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HomeMy WebLinkAbout1977-11 To Contract an Indebtedness on Behalf of the Town of Vail by Issuing General Obligation Bonds of Said Town For the Purpose of Acquiring Real Property. _ ~ r 1y 1 ~a~ a ORDINANCE NO. 11 SERIES OF 1977 AN ORD2NANC~E TO CONTRACT AN INDEBTEDNESS ON BEHALF OF THE TOWN OF VAIL, COLORADO, AND UPON. THE CREDIT THEREOF, BY ISSUING GENERAL OBLIGATION BONDS OF SAID''I'OWN IN THE PRINCIPAL AMOUNT OF $450,000 FOR THE PURPOSE OF DEFRAYING, IN WHOLE OR TN PART, THE COST OF ACQUIRING REAL PROPERTY TO BE USED AS OPEN SPACE AND/OR RECREATION AND PARK LAND; PRESCRIBING THE FORM OF SAID BONDS; AND PROVIDING FOR THE LEVY OF TAXES AND FOR THE APPLICATION OF SALES TAX REVENUES OF THE TOWN OF VAIL TO PAY SAID BONDS AND THE INTEREST THEREON. WHEREAS, at a special election of the qualified, registered erectors of the Town of Vail, Colorado, duly called and held on Tuesday, the 29th day of March, 1977, in accordance with law and pursuant to due notice, there was submitted to said electors the following question: ' Shall the Town of Vail, Colorado, be authorized to issue its negotiable, interest bearing general obligation bonds in one. series or mare in an aggregate principal amount-not to exceed $450,000, or so much thereof as may be necessary, for the purpose of defraying, in whale or in part, the cost of acquiring two parcers of rear property, known respectively as the Katsos prop- erty and Lot 10, Vaal Village Second Filing, to be used as open space and/or recreation and park land, together with all neces- sary incidental and appurtenant properties and facilities, and the 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 30 years from the date or respective dates of the bonds, such bonds • to be payable from general ad valorem taxes and other funds legally 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 later determine, including provisions for the redemption of bonds prior to maturity upon payment of a premium not exceeding 3 percent of the principal thereof? and WHEREAS, as evidenced by the canvass of the returns of said election, more than a majority of said electors voting an said ques- tion voted in favor of issuing such bonds, and WHEREAS, the Town Council of the Town of Vail. has determined, and does hereby determine, to issue at this time general obligation bonds for the purposes authorized by said electors at said election, in a total principal amount of $450,000, ("the Bonds"), as hereinafter set forth in this Ordinance; and WHEREAS, a proposal. far the purchase of the Bonds has been received from~Westland National Banks, Inc., Lakewood, c'olorada ("the Purchaser"?, upon terms favorable to the Town, which the Town Council of the Town -2- ~ ~ ~ r ~ of Vail has determined, and does hereby determine, to accept; and WHEREAS, pursuant to Ordinance No. 11, Series of 1973, of the Town of Vail, there was submitted to the qualified, registered electors of the Town of Vail, at a special election held on the 25th day. of September, 1973, the question of the imposition of a sales tax on the sale of tangible personal property at retail and the furnishing of services within th.e Town o~ Vail; and WHEREAS"", as evidenced by the canvass of the returns of said election, more than a majority of said electors voting on said sales tax question voted in favor of imposing said sales tax.; and ,- WHEREAS, the Town Council of the Town of Vail has estimated and determined, and does hereby estimate and determine, that the principal maturing and the interest accruing on said $450,000, the principal amount of the Bonds of the issue authorized herein, may be met from revenues derived from sources other than general ad valorem property taxes, including, without limitation, the revenues to be derived from the sales tax authorized by said .Ordinance No. ll, Series of 1973, and approved by the aforesaid electors voting at the aforesaid election; and WHEREAS, the Town Council of the Town of Vail has determined, and does hereby determine, that it is necessary and in the best interests of the Town of Vail and the inhabitants thereof that the Bonds in the total principal amount of $450,000 be now issued in accordance with the provisions of this Ordinance. NOW, THEREFORE, BE TT ORDATNED BY THE TOWN COUNC.TL OF THE TOWN OF VATL, COLORADO, THAT: R ~.. Pursuant to the authorization conferred by the qualified, registered electors of the Town of Vail at a special election duly called and held on March 29, 1977, and for the purpose of defraying, in whole or in part, the cost of acquiring two parcels of real prop- erty, known respectively as the Katsos property and Lot 10, Vail Village Second Filing, to be used as open space and/or recreation and park land, together with all necessary incidental and appurtenant properties and facilities, and the costs incidental thereto, the Town of Vail. shall issue on behalf of said Town and upon the credit thereof its negotiable coupon General Obligation Bonds, Series May --3- l~ 1, 197,7, in the aggregate principal amount of $450,000, dated May 1, 1977, consisting of 90 bonds in the denomination of $5,000 each, numbered 1 to 90, inclusive, payable in lawful .money of the [?nited States of America. Said Bonds shall bear interest as evidenced by one set, of bearer interest coupons, as herein set forth. t The subject Bonds shall mature serially in regular numerical order on May 1 of each. year, and sha11 bear per annum interest from May 1, 1977, to the pa"yment of their principal. sums, as indicated in the following tab1~. Said interest shall"be.payabl:e May 1, 1978, and semiannually thereafter on the is"t da.y of November and the Ist day of , May of~each year. If upon presentation at maturity payment of the principal amount of any Bond is not made as provided herein, interest shall continue at the rate stated therein until payment of said principal amount is made in full. Bonds Numbered Principal. Per Annum (both inclusive} A~naunts Maturity - interest 1 to 2 $10,000 1979 7.50a 3 to 5 15,000 1980 7.50 6 to 8 15,000 "1981 7:50 9 to 11 ~ 15,000 1582 7.50 12 to 14 15,000 1983 6.75 15 to 18 20,000 .1984 6.75 19 to 22 20,000 1985 6.75 23 to 26 2fl,000 1986 6.00 27 to 30 20,000 1987 b.00 3l to 34 ~ 20,000 1988 5.60 35 to 39 25,000 19$9 5.70 40 to 44 25,000 1990 5.80 45 to 49 25,000 1991 5.94 50 to 55, 30,000 1992 6:00 56 to 61 30,000 1993 ~ 6.10 62 to 67 30,000 ~ 1994 6.20 68 to 74 35,000 1995 6.25 75 to 81 35,000 1996 6.30 82 to 90 ~ X4.5,000 1997 6.30 Bonds of this issue numbered 1 through 30, inclusive, maturing on or before May 1, 1987, are not redeemable pxior to their respective maturity dates. Bonds of thi"s issue numbered 31 through 90, inclusive, maturing in the year 1988 and thereafter, are redeemable at the option af. the Town Council on May 1, 1987, and on any interest payment date thereafter, in inverse numerical order, at a price equal. to the principal amount of each Bond so redeemed plus accrued interest thereon to the redemption date. . Notice of any redemption shall be given by the Fawn Clerk in the name of the Town of Vail, by publication of such notice at least one -4- ~ ~ ! ~ ~ (1) time by one (l) publication, such publication being not less than thirty (30) days prior to the redemption date specified in such notice, 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, 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 holders of eaoh of the Bonds being redeemed, if the names and addresses of such holders are recorded with the mown Clerk. For this purpose, the holder of any such Bond may at any time furnish his name and address to the Town Clerk, Such notice shall specify the number or numbers of the Bands so to be redeemed and the date fixed for redemption, and shall further state that on the redemp-~ tion date there will become and will be due and payable, upon each Bond so to be redeemed the principal amount thereof plus accrued interest on said principal amount to the redemption date, and that from and after such date interest will cease to accrue. Any Bonds redeemed prior to their respective maturities by call for prior redemption or otherwise shall not be reissued and shall be cancelled the same as Bonds paid at or after maturity. 2. The principal of and interest on the Bonds shall be payable in lawful money of•the United States- of America without deduction for exchange or collection charges at t'nited ?~anlt of Denver National Association,, Denver, Colorado, which is hereby designated the paying . agent for this bond issue. The net effective interest rate on Bonds of this issue is 6.1192241. The 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 r4ayor, 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 consecutively from one upwards for each Bond as appropriate. -S_ ~ ~ ~ ~ ~ When issued as aforesaid as part of said Bonds, said coupons shall be the lawful binding promises and obligations of the Town according to their import, securing the payment of 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, such manual or facsimile signature shall nevertheless be valid and sufficient for all purposes. 