HomeMy WebLinkAbout1992-25 Emergency Ordinance Authorizing the Issuance of Town of Vail Revenue Refunding and Improvement Bonds, Series 1992B~~
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ORDINANCE NO. 25
SERIES OF 1992
AN EMERGENCY ORDINANCE AUTHORLZING THE
ISSUANCE OF TOWN OF VAII., COLORADO SALES TAX
REVENUE REFUNDING AND IlVIPROVEMENT BONDS,
SERIES 1992B; PROVIDING THE FORM, TERMS AND
CONDITI(]NS OF THE BONDS, THE MANNER AND
TERMS OF ISSUANCE, THE MANNER OF EXECUTION,
THE METHOD OF PAYMENT AND THE SECURITY
THEREFOR; PLEDGING SALES TAX AND PARKING
REVENUES OF THE TOWN FOR THE PAYMENT OF THE
BONDS; PROVIDING CERTAIN COVENANTS AND
OTHER DETAII:.S AND MAKING OTHER PROVISIONS
CONCERNING THE $ONDS AND THE SALES TAX AND
PARKING REVENUES; RAa lr YING At:l iON PREVIOUSLY
TAKEN AND APPERTAINING THERETO; REPEALING
ALL ORDINANCES IN CONFLICT HEREWITH; AND
DECLARING AN EMERGENCY.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF
THE TOWN OF VAIL, COLORADO:
Section 1. Definitions. Terms used in this Ordinance shall have the
meanings specified in this section for all purposes of this Ordinance and of any ordinance
amendatory hereof, supplemental hereto or relating hereto, and of any instrument or
document appertaining hereto, except where the context by clear implication otherwise
requires. All definitions include the singular and plural and include all genders. Certain
terms are parenthetically defined elsewhere herein.
Additional Bonds: the one or more series of bonds or other securities or
obligations authorized to be issued by the Town pursuant to Section 18 hereof and having
a lien on the Pledged Revenues on a parity with the lien of the 1992B Bonds.
Bond Fund: the fund by that name created by the 1989 Ordinance and
continued in this Ordinance.
Bond Insurer: Municipal Band Investors Assurance Corporation or its
successors.
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~ Band Insurance Policv: the financial guaranty insurance policy issued by the
Bond Insurer guaranteeing the payment of principal of and interest on the 1992B Bonds.
Bond Reserve Insurance Policv: any insurance policy, surety bond, irrevocable
letter of credit or similar instrument deposited in or credited to the Reserve Fund in lieu of
or in partial substitution for moneys on deposit therein. The issuer providing any such Band
Reserve Insurance Policy shall be an issuer which then is rated in the highest rating category
by Moody's Investors Service, Inc., Standard & Poor's Corporation, A.M. Best & Company,
or their successors.
fonds: the Outstanding 1991 Bonds, the Outstanding 1992B Bands and any
Additional Bonds.
Business Dav: a day on which banks located in the cities in which the
principal offices of each of the Paying Agent and the Bond Insurer are not required or
authorized to be closed and on which the New York Stock Exchange is not closed.
Char~gt: the home rule Charter of the Town, including all amendments
thereto prior to the date hereof.
Commercial Bank: any depository for public funds permitted by the laws of
the State for political subdivisions of the State which has a capital and surplus of $14,440,400
or more, and which is located within the United States.
Construction Fund: the fund created by Section 14 hereof.
Escrow Account: the Escrow Account for the Refunding established with the
Escrow Bank.
Escrow Agreement: the Escrow Agreement dated as of October 1, 1992
between the Town and the Escrow Bank relating to the Refunding.
Escrow Bank: Central Bank National Association.
Financial Guaranty Agreement: the Financial Guaranty Agreement between
the Town and the Bond Insurer.
Fiscal Year: the twelve months commencing on the first day of January of any
calendar year and ending on the thirty-first day of December of such calendar year or such
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~ ~ other twelve month period as may from time to time be designated by the Tawn Council as
the Fiscal Year of the Town.
