HomeMy WebLinkAbout1993- 3 Concerning the Issuance of Local Improvement Refunding Bonds of the Town of Vail for the Booth Creek Local Improvement District; Ratifying Action Heretofore Taken in Connection TherewithF' •' 1 ,
-~ ~,~ ~ ' oRDirtANCE No. 3
Series of 1993
AN ORDINANCE OONCERNING THE LSSUANCE OF
LOCAL IMPROVEMENT REFUNDING BONDS OF THE
TOWN OF VAILy COLORADO FOR THE BOOTIi CREEK
LOCAL IIViPROVEMENT DID 1 xICT; RA ~ ~r a~'IIdG A~. ~ xON
HERETOFORE TAKEN IN CONNE~,I~ON TH.G cEW1TH;
PRESCRIBING DETAILS IN CONNED. i iON WITH SAID
BONDS AND DIS i nICT; PRESCRIBING DG ~ ~S OF
CERTAIN TOWN OrrtCIALS IN GONNE~iYON
THEREWITH; REPEALING ALL ORDINANCES AND
u ~ tiER ACTION OF THE TOWN TO THE EXTENT
INCONSISTENT HEREWITH; AND PROVIDING OTHER
MA 1 i r.RS RELATING THERETO.
WHEREAS, the Town of Vail {the 'Town"), in the County of Eagle and State
of Colorado, ig a municipal corporation duly organized and existing as a home-rule town
under Arkicle XX of the State Constitution and the Charter of the Tawn (the "Charter"};
and
WHEREAS, pursuant to the Charter and the Town's Code of ordinances (the
"Vail Code"}, the Tawn Council (the "Council") has by ordinance created within the corporate
limits of the Town a local improvement district known and designated as the Town of Vail,
Colorado Booth Creek Local Improvement District (the "District"), for the purpose of making
ceRain local and special improvements to mitigate rockfall damage (the '~mpravements"), and
has detenmined to assess a portion of the cost thereof to the parcels of property in the
District specially benefited thereby; and
~GVHEREAS, the Town has duly advertised for bids for such l[mpravements
based on estimates provided to the Council and hss entered into a construction contract for
the construction and installation of the Improvements; and
WHEREAS, in order to defray in part the costs of the Lnpravements, the
Town has hcretoforc issucd its Town of Vad, Colorado Booth Crock Local imk :. ~ cement
District, Local Improvement Bonds, Series 1989, in the aggregate principal amount of
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--'.. ' 5365,000 (the " 1989 Bonds") which were purchased by Firatbanlr of Vag {the 'Turchaser"};
and
WHEREAS, because the construction W..~..pany originally selected to construct
the Improvements failed to bu0d the Lnpravements in accordance with plans and
specifications and subsequently brought suit against the Taws, the final coats of the
Lnprflvementa w,~,,.,,.ded the original estimate; and
'VVh~xEAS, due to the delay caused by such fa0ure and the subsequent
litigation, the Town paid the interest due on the 1989 Bonds from Taws funds until
assessments could be levied against the bencfitted pray..,. pies in the District; and
WHEREAS, the Counc0 has heretofore adopted an ordinance {the"Assessment
Ordinance"} assessing the costs of the Improvements (except for certain costa paid by the
Town) against parcels of property in the District (the "assessments") in an aggregate amount
not to exceed 5487,187 in recognition of special benefits conferred on owners of parcels of
property in the District and the amount of assessments remaining unpaid after the expiration
of the cash payment period provided by the Code is 5379,771; and
WHEREAS, the Council has determined, and hereby determines, that it is
advantageous to, and in the best interests of, the Tawn and its citizens and inhabitants that
the 1989 Bonds be refunded, paid and discharged as herein provided (the "Refunding
Project"), and that the refunding bands herein authorized {the 'Bonds") be issued far the
purpose of defraying in part the cost of the Refunding Project, all pursuant to Section 10.7
and 10.8 of the Charter; and
WHEREAS, the purpose of the Refunding Project is to reduce the net
effective interest rate of the Refunded Bonds, to reduce the total interest payable aver the
life of the Refunded Bonds by issuing bonds at a lower net interest coat and having a tower
net effective interest rate, to reduce the total principal and interest payable on the Refunded
Bonds, and to effect other economies; and
WHEREAS, the Refunding Project will permit the Town to lower the interest
rate on the assessment installments; and
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WHGtcEAS, the Purchaser has agreed to exchange the outstanding 1989 Bonds
for the Bonds; and
WHEREAS, due to the prepayment of assessments during the cash payment
period the Town has available 565,000 and will call for prior redemption on April 1, 1993,
565,000 of the 1959 Bonds; and
WHEREAS, no election is required prior to the issuance of the Bonds by
Article X, Section ?A of the Colorado Constitution since the Bonds will be issued at a laver
interest rate than the 1989 Bonds;
BE 1T ORDAIlv~~ BY THE TOWN COUNCIL OF THE TOWN OF VAII.y
COLORADO:
Section 1. Issuance of Bonds Authorized. The Tawn and its officers have
determined and do hereby determine that it is necessary and for the best interest of the
Town and the inhabitants thereof that, pursuant to the Charter and the Vail Code, the Town
issue and sell bonds to the Purchaser of the Town of Vail, Colorado Booth Creek Local
Improvement District in the aggregate principal amount of 5300,000 {the "Bonds"} by
exchanging the Bonds for the 19$9 Bonds in an outstanding principal amount of 5300,000,
for the purpose of effecting the Refunding Project.
Section 2. ~.xchac~e of Bonds. The Town has determined to accept the
offer of FirstBank of Vail to exchange all of the 19$9 Bonds which will remain outstanding
in the amount of 5300,000 after the redemption of 565,000 on April 1, 1993, for the Bonds.
Section 3. hand Details. For the purpose of effecting the Refunding
Project, there shall be issued in the name of the Taws bonds designated 'Town of Vail,
Colorado Booth Creek Focal Improvement District, Local Improvement Refunding Bonds,
Series 1943," in the aggregate principal amount of $300,004. The Bonds shall be issuable in
fully registered form {i.e., registered as to payment of both principal and interest} payable to
the registered owner thereon in the denomination of 55,000 each, shall be dated as of their
date of delivery, shall be numbered consecutively in regular numerical order from i through
64, inclusive, shall mature on April 1, 1999, and shall bear interest from the date of the
Bonds until maturity (unless redeemed prior to maturity) at the rate of 7.25°fv per annum.
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' Bond which are reissued upon tramfer or other replacement :hall bear interest
from the moat recent interest payment date to which interest has been paid or duly provided
for or, if na interest has been paid, from the date of the Bonds, such interest being payable
to the registered owners of the Bonds semiannually on April i and October 1 of each year,
commencing Oct...,., 1, 1993. The principal of the Bonds is payable to the registered owner
t6.,......f as shown on the registration books of the Town kept by Central Bank National
Association in Denver, Colorado, or its successor (the "registrar"}, upon ~..:,~entation and
surrender at the office designated by Central Banc National Association in Denver Colorado,
or its successor (the "paying agent"). ~ upon presentation of eery bond at maturity, payment
is not made as therein provided, interest thereon shall continue at the same rate per annum
previously borne by the bond, until the principal thereof is paid in full.
Payment of interest on airy bond shall be made to the registered owner thereof
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 neact succeeding business
day), to the registered ovmer thereof at his address as shown on the registration books kept
by the registrar at the close of business on the fifteenth day (whether or not a business day}
of the calendar month preceding the interest payment date: but any such interest net so
timely paid shall cease to be payable to the person who is the registered owner thereof at
the close of business on such day 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 and the date fixed for the payment of such
defaulted interest shall be fixed by the registrar whenever moneys became available far
payment of the defaulted interest, and notice of the special record date and the date fixed
for the payment of such defaulted interest shall be given to the registered o~amers of the
Bonds not less than ten days prior thereto by first-class mail to each such registered owner
as shown on the registration books 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 int.,. ,..~t by such altenaative means as may be mutually
agreed to between the owner of an}- bond and the paying agent. All such payments shall
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' be made in lawful money of the United States of America without deduction for the services
of the paying agent or registrar.
Section 4. prior Redemption. All of the Bands shall be subject to
redemption prior to maturity at the option of the Tawn in regular numerical order on any
bond interest payment date, at a price equal to the principal amount thereof plus accrued
interest to the redemption date. Whenever there arc available moneys in the 'Town of
Vail, Colorado Booth Ureek Irocal limprwemcnt District, 1993 Bond Reti.......~ent Fund" {the
"Bond Fund") which is hereby created, is ~~.....,.ys of the amount required to pay interest on
the Bonds then outstanding on the next interest payment date, the Town shall :,.....rise its
option to redeem on the next practicable interest payment date a suitable number of Bonds
outstanding. Nothing herein shall preclude the To~um from refunding all or a portion of the
Bonds or from exercising its right to redeem Bonds prior to maturity from any available
source of funds, Notwithstanding the foregoing provisions of this section, there shat! be no
prior redemption of the Bonds before April 1, 1996 except from the payment or prepayment
of assessments.
Notice of prior redemption shall be given by the paying agent in the name of
the Tawn by sending a copy thereof by certified or registered first class mail, postage prepaid,
to the registered owner of each bond designated for redemption at his address as it appears
on the registration books as of the close of business on the day preceding the mailing of
such notice. Such notice shall specify the number or numbers of the Bonds to be sa
redeemed and the date fixed for redemption, and shall further state that on such date there
will be due and payable upon each bond so to be redeemed at the office designated by the
paying agent the principal amount thereof plus accrued interest to the redemption date, and
that from and after such date interest shall cxase to active. Notice having been given in the
manner hereinabove provided, the bond or bonds so called shall become due and payable
on the date so designated, and upon presentation thereof at the paying agent, the Town will
pay the bond or bonds so called. Failure to give notice by mailing or air defect in :uch
notice shall not affect the validity of the proceedings for the redemption of any other Bonds.
Arty notice maned as herein provided shall be Conclusively presumed to have been given,
whether or not received. Any Bonds redeemed prior to maturity shall be cancelled by the
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Paying Agent. No notice of rodemption :deli be given unless the Town has ava~able funds
in its custody in an amount sufficient to redeem the Bonds descn'bed in such notice.
Section S. ~istration and Transfer. The Town ahafl cause to be kept at
the registrar books for the registration and transfer of Bonds. Upon surrender for transfer
of any- bond at the office designated by the registrar, full}' endorsed for transfer or
accompanied by an assignment duly executed by the registered owner or his attorney duly
authorized in writing, the registrar shall authenticate and deliver in the name of the
transferee a new bond bearing the same number as the bond being s~...:,~.dered. All Bonds
issued upon any transfer shelf be the valid obligations of the Town evidencing the same
obligation and entitled to the same security and benefits under this ordinance as the Bonds
surrendered upon such transfer. The registrar shall require the payment by the owner of any
bond requesting transfer of any tax or other governmental charge required to be paid with
respect to such transfer, and the registrar may further impose a reasonable service charge for
any transfer of Bonds.
The registrar shall not be required to transfer any bond during a period
beginning aE the opening of business 1S days before the day of mailing by the registrar of a
notice of prior redemption of Bonds and ending at the close of business on the day of such
mailing, nor, with respect to a particular bond after the publication or the ma~7ing of notice
calling such bond for prior redemption.
As to any bond, whether or not such bond be Overdue, the person in whose
name the name shall be registered shall be deemed and regarded as the absolute owner
thereof for the purpose of malting payments thereof and for all other purposes (except to the
extent otherwise provided in Section 5 hereof} and neither the Tawn, the registrar, the
paying agent nor any other agent of the Town shall be affected by any notice to the
contrary. Except as othe~wiae provided in Section 5 hereof payment of either principal or
interest on any 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 as
hereinabwc r. ~ rided. Al! such payments shall be valid and effectual to satisfy and discharge
the liability upon such bond to the extent of the sum or sums paid.
