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HomeMy WebLinkAbout1987-13 Authorizing the Issuance of West Vail Local Improvement District No 1. Special Assessment Bonds In the Aggregate Principal Amount of $525,000x OV'~.t/t~-~.t- ~ I3 ia247S~ # ~~~~ f ~~'~ 05/15, r CERTIFIED RECORD OF PROCEEDINGS, OF THE TOWN COUNCIL OF THE TOWN OF VAIL. EAGLE COUNTY, COLORADO RELATING TO AN ORDINANCE AUTHORIZING THE ISSUANCE OF, TOWN OF VAIL, COLORADO, WEST VAIL LOCAL IMPROVEMENT DISTRICT NO. 1 SPECIAL ASSESSMENT BONDS DATED JUNE 1. 1987 IN THE AGGREGATE PRINCIPAL AMOUNT OF $525,000 f t STATE OF COLDRADO ) COUNTY OF EAGLE ) ss. ) TOWN OF VATL ) • The Town Council of the Town of Colorado, met in regular session, in full Town Charter, ordinances and all other appli regulations, at the Municipal Building in regular meeting place thereof, on Tuesday, 1987, at the hour of 7:30 p.m. Vail, Eagle County, conformity with the cable laws, rules and Vail, Colorado, the the 5th day of May, The following members of the Town Council were present: Mayor: Mayor Prn-Tem: Council Members: Paul R. Johnston Kent Rose Eric Affeldt Gordon Pierce John Slevin Hermann Staufer Gail Wahrlich-Lowenthal The following persons were also present: Town Manager: Director of Adminis- trative Services Town Attorney: Town Clerk: Randall Phillips Charles Wick Lawrence A. Eskwith Pamela A. Brandmeyer Thereupon the following proceedings, among others, were had and taken: Council Member Gordon Pierce introduced and moved the approval on first reading of the following Ordinance, which was then read by title, sufficient copies of the full ordinance having previously been made available to the Town Council and to the public: D24783 1 05/19/87 i ~ ~i ORDINANCE NO. 13 SERIES OF 1987 AN ORDINANCE AUTHORIZING THE ISSUANCE OF TOWN OF VAIL. COLORADO, WEST VAIL LOCAL IMPROVEMENT DISTRICT NO. Z, SPECIAL ASSESSMENT BONDS, DATED JUNE 1, 1987, IN THE AGGREGATE PRINCIPAL AMOUNT OF ,5525,000, FOR THE PURPOSE OF PAYING A PORTION OF THE COST OF CONSTRUCTING AND INSTALLING IMPROVEMENTS THEREIN; PRESCRIBING THE FORM OF THE BONDS; PROVIDING FOR THE PAYMENT OF THE BONDS AND THE INTEREST THEREON; AND MAKING PROVISION FOR OTHER MATTERS RELATING THERETO. WHEREAS, the Town Council (the "Council") of the Town of Vail, Colorado (the "Town"), has by Ordinance No. 10, Series of 1987, created Town of Vail, Colorado, West Vail Local Improvement District No. 1 (the "District") for the purpose of constructing and installing certain improvements to streets in the District, including, but not limited to, preparation and paving, drainage, lighting and safety, and improvements to the sanitary sewer system in the District, including, but not limited to, a new sewer main (collectively, the "Improvements") all in accordance with the Charter of the Town (the "Charter") and Chapter 20.04 of the Vail Cade (the "Code"); and WHEREAS, pursuant to Ordinance No. 10, Series of 1987, the Council approved the plans for and authorized and ordered the construction and installation of the Improvements as shown by preliminary plans approved by the Council; and WHEREAS, the Town Manager has submitted to the Council estimates of the total cost of constructing and installing the Improvements, including engineering, legal and incidental costs, and the Town has entered into certain contracts for the construction and installation of the Improvements; and WHEREAS, the construction and installation of the improvements in the District will confer general benefits on the Town and special benefits on the assessable property within the District; and WHEREAS, the Council has determined that the portion of the CQSt of construction and installation of the Improvements to be assessed against the property within the District will not exceed $525,000 and that special assessment bonds of the Town for the District should be issued in said amount; and D24783 2 05/04/87 ~ ~ ~ WHEREAS, the Town has agreed to make a cash contribution for the balance of the cast of construction and installation of the Improvements; and WHEREAS, Kirchner Moore & Company, Denver, Colorado (the "Purchaser") has offered to purchase said bands at a net effective interest rate not exceeding 8.5% per annum; and WHEREAS, it is necessary to authorize the issuance of said bonds and to provide for the repayment thereof. BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, AS FOLLOWS: Section 1. Approval of Cost Estimates. The estimates of the cost of constructing and installing the improvements submitted to the Council by the Town Manager are hereby approved. Section 2. Sale of Bonds. The Town and the Purchaser have entered into a Purchase Agreement, dated May 19, 1987, for the sale and purchase of the Bonds as hereinafter defined. The Purchase Agreement is hereby ratified, approved and confirmed. Section 3. Authorization and Description of Bonds. For the purpose of paying a portion of the cost of constructing and installing the Improvements and the costs incidental thereto as permitted by the Charter and the Cade, the Town shall issue its Town of Vail, Colorado, West Vail Local Improvement District No. 1, Special Assessment Bonds, dated June 1, 1987, in the aggregate principal amount of $525,000 (the "Bonds"). The Bonds shall be issued in fully registered form in the denomination of $5,000 each, consisting of 105 Bonds, numbered consecutively from 1 to 105, inclusive. The Bonds shall mature on October 1, 1997, and shall bear interest as herein set forth. Pursuant to the recommendations of the Committee on Uniform Security Identification Procedures, CUSIP numbers may be printed on the Bonds. The following numbered Bands i amounts shall bear per annum interest October 1, 1997, except if redeemed following interest rates: n the following principal from June 1, 1987, to prior thereto, at the D24763 3 05/04/87 Sands Numbered (both inclusive) Principal Amounts Per Annum Interest Rates ]. to 7 $ 35, 000 g to 15 40,000 16 to 23 40,000 24 to 32 45,000 33 to 42 50,000 43 to 53 55,000 54 to 65 60,000 65 to 77 60,000 78 to 9l 7o,ooa 92 to 105 70,000 0 Said interest shall. be payable October 1, 19$7, and semiannually thereafter on the 1st day of April and the 1st day of October of each year. If upon presentation at maturity the principal of any Bond is not paid as provided herein, interest shall continue thereon at the same interest rate until the principal thereof is paid in fu11. Section 3. Maximum Net Effective Interest Rate. The maximum net effective interest rate for the Bonds is 8.5%. The actual net effective interest rate for the Bonds is %. Section 4. Payment of Principal and interest,. The principal o~ and interest on the Bonds shall be payable in lawful money of the United States of America to the registered owners of the Bonds by Central Hank of Denver, Denver, Colorado, or its successors, as paying agent (the "Paying Agent"). The principal of and the final interest payment due on the Bonds shall be payable to the registered owner of Each Bond upon presentation and surrender thereof at maturity or upon prior redemption. Except as hereinbefore and hereinafter provided, the interest shall be payable to the registered owner of each Bond determined as of the close of business on the regular record date, which shall be the fifteenth (15th) day of the calendar month next preceding the interest payment date, irrespective of any transfer of ownership of the Bond subsequent to the regular record date and prior to such interest payment date, by check ar draft mailed to such registered owner at the address appearing an the registration books of the Town maintained by Central Bank of Denver, Denver, Colorado, or its successors, as registrar (the "Registrar"). Any interest not paid when due and any interest accruing after maturity shall be payable to the registered owner of each Bond entitled to receive such interest determined as of the close of business on the special record date, which shall be fixed by the Paying Agent for such purpose, irrespective of any transfer of ownership of the Bond subsequent to such special record date and prior to the date fixed by the Paying Agent for the payment of such interest, by check or draft mailed as D24783 4 05/04/87 aforesaid. Notice of the special record date and of the date fixed far the payment of such interest shall be given by sending a copy thereof by certified or registered first--class postage prepaid mail, at least ten (10) days prior to the special record date, to the Purchaser and to the registered owner of each Bond upon which interest will be paid determined as of the close of business on the day preceding such mailing, at the address appearing on the registration books of the Town maintained by the Rego. strar . Section 5. Redemption of Bonds. The Bands shall be subject to redemption prior to maturity at the option of the Town on any interest payment date, in regular numerical order, at a price equal to the principal amount o£ each Bond so redeemed plus accrued interest thereon to the redemption date; provided, however, that whenever on any interest payment date there exist in the Tawn of Vail, Colorado, West Vail Local Improvement District No. 1, Special Assessment Bonds, Bond and Tnterest Fund {the "Bond Fund") hereinafter described, sufficient funds derived from special assessments exceeding six months' interest on the unpaid principal of the Bonds then outstanding, the Town shall exercise its option to redeem the Bonds to the extent possible. The Sonds shall be redeemed only from moneys pledged to the payment thereof and not from the proceeds of other obligations of the Town. Notice of redemption shall be given by the Paying Agent in the name of the Town by sending a copy thereof by certified or registered first--class postage prepaid mail, at least thirty {30) days but not more than sixty {60) days prior to the designated redemption date, to the Purchaser and to the registered owner of each of the Bonds being redeemed, determined as of the close of business on the date preceding the mailing of such notice, at the address appearing on the registration books of the Town maintained by the Registrar. Such notice shall specify the number of the Bonds to be redeemed and the date fixed for redemption and shall further state that on the redemption date there will be due and payable upon each Bond so to be redeemed the principal amount thereof plus accrued interest thereon to the redemption date, and that from and after such date interest will cease to accrue. Failure to mail any notice as aforesaid or any defect in any notice so mailed with respect to any Bond shall not affect the validity of the redemption proceedings with respect to any other Bond. Any Bonds redeemed prior to maturity by call for prior redemption or otherwise shall not be reissued and shall be cancelled the same as Bonds paid at ar after maturity. Section 6. Execution and Authentication of Bonds. The Bonds shall be signed by and on behalf of the Town with the facsimile signature of the Mayor, shall bear a facsimile of the seal of the Tawn, shall be signed and attested with the facsimile D2~783 5 05/04/87 ~ ~ r signature of the Town Clerk, and shall be authenticated by the manual signature of a duly authorized officer of the Registrar. Should any officer whose facsimile signature appears on the Bonds cease to be such officer before issuance or authentication of any Band, such facsimile signature shall nevertheless be valid and sufficient for all purposes. Na Bond shall be valid or become obligatory for any purpose or be entitled to any security or benefit under this Ordinance unless and until the certificate of authentication on such Bond shall have been duly executed by the Registrar, and such executed certificate upon any such Bond shall be conclusive evidence that such Bond has been authenticated and delivered under this Ordinance. The certificate of authentication on any Bond shall be deemed to have been duly executed by the Registrar if signed by an authorized officer or signatory thereof, but it shall not be necessary that the same officer or signatory sign the certificate of authentication on all of the Bonds. Section 7. Registration and Transfer of Bonds. Upon their execution and authentication and prior to their delivery, the Bonds shall be registered for the purpose of payment of principal and interest with the Registrar. Thereafter, the Bonds shall be transferable only upon the registration books of the Town maintained by the Registrar, by Central Bank of Denver, Denver, Colorado, or its successors, as transfer agent (the "Transfer Agent") at the request of the registered owner thereof or his, her or its duly authorized attorney-in-fact or legal representative. The Registrar or the Transfer Agent shall accept a Bond far registration or transfer only if the registered owner is to be an individual, a corporation, a partnership, or a trust. A Bond may be transferred upon surrender thereof together with a written instrument of transfer duly executed by the registered owner or his, her or its duly authorized attorney--in--fact or legal representative with guaranty of signature satisfactory to the Transfer Agent, containing written instructions as to the details of the transfer, along with the social security number or federal employer identification number of the transferee and, if the transferee is a trust, the names and social