General Operatine Expenses: all reasonable current expenses, paid or accrued,
of operating, maintaining and repairing the Parking Facilities. The term includes, without
limitation, legal and incidental expenses of the various administrative departments of the
Town directly or indirectly related and reasonably allocable to the administration of the
Parking Facilities, insurance premiums, the reasonable charges of any paying agent, trustee
or depository bank, contractual services, professional sen~,ices required by this Ordinance,
salaries and administrative expenses, labor, and the costs incurred by the Town in the
collection of Gross Revenues. The term does not include any allowance far depreciation, any
costs of reconstruction, improvement, extension ar betterment, any accumulation of reserves
fray capital replacements, any reserves for operation, maintenance or repair of the Parking
Facilities, any allowance for the redemption of any bond or other security evidencing a loan
or the payment of any interest thereon, and any legal liability oat based on contract.
Governmental Obiiations: any of the following which are nancailable 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, the General Services Administration,
the U.S. IViaritime Administration, or the U.S. Department of Housing and
Urban Development; or
(c) evidences of ownership interests in obligations described in
paragraph (a) or {b) above.
Gross Revenues: ail income and revenues derived directly or indirectly from
the operation of ar otherwise relating to the Parking Facilities, including, without limitation,
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" any fee, rate ar other charge assessed against any persons for the privilege of using or
otherwise relating to the Parking Facilities.
Housine Bonds: the Town's Single Fa;nily ,Revenue Refunding Bands, 1992
Series A.
income Fund: the special fund by that name created by the 1989 Ordinance
and continued by this Ordinance.
Insurance Paving Agent: Citibank, N.A., ar its successors under the Bond
Insurance Policy.
Letter of Representations: the Letter of Representatians between the Tawn
and The Depositary Trust Company.
Maximum Annual Debt Service Reauirecng}~: the maximum amount of all
required payments of principal and interest on the Bonds which will become due in any
Fiscal Year. For the purpose of Section 18 hereof only, Maximum Annual Debt Service
Requirement shall also include the principal and interest an the Town's General Obligation
Refunding Bands, Series 1992A and any other outstanding general obligation bonds of the
Town, and the 19$5 Bonds until paid or defeased.
Net Revenues: the Gross Revenues less General Operating Expenses.
1985 Bonds: the Tawn's General Obligation Refunding Bands, Series 1985
dated as of November 15, 1985.
1985 Ordinance: Ordinance No. 23, Series of 1985, as amended by Ordinance
No. 29, Series of 3985.
1989 Bands: the Town's Sales Tax Revenue Bonds, Series 1989.
1989 Bond Ordinance: Ordinance No. 29, Series of 1989.
1991 Bands: the Town's Sales Tax Revenue Bonds, Series 1991.
1941 Ordinance: Ordinance No. 42, Series of 1991.
1992B Bonds: the Town's Sales Tax Revenue Refunding and Improvement
Bonds, Series 1992B.
Ordinance: this Ordinance of the Town, which provides for the issuance and
delivery of the 1992B Bonds.
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Outstanding: as of any date of calculation, all Bands theretofore executed,
issued and delivered by the Town except:
(1} Bands theretofore cancelled by the Town, Registrar or Paying
Agent, or surrendered to the Tawn, Registrar or Paying Agent for cancellation;
(2} Bonds in lieu of or in substitution for which other Bands shall
have been executed, issued and delivered by the Town and authenticated by
the Registrar unless proof satisfactory to the Registrar is presented that any
such Bands are duly held by the lawful registered owners thereof; or
(3} fonds deemed to have been paid as provided in Section 20
hereof.
Owner or registered owner: the registered owner of any 199ZB Bond as shown
on the registration books kept by the Registrar.
Parkins Facilities: means all existing parking facilities, including, but not limited
to, all parking facilities constructed, otherwise acquired and equipped with the proceeds of the
1989 Bonds, and all future parking facilities operated by the Town, which facilities include all
improvements, extensions, enlargements, additions or betterments to, or replacements of such
facilities.
Pavin~A,~ent: Central Bank National Association, Denver, Colorado, being the
agent far the Town far the payment of the 1992B Bonds and interest thereon, or its
successors and assigns.
Permitted Investment: any investment ar deposit shown on the list attached
hereto as Exhibit I, to the extent permitted by the Charter and Ordinances of the Town.
Person: any individual, firm, partnership, corporation, company, association,
joint-stock association or body politic; and the term includes any trustee, receiver, assignee
or other similar representative thereof.