4. Said Bonds and the interest coupons attached thereto shall be in substantially the following form: -b- [Form of Bondj STATE OF COLORADO COUNTY OF EAGLE TOWN OF VAIL GENERAL OBLIGATION BOND, SERIES MAY 1, 1977 NO. $5,004 The Town of Vail, in the County of .Eagle and State of Colorado, for value received, hereby acknowledges itself indebted and promises to pay to the beaxer hereof the principal sum of FIVE THOUSAND DOLLARS in lawful money of the United States of P.merica, on the lst day of May, 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 * per centum (~ ~~) per annum, payable May 1, 2978, and semiannually the-reafter on the 1st day of November and the lst day of 'May of each year. The 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.. If upon presentation at maturity payment of the principal amount of this Band is not made, interest shall continue at the rate stated herein until payment of said principal amount ,is made in full. Bands of this issue maturing on or before May 1, 198.7, are not redeemable prior to their respective maturity dates, Bonds of this issue maturing in the year 1988 and thereafter are redeemable at the option of the Town Council on May 1, 1987, and on interest payment dates thereafter, in inverse numerical order, at a price equal to the principal amount of each Bond so redeemed plus accrued interest thereon to.the redemption date. 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) publicatian, such publication being not less than thirty (30} days prior to the redemption date specified in such notice, in The Vail Trail, Vail, Colorado, i£ then in business and publishing, and if UNITED STATES OF AMERICA -7- ~ ~ ~ ~ ~ not, then in a newspaper of general circulation in the Town of Vail, Colorado, and by sending a copy of such notice by certified or regis- tered first class, postage prepaid mail, at least thirty {30~) days prior to the redemption date, to the holders of each of the Bonds being redeemed, if the names and addresses of such holders are re- corded with the Town Clerk. For this purpose, the holder of any such Bond may at any time furnish his name and address to the ",'awn Clerk. Such notice shall specify the number ar 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 Band so to be redeemed the principal amount thereof plus accrued interest on said principal amount, and that from and after such date interest will cease to accrue. 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 GOSt of acquiring real property to be used as open space and/or recreation and park land, together with all necessary inci-- dental and appurtenant properties and facilities, and the costs in-- cidental thereto, by virtue of and in full conformity with the Consti- tution of the State of Colorado, the Town of Vail Charter., 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 hereby 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. Zt is further hereby recited, certified and warranted that the total indebtedness of said Town, including that of this Bond, does not exceed any constitutional or statutory limitation of the State of Colorado and does not exceed any limitation of the 'T`own of Vail Charter; that at a special election lawfully held in the-"'own on the 29th day of March, 1977, the issuance of this Bond was duly authorized by the qualified, registered electors of the ^_'own voting at said election; and that provision has been made for the levy and collection of a direct annual tax on all the taxable property within the Town -8- ,~ ~ t~ ~ A without limitation as to rate or amount and for the application of certain sales tax revenues of the Town, sufficient to pay the interest on and the principal of this Bond as. the same ,respectively become due. The full faith and credit of the Town of Vail, in the County of Eagle and State of Colorado, is hereby pledged for the punctual payment of the principal of and the interest on this Bond. TN TESTIMONY WHEREOF, the Town Council of the '_^own 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 signature of the Town Clerk of said Town., and has caused the interest coupons attached hereto to be executed with the facsimile signature of the Mayor of said Town, alb. as of the 1st day of May, 1977. TOWN OF VA~L, COLORADO By (Facsimile Signature) Mayor (FACSIMILE) ( SEAL } Attest: {Manual Signature) Town Clerk [End of Form of Bond] -9- ~ ~ ~ ~ • * Bonds numbered 1 to 11, inclusive, maturing in the years 1979 to 1982, inclusive, bear interest at the rate of seven and fifty hundredths per centum (7.500 per annum. Bonds numbered 12 to 22, inclusive, maturing in the years 1983 to 1985, inclusive, bear interest at the rate of six and seventy-five hundredths per centum (6.750 per annum. Bonds numbered 23 to 30, inclusive, maturing in the years 1986 to 19$7, inclusive, bear interest at the rate of six and no hundredths per centum (6.OOo) per annum. Bonds numbered 31 to 34, inclusive, maturing in the year 1988 bear interest at the rate of five and sixty hundredths per centum (5.600) per annum. Bonds-numbered 35 to 39, inclusive, maturing in the year 1989 bear interest at the rate of five and seventy hundredths per centum (5.700 per annum: Bonds numbered 40 to .44, inclusive, maturing in the year 1990 bear interest at the rate of five and eighty hundredths per centum {5.80°) per annum. Bonds numbered 45 to 49, inclusive, maturing in the year 1991 bear interest at the rate of five and ninety hundredths per centum (5.900 per annum. Bonds numbered 50 to 55, inclusive, maturing in the year 1992 bear interest at the rate of six and no hundredths per centum (6.000 per annum. Bonds numbered 56. to 61, inclusive, maturing in the year 1993 bear interest at the rate of six and ten hundredths per centum E6.10~) per annum. Bonds numbered 62' to 67, inclusive, maturing in the year 1994 bear interest at the rate of 'six and twenty hundredths per centum (6.200) per annum. ~ Bonds numbered 68 to 74, inclusive, maturing in the year 1995 bear interest at the rate of six and twenty- five hundredths per centum {6.25%) per annum, Bonds numbered 75 to 90, inclusive, maturing in the years 1996 to 1997, inclusive, bear interest at the rate of six and thirty hundredths per centum (6.300 per annum. -10- A ~ ~ ~ • Clnterest Coupon Form] No. $ MaYr On the 1st day of November, 19 , unless the Bond to which this coupon is attached, if redeemable, has been called for prior redemp- Lion, the mown 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 United Bank of Denver National Association, Denver, .Colorado, being interest then due on its General Obligation Bond, Series May 1, 1977, dated May 1, 1977, bearing No. (Facsimile Signature) Mayor Town of Vail, Colorado [End of Interest Coupon Form] _11- ~ ~ ~ ~ ~ 5. Said Bonds, when executed.as provided by law, shall.be delivered by any one of. the officers of the Town to the Purchaser upon payment to the Town in accordance with the contract of purchase for the Bonds between the Town and the Purchaser. ?'he proceeds derived from said Bond sale shall be used exclusively for .the purposes stated herein, provided, however, that, any portion. of the Bond pro- ceeds may be temporarily inveshed pending such use in securities or . obligations which are lawful investments for the Town of Vail, with such temporary inves~tinent to be made consistent with the covenant hereinafter provided concerning ax'bitrage bonds. Neither the Pur- chaser 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, Tf required; the interest and principal to become due on said Bonds in~1978 shall be advanced from any revenues or funds of the Town lawfully available therefor. For the purpose of reimbursing any such advance and also for the purpose of paying the interest on and' principal of said Bonds as the same become due and payable respec- tively, the Town Council of the Town of Vail shall annually fix and certify a rate of levy far 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 1996, inclusive, wi11 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 any other funds or revenues that may now or hereafter be in the treasury of the Town and legally available for the purpose of paying 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 -12- ,~ ~ • ~ • diminished to the extent the requirements for such Bond principal and interest payments for the particular year are thereby diminished. 7. Notwithstanding the foregoing provisions for ad valorem tax levies, the Town hereby further covenants and agrees that so long as the Bonds provided for herein remain outstanding and unpaid, it will levy, administer, enforce and collect the sales tax authorized by Ordinance No. 11, Series of 1973, to the extent of an amount to be not less than 4~ 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 Bonds as follows: its General Obligation Bonds, Series November 1, 1973, authorized by Ordinance I~?o. 