Loading...
HomeMy WebLinkAbout1992-24 Emergency Ordinance Authorizing the Issuance of the Town of Vail General Obligation Bonds, Series 1992A, for the Purpose of Refunding a Portion of the Town's Outstanding Genera Obligation Refunding Bonds, Series 1985T ,~ ~ ORDINANCE NO. 24 SERIES OF 1992 AN EMERGENCY ORDINANCE AUTHORIZING THE ISSUANCE OF THE TOWN OF VAIL, COLORADO, GENERAL OBLIGATION REFUNDING BONDS, SERIES 1992A FOR THE PURPOSE OF REFUNDING A PORTION OF THE TOWN'S OUTSTANDING GENERAL OBLIGATION REFUNDING BONDS, SERIES 1985; PRESCRIBING THE FORM OF SAID BONDS; PROVIDING FOR THE LEVY OF GENERAL AD VALOREM TAXES TO PAY THE PRINCIPAL OF AND THE INTEREST ON THE BONDS; PROVIDING OTHER COVENANTS AND DETAILS IN CONNECTION THEREWITH; REPEALING ALL ORDINANCES IN CONFLICT THEREWITH; AND DECLARING AN EMERGENCY. i NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO: Section 1. Definitions. As used herein, unless the content requires otherwise, the capitalized terms below shall have the following meanings. All definitions include the singular and plural and include both genders. Certain terms are defined parenthetically elsewhere in this Ordinance. Bond Fund: the fund by that name created by this Ordinance. Bond Insurer: Municipal Bond Investors Assurance Corporation or its successars. Bond Insurance Policv: the financial guaranty insurance policy issued by the Bond Insurer guaranteeing the payment of principal of and interest on the 1992A Bands. Bond Purchase Agreement: the Purchase Agreement dated September 29, 1992 between the Town and the Underwriters, concerning the purchase of the Bonds by the Underwriters. Bond Registrar or Registrar: Central Banlc National Association in Denver, Colorado, or its successor, which shall perform the registration and transfer functions as set forth in this Ordinance. ~ ~ i t .~ s ~. y Bonds or 1992 Bonds: the Town's Genera! Obligation Refunding Bonds, Series 1992A dated October 1, 1992 and issued in the aggregate principal amount of $7',SOA,400, as authorized by this Ordinance. Business Dav: any day other than a Saturday, Sunday or other day on which banks in Denver, Colorado are required or authorized to be closed. Charter: the home rule charter of the Town, as it may be amended from time to time. Council: the Town Council of the Town. escrow Account; the account created and designated as the 19$S Escrow Account in the Escrow Agreement, Escrow Agreement: the Escrow Agreement dated as of October 1, 1992 between the Town and the Escrow Bank, Escrow Bank: Central Bank National Association, Denver, Colorado, or its successor, which shall perform the function of escrow bank as set forth in this Ordinance and the Escrow Agreement. Governmental Obligations: any of the following which are noncallable and which at the time of investment are legal investments under the laws of the State for the moneys proposed to be invested therein: (a) direct general obligations of, or obligations the payment of principal of and interest on which are unconditionally guaranteed by, the United States of America; (b) bonds, debentures, notes, or other evidences of indebtedness issued by the Export-Import Bank of the United States, the Federal Financing Bank, the Farmers Home Administration, or the U.S. Department o€ Housing and Urban Development; or (c} evidences of ownership interests in obligations described in paragraph (a) or (b) above. Insurance Paving Agent: Citibank, N.A., or its successors under the Bond Insurance Policy. -2- • ' Letter of Representations: the Letter of Representations between the Town and The Depository Trust Company. 1985 Bonds: The Town's General Obligation Refunding Bands, Series 1985. 1985 Ordinance: Ordinance No. 23, Series of 1985, as amended by Ordinance Na. 29, Series of 1985. Ordinance: this Ordinance, which authorizes the issuance of the Bonds. Outstanding means, as of any date of calculation, all Bonds theretofore executed, issued and delivered by the Town except: (i} Bonds theretofore cancelled by the Town or Bond Registrar or surrendered to the Town or Bond Registrar for cancellation; (ii} Bonds in lieu af, or in substitution for which, other Bonds shall have been executed, issued and delivered by the Town and authenticated by the Bond Registrar unless proof satisfactory to the Bond Registrar is presented that any such Bonds are duly held by the lawful registered owners thereof; or {iii) Bonds deemed to have been paid within the meaning of Section 28 hereof. Owner: when used with respect to a Bond or Bonds, means the registered owner of any Outstanding Bond. Paving Agent: Central Bank National Association in Denver, Colorado or its successor, which shall perform the functions of registrar and paying agent for the Bands as set forth in this Ordinance. Paving Agent A~'reement: the agreement for registrar and paying agent services dated as of September 1, 1992 between the Town and the Paying Agent. Permitted investments: any investments or deposits shown on the list attached hereto as Exhibit I, to the extent permitted by the Charter and applicable ordinances of the Town. Preliminary Official Statement: the Preliminary Official Statement far the Bonds. Record Date; the fifteenth day of the, calendar month next preceding each interest payment date. -3- i Refunded Bond Reauirements: (a) the interest due in connection with the Refunded Bonds as the same comes due an and after December 1, 1992 and on and before December i, 1995 and (b) the principal of the Refunded Bonds due in connection with the redemption of the Refunded Bonds on December 1, 1995. Refunded Bonds: the 1985 Bonds maturing on and after December 1, 199b. Refunding Proiect: the refunding, paying and discharging of the Refunded Bond Requirements. Special Record Date: the date established in Section 3 hereof to determine the registered owner entitled to the payment of delinquent interest. Tax Code: the internal Revenue Code of 1986, as amended to the date of delivery of the Bonds, and applicable regulations and rulings thereunder or under any predecessor thereto. Town: the Tnwn of Vail, Colorado Underwriters; Kemper Securities, Inc. and George K. Baum & Company of Denver, Colorado, the original purchasers of the Bonds. Section 2. Recitals. A. Pursuant to the 1985 Ordinance, the Town has heretofore issued the 1985 Bonds. B. The 1985 Bonds were issued in the original aggregate principal amount of $21,715,000, of which $14,964,000 remains outstanding, bearing interest at the rates designated below payable semiannually on June 1 and December 1 each year, and maturing on December 1 in each of the years and amounts as follows: .4. .~ • r Principal Interest Maturity Amount Rate 1992 $1,445,000 7.700% 1993 1,555,000 7.9D0 1994 1,675,000 8.100 1995 1,815,000 8.300 1996 1,965,000 8.500 1997 2,130,000 8.525 1998 2,315,000 8.75D 1999 2,060,000 8900 C. The 1985 Bonds maturing on and after December 1, 1996 are redeemable at the option of the Town on December 1, 1995, upon payment of par and accrued interest. D. The Town is not delinquent in the payment of the principal of or interest on any of the 1985 Bonds. E. Chapter X of the Town Charter authorizes the Council to issue refunding bonds, F. The Council has determined and hereby declares that it is in the Town's best interest to refund, pay and discharge the Refunded Bonds maturing on the dates and in the amounts set forth below upon prior redemption of such bonds on December 1, 1995: Principal Maturing Amount December 1 $1,965,00(} 199b 2,130,000 1997 2,315,000 1998 2,060,000 1999 G. The Council has determined to authorize and issue its general obligation refunding bonds in the principal amount of $7,500,000 for the purpose of defraying the costs of the Refunding Project. -5- ~ ~ ~ ~ ~ ~ H. The Town has received a proposal from the Underwriters for the purchase of the Bonds. I. There have been presented to Council the forms of: (i) Escrow Agreement; (ii) Bond Purchase Agreement; (iii) Paying Agent Agreement; (iv) Preliminary Official Statement .and final official statement for the Bands; and (v) Letter of Representations. J. It is necessary to provide for the form and details o€ the Bonds, the payment of the Bonds, the payment and discharge of the Refunded Bonds, and other provisions relating to the authorization and issuance of the Bonds. Section 3. Authorization. In accordance with the Charter, the' constitution and laws of the State of Colorado, and the provisions of this Ordinance, the Town hereby authorizes the issuance of its general obligation refunding bonds, each to be designated "Town of Vail, Colorado, General Obligation Refunding Bond, Series 1992A" in the aggregate principal amount of $7,SOO,OOD, for the purpose of financing the Refunding Project and paying costs of issuing the Bonds. Section Q. Bond Details. The Bonds shall be issued in fully registered form {i.e., registered as to payment of both principal and interest), initially registered in the name of Cede and Co. as nominee for The Depository Trust Company, New York, New York, as securities depository for the Bonds. The Bonds shall be issued in denominations of $5,000 and any integral multiple thereof (provided that no Bond may be in a denomination which exceeds the principal coming due on any maturity date and no individual Bond will be issued for more than one maturity}. The Bonds shall be dated as of October 1, 1992. The Bonds s r -6- '~ 0 shall be numbered in the manner determined by the Bond Registrar. The Bonds shall bear interest at the rates per annum shown below payable to the registered owner of the Bonds from their date to maturity semiannually on June 1 and December 1 in each year, commencing June 1, 1993, except that Bands which are reissued upon transfer, exchange or other replacement shall bear interest at the rates shown below from the most recent interest payment date to which interest has been paid or duly provided for, or if no interest has been paid from the date of the Bonds. The Bonds shall mature on the dates and bear interest as follows: Amounts Maturing Interest Rate Per Annum Maturity Dates $ 500,000 3.00% June 1, 1993 100,000 4.80 December 1, 1997 ' 400,000 5.10 December 1, 1998 500,000 5.30 December 1, 1999 800,000 5.50 December 1, 2000 1,000,000 5.65 December 1, 2001 1,050,000 5.80 December 1, 2002 3,150,000 6.00 December 1, 2005 The principal of and premium, if any, o-- .ny Band shall be payable to the registered owner thereof as shown on the registration boUics kept by the Bond Registrar upon maturity ar prier redemption of the Bonds and upon presentation and surrender at the principal corporate trust ofQce of the Bond Registrar. If any Bond shall not be paid upon such presentation and surrender at or after maturity, it shall continue to draw interest at the interest rate borne by said Bond until the principal thereof is paid in full. Payment of interest on any $ond shall be made to the registered owner thereof by check or draft mailed by the Paying Agent, on or before each interest payment date (or, if such interest payment date is not a business day, on or before the next succeeding business day}, to the registered owner thereof at his or her address as it last appears on the registration books kept by the Band Registrar on the Record Date; but any such interest not so timely paid or duly provided for shall cease to be payable to the person who is the registered owner thereof at the close of business on the Record Date and shall be payable to the person who is the registered -7- 1 owner thereof at the close of business on a Special Record Date far the payment of any such defaulted interest. Such Special Record Date and the date fixed far the payment of such interest shall be fixed by the Paying Agent whenever moneys become available for payment of the defaulted interest. Notice of -the Special Record Date shall be given to the registered owners of the Bonds not less than ten days prior thereto by first class mail to each such registered owner as shown on the Bond Registrar's registration books an a date selected by the Paying Agent, stating the date of the Special Record Date and the date fixed for payment of such defaulted interest. The Paying Agent may make payments of interest on any Bond by such alternative means as may be mutually agreed to between the owner of such Bond and the Paying Agent. All such payments shall be made in lawful money of the United States of America, without deduction for services of the Bond Registrar or Paying Agent. Section S. Prior Redemption. A. Bonds maturing nn ar before December 1, 2002 are not subject to prior redemption. Bands maturing on December 1, 2005 are subject to redemption prior to their respective maturities, at the option of the Town, in whale, or in part in integral multiples of $5,000, from such maturities as are selected by the Town, and if less than all of the Bonds of a maturity are to be redeemed by lot within a maturity in such manner as the Bond Registrar may determine, on December 1, 2002, or on any date thereafter at the redemption prices set forth below (expressed as a percentage of the principal amount so redeemed} plus interest thereon to the redemption date: Redemption Redemption Dates Priees December 1, 2002 through November 30, 2003 101% December 1, 2003 and thereafter 100 B. The Bonds maturing on December 1, 2005 are subject to mandatory sinking fund redemption at a price equal to the principal amount thereof plus accrued interest to the redemption date. Bonds subject to mandatory sinking fund redemption shall be selected by the Bond Registrar by lot {giving proportionate weight to Bonds in denominations i _g. a ~ ~~ ' larger than $S,D00} in such manner as the Bond Registrar may determine. The Town shall redeem (after credit as provided below} on the following dates the following principal amounts of the Bonds maturing on December 1, 2405: Principal Date Amount December 1, 2443 $1,150,000 December 1, 2004 1,0,400 The remaining $750,000 of the Bonds maturing on December 1, 2005 shall be paid upon presentation and surrender at maturity unless redeemed pursuant to optional redemption prior to maturity. Not more than 64 nor less than 30 days prior to each such sinking fund payment date, the Bond Registrar shall proceed to call the principal amount of Bonds indicated above (or any Bond or Bands issued replace such Bonds) for redemption on the next 3une 1 or December 1, and give notice of such call without further instruction or notice from the Town. At its option, to be exercised on or before the sixtieth day next preceding any such sinking fund redemption date, the Town may (i) deliver to the Bond Registrar for cancellation Bonds subject to mandatory sinking fund redemption in an aggregate principal amount desired or (ii) receive a credit in respect of its sinking fund redemption obligation for any Bonds subject to mandatary sinking fund redemption which prior to said date have been redeemed (otherwise than through the operation of the sinking fund} and cancelled 6y the Band Registrar and not theretofore applied as a credit against any sinking fund redemption obligation. Each Bond so delivered or previously redeemed will be credited by the Bond Registrar at the principal amount thereof on the obligation of the Town on such sinking fund redemption date and the principal amount of Bonds to be redeemed accordingly reduced. The Town will on or before the sixtieth day next preceding each sinking fund redemption date furnish the Bond Registrar a certificate indicating whether or not and to what extent the -9- provisions of (i) and (ii) of the preceding sentence are to be availed with respect to such sinking fund payment. Failure of the Town to deliver such certificate shall not affect the Bond Registrar's duty to give notice of sinking fund redemption as herein provided. C. In the case of Bands of a denomination larger than $5,000 a portion of such Bonds {$5,000 or any integral multiple thereof) may be redeemed, in which case the Bond Registrar shall, without charge to the owner of such Bonds, authenticate and issue a replacement Bond nr Bonds for the unredeemed portion thereof. D. Unless waived by the Registrar, the Town shall give written instructions concerning any prior redemption pursuant to paragraph A to the Band Registrar at least 60 days prior to such redemption date. Notice of .any redemption shall be given by the Bond Registrar in the name of the Town by sending a copy of such notice by first-class mail, postage prepaid, not more than b0 days and not less than 30 days prior to the- redemption date to the Underwriters and to each registered owner of any Bond all; or a portion of which is called far prior redemption at his address as it last appears on the registration books kept by the Bond Registrar, unless such notice is waived by the Underwriters and such registered owner. Failure to give such notice by mail to the registered owner of any Bond or to the Underwriters, or any defect therein, shall not affect the validity of tl}e proceedings for the redemption of any other Bonds. Such notice shall identify the Bonds or portions thereof to be redeemed (if less than all are to be redeemed) and the date faced for redemption, and shall further state that on such redemption date the principal amount thereof and the designated premium thereon will become due and payable at the Band Registrar, and that from and -after such date interest will cease to accrue. Accrued interest to the redemption date will be paid by check or draft mailed to the registered owner (or by alternative means if so agreed to by the Bond Registrar and the registered owner). Notice having been given in the manner hereinbefore provided, the Bond or Bonds so called for redemption shall become due and payable on the redemption date so designated; and upon presentation thereof at the Band Registrar the -ia '9 ~ ~ .i i • .