b peyttbN to tM paean who N dre lepNtaed dMyr Iltarad p Ilre dose d burlrtwe on a SPeclel Racatl pant for ill paymem d any such delauPatl Bdaest. Such Spedel Record Day shall M fixed by tM AegNtrffi whenever moneri became aveNada 1a pAYrrsrrl d the dNauaetl Iaaeet, and hates d the SbecNl Racartl pale shall bs given b tho regNlded owrtsre of Iha 199328 Bonds nd lase than ten days peke tv tM BPedal RecOrO Dffie by Iirsf. clew mail to aedr avsh ragNrared axrtar as ilwan do fM Fisgrhara repNbffibn racprdr on a def. aNedW by IM RepNtrar, dffihtq ill dafo d 9fe Specad Relrxd Dffie ant the data Ilxed to IM PaYmenl of such tlafauhetl Inixeat. TM PeNrp Agent e•Y rtuke faaYrnerrte d Interact on any 19026 Bad by each aharnealre manna as mar be rtanualY agreed ro batrreen Iha owner d aunt 79828 Bontl and the Paying Agent faovkfed. howevol, [tut the Tpwn ahd! rtor na requlrad to make footle avdWtie IP tM Parlna ~M~Sedlor~l Alaaausf~f>aPyayr~nema~ihml~De metle in kewlul ntonay d SM Unhed Sutra d Amaka whhorn dadudbn br SM sarykw d tM Paying Aped a nagbtrer. SECTgN 7. $q0. A 18828 80rdr meruAlg on a Damn June t, 2902. Ara na aflbleq 10 pdor ndemptbn. 19928 Bonds FruFtainp rm Jura t, 2005 and ptttunl6ar t, 2012 shall 6e auger! !o pfl0r I .. ~ /.' . , ffi tM option d Itte Ivan, M whae. « In part, In Imsgral m,3taw d 66,000. ham sttatt nmumw ar Eva rsNdea M the yawn, antl 1 We than a3 d 9ta Bade N A rrollaktt wPNbe ndeemW, by bt rrlbtin • rrmwNy In such manner ea ill RegNlrer may dffiamine, on [ „ . t, 2002, a an w% dri. tlrreNNr, ffi tly pion sat fall babes (~gxasrad » a paFOrntaga d tlta PdnefPal amount w tadawnadl ptua attrued lmaral to 1M , , ,data: r .. Date. C 1.20021hraFgh a6aY 31, 2803, Jtay 1, 2003 Ned „ ~ „~ , Retlerl'Plran Pnaw 101% 100% Rtan ahaa M M apliorul prix rattelrlptl0rr d 19628 Bala unWa aN am0aar arrlrp to 1M Bard Inaurr untlsr the Federal Guaranty . d a anY aha daamatt have been pod n tel. B. 19-2B Gonda mqudrtg Juna t, 2005 are etrbNct to rrtantlffiary alrlgnq font reo+nPrb^ ffi a Prise aqutil to ma pnrxtpffi annum [Nomad plot accnud IMenwl m tl1a ntlarrplbn dffie. Such 18928 Battle attttjsn to rtuMffiay alnkinq lend redattptlOn 6ha9 bo aeNgatl by Id in each manner rs tM RagWter ahffiI datemtite (gMnp nrapartbnffie wMght 1P tM 19928 Bondy In aro teepee Shan 13,0001. M And fa a efnkhg lend Ia the retlertWbn a the 19928 Bartle metvrap m Jutta t, 2b63, the Tawrt will dettoaN In Ilse Bad Fund a e0m Fu~M~la yailryideM lo~roritlean~{~ianaedn ae aayidad tylPw1 flu fdbwEng pdrtcpN amraunte a ties 19828 Bdrde mawktg on June t. 2005; Year June 1.2003 C : , . i, 200.3 Juno 1, 20W Decaltba 1, 2006 PrMdpal Nrwunt 11,190.000 ft 65,000 11,230,000 3[65.000 TM remalninq is,t196.0a0 Of Me 79926 Bala maWting On June !, 2003 shall f>@ paid upon praaenutlen antl aurlsntler es maturity unless redeemed pursuant to optional redenptbn prig to mduriry. On a FJNae the thlnlelh day prior fo aac'r such elNting tuntl PBYment date, the RegNlfAr elull Maoaed W rail ill kB92B Bair Mdkzaed above (a enY 19828 Bontl a Bantle Neusd b n,aax wdh 18928 BOM6) fa ~ , . '. ~ httm such ddlatg furl on ill next Junto 1 ~ « Decenber t, and gNe notice d atrdt sell wDhoul funlwr nelructbn a oaks from IMTOwn. 19928 Bootle mtludng Dacanther t- 2012 are tabled fo maadalarY a1Mt{ag fund retbtrptbn al a peke equal to tM prineipaf amount thetas plus aceruod nMrtyl b the ,edenptbtl date. Such 19998 Battle elb)eG to mendemry sinking tend rodamptbn shall be saNCltd by eat b wrh mower at the FtegNtror ellall , (gNrq proponbnale YxNghl ro the 19828 ltantla In tlauwnatbrn lar9a Than See rtwxt page -.c• I IIVll~aa 1 u i i The YaQ 71•aII - october2, 1992 5 FYom preufpus page SS.0001. M and la a a4111ng hard lilt tM d ur t967B Banta rtfarutkrg en Dtaart4a ~t, 29l2, tM Ywm arts dtpwl r IM SarM Fund a wen tdrJetha wkh ahN rrrrraya wallcbr N tlr Bad Fund M adlkfaa ti febeirn (eAer c+ad6 r prsvkad trabrd e!r iawaedrtp p rroAtr a tM 1662s~nonde nradnktg on .. ,. 20t2: nor Daaarte7a 1, 7006 Jeer I, x000 neotrlAar 1, Y099 Juan 1.2007 I, 2007 JWr 1, 2006 neoattMr 1.8006 Junq t, 2000 [ 1.2009 Jute 1, 2010 _ t, 2010 Jura t, 201 t L I, 2011 Jut 1.201; P+atcipal Artqulk 6ne.bbo f1,,31),09O 9186,600 6760,000 1100,000 f806A00 u tb,9oa 72261006 1270.000 7210.000 ~6~ 9260.006 TM nmwlkq f2Y0p00 a tAe 19626 Borrde rrceutirp on Oeeardfr ,, 1af2 e7rR ba prd upon praesntatbn and WIrellda K mrurlry unMaa radNhrd puquan, ro optk6nr thln~lelrh ~ elltl~i quchParoM61lidMafntlga fund 9re ,~ Bal0a Mbilld sews laf +ny t066B Bond a Bd+d Niued b r^Pt^tw loch 111678 Bortr) to ham ouch aMYtp hard 6n tlr Hilo Jury 1 a f7eoart6er 7, and glln Itotbi d soar caR rAtlrdN funlrr Yrutldldn «ndln from trr Tdwrr. _ adnM91 dpwitall prioetlhtg mOYn ainkhNp ad , dr9, Lfr Town rtry ( dilA'a d Me RepMrar kr .: ~. 19078 Books tr6>1w m mrkaeliy thNHt6 fUM + on ouch der b m , I' Pdrkbr amaatt detkid « Sa) feoeNe ^ cedk N ritped a ha slnkNr ftAn redamplon abgpadnn f« any ,9g2a aKM s b ~~, ~~.~.,, ak9agtured ~ , ere lusts drs, whlc0 pi« n oats data !ww onto 1 la8fawlw than Mr0ugh IM .. o1~rM rnkbg tuna) and alnntNd M the FISp7FLrw and +fa Ihaadl«w apWhd M w p9dh agsYrq wry aMktrq boil nddepeteN ~i. Each 19928 Gal m ds9vafed « +edwrtrd w,ll w ct.dNed M dr RigM9u r Ma Tawwrt~an aNilUSrp~iMd ~ On deY and tw prkldpal smarm d t992B BoMa n M I M apgratlon a such ekdraq fan On etrd+ der iNi be alxadhlpy taQ+Jnd. TM TtYaw wr pit w blare tM etxltaM daC Half , each rdnkktg IoM retlertpllon d.r tumkh tni gpgtnu rAilr pa . IMfaalrp wl>rlrr a +fa uk to what ewrrt ih. , . d f>a ird Se) a !M . . , iifderr0a an b he avaRetl wRh respaa to sitoh rnking fund p.ymerN. Frbn a tM Tnrwt m a9ra sash t»rtbbate ehrl +tA ed7ed IM RegMtrara day b qYn naWa d aWtktp fund r M b M4 B. ~p. In IM caw of 79928 Sarrda d a den 4rga bran 99,909, a pdrllan d such 79928 Bond (fd,ll0tl a my IMagN maser Mstea) may w d. in wetlal tae IM RpWrw stir, WMUi gdhraLtqq• M tlr owner a loch 19628 Bond. rdwtafcw and peas s replaoamaea t667B Dan a Ba+fdt !w dr ~ pIM80rF (Flaleal. E. Ettaept r ptnvldad b papripw B r Sae 3sdion, dM INreaw d AArrdnleuethti Genitor a tM Town shut ionises waHe0 by tM RpgVaq 9Me wdlrrt klalrlfaforw mnowrnbR en7l plw fo die RagMear «MM 90 tlAya Prb+ n tIJOh rldwtpllan MM. hid60a d ndatWon ahsNbe eY ~ 6la Re9ghar h dd nods a tM Taws, Ef' galdMrg ^ dapY d WOh nods Elr pnNMd, 0nliiau PwrJrBi pfapaFl tng6, tut mae,nan 17D Irr Nde tort 9a dsya per b tM t dal, b 9r PulOh66a, and to each regierrad~oteew d 19928 Bak, r a ^ pa9on a whkh M drlid ra psis d hY atlMaaa p N Ir1 epael9e on dtet rapM61ilbrt radwda keq M LM J I ~~ ~ . FiRun to yes srl0lf odes by rtrRNp to Ihs qwW a arty 19928 Bond «b tlr a ur deed tl,rrn, tha9 tfa +Ifaa Rr In4ldly d tfr, .. hK Nr ~ .~ ... d anY 01lfgl 19926 Banda 8eldt ,lptaa ehr Id^tkY1' tlfr f 6928 Banda err palbm Ilrfeaf b be ftdesmid li Ie1a tart r an r be ndearfM) stn IM date 1kr6 fa redwrptbn, and ehr lurtlrr aw did rln soot rrrid~d~aagnega ewaleflaa~n. r nMy whit warm dub ilk WyAbM a 9r Payh+p AprIM. and tMt Iran and any ttudh bas kaaaat rM seats to acerw. Adpnsd Inlawt Id IM rederrlgbrt dale fWl b• pent W aracM a ash tttrNd n Its winos i« Ey l6erllYM marts 7 w pried b by tM PayYq Agora ark tM , awlta0. Now havng wan 9gkkww1r In IM mmna pewlded, Me t919B Sots a Bala w orMd la redartpdon aMN esconr des and payabr on tM data w daelgndaf; and upon pretaAtibn and sunsnda erred d rite Pgpp Apes., dte Twm ~ Pa9191e prkdpa d arW Pr^mA^M1 9 ran ttw#B turn a Bake a cued w , i. 9ECTIIXF 8. $g M d pre te92B Sdtoa eo0adrd fWh tlr ktlwrl aeuvktg rhiredn, std arty payrrMm des b tM Bork Irtaunr fordo 1M r ~u^rrtl' f , 4 atoll a peybN and coNealer adaM out d rM Plsdped Rsvenuw, whbh era MrNr w gkaipad; dr owns « avttui of tM 10929 BOnde Mil tM BrIN kr«a may /ta look r any f#^tt^rr a alMr IWk ter dr~a~wA d Pdnogtr and ktbragt 9n IM 79928 8 # « nrtyrtwnla esaePltM. Flnarrlal D9anmy pMdged nwrelon; ark dM 16668 Safes aetd urtlr Flnsnclr 6uuwlty Jlgreenrm shag nor oorletllM M ~ ~ lrOr ^ dots fYRhk1 Yla rtrrNrtg a anY . , dlerrl, corwtlttllbnr « atdutory atwMbn ~d Nrrllallpn: rl« a1tiN !My w .. a had b ba si+n^rr dha0^B^+r d 11r Tawt6 SECTION 9. Fes, I.i1..16BiELPRlgfi~ R1Bglurarm Pmt- its ,96x8 Borne ark dr geQghatbn panel ehrl w auharmralry a idbM iAreNded That arty pOrllon a Ihs 19628 Bontl roe mq. wMh reNrerlcea, w pktM m Me hadl a tit: ~,aQM Batdt), wrt loch Omwbrre. ~ antl varipbrr r b a+qr reciaM d lea « ~dtrr ptovlakma r may w ngtlhed Oy IM clrcumatarnw. b• requlnd w . ' by thY Ordinann, a •n eaxlsMan wah MM Otdltrraa end naoeaeary « . , ~ to pordatn b rw rufw and nqr ~ ~ d any gowmmakr auwmY a m wag. a esqukaawa d IawrrRll seeped Meneb: dam d Bend! 'Mean oily R batdi ant . .~ plJrWwe b 9ad7on 12 d tlit Otdhlarrn. ")naen Dory d Edna an de9vue0 b TM f ~..: ~. True Catgral punuaa b SecUan t3dtkM .,.~ .. 11NP7ED8TATE8OF AktfglCA erATSpPaD~pRADo COUNTV OF FXd1.E TOWN OF YAa. COLppMO 8ALE8 TAIL REVENUE REFUl169dp AHO IMPROYEMQiT SOaD SERIES 19678 ND.R. ~,:c *, MTE MAdlAt11Y GATE pATEO DATE Oubwr 1.1999 CUSS AEOIBTEF~O1V6~lk P41gICPAL aAloullT: Th. sawn a W9, r 6r CgNIY a flay. yen Biala d Cd«aeb ;tM •Tdem'1. I« valve renard... rd pay ro the regatired dwrter eParMrt Mrw, a npheene a1g wMly hwn IM tPid^# teaks prdrldad tlner w, 1M prMpytal amount aplwdflW ahON. an IM alrJltgf dde eperYd teals (unless r6ae fa Nola redarplLOn), and n pay from iaa eourca9 lawia iharagn an Jtwy 1 ant f I d lath ytrt, .. _ m Jar t, t99i, M ilia kwrrl HM frr chain apetlrd barb. adN dr plYalplttun M pNd «paynrrA Iles two prwrM nllrrifan. Tw ban+alR err Iaaat from its tenor rid6n IIMe+ea paynll+e' der q rrhidi basso Ilse been veld a prorked 1«, a. M m k6aeaL hr hgal Pi1d. ban ardor a IhM ban. TM phttiMf a MM bdM r ItaYahr opal PrwmWMR end erarandef Mraa b Ilr Tawn'a gpleud and Paying spent S7M •Rpwultr q er •Petdng AS)txd'), inkla6Y Caanl Bade Nur+rl Aeaodrlen, r pinvar. Cclaad0, Inltrwt an BrY Fork wl W paid on a bow 9th Nagteu . , aai;a, N eud+ laawl pgmem ddb M Irl a bewhtw+ Ny, 9n a bean Oli oat aulxwadktp bnektage dpi: rN nJteLk « drab Hired b tM Paa^+t b vMOae Harr thM trek N ~ fdn 'reBMbred aawwMrtqry() kf tlta ragMbatfwt raeada a It» Town makNAltid hl' lM RgMVY ant at 9n atldrae thrsgn M tM dosed W Wtaa On IM ,MrinM day a err tnMMar marsh nee pmoW iwh lasrwl peyrMm der (tM l~l. ary srAfi tnlwed Ile a tl prd «dWy prdrred fw Idrr OWa b t+e to tM Per^^n silo M IM I awns haled d tlr dose a buakttu' an dta Repri{r Retold psis and ehr M P4'ad^ b dr paxon Ydq Y 1M .I ~ . eYerer hereto q 1M aloes d Ewbau On w BpitW Raootd Dow 7a !M paynfalt a dry ddaRed InlarrL Built Spear Reoofd Dde ahrl w Lard by dre RpMlrw erhanw9r trtoneya lteoortti avelaar r« pryprrtt d t7r daalJ9ee IMaee4 Intl Halls a tAe fdpedlr Raver Dar atr8 w Ow^^ b tbq regiawad Oanrara a ttr bona d dr gerlw a aA+MA MM M Oni (IM'BOnda') tta W Man Den days PrWr to IM 18pacW Redad Dar, AIan111w maw a Pan#r+e a kttred migr be used 1 narlu+6Y aglNd b baweat tlr salve d arty Bo+n and IM Paykeg Aged, w prorkled hr IM ardl+r6nai a 9r Tdwn aultraNing tM iatrelws d dr sdrke Sdri'8ond Drdlnanatrl• M audl rnynterRs qM6 w rnwie In Idely, Abney a Mi Ultwed Btalw d Arrrdca alNffoa deMJW,pn M tM wvlor tl rlr Payerg Agee a Berra d the eeefw d rAktr MYt Gard M ^ pan nM •,9668 Borda7 mdwln9 an m aft« Jule !.2006 eek Detfrrbei ,. 70l2 ors aged io Prt0+ sede++Plbn. adtJlw cPeMn d the TgMr, N wltoie. a fn pan, N et#^Vr naAlplee d i6A00, ,ttlm will mYVrNa M w aelaW~t aY Ilfe Town, ant N Law 9+dt d er ttr Berea a s mdurgy w b ba by kK wgltln a mdulAy h et#t reraawr a tM Regtrrar mats art . 1.2002, w an arty dry [harleeha, d ttr ~ prlws eel fprM below ( .. k M a~, e a ttr prlndpr w nawrrtl! Pw aeerllad Nwea b IM rWarlgMf dale: Decanba t, 7002 tleellgh WL197, 2007 Jar 1, 8000 old . F Pr11xr iai+r to0% Barn d IM etrre d whkh rhM bond M ^ pan rtrwJtNlg do Aver 1.74)06 ant Daeanbr 7. 2012 an gtlb}•a !o mandaWrY etnkktg runt Ord ritwi pdegpar tltopLhNa Fkl~al inroad Mated pf7r i0«IJed htla+eal b its retrrrgbn dire. Edna alJe~t n , alrcNtg ,Soil ndarr9Mlon eAaR w aelicrd kr mmdakty arkrg fund aY la !n irah 111ai1nar r Me ~ ttlrl dasmere }ghdng propwtbnue uNIyM to Bents In denolttnalYwr Fags tlldr ry6,000). On a fJdaa dr dd+Be0t daY pne+ ro eadl wan aaalklg hod tM Bands s++alea Murrundrwy q~Nldlq 7iM radartpfart (a tltY Hand « Bltna Mqued q raproi rant Bondq far dlf Ste Hen Juno 1 « r 5, rte 9we Hopei d owl ^g^krt Ra TaidGlp hw+tl .. w. ~^g^n h flta rtrrdfa and Won lM .. ... ~ praldtl N dy Band Ot'tlhtenn. mMeaaea d18aMaaa ornm6y11o1t II^^ry1pww Man 68,000, • pwlbn a suds Band I>Id10~ a any btpnd rnuwpr H p4 ~r q~hr, rMheut tlragfr b M e~dwwa sins Bdbd, elJnwlttbue and pew . send w Borrd6 Tor die ~ I Itairrre ~ ea~aayr ana'rnd s ~9f.ef~ao days' rtrNetl neelt• b Osa rJrlgirrr p and b with ~ ~ eewler d BOllda la w redaenrd r alxwln m ills regrtratbn racwda kep hY tM Reyatru, r tM trtmnu and upon tM .. . ~ r pradaad N tw Bork ..: TM Banda as wtlabla only r lulry regMlaetl Edna b . . dam a 16,000 w any Integrr muhlplea tMraaf and ue each . , .. f« ttrRy 1 Barka d dr sorts nlaNrRY and alerlei m squid agglspal~ pnnclpu smounte and In athar[z+d danetmadbm n the abrewn gtOcs of tlb Regryaz. bW any tie tM rtwna. sela}ad b dr IhailatMm and arldllorr, ant open pa7l+nea d ttr drrpw prOVked In dr Bilk grdndrpe, ••Tha Bontls an nor Irmueraae or O ~r~ Prllal pilot N tw Ban thM Bond, Cad. 6 Ca, In ha dMaatbn trdy rsgtwl tM Bwk RepWru r lq ~ .. a nave Bond w make m ipProPtlar rrrtbn on MM Bond Itntntrg Ihs duo artd emaem d pepayttwt, etonpt rn tM ant a fetr rrwurey. in wetkh ape rhq Band mwt w . ~ ro dte Borg fie6MMr Pnr b nor pryrlwk; •Thb Bend q IW,y tnmlNaWe by tM rsgateted awns troves k1 petton a bJ hk dW11 auihahad attarrrey on 9ta eghuadwt raxlra kit 67r rhs RegWarrpan qurtarda a tots Bald ropWw vlNh a dory ... ~. wdlnn lmhurma d Sremfa euafspary 1o tM Raphbw. Upon ouch tranafa w ttew fu9y regWered bond a atnMrhed danadnalkn « deenmhlJNklm a [M amt atw, ap9rapan prirlcbal amour ark mlbrky silt be keeled n tM VmaluM fn adntgs 1« Mq ban. alb}wi n altedt verses and Nrrdhlorr and m pgmrnt a IM dogs w ea rant M tM Bwd ,... :: Tha Town and [M Apbliu and Payi+tg Apwe may dwm and that dq penan r rdtaae name MM Ban q reyrarW r its abaoWr amlw hand f« its pupoa a mWkq paprrt ant to r dirt plrrpwwa etcwq b the wlirtt talfefwMe plvlrkltl h arrd b dli Ban Orolnrbr vent rwgd to RaprW artd 9petW Rarnd Patio l9r fr pgmde a heer~L `TM RaggWr vent nil w naclrgd b tranaM drxbgparfnE w~gin~ rt tM ~l krg a lwektaea t6 days ba01e1M day a Me rrralhg EH tM RggM9r d now d ptbr .. ant sndetp r its clots d hrNateis ttn tM day a rush ntaBrg, w ryJ arty Bond a pertbn Ihwaa aha rM IttrNrfg a rratllr oaWrg eudh Ban « tM pvanlradeema0 Pew hasp .