HomeMy WebLinkAbout1975-21 To Contract an Indebtedness on Behalf of the Town of Vail by Issuing General Obligation Bonds for Parks & Recreational Land & Vail Transportation Center~_ _.
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ORDINANCE ~1D , 21
SERIES OF 1975
~1N Oi?DINANCE TO C0;3TRT3CT AI,i INDEBTEDNESS ON
BEHALF OF THE TOL~TN OF VAIL~ COLORADO, AND UPON
THE CREDIT TfIEREOF, BY ISSE~'ZNG GENERAL OBLIGATION
BONDS OF SAID T04VN IN THE PRINCIPAL AMOUNT OF
$860, 000 F'OR THE PURPOSE OF PAYING, IN 4dHOLE
OR IN PART, THE COST OF AC~2UIRTNG, CONSTRUCTING
AND EQUIP~'I1'iG PARK AND RECREATIONAL LAND, IMPROVE-
MENTS, AND FACILITIES, AS TtiELL A5 ADDITIONS A_ND
IMPROVEP~lENTS TO THE VATL TF~?1.NSPORTATION CENTER,
TOGETIiER j~IITI3 ALL NECESSARY INCIDENTALS; PRESCRIBING
THE FORP'I OF SAID BONDS; AND PROVIDIi`IG FOR THE LEVY
OF TAXES AND FOR THE APPLICATION OF SALES TAX
REVENUES OF THE TOivN OF VATL AND FOR THE APPLICATION
OF CERTAIN REVENUES TO BE DERIVED FROM SAID
ACQUISITIO~.TS ArID Ii~1PROVEMEN~I'S TO PAY SAID BONDS
AND THE IbITEREST THEREON.
WHEREAS, at a special election of the qualified, registered
electors of the Town of Vail, Colorado, duly called and held
on Tuesday, the 14th day of October, 1975, in accordance
with law and pursuant to due notice, there were submitted to
said electors the following questions:
1. PARK AND RECREATION BONDS, QUESTION SUBMITTED:
"Shall the Town of Vail, Colorado, be authorized to
ls5ue its negotiable, interest bearing General
Obligation Bonds in one series or more in an aggregate
principal amount not to exceed $775,000 or so
much thereof as may be necessary for the purpose
of defraying, in whole or in part, the cost of
acquiring, constructing and equipping park and
recreational land, improvements, and facilities,
to include open space land, athletic fields,,..a
public recreational center, a public museum
facility and a gymnasium, together with all
necessary incidental and appurtenant facilities,
structures, land and equipment, and including
costs incidental thereto, 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 more than
25 years from the date or respective dates of the
bonds, such bonds to be payable from general ad
valorem taxes, except to the extent other funds
are available therefor, and such bonds to be
sold and issued at one time or froze time to time,
in such manner and amounts and upon such terms
and conditions as the Town Council rzay determine,
including at the option of the ^'own Council pro-
visions for the redemption of bonds prior to
maturity with or without the payment of a premium?"
2. TRANSPORTATION CENTER IMPROVEMENT BONDS, (QUESTION
SUBMITTED:
"Shall the Town of Vail, Colorado, be authorized
to issue its negotiable, interest bearing General
Obligation Bonds in one series or more in an
aggregate principal amount not to exceed $$5,000
or so much thereof as may be necessary for the
purpose of defraying, in whole or in part, the
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cost of acquiring, constructing and equipping
additions and improvements t.o the Vail Trans-
portation Center, together with all necessary
incidental and appurtenant facilities,
structures, land and equipment and including
costs incidental thereto, such bonds to bear
interest at a maximum net effective interest
rate not exceeding l0 percent per annum, and
to mature serially during a period of not more
than 25 Nears from the date or respective dates
of the bonds, such bands to be payable from
general ad valorem taxes, except to the extent
other funds are available therefor, and such
bonds to be sold and issued at one time or from
time to time, in such manner and amounts and upon
such terms and conditions as the Town Council
may determine, including at the option of the
Town Council provisions for the redemption of
bonds prior to maturity with or without the
payment of a premium?"