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If 8ny bond shall be loaf, stolen, destroyed or mutilated, the registrar :hell,
upon receipt of such evidence, information or indemnity relating thereto as it or the Town
may reasonably require, and upon payment of all cxpesaes in connection therewith,
authenticate and deliver a replacement band bearing the :$me number as the lost, stolen,
destroyed or mutilated bond. If such lost, :toles, destroyed or mutilated bond shall have
matured or shall have been called for redemption, the registrar may direct that :uch bond be
paid by the paying agent in lieu of replacxment.
All Bonds au...,..dered for redemption, payment or transfer, if :u,. ~.,.dered to
the paying agent, shall be cancelled by the paying agent, and, if au.:~....dered to any r;...~on
other than the paying agent, shall be delivered to the paying agent for cancellation.
Section 6. ~legotiability. Subject to the registration provisions of this
ordinance, the Bonds shall be fully negotiable and shall have all the qualifies of negotiable
paper, subject to the registration and payment provisions stated herein, and the owner or
owners thereaf steal! possess all rights enjoyed by holders of negotiable instruments under the
provisions of the "Unif~..~.. Commercial Code - Ytrvestment Securities."
Section 7. ~xecufion and Authentication. The Bonds shall be executed in
the name of the Town with the manual or facsimile signature of the Mayor, shall bear the
manna[ or facsimile impression of the seal of the Tawn, shall be attested by the manual or
facsimile signature of the Tawn Clerk, and shall be authenticated by the manual signature of
a duly authorized officer of the registrar, The Bonds bearing the signatures of the officers
in office at the time of the authorization thereof shall be the valid and binding obligations
of the Town (subject to the requirement of authentication by the registrar), notwithstanding
that array or all of the persons whose signatures appear thereon shall have ceased to fill their
respective offices. Pursuant to the Uniform Facsimile Signature of Public Officials Act, part
1 of article SS of title 1 i, Colorado Revised Statutes, the Mayor and Town Clerk shall prior
to delivery of the Bonds file with the Secretary of State of Colorado their manual :ignatures
certified by them under oath, if the Bonds arc to be executed with their facsimile signatures.
No bond shall be vaUd or obligatory for a~- pu.r.,.-e unless the certificate of
authentication, substantially in the form hereinbelow provided, has been duly executed by the
registrar. The registrar's certificate of authenfication shall be deemed to have been executed
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by it if manually aignod by an authorized officer or employee of the registrar, but it shall noE
be nooeaaary that the same officer or employee :ign the certificate of authentication on all
of the Bonds issued hereunder. By authenticating any of the Bonds delivrxod pursuant to
this ordinance, the registrar shall be deemed to have assented to all of the provisions of this
ordinance.
Section 8. ~t of Bonds. The Bonds authorized by this ordinance and
the interest thereon shall be payable (except as r ,~~ rided in Section 9 hereof) solely from
moneys in the Bond Fund, consisting only of moneys collected (principal, interest and
penalties, if any) 6 ..... a ~, ... Lon of the assessments to be levied to pay for the bonprovements
{except to the e~cttent that such moneys are payable to the Town as a reimbursement
pursuant to Section 9 hereof}. Any assessments in the Bond Fund . ~...aining after the
Bonds, both principal and interest, are paid in full (and after any reimbursement due the
Town), shall to the extent required by the Charter be deposited in the Town's surplus and
deficiency fund created pursuant to Section 10.8 of the Charter. Immediately upon the
collection of any assessments (including interest and any penalties thereon), the moneys
therefrom shall be deposited in the Bond Fund (except to the extent that such moneys are
payable to the Town as a reimbursement pursuant to Section 9 hereof}, and said fund is and
will continue to be irrevocably and exclusively pledged far the payment of the principal of
and the interest on the Bonds.
Section 9. Surplus and De6ciencv Fund: Town Payment of Bonds and
Reimbursement. Pursuant to Section 10.8 of the Charter, whenever there is a deficiency in
the Bond Fund to make the payment of principal and interest on the outstanding Bonds
when due, such deficiency shall be paid out of the Town's surplus and deficiency fund created
pursuant to Section 10.8 of the Charter. Further, whenever three-fourths of the Bonds have
been paid and cancelled and for any reason the ......wining assessments are not paid in time
to take up the remaining Bonds and the interest due the. ~,..Y, and there is not sufficient
money in the Town': surplus and deficiency fund, then the Town shall pay the Bonds when
due and interest thereon, and reimburse itself by collecting the unpaid aaaesaments due the
District. Because the Town paid interest on the 1989 Bonds until assessments could be
levied, the Town may reimburse itself far the amounts paid by the Town by transferring up
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to twenty-6~+e percent of the amount of each a::tasment inattdlment to aay fund of the Town
as determined by the Town lVlanagcr or his designee. In the event that a court of
~~,..,petent jurisdiction caters a final, non-appealable order holding that the assessment levied
against any property in the District shall be reduced, then the Town shall not transfer airy
portion of the assessment payments made with respect to such property to any fund of the
Town other than the Bond Fund.
Section 10. fonds Not a Debt of To~vq. The Bonds shall not be a debt of
the Tawvn, and the Town shall not be liable thereon, nor shall it thereby pledge its full faith
and credit for their payment, nor shall the Bonds be payable out of anry funds other than the
specie! assessments and other moneys pledged to the payment thereof as herein provided.
The payment of Honds is not secured by an encumbrance, mortgage or other pledge of
property of the Town except for such special assessments. No property of the Tawn, subject
to said exception, shall be liable to be forfeited or taken in payment of the Bonds.
Section 11. Form of Bonds. The Bonds and the registrar's certificate of
authentication shall be in substantially the following forms, with such omissions, insertions,
endorsements and variations as to any recitals of fact or other provisions as may be required
by the circumstances, be required or permitted by this ordinance or be consistent with this
ordinance and necessary or appropriate to conform to the rules and requirements of any
governmental authority or any usage or requit:,.~,ent of law with respect thereto, and
provided that any of the text on the face of the Bonds may, with appropriate reference, be
printed on the back of the Bonds:
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(F~.,.... of Bond}
Ulv A t t;D STATES OF AMERICA
STATE OF wn..ORADO COUNTY OF EAGLE
TOWN OF VAII., COLORADO
HOC)TH CREEK LOCAL l[MPROVEMENT DID r xICT
LOCAL ]MPROVEMENT REFUNDING Bonds
SERIFS 1993
NO• CUSIP
Interest Rate JViaturity Date Dated as of Number
7.25% April 1, 1999 , 1993
REGIS i BRED OWNER:
PRINCIPAL AMOUNT: X5,000
The Town of Vail (the "Town") in the County of Eagle and State of Colorado,
a municipal corporation duly organized and e~dsting, for value received, hereby promises to
pay to the Registered Ovmer identified above, or registered assigns, upon presentation and
surrender hereof at such office designated by Central Bank National Association in Denver,
Colorado, or its successors (the 'Paying Agent"), the Principal Amount identified above on
the Maturity Date identified above (subject to the right of prior redemption hereinbelow
mentioned), and to pay interest on the Principal Amount from the most recent interest
payment date to which interest has been paid or duly provided for or, if no interest has been
paid, from the date of this Bond, at the Interest Rate per annum identified above, payable
on October 1, 1993 and semiannually thereafter on April 1 and October 1 of each year, until
payment of the Principal Amount hereof has been made. Interest on this Bond w~71 be paid
on or before each interest payment date (or, if such interest payment date is not a business
day, on or before the ne~ct succeeding business day} to the registered owner of this Bond by
check or draft maned to such registered .~ ~~.~.er at the address appearing on the registration
books kept for that purpose at the office of Central Bank National Association in Denver,
Colorado, as Registrar, at the close of business on the fifteenth day (whether or not a
business day) of the calendar month preceding the int:.. ;.~t payment date (the "Regular
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~- Record Date"). Aay such interest not ao timely paid 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 and the date fixed for the payment of defaulted interest shall be faced by the Registrar
whenever moneys become available for p.~.,~~..,cnt of the defaulted interest, and notice of the
Special Record Date and the date fixed for the payment of defaulted interest shall be given
to the registered owners of the Bonds of the series of which this is one not less than ten
days prior thereto. Altennative 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
authorizing the issuance of the Bonds (the "Bond Ordinance"). The principal of and interest
on this Bond are payable in lawful money of the United States of America, without
deduction for the services of the Paying Agent or Registrar. If upon presentation and
surrender of this Bond to the Paying Agent at maturity payment of this Bond is not made
as herein provided, interest hereon shall continue at the Interest Rate identified shave until
the Principal Amount hereof is paid in full.
This Bond is one of a series subject to prior redemption in regular numerical
order by and at the option of the Town of Vail, on any interest payment date, at a price
equal to the principal amount thereof with accrued interest to the redemption date.
Whenever there are available moneys in the Bond Fund in excess of the amount required
to pay interest on the Bands then outstanding on the next interest payment date, the Town
will exercise its option to redeem on the next practicable interest payment date a suitable
number of Bands outstanding. Notwithstanding the foregoing provisions of this paragraph,
there shall be no prior redemption of the Bonds before April 1, 1996 except from the
payment or prepayment of assessments.
Nothing shall preclude the Town from refunding all or a portion of the Bonds
or from exercising its right to redeem Bonds prior to maturity from any evadable source of
funds.
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Redemption shall be made upon giving prior notice by mailing tv the owner of
this Bond at his address as the same appears upon the registration books, in the manner and
upon the conditions provided in the Bond Ordinance.
The Registrar will not be required to transfer airy Boad during a period
beginning at the opening of business 15 days before the day of the mailiag by the Registrar
of a notice of prior redemption of Bonds and ending at the close of business on the day of
such mailing, or, with .~,...xect to a particular Bond, after the mailing of notice ceiling such
Bond for prior redemption.
This Bond is one of a series of local imr,. ~ r~ement Bonds numbered
consecutively from 1 to 60, bath inclusive, issued by the Town of Vail, and maturing on April
1, 1999, all of which are of like designation, and which are in the aggregate principal amount
of S3p0,000. Said Bond series is issued in payment for local improvements made in the Town
of Vail, Colorado Booth Creek Local Improvement District pursuant to and in accordance
with the Charter and the Vail Code, the ordinance creating the District, and all laws and
proceedings thereunto enabling.
Pursuant to the Bond Ordinance, reference to which is made for further
details, the principal of and the interest on the Bonds of the series of which this is one shall
be payable solely from a special fund designated 'Town of Vail, Colorado Booth Creek Local
Improvement District, 1993 Bond Retirement Fund" {the "Bond Fund") consisting of a
portion of the moneys collected by the Town of Vail from the special assessments {principal,
interest and penalties, if any) to be levied against alI the assessable parcels of land in the
District, to the extent provided in the Bond Ordinance. The Bond Fund is irrevocably and
exclusively pledged for the full and prompt payment of all the Bonds. If there i$ a deficiency
in the Bond Fund to meet the payment of the outstanding Bonds and interest due thereon,
the deficiency shall be paid out of airy moneys available therefor in the surplus and deficiency
fund created pursuant to Section 10.8 of the Town's Charter. Whenever three-fourths of the
Bonds have been paid and cancelled and for any reason the ..,...wining assessments are not
paid in time to take up the .~...~.aiting Bonds and interest due thereon, and there ie not
sufficient money in the surplus and deficiency fund, then the Town shall pay the Bonds when
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due and the interest thereon and reimburse itself by collecting the unpaid assessments due
the District.