~ is ~a Bontli an authorb6d fw tM IaaPaee d dehayky7 Mho61' «h Pm dN darts a [tr Pfltjea ant ore Reflxkkq (seal r defhfatl Ht 9r Sark C . far+M payrrrd d bqW ant eapnew EncrMllr Ehaab and n its iesuwww a its Sonde and for 1laldhlg a rwwar tar tlr Bove, aN taper nfa aralnny a ant b Iult txaYaniky wilt ills CantllWbn a tlr Seats d Cobnda and Ms Tartu Chart and Punuare b tw Bard Ordlwance duly adaps6. pubhihatl and ma0e a law d tM Taww, a0 prior to IM Wua+ne a thM bars TM Banda dp nor somrde a etaEr a an .. d 11r Town ketldn IM mrttMg d ^nY droner, atkwdrutbnr «atdudy pfdrabn a Ifrrlaatbn, ah1A rrl w ., a flab td w a gatar .. , ~.. d ur TpyNy aril en payaale troen and aKwrue a pledge d. m IrtglacabM cart SEW not m eadutltre te+t) at, r d rho ... to w ddred by ttr Town item rM Pyegad Salt Tax [era dakred kl tM Gerd Ordlnanes) and inm certrn rwM whidl may M Irtprasd try 1M 7orm b addhwn uwsb a b aIIWeRwat rhalore. Nat Rewnua a Ms Pandrlg Fadfaw f++d+ w defklM M tJr Bond OttNttannJ, sent tanw. trarda a tttvanttw eA+lrlt tM Toad hsreahw pMdpw b IM ptYmem d dy Batch, venom Wta nnrrya hek b tM pond Fund and Ily Raaerva Fund;r Eat, such lunch v. dalned in !hi Bond Ordlttmw). and InYaaurroa kK4me on cerlrrl IoM., W n tM sateen 9tr each money. w d qtly stilt requkrl b tr . I btu and held M Ma Inoome Fund, its saw Fond. std tM Reserve Fund ai provtded In the Bdnd Ordlnet%e; aub)ed to pnaNt aaptbm and aclwfo+r r PtaNdad h 9ta Bond prdktarwe {dr'padpW P~ rna eorltla canaulea a phtdge d, nil m Irtwoce4le Halt SEW rfa m aacJedlw ban) m r a tM Plad9ad Rwanuaa. TM Banda an equkaby and re-by second by • 8qn an thr Pteapgd sew Fa. As to ert-9aN a M. saw Tak tai drlned In IM Bond Onfrnnce) r9n+nres Ina sawk corlenlula a teodM and aeAordlnata IAn ibW twl ~ my an ecaueMe ieavrd Nn) ++pa^ 6r Padpsd Saw 7aa. suds don 6aYfg aaaltnd ant u .. ~ b its Ibn a rM Terw'i owundkq Oenarat OWfpafkn Banda. SM1M 1966 (tit '1666 ~. Ae b Ma ahw Brno-hM d 1M Bata TAC ntrararw, tM Baldc .. a ins and prrr ton an a pesky Ioitlt its TOwrtt Sera Tax Retrafw Bona, Bodes L99i Rni '790, SaMa•). N .. IMh dre p{edged Saw Tr ant r ngrtMed W Ms drdhrrtoa wefbh alpltpked tM 1996 Gana, dr Tawn shan fu9y prorka Iw 1M flee aeevw, warn aaakn, and ntltr nqr ~ . a IM 7986 Bona b +nY hr~l ysal antl, dilly sins atxil provrlon, try uw aaoesa PrdgW 8aW Taaei f« IM payrtwnt d Me prkrchat d and Interiet do tw Sara Bends. by lteMfMrk+g such swots Prtlped Srw Taaw b Efts Incen+e Fund (r chard In 9r Band .. ~~. Payerde a Me pdntl9M d wd herteu r MM band she8 M rtdde dl9m, rid M giNlRy 10r aredl payrrlsn! there an f ~ .. , ~ (arts sxcklggaly) prdgb. penuatd to tM Btxld OMlnanp/, moneys dapwNed and n M 'BFUndry Inikh~hM rite Ytlam ua cdlrttrttad urns Ms Raid 6rokrnce td PW ham ills Rerwww a awn auRlciant. tppdfwwRw alilw Itawtayi avwla6la in Or Sad Fern. bP.Y adw duo Mated aril keuast fir Ma ,997 BO/ki. IM 10678 gala std ary Addebutl Bane W da8+ted N tM lddrd Or0lnanq). In add9ldn, title k h ...~ and eaa9pNMy a+dg^d t9 tM payrttre a IM 1801 Bade, tM 16020 setndq and anY AdtlrorW Bona ^ rrs+w hAk 0M •Rwwva Futttl'T Mash teYl W nf61111a1ned es pravNed M 1M Goad Ordktdrw. E+capt r , r nr sad - lhli sots r .niltMd m M. boosts d five Ilald Ordlnanw eglWry w14 reltkh 69th r la pwl~olMr Bona~lawd~rld)q Mewl vtker err Ban Ordkrarwe. b wtedl raawne M matte tea, -: dint tlgtadlM Orrllra d tM 19628 B~rna yen rM d9Mt. and IdAlpai~ IdIaaddpRprWid iw. ~ Nw Naeea ttwy nelioah b arts 0^^^rM w dive hxn d tM Tows,a Or gaydrnl d 6r pMepal d antl Imsrad on Ma ban rwPt Ute Pledged ReWnuw. Rauenw M mWe l0 its Send C , ~ fa dr . , alnwtq oaten. ant reopen r tM cu+#+dY and , , . • ~ a tM proceeds d Ma e967B Bondq, ell nattier and aweekb+t a tM Pldpetl ~~ , Ms nedun arrtl elites al tM xecurky, Ms tgrrtr and candnbm undo whlah atldkianal vents PoYabM tram tM PNdged RaWnuw may w k+wsd, ills t4yta, du,7ea ant dd+gdbm d ,7r ram. wn 9ra dyrol a tM awrtaa a tlr Barlda; and q' qty atoeptann d Mq 90nd Iw artta hand aawnn to at PrwlNana d tM Rand OdYtarfca TM papitr a end tM Imeraet on thkr Band sha11 w prtl, ark ttda band ie n trwfromandt.NwWryudbwmy aqultNa wrrrgsn Me Town ant the alplrlr or anY kAarnrdlde ¢wrler nand « any sacMa « a¢n-drlts. TAq bad rrrNt w ragluered N the name d tManrr r bEOM pkbWl and lawwt Ito dr rsgavalbn raoorda kept ay tM Regq[ru 7n aklt tM pravkana riaetl Ifaein end endaaee Mraln ant atlb)ed r Me tart. end wdibm au !ant In tM Btatd Ordnanra. fb 7amlr d into bw'k i7W1 w Yaad unles9 nWda an tM fegkdrdbn scads mrntakrd >t tM pingogl aRC. d th1 RepMlra EY tlw ,. ~. ~ I owta+ a hq marrey day adltaasd In vaMng, k h tubber anMMd and Hilted ihr all tlr ngdrsmarAa d pet have boon fWH cortPNed rib bl' 9r plops Tawn d9KAri In tM gauann d Ma ban. _ Thq bond ehr not w vaNd «oblpray fa any pufpdie until the Rapgtnr aha9 haw mwrurry rgn.d IM eaaabate d auMaralaabn wreln. EN TESTfMONV WHEREOF. [hq Town Cou7xA a dte Toet1 d Vail hr towed MM efona 70 be aglyd aril asansd In hs nenw wkh a rronual a fecaYNr slgndun d tlr Meyer d tM Tewm, a+n m a dPted, sxaarted avd attwtsd wkh ^ manual w fawYteM algnr«a a tM Toad Cork, trNll a manual Or }awkNM hVn^^#a1 a lw ter d its Tcwn aRhted hen W. aN r a tM flab apacNlad above. IMmwl a Faaim6e SlgtWae) MaY« (MANUALOR FACSNAA.& SEAL) Aber: pRanuai «Framlle Sitkwvre) raven cMdr lE~ a Fenn a Ban} (Famd RapMtreh G... ,. , d Auhenucmbnl ThM b mq d the Boob . ~ _ In IM wkhin-mmlbned Bond Ortllnanes, and tale Bond Ass bean dWy reghtared on rho raprlnlbn senora kept by IM undersigned w Reyaru f«eladt tiortb- a. Repatnr Auhodzetl Onlcar «Erlployee Dar d Audwmbrbn and Rsgatndbn: ;End a Fonn d Reggtrara CenMceb d Aulhen7ka9an] STATEMENT OFINSURMICE TM Munklpal Bontl Irsvpl«s Afeurmn Carpwalbn I+M'Inwnr) hw aauad ^ Pdlan danrnint M~ tdfwrktg prdvlWm. lush pd7cy estop on flea at Central Banx Nallonsl AwocJdbn 3n Aartwr, Cdorado. Ttr ktaurar, b .. oat a ale pgrr,wd d tM prsmbm and eub)aa n tM tare. d rho polky. IterebY uncdndkbaalry and vl .... _ gwranlealib any owrta, a Mrdralla daknetf, d Me fplletakq aesalbaa oWlpalbm, IM rWl and .. payment rlequggd ro lr tune Oy er an Bohan a the IHrr« ie Cenral Bank Nations Arlldatbn or hs suoceeaa pM .Paying AgaK') a en arncunt equal n tl4 tM aey~advan lce+rir~t M m iurMwYMP uun<foi mantlatay slMtktp Lund prylrrm) an0 imerest on, IM OEkgrone Su !!re tam N a1lrlad baor9 u oiler paynwoa etnA become Olla bee ehrl Hal w q0 pant Sadrpt Mr m tw evem d any eocerrubn d its due nta al Wilt Prindpr by raaaon d marfddary w ttgbnu .. a arxsaradat rwuMng hdn drwa a . ' ~ : aha thm my advancawa a rntyrhy punuen b i rrtrrdatwy slNelrtg Itl+n ryyrtrm. tM P+Yrrr^+^ guanrArW haebY ahr w rrrdq In oath amouaa antl tl suds floor a sash payttwnta a pdneypat wnuk have beat des hr Men not bgen any sisal ,. ~ ion); and {tl ufq eatrburwntsnt d any ouch pryttrm vAtidt 4 ettbaaque+tty I from any orwler pueuam to a final )utlgmaa ay a won o! cpmpaen[ }uriedkllon the, such payment exna,Ruw m avpldaaN Prdarenrr tp aaell atwta withb tM turning d any applicr)b bankruptcy law. TM angwtia ralarred to b clauar ($ and 10J d tM p+eoedltg shan lr rasrrW to harry odq¢d+ery w iIM •ImuM Artruma.• •DaYge00fw' ehr rtran' Iw Town d Yak, Gaorado, Srtlw Tax Rwanue RNuMkp and Irtprwematl Bonds, Sgnw 79628. ZN^tt rsoaga a tikephanb or uNgraphk: Hobos, such ndke aunequslahr conllrmsd in twlrkp by rayrantl a anNlad mW, « upon tttoalpt d yrdnan rodp kN reggrred a wrtiw mr, ay w ler«a trortt lM Paylp Agra a eYy owner d an OlWpatlon IM payment d any Imund A+trua ter wtrkh M Than duo. Mil such rgquhed paymMt hr nil bean made. rM tenors eat Me dos due a aunt gaYrtrrlt err wkttat err bwkfase daY r,a rewlpt d noun d elrtlt a bier, fM6 tusks a dtpasN d~hd0a b en arA9un IrIR (.Yllwtlt. N.A., In Now Yak, New Yak, a ha slJOCeewr, stdndem d tM payment d ally such IniWed Amouma fNtkR en dttn des. Upon praaentrlten ark aurrMder d loch DEllpahani or aessamdd d such ¢dea)atrd d wmaehp d 1M Ohllpatpna [Ogetlta tilts NY Inauunrnr a aaelgnmmt to evrdenoq /M wagranea d Ms Wand Amperes era on tM Odlgdbm eve ri paid by IM Inauror, and YtaEla77erfr b aReCr ilia appo4dmda d l,l/ Nruw r apse silt such grrttara a tlr PbRpdk7lw in anY left P . _. . , raleltd ro ~ bin q listen sa7alaC10ry~b~ wLrvrtwma CRbmk NA ahr tlaatap r such oartwe dr IM Payhep Ageht payment d Ihs Imund Ameunr des an each OEllgallom, tar any artaunt bar OY Ms Paying Agora fa tM payman! d aunt Insured Amalrat artd aga9Y waxada thsrsiwe. Tha PdkY des nor inwn agaYlat low d anY : ~ a:emtum rifkh may d arsy 7trr by payaar wah twpec, b arty swan. Nr tarm'ow+rr' shat torn Me ra6gtsnd owlte+ or env pbllgpbn w adbtrd n dr rods nqy=named !w the Paylnp Agave, ur lower. «a++y ~frwgrlea a tM seas Ia a+lydl purpose. 7M ram Owner Mr nor IltrArde OIS Maud «arty perry welwa eddl Rre wow OPIq[RtAei the u+nayYtg woutNy fwnr~.~,~ My satin a pawn on 1M Mua may w rtlrs b the lovers r et chew boated st 113 King 9fraa, Armmk, Now Yadr tp50a, w ttan` M nonc~w,pWahla br arty reaon. The prembm m M# gMky q ltd rrundabr la any rwon Incknklg Ma Wymam per b rtrlutky a its OMb+tlbna MUNICIPAL BAND 9VYESTOR9 ASSURANCE CORPORATION ••IFatn d Prepynlim Portal) rns rollavrrp Intrlrtyda d plrwrpal (dr pdnlon theraoR d rhq frond hwe haen peard In accordanpe with IM rrme a rhq Bond OrdFmnpq authorttlrlg tM wwna d ma bond. UradP - , , Prklcfpal PrapaW Sl9ntlun a Autlxcdzed RePreesnraMa dt7r Dapwlt«y (End d Form d Popayrrlgrn Pants) MAY BE PRfNTEB ON THE BACK OF THE BOND AND THt; FOLLOWING STATEMENT INSERTED -13EFERENCEIS HEREBY Mu1E gpHn ¢Fr afJgTH ON TNf 9EY:°.+'iE HFFF~F~¢FY•H PROYI31ONa Sufic PURP(1&_F~¢ }L!VF Tr+e aauc c~ccrT ~3 !F Scr crnru y~•• [Famd Arignnwd) F« valve ronhud, tM unrlaalgrted hashy sous, aadpnq ono tranahra unto Mq Mthin Bond and hereby Irrevocably opmlkulw and sppaMts drwrter, to Irarrfer me sorts on tM racards d the RegMtrw, wits ful Pwra d tlbaMlllMn b the pretreat. Delgd: Signature Gltazantaed: Address d irrelaes: SockU 3ecurky a other lax kbntillratlon nurtba d tremfiree: NOTE: TM elpnaturo to this Aaegnmam mot camaaPOrk with IM name ere wrlten on the Face a! the within Bond In every Pankrrtat- whhout ren7bn a antargerrent or soy change whatsoever. E%CHANGE DR 7F7ANSFF}t FEES MAY BE CHARGED (End d Fam d Aealpnmeml' 3ECTK)N 10. La9611ablIlLY. SubMd to tna regatrmbn wwabm haled, the 169QB BpMa shyul be lolly negd4lble and shall have rl tM quafetw d i>a9^1416b Paper. and Iw owner « Orman Ihersd eltgll passer all rlghq en)oyw by its horara or owngn of ne8diabla Inelrumenw undo IM prevblor4 d rM UnYorm Commerdal Code•fmrestlrenr 9a. rlllaa, Ths Prfnclpal of and Imawr on Me 19628 Balls shall ey paid, aril rhq t992B Bands eh.ll w trerrotaaEr, bee Inm and without regard ro any equnlea truvan tow Toren ant Ms «Iphyl or any lntamedate awns o! any 16928 Barb a any addh acroeecMlm. SECTtp1J I1. );~8tp0. Tha f6ffiB Bends shall be executed In the nmr ens on baha6 d tM Town M dy egtwun d 1ha Mayor, ehr w aealad with a manor a facelrsb Inprrabn d Me Baal d lM Town and attrted by the egnature d tys Town Cork Eaph 19929 Ban ahrl w out - by 1M manual elplldun d an aurhor+zed ohkar Or employes of the Regarraz r haaneha prwned. TM signatures d [he Mayor qnd the Town Clark may w by manuu err lacsimda elgnaure, Tha 19928 BpndF bearing lha manual or lacslmde slgnru:w a rM silvers In dike at Me tkty a the av., .:..~.,,~.., th«ad ahrl be its va3k1 ant dnding cbfgatiane os tM Town (w+alea to IM requlrmmml d eWlynriwtbn by IM Regatrar ae herelnrler provided], notw8hatanding that wlore the delivery tneraof and paymem therdon err bMae the kswnn d tM 19928 Gonda upon rnrwla a sxchmge, any « all d the peraoM whose manual err lacelmile s'pnaturw rppesrtYrreen shall have ceased to Ills tMir reepedlvs dflcw. 