and
WHEREAS, more than a majority of such qualified, registered
electors voting on each of said questions voted in favor of
creating such debt and issuing said Bonds; and
WHEREAS, the Town Council of the Town of Vail has
determined, and does hereby determine, to issue at this time
the general obligation bonds for the purposes authorized by
the qualified, registered electors of the Town of Vail,
Colorado voting upon such questions of incurring indebtedness
at the special election held on the 14th day of October
1975, in a total principal amount of $860,000, as hereinafter
set forth in this Ordinance; and
WHEREAS, pursuant to Resolt7.tion No. 12, Series of 1975,
and after notice of sale duly given, sealed bids were received
and publicly opened on the 5th day of November, 1975, for
the purchase of said $860,000 principal amount of General
Obligation Bonds, the Bonds being sold to the bidder making
the best bid therefor, i.e., Boettcher & Company, Denver,
Colorado (herein sometimes designated as the "Purchaser")
for a price consisting of the principal amount thereof, plus
accrued interest thereon from the date of the Bonds to the
date of their delivery to the Purchaser, the Bonds bearing
interest and otherwise being issued subject to the terms
provided herein; and
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WHEREAS, pursuant to Ordinance No. 11, Series of 1973 of the
Town of Vail, there was submitted to the
electors of the Town of Vail, Colorado,
held on the 25th day of September, 1973,
imposition of a sales tax on the sale of
property at retail and the furnishing of
Town of Vail; ,and
qualified, registered
at a special election
the question of the
tangible personal
services within the
WHEREAS, mare 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 Town Council cf the Town of Vail has
estimated and determined and does hereby estimate and determine
that the principal maturing and the interest accruing on
said $860,000, the principal amcunt of Bonds of the issue
authorized herein may be met from revenues derived fro*ra
sources other than general 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 the net revenues
to be derived by the Town from the operation of the property,
improvements and facilities to~be acquired and constructed
with the proceeds of the Bonds herein authorized; 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 said park and recreational pur-
poses and far said Transportation Center improvement purposes
in the total principal amount of $850,000 be now 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:
1. Pursuant to the authorization conferred by the
qualified, registered electors of the Town of Vail at a
special municipal election duly called and held on October
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14, 1975, and for the purpose of defraying, in whole or in
part, the cost of acquiring, constructing, and equipping
park and recreational land, improvements and facilities and
providing additions and improvements to the Vail Transportation
Center, together with all necessary incidental and appurtenant
facilities, structures, Land and equipment, the Town of
Vail, Colorado, shall issue on behalf of said Town and upon
the credit thereof, its negotiable coupon General Obligation
Bonds, Series December 1, 1975, in the aggregate principal
amount of $860,000, dated December 1, 1975, consisting of
172 bonds in the denomination of $5,000 each, numbered 1 to
172, 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, as herein set forth.
The subject Bonds shall mature serially in regular
numerical order on December I of each year, and shall bear
per annum interest from December 1, 1975 to the payment of
their principal sums, as follows:
Bonds Numbered Principal Per Annum
(both inclusive) Amounts Maturity Interest
1 to 3 $15,000 1976 7.5~
4 to 7 20,000 1977 7.5
8 to 12 25,000 1978 7.5
13 to I6 20,000 1979 7.5
17 to 21 25,000 1980 7.5
22 to 27 30,000 198]. 7.5
28 to 33 30,000 1982 7.5
34 to 39 30,000 1983 7.5
40 to 46 35,000 1984 7.5
47 to 53 35,000 1985 7.3
54 to 61 40,000 1986 7.3
62 to 70 45,000 1987 6.65
71 to 79 45,000' 1988 6.8
80 to 89 50,000 1989 6.9
90 to 100 55,000 1990 7.0
lol to 112 60,000 1991 7.0
113 to 125 65,000 1992 7.0
126 to 139 70,000 1993 7.0
140 to 153 70,000 1994 7.0
154 to 172 95,000 1995 7.0
Said interest shall be payable June 1, 1976, and semi-
annually thereafter on the ist day of December and the lst
day of June of each year.
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Bonds of this issue numbered 1 through S.i, inclusive,
maturing on or before December ]., 1985, are not redeemable
prior to their respective maturity dates. Bands of this
issue numbered 54 through 172, inclusive, maturing in the
year 1986 and thereafter, are redeemable at the option of
the Town Council on December 1, 1985, and on any interest
payment date thereafter, in inverse numerical order, at a
price equal to the principal amount of each Bond so redeemed,
accrued interest thereon to the redemption date, and a
premium of one and one-half percent (1-1/2~) of the principal
amount of each Bond so redeemed.