All assessments shall be a lien in the several amounts assessed from the
effective date of the assessment ordinance to be adapted by the Town upon completion of
the local improvements in the District. The lien for such assessments shall be prior and
superior to all other liens except general taa liens, other assessment liens, and possibly other
liens imposed by the State of Colorado or its political subdivisions or by the United States
of America or any agency or instrumentality thereof. In the Bond Ordinance, the Town
covenants to levy and collect assessments against all assessable parcels of property in the
District and to diligently enforce the lien of the assessments against the property subject
thereto.
It is hereby certified, recited and declared that the principal amount of the
Bonds does not exceed the amount authorized by law to be issued. It is hereby also
certified, recited and declared that the proceedings taken to date with x :._~:,. ence to issuing
the Bonds and to making such local improvements have been regularly had and taken in
compliance with law; that all prerequisites to issuing the Bonds have been perf.....a~ed; and
that all acts, conditions and things essential to the validity of this Bond exist, have happened
and have been done in due time, form and manner as required by law.
The Bonds are not a debt of the Town and the Town is neither liable thereon,
nor has it pledged its full faith and credit for their payment, nor are the Bonds payable out
of any funds other than special assessments and other amounts pledged to the payment
thereof as herein stated. The payment of the Bonds is not secured by sn encumbrance,
mortgage or other pledge of property of the Town except for such special assessments
pledged for the payment of the Bonds. No property of the Town, subject to said exception,
shall be Gable to be forfeited or taken in payment of the Bonds.
The Town has designated the Bonds of the series of which this is one as a
qualified tax-exempt obligation pursuant to Section 26S(b)(3)(B) of the Internal Revenue
Code of 2986, as amended.
This Bond is fully transferable by the registered owner hereof in person or by
his duly authorized attorney on the registration boobs of the Town kept at the office of the
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Registrar upon su.. ~.~.dcr of thin Bond together with 8 duly atecuted written instrument of
transfer satisfactory to the Registrar. Upon such :.~.afer a new Bond of the same principal
amount and bearing the same number wdl be issued to the transferee in e~cchange for this
Bond, on payment of such charges and subject to such terms and conditions as are set forth
in the Bond Ordinance. The Taws, the Registrar and the Paying Agent may deem and treat
the person in whose name this Bond is registered as the absolute owner herealf whether or
not this Bond shall be overdue, for the purpose of receivit-g payment nod for all other
purposes except to the extent oth,~. ++sc hereinabove and in the Bond Ordinance provided
with respect to the payment of int~.;,.rt, and neither the Town, the Registrar nor the Paying
agent shall be affected by any notice to the contrary.
This Band must be registered in the name of the owner as to both principal
and interest on the registration books kept by the Registrar in con( 4 ~ ~.: ~ ~ty with the provisions
stated herein and endorsed hereon and subject to the terms and conditions set forth in the
Bond Ordinance. No ~ ~,.sfer of this Band shall be valid unless made on the registration
books maintained at the principal office of the Registrar by the registered owner or his
attorney duly suthorizecl in writing.
This Bond shall not be valid or obligatory for airy purpose until the Registrar
shall have manually signed the certificate of authentication hereon.
IN TESTIMONY WHEREOF, the Town Council of the Town of Vail has
caused this Bond to be executed with the manual or facsimile signature of the Mayor, and
to be signed and attested with the manual or facsimile signature of the Town Clerk under
the manual or facsimile impression of the seal of the Town.
Signed;
(Manual or Fa...-:...ile Signature)
Mayor
(MANUAL OR FACSIIVnLE SEAL)
Attest:
(Manual or Facsimile Signature)
Town Clerk
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.. Certificate of Authentication for Bond
This is one of the Bands descn'bed in the within mentioned Bond Ordinance,
and this Bond has been duly registered on the registration books Dept by the undersigned as
Registrar for such Bonds.
CENTRAL BANK NATIONAL ASSOCIATION
Denier, Colorado, at Registrar
Date of Authentication: By
Authorized Representative
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~. ASSIGNMENT FOR BOND
FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers
unto the within Bond and
irrevocably appoints ,attorney in-fact, to
transfer the within Bond on the books lrept for registration thereof, with full power of
substitution in the premises.
Dated:
NOTICE: The signature to Signature Guaranteed:
this assignment must a„~~.:,spond
with the name as it appears
upon the face of the within Bond
in every particular, without any
alteration whatsoever.
Address:
Tax Identification Number or
Social Security Number(s):
(End of Form of Bond}
-16-
•
Section 12. ~7eliverv and .~pnlication of Proceeds. When the Bonds have
been duly sold, axecuted and registered, the Town :hall deliver the Bonds to the Purchaser
in exchange for the 1989 Bonds. The registrar shall initially register the Bonds in the name
of the purchaser, or in the names of such transferces as the purchaser may designate in
writing or writings satisfactory to the registrar, or a~- combination thereof as directed by the
purchaser.
Section 13. L,ew of ~lissessments. The Town has heretofore caused the
assessments to be levied and collected as provided by law for the benc6t of the registered
owners of the Bonds. The Town hereby covenants for the benefit of each owner of the
Bonds that the principal amount of the assessments remaining unpaid as of the date of
delivery of the Bonds is in an amount at least equal to the principal amount of the Bonds.
The Town covenants that the assessments will bear interest at a rate which is at least equal
to the highest rate of interest on the Bonds and payable in one payment or in 10 annual
installments of principal, on March 1 of each year commencing on March 1, 1993, with
interest on the unpaid principal balance of the assessment, payable annually on March 1 of
each year commencing March 1, 1993. The Town hereby covenants to diligently enforce the
lien of the assessments against the property subject thereto.
Section 14. 8ssessment Revenues. All moneys received from such
assessments, including interest and any penalties thereon (except to the extent that such
moneys are payable to the Town as a reimbursement pursuant to Section 9 hereof), shall
be deposited into the Bond Fund and said moneys, along with any other moneys deposited
into the Bond Fund pursuant to the provisions of this o..l~..anee, shall be used for the
purpose of paying the principal of and interest on the Bonds and for no other purpose
whatsoever, and as security for such payment the Bond Fund is hereby exclusively pledged.
Section 15. hooks and Records. So long as any of the Bonds remain
outstanding, the Taws will keep or cause to be kept true and accurate books of records and
accounts showing full and true entries covering the collection and disposition of specie!
assessments as well as any delinquencies in the collection thereon covering deposits and
disbursements in the Bond Fund, the redemption of Bonds, both principal and interest, and
disbursements to defray the cost of the Improvements, including incidental expenses; and the
_ 17 .
:~- ! • ~
Town wd! permit an inspection and earamination of all boolka and accounts at all reasonable
times by a representative of the original purchaser of the Bonds.
Section i6. $gg}gl}atian o~strar or ,g Anent. If the registrar or
paying agent initially appointed hereunder shall resign, or if the Town shall reasonably
determine that said registrar or paying agent has become incapable of fulfilling its duties
hereunder, the Town may, upon notice marled to each registered owner of the Bonds at his
address last shown on the registration boobs, appoint a successor registrar or paying agent,
or both. No such resignation or dismissal may take effect until a successor is appointed.
Every such successor registrar or paying agent shall be the Town or a bank or trust w,,...pany
located in and in good standing in the State of Colorado. It :hall 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. authorized Action. The officers of the Town hereby are
authorized and directed to take all action necessary or appr~.,r.:ate to effectuate the
provisions of this ordinance, including, without limiting the generality of the foregoing, the
printing of the Bonds (which may include thereon an opinion of bond counsel and related
certification by the Town Clerk), the execution of such certificates as may reasonably be
required by the initial purchaser thereof or bond counsel, relating, inter alia, to the signing
of the Bonds, the tenure and identity of the municipal officials, the absence and e~stence of
factors affecting the exemption of interest on the Bonds from federal income taxation, the
accuracy of property descriptions, the delivery of the Bonds and the absence of litigation
pending or threatened affecting the validity of the Bonds, if such is in accordance with the
facts, and the execution of a band purchase contract and appropriate agreements with respect
to the services of paying agent and registrar.
Section 18. bondholders' Rights and Remedies. Any owner of airy one or
more of the Honda may, either at law or in equity, by suit, action, mandamus or other
appropriate proceedings in any court of competent 3urisdiction, r . ~~~cct the lien ~~. „~,ted by
this ordinance on the proceeds of said assessments and the moneys in the Bond Fund, and
may by suit, action, mandamus or other appropriate proceedings enforce and compel the
performance of any covenant of the Town or any duty imposed upon the Town by the
-18-
• • s
'~ ~ provisions of this ordinance, or any ordinance heretofore or hereafter adopted concerning the
District, including, without limiting the generality of the foregoing, the segregation of
assesamenta into the Bond Fund, the proper application thereof and the appointment of a
receiver. The failure of a~ such owner so to proceed shall not relieve the Town, the
Council or any of the Town's officers, agents or employees of any liability for failure to
perform any such duty. No .~;....edy or right conferred by this ordinance is intended to be
exclusive of any other remedy or right, but each such ..,...edy or right is cumulative and may
be pursued without waiving any other .~:....edy or right.
Section 19. ~'ax Covenants. The Town covenants for the benefit of the
registered owners of the Bonds that it will not take airy action or wit to ta1Ge any action
with respect to the fonds, the proceeds thereof, any other funds of the Town or any
facilities financed or refinanced with the proceeds of the Bonds if such action or omission
(i} would cause the interest on the Bonds to lose its exclusion from gross income for federal
income tan purposes under Section 103 of the Tax Code, (ii) would cause interest on the
Bonds to lose its exclusion from alternative minimum taxable income as defined in
Section 5S{b}(2} of the Tax Code except to the extent such interest is required to be
included in calculating the adjusted current earnings adjustment applicable to co.Y,..adons
under Section 56 of the Tax Code in calculating corporate alternative minimum taxable
income, or (iii) would cause interest on the Bonds to lose its exclusion from Colorado taxable
income or Colorado alternative minimum taaab[e income under present Colorado law. The
foregoing covenant shall remain in full force and effect notwithstanding the payment in full
or defeasance of the Bonds until the date on which all obligations of the Town in fulfilling
the above covenant under the Tan Code and Colorado law have been met.
Section 20. ~,s'gnation as Qualified Tax-Exempt Obligation. The Town
hereby designates the Bonds as a qualified tax~xempt obligation for pa.~ ~,~~es of Section
?.fi5{b)(3)(B) of the Tax Code.
Section 21. I,)efeasance. When the Bonds have been fully paid both as to
principal and interest, all obligations hereunder (other than the obligations set forth in
Section 19 hereof) shall be discharged, and the Bonds shall no longer be deemed to be
outstanding for any purpose of this resolution. Payment of a~- Bonds shall be deemed made
-19-
~' •
when the Town has placid in es ~ . ~ ~ ~~ with a oommexciai bank exercising trust powers, an
amount sufficient {including the known minimum yield =. ~;~~. Federal Securities) to meet all
requirements of principal of and interest on such Bonds as the same become due to maturity
or to a designated prior redemption date; and, if the Bonds are to be redeemed prior to
maturity, when the Tawn has given to the Registrar irrevocable written instructions to give
notice of prior redemption in accordance with Section S hereof. The Federal Securities shall
become due prior to the respective times on which the proceeds thereof shall be aeoded, in
accordance with a schedule agreed upon between the Town and such bank at the time of
~...~tion of the escrow. Federal Securities within the meaning of this sex~ion shall include
only direct obligations o~ or obligations the principal of and int~.~~.,yl on which are
unconditionally guaranteed by, the United States, and which are not callable prior to their
scheduled maturities by the issuer thereof; or int~.:~ts in such obligations.
