HomeMy WebLinkAbout1976-26 Authorizing the Issuance of General Obligation Refunding Bonds.w J
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STATE OF COLORADO )
COUNTY OF EAGLE ) ss.
TOWN OF VAIL )
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The Town Council of the Town of Vail, Colorado,
met in regular session, in full conformity with law and the
ordinances and rules of the Town, at the Municipal Building
in said Town, being the regular meeting place of the Council,
on Tuesday, the 21st day of September, 1976, at 7:30 o'clock,
P.M. There were present and answering at roll call:
Mayor: John A. Dobson
Councilmen: Josef Staufer
Kathleen Klug
Wm. Heimbach, Jr.
John F. Donovan
Robert W. Ruder
E. William Wilto
Also present:
Town Clerk: Rosalie Jeffrey
Absent : 'f2~?~l.(i
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Thereupon the Town Clerk announced that Ordinance No. .2~
Series of 1976, authorizing the issuance of General Obligation
Refunding Bonds, in the principal amount of $6,345,000, dated
November 1, 1976, of the Town of Vail, and provifling for the
payment of said bonds and the.interest thereon, introduced
and read in full at a regular meeting of the Council held on
the 7th day of September, 1976, had, as ordered by the Council,
been published in full in The Vail Trail, a newspaper of general
circulation published in the Town of Vail, in its issued dated
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September ~D, 1976, and that publisher's affidavit of said
publication of said Ordinance is now on file in the office
of the Town Clerk.
• Thereupon, Councilman moved to amend
said Ordinance No. Z~ Series of 1976, as follows:
Pg. 4 - By inserting, following the end of the first para-
. graph on page 4, the following paragraph:
"WHEREAS, bonds of said 1974 Issue maturing in
the years 1987 and thereafter are redeemable at
the option of the Town Council on December 1, 1986,
and on any interest payment date thereafter, in
inverse numerical order, upon payment of par and
accrued interest; and"
Pg. 6, Section 1, last paragraph - By striking the words
". of $5,000 payable annually December 1, 1977
through December 1, 1986." and substituting therefor
" on bonds numbered 382 to 431, inclusive, in an
amount of $100.00 per bond payable December 1, 1977,
and annually thereafter on the 1st day of December to
maturity."
Pg. 9, Form of Bond, first paragrah - By striking the words
" of $5,000 payable annually December 1, 1977
through December 1, 1986, principal ." and substi-
tuting therefor ". on bonds numbered 382 to 431,
inclusive, in an amount of $100.00 per bond payable
December 1, 1977, and annually thereafter on the 1st
day of December to maturity. Both principal ."
Pg. 12, Section 5, first sentence - By striking the word
"District" and substituting the word "Town".
Pg. 16, Section 8 - By inserting, following "than $6,345,000,"
in the third line ". plus cash in the amount of
$352,371.25," STK,k~ vl-~~IPd (3F3uKo~ p~'~'~e~ NAT~o-~A~-
~SSoc ~ATi~oU a- ~NSc2T ~ j ~1 F/4ST rVA~~dvA~ l3HNK ~~ L~Eti ~~~
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Thereupon, public hearing having been held on the
passage of said Ordinance No. f~ Series of 1976, as
amended, it was moved by Councilman ~ and
second by Councilman k~~~ that the same be
now placed on its final passage, and that all rules of the
Council which might prevent, unless suspended, the final
passage and adoption of said Ordinance No. ~ Series
of 1976, at this meeting, be and the same are hereby suspended.
The question being upon the adoption of said motions
and the suspension of the rules, the roll was called with
the following result:
Those voting YES:
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Councilmen:
John A. Dobson
Joseph Staufer
Kathleen Klug
Wm. Heimbach, Jr.
John F. Donovan
Robert W. Ruder
E. William Wilto
Those voting NO: ~;1~
The presiding officer thereupon declared that, a
majority of the membership of the entire Council having
voted in favor thereof, the said motions were carried and
the said Ordinance No. 2~ Series of 1976, as amended,
duly passed and adopted.
Mayor:
On motion duly adopted, it was ordered that said
Ordinance No. 2 ~ Series of 1976, as amended, after
approval by the Mayor, be finally published in full in
in The Vail Trail, the official newspaper of the City, in
its issue dated September 2 ~, 1976, shall become effective
five (5) days following such publication, and be recorded
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according to law.
After taking up of other business to come before the
Council, the meeting was thereupon adjourned.
( S E A .i, )
Mayor
ATTEST:
Town Cler // /
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C E R T I F I E D R E C O R D
• of proceedings of
THE TOWN COUNCIL
TOWN OF VAIL
EAGLE COUNTY, COLORADO
relating to its
GENERAL OBLIGATION BONDS, SERIES PZARCH 1, 1974
and
GENERAL OBLIGATION BONDS, SERIES DECEMBER 1, 1975
refunded by
GENERAL OBLIGATION REFUNDING BONDS
IN THE PRINCIPAL AMOUNT OF $6,345,000
DATED NOVEMBER 1, 1976
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STATE OF COLORADO )
COUNTY OF EAGLE ) ss.
TOWN OF VAIL )
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The Town Council of the Town of Vail, Colorado,
met in regular session, in full conformity with law and the
ordinances and rules of the Town, at the Municipal Building
in said Town, being the regular meeting place of the Council,
on Tuesday, the 7th day of September, 1976, at 7:30 o'clock,
P.M. There were present and answering at roll call:
Mayor:
Councilmen:
Also present:
Town Clerk:
John A. Dobson
Josef Staufer
J
Wm. Heimbach, Jr.
John F. Donovan
Robert W. Ruder
P. i~'i11~uA;1 .3~lce
Rosalie Jeffrey
P_bsent: ~-~ ~~ ~.GQ,~ w~
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Thereupon Councilman ~~Yl,r'U`~i1ti introduced
and there was read in full the following Ordinance:
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FINAL AMENDED ORDINANCE NO. ,~,-
Series of 1976
AN ORDINANCE AUTHORIZING THE SALE AND ISSUANCE
OF GENERAL OBLIGATION REFUNDING BONDS, DATED
NOVEMBER 1, 1976, IN THE PRINCIPAL AMOUNT OF
• $6,345,000, OF THE TOWN OF VAIL, COLORADO, FOR
THE PURPOSE OF REFUNDING GENERAL OBLIGATION BONDS,
SERIES MARCH 1, 1974, OUTSTANDING IN THE AMOUIvTT
OF $5,485,000, AND GENERAL OBLIGATION BONDS,
SERIES DECEMBER 1, 1975, OUTSTANDING IN THE AMOUNT
OF $860,000; PROVIDING FOR THE ESTABLISHMENT OF
AN ESCROW ACCOUNT FOR THE PAYMENT AND
REDEMPTION OF THE OUTSTANDING BONDS TO BE
REFUNDED; PRESCRIBING THE FORM OF SAID BONDS;
PROVIDING FOR THE LEVY OF TAXES AND FOR THE
APPLICATION OF CERTAIN SALES TAX REVENUES TO
PAY SAID REFUNDING BONDS AND THE INTEREST
THEREON; AND PRESCRIBING OTHER DETAILS IN
CONNECTION THEREWITH.
WHEREAS, the Town of Vail in the County of Eagle
and State of Colorado (herein the "Town"), is a political sub-
division of the State, a body corporate and politic, and a
home-rule Town pursuant to Article XX of the State Constitution,
• and Article 2 of Title 31, C.R.S. 1973, as amended; and
WHEREAS, the Town of Vail, Colorado, by Ordinance
No. 3, Series of 1974, has authorized the issuance of its
General Obligation Bonds, Series March 1, 1974, dated March 1,
1974, in the amount of $5,500,000 (herein the "1974 Issue")
of which amount $5,485,000 remains outstanding, being bonds
numbered 4 to 1100, inclusive, in the denomination of $5,000
each, bearing interest payable semiannually June 1 and
December 1 each year, and maturing on December 1, as follows:
Bond Numbers Amounts Years
(All Inclusive) maturing Maturing
4 - 13 $ 50,000 1976
14 - 45 160,000 1977
46 - 80 175,000 1978
81 - 120 200,000 1979
121 -' 163 215,000 1980
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164 - 206 215,000 1981
207 - 251 225,000 1982
252 - 299 240,000 1983
300 - 350 255,000 1984
351 - 405 275,000 1985
406 - 463 290,000 1986
464 - 526 315,000 1987
(schedule continued)
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Bond Numbers Amounts Years
(All Inclusive) Maturing Maturing
527 - 593 $335,000 1988
594 - 664 355,000 1989
• 665
741 - 740
- 821 380,000
405,000 1990
1991
822 - 908 435,000 1992
909 - 1000 460,000 1993
1001 - 1100 500,000 1994
and
WHEREAS, bonds of said 1974 Issue numbered 1 to 772,
inclusive, bear only one set of interest coupons. Bonds
numbered 1 to 463, inclusive, bear interest thereon from
March 1, 1974, to the payment of their principal sum at the
rate of 7o per annum. Bonds numbered 464 to 593, inclusive,
bear interest thereon from Psarch 1, 1974, to the payment of
their principal sum at the rate of 5.350 per annum. Bonds
numbered 594 to 740, inclusive, bear interest thereon from
March 1, 1974, to the payment of their principal sum at the
• rate of 5.4o per annum. Bonds numbered 741 to 772, inclusive,
bear interest thereon from March 1, 1974, to the payment of
their principal sum at the rate of 5.5o per annum. Said
interest is payable December 1, 1974, and semiannually
thereafter on the 1st day of June and the 1st day of December
of each year; and
WHEREAS, bonds of said 1974 Issue numbered 773 to 1100,
inclusive, bear two sets of interest coupons, with one of said
sets designated "A" and the other supplemental set designated "B".