~ Town will pay the Bond or Bonds so called far redemption. If any Bond called for redemption shall not be so paid upon surrender thereof for redemption, the redemption price and, to the extent lawful, interest thereon shall, until paid, bear interest from the redemption date at the rate borne by the Bond. Section 6. Form and Execution of Bonds. The Bands shall be signed with the facsimile nr manual signature of the Mayor of the Town, sealed with a facsimile or manual impression of the seal of the Town, and attested by the facsimile or manual signature of the Town Clerk. Should any officer whose facsimile or manual signature appears on the Bonds cease to be such officer before delivery of the Bonds to the purchaser, such facsimile ar manual signature shall nevertheless be valid and sufficient for all purposes. The Bonds shall be in substantially the following fnrm (provided that any of the text of the Bonds may, with appropriate reference, be printed on the back of the Bonds) and may include provisions for bond insurance, if any. -11- jFonn of Bond] * Insert only if bonds are delivered pursuant to Section S of this ordinance. * * Insert only if bonds are initially delivered to The Depository Trust Company pursuant to Section 9 of this ordinance. No. R- UN t ~, ~D STATES OF AMERICA STATE OF COLORADO COUNTY OF EAGLE TOWN OF VAIL GENERAL OBLIGATION REFUNDING BOND SERIES 1992A INTEREST RATE MATURITY DATE DATED DATE CUSIP October Z, 1992 REGISTERED OWNER: PRINCIPAL AMOUNT: On the faith, credit and behalf of the Town of Vail, in the County of Eagle and State of Colorado, a municipal corporation duly organized and operating under the Town Charter and the constitution and laws of the, State of Colorado, for value received, hereby acknowledges said Town indebted and promises to pay to the registered owner named above, or registered assigns, an the maturity date specifiied above, the principal amount specified above, or the Maturity Date specified above {unless called for earlier redemption) interest thereon payable on dune 1 and December 1 in each year commencing on June 1, 1993 at the Interest Rate per annum specified above, until the Principal Amount is paid or payment has been provided therefor. This bond will bear interest payable to the Registered Owner at the n -f 2- =i • • C Interest Rate specified above from the most recent interest payment date to which interest has been paid or provided far, or, if no interest has been paid, from the date of this bond. The principal of and premium, if any, on this bond are payable upon presentation and surrender hereof at the principal corporate trust office of the Town's Paying Agent (the "Paying Agent"), originally Central Bank National Association in Denver, Colorado. Interest payable to the Registered Owner of this bond will be paid on each interest payment date (or, if such interest payment date is not a business day, on the next succeeding business day}, by check or draft mailed to the person in whose name this bond is registered (the "Registered Owner"} in the registration records of the Town maintained by the Town's Bond Registrar (the "Bond Registrar'), originally Central Bank National Association in Denver, Colorado, and at the address appearing thereon at the close of business on the fifteenth day of the calendar month next preceding such interest payment data (the "Record Date"). Any such interest not so timely paid or duly provided for shall cease to be payable to the person who is the Registered Owner hereof at the close of business on the Record Date and shall be payable to the person who is the registered owner hereof at the close of business on a Special Record Date (defined in the Ordinance of the Town Council adopted on September 29, 1992 authorizing this bond [the "Bond Ordinance"j), for the payment of any defaulted interest. Such Special Record Date and the date for the payment of such interest shall be fixed by €he Paying Agent whenever moneys become available for payment of the defaulted interest, and notice of the Special Record Date and the date for the payment of such interest shall be given to the registered owners of the bonds of the series of which this is one (the "Bonds") not less than ten days prior thereto. All such payments shall be made in lawful money of the United States of America without deduction for the services of the Bond Registrar or Paying Agent. Bonds of the series of which this bond is a part maturing on December 1, 2005 are subject to prior redemption at the option of the Town, in whole, or in part in integral multiples of $5,0()0, from such maturities as are selected by the Town, and if less than all of the bonds of a maturity are to be redeemed by lot within a maturity in such manner as the Band Registrar may determine, on December 1, 2002 or on any date thereafter at the -13- Y , x ' redemption prices set forth below (expressed as a percentage of the principal amount as redeemed) plus interest thereon to the redemption date: Redemption Redemption Dates Prices December 1, 2002 through November 30, 2003 101% December 1, 2003 through November 30, 2004 14Q.S December 1, 2004 and thereafter 100 The Bonds maturing on December 1, 2445 are also subject to mandatory sinking fund redemption at a price equal to par plus accrued interest as provided in the Band Ordinance. In the cast of Bonds of a denomination larger than $5,040, a portion of such Bond ($5,000 or any integral multiple thereof) may be redeemed, in which case the Band Registrar shall, without charge to the owner of such Bond, authenticate and issue a replacement Bond ar Bonds for the unredeemed portion thereof. Redemption shall be made upon not more than 6{l days' and not less than 34 days' prior mailed notice to a representative of the original purchaser and each Registered Owner as shown on the registration books kept by the Bond Registrar in the manner and upon the conditions provided in the Bond Ordinance. The Bonds of the series of which this is one are fully registered (i.e., registered as to payment of both principal and interest) in denominations of $5,000 and any integral multiple thereof (provided that no Bond may be in a denomination which exceeds the principal coming due on any maturity date and no individual Bond may be issued for more than one maturity). "`Upon surrender of any of such Bonds at the Bond Registrar with a written instrument satisfactory to the Bond Registrar duly executed by the Registered Owner or his duly authorized attorney, such Bond may, at the option of the registered owner or his duly authorized attorney, be exchanged for an equal aggregate }principal amount of such Bonds of the same maturity of other authorized denominations, subject to such terms, conditions and charges as set forth in the Bond Ordinance.* -14- ~~~~! • • r **The Bonds are not transferable or exchangeable, except as set forth in the Band Ordinance.** **Upon any partial prior redemption of this Bond, Cede & Co. in its discretion may request the Bond Registrar to authenticate a new Band or make an appropriate notation on this Bond indicating the date and amount of prepayment, except in the case of final maturity, in which case this Band must be presented to Ehe Bond Registrar prior to final payment.* *This bond is fully transferable by the Registered Owner hereof in person or by his duly authorized attorney on the registration books kept by the Bond Registrar upon surrender of this bond together with a duly executed written instrument of transfer satisfactory to the Bond Registrar. Upon such transfer a new fully registered bond of authorized denomination or denominations of the same aggregate principal amount and maturity will be issued to the transferee in exchange for this bond, subject to such terms, conditions and charges as set forth in the Bond Ordinance.* The Tawn and the Bond Registrar may deem and treat the person in whose name this bond is registered as the absolute owner hereof for the purpose of making payment and for all other purposes. *The Bond Registrar will not be required to transfer or exchange (i} any Bond subject to redemption during a period beginning at the opening of business 1S days before the day of the mailing by the Band Registrar of a notice of prior redemption of Bonds and ending at the close of business on the day of such mailing, or (ii) any Bond after the mailing of notice calling such Bond or any portion thereof far prior redemption, except for the unredeemed portion of Bonds being redeemed in part.* -1.5- The Bonds of which this Bond is one are all of like date, tenor and effect except as to number, principal amount, interest rate, and date of maturity, and are issued by the Town of Vail, in the County of Eagle and State of Colorado, for the purpose of refunding, paying and discharging a portion of the Town's outstanding General Obligation Refunding Bonds, Series 1985 under the authority of and in full conformity with the Town's home rule charter, the constitution and laws of the State of Colorado, and pursuant to the Band Ordinance. The Town, the Paying Agent and the Registrar may deem and treat the registered owner of any Bond as the absolute owner thereof for all purposes (whether or not such Bond shall be overdue) and any notice to the contrary shall not be binding upon the Town, the Paying Agent or the Registrar. It is hereby certified, recited and warranted that all the requirements of law have been complied with by the proper officers of the Town in the issuance of this bond; that the total indebtedness of the Town, including that of this bond, does not exceed any limit of indebtedness prescribed by the Constitution or laws of the State of Colorado; and that provision has been made for the levy and collection of annual taxes sufficient to pay the interest on and the principal of this bond when the same become due. The felt faith and credit of the Town are hereby irrevocably pledged for the punctual payment of the principal of and the interest on this band. This $ond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Bond Ordinance until the certificate of authentication hereon shall have been manually signed by the Registrar. IN TESTIMONY WHEREOF, the Town Council of the Town of Vail has caused this Bond to be signed by the manual or facsimile signature of the Mayor of the x -1G- ' ~ •. Town, sealed with a manual or facsimile impression of the seal of the Town, and attested by the manual or facsimile signature of the Town Clerk, all as of the Dated Date above. (SEAL OR FACSIMILE) TOWN OF VAIL, COLORADO !Manual or Facsimile Signature) Mayor A t~i rSTED: !Manual or Facsimile Si~naturel Town Clerk STATEMENT OF INSURANCE The Municipal Bond Investors Assurance Corporation (the "Insurer"} has issued a policy containing the following provisions, such policy being on file at Central Bank National Association in Denver, Colorado. The Insurer, in consideration of the payment of the premium and subject to the terms of this policy, hereby unconditionally and irrevocably guarantees to any owner, as hereinafter delned, of the following described obligations, the full and complete payment required to be made by ar on behalf of the Issuer to Central Bank National Association or zts Successor (the "Paying Agent") of an amount equal to {i) the principal of (either at the stated maturity or by any advancement of maturity pursuant to a mandatory sinking fund payment} and interest on, the Obligations {as that term is defined below) as such payments shall become due but shall not be so paid {except that in the event of any acceleration of the due date of such principal by reason of mandatory or optional redemption or acceleration resulting from default or otherwise, other than any advancement of maturity pursuant to a mandatary sinking fund payment, the payments guaranteed hereby shall be made in such -17- a ~ y ~ ~ ~ • amounts and at such times as such payments of principal would have been due had there not been any such acceleration); and (ii) the reimbursement of any such payment which is subsequently recovered from any owner pursuant to a final judgment by a court of competent jurisdiction that such payment constitutes an avoidable preference to such owner within the meaning of any applicable bankruptcy law. The amounts referred to in clauses (i) and (ii) of the preceding sentence shall be referred to herein collectively as the "Insured Amounts " "Obligations" shall mean: the Town of Vail, Colorado, General Obligation Refunding Bands, Series 1992A. Upon receipt of telephonic or telegraphic notice, such notice subsequently confirmed in writing by registered or certified mail, or upon receipt of written notice by registered ar certified mail, by the Insurer from the Paying Agent or any owner of an Obligation the payment of an Insured Amount for which is then due, that such required payment has not been made, the Insurer an the due date of such payment or within one business day after receipt of notice of such nonpayment, whichever is later, will make a deposit of funds, in an account with Citibank, N.A., in New York, New York, or its successor, sufficient for the payment of any such Insured Amounts which are then due. Upon presentment and surrender of such Obligations or presentment of such other proof of ownership of the Obligations, together with any appropriate instruments of assignment to evidence the assignment of the Insured Amounts due on the Obligations as are paid by the Insurer, and appropriate instruments to effect the appointment of the Insurer as agent far such owners of the Obligations in any legal proceeding related to payment of Insured Amounts an the Obligations, such instruments being in a form satisfactory to Citibank, N.A., Citibank, N,A. shall disburse to such owners or the Paying Agent payment . of the Insured Amounts due on such Obligations, less any amount held by the Paying Agent for the payment of such Insured Amounts and legally available therefor. This policy does not. insure against 1055 of any prepayment premium which may at any time be payable with respect to any Obligation. r -I8- As used herein, the term "owner" shall mean the registered owner of any Obligation as indicated in the books maintained by the Paying Agent, the Issuer, or any designee of the Issuer for such purpose. The term ovmer shall not include the Issuer or any party whose agreement with the Issuer constitutes the underlying security for the Obligations. Any service of process on the Insurer may be made to the Insurer at its offices located at 113 King Street, Armonk, New York 10504. This policy is non-cancellable for any reason. The premium on this policy is not refundable for any reason including the payment prior to maturity of the Obligations. MUNICIPAL BOND INVESTORS ASSURANCE CORPORATION -19- ~~~~ i ~i i [Form of Bond Registrar's Certificate of Authentication] CER 1 iriCATE OF AUTHENTICATION Date of Registration and Authentication: This Bond is one of the Bonds of the issue described in the within- mentioned Band Ordinance, and this Bond has been duly registered in the registration records kept by the undersigned as Bond Registrar. CENTRAL BANK NATIONAL ASSOCIATION as Bond Registrar By: Authorized Ofi"icer -2Q ~~.• r i **{Form of Frepayment Panel) The following installments of principal {or portion thereof) of this bond have been prepaid in accardance with the terms of the Ordinance authorizing the issuance of this band. Signature of Date of Principal Authorized Prepayment Prepaid Representative of the Depositary (End of Form of Prepayment Panel) MAY BE PRINTED ON THE BACK OF THE BOND AND THE FOLLOWING STATEMENT INSERTED -- REFERENCE IS HEREBY MADE TO THE FURTHER PI20VISIONS OF THIS BOND SET FORTH ON THE REVERSE HEREOF: SUCH PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME Errr,CT AS IF SET FORTH HERE.** -21- ~~~~ i ~ • (Form of Transfer] i ASSIGNMENT *FEES AND TAXES MAY BE CHARGED FOR TRANSFER OR EXCHANGE OF THIS BOND* FOR VALUE RECEIVED, the undersigned sells, assigns, and transfers unto the within Band and does hereby irrevocably constitute and appoint attorney, to transfer said Bond on the records kept for registration thereof with full power of substitution in the premises. Signature of Registered Owner: NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears upon the face of the within Bond in every particular, without alteration or enlargement or any change whatever. Dated: Signature guaranteed: (Bank, Trust Company, or Firm) Address or transferee: Social Security or other tax identification number of transferee: -22- i Section 7. Authentication. No Bond shall be valid or obligatory for any purpose ar be entitled to any security or 6eneht under this Ordinance unless and until a certificate of authentication on such Bond substantially in the form hereinabove set forth shall have been duly manually executed by the Bond Registrar, and such executed certificate of the Band Registrar upon any such Bond shall be conclusive evidence that such Bond has been authenticated and delivered under this Ordinance. The Bond Registrar's certificate of authentication an any Bond shall be deemed to have been executed by it it signed by an authorized officer or signatory of the Bond Registrar, but it shall not be necessary that the same officer or signatory sign the certificate of authentication on all of the Bonds issued hereunder. By authenticating any of the Bonds initially delivered pursuant to this Ordinance, the Bond Registrar and Paying Agent shall be deemed to have assented Ea the provisions of, and to have agreed to abide by and to perform the duties provided far them in, this Ordinance. After the adoption of this Ordinance, the Town shall execute the Bonds and deliver them to the Bond Registrar, and the Bond Registrar shall authenticate the Bonds and deliver them to the purchasers thereat, as directed by the Tawn. Section $. Registration. Transfer and F..,xchang_e,. A. Except as provided in Section 9 hereof, records for the registration and transfer of the Bonds shall be kept by the Bond Registrar, which is hereby appointed by the Town as registrar {i.e., transfer agent} for the Bands. Upon the surrender for transfer of any Bond at the principal office of the Bond Registrar, duly endorsed for transfer or accompanied by an assignment duly executed by the registered owner or his attorney duly authorized in writing, the Band Registrar shall enter such transfer on the registration retards and shall authenticate and deliver in the name of the transferee or transferees a new Bond or Bonds of a like aggregate principal amount and of the same maturity, bearing a number or numbers not previously assigned. Bonds may be exchanged at the principal office of the Bond Registrar for an equal aggregate principal amount of Bonds of the same maturity of other authorized denominations. The Band Registrar shall authenticate and deliver a Bond or Bonds which the registered owner making the exchange is entitled to receive, bearing a number or numbers not previously assigned. The Band Registrar may impose reasonable charges in connection with such exchanges and -23- transfers of Bonds, which charges (as well as any tax or other governmental charge required to be paid with respect to such exchange or transfer) shall be paid by the registered owner requesting such exchange or transfer. B. The Bond Registrar shall not be required (i) to transfer or exchange all or a portion of any Bond subject to prior redemption during the period beginning at the opening of business 15 days next preceding the mailing of notice calling any Bonds for prior redemption as herein provided or {2) to transfer or exchange all or a portion of a Bond after the mailing of notice calling such Bond or portion thereof for prior redemption, except for the unredeemed portion of Bonds being redeemed in part. C. Except as herein provided with respect to Record Dates and Special Record Dates, the person in whose name any Bond shad be registered on the registration records kept by the Bond Registrar shall be deemed and regarded as the absolute owner thereof far the purpose of making payment thereof and for all other purposes and payment of or on account of principal of and interest on any Bond shall be made only to or upon the written order of the registered owner thereof or his or her legal representative, but such registration may be changed upon transfer of such Bond in the manner and subject to the conditions and limitations provided herein. All such payments shall be valid and effectual to discharge the liability upon such Bond to the extent of the sum or sums so paid. D. The officers of the Town are authorized to deliver to the Bond Registrar fully executed but unauthenticated Bonds in such quantities as may be convenient to be held in custody by the Bond Registrar pending use as herein provided. Section 9. Book Entrv. A. Notwithstanding any contrary provision of this Ordinance, the Bands shall initially be evidenced by one Bond for each maturity in which the Bonds mature in denominations equal to the aggregate principal amount of the Bonds maturing for that maturity. Such initially delivered Bonds shall be registered in the name of -24 :, i i • "Cede & Co." as nominee for The Depository Trust Company, the securities depository for the Bonds. The Bonds may not thereafter be transferred or exchanged except: {1) to any successor of The Depository Trust Company or its nominee, which successor must be both a "clearing corporation" as defined in Section 4-&102(3}, Colorado Revised Statutes and a qualified and registered "clearing agency" under Section 17A of the Securities Exchange Act of 1934, as amended; or {2) upon the resignation of The Depository Trust Company ar a successor or new depositary under clause (1} or this clause (2} of this paragraph (a}, or a determination by the Council that The Depository Trust Company or such successor or new depositary is no longer able to carry out its functions, and the designation by the Counci! of another depository institution acceptable to the Council and to the depository then holding the Bonds, which new depository institution must be both a "clearing corporation" as defined in Section ~4- 8-102(3}, Colorado Revised Statutes and a qualified and registered "clearing agency" under Section 17A of the Securities Exchange Act of 1934, as amended, to carry out the functions of The Depositary Trust Company or such successor new depository; or (3) upon the resignation of The Depository Trust Company or a successor ar new depository under clause (1) or clause (2) of this paragraph {a), or a determination of the Council that The Depositary Trust Company or such successor or new depository is no longer able to carry out its functions, and the failure by the Council, after reasonable investigation, to locate another qualified depository institution under clause {2) to carry out such depository functions. B. In the case of a transfer to a successor of The Depository Trust Company or its nominee as referred to in clause {1) of paragraph {a) hereof or designation of a new depository pursuant to clause (2) of paragraph {a) hereof, upon receipt of the Outstanding Bonds by the Bond Registrar, together with written instructions for transfer satisfactory to the Bond Registrar, a new Bond far each maturity of the Bonds then -?S- • • ~ Outstanding shall be issued to such successor or new depository, as the case may be, or its nominee, as is specified in such written transfer instructions. In the case of a resignation or determination under clause (3) of paragraph (a) hereof and the failure after reasonable investigation to locate another qualified depositary institution far the bonds as provided in clause (3} of paragraph (a) hereof, and upon receipt of the Outstanding Bonds by the Bond Registrar, together with written instructions for transfer satisfactory to the Bond Registrar, new Bonds shall be issued in the denominations of $5,0()0 or any integral multiple thereof, as provided in and subject to the limitations of Section 7 hereof, registered in the names of such persons, and in such authorized denominations as are requested in such written transfer instructions; however, the Bond Registrar shall not be required to deliver such new Bonds within a period of Less than 60 days from the date of receipt of such written transfer instructions. C. The Council, the Bond Registrar and the Paying Agent shall be entitled to treat the registered owner of any Bond as the absolute owner thereof far all purposes hereof and any applicable laws, notwithstanding any notice to the contrary received by any or all of them and the Council, the Bond Registrar and the Paying Agent shall have no responsibility for transmitting payments to the benel:icial owners of the Bonds held by The Depository Trust Company or any successor or new depositary named pursuant to paragraph (a) hereof. D. The Council, the Bond Registrar and the Paying Agent shall endeavor to cooperate with The Depository Trust Company or any successor or new depositary named pursuant to clause (1) or (2) of paragraph (a} hereof in effectuating payment of the principal amount of the Bonds upon maturity ar prior redemption by arranging for payment in such a manner that funds representing such payments are available to the depository on the date they are due. Section 10. Cancellation and Destruction of Bonds: Lost Bond. A. Whenever any outstanding Bond shall be delivered to the Bond Registrar for payment -26- ,y ~ . ~ • pursuant to this Ordinance and upon payment of the principal amount, such Bond shall be cancelled and destroyed by the Bond Registrar and recorded as such in the records of the Bona Registrar, Whenever any outstanding Bond shall be delivered t^ the Bond Registrar for transfer pursuant to the provisions hereof, such Bond shall be cancelled by the Bond Registrar and counterparts of a certificate of cancellation shall be furnished by the Bond Registrar to the Town. B. If any Bond shall be lost, stolen, destroyed, or mutilated, the Bond Registrar may, upon receipt of such evidence, information or indemnity relating thereto as it or the Town may reasonably require, authenticate and deliver a replacement Bond or Bonds of a like aggregate principal amount and of the same maturity, bearing a number or numbers not previously assigned. If such lost, stolen, destroyed, or mutilated Bond shall have matured, the Bond Registrar may direct that such Bond be paid by the Paying Agent in lieu of replacement. The Bond Registrar and the Town may require that the registered owner of any such Bond pay their reasonable fees, charges and expenses relating to their activities pursuant to this Section. Section 11. Disr~osition of Bond Proceeds and Additional Deposits. The Bands, when executed and registered as provided by law, shall be delivered to the Underwriters as directed by the Town, and proceeds derived therefrom (net of accrued interest, which shall be deposited in the Bond Fund) shall be deposited into a special and separate trust fund held by the Escrow Bank designated the "Town of Vail, Colorado General Obligation Refunding Bands, Series 1985 Escrow Account" {the "Escrow Account"), which amount, together with other available funds of the Town, will be sufficient to establish any initial cash balance remaining uninvested and to buy Federal Securities (as defined in the Escrow Agreement} t© effect the Refunding Project. Any remaining balance of the Bond proceeds shall be applied to the payment of costs of issuing the Bonds, including the premium for the Bond Insurance Policy, and the principal of and interest on the Bonds as the same become due. Neither the Underwriters nor any subsequent owners of the Bonds shall be -27- i • responsible for the application or disposal by the Town or any of its officers of the funds y derived from the sale thereof. Section 12. Tax Covenant, A. The Town covenants for the benefit of the owners of the Bands that it will not take any action or omit to take any action with respect to the Bonds, the proceeds thereof, any other funds of the Town, or any facilities financed with the proceeds of the Refunded Bonds if such action or omission (i} would cause the interest on the Refunded Bands or the Bonds to lose its exclusion from gross income for federal income tax purposes under Section ].Q3 of the Tax Code, {ii) would cause interest on the Refunded Bands or the Bonds to lose its exclusion from alternative minimum taxable income as defined in Section 55(b){2) of the Tax Cade except to the extent such interest is required to be included in the adjusted current earnings adjustment applicable.to corporations under Section 56 of the Tax Code in calculating corporate alternative minimum taxable income, or (iii) would cause interest an the Bonds to lose its exclusion from Colorado taxable income or Colorado alternative minimum taxable income under present Colorado law. The foregoing covenant shall remain in full farce and effect notwithstanding the payment in full or defeasance of the Bands until the date on which all obligations of the Town in fulfilling the above covenant under the Tax Code have been met, B. The Town also covenants for the benefit of the registered owners of the Bonds from time to time that it will annually prepare or cause to be prepared a budget and an audit report, will annually file ar cause to be filed with the appropriate State agency a copy of the adopted budget, the appropriation ordinance and audit report all in accordance with State law. Section 13. Investment of Funds. Any moneys in any fund or account established by this ordinance may be deposited, invested or reinvested iri any manner permitted by law. Such deposits or investments shall either be subject to redemption at any time at face value by the holder thereof at the option of such holder, or shall mature at such time or times as shall mast nearly coincide with the expected need for moneys from the fund -2& • ~ • in question. Such deposits or investments of moneys in any such fund shall be deemed at all times to be a part of the applicable fund. Except to the extent required by paragraph (a) of Section 11 hereof, the income or losses accruing on such deposits or investments in any such fund shall be deemed to be part of the applicable fund. Section 14. Payment of Principal and Interest. There shall be levied an all taxable property in the Town at the time and in the manner provided by law, in addition to all other taxes, direct annual taxes sufbcient to pay the principal of and interest on the Bonds promptly as the same shall become due. Said taxes when collected shall be used solely for the purpose of paying the principal of and interest on the Bonds as the same respectively mature. Nothing herein contained shall be so construed as to prevent the application of any other funds belonging to the Town and available for that purpose, and upon such payments being made, the levy or levies herein provided may thereupon to that extent be diminished. Said direct annual taxes levied to pay principal of and interest an the Bonds shall be in addition to any, and all other, taxes levied to effect the purposes of the Tnwn. The sums herein provided to pay the principal of and interest on the Bonds for each year shall be included in the annual budget to be adopted and passed by the Council in each year. No statutory or constitutional provisions enacted after the issuance of the Bonds herein authorized shall in any manner be construed as limiting or impairing the obligation of the Town to levy ad valorem taxes without limitation of rate or amount for the payment of the principal of and interest an the Bands. The foregoing provisions of this Ordinance are hereby declared to be the certifecate of the Council to the Board of County Commissioners showing the aggregate amount of taxes to be levied for the purposes aforesaid by the Board of County Commissioners from time to time, as required by law, far the purpose of paying the principal of and interest on the Bonds as the same steal! hereafter became due. Monies to be used to pay the principal of and interest on the Bands shall be deposited and accounted for by the Town in the following manner. There shall be deposited into a separate account established hereby, to be held by the Town or its designee, designated -29- ~, • the "Town of Vail, 1992 General Obligation Bond Fund" {the "Bond Fund") the following 4 amounts: (1) Interest Payments. Monthly an amount in equal monthly installments necessary, together with any other moneys therein and available therefor, to pay the interest due and payable an the Bonds on the next interest payment date. {2) Principal Payments. Monthly, an amount in equal monthly installments necessary, together with any other moneys therein and available therefor, to pay the principal and any redemption premium due and payable on the Bonds an the next principal payment date. If prior to any interest payment date or principal payment date there has been accumulated in the Bond Fund the entire amount necessary to pay the next maturing installment of interest or principal, or both, the payment required in subparagraph (1) or (2) (whichever is applicable) of this paragraph may be appropriately reduced; but the required monthly amounts again shall be so credited to such account commencing on such interest payment date or principal payment date. The moneys in the Bond Fund shall be used only to pay the principal of, prior redemption premium if any, and interest on the Bonds as the same become due. Section 1S. Tax Lew. It shall be the duty of the Council annually at the time and in the manner provided by law for levying other taxes, if such action shall be necessary to effectuate the provisions of this Ordinance, to ratify and carry out the provisions hereof with reference to the levy and collection of taxes. The Council shall require the officers of the Tawn to levy, extend and collect such taxes in the manner provided by law for the purpose of payment of the principal of and interest on the Bonds thereon. Such taxes, when collected, shall be kept for and applied only to the payment of the principal of and interest on the Bands as herein specified. -3Q- y ~ R Section lb. Maintenance of Escrow Account. The Escrow Account shall be maintained at all times subsequent to the initial deposit of moneys therein in an amount at least sufficient, together with the known minimum yield to be derived from the initial investment and any temporary reinvestment of the deposits therein or any part thereof in Federal Securities, to pay the Refunded Bond Requirements as the same become due. Section 17. Use of Escrow Account. Moneys shall be withdrawn by the Escrow Bank from the Escrow Account in sufficient amounts and at such times to permit the payment without default of the Refunded Bond Requirements. Any moneys remaining in the Escrow Account after provisian shall have been made for the redemption in full of the Refunded Bonds shall be applied to any lawful purpose of the Town as the Council may hereafter determine. Section 18. Insufficiency of Escrow Account. If for any reason the amount in the Escrow Account shall at any time be insufficient for the purpose of Sections 16 and 17 hereof, the Town shall forthwith deposit in such account such additional moneys as shall be necessary to permit the timely payment in foil of the Refunded Bond Requirements as herein provided. Section 19. Exercise of Option. The Council has elected and does hereby declare its intent to exercise on the behalf and in the name of the Town its option to redeem the Refunded Bonds on December 1, 1995. The Council is hereby obligated so to exercise such option, which option shall be deemed to have been exercised when notice is duly given and completed forthwith after the issuance of the Bands as herein provided in Sections 20, 21 and 22 hereof. Section 20. Notice of Prior Redemption and Defeasance. The Town hereby authorizes and directs the registrar for the 1985 Bonds to give the notice of prior redemption and defeasance of the Refunded Bonds, in the name of and on behalf of the Town and the -31- bond registrar forthwith upon issuance of the 1992 Bonds and again not less than 3Q days prior to December 1, 1995. Section 21. Manner of Giving Notice. The notice of prior redemption and defeasance shall be given in accordance with the Refunded Bond Ordinance by mailing a copy of the notice by first class mail {postage prepaid} to the registered owners of the Refunded Bonds to be redeemed at the addresses shown on the registration records of the registrar for the Refunded Bonds. Section 22. Form ~f Notice. The notice of prior redemption and defeasance so to be given forthwith shall be in substantially the following form: -32- . • (Form of Notice) NOTICE OF REFUNDING, DEFEASANCE AND PRIOR REDEMPTION OF A PORTION OF TOWN OF VAIL, COLORADO GENERAL OBLIGATION REFUNDING BONDS SERIES 1985 NOTICE IS HEREBY GIVEN that the Town of Vail, Colorado (the '"Town") has caused to be deposited in escrow with Central Bank National Association in Denver, Colorado refunding bond proceeds and other funds which have been invested (except for an initial cash balance remaining uninvested) in bills, notes, bonds and similar securities which are non-callable direct obligations of the United States of America, to refund, pay and discharge the Refunded Bond Requirements for a portion of its General Obligation Refunding Bonds, Series 1985 (the "1985 Bonds"). The 1985 Bonds maturing on and after December 1, 1996 in the following principal amounts (the "Refunded Bonds") will be called for prior redemption on December 1, 1995: Principal Maturing Amount December 1 CUSIP Nos. ~ 1,965,004 1996 2,130,000 1997 2,315,040 1998 2,064,000 1999 Refunded Bond Requirements means: (a) the interest due in connection with the Refunded Bonds as the same comes due an and after December 1, 1992 and an and before December 1, 1995 and (b) the principal of the Refunded Bonds due in connection with the redemption of the Refunded Bands on December 1, 1995, On the agplicable redemption date the principal will become due and payable at the ofhce of the paying agent far the 1985 Bonds, Central Bank National Association, in Denver, Colorado and will cease to accrue interest from and after such date. According to a report pertaining to such escrow of Causey, Demgen & Moore, Denver, Colorado, certified public accountants, the escrow, including the known minimum -33- ;~ j, yield from such investments and the initial cash balance remaining uninvested, is fully sufficient at the time of the deposit and at a!1 times subsequently, to pay the Refunded Bond Requirements of the Refunded Bonds on the date designated above. DAir,li TOWN OF WAIL, COLORADO By Isl Director of Administrative Services CENTRAL BANK NATIONAL ASSOCIATION By /sl Title: Authorized Ofitcer (End of Form of Notice} -34 Y~ '_ r Section 23. Costs and Expenses. All costs and expenses incurred in connection with the issuance and payment of the Bonds shall be paid from the proceeds of the Bonds or from legally available moneys of the Town. Section 24. Acceptance of Bond Purchase Aereernent. The Council hereby accepts the Bond Purchase Agreement as submitted by the Underwriters, and hereby authorizes the sale of the Bonds to the Underwriters at a price of $7,425,375 (consisting of par less underwriters' discount of $58,875 and original issue discount of $15,75Q) plus accrued interest, and otherwise upon the terms, conditions, and provisions as set forth in the Bond Purchase Agreement. The Council hereby determines that the sale of the Bonds as provided herein and in the Bond Purchase Agreement is to the best advantage of the Town. Section 25. Authorization to Execute Caliateral Documents. The officers of the Town and members of the Council are authorized and directed to take any and all other actions necessary or appropriate to effectuate the provisions of this Ordinance, including but not limited to the execution of the Letter of Representations, the Escrow Agreement, the Paying Agent Agreement, and such certificates and affidavits as may reasonably be required by the Underwriters. Section 2b. Approval of Preliminary Official Statement and Authorization of Final Official Statement. The distribution and use of the Preliminary Official Statement is hereby ratified, approved and confirmed. The Underwriters are authorized to prepare or cause to be prepared, and the Director of Administrative Services is authorized and directed to approve on behalf of the Town, a final Official Statement for use in connection with the offering and sale of the Bonds. The execution of a final Official Statement by the Director of Administrative Services shall be conclusively deemed to evidence the approval of the form and contents thereof by the Town. Section 27. Successor Bond Registrar or Paving Agent. The Bond -Registrar or Paying Agent may resign on 30 days' prior written notice to the Town provided that na -35- i e ~ ~ • such resignation shall be effective until a successor Bond Registrar and Paying Agent is appointed. The Town at any time may reasonably determine that the Bond Registrar or Paying Agent is incapable of fuli•"illing its duties hereunder and may remove it upon 30 days' prior written notice. If the Bond Registrar ar Paying Agent initially appointed hereunder shall resign, ar shall be removed by the Town, the Town may, upon notice mailed to each Owner at his or her address last shown on the registration banks, appoint a successor to such Bond Registrar or Paying Agent. Every such successor Bond Registrar or Paying Agent shall be a bank or trust company located in and in good standing in the United States and having shareholders' equity (e.g., capital stock, surplus and proi"its}, however denominated, not less than X10,000,000. It shall not be required that the same institution serve as bath Bond Registrar and Paying Agent hereunder, but the Town shall have the right to have the same institution serve as both Bond Registrar and Paying Agent hereunder. Section 28. Defeasance. When the principal and interest due in connection with any Bond have been duly paid, all obligations hereunder with respect to such Bond shall be discharged, and such Bond shall no longer be deemed to be outstanding for any purpose of this Ordinance. Payment of such Bond or any portion thereof shall be deemed made when the Town has placed in escrow with a commercial bank exercising trust powers an amount sufficient (including the known minimum yield from Governmental Obligations in which such amount may be wholly or in part initially invested) to meet all requirements of principal of and interest on such Bond as the same becomes due to maturity ar to any redemption date as of which the Town shall have exercised or obligated itself to exercise its prior redemption option and have given irrevocable instructions to the Bond Registrar to give notice of redemption to the holder of any such Bond. The Governmental Obligations shall become due or be callable at the option of the holder at or prior to the respective times an which the proceeds thereof shall be needed, in accordance with a schedule agreed upon between the Town and such bank at the time of creation of the escrow. In the event that there is a defeasance 'of only part of the Bands, the Bond Registrar shall, if requested by the Town, institute a system to preserve the identity of the G -36- individual Bonds or portions thereof so defeased, regardless of changes in Bond numbers attributable to transfers and exchanges of Bonds; and the Bond Registrar shall be entitled to reasonable compensation and reimbursement of expenses from the Town in connection with such system. Section 29. Contract with Bondholders: Sunnlemental Ordinances. After any of the Bonds have been issued, this Ordinance shall constitute a contract between the Town and the holder or holders of the Bonds and shall be and remain irrepealable until the Bonds and the interest thereon shall have been fully paid, satisfied and discharged. A. The Town may, without the consent of or notice to the registered owners of the Bonds {but followed by notice to the Bnnd Insurer), adopt one or more ordinances supplemental hereto, which supplemental ordinances shall thereafter form a part hereof, for any one or more of the following purposes. 