security numbers of the settlor and the beneficiary of the trust. Transfers shall be made at the expense of the transferor, and the Transfer Agent may also require payment of a sum sufficient to defray any tax or other governmental charge that may hereafter be imposed in connection with any transfer of Bvnds. No registration or transfer of any Bond shall be effective until entered on the registration books of the Town maintained by the Registrar and Transfer Agent. Concurrently with the entry of the required information on the registration books the Registrar and Transfer Agent shall enter the required information on the registration panel pertaining to each Bond. The Transfer Agent shall not be required to transfer ownership of any Bond during the fifteen D24783 b 05/04/87 • {15) days prior to any interest payment date nor the fifteen (15} days prior to the mailing of any notice of redemption nor to transfer ownership of any Bond selected for redemption on or after the date of such mailing. The Town may deem and treat the person in whose name any Bond is last registered upon the books of the Town maintained by the Registrar as the absolute owner thereof for the purpose of receiving payment of the principal of and interest on such Bond and for all other purposes, and all such payments so made to such person or upon his, her or its order shall. be valid and effective to satisfy and discharge the liability of the Town upon such Bond to the extent of the sum or sums sa paid, and the Town shall not be affected by any notice to the contrary. Section 8. Form of Bonds. The Bonds and the registration panels pertaining thereto and the form of assignment to be used for transfers of the Bonds shall be in substantially the following form: D24~783 7 05/04/87 [Form of Bond] (Text of Face) UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF EAGLE TOWN OF VAIL, COLORADO WEST VAIL LOCAL IMPROVEMENT DISTRICT NO. 1 SPECIAL ASSESSMENT BOND No . R-- Interest Rate Maturity Date Dated 0 October 1, 1997 .Tune 1, 1987 $5,000 CUSIP Number The Town of Vail (the "Town"}, in the County of Eagle and State of Colorado, for value received, hereby promises to pay to the Registered Owner hereof whose name, address and identification number appear on the registration panel attached hereto, solely out of the special funds hereinafter described but not otherwise, the Principal Sum of FIVE THOUSAND DOLLARS in lawful money of the United States of America, on the Maturity Date (specified above}, with interest thereon from the date hereof to the Maturity Date, except if redeemed prior thereto, at the per annum Interest Rate (specified above}, payable semiannually on the 1st day of April and the 1st day of October of each year, commencing on October 1, 1987, all in the manner provided herein. If upon presentation at maturity payment of the Principal Sum of this Bond is not made as provided herein, interest continues at the Interest Rate until the Principal Sum is paid in full. This Bond is one of a series which is subject to redemption prior to its Maturity Date at the option of the Town on any interest payment date, in regular numerical order, at a price equal to the principal amount thereof plus accrued interest thereon to the redemption date; provided, however, that whenever on any interest payment date there exist in the Town of Vail, Colorado, West Vail Local Improvement District No. 1, Special Assessment Bonds, Bond and Interest Fund hereinafter described, D24783 S 05/04/87 sufficient funds derived from special assessments exceeding six months' interest on the unpaid principal of the Bands of this issue then outstanding, the Town is obligated to exercise its option to redeem such Bonds to the extent passible. This Bond may be redeemed only from moneys pledged to the payment hereof and not from the proceeds of any other obligation of the Town. Notice of redemption of any Bonds is to be given by the paying agent in the name of the Town by sending a copy of such notice by certified or registered first-class postage prepaid mail, at least thirty {30) days but not more than sixty (60) days prior to the designated redemption date, to Kirchner Moore & Company, Denver, Colorado, and to the registered owner of each of the Bonds being redeemed, determined as of the close of business an the day preceding the mailing of such notice, at the address appearing on the registration books of the Town maintained by the registrar. Such notice is to specify the number of the Bonds to be redeemed and the date fixed for redemption and is further to state that an the redemption date there will be due and payable upon each Bond so to be redeemed the principal amount thereof plus accrued interest thereon to the redemption date, and that from and after such date interest will cease to accrue. Failure to mail any notice as aforesaid or any defect in any notice so mailed with respect to any Bond does not affect the validity of the redemption proceedings with respect to any other Bond. REFERENCE I S HEREBY MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH ON THE REVERSE HEREOF. This Bond is not and shall not be considered or taken to be a general obligation or indebtedness of the Town within the meaning of any requirement or limitation imposed by law. This Bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Ordinance authorizing the issuance of this Band until the certificate of authentication hereon shall have been signed by the registrar. IN WITNESS WHEREOF, the Town of Vail, Colorado, has caused this Bond to be signed in its name and on its behalf with the facsimile signature of the Mayor of the Town, to be sealed D24783 9 05/04/87 ~ ~ with a facsimile seal of its seal, and to be signed and attested with the facsimile signature of its Town Clerk. (FACSIMILE) (Facsimile Signature) ( SEAL ) Mayor Town of Vail Eagle County, Colorado ATTEST: (Facsimile Signature) Tnwn Clerk Town of Vail Eagle County, Colorado D24783 10 QS/C34/87 CERTIFICATE OF AUTHENTICATION This Bond is one of the series issued pursuant to the Ordinance therein described. Printed on the reverse hereof is the complete text of the opinion of bond counsel, Ballard, Spahr, Andrews & Ingersoll, Denver, Colorado, a signed copy of which, dated the date of original issuance of the Bonds therein described, is on file with the undersigned. Central Bank of Denver a banking corporation as Registrar By: (Manual Signature) Authorized Officer DATED: D29~783 ].1 05/04/87 ~ ~ ~ (Text of Reverse) The principal of and interest an this Bond are payable to the Registered Owner hereof by Central Bank of Denver, Denver, Colorado, ar alts successors, as paying agent. The principal of and the final interest payment due an this Bond are payable to the Registered Owner hereof upon presentation and surrender of this Bond at maturity or upon prior redemption. Except as hereinbefore and hereinafter provided, the interest is payable to the Registered Owner hereof determined as of the close of business an the regular record date, which is to be the fifteenth (15th) day of the calendar month next preceding the interest payment date, irrespective of any transfer of ownership hereof subsequent to the regular retard date and prior to such interest payment date, by check or draft mailed to the Registered Owner at the address appearing an the registration books of the Town maintained by Central Bank of Denver, Denver, Colorado, ar its successors, as registrar. Any interest hereon not paid when due and any interest hereon accruing after maturity is payable to the Registered Owner of this Bond determined as of the close of business on the special record date, which is to be fixed by the paying agent for such purpose, irrespective of any transfer of ownership of this Band subsequent to such special record date and prior to the date fixed by the paying agent for the payment of such interest, by check or draft mailed as aforesaid. Notice of the special record date and o£ the date fixed for the payment of such interest is to be given by sending a copy thereof by certified ar registered first-class postage prepaid mail, at least ten (10) days prior to the special record date, to Kirchner Moore & Company, Denver, Colorado, and to the registered owner of each Bond upon which interest will be paid determined as of the close of business on the day preceding such mailing, at the address appearing on the registration books of the Town maintained by the registrar, This Bond is one of a series of special assessment bonds in the aggregate principal amount of $525,000 (the "Bonds") issued for the purpose of defraying the costs of constructing and installing certain improvements to streets, including, but not limited to, preparation and paving, drainage, lighting and safety, and improvements to the sanitary system, including, but not limited to, a new sewer main in and far Town of Vail, Colorado, West Vail Local Improvement District Na. 1, by virtue of and in full conformity with the Constitution of the State of Colorado, the home rule Charter of the Town and Chapter 20.04 of the Code of the Town, and pursuant to and under the authority of an Ordinance of the Town Council duly adopted prior to the issuance of this Bond. 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 in issuing this Bond. D24783 12 05/04/87 This Bond and the interest hereon are payable solely from, and as security for such payment there is exclusively pledged, a special fund designated as the Town of Vail, Cnlorado, West Vail Local Improvement District No. 1, Special Assessment Bonds, Band and Interest Fund (the "Bond Fund"), into which there has been initially deposited accrued interest and capitalized interest on the Bonds and any proceeds o£ the Bonds remaining in the Town of Vail, Colorado, West Vail Local Improvement District No. 1 Construction Fund after the cost of the aforesaid improvements has been paid in full and into which there is thereafter to be deposited moneys collected on account of assessments hereafter to be levied against the property within Town of Vail, Cnlorado, West Vail Local Improvement District Na. ]. and specially benefited by the construction and installation of the improvements therein. Bonds of this issue, together with any bonds of other special or local improvement districts of the Town are additionally secured by moneys deposited in the special Surplus and Deficiency Fund of the Town. Whenever there is a deficiency in the Bond Fund for the payment of principal of or interest on this Bond, the deficiency is to be paid by transferring moneys from the special Surplus and Deficiency Fund to the Bond Fund. The Ordinance authorizing the issuance of this Bond provides that whenever three-fourths (3/4) of the Bonds of this issue have been paid and cancelled and for any reason the remaining assessments are not paid in time to redeem the remaining Bonds and to pay the interest thereon, and there are not sufficient funds in the special Surplus and Deficiency Fund to do so, then the Town shall pay the remaining Bonds when due and the interest thereon and reimburse itself by collecting the unpaid assessments due. The Town covenants with the Registered Owner of this Bond that it will levy and collect the assessments against the property specially benefited and deposit the same into the Bond Fund and that it will diligently enforce the lien of any unpaid assessment against the property charged therewith. The Town further covenants with the Registered Owner of this Bond that it will keep and perform all of the covenants of this Bond and of the Ordinance authorizing the issuance hereof. Reference is hereby made to said Ordinance for a description of the provisions, terms, and conditions upon which this Bond is issued and secured, including, without limitation, the nature and extent of the security for this Bond, the collection and disposition of the special assessments and moneys charged with and pledged to the payment of this Bond, the special funds referred to above, and the nature and extent of the security and pledge afforded thereby for the payment of tha.s Bond, the rights, duties and obligations of the Town and its Council, and the rights and remedies of the Registered Owner of this Bond. D24783 13 05/04/87 It is hereby recited, certified and warranted that the total issue of Bonds of the Town for Town of Vail, Colorado, West Vail Local Improvement District No. 1, including this Bond, does not exceed any limitation imposed by law; that every requirement of law relating to the creation of said District, the construction and installation of the aforesaid improvements, the preparation for levying of the aforesaid assessments, and the issuance of this Bond has been fully complied with by the proper officers of the Town; that all acts, conditions and things required by law to be done precedent to and in the issuance of this Bond have been properly done; and that this Bond does not contravene any constitutional or statutory provision of the State of Colorado or provision of the home rule Charter or ordinances of the Town. For the payment of this Bond and the interest hereon, the Town pledges the exercise of all of its lawful corporate powers. This Bond is transferable books of the Town maintained by the Denver, Denver, Colorado, or its su at the request of the Registered Ow authorized attorney-in-fact or surrender hereof with a written ~ executed