The "A" coupon interest on bonds numbered 773 to 908, inclusive,
is payable at the rate of 5.5o per annum from March 1, 1974, to
the payment of the principal of said bonds, with•said interest
payable December 1, 1974, and semiannually thereafter on the
• 1st day of June and the 1st day of December of each year. The
"B" coupon interest on bonds numbered 773 to 908, inclusive,
is payable at the rate of 2. 5$ per annum for the period from
April 1, 1974, to April 1, 1984, payable December 1, 1974, and
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semiannually thereafter on the 1st day of June and the 1st day
of December of each year, with the "B" coupon interest coming
due on April 1, 1984 being payable on April 1, 1984. The "A"
• coupon interest on bonds numbered 909 to 1100, inclusive, is
payable at the rate of 4.5~ per annum from March 1, 1974, to
the payment of the principal of said bonds, with said interest
payable December 1, 1974, and semiannually thereafter on the
1st day of June and the 1st day of December of each year. The
"B" coupon interest on bonds numbered 909 to 1100, inclusive,
is payable at the rate of 3.5o per annum for the period from
P.pril 1, 1974, to April 1, 1984, payable December 1, 1974,
and semiannually thereafter on the 1st day of June and the
1st day of December of each year, with the "B" coupon interest
coming due on April 1, 1984 being payable on April 1, 1984;
and
WHEREAS, bonds of said 1974 Issue maturing in the
• years 1987 and thereafter are redeemable at the option of the
Town Council on December 1, 1986, and on any interest payment
date thereafter, in inverse numerical order, upon payment of
par and accrued interest; and
WHEREAS, the Town of Vail, Colorado, by Ordinance
No. 21, Series of 1975, has authorized the issuance of its
General Obligation Bonds, Series December 1, 1975, dated
December 1, 1975, in the amount of $860,000 (herein the "1975
Issue") of which there remains outstanding the full amount
thereof, being bonds numbered 1 to 172, inclusive, in the
denomination of $5,000 each, bearing interest payable semi-
annually June 1 and December 1 each year, and maturing on
• December 1, as follows:
Bond Numbers I nterest Rate Amounts Years
(Al1~ Inclusive) (Per Annum) Maturing Maturing
1 - 3 7.5$ $15,000 1976
4 - 7 7.5~ 20,000 1977
8 - 12 7.5$ 25,000 1978
(schedule continued)
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Bond Numbers Interest Rate Amounts Years
(All Inclusive) (Per Annum) Maturing Maturing
13 - 16 7.5~ $20,000 1979
17 - 21 7.5$ 25,000 1980
22 - 27 7.5~ 30,000 1981
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28 - 33 7.50 30,000 1982
34 - 39 7.50 30,000 1983
40 - 46 7. 5~ 35, 000 1984
47 - 53 7.30 35,000 1985
54 - 61 7.30 40,000 1986
62 - 70 ~ 6.650 45,000 1987
71 - 79 6.80 45,000 1988
80 - 89 6.9~ 50,000 1989
90 - 100 7.Oo 55,000 1990
101 - 112 7.Oo 60,000 1991
113 - 125 7.0$ 65,000 1992
126 - 139 7.Oo 70,000 1993
140 - 153 7.Oo 70,000 1994
154 - 172 7.0$ 95,000 1995
and
WHEREAS, bonds of said 1975 Issue maturing in the
years 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 1-1/20 of the
principal amount of each bond so redeemed; and
WHEREAS, the Town Council has determined that it
is necessary and in the best interests of the Town that the
1974 and 1975 Issues outstanding in the amount of $6,345,000
be refunded by the issuance of Refunding Bonds in the amount
of $6,345,000 in order to reduce interest costs and effect
other economies, all to the benefit of the Town and its
inhabitants, and in accordance with the Charter; and
WHEREAS, the net interest cost of, and the net
effective interest rate on said Refunding Bonds .shall be
• less than the net interest cost of, and the net effective
interest rate on the 1974 and 1975 Issues to be refunded;
and
WHEREAS, by such refunding the coupon rate on the
1974 and 1975 Issues b~i_ng refunded will be lowered; and
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WHEREAS, such refunding would allow for the restruc-
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taring of payment dates, providing for the more timely use
of the Town's tax revenues and reducing interest cost; and
' WHEREAS, proposals have been submitted to bond houses
in the area and the proposal of Bosworth Sullivan & Company,
Inc., of Denver, Colorado, has been accepted.
BE IT ORDAINED BY THE TOWN COUNCIL OF THE
TOWN OF JAIL, COLORADO:
Section 1. That for the purpose of providing funds
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with which to refund and pay $6,345,000 of its 1974 and 1975
Issues above described the Town of Vail, Colorado, shall issue
its General Obligation Refunding Bonds in the principal amount
of $6,345,000. Said Refunding Bonds shall be dated November 1,
1976; shall consist of 1,259 bonds in the denomination of $5,000
each, numbered 1 to 1269, inclusive; shall bear interest payable
on June 1, 1977, and semiannually thereafter on the 1st day of
December and the Ist day of June each year, as evidenced by
interest coupons designated "A", and shall mature serially
on December 1, as follows:
"A" Coupon
Bond Numbers Interest Rate Amounts Years
(All Inclusive) (Per_Tnnum) Maturing Maturing
1 - 19 6.OOo $ 95,000 1977
20 - 52 6.OOo 165,000 1978
53 - 83 6.00$ 155,000 1979
84 - 120 6.00°s 185,000 1980
121 - 159 6.00 195,000 1981
160 - 207 6.00$ 240,000 1982
208 - 261 6.OOo 270,000 1983
262 - 322 6.OOo 305,000 1984
323 - 381 6.U0$ 295,000 1985
382 - 445 6.00 320,000 1986
446 - 515 6.OOo 350,000 1987
516 - 589 6.OOo 370,000 1988
590 - 668 6.00$ 395,000 ].989
669 - 753 6.00 425,000 1990
754 - 845 6.00$ 460,000 1991
846 - 944 6.00$ 495,000 1992
945 - 1050 6.00 530,000 1993
1.051 - ]_164 6.00 570,000 1994
1165 - 1269 6.00 525,000 1.995
Said Refunding Bonds shall bear additional interest, as evidenced
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by supplemental coupons designated "B", on bonds numbered
382 to 431, inclusive, in an amount of $100.00 per bond
payable December 1, 1977, and annually thereafter on the
1st day of December to maturity.
The Refunding Bonds and the escrow securities shall be
awarded to and supplied by Bosworth Sullivan & Company, Inc.,
Denver, Colorado.
The net effective interest rate on these bonds is 6.0640.
The Refunding Bonds maturing on and after December 1, 1987,
shall be redeemable at the option of the Town on December 1,
1986, and on any interest payment date thereafter, in inverse
numerical order, upon payment of par and accrued interest.
Notice of prior redemption of the Refunding Bonds shall
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be given by publication at least once in legal newspapers
published in Vail, Colorado, and in Denver, Colorado, not
less than thirty (30) days prior to the redemption date, and
by mailing a copy of the Notice of Redemption by registered
or certified first-class United States mail, postage prepaid,
to the original purchaser, or any successor thereof known to
the Town Clerk, and to the paying agent of said Refunding
Bonds, at least thirty (30) days prior to the redemption
date. Such notice shall specify the place and date of
redemption, the amount and numbers of the bonds called, and
that from and after such date interest on all bonds called
for redemption shall cease.
The Refunding Bonds and the interest coupons attached
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thereto shall be payable in lawful money of the United States
of America, at The First National Bank of Denver
in Denver, Colorado -
Section 2. The Refunding Bonds shall be signed
with a facsimile signature of the Mayor of the Town, with a
facsimile of the seal of the Town affixed thereto, attested
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by the manual signature of the Town Clerk. The interest
coupons attached to said bonds shall bear the facsimile
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signature of the Mayor of the Town and when issued as afore-
. said as part of said bonds, shall be the binding obligations
of the Town according to their import. 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, such
manual or facsimile signature shall nevertheless be valid
and sufficient for all purposes.
Section 3. The Refunding Bonds and the interest
coupons attached thereto shall be in substantially the
following form:
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(Form of Bond)
STATE OF COLORADO
C
COUNTY OF EAGLE
TOWN OF VAIL
GENERAL OBLIGATION REFUNDING BOND
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No. $5,000
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UNITED STATES OF AMERICA
The Town of Vail, in the County of Eagle and State of
Colorado (herein the "Town"), for value received, hereby
acknowledges itself indebted and promises to pay to the
bearer hereof the principal sum of
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FIVE THOUSAND .DOLLARS
in lawful money of the United States of America, on the 1st
day of December, 19 with interest thereon at the rate of
six per centum (6.00$) per annum, payable June 1, 1977, and
semiannually thereafter on the 1st day of December and the
1st day of June each year, as evidenced by interest coupons
hereto attached designated "A", and bearing additional interest,
as evidenced by supplemental coupons designated "B", on bonds
numbered 382 to 431, inclusive, in an amount of $100.00 per
bond payable December 1, 1977, and annually thereafter on the
1st day of December to maturity. Both principal of and
interest on this bond being payable at The First National
Bank of Denver, Denver, Colorado upon presentation
of said coupons and this bond as they severally become due.
Bonds of this issue maturing on December 1, 1987, and
thereafter, are redeemable at the option of the Town on
December 1, 1986 and on any interest payment date thereafter,
in inverse numerical order, upon payment of par and accrued
interest. Notice of prior redemption shall be given as
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provided in the Ordinance authorizing this bond.