Pledged Revenues:
(i) the revenues derived from the Pledged Sales Tax;
(ii) any additional taxes (other than a general ad valorem tax), funds
or revenues which the Town hereafter pledges to the payment of Bonds;
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~ 111 the Net Revenues;
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{iv) proceeds of the Bonds or other legally available moneys deposited
into and held in the Bnnd Fund and the Reserve Fund; and
{v) interest or investment income on the Income Fund, the Bond Fund
and the Reserve Fund;
all to the extent that such moneys are at any time required by Section 15 hereof to be
deposited into and held in the Income Fund, the Bond Fund and the Reserve Fund.
Pledged Sales Tax: the proceeds of the Town's current 4% Sales Tax,
including that one-half of the proceeds of the Sales Tax which is also pledged to the payment
of the 1985 Bonds, the 1991 Bonds and the Housing Bonds and the one-half of the proceeds
of the Sales Tax which has not previously been pledged to the payment of any bonds or
other obligations of the Town. The additional one-half of the proceeds of the Sales Tax also
shall be pledged to the 1991 Bonds, and to the extent necessary to effect the same the 1991
Ordinance shall be deemed amended hereby. "Pledged Sales Tax" does not include
incremental sales taxes which are or may be pledged to the payment of the Bonds pursuant
to an urban renewal plan as defined in §31-25-103{a}, C.R.S ar a plan of development as
defined in §31-25-802 {6.4) C.R.S. "Pledged Sales Tax" does not include amounts withheld
by retailers and vendors to cover their expenses in collecting and remitting the Pledged Sales
Tax, and Pledged Sales Tax does not include amounts collected by the Town and
subsequently determined, pursuant to the applicable Sales Tax Ordinances, to be subject to
valid claims for refunds. "Pledged Sales Tax" does not include the proceeds of any increase
in the Sales Tax which may be approved in the future, unless such increase is expressly
pledged by the Town. "Pledged Sales Tax" does include the proceeds derived by the Town
from any legally available tax ar taxes ar fees (other than a general ad valorem tax} which
replace or supersede the Pledged Sales Tax, regardless of whether such tax or taxes or fees
are imposed by the Town or the State or other political subdivision thereof.
Preliminary Official Statement: the Preliminary Official Statement dated
September 17, 1992.
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., Proiect: the addition to the Municipal Building to be constructed and equipped
with a portion of the proceeds of the 1992B Bonds and any other public improvement or
equipment which the Town is legally authorized to acquire, construct ar finance.
Purchase Contract: the Purchase Agreement between the Town and the
Purchasers dated September 29, 1992.
Purchasers: Kemper Securities, Inc. and George K. Baum & Company.
Rebate Fund: the fund 6y that name created by the 1989 Ordinance and
continued by this Ordinance.
Refunding: the refunding and defeasance of the 1989 Bonds with a portion
of the proceeds of the I992B Bonds.
Registrar: Central Bank National Association, Denver, Colorado, being the
agent for the Town for the registration, transfer and exchange of the 1992B Bonds, or its
successors.
Registrar Agreement: the Registrar Agreement between the Town and the
Registrar dated as of October 1, 1992.
Regular Record Date: the fifteenth day of the calendar month next preceding
each interest payment date far the 1992B Bonds (other than a special interest payment date
hereafter fixed for the payment of defaulted interestj.
Reserve Fund: the fund by that Warne created by the 1989 Ordinance and
continued by this Ordinance.
Reserve Fund Requirement: an amount equal to 10% of the grinci~al amaunt
of the Outstanding Bonds plus an amaunt equal to alI investment earnings on the Reserve
Fund; provided that the Reserve Fund Requirement shat; not exceed the Maximum Annual
Debt Service Requirement.
Sales Tax: the tax upon the sale and use of goads and services which is
currently being levied by the Town pursuant to the Sales Tax Ordinances and any future or
amended tax levied by the Town as a sales and use tax.
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` Sales Tax Ordinances: the ordinances adopted by the Town Council of the -
Town for the purpose of adopting and enforcing the Sales Tax and which are in effect on
the date of this Ordinance and as later amended or supplemented.
Special Reeord Date; a special date fixed to determine the names and
addresses of registered owners for purposes of paying interest on a special interest payment
date for the payment of defaulted interest, all as further provided in Section 6 hereof.
State: the State of Colorado.
fax Code; the Internal Revenue Code of 1986, as amended to the date of
delivery of the Bonds, and any regulations promulgated thereunder.
Tows: the Town of Vail, Colorado.
Town Council: the Town Council of the Town or any successor in functions
thereto.