Notice of any redemption s3~a11 be given by the Town
Clerk in the name of the Town of Vail., Colorado:
A. Publication. By publication of such notice at
least one (~.) time by one (1) publication, such publication
being not less than thirty (30) days prior to the redemption
date specified in such notice, in each of the following
newspapers:
(1) in The Vail Trail, Vail, Colorado if then in
business and publishing, and if not, then in a newspaper
of general circulation in the Town of Vail, State of
Colorado, and
(2) in The Daily Bond Buyer, New York, New York,
if then in business and publishing, and if not, then in
a similar financial newspaper published in New York,
New York, and
B. Mail. By sending a copy of such notice by certified
or registered, first-class, postage prepaid mail, at least
thirty (30) days prior to the redemption date, to the Pur-
chaser, ar any successor thereof known to the Town Clerk.
Such notice shall specify the number or numbers of the Bonds
so to be redeemed and the date fixed for redemption, and
shall further state that on the redemption date there will
become and will be due and payable upon each Bond so to be
redeemed at the office of the Paying Agent the principal
amount thereof and accrued interest on said principal amount
to the redemption date, and any premiums payable on prior
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redemption, and that from and after such date interest wi11
cease to accrue. Any Bonds redeemed prior to their respective
maturities by call for prior redemption {or otherwise? shall
not be reissued and sha11 be cancelled the same as Bonds
paid at or after maturity.
2. The principal of and interest on all of said
General Obligation Bonds, Seri
payable in lawful money of the
without deduction for exchange
United Bank of Denver National
which is hereby designated the
~S51Ze.
.s December 1, 1975, shall be
United States of America
or collection charges at
Association, Denver, Colorado,
paying agent for this Bond
The net effective interest rate on Bands of this issue
is 7.044.
Said Bonds shall be general obligations of the Town of
Vail, and shall be payable from general ad valorem taxes
without limitation as to rate or amount, 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 a facsimile of the seal of the Town, shall
be attested by the manual signature of the Town Clerk of the
Town, and each of said Bonds shall have attached thereto an
appropriate number of interest coupons bearing the facsimile
signature of the Mayor. Said coupons shall be numbered con-
secutively from one upwards for each Bond as appropriate.
When issues 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
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 alI purposes.
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q. Said Bonds and the interest coupons attached
thereto shall be in substantia~.ly the following form:
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[Form of Bond]
UNITED SPATES OF A.'~'IERICA
STATE OF COLOR11D0 COUNTY QI' EAGLE
TOWN OF VAIL
GENERAL OBLIGATION BOND, SERIES DECEMBER 1, 1975
No. $5,000
The Town of Vail, in the County of Eagle and State of
Colorado, for tTalue received, hereby acknowledges itself
indebted and promises to pay to the bearer hereof the
principal sum of
FIVE THOUSALVD DOLLARS
in lawful monei* of the United States of America, on the 1st
day of.December, 19 , with interest thereon from the date
hereof to the payment of said principal sum as evidenced by
one set of interest coupons hereto attached at the rate of
[*seven and one--half per centum {7.50) per annum, **seven
and three--tenths per centum (7.3p) per annum, ***six and
sixty-five hundredths per centum (6,65°x} per annum, ****six
and eight-tenths per centum (6.8~) per annum, ***** six and
nine-tenths per centum {6.9b} per annum, ******seven per
centum (7%) per annum,] payable June 1, 1976 and semiannually
thereafter on the lst day of December and the 1st day of
June of each year. Both principal of and interest on this
Band are payable without deduction for exchange or collection
charges at United Bank of Denver National Association,
Denver, Colorado, upon presentation and surrender of said
coupons and this Bond as they severally become due.
Bonds of this issue maturing on or before December 1,
1985, are not redeemable prior to their respective maturity
dates. Bondi of this issue maturing in the year 1986 and
thereafter are redeemable at the option of the Town Council
on December 1, 1985, and on interest payment dates thereafter,
in inverse numerical order, at a price equal to the principal
amount of each Bond so redeemed, accrued interest thereon to
the redemption date, and a premium of one and mne--half
percent (1-1/2%) of the principal amount of each Bond so
redeemed.
