HomeMy WebLinkAbout1973-19 Contract an Indebtedness on Behalf of the TOV and upon the Credit thereof Issuing General Obligation Bonds of Said Town in the Principal Amount of $3,000,000 for the purpose of acquiring approximately 39 acres of real estate. ,~ ., ~ ~ r
ORDINANCE N0. 19
SERIES OF 1973
AN ORDINANCE TO CONTRACT AN INDEBTEDNESS ON
BEHALk' OF THE TOWN OF VATL, COLORADO, AND UPON
THE CREDIT THEREOF BY ISSUING GENERAL OBLIGATION
BONDS OF SAID TOWN IN THE PRINCIPAL AMOUNT OF
$3,000,000 FOR THE PURPOSE OF PARING, TN WHOLE
OR IN PART, THE COST.OF ACQUIRING APPROXTMATELX
39 ACRES OF REAL ESTATE, THE COST OF AC~UTRTNG
NECESSARY EASEMENTS AND WATER AND SEWER LINES
TO AND FROM SAID REAL ESTATE, AND THE COST QF
LANDSCAPING THE SAME; PRESCRIBING THE FORM OF
SAxD BONDS; AND PROVIDING FOR THE LEVY OF TAXES
AND FOR THE APPLICATION OF SALES TAX REVENUES
OF THE TOWN OF VATL TO PAX SAID BONDS A_ND THE
INTEREST THEREON.
WHEREAS, at a special election of the qualified, registered
electors of the Town of Vail, Colorado, duly called and held on
Tuesday, the 25th day of September, 1973, in accordance with law
and pursuant to due notice, there was submitted to said electors
the following question:
"Shall, the~Tawn o£ Vail, Colorado, be authorized
to issue its negotiable, interest bearing General
Obligation Bonds in vne series or more in an
aggregate principal amount not to exceed $3,000,000
or sa much thereof as may be necessary for the pur-
pose of defraying, in whole or in part, the cost of
acquiring the approximately 39 acres of real estate
described in and to be used for the public and
municipal purposes stated in Ordinance No. 6,
Series of 1973, of the Town of Vail, Colorado,
and also the cast a£ acquiring necessary easements
to and from said real estate; the cost of extension
of. water and sewer lines thereto; and the cost of
landscaping said real estate; such bonds to bear
interest at a maximum net effective interest rate
not exceeding 10 percent per annum, and to mature
serially during a period of not mote than 25 years
from the date or respective dates of the bands,
such bonds to be payable from general ad valorem
taxes, except to the extent other funds are .avail-~
able therefor, and such bonds to be sold and issued
at one time or from time to time, in such a manner
and amounts and upon such terms and conditions as
the Town Council. may determine, including at the
option of the Town Council pravxsl-ons for the
redemption of bands prior to maturity with ar with-
out the payment of a premium?"
and
WHEREAS, more than a majority of such qualified, registered
electors voting on said question voted in .favor of creating such
debt and issuing said Bonds; and
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WHEREAS, the Town Council of the Town of Vail has deter-
mined, and does hereby determine, to issue at this time the general
obligation bonds for real estate acquisition purposes of the Town
o~ Vail, Colorado, authorized at said special. election held on the
25th day of September, 1.973, ire a total principal amount of $3,000,000,
as hereinafter set forth in this Ordinance; and
WHEREAS, pursuant to Ordinance No. 11 (Series of 1973) of
the Tawn o~ Vail, there was submitted to the qualified, registered
electors of the Town of Vail, Colorado, at said special election
held on the 25th day of September, 1973, the question of the impo-
sition of a sales tax on the sale of tangible personal property at
retail. and the furnishing of services within the Town of Vail; and
WHEREAS, more than a majority of such qualified, registered
electors voting on said sales tax question voted in favor of imposing
the said sales tax; and
WHEREAS, the Tawn Council of the Town of Vail has estimated
and determined and does hereby estimate and determine that the princi-
pal. maturing and the interest accruing on said $3,000,000, the princi-
pal amount of bonds for real estate acquisition purposes, may be met
from revenues derived from sources other than general obligation
ad valorem property taxes, including without limitation the revenues
to be derived from the sales tax authorized by said Town of Vail
Ordinance No. 11 (Series of 1973} and approved by the said electors
of the Town of Vail voting at said special. election; and
WHEREAS, the Town Council of the Town of Vail, Colorado,
has determined, and does hereby determine, that it is necessary and
for the best interest of the Town of Vail. and the inhabitants thereof
that said Bonds for real estate acquisition purposes in the total
principal. amount of $3,000,000 be naw issued in accordance with the
provisions of this Ordinance.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE
TOWN OF VAIL, COLORADO, THAT:
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1. For the puxpose of providing funds to defray in whole
or in part the cost of acquiring the approximately 39 acres of real
estate described in and to be used for the public and municipal pur-
poses stated ~,n Ordinance No. 6 (Series of 1973} of the Town of Vail,
Colorado, and also the cost of acqu,ixing necessary easements to and
from sa~.d real estate, the cost off' extension of water and sewer lines
thereto, and the.cost of landscaping said real estate, the Town o£
Vail, Colorado, shall issue on behalf of said Town and upon the
credit thereof, its negotiable coupon General Obligation Bonds,
Series November 1, 1973, in the aggregate principal amount of
$3,000,000 dated November ~., 1973, consisting of 600 bonds in
the denomination of $5,000 each, numbered 1 to 600, inclusive,
payable in lawful money of the United States of America. Said
Bonds shall bear interest as evidenced by one set of bearer interest
coupons, and for certain bonds, two sets of bearer interest coupons
with one of said sets designated "A" and the other supplemental
set designated "B", all attached to said Bonds, as herein set
forth.
Bonds numbered 1 to 200, inclusive, will bear only one
set of interest coupons. Bands numbered l to 169, inclusive,
shall bear interest thereon from November 1, 1973, to the payment
of their principal sum at the rate of seven per centum (7 °s} per
annum. Bonds numbered l70 to 200, inclusive, shall bear interest
thereon from November 1, 1973, to the payment of their principal
sum at the rate of five and five tenths per centum (5.~5~) per
annum, Said interest sha11 be payable December 1, 1974, and semi-
annually thereafter on the 1st day of June and the 1st day of
December of each year.
Bonds numbered 201 to 600, inclusive, will bear two sets
of interest coupons, with one of said sets designated "A"' and the
other supplemental set designated "B". Said "A" coupon interest
shall be payable at the rate of five and five tenths per centum
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(5.5~} per annum from November 1, ].973, to the payment of the
principal of said aonds, with said ~.nterest payable December 1, 1974,
and semi,-annually thereafter on the 1st daX of June and the 1st
da,y of Aecembex of each year. Sand "B" coupon interest shall be
payable at the rate of two and seventy five hundzedths per centum
(2.75} per annum for the period from December 1, 1973, to December
1, 1.977, payable December 1, 1974, and semiannually thereafter on
the 1st day of June and the 1st day of December of each year.