This bond is issued by the Town Council of the Town of
Vail, Colorado, for the purpose of providing funds to refund
valid and outstanding General Obligation Bonds, Series March 1,
1974, and General Obligation Bonds, Series December 1, 1975,
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of the Town, under the authority of and in full conformity
with the Constitution of the State of Colorado, the Charter
of the Town of Vail, and all other laws of the State of
• Colorado thereunto enabling, and pursuant to an Ordinance
duly adopted, published and made a law of said Town prior
to the issuance of this bond.
It is hereby further certified, recited and warranted
that all the requirements of law have been fully complied
with by the proper officers of the Town in the issuance of
this bond; that the total indebtedness of the Town, including
that of this bond, does not exceed any limit of indebtedness
prescribed by the Constitution or the laws of the State of
Colorado or the Charter of the Town; and that provision has
been made for the levy and collection of annual taxes on
all of the taxable property in 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, Colorado,
are hereby pledged for the punctual payment of the principal
of and interest on this bond.
IN TESTIMONY WHEREOF, the Town Council of the Town of
Vail, Colorado has caused this bond to be signed with the
facsimile signature of the Mayor, sealed with a facsimile of
the seal of the Town, attested by the manual signature of
the Town Clerk, and the interest coupons attached hereto to
be signed with the facsimile signature of the Mayor, as of
the 1st day of November, 1976.
C7
(Facsimile Signature)
(FACSIMILE SEAL) Mayor
ATTEST:
(Do Not Sign) '
Town Clerk
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(Form of Coupon)
No.
June,
On the lst day of December, 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, will pay to bearer
the amount shown hereon, in lawful money of the United
States of America, at '
in being interest then due
on its General Obligation Refunding Bond, Sated November 1,
1976, bearing
No.
(Facsimile Signature)
Mayor
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Section 4. Said Refunding Bonds, when executed
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as provided by law, shall be delivered by an officer 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 the purchaser. The proceeds of the
Refunding Bonds shall be used only for the purpose stated
therein and for paying the costs and expenses incurred
incidental to the issuance of said bonds and for no other
purpose whatever. Neither the purchaser of said bonds nor
the subsequent holder of any of them shall be responsible
for the application or disposal by the Town, or any of its
officers, of any of the funds derived from the sale thereof.
Section 5. If necessary, the principal and interest
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to become due on the Refunding Bonds in 1977 shall be advanced
from any fund of the Town available therefor. For the pur-
pose of reimbursing said 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 1977 to 1994, inclusive, will
raise ad valorem tax revenues sufficient to make such reim-
bursement 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
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the payment of the interest and principal of said Refunding
Bonds, respectively, until the bonds, both 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
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applying any other funds or 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 or principal of said
• bonds, and upon the application of any other such funds or
revenues as aforesaid, the levy or levies for ad valorem
taxes herein provided may thereupon be diminished to the
extent the requirments for such bond and interest payments
for the particular year are thereby diminished.
Section 6. Notwithstanding the foregoing provisions
for ad valorem tax levies, the Town hereby further covenants
and agrees that so long as the General Obligation Refunding
Bonds dated November 1, 1976, 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 gross receipts derived from the sale of
tangible personal property and the furnishing of services
now or hereafter subject to said sales tax. The Town of
Vail has previously issued its General Obligation Refunding
Bonds, Series 1974, dated November 15, 1974, in the original
principal amount of $2,640,000, authorized by Ordinance No. 21,
Series of 1974, in which Ordinance the Town covenanted and
agreed to pledge and set aside all the sales tax revenues,
derived from the above stated 20 of gross receipts authorized
by said Ordinance No. 11, Series of 1973, to pay the interest
on and the principal of the General Obligation Refunding
Bonds authorized by said Ordinance No. 21, Series of 1974.
Said Ordinance provided 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 general obligation
bonds of the Town of Vail which may be issued on a parity
with said General Obligation Refunding Bonds. The Town of
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Vail covenants and agrees that all the sale tax revenues,
derived from said 2~ of said gross receipts as authorized in
Town of Vail Ordinance No. 11, Series of 1973, shall be and
hereby are irrevocably and solely pledged and set aside to
pay the interest on and the principal of the subject General
Obligation Refunding Bonds, dated November 1, 1976, 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 Refunding Bonds, Series 1974, dated
November 15, 1974, provided:
A. The said pledged sales tax revenues may also
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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 Refunding
Bonds dated November 1, 1976, with respect to the sale
tax revenues herein pleged; and
B. To the extent that the debt service on all of
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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 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 payable
from said pledged sales tax revenues, has been fully
provided for in said fiscal year), including, but not
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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 Obli-
gation Bonds dated November 1, 1976, with respect to
the sales tax revenues herein pledged.
So long as the General Obligation Refunding Bonds dated
November 1, 1976, remain outstanding and unpaid, the Town of
Vail shall not repeal its Ordinance No. 11, 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 iterest pay-
ments 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
limitations stated herein with respect to the sales tax
revenues herein pledged.
Section 7. The sums hereinabove provided to meet
the interest on said Refunding 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 in each year, respectively, while any of the
Refunding 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
Refunding Bonds herein authorized shall in any manner be
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construed as limiting or impairing the
Town to levy ad valorem taxes, without
or amount, or as limiting or impairing
Town to levy, administer, enforce and
as provided herein, for the payment of
interest on the Refunding Bonds herein
obligation of the
limitation of rate
the obligation of the
collect the sales tax
the principal of and
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 effec-
tuate the provisions of 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, extend and collect said taxes in the
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
same, 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.
Section 8. The proceeds derived from the sale of the
Refunding Bonds authorized herein in
$6,345,000, plus cash in the amount
interest on the bonds being refunded
FiQST NA7~o~A~ (3q~tc ocs Deti~cr~
an amount not less than
~~vCL~dINCa
of $352, 371.25, ~--t~-~e accrued
T~
shall be deposited with ~.;~.i Liu
Denver, Colorado (hereinafter
the "Bank") in a separate fund and escrow account hereby created
and known as "Town of Vail General Obligation Bonds, Series 1974
and 1975, Refunding Escrow Account" herein designated as the
"Refunding Escrow Account" or "Escrow Account", which account
shall at all times be sufficient, together with any interest
to be derived from the investment and any temporary reinvestment
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of the deposits or any part thereof only in direct obligations
of, or the principal and interest of which obligations are
unconditionally guaranteed by, or agency obligations of, the
. United States of America, to pay the principal of and interest
on the outstanding 1974 and 1975 Issues being refunded, as
the same become due and payable under and in accordance with
the following schedule:
1974 Issue:
Bonds numbered 4 to 1100, inclusive,
maturing in the years 1976 to 1994, inclusive,
shall be paid and retired at their respective
maturity dates, according to their original
terms, at Security National Bank, Denver,
Colorado.
1975 Issue:
Bonds numbered 1 to 172, inclusive,
maturing in the years 1976 to 1995, inclusive,
shall be paid and retired at their respective
maturity dates, according to their original
terms, at United Bank of Denver National
Association, Denver, Colorado.
Interest on the outstanding bonds of the 1974 and 1975
Issues shall be paid as the same accrues, according to the
original terms of said bonds.
Section 9. The Bank shall invest the funds on
deposit in the Refunding Escrow Account in direct obligations
of, or the principal and interest of which obligations are
unconditionally guaranteed by, or agency obligations of, the
• United States of America, and shall fully secure any cash
balance in said Account in the manner required by law for
other trust funds.
Section 10. If for any reason, at any time, the
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funds on hand in such Refunding Escrow Account shall be
insufficient to meet the payments required as the same shall
be about to become due and payable, the Town Council of the
Town shall forthwith deposit in such Refunding Escrow Account
such additional funds as may be required fully to meet the
amount so about to become due and payable.
Section 11. The Bank shall from time to time redeem
all or a portion of the obligations in said Refunding Escrow
Account in sufficient amounts so that the proceeds therefrom
and the interest thereon as the same accrues will be suffi-
cient to meet the interest requirements on the outstanding
bonds of the 1974 and 1975 Issues as such interest accrues,
and to pay or call in and redeem said bonds at their respective
maturities according to the schedule hereinabove set forth.
Section 12. The Mayor, the Town Clerk and the
Tawn Manager shall, and they hereby are authorized and
directed to take all necessary or appropriate action toward
the execution of a proper Escrow Agreement with the Bank
concerning the deposits in, investments of and disbursements
from said Refunding Escrow Account, and such other agreements
as may be necessary or desirable to effectuate the provisions
of this Ordinance and comply with the requirements of law.
Section 13. On or about the date when the Refunding
Bonds are delivered, or within a reasonable time thereafter,
the Town Clerk is authorized and directed to publish a Notice
of Refunding one or more times in a newspaper or newspapers
customarily used by the City for legal notices.,
Section 14. The Town covenants and agrees that
• it will make no use of the proceeds of the Refunding Bonds
authorized herein which might cause such obligations to be
arbitrage bonds within the meaning of Section 103(d) of the
Internal Revenue Code of 1954, as amended, and the Regulations
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proposed and in effect thereunder.
Section 15. That if any one or more section or
i•
part of this Ordinance shall be adjudged unenforceable or
invalid, such judgment shall not affect, impair, or invalidate
the remaining provisions of this Ordinance, it being the
intention that the various provisions hereof are severable.
Section 16. All ordinances or parts thereof in
conflict with this Ordinance are hereby repealed.
Section 17. After said Refunding Bonds are issued,
this Ordinance shall be and remain irrepealable until said
bonds and the interest thereon have been fully paid, satisfied
and discharged.