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; its General Obligation Refunding Bonds, Series 1974, dated November 15, 1974, authorized by Ordinance No. 21,~ Series of 197.4, in the original principal amount of $2,640,000, which Refunding Bonds refunded the full amount of~the Town's General Obligation Bonds, Series rovember 1, 1973; its General Obligation. Bonds, Series December 1, 1975, autho- rized,by Ordinance No. 21, Series of 1975, in the original principal amount of $860,000; and its General Obligation Bonds, Series September 1, 1976, authorized by Ordinance rlo. 24, Series of 1976, in the original principal amount of $300,000. The Tawn has covenanted and agreed, in each of said bond Ordinances, to pledge and set aside all the sales tax revenues derived from one-half .of the above stated 4~ of. gross .receipts authorized by said Ordinance No..ll, Series of 1973, to pay the interest on and the principal of the General Obligation Bonds and General Obligation Refunding Bands authorized thereby. Said Ordinances provide further that said pledged sales tax revenues may also be pledged and used for the payment of the debt service on any other or additional general obligation bonds of the Town of Vail which may be issued an a parity with said General Obligation Bonds or General Obligation Refunding Bonds. The Town of Vail covenants and agrees that 'all the sales tax revenues derived from one-half of said 4$ of said gross receipts as authorized in Ordinance No. ll, Series of -13~- ~ ~ ~ ~ • 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 Bonds, Series May 1, 1977, 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 Bands, Series November 1, 1973, and March 1, 1974, said Town of Vail General Obligation Refunding Bonds, Series 1974, and said Town of Vail General Obligation Bonds, Series December 1, 1975, and September 1, 197G, provider? that: 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 here- after from time to time, provided that 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 May i, 1977, with respect to the sales tax revenues herein pledged; and B. To•the extent that the debt service on all of the mown 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 payable from said pledged sales tax revenues has been fully provided for in said fiscal year), including, • but not limited to, payment of special non-general abligation bonds, which special non-general obligation bonds in any event, shall not b~~ on a parity with and shall be subordinate and inferior to the General Obligation Bonds, Series May 1, 1977, with respect to the sales tax revenues herein pledged. So long as the General Obligation Bonds, Series May 1, 1977, remain outstanding and unpaid, the Town of Vail sha11 not repeal its Ordinance No. 11, Serial of 1973, and the Town sha11 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 _14_ (• interest payments on said Bonds, would diminish the revenue security far said Bonds. Nothing in this Ordinance shall be construed in such manner to prevent the issuance by the Town of Vail of additional bonds of any nature, provided that 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. 8. The sums hereinbefore provided to meet the interest on said Bonds and to discharge appropriated far that included in the annual measures to be adopted each year respectively either as to principal the principal. thereof, when due, are hereby purpose, and said amounts for each year shall be budget and the appropriation ordinance or or passed by the ^'own Council of the Town in while any of the Bonds herein authorized, or interest, are outstanding and unpaid. Na provisions of any constitution, .statute, charter, ordinance, reso- lution, 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 ad valorem taxes, without limitation of rate .or amount; or as limiting, or impairing the obligation of the Town to levy, administer, enforce and collect the sales tax as provided herein for the payment of the principal of and interest on the Bonds herein authorized. 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 of this Ordinance, to ratify and carry out the provisions hereof with refer- ence to the levy and collection of the ad valorem and sales taxes herein specified, and to require the officers of and for the 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 Bands 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. 9. The Town covenants with the holders of the Bonds that it -15- A ~ ~ ~ ~ will make no use of the proceeds of the Bonds at any time during the term thereof which, if such use had been reasonably expected on the date the Eonds are issued, would have caused the Bonds to be arbitrage bonds within the meaning of Section 103 of the Internal Revenue Code of 1954, as amended, and the regulations proposed thereunder by the United States Treasury Department, unless, under any 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 Ronds are arbitrage bonds, or (b) shall be exempt from all federal income taxation. i0. All action heretofore taken by the 'Town of Vail and by the officers of the Town not inconsistent herewith directed toward the authorization of bonds for the purpose of providing funds to defray, in whole or in part, the cost of acquiring real property to be used as open space and/or recreation and park land is hereby ratified; approved and confirmed. 11. Pursuant to the i?niform Facsimile Signature of Public Of- ficials Act, part 1 of article 55 of title 11, Colorado Revised Statutes 1973, prior to the sale of the ~ionds authorized herein, there has been or will be filed with the Colorado Secretary of State a Facsimile Signature Certificate bearing .the manual. signatures of John A. Dobson, the Mayor of the Town of Vail, and Rosalie Jeffrey, the Town Clerk of said Town, certified by them under oath. Said filing is hereby ratified, approved and confirmed for~the purposes of issuing the subject General Obligation Bonds; Series May 1, 1977. 12. The officers. of the Town are hereby authorized and directed to enter into such agreements and take all action necessary or ap- . propriate to effectuate the' provisions of this ordinance and to comply with the requirements of law, including, without limiting the gener- ality of the foregoing: a. The printing of the Bonds herein authorized, including - the printing upon each of such Bonds of a copy of the approving opinion of Messrs, De~7uth & Eiberger, bond counsel, duly cer- tified 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 -16- ~ ~ ~ ~ the Bonds,' the tenure and identity of the "'own officials, the assessed valuation and indebtedness 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, certifi- cations and warranties provided in the form of Bond set forth in this Ordinance. 13. There is hereby appropriated and set aside from any avail-~ able 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 May 1, 1977, including, but not being limited to, any publication, legal, and fiscal agent costs and expenses. 14. All ordinances, acts, orders, resolutions, or parts thereof, taken by the .Town of~ Vail and in conflict with this Ordinance are hereby repealed, except that this repealer shall not be construed so as to revive any ordinance, act, order, resolution, or part thereof heretofore repealed. 15. This Ordinance is, and sha11 constitute, a legislative measure of the Town of Vail, and after the Bonds hereby authorized are issued, sold, and are outstanding, this Ordinance shall constitute a contxact between the Town and the holder or holders of said Bonds,, and shall be and, remain irrepealable until said Bonds and the interest accruing thereon shall have been fully paid, satisfied and discharged. 16. The proper officers of the "'own 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 warrant or order. 17. If~any paragraph, clause or provision of this Ordinance is judicially adjudged invalid or unenforceable, such judgment shall not affect, impair or invalidate the remaining paragraphs, clauses or provisions hereof, the intention being that the various paragraphs, clauses or provisions hereof are severable. 18. A public hearing on this proposed Ordinance shall be held by --17 - A r l~ ~ 1~ the Town Council at 7:30 p.m. on Tuesday, Play 3, 1977, at the Vail Municipal Building, Vail, Colorado, and it is hereby ordered that notice of Said hearing be given as required by law. INTRODUCED, PASSED ON FIRST READING, APPROVED AND ORDERED PUB- LISHED ONCE IN FULL 'THIS 19th DAX OF April, 1977. ~~ ~ ~ I t ' j ~ "''~, (TOWN) ~ ~'' . (SEAL) ,j Attest~~~~> f~ ~~` 'own Clerk I' TowN of I By ,rte _ ~ ~~- . Mayor PASSED ON SECOND READING, .AMENDED, ADOPTED, ENACTED, APPROVED, AND ORDERED PUBLISHED ONCE IN FULL THIS 3rd day of May, 1977. ~ t} ~~ ~-I/ ,~''.~,, TOWN OF VAIL '~{ ' t \ l~~'~ ` ,~~`~' By Mayo ~.-.