1. to cure any ambiguity, or to cure, correct or supplement any formal defect or omission or inconsistent provision contained in this Ordinance, to make any provision necessary or desirable due to a change in law, to make any provisions with respect to matters arising under this Ordinance, or to make any provisions for any other purpose if, in each case, such provisions are necessary or desirable and do not adversely affect the interests of the owners of the Bonds; 2. to pledge additional revenues, properties, or collateral as security for the Bonds; 3. to grant or confer upon the Bond Registrar for the benefit of the registered owners of the Bonds any additional rights, remedies, powers, or authorities that may lawfully be granted to or conferred upon the registered owners of the Bonds; or 4. to qualify this Ordinance under the Trust Indenture Act of 1939. B. Exclusive of the amendatory ordinances permitted by Paragraph A of this Section, this Ordinance may be amended or supplemented by ordinance adopted by the Town Council in accordance with the law, without receipt by the Town of any additional consideration but with the written consent of the Bond Insurer, unless the Bond Insurer is in default under the Band Insurance Policy, in which case this Ordinance may be amended -37- ' r , s ~' i with the written consent of the owners of 66%a in aggregate principal amount of the 1992A Bonds Outstanding at the time of the adoption of such amendatory or supplemental ordinance; provided, however, that, without the written consent of the owners of all of the 1992A Bands adversely affected thereby, no such Ordinance shall have the effect of permitting: this Ordinance; 1. An extension of the maturity of any 1992A Bond authorized by 2. A reduction in the principal amount of any 1992A Bond, the rate of interest thereon, or the prior redemption premium thereon; 3. A reduction of the principal amount of 1992A Bonds required for consent to such amendatory or supplemental ordinance; or 4. The modification of or otherwise affecting the rights of the owners of less than all of the 1992A Bonds then Outstanding. Copies of any waiver, modification or amendment to this Ordinance shall be delivered to the Bond Insurer and any entity then maintaining a rating on the 1992A Bonds. Section 30. Ratification and Annroval of Prior Action. All actions heretofore taken by the officers of the Town and the members of the Council consistent with the provisions of this Ordinance relating to the authorization, issuance and delivery of the Bonds, including but not limited to the execution of the Bond Purchase Agreement, hereby are ratified, approved and confirmed. Section 31. Notice to Bond Insurer: Payments Under the Policy. Any notice required by this Ordinance or the Escrow Agreement to be given to any party also shall be given to the Bond Insurer. Any notice required by this Ordinance to be given to the Bond Insurer shall be in writing and sent by registered or certified mail to the Bond Insurer, 1i3 King Street, Armonk, New York 10504, Attention: Surveillance, or to such other address of which the Bond Insurer shall notify the Tawn in writing. A. In the event that, on the second Business Day, and again on the Business Day, prior to any payment date on the 1992A Bonds, the Paying Agent has not -3& J .` ~ ~ • ~ . received sufficient moneys to pay ali principal of and interest on the I992A Bonds then due, the Paying Agent shall immediately notify the Bond Insurer or its designee on the same Business Day by telephone or telegraph, confirmed in writing by registered or certified mail, of the amount of the deficiency. B. If the deficiency is made up in whole or in part prior to or on the payment date, the Paying Agent shall sn notify the Band Insurer or its designee. C. In addition, if the Paying Agent has notice that any registered owner has been required to disgorge payments of principal or interest on the 1992A Bonds to a trustee in bankruptcy or creditors or others pursuant to a final judgment by a court of competent jurisdiction that such payment constitutes an avoidable preference to such registered owner within the meaning of any applicable bankruptcy laws, then the Paying Agent shall notify the Bond Insurer or its designee of such fact by telephone or telegraph, confirmed in writing by registered or certified mail. D. The Paying Agent is hereby irrevocably designated, appointed, directed and authorized to act as attorney-in-fact for registered owners of the I492A Bands as follows: 1. if and to the extent there is a deficiency in amounts required to pay interest on the 1992A Bonds, the Paying Agent shall (a) execute and deliver to the Insurance Paying Agent, in form satisfactory to the Insurance Paying Agent, an instrument appointing the Bond Insurer as agent for such registered owners in any legal proceeding related to the payment of such interest and an assignment to the Bond Insurer of the claims for interest to which such deficiency relates and which are paid by the Bond Insurer, (b) receive as designee of the respective registered owners (and not as Paying Agent) in accordance with the tenor of the Policy payment from the Insurance Paying Agent with respect to the claims far interest so assigned, and (c} disburse the same to such respective registered owners; and 2. If and to the extent of a deficiency in amounts required to pay principal of the 1992A Bonds, the Paying Agent shall (a} execute and deliver to the Insurance Paying Agent in form satisfactory to the Insurance Paying Agent an instrument appointing the Bond Insurer as agent far such registered owner in any legal proceeding relating to the payment of such principal and an assignment to the Bond Insurer of any of the 1992A Bonds -39- surrendered to the Insurance Paying Agent of so much of the principal amount thereof as has not previously been paid or for which moneys are oat held by the Paying Agent and available far such payment (but such assignment shall be delivered only if payment from the Insurance Paying Agent is received), (b} receive as designee of the respective registered owners (and not as Paying Agent) in accordance with the tenor of the Policy payment therefor from the Insurance Paying Agent, and (c) disburse the same to such registered owners. E. Payments with respect to claims for interest on and principal of 1992A Bonds disbursed by the Paying Agent fram proceeds of the Bond Insurance Policy shall not be considered to discharge the obligation of the Town with respect to such 1992A Bonds, and the Bond Insurer shall become the owner of such unpaid 1992A Bonds and claims for the interest in accordance with the tenor of the assignment made to it under the provisions of this subsection or otherwise. F. Irrespective of whether any such assignment is executed and delivered, the Town and the Paying Agent hereby agree for the benefit of Band Insurer that, 1. to the extent the Bond Insurer makes payments, directly or indirectly (as by paying through the Paying Agent), on account of principal of or interest on the 1992A Bonds, the Band Insurer wall be subrogatcd to the rights of such registered owners to receive the amount of such principal and interest from the Town, with interest thereon as provided and solely from the sources stated in this Ordinance and the I992A Bonds; and 2. they will accordingly pay to the Bond Insurer the amount of such principal and interest (including principal and interest recovered under subparagraph (ii} of the first paragraph of the Bond Insurance Policy, which principal and interest shall be deemed past due and not to have been paid), with interest thereon as provided in this Ordinance and the .1992A Bonds, but only from the sources and in the manner provided herein far the payment of principal of and interest on the 1992A Bonds to registered owners, and will otherwise treat the Bond Insurer as the owner of such rights to the amount of such principal and interest. -40- ~ ~ ~ k ~ Section 32. Severability. If any section, paragraph, clause, or provision of this Ordinance shall far any reason be held to be invalid ar unenforceable, the invalidity or unenforceability of such section, paragraph, clause, or provision shall not affect any of the remaining provisions of this Ordinance, the intent being that the same are severable. Section 33. Repealer. All orders, resolutions, bylaws, ordinances, or regulations of the Town, or parts thereof, inconsistent with this Ordinance are hereby repealed to the extent only of such inconsistency. Section 34. Ordinance Irrenealable. After the Bonds are issued, this Ordinance shall constitute an irrevocable contract between the Town and the registered owners of the Bonds, and shall be and remain irrepealable until the Bonds and the interest thereon shall have been fully paid, satisfied and discharged. No provisions of any constitution, ' statute, charter, ordinance, resolution, or other measure enacted after the issuance of the Bonds shall in any manner be construed as impairing the obligations of the Town to keep and perform the covenants contained in this Ordinance. Section 35. Emereencv Statement. In accordance with Section 4.11 of the Charter, the Council hereby determines that this Ordinance is necessary for the preservation of public property, health, welfare, and safety, and that it shall be adopted at a single reading as an emergency ordinance, due to the volatility of the municipal bond market, the favorable interest rates that currently can be obtained, and a general election ballot initiative threatening to limit the Town's ability to issue bonds. The Town's planned schedule for adopting this Ordinance and issuing the Bonds has been delayed due to an error in publication beyond the Town's control, and expedited adoption therefore is deemed appropriate and necessary. Section 36. Recordine and Authentication. Immediately an its passage this Ordinance shall be recorded in the Town Book of Ordinances kept for that purpose, -41- 1~,~~' authenticated by the signatures of the Mayor and Town Clerk, and shall be posted and published in accordance with the Charter. Section 37. Statutes Superseded. Pursuant to Article XX of the Colorado Constitution and the Charter, all statutes of the State of Colorado which might otherwise apply in connection with the Bonds are hereby superseded. Section 3$. Effective Date. This Ordinance shall be effective upon adoption. IlV i xODUCED, READ, PASSED AS AN EMERGENCY ORDINANCE by the unanimous vote of Council members present or five Council members, and ordered published at a special meeting of the Town Council of the Town of Vail, Colorado an September 29, 1992. TOWN OF VAIL, COIARADO ~• Mayor A~ ~rST: M.actha. &. 1Pevc(~, Town Clerk -42- . ~ ~ ~~~ ~~Q~ Permitted Investments LIST DF PERMISSIBLE INVESTMENTS FOR INDENTURED FU I~3,~ A. Direct obligations of the United States of America (including obligations issued or held in book-entry form on the books of the Department of the Treasury, and CATS and TGRS) or obligations the principal of and interest on which are unconditionally guaranteed by the United States of America. 8. Bonds, debentures, notes or other evidence of indebtedness issued or guaranteed by any of the following federal agencies and prgvided such obligations ere backed by the full faith and credit of the United States of America (stripped securities are only permitted if they have been stripped by the agency itself}: 1. u.5. (Egimbank) Direct obligations or fully guaranteed certificates of beneficial ownership 2. Farmers~lome Administrat~n (FHA) Certificates of beneficial ownership 3. 4 . ( f'HA ) 5. ~,,pg~al Services Administration Participation certificates 6. Governm~~A,t~j,~nAl_ Mnrt,~va Association (GNMA or "Ginnie Mae") GNMA - guaranteed mortgage-backed bonds GNMA -- guaranteed pass-through obligations (3int' ~rt'3in Cash-f7e1w eeneitivp issues. ) 7. U.S. Maritime_Administration Guaranteed Title XI financing B. T.S. (HUD) Project Notes Local Authority Bonds New Communities Debentures - U.S. goverment guaranteed debentures U.S. Public Housing Notes and Bonds - U.S. government guaranteed public housing notes and bonds C. Bonds, debentures, notes yr other evidence of indebtedness issued or guaranteed by any of the following non-full faith and credit U.S. government agencies (stripped securities are only permitted if they have been stripped by the agency itself): 1. ~'e~leral Homo (iQ,~~ Bank Svs~,gm Senior debt obligations 2. Fp~deral Home. Loan Mor~gg~nrnnratien {FHLMC or "Freddie Mac") Participation Certificates Senior debt obligations 3. ~S1~.x'~1 National McrtQaae Assopiation {FNMA or "Fannie Mae") Mortctave-backed securities and senior debt obligations • ,r ,' ~,,- . , ' ~~~ 7 q, ~r~~,_,nti LoLOan M rketina Association (SLMA or "Sallie Mae") Senior debt obligations 5. Resolution Funding Corn. {REFCORP} obligations D. Money market funds registered under the Federal Investment Company Act of 1940, whose shares are registered under the Federal Securities Act of ].933, and having a rating by S&P of AAAm-G; AAAm; or AAm. E. Certificates of deposit secured at all times by collateral described in {A} and/or (H) above. Such certificates must be issued by commercial beaks, savings and loan associations or mutual savings banks. The collateral must be held by a third party and the bondholders must have a perfected first security interest in the collateral. F. Certificates of deposit, savings accounts, deposit accounts or money market depDSits which are fully insured by FDIC or FSLIC. G. investment Agreements, including GIC's, acceptable to MBTA. H. Commercial paper rated. at the time of purchase. "Prime ~ 1" by Moody's or "A-1" or better by S&P. I. Bonds or notes issued by any state ar municipality which are rated by Moady's or 5&P in one of the two highest rating categories assigned by such agencies. J. Federal funds or bankers acceptances with a maximum term of one year of any bank which has an unsecured, uninsured and uaguaraateed obligation rating of "Prime - 1" or "A3" or better by Moody's and "A-1" or "A" or better by S&P. K. Repurchase agreements provide for the transfer of securities from a dealer bank or securities firm (sellerJborrawer) to a municipal entity (buyer/lender), and the transfer of cash from a municipal, entity to the dealer bank or securities firm with an agreement that the dealer bank or securities farm will repay the cash plus a yield to the municipal entity is exchange for the securities at a specified date. Repurchase Agreements must satisfy the following criteria or be aggroved by MBIA. 1. gpnas must lea 1?gtween_ the municipal ,entity a~~ ~ dealer her nt a. Prirnarv dPr.~,'~g,~~ on the Federal Reserve reporting dealer list which are rated A or better by Standard & Poor's Corporation and Moody's Investor Services, or b. Banks rated "A" or above by Standard & Poor's Corporation and Moody's Investor Services. ~t • • • ~~ ~C31/a _ 'Tfze written reva contract mzzst i~7uc1Q the following: ~, des w~xich are ar.r.przt-.a3~le far traIl5-fer are: {1) Direct U.S. governments, or (2) Federal agencies backed by the full f aith a+ad credit of the U.S. government (and FNMA & FMAC) b, a rPnn mRV he un t.o 3~ d~ c. T'he collateral must be delivered to the municipal entity, trustee (if trustee is not supplying the collateral) or third party acting as agent far the trustee {if the trustee is supplying the collateral) before/simultaneous with payment (perfection by possession of certificated securities). d. Valuation of Cadlateral (l ) ~}[? r,Y~.,~,urit,'+e~ mr~ be v~ygd wee~,j,v. mr~ked-to-market at current market price plus accrued interest (a) The value of collateral must be equal to 1044 of the amount of cash transferred by the municipal entity to the dealer bank or security firm under the repo plus accrued interest. If the value of securities held as collateral slips below 1044 of the value of the cash transferred by municipality, then additional cash and/or acceptable securities must be transferred. If, however, the securities used as collateral are FNMA or FMAC, then the value of collateral must equal 1054. 3. Legal ODiYIlOn Wh1Ch must be de,~ivered to the municiual exttxty: a. Repo meets guidelines under state law for legal investment of public funds. Additional Notg& (i) Any state administered peal investment fund in which the issuer is statutorily permitted or required to invest will be deemed a permitted investment. (ii) DSRF investments should be valued at fair market value and marked to market at least once per year. ASRF investments may not have maturities extexzclixza beyond 5 years. • i ~ ~ ~ ~~~ ~ ~~ ~ ~ ~~ ~~ b ~ ~ ~ ~ ~~ ~ ~p a or ~ ~ ~~ ~ W ~ Q~r C ~Q ID 9 b ~ ~ As ~~ ~~ ~ v v ~ ~, Q ~ ~~ ~~ a ~ ~ ~ ~a ~~~ ~ ~ g~ . ~ ~~ ~ ~~~.~ ~ ~ ~ ~~ ~~ ~ ~ A a ~ ~~ ~~ ~. v ~ ~~ ~ '~~ ~ . t~ ~ ~ ~ Q ~ Q Q'~~~ ~~ ~ _ ~~ ~~ Q ~ ~ ~ ~a ~ ~.~~~ ~ l`~ m ~ ~ ~ ~ ~ ~ ~ ~~ Q N r K: r~ ~• r~ ~~ r ~ . ~ u~arir,~a •c.,,~ z, Jgsa Public Notice oRWNANCR Y0. !e 6a11M a 7692 AN EYERCSENCY OR6rMA11GE a4lTHEKit17ND THE iBSUAfiCE OF THE TOWN OF YAIL, COLORADO, GENERAL OBUOATION (iEFUh1O61D SONDE, BERH:B 1662A FDR THE Pl1fIF~9E OF REPUNDIMKi A PpRTNON OF T11R TOWN'S OLITBTANDINO OENERAi OBLIfiATiON REFUNDING Bg1YD6, SERIES 196tl; pREBCRISSIG THE FDRY DF BAIp BONDS; PROVIDING FOA THE LEW OF ppaERAI AD YALDREfI TA%ES Tp PAY THE PRINCIPAL OF AND THE INTEREST GN THE SONDE; PRGYIOMp OTHER COVENANTS AND DETNLB W CONNECTION 1}IEFiEWITH; REPEALl1p ALL ORDAVANCfiB aN CONFLICT THEREWITH; AND OECLARINp AN Ek1ERliENCY. NOW, THEREFORE, BE IT ORDAI~G SY THE TONM COUNCIL OF THE TDyYfQ OF VAfl., ~BE~ N t. pAID01110pR. A. utad Mraln. unhfa Ihs canlefn requlrr whmrhe, tM ayplrltrad Wlr blow ihW haw IM fabwhp rnarlnps. An odhNlans katkr0e da0 aMpuiar antl plural art Ixlude tadh gendere. GnYn brrrla area dellned pweMhYlfJly el-ewMla in th4 Ordk+ance. mad Fund: tM land 4y Matn nfm. aepa7d M mY OrOrvarws. 8entl tnsunr. Munldpai Sontl Inwafas Awuranoe ColparltlkM a A. awti+.aaara, Band Insurar+of Pow.v: 9se Lraandea quwrry inauranw aalkY IHWd try IM Bpsd Imurar puaremednp IM paymMat d princlpkt d and IMwau an IM 19S2A Bands. ;IM PWehpa AgraemMl tlaUd BfPtemMr Z0. 11702 hwrwen tM Tvarri and tM UntlatwrMn, ranrmlrp tM pun;haw d rM Banda by Mat . Bnntl ReoYlrar a (390111[6[: CRnMI Beak Naibnal AfsaCYlbn •A 1Jemwr, Colpad0, a k! euxrea, whkh shall perlam IM rpluralbn antl vanafa lundbnf u HI Ivnh In Ihlf OMMatwa. Obllaatlm palundna BOnrL._ Hadaa_1992A m{1tl Odd7ar 1. 1994 and Yanatl In ma faaraa.t..vkda.l .nniva aa~.sha.tim. u a 8ualnal+ Dau; any daY dher than a SYU'rry, bursday a otnw day en ar,MM bract ka Darwar. Cdbladv sea nqulnM a arArwnxed a b. alraaW. CbaD.t:1M hams ruN a1WYr d dr Town, r 6 rb' b elreraded firm tptr b thr. ~: iM Yam Caaatcli d tM Towta. IL.dyppyµ: 1M atlppwal aaYr art rlrlprused r tM 1906 Esaow Aabud b tM EswOw Agerwrt. ~: dN Eeavw ~ u daNd r d Oseabir 1, f 9112 llafawen tM Tawn and tM Eawow pMit. Eacrair Bank; Gntral Bank Nalbnal AsaoClYbn, Oenwr, rapadg, a ka WOarnar. r9pM short paean tM flawtion d waew brit r w lertll N d+Y Ordirnta grad tM Eftrew ~, [iawar~~lal ~aNaru: any a lrra 7ekaYkq aralth era aead aMkn Y 1M tine d krresttrrarrl and Igal s undo Ura NAa d dw 8UM 1a 9ra mpteYi .... ~ b b yr+aYed rhrreln: fa) dhen genera[ abllpatbrss ol. or adlpYbm iM payttaent d plncWi of and NnaraR 6n aAald+an IxKnntltlknYy puararafeed bY.1M UrAed Bhles d Amwlca; Ih} bndf, debenlurr, nova, or doer a r+dabrdneaa Yauad by tM Elbarr krapat Bank a rM Vnaed titalw. tM Farrel Flnanclnq 8arsk, Eh• Farman Noma Adminhutlbn, of the U.B. Dapanmatal a HoWlnp ra !whoa Dw .. ; a fay MNnw d arrtaanNP Inwrn h arppYbna tlwaAed k+ paragraph {a} a roY show. ~: CXYarM, NJI., a pf auoawaw unto dr Band krutaraw PdkT. WI•r 1+ R1pf669p{911pp6: Ble LeOw d gapraaenuslens bYarfan tM Twan antl TM C ... Trwl CvNipanY, t6Ri Bohr; TM TrawraY GarterY OrpYbn Bonds, SarW 1996. ~p10~: - ~ Na 2>. Sarlr d t9B6, r artrMlded t7 ONkrwaw Na. 26. Serlw d 1995. ~Ip100'. Gass OrdiWa[e, wlalas alaYaOfttaf Cw W raanr d tM poor. (~ptatanaene count, r a arty dal d aafctpYlan. N Bantle theretabre erwrted, Ysuad aan ~ , . a>r a. Iowa carp: {If Barkh :'+...,bry r#++cNksC ar tM Town a Band rwgs ~~, « ~ , n tM Town a Bnlad Regalrar kr' . Is1) Badds In ~ru d, a b auaslaUfon nr ailldl, eerr Be^.