Section 18. This Ordinance, as adopted by the Town
•
Council, shall be numbered and recorded in the official records
of the Town. Its adoption and publication shall be authenticated
by the signature of the Mayor and the Town Clerk, and by the
certificate of publication, and shall take effect five (5) days
after publication following final passage.
Section 19. A public hearing on this Ordinance
will be held by the 't'own Council at 7:30 o`clock P.M. on
Tuesday the 21st day of September, 1976, at the Dlunicipal
Building, Vail, Colorado, and it is hereby ordered that
notice of said hearing be given by publication once in the
edition of The Vail Trail dated September Z~1 , 1976.
INTRODUCED AND READ this 7th day of September, 1976.
I~
U
(S E A L)
ATTEST: '
~~~ lf'~~~~~~
' Town C:Lerhz'/ ~//O' /
a or`'
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(To appear in final publication only:)
FINALLY ADOPTED AND APPROVED this 21st day of September,
• 1976.
~~~ O-
M'a`yor
(S E A L;
ATTEST:
/ Town Cle ;/ ~~ l
U
r~
U
t
~`
4
I
a
e
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i
It was thereupon moved by Councilman
and seconded by Councilman N that the foregoing
Ordinance, read in full at this meeting as aforesaid, be passed
on first reading and be published in full in The Vail Trail,
in its issue dated September ~~ 1976, and that said Ordinance
be considered for final adoption at a regular meeting of the
Town Council to be held at the Municipal Building, Vail Colorado,
on Tuesday the 21st day of September, 1976, at the hour of
7:30 o'clock P.M.
The question being upon the adoption of said motion,
the roll was called with the following result:
Those voting YES:
Mayor:
Councilmen:
i~
Those voting NO:
Robert W. Ruder
L'. YdilliuYr~ ~7.~ll.v
~~/`P/ members of the Town Council present having
John A. Dobson
Joseph Staufer
Wm. Heimbach, Jr.
John F. Donovan
voted in favor of said motion, the presiding officer thereupon
declared the motion to have carried and said Ordinance approved
on first reading and ordered published.
Thereupon, after consideration of other business
to come before the Council, the meeting was adjourned.
(S E A L)
Mayor
ATTEST
Town ,C~l~~c //
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~ . •
STATE OF COLORADO )
COUNTY OF EAGLE ) ss.
TOWN OF VAIL )
•
I, Rosalie Jeffrey, Town Clerk of the Town of
Vail, Colorado, do hereby certify
numbered 24 to 27, inclusive, con
copy of the record of proceedings
the Town of Vail, Colorado, taken
the Town Council held on Tuesday,
1976, insofar as said proceedings
that the foregoing pages
stitute a true and correct
of the Town Council of
at a regular meeting of
the 21st day of September,
relate to the final passage
and adoption of Ordinance No. 2co , Series of 1976; that
said original Ordinance No. 2-~0 Series of 1976, as
amended, has been duly authenticated by the signatures of
the Mayor, as presiding officer of the Council, and myself,
• as City Clerk of the City; and that said Ordinance No. ~~ ,
Series of 1976, as amended, was on the ,2~ ~ day of September,
1976, finally published in full in The Vail Tr~l a newspaper
of general circulation published in said City, the same being
the official newspaper of said City.
IN WITNESS WHEREOF, I have hereunto set my hand
and affixed the seal of the Town, at Vail, Colorado this
ZD~ day of , 1976.
t~- ~ ~
( Town/~C k /
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e
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C E R T I F I E D R E C O R D
•
of proceedings of
THE TOWN COUNCIL
TOWN OF VAIL
EAGLE COUNTY, COLORADO
•
RELATING TO AN ORDINANCE AMENDING
SECTION 3 GF ORDINANCE NO. ,2~p , SERIES 1976,
AS AMENDED, OF THE TOWN AUTHORIZING THE ISSUANCE OF ITS
GENERAL OBLIGATION REFUNDING BONDS IN THE PRINCIPAL
AMOUNT OF $6,345,000, DATED NOVEMBER 1, 1976,
FINALLY ADOPTED ON SEPTEMBER 21, 1976, AND
PROVIDING FOR THE ADOPTION OF THIS ORDINANCE
AS AN EMERGENCY MEASURE.
k>>'
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i•
STATE OF COLORADO )
COUNTY OF EAGLE ) ss.
TOWN OF VAIL )
•
•
The Town Council of the Town of Vail, Colorado,
met in regular session, in full conformity with law and the
ordinances and rules of the Town, at the Municipal Building
in said Town, being the regular meeting place of the Council,
on Tuesday, the 26th day of October, 1976, at 7:30 o'clock,
P.M. There were present and answering at roll call:
Mayor:
Councilmen:
John A. Dobson
Kathleen Klug
Wm. Heimbach, Jr.
John F. Donovan
Robert W. Ruder
E. William Wilto
Also present:
Town Clerk: Rosalie Jeffrey
Absent:
i•
Thereupon Councilman ~ introduced
and there was read in full the following Ordinance:
a
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ORDINANCE NO. 3~-
Series of 1976 '
AN ORDINANCE AMENDING SECTION 8 OF
ORDINANCE NO. 2(e , SERIES 1976,
,• AS AMENDED, OF THE TOWAT, AUTHORIZING
THE ISSUANCE OF ITS GENERAL OBLIGATION
REFUNDING BONDS IN THE PRINCIPAL AMOUNT
OF $6,345,000, DATED NOVEMBER 1, 1976,
FINALLY ADOPTED ON SEPTEMBER 21, 1976,
AND PROVIDING FOR THE ADOPTION OF THIS
ORDINANCE AS AN EMERGENCY MEASURE
AND DECLARING AN EMERGENCY.
WHEREAS, the Town of Vail in the County of Eagle
and State of Colorado (herein the "Town"), is a political
subdivision of the State, a body corporate and politic,
and a home-rule Town pursuant to Article XX of the State
Constitution, and Article 2 of Title 31, C.R.S. 1973, as
amended; and
WHEREAS, the Town of Vail, Colorado, by Ordinance
• No. ?(p Series of 1976, as amended, finally adopted
September 21, 1976, has authorized the issuance of its
General Obligation Refunding Bonds, dated November 1, 1976,
in the amount of $6,345,000; and
WHEREAS, the Town Council deems it necessary and
advisable that Section 8 of said Ordinance No. 1(e ,
Series of 1976, be amended by the adoption of this Ordinance
as an emergency measure.
BE IT ORDAINED BY THE TOWN COUNCIL OF THE
TOWN OF VAIL, COLORADO:
Section 1. That Section 8 of Ordinance No. 2!e ,
Series 1976, finally adopted September 21, 1976, be and the
• same is hereby amended as follows:
"Section 8. The proceeds derived from the
sale at discount of the Refunding Bonds authorized
herein in an amount not less than $6,218,100, less
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•
the sum of $55,000 representing the expenses in issuing
the bonds authorized herein, plus cash in the amount
of $283,371.25, including accrued interest on the
bonds being refunded, shall be deposited with The
Cdlt~rado ~Jational Bank
., Denver, Colorado
(hereinafter the "Bank") in a separate fund and
escrow account hereby created and known as "Town
of Vail General Obligation Bonds, Series 1974 and
1975, Refunding Escrow Account" herein designated
as the "Refunding Escrow Account" or "Escrow Account",
which account shall at all times be sufficient,
together with any interest to be derived from the
investment and any temporary reinvestment of the
deposits or any part thereof only in direct obliga-
tions of, or the principal and interest of which
obligations are unconditionally guaranteed by,
or agency obligations of, the United States of
America, to pay the principal of and interest on
the outstanding 1974 and 1975 Issues being refunded,
as the same become due and payable under and in
accordance with the following schedule:
1974 Issue:
Bonds numbered 4 to 1100, inclusive,
•
maturing in the years 1976 to 1994, inclusive,
shall be paid and retired at their respective
maturity dates, according to their original
terms, at Security National Bank, Denver,
Colorado.
1975 Issue:
Bonds numbered 1 to 172, inclusive,
maturing in the years 1976 to 1995, inclusive,
shall be paid and retired at their respective
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C
maturity dates, according to their original
terms, at United Bank of Denver National
Association, Denver, Colorado.
'• Interest on the outstanding bonds of the 1974
and 1975 Issues shall be paid as the same accrues,
according to the original terms of said bonds."
Section 2. Except as herein modified all of the
provisions of Ordinance No. 2(p Series 1976, as amended,
finally adopted September 21, 1976, authorizing General Obli-
gation Refunding Bonds dated November 1, 1976, in the principal
amount of $6,345,000, shall remain in full force and effect.
Section 3. By reason of the fact that the muni-
cipal bond market and the government bond market are subject
to sudden and unpredictable changes, the savings and other
advantages afforded to the Town by refunding the issues of
• General Obligation Bonds described in this Ordinance and
Ordinance No. ~ Series 1976, as amended, finally
adopted September 21, 1976, could be drastically reduced or
eliminated, thus jeopardizing the entire plan of refunding,
all to the detriment of the Town and its inhabitants, and
by reason of the fact that the price of the federal securi-
ties to be used to fund the escrow will be fixed only until
November 2, 1976, it is hereby declared that an emergency
exists, and that this Ordinance is necessary for the immediate
preservation of public property, health, welfare, peace or
safety, and that this Ordinance shall become effective upon
final passage, shall be published within ten days thereafter,
and shall be numbered and recorded in the official records
• of the Town and authenticated by the signatures of the Mayor
and the Town Clerk.