• i ~TTE~S~'~ ~1 ~ Ta~an Clerk / -18- • ~_ ~ _ ~ ~ ,c c~w ~ ~' Ca rn o p c~~ ~ rt O ~ va '[3 Ga ~; R+ ~T m O ~ r.j r». ro <~i, O ro C ~ m O „ems ~Q„ rD ~ P•' ~ ~t G O O ~ 1 O sv ,io, •." ~ m ~G co °; ~ °C W O' O' STS C~ '`S O O l .Q-n ~ ~. ~ ~ ``~) o u+ ~ m ~ c9 O ~ w O ~1 `~ w~' (~ _ F ~ et tp w ~'/ M -~ ~ ~ a o ~ ~ ~ ~o ~ ro ao C ~~ ~ l_J ~ a ~ ~ ~ m ~ ti' w 9 ~~ ~ w d O ~~ r ~ ~ ~ pvQa ~r`ni, e~+N"O ~"••~ ~ ~ rte/, ~ ,~,~ ~ T; `° a ~ mw ° wb N K ~~ c °' ~ ° d ~, "' o °' v, m w ~ ~ ~ ~ o ~ ~ ~ ~ f ,,t~ ~ Q- jl+l ~ ,~ p, ~ ~ ^• a ~ w rho O a `~ I_ m~ G] d t~ C? 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P~ _ (~ "~.~' • ve•'i ~ f~C t~,D t~' G' G'~` r ~ ~ ti+ Q ~ 3 ,C ~ d D ~ 'v` "s3 ,. ~ (~~ m c ara a' ~ `: y ~ " ~ '~ v it ,~ er fD '~ ti !D ~ ~ ~ ~ ~ ~ ~ G 'O ~ p' " ~ d 'C9 A W ,~ a ~ ~ '~ ~ fD ~ ~ ~ ty. ~ y ~, ~ tD ~"~ ~`Y A~ y ~ ~ D ~ f0 ~ "~ fD ~ ~"~ M•i CD ~ ~ ~ O W 7 P1 CL ~ ~ ' m D ~+ ~ W ~' ~ 'S7 m `~, ~ ~ O+'C tG ~ ~ ~ i ~ K ~• ~ ~ ~ ~ ~ CJ ~ ~~ ~ M ~ y ' s I ~ . ll eo ~ fD Pte' cD o ~.,. ~ ~ ran ~ er ~ ~ t~] m ~ ~" w eet~aa .~.. o G `~ w ern R ~ ,-~+ `~ ~' ~ ~„ ro ~w~~Ob~" ~ ~ N.i. ..., d "~' ep r w . `C ,y e-~ O Al J ~ y , ~..a.~Q. ,a ~ ~ ~ ~~ m l ~~ 4 s J` r~ May G, 1, 9TT ~„ , • :. , , , , The Vail Txail 21 ; ". bearlrq Series May 1, 1977, with respect to the sales of the prlnd psi of the Bonds authorized ,of such Bonds o! a copy of Me approving paragraphs, Clauses or provisions hereof are ~ Vo. tax revenues herein pledged, herein antl the ,interest accruing Shereon ~ opinion of Messrs. DeMUth and Elbargar, ~ Severable. ~ '~ ~ ~ , ' ~ (Facsimile Slpneturel ~ Sv long as the General Obligation Bonds, promptly as the same, respectively, become _ - ixlnd mun5eh-duly tartifletl. by Me Town 18, A public ilebAnq on Mla :. ~ Series MaY i, 1977. remain ovtstarWln9 and tlue. Saitl taxes, when collectetl, shalt be kept ~ -Clerk: aM ,. Ordinance shall he held by Me Town Count'! f 'n Mayor Town al Vall Colorado unpaid, the Town of Vail shall not repeal ITS for and applietl Only to Me payment of The - - ~ b. The executiion o1 sdch cert(BCates es' ; -af 7:70 p.m. on Tuesday, May 3. 1977, et Me , Ordinance No. 17, Series of 1977, aM the interest on and principal of Saitl Bontls as .,- may be .reasonably required by ~ Me "-.:Vail Municipal Building, Vaih COIoratlO, and (End of Interest Coupon Form) Town shall not amentl Saitl Ordinance Ina herelnbefore specified. ~ ,~-Purchaser of the Bonds relating b the ;°IT Is hereby ordered that rwTice of .said S. Said Bands, when executed es provided manner which, taking Into amount other 9. The Town mvenantswlth Me holders of -; hearing be given as requred by law, ' signing of the Bontls, the'tenure aM itlmtity ~ DV law, shall be tleliveretl by eny one of the revenue of the Town which ~ is legally the Bonds that 11 will make no use of the - :.col the `Town officials, Me as5es5MYaluafion ~' INTRODUCE D, PASSED ON FIRST ` - ~ " oHlcers of the Town to the Purchaser upon detl tested and ova liable to paV the principal d I ed proceeds of the eontlsatany time during the ORDERED and indebtedm!ss oHhe Town, receiptM Me `f. READING. APPROVED ANO payment to the Town In acmrtlante with the an nterest payments on said Bontls, woo , term thereof which, itsuch use had been ~ Bond purchase price, and, if In eccordafl[e ~> PUeUSHED ONCE 1N FULL Mis 19fR day COnirdet of pV7[ha50 faf'Ih0 Bands batwe@rt diminish ~ Me revenue security for Said B reasonably expected on Me date Me Bonds with the lads, the absence of Iiti aTion, ~i,'of ApfB„1977 - ~ • ` g - the Town and the Purchaser. The proceeES ~ ontls. ~ are Issued, waoltl have caused the Bonds To '.pentlittq or lhreatenetl,affec/ine Me velFdity~ TOWN OP vAIL ' derived from said Bong sale shall be used Nothing in this Ordinance shall ba ~ be arbitrage bonds within the meaning of Section 103 or the Internal Revenue [od f , M the Bonds; aM ~- ~ - ' 'John A. Dobson ' : t - ' exclusively for the purposes stated herein, construed in such manner to prevent the e o 1954 as d d tl h ;. c he making of variwa statemenh, - =Mayor `- `vided, however, that any portion of the Issuance by the Town of Vali of additional ~ , amen e , an t e regulations d th d b th U i -reclfals,. certifications antl' warranties - ATTEST: - ' proceetlsmay be temporarily Invested ~ 1 bonds of any nature, provided that said Propose ereun er y e n ted States D ~ T ~ 'provitled In Me form of Bond set forts In Mis RoSage Jeffrey n ~sP9ing such use In seourlties or obllgattons additional bOntls are issuetl in a manner reasury epartment unless, under any Ordinance. -: Town Clerk t ~- which are lawful Investments Ipr the Town tonsistenf with the provisions antl provision of law Hereafter enacted, Me 13. There is hereby approprlatetl and set : ~ of Vail, with such temporary investment to gmifau0ns state0 herein with respect to the interest paid on The Bontls (a) Shall be excludable from the gross Income of a _ aside from any available funds or revenues '- PASSED ON SECOND ~ READENG, -' f Th T f be made mn515ten1 with The covenant h i ft roWd d c ni bit sales tax revenues herein ledged. p 0. The sums hereinbefore'provided to red ant Mereol for federal Income tax ' o o e own o Vall Me amount or amounh ' nete55a to pay all costs and !x Haas AMENDED, ADOPTED, ENACTED, ry Pe 9' APPROVED AND ORDERED ere na er p e con er ng ar rage bonds. NelMer the Purchaser of said Bontls meet the interest on Saitl Bontls antl to Pur ses without r P Heard fo whether or not B . , : indtlent to the Issuance of said General ~'~ PUBLISNEDONCEINFULLthis3rtltlayof nor the holder of any of them shall be in any tlischarge the principal thereof, when tlue, such ontls are arbitrage bantls, or (b} shall --Obligation Bonds, Series May 1, 1977,. ^ May.~1917. - way responsible for Me application of the are hereby appropriated for that purpose, and said amounts for each ear shall be y be exempt from all federal incometaxtaLion. 10. All action heretofore Taken by Me Town , indudirp, but not being limited to, any :~ - ~~~TOWN OF NAIL "publicatlon,.lagah aTld fiscpla fmsta and ~ ' flan proceeds Of Sold Bonds by Ma Town orany of its ail keys .included in the annual budget arts the of Vall andb Me off(cers of Me Tovm cwt Y - John A. DOtmn ~ eXpe115e5. ~ ,.,_ . 6. If requlretl, Me interest antl prindpal approprlafion ortlinance or measures tp be Intons(stent herewiSH directed toward Me .• -. 14. All grtlfnantes, atfs, ortlers, ~-,ATTEST: ~ ~~ - ' to become due on said Bonds In 1970 shall he edOptetl or passed bV the Tovm Councl of the W l hil authorizatlan of bontls for Me purpose of Drovldiftg funds 10 tlefray In whole or in ~ resoluHOrlS, or parts mereo6 18kan by Mf ~ ... Rosalie Jtdfr'ey - ~ ' Town of 'Nall aM -I ' fild ith Ml advanced from any revenues or funds of the Town lawfully available therefor For the y w Town In each rest rESpect e any of e the Bonds herein authorized, elMer as Po , Part, the mat of acquiring real r. _,_..,TO be ` ,. - , ~ n con w s ~; Ordinance are hereby repealed, except Mai _,,-Town Clerk _ . wrpoae o! rolmburslrq any such atlvance principal or Enteresq are outstanding antl ,used as open space and dr recreation and (MIS repealer shell not be construetl so a9 to ,Published In Tha Vall Troll on May a, 7977. , ` ~ also for the purpose of paying Tha Unpaid. No provisions of any mnsTitUTlon, Park land is hereby nUlletl, approved and ~ revive any ordinance, act, order rasolutfge, ;: ~ ~ ,f. ~ terest onend principal of Bald Bonds as The Statute, charter, ortllnaMe, resolution, or ~ conflrmetl. ~ _ 'pr part Mereof .. .... _ repealed ' Same become due and payable respectively, th T C il f th T f V fl h lt other order or meaSYfe McCfeO after the Issuance of the Bonds herein authorized Il. Pursuant to Me Uniform Facsimile Signature of Public OFfidals Act, part ! of 15. This Ordinance is, and shall constlTuter /~'} /~ "•.a lepisletive.measure of Me Town of Vall, -• ; Not~ee P ~'~ ~ ~ e own ounc o e ovm o a s a annuany nxantl certitys rata of levy for atl shau many mamer be tonstruea as llmlpng article 55 of ntte 11, Colorado Revisetl _ , M V MY =`and atterMe BOndanereby authorixetl are ':. : ' valorem taxes to the Board of County or Impairing the obligation of Me Town to Statutes 1973, prior to the sale of Me Bontls - '-luued, sold arts are outstanding, Mis ~ ~ NOTICE OF ' ~ _ Commissioners of Eagle County, Colorado, levy ad valorem taxes, wimouT IimiTatiOn of ' authorizetl herein, mere has been or will be -- Ordinance shall codstitufe a Contract. PUBLIC MEARINO ~~ t 'b M T d ' ' ~-' which Taxes, In adtlitlon to all alher taxes, rate qr amount, Or as limiting or impairing • filed with the [oloratlo Secretary of State a e ween e own an the h0lderw holden !