'the Maya and tly Tam Cork sisal, hY fly exeantan d a algrtazuro cenYicate penalnMg ro rM 19928 Bonds, adopt ere and Ipr that respecthro signatures any Iaalltllw tMna apptanng on the 19928 Banda. At Me tlrtr d IM eaesdbn of Me signature csrtNbab, tM Mayer and tM Town Ciak may each adapt a and t« hM « Mr IeaMr algrl>•un 1M leW Imlb algna7un d hq a bar nredeceaea b dies N tM avsm then such Iaalmlle algnature appaan upon anY d 1M 19808 Bona. Na 19928 Bend grw9 w vaaa a pEl'patay !er any purpose unkna Me nnnk:ate pl amhenpculon, aubuanHalry in fns loan herdneRer piovldetl, hM been day manury eaaculbtl by the Ragq[rw. TM Rsggtrars a arlhemloarbn ehetl w esenrd n hart Own day aaecWed by Ma Regauar n rttanwlry signed ay m aulhorizgd afker err art{fbYee d tM Raphuw. but h shag nor w necawary thu rM wine onlrar a . . ~. abn rM tertdknee d auheakanon an rl d tM 18928 Bontl^ INUatl hereunder. ey adnrnllratlrq anY a she }9908 Borne inNrdy delivered pursuant to rhq Ordinance, the Regfetnr ahrl M deamW b have arerlted n SM provlebm d nrN Aldirrarrot. SECTION t2. Reaatra0on~Srat a> fR end A- Etoepl r pavltled h Secaon 1A records Ipr Ma regMlranon and trwfa al rM 18628 Bantle ahrl ey lypt bi lM Repauw, wnbh •< haetN :,-; . ... E!' 1M Tarrn r repMtrw IL9r Snnala spent] br tlr 79928 Bd+ka, lJprn the aurtartd« fa trandar d try ttffi2B Bard at ur ReglMrar, duly endorsed tar iranalar or ,_.. ed W an awgnmeht day sxsraAad by the +sgaterW awns err ha a0omey duly autlnrltsd In wrMng, tM Regwtru ahaN Bents cunt Ifanagr an the fepquatlan retests a+k strd audtam{cew old dative in tw Harts d lM tramlerr a tnlukteee a rlww lgg2B Bad a 9anea d Me soft tatty, a a 9ke ~ , , pnncpal artlu,.nt and d IM aarrre maurky, ENrlrtg w nurrner a numbers nil prrvbwy rslp+led. 4972B (lade m^l w adlrtgad at See ree,?page .v...~::dr:;wrtiYfiri ,n.~r --- .58 ~ u~ ~ ra~ta,er a, 1982 Phorn pr>eubus page ill Repnlru fa an .gUal appregMa WI artroltrn of 19928 BonM d 1M ferric oral ! lima maludlY of PIkH ^uthorlra daronthybna. TM RpMhr ahyl w[h.niky and eMivw a F982B Sand a 6drtli wnkh rphtrrad ownw mahinq Iha wchanga li awNlad b rawlra, b~~andnrpp a nyrrbw w nu tier) garbuaW wtipnae. TM fNgkirw may trr#roaa rrselW)M chavgw h wl7rtrclbn wn Fddl axCllYlgM and uarfarP d [9828 6oM1 wlvM ChargPa IM [till w xry tax or alto a! Marys rpWnd la M peb wk nrpaa b audt axananpa a nanifw) FhMI pa~W ~1•~ rntl pnrw raquaallrlp A B. Exoapt u Prwkbtl In Badbn 73, IM ApMtrar rhyl fbl W nqukal to lranafw o reAUtpe fi}Prey [9926 good a ponbn tharad du` tp ~ r« n~ ,I m. op.rrlnq a dPy a p» myNnq d rtalos d txla ritlantidbn r hwNn provbal and wning y By obr d bwhra on tM dry d ouch nwNYlp, a i21 arty tOp9B Bond Or Podlgn tlwad aMr eha rtyWrp d rronp oaWn9 such 19828 Bard of any podbn IMnol for Prbr d 1M 19828 BMq~ br 1M uaadaanrtl pgnbn C. TM inrPaE ~tMOM rranM any 0926 Bona ahyi M notional an tM +Fphhallan rsoorda leap) by By RapMru ahtl M dalrtMd all rapuhd M tM rbFdun owttw eherrl for ill pulpor d making pfymam 1Mrad erne la yl aMr ..,, ~ uaipl w may M dMrwiae pnvbad In 9anign 8 hraa wlih carpet[ tb payrMnl d learnt; and, sublad to such rwabn, ptymant d al en aeeeun! d anMr pritckry d Intrrt en My t9g26 Bond ihyl bs mach any to a upon tM wrMen oiler d IM nglNUatl orrnu 7Mrmf of all logo! rprnadglve, bd loch rpnlrybn may tier chanpal tpon trarlir of alien t9p26 good in Ina mannw antl aublact m IM wrldNbna and IImY,ybm pavbal brain. AH lvch payrtMnn ahyl b• valid and Mhausl to tlhcnarga IM Nihilny t4an such 19928 Bontl ro IM sxynt a tM soma aama ie pytl, 0. M any [9928 Bond atoll be loot. [lobo, dwtroyal a mutayal,lM Rpa[ru Intl, upon racalpf of wch avltlMp, fnlermNlon of Indamnhy eaMlNtp tnwdo r k MO the Town may tauanaby requFn, aulMntlpt• antl tlNNar a rrplacaRwm 19828 Bond a Sander a a 9ta aggrapMr pdrtetpM amoum all a dy rma ntraurky, Owrbg ^ atlmbr p numbalk tier pravMuafy aNl9n•tl. 11 h tier), aEO>en. tlwtroyal, a ItatlNtlad 19828 Bwttl any) have moored w 6 abou ro baomts dw and payable, u~ [9028 8ontl hbM•d t~ Payl t In pay E. TM allban d IM Tarm aA whcd:al la deHwr to Via RpMlru Ildy axawtal bul porn .. „ 19928 Bade In Fuch gwnikM{ r may baytxxtwnMM b b. Itab b otNlody by lM Wgnlrw pandkq ere r baton proMdatl. F. Whanrwr any 19928 8phd abaci W wrtan0arad to tM Paying Agora tpon payment Shared. a to IM Rpauu fa harnfw, axchanpa a redapmant sa provbad lyryn, loch 7taY16 Ban Mak M lyolrpuy GnoasFtl by Ilta Pl1nn9 Aqrl or RaglFlru. Intl countwpuu of r antnigteyylaIrrgqouch unoNwbrs shall b. mrn4lted ~ 9EGTKIFF tA39atI tru totM Town, ti NawkMland#ng anY aoMrrry Prawslan d ihM Ordinance, the Bontla ahyl inttially b• rMarrc.d by ono gene for loch rnMUrlry in tMbh [M Bona mnure in . «M pool b IM aggrlqya pnnipy amoum d Iha Gann malurlnp for Char malurlty. Bull inNMlly dylweal BoMN shy! M M91FIwad In tM rynta a 'Cade a Ca' r rtonJnla la TM DiprHay Truss Cw4anY, IM rcatMa datnakaylor IM Bontla Thr Bontla may nql tMrMllar ha IraMfanad w axdtengal •%gapl: 1t} m any awbrta d rna Oiprlory Trutl Cortpany a k{ ndNrrr, vTIM auocdaaa mrrn IM both a'cbylnq aaponllar' r ddhad In Sadbn a~&192(31. Cobratlo Rwkal SlMUae and a quylMd and npalaad 'c4adrq a gndw Becibn t7A of IM Bacurbaa Exchange Ad d Iti34, r arrelned; a (2) upon tM rrpngbn d Ths Dwprnwy Trull Canary a • auocara a now daposi unbar cMUae fi) a IhM e4ur 121 N [hi th~iS Tr11Ph tap posh ~T wiM~ilpiny~or such auonow a rrtw dapphory M ro farpw ebb to ~ry an d lurtgbrq, and tM drlphwbn by IM Cduntll b! anolMr bapoalmry InNflutian atorpfabM m IM Getlrtdl veld b IM d{pb{Hay man Mtllnp tM Banda. vdtkVr ndx tlFprnory hstAdbn rove) M both a'claaefrlg COrpaatba• u tlallnal In gactlon s~B•IB2i7, Colorado Rw4ad $tattrlM and a gtryr W all rpNtwal ~~apxr~tcy` under 9ictbn 17A o! tM E rr8• Ad d [931, r arwndad, m wry oil Ily Iwtdbr d 7M DaPOlaarY 7ruM ConOinY a auah tuwuaa over dapprory; a (3} upon tly rrlpltwbn d TM pappROry Tfuit Cmpany a a a4opiwr a now dapoaHOry ardor daua It} a oMuia fey d 1hN paragraph fa}. a a dilrrrtinylon d tw Camel IhM TM Dapphpry Tnxal Carparty w atlilh iYWraa a rtaw dapp{ferry h no brgw ebb m w7 twl If lurtdbna, and Iha fylun oy !M CounW, anw rsaaanably Invr[Ipalbn, 1P bcay akO1Mr gwNMd tky)wkary kMautbn untlr tirtMa 12Y to crry outatrch deppkay lualbm. B. b IM cw d er Yartyr n or auasara d 7M DwaaHOh Trull f:afrpany a leer rlerrMtaa r rNanal m In tMtwo 11J d paregraph Is} brad a dallprytbn d a nor dapwNOry pwwldd b stoics (21 d paragreals Say haled, won raoaapl d kla Oudtebhq Bolls by 1N Ben AapWrw, tapNhw with Wrahn Mitr9dbrM fa IfarMlw eyMladory [n 1M' Bard Rgklrr, a claw 8artd fa iadt moronity d 1M BMNN trill Qugtardlrtp shall M Iuurd !q veto {UCGYrei of haw tleprhory, r IM era mry M, a nor rorNrtr, u it FpacllMd h aucA written IrahFlFr Innrudbn{. h tM caaa d a reslpnybn err dosmYnalbn urdaf Wuia 121 d paragrph (ll hanof qn0 IM fauun after nuonab7r Invqulgatbn to locale another quaNnad tlepoiAOry irnlhulbn IOr lM Bader u prwkbd in ctauw 131 d wrapraph (ay Mred, and upon eitap a IM Odlundinp Bondi q' IM Bard RpMtru, Iagathr who wrktin Inahuctbru for Iramlar aeMfadory to IM Bond flapkur, rw BpHdr thy) M Wllad In sty drtalNnybni a 18,009 or my httagfy muhlpla maraot. ere pradda0 b sad aubpd Ib [M nmlutbna d Sad)on t2 Mna, rpiatwad )n tM namr d ouch pareena, Ind !n each authalzal denemhsybrM w ra regtwMlad In ouch wrhMn haadw inNrualoM; howravar, the BOnd FypMlru anal nor tie nauhad to OaIMr ouch ryw 6alatli wkan a pMOd d ton Mr BB day'. tram ttr doll d +aaabl d wrA carman rrarryw Inttrtldbne, C. ill Gwnd, ill Bond tm antl tM Psytnp Apln1 iMll tier rtNlad le Inert IM repMyred ewnir d cry Ban u IM abadute awnw thrrao! la ale purposes Mraq era any apalGabb Mwt, ltawBMtardhq any rldba Fo VrF wdrary rrgrirrd by arty or au d rhartr Ilrs Cootie), ma Bond RFgnhr era tM Pay) ndpM Agent aM11 borer no mpeaaiDnlry fo M IrarrarrlflYlg . ~ , .. b tM bal7elxly eerrtife d IM Bontlt herb by TM Dapoandry TruF • Gomp.ny a any auocaata a Mw thpwio Hy rranaa punuan m paragr~7rr [al Mod. 0. TM Caunq, IM Boll RpMtnr w0 ^'~F PaYkq ApMt Ihak aMUmr b .... , , TM DFpwlory True Garprty a any a .. n a nave tlrposkery fralMd pursuant m ever 11 a fey d paragraph 1+1 Haragl h FfMduul ~ MYeryd d tM prbc¢y ampunl d der Bald upon myurky a Prbt ratbnpbn by bo for payrtrnr In cacti • manMr that fund ~' raPrsaeneltp wm an wyrbM la dap0akory r IM dldF Ihry aw dw. SECTION 74. Rlandakim d Pry.. Wltan tM tD02B Tw~rrt qf~a a~iM r Mmk:a~W d ~~ the Town ahW soave 1M tp p Borr~orb~ dNhnrad b raw Purtfisawa r nqp a ill agraM pwchaw prlp. TM 19928 Bads ahaH M tlMhtintl in wch dananhaHmi u 1M Purchrer Lhall tllraCl Ibut Fut>laCt to M• prevMbnF d SadbM72 and t31rraaB: and dtr RgIFVU atraN mlNah flglaW IM 19808 Ilxxrtla In such nartM a rymr r era Purdtrdr Ntl dhad, Tly ,... d ill [9028 BoMt, htrAldinp vrhlr0ul NmlWbn Ma aoanal kaaraN tMraan, atoll ba dapoalyd aromPth by tM Tam antl ahyf b• acwuMal br h !M ldkrainq marrow erne ere Mrepy pndpad IhaMon, but tM Purchwan el !M 19928 Bonder or any aWaagPinl Qmar h M manor iMi M Mpata6M for rM appNCatbn w depoay b11M Town or airy d leer dfbwa d any d trr )artier tladred frwn uy aaM: [+1 AU accrued IMwrt, r any, r•«hnd h wapad d tM 18928 BendM ahau M oradhrd n tM Band Fund b M yplbd b 1!y payeMd d [M 19928 BmW. [Ili M amwxrl, IagMhw wNh ahr avaNy)y loner d IM Town. auakdara b aatabNah arty InNkY crh byarror uMrnwlad all n hvy CbremmrW CN)1igw~ana b aHad ma Ryvntlinp aMU a tbpoakal m !M Escrow Acoounl. [III) All nmeldng d IM 19928 Bonet oboe a aabkad b tly bknrbg apadal antl saparab aamum, harebY artad and Mladkhal, b M krrown r eta 'TOwn of Yell. Cabrado Baba Tsx Rawmra Rdtmanp and I/rprbwmrt Sarno. Bonin Iaa2B Cerwtrtrd{on Full,' la tier vial, togatlyr wNh arty eVyr avybdM mgMyi mwabra, b Pat rM wan d tM Prgsa, hdudrtq Iha pnrrYUm to tM Ban Inatrsnp Ppag rid othr water kttlfndal m LM kawrtw d IM 19928 Bonds. Ahw ptynwM d all coati PI Iha Pro}atl. or ahw adequee PferMbni thwalor{ M mailer, any ~ .. I ba4ltu In Iha Conawudbn Fund atoll W tlapoanal h IM Band Fall and appl'wd ro the pRYrrtaM a IM pnc~4y of all Idertt On Iha 14826 Bontla. SEGTIOH la. ~Aa_a.Ymwt }n aloeme Frrnd. Subpd b Seabn t7, Ib bop r any Gonda ehyl M OulFtandk+g. NIMr as to pnncipy a Irdargt. IM pelrapad Rwnnur ahy4 upon rasp by tM Tam, b. tlappkal h • {p.dy and arparee aawttnt, hwildara mated and a•tabkahatl by eta 1086 OarNtwK• and continual fry M4 OMlnanp, krtewn r dy 'Tarn a! YaH Ineana Lund' TM bllawhq nWl W nrapa tram rM Mnwrrfurd: ~A Sall Fund_ Flier, ertr• snM+ W cratlflid cram Pte fncarrr Furttl m • turd waved by IM 1989 Ordhwoe and known r rM'Tgwn a Vdl SFW Tax Bond Full' IM )osow4tp amouMS: 1. INrrt P.wrrma_ uonhy m tM 6antl Ford an FmeUrY[ h over mmthy dWalknr[a rypruy, la9athsr wflh any mOMyi IMr•in all avylabr Ihwyaa, la pay tM kttereM dw Pnd payable m IM Oudlanbing tNOItM m tM roxl spaoardrq hWeM pryrrM dale. 2. Pdn9ttrtP~rmwP. Ntadhy m tM Bra Fund an amwml h owl mdlmy Ine4lknwra neoaaaary, tepetMr rrklr arty moMya tryryn and aWbpM IrrirFlon. b Pry Ilra prktc~W antl ndartplbn prwtiwn. X anY, dw antl payable On IM Orairandlry Awns an Bsa rN auoerrdhtp prlncby PaY~ dal. H prier le anY byre[[ Partrynl date w pringlpal payment dNa IMn hr Man atatrmrMlid h IM Ban Furs rM adks arnwm naarwy m pay tM pxt mewkrp ksFtairttarrt d tnllr•a1 or prindpal, err bath, tM wymirtt rrlqulnd h atwpuapPplt 1 q w {2} , ~ ~ • 4 appllcabra} al I li Pra0raph, may tier rpproplFlsy raduoatl; bid tM raqukal rntxkny am0unn again shale M ere aadkal b FtHdt acwud wmtttngry on wet hlwrt paymwd tlata or pdnopal . dal. TM mrays b IM Bond Ftxn ahNl d uiad any !a pay 1M pnc~~sat d, prbr ralwrpbn p,wNUm H any, and InMrrt r eta Bona r tly aama ~. .. eve. B. Rurrr fund. 8apnd. rwp! w Mwlnansr pravltlad, from any aynsyi rwrWnlnp in IM hmrrtr fund than indl b. dldaad moony b a ~ ~ sxoua chard by Isla 1468 Ordhwrtoa and contlnurd b1r roll Oltllnnp krloa+t AP 1M'Tdwt d Yell B•rr Tu Raynor Bonds ryaiarra Furl' r amoum, e sly, ydrkh k rt•caa#wy m rtWrttaat ill Ratarva Fund r a oaxhutrq rFUrva h an amount nil Mss Ihan ill Raaarw Fund RaquherrMnl or b pay rM War PI ry Band Rasrw Inaurrroa PWkY arty arrwuwa owitg m au[A Wow undr tM Wrw d tM Bond Aararw Yruranp Pdicy. In dwandninp tM amwmi laquhal td M I u pevldW atww, tM Town IIWI iaa~a u+adk fa any YiYailrrrara aarrMnpl an tM dapple M tM Rwarw Funtl. intyllrnnl lVhklgl M daPaNri h tM Rwanra Fund yyk rerrMh h [M Aatrvi Full uMk tM arrroum w grvlpit RaqutarrMrd. ib aabN tine W rtrds m tM Rurw fwd as I+tW r Bra rrnlyya aMlar a Band Rrww Iruaaroa Pokey 1hrNn wplil 1M Raawvr Full RagbNa+Mnt IragardlFFa d tM iptp d Fuck acaaruwlorl. Tty Raurw Fund RaqulrMynl FfiFn W acwmtdatal and etaydahytl r a obrehukp tarrvr m M veal, rag r prodded M awraalorr C and E a 1Na Badbn antl Sldbn 21 Awed, any to prdwnl dNbMncNa h 1M prymant of eta prlndpal d all IM Imarear on the 6ontla rruldnq Irom tM tykaa b txalk ro 1M Ban Fund auvic{wtl bMF b wy tab pmtp4al and Iltlalay r TM iaRM attcnra w n pay tly ki4y d any Bond Rwirw haurarlcl Polley any anxMfr oirtlp ro avdt Mauve urtdw IM twms d 1M gall Ratarw Nta Warp Potlry. Tha Resarw Fund Raqukamam shtl tier Cakvlyad won W dry PdrtdPy wYrrrrd. rrlrNhw y stated rttattlrhY or upon radamplbn, Ili} IM fuvanp Of Addhbny Border. a (a1 tM dMwarro. d tl a a portlan d tM Bona b Ilw of all err a porBOn ql [M ntalryl nqulntl le d daPeaHad h the Rwwva Funtl by roll Okhanp, tM Trar mry y any tirtr a Irom Ilny ro dma [bW oily wNh me prbr w+lHr txlnart d !M Bond Inaaw B the provides M all dhar than Ily Bond hntnarl dppk a Bo nq Rwrva atatxanq PakY h Fla Rwwre FuM r IuN a paver iiliabrctbn d 1M Aasrrve ~v d f I any ouch Bad Raarrva Inur ) PeYCY char p pryaaM m anY day r wn ry. marrsyF veto M niltiral b M withMawn ill Raearva Fund w prornal haryn, u ihi depoah d anY Bdrrtl FlFaww Irlruraltga Perry wNh sM Rrarw Fund, the 7gww illy Irannh llaprw rmrw/a igrW to tM amore payyzla Irndar By } Bond Rrrw I,truFrroF PdkY hart[ Bar ~ Fund antl apply auto) manyi to any Mwlu r Pa1P0a1. arnrylirp P Bla W repvarlaaq .... ~ h Batli0rr 29.K. t d mM Ordkta+roa tlar tier Pwmk tM uw a gy d wry aerW d Bmdr M a lug tvlldkq d IM Raearva Fled in tM amount d tM Raaafw full Flpulrawrrtl, tM mrlmum amoVM d . ~,, d such sarna d Balder veer whkh star 'a dapallad to IM Rrane Furs pufauad b Bacylan 2a.K. alrak M eipoFkal m tlts Raaww Furq ~4P^ tM Msuarrc• d each ionic d Brrtls and PMOgid Ranrwr ilWl La tllPOakal b tM Ratrrve Fund aentray is that rrOl YW dtrr ttayq p4rrdar IrlanThs aIW Iha dys d isalranoi d suet FtlfMa d Batas lM amgUlll on 011peak b 1M Balancer Furn etyN FQYy tM Rwww Fund Aagtllraarm, Sadbn t1.C a tlra 1881 „ , ~ ~ . , Araby k. artwryal to mNorm b Bra pforMbna d thn Brtbn 78.8. akadlva on 1M dal fM 18926 Bontla hhNlYy an Wald. C. ~ sbwr Deorae m ur,na~ nr B. No paymwi ryal a nww leas lM Ba4 Fwtd. Bra Rarrva Fund, a bdh, r ma arrRtxh In tIM Bond FpM and tM amoum h IM Rearrw Funtl 701y a Fun tl brt equal n Br aroh•ar1'OdadSM Bana, bdh w b pdncpy and bWaM to trpadiw mYUriW, a b wry ~ dal m whldt ill Town FhaP have condone al optip y ralaam Hra BmM IMn OUMf#Mlnp antl thwwRar maturing, bchdlnq anY prior ralemptbn garfaurr Than duo. antl bash aeorual and n01 attallal, h airkh nwa marayF h IM Bontl Fund std Raaarw Fund In an artqunl at MaN egwl !o such Pfkrcyal std krtYaq ra9i yraY ty awe aaYy m pert loch w Hra aama apwa, erne anY mwyya In lxpaa thane) h !M Iwo funds may M t erne aerie br ry WMU! purybaa. D. Aaarw Fonda N m any ragdratl wbnlMy payrtrm 1Mq Bta lam allak hx dry raaaon faA b Pat Yao era Band Full 1M 1tM arrounl chew ripdead, fltr r wwtmr ahyl M pyd Are IM Band Ftab m slroh flora from tlM Rnrw Fad aquy b Bta r111Mrettp bMrean IM amourp pyd and Ify ftrP annrad w wpuWad, Airy rwah Pn dl4oaa h Via Raiarw Fund AWI M tgrtdarrad ntMBondFandbmrralxdta.