INTRODUCED, PRESENTED AND FINALLY PASSED this
_4_
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•
26th day of October, 1976.
(S E A L}
ATTEST:
~~
Town Cler ~ /
n
~ _
' Mayor
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•
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•
It was thereupon move~~d""//by Councilman
and seconded by Councilman ~YV~ that the foregoing
Ordinance, read in full at this meeting as aforesaid, be passed
and adopted as read as an Emergency Ordinance.
The question being upon the passage and adoption of
the Ordinance, the roll was called with the following result:
Those voting YES:
Mayor:
Councilmen:
•
Those voting N0:
John A. Dobson
Kathleen Klug
Wm. Heimbach, Jr.
John F. Donovan
Robert 64. Ruder
E. William Wilto
TheQQpresiding officer thereupon declared that
,(1l/~, members of the Tocan Council
having voted in favor thereof, the motion was carried and said
Ordinance duly passed and adopted as an Emergency Ordinance.
Tt was then ordered that said Ordinance be recorded
by the Town Clerk in the official records of the Town, and
that a copy of said Ordinance be published in The Vail Trail,
a newspaper published within the Town, within ten days
following adoption, or as soon thereafter as possible.
Thereupon, after consideration of other business
to come before the Council, the meeting was adjourned.
•
(S E A L)
Mayor
ATTEST
's'own Clcrk ~ ~ a
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• • •
STATE OF COLORADO ) -
COUNTY OF EAGLE ) ss.
TOWN OF VAIL )
I, Rosalie Jeffrey, Town Clerk of the Town of
LJ
Vail, Colorado, do hereby certify
numbered 1 to 6, inclusive, const
copy of the record of proceedings
the Town of Vail, Colorado, taken
the Town Council held on Tuesday,
1976, insofar as said proceedings
that the foregoing pages
itute a true and correct
of the Town Council of
at a regular meeting of
the 26th day of October,
relate to an Ordinance
amen3ing Ordinance IJo. /~P Series 1976, as amended,
finally adopted September 21, 1976, authorizing the issuance
of General Obligation Refunding Bonds of said Town, dated
November 1, 1976, in the principal amount of $6,345,000, which
was introduced and passed as an Emergency Ordinance, a true
copy of which is set forth in full in the proceedings of
the Council; that the original Ordinance has been duly
authenticated by the signatures of the Mayor and myself, as
Town Clerk of said Town, sealed with the seal of the Town
and recorded in the book kept for that purpose in my office.
IN WITNESS WHEREOF, I have hereunto set my hand
and affixed the seal of the Town, at Vail, Colorado this
~1~ day o f ~~!.~sc~r" /1~ 19 7 6 .
t/1(,~~ ~~2~
' Tow iC k
(S E A 1:)
-7-
• • •
STATE OF COLORADO )
COUNTY OF EAGLE ) ss.
TOWN OF VAIL )
i•
TOWN CLERK'S CERTIFICATE
I, Rosalie Jeffrey, Town Clerk of the Town of
Vail, Colorado, hereby certify that I caused a true copy of
Emergency Ordinance No. 3 ~ Series of 1976, adopted
Tuesday, October 26, 1976, at a regular meeting of the
Town Council of the Town of Vail, to be .published in The
Vail Trail, the official newspaper of the Town, in its issue
dated October 29, 1976, and that the affidavit of publication
has not been issued, but when issued will be attached to
page 8 of the proceedings adopting said Emergency Ordinance.
IN WITNESS WHEREOF, I h/ave hereunto set my hand
and the seal of said Town this (~ day of November, 1976.
~_~
` Town ~X '
(S E A L)
•
LAEL S. DEMUTH
CARL F. EIBERGER
WILLIAM G. KEMP
r ALAN C. DEMUTH
ROBERT A. BACKUS
ROBERT L. ROBERTS
WILLIAM F. SCHENKEIN
DONALD A. HOULEHAN
RUSSELL P. ROWE
CHARLES A. HILLESTAD
DANIEL C. LYNCH
CORING E. HARKN ESS 111
JOHN L. TRAYLOR
RODNEY L. SMITH
DAN E. SPICER
DAVID F. DOUBLEDAY
DAVID H. STACY
RAYMOND W. MARTIN
PERRY L. GOORMAN
RAMONA T. ROCKWELL
PETER A. RICCIARDELLI
Ms . ~'olleen T'.line
Town Clerk
Town of Vail
P.O. Box 100
Vail, CO 81657
Dear Colleen:
LAW OFFICES OF
DEMUTH &EIBERGER
1600 WESTERN FEDERAL SAVINGS BUILDING
718 SEVENTEENTH STREET
DENVER. COLORADO HOLO2
TELEPHONE 303.829-1800
November 15, 1977
•
J. H. SHEPHERD
OF COUNSEL
Pursuant to your request, please find enclosed herewith
a copy of Ordinance No. 26 as printed in The Vail Trail edition
of September 10, 1976. You may be able to obtain a more suitable
copy for your purposes from the law firm of Tallmadge, Tallmadge,
Wallace & Hahn, which acted as bond counsel for this issue.
Very truly yours,
DeMUTH & EIBERGER
Maureen Lowe
Assistant to Robert A. Backus
mol
Enclosure
~.-
I~~~IC ~~iC f.
ORDINANCE NO. 26
Series of 1976
AN ORDIANCE AUTHORIZING THE SALE
AND ISSUANCE OF GENERAL ODLIGA-
TION REFUNDING BONDS, DATED
NQVEMDER 1, 1976, IN 7NE PRINCIPAL
AMOUNT OF 16,345,000, OF THE TOWN OF
VAIL, COLORA00, FOR THE PURPOSE
OF REFUNDING GENERAL OD-
LIGATION BONDS, SERIES MARCH 1,
19(4,OUT57ANDtNG IN 7HE AMOUNT OP
55,485,000, AND GENERAL OBLIGATION
BONDS, SERIES DECEMBER 1, 1975,
OUTSTANDING IN THE AMOUNT OF
5860,D00; PROVIDING FOk THE ESTAB
LISHMENT OF AN ESCROW ACCOUNT
FOR THE PAYMENT AND REDEMPTION
OF TFiE OUTSTANDING BONDS TO BE
REFUNDED; PRESCRIBING THE FORM
OF SAID BONDS; PROVIDING FOR THE
LEVY OF TAXES AND FOR THE APPLI-
CATION OF CERTAIN SALES TAX
REVENUES TO PAY SAIp REFUNDING
BONDS AND THE INTERE57 THEREON;
ANO PRESCRIBING OTHER DETAILS IN
CONNECTION iHEREWITH.
WHEREAS, the Town o1 Vall In the County
of Eagle and State of Colorado (herein the
"Town"), is a political subdivision of the
State, a body corporate and politic, and a
home-rule Town pursuant to Arftde XX Of
the State Conshfution, and Ari(cle 2 of T%le
31, C.R.S. 1973, as amerxsed; and
WHEREAS, Ma Town of Vait, Colorado,
Dy Ordinance ko. ], Serlts of 1»t, has
arr}norized ttwt issuanct Ot tit r+ervral
Obligation bonds, Sreries MarrJt 1, t»t,
dated March 1, 1971. to pie at'munt M
55,300.000 lt+ereln,-he "if7t laver") o! which
.' imaw4r..' iS.g3;00D pelnains "'ovgtlind}nq'` d
belnp bonds numbered 4 tp l )D0, inclusive, in
the denomination of 55,00(1 each, bearing
Interest payable srmlannualty June 1 end
December 1 each year,, and maturlnq On
December }, as follows: ~ ' ~ '~
Bond Numbers Amounts I. ` ~ ~ Years
(All Incluslvsl'~ , Maturing Maturing
4 t0 17 I' ~ ~ fS0,000 ' 1916
' ld~d5 ' 160,000 '~r 1. 1917
~" 46 AO ~ 175,000 "' ' 1978
81 to 120 ?00,000 "~ 1919
111 t0 163 215,0(10 ' ' ~ 1980
ibd t0 706 215,000 1901
' 207 to ?51 225,On0 ~
~ 1982
252 to 299 240,000
` " 1983
300to350 155.D00"'' ~" 19A4
351 to 405 ~ ~ 175,000 1985
' 406 to 463 290,000 ° 1986 '
db4 ip 526 ' ' 315,000 ~ 19A7
577 to 593 335.000 1988
594 10 664 355,000 " 1989
66510140 ~ 3AO,Otx1 ~' 1990 '
741 to B?1 ' 405,000 1991 '
822 to 908 435,000 1992
909 to IOW 460,000 ~ 1993 ~'
100110 1100 ~' 500,000 ' 1994 '
and
'NHEREAS, bonds of said 1974 Issue
numbered 1 to 112, Inclusive, bear only one
set of interest coupons. Donds numbered 1 to
463, inclusive, bear Inter esl thereon from
J March 1, 1971, fo the payment of their
~ principal sum of the rate o! 7 percen) per
annum Donds numbered 464 l0 597,
Inclusive, bear In teresi thereon from March
I, IA74, t0 the payment of their principal sum
at the rate of 5.75 percent per annum, Bonds
numbered 594 fo 740, Inclusive, bear Interest
_ thereon from March 1, 1974, to the payment
of their principal sum at the rate of 5.1
r. portent per annum. Bonds numbered 741 to
772, inclusive, bear Interest thereon from .