- ~ ` when Eevietl M all of Ma taxable property in the obligation of Me Town to levy, Facsimile Slgnafure Certificate bearing Me of Saitl BaMS, end shag be atW remain ' NOTICE IS HEREBY GIVEN Mat there • - the Toxin, In each of Ma years 1977 10 1996, adminlsler, enforce antl coklecT Me sales fax manual signatufes of John A. Dobson, the "' irrepea table until Seta Bontls antl fhq ; - WIII bps Publle Hearing of Me Town fauncl! ' InClVSlve,wlll else atl valorem lax roVMUes a5 prOVldetl Herein for Me payment of Me Mayer of Me Town of Vail, antl Rosalie ,Interest amroing MereOd Shell navebeen M the Townm Vail, Colorado, tln Tuestlay. Suttidpat le make SUCK reimbursement and pllndpal o! antl Interest on the Bonds Herein Jeffrey, the Town CIMk of Saitl Toxin, ~ fully paid, satisfied and discharged. ;, Juts 7, 1977, st 7;30 p.m. M the {euttdl- ' to promptly meet, end pay such Bond aufhorizetl. certified by them under oats. Said filing 15 16. Theproper officers o}Me,TOVm of Vail, Chambers of ihd MVnlQpel fsuBdirq, VsB, - ' nrindpel arts Intereaf paymenfa as the same It Shalt be the duty of Me '[awn toundl hereby ratified, approved and confirmed Jor' . Coloratl0, are hereby eufhOrEzed and toloratlo. ~. - - Ome due. annually at Me Time and In Me manner the purposes ofissufnq the subiecT General - tlfrectetl f0 pay or cause to be paid ihd The purtwsa M Ilte public hearing is the ~ l `~Id taxes when collected shall be applied Provided by law for levying other Town i! SUCh action Shall be necessary fo taxes ObpgatlOn Bonds, Series May 1, 1977. 12 The officers of the Town are hereby ~ interest nn Me Bontls herein auMorixetl as -['~, atloptlon of fns Vafl Municipal (:ode. " ~ Me same shall accrue, antl Me principal of Any interest parsons')[a;enauraped tp ety for the paymenl0f the interest on antl • principal of Saitl. Bontls, respectively, until , effectuate the provisions of this Ordinance, . avihOrized and directed to enter info such -sold Bond; at maturity, wlMOUt WrMer hflertd ~ - -, ' ' w the Hoods, both as to prindpal aM Interest, to racily and carry out the provisions herept agreements and Take all action necessary or warrant or.order. ~ TOW N OF NAIL ~ - " shall be fully pe id, satisfied and discharged, with reference to the levy aM collection of appropriate To effectuate the provisions of , , 17., if any paragraph, clause or provision of - ,By Raaelie Jeffrey provldetl, however, that nothing herein the ad valorem antl sales taxes, herein this Ordinance atM to comply with the Mls Ordinance is tutlldaily atliutlgetl itrvalitl _ '~ "Town Clerk - mntainetlshall halo tonstruetl as to prevent specifietl, atM to require the officers of antl extend and collect Bald for the Town to levy requirements of law, indutling, without Uminng irte generality of the foregoing• sot unenforceable, such lodgment shall no! [ Published In Tha Veit Trail on Ma a and U ~~'affect impair or invalidate the remaining. Y ~ - the Town from commitfing and applying any ofher funds or revenues Mat ma now or , taxes in the manner provitletl by law for the a. The printing of The Bonds herein : 19)J '-.paragraphs, Clauses or prOVislons' berets,. ~ - ~ " y hereafter be in the treasury of the Town and purpose of provltl ine funds for the payment authorizetl, in[lutling the printing upon each .The inlentl0n being ~ihat .the varlou3 '~ , tegauy available for the purpose of paying - the Interest an or printipal of Saitl Bontls, and upon the application of any other Such funds or revenues as aforesaitl, the levy or vies for ad valorem faxes Herein Provided ay thereupon ba tllminlshetl fq the extent e requirements for such Bond principal and Interest payments for the partkular ', year are thereby dlminlShaQ., ,_ ~~ 7. NotwiThstendlnp ihd ,forsgoinq"`:e ' provisions }or ed valorem fax Iwlas, the TtMm hereby further covenenfs antl sprees • that So long as ine Bontls proWded for herein Temain outstanding and unpaid, !t will levy,. - - atlminister, enforce and collect the sales tax authorized by Ordinance No. 15, Series of ~ ~;;~~ 1977, t0 iheextent of en amount l0 be not less . . " , -'.than}Peru11T P1 prOls recllptstlorWed from ' ~~ f ;The.Sale:ol .tanglolp persanal;propaNy,and ~1 =' Ma lumithlflp of services rww or barge}Tartf. '~ . ' sublecf fo Saitl Sales tax. The Town Of Vail i~ ' has pravi0u51y issued Ira General Obtlgsllan BOnCS as IOllows; ir3 General Obllgafl0n . . ~., •tr . hvoPolne -- - i original Prlnicipel amautll OT L7AOO,dOdj•Ilf~ -- -'--"----~~ -~- General Obligation Bontls; SorUs Mereh.s' , • az: 9974, authorized hy'Ordlance No. J. Series tH ~- 1974, In ihd Original prlntlpai eRlOUnt ol: SS,SOO,OpO; Its General Obllgeti0n RMundlnq Bonds, Series 197, dated November IS, 1414, ,' 'authorized by Ordinance No. 21, Series of ; ' H974, In the original prlndpel amount of r - T2,M0,000, which Reluntling Bontls reluntled . ~ the full amount o! the Tovm's General Obligation Bonds, Series November 1, 1977; its General Obligefion Bonds, Series December 1, 1915, authorized by Ordinance x•.740. 21, Series of 1975, In the original rincipat amount of 5860,000; and Its General ;negation BOnas, Series September 1, 1976, authorized by Ordinance No. 24, Series o! _ 1976, in the original ~ principal amount Of 5300,OOD. The Town has covenanted antl ~ - agreed, in each of sold bond Ortllnentes, to ;- _;•~pledge and sat aside all ih4 sales tax, s; - '`~ revenues derived tram One.hell of Me above•~p; ,_ stated 4 percent of gross recelPfs eutnorlzetl ~~SS by saM Ordinance N0. 11, Sorles of 7917, to. ~ ~ . ~ pay the interest on arq the principaF of the ' -~~-General Obligation Bonds and Generet'~ - Obllgatl0n Refunding Bonds authorized thereby. Saitl Ordinances provide further •; ,met said pledged sates tax revenues may=:~ be pledged and used ra Me payment 01 ,Y debt service on any oMer or additional eral obligation Hoods of the Town of Vall ;~ which may be Issued an a parity Wlih Saitl General Obngatlon Bontls or General 0611gaflon Refunding Bonds: The. Town Ot -~ •Vall Covenants eM agrees that alt The saleb .,, • tax revenues tlx]vetl from one~helf of Bald P ' ' percent of 56 itl gross recelpis as authorizetl - - In Ordinance No. 11, Series of 1973, shall b@ '. and hereby- era Irrevocably and solely,;; pledged arts set aside fo pay the Interest on, :: antl M0 prindpal. of Me subiect Gettoral~"~ ' Obligation Bontls, Series May 1, 1917,ea Me .? same become due aM payable fiom rest M 4 weer, on a parity wifh the Town's obllgetlon': t Pay from sold sales fax rMeflVe9 Me''.: .nfere5l tli1 antl the prlnclpe I or sold Town of , Volt Gerloral Ob110atlon Bontls, .Series; pY. _ November f; 1973, pod March 1, 1974, sold,... ~~ Town of Vell General Obllgetlon Refunding{ `' Bonds, Series 1971, and Saitl Town of Vail ~': General ObElgeflon Bonds, Series December': F 1,'1975,, antl September 1, 1976. Provided". '_ than ~. ... A. The said pletl0etl sales tax"feSerivas,'"r , -;may also ,be pletlgad And used for thee, ' payment of the debt service m eny other or adtlitlonel general'Obtigallon bonds o! the Town o1 Vail whkh may be issued hereafter ;~ ' J~I[ntlme To time, provldetl that such other . ! `itlinOnsl general obllBatlon bonds shall `~ 1 la parity with ar subordinate to (but not • ;:. , p, for or superb+• 101 Me General Obl Igetion :.~;y Bonds, Series May 1, 1977, wIM respect to the: - !`.. sales faK rQVMges herein pledged: end i -' -" ` B. To the axlent Mat the debt service on bll` ~~ • of the Town of Vell general obllpetlon bonds ' ~ which may DB Issued Irom time to time ;., Uncludlip 71VT not limited to Me Bontls , euthOrizad he+Nn)eM whits ere peyableln whole or In pert Irom Me aublect pledgetl'~ sales tax revenues, is tufty, providedJor In any fiscal year by 4ex Tevenues. antl otheY: moneys legally available therefoh Men the 'own is authorized to use any reVMUes • maining from the suhEect pledged seles~ ~'~6x revenues for other purposes (but only ' after al! of the debt Servile On 6altl general . obligation bonds payable ffom 5810 pledged ` sales tax revenues has been fully pravitletl' - for in said fiscal year), Including, our not- limited To, payment of spedal non~generaP* Obligation HOntls, which special non.genefal obligation bondsj5l.any event, Shall not-beoh a parity wifh and shall be SVbaftllnatB antl„ inferior, fo the General Obligation Bondsl Public Notice PLEASE TAKE NOTICE Thar- Mr. Thomas afloat, representlnq URIDA N.V.,. Professional Residential & Commercial Cleaning +~4^76.3557 the cleaning people who care has requestetl a variance Irom Arflcle d, Section 6,502 of Ordinance No, S, Series o1 197], In ortler to constrVd a contlominlVm prolett on a portion of Lot 1, Block ], Vall LlonsHeatl Thtrtl Flling that does not meet the o0Tlinetl spetlf lcaflons of bulltling dtaganab length of wall and requiretl offsets, and bulltling setback, Appllcatlon has been metle In accortlance with Section 21.500 of the Zaning Ordinance, Ortllnance No. e, Series of 1973, as amentletl. ' A Public 'Hearing will be held In accortlante with the provisions of section 21,500 of the Zoning Ortllnanca on May 26, 1977 before the Vall Planning Commisalon whose decision will be tronsmlfletl to the Town Counclf for Ilnal declsfon. Sold Hearing will be held In the Vall Municipal BuIltllne at 3:00 p,m. TOWN OF VAIL DEPARTMENT OF COMMUNITY DEVELOPMENT Diana Togghll I Zoning Adminlsfrotor Publlshetl In The Vall Troll, on May 6, 1977 Public Notice PLEASE TAKE NOTICE that Mr. Boss bouts, .Ir„ representing Spruce Creek Fixed Base Operation--Eagle County Airport >r y"`!, k. ~. ;~ r w~ Avgas and Jet Fuel • Pilot Lounge anB Snack Bar A.P.U. ~ Pre•Heat • De-Ice ~ Oxygen • Air Charter Plane Rental ~ Helicopter Service • Lear Jet Charter 1 LIMOSINESERVICE • CAR'RENTAL MOUNTAIN FLYING SERVICE INC. John Oleson -President and Chief Pilot Arnie Bontrager - F.B.O, Manager Phone 524.7575 Invedment Corporation dba cyreno'a 1-. ~ Ionlnp AtlminlstratM ~ Oefore 7:00 p.m., Mountain Dayllghf time Restaurant, has requested a two apace ~ ,publEehed In The Ve6 7rall 9n May 6,:1977. , ~ Mey 70th, 1977, at which Tlma the Proposl'" pa rking variance Irom SetflOn' 8.510 and '~ ~ ~ ~= will be publkly openatl am reetl. / Arflcle 14 of Oftllnente No. B, SMlea of 1977, ~ ~ ~ ~ ~ Proposal racalvetl offer Me abbye epecl6 I The Zonlnp OrdlnarKa) In order to construtl a 300 sq. ff. extension to the bor. ~~ ' •.