The subject Bonds shall mature serially in regular numerical
order on December 1 of each year, as follows:
Bonds Numbered
(both inclusive) ~ Amount Maturity
1 to 2 $ 10,000 1975
3 to 5 15,000 1976
6 to 8 ~ 15,000 1977
9 to 12 20,000 1978
13 to 35 115,000 1979
36 to 58 115,000 1980
59 to 84 130,000 1981
85 to 110 130,000 1982
111 to 139 145,000 1.983
1.40 to 1.69 150,000 1984
1.70 to 201 160,000 1985
202 to 234 165,000 1.986
235 to 270 180,000 1987
271 to 308 190,000 1988
309 to 349 ~ 205,000 1989
350 to 392 215,000 1990
393 to 437 225,000 ].991
438 to 486 245,000 1992
487 to 540 270,000 1993
541 to 600 300,000 1994
Bonds of this issue maturing on or before December 1, 1983,
are not redeemable prior to their respective maturity dates. Bonds
of this issue maturing in the years, 1984 to 1990, inclusive, are
redeemable at the optian of the Tawn Council an August 15, 1984, and
on interest payment dates thereafter, in inverse numerical order,
upon payment of par, accrued interest and a prema,um of 1/2~ of
principal,. Bonds of this issue maturing in the years 1991 and there-
after are redeemable at the option of the Town Council on August 15,
1984, and on interest payment dates thereafter, in inverse numerical
order, upon payment of par and accrued interest only.
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2. The principal of and interest on all of said General
Obligation Bands, Series November 1, 1973, shall be payable in
lawful money of the United States of America at First national Bank
in Boulder, Boulder, Colorado, which is hereby designated the paying
agent for this Bond Issue.
The net effective interest rate on Bonds of this issue
is ~.7863~,
Said Bands shall be general obligations of the Town of
Vail, and shall be payable from ad valorem taxes, except as they
may actually be paid from other revenues as provided herein.
3. Said Bonds shall be executed in the name and on
behalf of said Town with the facsimile signature of its Mayor,
shall bear an impression of the seal of the Town, sha11 be attested
by the manual. signature of .the Town Clerk of the Town, and each
of said Bonds sha11 have attached thereto an appropriate number
of interest coupons bearing the facsimile signature of the Mayor.
Said Coupons shall be lettered and shall be numbered consecutively
from one upwards for each Bond as appropriate. When issued as
aforesaid as part of said Bonds, said coupons shall be the lawful
binding promises and obligations of the Town according to their
import securing the payment of the interest as it becomes due.
Should any officer whose manual or facsimile signature appears
on said Bonds or the interest coupons attached thereto cease to
be such officer before delivery of the Bonds to the purchaser
thereof, such manual or facsimile signature shall nevertheless
be valid and sufficient for all purposes.
4. Said Bonds and the interest coupons attached thereto
shall be in substantially the following form:
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CForm of Bond
STATE OF COLORADO
UNITED STATES OF AMERICA
COUNTY OF EAGLE
TOWN OF VAIL
GENERAL OBLIGATION BONDS, SERIES NOVEMBER 1, 1973
No. $5,000
The Town of Vail, in the County of Eagle and State of
Colorado, for value received, hereby acknowledges itself indebted
and promises to pay to the bearer hereof the principal sum of
FIVE THOUSAND DOLLARS
in lawful money of the United States of America, on the lst day
of December, 19 with interest thereon from the date hereof to
the payment of said principal sum as evidenced by *(one set of in-
terest coupons hereto attached at the rate of **seven per centum
(7%} per annum, payable December 1, 1974, and semi-annually there-
after on the lst day of June and the 1st day of December of each
year} ***Cinterest coupons designated "A" hereto attached, at'
the rate of five and five tenths per centum (5.5~}.per annum,
payable December 1, 1974, and semi--annually thereafter on the
1st day of June and the 1st day of December of each year, and
additional interest as evidenced by supplemental interest coupons
designated "B" at the rate of two and seventy-five hundredths per
centum (2.750) per annum far the period from December 1, 1973,
to December 1, 1977, said "B" coupon interest payable December 1,
1974, and semi-annually thereafter on the lst day of~June and
the 1st day of December of each year].
* Bonds numbered 1 to 200, inclusive, will bear only one
set of interest coupons. Thus, insert the information
contained within the parentheses in said Bonds numbered
1 to 200, only.
** Bonds numbered 170 to 200, inclusive, bear interest at
the rate of five and five tenths per centum (5.5~} per
annum.
*** Bonds numbered 201 to 600, inclusive, will bear both "A"
and "B" interest coupons. Thus,. insert the information
contained ~aithin the brackets in said Bonds numbered 201
to 600, only.
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Bath principal of and interest on this Hond axe payable at First
National Banc in Boulder, Boulder, Colorado, upon presentation and
surrender of said coupons and this Bond as they severally became due.
Bonds o£ this issue maturing on ar before pecember 1, 3.983,
are not redeemable prior to their respective maturitx dates, Bonds
of this issue maturing in the years, 1984 to 1990, inclusive, are
redeemable at the option of the Town Council, on August 15, 1984,
and on interest payment dates thereafter, in inverse numerical
order, upon payment of par, accrued interest and a premium of
1/2~ of principal. Bonds of this issue maturing in the years 1991
and thereafter are redeemable at the option o£ the Tawn Council on
August 15, 1984, and on interest payment dates thereafter, in in-
verse numerical order, upon payment of par and accrued interest
only.
'his Bond is one of a series issued by the Town Council of
the Town of Vail, Colorado, on behalf of said Town and upon the
credit thereof for the purpose of providing funds to defray in whole
or in part the cost of acquiring certain real estate for the use of
the Town and its inhabitants and also the cost of acquiring necessary
easements to and from said real estate, the cost o£ extension of
water and sewer lines thereto, and the cost of landscaping said real
estate, by virtue of and in full conformity with the Constitution of
the State of Colorado, the home rule Charter of the Town of Vail,
Chapter 139, Article 32, Colorado Revised Statutes 1963, as amended,
and all othez laws o£ the State of Colorado thereunto •enabling, and
pursuant to an Ordinance of said Town duly adopted, published and
made a law of said Town prior to the issuance of this Bond; and it
is hereby recited, certified and waxxa,nted that all, the requirements
of law have been fuXly compl~,ed with bx the pxope~: off3.cers of the
Town of Vail in issuing this Rond,
1t ~,s further hereby recited certified and warranted
that the total indebtedness of said Town, including that of
.. g ...
this Bond, does not exceed any constitutional or statutory limita-
tion of the State o~ Cola~;ada and does not exceed anX.limitation
of the Town of Vaal Charter; that at a spec~.al election lawfully
held Xn the Tpwri on the 25th day o~ September 1,973, the issuance
of this Band was duly authorized by the qualified, registered
electors o~ the Town voting at said election; and that provision
has been made fvr the levy and collection of an annual tax on all.
the taxable property within the Town and the application of certain
sales tax revenues of the Town sufficient to pay the interest
on and the principal of this Bond as the same respectively become
due.
The full faith and credit of the Town of Vail, in the
County of Eagle and State of Colorado, is hereby pledged for the
punctual payment of the principal. of and the interest on this Bond.
IN TESTIMONY WHEREOF, the Town Council of the Town of
Vail, Colorado, has caused this Bond to be executed in the name
and on behalf of said Town with the facsimile signature of the
Mayor of the Town, to be sealed with an impression of the seal
of said Town, to be attested by the manual signature of the Clerk
thereof, and has caused the interest coupons attached hereto to
be executed with the facsimile signature of its Mayor, all as of
the 1st day o£ November, 1973.
TOWN OF VATL, COLORADO
( S E A L ) By {Facsimile Signature)
Mayor
Attest:
{Manual Signature)
Town Clerk
[End of Form of Bond]
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No.
December,
4n the 1st day of June, 19~, unless the Bond to which
this coupon is attached, if redeemable, has been called for prior
redemption, the Town of Vail, in the County of Eagle and State of
Colorado, wi11 pay to bearer the amount shown hereon in lawful money
of the United States of America, at First National Bank in Boulder,
Boulder, Colorado, being interest then due on its General Obligation
Bond, Series November 1, 1973, dated November 1, 1973, bearing -
No.