Trust Bank: a Commercial Bank which is authorized to exercise and is
exercising trust powers.
Section 2. Recitals.
A. The Town is a municipal corporation duly prganized and existing under
the Town's Charter adopted pursuant to .Article XX of the Constitution of the State of
Colorado.
B. Section 14.6 of the Charter permits the Town to issue securities made
payable solely out of the proceeds of any sales taxes or from net revenues derived from the
operation of an income-producing project, or from any combination of such revenues without
an election.
C. The Town imposes a Sales Tax pursuant to Section 11.1 of the Charter
and the Sales Tax Ordinances.
D. Pursuant to the 1985 Ordinance, the Town issued the 1985 Bands and
agreed to pledge and set aside one-half of the revenues generated by the Sales Tax to pay
the principal of and interest on the 1985 Bands, provided that the Pledged Sales Tax could
also be pledged and used for the payment of the principal of and interest on other additional
general obligation bonds of the Town issued thereafter on a parity with or subordinate to the
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` a 1985 Bands with respect to the Pledged Sales Tax. The 1985 Ordinance also provided that,
to the extent that the principal of and interest on the 1.985 Bonds and any additional parity
general obligation bonds are fully provided for in any Fiscal Year by tax revenues and other
moneys legally available therefore, the Town is authorized to use such excess Pledged Sales
Tax for other purposes, including, but not limited to, payment of special non-general
obligation bonds of the Town which may not be issued on a parity with the 1985 Bonds, but
only may be issued in a subordinate and inferior position to the claim of the 1985 Bonds to
the Pledged Sales Tax.
E. The Town has issued the 1989 Bonds, all of which remain Outstanding,
which mature on December 1 of the years and in the amounts as follows:
Original Principal Aggregate Appreciated
Maturity Amount Per $5,000 Interest Principal Amount at
Date Value at Maturity Rate Maturity
1995 $ 554,380.20 6.50% $ 810,000
1996 2,200,1.34,00 6.60 3,450,000
1997 2,046,057.00 6.70 3,450,000
1998 1,899,087.00 6.80 3,450,000
1999 1,575,599.25 6.85 3,075,000
2000 924,390.60 6.90 1,940,000
F. The 1959 Bonds are not subject to redemption prior to maturity.
G. The Town is not delinquent in the payment of the principal of or
interest on any of the 1989 Bonds.
H. Chapter X of the Town Charter authorizes the Town Council {the
"Council"} to issue refunding bonds without an election.
I. The Council has determined and hereby declares that it is in the Town's
best interest to defease the 1989 Bonds and to provide funds to pay the 1989 Bonds as they
become due at maturity.
J. The Town has pledged one-half of the revenues from the Sales Tax on
a first priority basis to the payment of the 19$5 Bonds, on a second priority basis to the 1989
Bands and the ].991 Bonds, and on a third priority basis to the Housing Bonds.
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K. Except far the 1985 Bonds, the 1989 Bonds, the 1991 Bonds, the
Housing Bonds, and bonds or obligations which have been paid or defeased as of the date
of issuance of the 1992B Bands, the Town has never pledged the Sales Tax to the payment
of any bonds or for any purpose. Simultaneously with the issuance of the 1992B Bonds the
1989 Bonds will be refunded and defeased. The Pledged Sales Tax may now be pledged
(with a lien which is in part subordinate to the lien of the 19$5 Bonds but on a parity with
the 1991 Bonds and in part a first priority lien on a parity with the 1991 Bands) lawfully and
irrevocably for the payment of the 1992B Bonds.
L Except for the 1989 Bonds and the 1991 Bonds, the Town has never
pledged the Net Revenues from the Parking Facilities. Such Net Revenues may now be
pledged (with a lien that is an a parity with the lien of the 1991 Bonds} lawfully and
irrevocably for the payment of the 1992B Bands.
M. The Tawn has received a proposal from the Purchasers far the purchase
of the 1992B Bonds far the purpose of defraying in whole or in part the costs of the Project
and the Refunding.
N. There have been presented to the Council the proposed forms of the
foilawing documents: the Purchase Contract; the Escrow Agreement; the Letter of
Representations; the Financial Guaranty Agreement; the Registrar Agreement; and the
Preliminary Official Statement.