•7 fnap haW trM a%Iddnd• bawd and OY~.fNred by Ilse Tawn and au9lsraloYed M tM Baratl RepYrnu +rress pn7d aarYraagry q eM Band RpYOV Y preaenNe 6rY May curia Bertds w tby heal M tM IMatul repktared rw9rn Greed; a piq Saar deemMl b hkve been paid sr9h}n 0r owYMlp d seGion 2p hared. wMn Wad NAIr raapad ba Band a Sonde, rrwatw tM rephtwed earner a any OVhbrtl6lp Bwttl. P.api66_,.A99Ai: Central Bank NatbnaF AasoclYbn M Danrer, Cabrade ar as aVeoaaaar, aMarir Mal patlam br klradlorw d reprrs art pay+g apart iM daa Berldn r reel brM h trrY Drarwaw. Aplr9~pi:1M , fa rsaphtrar and Pa715S apart ~~ tlatad r d eapar6er 1, StipS bal7raan [M Trkrla Mad daa Payhlp Apart. Bp~.lplr961mpyl: say h+rrerrwaa yr deptrM shown On 1M rt artachaa MAYO r EaMI 1. b Vw wlarll pam9l[W try the ChM1M oral d the Town. ~Imlr,arv •091e1a1 Btuamant: 7M PMIImkaYy 09bi>"'~,~. for tM Bonds. ~Drl: enetMaYeh day a tM ealertdty mprlh art ., ~ .. erh kdelrl PaYmeM der, Rah,nd.d Rb+d rlaauiremanSa; lel thv IrrlNaat duo N afraaawlen wkA itr fiNUndatl Benda r 1M eahM Mn'aea daa On art after C 1. 1662 and an grad belaa '. . ,. llfo6 arld {b1 tM w~l a the RYundad Saar tlrr fn oonnedlon wMa the ... d Sae Rehalded BoMi vn . t, t995. BdriOtlpQ~pp~: Me 1986 Rear mYUrlrrg an and ahw Daoantw 1, 1(198. g~pplpp,ppylp: dr nlueadlnp, WYkag and dhcMrplnp at the Rdunded Bond R Mrs dYa MIablYlaad In 9ednrl 9 Meal le dwanptw eM reph4rr7d t7anw endthd b tM 17aYmenl d depn0uertt ideal. tlr hraerrsal Rerawe Cor a tp86, r . n IM data d dea+wY d tM FABULOUS TWO STORY VAIL ,'VILLAGE PENTHOUSE 'Thc 6~ar luxury t pf Vail' from V; rants, sl New Co ixfore o t " r For information, please call: Kenneth Wilson at Vail Associates 303.479.2000 rooms, 4.S baths, library, indoor outdoor terrace and spa with fire- place, three indoor parfciptg spaces combine with the highest quality to set a new standard of luxury. f ~~' vYArxWfi,17[-fJealIXS adOOe~aimsol YUlad Beaty Geea 9esnl Bear, atad nppeietlla repuWbn and nrllnpf t7rerewalM w utrr• anY P ar thMYV. 7yfp.+hO Tdsr a Yali, Cdptlo j~y~µ' ,~(tl,; Nellper SaCUrIIW. MIC. arM tAorpa k 9aum A G+r+pany d Denver. Cabrado ;.u' una~^a; purcl+aeew d tM pOllda. BECTICr1 a y6,86Y. A Paaswnl b tlr 1995 OrdhaMta, tlas Town has haNrrdpre Yaraad 11M 1086 Sarada. B. TM 1966 Bands am Irued b tM ar{plnal agprepale pHnalpal am0unl d [[21.716,000, d whbh 614.9BO,t100 rwpdns drutaMbp, baaNnp Imrrt at iM roue drapnated babe payabh suldannuany on June 1 and ~ " r I tooth year, and mYUMq on L 1 in each d IM yeah and arrwuraa M falYerf: 1992 7903 ttiGa 4995 SO98 tp97 1899 7909 Pdncbel Amdam 64M5,000 61,655.000 11,875,000 11.315,1x10 j7,B85,D00 62,130,000 {2,315,000 sz,a6o,66a hrrest Rsr 7.70076 7.90DV. 3.100% 6.900% 6.60D7L 6.625% 8.760% 6.60P/ C.. TM 1965 Soda mYUdnp en and abet r 1. 16~61de Y the aloha d 1M Town on GanenAer 1. 1995, upon psiatwt9 d Par quad aoalyd ktlweet. C. TM Town Y rod delNaqued N dr Palmwtl d dr prkrtpal d or hrreY on aey d the 1985 f3ada. E. CMga !f d 1M Town ChaYw M9Mrixr qr Carndl b Yaw talurtdag bonds. F. TM Catndl hr . ~ ~ and hweby declrr 0ws l h b Nra Tewrya brt IMweet n nfwd, pq and dlsdsMpe tM Refunded Barrde en boa dYr mad b 1M anrada fat IorN blow Wan p/br , . , a eudl barlda On C . ~ 1, 1095: Pdndpal Amdsd !1,686.000 i2,130A00 82,916.000 62,086,000 IAaau r. ..1 1888 19x7 1998 laa9 p. TM COUradl has dflamplyd lO authahe and Mw Ile general obkpdbn retuntling bonds In tM prkadpd amount d 17,500,000 !Or tM PWr~ d dYrayfrrp }lee eoeh d tM RefurWlnp H. The Town hr rrdved a propraF Iran tM 1 ~ la tM purdaaae d 1M Sorade. f. There have been prremed Iv Council IM tome d: {tY Factow AprarrrwM; Ikq pond Pufduwe Apraemant; (BF Paylrtp Apem Aprattment; fA+! PrYlminary D01dal $tataRwnl and Final D9kiel Stelaraa+l id lM BorMs; end M LeOw d Flepfesentipbrro. J. h li I+eCanbery !o prwkle la 1M Form art dMaih d tM Sonde. tM paywwm d art Bads. tM pkYmem and dhthsrge d the Rdurded Bootle, and dbr provhbm reiatlnq n IM avlhakation and ksuutce d dr Darin. SECTION 3. y60GD~{100. En aexadadr wdn the Charter, the mmtaraNm eM !stye a tM sea d Colorado, and tM prvrYbn6 d thh Ordlnwtr, con Tam Mrahy adharizr iM Wuanca d ha penpel vbllpallvn ratuading lends, each to lea drlpnated 'Town a Vail, Calaatlo, GanarY CGpYlan Raftxadrrp Bend. Serb 1992A• £n the a8(are+9Ye ptkrt6aY Mnoud a 67,600.000, b1 me purposed the 41Yundkap Prtyw,i and payvg casts d W Wnp fM Baadn. ~ a. Bald nralr_ TM Swale shop bs Yataed ka frrpy npblered fpm fl.b., r0.phlarad r n paymad of both prkacipal +nd InyraaeJ. 1nW6Y rph9rrad In the name d Ceda and Co. r rrmira far Tlaa O .. Trust Conpany, New Yak, New Yt1tk, ar tKU1kW deposkwy fa 9r BoMe. TM BtarMS aha0 b (rued b tlerwntlnYtam d 16.000 and any integral munlpla tlrered (provitled that no Band may be In a ., on which urada 1M prklepaF medrlp des an urY raaYUdy drs and nO eaAaldlW BoIM wS b Vetoed for rrwra than one rlwurty}. Tlr BarMa ahsl b Gaud r a Otrhar i. 1662 TM Batrda alwl b laanbwetl h 1M d by dr Bvrad • , TM Banda stall bear ka7araY ar eM rYr pa annum slogan Ualprr plpydle [0 tM I ., , i stater d lM Bwada irons tltYr Gar b rtrttaXly eemWwtwpy oh Jwr 1 and Maarnbaf 1 in sash yelr... , Jrar t. t9x7, etooept thY Bards whkh are nlaswd ybn lratrfr, eachanpe a rtlnat shall bwr kalareY al dr ralr rutean below hom tM meal reowtl kaerrl WYrrrrri data n rrhicft krteroY has brrn goal dr dlay prodded br, a p rev ktteteY Irp been pall irom tM dtla d tM Bonds. TM BwaOS sIW mYUe an tlr dalr and filar kaarant r bpowe: ~~ •500,000 6100.[700 {100,000 6600,000 ieao,600 it,OD0,000 it,a60,ddo 63,150.n0o keereY RYg 0 ~~ 1 {Jf0% 610% 69071. 5.6076 68TM4 680% fl0071 Mahriry Darr Jaar 1,1953 { 1. 1907 i 1, 1999 L .. 1, 1999 r 7.2000 T 1,2001 L 1, 2002 t . ~ 1.2005 The pdradpY d art aemium, M any, on any Bond fhr b payeda b Inv reghtarad owner [lead r shtran on Ora rephuahaa eooke kept by IM Sand RapYtrar upon optudry a prbr d dra Brantla and upon .. .. lore toad wrrwadw Y tlr prtracpd caporaw trrt a6ka d tlu Band F7pYhar. k arty gar srael red t!d pdtl tpm artth pra,aeraaebn and auwarader al M afbf mapurhy, k NraN tarrtlrar b Wow a6eraR ti SM kaanaal rW boar b7' laM Bald uMp llaa ptirrJpY 0rrant k Pak In 1d1. Peymwat d Inlwssl an any Bontl afrp b made to IM . rra7ler lhMad hY Goad a Bran rwihd b!r rise Payhp Apam, ela a bMaa salt a,uren! payttrm tlYe (p, / fttdt reareY payrtrnt dale h fat A 0uallleaa rY.~ an a Iadpe 1M sex! wecaetllnp bWlrtau daYM. to 1M rephterad error baarad ae hh of bar Ibtlrre r p lalst Wpean on tM bola ka61 by IM Bart ' on lire Fhaatl Oar; do arty aud+ haeteat rial b Ikrry pall a day prwlestl nr shlB reu b b plryMla b tM Penan woo Y tM repirdantl owner tlaweoF at Me do.. d OWYara an tlaa Reoortl Date and ahal! b payabh b 1M perem wM Y IM rphrratl awraar 1lrrad at Noe Gera a blhpaess on a BpedY Raved Dart fa 6M pgrrnl d arryr weA defwketl kdena. Bxdl SperLl Rsaartl Dale and tM daL Eked fOr llaa PaY+rd d wd+ htarW snap M Iked by tM Paylnp Apans wlrnwer money[ bacons arailabfe lOr PaYrrtwd d Oae tlalsst6atl eaeraal N06oe d the SpedY Record Oate chap La pFwn 10 the taa+rwre d 1M Balch rte Ira than ten dria prbr drwepO by 6rY daY 7rp b fwd[ ataoh rephbred owner r shown On tM Band tfpY9Ykn 1700hF On a rlYe eahctatl b7' ~tM Paying Apana~ Web 1M dated 1M Blaetul R.oord Dau ra tRg eY. Ih.d ror payrtrM d suds ditau6ed YAaraft TM Payhlg So~iW ~ ouch ~~riaalNr maaMwr tm~iy bi mu7wdy apraed n baeween tM arrer d ouch BorM and tM PaYMp AQMtL AR na3+ payrtwms chap b mgr b krd cowry d the Vnhetl States d AmMka, wtthoul daduclbrt for asrvkr d tlae Santl Rphbw a Paylnq Apem. BECTgN 6. p71oL; ,~ A Bade mYUdrg an a tkalwe C .: .: 1, 2002 are red at~erA n prbr 19darpbn. Benda rrrwdnp an arM a}ler Denrtbar 1, 2005 are fWfad n ..., prior tv their rrlaeclNe matudtaee, al iM aplvn d IM 7dm, In whp;e, a In Pad fn Nlpml rruniphs d 15.000, Iron wrdl etmturdlan r aye ftleaed W rM lawn, art H fora Than ail dtM SOndn d a metunry ere ro 1>a by !a whhEn i maturity In ouch naarnaer r the Bond Replatrar may delerodne, an i , . 1.200¢, a on any tlete trwreaner at Iha fedgrttplbn prkee agt forth below fakWaesatl sn a Percaninge o! IM principal anwunl w radrmad) qua intarr[ lharaon n tM ... ride: RerttTAlan Dataa t, 2002 throtgh .. 30, 2003 Datartaber 1.2003 art tlaareaner Rernplbn Pore 101% f 0010 6. TM BaaY rraYttdrq on DeoYtitar 1,2005 era w41ed to mandatory alddnp funtl rMarrptbn at a pdca aquld to IM prlnapal alrwan! them! pllrs alvcrued Intsrrt m IM retlertptbn des, Bvrlr wbNd b mardeaory altkky fart .. .hap b aeYcud W IM 80nd RepiNrar by bt [pNlnp proponbnate 16,00011[ n wrJra~danomklatk~ a than RegYtrar may .: :.. TM Town aha2 redeem (alter tanGl r Prarbad WbW! On IM iNIOwlrlp QYen oMarhaO ArklvWaf Mna+nen of iM 8onda mtdWnp on L ,.. i, 2006: Date Dfoan6ar 1.2009 Ospnlber 1,2061 Prpachal Anwud [1,160,000 11,260,000 TM remakting 1760,000 d iM Bantle Orturhtq on [ 1. 2006 chap b peki upon praafraallart rtl wrrwtdef Y mYUrhy unhae retleamed pursuant la o611vna1 . , . Iabt b matalY. See need page ~Tiene un problems domestics? ~Sufre? i i.os defensores pueden ayudar! I.lame 24 horse: (303) 476-7384. iPida a un defensor! Servicio e'ratis. -. uzs: I~I6 ~ u ~ iwin ~ ~ e iTtp~ i u ,dr ~~,.. a. I ~, y ~ .' a :. • J'• TTte VaQ Trail- G.~ L ;. 2, 1992 4 FYnnt ptwvlaua pegs tea hbn 9+an 401br loll dlin'JP date pAOr b esa7 lyah ah#Nq bend P~ fide, tM Bard ^ ~ tfttl Waaiad to wNtlr prsrkkd tmodnr d Bade IndlatYd µev. to +nY Bond a Bondi Buie nplaas efdD Bentli) fa rsdrtptbn 9n Itae Iwrd dun. I a . t, and pM ndba d loch ca4 MltalA lvrdtr Intrupbn a holler Nan IM Town. N a gakm, b t» .. on a Delon tM iMMM dry trot Prioadhlp any Fuah aMtNq fund des, tly Town may l9 diWar k the Bond Rielstrar br wnblh119n Bantli t4D]iC! 1a maiwday ilNdnp 1vM riltenptlan b m apprpale pdndpal amva dwind a lrl rewlw ^ aedlt h nipsd d xa ilnkkq hod ridirtlgl9n aflgabn la ury Bartell wt~ed b mturdNary ilNtlrp fund ridaltphon whNnt Wbr to lab doh Mw Wen (dhilwre than Mragh tM apirdbn d tM tknllnp land! antl aalwlhd oy in• Bond Rp Ifhr irw nd Ihrraarofe aPPlled at a dr.dlt #pdril a71y ilr,klnq land radarptlon oMrpsebn. Each Bak w dilhrirW a pnvlauiy ~ wIN M cralhitl OY the llontl M Itr prktaN/al ,utrwM thaed on Or ~tt d ale Town an such ikd{irrq land trdarptlan dws irk tM prlndgd amount d BMdi b M , ewadlrpy nAnid. Thrt Town rrB m a hdan iM rkdafl dq nod . earn ahslilp land redirrplbn dots hrr,rh tM~ Bdrw }lsprlra ^ oinrbtr Nklbead~krqp wtrlllr a oat and ro vdrd a>iant tni prwrlam d pi laid iu] a lha pfswdlnq aananw its la De wahid whh rwpay b illpt f Wtkq {and PaYnarlt. Falk,w a ms Tqm la dallrif loco wrlylwli sMN nd :Neat tM Bone tiiplwriri any b pees hales a tlNINq fund r as hadrl Pravlditl. C, N tM era d Bohr d s dsnominatbn hrpir Man ¢6.000 A P9nion a tom Bawl 146.1x10 a anY 1nNaal radwrtrd, In wh a BpM Rp~ ar oboe, wlthavt mape ro tlr aie+x d wch Bma, aullwntkala old Mies a 1sdlMirwnl Bond pr Bawl !a tM U poalat tlbrsa. D. Unrw fiahsd br tIr Riprtra. Ihi town shalt qtn wrklan fnitnrabna wnwrninp any Wbr redirtptbn lwrauad b paragraph A b Ilr Bond Rtplatra d Iwt N days Pd9r to sum r ~ . ~ . tlali. NdICa d soy tirlNplbn shMl De qNw by fir Band R.prlnr 3n IM name a the Tawn q sindlrq a Dopy a loco nodes M Nrp~lya ri,M1, pwhpe pnpak, r1d mot Ilan 40 dap sod not liti allot 'JO day. pbr ro tM rettirlPlrrl dos b IM Urwawr4aa and b Note raprtsrsd Swot d any Bond al a a pallan d whkn w calhd !ar pea redertgbn at Nt adaar a h bat apprari 9n 1hs rp rudlan haaki leap! by Br Band Raiqpwraar, vrlltst a.bh nodes r wdvid pr the ultdirwdtsn ark such riprpiryd atirlar. FaHks b pM irrm hales by mrx b era riprWred Owtlaf d aq Bow a m ter u d try ddad dta+k4 ankle nd :flip ,M vsNeky d tM pra~stlkga fa tM nd.nPlbn d any ana edka. Budh hales iMN kFNdy IM Baka M PartlOrr arafeal b M ~ {e laic wah aM an b M rfdaantad] and ttr dau frsd kx ark ihaA Nrdwr Nda Chit an aatA nean'YAlan der tM prktayw arIWM rhsnaf and tM dN{gnpid pnmtum lhraon da pi9anr des and Pafabr Y xis Bard trytba, and alts hate aw der such fills kxadtl wi cowl to aocrw. Aoauw Imrwt to IM dps wp e» paN br ohiell a ask rr~~:ao"aq"°'" ~~ialaad ~pyry~rand thi npiMiNe w~mM. Ndgs nMip Elan kk dla rrWYlr a Barth w rtaNed br ~ d1a1~6imla des an0 Itayabh N Nte [aNllplbtt fide w Bone tigW IM TPAitrYadall,fbnaf lR br PW tlrs Bak ar Saki M odiad la radanytlorr. M aq Herd cdrd la ndarrylbn steal oar Oa ao pYd span iurralda dr.rid la >•r prlw old, b tM srtinl totlyd, Nthrwl tnmon ihdl, uMIE gab, Dear btanat !rpm Ma dtM w,M rdibeme W Vre Bores. BEGTION 6. Ter B9ntla a11aY W dprd ttlpl Nb 4tWATM p msnuak agnrRUn d tM AMya d IM Town. acrid wNh a IawtdN a nltmd d lM .w a tM town, aAd nand by rM fatrkrtr w manes! d the Town iNitlL shaAd aq abbp a trwtud tlpltdar tppNr 9n TM Btilke Oaaie b tw taco afllwr pilaw daWery d gib Bawl b fir nisaitlr~lasi G v~ahd suBlolutt~ill T!r 8erwi shtl ue In wbdadWhr tM 1doa4ip learn ,. , Ntd any a lni t.i d u. Bawl coq. whh appppWS rdsrsnw. a prkesd 9n fib traded 1M BtlnMl and ~ lrlMldi . , ~ . ~ tdDOrM Nataales. N aq: Fam d Bdrdl •Nrstt N bards ti d~NeNd purawlt b 9~N.wt aIM N Naidt less N.MtRi • , b Ths Dipwlpry true GsrrgtrrY pdNwaA ro 9scdan a d Hell .. , . tb. R-__ uNnED eTAt6B DF AIIBRRYt STATE Oi OOIARAOD COIMYY GF BArli TOYMIOFYM. aFtERAL17Bl10ATgt1 REFirrDBaOBDtrp eswEt taBeA .,,~. W1t6 LiATtN1r1Y OAIE DATED MTF 0[lidrsf 1, 104@ Cu9W FtEl31BTERED04rtilY PYil14CIPAL AMOUNT: Qn Iha iaeh. vatlh and tkdraB d tlr rwa d Yell, M tM Gstartr d ftaBNr irk BIM: d CaerabD, ^ munblpd a11rpMMbn dldy wgsnlaW and ttndp tM Town Crtarrr std lit soil Mars d ltw etch d Gotarwds. br Iadut raaalted, h•riN sckaiNrdgY Nil Tarwt ,~. ~ and apro~~brM wrtw ra M air +aadbd irarw Ndwr~, rv.ouM aeiir. ~ ~ trr" wltrD:: ,PwMd Fntsreal tMrMn paY^4M M JYM t attd t , Ns Mitt Naar , , . at en Jots t. tNa! M ale rwwM Rda pw wawaw aptr111Me atran. rwrM ab PArwilrl Allwud r PeM w pgnad hr haw Psvdid ~ Thr [lard rM hiY Frearsat payd7ls b [M Rprlrid Desna a Mr hdirea fidi above team 1rw mwt n9p7! kssrwt Payrrwr ette b wDlth 1+41rss1 tees Naps pµ1 a provided kr, a, N no lotted Itw !lien pdd, hwm er era a drr omorrteb~ PrNlakr.i d and PraraiR Y a7, on aunattla hYndP wib~ I~porl pnuntrloll antl aloes d tM Tawny Pa ~^ t~dritl'Pi~q Apant`), otlpinaiy Cadn1 Berdr Natlanal Auoditbn In DPnwr. Colorado. Imanit ba Pdd .icllOwtyrdlNt DOrW wM paymint tlra (a, H allch brlril paylrwtl fiats r rxM a DutNrw day. on Ma mat auctatdhp trlnklrt ds04. 6y Nrdl a drag nIdIW b tM PitaDn fn witws Mnr hell bay k reglnsraa (tai •Ripylind Cwtwry in tlr reprlydton rtwrh a tM Town rrrinsaklsd M Ma Yam': BoM Rprtro 1Mi 'Band Reglarar•l, oHglnaly Control Hank Nalbnd Aiippalbn h Oamar, Cdaadp, aw r Iha itldlwa .. IIrKArI d IM Ckr1 a uutkrwi an IM 1MiNM day d 1M aalsrda+ nernh nit ,. tuck InlNSSt pgmas dm i+lrs 'Blood Dsii~. Any slrm Yearsat apt iO rM~Y Pak a duly pralded for ahM arts b ba pgdlN b IM praart tdq Y IM RapMOnad 0wnr brad d fM Class d ttuahliit on ,M fieoad Oai ale ihta 1» papbb b Ilti Pefiafl ~~~..~: B~wa.~i R oro o: ~cdi~bd r tM Wdktanw a IM Tdwn cdurld adoprd an a .~ 2q, lsvt autlbnzbp tees pord flhe -Band otdkwpiy. to tM pq'ebtll a arty ddatdlitl kttareal. gum eilicbl Fisoord Ori and er des ear tltt . d irrdl Maria shah ba Irid by tM Piykq Aped wlynww marry. bstarN ~ far PiYrnwn d tM ddauhad Inlrait, and holloe d Mi Spidlil Raoord Dai aw fir daei fa tlr payrtrrd d tuck lntsrsa tees! W pivirt 10 tM rpldrW an fMad'Band~i ~rral Iw tlran MYt prrr dreMa. Al i4m payrnmr ehY W made b Itwful ntoneY d tM Unlrad ewes d Ameba wRlilaro~uf dedrlcybn Nx er asrvlow d !M Bak di d ~urlAN d whlph Mk paid it ^ pan Iriatlabp 911 and aMr Dirm6Y 7, 20D6 M Tam, M +Mrds. a~ln pan~hr lnpp d multblts d eS,OOO, from earn muaaw K an adaded pr the Tawrt, and t lira Mar aq d dti DoMt d a frNl W !P W WNwxh+n^ melody N tech mwvar aft tlr Band Rgrav Q~ilyi arailller ~ Oecint6M 1.2tg2 a N airy tybw 1wPrstud u a pitant~apw d M prkblpd amanlt as redearrrtli plus ImMSa ari/aall b tN . , . daN: ' Data t 1, 2002 Bvollph l . 00. abo9 t 1.2002 and ttrteiilla Re~rDrptlilefr tvtx toox YM Bards ,rwltlrhtp on C t. 2006 ors era ilAl]iq is 111allddory ialklrrp land d a PKd sgwl b pit pha taasrd Inlawi as Pravtdsd h dta Bark ... MawwdBmatdr, on irpw Ihin lB.4a0, apa d fade BaN t>14tp0 a .D• tnrepfo rraY~li~dlw.dl .air d b wldoh Olra fir oar ~y b ati Carr d irrai asrk.~ ~~ nd fifes • BeM a Solis qr qy ratlydaalrrtl paebn attfeil. ~ ~ sere! tr rmda npan rtsl mMr NN N dqr ark oar IMS Marl tq data' Prbr rtwlhd ndlpi b • ripruareaCVr d tM alplrW puMtwir and scan WBhUred Owtrer ii al+eim on the rpllkdbD 69e111 keW iN fife Bad Rgrtra h er ntartrlp and kPan t!r .. Dra~kid b fir Band . , ~ , tM Bords d rti wow a tetdm tMt r ar be~Bt Prpaytid anted Msiaki In r r PiYn+sar d !6,000 and alt Irxsprd mlMpfo thu~dF Iprevlded that no Bond roar Mtn a dsrrrrindbn wlrbh woaetls eM prkpiPd kwiri~atd~BmeM~ a w to m~tlw ono rfhslxlrri. •lbar d aq d taco Sandi d IM Haw Ryrdar wM a vnYdl,,my asecuiad by tM RaOrtarad awns Ma daM aulhwlzad irrde Saw hwy. r iM M tnwagw i^dlopid fav rte, aa~ artWd inwae a auph Bake a tlr iifne maluraMlYN~ietd other aulhorlead srk ehefpu as tN tPbh k111rM~Bawd~Old~IW~ Ipl.• •'TM Bondi ri oat trarrirabM or M. 4 abtpt N W faa, b ter Bak Drdblliaa." 9bar arty pirdd w1a ~ d udi fSend. Ce4s i Ca In br , coq tsprq it Band HipYrir b autlwteaat • rlaw Bab a mtlw sn nolwlon an thr Bak ktdfotrYq Br dM elk drown d . ikpq y M ~ d Bital rnaab, F whWt vi Ihr Bnrw mNt M prwenMd td 1tr Band 'TNiaband Bbl7•ll~ ri~t~ by Ste f Oar Itraal b paaen a 41dt ddy aallakM Mlplay ae tM rsgllkaNOn OoaNa kstx W fir Bond ~ ~ upeh slarardd dtli 4rtnd t60aBlr dM ~ ddr iii0uts4 wrNtsw InYNn7M d trdralar ~ ro fir Bond . bp~W iurA ~tatriw ^ new !u« a,n. wutl: ' tl~ mrrrelt aN ntaNt7 fret ba~Yiwd b M N Mfr Mr tend, tWjaa b sum hnta.. , ark GrpM w eel !Drat b fir Bad, TM Taaw and ttr lard N+plrar rtsy dean and trod Mrs Pasco M tdbN Iraew Belt pad r . Bea tetoNrr awnr ntraet ter tr w~ d rrMrg . , red kr all atlw tlra srtd RipYwar r411 nal a 1r9twsd b trallNr w iwtlrirlp ip aer Bath sugaat M drMiry a paUd . ~ d tlr ~~N1l~/ of blwhaw 16 e1rNS tra~pl- Bte dtr tl tlw~wBtrg Oy IM Beth • d a tta9w d , d Saki :ltd stroNq M tlb W~iarYa , ~ ~ al rr dtr d wd,, r~r~wylrwB wdr BMd~kaf.aat~ PaUOn thpwt for pltp rsdarpBNl. smNrt `ar ~ ~ palden dBwWeMrB~ i rparL• Tai Batrda d trMd1 this Bw r era. M d la deli, t+ra old atlas eltap K p rtulrllir. .ear ti.r dtiµraww a v~aR la fir Daley d trM Blab d ~.. ~ Ir tM OMrPoN o~ tduMMB• partnp r,nd Dutarr I ,R pt~N tM T ~~eu~nrl~p iglB ratrr tM aulltap d atld b NIB . , wily tM 7eww`s Irisr +rrls dtartr, fns oonahtdw ind haw d tM 8tda d Colorado, and punrrrn b eta Bar Cnxnatos. TM Tam. M. Paylnq Apanf and IM coq dean ales tote tlr rgrtastl ,has: fa ~ Saw a the ebolule ownr Bond ihaN tM aeardw (ailipM R Ipt i1rCt contlMr trrl red M ] aq fblbi p 1M Parrq Ada a ~ ipal er Town, the trot a1M t~lti~ wrtxlad, rttl1W rid wartanted ryuhsmiMa d law hari tyro ,. wqh by yr popar amotra a tta Town In tM rluanw d Ihr MN; That ms bell I . ~ d [M Town, kiUatlkrq 1M7 a Ihr Bork, does nd sroitd nary Nmh d by ,M Co+rdeutbn ae lpwi d 1M Shia d Cobrado; ary d,a provrbn lri olio rtrads br tM Nry and .. „ ... d annual haw iuhlCynl b pay file haarea at and iM prktctoal d Mr band wMn fir tam. Dewnr des. Tne lull bleb and cretli d ihi Town as booby MrawVfdl7ilf Rhdpid far Me purtdue ~ a tM prncbd d rty the illawt an Thh Bak Ihae na bs valN or 1,swnr w~wrxy a bir~dh a~ 1ni Bond dMlrtarl~ ode tlr aiMktle d o . hooch ihaN haw hart n.r,ually tprrd OY fir giplrnlr. IN TEBT,MONY WHEREOF, tM Tam Couftdl d ins Town d VW htr wuaaa Ihr Bak !o M slpnsd by tM maned a taalmlM ilpntturs d iM Mpor d iM Town, iltrd wNh ^ mmld p fapNHa bpwabn d Nr lid a Me Town, and aawlid M tM manual ar 1aaImIM O~ii ~. fir Talm Clerk, ap w d the Dated TGYMN of YA1,. CGLOFtADD (Monad a Faglrwr Bfprlatun tlapr ATTESTED: 1Manud a FaximN IIgnaunJ Town Cork tSFA1 OR FACSIMILE eEALt STAYEMENT OF BMBURAhICE 7M Munbpil Band Inrwtow Aasuranw~ Coipadbn {the •ktwrery tees rauitl a po4ry oandnlnp Me Mlrwlnp PrarrlaM, wch pdky hainq art fly a Cimral Bank Nnlenal A ' . h DshMlf, Colorado. TM kiswsr. In carrbaotlort a fife payrraM d 9y prsl+rum and tublip b tM lerrrli d thr poeCy, Mreby urreattdklanaNy and quaamiw to Cry ow11a, w tlafilnaha defkrd. ~ .rolkwktp daacrLie atdga6arr, lM hell rsNukN b W ardi O- a on bens d tM bluer to CsMral Bank Ndbnd Awaddlan a l[i atraowaa (!M PPrklcMl d (slthad ar 1M itdadpmahxNl'{wtpY arty ad,. l d nrtefrlli' pursuant b a mrtrldabry tMlYlq tteltl ,and knrsa on, iM 06Nglgbns to etrt farm r ddkyd .MAN nw t iup , tees asoanr dl» nu Paid {axa.p Mat a ar avax d any aoeaitradon a tAe des data r loco pN,tC~al Der raaidn d mandaAry or ogbrW a adadai[rrr dtullrrp ham dWui or~oarnri, odes than am a r,lawky Prlltrrlea b • tJnkkrq ifad paymra, fir , M rtrde Nr alwnl r+nrnr~ a~ir~iudtud~iNWets~ such lryrtana d PtYrepd would Itavr bipt dw Irad tern r1a Own try alrm and {q tM nb11x1rMmad d aq ouch patrtNfR winds r w . Dan Cry a.9.r pursuim to • IkrY Nrdernin br . coon d • • I4flNlpbrt that a„cl, parn~nt a,wW,wa m auc11 ewnw rrdli w n.r~inp a .nr .PPaa.a+. W antl { d tM CrNarnd to In shat bs nbnatl b hwib aaattlivdy w tit •kttuid Anrraal.