(Facsimile Signature)
Mayor
Town of Vail, Colorado
[Interest Coupon Form)
[End of Interest Coupon Forml
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5. Said Bonds, when executed as provided by law, shall
be delivered by any one of the off~,cers of the Town to the
purchaser thereof, Boettch~:r and Company, of Denver Colorado,
upon payment to the Town zn accordance w~.th the contract of
purchase for the Bands between the Town and Boettcher and Company.
The proceeds derived from said Bond sale shall be used exclusively
for the purposes stated herein, provided,. however, that any portion
of the Bond proceeds may be temporarily invested pending such use
in securities or obligations which are lawful investments for the
Town of Vail, with such temporary investment to be made consistent
with the covenant hereinafter provided concerning arbitrage bonds.
Neither the purchaser of said Bonds nor the holder of any of them
sha11 be in any way responsible for the application of the proceeds
of said Bonds by the Town or any of its officers.
6. if required, the interest and principal to become
due on said Bonds in 197 sha11 be advanced from any revenues
or funds of the Town lawfully available therefor. For the purpose
of reimbursing any such advance and also for the purpose of paying
the interest on and principal of said Bonds as the same become
due and payable respectively, the Town Council of the Town of Vail
shall annually fix and certify a rate of levy for ad valorem taxes
to the Board of County Commissioners of Eagle County,.Colorado,
which taxes, in addition to all other taxes, when levied on all
of the taxable property in the Town, in each of the years 1973
to 1993, inclusive, will raise ad valorem tax revenues sufficient
to make such reimbursement and to promptly meet and pay such Band
principal and interest payments as the same become due.
Said taxes when collected shall be applied solely for
the payment of the interest and principal of said Bonds, respectively,
until the Bonds, both principal and interest, sha11 be fully paid,
satisfied and discharged; provided, however, that nothing herein
contained shall be so construed as to prevent the Town from committing
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and applying any other funds or revenues that may now ar hereafter
be in the treasury of the Town and legally available for the purpose
o£ payment of the i,nteresfi on or pr~,nc~,pal of said k3onds, and upon
the appl~,cation of anx ether such funds or revenues as aforesaid,
the levy or levies fax' ad valorem taxes hexe~.n provided may thereupon
be diminished to the extent the requirements for such Bond and
interest payments for the particular year axe thereby diminished.
7. Notwithstanding the foregoing provisions for ad valorem
tax levies, the Town hereby further covenants and agrees that so long
as the General Obligation Bonds, Series November 1, 1973, provided
for herein, remain outstanding and unpaid, it will levy, administer,
enforce and collect the sales tax authorized by Town of Vail Ordinance
No. 11 (Series of 1973) to the extent of an amount not to be less than
20 of grass receipts derived from the sale of tangible personal proper-
ty and the furnishing of services now or hereafter subject to ,said
sales tax and that all the sales tax revenue derived from said 2'%
of said grass receipts shall be and hereby is irrevocably and
solely pledged and set aside to pay the interest on and the principal
of the subject General Obligation Bonds, Series November 1, 1973,
herein authorized, as the same become due and payable from year to
year; provided:
A. The said pledged sales tax revenues may also be pledged
and used for the payment of the debt service an any other or additional
general obligation bonds of the Town of Vail which may be issued from
time to time, provided such other or additional general obligation
bonds shall be on a parity .with or subordinate to (but not prior or
superior to} the General Obligation Bonds, Series November 1, 1973,
with respect to the sales tax revenues herein pledged; and
B. To the extent that the debt service on all of the
Town of Vail. general obligation bonds which may be issued from time
to time (including but not limited to the Bonds authorized herein) and
which are payable in whole or in part from the subject pledged sales
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tax revenues { ~.s fu11y prc~v~ded fCor ~n anX ~~scal year by tax revenues
and other moneys legal~.x ava~,~.ab~,e therefox', then the Town is
authorized to use any revenues rema~.ning fxom the subject pledged
sales tax revenues for other purposes (but on1,y after all of the
debt service on said general obligat~.on bonds, which are so payable
from said pledged sales tax revenues has been fully provided for in
said fiscal year), including, but not limited to, payment of special
non-general obligation bonds, which special non-general obligation
bonds in any event, however, shall not be on a paxity with and shall
be subordinate and inferior to the General Obligation Bonds, Series
November 1, 1973, with respect to the sales tax revenues herein
pledged.
So long as the General Obligation Bonds, Series November
1, J973, remain outstanding and unpaid, the Town of Vail shall not
repeal its Ordinance' No. ll Series of 1973) and the Town shall
not amend said Ordinance in a manner which, taking into account
other revenue of the Town which is legally dedicated and available
to pay the principal and interest payments an said Bonds, would
diminish the revenue security for said Bonds.
Nothing in this Ordinance shall be construed in such manner
to prevent the issuance by the Town of Vail of additional bonds of
any nature, provided said additional bonds are issued in a manner
consistent with the provisions and limitations stated herein with
respect to the sakes tax revenues herein pledged.
8. The sums hereinbefore provided to meet the interest
on said Bonds and to discharge the principal thereof, when due,
are hereby applied for that purpose, and said amounts for each
year shall be included in the annual budget and the appropriation
ordinance or measures to be adopted and passed by the Town Council
of the Town ~.n each year respectively while any of the Bonds herein
authorized, either as to principal or interest, are outstanding and
unpaid. No provisions of any constitution, statute, charter,
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ozdinance, resolut~,an, ox other order or measure enacted after
the issuance of the Bonds herein authorized shall in any manner
be construed as limiting ox impa~.ri,ng the obligation of the Town
to levy ad valorem taxes, without limitation of rate ox amount, or
as limiting ar impairing the obligation o~ the Town to levy, administer,
enforce and collect the sales tax as provided herein, for the
payment of the principal of and interest on the Bonds herein authorized.
zt shall be the duty of the Town Council annually, at the
time and in the manner provided by law far levying other taxes, if
such action shall be necessary to effectuate the provisions of this
Ordinance, to ratify and cax'ry out the provisions hereof with
reference to the levy and collection of the ad valorem and sales
taxes herein specified, and that said Council sha11 require the
officers of and for the said Tawn to levy, extend and collect said
taxes in the manner provided by law for the purpose of providing
funds far the payment of the principal of the Bonds authorized
herein and the interest accruing thereon promptly as the same,
respectively, become due. Said taxes, when collected, shall be
kept for and applied only to the payment of the interest and
principal of said Bonds as hereinbefore specified.
9. The Town covenants to the purchasers of the Bonds
that it will make no use of the proceeds o£ such Bonds at any
time during the term thereof Which, if such use had been reasonably
expected on the date the Bonds are issued, would have caused such
Bonds to be arbitrage bands within the meaning of Section 103 (d}
of the Internal Revenue Code of 1954, as amended, and as interpreted
by Sect~,on 1.103-13 and Section 1.10314 of the regulations proposed
for such purpose by the United States Treasury Department or, after
permanent regulations interpreting such Cade section are promulgated,
the carzesponding provisians of such permanent regulations unless,
under any valid provision of law hereafter enacted, the interest
paid on the Bands (a) shall be excludable from the gross income
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of a recipient thereof for federal. income tax purposes wit~~.out
regard to whether or not such }3onds aze arbitrage bonds, or (b)
shall be exempt i'xom all income taxation.
l0. ~lJ. action hereto~'ore taken by the Town o~ Vail and
by the officers of the Town (not inconsistent herewith) directed
toward the authorization of bonds for the purpose of providing
funds to defray in whole or in part the cost of acquiring the
approximately 39 acres of real estate described in and to be
used for the public and municipal purposes stated in Ordinance
No. 6 (Series of 1973) of the Town of Vail, Colorado, be and the
same is, hereby ratified, approved and confirmed, including, with-
out limiting the generality of the foregoing, the acceptance of
the proposal for the purchase of the Bonds authorized herein submitted
by Boettcher and Company, Denver, Colorado.