O. The Tawn Council desires to cause the 1992B Bands to be issued, to
authorize and direct the application of the proceeds thereof as set forth herein, and to
provide security for the payment thereof, all in the manner hereinafter set forth.
Section 3. Ratification. All actions heretofore taken (not inconsistent with
the provisions of this Ordinance) by the Town Council and other officers of the Town in the
imposition and collection of the Sales Tax and the Gross Revenues, the Project, the
Refunding, and selling and issuing the 1992B Bonds for those purposes are ratified, approved
and confirmed.
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Section 4. Authorization of Refunding and Proiect. The Refunding hereby
is authorized, and the Project hereby is authorized at a cost of not exceeding $5,700,000
(excluding costs to be paid from sources other than the proceeds of the 1992B Bonds).
Section S. Authorization of the 1992B Bands. There hereby are authorized
to be issued fully registered sales tax revenue securities of the Town, to be designated "Town
of Vail, Colorado, Sales Tax Revenue Refunding and Improvement Bonds, Series 1992B" in
the aggregate principal amount of $15,165,000, to be payable and collectible, both as to
principal and interest, from the Pledged Revenues.
Section 6. 1992B Band Details. The 1992B Bonds shall be issued in fully
registered farm (i.e., registered as to bath principal and interest) initially registered in the
name of Cede & Co. as nominee for The Depositary Trust Company, shall be dated as of
October 1, 1992, shall be issued in the denomination of $5,000 or any integral multiple
thereat (provided that no 1992B Bond may be in a denomination which exceeds the principal
coming due on any maturity date, and no individual 1992B Bond will be issued for more than
one maturity) and shall be numbered in such manner as the Registrar may determine. The
1992E Bonds shall bear interest from their dated date until maturity at the rates per annum
shown below, payable semiannually on June 1 and December 1 in each year, commencing on
June 1, 1993, except that any 1992B Bond which is reissued upon transfer, exchange ar other
replacement shall bear interest from the most recent interest payment date to which interest
has been paid ar duly provided for, or if no interest has been paid, from the date of the
1992E Bonds. The 1992E Bonds shall mature an the dates and in the amounts hereinafter
designated, as follows:
Interest
Maturity Principal Rate
Date Amount (Per Annum
June 1, 1993 $395,000 3.000%
June 1, 1996 355,000 4.600
June 1, 1997 475,000 4.$00
June 1, 1998 555,000 5.100
June 1, 1999 665,000 5.300
June 1, 2000 1,315,000 S.S00
June 1, 2001 1,235,000 5.650
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` June 1, 2002 1,315,000 5.800
June 1, 2005 4,625,000 6.000
December 1, 2012 4,230,000 6.125
The principal of and premium, if any, on any 1992B Bond shall be payable to
the registered owner thereat as shown on the registration records kept by the Registrar, upon
maturity thereof and upon presentation and surrender at the Paying Agent. ~f any 1992B
Bond shall not be paid upon such presentation and surrender at or after maturity, it shall
continue to draw interest at the same interest rate borne by said 1992B Band until the
principal thereof is paid in full. Payment of interest on any 1992B Bond shall be made by
check or draft mailed by the Paying Agent, on or before each interest payment date (ar, if
such interest payment date is not a business day, on or before the next succeeding business
day), to the registered owner thereof at the address shown on the registration records kept
by the Registrar at the close of business on the Regular Record Date far such interest
payment date; but any such interest not so timely paid ar duly provided for shall cease to be
payable to the person who is the registered owner thereof at the close of business on the
Regular Record Date and shall be payable to the person who is the registered owner thereof
at the close of business on a Special Record Date for the payment of any such defaulted
interest. Such Special Record Date shall be fixed by the Registrar whenever moneys become
available for payment of the defaulted interest, and notice of the Special Record Date shall
be given to the registered owners of the 1992B Bonds not less than ten days prior to the
Special Record Date by first-class mail to each such registered owner as shown on the
Registrar's registration records on a date selected by the Registrar, stating the date of the
Special Record Date and the date fixed for the payment of such defaulted interest. The
Paying Agent may make payments of interest on any 1992B Bond by such alternative means
as may be mutually agreed to between the owner of such 1992B Bond and the Paying Agent
(provided, however, that the Town shall not be required to make funds available to the
Paying Agent prior to the interest payment dates stated in this Section). Alt such payments
shall be made in lawful money of the United States of America without deduction for .the
services of the Paying Agent or Registrar.