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Redemption shall be made upon not less than thirty (30)
days' prior notice by publication of such notice at least
one (1) time by one (1) publication, such publication being
not less than thirty (30) days prior to the redemption date
specified in such notice, in each of the following newspapers:
in The Vail Trail, Vail, Colorado, if then in business and
publishing, and if not, then in a newspaper of general
circulation in the Town of vai1, Colorado, and in The Daily
Bond Buyer, Nec,~ York, New York, if then in business and
publishing, and if not, then in a similar financial news-
paper published in New York, Neva York, and by sending a copy
of such notice by certified or registered, first--class,
postage prepaid mail, at least thirty (30) days prior to the
redemption date, to the original Purchaser of the Bonds,
Boettcher & Company, Denver, Colorado, or any successor
thereof known to the Town Clerk of the Town of Vail; Colorado.
This 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, con-
structing and equipping park and recreational land, improve-
ments and facilities, and additions and improvements to the
Vail Transportation Center, together with all necessary
incidental. and appurtenant facilities, structures, land and
equipment, by virtue of and in full conformity with the
Constitution of the State of Colorado, the home rule Charter
of the To:,rn of Vail, and all other laws of 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 herebv
recited, certified and warranted that all the requirements
of law have been fully complied with by the proper officers
of the Town of Vail in issuing this Bond.
~t is further hereby recited, certified and warranted
that the fatal indebtedness of said Town, inc~.uding that
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of this Bond, does not exceed an~~r constitutional or statutory
limitation of the State of Colorado and does not exceed any
limitation of the Town of Vail Charter; that at a special
election lawfully held in the Town on the lath day of October,
1975, the issuance of this Bond was duly authorized by the
qualified, registered electors of the Town voting at said
election; and that provision has been made for the levy and
collection, without limitation as to rate or amount, of an
annual tax on a.ll the taxable property within the Town, for
the application of certain sales tax revenues of the Town,
and for the application of the net revenues to be derived
from the land, improvements, and facilities to be acquired
and constructed with the proceeds from the sale of the
Series of Bands of which this is one, 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 Vaii, 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 said Town, to be sealed with a facsimile of
the seal of said Town, to be attested by the manual signa-
ture 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 lst day of December,
1975.
TOWN OF VAIL, COLORADO
By {Facsimile Signature)
Mayor
(FACSIMILE)
{ S E A L )
Attest:
(Manual Signature}
Town Cie.rk
[End of Form of Bond]
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* Bonds numbered 1 to 46, inclusive, maturing from December
1, 1976 to December 1, 198, inclusive, bear interest
at the rake of seven and one-half per centum (7.So) per
annum.
** Bonds numbered 47 to 61, inclusive, maturing from
December 1, 1985 to December 1, 1986 inclusive, bear
interest at the rate of seven and three-tenths per
centum (7.30} per annum.
*** Bonds numbered 62 to 7d, inclusive, maturing on December
1, 1987, bear interest at the rate of six and sixty'
five hunr~redths per centum (5.650) per annum.
**** Bonds nurbered 71 to 79, inclusive, maturing on December
~1, 198$, bear interest at the rate of six and eight-
tenths per centum (6.8~) per annum.
***** Sonds numbered 80 to $9, inclusive, maturing on December
i, 1989, bear interest at the rate of six and nine-
tenths per centum {6.9$) per annum.
****** Honds numbered 90 to 172, inclusive, maturing from
December 1, 1990 to December 1, 1995, inclusive, bear
interest at the rate of se~.ren per centum ( 7°s ) per
annum.
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[Interest Coupon Forrnl
No. $
December,
On the 1st day of June, 19_~, unless the Bond to which
this coupon is attached, if redeArnable, has been called for
prior redemption, the Town of Vail, in the County of Bogle
and State of Colorado, will paX to bearer the amount shown
hereon in lawful money of the [United States of America, at
United Bank of Denver National ~.ssociation, Denver, Colorado,
being interest then due an its ~~eneral Obligation Band,
Series December 1, 1975, dated December 1, 1975, bearing
No.
