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1973-19 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 -2-• I r ~~~ ` 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: - 3 ~- I r ~_. l -- .-_. 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 -4- I t (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. --5- I 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: -6- 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. -7- 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] -9- l 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 -10- l - ~ r ---• 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 --11- l r . ~ ~ ,-Y 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 --12 -- 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, -J3- r, ~,..ti ~~ ~ ~ . ~ . < 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 -14- •~ 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- --15- l .-- .. 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. -1G-- l -~ ~ ~ ~ r ~ 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 '~ r ., TOWN OF V TL By ~Ct .~ ~~~ Mayor -17- ,: t '.~ i ti n o~ a x ro ~~ G ~' ei n d l"R7 Yi++ i o r]p e C ~ p eb W ~ a" ~ C. p ~ ~/1 7" ~ m ~ ~ ~ o '~ a~ °, 0 7'c ~enw R~ a.~ ~ ~ O ° o '~ '~ ~ ~ a. w,noyor.~~o ~ 'r1 n ~ a a m G~ K~~~•°"~mO ~ m a C \ ~ e ° a ~ ~ tno~~~'~O w ~ a R ~~ ~' ~ ~ a m ~P7 C~,~ ~ g'~ ~ w ~ ~ ] ~.'ti ~ ~ r c T ~ ~ ~. a ~ •c o '~ ~ ~ ~n ~ `C fl. m 'C '., D eD n.q ~ '+. K 4~ 4 i 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'-'