11. Pursuant to the Uniform Facsimile Signature of Public
Officials Act, Colorado Revised Statutes ~ 125-6-1
as amended, the Mayor of the Town sha11 forthwith,
event prior to the time the Bonds are delivered to
chaser, file with the Colorado Secretary of State
tore certified by him under oath, using a suitable
Certificate for said purpose.
et seq., 1963,
but in any
the Bond pur--
his manual signa--
Facsimile Signature
12. The officers of the Tcwn are hereby authorized
and directed to enter into such agreements and take all action
necessary or appropriate to effectuate the provisions of this
Ordinance and to comply with the requirements of law,~including
without limiting the generality of the foregoing:
a. The printing of the Bonds herein authorized;
and
b, The execution of such certificates as may be
reasonably required by the purchaser of the Bonds relating
to the signing of the Bonds, the tenure and identity
of the Town officials, the assessed valuation and indebted-
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ness of the Town, receipt of the Bond purchase price, and,
if in accordance with the facts, the absence of litigation,
penda,ng ox threatened, affecting the val~,dity of the Bonds;
and
c, The making o£ various statements, recitals,
certifications and warranties provided in the farm of
Band set forth in this Ordinance.
13. There is hereby appropriated and set aside from any
available funds or revenues of the Town of Vail the amount or amounts
necessary to pay all costs and expenses incident to the issuance
of said General Obligation Bonds, Series November 1, 1973, in-
cluding, but not being limited to, any publication, legal, en-
gineering and fiscal agent costs and expenses.
14. All ordinances, acts, orders, resolutions, or parts
thereof, taken by the Town of Vail and in conflict with this Ordinance
are hereby repealed.
15. This Ordinance is, and shall constitute, a legis-
lative measure of the Town of" Vail, and after the Bonds hereby authorised
are issued, sold and are outstanding, this Ordinance shall constitute
a contract between the Town and the holder or holders of said Bonds,
and shall be and remain ~.rrepeaiable until said Bonds and the in-
terest accruing thereon shall have been fully paid, satisfied and
discharged.
l6. The proper officers of the Town of Vail, Colorado,
are hereby authorized and directed to pay or cause to'be paid the
interest an the Bonds herein authorized as the same sha11 accrue,
and the principal of said Bonds at maturity, without further warrant
or order.
17. 1f any paragraph, clause or provision of this Ordinance
is judicially adjudged invalid or unenforceable, such judgment
shall not affect, impair or invalidate the remaining paragraphs,
clauses or provisions hereof, the intention being that the various
paragraphs, clauses or provisions her~cof arc severable.
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18. A public hearing on this proposed Ozdinance shall be
held by the Town Council at 7:30 p.m. on Tuesday, Octobex 16, 1973,
at the Town of Vail Municipal Building, Vail, Colorado, and it is
hereby ordered that notice of said hearing be given as required by
law.
INTRODUCED, READ, APPROVED AND ORDERED PUBLISHED THIS
2nd DAY OF OctQ~Qr , 1973.
( S E A L
1
Attest:
r Town Clerk
TOWN OF TL
By /, Cr~c~ _/~
Mayor
INTRODUCED, READ, ADOPTED AND ORDERED PUBLISHED THIS
DAY OF , 1973.
( S E A L )
Attest:
7 ~~!/ .
Town Clerk
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TOWN OF V TL
By ~Ct .~ ~~~
Mayor
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public Notice
URDkNANCE NO. 18
{Series of 1973
AN ~ ORDINANCE TO CON'
TRACT AN INDEBTEDNESS
ON BEHALF OF THE TOWN OF
VAIL, COLORA00, ANO UPON
THE CREDIT THEREOF BY
15SUING LIEN ERAL OBLIGA•
TION BONDS OF SAID TOWN
1N YHE PRINCIPAL AMOUNT
OF [:3,000,{100 FOR THE PU R-
POSE OF PAYING, IN WHOLE
OR Ih PART, THE COST OF
ACG1UlR INO APPROXIMATELY
39 ACRES OF REAL ESTATE,
THE COST OF ACQUIRING
NECESSARY EASEM ENT5 AND
WATER AND SEWER LINES TO
;AND FROM SAID REAL ES-
TATE, AND jHE COST OF
LAN DSCAMN THE SAMEi
PRESCRIBING THE FORM OF
'SNO FORD THEN LEVY VOF
TAXES AND FOR THE APPLI-
' CATION OP SALES TAX REV E•
"HUES OF THE TOWN OF VAIL
TO PAV 6AID BONGS AND
THE INTEREST THEREON:
l WHEREAS, at a spacNl aiactlon
of the quNifled, registered electors o
the Town oT Vall, Colorado, tlul
cellstl and hNd on TueaWy, the 2St
dry of SaplemWr, 1973, In accord
ahce with IoW ahtl purwant to du
notice, thlMe was wOmlttsd t0 ~ui
NaKtOrf the foltOMNnp quastignr
"Snail the Town pf Vall
- CDloratlo, tre autnoriutl to Issu
Its nagotlable, Interest baarln
General Obligation Bontls In on
/atlas w more ~ln an apgregat
prnndpal emOdnt not tO axeM
83,000,000 or s0 much thmof a
mry W necaaary for the purpo
O1 tldnymq, in wndla or In Pa
the Cost of acquiring th
approxlmataiy 39 acres 0! r
estate tlescrlWtl In and to be use
far the public antl municip
6,i Seroi~is O 1973,1 o rMla Town
Vau. Colorado, end also tna co
of acqulTlnp necerury Basemen
to and Ircm said real estate: t
cost Of~ exlenslon o} wabr an
sawn Iinss lhanto: end tna co
o} undtcepln4 sold real ester
wch eonds to bear Interest at
maximum Hat eTTetilve inter
rate not axceatlinq 30 percent p
annum, antl to mature ssrgl
duAnq a veriatl of not more thr
25 Yeah Irom the deN i
nWettlw dates of the bone
wch bpnOS to W piYable fro
gannN ed ratonm taxes, excel
to fns extent other funds a
aWilabN there}pr, and wch ben
to W sOktl and lfsuad at One tin
a~Ildq ant lot bnui 1ni10 eauo4 n9i
.. ;;hi1860ftleR na,lai
~rA'
November 9, 1973
or from time to time, In such a
manner antl amount[ antl upon
such terms antl conditions as the
Town Cou not may tletermine,
Including at the Option of the
Town Cauncll provisions for the
redemption Of Dgntls prior tb
matu rlCY Wlin Or WlihOUi the
payment of a premlum7"
antl
WHEREAS, mare than a malorlty
of such quell fletl, registered eloctdrs
voting on sofa question votatl m favor
Of credtlnq Such tlebl and Iseul nq wild
Bonds; and
WHEREAS, the Town Council 01
the Town of Vall has determined,
and ones Hereby tletarm lne, to issue
et this time the general Oblige YlOn
bontls for real estate acaulsltlon
purposes Ot the TOWn of Va 9,
Coipratlq authorized at saitl spacial
election heitl on rite 25th tlay of
September, 1973, in a total pnncl Pal
amount Of 83,0110.000, as hereinafter
set forth in this Ortll Hance; and
wHER EAS, pursuant to Ordi-
nance No. 11 {SSrlas of 19731 of tna
Town o1 Vail, there was submitted to
rite gLLNifiad, registered electors o}
the Town o1 Vail, CDloratlo, at sold
special efectlon heltl on the 25th day
o{ September, 1973, the question Of
the Imposition o1 a sales tax on the
sale at fan9l bla pnfpnal property at
retail ^ntl the turnishln9 of services
within the Town of Vail; and
WHEREAS, more Ihen a malorlty
O} such qudllfled, regleteretl elet[pry
voting on uld sates tax question
votatl In farm of Imposing the a41tl
sales tax; antl
WHEREAS, rite Town Council of
the Town Of Vell has estlmatad and
determinetl antl does hereby estimate
antl anarmina Shat the principal
meturlnp and the interest accruln4 an
saitl 53,000,000; the prlroclpel
amount aT bonds for real estate
acquisition -purposes, mry W met
}coin revenues derlred from spurca3
other than general obligation ad
valorem property taxes, including
without li mintlon the revenues to Ds
derived Trom the sales tax authorized
by saitl Town of Vail Ordinance Ne,
11 ISerIe3 el 19731 and approved by
the said slectars of the Town of Vaii
voting at said spacial election; antl
WHEREAS, Ih0 Town Council oT
the Town of Vall, CDloratlo, has
determined, and apes hereby Mten
mine, that it Is neeaenry antl fa' [ha
Wst Interest 01 the Town Of VAiI and
the Innabltants thereof thst aW
Bonds for real estate acqutsltlon
purpaaes in the total principal
amount of 83,000,060 W now issued
In accortlanee with the provisons of
this Ordinance.