(Facsimile Signature)
2~ayor
Town of Vail., Colorado
[End of Interest Coupon Formj
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5. Said ~3onds, when executed as provided by law,
shall be delivered by any one of the officers of the Town to
the Purchaser thereof, upon payment to the Town in accordance
with the contract of purchase for the Bonds between the Town
and said Purchaser. The proceeds derived from said Bond
sale shall be Tared exclusively for the purposes stated
herein, provided, however, that ~~ny 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 temF:~rary investment to be made
consistent witYi the covenant hereinafter provided concerning
arbitrage bonds. ~ieither the Purchaser of said Bonds nor
the holder of any of them shall 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 1976 shall be advanced from any revenues
or funds of the Town lawfully available therefor. For the
purpose of reimbursing any such advance and else far 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 1976 to
1994, inclusive, will raise ad valorem tax revenues sufficient
to make such reimbursement and to promptly meet and pay such
Bond principal and interest payments as the same become due.
Said taxes when collected shall be applied solely for
the payment of the interest on and principal of said Bonds,
respectively, until the Bonds, both as to principal and
interest, shall be fully paid, satisfied and discharged;
provided, however; that nothing herein contained shall be so
Construed as to prevent the Town from committing and applying
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any other funds nr revenues that may now or hereafter be in
the treasury of the Town and legally available for the
purpose of payment of the interest on ar principal of said
Bonds, and upon the application of any other such funds or
revenues as afcresaid, the levy or levies for ad valorem
taxes herein provided may thereupon be diminished to the
extent the requirements for such Bond and interest payments
for the particular year are thereby diminished.
7. Not~~rithstanding the foregoing provisions for ad
valorem tax levies, the Town hereby further covenants and
agrees that so long as the General Obligation Bonds, Series
December 1, 1975, 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 2~ of grass receipts derived from the sale of tangible
personal property and the furnishing of services now or
hereafter subiect to said sales tax. The Town of Vail has
previously issued its General Obligation Bonds as follows:
its General Obligation Bonds, Series PFavember 1, 1973,
authorized by Ordinance Na. 19, Series of 1973 in the original
principal amount of $3,000,000; its General Obligation
Bonds, Series March 1, 1974, authorized by Ordinance No. 3,
Series of 1974, in the original principal amount of $5,500,000;
and its General Obligation Refunding Bonds, Series 1974,
dated November 15, 1974, authorized by Ordinance No. 21,
Series of 1974, in the original principal amount of $2,640,000,
which Refunding Bonds refunded the full $3,000,000 principal
amount of the Town's General Obligation Bonds, Series November
1, 1973. The Town has covenanted and agreed, in each of
~ said bond authorizing Ordinances, to pledge and set aside
all the sales tax revenues, derived from the above stated 20
of grass receipts authorized by said Ordinance iao. 11,
Series of 1973, to pay the interest on and the principal of
the General Obligation Bonds and General Obligation Refunding
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Bonds authorized thereby, Said Ordinances provide further
that said pledged sales tax revenues may also be pledged and
used for the payment of the debt service on any other or
additional gea~eral obligation bonds of the Town of Vail
which may be issued on a parity with said General Obligation
Bonds or General Obligation Ref~znding Bonds. The Town of
Vail covenants and agrees that all the sales tax revenues,
derived from said 2~ of said gross receipts as authorized in
Town of Vail Ordinance Na. lI, Series of 1973, shall be and
hereby are irrevocably and solely pledged and set aside to
pay the interest an and the principal of the subject General
Obligation Bonds, Series December 1, 1975, as the same
become due and payable from year to year, on a parity with
the Town's obligation to pay, from said sales tax revenues,
the interest on and the principal of said Town of Vail
General Obligation Bonds, Series November 1, 1973 and March
1, 1974 and said Town of Vail General Obligation Refunding
Bands, Series 1974; provided:
A. The said pledged sales tax revenues may also be
pledged and used for the payment of the debt service on 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 December 1, 1975, 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 tax revenues, is fully provided
for in any fiscal year by tax revenues and other moneys
legally available therefor, then the Town is authorized to
use any revenues remaining from the subject pledged sales
tax revenues for other purposes (but only after all of the
debt service on said general obligation bonds, which are so
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payable from said pledged sales tax revenues, has been fully
provided far 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 parity with and shall be subordinate and
inferior to the General Obligation Bonds, Series December 1,
1975, with respect to the sales tax revenues herein pledged.