by the Registered Owner authorized attorney-in-fact or legal of signature satisfactory to the written instructions as to the det with the social security num] identification number of the transfe a trust, the names and social securi beneficiary of the trust. Transfe expense of the transferor, and t] only upon the registration •egistrar, by Central Bank of :cessors, as transfer agent, per or his, her or its duly egal representative, upon nstrument of transfer duly or his, her or its duly representative with guaranty transfer agent, containing ails of the transfer, along -er or federal employer gee and, if the transferee is :y numbers of the settlor and rs are to be made at the ~e transfer agent may also require payment of a sum sufficient to aetray any tax or owner governmental charge that may hereafter be imposed in connection with any transfer of Bonds. No registration or transfer of this Bond shall be effective until entered on the registration books of the Town maintained by the registrar. Upon such transfer the registrar will enter the date of registration and the name, address, and social security number or federal identification number of the new registered owner of this Bond on the registration panel attached hereto. The transfer agent is not required to transfer ownership of this Bond during the fifteen (15) days prior to any interest payment date nor the £i£teen (15) days prior to the mailing of any notice of redemption or to transfer ownership of any Bond selected for redemption on or after the date of such mailing. The Town may deem and treat the person in whose name this Bond is last registered upon the books of the Town maintained by the registrar as the absolute owner hereof for the purpose of receiving payment of the principal of D24783 14 D5/D4/87 and interest nn this Band and for all other purposes, and all such payments so made to such person or upon his order will be valid and effective to satisfy and discharge the liability of the Town upon this Band to the extent of the sum or sums so paid, and the Town will not be affected by any notice to the contrary. D24783 15 05/04/87 (Registration Panel) This Bond is registered in the principal corporate trust offices of Central Bank of Denver, Denver, Colorado, or its successors, as registrar, in the name of the owner listed below, and the principal of and interest on this Bond shall be payable only to such owner. Signature of Name, Address, and of Authorized Date of Identification Number of Officer Registration Registered Owner of Registrar D24783 3.6 05/04/87 {Assignment) ASSIGNMENT FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE {Name and Address of Assignee) the attached Bond and does hereby irrevocably constitute and appoint Central Bank of Denver, Denver, Colorado, or its successors, as transfer agent, to transfer said Bond on the books kept far registration thereof. Dated: Signature guaranteed: (Bank, Trust Company or Firm} NOTICE: The signature to this assignment must correspond with the name of the Registered Owner as it appears upon the registration panel of the attached Bond in every particular without alteration or enlargement ar any change whatever. Transfer Fee Required [End of Form of Bond] D24783 17 05/04/87 • Section 9. Delivery of Bonds; Application of Proceeds; Construction Fund. The Bonds, when executed, authenticated and registered as provided by law, shall be delivered by the Town to the Purchaser upon receiving full payment therefor. The proceeds of the Bonds, excluding accrued interest and capitalized interest, shall be deposited into and there is hereby created the Town of Vail, Colorado, West Vail Local Improvement District No. Y Construction Fund (the "Construction Fund"}, and used only to pay the casts and expenses of constructing and installing the Improvements and costs and expenses incidental thereto. The proceeds derived from the Bond sale shall be used for the purposes stated herein and for no other purposes, provided, however, that any portion of the Bond proceeds may be temporarily invested pending such use, with such temporary investment to be made consistent with the covenant hereinafter made concerning arbitrage bonds. Neither the Purchaser nor the registered owner of any Band shall be in any way responsible for the application of the proceeds of the Bonds by the Town or any of its officers. Section 10. Bond Fund. The Bonds and the interest thereon shall be payable solely from, and there is hereby created, the Town of Vail, Colorado, West Vail Local Improvement District No. 1, Special Assessment Bonds, Band and Interest Fund (the "Bond Fund"}, into which there shall initially be deposited accrued interest and capitalized interest on the Bonds and any proceeds of the Bonds remaining in the Construction Fund after the cost of the Improvements has been paid in full and into which there shall thereafter be deposited all moneys collected on account of assessments to be levied against the property within the District and specially benefited by the construction and installation of the Improvements therein. The moneys in the Band Fund shall be used for the purpose of paying the principal of and interest on the Bonds and for no other purpose whatsoever until the Bonds, both principal and interest, have been fully paid and discharged, and as security for such payment the Bond Fund is hereby exclusively pledged. Section 11. Surplus and Deficiency Fund. In the event that less than all the moneys in the Bond Fund are expended to pay and discharge the principal of and interest on all of the Bonds, any remaining sums shall be transferred upon the payment of all of the Bonds to the Special and Local Improvement District Surplus and Deficiency Fund {the "surplus and Deficiency Fund"). The Bands, together with any bonds of other special or local improvement districts of the Town, shall be additionally secured by moneys deposited in the Surplus and Deficiency Fund, the Surplus and Deficiency Fund to consist of moneys remaining to the credit of any special or local improvement districts now existing or hereafter created, the bands of which have been paid in full, both principal and interest. Whenever there is a deficiency in the Bond Fund for the payment of principal of or interest on the D24783 18 05/b4/87 Bonds, the deficiency shall be paid by transferring moneys from the Surplus and Deficiency Fund to the Bond Fund. In the event that such a deficiency cannot be so paid, the Council may, in consideration of general benefits conferred upon the Town at large from the construction and installation of the Improvements, levy taxes on all taxable property within the Town at a rate to be determined by the Council, nr in lieu of such action transfer other available funds o£ the Town, for the purpose of advancing moneys to pay such deficiencies. The proceeds of such taxes or such other available funds shall be placed in the Surplus and Deficiency Fund and disbursed only for the purposes herein specified. Whenever three-fourths (3/4) of the Bonds have been paid and cancelled and for any reason the remaining assessments are not paid in time to redeem the remaining Bands and to pay the interest thereon, and there are not sufficient funds in the Surplus and Deficiency Fund to do so, then the Town shall pay the remaining Bonds when due and the interest thereon and reimburse itself by collecting the unpaid assessments due. The obligations created by the payment provisions herein shall not be construed or held to make the Sands general obligations of the Town and the registered owners of the Bonds shall have no claim on any general or other fund for the payment thereof, except as herein provided. Section 12. Tax Matters. The Town covenants with the owners of the Bonds that it will make no investment or other use of the proceeds of the Bonds at any time during the term thereof which, if such investment or other use had been reasonably expected on the date the Bonds are issued, would have caused the Bonds to be arbitrage bonds within the meaning of Section 103 of the Internal Revenue Code o£ 1986, as amended (the "Code"), and the regulations promulgated thereunder and that the Town will comply with the requirements of such Section and regulations throughout the term of the Bonds. The Tawn hereby designates the Bonds as "qualified tax-exempt obligations" under Section 265(b)(3) of the Code. Section 13. Assessments. The Council shall cause the assessments to be levied and collected as provided by law for the benefit of the registered owners of the Bonds. All assessments made, together with all interest thereon and penalties for default in payment thereof, shall be a lien in the several amounts assessed against each property from the effective date of the assessing ordinance and shall be a prior and superior lien over all other liens excepting general tax liens and assessment liens previously levied; provided, however, that no lien shall attach to any tract of land sa assessed which is owned by the State of Colorado, or any agency or instrumentality thereof, or any county, municipality, school district, special or quasimunicipal district, other political subdivision or private corporation operating a public utility. The Council will further D24783 19 05/04/87 cause the lien of any unpaid assessment to be diligently enforced against the property charged therewith. Section 14. Bookkeeping and Records. So long as any of the Bonds remain outstanding, the Town will keep ar cause to be kept by Eagle County, Colorado, true and accurate books of records and accounts showing full and true entries covering the collection and disposition of the assessments and any delinquencies in the collection thereof, covering deposits and disbursements in each of the special funds herein described, covering the payment of the Bonds, both principal and interest, and covering disbursements to defray the costs and expenses of the Improvements. The Town will permit inspection and examination of all such books and notices maintained or received by the Tawn at any reasonable time by the Purchaser or the registered owner of any Bond. Section 15. Rights and Remedies. The registered owner of any Bond shall have the right and power for the equal benefit and protection of all registered owners of Bonds similarly situated: a. By mandatory injunction ar other suit, action, or proceeding at law or in equity to enforce his rights against the Town and to require and compel the Town to perform and carry out its duties, obligations, or other commitments under this Ordinance and under its covenants and agreements with the registered owners of the Bonds; b. By action or by suit in equity to require the Town to account as if it were the trustee of an express trust; c. By action or by suit in equity to have appointed a receiver, which receiver may take possession of any accounts and may collect, receive, and apply all revenues nr other moneys pledged for the payment of the Bonds in the same manner as the Town itself might do; d. By action or by suit in equity to enjoin any acts ar things which might be unlawful or might be in violation of the rights of the registered owners of the Bands; and e. Ta bring suit upon the Bonds. No right or remedy conferred by this Ordinance upon the registered owner of any Bond or any trustee therefor is intended to be exclusive of any other right or remedy, but each such right or remedy is cumulative and is in addition to every other right or remedy and may be exercised without exhausting and without D24783 20 05/04/87 s • regard to any other remedy conferred by this Ordinance or by any other law. The failure of the registered owner of any Bond so to proceed as provided herein shall not relieve the Town of any obligation to perform or to carry out any duty, obligation, or other commitment. Section 16. Lost, Destroyed or Wrongfully Taken Bonds. If any outstanding Bonds shall become lost, apparently destroyed or wrongfully taken, it may be reissued in the form and tenor of the lost, destroyed or taken Bond upon the owner furnishing, to the satisfaction of the Council: (a) proof of ownership, (b) proof of loss or destruction, {c} a surety bond in twice the amount of the Bond in question and {d) payment of the cost of preparing and issuing the new Sond. Section 17, Ratification of Actions. All actions heretofore taken by the Town and by the officers of the Town not inconsistent herewith directed toward the creation of the District, the construction and installation of the Improvements and the authorization, issuance and sale of the Bonds are hereby ratified, approved and confirmed. Section 18. Facsimile Signatures. Pursuant to the Uniform Facsimile Signature of Public Officials Act, part 1 of article 55 of title 11, Colorado Revised Statutes, as amended, the Maynr and the Town Clerk shall forthwith, and in any event prior to the time the Bonds are delivered to the Purchaser, file with the Colorado Secretary of State their manual signatures certified by them under oath. Section 19. Authorized Acts. The officers of the Town are hereby authorized and directed to enter into such agreements and take all action necessary or appropriate to effectuate the provisions of this Ordinance and to comply with the requirements of law, including, without limiting the generality of the foregoing: a. The printing of the Bonds herein authorized, including the