~ pna b era trollies d lunch [hewn ones the Bad Reaarw hFaartp Fbucy. i tM Aaaarw Full prtyr a Boll Rrsrw IrMwarroF P'oaa!' from a provber ahr than ma Bond burr and a Ban RaPaw haurarru Pdlg preybal try tM Bate Irwar, soy sea than M do a pro-rya I>sY ban both wet Politic. AMr atilt a draw arty araaabla PMdgid Rwruir, attic !h• piymru nquhad by paragraph A of IhM 9adlon, ihrk M rxraq flrt b napery drs Bend kxurw m rynuy Bta Ban FMaerw ktawaltp POlclr antl man re raPtanMtr pah h Bra Riterw faun. TM mn ao uFal ahaq M nplecid In all Airerra Fund irorrt tly That PMdpetl flsvruee raosbltl 1M! rs rot r•auaal b W dMnd{s rpPrlae by tnb Bailin. bur etdudhuu any paymrts lgWntl ter ehr ubordlnare al#pebrrr; practise, rrxreyr, tltat an artgaM aquy m the amgrlM wkndrawn iron ill Reeww Fund MW M drpeFkal by the Tam h ill FMaerva Fund tie lyar Brans [[orbs mmtht Irons ma tlwa d atrch whharwy. k e dry limo tM Town ahyl fa dry swan fall ib pay {mo IM Rrurva Fund me lull ampunl abora atpuMtal !tiro the Plalgid Rswnur, me dkfwanoe bahvaln tM atroud peb and 1M amoum w itku+lwatl MY h P Nta msnrrw a pab ftterdn frem 1M 1{nl PangW Rewnur many[er Alcslwd rid laqulred n M applal bflrarnrMe by Ihit iadlon, bur axcWding any paftlsynla ragWrad br arty FWabNUta deBpybni. TM F~ t~ M ~ Funtl onto k11M Raplw aolalY fa Bra purpou d paying the pnc~lpal and anY radampibn pnrraum d and tM krlarrN m tlta Bondi, wnaq [live mayYa h ill Raaarva Ftan antl M vita m Pay tM Mauer d erry Ban Rrww hywarKe Poky any amoudi atahg m ouch W ulr ones tM tarrtta d ill Both gsaFrw krwranp Palcy; pmvltlatl, hewwnf, dry arty morrYa y dry Bma M rorF d tM FMrarva Fund Rigtdnmem pkvlNatl wkh rwpad to IM BabF In Ble RPiafw Fund mry a avhltdraww tnrMrpm and ulal fa any IwNUI Wrytlu; and provbatl, lurtlw, dty any mateya h eta Bold Furn and h tM RaFrva Fund h aaals a aatftred an0 unaoatlaa pdncpaF rrd kdwaal nqi n ~ b tM raapidlYi mwurkW d tM twgtandirtp 66nds mry W urrtl r grafdFd h paraprapM 0 era H d 1nIP Paabn Badbrt f e.E d tlra 199[ ~ ,~ hirelry M arrrFntlM to oodam !o tM provMlonl d mn 8adbn 78.D., alfidhw on IM tlab Bar 19026 Bondi hakrkY an ksluW. E. Bahasa Fund. Thkd tMn aha8 fr dappkal h ^ apical acomd aaaytl by 1M 1999 Ortllnanp antl egndnual by Ihla { . ~ btotwt w rM •Tealt d Yd Salsa Tax Rrrraw Goners Rrbab Fund' arrouda required b7' BarCtl0n taBp} d tlr Tea Coda y W herb ads Fmh Bnra u any nqukatl ghats payroll[) M mods. Ameatal h 1M fMbea Fond ihyl bB usal 1Cr fly pupae d makhp dy paymafr b tly llnsad Bmr nquNSd M Badlon ta91T} d tly Tax Carla. Airy arrRtutta In aaoeu d Vtay rpukW to ly qn dapoik [)tarok[ b1' Sacdon 146f!) d IM Tr Cody shay ly wkhdravm tfyryfr•n and dePOiaab ka0 tM ktoofM Fun. Funs hVy RabW FPM itra9 nut a Fpbpd m Boa Nth faallad by tllk l7rdhnr+oa m IM atneM inch amgwes era nquhatl n M paid b IM ilnkrd 9taW Trarury. TM Town may dean iiparNa aow7lnN In IM Aabata Fund b wnnidlon wNh tM Wuanp a MtllPgnal Banda. F. ARr 1M .. ~ rapukal by A, 8 end E d IhM Sadbn, eta PMOpFd RR+,nar rhaN M leetl n wY Atwell on amouma adrartaW vender any Bontl RFarw 9leaanae Policy. D. Aber the PaYttnrta laiuked by F ~ ~ , ".. A, B, E Ind F d roll Baabn, ma PNdpd Revenuers ahtl !k veal by Bra Taww fof tM payrrtid d htarast err and pdmlpal of any obNpatbr fawntl by PNd9ad Rawnur atrbwdinea Io Iha 9r d dr Bends and r a poky whh er d .. , b IM ton d tlb Fhartdtl O+rlyanh A~ herealyr IaaltorlxW b ht Wual n nsrwr F! SJ1R.fatf ~ ,. „ Atlr makhp the prymsnn rpuNatl q >» trwtla b1' this Saclidrr, anY rrfwhkrq Pndpad Revenvr may M void lei anY IPMIII Pprppa. hlofhdg h fhM Ordhattce ahoy Ilrli•'snl 1M M Tewn from wrNtldrawhlg Iron tM mowna Full h amounts collactatl by Iha Town and M subaegwmry tlramvnal, Prdawnt ro ell tww iPalrLabb Sane Tr Dranaror, b M rub}slx kin bread daktra for rehans. from l~CTM)N 16. ~ Pan ffmtla. T!r [undo . ., ., b eecdanr to anti h to Mra0f shall W atlmnltural Ae btbwa r aebjed m IM Imlttlbne Metal In 8auion 2g.K. F[raww ~~: A .TM I Ranier prbvbad b IflaNa Bra W~rtrn apFalllad M 8ralarr 78 hand an heviby .. ~. ~ ..for aan pURyaw, r[d aye amourai Iqr iagh Year ahaa W IndW W Yt 1ha anmW WdgN and 1M approprlalbn atlinanea a m W aaorxsd a Farad by tM Tawtt Countll h rM year ._ wltlla any d the tg92B fkxaAt, rhw r b prhl.'pal r hbrwl, aR Oulwrlartq rtl unpW. tb pldrMbn N anY aonlautlen, rwun, dynes, wtllnanp. twdabn, w ahar anew w mrww Fnadad aMr Vr Wuwrce d tM Sg92B Banda ahtl h any man Mr ba . r YrrYihq w I tM bbllgebn d TM Towrt m kaap and perlam tM oovananls PFMahytl b lhM lHdlnrroe m bog w arty d Iha 16926 Bonds ram W, Gutigrldhq and vrpab. Ndhkp MrNn ahaX prohibit tM Town Cwntli, n as ieM trptbn, from apProplailnq antl ipplylnq Nhar funds d rM Town MgallY waNade fa Intel pulpcr b the Ban FuM a Balancer Fund htr tM pulpbr d awidirq far the paPnrt d the prlrtdPal a, + Ierail w, a any prartaumi tlw rrkll raaPed b the tgB2B Hortda. B, PJa®e and Trmaa d Oroasxa. Eadt d tM apacW 1raM wiiaal h Baabrr 16 Mreot ell IM Conatrrxxbn Fund arutl h Stidbn to hwad aMk ty r7rlnaMal h a CommarcEal Baltk r a bggk adpum kaa +ewlwi all apart hem all ahar attcwms a lurxM d 1M Tavm a iruil arxavnn aoMty fa IM puribsae Mrdn drlgngid [hmfora. For purpoaea of M d rmneyt, lteNhrq harakf pwrts EM „ ~ r, hg a ltwlayi aepurdea la h any lwo a more lira) book aucatldl psdainlrrg m tM PMdpal Rlwnrrw a b such furrtla and dry o11tFr lVrt0a d 1M Town b •y aylbNirrad vendor thN Ordnytca, Such Gook aowtld ahtl be eomhuowh aacund m ill lulMat i{tint raqukad by ill Iwo d tM Stall For dli iaarkp a ptaPb hxns era ahaN b kmooahM rte nil wa .,. . 1 by anyay fa eery PtrlPeae dhw than tly .. ., .. ~ d such funds or atraaVS, F.aGi pFfbdk Pa)'lrWa Intl tier c{alkad b the pfoPlr [rook accalea rot ores than !M era tMrwey Mrdn drgnalal. sxpap mN wMn~arry wch day aMN w a 9atraday, a Blindly a a Mgsl hoNtlay, Itxan arch paynrm iha9 b• ntada r a beater tM tint pnaading hrstrraii dry. C. Imlrr"'e^+ d F,w„r. Ary morlara In IM Conatnrdbn Fund awbtl punuaM to 8ectlon f4 Mrro1, all anY monsya In any land ratabYhrtl b)' 9adlFn 78 d thM OrdlMnca hey bs Intrwlad a nlnvawatl b any Wrmhnb uwlspnsyrl. SiGlfkiee d ablbatbne mRhwe0 r iudl wt I ahtl aXltw M rapper b rotlrlpbn y anY tkty al lap vale by IM itoldar ihirrd al ill opdon d loch Ixebr, w rhtl myure at Fudt tktM a thrive w ihaN mop n.any cohdds veld, ell rxPSaed nrtl far rmrnyt Irom tM forte h gawtbn. 9acudlW a r .., ... 1 w Iwrchwd r an hvwtraam d rrbryyr h wry audt torn ahtl tp deanrad b err tlrtw m tier . Parr d tM appupbla furl, TM Town a1Wl prreant for radrgtlen a aaM an rite , Ir~rrw My rglnlfir a .. w u en d tngtny{ M a Shan non k More 6s rr{o{{{ary n do r In erdlr 10 prorba anpyi m ma•1 any ragdrad piYngra atrantw from veto land. Try Town ihaN Awl rro ttdlgstbn b Iwk• any kwwhrMnt a rehWiplyd IlFrifllldr, unless sly +rxayya an hand and axarreal la h any arra agmum •xoaal ia.990 den y Irtt S4d00 [heroin veil rat M naabed }a a pried d oat lau tlran 09 days In audl awm IM Taws shall hvr! a raMrrt net Ira than atfiawdlaky yl d lM anbwa [[frith veil rot b• niadad dvrMq Fuck BO dR' pantie, axgep for dry morreyF on rlapesk h r Wwatl baarinp arrooud h a CgmmircMl Bank, whhod capon b xMamr veto nrorwya eta aridwroad bI' ^ pRikYrla d tlepuk or dharne, pwsuam m roll Sadbn 16.C. end 8aclbn iB.E. Mraof; bu! IM Town M not ngdrad Iq hurt, w w b Inwat h ruck a nWMr. any matey) awourrW for hwapntlw H say ouch imrlmrt would pnbavap the ~ ad oortprdrtp arNNraga h Saabn 2g.K. D. No LIahBN~ ter q#iyi#, In_nu..ed In flaVher the TdanMdBCw~ ~ ~uld~fO karts a re- ~. . , nrt0a h ~ .... ~ . tihh thM OrGnuga. E Y~araraar d Fond.. TM rfblbyF h any mod a aeadld harsh alrBrorMal FnaH oonaMl N wNul molly N the Unkal Bwr a .. ~ byr 9adbn i&G, irrFeT a belh slid) rtnMy and FVM hwamemi. Morrya . h a t!•nrarW a time depoah aeeeuat h a ardroad M^ awWbars d dipole d er y Bank parwM to BwdbrsF 16.6. and IB.C. Mrad, apPraprlNNy Facurad agwrdk)q to the laver a1 tly Sala, ghyl be tlaarelF9lawful titaray d tM Unhatl Btani. SECTION 17. LI#1l,pn PI•dnwr R•vn,,.. 7M 19928 Bondi oelMtkdl a pNnge d, and an ~a fMn (pd nil an rxiwNe Nan) w yi d IM PMdpad Ravantrae r a party wkh Bw IMn d IM 1991 Bonds. Ths tD02B Ronde are puNaby and reably sawlal bl a Nan m By Pknpal Rawnur. The 19928 f3ontle. In awadanp wah tM 7086 Ordlnrce, only . , a aeoattl and atbordintla IMn Idn oat an axckniw iewlld Nan) upon wl~haB d Vy PbdgW BaW lax, iudl Nan betnp la0end and itAfadhtls b the Ibn d 1M Tawny 1985 BOldi. h umnadbn whh tM Pbdptb Saba Tax and r ragvkal by tM 18BS Ordhanp, lM Town shag fuky prmMla for the dabf untie, rrwur acooum, and dlrr requlnmann d 7M [908 Borrak ban are•tun d 1M Ftedpad Syr TM In arty FMCy You and, any aflw such pmMbn, may uw axeeee d each Pbtlpal SaW Taxu Id ma wYaMm d rM Pdmbal a all Idraal w tM 788Q8 Baader, 1881 Bonds and any Atldkbny Bondi, b)' trarMrdssp each axcrs Plalgal SaW Taxr to 1M hwme Fund. Tha 79926 Bonds wullbts an trnvopbM and tint 9sn Nul cwt an exduahre Pnt IMn} upon Ily omr Pbdgad Rewawt, Inaudhp Iha ahsr ono-haH of IM Pbtlgatl SaW Tax, r a partly whh fly tp9t Bontla. BECTIOH 16. . A ~,gBllalbm. limn )ruancn d AeWNIn>rwl 800tlL ebthlnp In ihM grdlnanp thy) be aa7etrad fn ouch a mamyr r 1a ProwM tM fruanp by tM Tam d addklwl7d boor or dear d)IpNbna, PayabM ham antl wn1NU{Ia& a IMn upm tM Ptidpsd Ravrttua m a parr wive rM sin d tM 79026 Boner IIM'Adtlkbhp Borttli'F Such Addkbay Bondi mry M psyabY aolay from PMdgad FMways a illy may be wYtrbM hem PMdgstl Rawrtur and eraMr rwanw or Lund d tM Tewn ('rWdkigny Plabpal Aavanur'I. Regardlri d tHytMr Prytlbla Folly fromPy~jF~ Ravanuee a from PWgad Rawnur lid AtldNbnal Plstlgal Fatwnur, suet borne a othw .. ~. may h Woad wy H to Vta FMoal Vaar ~rrrtdWey Mso•tlhq tM Wuaror d arty Atltlhientl Ganda, tM amount d Pbdgad Syr Tr Rawnur In suet FMeaFVau rgwYd w •xpadal )Sox d ill Yaalrtrntt AaxW Dab) Srvlr ApWraarwt! p tM Bbnbi Ihdudhq Bra Adtlhlenal Bonds pn>poaad n ry Mausd}. Fa ill pvrpra of tM ~ 15ox ir[, anytax, crow aaktktq a Iranillrr anppad, wtltkh a part d 1M Platlgal 9alaa~W Rwantlr durnq the fiscal You prepdhg ill Miuanp a Addkbrtr Borrtlr, a anytat whkn M m bsoonb a pan d tM Plydlpd BaW Tax I prbr m 1M Meuanoe d AdtlMOrlal Bane, a~ariy hapttee In Va rue d IMY tax rrhkh N a pan d tM PMtlgsd Sa1ae Tr Rw,wrtllr aautda haara M )rtlperad tlu tM fMpl Yiar pnoedinp tM MFwnce~ Addkbnal BornF a any atlch harts whbh M b ba hppab i ~, Y Prior m IM Wuraw d Adtlkbny Ilenda'un w oonsbwal fa Nr eatMWal aflaa m ill amepnt d 1M Pledged Balsa Tau Ravrllae r H wch tax a haera hb boon In aHact for the Flacal Year hnrtlleyy prepolrp tM #auanp d cacti Atltlkbnal 6antli. Any fix whldt i ro kxgar In aBaa y IM tkro d MFVarroe a tM Addnbnal Sands rlyn rot M canenared nr puRrosse d OrdktwWr alyrdy M rrorWed ro cwNam tq Ihet prwMbna o rhM 3adlon 1B.A., atlactlve ., 1, 79ffi. H 1M oMhwnp aulharizing a eerba of AddkkxW Balls NN p4dpe Addniony PM{Iged I' ~rrlr{r m tM Bantle, IM wtimeed abet) d the amount a such Adtlllmnat pledged Aawnur may bs wnydired u N ouch raYrayl Md barn[ racahal for tM last FMcsN tsar Imnwtl4iNy pacetllrtg the Itiuance d itlrh AdtlgiaW Bartda. 