So long as the General Obl~_gation Bonds, Series December
1, 1975, remain outstanding and unpaid, the Town of Vail
shall not repeal its Ordinance ido. 11, Series of 1973, and
the Town shall. not amend said Ordinance in a manner which,
taking into aCCCJL1Ilt other revenue of the Town which is legally
dedicated and available to pay the principal and interest
payments on 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 addi-
tional bonds of any nature, provided said additional bonds
are issued in a manner consistent with the provisions and
lirmitations stated herein with respect to the sales 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 appropriated for that purpose, and said
amounts for each year shall be included in the annual budget
and the appropriation ordinance, or measures ~o be adopted
and passed by the Town Council of the Town in 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, ordinance,
resolution, or other order or measure enacted after the
issuance of the Bonds herein authorized shall in any Manner
be construed as limiting or impairing the obligation of the
Town to levy ac3 valorem taxes, without limitation of rate or
amount, or as limiting ar impairing the abl.igation of the
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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.
It shall be the duty of the Town Council annually, at
the time and in the manner provided by law for levying other
Town taxes, if such action shall. be necessary to effectuate
the provisions o.f this Ordinance, to ratify and carry out
the provisions hereof with reference to the levy and collection
of the ad valorem and sales taxes herein specified, and that
said Council shall require the officers of and for the said -
Town to levy, e.ctend and collect said taxes in ths-manner
provided by law for the purpose of providing funds for the
payment of the principal of the Bonds authorized herein and
the interest accruing thereon promptly as the sa.TMie, respectively,
become due. Said taxes, when collected, shall be kept for
and applied only to the payment of the interest on and -
principal of said Bonds as hereinbefore specified.
9. In addition to the covenants made herein with
respect to the levy, extension, collection and application
of general ad valorem taxes and sales tax revenues, the Town
further covenants that any net revenues derived by the Town
from the operation of any of the land, improvements, and
facilities to be acquired and constructed with the proceeds
of the Bands authorized-herein, whether by way of rentals,
user fees, assessments, charges, or otherwise, shall be used
first, to the full extent that such net revenues are available,
for the payment of the principal of and interest on the
Subject General Obligation Bonds, Series December 1, 1975
when, as, and to the extent that, the same become due. Said
net revenues are hereby pledged and appropriated for such
purpose, and the estimated amount of said net revenues for
each year shall be included in the annual budget of the Town
of Vail.
10. The Town covenants with the holders of the Bonds
that it will make no use of the proceeds of such Bonds at
any time during the term thereof which, if such use had
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t i ~ ~. ~?
been reasonabJ.y expected on the date the Bands are issued,
would have caused such Bonds to be arbitrage bonds within
the meaning of Section 1Q3(d? of the Internal Revenue Code
of 1954, as amended, and the regulations proposed thereunder
by the United States Treasury Department, unless, under any
valid provision of law hereafter enacted, the interest paid
on the Bonds (a} shall be excludable from the gross income
of a recipient thereof for federal income tax purposes
without regard to whether or not such Bonds are arbitrage
bonds, or {b) shall be exempt from all federal income taxation.
11. All action heretofore taken by the Town of Vail
and by the off~.cers of the Town {not inconsistent herewith?
directed toward the autharizaticn of bonds for the purpose
of providing fun3s to defray in whole or in part the cost of
acquiring, constructing, and equipping park and recreation
and Transportation Center property, facilities, structures,
land, equipment and improvements for said Town, be and the
same is, hereby ratified, approc~ed and confirmed, including,
without limiting the generality of the foregoing, the acceptance
of the bid proposal for the purchase of the Bonds authorized
herein submitted by Boettcher & Company, Denver, Colorado.
12. Pursuant to the Uniform Facsimile Signature of
Public Officials Act, part 1 of article 55 of title 11,
Colorado Revised Statutes 1973, prior to the sale of the
Bonds authorized herein, there Peas been or will be filed
with the Colorado Secretary of ,State a Facsimile Signature
Certificate bearing the manual signatures of Jahn A. Dobson ,
the Mayor of the Town of Vail, and Rosalie Jeffrey, the Town
Clerk of said Tawn, certified by them under oath. Said
filing is hereby ratified, confirmed and approved for the
purposes of issuing the subject General Obligation Bonds,
Series December 1, 1975.