March 1, 1914, to the payment of their
principal sum at the rate of 5.5 percent per
annum Sald Interest Is payable December 1,
' 1974, and semiannually thereafter on the ist
tlay of June and the 1st day of December o/
each year; and
WHEREAS, bonds of said 1974 Issue
numbered 773 fo 1100, inclusive, bear two
sets of Interest coupons, with one of Bald sets '
'designated "A" and the other supplemenfa!
set designated "D". The "A" coupon interest
on bonds numbered 773 to 908, Inclusive, is
payable at the rateof 5.5 percent per annum ~'
Irom Mardr 1, Ip74, to the payment of the
prlnclpal of said bonds, with said Interact
payable December 1, 197 d, and semiannually ~ i
thereafter on the 1st day of June and the 1st
day o1 December of each year, The "D" '"
coupon Interest on bonds numbered 773 to
908, Inclusive, is payable at the rate of 2.5
percent per annum for the period Crom April
1. 1974 to April 1, 1984, payable December 1,
1914, and semiannunlly thereafter on Iha 151 ~~
day of June and the 1st day of December of '
each year, with the "B" coupon interest ,
coming tlue on April i, 1984 being payable on .
April 1, 1904. The "A" coupon Interest on„
bonds numbered 909 to 1100, lncluslve, IS ',
payable at the rate of 4.5 percent per annum
from March 1, 1974, fo the payment of the
pr(ncipal of said bonds, with said Intrresf
, pa yebte December 1, 1974, and Semiannually
:'• thereafter on fha lsi day of June antl the 1st , ~~
'~ day of December of reach year. The "B",~: `;
-coupon Interest on bonds numbered 909 to ;'a,t,'
~' )100, lncluslve, is payable at the rate of 3.5 d~i.,
percent per annum for the period Irom April ".,
1, 1974 to April 1, 1984, payable December 1, .
1974, and semiannually thereafter on the 1st
day Of June and the 151 day of Decemnrr of
each year, with the "B" coupon interest
coming due on April 1, 1984 being payable on
'April 1, 19fl4; and
WHEREAS, the Town of Vait, Colorado,
by Ordlna nee No. 21, Series of 1975, has ~'
authorised the Issuance of !fs General
ODlipatinn Bonds, Series December 1, 1975,
dated December 1, 1975, in the amount of
' 5860,000 (herein the "1975 Issue") of which
there remains outstandinp the full amount
thereof, being bonds numbered 1 to 172, ,
Inclusive, In the denomination of 55,000 each,
bearing Interest payable semiannually June
'1 and December 1 each year, and maturlnq ~~
on December 1, es follows: ,'
r'
....,J ~.i a / 17 / U
Bond Interest ~ ~'
Numbers Rate ~ c
(All (per 'o ~
Inclusive} Annum) a ~
4~
d~
Y~
1 fo 3 ~ 7,5 15,000 1976
4 fo 7 7.5 20,000 1977
81012 7.5 25,000 1978
13 fo 16 7.5 70;000 1979
17 t0 71
" 1.5 25,000 19A0
22 t0 27 7.5 70,000 1981
2A t0 33 7.5
~ 30,000 1982
34 to 39 7.5 30,000 1967
40 t0 46 7.5 35,000 1984
47 to 53 7.3 35,000 1985 .
541061 7,7 40,000 1986
6210 70 6.65 45,000 1987
11 fo 79 d.A 45,1X70 1988
BO fo A9 6.9 50,000 1989
90 to 100 7.0 55,D00 1990
101 to 112 ~ 7.0 60,000 1991
173 to 125 7.0 b5,D00 7992
126 to 139 1.0 10,000 1993
140 to 157 7.0
~ 10,000 1994
154 to 172 7.0 95,000 1995
and
WHEREAS, bonds of said 1915 issue
maJUrinq in the years 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 }o the
principal amount Of each bonU so red reined,
d CCrUtd interest th CrcOlt t0 the redemption
date, and a premium of lbl percent of fhr.
principal amount of each bond so redeemed;
and
WHEREAS, the Town Council has
determined that it is necessary and in the
best interest of the Town that fho 1974 and
1915 Issues outstanding in the amount of
Sd,345,0(# be refunded by the issuance of
Refunding Donds in the amount of f6,145.000,
In order to reduce interest costs and effect
other economies, all to the benefit of the
Town and its inhabitants, and in accordance
with ihr Charier; and
WHEREAS, the net Interest Cost of, and
the net effective interest rate ort said
Refunding Bonds shall De less than the net
_ interest cost of, and the net effective Interest
rate on the 1974 and 1975 Issues to be
refunded; and
WHEREAS, by such refund log the coupon
rate on the 1974 and 1975 Issues being
refunded will be IowerM; and
WHEREAS, such retundinp wvutd allow
for the resfructurinp of payment dates,
providing for the more timely use pf Iha
Town's tax rrvmues end reducing interest
cost: and
WHEREAS, proposals have been
submitted to t+ond twuses In Ina area and the
proposal 0/ Bosworth Suttiwn and
d Compa»y, ,Inc.. ~~ DertvK, Colorado, hat
M~'efi accspted:' •.' .• •• ••
DE IT ORDAINED DY THE TOWN
COUNCIL OF THE TOWN OF VAIL
coLORnoo:
SECTION 1. That for fha purpose of
providing funds wifi which to refund and
pay 56,345,0[10 of ifs 1974 and 1975 Issues
above described the Town of Vail, Colorado,
shall issue ifs General Oblipation Refundinp
Bonds in the principal amount of 16,345,000.
Said Refunding Bonds shall 6e dated
November 1, 19rb; shall consist o1 1.269
bonds in the tlenontination of 55,000 each,
,numbered 1 to 1269, Inclusive; shall bear
~•Interest payable on June 1, 1977, and
semiannually thereafter on the 1st day of
December and the 1st day of June each year,
as evidenced by interest coupons designs led
"A",and shall mature serially on December
1, as follows: „ ' ~ +
Bond "A" v, rn rn
y, C
Numbers Coupon ~ _ ,,
(All Infrrac_f '-° ~
,OC(~;('vel.__.... Rate .........~ m ..._7;, ;~_-..
(Per Annum) `_ ~ ~
Ito 19 6 00 195,000 1977
201052 6.00 165,000 1D78
57 to Al 6 00 155,000 1979
• BA to 120 ~~ d.UO ~ 1AS,ODO 19ft0
121 to 159 - 6.00 , ;' r 195,D00 ~ 1981
160 Io 107 ~ ,,. bA0 240.000 1982
• ~. 10810 261 .~ 6.00 ~, x;.270,000 1983
' 262 to 322 ',',,' 6.00 '~ 305,000 1984
:323 to 381 r ,• 6.00 ~ ~ I ~ 295,000 . 1985
392 fo 445 ~ 6.00 320,000. 1986
4d6 to 515 6 00 ~ 350,000 I, 1987
' 516 to 589 6 00 370,000 1V88
59010668 b.GO ~ 795,000 1989
669 fo 753 ~ 6 00 425,000 1990
754 to A45 ~ 6.00 460,000 1991
846 in 944 6.00 ~~ A95,000 1992
' 945 to 1058 6 00 530,000 1VD3
105110 1164 6.00 ~ ~ 570,000 ' 1994
116510 1269 6.00 ~ 525,000 1995
redemption, the arnounr and Horn hers of the
bonds called, and that from and alter such
date interest on all bonds called for
redemption shall cease +
The Refunding Bonds and ihr inlere.t`
coupons attached thereto shall be payable In
lawful money o{ the United States of
America, at in
•°~~~.} SECTION 2. The Refunding Bonds shall De
Signed with a fa c5irn rte signature of the
Mayor bf the Town, whir a facsimile of the
seal of the Town afNxcd thereto, attested by
Iha manual5lgnnturrnf me Town Clerk. The
(nlerest coupon, allachrd Ib Bald bonds shall
Dear fhr fa csim ale signature of the Mayor of
the Town and when Issued as aforesaid a•.
part of said bonds, shall he the bmdinu
obNyatlon5 of the Town accordlnp to Ihrir
Import. Should any officer whose manual or
facsimile signature appears on said bcxttls or'
the lnferest coupons attached thereto cease'
to he such oft leer before delivery of the
Donds to the purchaser, Such manual or
facsimile sipnature shall nevertheless be
valid and sufficient for all purposes.
sECTION 7. The Rclunrr lop Bonds antl the.
interest coupons attached thereto shall be In
subslantlally the following form; ,
(Form of Dond) •
UFiITED STATES OF AMf-RICA
STATE OF COLORADO
COUNTY OF EAGLE
TOWN OF VAIL
v REFUNDING BOND
' No. 55,000 s
The Town of Vail, in fhr County of Eagle t
and State of Colorado (herein the "Town"1,
for value received, hereby acknowledges
itself indebted and promises to pay fo the s
bearer hereof the prlnclpal sum of
. FIVE THOUSAND DOLLARS ~ V
In lawful money of the United States of e
America, on the 1st day of December, 19 ~, d
with interest thereon at the rate of six per f'
cenhrm (600 percent) per annum, payable ~ p
June 1, 1917, and semiannually thereafter on a
the 1st day of December and the 1st day of
June each year, as evidenced by Interest I
coupons hereto attached designated "A", p
and bearing additional Interest, as p
evidenced by supplemental Coupons a
drsig Hated "D", of SS.000 payable annually r
December 1, 1977 through December i, 1986, a
principal of and interest nn Ibis bond beHrq t
pa yaDlG at ,upon person tailor, of ~ r
said coupats and this bond as they severally p
become due. ' ,,t
Donds of ihfs issue maturing on December -~
1, t9 W, and th ereafier, are redeemable at
the option Of Nee Town nn December 1, 1986 ,~
and on any Interest payment date thereafter,
in invers?numerical order, upon payment of p
par and accrued interc5l. Notice of prior f1
red rmption shall be given as provided In the a
Ordinance authorizing this bond. R
This Dond is issued by the Town Council of (~
the Town of Vail, Colorado, for the purpose u
of provid my (und5 to refund valid antl c
oulstandinq General Obligation Bonds, V
Series March 1, 1774, and Generaf Obligation e
Bnnrl s. Srrics December 1, 1975, of the Town P
,
under rhr authority of and In full conformity i s
with Ihr Consfifution of the State of lu
Colorado, the Charter of the Town of Vall, i h
and all other laws of the State of Colorado
thereunto enabling, and pursuant 10 an ~ R
Ordinance duly adopted, published antl ' N
made a law of Bald Town prior to the, a
.