Section 22. amendment or Sunnlement of Ordinance. This ordinance may
be amended or supplemented by an ordinance or ordinances adopted by the Town Council
in accordance with the Charter and the Vail Code with or without the receipt by the Town
of any additional consideration, with the written consent of the owners of 7S percent of the
Bonds authorized by this ordinance and outstanding at the time of the adoption of such
amendatory or supplemental ordinance, provided, however, that no such ordinance shall have
the effect of permitting:
(a) an extension of the maturity of any bond authorized by this ordinance
without the written consent of the owner of the bond; or
(b) a reduction in the principal amount of any bond or the rate of interest
thereon without the written consent of the owner of the bond; or
{c} the creation of a lien upon or a pledge of property, revenues or funds,
ranking prior to the liens or pledges created by this ordinance; or
{d) a reduction of the principal amount of Bonds required for consent of
such amendatory or supplemental ordinance,
Section 23. ~tatification All action {not inconsistent with the provisions of
this ordinance) heretofore taken by the Town, the Council and the officers of the Town,
directed toward the creation of the District, the construction and other acquisition of the
- ZO
1
a ' I M1
' Improvements therein, the sale and issuance of the Bonds, and the levy of aasesaments for
that purpose, hereby is ratified, apt ., ~ ued and confirmed.
Section ?.4. Chdinance lrreaealable. After the Bonds have been issued, this
ordinanee abaft constitute a Contract between the Town and the owner ar owners of the
Bonds and shall be and . ,~..,ain irrepealable until the Bonds and the interest accruing thereon
shah have been fatty paid, satisfied and discharged.
Section 2S. j jlg~tation on ~. After the expiration of 30 days from
the date of final adoption and approval of this ordinance, all actions or :alts atta.;l--:..g its
findings, determinations and contents or questioning the legality of the Bonds and all
proceedings relating thereto shall be r :, ritually barred, and the ordinance and Bonds shall
be conclusive of the facts stated therein and shall be conclusively deemed valid and legal in
every court or tribunal and shall not be open to contest for any reason.
Section 26. If any part, section, subsection, sentence, clause or phrase of this
ordinance is for any reason held to be invalid, such decision shall not affect the validity of
the remaining portions of this ordinance; and the Town Council hereby declares it would
have passed this ordinance, and each part, section, subsection, sentence, clause or phrase
thereof, regardless of the fact that any one or more parts, sections, subsections, sentences,
clauses or phrases be declared invalid.
Section 27. The Town Council hereby finds, determines, and declares that
this ordinance is necessary and proper for the health, safety, and welfare of the Town of Vail
and the inhabitants thereof.
The repeal ar the repeal and reenactment of any provision of the Municipal
Code of the Town of Vail as provided in this ordinance shall not affect any right which has
accrued, any duty impaled, any violation that occurred prior to the effective date hereof, any
prosecution commenced, nor any other action or proceedings as commenced under or by
virtue of the provision repealed or repealed and reenacted. The repeal of airy provision
hereby shall not revive any provision or any ordinance previously repealed or superseded
unless expressly stated herein.
Section 28. All bylaws, orders, resolutions, and ordinances, or parts thereof,
inconsistent herewith are repealed to the extent only of such inconsistency. This repealer
-21-
,,
~.
.~ r ~ shall riot be conatrucd to revise arty bylaw, order, resolution, or ordinance, or part thereof
theretofore repealed.
INTRODUCED, READ, APPROVED. AND ORDERED PUBLISIx~~
ONCE IN FULL ON rinST READING this 16th day of February, 1993, and a public
hearing :hall be held on this Ordinance on the 2nd day of March, 1993 at 7:30 p.m. in the
Gounc~ Chambers of the Vad Municipal Building, Va>7, Colorado.
~f.
Margar~ A. Osterfoss, Mayor ~
~S~-)
Attest:
~'~i1itL~.~~ • u..c.~
Pamela A. Brandmeycr, Acting Town Clerk
READ AND APPROVED ON SECOND READING AND ORDERED
PUBI.YSHED by title oni v this 2nd day of March , 1993.
Margare A. Osterfoss, Mayor
~S~)
Attest:
Pamela A. Brandmeycr, Acting Town Clerk
-22-
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ot• LOC6L 1f.IFAOVF1lf6NT Celmado. ar its slrccessor Elbe "registrar ], upon
BQNQS OF TriE TOVYN OF PAIL, pfe8en[&[1011 i.htl 81}TTB[ltl0! al the ofilca
FOR THE 900TH CREEK LOCAL designated by Central Bank National
VT DISTRICT; RATIFYING ACTION Assvclatlon In Denver, colorado, or its
If
u
on
t"
GTION
i
"
,
p
j.
ng agen
pay
iE TAKEN IN CON NE
succeastlr (the
• PRESCRIBING D>=TAILS IN presentation of any bond at maturity, payment Is
IN WITH SAIO BONDS AND not made as therein provided, Interest thereon
tESCRIBING DUTIES OF CERTAIN shall continue at the same rate per annum
FIClALS IN CONNECTION prevbuely home by the band, until Tha principa!
INANCES
76 Located on the eighth hole of the Beaver Creek Gol
REPEALING ALL ORD
thereof la paid In lull.
ACTION OF THE TOWN TO THE paymenE of Interval an any bond shall be
k
this heavily treed setting offers privacy an
Bachelor Course
or
~ONSISTEN7 HEREWITH; AND made to the registered owner tnereot by chec ,
OTHER MATTERS RELATING draft mailed by the paying agent on or before
st
h
it
Gu Ick views. The 4,3(10 square foot home has five rooms,
suc
Intere
seen Interest paymem data {ar,
S, the Taws of Veil phe 'Townry, In payment date Is not a business day, on or before
i living room and large family room.
six baths
I Eagle and State of Colorado,
s a the next succeeding business dayj, to the ,
orporatlon duly organized and registered owner thereof at hie address as
IX10. Call845-5800.
$595
home-rule town under Ankle XX d shown on the reglstregon books kept by the ,
lnethutbn and the Charter d the reglatrar at the dose d business on the ilftaenth
hader~;end day [whether or not a business day) at the
S, pursuant to the Charter and the calendar month preceding the Interest payment
'
`
2575 Beautiful Austrian Chalet. Vail, single-family ome
flail Code
r of Ordlnenaas [Ina
), data: but any such Interest not so Ilmefy paid
wouncil µhe "Council"J has by snail cease to be payable to me person was la
f
I
h Davos with rental a ailment. Four bedrooms, five baths,
p
lm
s o
salad wkhln the corporate
the regleterad owner thered at the closed
real Improvement dlstrkt known and buelneas on such day and shall be payable to
d
B
h
l
Trai I two-car garage and two fireplaces. A woods u
eat
ora
o
s the Town d Vall, co
the person who b the registered owner thereof at
IrrRarovement District (the •pistrlct'), the close d business on a spade! record data for
l
d
i
l Settin with commandin views from the Gore Range
g g
an
n
oca
lose of making certa
the payrrrent of any such detauked Interest. Such
rrovemente to mn€gate rockfall special record date and the data fixed for the
"
to Grouse Mountain. Asking $349,(}00. Call 479-2
he 'Improvements
-, one has payment d such defau8ed interest shall be fixed
to assess a portion o1 the cast b the re latter whenever moneys become
e parcels o1 property In the Dlstdcl available for payment of the defauRad interest,
Iellted thereby; and and notice of the spacial record date and the
3850 A riverside, custom-designed, single-family ome
rs, the Town has duly advertised for data fixed Tor the payment d such defauhed
r Improvements based on eatlnratea Imerast shall he given to the registered owners
tered Into a
d h
dl
Eaglebend featuring a terraced yard down to the river's a ge.
as en
an
the Coun
cantracl for the construction and of the Bonds not less than ten days prior thereto
by 11rst~clasa mall to each sucn registered owner
DrlT1C 'Three bedrooms, 2-1 /2 baths. Located one mile from
i the Improvements;
I.S, in order to dahay In part the costs ~ shown on the rapletratlon books on a date
salaried by the registrar, stating the date d the
the entrance tQ Beaver Creek Re50rt. $255,OOt). For _
wements, the Town has heretofore
special retard date and the data fixed for the
own of Yall, Colorado Booth Creek
payment of such datauned interest. Tha paying more details, call 845-5800.
vement Dletrid, Local improvement
98 1989, In the aggregate principal agent may melee payments of Interest by sucn
~
r
~
m
~
~
u
i385,on0 (the "1989 Bonds") which beN~e
ayi g
f
id the
p
id a
bor
en the owner ~ y
rased by FIrslSank of Vail (the agent. AN such payments shall be made In lawful
Elk Located in Beaver Creek's most exclusive neighbor-
I; and money of the Unnad States d America without
AS, because the conetruclion deduction for the services of the paying agent or
convenient ski-in/ski-out access. is ome
Track hood
riginaliy selected to construct the registrar
its lalled to build the Improvements gECTION 4. Prbr Redemption. An d the ,
'
f*204 features a swi..u...ng pool, Jacuzzi, four-car garage,
oe with plans and specNlcatlona and Bends steal! be subject to redemption pr[or to
ly brought suit agalnat the Town, the maturity at the option d Fhe Town in regular five bedrooms and five baths. Shown by appointment
of the Improvements ex.::.: ;the numerical order on any bond imerast payment
'Hats; end date, at a price aqua! to the principal amount
h
d b
only, ~'~~700,{H}0• Ca11845-5800.
y suc
A5, due to the delay cause
tntred plus accrued interest to the redempllan
the subsequent thlgatlon, the Town date
4henever there are available moneys in
.
areal duo on the 1989 Bonds from the .Town d Vail, Colorado Booth Creek Local
r until aesessmente could be levied {rgarovament District, 1993 Bond Retirement
i
D~
1141A Secluded Berry Creek Ranch half-dap ex on une
tr
beneihed prapeAlea in the
cl; Fund' one "Bond Fundy which is hereby
a ~'~• ~' exdass °"~ ~"'°°""~°i"~1O ~Y
f
h une Creek Raad, s taculaz views of Arrowhead Ski
ereta
or
:AS, fns cavndt nee
an ordinance {the 'Assessment interest on the Bands then autstanding an the
next interest payment date, the yawn anal!
Creek Area and era mountains beyond. $289,000• Call
~y
"l aeaeasing the costa ai the exercise lie option to redeem on the next
iris {except for certa[n costs paid by prax:tkable interest payment data a sukable
aga{nst Parcels d property In the nuniaer of Bonds outstanding. Nothing herein Road 845-5800-
s "assessments"l In an aggregate obeli preclude the Town from refunding as or a
to exceed 5487,187 to reoognklan d ~~ d the Bonds orlrom exaroising its right to
tribe corslerred on owners d percale redeem Bonds prior to maturity from any
435 A brand new sin le-famil home overlooking the
g y
r In the Dlsfricf and the amaUnt d available source of funds. Notwfthstanding the
nts remaining unpaid attar the foregoing provlabrts d this section, there shall
d
id
ril
bd Lpn ;IOt'iL Second een of the Singletree Gfalf Course. 1~oUr
g
prov
e
of the cash PaY~nt Par
be no prior redemption d the Bonds before Ap
e Is 6379,771; and 1 4996 except from Tha payment ar t~PaY~nt ,
Road bedrooms, 3.5 baths, two-car garage, and a fireplace
:AS, the Coundl has detemrfned, and ~ aesessmeme.