NOW, THEREFORE, BE IT
ORDAINED BY THE TOWN COUN-
CIL OF THE TOWN pF VAIL,
COLORADO, THAT:
1- Fer the purpose pT prpvldlnq
mntls to de}ray In whole or In part
Yne coal Of acqulrlnp the apProx4
mNaly 39 acres or real esuN
deserlbed in and to W used iw SM
public ^nd munldpaf purpOaaa
itetetl in Ordmancs No. 6 (Serlef of '
]g73J of the Town of Vah, Coiorad0.
and also the soft of acqulrln4
neussary easements to end from said
reek esters, the coat o! extension of
water and sower Ilnes thereto, and
the COS[ o} landrteplnq said real'
estate, the Tawn oT Vall, Colorado,
fhNl Issue on Whalf of Bald Town
antl upon the credit thereof, Its
ng9etiable coupon Lieneral pbti9a-
tlOn Bonds, 6eriu NpvemDM 1.
1973, do the aggreqate principal
amount Of 83.000,000 dated No-
vember 1, 1973, conslstlnq of 600
bonds In the denominatlon of 55,000
each, numbentl 1 t0 600, Incluslw,
U itade5uuslof Ame can Sald Bonds
shall boar Interest as evidentetl by
one set of bearer Interest couppnf,
and for certain bonds, two sets of
bwror Interest coupons wkth one of
Bald sets dasl9natetl "IB" and the
other wpPlemsntal sei tlesl9^ated
"B", all attached to Sala Bontls, as
herein wt forth. '
Bonds numbered 1 to 200,
Indudve, WIII War OnIY one set oT
interest coupons. Bonds'kumbnetl ]
tp 169, Incluslw, shall bear Interest
lhereon~ Irom Navam Wr 1, 1973. to
the payment of their Principal sum al
the rate of seven per centum (7%] per
annum. Bonds numbered 179 fo 200,
Inciuslve, shall War mterect [Hereon
Irom November 1. 1973, to the
} payment of [hair principal sum at the
Y rate of live and 9ve tenths per
h centum {5.5%] Per annum. Sold
Interest shall W payable December 1,
~ 1974, and seml•annuaily thereafter
d on the 1st tlay Of June antl the 1st
tlay pf INCemDar Of each year.
_ Bontls numberetl 201 tp 600,
:e Inelusiva, wlu bear two sets of
q interest coupons, with one of said
e sets dsclgnaUd "A" and fha other
e SuPPlemsn tai set dealgnatetl "B"
tl saitl °A" coupon Interest shall be
y payable at fha rata of Ilre end five
M tenths per centum (S-5%I per annum
rt irom November 1, 1473, to the
s payment al fha principal of said
cal Bon tlc, with uftl Interest payable
d paeembsr 1, 1974, antl Semi-annually
al thereafter on the 1st tlay dt Juna end
o the 1st day of December Of each
OI year. Sold "B" coupon Interest shah
st be payable at fha rate of two and
is seventy-five hundretlths per centum
ne (2-75%1 par annum fm the Penotl
d from Dscem Wr 1, 1973, tO Oacem
st Wr 1, 1977, D+Yabte December 1;
es 1974, and semi-annually tnerealler
a pit [he 1St tlay 01 June antl the if
ast day et Decem DSr of Nch year.
~ Tree subject Bonds shall matur
serlauy In n9ular numancal ortler o
IY December 1 Of alch year, a3 PopaWL
1310 35 115,p00 1979
36 t0 58 115,000 1980-
59 l0 B4 130,060 1981 I
BS to ]16 130.000 1982 0
111 t0 139 145,000 1983 A
140 to 169 150,000 1984 P
170 tD 261 160,000 1985 n
202 fo 234 165,000 1986 P
235 to 270 180,000 1987 0
27! to 308 190,000 1988 Is
309 to 349 205,000 3989 t
350 to 392 215,0110 1990 O
393 t0 437 225,000 2991 A
438 to 48fi 2a5,060 1992 P
487 tO 540 270,000 1993 n
543 to fi00 300,000 1994 p
Bontls of this Issue maturing on or b
before Oecemper 1, 1483, are not
retleemable prl Or t0 their respecllve
maturity dates. Bontls Ot Mss Sssue T
maturln9 In [he years, 1964 to 1990, t
Includve, are rltlaemaDlb at the a
Option o1 the Town Council on a
August 15, 1984, and on Interest u
payment tlates thereafter, in inverse a
nu marital order, upon payment of n
par, accruetl Interest ana a premium
pt 112% of prlnclpal. Bonds pi [his t
Issue maturing In the years 1991 antl e
thereafter orb Yedeemable al rite c
option Dt the Town Council on t
August 15, 1984, and On Interest C
payment dates thereafter, in inverse 1
numerical order, upon payment of S
par antl accruetl Interert only, a
2. The prl RCiDaI p} and Interert On t
ell of saitl General Obligation Bontls, a
Series NOVember 1, 1973, shall W
payable In IAwiut money of the o
UnHSd States of America at First t
Natlonai Bank In Boultler, Belittler, c
Colorado, wnieh Is Hereby designated
the paying agent for mss Bond Issue. ~
The net effective Interest rate on p
Bontls of this Issue Is 5.7863%.