13. The officers of the Town are hereby authorized and
directed to enter into such agreements and take all action
necessary or a~apropriate to effectuate the provisions
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of this Ordinance and to comply swith the requiremQnts of
law, including ;without limiting the generality of the
foregoing:
a. The printing of the Bonds herein authorized
including the printing upon each of such Bonds of a
copy of approving Bond Counsel's opinion, duly certified
by the Town Clerk; 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 Tatwn officials, the assessed valuation acid indebted-
ness of the Town, receipt of the Bond purchase price,
and, if in accordance with the facts, the absence of
litigation, pending or threatened, affecting the validity
of the Bonds; and
c. The making of various statements, recitals,
certifications and warranties provided in the form of
Bond set forth in this Ordinance.
14. 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 December 1, 1975, including, but not being limited
to, any publication, legal, engineering and fiscal agent
costs and expenses.
15. All ordinances, acts,, orders, resolutions, or parts
thereof, taken by the Town of Vail and in conflict with this
Ordinance are hereby repealed.
16. This Ordinance is, and shall constitute, a legis-
lative measure of the Town of Vail, and after the Bonds hereby
authorized are issued, sold, and are outstanding, this
Ordinance shall constitute a contract between the Town and
the holder ar holders of said Bonds, and shall be and remain
irrepealable until said Bands. and the interest accruing
thereon sha11 have been fully paid, satisfied and discharged.
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17. The proper officers of the Town of Vail, Colorado,
are hereby authorized and directed to pay or cause to be
paid the interest on the Bonds herein authorized as the
same shall accrue, and the principal of said Bonds at maturity,
without further caarrant or order_ .
I$. If any paragraph, clause or provision of this
Ordinance is judicially adjudged invalid or unenforceable,
such judgment sha11 not affect, impair or invalidate the
remaining paragraphs, clauses or provisions hereof, the
intention being that the various paragraphs, clauses or pro-
visions hereof are severable.
19. A public hearing an this proposed Ordinance shall
be held by the Town Council at ~=30 P .m. on Tuesday, December
2, 1975, at the Town of Vail Municipal Building, Vail, Colorado,
and it is hereby ordered that notice of said hearing be given
as required by iaw.
INTRODUCED, READ, APPROVED AND ORDERED PUBLISHED THIS
I9th DAY OF November , 1975.
T
( S E A L ,);
B
.,
1
Attest:
~c. Q. ,~(!,~
Town Clerk /~ ~ .
TNTRCDUCED, READ, ADOPTED AND ORDERED PUBLISHED THIS
2nd DAY OF December , 19 7 5 .
~~,,,,
Attest:
.i
~'~,
Town Cler/~
~~~~
TOWN OF V~IL
r' ~ , ~/ n
!/ ~yor
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Ot,TN 0
Y ~" ~
Mayor
Y
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Councilman Donovan seconded the
motion, and the question being upon the approval on first
reading of said Ordinance, the roll was called with the
following result:
Those vota_ng "Yes"
Mayor: John A. Dobson
Councilmen:
JoseF Staufer
John Donovan
Kathleen Klug
Wm Heimbach, Jr.
Robert W. Ruder
E. Wm. Wi1to
Those voting "No": None
seven members of the Council present having
voted in favor of the approval on first reading of the
Ordinance, the presiding officer thereupon declared the
Ordinance duly approved on first reading and directed that
the Ordinance be published once in full in The Vail Trail, a
legal newspaper of general circulation within the Town of
Vail, on November 21, 1975.
Thereupan, after consideration of other business to
come before the Council, the meeting was adjourne
.~~
down Cler,
Town of Vail, o rado
Mayor '
wn of Vail, Colorado
;; ; ~ f ,
(S E A L)
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ATTEST:
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1~
STATE OF COLORADO )
}
COUNTY OF EAGLE ) ss.
TOWiV OF VAIL )
4
The Town Council of the Town of Vail, Colorado, met in
regular session at the Diunicipal Building in said Town on
Tuesday, the 2nd day of December, 1975, at the haur of
7:30 0' clock P .M.
Upon roll call the following were present:
Mayor: John A. DobSOn -
Councilmen:
Josef 5taufer
John Donovan
Kathleen K1ug
Wm Hei mbach, Jr.