8. Cartllfrrta d t;yI,YBII 'L°S. A wrlnen . , by ^ prdNFd alrbtb axwmanl veto M rte an arrtpbye• at the Town that the rata a paragraph A a Mk eectbn have tram rtat aMN M .. ell' Itreeuntad to be aoourwe In es4nHrdrrp the riper d the raven ro atehadya. Msue, wl and tlaarM said AdbHbnal BgMa w a Parley wkh rM f 8828 [3ontle herein c. Nddng h role gvdlnrwaa ah•k M wnnruad In ouch ^ rrnrsnw r m prerem SM Nsuance 6y [M Terri d adtlNbml ehlprlerla payabb Irom era ppolutlrq a Nan t4on IM Pbdged Revrtpe lt4erderay w }antic b the lien d the 19928 Bondi. D• . Ndhlnp In tar Ordinance shall tier wmtrued w u to Palmk eta Town m Mruhw MFw obHgalbne luyabn )ran rM Pidged Fiawnllr having a Nan [Moon prbr a wlyrbr la the 18926 gornF. SECTM]N f9. g A. t3B9BIBIhC. tt y any time char ill [9926 fionda, a any pap tMrovF, shall Mw been Mauatl and raneln Ountandinp, the Town Fnyl 1hd h tMhaGa to rslund any Oulatantlinq ebliPrbrr payable gem the frladped Revlnur, old otdyylra, or ry part iMnoL may be refwdal. aW,yacl nlha WerMierw d Paragraph 8 a toll 8sal•n, 9 ft) tM •bllOnlaro 1• b• rMwxlad, y IM taro d Beek raputal aurrarnw tw prlY+ttwtt, altaa err mMwe a ahau then ea ctlabla lqr pow rill TamY oabn upon gaper WI, or ~(21 lM ewnare d tM obllgwbns m M rahndal erne 1M seer Irrwrw. H tM Bend [naurw hwral such abaqubrra, venturer b ltroh aumrnr all payrrt•nl. 6. Any rNurrdlnq d)Ilgsrlone payaab Irom the Platlgal Rewnuw ahl !x )oval whh Fucll tlslaat r IM Town Cwradl mry Frowner, sd brq r dram h tip ., d arty battnctuy ob km erlpeaatl upon tM Town by any propadhga adMrkhp tM Wvanp of anY rrNtaaal ponbn d ttdlpstbry payaae ban tIM Pldpal Ravanwa: bd se bog u any 19826 6ontlF en OunlanOhq, rdunding , . ~ l payabM from ere PMtlpal FNarwlvr ~MWwWuq PR a IxarkY wih tM uxdultdlb t. P~w.~muot. TM Town Not nosMe ill egMans a tM awnar a ownari of tM ttraalurtdld Bonr den tM Bond Inwrer, Y the B[aa prlwr hxurad )trill d>wgwbm; a 2. .::avirernwniw _Na. manrld. Tha rarurrbNtp dAyebM do nil hcr-Ma M more mr f26,t10f1, ler anY FMad Year prior m all Indutll»»pp 1M last manrlgt tlys a any lxlrFlwrdFd Gonna, era alpgrapw pdnaNyi antl Irtarrt nqulnmaete wbencal by aueh ryuntsnq d>11pMbnF and by arty Ounlandirtp Bontla not rdundal, and tM Inn a any rNurnhp parity d>fgatbnt m ill PWpW Rwwnur k not canoe n a Nphw py12Hry !flan ell kart tMrepn a anY obhgNbna SMreby rMundetl; err 9. Famhvw Trt. Tha rNufakg cbllgalbns w Matrad h ... Illm prprapM A and B d Sadbn IB M'r 'l. SECTIOR 20. EfOfaCUYB :GBYan~nrw. 71y Town Mnby addkbnyly oonrtutta and apneas calm rich and awry owner of tM 19028 Bonds tlwt: A. 1Jl! d t9adR Mod Prm..,l., TM Tam vrNl praoud with tM oaytmdbn d the Preps and the Rounding wRhea dairy erne whh tlua TM Town will p.y tM phew) a aye hbrrt m wary 79928 Bond MFped Mrevntler and aFCUratl hereby m Btr dues all in By rtwnryr ipatlfled hrNn and fn sad 18826 Bonds aggoMkq b Via Irtw bland and rrtunfrg hared. Such pdndpal end lnlwrl M payabM rlely ham By PMOpal R•wrtuw. C. TM Bow 7M ONhtmwa ors h luk lap lid eyed and haw nos brrn rapaaMtl a a+ltandal. TM Town call not rap•al a amtM fan Balls Tax Onhtarroas In any manrlw rdtk:h woub dlminhh Ma , , .. a Ma Bair Tr br an annum rtf kh rtoedd rfrwrMlW atNraMy aefacl IM dghn d dy owxyn d Bta Bondi. TM Tpvn prsoi ihN +nY Mw, onNUrtp a nriokabn a 1M Tam In any rnNtyrw aiadkq tore PMdged FMVanur a Bra Bonds, a aMnwa appenakling [Area, aMU ra M rapeNal or othrrwiae tllracty or ErrtlkadW modNlal In ouch manner r to nsatrlally atlvanaly alfed any Bands Oubtandlnp, uyra tM nqulral oanuM I{ a111pN1al, yl r Irnvbld h Badbn 35 d dtM Ordharra. NaWtM[andkp arty oVyr prarMbn d roll Shc.Uan a Mla Onwwln,lM Teaat ahtl retain the dprt to myta wMrout any atatswlt a bond erwaeri a~ Iniurw, h tM sales Tax onhrror, a +ny aNhunp a .. it See next page . ,_ } .» :,~~ -, .: -. .. ~~ T ~:~,,.,, ...~.:. - - .. ,.. nr .nn,' W~.n x.:, ah„~, !e ~i~. a-eE.tt. T~ 'idln ,'_;t,, l~sa,~,+ +„FUCy 0.1~,i4°'"~ 7fte VaQ 7}aU -October 2, 1982 59 F7wrl prrvfolts page Menb a h wubeWUtlon tllereAde, Ma ue d , . , d tlw Bair T renahurp eWlaltkp p ids a~~ri.a aNlee lxY+44 hem Ilia PNdgw (ielw Tats, a ary panbn snood, Mw biro end: or .. ~ chanpu In appllaabllNY. eaemplklna, edmin4lndbn. aaedldn, a d tM 9aW 7Na, N Iuch dwllpM de Np maaWy IM~TaI~ hW rnN~idlir~iyha7a ~nM rwapli Paaged BaW Tr Whhoul IM Oanien d NM mmen d 86 porn h apprepate P+kw#ial amoaM a nor assn OlRilafidkp iBa79 Ba14 a IM Saw Irunr (~ 4 aPProPrleM). u la~ldetl h 9NZbn 86 d Ildi bldklarlae, Tha larepaktp CWeiladi era eublsa 10 aaTvxrlw by Nis Town w#h adorn d aaala d OarlpWnl jalWkdbn .. ,~.tM Yaxey, cana9ruttonwNY er odlsaken d sorb lu nweaW. any IigfiMlOn d dla lilNld etiaal a Me slw a any repdalin or eMrN Ihlhn taken by dM teNta alj t1N~ apinay a any peN11eY e~ a 1Pe 61ae4 pursuant to evch IpUlabn, h tM arNpMa d Ma paba power t7lrwol 7d tM pW/No wMNtn, whlan IspMitlbn,~n N aoNaN app4ee b tM Taws r w Mrfis Was dh' arw Nltta a OIMfwlea Inhxlla rM amwm d such Ise raverlirw dw 7a IM Tor,,,. Ai a +M Plidpad Ravwluw rewNlnp bons 11M Illposhbn and odbclbn d Nis Balsa Tak ahM d eWlad b tla peymrl d Me pNno~al d, hbrrt on, and pnnllarh, N arrryIy~~ p all aaCWhiw gyada Iran IM Plsdiad Raveala/, IndirOhp reirvr tllarslae, r Prorrded IiraN a !n sty kWrdmwde ,. ~r«atrwlddar bend. TMre 1. na paMktq a mralanld sly su#. aclhn of PlocNtlhq epalrl a aflaatlrrq !M Town bane a by any aaurl, arbxrater, admida0atlw a Mhaf , . anhay waNtNl~ IM vaNtlxy of bOsMY d Mb Otarwnaa, a tM Bella Tw Q+dewbei a Me InposYlaf arw ooxsabn d IM BaMe Taa, any d iM Towny obgpatlom Yoder ihN Ordlnahce or any d Me Iraneaatlene , ~wbydw.. ~ a1M Saw Tr OrdhanOw. The lam /hex, to din ektlnt . ave. dehM the va4dhy aha bpNy al ~Ihi Ortllnaliol, tM 9Nr Taa and tM 9aha Tr Ordlnanwa yyalnet all dalm/, ours and wxdoh wbuh dklYnliR a klpa4 Ba Pad9ed Raverlurb Iklle Nrf Pfaxkbni diliraly ordinance a rwdWbn p Isle Town, w Rwmew r rdqukegflM peNlafiaW~ hMeeef on, aM1 prlbe ~ t Pranda4 M ry, d Nw 19998 Be1da Mrr diPR E. ~ N any Ind a9lliila din 7rMn alias W W r N a1aY M healwrkad a INN. Pala, make, 00, tonne, taNnawMdga, daXwr arw !Na d nadd M and Gray sleds tunlwr helNerelnh. gas. tlwds, wnwyeribr, augnrtwat, ttansMrs. oehM deburtNnp and riuranaw r mar w nhrway a daauabb fa 1M WNN aaurkp, ronvayhip, grlvFtVp, pslprillp Nnd drflfmhp ed ant drqula lM ripldt, tM PNwpW Rawnrtr arw paler llMde and aaaroumt haebY plwped a aserpnW. a mtawed so m ba, w whlen the Tpam may M+Mhr bscrorce brolaw a pagge a b aeaget a r may M rertlhtble aha requked ro grry e+lt M. pugtwr d this Ordlnawi. TM town. adlrp nr .lw tnrouph w dlhaR w ahrwlh.. ihY a! aN ltmli, b Ma eaelea , ddand, Presuve one proses tM pMtlp~ Oar eeW Pladped Rawnua and dha funtli and envauna aid Y din dptM p avay owns amt dtM 7ii28 Bpltla paha all clNllw and dNrands q ax Pendll ~. F. ~IIIBpi,PxxBldxol. ~ tM Munroe d rp d tM 7ggp8 Bend1, al aaidNlelw, ads new tfiiipt requaad fist des Cdwl4Nbei a Ilea d der l1nIW 8ulie.IM (~. ~ N Iola d1M Slab. iM Lydit7er a tlda Ordkunae, b leant, b Moe hepprlad, rw 10 haw belt! pabniW m a In Mir Miurioe p tM tni26 ~nlwi sMY eNNI. have happrM/ tlld salve been, and iM 7 Ba14.IaglNilr irhw ax rothr obllpahna d Ma Town. ehM fld canirweM any tlabl a dha Ilxdlatbh 1 by the Cafelxabrt a laws p IM Ude.a Stotts, iM (:oMtNUtlorl w inn d IM Stae a Ma CMNIa. d $~Q#. 80 IaiO r ahY d tM 1ap28 Bondi ramah QutifrMhq, props books d record ales aoaroa8 wW M keel b4 tM Town, upada new agars haw ax alar IeaOftle sled abooumf~e~ oanphq Nod soared Revenues sod IM turves crheltd a tiod4xred b1r Mr adkirroa N. 8y~. TM Town ludha agntM Nir N dl. witMn too days laiarep IM doe d sash 7ioY Ywr, cane sn nuns d iutli leolda ant aoroaNri ro M made M • wli#f W Pr61b who h rid an arpbYr d the Taws. iMwhq IM raWndNe and .~, ,. urn d dM Pkdpw Rivaniies. Tlw Town spew q ainw d1a rwwbr d any d des 10928 Bands b ravlew srw orgy foal audde arld nPorfs, st des TawYi allow, a hk nquwt. Cgdw d ouch aud4a and rswan veil bs furrdilMtl to Bond ImurN and IM Purdirw. I. P~,~=~r,~~1.. TM Towd M4 hNMiy and pedorm all diaiw wkh nlCpa~dtwb ant SM CaaINlAaa and I~rrw a IM ~e rw IM rordFnrlwe and rromtlan/ d the Town. Ira9udYp fiat nd ilif#ad b IM AraPer . re ens.., a ma Bales Tors end~llr d tM Phdped ', arw iha# aPpNOallon la IM reapectNa tuntla hardn arprrsiwt. J.l~ygi, As d Nor dW d Mitralioi a des 79028 Bade ant dsw des RataNkiq, {tlw rnan nor 19Bx Botida, dfa 7901 6alldl and Na Nowlnq Gonda, Into are no Inns err ap.4~ry a d i P~~gpww ~ an a K.7~IC1~niat. TM re.tralelnarbrdle e ,~in m'N wr .iyaawnd w an~ trl- ary.awtn wen raepw totha 19nOB Bantle, rNe ... tMr.a. rw aha firm. d tM wroatl caw Nis Maalwst an IM t98nB Yonaa to bee r. sitlwlron learn Bala Nioarla !Or IIdaN Ter Coda. iq wwAd CaiN awyral aitlr 1iip8 Bonds b lwa Na axqualon ItOro a#ernalw ribitraNn taasbb xtattfra r Opkrad M Becderi saro~ d M. rr cede b IM 41ad auah intanu 4ewrmpkWpand oo ba ho4dld !n m ~ral~oN undN Bwalen B! of the Tr CotN h gbuidirq . ,. - aNNnNlw nlhlharre laaabi hwha, w [141 wa710 aurae kiarad Ow Viw 19196 Bolida b leas •a wtdlfM Tram ctlla.tla m.ble Niwnis a CdaaN ~~ hNNnakY mhlmbro IreWe Inoema undN Piwara ,.. ~ ., tart. TM .~ , YoVM1a1N as ahaFl nnMln In full Idrw antl eNed ~ notwNhlkntllnp the PaYmait In full or tlafeelrrce d Ma 19p0B Bditla urld Nw dwa on wMM r ribupalltr d tlw Teen Ni Icr8lkip pw above oovertarN undN iM Tr Code and Caloratlo Iww haw bents met L. Tjalri.F"l.e..v.. TM Tartu wd I+Wddn he ., ,. hawy aid stdl7ence w b+p r any a tn. t9a28 Bowe rrialn o~ .. wNw abdar pokbal eilbdNisbn M .. , a 7Nr luoortla m Me dlaW. Pdrlb9w, pawwu. IIifI11A1ea, dkhbpdw, hlkiwnltlll aiw rfphil d tM Town end Y obllpdw by sae b Iwwe/e rid Tdlitr4Ae h Plaw d 1M P rw rkMs~~ 4y awned arty M, Puftrers~ JB]-_ : ~ Tha Town rNR laphhrdy ales pdtcNay pNbrm n awe m W perbniad M didfae rah leaped b Me PPMirdApNegd FacWUw ngiwwd by tlia lri a Nw BUI:e rd 1M rradtlaa d the Tbwn, IIIduOlnp rrNliol+[ Ilfrllrbn N.klp and old suNk/ra Illrpw ra Use P F.dNiee, des ringer aeprepatbri d ilw Pledged Rerwnrtas r sN forth la 8wtbn i1 hNed and thNr ,applkarl0n b the feepadhn furore r hefeh proAdM- N• Ems. Ba lap r tM 19928 8onda rlhakad basin remain odUindlnp, 1M 7wrn MII q9M ro W rtWlllhed, hrPeeed and IrWdalned +ucw sofa. relea /aitl glir oliaequ for the use a dheraie h heipad d EM PaMk1q Fad4tlw r wM provke h each Facd reu Orra Rewnwa rMleh tageihlr wNh abet Plhdp/d Reraniral /has be rAlklwe: ~ b pry Na Tdlwitd ~ , ~~ ~. ~ e EiopeMr: (Iq ttl pay tM ailnuai regYkerla+rte d pirleyle] a, . Mary, slw 411/rea an the a .. spas, arty alarwN. ored to tM Saw Invent want tM FliNndal Ouurry ARrNwe Futl ~ i 371 ^ Fund ~N tb tM Bunt law, ralr ant dwpsa ahhdll ti. raaean111re a~pat, klb aoaolaa ore adp alydlip toa8la ilw die a9eli d opaatdnp eaa maNNWiYp tliatq ant IM ,nhi+rYi fa the a W Barwa aw am pBw nb4gabrb payabN kam die prow RrrNiuw, eoawd klerer tlisraon .nd ary rearvli theralaa O. lfiblrarird Paaw.. Faerl... The Town YUi a NN Ihitie ntWlaln tM PatWrq FadINlw In BoOd repa#,.tlwklnq order tlw tM PrMNq~Faogarid h~bm p~me I~otll~wrMl make ax +iwdlW ant prtlpa rhPaYa. taisvraY arw np` . d NN Pawllip Fadltlr. P. Eiepep for ary Inane a dha rlphl d uw 1a prdpN nadaa a otliN amwwrdbnl Na rewm YM na ssi, , ~ pladga a , . eriawrbsr, a b sty tirrwfa dkPOaa d a ONIawYe aneriale,the PaYlnq FwcnNNe w any Part Iherea, uma ax 10028 Ixaida shall haw bean 940 Bi Wi, bah prlndpa and Inlereat a urdeee , , hr been nwwe thsnfaa, eaaepr r provhetl h Burson 20.D. Mrad. o. Drearal d u Y preerrer,. Tla Town my sMl, deeeey. +bandon, .. e aerew. a. a via a a+y drive aeey IrroPwIY cdnpMkp ^ pill d Nr PaNwrp FacFUw whldr ahtB tiro bwn.Nplwbee by aNwr pKVrly d ak sett goal whw, a MNah ahaN aMaa 10 6e nacrury la tM aNlelsnl opaatlon p !M ParNIM fadlltln, a *MOh wNl nd mrPar4Aly adveney aMd Nil Nrllafa d 1M t9n2B Bads A wfNM daerlydharon fir thl Town that IM cErow Rewraaa rdl a .unc~Nnl M erled tM regdnrtante d IhY 8ecaort 2a,0 shall be aondwNey Prnumatl aaeerartr, prwWdad, hpwhva. Mier h dla elwra p ay ids a odor oarpsnearwd dlaprNNm r alonsald. IM laawhMd on nods dNPOSNbn ihaN be ahd#atl b na Bond Few. R• Py~SNMMItlxiCmMil~.lniY(i09a. TM Tavel shoo aa1eW arld ferkda4i. a gives to N atlqulred atw malmrtlned, f#a and aNterraw .. Maance on tlta PeYlnp FacMtlr h amitMitl al lean iu1NUNd b prarlda I rot rig 4ls Man has radovay dr lea from Pale #rured 4YIYnlt dada nd aaw/tl'x0'K d iM fui htutabN valve d Ufa Padl4p Faepdw, TM xown, r s.Ilabn. slay prgvlde fa such Ike and awNidW , , inlttraebe on IM PaeMkp Facrlae 01xIMNY a whey by mrr a t sN•Iceaanw hlwd r pAMdld Oy applbabla law, In roarr411anw wIM tM raqukenilde herid. My slrai iex•Imauiw ina4 w deemed to a Ineaanr otlverNpe Mraurwr. S. ~iLbigBpM. TTa Town ahtl puraiar ant nrkrfahi h aonnecaon whh IM Parldnp FaalNal puWb IIabIIIfY Iniurenr end warMlnwY .. abn kleuranoR h loch anouda and b euroh rand r n7aY be regidratl urda tlw Ywa d IM Bala a, ki the Iblllfce d any 81st' rlWYertlrN. h rlbud nos Iles 1h1i1 tM (xr'Ra110r1a pravldad in tM Cobf1100 D. ~ Yrrrrl#y Ad (Adlds f0. TxM 2d d Ile Cobrad0 Ration &ay1M, r allwrldsel. TM Twlm, r ha eiallen, may provlw la err fif{ynrlp apaellid h all Brllafi ;14.8 pan WY a trlhoh by Irilaa d • aa4 haw r provbM by ~ law. Any veal seN- Yisuranw ikai ,~ deaf/rid b a hiwarwe CNYaepa haretnda. TM .. , d bra rw ealended kiaurenaa oovahp tM P/dixq FrdxNae, it din aPnirl d tlr Town, hhal! iIF a loved bdhwM fir tM prowl a npdr4p any plWeafY dwtroyW, plwYbw that dry Iniuearioa ~ ~ rNrlMnq rPan IM baNW~h Tf~Bdnd Kurd a (N1~6a ralNirrMl b 1111 Bard Fond. T• P~ r,. , ~ , ~ r 71st Town tMi cave Me PidpN - b ba e#iserd plariay and a99dANed lot h IM Wnda r harWr iNBIC[,~iBBQt IEaM omdal d Nfe 7rowvi Mw+p aaaotlr a ai. Pt.epad Fl.rawra. a reaparar9M far disk haMNrrq, ehdl >» fay bondw a .p 1hai, wlwch said .ItaN a d veal is goner .. _ , . a guar n~pt.ardte+^1 MnlfipV. tee Admn Pm#si#iL Ho oa+ied veal W srwrad hn, na Yrw My adlat W t/Ir7, by the Town by wntn Iha rlphq and p any Owner ar.