Sold Bands shall W general
obli9etlons of the Town of Vail, antl c
shall tro payable Irom ad valorem
taxes, except as they may actually tie ~
Paid riom other revenues as pravitled a
herein. - II
- 3. Saltl Bonds shall be axecutatl In e
the Hama antl on Whalf Of Bald Town O
with rite facsim Ile signatufe Of its s
Mayor, shall bear an Impression of
the reel of the Town, shall W l
attested by the manual signature a} d
the Town Clark Of the Tp Wn, end r
each of said Bontls shall here v
attached thereto an appropriate p
number of interest coupons bearing a
the facsimile Slgnatu ra DT the Mayor, t
Said Coupons shell be Ietlerea antl
shall ba mberad consecutivaiy s
[rpm nits LLpWafdS for finch Band as
appropriate. When Issustl as aTOrasaltl t
as Dert of Said Bands, said epupons r
Snell be rite lawful 4lndin9 PfOmiSef
antl obligstlons Of rile Town
according to their Import securing
the Payment of the Interert as It
bacomef due. SnpWd any Dakar t
whose manual or facsimue sitmatun t
apPNrf On Sold Bondi Pr the IntarNt
COpPpna ^Itached thereto teat ee W
suet Offltr Wfple tlaliwry N tM
Bonds to iM fwrtllaear tMreef, twit
manrsei d feeelmlN • rletl •
naverthMas W rMW ana eufflcleet
ten all pulpolaa.
4. Said Bontls end the literal[ t
coupons attathsa tnenlo snail W fn t
substentlally the tOllowing lorm:
(Perm of Bond) -
UNITED STATES
OF AMERICA ~'"
STATE OF COU EAGLE
CG LORADO `
TOWN OF VAIL
GENERAL OBLIGATION BONDS,
SERIES NOV EMBER 1, 1 S9 000
No.
"The Town of Vall, In tM County
of Eagle antl Stara o7 COiondo, for
value recNrad, hereby ac kit uwledgss
itself Indebted and promises to pay
to the Dearer hsreDl the prineipel
sum of
FIVE THOUSAND DOLLARS '
;n lawful money of the Unltetl States
of Amarka, on the lsl day of
December, 19_, with Interert
thereon }coin the data hsraoi to rite
payment of said princiPel sum as
evlaencetl by 'lone set of interest
coupons hereto attached at the fate
of "'seven Per centum {7%1 Per
annum, payable Oecambar 1, 1974.
end seen hannuahy thereafter on ths~
' 1st day of June antl the ]s! tlay of
December of each year) "••11nterest
coupons tlesivneted "A" Hereto
attached, at the rata at fire and live
tenths Per centum {S.S%) Par annum,
payabta December 1, 1974, and
semi-annuauy thereafter on rite 1st
tlay of JuM and the 1st QDY of
December. o} e4ch year, and
adaltlonal mterect as evitlanced by
supptemantel interest coupons de•
dgnatad "B" at the rata Of two and
swenty~TWe huh tlrsdths per centum
12.75%] per annum for the period
irOm December 1, 1973, to Decerh-
Wr !, 1477, said "B" coupon Interest
payable Datem bar 1; 197x, end
sami•annually Ineraa}ter on fha 1N
day of June antl iha 1st day 01
OecemWr pi each year].,
-• •Bontls numbered 1 to 200,
Inciuslve, WIII b9ar bnly one eat Di
interest coupons. Thus, Insert the
In}ormatlon con tainatl within the
parentheses In said Bpnas num-
bered 1 tO 200, only.
+*Bontls Hum bared !70 t0 200,
lncILLSIVe, bear mterect et the
rata of flue and five tenths par
centum {S.5%1 Par annum.
+•Bontls Hum Dared 201 to fi00,
inclusive, wilt War both "A" antl
t °B^ Interest coupons. Thus, insert
the InfarmatlOn contained within
the brae ket5 in Bald Bonds
• numbered 201 to 600, only.
eOtn prlnclpal of antl In inert Dn this
' Bond ere payabta at First NatloOat
Bank In Boulder. Boulder, Colondo,
Bones Numbered upon presentation and wrrsntlsr of
Ibotn mduslrel Amount Maturity Saltl coupons and this Bontl as they
1 to 2 310,000 1975 severally become due.
3 to S 15,000 1976 Bontls pf this Issue maturln9 pit or
o
g3
Wr
d~ep
be
9to 12 20,000 197[ resPet iw
1ns
t
r
tleema
~
n s1D11 2bf1013
ea 9111 Jib +baYn Onf Ue
blfi tD lagl~nnq ant bite AVI~>3 IIf n2
maturity does, Bontls of MVs issue
metu ring In the veers 1984 to 1990,
ncluslve, era redeemable at the
ptlOn Of the lawn COLLnCII On
ugust 15, 1984, antl on interest
aYmant dates [Hereafter, In Inverse
LLmerlcdl Of der, upon paYm brit Of
ar, accruetl interest and a premium
f 112% of prlnclpal. Bones OT this
sue maturing In rite years 1941 antl
hereof tar are retleemable at the .
orlon pf the Town COUn[II On
ugust 15, 1984, and on interest
avment dates thereafter, In inverse
umtrical ortler, upon payment Of
er ana accrued Interest only.
This Bontl Is one of s series Issued
y the Tpwn COU ncfl of the Town of
Vail, CDloratlo, on behalf Of saitl
Own end upon the Credit [hereof far
he DLLfpOSe Of prpvitling funtls [O
elray In Whole Or in part the cpyi D1
cquirlny certain real estate for the
SB Of the Town end 1[s In hdbltant5
rid also the cost of acquiring
acessary easements to and from sNtl
sal estate, [M cast pf extension Of
water ana sewer tines Therein, and
he cost of Ianascaping saitl real
state, by virtue or and In full
um formlty won rite Constitution o1
he State of CDloratlo, the home rule
hatter of the Town of Vail, Chapter
39, Article 32, Colorado Revisetl
tatues 1963, as amended, and atI
then Iawe o1 the Slate Of Colorado
hereunto enabling, antl pursuant to
n Ordinance of sold Town tluly
doptetl, published and made a law
f sale Town prior to the Iswance di
his Bond; and it. is hereby recited,
ertlfled antl warranted that ail the
equlrements of law have been }ully
omplied with by the proper o}Tlcer3
7 the Town of Vau in iswing thlf
Bond.
It Is further hereby routed,
ertl Tletl and warrantetl that the [alai
ndeptetlnass of saitl Town, Including
hat Ol this Band, tlODS not eXCeetl
ny conatitutlpnal ar Statutory
mitation of the State Of Coiprado
ntl does Hat exceed any limitation
f the Town et Vail Charterahat at a
patio[ election Iawfuuy held In rite
Town on the 25th tlay of Saptem bar,
473, the issuance of this Bontl was
lily dJlh pitied by The qu atifletl,
e9lstered electors pf the Town
OTIn9 al Said elBCttan; end thdl
rovidon has Deer matle far the levy
na coueetion of an annual tax on au
he taxable proPeny wRnln the
Town and the appllCdtlOn of caridln
alas tax revenues at the Town
wflieiant fo pay the Interest on and
Ile prlnclpal DI ihli Bond JS the Sarno
espectively Wcoma due.
The full fNth and credit Of the
Town of Vail, In the County Or Eagle
^ntl State of Cotprado, is hnfiby
Pletlgatl }qr the punctual payment pl
he Principal of and the Inhnf! On
hit Bond.
IN TESTIMONY WHER[Ori, fill
Ts~/1 COYItep M IM To~lr N VM1.