printing upon each of the Bonds a copy of the approving legal opinion of Ballard, Spahr, Andrews & Ingersoll, bond counsel; and b. The execution of such certificates as may be reasonably required by the Purchaser of the Bonds relating to the signing of the Bonds, the tenure and identity of the Town officials, if in accordance with the facts, the absence of litigation, pending or threatened, affecting the validity of the Bonds, and the exemption from federal, income taxation of the interest on the Bonds and receipt of the Bond purchase price; and D24783 21 05/04/$7 • c. The making of various statements, recitals, certifications and warranties provided in the farm of Bond set forth in this Ordinance; and d. The payment of the interest on the Bnnds as the same shall become due and the principal of the Bonds at maturity or upon prior redemption without further warrant or order. Section 20. Repealer of Measures. All ordinances, resolutions, acts, orders, or parts thereof, of the Town and in conflict with this Ordinance are hereby repealed, except that this repealer shall not be construed so as to revive any ordinance, resolution, act, order, or part thereof heretofore repealed. Section 21. Ordinance Irrepealable. This Ordinance is, and shall constitute, a legislative measure of the Tawn, and after the Bonds hereby authorized are issued, sold, and are outstanding, this Ordinance shall constitute a contract between the Town and the registered owner ar owners of the Bands, and shall be and remain irrepealable until the Bonds and the interest accruing thereon shall have been fully paid, satisfied and discharged. Section 22. Severability. If any paragraph, clause or prevision of this Ordinance is judicially adjudged invalid or unenforceable, such judgment shall oat affect, impair or invalidate the remaining paragraphs, clauses or provisions hereof, the intention being that the various paragraphs, clauses or provisions hereof are severable. Section 23. Recording: Effective Date. This Ordinance, after its final passage, shall be recorded in a book kept for that purpose, shall be authenticated by the signatures of the Mayor and the Tawn Clerk, shall be published as provided in the Charter of the Tawn and shall take effect five (5} days after publication following final passage. Section 24. Public Hearinq. A public hearing on this Ordinance will be held at the Vail Municipal Building in Vail, Colorado, on Tuesday, May 19, 1987, at 7:30 p.m. and notice of such hearing is authorized to be given by publication once in The Vail Trail on May 8, 1987. D24783 22 05/04/87 •' INTRODUCED, READ BY TITLE, APPROVED ON FIRST READING, AND ORDERED PUBLISHED IN FULL this 5th day of Ma 1987. ~~-`~_` f ~' 1 ,, , , (TOWN) (SEAL) Town of V~'l Eagle County, Colorado ST: ~' ~~ Town Clerk Town of Vail Eagle County, Colorado D24783 23 05/19/87 Council Member Kent Rase duly seconded the motion, and the question being upon the approval on first reading of the foregoing Ordinance, the roll was called with the following result: Council Members voting "Yes": Paul R. Johnston Eric Affeldt Kent Rose Gordon Pierce John Slevin Hermann Staufer Gail Wahrlich~-Lowenthal Council Members voting "No": None Seven Council Members having voted in favor of said motion, the Mayor thereupon declared the Ordinance duly approved on first reading and directed that the Ordinance, as approved, be published in full in The Vail Trail, a newspaper of general circulation within the Town and legally qualified for Tawn publications. After consideration of other business to come before the Council, the meeting was adjourned. ~ . ~~ Tawn Clerk 4 Tawn of Vail Eagle County, Colorado (TOWN) {SEAL) D24783 24 05/19/87 i ~ ~ STATE OF COLORADO ) COUNTY OF EAGLE ) ss. TOWN OF VAIL ) The Town Council of the Town of Vail, Eagle County, Colorado, met in regular session, in full conformity with the Town Charter, ordinances and all other applicable laws, rules and regulations, at the Municipal Building in Vail, Colorado, the regular meeting place thereof, on Tuesday, the 19th day of May, 1987, at the hour of 7:30 p.m. The following members of the Town Council were present: Mayor: Mayor Pro-Tem: Council Members: Paul R. Johnston Kent Rose Gordon Pierce John Slevin Hermann Staufer Gail Wahrlich-Lowenthal The following members of the Town Council were absent: ~J"I C i,P.~~ The following persons were also present: Town Manager: Director of Adminis- trative Services: Town Attorney: Town Glerk: Rondall Phillips Charles Wick Lawrence A. Eskwith Pamela A. Brandmeyer Thereupon the following proceedings, among others, were had and taken: The Mayor informed the Tawn Council that Ordinance No. ].3, Series of 1987, relating to the issuance of Town of Vail, Colorado, West Vail Local Improvement District No. 1 Special Assessment Bands, dated June 1, 1987, in the aggregate principle amount of $525,000, which was introduced, read by title, approved on first reading and ordered published once in full at a regular meeting of the Tawn Council held on May 5, 1987, was duly published in full in The Vail Trail, a newspaper of general circulation in the Town, in its issue of May 8, 1987, and that the publisher"s affidavit of said publication is now an file in the office of the Town Clerk. D24783 25 05/19/87 # ~ • Counci 1 Membex~~:'(.~,d .f.,~. ~.~-~t~,l ~ then introduced said Ordinance a second time and read the Ordinance by its title, sufficient copies of the full Ordinance having previously been made available to the Town Council and to the public. The Mayor then declared that this was the time and place far a public hearing on the Ordinance and the meeting was then opened for such purpose. After all persons had been given. an opportunity to speak, th~Lie'' kkh,,'e~~aring was declared closed. Council Member ~?~-~t,~ ~~~ moved the amendment of the Ordinance as follows and the final approval on second reading of the Ordinance as amended: D24763 26 0/19/$7 ORDINANCE NO. 13 SERIES OF 1987 AN ORDINANCE AUTHORIZING THE ISSUANCE OF TOWN OF VAIL, COLORADO, WEST VAIL LOCAL IMPROVEMENT DISTRICT N0. 1, SPECIAL ASSESSMENT BONDS, DATED JUNE 1, 1987, IN THE AGGREGATE PRINCIPAL AMOUNT OF $525,OOD, FOR THE PURPOSE OF PAYING A PORTION OF THE COST OF CONSTRUCTING AND INSTALLING IMPROVEMENTS THEREIN; PRESCRIBING THE FORM OF THE BONDS; PROVIDING FOR THE PAYMENT OF THE BONDS AND THE INTEREST THEREON; AND MAKING PROVISION FOR OTHER MATTERS RELATING THERETO. WHEREAS, the Town Council (the "Council") of the Town of Vail, Colorado (the "Town"), has by Ordinance No. 10, Series of 1987, created Town of Vail, Colorado, West Vail Local Improvement District No. 1 (the "District") for the purpose of constructing and installing certain improvements to streets in the District, including, but not limited to, preparation and paving, drainage, lighting and safety, and improvements to the sanitary sewer system in the District, including, but not limited to, a new sewer main (collectively, the "Improvements"} all in accordance with the Charter of the Town (the "Charter") and Chapter 20.04 of the Vail Code (the "Cade"}; and WHEREAS, pursuant to Ordinance No. 10, Series of 1987, the Council approved the plans for and authorized and ordered the construction and installation of the Improvements as shown by preliminary plans approved by the Council; and WHEREAS, the Town Manager has submitted to the Council estimates of the total cost of constructing and installing the Improvements, including engineering, legal and incidental costs, and the Town has entered into certain contracts for the construction and installation of the Improvements; and WHEREAS, the construction and installation of the Improvements in the District will confer general benefits on the Town and special benefits on the assessable property within the District; and WHEREAS, the Council has determined that the portion of the cost of construction and installation of the Improvements to be assessed against the property within the District will not exceed $525,000 and that special assessment bonds of the Town for the District should be issued in said amount; and D24783 27 05/04/87 WHEREAS, the Town has agreed to make a cash contribution for the balance of the cost of construction and installation of the Improvements; and WHEREAS, Kirchner Moore & Company, Denver, Colorado (the "Purchaser") has offered to purchase said bonds at a net effective interest rate not exceeding 8.5% per annum; and WHEREAS, it is necessary to authorize the issuance of said bonds and to provide for the repayment thereof. BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, AS FOLLOWS: Section 1. Approval of Cost Estimates. The estimates of the cost of constructing and installing the Improvements submitted to the Council by the Town Manager are hereby approved. Section 2. Sale of Bonds. The Town and the Purchaser have entered into a Purchase Agreement, dated May 19, 1987, for the sale and purchase of the Bonds as hereinafter defined. The Purchase Agreement is hereby ratified, approved and confirmed. Section 3. Authorization and Description of Bonds. For the purpose of paying a portion of the cost of constructing and installing the Improvements and the costs incidental thereto as permitted by the Charter and the Cade, the Town sha11 issue its Town of Vail, Colorado, West Vail Local Improvement District No. 1, Special Assessment Bonds, dated June 1, 1987, in the aggregate principal amount of $525,000 (the "Bonds"}. The Bonds shall be issued in fully registered farm in the denomination of $5,000 each, consisting of 105 Bonds, numbered consecutively from 1 to 3,05, inclusive. The Bonds shall mature on October 1, 1997, and shall bear interest as herein set forth. Pursuant to the recommendations of the Committee on Uniform Security Identification Procedures, CUSIP numbers may be printed on the Bands. The following numbered Bonds in amounts shall bear per annum interest October 1, 3.997, except if redeemed following interest rates: the following principal from June 1, 1987, to prior thereto, at the D247B3 28 05/04/87 • ~ 7 Bonds Numbered Principal Per Annum {both inclusive) Amounts Interest Rates 1 to 7 $ 35,000 6.000% 8 to I5 40,000 6.400 16 to 23 40,000 6.750 24 to 32 45,000 7.000 33 to 42 50,000 7.250 43 to 53 55,000 7.500 54 to 65 60,000 7.750 66 to 77 60,000 8.000 78 to 91 70,000 8.125 92 to 105 70,000 8.250 Said interest shall be payable October 1, 1987, and semiannually thereafter on the 1st day of April and the 1st day of October of each year. If upon presentation at maturity the principal of any Band is not paid as provided herein, interest shall continue thereon at the same interest rate until the principal thereof is paid in full. Section 4. Maximum Net Effective Interest Rate. The maximum net effective interest rate for the Bonds is 8.5%. The actual net effective interest rate fnr the Bonds is 8.25%. Section 5. Payment of Principal and Interest. The principal of and interest on the Bonds shall be payable in lawful money of the United States of America to the registered owners of the Bonds by Central Bank of Denver, Denver, Colorado, or its successors, as paying agent (the "Paying Agent"). The principal of and the final interest payment due on the Bonds shall be payable to the registered owner of each Bond upon presentation and surrender thereof at maturity or upon prior redemption. Except as hereinbefore and hereinafter provided, the interest shall be payable to the registered owner of each Bond determined as of the close of business on the regular record date, which shall be the fifteenth (15th) day of the calendar month next preceding the interest payment date, irrespective of any transfer of ownership of the Bond subsequent to the regular record date and prior to such interest payment date, by check or draft mailed to such registered owner at the address appearing on the registration books of the Town maintained by Central Bank of Denver, Denver, Colorado, or its successors, as registrar (the "Registrar"') . Any interest not paid when due and any interest accruing after maturity shall be payable to the registered owner of each Bond entitled to receive such interest determined as of the close of business on the special record date, which shall be fixed by the Paying Agent for such purpose, irrespective of any transfer of ownership of the Bond subsequent to such special record date and prior to the date fixed by the Paying Agent for the payment of such interest, by check or draft mailed as D24783 29 05/19/87 aforesaid. Notice of the special record date and of the date fixed for the payment of such interest shall be given by sending a copy thereof by certified or registered first-class postage prepaid mail, at least ten (10} days prior to the special record date, to the Purchaser and to the registered owner of each Bond upon which interest will be paid determined as of the close of business on the day preceding such mailing, at the address appearing on the registration books of the Town maintained by the Registrar. Section 5. Redemration of Bonds. The Bonds shall be subject to redemption prior to maturity at the option of the Town on any interest payment date, in regular numerical order, at a price equal to the principal amount of each Bond so redeemed plus accrued interest thereon to the redemption date; provided, however, that whenever on any interest payment date there exist in the Town of