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Section 7. Prior Redemntion.
A. 1992B Bonds maturing nn or before June 1, 2002, are not subject to
prior redemption. 19928 Bands maturing on June 1, 2005 and December 1, 2022 shall be
subject to prior redemption, at the option of the Town, in whole, ar 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
Registrar may determine, on December 1, 2002, or on any date thereafter, at the redemption
prices set Earth below (expressed as a percentage of the principal amount so redeemed) plus
accrued interest to the redemption date:
Redemption
Redemption Dates Prices
December 1, 2002 through May 31, 2003 i01%
June 1, 2003 and thereafter 100
There shall be no optional prior redemption of 19928 Bonds unless ail amounts owing to the
Band Insurer under the Financial Guaranty Agreement or any other document have been
paid in full.
B. 1992B Bands maturing June 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. Such 1992B Bonds subject to mandatory sinking fund redemption shall be
selected by !ot in such manner as the Registrar shall determine {giving proportionate weight
to the 1992B Bonds in denominations larger than $5,000}.
As and far a sinking fund for the redemption of the 1992B Bonds maturing on
June 1, 2005, the Town will deposit in the Band Fund a sum together with other moneys
available in the Bond Fund is sufficient to redeem {after credit as provided below) the
following principal amounts of the 1992E Bands maturing on June 1, 2005:
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Principal
Date Amount
June 1, 2003 $1,190,040
December 1, 2003 155,000
June 1, 2004 1,230,000
December 1, 2004 1b5,000
The remaining $1,885,000 of €he 19928 Bonds maturing on June 1, 2005 shall be paid upon
presentation and surrender at maturity unless redeemed pursuant to optional redemption prior
to maturity. On or before the thirtieth day prior to each such sinking fund payment date,
the Registrar shall proceed to call the 19928 Bonds indicated above (or any 19928 Bond or
Bonds issued to replace such 1992E Bands} for redemption from such sinking fund on the
next June 1 or December 1, and give notice of such call without further instruction or notice
from the Town.
19928 Bonds maturing December 1, 2012 are subject to mandatory sinking
fund redemption at a price equal to the principal amount thereof plus accrued interest to the
redemption date. Such 19928 Bonds subject to mandatory sinking fund redemption shall be
selected by lot in such manner as the Registrar shall determine {giving proportionate weight
to the 19928 Bonds in denominations larger than $5,000).
As and far a sinking fund for the redemption of the 19928 Bonds maturing on
December 1, 2012, the Town will deposit in the Band Fund a sum together with other
moneys available in the Bond Fund is sufficient to redeem (after credit as provided below)
the following principal amounts of the 19928 Bonds maturing on December 1, 2012:
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Principal
Date Amount
December 1, 2D05 $175,000
June 1, 2006 1,130,000
December 1, 20Qb 185,000
June 1, 2007 190,000
December 1, 2007 200,000
June 1, 2008 205,000
December 1, 2008 210,000
June 1, 2009 215,000
December 1, .2009 225,000
June 1, 2010 230,000
December 1, 2010 240,000
June 1, 2011 245,000
December 1, 2011 250,000
June 1, 2012 260,Q40
The remaining $2?0,000 of the 19928 Bonds maturing on December 1, 2012 shall be paid
upon presentation and surrender at maturity unless redeemed pursuant to optional
redemption prior to maturity. On or before the thirtieth day prior to each such sinking fund
payment date, the Registrar shall proceed to call the 19928 Bonds indicated above (ar any
19928 Bond or Brands issued to replace such 19928 Bands) for redemption from such sinking
fund on the next June 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
sinking fund redemption date, the Town may (a) deliver to the Registrar far cancellation
19928 Bonds subject to mandatory sinking fund redemption an such date in an aggregate
principal amount desired or (b) receive a credit in respect of its sinking fund redemption
obligation for any 19928 Bonds subject to mandatory sinking fund redemption an such date,
which prior to said date have been redeemed (other wise than through the operation of the
sinking fund) and cancelled 6y the Registrar and not theretofore applied as a credit against
any sinking fund redemption obligation. Each 19928 Bond so delivered or previously
redeemed will be credited by the Registrar at the principal amount thereof on the obligation
of the Tawn on such sinking fund redemption date and the principal amount of 19928 Bonds
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' to be redeemed by operation of such sinking fund on such date will be accordingly reduced.