~ettaY eM eerrear Mar Naval M M
aeautee a ftte a,ases w e. arwrt
N sate Yolerr vrttlr olio taeWwM
4eISM4re N IM iriayar N lM TOrM,
p W Haled Nih en ImpreNlan N
ne soak of wad Town, to M attested
by the manual apnatun of the C1erK
tMraaf, end has caused the Interest
cOUpgn3 ettathetl hereto to W
executed with the facstmlla slgnaturs
Of Its Mayor, all as of the 1st aaY of
Novem Der, 1973.- '
TOWN OF VAIL,
COLORA00
IS E A L T BY (Fatsimiie Signature)
Mayor
Attest:
(Manual Signature]
Town Clerk '
{End Of Form of Bontl)
:,;;:.;
~.t^:
pnterest Coupon Farm] '
No. ~~ 8
On the 1st day of peCember or
June, 19_, unless .the Bond [a
whkh this coupon h attacnsa, if
retleemable, has bean celled for prlor~
ratlemption, the Town pf VaR, in the
CDUntY of Eagle and State of
CoiOrado, will Pay to bearer the
amount shown Hereon In 4wfut
money ol, the Unltetl States pf
America, at Fkst NaUOnal Bank M
8dultler, Bpultler, Colorado, Wlnq
interest then due on its General
pbllgatldn Bontl, Series November
1, 1973. tlatatl November 1, 1973,
bearing '
No. '
~, (FacsRnfle Slgnatuiel~
Mayor
TOWn Of Val 1, ColOntla
{End of Interest Coupon Form]
5. saitl Bonds, when executed as
provided by law, shall be tlellvered by
any one of the officers Of the Town
to the purchaser thereof, Boettchn
and Company, of Denver, Colorado,
upon payment fo the Town In
eccordanca with the contract of
purchase for the Bonds between iha
Town and Boettcher and Company.
The pYOLeeds detfVed tram Saltl Bond
sale shall W pHtl ex[fuflwly rot the
purpdsK stated herein, prpvltled,
however, that any portion of the
Bond proceeds may Da temparanly
invested pending such use In
ceCUritles or Obli9atlont which era
lawful Investments rot the Tawn Of
Vau, with such temporary Investment
td be made consistent wltn the
covenant nerefnaftar provltlad eon'
taming arbitrage bonds. Neitna the
purchaser of sold Bonds nor the
holder of any of roam shall be in any
Way respond ble TOr the ip PlitelVOn
of the proceeds of yard Bontls pY the
Town or any pf Its ollkars.
6. N requlnd, rite interest and
prlnclpal to become dw or sale
Bontls in 1974 shall W adrancaa
flOm any town WS or fund[ 01 the
Town lawfully available therefor. For
Continued -Page 43
env Pnil,sgml l0 P^+f~Il r s, : ~'t :..
pa +tval O! nwDT 9n1 lOL „r l,svl,s.V
From Page - 42
the purpose pf relmburslnq enY such
atlvance and ak/o far the purpose Of
peyVng the Interest on and princlpa!
01 Witl 9ontlt as the fame become
due and payable respectlvaly, the
Town Council 01 the Town of Vall
Shall annually fix antl Ceftlfy a fate of
levy for ad valorem loxes to the
Board of County Commistloners of
Eagle County, Colorado, which taxes,
In dtltlltlon [o a6 other taxes, when
IeVled pre all 01 the taxibN property
in the Tawn m each of the year;
1973 to 1993, Inclutlve, wilt raise ad
vatoram tax revenues sulticlant to
make such relmbursemani and to
promptly mast and Pay Such BDnd
principal and Interest payments as
the same become due.
$ald taxes when collected shall
be eppHed solely~fw the payment of
the Interest and prlnclpal 01 saitl
bonds, respectively, until the Bands,
both prlneipal and Inearast, shau W
fully paid, satisfied and tllscharged:.
provided, however, that nothing
hefeln Contained Shall be SO
construed at to preveht the TDWn
from commhung and applying enY
Other fllndS Or lWengeS thdi Tay
now or hereafter be In the treasury of
the Town and legally avella6le for the
purpose of Payment of the Intarsst
On Or prlnti Pal Or said Bonds, and
upon [he appllcallOn oT any Ostler
fuGh lundi Or reVerlUes of dfnrasald,
the Isvy or IeYiet for ad valOrom taxes
nereln provided Tay thereupon be
dim Vn VShed to the extant ih•
requtremen [s for such Bond and
Interest payments for the partltltlar
year ors therapy d~minlshed.
"7. Notwithstanding the fera-
going provisions for ad valorem tax
Isvles, the Tawn hereby further
ovanants and~agraas that sq long as
the General Obu9afion bonds, Sarias
November 1, 1973, provided for
herein, remain outstanding and
V npald, it will levy, administer,
enforce and collect the salef tax
dlitharided by Tqwn of trail
Ortlinsnca No. 31 [Series of 1973) to
the extent of an amount not to De
test then 2% of gross receipts dariretl
hom the sale of tan9i b{a personal
property and 7h• furnlshin9 of
sarvlces now or hereafter sublect to
saitl sales tax ;antl that all the sales tax
revenue derived item sa ld 2% of said
gross rece,pts sriaH be an6 herobv is
irievocably and solely pledged and
set aside to pay the interest on and
the principal of the su hJect General
Obligation Bones, Series November
1, 1973, hareln au 3ngrizeQ as the
same become tlua and payable from
year to year; pravltled:
' A, Th6 Sala ~pledgetl sales tax
revenues may also ba pletlgetl ^ntl
used far the payment of the dept
ferv ke pp any other ,pr Addltfonal
general oWlgation bonds,af the Tawn
pf , Yall WDich may W kaued from
.e:m.. w.ume.a~pylad uch Tthar or
addttlgnaF geneAl ~e~ll~etw
Shall be On a parity with OT
subordinate to [PUl not prior or
wperipr to) the General ODli9atlon
Bonds, Series November 1, 1973.
with respect to the sales tax revenues
nereln Pledged; and
B. To the extent that the debt
Service on all of the Town of Vall
genarar oelipation bands which may
be issued from time to tlm0
[Including put not Iimitetl to tM
Bonds authorized heroin] and which
ors payable In wade or In part from
the sv biect pledged sales tax
revenues, Is fully provldatl Tar In any
fiscal year by tax revenue and other
moneys Iega9y available therefor,
then the Town is authorized t4 use
any ravanum remaining tram the
su 6lact pletlged sales tax revenue !or
other purposes (but only agar all of
the albs service On sold general
ohllgation bonds, which era SD
payable from sold pletlged seise tax
revenues has been fuhy provided for
In said 1lfcel year), indutlln9, but not
limited to, payment of spacial ,
non-general obfigatlon bands, whl[h
spatial non-genera[ oDligatlgn bong/
In any avant, however, shall not W '
on a perhy with and shall tee
subordinate and Interior to the
Qensral Obllgatlon bonds, Series
Nqvember 1, 1973, with respect to
the sales tax rwenues herein pledged.
Se long as tea General 061lgntlon~
Bonds, Series November 1. 1973,
remain outstanding Antl unpaid, the
TDwn of VAIY shell not repsal its
Oral Hance No. 11 I$erlas of 19731 ,
and the Town shall not amend said
Ordinance In a manner which, taking
Into acCWnt other revenue of the'
Val Dram V 'ithqut Ilm lulion of
rate or + er as umltlnq or
Impairing iigaUen qT the Town
!o Ivey, administer, •nlorce ,and
coils[[ the saps tax es provltletl
narsln, fqr the payment of the
principal of and Interest on the
Bonds herein oath orizatl.
H shall be the duty of the Town
Cou hell annually, at the tams antl in
the manner provld00 by law for
levying other Yaxas, if such action
shad be necessary to al/ectuate the
provisions o1 this Ordinance, ro rstlry
and carry out fee provisions hereof
with referents to tha Isvy ana
inllactlan of the ad valorem and sales
taxes hareln specltled, and that said
CO+rn@It shell require the a111csrs of
and tar the sa ld Town to levy, axtentl
Intl telleCl fdltl taxes in the manner
provided by law for the purpose of
prpvi tlinq funds for the payment of
the princlpsr of khe bonds autharized
herein and the in tares[ accruing
thereon promptly as the same,
raspectlrely, 4ecome due. 5altl texas,
when collected, snail be kept far and
applied only to the payment of the
Interest antl Principal of said Bonds
at narelnbeiore sPeclfietl.