• &ECTION 24. Qom. YY11en tlis 10x98 Sawa haYw born hiy gold bah r ep Waicilei sad Ywrep aid is h/rlOrala dpi ro tlw Band haw boa Pale, aid! IbI41e1Nn~~ ~ ~~ ahai a dllldfagld, taw 1M 7gi88 Baba anon M IanBlr w dwlird b w 17uMaMlrp fir rY BecUOn 1r)~ hsnal. Pgm+ad a arty 1Naa8 Borne ahax be dr„iw niab wnhn Me town hr placed fn wterav wNh • iNel Boric an ri+OwA wllldlrit tincllitlVp w knNm mhtnaxll ytw Iran r; . 061pabrl m mrr aN na a 0driiba4 xiw+er. one ary vela ., prrdules On siiM 19026 Benda r the lace b/wrrle tlW b ,naturNy ee a dwyriaad pda One; and. N 79928 BaIMI all ro be redrmed prbr IO mstudty tw ~bb9ealan 7,A. Ilwed, wMn tM town Irwlruglcea to gNe~t q prbr-nA~rrp Wn~n aawrtlarroa h 8adbn 7A. Mfed. TM F . ~ , I bbNgatlps ihaN bacvrla dq a w pda b tM .. tlmw do whlrfi IM preview Iheteol shall be tna0ed, in awardanca wNh a aawtluh greed upon bawwsn the Town atw such Tnpt Boric a tM Mew a creadir, d IM eenow end srp not M crwoh port m Nielr ecliedulid nrturilw by Nw I/HJeI nlereal. h the amt dla lhM Y a tlelewerbe d ody Pan d tM 19928 Bards d ary nuirrrNy, tM ^ ~ p~pneervwq Mky al MIndwlaw tgxgB Bowe a Partbna Meted w eefwied, tepatlar d chanpr In bond nulldNa attrlwtabls b aaeiefwa arw rCliripes d [9928 Bawl; ant rM ReglaaN ehax be emlued m eeaioriaple .. ~.. aw re111EUreertwN d .., from Vie Td1m h CNlinldhll Yrilh such SECTION 22. DttliailM n..wara. TMatlwra d Ma Town fit, and aaY hereby era. alinortied and dirardltl to take as adhn newrary or appnpdae b aNwluae tM pewklar d tub Ordinance. Iryblutllnq, wMhouf IlmNlnp IM t9~i9B. ~IwaMwlh I~oWmori d b~aritl~oaunia Hereon, IM prxudnp d bond laeunnq entNinq Into and execullnp apPropdhn wah Nw RapNba arw PaYnq Apwd all b 4a earvloea herwiwer. and t#e exearhn d ouch ortlficales r may t» regwna by tM Purdwaa, Y,WtlNp, hat not rlegiearily Irtdtstl ro, des abswiow arw wktanw d fecbla a8edep Iha exchralan d afNrt a1 Me 19828 Banta Irgm prat Incdnw fa lederd fnwmw tae purpoir, The lam, lefma ant plwkhir O! tM Pachra Caved and NapMra , tM Esdrow A,. NN FFnanC~al duaranty Aprearwa, and ai soar d Rapreienarhn. hereby an and tM Town shad ado Imo and peeatm M OMipatb+w undo IM Pumhre GorNrerN and RepYrrsr A tM Eeaow Aprrrrwd, tM FinNno~el Ouaramy Agraalaltl, ales tla LaUN d WpIwNNabr h euWfant1a11Y 1M fomw a such daumemh praaASd b iM Ttlwll CauliCi at Mli ,twetkp, wkh only loch alirlpee thsnh a an ngeked by NN araxAlie+ow ant are not klwrwWara MrewlM; and tM Maya arw Town CyM W herey authortaW arw dkeiaid b eesats ales dMtra ouch tloauiiriet r uatiUsd dreriFy. T1w Prdlydrtary ONhlal 9talertient hereby a appeowd and 1M dllcas d Me lawn an adhort2ld ant dheaW to partlcpae In the prpaabn d, arw b exaaAe and deawr, a thN dlkxa rrerrwm fir the ttr920 tldnda, TM p Nw rhY dfbkl by tM Dlreda d AdmintetrwlNa 9Nrbw iMN hs wncfusMly dllrriad b Five Tdwfre ag1rP+Y d Use form arw wnuntt ttineol. TM CaxicN hsrabY ecwpts Me Padtre Gonlraa r Nbrrwlw W din l1Ma/NRNra. are rrreaY ... tM aW a tM t992H Hartli m rM 1 ~ r a Pdroe d itl.9tq,728 iw1190aiRid and alpha Ww dllmunltd i195,B28.7a} plw acauatl Intarl, and dhandse upon IM Mani, wndNlana and r sd font h tM Purchar Cavan. tn. Dania Mao ewaNdwi tea Iti sale d rtes tx9gB Sawa r prailded niraat rttl In rM Puldtre Cadraa M to tlw heal advamape d the Toast. SECTgN 29. Er!rr d Data- F_adi d tlw 7ollor*q novena Y IwrlbY dec7rW an'awM d ddauh- yf~#txpapiiaedtM prlnofpl d any d B+e 19928 Bondi In oonnadlon NienrMEll, shah od M maea wdian tM eelria ahtll bewrla des and payabh at maaNy a by ... .~ to Pdd redwPtlon; a H. ~. d pprmra of arty irwtallrleq d Yleaeel an tlr 19028 Sawa ihY nd M nrw wtlari tM sane . .. des ales pgabh; a C.l, , , to p.rwvm N the Team ibis for aa6yMpralwbaai w rrrdree , . ,.. a +wmx[p as 0. ~ 410w Town ehM anion h 1M des and puadusl Pad . ~ d Ni rnvenrlMe a corwNioria, ,and ptovNlana „ ~ ~~ N d1e t9~8 Boewlt a nt nth Omkiariw en h prt b ba . other than Nir. a, PaprapM A aha e d Mk itllon, and N Wdr detadt ehYl aonthww fir Ba days aha w74bn rlotlca eperYyihp errdl ddauh and fequkklg tlw terra b be renadhd shall Raw bean grass b all Fawn by tM Bad Imuta so mop r k la oaf h ddauk d b pay7rard .. i ~. uridu the Bond tnarhiw Pploy err. durNlp veal ddwN by the Bond FeMppUrfpN,11bey me Owns d not Isle shoo 25% h IIiiO 01 i. " arreta p die 19028 Bdntlt ItMw8E6CaT[a QN 2d. Remadfaa. LJpan tM def~ua a~i pranaerldb in z~ IYwe~d, thdi Bald Ytalaa a alma a owien d not Iwo flints 2s% In prkiclp+i amard a tM butitandip Bantle, a a airlae mry plod and smog Ililx rlpln hwaradN aY pfoyir i0M a equ4abN mrady daemld mwt epadual Indrdkq mrieamie, apedth . ~ ~ . ~ d nay ,. e. d+e appakamrlt a a neNwr ItM wrad d ilydl .. belrp Iwwriy grawdl, kVeNKSIIM rents. a reauYYg Ihi Tlewm CoeenaN b act r N # wow dl-truWa d an exprer fret, p nay .. lprl d such rerrisd4l. "rp hie forepdnp, r Iaw r IM Boles hrYrM r na m dikW h #s payrtan , . alder Uia Bond 3runltw Pro1LY a a» IL>itu Rrww (rwralyiw Posy, IM Band Irieew ahax geld ate w , d aey rarwtly nereutwa teklrod tM aolis/rd d IM owns. a 7M sales. A4 pr9cud~k 1 wN a hwkaehiw fir ttie E11t1a1N a nta kwedw w hop r # k oat In OdaW In #e payr77an1 tlDYpdbrll undx n1s 8ontl kllarhe Paley a der Bdw Reserve hwwame PNIy, rid. daklq each daaWt by tlra BoM Irlrrwf. fa Nil ewd bolds d aN wmsn. 11w Faitw a tM Saw wrtaN a any rorw+N to proord dew nor aNwn dfe Torn a dry perwn d ay NAY fa hlluh t0 QiAdm ry dory hetauAdaf. TM breprohp dphtl an i atltl#Iwi b dry afar rlQlx aiwaraal q des Saw kwraer a Oewlsrs d Band. aw the eawrias d any dda 6y dry owner slur mi Iw dawlyd • slehnr dry 9dlir nqM. c...,,, , 2N. tlpr des n , . , a a+Y d dw ewde a dekup w provhad Irt sedbn 29 d mli aminra, tM Tam, h adtlNen, tort do ar,d pedorm si prppr eW an bMAN d arw for tM Owrlea tl tla 1999B Bonds m praed and praNNe Me eeeurNy mrv M P~nNd ddihwei~kidp~Wd entl Imenn an ww 10928 Banda Pranplb r 1M same be0orrw des. Pracrde derNStl from IM Plpdpid Rhvenuee, w bop r any d the 19928 Bona hardn edharteed, aN7ia r m princpal « ImereaL as oualaiau,p rd ulpald, ahalr W gold Imo iM Band Fund rd (M Rrarw Fund, pUnurt m Me INms hared and 10 IM soon provhW Mfsh. and uaad fa Iha purptlsae fraeht prwbed. h the grata inn Term fai4 a Mwr m prooaed r h this wdion pravlded, tM Bad Imunr w mop r k k not In ddwh d Ito payment Obaptllen- under the Bend I,qursehe Pdky a, durkp ouch a ddauM by 7rfe BMtl IMUnr, aN OYWIer Or dlwwre d nal Isla Mr ZB% In apgNpre plndpal amount d tlis 19028 Barest Mal OuwrlawMq, ahw drrnd h wrxirp, malt proord b prdiad ana anftlrca nor riphM d such omen r hareklltrove provided. SECTiDN 28. Rrlse.nrn d pa+i.r,a o Prrhe ae.ra N nor Repktru a Payl7p Apaa IndLxy arpdnted hwr,rda ihaN rryrt, or x the Taws ahril ieasanaNn, detalWce tMt sak Replairar or Paylnp Agent hu haa0ma irlotpalile d pMartirp der tld7ee hanleMhr, tM Tawm naY~ upon Itdka msxed m Bend fount ant each owner d any 11T92B Band Nt Ni atldnw fall Mown an tM rep4hatlon +eaarda, appoint a wawetaf RpIFNNr a PeyNO Agent or both. Ntl rwlgnabn a tliambasl o! the Ryklrar a Pg7rp Agra may taco eNaci uml w iucparr k appohnd. Every such eumswr Rapwher a Payhp Apsm /hex M a hank a irlrr wrtpany havlnp a ehaeowrwYl equdy (N.O.. naphal, hurpua, and undNitlad prdiul, Mwiwr deMminalw, tll nd Isla than slq,agQ,a9d, h aMA nd be ragdred Mal Ihs acme IMthdbn verve r boM Ragletrar and PaYlnq Apart hereuewer, brrl 4M Town shall brie the rtpM !o hero dh same InilhlnWn serve r bah Fipidrar ant Paylnp Apenl hasundar. SECTION 2T, -Ialne_nann. d F.Graw AG.gIILLL 7M Eapow Amount shall W nwlmalried a ad tlmw subaaquam to des hkid depwh d ma+eye Mesh In an amoum at Nrt suNtcMnr, mgdha whh the ariowii rNrirralm yid! m ba denvw tram Uw inNim inltetniint end any Iartyitlrary d the dspaiilh aaa4 a aryParl Varaal h Fadard Sad+Mlee lr dolFwd [haraln), ro pay The Rafundetl 8ontl Rryekwnwnta r !M eagle bosoms tlw. 9ECTfOM 2a. l~ d Far~ww A^eO~^i, aatiYl ehdl be wNlydrawn by the Eeerow Ba# horn tM Escrow Account In auxluieM amoume and ei such ihtee to pemel tlw payllwM whnaa ddaudd IM Rduntletl Bond Aequkertwms. Ary moneys rarrielahg kl tM EadM Aaawm aha prorhlon shall haw been matl• for IM redsrllprbn In lull d Iha Rdulwad Bands shall tl~ia C~our tllm any 7awtui W spore d Iha Tam r may hareekN dsmmvna. 9ECTION 29. igaunlclwnmr of • .row 9ccpU6L N !a any rowan the amount In IM Escrow Aawm ihal r arty time M Inwttbbm for tl+a Wlpoee d Saralotw ZT antl 28 bend, the Town shad fonhwllh depwk In ouch aCadUm aunt addebnel rtrmeya r (hell W necaeary m pNmp ilia tlnw2, p+YVrnr in !uN d the RdurMed Haw RequlrNliwds 9ECTNYN 30. Naub d Dagq-~.~ The laws herabY aullwrkes and tllrada thr repFSrrar rot IM 1p89 Gonda Ca qNe the notice d dd.wno. a Nw Refunded Bonds. m Nor narw 01 and on Whax d 1M Town and tM ban0 Bonder loehwhh upon kiuatiq a 1M 19928 9ECT4]N 97. rna d OkL- Ndtyr TM eidka d defaser+oe ahaA tis plwn by mUNiq w orgy d tM liotiw by Ilnt Cllws rtWl fpatepa prspaldF to tM rp4taed owner d Iha RMuidetl Baitls a des addrarr sham an Nor rpiikatlm rewrdi a ttra rplalru !or the RduMad B91lde. sECTN7N 92. Fom+ d Nava, The oaks d delerance se b M ghen tarthwtlh Nidl be In strbeurrdNN des . y lam: (Form d Nrotlcel NOTICE OF DEFEA$14NCE OF 110WN OF VAIL, COLORADO SALES TAaf REVENUE BONDS BERiE9 10Bp NOTICE 19 i7EREBr (iNEN that tM Town d vox. cobrado She 'TOwnry hr loaned to be dspwNw h aiaow w4h Centro Bank Nelbnal ArOdrbn h Drwa. Cdroratlo rMurttlirg haw and abet fund{ whkh haw been InvrtW lpc•ar fa r a+#al crh balanw rrrrinhp udnvaldatl) h dd., rwrr, bads one ainllar waaaw ididl r. non-cadade elrea oblprbn. a the unMd stales d America. to diedwq. M. RauMw Band Rrgalnnwrna td ha 9alr Tr Rswnw Banda, SerW 1989 (tip '7989 forda'J. 7lie C1131P nunbsn d tM 11180 Bows w d.., , „~ are r ta{Mwrt: IieluMW Bond Requfremsnte means: iM ApOndatad PrMNpd Amount end Irdalast due m ton+rabn wkh Nie 7989 Bawl u 1M aNrw posit eve on ant eha Oachrrair i. tt)02. AooaetlMp to a span paltakanq to auew C btl r o~ o~srtx~ird0.~ 6 4oae. Denier, pubic eccrovnlanti, tM raow, vi~tlep tM known nanimum lKeld Lam iucrl hlraataialt/ rq tM InNihl crh bWnw rrludnkp unktwsted, a folly iufNdem r IM tun a Nis depaeN aw a ul ikrMa s14rgaeldiy, b pay dr RMUndetl Saw Riquherrwrda d des 1989 Bade m IM ~ ,. ,. ~ maumy daps. DATED TOYM OF YAI, COI,ORA00 ey: Dkidord MwitlwraAe s«twbw ey: fY NATIONAL uTN~>!u Thi: Avleiatnd Oxhr IEIw d Fain a Nrotlr) BECTIDN ad. g1n(iyap,pu N eIry err or lrwle ,.anon., ialMnaw, dawn err pals d rMa awlnaice /had la wry nron a hour IrwaNd. ouch ludpmsm INNI nal sMW~ Impak, a Im W tM rrrllakllnp e d tbh Ortlhlnve, bd shax W aordlried h Nh .. ro Iles ipsrdNC semllor, . clµrtee err ~Irlwia~alw Nis ~ ~ ` w IISW ~ h~ der aeY iiYrotbn. aeniwrw, Wawa a pen a thi Ordianw N Nny One a mere Insiarlcw IIWI nd PHed err pro utllq In any way the ant r a tMi Ordkarioe m any ~ s cnoN sd. BxwaVtL. AA 9yiNrw, old.ea, resdulhrw and ertllnanOw or pans thereof, Inwniiten harywxrll an "erabY rePealetl b Nis .xi.m dry a lllcfl *Ihr. Thw rap.wr shrN na16e Oawblad b rwrfas ae1Y bYlwr, alder. rwaluibn a wdleNtriq, of part rnerap, 8ECTVON 06b! ....~, „ ~ ~ ~ - Afwr ry d des 1909e BoMe halve bean lrewd, thli bminaloe ahd mneltuN a mmrad bdwwlll tlw Tqm rw tM Mlden d the actor. and .hall a and ramaln irfepealhbia unlN IM Bantle Nd IM EMrea tliaeon haw stars IuNy pall, eNdilNd and d4elw~ed. A. The awn may, wMOa iM consent d, a rotica b the awrwra of the 19028 Bator lea Itllhwetl by ndlq to tM BPltd lmuroq, adopt such ordlnanoss eupplanreneal Mrem (whlr9r sllppiarramel d1larldrlMmi shat Ehenatar Ionn a Pan heredl rot ry ono a more a a4 vl IM Idbwirp ptiposha: f 11 ro taro any ambpuxy, a m cure. wrraa a auPphmenl any dNect or vmEailon or Inwnslaient pravlilon gnlalnstl In thls Ortllnanw, err n make any pmvfabrn whh rrpaa to moron athklg under INt brdinain a FM ry drw pulpws x such prvvhhrw era rrwnary a Owkade Nrw der trot advxaely ages Ilia Imerab d the PMrert of the t9g2B Bantle a the Band Imurer; i2) to foaled b iha Ilan d shin Ordlnanq atldxmnal rer.nur, propalw a odietarpl; (3} to preen a wdN upon IM Reptitrhr fa Ehe beheld d the awned d IM BOridi any atltlhbnsl rights, remMka. powara. or aahorxy met may lewluiy w granted tO or wdared upon the reglefaretl avnen of the BOrAs; a NI iv qualy M4 Ominanw under Iha Tout IManture Add 7898. B. Exdwhve d the arrwrMsbry adinarrwa pennrhea by Paragraph A at Ihla sec7hn, Mb Ordlnarloe may ba anwntled a aupplemdaw by adinarrw adopted by 1M Town Coundl In . wtth [ha 7ew, wkhon rewifrt by Me Town d any atldhhruY coaldarahn bN wkN tM wrhan wrwerd d des BarM Irrauror, unite N+a Bad brewer 4 In tldauN vrroer [M terms d 1M Bores Insura+iw Pdiry or the Bvrw Rrarye Ineurerlw Paxcy fn whhh cra Mk Ominanq may be alrwrttlsd a auPphmented wllh !ha written wneent d IM ownara or 6a% In epptipde pdrepal amoum d nor 19028 Gonda OualaMlrp at the Ilrre d Elw adoption d ouch amendalary or aupplemantgl ordlnahca; provltled, hawevar, Mat- whhvul Me wrhen mia«x {:Ire saw fount erw the dwn+art d dl d tM 19928 Bonds advaaaiy arieaad Meraby, na such Ordlnanw shall have the axed a t. An eatanhn a tM mnumy a eny t992S Bad anhabad by Ihb Ordmanw; a 2. A ratluabn In iM pdndpli amoum d ry 19928 Bond, IM tale tlf In[art tlwlean, a tM Add redenptbn prsrlillm Mason; a 3. The c7ealhn d N Ban open a pletlpe d Pbdgaa Revanur rarklnp Prior to IM Ilan or pledge aeafed by Ihw Ortllnana; a 4. A ledudlon d the pdndpet amoum d 19828 Honda raqulrad for IIoneent 1a such anwndatay a e~ , . a ordmanw; a 5. Iha ettadkthmem d pdaYlae r betilaan I e9zs Binds bsuad and Outaanalrp undx IM ....,,~ d ma Chdlnanw; a & The mad4kallon d a aherwW aNeriirp Me rights d ins amen d lees Man ul d tM t tn2B BarMt rh.n Owthrgirp. Gtlplr d any waWar, moanlcauan or erirertltlnihit m thla OMlnanq ahaN tie ddNerea 19R288ond ,m.n rrWnWnlnp a rwlna an fM SECTgN 96. Nees +n Enna fnwira Arty nolke requlne by MN Ortlinartce a rM 8acow Apraenrm tO be gNan m dry parry ales ahai W gNen m the Bond Ireirra. Ary nOlfCa herMn reouxad to be pNen Ero tlw BaM stunt ehal W in wdNnp ant son b! rpNtwntl « aiAdhd rtw9 to the Bond InsurN. 