` Publlo NOtIC time wnl ha Immediately rtlumed td tilt' ~ bltltler, unopened. antl patio area. Appllcatlon has been metle in accordance with the prOVlslona of Seetlotl B The site of Me work leaf V011 Vlllapa West, 25.500 of the Zonlnq Ortlinanca. ~ ~ INVITATION TO BID ~~ ~~ about two miles waaT of VaH, near the West ~ Vail Inferchen0s 01'1.70 M; Eagle COUnty,' A Public Hearing will ba held In rv Eagle~Vall WaTar Treatment PIan4 Ea01e- . Colorado. - atcordanca with the provisions of Secflon 21,500 of the Zoning Ortlinance brt May 26 yell Metropolitan Dlafrlct. Sealed proposals ~ - The Work under Mla Cohered conalsfs a} • , 1971 6Hore the Vpll Planning Commiselon . w311 be received by the EaBle•Valf ~ Melropol0an DlSirfCt for the purchase of furnlshinq end ln5hlllnq iln followlrp mslor hems: ~ ~ whose decision will be tranamlNeO to Tha~ Town Lounch far final tleclalon: 5aid „wafer treatment equipment of the ofHCe of _ " ' 11 2,0101.1. winch D,i.R. watR main. - ~ ' . Hearing will be held In Mayall Munlelpet ,,KKBNA, Inc.,, consultlrrg englneera on or n, before 2:00 p.m. Mountain Dayllghf Tlme 2) 500 !.t a-inch D,Lp, water mats. ~ 3) 3 Flre Hydrants. autlding at 3:00 p.m. , .~. May 10, 1977 at Which Nme they will he ~ ~, 4) ContROt BOlltllnp, 8'K10' IntiM,rre' TOWN OF VAIL ° pubhcally opened aM read aloutl. Any • slap. ' ~ DEPARTMENT OF ~ -proposals received after the above time will : ''~, ~ S) 25ubmerslble Etechle Pumps h COMMUNITY DEVELOPMENT ~ be Immediately returned to }he bltltler 250 GPM) In Z eklstlnq shallow walls ISO' Diana TOUghlll ' ~ unopened. The equipment fo be purchased plus or minus depth) with pltleas adapttln. Zonlnq Atlminlatrofor 'under Thls contract Inclutles the following ~ drop pipes, att. Publlahed.In The Vall Troll on May. d, 1917, Items; U H[gh-rate mulTl~metlla pressure - 6J Electrical antl control Syatam . filter (300 gpml; 21 VerT]cal Turbine pump additions, Includlfq electrkal wlrlrq for ' ' (600 gpm); 3) 6" pressure reducing valve; 4) 'control bulldinp, eledrode3ln Walla, flbM t0 Pub11c NOtICe 2" flow rate maters; 5) Chlorine gas flow 'I molar; d) 3" flow' [omfal Valve: 7). +~- Necessary piping antl flttings~to install now aKisting control system, aM " 7) Mlscallaneous Valves; piping pod ,.. appbrtenances. • r; equipment. ~~, ~ .. , '~ 2. The Contract DOtumenta cOntainln0 the PLEASE TAKE NOTICE that Mr. Warren :~ Contrail Documents may ba examinetl at ~ ~~ detailed Drawings antl SPeralkatlane for tae K. Pulls, representing Vall Valley, Inc. has ~~: the offRe of KKBNA, 7456 Wast 5th Aven00, ~. ",conatrUCflon of the work, togaMar Wllh Mo applletlIota resubtllvlslon ofeportlon qt the Denver, Colorotla'80226. A copy of the~ 3 Proposetl eonstructlon COntracf, may-ba SunbVrst property, Town of Valh CountyM Ea l C l tl tontrect tlocumenis may 6e ohfalnetl from ~~ the abo e ofll tl •' seen et The -oHke of The Consult ineers W i ht ~ En g e, o ora o pursuant fo Arflcle II I, ~ Section 3, o} }he Town of Vall Subdlvlslon v ce upon a epOSlt of 525. The- ~ tleposlt wl116e refunded l}the documenh era^ , r g g -McLeuphlln En01ne1 ^'2d20 Altott S1reeA'DenVar, Coloratlo 9021,../ Regulaflons. returned in good condition within,. t0 days: ','. Ctlples thereof may 6a obtained by NOTICE 15 AL50 GIVEN that Mr. Warren after bltl openln0• ~ ~ ~~ ~ ~?'tlepgslflnq 525.00, 510.00 ohwhkh will be K. PVIIS has requestetl that the resubtllvlslon ~ published in The Vali Troll ~on April 22; R9 , ; refunded upon the return of ~Me CoMYacf of Bald property be rezoned from the ex1911ng and May 6, 1977, - , ~ ~~ Documents In good wntlitlon wlMln tM tlays ' ' special Dovelopment District 1 to Two Family Resltlenhal lots In accordance with ~ ~ ~ effer the proposals era received. ' 3, Bltl security In the arrwunf o1 S percent, Section 21,500 of The Zoning Ordinance, Ord thence No, a, Series of 1973, asamentletl. Publle N t ' unqualilletl, of the amount of Ma total Proposal price will be requlrfM with ea[h NOTICE lS ALSO GIV EN that Mr. Warren O iCe Proposal. Character and dlsposltlon o/each K. Pulls has requested a variance from bltl seeurgy are stated in "InstrVCflone to Ordinance NO. a, Series of 1973, Secflon 3.501 '. ~ ~ ADVERTISEMENT Bldtlers" of the 'COntrecT Documents, ~ in order to allow bulltllnes on two lots not FOR BIDS included with the Contract Documents ~• havinga30 to>Hrontage one puhllt roatl but 1(JATER MAINS AND WATER ~ Bld Bond form to be usetl by 61tltla' mnnetfed to a public road by a 2a foot rivate tl l _'pUMPING PACILITIES ~ ~ auhmliting a cashier's or cerfllletl c 4 FgrMe I f ~` p r veway, Pursuant to the provlslonsafSechon 21500 CONTRACT NO 17 ,,,~ ~ [~ ~ . r n ormation will 40 f0 ~' ~: "Instruc110n to Bltltlers" of th0 Contract of the Zonlnq Ordinance and pursuant to the :~ ' .- `~ VAIL VILLAGE WEST ~~ Documents, Each Bltltler will fM assumed b subdivision Regulations, a public hearlnp `~~ ~.' WATER AND SANITATION DISTRICT be familiar with ah Contract Documents, Will beheld on May 26, 1977 before the Vell ~ - ~ EAGLE COUNTY, COLORADO Intlutllnq ell Drawings boil SpeclflCatlons, Planning Commission whose tle[ISlon will 6e transmitted to the Town Louncll for final 1. Sealed proposals for the Installation of municipal wafer mains for ro t tl VAIL VILLAGE WEST WATER AND SANITATION DISTRICT action. Sold Meaning will be haltl In the Vall Munldpal Buhdlnp at ]:00 p,m. , ns ruc on ofe frame control bullding, and for Insfallaflon ~ ~ Byron D. Brown of 2 Shallow well submersl6le pumps will be ~ Presltlent rowNOFVAIL 'recetvedbymevanwnagewesfwaterpnd Dared:Mavs,l9n DEPARTMENT OF ~ Sanltatlon Dlsfrlci, the Owner, at iha olllces Published In The Valf halt on May d, 13 arts COMMUNITY DEVELOPMENT ' o} WrIghLMcLaughlln Enginae/a, 7120 20, 1977, Diana TOUghlll Altott street DMVer COIOYado 80211 ql or ~'+ 'LEARN ;KARATE '~#;ClaaSr7a;' ..' r `£f 7ueaday and .Thursday; 8 p rq , StH't1ICt8s ~ rnISC6I~aneolWS,4 '- ~Minturn Commurlity Center Gym, ;. r '' a" ''~NOrmen'Avenue S?»~[n shape, durirl the off'seaspn Qall 47 - - "-' FromPaga27 'VAIL' ASSOCIATES`~LIFETIM~E~~~'1'615:~(274t) ''' ~~. •'g - ' ~ '_' PASSES bought, and•sold. Call.."-SEW MORE, SAVE MONEY -At NEED'~GOOD SOUNDS `FORD': Merv''Lapin"at' Vall` Securities., -Gingham and Lace,. 1 YOUR SYSTEM? Fine 'music 'Investments, 476-5531- 2,8 ' created ter you on cassette. Call --"„°mm ~ Broadway in Eagfe, with n~r_ goon. rn~, ~~ _. .. .. rrl,n nlof,-, ;:.-,._ _. _. ~,~, ". ~~ • c- !',~ The Vail Trail . .' :, _....... May 6, 1977 ~0tIC8 ~ ORDINANCE NO. it Series x11977 AN ORDINANCE TO CONTRACT AN INDEBTEDNESS ON BEHALF OF THE _ TOWN OF VAIL, COLORADO, AND UPON THE CREDIT THEREOF, BY ISSUING GENERAL OBLIGATION BONDS OF SAID TOWN IN THE PRINCIPAL AMOUNT OF bEF RAYING,RIN WHOLE ORP ION PART - THE COST OF ACQUIRING REAL PROPERTY TO BE USED AS OPEN SPACE AND OR RECREATION AND PARK LAND; PRESCRIBING THE FORM OF SAID BONDS; AND PROVIDING FOR THE LEVY OF TAXES AND FOR THE APPLICATION OF SALES ?AX REVENUES OF THE TOWN OF VAIL TO PAY SAID BONDS AND THE INTEREST THEREON., WHEREAS, at d speclak el¢C110n of ih@ V iI IflColoreadaedeudlyl atlletl oande heldn on Tuesday, the 29th day of March, 1977, In accordance Wifh law and pursuant to due there was Submntetl fo said electors. lowing question: 1 the Town of Vell, Colorado, be ble interest ss Its ne otla orized to I ue g nds In one bll anon b0 tin eneral o g 9 g series or more In an eggregefe prlntipal amount not to exceed 5450,000, or so much thereof as may be necessary, for the purpose of tlefreYing, in whole or In part, the cost of i~- MENUS? THE~E rill ,LTD. ac4uiring two parcels of teal property, known respectively as }he Kafsos property and Lo110, Vail Village Second Filing, to be used as open space and or recreation and. park land, together with all necessary Incitlenfal and appurtenant properties and facilities, and the costs Incitlenfal thereto, such