;ermines, that IE is advantageous to, Notice o1 pritx redarrptlvn shah be glean by
n
are st a few of the wonderful amenities, Asking
lu
beat interests d, the Town and
s the paying agent in the name d Ehs Town by
d Innabltants that the 1989 Bonds be sending a copy thered by oert8led or registered $4gg~I~, Ca11479-2000.
paid and dlacherged as herein feral lass mail postage prepaid, to the registered
he "Refunding ProJed"), and that the owner of seen bond designated for redempton
roods herein autnorized {the'Bonds"l at his address as k appears on the registtatlan
for the purpose d delrayirrg In part the hooka as d the close of br,slnesa on the day
TJ~g Two brand new, custom single-family homes on
a Refunding PwJect, all Pursuant to preceding the mailing of such notice. Such
~.7 and 10.8 d the Charter; and rwtlce shall specHy the number or numbers d
Villa scenic Bighorn Creek in East Vaii. Currently nearing
EAS, the purpose o1 the Refunding the Bonds t° be so redeemed and the date inred
;a reduce the net effective Interest rare for redempt€an, and shall further state that on
~ pyj; completion, these homes feature fresh and innovative
rlunded Bonds, to reduce the Iota! such date there will be duo and payable upon
ayable over the Ifte of ins Refunded each bond so to be redeemed at the office
l
BZ ItQrn deal s and a popular close-in location on the Town
~
Issuing bonds at a lower net interest designated by the paying agent the principa
having a lower not effective Interest amount thereof plus accrued Interest Eo 1he c
Creek of Vail bus line. T'rieed from $334,300. Ca11479-2060.
educe the total principal and interest redemption data, and that from and after such
n the Refunded Hoods, and to ei[ect data Interest sheik cease to accrue. Notice
remiss; and having been given In the manner hereinabova
TEAS, the Refunding Project wfl! permit provided, the bond or bonds so called shall
~Zg This Vail single-family borne on Lot 23 is an example
I to lower the interest rats on the become due and payable on the data so
ant installments; and designated, and upon pesentatlon thereof at the
Grand of the finest construction and materials available.
TEAS. tea Purchaser has agreed to paying agent, the Town will Pay the band or
the outstanding !989 Hoods for the bonds so called. Failure to glee notice by mailing
Traverse Four bedrooms, private master suite, 4.5 baths, family
rd or any defect In each notice shah not aHed the
TEAS, due to the prepayment of valldily d the proceedings ter the redemption of
den, gas heat, two-car garage and 1,000 square feet of
ants during the cash payment period a„y other Bonds. Any notice mailed as herein
has available 585,000 and will call for provided shah he concluahrely presumed to have
unfinished space. $655,000. Far more information, Cal.
mptlon on AprN 1, 5993, 585,000 d the been given, whether or nd recehrod. Any Bands
ds; and redoerned prior to maturity shall he canoeNed try 479-2020.
TEAS, na election Is required pr€ar to the paying Agent. No notice d redemption shall
nce of the Honda by Article K. Section ~ given unless the Town has available funds M -
Coorado Constnutbn since the Bonds hs custody in an amount sufficient to redeem the
sued al a lower Interest rate than the Bands described in such notice.
Wildridge Beautiful log duplex. Three bedrooms, 2.5 baths,
Ids; SECTION 5. Reglatratlan and Transfer. The
t at tfie registrar
ke
TOWN COUNCIL
b
gas heat. Quality throughout. West,
arage
two-car
p
e
Town shalt cause to
ORDAfNED BY THE ,
g
!OWN of VAS. COLORADO: books tar the regfstretlon and transrer of Bonds.
bond at the
r d an
i
d
A
th
f
d
f
' $193,000 unfurnished. Call
East
000 fuxnished
$199
y
u
or
ze
or trans
e
s
. ~an surrender
ION 1. isauanoe d Hoo ,
.
,
nand ns otfbere have determined and office designated by the registrar, fully endorsed
y defemrlne that k Ia neoeasary and for for tranefar or aocompenled by an assignment
479-2000.
krtersst of the Town and the inhabkanta duly executed by the registered owner or his
rat, pursuant to the Charter and the Val( aaomey duly authorized In writing, the registrar
w Town fasue and sell bonds to the shall authenticate and deliver In the Hama d the
sr d the Town d Vail, Colorado Booth tranalarea a new bond hearing the same number
285 Newly remodeled six-bedroom, five-bath home with
Local improvement Dlatrlct In the ag the bond being surrendered. AN Bonds Issued
to principal amount of 5300,000 [tne upon any transfer shall be the valW obligatlens ,
Holden separate caretaker's unit in Beaver Creek. Gas heat,
by exchanging the Bonds for the 1989 °( Ehe Taws eNdencing the same abligatbn and
d banetns under
t d
i
i
bulous views of ski nuts. Price recently reduced.
d f
amoun
ty an
n an outstanding prlndpa
entnled to the same secur a
Roa
0, far the purpose o1 ellecting the this ordinance as the Bonds surrendered upon
rg ProJea. ouch transfer. The registrar shall require the
$1,195,00(1. Call845-5800 or 479-2000•
1'10N 2. Exchange of Bonds. The Town payment by the owner d any bond requesting
~rnined to accept the offer d FlretBank d transfer d arty lax yr other governmental charge
xcnanga all d the 1989 Honda whkh will required to be paid wkh respect to such Transfer,
outstanding in the artwunt d 5300,000 and the registrar may further Impose a
redemption d 585.000 on April 1, 1993, reasonable service charge for any transfer d
,cods. Banda.
T10N 3. Board Details. For the purposed Tha registrar shall not be required to transfer
f the Refunding Protect, there shall be any bond during a period beginning at Ehe
In the name of the Town bonds open;ng d business t5 days before the day d
!ed'Town of Vail, Colorado Bootn Creek mailing by the registrar of a notice d prior
nprovement District, Local Inprovement redemption of Bonds and ending et the close d
Ing Bands, Series 1993,' in the businasa on the day of such mailing. nor, wnh
its principal amount of 5340,000. The respecK t° a particular band after the publication -
shall be lasuabla in fully regletered form or the mailing of nottoe Galling such bond for
llstered as to payment at t>otn principal prior redemption.
eras!) payable to the registered owner Aa to any bond. whether ar not such bond be
In the deneminatlon a! 55,000 each, overdue, the person In whose name the same
a dated as of their date of delNery, shall shall be registered shelf be deemed and ~
~ ~
a a
Ibered consecutively in regular numerical regarded as the absolute owner thereof for the -
om 1 through e0, Inclushra, shall mature purpose of making paymems thereof and for all
( i. 1999, and shall bear Interest from the other purposes (except to the extent otherwise
ntil maturity (anises
5 hereoif and neither the
d
t
a "°E SY. aloes Place 845.5{
Lionshead $79.2000 ~ ~]~ J
',f'~
~'r--~ '
1
® R
~
6 u
°n
rf the B9R
provided In 5ect
red prbr to maturityf at the tale of 7.25% In a ant nor any
Town, the registrar, the pay 9 9 ,
.
esort
REE • Beaver Creek
Vail Village/Sitztnark 479.2020
rum. clher a ant of the Town shall be affected by any
~_ ...,.,_~ ..... ...inn„url „non 1ranC Nf Of .._ _
~_ .~_ ___....... c....dnf ~a ntherwiee
~ wu as,oU.is,irc.-c~wan+ro or~~oi naay aba. aal Re:,n
$r1Cl a Street 479-2060
at be roar, stolen, destroyed dr
Ilstrar shalt, upon recelp! d
amnation ar indemnity relating
Town may reasonaby require,
of aN expenses in connedbn
antlcata and deliver a
bearing the same number as
rstroyad or mutilated bond. H
destroyed or mutilated bond
I or shall have been called for
rglstrar may direct Ihat such
the paying agent In lieu of
rrenderad for redemption,
r, if surrendered to the paying
ncalled by the paying agent,
I to any person other than the
II be delivered to the paying
ion.
VagOtfab9lity. Subject to the
.ions o! this ordinance, the
ly negotiable and shall have
nagdiabla paper, subject to
id payment provisions stated
weer or owners thereof shall
is en]oyad by holders of
ants under the provisions of
tmercial Code - Investmont
xecu[ion and Authentication.
s executed in the name of the
fuel orfacsimfle signature of
year the manual or facsimile
seaE of the Town, shall ba
nual or facsimile signature of
nd shall be authenticaEed by
re of a duy authorized officer
The Bonds bearing the
riicers in oryice at the time d
sareof shall t>a tho valid and
of the Town {subject to the
hentfcatlon by the registrar},
at any or all of the persons
appear thereon shall have
aspeclive offices. Pursuant to
simile Signature of Public
1 of article 55 of title 11,
purpose unless the cart8leate of authentication,
subsfanflally In the form harelnbalow provided,
has been duly executed by the registrar. The
registrar's cerlillcata of authenticatlon shelf be
deemed to have been executed by R if manually
signed by an authorized officer or employee of
the rogistrar, but h shall not be necessary that the
same officer or employee sign the certificate of
authenticatlon on all of the Bands issued
hereunder. By authenticating any of the Bonds
delivered pursuant to this ordinance, the
registrar shall be deemed to have assented to all
of the provisions of this ordinance.
SECTION e. payment of Bands. The Bands
authorized by this ordinance and the interest
thereon shall be payable (excepE as provided in
Section 9 hereof) solely Tram moneys In the
Bond Fund, consisting only of moneys collected
(prindpai, Interest and panafties, it any) from a
portion o1 the assessments td be levied to pay tar
the Improvements (except to the extent that such
moneys are payable to the Town as a
reimbursement pursuant to Section 9 hereof).
Any assessments in the Bond Fund remaining
after the Bonds, both prindpa! and interest, are
paid in full (and after any reimbursement due the
Town}, shall to the extent required by the Charter
be deposited in the Town's surplus and
deficency fund created pursuant to Section i0.8
of the Charter, Immlodlafety upon the collection of
any assessments (including interest and any
penahles thereon, the moneys therefrom shall
be deposited in the Bond Fund (except to the
exfem that such moneys are payable to the Town
as a reimbursement pursuant to Section 9
hared), and said fund is and will continue io be
Irrevocably and exclusively pledged for the
payment of iho principal of and the interest on
the Bonds.
SECTION 9. Surplus and Deficiency Fund;
Town Paymem of Bonds and Reimbursement.
Pureuant to Section 1D.8 of the Charter,
whenever there Is a defidency In the Bond Fund
td make payment o! principal and Interest on the
outstanding Bonds when duo, such deficiency
shall be paid out of the Town's swplus and
defiLkenoy Lund Created pursuant to 3edlon 10.8
Bonds when due and Interest thereon, and
reimburse itself by collecting the unpaid
assessments due the District. Because the Town
paid Interest on the 1989 Bonds until
assessments could be levied, the Town may
reimburse itself for the amoums paid by the
Town by transferring up two twenty-five percent
of iho amount of each assesamont installment to
any fund of the Tawn as determined 6y the Town
Manager or his designee. In the avam that a
court of competent jurisdiction enters a final,
non-appealable order holding that the
assessment levied against any property in the
District shall be reduced, then the Town shall not
transfer any portion d the assessment payments
made with rasped to such property to any fund of
Ehe Town other than the Bond Fund.
SECTION 10. Bonds Nat a Debt of Town. The
Bonds shall no! be a debt of the Town, and the
Town sha;l not be liable thereon, nor shall it
thereby pledge its full laifh and credit for their
payment, nor shall the Bonds ba payable out o!
any funds other than the special assessments
and other moneys pledged to the payment
thereof, as herein provided. The paymon[ of
Bonds is not secured by an encumbrance,
mortgage or other pledge of property of the Town
excepE for such special assessments. No
property of the Town, subject to said exception,
shall be liable to be forfeited or taken in payment
of the Bonds.