Vail, Colorado, West Vail Local Improvement District No. 1, Special Assessment Bonds, Band and Interest Fund (the "Bond Fund") hereinafter described, sufficient funds derived from special assessments exceeding six months' interest on the unpaid principal o£ the Bonds then outstanding, the Town shall exercise its option to redeem the Bonds to the extent possible. The Bonds shall be redeemed only from moneys pledged to the payment thereof and not from the proceeds of other obligations of the Town. Notice of redemption shall be given by the Paying Agent in the name of the Town by sending a copy thereof by certified or registered first-class postage prepaid mail, at least thirty (30) days but not more than sixty (50} days prior to the designated redemption date, to the Purchaser and to the registered owner of each of the Bonds being redeemed, determined as of the close of business on the date preceding the mailing of such notice, at the address appearing an the registration books of the Town maintained by the Registrar. Such notice shall specify the number of the Bonds to be redeemed and the date fixed for redemption and shall further state that an the redemption date there will be due and payable upon each Bond so to be redeemed the principal amount thereof plus accrued interest thereon to the redemption date, and that from and after such date interest will cease to accrue. Failure to mail any notice as aforesaid or any defect in any notice so mailed with respect to any Bond shall not affect the validity of the redemption proceedings with respect to any other Bond. Any Bonds redeemed prior to maturity by call for prior redemption or otherwise shall not be reissued and shall be cancelled the same as Bonds paid at or after maturity. Section 7. Execution and Authentication of Bonds. The Bonds shall be signed by and on behalf of the Town with the facsimile signature of the Mayor, shall bear a facsimile of the seal of the Town, shall be signed and attested with the facsimile D24783 30 05/19/87 signature of the Town Clerk, and shall be authenticated by the manual signature of a duly authorized officer of the Registrar. Should any officer whose facsimile signature appears on the Bands cease to be such officer before issuance or authentication of any Bond, such facsimile signature shall nevertheless be valid and sufficient for all purposes. No Bond shall be valid or become obligatory for any purpose or be entitled to any security or benefit under this Ordinance unless and until the certificate of authentication an such Bond shall have been duly executed by the Registrar, and such executed certificate upon any such Bond shall be conclusive evidence that such Bond has been authenticated and delivered under this Ordinance. The certificate of authentication on any Bond shall be deemed to have been duly executed by the Registrar if signed by an authorized officer or signatory thereof, but it shall not be necessary that the same officer or signatory sign the certificate of authentication on all of the Bonds. Section 8. Registration and Transfer of Bonds. Upon their execution and authentication and prior to their delivery, the Bonds shall be registered for the purpose of payment of principal and interest with the Registrar. Thereafter, the Bonds shall be transferable only upon the registration books of the Town maintained by the Registrar, by Central Bank of Denver, Denver, Colorado, or its successors, as transfer agent (the "Transfer Agent") at the request of the registered owner thereof or his, her or its duly authorized attorney-in-fact or legal representative. The Registrar or the Transfer Agent shall accept a Bond far registration or transfer only if the registered owner is to be an individual, a corporation, a partnership, or a trust. A Bond may be transferred upon surrender thereof together with a written instrument of transfer duly executed by the registered owner ar his, her or its truly authorizes attorney-in-sect or legal representative with guaranty of signature satisfactory to the Transfer Agent, containing written instructions as to the details of the transfer, slang with the social security number or federal employer identification number of the transferee and, if the transferee is a trust, the names and social security numbers of the settlor and the beneficiary of the trust. Transfers shall be made at the expense of the transferor, and the Transfer Agent may also require payment of a sum sufficient to defray any tax or other governmental charge that may hereafter be imposed in connection with any transfer of Bonds. No registration or transfer of any Bond shall be effective until entered on the registration books of the Town maintained by the Registrar and Transfer Agent. Concurrently with the entry of the required information on the registration books the Registrar and Transfer Agent shall enter the required information on the registration panel pertaining to each Bond. The Transfer Agent shall not be required to transfer ownership of any Bond during the fifteen D24783 31 05/19/87 • r i (15} days prior to any interest payment date nor the fifteen (I5) days prior to the mailing of any notice of redemption nor to transfer ownership of any Band selected for redemption on or after the date of such mailing. The Town may deem and treat the person in whose name any Bond is last registered upon the books of the Town maintained by the Registrar as the absolute owner thereof for the purpose of receiving payment of the principal of and interest on such Sond and for all other purposes, and all such payments so made to such person or upon his, her or its order shall be valid and effective to satisfy and discharge the liability of the Town upon such Bond to the extent of the sum or sums so paid, and the Town shall not be affected by any notice to the contrary. Section 9. Form of Bonds. The Bonds and the registration panels pertaining thereto and the form of assignment to be used for transfers of the Bonds shall be in substantially the following form: D24783 32 05/19/87 [Form of Band) (Text of Face) UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF EAGLE TOWN OF VAIL, COLORADO WEST VAIL LOCAL IMPROVEMENT DISTRICT NO. Z SPECIAL ASSESSMENT BOND No. R- Interest Rate Maturity Date Dated 0 October 1, 1997 June 1, 1987 $5,000 CUSIP Number The Town of Vail (the "Town"), in the County of Eagle and State of Colorado, for value received, hereby promises to pay to the Registered Owner hereof whale name, address and identification number appear on the registration panel attached hereto, solely out of the special funds hereinafter described but not otherwise, the Principal Sum of FIVE THOUSAND DOLLARS in lawful money of the United States of America, on the Maturity Date (specified above}, with interest thereon Pram the date hereof to the Maturity Date, except if redeemed prior thereto, at the per annum Interest Rate {specified above}, payable semiannually on the 1st day of April and the 1st day of October of each year, commencing an October 1, 1987, all in the manner provided herein. If upon presentation at maturity payment of the Principal Sum of this Bond is not made as provided herein, interest continues at the Interest Rate until the Principal Sum is paid in full. This Band is one of a series which is subject to redemption prior to its Maturity Date at the option of the Town on any interest payment date, in regular numerical order, at a price equal to the principal amount thereof plus accrued interest thereon to the redemption date; provided, however, that whenever an any interest payment date there exist in the Town of Vail, Colorado, West Vail Local Improvement District No. 1, Special Assessment Sonds, Bond and Interest Fund hereinafter described, D24783 33 05/04/87 • sufficient funds derived from special assessments exceeding six months' interest on the unpaid principal of the Bands of this issue then outstanding, the Town is obligated to exercise its option to redeem such Bonds to the extent possible. This Bond may be redeemed only from moneys pledged to the payment hereof and not from the proceeds of any other obligation of the Town. Notice of redemption of any Bonds is to be given by the paying agent in the name of the Town by sending a copy of such notice by certified or registered first-class postage prepaid mail, at least thirty {30} days but not more than sixty (60} days prior to the designated redemption date, to Kirchner Moore & Company, Denver, Colorado, and to the registered owner of each of the Bonds being redeemed, determined as of the close of business on the day preceding the mailing of such notice, at the address appearing on the registration books of the Town maintained by the registrar. Such notice is to specify the number of the Bonds to be redeemed and the date fixed for redemption and is further to state that on the redemption date there wi11 be due and payable upon each Bond sa to be redeemed the principal amount thereof plus accrued interest thereon to the redemption date, and that from and after such date interest will cease to accrue. Failure to mail any notice as aforesaid ar any defect in any notice so mailed with respect to any Band does not affect the validity of the redemption proceedings with respect to any other Bond. REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH ON THE REVERSE HEREOF. This Bond is not and shall not be considered or taken to be a general obligation or indebtedness of the Town within the meaning of any requirement or limitation imposed by law. This Bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Ordinance authorizing the issuance of this Band until the certificate of authentication hereon shall have been signed by the registrar. IN WITNESS WHEREOF, the Town of Vail, Colorado, has caused this Bond to be signed in its name and on its behalf with the facsimile signature of the Mayor of the Town, to be sealed D24783 34 05/04/87 with a facsimile seal of its seal, anal to be signed and attested with the facsimile signature of its Town Clerk. (FACSIMILE) By: (Facsimile Signature) ( SEAL ) Mayor Town of Vail, Eagle County, Colorado ATTEST: (Facsimile Signature) Town Clerk Town of Vail, Eagle County, Colorado D24783 35 05/04/87 CERTIFICATE OF AUTHENTICATION This Bond is one of the series issued pursuant to the Ordinance therein described. Printed on the reverse hereof is the complete text of the opinion of bond counsel, Ballard, Spahr, Andrews & Ingersoll, Denver, Colorado, a signed copy of which, dated the date of original issuance of the Bonds therein described, is on file with the undersigned. Central Bank of Denver a banking corporation as Registrar By: (Manual Signature} Authorized Officer DATED: D24783 36 05/04/87 (Text of Reverse} The principal of and interest on this Bond are payable to the Registered Owner hereof by Central Bank of Denver, Denver, Colorado, or its successors, as paying agent. The principal of and the final interest payment due on this Bond are payable to the Registered Owner hereof upon presentation and surrender of this Bond at maturity or upon prior redemption. Except as hereinbefare and hereinafter provided, the interest is payable to the Registered Owner hereof determined as of the close of business on the regular record date, which is to be the fifteenth (I.5th) day of the calendar month next preceding the interest payment date, irrespective of any transfer of ownership hereof subsequent to the regular record date and prior to such interest payment date, by check or draft mailed to the Registered Owner at the address appearing on the registration books of the Town maintained by Central Bank of Denver, Denver, Colorado, or its successors, as registrar. Any interest hereon not paid when due and any interest hereon accruing after maturity is payable to the Registered Owner of this Bond determined as of the close of business on the special record date, which is to be fixed by the paying agent for such purpose, irrespective of any transfer of ownership of this Bond subsequent to such special record date and prior to the date fixed by the paying agent for the payment of such interest, by check or draft mailed as aforesaid. Notice of the special record date and of the date fixed for the payment of such interest is to be given by sending a copy thereof by certified or registered first-class postage prepaid mail, at least ten (10} days prior to the special record date, to Kirchner Moore & Company, Denver, Colorado, and to the registered owner of each Bond upon which interest will be paid determined as of the close of business on the day preceding such mailing, at the address appearing on the registration books of the Town maintained by the registrar. This Bond is one of a series of special assessment bonds in the aggregate principal amount of $525,000 (the "Bonds"} issued for the purpose of defraying the casts of constructing and installing certain improvements to streets, including, but not limited to, preparation and paving, drainage, lighting and safety, and improvements to the sanitary system, including, but not limited to, a new sewer main in and for Town of Vail, Colorado, West Vail Local Improvement District No. ]., by virtue of and in full conformity with the Constitution of the State of Colorado, the home rule Charter of the Town and Chapter 20.04 of the Code of the Town, and pursuant to and under the authority of an Ordinance of the Town Council duly adapted prior to the issuance of this Bond. 