bonds fo bear interest at-a. maximum net a/fective Interest rate not exceed in9 10 percent per annum, and to mature serially during a perigtl of not more Than 30 years from the data or respective dates of the bonds, such bonds fo 6e payable from general ad valorem taxes and other funds legally ova liable therefor, and such bonds to be said and issued at one time oY from time io time, in such manner end amounts and upon such terms and contliflons as the Town Coundl may, later determine, including provisions for }he redemption of bonds prior to matuYitY upon payment of a premium not exceetlln9 3 percent of the principal thereof? end WHEREAS, as evltlencetl by the canvass of the retains of Bald election, more than a majority of said elecfori voting on said question voted in favor of issuing sock bonds; and '' WHEREAS, the Town COUntil of the Town oP Vall has determined, and does hereby ' e ener €ssu at this t,m al lermine, to e 9 de authorized 5 far the Lr OSeS li atlon bond ob g P P by Bald electors at said election, In a total principal amount of 5450,000 P'the Bonds"), as hereinafter 5e1 forth IR this Ordinance: and WHER EAS, a proposal for the purchase of the Bonds has been YeceWed from Westland National BanKS, Inc„ Lakewood, Colorado (^rhe Purchaser"1, upon terms favorable to iha Town, which lee Town CouncB of the Town of Vail has determined, and does hereby determine, to accept; and WHEREAS, pu rSUanT t0 Ordinance No. 11, Series of 1973, of the Town of Vail, there was submined f0 iha qualif tad. re915teretl electors of the Town of Vaif, at a special election held oh the 25th day of September, 1473, the question Of the imposition of a sales tax on the sale of tangible personal property ai recall and the furnishing of services within the Town of Vail; and WHEREAS, as evidenced by iha canvass Of Me returns of sold election, more than a malOrliy Of sold el eClerS toting On Sald Sales tax quesllon voted In favor of imposing sold sales tax: and WHEREAS, the Town Counci! of the Town of Vall has estimated and determined, and does hereby estimate and de}ermine, that the principal maturing and the Interest accruing- OR sold 5460,000, the n mrlnal ' herein, may be met from revenues derived aforesa id as part of sa itl Bonds, sold coupons ~ requirements of law have been ~iVlly from sources other than general ad valorem- shall be the lawful binding promises and complied with by the proper oHlcers of the - property taxes, ' including, wiFhout obligations of the Town according to their '~ Town of veil in Issuing this eontl. limifation, the revenues fo be derived from import, securing the payment of interest as - It is further hereby redte0, cerilfletl and the sales fax author€zed by sold Ordinance it becomes due. SnouW any officer whose ' wMranlM That thetotal indebtedness of said ` NO. 1L Series of 1973, and approved by tae " manual or facsimile signature appears on ri ToWn, indutllnq that of this Bond, does not aforesaid electors voting ai the aforesaid said Bonds or the interest coupons attached ~i~, exceed any constitutional Or statutory ' election; and ~ thereto cease to ba such officer txdore~ antl does ~.i• ilmnation 4f the State of Colorada WHEREAS, the Town Council Of the Town ' -' delivery of the Bonds to the Purchaser, Such' + ,.not exceed any lim itatlon of the Town Of Veil of Vail has determined, and does hereby ~~ manual or facsimile signature Shall Charter; Thai at a special eledtpn lawfully determine,-that it is necessary and in the "-°neveriheless be valid and suHident stir-elf , ^~.. held in the Town on the 1Wh day of March, ~ best interests of the Town of Vall and the purposes. : BOnd wax duly ~ 1977, the issuance of this inhabitants thereof that the Bonds in the ~~'~ 4. Saitl Bonds and. the Interest mupons ~; authorized by the qualtftetl, registered " total principal amount of 50.50,000 be now : alFechetl thereto 58811 be in substantially the electors of the Town voting al Saitl election; - issued in accordance with the provisions of following form; _ ' ~ ~ made }or the :' ~antl that prov(SiOn has been ~ - levy and tolFeetlon of a direct annual tax of this. Ordinance. f FOrmof Bond) NOW, THEREFORE, BE IT ORDAINED..- ~ ~ i all the taxable property wlMin MB Town UNITED STATES OF AMERICA BV THE TOWN COUNCIL OF THE TOWN " ~ without Ilmltati0n as to rate Or am0uM end THAT: .. STATE OF COLORADO , COLORADO OF VAIL "' Sor the appllcatton of certain Sales tax , , - COUNTY OF EAGLE ~ revenues OF the Town, suHl[lent to pay the _ 1. Pursuant to the authorization conferred ~>"v"~.~<~~~ -' i' TOWN OF VAIL interest tin and the pNndpal of this Bond as by the qualified, registered electors of The ''°~"~ ,GENERAL OBLIGATION BONA ' ` the Same respectively become due. , The tull-taith and credit of the Town of Town of Vail at a special election duly called ( : -'SERIES MAY 1,1971 ~ ~ '~~ Vail, in the County of Eagle and State of ~~ .. ~ ,. and held on Marcn 29, 1977, and fOf the 'k0' ~ ,- 59,000 in whole or In part the ^ a in fd f Colorado, l5 hereby pledged for the punctual . , , y g, purpose o e r cost of acquit ing two parcels of real ':'~-~ The Town of Vail, In the County of Eagle Payment of tae principal of and the Interest property, known re5peclWely as the Katsos ~"and State of Coloradd, for Valus received, _~ qn this Bond. property and Lot l0, Vail Village Second "-; hereby .acknowledges itself Indebted and - IN TESTIMONY WHEREOF, ihr Town _ hgre0f. Me Filing, }o be used as open space and or :- promises to pay to the boater Council of the Town of Vail, COIOratl0, has . recreation and park land, together with all principal sum of S - -Caused this Bond to he executed in Me name necessary Incidental and appurtenant' -.FIVE THOUSAND DOLLAR ' ~ _~ and on behalf of Saitl Town WlM thefacsimile -signature of the Mayor o/ Saitl Town, to be properties and fa dllti05i and the costs ' in -'lawful money dt the United States of W Vall shall ; t t th T P 'th facsim it 'the s al of Bald sealed w, a e of C wn i i I here o e o r1G dente M 19 w]M on the lst da of a , issue on behalf of Bald Town and Upon the,America, Y Y f th reof to the h l h d own,~~fo be attested by iha manual- e ereon rom a e e credit thereof its negotiable coupon General ~':- Interest t ment of said principal sum as evidenced a ;Signature of the Town Clerk of sold Town, ;= t h I t y Obligation Bonds, Series May 1, 1977, in the x; p by one set Ot .Interest touprMS hereto ': eres coupons e n and has caused t aHached hereto fo be executed with Me - ,<~ ; aggregate principal amount of 5650,000, + consisting of 90 bonds in .~~ BttBchetl' at the rata or ~ per [entum 1977 datetl May 1 M - . °='~ facsimile signature of the Mayor df said ' ~ , , ay the denomination of 55,000 each. nvmberetll ~(~~ percent)per annum, payable and semiannually Mereafter on iha ~ ~~)' 1978 .Town,allasof Theist deyof May, 1977, •_ , To 90, inclusive, payable in lawful mone of y 151 day of November and She 1st day of May _ TOWN OF VAIL COLORADO z~ the United States of America. Said Bonds .,. of each The prlntipal Of and interest on ear ~ ~_ BY (Facslrnlle SlgnatuYel. . y shall bearinterest as evidenced by one set of , ihl3 Bond are payable without deduction for ~ fYlaYOr bearer ilUere51 coupons, as herein Set forth. ~ ..exchange or collection charges at United (FACSIMILE.SEAL) . ~~ . The subieci Bonds shall mature serialFy In Bank -of Denver National AsSOClatlon, - `ATTEST: reguiar numerical ardor o_n May 1 of each Denver, Colorado; upon presentation and _ , (Manual Signature)' ~` ' year, and Shen bear per annum interest .'~surretlder of Bald coupons and this Bend as' Town Clerk irom May 1, 1977, to the payment of their `they severally become 'due. If. upon : n-. ~. principal sums as Indicated in the following presentation at maturity 'payment of the" ' ~ ~ ~ - ~ taple. Saitl interest Shall he payable MaY 1, principal amount of this Bond is rAt made. ~ - '(End 01 Form of Bond) 1976, and sem iannualty ih¢reafter on the-151 interest shall continue aY the tale grated day of November and the 1st day of May of herein until payment of said principal " Bonds numbered 1 to 11, Inclusive, each year. If upon presentation at maturity amount is made in full. maturing in Me years 1979 )0 1982; inclusive, payment of the principal amount of any Bonds of this Issue maturing on or before • bear interest at the rate of seven and (Iffy Bond Is not made as provided herein, May 1, 1987, are not redeemable prior fo hundredths per tentum (7.60 percent) per _. interest shalt continue at the rate state0 their respective maturity dates. Bonds of ment of Said principal therein until a ' annum. Bonds numbered 12 Ta 12, Inclusive, maturing in the year5 1903 10 19~5, inclusive, p y this IssuematUring In the year 1988 and amount is made In full. f h bear interest at the rate Of six end seventy- e option o thereafter are redeemable at t five hundretlMS per tentum (6.75 percenU the Town Coundl on May 1, 1987, and on Bonds "' t .per annum. Bonds numbered 23 to 30, -interest -payment dates ih area ier, In Pri oo1ni l et a price equal t0 t inverse numerical order e d e t T 6 ~ l t { An s , Meludly Mteres (Both Indu aF ie) iha principal amount of each Bond so' rest a ne rats 0 antl , ndusive, bea r Int s x 1 to 2 $10.000,_ J979 7.50% . redeemed plus accrued tnferest MereOn }O %`- ' ~ ~ no nuntlretlihs per centum (6.00 rcenN per ~ inclusive. Bonds numbered 31 to 34 annum 1980 7.50 $15,000 3 l0 5 }he . ,.