issuance of this bond. ' ~'• O
It is hereby further certified, recited and'' O
: warranted that all the requirements of law ; to
[ nave been fully complied with by the proper i re
ofllcers of the Town in the issuance of this Pr
bond; That the total Indebtedness of the O
Town, including that of this bond, does not In
exceed any limit of indebtedness pre5cribrxf Ot
Dy the Con5lilution or the laws of the Seale of sa
Colorado or the Charter of the Town; and O
that provision has neon made for ihr levy PI
' and collection of annual taxes on aN of the
~ s'~
taxable properly In the Town, and the
application of certain sales tax revenues of oh
the Town, suffidenf to pay the interest on rn
and the principal of this bond as the same O
res pecfwely become due V
The full taifh and credit of the Town of to
Vail, Colorado, are hereby pledged for the sa
punctual payment of the prlnclpal of and V
lnferest on this bond. an
IN TESTIMONY WHEREOF, the Tawn pl
.Council Of the Town of Vail, Colorado has an
caused this bond to be signed with the 0
' facsimile signature of the Mayor, scaled N
'. with a facsimile of the Seal of the Town, an
' attested by the manual signature of the wl
'Town Clerk, and the Interest coupons sa
attached hereto to be signed with the pr
facsimile signature. of the Mayor, as of .the O
1st day of November, 1976. a
(FacslmileSignaturel m
_ Mayor pa
AT1 EST' ad
{Manual Signature) To
Town Clerk to
, ' t'
' ~ 1 9r.
Said RC(undiny Donds shall bear additional
inferesl, as evirlrnccd by supplemental
utupons designated "B", of f5,000 payable
II December 1 ~ 1977 ihrouph
annua y ,
j Decrrnhrr t, 1986
~ ~ ~ ~ ,
1
f
._ The Rrr„„!inn Donds and the escrow
I (Facsimile
'
{{ sec urilir~. .+n ! aw-v drd to and su PPlied Seal) ,~ I
i„ Dy Bosw^,' ~ ~, Ivan and Company, Inc., ~ , ~ I
JJ Denver, .. ~ .r•I
j The nr_t r•Ir,•I~vr interest rate on these (Form ofCOUpon) i,x~
~ ~
Donds is 6 Or,n percent ~. r
The Refunding Bonds maturing on and No.' ~ f
alter December I, 1987, shall be redeemable - . June
at the option of the Town bn December 1, On the 1st day of December, 19 ,unless
1986, and on any interest payment date the bond to which this coupon is attached, If
thereafter, in Inverse numerical order, upon redeemable, has been railed for prior
payment of pnr and accrued Interest, redemption, the Town Of Vall, in the County
Notice of prior redempflon of the of Eagle and State of Colorado, will pay to
' Refunding Donds shall be given by bearer the amount shown hereon, in lawful
publication ar least once in legal newspapers money of ihr Llnifed States of America, at
published in Vail, Colorado, and in Denver, in ,being lnferest then
Colorado, not less than thirty (70) days prior due on its General Obligation Refundinp
to the redemption date, and by mailing a Dontl, dated November 1, 1976, bearing
copy of the Notice of P.edemptlon by N0. ' '
,
registered or certified lirshdass United
' ,States mail, postage prepaid, to the originol „ . (Facslmlle Signature)
. purchaser, or any successor thereof known;;f Mayor
to the Town Clerk, and to the paying spent of
• .. ,
,
said Refunding Donds, at feast thirty UO)
1
i,•C
;.{,) .days prior to the redemption date Such
nnrirn -hall znnrifY fhr niece an[) tlarr Of
r ~ _ -'
SECTION 4. SAId Refunding Donds, who
~xeeutcd as provldM by law, shall t
fellvarod by an officer of the Town to th
wrd,asrr ihrrrol upon payment to the Tok
n accordance with Rte contract of purcha~
or the bonds between the Town and tt
wrchasrr. The proceeds of the Refundlr
3ond5 shall he used only for the purpo~
stated (herein and for payinq the costs ar
•x pens es (ncurrM Incidental t0 the Issuan[
,f said bonds and for n0 other purpo'
•.hairver Neither fhr purchaser of sa
r~l: nor the subsequent holder 01 any i
h+'rn shall be responsible for the applicatlr
.r disposal by the Town, or any o1 1
officers, of any of the funds derived Iron tt
ale thereof.
SECTION 5. If necessary, the princi p~
Ind interest t0 become due on the Relundin
3ondS in 1977 shall br, advanced from ar
Und Of the Dislr iCl eve liable therefor. Fr.
he purpose of reimbursing Bald advanr
Ind also for the purpose of payinq tl-
~r~ract on and nrinClpal of said Donds as IP
ame Dreome due: e : Ne'ynulr i 8>N~: '.:^'~
hr Town Council of the Town of Vail she
annually six and certlly a rate of levy for .+
~alorem taxes to fhr Dnard of CoVn1
:ommissioners of Eanle County, Colorarf.
vhirh taxes, In arLlit~~+n to all Hiner !rr~
open levied nn all nl tlir I++. ~Llr ; ~•L
hr Town, in radt of ihr }cars 1977 fo
~clusive, will raise ad valarem tax rev rn,~,
off iclrnt to make such rrirnbu rsement ,r,
0 promptly meat anct pay Such hnn
principal and Interest payments as the cam
become due.
Said taxes when Cnflrr k~rf •,hall be apt>'~
olely for foe payment of the interest
rincipal Of said ir~rundinq Don-'~
rspecfively, until the hrn+ds, both princ~c
nd interest, shall br fully paid, satisfied ,+
i5charged, provid!d, however, that troth'
areal contained shall be so construed a',
revrnf the Town Irom committing a
pplying any other funds or revenues +~
may now Or hereafter be in the treasury
he Town and legally available for r
urpnse of payment of the interest bn
rincipal of said bonds, and upon r
pplication of any other Such funds
avenues as aloe [Said, the levy or levies I
d valorem taxes herein provided rn
hereupon DC diminished to the extent r
equlrrmenii for such bond end Inter,
aymenls for the •,partlculer; year. a
hereby,llfminlshed. ~ , (. ,a~ , r•,~ ,{ ~.
` ><~ P ~ 1r1 ' 1'r '
SECTION d. Nof withslentlinp the log
oing provisions for ad valor rm tax loop
le Town hereby further Covenants ;
}roes that so loop as the General Obllga'
elundinp bonds dated November 1, p1
rovidrd for herein remain outstandinp a~
npaid, It wi!I levy, administer, enforce a~
ollecl the sales tax authorized by Town
all Ordlna nee N0. 11, Scrles of 1973, fo I•
xtent of an amount not fo be less than
recent of gross receipts derived from '
ale of tangible personal property and
rnlshlnp of services now or herrar~
ublect to said spies lax, The Town of ~
as previously Issued Ifs General Obllgar
afundinq Bonds, Scrles 1974, da'
ovember 75, 1914, in the orlglnai prlnc'..
mount of 52,640,000, aulhorized
rdinance No. 2), Scrirs of 1974, in v;t
rdinance the Town covenanted and aye
pledg0 and set aside all the sales '
venues, derived from the above stair
rcrnt of 4ross roc ripts authorized Dy '•
rdinance No. 11, Series of 1973, to pay
trrest on and the principal of the Grn,~
rllgation Refunding Donds authorized
id Ordinance No 21, Series of 1974. S
rdinance provided further that
ecfyed sales tax revenues may alsl
edged and usetl for the payment of ihr ,~
rvice nn any other br addlfional gene
Ilgatlon bonds of the Town of Vail v.'~
ay be issued on a parity with said C,en-
bligation Ref vnd inq Bonds The Tow
ail covenants and agrees that all the '
x revenues, derived from said 2 percr~,'
id gross receipts as aulhorized in To~ti
all Ordinance No. 11, Series of 1973, shay
d hereby are irrevocably and sr'
edged and set aside to pay the intere~'
d the prlnclpal of the sublact Gal
bllgatipn Refunding bonds, do
ovember 1, 1976, as the same become
d payable Irom year to year, on a p:+~
th the Town's obligation to pay, Iran
les tax revenues, the lnferest on am;
incipal of said Town of Vail G^r~
bligation Refunding Bonds, Series I
fed NOVem Her IS, 1974, provitl[d,
A. The said plMged sales fax revr^
ay also he pledged and used Inc
ymrnt of ihr. debt service on any oth~
dillonal general oDlipatlon ponds r~'
wn of Vail which may De issuM fro,~~
time, provided such other or adds
neral obligation bonds shall be on a 1'.