SECTION 11. Form d Bonds. The Bonds and
the registrar's cattihcate of authentication shall
be In substantially the following forms, with such
emissions, Insattl0ns, endorsements and
variations as to any recitals of fact nr other
provisions as may be required by the
circumstances, be required or permitted by this
ordinance or be consistent with Phis ordinance
and necessary or appropriate to conform to the
rules and requirements of any governmental
authority or any usage or requirement of law with
rasped thereto, and provided that any of the text
an the face of the Bonds may, with appropriate
reference, be printed on the back of the Bonds:
(Form d Bond)
UNITED STATES OF AMERICA
0
WII.TSHIRI:
~ouer
REFUNDING BONpS
SERIES t993
No,
interest Rate:7.25%
Maturity Date: April 1, 1999 '
Dated as of , 1993
CUSIP Number;
REGISTERED OWNER:
PRINCIPAL AMOUNT: 55,000
The Town of Vail (the "Tatwn"} in the County
or Eagle and State of Colorado, a municipal
corporation duly organized and exlafing, for
value received, hereby promises 1d pay to the
Registered Dwner Identified above, or registered
assigns, upon prasamation and surrender hereof
at such office designated by Central Bank
National Association In Denver, Colorado, ar ifs
successors (the "Paying Agent"}, the Prlndpal
Amount identified above on the Maturity Date
Identified above (subject to the right of prior
rexfempfiort herelnbebw mentioned), and to pay
interest on the Pdncipal Amount from the most
recenF Irtterast paymtent data to which interest
has been paid or duly provided for or, If no
interest has been paid, from the date of this
Bond, at the Interest Rato per annum Identified
above, payable on Dctober t, 1993 and
semiannually therearier on April 1 and October 1
of each year, until payment of the Prindpai
Amount hereof has been made. Interest pn this
Bond will be paid on or before each interest
payment date (or, y such interest payrrfant date is
not a business day, on or before the next
succeeding business day} to the registered
owner of this Bond by chedt or draft malted Fo
such registered owner at the address appearing
on the registration books kept for that purpose at
the oryica of Control Bank National Association In
Denver, Coorado, ae Registrar, at the class of
business cn the fifteenth day (whether or not a
business day} of the calendar month preceding
the Interest payment date {the "Regular Record
Date"). Any ouch interest not so timely paid shall
cease to be payable to the person who Is the
registered owner hereof at the cbse of business
on the Ragufar Record Date and shalt be
payable to the person who is the registered
Six luxurious residences with the freest ski-in/ski-out location in the Yail Yalley.
Prices furnished upon request. Ca11845 5800.
I.ionshead 479-2000 ~~~s
Vail Village/Sitzmark 479-2020
Bridge Street 479-2060 va,~~~>~~^~ ~'~,~sa~o~~~«~a~wa,~~~~,~,~R~ rt
St. James Place 845-5806
Beaver Creeks Resort 845-5800
Record Data and rho date 11xed b
df deiauhed Interest shall be
registered owners of the Bonds r
which this Is One not loss Than
Fhereto. A)lernathre means of payr
may be used i1 mutually agreed 1
owner o! any Bond and the Pal
provided in the ordinance at
Issuance W the Bonds pho "Bon
Tha principal of and interest on
payable In fawfut money of the U
Amerba, without deduction for the
Paying Agent or Reglafrar. If upc
and surrender of this Bond to the
at maturity payment of ibis Bond
herein provided, Interest hereon
at the interest Rate Identified a
Prindpaf Amount hereof Is paid in
This Bond is one of a series s
redemption in regular numerical c
the option of the Town of Vail, t
payment date, at a price equal t
amount thereof wllh accrued ii
redemptbn date. Whenever there
moneys in the Bond Fund In ~
amount required to pay interest
then outstanding on the next in4
date, the Town wf€f exercise Ira op
on the next eradicable Interest p
suisabfe number of Bonds
Notwithsfanding the foregoing pro
paragraph, there shall be no prier
the Bonds before April 1, 1998 e'
payment or prepayment al assessr
Nothing shall preclude Ihs
refunding all or a portion of the
exercising Its right to rede6m E
maturity from any available source
Rederrptbn shall be made up
notice by mat#ng to the owner of tl
address as the same epees
ragfstratlon books, in the manner
conditions provided In the Bond Oi
The Registrar will not be requl
any Bond during a period beg
opening of busirtues 15 days bete
the mailing by the Registrar of a
redemption of Bonds and ending
business on the day of such mr
respect to a partbular Bond, after
notice calling such Bond for prior r
This Bond Is one of a se
Improvement Bonds numbered
from t to 60, bath indushre, Issues
of Vail, and maturing on April 1
whbh are of Ifke dasignetlon, am
the aggregate principal amount
Sold Bnnd series Is Issued in pay
Improvements made In the T
Colorado Booth Creak Local
Dislrid pursuant to and In accord
Charter and the Vall Code, tl
creating the District, and a
proceedings thereunto enabling.
Pursuant to the Bond Ordlnano
which is made for lulthar data€ls, t
and the Interest on the Bonds of
which this k one shall be payable
special fund daslgnated'Town o!
Booth Creek Local Improvement
Bond Rellremenr Fund" (the 'i
consisting of a portion of the mon
by the Town o1 Vall from
assessments (prlndpal, Interest ar
any) to be levied against all 1h
parcels of land In the District,
provided in the Bond Ordinance. T
Is Irrevocaby end excluslvey pled!
and prompt payment of all the Bonc
deficiency In the Bond Fund !o mss
of the outstanding Bands and
thereon, the deficiency shall be p
moneys available therefore In thl
detidancy fund created pursuant tt
of the Town's Charter, Whenover tl
the Bonds have been paid and car
any reason the remaining aaseasr
paid in time to take up the remain!
interest due thereon, and there la
money in the surplus and dellcler
the Town shall pay the Bonds who
Interest Fhereon and relmbun
collecting the unpa€d asseaemr
Dlstrld.
All assessments shall be a Ilan
amounts assessed from the alfedl
assessment ordinance to be ad
Town upon completion of
Improvements In the Dlstrld. The
assesamenta shall be prbr and e
other flans except general tax
aeseasment !tens, and possibly
Imposed by the State o! Colorado
subdivlstone or by iho Unhed State
or any agency or Inetrumentalhy tl
Bond Ordinance, tale Town Dove
and collect assessments against r
parcels of property in the Dlstrld ar
enforce the Ilan of the asseasmren
property subject thereto.
h Is hereby certified, racked and
the principal amount d the Bon
exceed the amount authorized 1
issued. It le hereby also certified
declared that iho proceedings take
reference to Issuing the Bonds a
sucfi local Improvements have b
had and taken In compliance wld
prerequiahae Eo Issuing the Bona
performed; and That all acts, a
things easentlal t0 the validity of th
have happened and have bean
time, Corm and manner as required
The Bonds are not a debt of the
Town Is neriher liable thereon, nor I
Its lull faHh and credit for their pay
the Bonds payable out of any fun
speclat assessments and oth
pledged to the payment thereof ae
The payment d the Bonds 3s not s
encumbrance, mortgage or otht
property of the Town except for
assessments pledged for the Pe
Bonds. No property of the Town, e
exoep[bn, shall be liable to be fod~
in payment d the Bands.
The Town has deslgnefed the
series of which this is one as a
exempt obligation pursuant
285(b)(3)(B) of the Internal Reve
1986, a6 amrended.
This Bond is fully transfers
registered comer hereof In person
authorized anorney on the regletra
"Wle couldn 't wait...
until' our ~Tiltshire Court home was finished to
enjoy the views of Berxver Creek Resort. "
Including, without Ilmlting the ganeralHy o1 the
foregoing, the priming of the Bonds (which may
include thereon an opinion of bond counsel and
related certlflcatlon by the Town Clerk), the
exetxnlvn of such cartlibates as may reasonaby
be required by the inhlal purchaser thereof ar
bond counsel, relating, imer alts, to the a€gning
of the Bonds, the tenure and identky of the
munldpal oHk:iala, the absence and existence of
iadore atteding the exemption of Interest on the
Bands from federal income taxaFion, the
accuracy of property descript[ons, the delivery of
the Bonds and the absence of IHigatlon pending
or threatened affecting the vaiklhy o1 the Bands,
n such is In accordance with the facts, and the
execu(lon of a bond purchase contract and
appropriate agreements wRh respect to the
services of paying agent and registrar.
SECTIDN 18. Bondholders' Rights and
Remedies. Any owner of any one or more of the
Bonds may, either at law or in equhy, by suit,
action, mandamus ar other appropriate
praoeedings in any court of competent
Jurledlctlon, protect the lien created by this
ordinance an the proceeds of sold assessments
and the moneys In Ehe Bond Fund, and may be
suit, adlon, mandamus or other appropriate
proceedings enforce and compel the
performance of any covenant of the Town or any
duty inposed upon the Tawn by the provisions of
this ordinance, or any ardlnance heretofore or
hereafter adopted concemtng the District,
Including, without IlmHing the generality of the
foregoing, the segregation of assessments into
the Bond Fund, the proper application thereof
and the appointment of a receiver. Tha !allure of
any such owner so to proceed shall not rel€eve
the Town, the Council or any of the Town's
oHk:ere, agents or employees oT any Ilabitity for
lettuce to peMOrm any such duty. No remedy pr
right conferred by this ordinance Is (mended to
be exclus[ve of any other remedy or right, but
each such remedy or right Is cumulatNe and may
he pureued without walving any ether remedy ar
right.
SECTION 19. Tax Covenants. The Town
covenants for the benefit of the registered
owners of the Bonds that h will not take any
adlon or omi! to take any adbn wRh reaped to
the Bonds, the proceeds thereof, any other funds
et the Tawn or any facilkles 1€nanced or
refinanced with the proceeds of the Fonds H
such adion or omisaion (I} would cause the
imerest on Ehe Bongs to lose ka exclusion from
gross income for federal Income tax purposes
under Sedion 903 of the Tax Code, (ty would
cause interest art the Bonds to Iaae Its exduafon
from ahernative minimum taxable Income as
defined In Section 55 (b)(2) of the Tax Gode
except to the extent such imerest is requked to
be Included In calculating the adluated currem
eaminga adJuslment applicable to corporetlons
under Bectlon 56 of the Tax Code In calculating
corporate attemative minimum taxable income,
or {ilq would cause (merest on the Bonds to lase
Its exdusbn from Colorado taxable income or
CPlafada ahernatlve minimum taxable Income
under present Colorado law. The foregoing
covenant shall remain in toll force and eHed
notwllhstanding the payment in full or
defeasance of the Bands unih the date on which
all obligations at the Town In futllNing the above
covenant under the Tax Code and Colorado law
have been met.
SECTION 20. Deslgnatfon as DualHled Tax-
Exempt Obligation. The Town hereby deslgnatee
the Bonds as a qualNled tax-exempt obligation
for purposes of Sedbn 265(bl(3}(Bl of the Tax
code.
SECTION 21. Defeasance. When the Bonds
have been fully paid both as to principal and
Interest, all obligations hereunder (other than the
obligatlans sat forth in Sedbrt t9 hereof) shall
be discharged. and the Bonds shalt no longer be
deemed to be outstanding for any purpose of this
rasolutian. Paymem of any Bnnds eha11 ba
deemed made when the Town has placed In
escrow with a cammerciat bank exexlsing trust
powers, an amount sufficient {including the
known minimum yield from Federal Securities} to
meet all requirements of principal of and Interest
nn such Bonds as the same become due to
maturity or to a designated prior rademptlon
date; and, H the Bonds era to be redeemed prior
to maturity, when the Town has given to the
Registrar hrevocabie written Instrudlona to gMe
notice of prior redemption [n accordance wtth
Section 5 hereof. The Federal Securities shall
became due prbr to the respective times on
which the pr....:. thereof shall be needed, in
accordance with a schedule agreed upon
between the Town and such bank at the time of
creation of Eha escrow. Federal 3ecurliles wkhin
the meaning of this aedion shall Include only
direct obligatlona of, or obligations the princpal
of and interest on wh€oh are unconditionally
guaranteed by, the linked States, and which are
not callable prior to their ac#redured ntatudtles by
the issuer thereof, or intevests In such
obligations.