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 in issuing this Bond. D24783 37 05/04/87 This Bond and the interest hereon are payable solely from, and as security for such payment there is exclusively pledged, a special fund designated as the Town of Vail, Colorado, West Vail Local Improvement District No. 1, Special Assessment Bonds, Bond and Interest Fund {the "Bond Fund"}, into which there has been initially deposited accrued interest and capitalized interest on the Bonds and any proceeds of the Bonds remaining in the Town of Vail, Colorado, West Vail Local Improvement District No. 1 Construction Fund after the cost of the aforesaid improvements has been paid in full and into which there is thereafter to be deposited moneys collected on account of assessments hereafter to be levied against the property within Town of Vail, Colorado, West Vail Local Improvement District No. 1 and specially benefited by the construction and installation of the improvements therein. Bonds of this issue, together with any bonds of other special or local improvement districts of the Town are additionally secured by moneys deposited in the special Surplus and Deficiency Fund of the Town. Whenever there is a deficiency in the Bond Fund for the payment of principal of or interest on this Bond, the deficiency is to be paid by transferring moneys from the special Surplus and Deficiency Fund to the Bond Fund. The Ordinance authorizing the issuance of this Bond provides that whenever three-fourths (3/4) of the Bonds of this issue have been paid and cancelled and for any reason the remaining assessments are not paid in time to redeem the remaining Bonds and to pay the interest thereon, and there are not sufficient funds in the special Surplus and Deficiency Fund to do so, then the Town shall pay the remaining Bonds when due and the interest thereon and reimburse itself by collecting the unpaid assessments due. The Town covenants with the Registered Owner of this Band that it will levy and collect the assessments against the property specially benefited and deposit the same into the Band Fund and that it will diligently enforce the lien of any unpaid assessment against the property charged therewith. The Town further covenants with the Registered Owner of this Bond that it will keep and perform all of the covenants of this Bond and of the Ordinance authorizing the issuance hereof. Reference is hereby made to said Ordinance far a descript~.on of the provisions, terms, and conditions upon which this Band is issued and secured, including, without limitation, the nature and extent of the security for this Bond, the collection and disposition of the special assessments and moneys charged with and pledged to the payment of this Bond, the special funds referred to above, and the nature and extent of the security and pledge afforded thereby for the payment of this Bond, the rights, duties and obligations of the Town and its Council, and the rights and remedies of the Registered Owner of this Bond. D24783 38 05/04/87 ~ ~ ~ It is hereby recited, certified and warranted that the total issue of Bonds of the Town for Town of Vail, Colorado, West Vail Local Improvement Distract No. 1, including this Bond, does not exceed any limitation imposed by law; that every requirement of law relating to the creation of said District, the construction and installation of the aforesaid improvements, the preparation for levying of the aforesaid assessments, and the issuance of this Bond has been fully complied with by the proper officers of the Town; that all acts, conditions and things required by law to be done precedent to and in the issuance of this Bond have been properly done; and that this Bond does not contravene any constitutional or statutory provision of the State of Colorado or provision of the home rule Charter or ordinances of the Town. Eor the payment of this Bond and the interest hereon, the Town pledges the exercise of all of its lawful corporate powers. This Bond is transferable only upon the registration books of the Town maintained by the registrar, by Central Bank of Denver, Denver, Colorado, or its successors, as transfer agent, at the request of the Registered Owner or his, her or its duly authorized attorney-in-fact or legal representative, upon surrender hereof with a written instrument of transfer duly executed by the Registered Owner or his, her or its duly authorized attorney-an-fact or legal representative with guaranty of signature satisfactory to the transfer agent, containing written instructions as to the details of the transfer, along with the social security number or federal employer identification number of the transferee and, if the transferee is a trust, the names and social security numbers of the settlar and beneficiary of the trust, Transfers are to be made at the expense of the transferor, and the transfer agent may also require payment of a sum sufficient to defray any tax or other governmental charge that may hereafter be imposed in connection with any transfer of Bonds. No registration or transfer of this Band shall be effective until entered on the registration books of the Tawn maintained by the registrar. Upon such transfer the registrar will enter the date of registration and the name, address, and social security number or federal identification number of the new registered owner of this Bond on the registration panel attached hereto. The transfer agent is not required to transfer ownership of this Band during the fifteen (15) days prior to any interest payment date nor the fifteen (15) days prior to the mailing of any notice of redemption or to transfer ownership of any Bond selected for redemption on or after the date of such mailing. The Town may deem and treat the person in whose name this Bond is last registered upon the books of the Town maintained by the registrar as the absolute owner hereof for the purpose of receiving payment of the principal of D24783 39 D5/04/87 axed interest on this Bond and for all other purposes. and all such payments so made to such person or upon his order will be valid and effective to satisfy and discharge the liability of the Town upon this Bond to the extent of the sum or sums so paid, and the Town will not be affected by any notice to the contrary. D247B3 40 05/04/87 (Registration Panel) This Bond is registered in the principal corporate trust offices of Central Bank of Denver, Denver, Colorado, or its successors, as registrar, in the name of the owner listed below, and the principal of and interest on this Bond shall be payable only to such owner. Signature of Name, Address, and of Authorized Date of Identification Number of Officer Registration Registered Owner of Registrar D24783 41 05/04/87 ~ • s {Assignment) ASSIGNMENT FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE {Name and Address of Assignee} the attached Band and does hereby irrevocably constitute and appoint Central Bank of Denver, Denver, Colorado, or its successors, as transfer agent, to transfer said Bond on the books kept for registration thereof. Dated: Signature guaranteed: (Bank, Trust Company or Firm} NOTICE: The signature to this assignment must correspond with the name of the Registered Owner as it appears upon the registration panel of the attached Bond in every particular without alteration or enlargement or any Change whatever. Transfer Fee Required [End of Form of Bond] D24783 42 05/04/87 • • i Section 10. Deliverv of Bonds; Application of Proceeds; Construction Fund. The Bonds, when executed, authenticated and registered as provided by law, shall be delivered by the Town to the Purchaser upon receiving full payment therefor. The proceeds of the Bonds, excluding accrued interest and capitalized interest, shall be deposited into and there is hereby created the Town o£ Vail., Colorado, West Vaal Local Improvement District No. 1 Construction Fund (the "Constructian Fund"), and used only to pay the costs and expenses of constructing and installing the Improvements and costs and expenses incidental thereto. The proceeds derived from the Bond sale shall be used for the purposes stated herein and for no other purposes, provided, however, that any portion of the Bond proceeds may be temporarily invested pending such use, with such temparary investment to be made consistent with the covenant hereinafter made concerning arbitrage bands. Neither the Purchaser nor the registered owner of any Bond shall be in any way responsible for the application of the proceeds of the Bonds by the Town or any of its officers. Section 11. Bond Fund. The Bands and the interest thereon shall be payable solely from, and there is hereby created, the Town of Vail, Colorado, West Vail Lacal Improvement District No. 1, Special Assessment Bonds, Bond and Interest Fund (the "Bond Fund"}, into which there shall initially be deposited accrued interest and capitalized interest on the Bonds and any proceeds of the Bands remaining in the Construction Fund after the cast of the Improvements has been paid in full and into which there shall thereafter be deposited all moneys collected on account of assessments to be levied against the property within the District and specially benefited by the construction and installation of the Improvements therein. The moneys in the Bond Fund shall be used for the purpose of paying the principal of and interest on the Bonds and for no other purpose whatsoever until the Bonds, both principal and interest, have been fully paid and discharged, and as security for such payment the Bond Fund is hereby exclusively pledged. Section 12. Surt~lus and Deficiencv Fund. In the event that less than all the moneys in the Bond Fund are expended to pay and discharge the principal of and interest on all of the Bonds, any remaining sums shall be transferred upon the payment of all of the Bonds to the Special and Local Improvement District Surplus and Deficiency Fund (the "Surplus and Deficiency Fund"). The Bonds, together with any bonds of other special ar local improvement districts of the Town, shall be additionally secured by moneys deposited in the Surplus and Deficiency Fund, the Surplus and Deficiency Fund to consist of moneys remaining to the credit of any special or local improvement districts now existing or hereafter created, the bonds of which have been paid in full, both principal and interest. Whenever there is a deficiency in the Bond Fund for the payment of principal of ar interest on the D24783 43 05/19/67 Bonds, the deficiency shall. be paid by transferring moneys from the Surplus and Deficiency Fund to the Bond Fund. In the event that such a deficiency cannot be so paid, the Council may, in consideration of general benefits conferred upon the Town at large from the construction and installation of the Improvements, levy taxes on all taxable property within the Town at a rate to be determined by the Council, or in lieu of such action transfer other available funds of the Town, for the purpose of advancing moneys to pay such deficiencies. The proceeds of such taxes or such other available funds shall be placed in the Surplus and Deficiency Fund and disbursed only for the purposes herein specified. Whenever three-fourths (3/4) of the Bonds have been paid and cancelled and for any reason the remaining assessments are not paid in time to redeem the remaining Bonds and to pay the interest thereon, and there are not sufficient funds in the Surplus and Deficiency Fund to do so, then the Town shall pay the remaining Bonds when due and the interest thereon and reimburse itself by collecting the unpaid assessments due. The obligations created by the payment provisions herein shall not be construed or held to make the Bonds general obligations of the Town and the registered owners of the Bonds shall have no claim on any general or other fund for the payment thereof, except as herein provided. Section 13. Tax Matters. The Town covenants with the owners of the Bonds that it will make no investment or other use of the proceeds of the Bonds at any time during the term thereof which, if such investment or other use had been reasonably expected on the date the Bonds are issued, would have caused the Bands to be arbitrage bonds within the meaning of Section 103 of the Internal. Revenue Code of 1986, as amended {the "Code"), and the regulations promulgated thereunder and that the Town will comply with the requirements of such Section and regulations throughout the term of the Bonds. The Town hereby designates the Bonds as "qualified tax-exempt obligations" under Section 265(b)(3} of the Code. Section 14. Assessments. The Council shall cause the assessments to be levied and collected as provided by law for the benefit of the registered owners of the Bonds. A11 assessments made, together with all interest thereon and penalties for default in payment thereof, shall be a lien in the several amounts assessed against each property from the effective date of the assessing ordinance and shall be a prior and superior lien over all other liens excepting general tax liens and assessment liens previously levied; provided, however, that no lien shall attach to any tract of land so assessed which is owned by the State of Colorado, or any agency or instrumentality thereof, or any county, municipality, school district, special or quasimunicipal