119 Klnp S1rod. ArmdYL New roY ,o56s, At[emhn: surrdllanca, d ro soot dMr addnes d which tM Bond Mwnr shall natty tM Town Br wrAlrp. SECTION 37. Pavnraa uMyy Ha Prolinr A In tM Bvenl that On 7fri senator Bwlriwi pay, era agNn on des Hwlriwi oaY. prmr ro any paymam dam o iha SB928 Banda. IM PaNnO Apem nr tai rec;ihed auHkdem rrnrwya m Pry dl pdnclpeF d ales Inurri On the 1092H 9ronM thafl tlua, the PaY{rp Apem shall ndxy tM Bond Irura err Ns drlpnw w the iarre Swlcees bay b/ .~ , . a lelspreptl, canhrrwd h wrNlnp W repletsrsd or wnNae mu, d the amoum d IM tldNwKry. 8. N IM ddldday b made up 4n whda a h pal prior m a sal IM payrrMm tlre,lhe PaNn9 Agent shall w nobly [M Bantl ineurar or ka dwlgnN. C. In addtbn. N the Psyirp Apen! hoe ndioe Thal arty regwtend awns Mi born riqulrad la dkgage . ~ Oi prNmipN d Interns on [M 79928 Bwtla 10 a [rwtN In bankruptcy Or crednara Or o[hen Wnuam ro a final ludpmam by a wan of airtpdem WnWlabn roar each peyrrwm wnatkutw r avoHada prdaeno9 ro nods ... avni/r wahtn IM meanlrp d any anpllra6h benNiuprry kwa, then tM PayFnq Agent shall naidy the Bond Irurar a Its tlrynea d such fad by „ , a telegraph. tanxrmed In wrNlnp bl rpywred or gn4rid mail. D, TM Paylnq Agem h raeiby Irterxably dwlpnaMd, eppolntsd, dlrsdad and authorized m ad r andnq-3n~tace fa repyterad alwwrs d tM 1992H Bonds r fvlbaa: (I) x end to tM extern Ihsrs i a tldklaiicy h emou+ds rsauked n pay IntNwl m IM 19028 Boriea, die Paykp Apsm ehq sal rscde arw dNNer to Ma Mears Petdnp agent, in lotto aatkfadory b tM Inwnrica PaYlnq Agar, an IrriNrlirll appdn[hp iM Band Illhunr r egad tar such repiaM[sd owners h any Iegal proceWinp elated to the paYrt+en of ouch Imarrt and r artparwd a the Bent Irnaa d tM clams tar kwrwt ro whkil Mich . . reitw .w wdrldl an veld by uw Bqa m:ia:r; Ib) iacelw r dwlghN d tM reipedlw repitered owrrn (ant tics r Payhp Apral In acaordanca viii des tenor d Nw PdICy payllwd from pia hrunnce Paylg ApaA verb resPacl b IM eWrr rot kllefar W argnetl, arw la] dibuna der woe b aucn :aspaawe feptetarae pMleti; and f21 N sad ro tlia rtent d a ddkdtrtq ki amounts r.quina ro p+Y prhtlpNF d tM t992B enrich. des Paykg Aped rfld l•] sxacpe and dvlNer b tM Irurhnoi PayMq Agem kt romi whfacby m rM ilieahna Payhp ap.d r hrrrumad . ,.r.. a iM Saw Irma r aplM Id sut:R rplstN+id aenN In My Ipal procNdlnp rlklnnp to tM payment d each prkic~elil and an rabIlllMtll b 1M BorRl Inaaa d sly a rM Ipy1B Gonda wdr+dretl to iM Irwurra Paylnp Again d ao much d iM prlnapa+ arbum tt+asd r nr tors WwAoIiVY been paid a fa whkh rtwneye an 1ld had by IM P. rhnq Apem and available for Audi Paymam Ibw lvah irtpnorali sAW !» deHVrred tlny 4 paY,iwe from tM Insuraree PaYinp Agent Ia regiwdJ, lbl recurs r drlpnw d iM ,. repharM eirnnn sea yieJCL ppgC _ ... - - :atlle7a-;w9da+ldi do ~ n A~a+nt -air, _ B~ r~,~urazmn-a'm~l9ra,ls»z From,preuiAUS pope ford rid r PaYkp AOadl h ^.... .. wh Ble tang d tM PdkY PaYmadl Ihalalaa Iron tM kwaarlw Payklq Apam, ud Iq dhblvea sartr b autlt rapiststsd owxwn. E. ~ wkh wlPad b dakn Id kMrr ~ P~ prkrAAJpppeNrndl1o992B Gorda dybtuaad b InsYrana Pdky +typ nom/ bpi aodrdialtdMara~d b arrdl19028 Barra, antl M Bad krur« ahd baoonr tlrs awn« d Walt trnpab 19928 Bontls said clskn Far tits k4araN h atxatlarr(a wxh [M hope d dy argnrrtrlt wade b x under IM ~binaeprcllwn~d whNM ouch aeild~tM PP ~ ~ daRwad, the Taal aY 9 A9Mt Mraby spree Id IM Iyrw1A d Boyd fnuru Inp, (1y b the sxiad IM Bontl Illaur« tiler paYtrrrxt, diraary « Indlrady fe by isaYlnp Mrpuph IM Payirp Aq«xl. an arkptrm of pitcpal d a ke«rt vn 6y ftK9B 9drltla, tW Bab Irwtrnr axl W atbrpprad b IM dplty d sun IefaatarW aaxl«s b tacaNS the anxernrt d slrM Prlncbal and kxaryrlt Irom Bla Tdwn, wxh kn«r1 7lranaarr r Pravlded and ashy from the aourcaa awed h rhk C . .. and IM 111910 Bade: and tzy rhy w1x aalnninpy pay b ma BoM M4VM 1M attlglrlr d Nrcfr phtJpd uM Im«ep Oncllxdkq PdnNpd seed kxararsr ramverad saufer asryparapaph IB} d ,M Ikel puprapll d rfy Bond Irxwanoe Pglq, adlkMl prbepal and xx«MI stet ba daarrred pr1 des and hpl b haw bean palely, Mlh Intarrr Ihafaon r provldsd In Shia Ordlnana and IM 19928 Bonds. bus eery lydn lM aura and In rM rttrn« PrWked Mnln fa IM p.ym.d d PrhdTael d and hhreN en tM 19978 Bad. b rphrand daises, and tsN atlrrwlsa rraN dy Bond Iran r IM anw d arrdl rgMS ro IW arrqum d aan Prirripal and id«wt. SECTION 3B. plClpe9CAJ1IA0tttYaap. Aker any d tM 10928 BatdA A«dn wihdrlTad an Iwlad, [his Oaanarrw shY rnw0ub A conBaa bdwaan tM Tarn and ttr cables d dy 19928 Benda, and ahaN a and nrnaln kraprla6h udx IM 199$9 Batch and IrrrsnN tnara0. shill W IuFry Paid, unplhd and dhcharpad ore Mvah pagae. SECTION 39. Emalpencv_Sfmmo~nl. u aocadarta hxh Strctlat [, I t d tM Clrtn«, IM Courx% hsraby . That rhM Ordinarraa h neaaaauy br Ifr , d prdlk ProP+rtY. haaR4, wWfan, ant rMy, and IhM x afral€ W adopted as a skgh rpdNmp9 u an smapsnq aadktanPe. des to tW wN9Yly d Fhs nunk~al Wnd madlN. [tea !ay«abh kderasl raft Ihd wsnnry can W abtains4 ar+d a tJenaral atadim trlBbl 3nxWhrs tirrwtanNq b Ama Ina Totan's aghTY to haw bontle. TM Towne planned Kiytluh br adeplhp 7NS Crdlnarroa and kawnp ore 191Rp B9rtda Ma beam dWYad des b an area h plAflraldn baYard By TamY Infarol, and aaPadilad adopbn FMrabra h ~l CTgN 40, and nsoaawy. ~9f.,~991YA. 7hr nunbsrW and rioord b/y0ta~ NI«rl{M tM onkW ramrds d IW Town. TM adoptbn and Publlc«bn shall W aatheedk«ad by tM aipnidvre d IM Yager, a Maya Pro Tam, and Town CAerk, and by tW aarMk.4rl d p,BeLW bn. sECrF1gN 4I. Etf1o6t9.1}ala rtes wdhana sh.e b. h IW far antl ekaa uponpYaps INTgOAr1CEA, READ, AA86ED A9 AN EMBriGENCY t3RDM4ANCE by IM unarrrarn can q Car.ral pras«d or INa Cautwil rrwru«r. end ordered p16Lihrl coca h lull u a apadal msatnp d !be Town Cdundl on S+Prenber 29. 1902, TDYYN OF VRL Mupw« A. Odar7ma Mayor ATTEST: ann. s. Ra«A« Town Chrk E1rHIBITr (BEALi Perr+l6ad Inwalmerns t6T OF PERMISSABLE INVESTMENTS FOR INDENTURED FUNDS A Dksa odfprbm d the Unked SI«r d Arryrka pndudirg ddgdlpns kstrod or told in tbok•amry Ism an tM Dook+ d rM Dapanmenl d rM TIBaaWy, and CATS and 7GR31 or dYgwlona tM ahabel d erM IM«ael on whkh ue urlcontlkionally puaranlead by 7M ilnhad 91abs d America,. 8. Donda, dabsnturae, raise or of Mr rwNMnce d Ir , r. H hsuad a guuamsed b/ anY d IM ro3tpelnp federal agard:lr and praviosd epph abapatlam are truAad M lM lull (shh and dsdh d IM Unksd Srrr d Amerka (prbpad sacuntba ere duly permllhd II IMy haw Men stripped q' IM ag«tcy heaxy. t. U.9. Etpat~ltrperl (kNt (Exkrbulkl DkaC[ oblpalbns a lul;y pwranlead eendicales d Wnelkhl awranhlp. 2. Farman Homo AtllWnhlrallon (FHA) Csngkalet d barrriclal twnanhlp. 3. Fed«d Flnenaing Berkk. 4, Fadsul Hpudng Adm;nlal orlon Detonate fFHAI- 5. General 9ervlcas Adminlstnllon. Padkpal{ptf carlHksaee, B. Govsmmsn! Nahonal MoRpape AaeecWbn FGNYA or '4nnb Mae'}, GNYA Gwnmeed rronpage-MrAod twnda. GNMA - guarentaad paarthrouph obllgal1om (nos accspnbb for grain Paeh~lbw rnsfllve Irusai. 7- U.9. Mamkttq AdmhkBMlan. GuNantesd Tina xt tyr«,drq, 8- q.3. AsOw'Imanl d Housingq and Urban Dsvelapment fHU01. proud Na1a1. Loral Auhody Optrds- New CertntlSnkhe Ddanlurea - U.S pwrunW Mbuduna. V.S. Publb~ Housing Ndr and Banda ~ U.3. pwemmed pwrsmaW pWlk-hewlrg odes Mel befd6. C. Bonds, deaenluree, note pr other d/denca d Intl:.:. , a bared a puuameW tty~arry d Ina fdbwlrg ooh-Ill hhh and petllr 11.3 pwemmsn! apMdes pBlppad rctrrhiel am Dory parndnrf d may hav- bees etrbpad aY the epancy keel: Ltyn Berdl 3yelam, Sanbr debt abl~llprn. ?. edarN Home Loran Morlpaga Carpmadon. [FHLMC pr •Fraddls Mac'}. Parlldpallon Cenlllcalea. 9enlol deal ablgNhne. $. Federal NubnN MOngapa Aasociellon IFHMA or "Fannb Maa'y Matpaps-backstl sttdrrxW and aanbr debt 9Wgatbne. 4. Stutlam Lpen Yukstinp M+OOlallon i3LMA a •8a/b left"}. Sartbr dWl d>Iqqurlpne. S. Reoturbn Funding Carp. IREF~RPI nblg«bne, D MdlaY marled IunM rpat«trd under fM Fsderat Invrlmant CpmPanY Acl of 1940, *hae sAarr ua rpxt«b under rM Fad«al Securdiea Add 1933, end having a rotknp try h Bel d AMmG: AAAm; a AAm. F GnSintr M eapan aacurad a1 as r,rrlol ay aaur«d datr:4a. ~ m fA; ar,nrw IB ~ atuva rtes Sate nrl6krr n..Nl Ix ker+ad M cap,°~nrr~a banks, swags and ban rsociubm or rratlw t aaNnps Wrlka, 71y cdw«al rY,xl be hakl by a ~ Ihird poly oral Bla bpndhotde'e 11x151 haw d k paBlrclstl tent aswny Inlerrllr. tM mrMeral. F, t:er[BlfJir of dalYaah, MYmpr aooatmrh, rlaPaa da0osk aaaunls dr rrbMy marker daPaks wflidt are mxy Inalrred by FDIC a F3L1G G. lrlvreurwnl Ap .. InaudYg G1Cs, amspiabh b MBIA. H. COmmarcld pp« rated, at tfy tkro d purchase, •Pnma - t• by hlaodya a •A-t- or betray by 96P- I. Benda er ndr Melted W any airs or munlCbaAly tvhkA ua read aY Ymdah a $aP h dna d IM two hfgltaat raBnp rtuap«iw r+19rIW by w+Ch apanolr. J. FadM4lrrtlda a bare eooxpl«ror wlh a mdlncrm Ieml d era gar d arty bank vrhM hr M dtwacund, trwleund and uttausra7rad dtyNbn rrhq d •Fii+y - t• a •AT a bdlar by Yoodys ard' k"a•Mandllsr by BeP. N R rcAra lraaai«~eaNIA1N hall a tlaa Ih ttalVlta Rscunllr Ilan (aalerAOaeawR to ^ rrcrrlfcpal sntrry (buYSrAalWaO. ant la. bared« d crh hom a Inmklpal IXkhf b rM daahr bank or sacurkW Ikm tMm an a, that By daad« Welk a eawitlw Ikm wB npry By Prh pica a yhY ro rM Inmky.l an8ry IR ,, ,,. la Bb ucttdtlas Ala elan. Rapurchaaa Agr.ampga mw1 aa11Ny 1M 1tt5arrg d9«la a M MBUi. 1. RaPOe [Pte! W pBAleeart 1M mtttk~p amhy and a Mater barn fY aanlfkir Ontt, .- Prktrry tlaal«s m IM Fad«ar Fiwarw rapOnrPp tNeIN 9sl abler w W W A a Wp« aY BMdard 1 Poeya Cdrpeearbn one MoodJa Imrtq 8arvloas, a b. paNta read 'A" a show by BWdan Paori CorporNlon and Yepdy'R InwNOr Sarvkrs. 2. TW xrrA,M nPe raaWaq wMl bdtrde 1M mltdwlnq: a- BacvrltWa whkh w acoptabta [ar vuwf« «a: 111 Dkaa V.B. , , a fly Factual OacAsd M ma IW lash and cradx d IM u.B. , . land FNMA a FsAAGJ h TM term d •ra tbn tray M >p b 30 days. S• TM mtta!«d rtwN M dNN«ad n fir munklpst amly. lrwtaa (a trwlaa la tent suppyirrp me mlMhraA d Ihird P«IY agln9 r apart Id 1fr titter f1 Br INShs r< attppykg tM oeluMdl M . a wIh paymml {peNadlpn by poraaslon of CarlBkalad semrhhey. d. Vdwrbn a CaA+tartl, 111 TM aealrhbs mwl W Ydentl carry. rtrAntl-IamarkN N curtsq mWrat Prlae pfw awwd kn«rt. fq Tha Ydw d maA«r mnl W agdal b 104%d IM artnuq d crh egrNf«ratl ty Bla Brmnun~dat 1Miri b ~ daalrr bark a sawtky aptl Pura a9artad kdatrt. 6 ells vdw d saarkha Ftab r poeranl albs below 104% al IM vdW d Iha Crh B ~ ~ by munkytalhy, Ihsn addnbnN crh andrer aowpubta aaarrttle Irrlrl W tranaMnad. H, Mwwvar, She aacutllisa used a ooaNanl w FNMA a FYAC, Bran tM Vahy d ma««d retort goal 706x. 9. La9r aplnbh xra,bh mat bs deer«ad y rM rratrtkysd «dly: a- Reps into qubdyye urda our law let ipai k d Prrblk Iarda. Addibnd Ndr f6 Any aim adminhland pool kwrmrd land h wlllr}I IM hsttu Y urddly . a requlrW to invest w91 W daarttetl a parrr4pd ktvwslmmt f{II D9RF imraslttyras should W valued d fair molest vow and mukdd b mrkN r teal atca pa ysu. D9RF krreatensrth may nor haw malurklr axtandkp b+1'arld 6 Ya«s. Pwrrr.d In TM vu nee an Oaaber 2, 1907 Pubiic Notice NOTICE IS HEREBY GNEN the dy Pbnnnp Slex m1 M rev4nwnp a Drypn Reriaw BcaN p dlasrbn td hvo atleNra dhFra on October 21, tpg2 in IM lawn d Val Yunk{ral8uidip. Can xileraliIXl ol: t. A regtlnl I« 1wa SalNMe dNh eNSnnr u IM Walh Rseon basted d 1300 Wrth.wn Drive. Legal deacrrPtia h r Idbwa~, ThPI pan d the 8W 114 NE tl4, Salon 12. TrAwehp 5 Blob, Rasps 81 Wr, d tM SIa1h Prhofpaf Marldlan, Town d Vall, Eagle t.oudY, Colaade, deadwd u iolbws: Bplndrg tl a pdnl an its xalnharry baurrd+rY d ITy pPrpal a land anown pn 1M CpndomlNum Yap for 1M Cobrado Maudrn C....-. - ~~ms rscarded En Bad 387 d Pyapaa 620 h !W dfiq d Vy Epfe CauMY, Cdlorado, CNM and Raoartl«, whuros IM mON aodhry meta d said puoel Was 3 62 daprap 6R2P W 14.18 fast dlsum; tltarln the fdbwlnp nlna opaar ebn9 IM wuh«y 6eundary d saY paxpel; 11 N 62 dprsr 6D20' E 49.16 (rF; 21 N 37 de9reea 1246' w 12.31 faN; 3y N 8T dptar 4715' E L00 fM; 41 N 37 dapraa+ 1746' W 5.30 b«; b) N 62 daprar 4T I6- E 4Z.801a«; 6y N 37 dprar 1713' w 8.70lau; 7) N 621fapteaa A7i6 E 16.061sa1; Bj B 37 daplar 1748• E 22.4D Irl; % N 5a degree 60'29` E 9616 la«; Ihar,ea dapaninp said acute«ly bouMary N 51' dagMS 6028' E 66.96 la«; trfanoe 8 07 spree 0931' E 48.64 faN thetlos N 52 lagers 60'29' E 48.70 fe«; drattca S 37 dprw 00'31" E 9.B01rM; Ifrsnw N 62 tlpnr 6A29' E 80.00 IaN; rhsrrw 9 97 dpnas 09'91' E 36.40 faei; thanes N 52 elegise 50'29' E 27.30 feet; IMnu B 37 liprar 0791' E 720.02 1aa1 to gore Crar: Inane !ha Iplklwinq bur courts shop Oqa Crar'~ 118 49 depteaa 28'38" W 76A6 H«; 2) S ?2 deprMe 97'38' W 124,47 teal; 31 S 63 tlegraas 3'188- W 119.91 1xat; 41 3 BS dprra 7t'3e- W u,SB IMt thsrge dapamnp Cae Crank N 32 lepers 6730• W 147,47 le«; FharlCa N 67 dprar 26'30- w 124.02 Irl; tMnta N 37 deprew 0931' W 118A61aea tothv pplnl d beplnnlnp, co«alning 170,290 sgreaze laN a 2.49 acre, more a bee. rho epPeadlorw ant eMarrWien agor4 1M propofala ua aveflebla V the toning adninislrrw i akks durkg rspuhr eho noun for gable lnapMion. TOWN OF VAIL DEPARTMENT OF C.OMMUNITV DEVELOPMENT Pudi+hed in TM Yaii Trad on 17daber 2, 1992 Public Notice NOTICE OP APPl1CATI0N RDR ANOTO9IJREBT~ ANT NOTICE IS FiEREBV GIVEN IAN John Y. FlNntann, Pnsydara/Sraayry; and Andrew C- Baas, Viol PraeidedlTrsaaul«; and Andrawr c. Boat, gtrrrg Manager Kara rtwrb ~ ..'