• ~ . ~, ~ ~ ' iltM man:1M Tam d Yell, Cabrada, Oarrd Ohllpdbn RilIN7dMtp Banda, BarW feOpA Lp4n N9iMU a ~ a rrpraphb mhos, sum rdtlos u . oarlhnrtl r wrhbp OY ,.., a wNfNd ,rlaA, a tgon reap d rnehrt mtloa fry a wMrd mil, by tM kNrrrsr fpm ter Pyrtq Aqmt ar arry ownr d an ObNpdbn t!r PaYnad d afy lwuntl Arrwurx br wHOh Y ilrrl Orr. tlrd torte rpiwwr anP ~ des d,~wr ~ w~dt ar~mam a wpdn ens OrNMtisa d4'strr rasa[ d rratlw d irrm r Ida, wW mrka a dspoih a lands. b sn axaalt rrhh Chbsdt, H.A. In New Ya4r, F1wr Yoh, r is suowsaa, atelkiarn la tly p1ry1~1a~ d any ouch Irrurad Anrudi ddah an dbn duR lpon , and wrrN4N d such Odigatbns or d arxh asrr Prod d atwNrahp d er Gpigrdidw, tapadyr wM ay . , , Nrtrurrrnti d aNlpnmiM ro . ~ Itr Gb ii rr~pd'~d 6Ay tM In ~~rn~d rrtrpnpat b dNa tlr .. d tM Nrwrr a fa atldt awrtws d er OhYpatlon b any~ll ... rWttl b piyrwtld d Nrtaed Amowtr N ter ~t7hllgdar. sum krUUnw111i bpfn H a farm t ~~ b dtbirt, NA, fJtrir44 N.14 ahaN dMbrsii b sum owtwn a tM PayNrp Apes pglnwu d tM Nwtaed Arttoatli des do slrA ~ . law any serraad held by Bls Paykq Aoatt tar tM paymsM d tl,dl Irabfad Amaentt one tagaBN araili6h tltarslpw ThY PahiY tlow nm halo apaMrt rw d arty • pritNian witkdl 0m0sr~ietlalmkit tkfr ps paya6ls rrlh rdrpd b aq ha wstl nadn, tM term •awwsr sMl cowl lM reprtantl awtwr d aq OMlpdien ~ Yt®wrd h er Dada M tlr Piykrg for~avm~punlaw 7M rimi /IIw1Y~i11~ 1101 bpki ew raw a sq pary td+ois , wM qr slaw . , . ~. IM ~ aiarxr la tlr0, oat! yb t! ~Nrrsr~ Y~Itt aNkw boded ~ 1b9 Kbllds8 Armwa, NwYadt t.N ~ ~~ TIr Ptwtdum an BYr petlq r eel la m~d~rrgnaaarcap tl~ Perebat orbr b k1UMCPA4 BOrq M w • . A8il1RIa4Cg . ,. ~ , . • ATION Bawd Bpd ~a (~ dA ..sn, ~.,.AAe OF A111F64tIG1~tON D.id ~ , aw Al. YiHS clad r ar d Br Bat! d Bw karts C , ~ ~ ~. , ird wa Bad hits! ~duM f ti er ramdt reps q ra i ', ~ ~ w Bold ItaONYer. CENTRAL BAtBC NATIONJd. ABBDCIATDN s Borne NioYtr dl~ ~~.~.leloir zat38 cr~I:Mlscx 11tit;iV$ .. $268,5aa 4 b4:dr. / 3 bathe / 1 b4:slr, lockoff apartment Views, sunny, great condition? Wondelfui family home ar vacation home for forge group. Low traffic area. 1 STUDIO $ S 1,500 Beaver Bench 20A facesleke, 0repltlce, mry $205,(IW Mattor vale 284E mountain falc[ng, good mrsditlon I BIDROOM $160,000 AnderoNE07 locatton,greatrental $193,500 Manor Vail 186E end unit, famished, on cn.ek Two B~..>ti~ ~..fs 69,900 7] 900 Sunrltige, C-207, pis [ 5 i 7 te rtectl new applF,mcei . 85,000 e ^e, 03L, A n W Squrr~e el tse.t In complex[ txtgltt ens [anmhame aS.000 Heather MI o tree n~ak, rumLtted 89,900 Reserve I.IOA nlee comer unit 95,000 Wdb_ ._,. SquareNt3 2+loft,penfhowe %,500 Per 6 NA2-G Z ~ lob, great ental 97,900 Par 6 N22-E 2 + loft, awny, great rental 136,000 Timberfdk 11003 faces min., decks off ilv. S befit. 154,900 Simbe Run N1206 futNshed, great amenities f 95,000 Apollo Petit 301 ~B walk to vlllege, great rental 5385,000 Lodge et Ltonshcad N380 reputable ba8ding, upgrades THREB BEDROOM 89,000 MouetminStrem~1306A urlfumiahed,lcek-oB, rage ~ I F5,500 0749 [Jeer Saukvetd N2 deck 2 flreplttces, got murtle !30.000 vestlandet 3A gas heat, TqV boa, basement 130.000 124 8th, Leadville restored VlMOrian 139,900 Homestead Cotat Club N6 groat locat[on, next to club 144.500 Mountain Terrace TH G8 2levele, iatvrsd tub In master 153,500 1085 Deer Boutevard Flt sunlry, large rooms, 2-car garage 219,900 981-A fungi Creek Road gas heat, lacursJ, 2-tar garage 239.000 SpnwsPaitNC slttglefamily-newmrLStructlon 265,000 FSrceptbn l0-B spettacltlar Ilving 6 dining areas 325,000 1148 Sandstone Dttve views, solar assist heating 337,500 0150 Stagecoach Rbad duplex. great 1ocaUon, 2-car gar. 395,000 Antlenr N 104 faoea creek, siopea end gondola 25,000 Mmrlott Marls 3-D newly remodeled, special $435,000 2605 Bald Men. Rd., d6 country kitdten, open, sunny FOUR BEDROOB48 S LARGER 139,500 2625 Larkspur Lane whole duplex, Finer-upper 169.500 Buck CreekC-301 southern et~oa., views, bus Ittte 220,000 Woods, C-14 elk and sheep In beckyatd 34.900 981-B lone Creek Road IacuzaJ, gas free[, 2-cargarege 259,000 Spruce park NE new slrtgle [amlfy, Fast Vail 268,500 2468 Garatiadt Drive dean, eingle lamely with Cenral 285.000 l9 Dye Court e.f., gas heat, 3410 aq. ft. 355,000 0050 Rowel Dr[ves singly fatnlly, open and bright 49,000 4542 Streamdde C[rde wonderful East Vail property $494,000 435 lAitgitom Road new constr., Deere. golf course [OMMQt $152,50D C1AL 380 East Lblwltewd hNell Fee simple eommerdal condo 595,000 Eagle, Cobrodo 32 ernes, zoned for 200 uNts 75,000 Creekside Cvndom4dtmis 12 units, wrYter well carry 787,500 AvvnCenteraite RTCowmed,reaidJcomm.ltse !00,000 Fvlspn Tract developm. site next ro BeaverCr. 7,490,OOD Cordlltence at Heaver Cr. develvpm. parcel. 1,700' an fiver 4rAi row iil~rOstltW I :. 4 I office in ~ ~ North J~nledca TIMBERLINE REAL ESTATE, INC.: Call or stop In far our ~~ Buyer's Guido! .. ~M~ 286 Bridge Street, Vail Colorado 81657. 471x2113 ua iiwou u CKEEI[fSIDE fL1V111lG - ONLY $1t34,9Q0 Enjoy the refreshing sound of Gore Cheek from the deck of this 2 bedroom plus loft, 2 bath condominium in East VaiPs popular Racquet Club. Comer location, new carpet, vaulted callings, and the BEST amenities [n the valley add to Its appeal. + ~ 1 4$ rn~waz~r- , .,.~. s. isJ~a F}am prtauious pgge "(Fanndf Praq pomaR erwaaA dd elite bpN lrM Opn ~ N .,.. trait the l+wrwdRw, . . ... , My Irryna d 1hr bond. Daeedl . , Pratalpsi Prepeb Repraeeniehwa al twP..YPn (End a Farm d f . , Pandi . _ .,.. , ~ ~ MrfAabrw ptorketl hMeb, A7 at/dt paYNlant alma M vaBd and efrdwl b tBedtatpe t a a~ p wCN 6«Id b tlr ptwq d 1M D. 711. dplY~wn d lhY Town are wdralaad ~~ tram b ey BarW ., Fvay eaeOwW IMBU11rnYeYaO Bondi In auto glwrstllre 6n d RRBr1~r rr~np ur bee ..ro n~pmv~ided. RERTTDN B. jf~L~yO;, ihr OrdYl~tlle Mall ~bYray . by era Bad ra each morally I labiate era BOrke nlalrrw N . p b Yee prYedpai altepuM d tlw 8orkl sMYY1q ~or ever ~Y, euMl YIYIaRy daBwrad Banda acts M b tlw rwrna d ~ Cp' Ira for TM Oepoaaory T+ual 1r1AY BE PiN9rTED ON 7HE HACK OF THE CcrRMrry, IM aacurhir depoaROry for thr BOND AND THE FDLf.OWReB STAT1iMEfif Garda. rive Banda may rbl Ihaeahar 6e elSERTED- ~. ,paahwgwfsrePl: f7i le ~q a Ir MmYMa, 1Yflktl wooaaaar mewl Baalafr 1.6f~ Cobratlo RwYad 91et1,Ns ~'.FORfN HFRP!• and R W Wrd and , Under late 1 TA d IM 8eetaNlw acMlps iFarm d Tranlar] Add fps, r .. a AB8pNr1ENT Izi upon the resynlYbn a Tne Deprkory 'FEEBAND TAN(F8 MAY 8E True ,.. «r r _. a nwrrhpaetery CHARDEp FTH1 TRMiBFQ10p Yndar dauq {1y m ink char f21 al mla E11CItMKlE pF TF718 OOND• Wr~~ (a1. a e , .. by Ma Courtcu FDR YuuE RECEIVED, er uMrslprwd calk. Wblw, and danalew arse tM wRhb Bond and tlose hereby' . , WIw71lr and appOkr- an«nM, b Ifrwlar tad Belle air Vta reoatle kql for IepbNa110rr elarad Yrhh full pawwr d suballdbn Jn !!y Prerrsaee. Slprrrap d Rprlwatl Ovaw: NOTICE; TM sbnrlea b 91r aulpnmed moat .. .. , rah ter rrerrw d the , PMNF r N apprn spat vy far d nw water Bond b wweY pMlalar, waled aaeruldn «ad , a try rlwga whuswr, Dlaad: Sl9ryhxe 9uarameetl: ;Barak Tent ,,. . ~ a Fhn) Addtaae «tnrwlerM: BPhil t3sWlay«ahaf llwb ..,_.., umber d traafersa; ac..,.url 7. ~, No Bard airs b+ slid « abRpalay fa rY WelrOas « M edard w any aadwty a NaMm urdar 0116 Ordinance unlw 4k ufall a cerl7leaY a w bR on auoh Band aubaMlYtYy N tlr rrrrt .. sal lame alrw haw hasp day menwry eaearlea w/ elw 6o•rd grgMnr, atw weh reaAetl . d tlrs Bond11~arb Y open any FYPI1 Bond sMX ba Panaklalw IIIar sash Bares •r bawe arw dehverrd uMer tAr .~ .. Tlra Bend Rsplaaw oertlfldae d aVNMk:abn On arty Band ehr be dceatad n haw peen raeurd by n N slpned M' an wlhoNaad arylcsr fir eft7rrdory d tM BPrk RepWrar, 4Yr h enW Hal w rraowary chap the ever aBbar a agrlorY fipn sty uMdtrale a adlwMbatlan Pn vl d the Bakc wwe Mrelkker. By alahrekabrp any d [M Banta InhrNy delNersd puauanl b tlsk Ortlinrsae, IM Bond Regrtrar ark Pelinp Apem ehcu ere tleerlwtl to hies rasnsad iP flee praMbne d, and b haw aprsatl to ahWe by and b panam IM Bars aarroed for Uterrl In, Ink OrdineRw~ Ana the adaP110rI a thr Ortliryrw. the Taww ahas rsaAS Iha Bands and salts them b IM Bak Raprha, and Nw Bats RegYtru efla8 aP1 .. 11w Gorda lbtl delker them to the pwefirsra theeea, r dlredad oY tM Town. 5ECTgN & RaarBaBOn. Tranerr and A. Exaeq m prnridad In SaPtlon 9 hoed, records 1a the repWrubn ant Irangsr d th BoMe shall Iw kqA by the Bad Regbtrr, Ychkh k hereby sppdnlatl by sly Twin r r•grlnr flq., uansla agent} Tor fha Btkks. upon IM ewnrtder f« Irerwlw d xmY Bond a IM priltdpal oils a lM Surd Reprlra, day endarled fa Guwler w atconpanrd by an wl.gnmant day erarxAed W the lephWad aw71w a hr r«My dory adhaixad In wrhlnq, Iro Bend Rprtrar soar amer with uamhl an Iho rprlratlon redone end snarl adheMkats and dadvar b IM Rartw al IM trrslerse a Inrrlerer ^ rrarr Bats or Bontls d a Iles agprsgete prlnclpsl atrtouni antl d Iha game fnlaurhy, brrlnp a nVRber Or nurrban nor PAVIIXIay erlgMd. Bands may be oxciwrped a tM pralclpal alke d Ina eontl Reprtrar I« r equal pprepale PindPef aMOUni d Gonda d lM wens maurky d dher alnhorized denaminalbm. Tha Band Repialrar ehau eutMnlbaq ark daMr ^ Belk a Bonds whlr3t the repMerotl orear mskNq [M exchange Ic enS4lra Id reCaNa, bsalnp a number m rumbas nd prsvbuay angryd The Bond Ragkuar may Irryow leralatlr Pnalrges .n conrlailon whh ergl esmhPnpr ark uanslara d Bonds, which ohalpr fora wdi se any taz a dher polarnrtrlld dyrgs raquaal n be paid mite rriwa ro spate axchanpe Pr uanderJ shat he partl by IM replatand amar revueslinp such extlsange a tryglar. B. The Bond Reepqkuar sisal Hal be rsquasd ;17 ro naneler w oxcharlpe all a a Isorllon d any Bond subled to plbr retlemprbrt dufinp tM pBnaO beglnnlnp tl Ilea gleM1lrsp d ttalnrs 16 dari next prscatllnp 1M malBrp d nobs rNlnp soy Sunda far p[br radeRrplbn r hers#n provided or 121 to tranalar a axcharrp® all or e pgn}on of a Rand filer Ire rrWanq et nabs Calling such Bond « poabn llyred 1a Pbr ratlenplWn, sxcep fa IM uretlasnwd potion d Boras tylrq : fi pan, c. ExtxaR r hsnfn IMtlAped whet lwpsd b Reoad Dffir sod 9pacf0f Rsard Oalr, tiw parson In whao ryrrw ant BPntl sMll b• repklared on tM repWabn letbrde Ysq bytM r M ab~i WAS sevens IlwMeol !Pr rM pupppw d maldnp Wyawn! IherePl and for aN dhsr purpasss and payment d fir on aoawnt d pNls,;pa{ d1 antl Inlsrue On etty Bask aitaa be made ant Iv « upon Uw rrrYwn ceder d tlw teg4wrw owner tlwraa a Na a hat real _ , ItlNs, bd each »plaratbn rlwy ba mene~r enpd~iubfett to t1M carkNbn.b and that DepwNarY Trwl Caltparry a loch suaoerer « nw . r m lalpar ehr to rlrry od M hmclbr. and dw drglwarrr by eve CPUrtdl d arwMer dapaNary InHlluOen m tlw Caxwil ark b the daVOegorY eren hopaq the Barrie, whkn raw depoa6ory awtlaabn lttrwl M bdh a'cMMnp oaporalbn- r rrllMd In 8ealbn 1•M ID219J, Caldratla Ravrad Blalllaa and a glrlialad and ryNrrad ~pMdK ~Y~ >f ~bn~7A a tfN b Pally OuI tM , . , ~ d TM p«gaRary Trlkt ~, a wish suatwssor nr dalwaYay; « (31 Won the trgnawpn d Ylfe DaprYOry Taal t.prparly «a eltchwaa a nave daPPeaorY arks auras {ry «crwa RI a Nb pareglaph (a{, a a . a tlw Caunw lnat Trw OapoaROry Tnrt „ a strdt strooaua a Ilew tiepvaaary r fw latpw sett b carry Put h /a1d tlw IaYure by ey Caundl, aNSr rerdlaaa inrap~patbn, n krotls anaeMr VlraBlra tlapnaray laMUYOn under dwws rlf b 8 Mf 8w arac.. ate: rNwl""w~~ .. a TM , ~ TruN carl~aar~ a Ra Ilartitr r raeanatl b N cfalwa (7F d wrwr+vh (q n.r.d « drlyralbn a a rww . punuex m cktaa pl d . ~ ~ {y brad, Itpon reaabl d tlw d Bdr4 lyy 1M Bad Rpbaue lapalhw wilds wn~rn hetruarna fa trarhr b~iarlldtRRY d tl~ia BP~r ~1Mn~ edAetrBiO«Ypq t{lra7 (M laellad IP such auPCraa a nsw MpWMay, r tM rase mq bs. « as rrcrr6rae, r r apschrd b weh wrhtan Iranafa awtrwbr. IR the rna d a rsaigrrambn a ladr rdaues pJ d 1lwagraPM (+i Mrsol and Ihs lallura aksr nronaaN braaelpatbn to bcaa anaher qualertl Yrtlblbn rr ilea bards r provNr in urn (9i d psrepraph {y head, ant upon nrgl a 1 raltarl Yytrlldlvlta brio peryrf colt allay to era Band Rsprtrar. reeve Bawd clew 4e relied to Ire dsrweeerrrlPrw a i6A80 a ant artyr.l msNlpe 1Mna, r prwlhd to swill swiss w she wduerona a BerJlan 7 nMea. Iepalered M des rrerreea d evaA IMreon{. Ntl In cosh wIhPRZetl dllrraRYlapay r are nqurtatl In such rrrhran IraRaler IneVUdbns; hornwr, the Bena Fiapktnr ahaY no! 1w nquksa [a dMNer such rraw Gorilla wMdn a perbd d Ira that BO days tram the dale d twoap a tech wtalen tnmler Inlllragbtw. C. TM Courld,lM BOrd Repruar asd the Paylny Apanl atop W enllyd m trrt the rspkwred owrNr d any Band ere tM abeaWr OwI1M 1Mnol la w purPree hared and My ePPkcabfa lane, nalwhhstanaktp any nala to its oaerary rewNed bfr arryr or W a them and dy CPtMICN, the Bak Raprvar antl the Psylrlp Agent abaci have no roponslblgly far trMrar7wlYlq .~ bey aatdkdal aw,terad 1M Gonda h~sid bl' TM Osllalbry Trust CPnpany a any alacaeaad a ryw NpacNory narlled punuan n aph tai Herod. O. 7M Coutbi, !hs Band Rapklrar and [hs Paylny Apwtl ahaB e/daayar tq WOpeAte whh 71w Depveaay trove Corrpwly a dry euWeRa a lrerY daPakPry rlanred Punned b aver f 11 a 141 d panplaB71 lei Moo! {n ellsduadlRq paYlrwM a the Pkta~al annum d IM Bake I~OR n1aYNN «prbr retla11p110n by arrtutplnq far payrrynl In cosh • aynner Iha} funtlc IRq with parytlwnw an weRaar b the an Iha dW IMy are tlw. SECTION 10. d Bntle:,~J BaeY. A Wfwtyver any outwantlhlq Brad shall M deNvered to the Bond ReplHrar fa paymenl pursueM !P mr Ordlrratw and upon payment d the Pr}Rdpal cmouM. cuts Bnnd trail b. aarrtwtrd antl tleetroyed M thr Bond Repklra antl reaatlstl r atxA h the rsaaa a tM Bats Rp11{rar. W1yrl WrN dry acq{eecdlrtp Bak elyll bs tldhnred to ms Brad WpWrar r« uamler pureurl to IM prmrkrr hoed, such Band atoll M aralyd b1' Ny Bork Repklru antl cauntarpatr d a oanMlrar a ranaslW bl1 shall 6ehmrltetl bYtM Brad Raplwru ntha Town B. y asry Bold aha4 be foe, allot, ...., .., or rtu0rlad, tM Band Raplstru may, upon rsnlpt d such eWdana. InlormaPan err intlarmHY nrtlrnqQ tltawta r Y « the Town may rarorY6ly nquhs, alahemlrais ale delMar a nproawyra Bats «Bonde d a Ilea appregate pdrlC6faf amvunl and o1 its tarty lnelurhy, w+rrnp p nurdlar « numWra nd previously arlpned. N such bat. abrn. tlrlroyad. or rrarlYtlad Rork stole lava mmurstl, the 8ontl gepkva may direct 7h•1 auto eantl W paid by tM Paykrq Agent in RPU of raplaoemsnt. Toe Bad R uu antl the Tartu may raqukc thel the nprtasd owner d any with Bats Pay IhNt rerarabla ter. ahapr erd expener rahllnp 1o Ihar adMara punuaM b thk 9edbn. SECTION 11. Dlemahkrn tl Bantl Proosda antl Atltlllloaal OraaYa. The Bands, when reveled roll rprrsed r prwklstl by law, sMfl b dNNered eP IM Undarwrkers as drsdad by Iha Town. and praeada darired ewrdram frsd d aovllstl kewsal, whkH aloof be In the Bark Fu M) ehaX be OepoaNad irao a apsWl and separW 17w1 fund bald try IM Efaar Bank tlrlqpatoll file •T own of Vaa. Coblad0 f8rttaral Oblpwksn Sheltnstlllq Bake, eerlsa 1986 Ea«rr Aoroum' fetes 'Eswaw Aowunr'1, whkh ambunl. Ia6MMr with dMl avaYabr it8lda d dy Tam, w71 Iw auNkiaM ro rtapXM any NtIgN aaeh barrsw rsrnalninp unMrraard uk b bYi' Fadaal 8ecahre fns Oalhlad fn IM Eacrpw AprrmamJ ro affect Iha RMUrldrq Proved. MY rwnalnhp bylaw d rM Bald ... atop tw apptrtl to IM payrtwRt s d ooete d r.anq IM Bwwa, ktdrsdlrg the M ,pnrttYrm for tM Bab Ytaaartos Poky. and ~, prirolplll d end kaerast OR 1M Benda r t dame hsmma Illy! NaMyf tM t' b anY sw..q,yd P.nan d its Bontla stop ba ,.. la lNa applbWan a dicPaaal by r rows a ry a as aflrwe a nw hrka ~ hOm Urn wb tltana. sECTIDN 1z. T rawhrrt A Tlr Tam aorerWlr fa the heltafN d d Pwlrela a tM Batas Ihcl N wB not take an be ardan « rarYt to rYe any talon wish raapaw n dry Banda. pw . Ilrsraef, any rra ! ~ d Ifw Town, a arty IaesYlea MwPtwd with a Iti RaNxrrtled Batch N auto « ultraabn Iq waAd oattw dw Nllafrl an ~.~ Rdurkb Bonds a 1M Bolles to lee rCNlafan from gror Ysoolne lar IrwY lax purprN rwsWr Saabs 189 d the Tr cod., flirrolrk our krlelast on rive Ratundatl Banes a+ eve Banda ro for M rdwbn I aYwrladw nyrtYnan leYlabr YlOariw r deNrwd rn 8adbn fiSlb)(q d dw Tr Coda awaPl ray sated lots krlwsar N repWSd b b• ktchrded h tM adJwled cuttrt samNga ad atlswm b atrparelbna uMar lk+dbn r d 1M Tea Cella b ... , . ainham lalabr kraanra, « t}Mi would calory fxaalrt on Ute Barrde to bee lr faaYlebn Irate pYlwada Iaaa6M Ylaanw a Cderepa minimum IaxabM income undo prrenl Cdaado raw. TM lnwlrenl abaci fanwb b Ilw bra and eMaa ~ tlw fir oar Oe c~iltkh •Y M IM Y.nOa rerT fIrNBYtp tly abate -. WqM Ne Tax ('.ode hawbaws level. B. TM lam Wo apvwtelee b tlw hwrdk d ate ragrl«ad owners d eve Buda from rime b tYfb oils * MW annuwy prepare a calves b bs an~~ fRa ar~crrdto ilG rd~wkh five . Slat a1NrkT' a Pepll d IM atlaprd hyldpek IM anYlana atk audA rrlpat Y b arxordwns wM 8YM We. BECTION 13. J,,. ,,, ., ,BS~EIIO~. Aty rlbrwye r any flak « allPaaa asleb6lhatl by Ihr ardklata rrtay a .. ~ ~ ,. Yrwaed « .rally Rrarar , toy law. $Ydl daprk a M ~, at7sY sYhsl M avaJM b tN rf w a alrtlta~ err faa_ww NY the ttheA rttarae al alrtlr drrrr «a IMe r aMM nag natty aNtaltla edR1 Ilw aypaaae rESad far a Y~wradrraa aMW h erraalbn. Such dapaha merwys b arty auoh Funtl stet a dawNw ere ale tlrrtw b a s Pr1 d the lurk. Exwpl b tea acrd aaglrlwa by a ~e~isr Ymusi cUen , 7e~ . In. kleelrt. In any a~idt krrk stew ~drrtrtlb W paA d tlw I frawl BECTIDN 11, Pannald d P{~{pu=n lOlBfla[. Tnen tlrr M rrlatl aR all faxabM plnPafY In els Town if INe tlms and In 1M rrwrerf Prarked by IaR. b ad8tbrr f0 aR oeyr . taaaa, dkad annual Irr tdlkrnt n pay the prbalpai a and Ywraa on 6w Bade Prawpl7 as Bw fame shN1 ba9onr dw. Saki taxes when ahaM tw wad eelsy br ify papas d payYlp eve peabpaE d are Y7aw1 an 11w Bpka r eve err ~ malura. Nd1Yy hwekt . atoll 6e r aaltaapad r b Plwrwd file , . d any dha fords balortpNtp b dry Twrn and avaaabr fa Ural pwpra, ark ltPar each . . iesYlp made. eve levy er Isar lwrlefn taavbea trr4 ~ ,.. [o eau ealera M dlMYictrr. Bald ew.a wc.l rtes Iarrse b pry prYrrlpra d rlrW tnrereu art 1M Berrie arrr r» M JtaWln p errY• arre si Pthsr, tpae laYre b alaeat rite . .. a the Town. TM wens nsMn Paraded n pat tM prNa~sl d ark Ylaarrt an tM Bake for eatll Year ehw bo l+soNrdr N rM Iuaasal Mkga b W adaaatl ark Pared by the Coutcl b rch yaer, hb armory « serrstlllrtlPnal PmvrbfM arraded aRa the W ualtce d rM Bade Itardn au7tadted shall M m~i oblpalbn a aw T~P+rnato rang a Mpalrkv try r valorem Irr wNhan IkRaladn al rW «annltd Nor the payrrwd d the pdnc¢sl a arrtl lnaroet an the Bake. Thor foropanp aovkbne of Ihh Ordinance ere hereby decrnd to ba the PenlBgda of the ColmrN to tM Boats a Cpunly Cammrsbners ahoMnp too apprspab amoum d err to hs levletl fa rM twgloar abrerb by Ihs BORldd ColatyC. '. from [Lena b time, r rpuhstl trY IwY, Ice fhs Pupra d psysg IM pdrtepal d erd iltwrrl ore the Bonds r the sarro ahdl ItareaHx baponw dud iAaltw b W urtl b pay the Pdrtdpsl d antl Iraxrl on Me Banda shffiI G dspafted and aaauntatl br by the Toren b the fdbwlnp manner. There ehpil be depoeNad IMV a aaParra aaeauM wladlehed hereby, b be Mb by the Town a nor drgnr, drgAatrd the 'Town of Vsll, teP2 L;atsenl Odgffiion Bond Fumy 'Bat PFundy tM IolaMna ampunhr; equal nndhy Irea Monm sn antdrnt In wHh asy oMer men ~ tdpBlha aye IMrein and wafhde b pay the IMerwt tlw ark pryade an IM Bake astM Hen Mart payment drda, 121 Pdndpal Paymru. Nanhy, an smalnl In equal mpnlAly Inetaftmenls necraary, tagMhw wilts any Omar marlays tnereln erd ararlahb tMrd«a, b pay the panClpsf end any radenpibn prernum dW and payade on Fhe Burka an the rtrt praw~fpsl payrrod data. n pn« Iv any Inrerrt payment dale or principal payRynl date there hoe been aocurrwrlrrd h the BoM Funtl its eMlre emarnt naaesary b pay lice Itri rrmurNtp Infialmenl d inlerrl or prindpal, Or bah, its payment rpulrad In prbparapr~lr f 4 « fn iwhr:Mvw r epp8ubnl d this parapreph my 4a aplxoprrley redltwd; hId Iha raquhed momhy arrnunr apPin shall t» w cooked b sash scwunl carntsendrq on with kaersst payment dad or pdntlpal payrrd dare. The rlwrwye in 1M Band Fund stet G used only t0 pay the ~ BECTION F7. M trardra Eawaw AaWantnN ~.