district, other political subdivision or private corporation operating a public utility. The Council will further D24783 44 ~5/l9/87 s i • cause the lien of any unpaid assessment to be diligently enforced against the property charged therewith. Section 15. Bookkeeping and Records. So long as any of the Bands remain outstanding, the Town will keep or cause to be kept by Eagle County, Colorado, true and accurate books of records and accounts showing full and true entries covering the collection and disposition of the assessments and any delinquencies in the collection thereof, covering deposits and disbursements in each of the special funds herein described, covering the payment of the Bonds, both principal and interest, and covering disbursements to defray the costs and expenses of the Improvements. The Town will permit inspection and examination of all such books and notices maintained or received by the Town at any reasonable time by the Purchaser or the registered owner of any Bond. Section 16. Rights and Remedies. The registered owner of any Bond shad have the right and power for the equal benefit and protection of all registered owners of Bonds similarly situated: a. By mandatory injunction or other suit, action, or proceeding at law or in equity to enforce his rights against the Town and to require and compel the Town to perform and carry out its duties, obligations, or other commitments under this Ordinance and under its covenants and agreements with the registered owners of the Bonds; b. By action or by suit in equity to require the Town to account as if it were the trustee of an express trust; c. By action or by suit in equity to have appointed a receiver, which receiver may take possession of any accounts and may collect, receive, and apply all revenues or other moneys pledged for the payment of the Bonds in the same manner as the Town itself might do; d. By action or by suit in equity to enjoin any acts or things which might be unlawful or might be in violation of the rights of the registered owners of the Bonds; and e. Ta bring suit upon the Bonds. Na right or remedy conferred by this Ordinance upon the registered owner of any Bond or any trustee therefor is intended to be exclusive of any other right or remedy, but each such right or remedy is cumulative and is in addition to every other right or remedy and may be exercised without exhausting and without D24783 45 X5/19/87 i r ~ regard to any other remedy conferred by this Ordinance or by any other law. The failure of the registered owner of any Bond so to proceed as provided herein shall not relieve the Town of any obligation to perform or to carry out any duty, obligation, or other commitment. Section 17. Lost, Destroved or Wronctfully Taken Bonds. If any outstanding Bonds shall become lost, apparently destroyed or wrongfully taken, it may be reissued in the farm and tenor of the lost, destroyed or taken Bond upon the owner furnishing, to the satisfaction of the Council: {a) proof of ownership, {b) proof of loss or destruction, {c) a surety bond in twice the amount of the Bond in question and (d) payment of the cost of preparing and issuing the new Bond. Section 18. Ratification of Actions. Ali actions heretofore taken by the Town and by the officers of the Town not inconsistent herewith directed toward the creation of the District, the construction and installation of the Improvements and the authorization, issuance and sale of the Bonds are hereby ratified, approved and confirmed. Section 19. Facsimile Sianatures. Pursuant to the - - Uniform Facsimile Signature of Public Officials Act, part 1 of article 55 of title 11, Colorado Revised Statutes, as amended, the Mayor and the Town Clerk shall forthwith, and in any event prior to the time the Bands are delivered to the Purchaser, file with the Colorado Secretary of State their manual signatures certified by them under oath. Section 20. Authorized Acts. The officers of the Town are hereby authorized and directed to enter into such agreements and take all action necessary or appropriate to effectuate the provisions of this Ordinance and to comply with the requirements of law, including, without limiting the generality of the foregoing: a. The printing of the Bands herein authorized, including the printing upon each of the Bonds a copy of the approving legal opinion of Ballard, Spahr, Andrews & Ingersoll, bond counsel; and b. The execution of such certificates as may be reasonably required by the Purchaser of the Bonds relating to the signing of the Bonds, the tenure and identity of the Town officials, if in accordance with the facts, the absence of litigation, pending or threatened, affecting the validity of the Bonds, and the exemption from federal income taxation of the interest on the Bonds and receipt of the Bond purchase price; and D24783 46 05/19/87 • i • c. The making of various statements, recitals, certifications and warranties provided in the form of Bond set forth in this Ordinance; and d. The payment of the interest on the Bonds as the same shall became due and the principal of the Bonds at maturity or upon prior redemption without further warrant ox order. Section 21. Repealer of Measures. A11 ordinances, resolutions, acts, orders, or parts thereof, of the Town and in conflict with this Ordinance are hereby repealed, except that this repealer shall not be construed so as to revive any ordinance, resolution, act, order, or part thereof heretofore repealed. Section 22. Ordinance IrreAealable. This Ordinance is, and shall. constitute, a Legislative measure of the Town, and after the Bonds hereby authorized are issued, sold, and are outstanding, this Ordinance shall constitute a contract between the Town and the registered owner or owners of the Bonds, and shall be and remain irrepealable until the Bonds and the interest accruing thereon shall have been fully paid, satisfied and discharged. Section 23. Severability. 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. Section 24. Recording; Effective Date. This Ordi- nance, after its final passage, shall be recorded in a book kept for that purpose, shall be authenticated by the signatures of the Mayor and the Town Clerk, shall be published as provided in the Charter of the Town and shall take effect £ive {5} days after publication following final passage. Section 25. Public Hearing. A public hearing on this Ordinance will be held at the Vail Municipal Building in Vail, Colorado, an Tuesday, May 19, 1387, at 7:30 p.m. and notice of such hearing is authorized to be given by publication once in The Vail. Trail on May B, 1987. D24783 47 05/19/87 ~ ~ ~ INTRODUCED A SECOND TIME, READ BY TITLE, AMENDED, FINALLY APPROVED ON SECOND READING AS AMENDED, ADOPTED AND ORDERED PUBLISHED AGAIN TN FULL this 19~~ of 1987. ~ ~ ~~ ~ ~ ~ ~r Mayur' //~ (TOWN} Tawn of Vail (SEAL} Eagle County, Colorado ATTEST: Town Clerk Town of Vail Eagle County, Colorado D24783 48 05/19/87 • ~ . Council Member motion, and the question approval on second reading with the follow9.ng result: ~. N~ being upon the of the Ordinance, duly seconded the amendment and final the roll was called Counc~.l Members voting "Yes": Paul R. Johnston ~~ ~1~. ~n r F Y i ~t ~~ ~/1L~ Gordon Pierce Kent Rose John Slevin Hermann Staufer Gail Wahrlich-Lowenthal Cnuncil Members voting "No": r V ~M~,, Council Members having voted in favor of the motion, the Mayor thereupon declared the Ordinance duly amended and finally approved on second reading and directed that the Ordinance, as approved, be published again in full in The Vail Trail, a newspaper of general circulation within the Town and legally qualified for Town publications. After consideration of other business to come before the Council, the meeting was adjourned. ~J'X-ill >~. f,~,l`~ Town Clerk Town of Vail Eagle County, Colorado (TOWN) {SEAL) D24783 49 os~l9~g7 • i • STATE OF COLORADO } } COUNTY OF EAGLE ) ss. TOWN OF VAIL } I, Pamela A. Brandmeyer, the duly elected ar appointed, qualified and acting Town Clerk of the Town of Vail, Eagle County, Colorado, do hereby certify that the foregoing pages l to 49, inclusive, constitute a true and correct copy of the Record of the Proceedings of the Town Council of the Town, taken at regular meetings thereof held at the Municipal Building in Vail, Colorado, on Tuesday, the 5th day of May, 1987, commencing at the hour of 7:30 p.m. and on Tuesday, the 19th day of May, 1.987, commencing at the hour of 7:30 p.m., as recorded in the official Record of the Proceedings of the Town kept in my office, insofar as said proceedings relate to Ordinance No. 13, Series of 1987, authorizing the issuance of Town of Vail, Colorado, West Vail Local Improvement District No. 1 Special Assessment Bonds, dated ,7une 1, 1987, in the aggregate principal amount of $525,000; that said proceedings were duly had and taken; that said meetings were duly held; and that the persons were present at said meetings as therein shown. It is hereby further certified that said Ordinance was published in full in The Vail Trail, a newspaper published and having general circulation in the Town and legally qualified for Town publications, on May 8, 1987, and on May o~~, 1987, as evidenced by the affidavits of publication attached hereto. IN WITNESS WHEREOF the undersigned has hereunto set her hand and the seal of the Town this aoL'~day of May, 1987. ~J~ ~~~~ Town Clerk Town of Vail Eagle County, Colorado (TOWN) (SEAL} D24783 50 05/19/87 • ~ • STATE OF COLORADO COUNTY OE EAGLE ] ss. TOWN 0~' VAIL (Attach affidavit of pubJ.ication of Ordinance in full and notice of public hearing thereon.) D24783 51 05/19/87 • . STATE OF COLORADD ) COUNTY OF EAGLE } ss. TOWN OF VAIL } (Attach affidavit of publication of Ordinance again in full.) D24783 52 05/19/87 -~~ EAGLE COUNTY RECREATION AND HOUSING ~ SPECIAL ELECTION FACT SHEET APRIL 10, 1990 The Eagle County Commissioners, in concert with the Eagle County Recreation Task Force, have set a special election for the purpose of creating annual revenue to: - Purchase and develop a site for recreation in Berry Creek-Miller RanchlEdwards - Provide recreation development in the P,agle/Gypsum area - Provide recreation development in the Basalth~l Jebel area - Provide a 10 acre site for private development of affordable housing at Berry Creek-Miller Ranch/ Edwards HISTORY 198Ci-87 - County-wide recreational needs assessment was completed. Need for additional recreation sites, including softball and other fields, was established through the Eagle County Recreation Planning Process. - Eagle County acquired a 146 acre parcel adjoining the County Fairgrounds near Eagle. 198$-89 - Further Eagle County recreation planning proposed Eagle and Edwards sites for recreationlpark development. - Eagle County Commissioners accepted mandate to coordinate county-wide recreation effort. - George Gillett, owner of Vail Associates, Inc., acquired a contract to purchase the Berry Creek 5th Filing at Edwards. - County Recreation Task Force was formed. George Gillett offered the Task Force a no-cost option to purchase the property, if they could agree on a plan by January 1, 1990. 1990 - The Task Force agreed to accept the Gillett offer. The Town of Vail purchased the Berry Creek 5th Filing in order to put it into public ownership until acounty-wide election could be held. - If the question is passed, Eagle County will own and develop the sites. If it is defeated, no additional County purchase or development will occur. Furthermore, the Town of Vail will be free to sell the Edwards site. - Representatives from all communities in Eagle County have been asked to join the Task Force. - Public meetings are now in progress to provide information and to begin the developmental planning process. 