SECTION 22. Amendment or Supplement of
Ordinance. This ordinance may be amended ar
supplemented by an ordinance or ordlnancea
adapted by the Town Council in accordance wfih
the charter and the Val! Code whh or without the
receipt by the Town of any addltlonal
aonslderatlon, with the wrtten consent of the
owners of T5 percent of the Bonds aulhnrtzed by
this ordinance and outetandfng at the time of the
adoption of such amendatory or 9up}~lemental
ordinance, provided, however, that no such
ordinance shall have the eHed of permlHing:
(a} an extension of the maturhy of any bond
authorized by this ordinance wthout the written
consent of the owner of the bond; nr
(tai a reduction in the prncipal amount of any
bond or the rate of Interest thereon without the
wrhen consent of the ownerot the bond; ar
(c} the creatbn of a lien upon or a pledge o!
property, revenues or funds, ranking prior to the
(lens ar pledges aeaAed by this ordinance; or
(d} a redudlon of the principal amount o1
Bands required for consent oT such amendatory
or supplemental ordinance.
SECTION 23. Ratlf€catton. Aft adion (not
Inconslatent with the provisions of This
ordinance) heretofore taken by the Town, the
Council and the oHicere of the Town,'dlreded
toward the creation of the District, the
construction and other acqulsHlon of the
Improvemanta therein, the Bale and lesuance of
the Bonds, and the levy of assesameme for that
purpose, hereby Is ratified, approved and
confirmed.
Jeffrey Koch • 476-3242 • P.O.Box 3940
VAtLVALLE~
• By the Covered Bridge in Vail 1ltllage • REAL ESTAi ~
~ttQK~~tS INC.w
WALK TO LIFTS
This one bedroom unit offers you
the enjoyyment of life in the center
of Vail ~Ilage and the lavish sur-
roundings of the Mountain Haus
pool andspa. All forthe attractive
price of ...........................5219,4030
tc s _.
~~ ~~
$ a~._ . { ~
t#~~ ~, t.
DELIGHTFULLY DECORATED
This enchanting condominlurr
combines postcard views with c
walk to the lifts location. Twc
bedrooms, two baths, lovingly fur
Wished ............................. 5525.000
~~~
ELEGANCE AND EASE
This ski-in, ski-out, remodeled 2
bedroom/2 bath condo is de-
signerfurnished and readyforyou
to enjoy at $335,000 -great rent-
als, tool
GORE CREEK GETAWAY
This large two bedroom condo-
minium features a walkout patio
on Gore Creek, free Town of Vail
busservlce, and averyaffordable
price ................................S135,D00
~',~ _ ~
:.~~ .
GONDOLA VIEW
Pay for one bedroom, gtat th(
functionaliiyoftwowiththfsuni of
Lionshead property. A converti~l(
den makes Into a second bed
room, Sunny ski slope views anc
ski-in, ski-out access to Vall Moun
Lain make this a wonderful rental
Pool,sauna .....................5230,001
~E,: ~,. ~_ t.
BEST OF BOTH WORLAS
This conveniently located condo
minium features a rental apart
ment that helps pay your cost a
ownership. Closetofreetown bu:
Upstairs - a sunny two bedroon
condominium on two levels, dowr
stairs--a greatstudio rental apart
ment ................................ S 141,501
ICE AND STORAGE
se. Concert Hall Ptaxa,
r'er Management Com-
ER SPACE perfect for
ail, nightclub, or office
floor visibility. High
~tity of an-site parking.
e from 450 s.f. to 450(}
Vail Valley n.,r...ties
:CE SPACE AVAiL-
Professional Building.
nderground parking
on-site secretarial ser-
Call the Vail Profes-
e 47Cr6415 for more
:SCE in the Branders
600/mo. includes
vices. Call jtme 476-
S SHOPPING CEN-
and office space for
illage location, within
ice to ski slopes. Free
sing. Excellent tenant
anagement Company
CMUNITY
:RVICE
JRTING? We can help!
en call The Advocates
i s Resource Center, 24
VT TO DRINK, that's
ti If you want to atop,
dcoholics Anonymous,
>'. Meetings in the base-
Vail Interfaith Chapel,
Thursdays, Fridays at
A RELATIVE or friend
ic, Al-Anon can help.
nndays, Beaver Creek
newcomers,- _7:30pm
sting. Babysitting
.o Fridays, Vail Inter-
~:30pm. 949-6365.
3 ANONYMOUS -Vail
hapel, Wednesdays
Fairgrounds extension
fpm Thursdays; Sun-
m Vail Municipal
0713, 524-9393.
['PORT GROUP meets
Wednesday evening
railing room at Vail
dical, 181 W. Meadow
ail (above emergency
Wore information call
Ian 47fr5695, or George
i-1836.
'S ANONYMOUS -
ry Tuesday $pm at the
c Chapel, and Friday
rn Municipal Building.
~rmation call Jay 1-G53-
476-2902.
ENTS ANONYMOUS
aesday noon at the Vail
pal. Saturday meetings
ring Tree School. 949-
EE'I1NGS - If you are a
:fend of an alcoholic,
n help. Meetings
saver Creek Chapel
.287/926-37$8.
NnoN YOUR PET.
.d home through a free
,27-4006.
~~LOAN
i~~~ TM
IV13 l-IOR1B5
X00,000,
}me verification
1tS
ijustabie Rates
303-47G-3242
Call Jeff Koch
SECURE YOUR VAIL/BEAVER
CREEK HOME -Experienced
caretaker with references seeks live-
in situation in exchange far security,
yard work and home maintenance.
Please call Michael 827-5638, leave
message.
^ Home Improvement
WINDOW COVERINGS -Sales and
installation of blinds, verticals,
pleated shades, draperies, etc. Dis-
mounted pricing. Cali Hawkeye 5er-
vioes in Avon 845-7655.
REMODELING/PROrnfci ~ MAW-
TENANCE services. We provide
high quality work and reliable ser-
vice for your every need. Established
in Vail since 1972, we spedalize in
the smaller projects. Please contact
Rich Brawn 949-4186.
WINDOW COVERINGS, RUGS,
fabrics, etc. in-home personalized
service. Excellent selection at very af-
fordable prices. Free estimates.
Shadey Deals 926-2888.
FOLIAGE PLANTS and cactus in
your home or office all year round.
Professional plant maintenance. 15
years experience. 845-7026.
^ Storage
VAIL SELF STORAGE -Don't be
cramped for space. We have large
and small storage units available.
Call 949-4666.
INTERMOUNTAIN SELF-
STORAGE -Sizes from 5'x4' to
10'x24', Easy access to traits. Very
competitive rates. 1-$00-528-5947,
(719k18fr2041 Leadville.
CMC BUILDING next to Westin. In-
door loading dock access. 80 and 208
s.f., $80 and $180 monthly. Greg
Amsden 476-7990, 476-2695.
^ Qthex._ _
ALTERATIONS BY LiSA -This is the
time to make sure your winter
wardrobe is up to date! Call 47Fr3071
for alterations or new custom made
clothes.
CUSTOM FABRIC CREATIONS.
Unlimited possibilities in home
decor, crafts, costumes, clothing,
embellishments, etc. Satisfaction
guaranteed. Call Tate FABRiCator
926-2262.
AT YOUR SERVICE! Let me be your
Vail Valley connection. Home care
and management, housekeeping,
shopping, vacation, and activity
planning. (303)32$-1627'.
ATTINTION EXPERT BUILDERS &
Realtorsl+ Why pay high priced ar-
chitects for your upcoming projects?
I guarantee huge savings on com-
plete ...,.,~:.ac#ion documents, t was
a contractor for a dozen long years
and have vast experience in all
phases`an`co`nstruction. My ~..t,~.E~se
STEAMMASTE~R
Carpet Cleaning and Restoration the
drapery, Upholstery
Oriental Rug &
Auto Interior Cleaning,
Carpet Repair,
Flood & Fire Itestaration,
Odor Removal
24 Hour Service
476-7680
a ~ ~ ~~
Ma(l~i~~agemant, Inc.
flrlr.IN~)~ SPlf3 Prot 111tLY~ElilClli
• Short ternt rentals
• Great propertties at reasonable
prices
• 1-fi bedroom properties
available ihroughaut the Vail
HEALTH &
NUTRITION
NUTRITIONAL SUPPLEMENTS
used by the U.S.Olympic Ski Team.
Ecology safe cleaning products,
nattual skin care. Shaklee, of course.
949-1771.
LOSE WEIGHT NOW -Doctor
recommended, 100% guaranteed.
Herbal product burns fat, increases
energy and you'll feel great. Lose up
to 30 lbs./month. (303)<1b7-71.59.
LOSE WEIGHT NOW -Burns fat sit-
ting still, Increases energy, Supresses
~rr~~~te, Increases metabolism, Doc-
tor ........mended, guarantee. (3113)
499-6596.
LOST & FOUND
MIN'S GOLD DIAMOND ring. Lost
2/5/93 in Vail area. Large reward.
(310) 838-4655.
DOGS IMPOUNDED at the Eagle
County Artimal Shelter in Minturn
from Feb. 5-17 include: Chocolate
Lab, Female picked up lIi East Vail
Feb. 5; Lab cross, female, black, pick-
ed up in Gypsum Feb. 9; Black Ter-
rier cross, female, picked up in Eagle
Feb. 9; Border Collie, neutered male,
black & white, picked up Feb 12; lab
crass, male, black, picked up in Eagle
Feb. 13.
PERSONALS
IFYOU'RE SINGLE AND LOOKING
for people #o spend time with, don't
feel alone. Even in the Vail Valley it
can be difficult. And in the
"Personals" classifieds you may be
able to find mompanions.
DO YOU LIVE OFF THE GRID? Al-
len Best at The Vail Trail is seeking to
find a few people who don't buy
electrid#y. Give him a call at 827-
5616 if you've- got solar,- hudro, or
wind-generated power.
STUDY RUSSIAN itt Russia. 3 weeks
of learning and travel. $2100 in-
cludes air fare, tuition and
accommodations. Call Ntna 920-
2627.
PUBLIC NOTICES
1'*~m page 63
and remain Irrepealabla until the Bonds and the
Interest accruing thereon shall have bean fuly
paid, satisibd and discharged.
SECTION 25. Limitation on Challenge. After
the expiration of 30 days from the date of fleet
adoption and approval of ibis ordinance, all
actions or suits snacking Ito findings,
determinations and contents or questioning the
legality bt the Bonds and all protaedings relating
thereto shall be perpatuauy barred, and the
ordinance and Bonds shall be wncluslve of iha
facts stated therein and shall be conclusively
deemed valid and legs! In every court or trnbunal
and shall not be open to coolest for any reason.
SECTION 26. ff any part, section, subsectbn,
sentence, clause or phrase at this ordinance is for
any reason bent w be Invalid, such deciebn shall
not allect the valkfty of the remaining portions of
this ordinance; and the Town Council hereby
declares it would have passed this ordinance,
and each part, secilvn, aubsectlon, sentence,
clause ar phrase thereof, regardless of the fact
that any one or more parts, sediona, subsections,
sentences, clauses or phrases be declared
Invalid.
SECTION 27. The Town CounefE hereby ilnds,
determines and declares that this Ordinance Is
necessary and proper for the health, safety and
weffare of iha Town of Vail and the inhabttants
tflereot.
SECTION 28. Tha repeal or the repeal and
reenactment of any provlslans of the Vail
Municipal Code as prdvided in this ordinance
shah not affect any right wtth has accrued, any
duty imposed, any violation that occurred prior ro
Fhe effective data hereof, any prosecution
crommenced, nor any other action or proceeding
as commenced under or fay virtue of the provision
repealed or repealed and reenacted. The repeal
of any provlaion hereby shad not. revive any
provision or any drdinanca previously repealed or
superseded unless expressly rioted herein.