9. Tne Town covenants to the
purchasers of the Bonds that It wIR
make no use of the proceeds o1 sash
Bontls at any tome during the term
therogt which, 11 such use had bean ~~
reasonably expectetl on the date the
Bonds are issued, woultl have caused
such Bonds to be arbitrage bonds
wltriin the meaning of Section 103[dl
of the Internal Revenue Code of
1954, as amended, and as Interpreted
by Section I.103-13 and Section
1.103.14 Of the re9ulatlons praposetl
for sucn purpose by tns United
States Treasury Department. er, oiler
permanent regal atlons Interpreting
such Cods settlon era promulgated,
the corresponding Drovlsians of such
permanent r09dle[IOnf IIn18f5, Vntler
any valid praviston oT saw nareaitar
enacted, the interest paid On the
Bontls la) snail 6e exclutlable from
the gross Income of a recipient
thereof for faaeral incoms tax
purposes without regard Ip whether
or not sucn Bonds are arbitrage
bonds, or [b) shall be exempt from
all Income uxatian.
10. Atl action heretofore taken by
the Town of Vall and by the officers
of the Town Inot Inconsistent
herewith) directed tawar6 the au•
thoriratlon of bond; for th6 au rpese
Of pfOVICln9 iLLRdS t0 delray In Wh018
or In part trio cast of acquiring the
a pProxlmateiv 39 acres or real estate
descrlbetl m ana to be used for the
Public antl munlclpal purposes state6
In Ortli nonce Nq. 6 (Series of 1973)
01 the Town of Vail, Colorado, b0
and the ssms Is, hereby rafltled,
approved and confirmed, including,
whhout limiting the generality at the
toregoin9t [he acceptance of trio '
prgppsai tik' suit"'tFufcnais Y ~th•
Bongs authorlad hareln submitted
~t~kt-".r ~r~,GpmgaDep~.r-1..;
il. Pursuant td the Unirorm
Facumila 519nature~of Pu611C Osil-
clsls Act, COlorad0 Reviytl Statutes
Set. 125-fi-0 wt. seati 19fi3, as
amended, the MaYOr of th0 Town
snail forthwith, but In any event
prior to th• time th• Bands are
tlelivered 1o the Bond purchaser, it le
w1tA the Colorado Secretary et State
nis manual signature cartlfietl by him
under oath, using a sultabla Facsimile
$IgnA[LLre C0r[IfiCBte for SaYd par-
posa. ,
12. Th• ottlcers of tM Town are
hereby authorizsd antl directed to
enter Into such agreements and [a ke
all action necessary pr appropriate to
effectuate the provisions of this
Ordlnanta and tD comply with the ~
requirements of law, Inddd1ng
with but 1l mltinq the generality o1 the '~~
farsgolnq:~
s. Tha printing oT the Bonds
hareln autnorizetl; and
? ~~. Fhe exacuilon of such cartlfi• ,
Galas ss may bs reasonably
requNatl by the purchessr of
the Bonds relating to the
-~•- signing of the Bontls, the
tenure and identity el the .
Town olfiWah, the assessetl
valuetlDn and in tlabtedness d1
'?'r' fns Town, receipt of the Bona
- purchase pries, and. If In
' accordance with the 4tts, the
^, tR abSanC1 at I{Ylga[lon, Pendlnq ~'
" or threatened, affecting the
validity a1 the Bonds; and
't. The making of various stat-
ements, raeltals, certlficatlons
' and warranties provided In tM '
form of Bond wt torte 1n [nis
Ordlmna. ~ . , --
Town which Is legacy dedfwtstl and ~ 13- Thera Is hereby appraprlatsd
available to pay the principal antl antl sat 7sltle from any available
interest payments on ssid Bonds, funds ar revenues of tea Town of
would tliminlsn the reVen4e security VaH the Amount or amounts
for said bonds.. - necessary to pay' all costs antl
Nothing In this Ordlnenca snail be expenfes InNtlant to the lssuante pf
construed In such manner to preVSnt Bald General Obligation Bonds,
the Issuance by the Town 01 Vail of Ssrkes November 1, 1973, Indudlnq,
additional bands of any naturo, but not ba(n9 .limited to, any
provl6etl said atlaltional bands ors pubhcatfon, legal, enginMrlnq antl
Issuatl in a manner consistent with [fecal agent casts and expenMS.
the provisions and Ilmltatlons stated 14. Au ordlnancer, alts, orders,
herein with respect to the seise lax rasolutfona. or parts thsreoT, taken
tavanue hareln plsatletl. by the Town at Vail and In eonfHct
8. Tne sums hersinbelors provfd-, whh this Ortlinanq ors hereby
ed id meet the Interest On said Bgnds ' rapealetl. ~ -
end tp 6ischargs tea principal 15. This Ordlnenca Is, and shau
snareot, when aua, era hereby constitute, a leglslatlve measure of
applied for that purpose, and said tea Tawn of Vall, •ntl aftsr the
am OUnls fdr each Yair shall be Bonds hereby apth Oflred era Issued,
Included In' tea annual butlgst and said and era autstamm~q, this
the apprapriatign ordinance or Ordlmnea shau constitute a tomrac[
messu ras to be etloPted and passed between the Town antl the harper or
by the Town Cauncu of fns Town in Holden of sold Hones, end shall bs
seen year raspectlveW walla any of antl remain IrnpealabN until said
the Bonds herein autnorized, •ItheT genes antl the mtarsct accruing
as to principal or Interest, era tnsrean shah haw been luny psitl,
autstantllnq antl unpaid. No proof- saticlled and dlscnargsd.
siont of enY con itltutlgn, siatuh, '
charter, ortllnante, reSOlutlon, or 16. Th• proper ofticar! of the
ether grtlar or measure enachtl after Town of Van, Colontlo, are hereby
th6 lsauante p1 the BOnd3 MreIM1 oath orized antl tllre[ted to ,pay a
authorizsd shall In any manner (M Gauss !D ba paid the Interest on ihs
construed as dmltlhq or I[np#1[inq the ``
` Bd'nds narsln authorlaed as the same.
~
pawMS b• levy atl `
obllgaNOn .b( the . snill lttrVa, antl the prlnclpat of saitl
Bands at maturity, without further
warrant or order.
]7. IT any D+ragraph, clauu Pr
provision of inls Ordinance Is
]udlclally adlutlgetl invalid or unsn-
forceahle, such yudgment snail not
iliac[, Impair' or invalitlata the
ramalnknq paragraphs, 4lausu or
provisions hereof, the Intention 1»mq
that the various paragraphs, cliuses
Or ProVlslOAS nereOt ire SEYardble.
INTRODUCED, READ, A0.
PROVED AND ORDERED PUB-
LISHED THIS 2ntl DAV OF
October, 1973.
TOWN OF VAIL
1 5 E A L 1 BY gghn A. Ogbson
Mayor
Attest:
Linda R. Hall
Town Gsrk
1N7R0 DUCED, READ, APOPT•
ED AND ORDERED pUBL15HED
this sixth day of November 1973.
TOWN OF VAIL
By John A. Dobson
Mayor
ATTEST[
Linda R. Hall
Town Clerk
Published In The Van Troll on
Novem nor 9, 1973.
,~rlK'-'