4/10/9tl - County-wide special election to provide revenue for recreation at all three sites and a 10 acre site far development of affordable housing at Berry Creek-Miller RanchlEdwards. • • BALLOT QUESTION "Shall the Board of County Commissioners of Eagle County be granted authority to levy ad valorem taxes on all taxable property in said County in an amount exceeding the limitation imposed by section 29-1-301, Colorado Revised Statutes, as amended, or successor provisions, such additional tax levy to be made in the year 1,990 far collection in 1991 in an amount not exceeding $1,800,000 and the revenue derived therefrom to be included in determining such limitation in subsequent years, such additional revenues to be used by the County to establish and operate a system of public recreation facilities and playgrounds in said County which may include acquiring up to ten acres of real Y...l...rty in said County for the purpose of providinga site for the development of affordable housing7" For Additional ~ Against Additional Tax Levy Tax Levy Note: This additional levy would result in an estimated increase of taxes of $45 per $] t7t1_tlflfl nf~arket value nn residential ~r_o~v_and of $87 per $104.000 of market value on commercial. industrial, or vacant property and personal property. - ANNUAL PROCEEDS AND COSTS Approval of the ballot issue results in $1.8 million generated in 1991 to pay debt service, operating casts, and to initiate a reserve fund restricted for recreation facilities and operations that over time will provide funds for additional development on ail sites. In subsequent years, that amount is assumed to increase 2.5% per year due to growth in the tax base. In an effort to be financially responsible and conservative, operations and administration costs have been budgeted. No operating revenue has been assumed. However, when operating revenue is realized, including user fees, it will be applied to the reserve fund for Phase II development. For example: 1992 -First Full Year of Operation proceeds Property Tax $1,845,004 User Fees _ -0- TotalProceeds $1,845,000 x s Operations and Administration $ 472,160 Debt Service to be used for capital costs 1,041,000 Reserve Fund for Development of additional facilities on all sites (Phase II) 331.f34D Total Expenses $1,845,000 "- 4 I' ~ ~ ~ CAPITAL COSTS -- PHASE I The annual debt service identified, {see Expense Section above}, will support the fallowing capital costs in Phase I. Berry Creek-Miller RanchlFdwards (105 acres)-(11S acres) Land Acquisition $ 3,370,000 Infrastructure and Recreatian/Park Development 5,016,520 included in first phase of development: 1) Four field softball complex 2) Two multiple purpose athletic fields 3) Quarter-mile running track and football field 4) Open activity areas for volleyball, croquet, horseshoes, and other court games 5) Maintain equestrian center at present location EaglclGypsum Indoor recreation facility or park development including athletic/softball fields 500,000 Aasalt/El Jebel Recreation/park development 700,000 Capitalized InterestlContingency 163.480 Total Capital Costs -- Phase i $10,05{7,000 OPERATIONS AND MANAGEMENT All options for operating and managing these facilities will be examined, including contracting with existing govem- mental andlar private entities to ensure efficient operation and to avoid duplication. AFFORDABLE HOUSING 'The money venerated by this election cannot he used to construct housing However, ten acres of land as specified in the purchase contract on the Edwards site will be set aside for the development of affordable housing. It is anticipated that the housing will be developed privately with public cooperation. The specific type of development, architectural design, and location will be determined based upon the results of the affordable housing survey now being conducted on a county-wide basis as well as a public planning process which will involve representatives of the neighboring areas. The importance of linking this site to job centers is acknowledged. A master transportation plan for Eagle County is currently underway. PLANNING PROCESS A full County planning process will be undertaken, including extensive public input, Eo determine site specific plans for all recreation facilities and affordable housing. ~ ~ ~ FOR MORE INFORMATION Public meetings will be held throughout the county up until the election. Watch for specific dates and locations in your area. Please direct questions or comments regarding this issue to the following Eagle County Recreation Task Force members: Don Welch, Eagle County Commissioner Jerry Davis, Avon Town Council Jim Stovall, Avon Town Council Bill Cunningham, Eagle Town Board Darell Wegert, Mayor, Minturn Sharon Iversen, Red Cliff Town Board Peggy Ost.;Ef;,as, Vail Town Council Merv Lapin, Vail Town Council Bill Heicher, Western Eagle County Recreation District Bill Johnson, Western Eagle County Recreation District VOTER ELIGIBILITY 328-7311 949-S2S7 476-7575 949-4200 328-2396 827-5633 827-5291 476-0503 476-5483 328-7104 328-7182 TO BE ELIGIBLE TO VOTE, A PERSON MUST BE A REGISTERED ELECTOR IN EAGLE COUNTY. A registered elector is a citizen of the United States, 18 years of age, who has resided both in the State of Colorado, as well as Eagle County, 32 days prior to the election, and considers Eagle County his/her sole legal place of residence. VOTER REGISTRATION A person can register to vote at any Municipal Office in Eagle County or the County Clerk and Recorder's Office in Eagle (i.e., Town of Vail, Town of Avon, Town of Minturn, Town of Red Cliff, etc.}, or at the Division of Motor Vehicles. Voter registration must occur by Friday. March 16. 1990. at 5:00 p.m. ABSENTEE BALLOTS Upon requesk at the Eagle County Clerk and Recorder's Office, an application for an absentee ballot will be mailed. Upon receipt of this written application with voter signature, an absentee ballot will be mailed. Eagle County Clerk and Recorder Attn: Johnnette Phillips P. O. Box S37 Eagle, CO 81631 303-328-7311 or 303-949-5257 VOTING LOCATIONS Precinct 001 Precincts 002, 012, 013, 014 Precinct 003 Precinct 004 Precincts 005, 016 Precincts 006, 009 Precinct 007 Precinct Otl8 Precinct 010 Precinct 011 Precincts 015A, 0158 Precinct 017 Red Cliff Community Center Vail Municipal Building Minturn Town Hall Lutheran Church, Edwards Eagle Community Center Gypsum Fire House Basalt Town Hall El Jebel Fire House Residence of Bill & Jill Schlegel 1881 Derby Mesa Loop, Burns McCoy School Avon Municipal Building Battle Mountain High School 1 s ~~~ ~ • • " EAGLE COUNTY RECREATION AND HOUSING SPECIAL ELECTION FACT SHEET APRIL 10, 1990 7'he Eagle County Commissioners, in concert with the Eagle County Recreation Task Force, have set a special election for the purpose of creating annual revenue to: - Purchase and develop a site for recreation in Berry Creek-Miller Ranch/Edwards - Provide recreation development in the EaglelGypsum area - Provide recreation development in the Basalt/E13ebe1 area - Provide a 10 acre site for private development of affordable pausing at Berry Creek-Miller Ranch/ Edwards HYSTORY 1986-87 - County-wide recreational needs assessment was completed. Need for additional recreation sites, including softball and other fields, was established through the Eagle County Recreation Planning Process. - Eagle County acquired a 146 acre parcel adjoining the County Fairgrounds near Eagle. 1988-89 - Further Eagle County recreation planning proposed Eagle and Edwards sites for recreation/park development. - Eagle County Commissioners accepted mandate to coordinate county-wide recreation effort. - George Gillett, owner of Vail Associates, Inc., acquired a contract to purchase the Berry Creek 5th Filing at Edwards. - County Recreation Task Force was formed. George Gillett offered the Task Force a na-cost option to purchase the property, if they could agree on a plan lsy 3anuary 1, 1990. 1990 - The Task Farce agreed to accept the Gillett offer. The Town of Vail purchased the Berry Creek 5th Filing in order to put it into public ownership until acounty-wide election could be held. - If the question is passed, Eagle County will own and develop the sites. If it is defeated, no additional County purchase or development will occur. Furthermore, the Town of Vail will be free to sell the Edwards site. - Representatives from all communities in Eagle County have been asked to join tpe Task Force. - Public meetings are now in progress to provide infarrnation and to begin the developmental panning process. 4110190 - County-wide special election to provide revenue for recreation at all three sites and a 10 acre site far development of affordable housing at Berry Creek-Miller Ranch/Fdwards. ~ ~ • • $~LO~QUEST C~ "Shall the Board of County Commissioners of Eagle County be granted authority to levy ad valorem taxes on all taxable property in said County in an amount exceeding the limitation imposed by section 29-1-301, Colorado Revised Statutes, as amended, or successor provisions, such additional tax levy to be made in the year 199(? for collection in 1991 in an amount not exceeding $1,800,000 and the revenue derived therefrom to be included in determining such limitation in subsequent years, such additional revenues to be used by the County to establish and operate a system of public recreation facilities and playgrounds in said County which may include acquiring up to ten acres of real property in said County for the purpose of providing a site for the development of affordable housing?" For Additional ~ Against Additional Tax Levy Tax Levy Note: This additional levy would result in an estimated increase of taxes of $ and of $87 per X100.000 of market value on commercial. industrial. or vacant property and personal property. ANNUAL PROCEEDS AND COSTS Approval of the ballot issue results in $1.8 million generated in 1991 to pay debt service, operating costs, and to initiate a reserve fund restricted for recreation facilities and operations that over time will provide funds for additional development on all sites. In subsequent years, that amount is assumed to increase 2.5% per year due to growth in the tax base. In an effort to be financially responsible and conservative, operations and administration costs have been budgeted. No operating revenue has been assumed. However, when operating revenue is realized, including user fees, it will be applied to the reserve fund for Phase II development. Fnr example: 1992 -First Full Year of Operation Proceeds Property Tax $1,845,000 User Fees -0- Total Proceeds $1,845,000 Rxnr;nsPs Operations and Administration $472,160 Debt Service to be used for capital costs 1,041,000 Reserve Fund for Development of additional facilities on all sites (Phase II) 33t.R40 Total Expenses $1,845,000 .. ~- CAPITAL COSTS -- PHASE I "I'he annual debt service identified, {see Expense Section above), will support the following capital costs in Phase I. Berry Creek-Miller Ranch/Edwards (10S acres)-{115 acres) Land Acquisition $ 3,370,000 Infrastrucwre and Recrcation/Park Development 5,016,520 Included in first phase of =i~.~ elopment: 1) Four field softball complex 2) Two multiple purpose athletic fields 3) Quarter-mile running track and football field 4) Open activity areas for volleyball, croquet, horseshoes, and other courk games 5) Maintain equestrian center at present location EaglclGypsum Indoor recreation facility or park development including athleticlsoftball fields 800,000 I3asalt/lJ] Jcbcl Recreation park development 700,000 Capitalized Interest/Contingency 163.4f3(1 Total Capital Costs -- Phase I $10,050,000 QPERATIONS AND ~;~,~NAGEMENT All options for operating and managing these facilities will be e~::irained, including contracting with existing govern- mental andlor private entities to ensure efficient operation and to avoid duplication. AFFORDABLE HOUSING 't'he money venerated by this election cannot be used to construct housing However, ten acres of ].and as specified in the purchase contract on the Edwards site will be set aside for the development of affordable housing. It is anticipated that the housing will be developed privately with public cooperation. The specific type of development, architectural design, and location will be determined based upon the results of the affordable housing survey now being conducted an a county-wide basis as well as a public planning process which will involve representatives of the neighboring areas. The importance of linking this site to job centers is acknowledged. A master transportation plan for Eagle County is currently underway. PLANNING PROCESS A full County planning process will be undertaken, including extensive public input, to determine site specific plans far all recreation facilities and affordable housing. • FOR MORE INFORMATION Public meetings will be held throughout the county up until the election. Watch for specific dates and locations in your area. Please direct questions or comments regarding this issue to the following Eagle County Recreation Task Force membe[s: Dan Welch, Eagle County Commissioner 328-7311 949-5257 Jerry Davis, Avon Town Council 476-7575 Jim Stovall, Avon Town Council 949200 Bill Cunningham, Eagle Town Board 328-2396 Darell Wegert, Mayor, Mintum 827-5633 Sharon Iversen, Red Cliff Town Board 827-5291 Peggy Osterfoss, Vail Town Council 476-0503 Merv Lapin, Vail Town Council 476-54$3 Bill Heicher, Western Eagle County Recreation District 328-7104 Bill Johnson, Western Eagle County Recreation District 32$-7182 VOTER ELIGIBILITY TO BE ELIGIBLE TO VOTE, A PERSON MUST Bl: A REGISTERED ELECTOR IN EAGLE COUNTY. A registered elector is a citizen of the United States, 18 years of age, who has resided both in the State of Colorado, as well as Eagle County, 32 days prior to the election, and considers Eagle County his/her sole legal place of residence. VOTER REGISTRATION A person can register to vote at any Municipal Office in Eagle County or the County Clerk and Recorder's Office in Eagle (i.e., Town of Vail, Town of Avon, Town of Minturn, Town of Red Cliff, etc.), or at the Division of Motor Vehicles. Voter registration must occur by Fridav. March 16. 1990. at 5:00 p.m. ABSENTEE BALLOTS Upon request at the Eagle County Clerk and Recorder's Office, an application for an absentee ballot will be mailed. Upon receipt of this written application with voter signature, an absentee ballot will be mailed. Eagle County Clerk and Recorder Attn: Johnnekte Phillips P. O. Box 537 Eagle, CO 81631 303-328-7311 or303-949-5257 VOTING LOCATIONS Precinct 001 Precincts 002, 012, Q13, 014 Precinct 003 Precinct 004 Precincts 005, 016 Precincts a06, 009 Precinct 007 Precinct 008 Precinct 010 Precinct 011 Precincts 015A, O15B Precinct 017 Red Cliff Community Center Vail Municipal Building Mintum Town Hall Lutheran Church, Edwards Eagle Community Center Gypsum Fire House Basalt Town Hall E1 Jebel Fire House Residence of Bill & Jill Schlegel 1881 Derby Mesa Loop, Burns McCoy School Avon Municipal Building Battle Mountain High School " ~ ..