~ Fallow b alw at nrdt rirra ro pwma the payerwn ~ dehtA d tlw Rahalded Bak Rrpuirarwnq. derWed ^wrwYa ralwrlYg b its Eeaaw Acapum prwbbn shall Mra bass raids fa b hp d ma Rebnded BPrrde e ey d eealyd b arty IAful puryose d the lawn the Colxrtll mrY Ilaredlar daesnrirw, 76 BECThNI 18. 10aldfk!May Rf Fi'" undo E~Aaoawa a wlrawon tM wrnum r 1 1M ry Ierw ba adbn 7awrl alrak k7rthrhM 16 atk 17 heaad. tlw depoaN M wPh acaau etrtll aOtlRional rwceaaw kttama P~arrrrtll~IelMyfxaYrnarN~~ tees Rda SECTION 10. EarPlaa of~Desia,. from fasetdl hr arose and der harpy declae Nlwd b eaaalr on tlr bshr and b tM a r!w tort b spoon b ratlaan Ina Ralu Bake on . 1. 1896. The CattwN hereby :, ~ w to sxafara such aptbn whbh Oabit steak M tleetrwd to haw axanksd wMn Rala h tluy Oran a br8raelh aflar eve Itauarros d t haad.~~ prarlded h Seab/w 20, 2E SECTgN 40. Natlas d Peia R ~ 1LdrYppl. Tfw Tam Mreby n[Ahattt.a and dYecls Iha reWwra far 1M TUBS Banda b q tlr ndlw d prbr . , are ddaraw d tlw RalunWd Bonds, In Ilw delve a antl an baha7 d Tly Tam are e{w hots nplatrar lrrerlh l,pal wwlnw d tlw 19p2 Gana and apaYl rra Ials BtYn 90 days prbr b C t, 11x16. 8EL'T10N 21. Yamr d [IYlrg lao~e~ Tlw nobs a phOr elk dalaaaanr ahyl ha Qn'an Mf ~slNt ells lidwtdad Bord vrwrrla Elr mY1rY a aapy a tlr mtlaa by MN rtawtaa d ey Pr+Pakl tP 1M , Y tM addreraa anawn anPn Ora ~~ I tw ode ~Mr~ err brlM Rlhndad Bads. EO~dNWBa. Thor notloa a prbr and . ao to M qtr lsrtlaallh ,duM M b wbprgily tlw fallarlrp Tara[ ~~A AP~AIOp~RE 91PTgN~ 17FA-„• IOF TOYYN 19F vAIL, COLDRA00 aeB~BOams~ SERIES 1866 NOTICE IS, ~.,,co ~ 8NEN Bra dw ravend fyr. Caksraae plw 'Tawn'i hr ealyed to b• 1 b ea«ow wBt Carnal Balk Natfanal Arwialbn b Drhwr, Colorado reflardirlp bond procsalb and aMr funtla whbh have bean bwaeatl (rarq for an bYht wisp balann utamaaadf N 41k, tort. bards antl sartlir aiclrNw whits n rsvrFCalallr dksd abapabne d the Urdrtl 8wr d Artterlaa, n lalrmd, pay ark dreNar9e 1M pafulydstl Bard Raqukenwnla for • ybdbn d .ere Oensral Odgatlon Rdakklp Garda, Serlaa tti86 Abe 1986 B«las7• TM ipp6 Bake msaMnp on ark alter C 1. 1888 b the toaawlfg PdrrCpal amwaks fate YNdufked B«ya'i wIH be caNetl la Prior i .~ ,ran DeOentber 1. ltraa: Ad iT.9xs.aao i2.130.t100 12,316,000 74.080.0110 Matudnp C .. 1 1989 1987 1998 1989 C1181P NOS. Refunded Bak Rsgarertwrrr means: la] Ina Intsreel due la wrvtKtkw whh Ile. Refunded BPndc r the came cameo due an and niter C .: 1, 1982 and arI and bahln C , .. 1, IppS and (bl Me pdrldpal d Ina Rdundea Baas dw h mntyabn whh ere ratlatpion d tlta Refunded Bonds on Oaowl6er 1, tees. On the appllcabh tetlemptbn data Ens primal veal Itscare aw and PaYabr a the silos a lM psylrrp apam la tly 1986 Bowe, Cpdrl Bark Natl«rel ArOCksbn. In Derwa; Colorado end will era n aauue hlereq Iran ant sleet sletlr doe. Aanrdlnp to a rayon psnalninp n such raow of Cwssy. Dentpan a MPOn, D9rwar, Cobradp, wrlHled public atxeuaanw. the •aaaw. hbbdYsp tM krnwn rtlnimum yrb from such }meetmaMe and IM InkiW rash balance ranalninp unlmroetsd, k fuly eufflclem ffi 1M time d tM span and ffi all tinker eubwgltasty, tv pay the Rdurdad Bond RpuiremeMe d the Rounded oaks on the don dwgrlffied shove. pATED TOWN OF VAL., COLOFU DO By:kr Dhedar d Adminktratks Serwca CENTRAL BANK NA7pNAL A950CIATpN By:-h+ The: Atahadzed OHfcer (Era a Form a Notbe} PrlncYfel d, Pbr rstlsmµlan prelNum a anY• and Ylrerrt as rM Garda ere the cams bacorrw SECTION 23. ~, All caeca end scpellar Ntcurrad in rxtnrtadbn wdh iha due. B£CTEON 16.7Brl.BlpL. N steal M Ifw day d wwrw and payment al IM Bantle chat M paid ran the procwtls d IM Bales « from IM CPUndI Mnually al the tErtw end In the nwnrter prOVked by law hlr Yrryhlp other laxea. Y feealy awrkeae rtnltaye d Ilte Town. SECTpN 2a. ~ each adbn shsl bs naoarary 7P eNSawta the p O y y ry ,, .., , ~,. Aareemenl. TM Councq ~lyfeby arwgs 7M out ens Pavrbm NrePI whh rde i erw ro h e r d lb r d Bentl Puredrsse AprrltwM r suGMrd by the d le vy an Po ct n toes. TM Coulsdl atoll rpan tM dlkrrs a the Town n IsrY cantle tM ~ tro ~~n °, a lea d ~ , and adrd each tree In the manner provided try l I 0 d d h d i 37 42b.976 {.. .. , d pa tea u dh~um a 15e,B76 and ball rstw drOw+M ~ aw « ,e purpow W Yrrwnt I a p rrc pal d and Inlarea on the fdOnd! Ilteraarr. Such 1axr, d 175.7801 plw aoatretl In teraq and afharww o o ~a M lho p ~i U Ippl ~ ~~ oatdNlPrla. and praMbr r rel forth b the Band Puraka h ony to t mant I dntlpal ee i .The CouncN hwshy dwamkrw tlss1~111"a"a r 1 th kdereet on its Sdrda Y hanks ep.drtl. SECTION 18 Ylq(pylY8B0GB B{ FR^•""~ a 0 e ~a r ~~ ~n end In efy Bond . _ dGLp.BBy Tha Ee«ow Atxaun! shall 4e yw~~' ' ~ is b ey bwt adrrrrps a rMlnhdrlad at r tlrtlr wbrgwd b tit haYd BECTION 26. Afpp~p~p dapwh d manefe Rwreh In an amount d late rYRICMnI lagseyr wan tlw krlorlt mlNmum yrp ~ 71w aelows a ore TPwn b W eerMtl Irom aw YsYW bwstmertl ark any ale d ey f?wwnR an aaha}retl and dkedtetl le calla arty and aY shat adkma twrpaary ~ d tM dapaalh 1hweN a arty taw tlwrad h Faearffi 8acttrNw, b par the R } tl d B d R nrrwry err apprapllete la aafectrtate the Provkiom d mr (hdlnana hsdudln e un e on equlrertwnk r the sum. becanw eve. , iimHad to the execdlon d the LeTlsr a 11R-OI.~i0001Y~CgYp1. etlvrq. 1M Ea«ar 1 , senoras aSfdavlw r city • ~ be rrtlflraasa natlPla IM D twgrdrrtl icy M11' SECTION 26. Allaartld n, „ „_ppl~yl aNlsr ~ SlllemBgb Tlr tllar6utlon ark rw a the Nxa PrWrinalY' OINClaI SaNerrwn r nreby ra7lyd, r applorsd and aorakrrwtl. Tlr ~~ . an arfh. or.aa~°~'a AdnY° i~r.w. es.rr M etdtorized and tBrectad n approve an bahal d YrufFYdwr tlls Town, a IYtel OIfbW ^~ fa wa b M Banda. ~ ~r ~ixa~arlb ~ s f r~f ONld~al m 8fatenlMt by IIy DkaPrr d Aaminletntiw rdsd Sarvbr shall M aancnyhwfy deelrwd la dw approval d tM loan and tgrewaa TM ItraraaN blow Town. ~ BECnae 27. rotes -~"° .,+~nt TM Bond heglaerar « Pa road Apr mq rRlgn an 90 days' prier rrrYlan Halm r b eve Taws Ixwbad Mat rn surll rrgnadon shall lee aftsetiw un111 a auoeraor Bond bean Napktrar and Paying ApeN r appttNaetl. The lw Taa,t: alty thew naY rsratahy derRTkta the fie Bw Band .~,,, aPayhtp ApwNr and aldNlrrp as WNlaa hewuMer and ray remote N open 98 d.Y+' pace weaves cosec: Y ere Band ITaprlru or PayxNtqB Apes[ bhNaay appdntw lreralxtdar stir nl+gn, «ahal b• larrlOYad by iw tM Taws, the TrAm rttay, upon notln rasped b eadl Drwr at hr a her etldlrs w[ alrown on eve raplrtratbs beaks, aPPold a sucvrrr b such Bak gapkuar a paying Apaht. Every such surakasa Bord Raprtrar a Payhlp Apsm stet a a bank a Wsl .. ~ , baaW N and b Bead atarkYlq In Vre IJnNr Btelea and IravYtp ahlaaltofdars' aquaY Se.p., aaPlral aad4 alsrpare .ld proRly, Inwsvx . nor rr ter, {78.000.088. h stew rat W rsqukad mm its awtw artlllaierl cares r both Bona RapMru and PayY1p Apwa Irerauntler, bId ey iarn ehal Mvs~M ~tdb haw the dams YtaYtrion acne Rwp}ernr and Plrylrtp Ayam Itaralmdsr. SECTION 26. j2a(BB7appB, WMn the pdncpal and raeraa dw N carrtepbn weh eery Bak have bean euy pale, r ab7pae}ona IyrslYksr with tesprt ro such Bak ilttdl M dreharpa4 and lush Bvna a1wR rb longer m daerrwd b M a ~ ~ fa arty araPaae d 81r OdlnanCe, Payrlwrtl H itsch Bock a any paelarr tltarad erraa M Uewltatl nrda when the Town hr p4eed In ernwr rAm a ~. I bank rafebrpo trwr powrn en amoum aulfR;bnt {kbYdiig Bra knaarr Mrdnaan Yleltl from a0relnm.nw C . N wtrds such amoua may M wholy m kr Pad idtlaly Ytwaadl b rrwat r raq~ a prlewJOaa d eek YMaes1 On elralt Barra r tlw same becenwe dw b mwurNy «b arsy .. dater d rchbh fM Tam shall haw saenrea a ablgrad Ysa7 b enarc4s b prbr +sdafrPlbn tlw Bored harw WM ~ ~~ sreatretlorw b b 1M holder a any such Bond. The f . . ~ a. ,. ehaY baobnw dw « be aellabr at era PPtbn d 1{y inter at a prbr p 1M lY1wa an whlgr 1tr proaseda eteraa stow 6a naarMtl, b aaoendsnw lath a atfwAAa agrrtl Ilpar bewrean tM Town end stadt ballN r dyl}rrw d IxOdbrl al tM eaarow. b era swot eve Than r a tlalaeawrpe d sty part d tlw Garda: tlrs Bak R.Blnnr stew, a raarreeled by tM Teals, atanute a aynem w pewr..ts ~eM...er1d" ~ a ors Bond. oneryr~M Bone nartbBa~~wr~~i1~~o Rpwtrar Map a eMaree n reuanWM tan one laktbunsm.a d ~,.. hcmtfw Town h .. wlh Mwdr eYalettl. SECTION 2B, 81W r,1 .,. ,,, I Ordlnsn ere. A1rt ally d 7M Benda haw Wen woad, thk Ortllnarnp ahpll ". a contrail trffiwean the Town and the hdtler « hdd.a d dw Garda ant shall ere ant nmaln ~ ~ :,', r until the Banda antl the btarrt thereon shall have Veen luly pall, aaA~Tlts Town Y heal The aanrM al « rntbe b the repbtered owryn d the 9Prde fbd blbrred by Iglke n the Bond Lenart}, ad[pl one « mad onlnartoea eupplemsrttal hereto, which at ... al Ordlnanor steal merwAa folm ^ part hared. fa any air a nnre d fire 1dbMrp purpaaae: 1.10 tan ant altbfpuay, a n run. coned a aupplemeM erry forrrla! dasG Pr omlealon Pr inCanalrtent prOVielan eontffinetl In this pN}rtanoe. n melts arcy provrbn nsoeray err drkebb Ow n a dtarrga ks rw, b make any prwkbr wits raepeat m nwaws string under mr Orelwrow «b make any , , ,. f« dry dher purpaa H, Hs rcls tar, such prasrlelvna ere rwrasaary adrFeMe and tlo nor adrasey afleti the Inleresle d Iha overate a the Bade; 2. b Pledge addaklnal rewrruee, prafaarlw, er c011aertd r aecuAy tar the Bondc; 3. b qnM «ooda [par the Bak Regktnr for the banefN d the regblered ownere a the Bales arty Irddki01181 opera, rletwdir, Panes: a auth«Yw then may lerrhdry ba gnMed b a cPMwred Ypon the ngrlered owner d Ina Bake; « 1. tP glsakNy thr Ordinance under the Trwl Irrdamtre Add 7839. B. ExdwNe d the amsndkory ardlnances Ixemlkletl by Parapreph A of ihr Battier, mr Drdinance lnaY M amended a su..": by Prd#nrtxe adapted by the Town CaunUl In aernWereca whh the law, whhod recebt by tM Town d errr addnlonel can, . ion wish the wrltlan eorwertt d the Bond Imurer, unrr the Bend Irww« r in deleull under the Bond Nwwence Policy, In whkh rase ihk Drtllnance may ere .:. .:.wen the wrRten wnsertt d the owners d 8016 In apprapffie PrYtcipal amount d tlw 1BB2A Bonds OIrlNding ffi the kme d 1M rerpllan d such emeneffiay a aupprnrnnV «dinrtw; ptvvded, frowwrer, that, withod the wrNen romera d tlw Pwr+ere d all d IM 11142A Bonds adversely affected tharepy, nor such Ordinance shat! narw tlw abed d pemrHing: t. An extenelon d tM ttt®uriry d any 1992A Bond adhairetl by thk Ordlncrrce: 2. A fetlunlpn In the pdrtcgaE artaunl d any 71a97A Bork, the fan d kderrl thereon, «the Prior redentplbn Pemum thereon; 3. A redudfen d the principal amount d t8B2A Bonds r9qulled for cayent to suCH ~. Tha llladhk;aalall d «athsnrre a0edktp the rghq d the owner a br than aril d tM 79840. Bands than Ourlantlirg, Copley al any waiver, tnodRbalbn a atrwdmem w thr [ stew ere tlaNVSnd to [he Bond Ensurer and ant snlhy then a M Bla 18BQA Buda. BECTI[I]N >d. Jp~gl, avi wowmrai e1 1 A7 idlarw M+raoian rtken M tlw dRoare a IM Tecate and ate ~ , dew t:oY11aR canaktsnt oath the ~ . a tllr Wdklans faraYrO b the Y .~ , „ .. , rauwne S'Cf raPJ~pa~e ,~.,~,., ... ~..,~a~YYtter.~~=~.._ - i~~~,~ r ,~ ... ..., ~ ,r ~ zkr,i ,'L ~ ~ . „~. v:~ lfle vrYn 7>•af! - ocrober 2, 1992 49 F7nne prevbua pt~e . , dw ro the noiadMtq a Ilta mbk*rtl Uarld ntAdrAL the fawrabb kaarwl ratty mat curranly can M oblainaa, and + p+n+ral elaralon balsa MIdM1Ma 1hnaMnlnp ro NrrM Ur Tywtr'e ablAly m Mrw bohdf. TM Town'? grata 7dtlydVM kr adepmq thk CrdMlarlar and bwlnu IM Batla hw bwn dWrW due [c an +rra[ in aubKralbn bayoM tM r9wny Cydrol, arm proadhy adagion IMnrora r deenW .. arld BECTIDN 3R. ' ,, ~~. , app-6~4M1~ IrtnrdrWy an rq prap7 Mr ordinance 7haN M r+oorded M 1M tarn Back d Ord7nancw kepE for that Purpose, amhenikald by tM 7lpnrurw d iris Yapr xa1 Town Clerk. and shah M paged A[M pV6Nfhad In axordarlce .ddr dla Ohe[ra, SECTION 37. 9tuutes Bun a.eYr Punaam to AttWr K% of IM Colorado ConMkudr and IAe C1wi7r, all 7talulaa d dr $aa+ d Cyrorro whkJr mpbl dMnW apply In rnrrnectbn rrKl+ IM Bend? are hxaby a~sEaT"i°idioa 9R. 5~yay. Tula oMklrlya fhal8e aparfM epon tldeprbn. INTRODUCED, READ, PA88Ep AS AN EYEWdFNLY IMDpIArICE by Me rrlNpr vary d fotnrYl rMn6er Preece a Nre Caurcd , rq arNad praWrad y1tC+ h full M ^ lpaolY rtr7atlnp d tM Town CduncN d tM Tam d YaR Cdaada yn a .. Zp, tlgp. TO1AM qF VAiL Yrgtrrt A. DYrrrw 4rya ATTEST: YrMa 9. Rrekx Town Ctant Elai101TI PrrteRW i ., L1970F PEAMI89ABLE NVE$TYENT9 FqR NmENTURr~ FUNS A. Dkad .. d dla Udr+d Skew d Artrrlw (kxdldkip abagsl4rla bawd or had b boclt~nlry tam r tlta beaks d rM pePlrtnrrrl of IM Trwury. end GATS art YORE) or lM prMrlbal d and irdxwl r wlllch StaW d An pumpW by IM Unk+d B. Bonaf, d+Gnturw. odes yr abet , d I , ~ Wu+d a gwranred br rty d tM fe~oNNrp I+dxY +gxldr and preritltl ties , . an Mtltatl by the lutl lash art eratlk d i~rw lkiied 9talw a Anwrka bar b~wrlaw~pw E!'rheal~~}. K tMy 1. U.B. Ermpl•lirprt Rfrk (flilrtbri[1 De+d okYpatlals a !u puarMl+ed anAlcrw d i 2. Farman Hom+ Admnrlrwr (THAI CarllkaNa d . i rnwrraldp. 1 FadrY FNIanclnp BYI~. a. F+d+ral Nou7lnq Adminlsvallyn Oab7rdulM (FHA=. E. wnxal 8+nlba AtlminEelrallon. •! ~ l3ov~rnrn~nl • Nallonrl Yyrlpape Aaaydrmn ffiNYA d'(Ilnrrla 11x7.1• DMYA 6uranls+d man,, , ... bends. 1}NYA - puYareeW paaalhrupn ybkpalkM7 Ind acorplabr fw grain wh-Ibw 7+naNha Wuw}• 7. U.B. Yarakr4 Admwrtratbn, r3uaant+W Yk17 w Mrlanq. +- w.. d rawk~ ..na u~ tlill0l. Rar.q AudgAy 9anrM, r17w Ceervrrralw rMea.,ha.a us. quera.erMV~ mss. Prrhllp NowNwq Frotaa~irW Bonds ~ U.B. gyyxnmra quAruee7d pualo-Mwlrtp ndw laid Narld7. C. BarMa, deb«nyrw. nd7a ar ahx M 11771Md a pvruea7d try Yry d dr ~ , noMuR faillr end uadN U.9. BawmnMM ~ , ptrkP7d 7+uuklaa w ally , . 7 IMy bar tar7n 7trlMrd M tM+garer+r7n: I. Ftlrat tree Lyon Bait Sy7l7ra 9rAa drbt , , 2, Fl+d+ral Home Loan Yxtgaq+ CorporAUOn. iFHLYC Y 'F[MQI7 YaC}. PWClpatbn Certdloatr. 97n17r tlabt aellpariarr. A F+dsral NaeorlY F1or[ppnNppa7 A7fadrdr [FNMA cr 'Fanner Yfvr'}. Yalpag7•badted feuarbr and tree dale .. , a. 8errdeyt Lan Yarkrinp haecWfon (SLYA a'9afN 11wr1• Srlla d7bt W6.~Rwsoknlon FwbYp Care. (RE CO4~ ~ 0. MonsM rAYkM scads , ~ cedar tM Praxes I ,., Acrd 1910. whre 71raw an . coax Vie Faderat e+euruw Aa d +R», rw Mrkq a tease by 9aP d AAArtM; AAArrq v AArru E ,. d drpeaR aaawd b al drrrr br coNr+ra! . .. I h iN andbr (B1 shot. 8ucb o7nNlarw rrW bt rrrd W ... E NaNts, 7•vkga acre ban a rerAwF 7aNrip7 bark7. TM yyMaarai1lY7IY tr Mp W a thkd early and tlrr .. mart haw a F. CrdrloWes~dfpa~iM, awkg7 . dspoef aaoouMa a money manta OaprNa which air fairy Irlp+rad b1' FDIC a FSLIC. d Mve7lnartt Aq . , alUudNp 9107, +co+llfabr ro MBYL H. C, ~. PaPx rated, ar the ten d qurthal+, 'Prime • t' M Yoody7 a'A•1' w Meer by SaP. I. Brdr a ndr Irwra W arty Hale a narrlkV awY wlrkh ar rYrd by Yaaiy7 « 9aP in oM a me Mo hghwl [seep ptp«17a asrlprlea W Taco apwir. J. FadrY runde a hrW q ayoaplaneN cart x mulmum trm d ar year d any yarer wNtll hr r urwraad. uMnurad and wlpuaram7ad ob1p71bn rrurg d •Prkn • t' a'A4 a batbr by Moodya art ' 1' a'A' a MKar b!' BaP. K. Rapurcflre prranrrlr probe la IM nanalx o! r+cvrN47 from A d7Alar bAnk a 7.arnlr7 Ikm {77Rn .. ro a rrarrlk~al 7ndly (buy7rASrMae}, and rh7 trarrte[ d tech Irom a munkgal corky b !M d+aYa bra d a7arNra IYm rilh an , tllr tM OraJa banlr d aaet•R17s fem 7rY repay er rase pkr a yield m tlt• ayNerW 1nIItY m .. , Ia der srpxlty+ M r rP+ctt111d dr1r. r muss carry IM IabaNp aerY «6a by a181A_ 3 R+py1 mWt a lrelrr+M IM rrwrrcylal 7ntltY and a dean heist a rautlr IVm a Prmlry dears r 417 Feaxd Ra77rvs rspordrrp tlsal7f eq rHatlr ar rred A a hsnr by Standard a Poole C.. , , . and Yoodlrr Imwlor Sanleaa, a b. BArdtf rased •A• a Mau by Strd+rd i Pdyr`7 Corpolalkn and MoodY'a Inwtl« 9rvlcaa 2. iJrs wtlan rape yarbaa Iwrrl Indud+dra r a 9aarrAW ankh r++ arx+plarN+ tar tnrlp7r rr ulowau.a,. ,a [ZI FedrW ap+ndw bret+d by iM fur IoM sew cleat P~ BEST VALUE AT MOUNTAIN HAUS This one bedroom unit offers you the oYmant oHlfe in the center of Va' Village and the Iwish sur- rouncNngs of the Mountain Haus pool andspa. All forthe athacilve price of ...........................5219,900 BROKERS INC. sM Q+NVery d IM Barmr, kldudktq MI nut tlmhd b rM rasadan d rM lbrW Purdrw Apraartrre, hereby w rrrrtl, afrpoved and caniknytl. $£CTION 31. NMIy rn peon lruurY: EAYLllf~kSlO2RL.tblJSpYOC Aril' rlallw raquk+d yY Ihr Ordllar¢Ir q IM Fapav ~ m M gWan b rIY Pant aro aMl4 b+ plwrl b 1M Band Inrurx. Arty notJw ngVkad by ibis OMlnanp ro M phron m tM Bond IMUrx Thad ba In wMlrq sntl rM by raprtentl a cedalyd mall 1o the Band Incur+r. 117 Kinq BtrtM, Armonk, Naw Vork latilM, Mbmlon: Surwllluloe, «ro such dMr addrwr d rwJph IM BbrM IMUIar YWI nary HN Tam In wrRlrip. A. In [M sure Ihae, an IM fee+rld Bwkrw bay, and aerie r tM 01wAww pry. prla b anY naym.m date an tM 1aB2A Benda, iM Paykq Apart hr na rec'7h+0 fugkiae Itrrley7 b Pay atl Pdr~al d and Imxa7t pl 1M 1867A Banda Shen due th+ PaYhp Agent aha7 k++n7d<aMIY roINY IM Band rear ar Af dwgM+ r IM aarrr BvahlMf Dry by I « 1 wnllrm+d In wrKbp by rprtx+d or oxtllNd mall, d the amoud d rM delkfwgy. Q N IM dMkdway M made tp b vAlola «b Part Prlcr b a r llr payrnrl dart, IM PayNq Agent shall w mfdy IM Bond krawx a h7 dwlpnM. C. M rklrn. a dla payhg Apre hw ndk+ Thal rIY 1 , owrrr has brrn r+qukad b dhgape Palttuntf d prFb}Iri a IMawI art tll+ 1902A Bonds 10 a IrwiN M bankruPbY « cndNOn or dhan purwre m ~ IkW vdpnwd bi . court d .. p ... w atldr brym•re arglrnw n avdd761a . b 14x1 IplWfad ylwlef 111B1k1 dM nraenq ~ ally rpplflahr bankrupCY L7M, lfi+n ltr+ Paying Apart 7haN ndlry 1M BOrW lMVrx « IU d7f yrler d our fag M a terpraph. cynnrrMd M catalog by r.prww x cenNlad mW. D. TM PAylnp Aqr>+ p Mrabr In.vor~hy So~iU r plgrn~iy-In.lkdad~ ~ ~d rd. aeTra d th+ tpp2A Bads r Idknr: !. N art b IM aat1M tMre r a ddblency M amourw regaled ip PaY kp+rrl M tfN 1pgZA Barb, tM Payklp Apwe shat W waaM and daNvx m the IMUrrWa Par AgarL in bmt arlMtrlttaY m the InWrarroe~tykrp Apart. an Iratnxrrn , . , 1M Bard Lrurx r apwe lyr such replYYad owhxa In anY legal procgdlrq nixed fo IM a ouch IM+rwt rW r ariptrttad b Nr pylyd krfraaf d IM reakn rot Inta1e71 b wldel each , rartw and work w paq by tlra Band hrurx, rot r.a+w A. d+rlgrl+a d tf» rrap+uhti r+glpr+d steers fend tics r Plakrq AgtrMl r wkh tlr rear d er. Pdrey payrtare Iron tM hwrurlo7 Paykp Apse kids rwpare b IM ante for knxrt a wflpnfq A1YJ l01 dVeburr tlt+aamebaVCh ~. ,. ragYgw+d stelae; arM 2 M acrd b dM aa1+M p A dM1N7m1r iA arlgdnM IrlWl+d b pfY P~KMd d tM 1gR7A Bonds, lira Paying Apra Thai (al ekeeAa and danvr b IM lrruane+ Paying Apart b form ~ilrudnlm ok ~ ~ ,~11*ie B~orrdP~ r~+18~ rot sash rphlxW owner In any legal prxe7dNp r+4dnp to IM pa 1 d aueh prirolpa! rod M a771gra++a/a b lfM $0rd MwrM a arty d rM fpk2A Boner w b Rw In.welloa A.rYy Mrnl= N nMMr .t Ilw p.~.~p+~ , ~ ~M M~wia~~M ild hart kY rWMMPparydmp(1wAganl rna avalMkM br sueh d~iN++nd beryl N Ferment pant lha ~bkt7urxrua dwlpMe of tM rrPwlM~npNMad r land nd w paykp Ap7te1 M ... .. YrNh aartrbaach acetate. E. paymwd7 MMr rarp7fl t7 reawrw tar ktNnr r art aklaar d 1t10QA Balch dYbur7ad by rho PayNp A ham Prrtpaeda d tM Band Irwwanp Po-loy MaN nd W wMM•ntl n ro~sild~afdA B, and tlr Bald k1Mnw~eYwl baaenr IM dwrx d eudl uteri 1RB2A Brae and cMbu fp die korW In trier the 4rrlyr d tM Awganae n1Ade Ile k uMrr the . d thr 71J]7aelefl a aRtar7Yrw F. Ina7p+dlvr d wMihx anY such arslgnmMt r . ~ , rrM defr7/ea. Rrs Fttrrr and Iha Paylrp Aq+m h7nhy apse br Rb bsnM! d Bontl krurr thr, 1. +y [M setae IM Bart IMUnr mYi+7 paynwfa, astray a MCkacRY [r by WYkq through 1M Paying Agedl, m Acmunt d altaYra d a IIN+rya r tM Ip1RA Beridr, eta Bart krurr alN M aubropMad b der rlpllr d f«h . ywrrara b amalw e+R artmrart d such princk>,I lend Ne+rwt tram Rt+ Tarn, whh hNxwl Ihxar r prwb+d and stiles' hyrtt ale fauraa 7tated a mr .. and 1M tRR2A Bordr; arm x, they will aooordlnpy pay to Ihr Barb Ir+ura th. amlwe d tud+ ptlncga and ke7rW (Inavdklp s and keens .. t txmx fubpragraph Ik1 d IM Nnl ., d IM Band Imwand Pdky, whker prkrcipar rW IMawt eh1J4 a d7rtlyd pct OW std r1a1 b haw bean paW}, wish blerrl ttrrron r provldad In thr Ordlnklpa And Ih+ igp2A Borrd7, Wl dent scam tM 70eraw Md let IM manna prorkfrd hrnin 1« iM paywrrnl d phaPal d and Irexwl r rM iia2A Bandr b rprlared ownaw, and a1k . ~ that Rio Bond krurr r IM [area d atwh right b er amoud d such pdrk{fal rrd kMenaf sECY1ON 32. HrdllYl1411p1!