_ .', ro By Avon Town Councl acting r ley Local Liaming AWkaxy. for • FiaNl and Reuatmd 1 i„rm I Inrn.e fn..wl. ,.l M.x v;nn,.. and 8pkituoua Liquor for mnsarplion en tM pnmhp kvoaled at 0048 Buvae Grnak Taut d Awn, Lardy d Eapb, Base d Gobado. A boring will M blvd a 7;16 p.m, en Tuesday. Craabu 13, 1982 r tM Town Ceralai ,Awn, Corerado. b darunYns i rtes . ~ .. may M aheaxlad w b old krdud- kO dy daN d tW hs«Inp and ar pram deeir• kp b prolrt tM graerlkq d this .. my Ne tllelr leetirkrl a ul%il rhr 1iM. AVON TOYYFI COWICO ACTING AS AVON LgllOp LIf~N31N6 AUTHORITY Pae~N G~irk Pr6xelyd h TM Yail Tnl an Oao6« 2, 1902 Pubiic Notice NOTICE OF REOEMp1gN lfOn Ya1f~Celarda 1lwrarY wtwe Bd~~ Da1ad t, 181p NOTICE b HthgEBV 4NEN. parasol b By Bad kldsndrn balwwn Lions Ridge Wal« Dis• b1c! and FFnI laeersfra Bank d I).rw«, NA, e rrww, tier sieo,n6oao d 1M Newniber 1, 7819 Gsryral .. ,..~. Yhbr Bads d Lhn'a RYpa wat« Ohtrtd atoll aw rsdssnted pn f', - ~7, 1f42r 100fOrau pkr^p«riumd ZOD%d ptitryl, tepatlrw trAlr idarsse eratrwd b Bre dra TFaad for lln Ind a9er Bra dW, frxsrert an arrNr pa5«n d dy pmlrA7r i wM gets b acaw. Bend raartkra 141 thtagh 161 (... sash xrAll a 86.000 Per steward, trrl,akg an kAOVwrrh« 1 h tW Yaara 1983Bvarrph 1096 walM . h NI. TM pttblorlm dlae for Bela .~ s 30, 19p2, Paytrlard d Benda b W '~ fell M made aF ant aN« Fbwwrbsr 1, 5892 upon preaantlbrl and d .aY Bare ar the :..... Truu 05bes d; Ariaosta. ~~ - Fkel ka«elaM Berk d I.A., 1309 VYas1 Nanyda, Terryte, Arizara 86282. 0Y Mai -Fist Mdrrxds Bahr d Arhau, N.A, P.O. Boa 29716, PFgn6r, Areas B6o3B. m P«san . Flat ad«rre (Sank d Dem«, N,A, Cw+Po^ C. e21 7741 B,Ieer. 3d Flea. BaNh Taawe, DrrNr. Aalefedo BlQ7p. «lym nrbr b, by oral, rarglayrad rtr1 wM Under lira prevlslons d the lntarNt and Dh4dwd Ta C . . ' Ad d f9B3 {tM •AN'1• of ~sg A9+^t nag' M rtb9pNed b+xidutoM 20% ire lased b htrniall did ~^y ..... vMe Payig Aped wih a vakd fatlpaYe Waalka[iw marl;sr and a e«- tlintiorl Ica seals Berdhald« Y not ar6Jsd ro Itadup aAhhddklg undo the Ad. BorlddMus who wish to avod tM epp}icrion of ihaae awielotn ahouM eubrril a aorrVlrsd fain W~ tryn Bait Benda. 5 yes haw ary grr.dbrw, Pore WI Fnal hlreltls Bank d Anzons, N.A. M 1-80p-gZ&b241. LION'S RIDGE WATEFI gISTRx;T BY; Fint Irasrala. Bark d Derrvsr. NA, a Pay:g Aganl Polished h TM Vail Tnl an Odobsr 2, 1992 Public Notice RNAC 8E7tLE#IEHT Punuanr to Season 38-2&147 C.R.S. 1973, r emended, the Town d Pail Mreby pine Ilal;ee the an Odober 18. 1002. arrbrram aha5 M reads ro QA. Weelsm Cawlmaion let ar work perfotmad vn the Willow Read BrWge Pta~erd itcared within tla Town d Yal, Cdltrado. Any Itsnon, m-pcnnmhip, u+ecia[bn of praofw, censaasY a ogparuion Ihu hr fur shad labor. nrrarih, pravwbla a liter +w} pia. aced by tnrdr cadgda a b +abmmrco- ton h a about Ma . ewe d k. wok aan- Baded to M dots and wiloae Beim Ihuelaa hr era bean staid by the CeMrap« a hie Sr6aon- rranlon up b and IntAdig the irra d flrW ad- 1lemud h t.quired ro tae a veeil'wd atgsram d tti amend des «sd unpdd triri the Tam d Vas, ABwdian: Grp Fill, 75 8olxh Frorxapa Read, Yal, Cdgada 81867 an « talon DdoWr tq E992 a 9re Town d Yai,W W releesel Bortr ary end all irydBry for apN chin. TOYA9 OF VAIL DEPARTMENT OF PUBLIC iVORx3 By: Grp Hai Town Engineer PrAlished h TM VaIT 7nl on 9 25, adder 2, B .rd 1B. 1982 Public Notice IN 7FfE gISTRICT COURT COUNTY OF EAGLE STATE aF COLORApO Ors No. 92CVI97 TOWN QF AYOIV, ~~ Pl4ioner, n. wILDWOOD INVESTMENT COYPANV, a pulnrahb; HOLV CROSS ELECTRIC A950CIATION, INC.,; IN7RAWE9T YORTOAGE COMPANY; end SHERRY BRANODN, r Trarurer and Public Trwlea d the County d Eaph and State al Colorado; YOU ARE :fEREBV 3UMMONEO end re• grrkW ro apps sill delsnd sprint tM shims d th. pMxaorr Ia .. lien toed w4h ny cant h elite acdm, by Nal9 wkh the dark d rhi+ wort an ensww a dFe . ,You are rpulred to [la your enwxer a abler . , whin 30 days aA« .ervbe d tlda wnsrma wan You. Ssrvia d mh wnvmrs dud be oorrpire upon the day d hr ptbkc«ion. A mpY d tM IsrAion may 6e obtained from the ehrk d the own. Y you Id b Re ypur euwwer a qhr Iwponae b Wd puilion h wrignp w8hh 70 days after tM dale N Bta ieN publiCatkrl, ir+d9mmt by ddun may W rerrduad Vr^rt You b1' Bee Court br SM ra9r , . iw said puilim wxhaA 1urlMr netipe. Ths & an raaior, h emie.d damsin relrng to tM b8owirg drdbsd . ~. REAL~PERTV 10 BE ACOURED FA{OY YYILDi1fOOD MNEBTYENT COMPANY A PMTNER9tIIP PARCEL TK-1 DEo..n,~ .,..,~ A paroel d betel No. TK-1 d rM Isar d Avon, Stab d Cebrado, oadainig 0.038 ear, rron « Its, aiwrd hLq 20, BLook 2, Bervdrmerk at Barer Crank SrArdrvalon, r raeen.d m Bw Of- fiw d 8y C[ulc and '~ ... d tM Town d Awn, Eaph Couttry, Crrrorada. in Beck 274. Pqs 701, 9 .. 8, 1978 ar,d bekg more ByhlmNr~•~ r loFFowa: The Trw Point Wt 2d: Thecae B B9~ ' ' ' aonyr d aid dprer 0x'18' E sleep tM ataxh rgMd,rray ins d Erst Bew,wr Creek R .andfMmgfnsdridLg20ads- tulw 4281.76 Ind b a poky; Th«ye 336 21'60 W a dabnp. d 16.371sa1 ro e pn a - owes b Bla IaR hemp a taller d 19L0 hd; Thule 23791w1 algtp aaY T431' a~ird llnla a~dlpr,d~b d ~ da8rsr d N 3i dpreap68'3T w.?1.BB~het m par d Putral b amnad 8.50 hail hem the nanh i~iw d saY La 20 a datanw d 208.68 hat b a Poid m a rrolrlarlpara serve m the ifpM havhg a radon d 66.60 feel; Tirrloa 41.36 bddes~laesge said aura Nrrwgh: d rd~ eryb d 42 dalaero~ lrpt• and 16'10' W~4q~ far Ntosa point on the war fry d nab let 29; Th«re N 07 elegies A7tAC w +ddtp u,e eau dQhr-0ia,1, ill. d Awn Red end fW asst irre d said Ld 20 a dhtanas d 40001ad b the Trw Peix d f.~ , . 77r abets da«vlLed prat oordaFw 1687 pose Iwr f6.039 ear}. man a he. I h+rebr dab th« ilea tYavowy - hr Man prspuad 6y er « uder my 119ad - e _~. Dlaay D. FaMkpu P.E. a p.LB. 26828 REALREAL PROPERTY M BE AcOUIREp FOR TEMPORARY F~9EMfNT FRpld w5nwooD 9iYEB7MENT COMPANY A pARTNERliFI[P PARCEL TE-r DE:..• - 1 A passel d Iwd Ne. 761 d1M Tawn d Avon- d irtleWSlad in La 24BboN0. B e~wae. ,rton Baerar Creek SubdNiafen, Ica reaatfed in tlr d- ibs d tW Clrk and ~ .- . d tlla Tam d Avon. Eepb Caumy, Cderdo, h Bank 714. Paps 70t, :~ 3, 1978 and behp mar wdEmwl ~H . Wig ~ kww" ~ a . w I-af ~ T liw~ae g 3B dsgrw~ 26'Bp" w akxq rtes err One d said Ld 20 • dirarlrn d 96.88 sad m a pttim; TMnea N G9 degrees 33Y1P W w datao- rb d 16.02 ter b ^ pofM; Theme N 3B dagrsr 28'69' E shop • liy parallel b and 18.021ael war d IM wet ley d said Ld 20 a datarwe a 3.33 seat m a pdM d mrvrva d a Duna b tM Id1 havirg a radiw d 14.60 far: TMrtw 28.70 lad shop acid carve thralgh a rrniral anpb d 106 dsprw 3F't7• havkg a dlpad aeeriq and dsGraw d N 16 dagrer 18'40 W, 23.08 ter to Pont d lartperay; Thrroe N BB degree 01'18- W abrg a fns pcmlbl m end 8.50 led south of the nMh sly d said Ld 20 a dhtancs d 20330 feel ro a prtkd on a nal-targsm arva 1o the rght having a radio. d 80.60 teat: Thsna 41,03 fees aldq acid arve through s raemnd arlpb d ~ degrees 4239" havhp a chord brriep .nor d'w- lvlae d S 36 degrees 26'63' W, 41.101eer Eo a poht on the west line d sent Ld 20; Tiaras N 07 degrees 07'45' W airy rtes cart riphlwl+wy Irb d Awn Road ant tFy weel Ilea d said Ld 20 a distanced 5.71 feet b a geld m a tlomlrgent curve 1o tM bB having a radius d 65.60 lest; Thence 41.35 feel aloltp aaY aura rhmuph a canlyd angle d 42 degrees 41'01"hcvisg a chord treadrg and ditlarrw d N 31 dsfysee IS'ip- E, 40A0leas m a glen; Thalca s ~ degree 04'16' E sling a ins perelbl ro and 3.110 feet mouth d the naM ins d sell Ld ~ a dhfanee d 208.98 IeN ro e poin d curvature d a caeca having a radius d 19.501ed; TMnos 2933bN leag said 14'31-rkough a celral angh d W dprre ha+hp a choral bearing ant delta d 8 3/ degrees 563T E, 2t,881sr b a geld; Them a N 36 degree 20'69• E along s Ira psrdbl to antl 15.00 fad west d tM art Brie d rid Ise 2p a dirtnrr» d 18.37 Isd to a geld en tlw south right•01+wy line d Eael Bearer Crssk BwWud cod tla rgrth in. d sad Ld 20; Th«rr 9 ~ tleprees px'iB' E abng tM ecdh riphtcl-way line d Eat Beaver Dr.r BauleYard end the tarlh ire d sad La20 a drwlw d 16,67Iad ro the Tna Arurt d BeglnNng. TM abvro deaaLed p«p1 wdaim 1870 squaro Fed y0.Ox3 ear), tiara a hr. 1 hereby attls that the preMornN dwcnLetl ktgel dearxp5m hp bean peapared by a under try disci n4arvwion. Duane D. Fehdrtper P,E. d P.L.S. Lr882B DATED thh 8th day d'.3 ; . 1982. CC30RIFF, OUNN 6 ABPLANALp By: Jahn W. Dum, No, 1421 108 Soulh Frordage Road 11300 Val, Cobrado 81857 130314767652 ABanaya for Prkimer Pugished h TM Ydl Teel S 25, lactaber 2.9, 16 and 23. I BB2 Public Notice NOTICE OF RNAL PAYMENT NOTICE IS HEREBV GIVEN that the Awn Yeiropclkan D;Blrkt of Eagle Courtly, Cobndo wii erdy 1;rrrri P+Ymerlr M 1M dFioe d tM Awes, YrrgpoNen Datrkt r 830 e'okvic p.m, w W . Gabb« 27, 199z b Grimm l;om aBlaelien• PCorrpuyY Imo' L~aMwbn~, Cob~W 8013147Q38, fw eN tale dorw by said Cadrecfa in d RaMOl.en Zone Aa+sum Retlrdnp Valve Vau6, d d said eewruaiort beig rrxhh a near the hourldariea d the Avon dM«~ bhtrid h the Lately d Eagb, Shte Any frereon, .. hb, assm:tbn d Perearw. .- ar .... the lee fur nhhad Isna, nlraiah, srrorhiorra, a dFwr sip Pia wad a gwwarwd bt' such Csmredw a his 31 ... ... :raabgR Bw- - dry vrork .. ~ m W day end who4s chin 1f1«11pre he Ilal bell paid by Ilte Contredor a hit 3.... . en, ar ary time w m and indud~ mq tM itru d fires :1« the work ow- traoled b i» dory, w retµdnd to 18e ^ vedled stalam«rt d tM anroaY des urged on appaunt d auto chum m rte. Awn k1+nePaften Astrid. 400 Benchmark Rrrad, P.O. Bor 457, AYOn, Colorado 81820{y57, al a be[ore the tins end dais herehabwe shown. FaArn on Bw r:rt d ry deirrlud to liis such verified etremmt d Nun Pdor to such irui esltbrwm will rsbass d Avon Yetrppoiilsn Dietrid, Re Board MarrWr+, oal'wwe, apeda end anploYee d end iron any and ale kshiiry for such eb:n. BY OMu d the Boats d Diedas. AVON METROPOLITAN DISTgICT By: [Vorrrrn Woad Admnslrata r "The Yal Teel m Ssdartber !8, 26, Odab« 2, 8 end 1B, iD92 Public Notice RAfALY71.E11ENT Pawam to Seatlon 38-2&107 C.R.3, 1973, r arrrrdd, Br Town d Val flareby 9h'ee teaks tMt on Ocbbsr 5, 1992, ehai W owls b SabN's L and Yeherscrloe Park Phw Efbwlad wNhh~dra Toan~of~YN. Oobrada Arty Pereorr, ..... hb. aesode- Bon d Parsaw, .. q oorpontion the has htmishsd hbor, nglarials. . srppliu uaad by such alrxraoea or ih au6 o~ir- bador+ h a.hod the . d ih work f b ba der aril whose drm rFyrdan Ire rla beat OaY by tM ,.. ~ a hh 8rb nNibnrrd ~ ten ke~a mRe ~ar~r'red .iddwrNier~d d 5ls annlyd des and urpaid with 1M Taw d Vora, ABSrrion; Todd OPpsnFwimu, 76 South Frantep• Road, Vag, Coorado 81657 an or Ldon Gdpbar 2. 1692 a tly Tpwn d Vail vdN ba ralaaaed hom arty and all heAiiry Ica such Nun. TOWN OF YAEL Todd OppenMlnwr Prtb6ehsd h'fhs ValfsTrel _ on :. .. 11, 18.25 antl Oddyr 2.1982 Pubiic Notice 11071CE OF FMIAL BE7TLENENT Pasuant b Salter 36.28-107 C.R.S. 1973, e anyrrdsd, t7w Towel d Pail busby pMs ndka VW m Oclobar 5, k992, . , ,shag hs reds ro SabN's Lartdacspe and Alahtenanoe Corrpwy rq at 4odr en tM Lim- shaad Ms8 Phar 1 i•~ ~: bceled within IM Town of Vail, Colorado- Any parson, co- Panreehb, assaariart d P+rsons, ampany a oorParation Brat he hankhed leber, serials. ptrwhioew a aBlr +uPPfiee easel by +uar coin beds a M wbooretledas In a about tM per- tomrrlca d i4 wok aodreded to be done and wlvne d.im thwdorc hr rid been paid M tM Gariador a his St'... ~ .~. ~ W !o ant in- ducting the tine d find ~. i is requied b Ile a vsdisd gatellleAl d tM amount due and urlpeid with ihs Town d Veil, Ahentiw: Todd Cdondo 81857 w wdbetoro odoher 2~, 1992 a the Town d Vail cal! W reWsed from any ant N B+hliy fa suds chin TOWN OF VAIL Todd gppenhdmer Padr Superintendent Pugehad h The Vall Tnl on S ,. 11, 1B. 25 and October 2. 1992 Publ~c~Notice FINAL PAY~NT NOTICE IS #iERE9V GIVEN Item the Town d YMwn d Eep4 Gauay, Calorada cats make fine paymed r the o5ior d the town d Ykdum, Cdaado ai 10A0 o'tlodt a.m. an Monday, Ao rob« 12, ip8?, to 9chmrree« and Aesodate, Inc., ippl RNboad Avarua, RBIs, Cpbrado 81660- la all work day by sad Comracta h oomtrrxlbn d WATER AND SEWER PIPELINE REPIACEY ENT CONTRACT NO. 4 - 69eCYH~pEDULES AAND B. di d aaY wrrelrucidn kf i wiWn a tau the barrrdar{ee d IM Town d kl mum, in rM Carl;y d EagN, State d Cobrado Ary Posen, oo-Wnrynhp, aeaddton d Pasewe. omPenY a -. , ...., Bw he fur- ndshed isbor, ttrt«iah, ptttvisiom, a liar srtp- Pie wad a Catwunl4d by •uch Carnru4er ar ns B .. on h a shod the pariomtanoe d the work aontreclad to M der and whose claim B+erslon Ar mt ben paY by Ihs Comradd or his 34_ _- .... r any time uo m and induct- ing the irne d lied _ fa IM able oon• traded m ty done, h rpuirsd b 6b a vedad alat«+wm d the arraud des and uNteld on so- mum d euW da:rr ro the term d Miriam, 302 Pins Slyer, P,D. Box 909, Mkdum, Cokndo 61&15 r a blare 1M tit. end dye h«ainahove +froarr. Fglure on the pen d any dairant to fib such verTisd statement d deim Pda to such lint eellertlwlt ail ruse old 7pwn d Mhtum, ks Caundl Mamben, iflosra, agents and d end hom any and all iebOky for such daim. TOWN OF YINTURN Lieorps Sisnerae Mayer Pro-tem PublisFrsd in TM Veil Tnl on Sepetnber 17. 18, 26 runt Ocldyr 2.7882 ~- .. .~.. i I ~~ i~ ~,:,~Nib~,:..,,>s:>>i,friY~i r I~nr .II 'f i I' P