SECTION 29. All bylaws, orders, resoiutlons.
and ordinances, or parts thereof, inconsletent
herewith are hereby repealed tc the extent only of
such Inconsistency. This repeater shall not be
Construed to revlsa any bylaw, order, resolution or
ordinance, ar part thereof, heretofore repealed.
INTRODUCED, READ, APPROVED AND
ORDERED PUBLISHED ONCE iN FULL ON
FIRST READING th€s 18th day Of February, 1993
and a public hearing shall be held on this
ordinance on the 2nd day of March, 1993 at 7:30
p.m. in the Council Chambers of the Vail
Municipal Building, Vail, Colorado.
TOWN OF VAIL
Margaret A Osferfosa
Mayor
ATTEST:
the Hill Bulking located a! 254 Bridge SireMla
part of Ld L, Vail ViYags Firot Fling. Applicant:
Blanche Hill. Planner: Shely Melb,
2. A request for aelbeck varianosa to aNow an
addibn to the reaidenoe bcatad m 4582 Slrearrt
side CirclelLat 1, Distelhors! Subdivision.
Applicant: Drs. Fred and Ines Distelhorst.
Planner: Jim CumuHe.
3. A request far a site coverage variance to al-
low an addition and game for the residence lo-
cated a! 1886 Wast Gore Creek DrivelLnt 50, Vail
Village West, FiNng att. Applicant: Chdstopher
Bartbit and Donna Mumma Badletl. Planner:
Andy Knudisen.
4. A request for a work aesaion [or a sRe
coverage variance to allow an edd'Aicn to the
residence located at Lot e, Block 3, Vail Village
11th Fiting1309o Booth Creek Drina. AppNeant:
Rose Faster Gillett. Pioneer: Tim Devlin.
5. A request for a conditional use permit to al-
low for a Typo ll Err7rbyee Housing Unit, for the
May residence, located at Lot 6 and the east ill
of Lot 5, vein Village 7th FNingr1119 Ptarmigan
Road. Applicant: Paula Mey. Planner: Tim Devlin.
6. A request far a minor subdivision and a
zone district change from PrimarylSecandary
Residential to Low Densty Multiple Family, and a
request far a wall height variance for the
Schmatzko property, generally located et 2239
Chamonix Lane, more padbularly described as:
Parcel A: A tract of land comaining one acre,
more or loss, located in the South 1!2 of the
South East 114 of Section 11, Township 5 South,
Range at Weat of the Sbrth Prlndpal Merldlan.
more particularly described as follows:
Beginning at the NE corner of the SW tl4 of the
SE 1!4 of saki Section 11; thence westady abng
the,northerty line of Bald SW 1!4 of the SE 1!4
bearing south 86 degrees 20' W a distance of
187.80 feet to a polM; thence southerly along a
line 167.80 feet distant from and parallel to the
east Ilne of saki SW 114 0! the SE 114, a diatanoe
al 200.00 feet to a point; thence easterly a
distance of 187.84 feet along a line 200.00 test
distant from and parallel to iha north Ilne of sold
SW 114 of the SE 114 to a point on hs east Ilea;
thence easterly on a Ilea parallel to the rtorlh Ilne
of the SW 114 of the SE 114 of Section 11, a
distance of 50.!!5 teat to a paint; thence northerly
and parallel wtth the west Ilea of the nest 112 of
the SE 114 of saW Sectlan 11, a dlstanoe of
200.00 feat to the point of IMereecllon wllh the
extension of the north Ilse of the SW 114 of the
SE 114 of said 3edlon i 1; thence westedy on a
defladHa angle left of 95 degrees 21'00' along
the extension of the north lino of the SW 114 of
the SE 114 of said Section 11, a dlsiance Of
50.95 feert to the NE comer of the SW 1!4 of the
SE 1!4 01 Sectlan 11, being the paint of
beginning. Parcel B: Trod A, Vail Heights FINng
No. t according to the .: ,., :: J pier thereof.
Applicant: Erich Schmetzko. Planner: Andy
Knudtsen.
7. A request for a candil'xrnal use permit fa an
addition to fire Munic~ral Building to house the
Vail Police Department, boated m 75 South
Frontage Road West tat tlrs east end of lire exis-
ting Munbpal Building}, and es legally desarl,ed
bebvr: --
A part o1 the SoutheasE V4 of Section 6,
Township 5 south, Range 80 Went o1 iha Sixth
Prlnclpa! Merldlan, County of Eagle, State of
Colorado, more particularly described as [olbwe:
Commencing at the Southeast corner of sold
Ssctlon 8, thence North 00 degrees 28 minutes
is second Wes! and abng the East line of sale
Southeast 1!4 of said Section 6 72.75 iha East
Ilne W said Southeast 1/4 of said Section 8
72.75 feet to a point, said point being 110.170 [eat
northeasterly from the southerly right-ot-way fine
of U.3. Highway No. 6 as measured at right
angles therefor: thence North 79 degrees 46
minutes 11 second West and along a Ilne
parallel to said eouthedy dght-of-way Ilne 145.50
feat to the true point of beginning; thence North
18 degrees OS minutea 47 seconds East 76.00
feet; thence North 68 degrees 08 minutes 35
aeconda West 428.70 feet; thence North 88
degrees Ot minutes 29 seconds Wast 162.57
feet; thence South 27 degrees 42 minutes 40
seconds Weal 192.66 feat; thence South 52
degrees 48 minutes 50 seconds East 36.32 feet
to a point, sold point being 110.00 feet northeast
from said South right-ol-way line of U.S.
Highway No. 8 as measured at right angles
thereto; thence South 79 degrees 45 minutes 11
seconds Eaet and along a Ilne parallel to said
South rigftl-oi-way Ilne 586.56 teat tc iha true
point oT beghlning. Except that partbn conveyed
to the Board of County Commissioners ai Eagle
County, and the Departmem of Highways, State
of Colorado by rule and order retarded January
5, 1971 In Bonk 219 aE Page 441. Applicant:
Town of Vail. Planner: Mike MoNica.
B. A request for a conditional use to atbw for
an outdoor dining deck for the ilptown Grail
Restaurant, located at 521 Feat Lbnahead
CirdeJLot 3. Block t, Vaii/Lionsfiead first Filing.
Applicant: Joel Fritz and Richard N. Brown.
Planner: Tim Devlin.
9. A request for a wall height variance for a
properly located at 3130 Booth Falls CourULot 6,
Block 2, Vai[ Village 12th Filing. Applicant:
Johanna Mue&er. Planner. Shealy Mello. TABLED
TO MARCH a 1993.
10. A request for a well height variance to aF-
lax the oonetrudion of hazard miligatlon Icnted
at Lot 16, Vail Valley Third Filingr2039 Sunburst
Drive. Applicant: Mke GrisenN. Planner: Jim
Curnutte. TABLED TO MARCH 8, 1993.
1 f, A request for a proposed 5DD and minor
subdivision to allow for the developrtreM of single
family homes located on Trails A and B, The
Valley, Phase II/1480 BuNar Creek Road.
Applicant: Steve GanslerlParkwood Realty.
Planner: Andy Knudtsen. TABLED TD MARCH B,
1993.
12. Update of environmental programs and
presentation of rho Environmental Quality Award.
t3. Approval of February 8, 1993 PEC
minutes.
14. Council Update:
Kindel PaddMilE Croak Loud landscaping
Lighting Ordinance
Cascade Vilfaga SDD
Dobson Arena expansion
Open Space acquisition
The applications and information about the
proposals are available in the zoning
administrators office during regular office hours
far public inspection.
TOWN OF VAIL
DEPARTMENT DF
rnuUl rNITV nFVFr CSPNIFNT
sq. ft.~ located at 325^Mill Great
Bock 1, Vail Village 1st Filing. Ap
Head.
The applications and infomrat
proposals are available in
administrator's oHioe dun€ng reguk
for public inspection.
T
DEP
COMMUNITY DE
Published in The Vail
on February 19, 19
Public No~
NOTICE IS HEREBY GIVEN the
end Environmental Cammisslon c
Vai vrlll twk a pubrio hearing in a
Section 1888.080 of the Munbip
Town of Vail on March 8. 1993 of
Town d Vat Munbpal Building.
d:
1. A roquesl for a waft halght vs
iha eonsiructbn o! hazard rriiliga
Lot 16, VeN Valley Third Filingl;
Drive. Applicant: Mice Greanti.
CumuHe.
2. A request far setback varlanc
an add'Alon to VaN Rowhouse U
81odc 5, Veil Village First Filing.
Nicholas. Planner: Jim Cumulta.
3. A request for a proposed S
subdivision to allow for iha develaf
family homes located on Tracts
Valley, Phase 1111480 Buffer
Applicant: Stove GenslarfParki
Planner; Andy Knudleen,
4. A request for a major axlerior
careraga varianos, and landscape
taw exterior moditbarbns to the F
toted et 254 Bridge S1reaVa part of
loge First Filing. Applicant: Blaxh~
Shelly Melb.
5. A request for a wall height
properly located a! 3130 Booth Fa
Bbck 2, Vail Village 12th Filar
Johann Mueller. Planner: Shelly M
6. Appoim PEC Chairperean
duraiicn.
Tha appiiratiom and iniortrrat
proposals are available In
administrator's oNioe during reguk
far public inspection,
DEP
COMMUNITY DE
Published in Tha Vail
on February 19. 19
Public Nol
Nonce of=
PUBLICATION
NOTICE IS HEREBY GIVEN tl
Service is conskering an axchang
Western Land Group, Inc. under 11
the Arta of March 20, 1992 as
U.S.C. 485, 486) and October
U.S.C.17t8} and the Aa of Deaem
emended 416 U.S.C. 484a}. The le
jurisdittbn o! the Forest Service '
rxxrsidered for exchange ere desrx
R.e2W., a P.M., Sec 1: Lots tat,
2Swua, EtrzsEVa, sea. 2: La 1
45E114; Sec. t2; N112NE114t
County. All totalling approximately
Tha Ianda proposed for exchange
Service by Western Land Qro
described as: T.7S., R.83W., 6 f
SW1l4NW414, N1125W1I4, indudii
Saffells Ditch and 211.56 aae fe
Croak Reservoir; and iha San
Mountain Dusan Lode CSaime M.S
fain Dusan Loda 114404 in T.7S., R
and an access easement across L
3. Berry Creek Subdivision Filing
Eagle County. Colorado, end
proximately 140.88 acres. Any +
above lands may be exchanged
values are equal, etther party ma
values by the payment o! cash. '
assn to be paid may cwt excaod 2t
01 iha Forest Service lands. Floc
lands may bo Involved. and may Fr
quirements of Executive Ordei
11990. Persona claiming ouch pro
valid objewtlons to this proposed +
file their claims or obiedions wish
Dirtdd Ranger, Saprie Ranger
River National Forest P.O. Box 3C
CO 81823, wtthin 15 days of the
notice 'a published.
Published In The Vail
on February 19 and
and March 5 and 12,
Public No
NoncE aF sAu
OF Ai411NDONEq fdC
NOTICE IS HEREBY GIVEN th
held purouard to 7kle 3&21.rr101
amended on or after February 24,
a.m. a1 VaiE SsH Storage, 41458 I
EaglaVail, Colorado. Tha property
the following unka:
Kadh Johnson - lJnit M114 - F
San Antonio, Texas 78208. R
records, miaceNanepus.
Veil Team Tennis -Unit #123.
2980, Val, Coorado 81858. PVC l
door nrpet remnants, chairs, rris
Corrine Jimenez - Unit #337.8
Avon, Colorado 81620, Couch, e
dishes and giasaes, house
miscellaneous.
The property will ba sold to the
!or cash and is to ba removed the
Any unreasonable bid can be refu
VAIL SE
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