~ r apY eeBbn, p+r+prrph, Cladar. p Prorkdr d fir Drdklrrr 7MU far arty r7awn M ham la Oe bwNd x uM .~ , IM NvaNdAy « un+rRorp7abWy d such rKfJen, P7fapnph, tenure, a prorMlan sryrl IMA rNra Any d IM d Ihr Ordlnarlw, IM IMeM battle tires e,. samr LB rWx~r. S&GTIgN 39. ~paylEj, AR adxr, readutloM. byrwr yranrk+w, d npNWfAf d IM Town, a pan tMrd, h.. tatty Bee Drdrann w Mraby repeartl b Yee eatam any # tWdl I .. ./. S&CTIpN 31. Qpp~~rypr Allan iM 0onds ra Ixued, IN1 ~ ~ ahAll yallwkYr an 7rreveeabr aPlerayl bMw++n dr+ Town And IM rprwnd amM d Nr• Bade, rsa 7haN b. and rwnln ~ unlR tM Dada end the Nesr7at 1Mrar ahaR Mw Man IugY pW. +At411rtl red dryhNrged. No d arty rrrrdlrtaon, atahaa, acacia, adarana, a7Yekebll, a ahx rtrarre enarrtl acre ms Wuarrn d tM Banda 7r1aR In any manna G twn7tru+d n IrryafrFnp iM , d 1M Town b keep and price tM . N e1M ti , 96CT1pFl 36. ~. M wkA 8atrrn 1.11 d Rte ClraMr, Rte Cotald hr+by . Rrf Ne7 tlrllrtrror Y la Mir Ptlwrrrlbn d pWRc pmParb, hWtlL aarNae and alley, rid dw k rhr M adopted p + rYIg4 rMdlnp w 7n . u. t1 ?'! i VAIL SLOPESiD£ BARGAENS Walkto tiffs, shopping, and rastau- ranis, Two outdoor hot hsl7s, pool. Sunny exposure. Super ski slops views. Lowest prices in towel! dpi ~"~"~ ~ X313 - 2 Bedl2 t3ath. 1012 SF, l ,. i" . Rents Wall ....................... S235A00 :'. "`~rs . -#46B-4Bed14eatn, 1707 SF, _Y 516eps 12 ......................... S45S.t7(]0 ELEGANCE AND EASE This ski-in, ales-out, remodeled 2 badroom/2 bath condo is de- signerfumishedand readyforyou to enJoY at S330,000 --great rant- aiS, tOOI "" REMEM9ER Rgl l,a~ ~ lberwhatyourMothertold yyou about Reai Estate...euy the inexpensive house in the a en- ' stva neighborhood. You shod lis- tan to Moml Buy this three bed- room home onthe V ®I G d f C o arse for only ............................5433,470 SETTLE DOWN AT LAST! Your very own townhome on 3 levels with a 2-car garages Soa- ciaus 2 bedroom, 2.5 baths. re- place too ..........................599,000 :~ YOU WILL LOV£ THE VfE1N This 2 bedroom condominium borders a small lake and enjoys an excellent view of the ski slopes of Bever Creak ................. S 139,900 228 Bridge Street • Vail, Colorado 81657 • Tel. (303)476-825fl VAILVALL~Y • By The GoveFed Bridge in Vall 4111age • REAL ESTAt ~.~ ~. - ,~ .. nQ -+~w,.~. 2, ]992 Facts support the rules for child car safety seats her the best deal, you don't have to leave Vail far yY)t!E' IlCxl neW ur uard vehicle. Automolivr 5ea!-ch will save• your time, your Enoney and your sanity '-- 7nc1 gel you cxarlly what you want, al the best possiblt~ price. 17eliverecl. ^ EIL~,kN5 Find madQlS. • Used carti located and tllrlrou~111y intipc•r•tecl. ^ E'urc•hasc' or Ic•atica. ^ "]-rode-ills wclc•ulnc, ^ 13roi<er/dealY•1~ since 19RG. FYom preulnus pcpgc• arW oxeda d lM ty.b, iNvemrnNl lw,M FNMA i FNAta), Q 1M ra.m nr e,e npo nreYMwndn aYe n Thr [ellerKSl beset W dNlyeretl to 1 1Npal rnlny, Iruihe (d Irua1N IR sal aupplying tar cdlelarap a third parry eCtlnp as .pent I« IM wqN 1M 1M IrwiN 4 abppylnp IM ooNatertll bat«enlrnhnanrow wNh Ixymml fpsrleCllan oy ponpsion of cerll}Scaled eecymiwl. a. etlutlion d Coatleral. [!1 Tna aecurNba mutl be valued weMdy. madced~lamerkal aI nlrront rrarkd erica des accrued N1lrrwr, Is} TM valor d coNatwal Brost ba equal a loa% d Ihs amount d oath tsanahnad M 1M municipal mlNy to Ihs detler hank ar sodursy hrm under Ihp +alw plw aoauatl Inluwt. d IM vow d eruvrolw told Y coatlaal altos brlow 184% pl IM vtlua of IM Cub vanalrrtrd Dy munklpahly, than addlllanal cash and,vr aaeptade aecurNiw muN be IranllNfed. Ir. fgwever, IM secur7lw used a oollaleral w FNMA a FMAC, than Ihs value d COlltlartl map Bpdtl 105%, 3. Lapd opinion rrhkh moat be delNHad re tM munitlpa mlNy: a. Repo mesh puklNNtw undrr stale taw for bgtl IRVaudrltt d JxldlC funds. Addlbnal r4dea (il Any tlare atlmieietaotl pool lnvmmam funtl h which Ise kauu k sttlaaNy pernYasd a raquirad Ia Invest will be tlMnrsd a pumMetl meMimaA. rln DBRF invwutada should I» vtlvad tl fat! market valor Md marked to mtrkM tl IWI Once oee yes. OSRF I1lvwlmanle may nd haw nstluralas apsndlnp b io^d 6 yeas. PvMahrtl In Tire VaY TIaY y on October 2, 106¢ Public Notice ogaNANC6 Ro. 9e Settee of 1482 AN EMEq(aENCY ORDINANCE AUTFIDRIZINq THE ISSUANCE OF TOWN RF VNL, COLORA00 SALEB 7A7c gEVCNUE AEFUNDING AND IMPAOVEMENT BONDS, SERIES 19928, PROVIRINO THE FORM, TERMS AND CDNDITIONB Of YHE BONOB, THE MANNER AND TERMS DF 193UANCE, THE MANNER OF EXECUTpN, THE METHOD DF PAYMENT AND rHE 6ECUAITY THEREFORE; PLEDGING 9ALE9 TAM AND PARKING REVENUES pF THE TOWN FOR Tlif PAYMENT pa THE BONDS: PROVIDING CERTAIN COVENANTS AND OTHER DE TAIL9 AND MAKING 07HER PROVISIONS CONCERNING THE BONDS AND THE SALE9 TA)( AND PARKING REVENUES; RATIFYING ACTION PREVIOUSLY TAHEN ANp A~PERTAWING THERETO; REpEALINO ALL ORDINANCES IN CONFi1G7 HEREWITH; AND DECLARING AN EMERGEYJCV. NOW, YHEREFORE, BE IT DRDAINCp BY THE TOYM COUNC4 OF THE TOWN OF VAIL, capRADG: SECTK)N 1, g,yggggapa. Toms used kn thb Ordinance shah Mve IM rneanhga ope[Nad In this :anion le+ all purposes o! Ihla Ordinance and of any ortllnana ampndatay Mnaf, aupplelrental Mretp ar rplgbnp Mfeto, end of any ineuumenl or doamaM appenalnYlg Mrale. eapepl where the roniexl by clear implkCatmn mherwlae requires. qll tlrNnabne Include tM singular antl plural and Include all gendara. Gerldln terms ere paremhvllcally dellnud Call for a free price yuo#e on any vehicle today. 1.8QQ-77Z•i6489 .I r , ~ .• 1N73 SrL liL•llairt' St. Suite li15 I1eNYrY, CO lin~azz i3U:i) SyL5fi'l2 !'ter delinrry ¢uyhdlr'rr in ('nrnrmir, elarMwro M»In. adtllNboaLgugda: tn. on. o, non ..rw a aantl{ Or that e~Carlrlea o, aERpellona alrpbetl !O d h41rt hr Irre TOw11 P4r{IMM r0 he Sasebo le RMed ertd MWnyy • Ibn on rh. PbdgW Rl4enuw pn • patsy YrYh [M IYn d tM 14928 Banda. Rent Fantl; eM IoM by 1N1 name created q' Ihs IOB9 Ordinance errs ronemuW in thk OrdhanM. Bond,Jnsurer: Munldpal Rand Invaalara AsauMnw Capaafion. Band. Wurenn Pdkv: !hr munkbtl bent IneuranCr OdicV Iwued M rM Bond maser puanmeNnp tM payment d prlnclpal d and Inlwwr dsiM 19928 Banta. : any Imurancr pdky, aaery bond. arevecabN beer d aatld a aflWhr Irtllrbpynt depot4ad In or artlpstl to the graarve Funtl In Ibu of « In pankal aubslhuNon tar moneys an tlepaah lnsrein. TM kauF proviang +nV aunt Bond gwervr Inauranca Polley atoll ba an bawr whkh then le mlpnrd an 'AAA' rating w a cartperahle ralkg by MoodYa Im'wlora Sanke. Inc., SuMattl 6 sera Cvrpatlbn, A-M. eeu 6 CAIra1My, a IMIr auxraaon. EARUA: the Olnslandinq 1841 Benda, IM Outwnding 14428 Borah and anY Adtlabnal Benda, gv~al}s(: ^ day on which befits bctletl in IM sdbe h wStINI fire prYfciptl calms d Nm d Nte Peylnp Agwl and IM Bpntl Irpurw an ttd required ar aulhalzrd to M chard and on whkh tM New York $tOrA ErCMnps Ia rot closed. S'rpeSec IM berth orb Cnertrr d 1M Town, Including all arrtentlrtw+h thereto prier 7p tM fins hared. C~mmeeuLBeDk: any tl.poeaay ra Pubse lunch permllled by !#r ltlra a YM 91tla rer pplNkAl aubdivkbrW of IM Srela whkh hoe ^ caParl antl wrdw d f10,fy90,090 «mae, utd which Ia ktcatatl whhh IM Un1etl stator. ~tppalYy4N8a-EBptl: 1M land watled by 80dian 14 Mrad. 1:i~1NG~YS1: Ina Eaurow Atcoum fa tM FNfentlirp eMtWkhed wtth IM Escrow Bank. I:FGl9lYLAsCtl~90t: Ne EanOw Agradrrern dabd as d Oo4ober 1, 1842 hwwaen the Tewn eM tM Escrow Berk MMNq mthe RdundYla, EeBl9NY R•^k; CrnLal Bank Nallonal Mwdllll0n. '~ tM Flrturclel QwrMryt AprerrtWnl brlwren IM Trtwn antl tM Bad hwular. Fbul You: tM NreNe rtnmtr mnYrWncing on IM Bra ear d January d any cabndar yaw std erdatp On IM thlrryalre[ wy d C ... d aueR cabrdu Yes « wtlt otMr twsNe month perl0d ^e maY tram Naw Ip Ilene br Maipnalad by 1M Town Courted ae IM Foul Yeu al the Tam. elf reeooMbb cunrm rxpmaw, pod a acauetl, a opertlinp, mUnlafnatp arq rapakirtp tM PaMhp FadYllw TM term lndutlw. Nrhhput HmNatbn. legal and lntldrnttl WrpanlN d tM vuiWa idrixnl{fr81Ne drpartrrWnry d Ihs Town deadly a {ndirectly [ela[ed antl rwspnahiy allocable !v N1a aeminlstratlpn d the Parking Facllitfea, Inauranw premiums, taw raasbnabb ehargw d •[tV paYing apsn4 Yrwhe d dapwttory bank. conlnal6Al aarviCy, pfpfwelonal IarvlCea nquned by this Ordinance, sentries and atlm'nHUalWO arpanNt, labor. and tM costa InCUrrad b1' eM Yawn in IM cpeedion d Grasp RNenuw. The him dos nd Include any allowance tar dapracletlon, any coals of rxonatrucNan. Improvement. azleneion or 4rMrmenl. any accurnulafron of IeaervPa for 1 Q: What are the limitations of the law? A. All children under four years of age and under 401br. in weight must be properly pro- tatted. pots a child.,.,.:. a the weight or are limit, they are no longer required to br secured in s child safety seat. 2. Q. Who is resposseble? A. The driver of the vehicle in which the rhild is being trana- ported it raaponeible. 3. Q, Haw can I he sorts that Tray child safety seat is an ap- proved eystemf A. Every approved child safety restraint system is re- quired by Federal law to have a atieker mounted on the seat which reads: "This child re- straint system conforms to all applicable Federal motor vehi- cle safety standards." The stamp f>f manufacturing should be after January 1, 1981. 4. Q, Whew is the hest place to put the safety seat f A- The safest place for a child ie in the rest seat of the vehicle, correctly buckled into a child safety east. Beset redaoerrw,n, arty reaarvea Yar apermlan, ar repair q IM PeuAN,p Fatllklr, am - - e4 rtes .ederrortan a •nr moo a atleer secvrY, ~ .~ a last, a 11,e payrrwl,l d anti' lltranrl mason. Ira ury IaOaf lkbltty rrd beard dl aonlrard. (~glY^tnmrnral Ohlfasllnna: arty d IM blbwlnp wflkh ors nprrCtlklbb and vdtkh tl IM Nms d Irnwtmenl an Yepal hivwtmema under ,h. layta d tM sat. rot tM rrnrrya Yxapoaed r0 M Invwtrd dwreln', [q dhect pmeral ablrpahons af, or Id~t m IwMChaeve w~MNIOeH9~uul ednteetl ty. are Uraetl 5ures a Amerka; (b) bends, drbentuew, odes, pr ether avMertcw d VxfeWednwa kwed w guuameed by Ihs Erwn-Inpart BarW d tM UMted Slates. tYr F.daral Flnlutchp BaHt, the Famgra Hone AdmrnFalrn[mn, the arnaral services Admhktrtlbn, tM U.S. Merakne Admfnbtrtlion, a ma U.9. Department d Howlnp antl UrWn C : « cc] wltlencw of awnarehlp imerwta in d+~~tlbne dradbed In paragraph rat « {01 Orosa Ravenuwa• all Ifgame and rewnuee darNed dheury «bdradiy from IM aPeretron d d ahsrwke reWing h me Padting Facllhi%. rridtgYp, wRhoul MatlNtn, arty for, rah «dh« dares eaaaeeed apalrwt any veaaw for tM prN9epe d wing a dMnwse rdtllnp to fha PaaVp FacNkka- Haualm Ronda: iM Tgwn'a Singb Family Rwwrw fteludirrp BoMa, 1992 Serb A lemon Fund; tM apacW lad bl IMI name neared by tM tOBp QrdNwrce ant cominued q' Yhk Ordfnanpr. WYSIGf~.eid9pa5p09i: Cllibenlt. NA., «ri aI .. .. under iM Sand Inaurarroe Pdky. Ginet el p.nreawd.unna. the Leaer a RapregnhtFone 4Mwan YM Town and Toe OepwYpry Trwl Cbttpany. Va mulmum arnoliM d V nquirsd paynwnh a prbdpal and intuetl m tM adlda wfibh will brmnW des tl any FTapel Yw. Far the pareses d 9ectbn 1B hared ody, Mulln4m Annual Dad SrMa Rsquirsrrrry sndl sties htclude 1M pnrtdpal and Inhrwt on the Town's nerlrral Obllptlbn Rafuhdlnp Gonda, 8erlae 7002A and any aMr aaalrudirtp penertl abNpatbn btxWs d tM Town, antl tea 1466 Bantle unlN paid or ddwrd. fYas Revenues: IM Gtoea Revenues lase Genartl Oparallnp Etgrerwes. 11196.8oB9k: tea Town's cameral Ooeptlbn Adundlig Bonds. Sutw 5685 dated as of f - 15, 1665. 1~5,.Qt~f09p{'!: Ortllwroe No. 23, S«bs d 1985. ae antertdetl by Ordlnanw No. ?9, Series of t965. t aeo Banda: [he Town's 9tlw Tax Revenw Sonde. 3erka 1488. 14a4-Bond Dralnay: Ordinance No. 26, Serves d 1089. t991 Rand*: IM Trwrn'9 Salty Tax Revenw Sods, Series 1091, t9B1 O~diurvy: Ordinartoe fuo. 42. 9eriee a 7981. f 6929 Rends: the Town's Select Taz Rwenw Relunding and Improvemern Ronda, Sake 18928. ~fp8p{i8: Ilap Ord4anoe d tM Tovm, wfilM proWdet tar IM ksumce antl delivery d the 19626 Ronde. Qldi{9pG1t16: as d anV d#a d ralculallon, an 8ontle Iharalalore execureeY, kauetl antl delwrretl by tM Town eac4pl: 111 each tnerddore cancelled by IM Town, Rapialrar «Payatp Apenl. or surrendered to the b. Q. What is the coat of the f:rNe and can it be waived? A. If a driver fails to comply with the law, a citation can be isrued with a fine assessment of =fig -- that fine shall be waived in lieu of acquiaitipn of a seat (purchase or loan). 6. Q. Can an adult bald a child (ender four years of age and under 40 lbs.) on his or her !ap to most the child's needs, i.e., chatnge diaper, feed. etc. when the oehick is in motionf A. No. Tha law was designed specifically to ,.-: ~.,,t adults from continuing the highly dangeraur practice of holding children in their arms or an laps. 7. Q Can a safety belt, as long as it fats aeeurely, Ix used in- stead of achild safety seat? A. Na- Utilization of a safety belt in lieu ~'a child safety seat is not aaeptable and will con- stitute eviolation of the law. 8. Q. Could l use the same safety seat for my other child after the first one has grown out of it7 A. It is heat to use Lhe safety Tewn, Hepktru «Paying Agat1 For auxxaletkn; (2Y Bdda N Neu d «In auhpnutbn fu rrhkn dh.r Banda ahl Mh born eReanW, Mauad Yid . . 4r IM Yqm end , pN by 1Ra9kl~ru leer unless Pad aatktectory q tM prosarrtstl titer anY auclt earn. an day hob by the YaMul repktaed amore IrWed: « {31 Gonda tleenred ro nave been paW as Wavldetl In Seaton 20 h«eaY. ~Imrc-1s.rm~.~eC: tM reglat«ed owner a anY 19928 BorM r shown on IM repltlrtlbn bepka h•q by lM Reglar&. Paktreo FwNleku; rllpana N ezktirp parfdnp fsdrba, Nnkrditp, bd not NYYVied to, all paddnp fedlhba wtwrruded, otherwise acquired ant egdt4ed wkh t!re PmCOeda d IM 1989 Sonde, and tl! future palklrrp iadpba operated by IM Town, whkdt rannYw Yrtdude all laprpva'rtarlts, eRtanalOna, mlupemania, addllinna m batwnttwth re, «npl .. d such ladabe, Pavina Aeantr Central Bank Nallanal Asaodtllon. Demer, Cabndp, bdrg Bic spent f«the Town 1dr tM paymam d Iho 19928 B«da and aderaet Ihareon. « hs suordrawre and aeu~rM. r_errnidad invrarmwnr: any Inwelntem or dapotp ehaw7t on the Ibt alleChad haero m Eahbll I, tp Rte axhd P«rNNad bt YM Charl« and Oidlnanow d tM Town. Parean: anY indNlduW, tlrrA pannenhlp, corp«aNdn, wnpairy. aesaclelbn. fointatotll attodtlbn «body pdNic; ant ate t«m rlduaw any truerea, rocdver. aaalpnee « paler aimiler .~~ he thared. :.~JaBp~.B9SaSU4i: f9 lM revenues tlerNed From tM Pbdpatl Sake tax; IIB my.daewnal taxes Idlest then a portertl ad vabram btrJ, tends a rrverluw whkdt tM town harasses pbdpw to era payrernl v! BrtrWa: (Yfy tM Nel Revenues: f+wl . -- .~ d the Boma «finer kpay avtlkblp mareya depaaNad Imp and held in iM 80rM Ford ant the Flwarse Fend; and [YI htsreaS ar htYealmeM Irtwnre an tM YnCprrre FvtM, IM Bond Fund ant Ste Rasseva FuM; all M the extent gat such mawya ere tl any Ilene required by Srdbn 15 h«aal eo be dapahed into and haltl h the Irxnmg FUrd, the Bond Farad and rho Reserve Fund. ELtlpad-grlee-.tai: the Procrrda d the Town's Currant 4% Balsa lax. inehdlnp than orI-har d tM proceeds d tM Sales Tat whkh k abo pledged !v 1M payment el She 1885 Benda. me t901 Bonds aid IM iNowing Benda and ate ons•hah a IM praceeda d the salsa Tax which hoe nd prevbuey been pledged m the PTYosr~n The adbdlt~o^alao e-~I~ao~r the propeede of the Salsa Tax also shall be pledged to IM 1891 Benda, antl m IM extent newaaary to a}fed tM Bnrtw tM 1981 Ordkence shall be deemetl amended Mreby. 'Pkdpetl Saba Tax' dove oat include Incremental sales lar;e6 whkh are or maY by pledged Io tea PaYmenl d lha BOMIa Pafauem W an Vrban rmeWBl plan a8 tletirred N $31.2tt-103{al, C.R.S M a plant d tleYelaPrrent as ddinetl In $3l-25802 (8.47 C.R.S, -Pbdped sales Tpz• does Rol Include amouma wdhMb by rdtlbre ant vendee to cover tnair expertaes in cdledlnp and temMlnp tM Pimped Saks Tax. and Pbtlped Salop Tax dOw rte Include ampvnh cofleded by sM Town and eubeequemly dMatminetl, pvrapanl ip IM eppYfcabb Sake lax Ortllnancea, to by subJrct Ip vantl dolma fa rslunda. 'Pledpetl Baba TaY does rtd Irltlude the proaaeda d am Increase k the sake tax whkn our M approved In tM tutors. unless tuGh lnneaee le Orpreaafy pedged by rho rown.'Pletlged 3alee Tex' does seat only for the duration of one child's growth through early childhood. 9. Q Which stater one eorrered 6ywghe child safety restraint A. In al] b0 states, the child IBafety restraint law is primary. This meant that any driver traveling with an unrestrained child (under four years and 40 Iba.} is subject to being pulled over by the police and ticketed, regardless of whether another infraction was committed. 10. Q. Just haw effective are child safety sestet A. Here are the facts: Cor- rectly used child safety seats ~: •71 percent effective in pre- venbitag fatalities •67 percent effective in reduc- ing the need far hospitalization, •b0 percent effective in pre- vsntfngminor igjury. 11, Which safety seat is best? A. Buy and use only child safety seats that meet the U,S. Aapartment of TranBpertation requirements. Carefully road and follow the instructions that come with the seat. Also, read the car owner's manual for in- rtallatlOtl InBti'aCtiaTVg. htcNrtle the Jxecretla derlretl by the Town item any Ispsly avWbb{e Wr « axes d for (fiber dren a a+~rv ed vWaem Lest whlrn raRrwpa w aslaenerse [M Phpged Sales Td, repwdbea d wtrwher •urA bx «tatos a hw w ar4aaed by the Town ar the Stale pr athef 1101111uS subtlirl.lon Ihered, PJS1lminaru OIfIRIwI ,Stet ern t: tY+e PreNminary Olildal Stelsnwnl tlated SeplenCer 17. 4982, Pr°Iect: 1M addkbn la IM Munklpa! BulMlnp re a cpmu«d.d and aquippad whh a potion d 1M pmcaada d tM 19828 Sands and any other pubik Imprownwm « equfpmenl whkh Ina Town b bpaly auth«ized to acqu4e, rnnttrud «5naraw. Purd,asp (•plJr~q: tree Purchase Contract b.Nvaen the Town end the Purcnaeen dated - ~, tBgB. Purch.eepra: Kenet« Sawrhba. Inc. antl Cie«pa K. Baum ~ D«roany. Rebate Fu M: iM land bN' Ntl name seated try IM 1889 Ordinance and cominwd by thle Ordhwru. 1lelundlDp: IM reluntlarg and da}awanae d the 1888 SoMa whh a peetbn d tM , . _::.._ d IM 19825 Bootle. r~IfB[: Gentrld Bank IVBYfertal Aaeacktmn, Dentrar, Colorado, babe the rV«d 1« 1M Town I« alit regklrallon, trawler and axdwtpe d rl,e 19826 Bonds, a lea atxAwors. AF1e•^WnFtlre~osr~~and lira Reeggktru dated m d Ocrabar 1. 1pg2. ~: aw Ilheenth daY d the calendar Womb next prrcedlrg oath Idarwt AaVntenl date f« Ihs 19P2B Banta (abet than a apadsf idereet payrrWm dare hareafler Iced I« IM payrnm a ddauled hrersatl. 91uam.EY99: the fund by that name created br' 1M 1889 Drdinance and epndnvad by this OrdN+artcr. ~~: en a+npurrl equal to 1076 d [ha prlndpal amount d tM OubluYdlnp Bonds des m antoUM equal to el Ynvwlmem euninga on the Reserve Furl; provided shat IM Rwrrye Funtl Haqulnment than nd exeerd the Maximum Annual Debt Bevies ftrqulremeM. $alBt-Tl1(: IM Yar upon tM sale and we d geode and eervicaa whkh U wnmtly being bvbd bf tM Taw7t punuam to tM Santa Tax Ortllnartcee and any base or amended tax NA4ad by the Town m a sake and use tax, Stlla-IW>,.B[dleiLCea: tM atlfnencea adopted by tM town Council d IM lam !« the purpose d edalxlnp and :.. IM Saba Taz antl aTlch are in effed on Fite date a1 Ihia Ordinance and ae later ementled or au,,., ~:.. d. Spealel9~[tl~e[d= a special Baia llzed 10 tletermine the names and addresses of ropblered dwnen 1« purposes a paying Merest an a spacial Int«wt payment tlate tar the Paymem o} defauNad Interest, all u lusher provided h Seclbn 8 hereof. $81a: iM Stets d Colorado, .Tal~9:a: the Internal gavenue Code d fBBB. es amended to IM dale d delNwy d the Banda, and any regulatlone promulgated thereunder. IBgm: the TvAn d VaY, Cd«adu, imlmSmuntll: IM Town Coundf d tM Tvwn ar try avCCBaspr Irt Idndbtw Ihprotp. rgnr nwnk: a Conmerdel Balk Which u authalzad fp axerdea and fe ezercleing trwt powers. sECTNDN 2. gatJMIIN. A. TM Town k a munkpal carporalian duly «ganixed and exfetllgJ order the Tpextr Chaney T11m W pr{ge 56 ABSOLUTELY ANY VEHICLE. ABSOLUTE LOWEST PRICE. GUARANTEED.