~_,..,,.ton date. ~ . 1961 7.50% ' . ~ ~ _ 6 to a $75,000' , . maturing in thoyear 1988 bear in}drest ar the , 91011 $15,000 . 1902 ~ 7,50%" Redemption shall be made upon not less - 'rate of five and sixty hundredths per tentum ' 12 to t4 $15,000 1983 6.75°h'' -'than thirty (301 days' prior notice by 15,60 percent) per annum. Bonds numbered ~ 1510 f6 $20,ODD 1984 6.75% publication of such notice at least one (1) 33 to 39, Inclusive, maturing in the year 1989 19 to 22 $20,000 1985 6,75%: time by ono (1) pubilcatfon, such publication bear Interest at the rate of five and seventy 23 to 26 $20,000 7986 6.00% ~ being not less than thirty (307 days prior ib ~ hundredths per tentum (5.70 percent) per 27 to 30 $20,000 1987 .6.00%::•., ,,, theredemptlondete spedfletl €n ouch notice, 1986 5 60% " , ~ 000 ' :j annum. Bonds numbered 401044, inclusive, . ., _ , ;, 31 to 34 $20, . in The Van Trail, Vell, Coloretl0, If. than ln 570% -; 9 ' -mafurinp lnihe Year1990bear interest at the , 89 35 to 39 $25,000 1 4010 44 "$26A00 1990 5a0% ~ bW1ne55 end publlshlnpy and if not; then Ina ,r'rate of live and Nghty hundredths per 45 to 49 $25.000 1991 590% •n'eWSpapar of genataLCifCUletioh in Me ' i ~ ' 'Cenigm (5.80 perCMU par annum. Bondi i f : r 44 matunt In the b d 45 t in WSlva , g num e e . y sendFnq o c %~YoWn of Vail, Colerad0 , aM l 800% 501065 $30,000 1992 ..' 50 to 61 „$30.000. 1993, ~ 810% ~ _.6 ~ tOpy of such notice Ep Cgrtlfieti or [yUffiretl ~i~Vear 1991 bear In1Ne51 at the rate of flue and„ We're 4 ~en ~a1l P Y: . ,1 `. "T~4r~{lt~;f ,.1 ' ....,. .. ~ I ~' /'a~ ;:,-. _. ~-,, 45r ... - ~ Id"tidlii: ~tYesne~ne nlNWifpdM,e? ~ 4 , ,,, ~"'/W~ r. - ~. ~ ~ - - _„ .. h . ci'. C; sore recorded with ine Town: ;Per tentum (6.O0per n/) per fig Bonds, - rrlatuYin In the ed 5a t t b dh si h ' p ve, er mc v I throug o Bontlsof This issuenumbereu ao;,, Clerk. FOr this porpgserfae holder of any'~,~, num ir inclusive, maturing on or before May 1 1487 .. sudh Bond mayat any time Nrnish.hls name ~,vear 1993 bear interest at the rate of six and.' are not redeemable prior to their respoctive r-' and address to t71e~tOwn-CIerK.-Such notice ten huntlYlttlms per tentum Ib 10 percent)+: i maturity tla res. Bonds"of }his Iss "+°shall SpCdtfy tne; number or'numhers of the'~i~per., annum,' Bends ;numtered OZ iq'67, Y; numbered 31 through 90, InCIOsiVe ma}Urln~ '{ Bontls;;o t0 be redeemetl~and the~dale~flxed~~y.'Anclusiva, maturing In the-Year' 199A bear,4 " ` . ~~~~ r to of Six and twenty! Interest at the tin the year ':1988 and 'thereafter are {~ to edempilon, arid shell /urMer-state ih Y ^ 0' t ~ percen ) _pel p redeemable at the option ~ W., the 7own~t qn°the;redeptptlpn -date- Me70 will: became .~gundretlms, peY~ Centum (6:1 " ., ~ and will be du. and (Seyaple upon each; Bond annum, 8ontls Ovmberetl 60to 74, indvSive, • Council on May t; 1987, and brv~.any Inferest"' tm9tgr3n¢In the Yeer1995 bear interest of the' te ihereafletl In Inverse" t' t' d l i o :' ihe l a _ti ~°~~ ~.UNCfI 8B7V8d froffh71:3O B. RI. t04QQ p. rrl.. , ~pr pe un a , . nC : )m ~ paymen -r5o to be:;Ted9emed; ~ numerical order, ai a pNCe equal tb the •~ thereof ?pips accrued interest oh said ` Tate of. six and twenty five hutWredMS per ~ the LiOnsHead CIOCk' ' Located JUSt Morth •.Of centum 16.25 percehN per annum. Bonds, ,, principal amount of each Bond 50 redeemed a; prindpal:'a"gsount and that from and. flat , " , • '„_numberetl 761090, inclusive, maturing In the ; '~;,'; plus. accrued 1mereSt' thereon 10 the:,g SVCh°ttatf fOteregf ,iNill;;ttease~t4 aderue. ' Yedempiion date. This Bdnd ig One of e'5efies IsSUi'<I by iha Years 1996 to"1997, 1nclu5ive, bear Interest at _, f `TOwn Council df the Town of Va1fiCOlorado,-:he rate of six amlm7rty. hu. per- Notice o/ any redemption shall be g van by ' ~ ~j^+f - annvm ' ' -the Town Clerk in the name of rho Town'of tt'on behalf tN said Towmand upon "fhe•creQli,' tentum (6.30 percerifl Per ="'V2I1, by pdbliCdtl0n Of SV Ch notice at least' :thereof fpr the p0rpO5e O}prOYltling.fvnds l0 •':; (Intereal COUpgrt Earm) ~ • lone Il) time by one Ii) publicat on, Such'._defray,'{n whole. ar Tn part, rhe_ Cost ot„ .NV ., ,_ 5 • - - pu611cafion being not less than lhirtY f30Y: : acquit ing real proprty to be used as. open,. -days prior to the redemption tla to speeifled": space and or recreahon arM park land ' - ~"' May, -~'~- -in such notice, to The Vai{ TratP, Vaih , )ogeffien with al) nebessary.ipcltlental and ^-• On the lst day of November, 19 ,unless `Colorado, if then in business and publishing,. appprtenant properties. and facilities, and ",.~ the Bontl fo which ih15 coupon is attached, Ii ~ : ~'`.Fedeemable, has been called for .prior and if not, then In a newspaper of general ;.the mstslnddental thereto, byvlrtpe of and ~ 1 ?e' In fug tOnfprmitywith the Constitution Of>ihe "'" retlempti0n; the Town of Veih in MB County circulation In the Town of Vail. and by E d d sending a copy of such notice by certiiletl or '.State of Colol'atlo, the 7owmot Vail Charter , ofEagle and State of Coloredo, will pay to; - ~ '-'bearer the amoum shown hereon to lawful 'registered first class, postage prepaid mall, ?;arid .all other laws at the state-oF Colofatl0 • - at Least Thirty (30) days prior to. 7ae~ ~:" thereunto enabling,- and-.pursuant ~ to' an ~ rrloney of the United;$tate5 of America, at - NaflOnal redemption date; to the holders of each of the •:~Ortlinance of said Town duly adopted,-. ~.Unitetl Bank 'of "DenveY 8ontls being redeemed, II the names and . -pub115hsd and madeelaw Of said TOwll prlof'---Association, Denver,' ColOrada, being . ~ addresses of such holders are recorded with `. to the Issuance of this Bond; and if Is hrrebv l<~=Interest then due on its General Obligation' the Town Clerk. For this purpose, }fie holder ra fed; zertifietl andwarrantetl that aII the Eond, Series May 1,.1977, dated May 1, 1977, of any such Bond may at any time furnish his - - • .name and address to the Town Clerk. Such ~ ~ notice shall specify the number of numbers pf the Bonds so to be redeemed and the date fixed for redemption, and shall further state ~. ~ ~~ - that on the redemption date Thera will and will be duo end payable upon- ~ beco ~ O . me each Bond so to be retleemetl the prlntipal,' ; {\ ~~ amount thereof pWs accrued interest on said.': ' . • =principal amount to the redemption date, ' - 4.- . antl that from and alter such date Interest - r will cease to accrue. Any Bonds redeemed:' ~. _ - e • 1 / , 1 prior to their respective matvrlties by call.' -~ ' for prior redemption or otherwise ShalYnot,* . be reissued and shall be canteheq MB same _ ~ 1 1 1 ~ a5 Bonds paid at or aHer maturity ~ ~ ~ ~ ~ ~ -~ ~°~ ~~-~ ~ , ~~ Me~ - 2. The prlntipal of and Interest On -. . ~ , - "'Bonds shall be Payable in IawlUl money of t~ w the United SiateS of America wIM0u1 ~ ~ A r. / ~a~~OUSe dedudlortfor exchangeor collection charge; , w at United Bank of Denver Natlonai = ; ~ ' .' ' Assodetfon, Denver, coloratlo, which I5 ~~~~ a .hereby designated the paying agent for Fhis ~ ~ bond Issue. • Tne net effective interest rate on apnea ol.,:: ~ `igh#. Manufac#tJi'Ing? '. this Issue is 6.1192141'percent. - ~ The Bonds Shall be general obligations of ' . Q A/ '±R # ~f •,~~ 1 1 , 1 , 1 I • 'the Town W Vaih aatl shall be payable from ( Q ^ e - ` ' =gerxralad valorem taxeswitnout fimitafion _.. -„~., ~- ; d 1 1 ~ ~as to rate or amount; except as they may acfuagy be pain from other revenues ai ~-- ~ - ~' What about.Your business future iii the Vaif ,. provided herein. ~ '~ ?; arei3?'~ .0O0Id ;be our' Eagle-Vail Business 1 .. 3. Saitl Bonds Shall 6e executed in MB lf wn with MB b h aid T d f Centel ~ hOid& 'the dnsWer : FeatUrinq a ' , , e a o name an on d s -: tatsimlle signature oilts Mayor, shall beam ~ - .standard 'pf'~' uatity;; fare-°above, the ~ , • I , 1 1 I fat5imne m rho seat of me town, anon be -• coin tition "the Centf3r~Stitl has some rental (~ . attested by Me manual signature o! the 'Town Clerk of the Town, and each of sale ~ 4 ., : ;SpdCe' 0 n..'~ Compare `carefully, consider - Bonds shalt have attached thereto an • - pOtenttal, then'sall us for a comprehenS'+e 'approprlete number of interest wupons t f M ' Eagte-Vail Business Center ook at how-the ure d e ~bearmg the fat5imne signa Mayor, Said coupons s0a11 be numbered ~ . ^- relates tp your: present.and to-your„future e e _ consecutively irom one upwards for each = ~ ~ - , r 1 I , 1 1 ~BOnd as .appropriate,. When issued •.. as ~ w C'~Or . An~ ( _Ar~