'h or su Dordlnate to (but not prin.
porter lo) the General Obllp^
lundlnp Bonds tleted November 1,
'h respect to the soles tax revenues hr
dged; and
B. To the extent that the debt scrv
of the Town of Vall general obHp~~
~~~, ,nav br Issued Irom time fo
1,,,/rig hvt clad to the bonds
1r e,1 nrrrln) Ich are payable In
f e nr In part it a sublet pledged '
„rs fax raven Ufs an4 othef moneys legally
ova ilablr Ihprcl or, IlTen the Town is
' aUfhOrIICd in l1SC any rCVenlleS remalning
Rom the subiecl pledged sales tax rev roues
for other purposes (but only alter all of Ihe'
J debt service on Bald general obllpaflon
~ bonds, which are so pa yebie Irom Bald
pledged Sales lax revenues, has been telly
4 provided for In said fiscal year), InUuding, i
but not Ilmlted to, payment of speclal nom
general obllgaffon bonds, which sprctai non `
general obligation bonds in any event, ,~
however, shall not be on a parity wllh and '
shall be Subordinate and Inlerlor to the
,General Oblige hoe Bonds dated November
1, 1976, with respect to the sales tax revenues
herein plfdgrd.
So long as ~ihe General Ohiigat!on
Rrlund h,q Fronds dated Novrmher 1, 1976,
remaln nut Standlnq and unpa ld, the Town o}
Vail shall not repeal Its Ordlnnnre No I1,
~SCr~f3 ui „'fit, anrf tha_ r~wn ;non nn. ;,,`„~;,y,r
i ~ said Ordinance In a manner which, taking
i Into account other revenue of the Town
~ whl[h is legally clad lcatecf and a,w:~la.Ea to
~. pay the principal and Interest payments bn
said bOnUS, would tliminl5h Ih@ revenue ~~
security for Bald bonds.
Noth inp In this Ordinance shall be
construed In such manner to prevent the
Issuance by the Town of Vall of additional '
bonds of any nature, provided Bald
ad!1itlCnal bonds art ISSUrd in a manner
'~consistrnt with the prnvfstnns and
IlmRation5 stated herein with respect to the
.,sales lax revenues herein pledged.
SECTION 7. The Sums herelnabove
provided to meet the Interest on said
~, RClunding Bonds and to discharge the
principal therfo(, when der., are hereby
applied for that purpose, and said amounts
for rash year shall he included In the annual
budget an,l the appYOprldtlOn ordinance or
mfasurfs to be adopted end passed by the
Town Coundl of the Town In each year,
respectively, while any of the Refunding
1 Bonds herein authorized, either a5 to -',
iprindpal or Interest, are outstanding and '
( unpaid. No provisions o{ any cOnstllutlon,
'statute, tharter, ordinance, resolution, or
'~Ofher order or measure enacted after the,.
`f~lssuance nl the Refunding Bonds herein
authorized Shall in any manner be conshu(d ~`
as Ilmlting or Impairing the obllpatlon of the
Town to levy ad valorem texts, without
lim Nation of tale or amount, or as Ilmlting
~~ Or Impairing IhC obligailon OI the Town 10
~', levv, administer, enforce and collect the '
I saleS~lax as provided hfrrfn, for Fhe
. ~ payment of the principal of and interest on
~~~Ihe Refunding BCndS herein authOfllecS.
' i~' It shalt be fhf duty of the Town Council
~ annually, of the time and In Ore manner ,-,
Eprovidrd by law Eor levying other Town
taxes, I! such action shall be necessary to
i e~lBCfUate the prOVi51Of1S Of lhli OrdlnanCe,
~ to ratify and carry out the provls7ons hereof
with reference to Fhe levy and collection nl
the ad valorem and sales taxis herein
specified, and that said Council shall rrqulre
the officers of and for the said Tnwn to levy,
extend and collect said faxes In the manner
provided by few for the purpose of providing
funds for the payment of the principal o} the
bonds aulhoriled herein and the Interest
~~~accruing thereon promptly as the same,
respectively, become due. Said taxes, when
collected, Shall be kepi for and applied only
' to the payment of the interest on and
Nrlnclpal of sold ,bonds es herelnbMore
sP~lfied. ~ ~ ~ ~ '
SECTION a. The proceeds derived from
~~ the sale of the Refunding Bonds authorized
herein In an amount not less than f
and the accrued interest on the bads being
refundrel shall be deposited with United
'Bank of Denver National Assoclatlon,
,Denver, Colorado (hereinafter the "Bank")
In a separate fund and escrow account
hereby created and known as "Town of Vail
ter: ~..,.r.l ~munwr,nn ..,..1`a, ~arl?c Fv r!
1975, Refunding Escrow Account" herein
' designated as the "Refunding Escrow
' Account" or "Escrow Account", which
account shall at all }Imes be suHidenf,
;together with any interest to be derived from
~~, the Investment and any temporary
F reinvestment of the deposits or any parr
Iherfof only In direct obllpellons of, or the
principal and tnteresf of which obtlgatlons
?are untondltlonally guaranteed by, or
. agency obligations of, the United States of
' America, to pay the prlndpal of and interest
, on the outstand ing 1974 and )975 Issues being
refunded, as ihr. same become due and
payable under and In accordance with the
following schedule: ~ , '
1974 Issue: '-
` Bonds numbered 4 to 1100, Inclusive,
malurinp In the years 1976 to 1991, inclusive,
shall he geld and retired at thole resprctlve
malUllly da1f5, dCCOrding 10 fhflr OYlplnal
' terms, at Security National Bank, Denver,
Colorado.
.1975 ISSUC'.
'~ Bonds numbered 1 to 171, inclusive,
mafuring in the years 1916 to 1995, Inclusive,
I~, shall be pa ld and rfflred at their respfctlve
maturity dates, aaordlnq to their original
+,terms, of United Bank of Denver National
Association, Denver, Colorado.
1 t"'pr elf on the Cl~+stand~ng binds of the
fECTrOV 1 T-~ 9 -. s'a i ^,ps•
agency obligations of, the Un I,•d ;.talc; of
Anarica, and shall fully ~ nY crsh
balance In said nccoun r manner
rrqu%rr. c} by law for other r,l, ds.
SECTION la. If for any rfr•v at any
tln,e, fhf funds on hand in svu~ Lrfundinq
Gserow Areount shall be Insulfi~ ant In inert
fhc paymrnfs requlrrd as the s; mr shall he
about fn hrromf due and payahir, Ihf Town
Crnmdl n! the To.vn shat! forthwith clrposit
in such RMUndlnp FSrrow Arunrnt Such
arldifional funds as maybe requlrrd fully fo
mref ihr amount so about to become due and
payable.
SECTION 11. TPIC Bank shall Irom time to
}tree redeem al! or a portion of the
obligations in saltl Refuntling Escrow
Attount In sufficleM amounts so n,ar 1~.
~~ proceeds tercet corn and the interest}hereon
as the same accrues wilt be svflfdent fo
mref the infects} requirements on the
oulstandinq bonds o! R,f 7979 and 1475 Issues
d55VCh IniCr CSf acct Vfs, and to pay or call In
.anrl rrdfcm said bonds at their respfctlve
maturities accordlnq to the schetlute
hercinabove set Forth,
SECTION 17. Thr Mayor, fhf Town Clerk
and fhf Town Manager shall, and they
herfhy are authorized and dlrectrd to fake
all necessary or appropriate ac}ion lowarrl
the execution of a proper Escrow Agrrfinenl
with the Bank concrrning the deposits In,
roves Lt,enfs of and dlsbursemenis from Bald
Rrlund h,q Escrow Account, and such ether
aprrements as may be necessary or
desirable fo effectuate the provisions of this
Ordinance anU comply with iha
requlremrnts o/ law.
SECTION 17, On nr about the date when
the Rrf ending ponds are dellvfred, or within
a tea sonablr. lime thereafter, the Tnwn
Clerk is aufhorizftl and directed to publish a
Nolite of Refunding one or more limes In a
newspaper or newspapers eustomarlly used
by the Clfy for legal nofkes.
SECTION 14. The Town covenants and
agrees Ihat It will make no use of the
proceeds of the Refunding Bonds authorllyd
herein which might cause such obligations fo
be arbitrage bonds within the meanlnn oI
Section 103(6) of the inirrnal Revenue Code
of 1954, as amend cd, and the Regulations
proposed and in attest thereunder.
SECTION If. That if any one or more
section or part of this Ordinance shall be
adjudged unenforceable or Invalid, such
judgment shall not affect, Imps lr, or
invalidate the remaining provlslCns of ihls
Ordinance, it being the In lention Ihnt the
various provisions herfol are severable.
SECTION 16. All ordinance or parts
thereof in conlllct with ihls Ordinance are
hereby repeated.
SECTION 17. After said Refunding Bonds
are issued, ih;s Ordinance shall be and
remain irrepcafable until said bonds and the
interest thereon have been fully pattl,
Satisfied anq discharged.
'~ SECTION IB. This Ordinance, as adopted
by the Town Council, shall be numbered and
~- recorded in the olfiUal records of the Town.
;~ Its adoption and publication shall be
aufhenlicated by the signature of the Mayor
and the Town Clerk, and by the certlflcate of
Dublicafion, and shall take effect five ES)
days alter publlcalion following Iinal
passage.
SECTION 19. A public hearing on this
Ordinance will be held by the Town CouncN
at 7'30 o'clock p.m. vn Tuesday the 41st day
o! September, 197b, of the Municipal
Building, Vail, Colorado, and it is hereby
drdrrfd that notice of said hearing be given '
by publication once nt the edition of The Vail
Trail dated September' 10, 1976
INTRODUCED AND READthis 7th day of
September, 1976.
_ ~ TOWN OF VAIL_
'' John A, Dobson
Mayor
ATTEST;
Rosalie Jeffrey
Town Clerk
Published in The Vail Trail on September 10,
1976. ~ ..
•
i
•
,~
-£3-
197E)