Robert W. Ruder
E'. William Wilto
Absent : -~iL~'~'~-~•
S,
Thereupon the following proceedings, among others, were
had and taken:
The Mayor informed the Council that Ordinance X10. 21 ,
Series of 1975, relating to the issuance of General obligation
Bonds, Series December 1, 1975, in the principal amount of
$860,000, which was introduced, read in full for the first
time and ordered published at a regular meeting of the Town
Council held on November 19, 1975. was duly published in
full in The Vail Trail, a newspaper of general circulation
in the Tawn of Vail, in its issue dated November 21, 1975,
and that the publisher's affidavit of said publication is
now an file in the office of the Town Clerk. Copies of the
Ordinance were made available to the Council and to the
public.
Councilman W
by its title.
then read the Ordinance
The presiding officer then declared that this coos the
time and place established for a public hearing an the
Ordinance and the meeting was then opened for such purpose.
Thereupon the following persons appeared;
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~ ~~S`l1, d4a • ll '~~
~ BG~~ aaa - la. j . ~s
~~- ~ --~,
t ~ ~. ~ c
(indicate name and substance of remarks)
Thereupon, all persons having been given an opportunity
to speak, the hearing was declared cclosed.
Thereupon, Councilman G~a.~ introduced
and moved the final approval and adoption of Ordinance No.
~~ , Series of 1975. Councilman ~{~J
seconded the motion, and the question being upon the final
approval and adoption of said Ordinance, the roll was called
with the following result:
Those voting "Yes":
Mayor; John A. Dobson
Councilmen:
Josef Staufer
John Donovan
Kathleen Klug
Wm. Heimbach, Jr.
Robert Ruder
Wm. Wilco
ThOSe voting "No" : ' None
seven members of the Council present having
voted in favor of the final approval and adoption of Ordinance
No. 21 Series of 1975, the presiding officer thereupon
declared said Ordinance finally approved and duly adopted
and directed that the Ordinance be published once in full in
The Vail Trail, a legal newspaper of general circulation
within the To~,~n of Vail, on December 5, 1.975.
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Thereupon, after considera~:ion of other business to
come before the Council, the meeting was adjourr~xed.
-~ ~ ---~
"r~ ~ ~~
•` ,Mayor
T~~~~ of Vail, Colorado
(S E A L)
~_~
ATTESx'
r
'~ . ,
-- _ t
Town Clerk
Town of Vail,. Colorado
~,
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STP_TE OF COLORADO )
)
COUNTY OF EAGLE ) ss.
TOWN OF VAIL )
(ATTACH AFFIDAVITS OF PUBLICATION OF ORDINANCE)
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STATE OF COLOP~UO }
COUNTY OF EAGLE ) ss.
}
TOS~N OF VAIL }
I, Rosalie Jeffrey, the To~•rn Clerk of the Town of Vail,
Eagle County, Colorado, do hereby certify that the attached
copies of Resolution No. 15 Series of 1975, and Ordinance
No. 21 , Series of 1975, regarding issuance and sale of
Town of Vail GenQral Obligation Bands, Series December 1,
1975, in the principal amount of $860,000 are true and
correct copies; that said Resolution was approved and adopted
and said Ordinance was approved and adopted on first reading
by the Town Council at a regular meeting thereof, held at
the Town Municipal Building, the regular meeting place of
the Town Council in the Town, on Wednesday, the 19th day of
November 1975, and said Ordinance was adopted on second
reading on Tuesday, the 2nd day of December, 1975 by the
Town Council at a regular meeting thereof; that true copies
of said Resolution and said Ordinance have been duly executed
and authenticated by the signatures of the Mayor of the Town
of Vail and myself, as Town Clerk of said Town, sealed with
the seal. of tha Town, numbered and recorded in the official
records of the Town kept for that purpose in my office, and
authenticated by the affidavits of publication attached to
the foregoing proceedings. I further certify that the
foregoing pages constitute a true and correct copy of the
record of the proceedings of the Town Council at its regular
meetings of November 19, 1975,~and December 2. 1975, insofar
as said proceedings relate to said Resolution and said
Ordinance; that said proceedings were duly hack and taken;
that the meetings were duly held; and that the persons were
present at said meetings as therein shown.
IN WITNESS~WHEREOF, I have hereunto set ~' hand and the
seal of the Town of Vail, Colorado, this day of
1975. •
Town Clerk
Town of Vail, Colorado
(S E A L}
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