The Tawn will on or before the sixtieth day next preceding each sinking fund redemption
date furnish the Registrar with its certificate indicating whether or not and to what extent
the provisions of {a) and {b} 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
Registrar's duty to give notice of sinking fund redemption as provided in this paragraph B.
D. In the case of 1992B Bonds of a denomination larger than X5,000, a
portion of such 1992B Bond {$5,000 or any integral multiple thereof} may be redeemed, in
which case the Registrar shall, without charge to the owner of such 1992B Band,
authenticate and issue a replacement 1992B Bond or Bands for the unredeemed portion
thereof.
E. Except as provided in paragraph B of this Section, the Director of
Administrative Services of the Town shall (unless waived by the Registrar) give written
instructions concerning any prior redemption to the Registrar at least b0 days prior to such
redemption date. Notice of redemption shall be given by the Registrar in the name of the
Town, by sending a copy of such notice by certified, first-class postage prepaid mail, not more
than 60 nor less than 30 days prior to the redemption date, to the Purchaser, and to each
registered owner of any 1992B Bond, all or a portion of which is called for prior redemption,
at his address as it last appears on the registration records kept by the Registrar. Failure to
give such notice by mailing to the registered owner of any 1992E Bond or to the Purchaser
of any defect therein, shall not affect the validity of the proceedings for the redemption of
any other 1992B Bonds.
Such notice shall identify the 1992B Bonds or portions thereof to be redeemed
(if less than all are to be redeemed) and the date fixed for redemption, and shall further
state that an such redemption date the principal amount thereof and the designated premium
thereon, if any, will became due and payable at the Paying Agent, 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 Paying Agent and the registered owner). Notice having been given in the manner
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• hereinabove provided, the 1992B Bond ar Bonds so called for redemption shall become due
and payable on the redemption date so designated; and upon presentation and surrender
thereof at the Paying Agent, the Town will pay the principal of and premium, if any, on
1992B Bond ar Bonds so called for redemption.
Section 8. Special Oblisatians. All of the 1992B Bands, together with the
interest accruing thereon, and any payments due to the Bond Insurer under the Financial
Guaranty Agreement, shall be payable and collectible solely out of the Pledged Revenues,
which are hereby irrevocably so pledged; the owner or owners of the 1992B Bonds and the
Bond Insurer may not look to any general yr other fund for the payment of principal and
interest on the 1992E Bonds or payments under the Financial Guaranty Agreement, except
the designated special funds pledged therefor; and the 1992B Bonds and the Financial
Guaranty Agreement shall not constitute an indebtedness nnr a debt within the meaning of
any applicable charter, constitutional or statutory provision or limitation; nor shall they be
considered or held to be general obligations of the Town.
Section 9. Form of 1992B Bonds and Re~istratinn Panel. The 1992B Bonds
and the registration panel shall be substantially as follows (provided that any portion of the
1992B Bond text may, with appropriate references, be printed on the back of the 1992B
Bonds}, with such emissions, insertions, endorsements, and variations as to any recitals of fact
or other provisions as may be required by the circumstances, be required or permitted by this
Ordinance, or be consistent with this Ordinance and necessary or appropriate to conform to
the rules and requirements of any governmental authority or any usage or requirement of law
with respect thereto:
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(Farm of Bond}
* Insert only if bonds are delivered pursuant to Section 12 of this Ordinance.
**Insert only if bonds are delivered to The Depository Trust Company pursuant to Section 13
of this Ordinance.
UN r l .~D STATES OF AMERICA
STATE OF COI.4RAD0 COUN'T'Y OF EAGLE
TOWN OF VAIL, COLORADO
SAi F~ TAX REVENUE REFUNDING AND IMPROVEMENT BOND
SERIES 1992B
NO. R-
IN~i~REST RATE MATURITY DATE DATED DATE CUSIP
October 1, 1992
REGIa .t r,RED OWNER:
PRINCIPAL AMOUNT:
The Town of Vail, in the County of Eagle and State of Colorado (the 'Town"),
for value received, promises to pay to the registered owner specified above, or registered
assigns, solely from the special funds provided therefor, the principal amount specified above,
on the maturity date specified above (unless called for earlier redemption}, and to pay from
said sources interest thereon on June 1 and December 1 of each year, commencing on
June 1, 1993, at the interest rate per annum specified above, until the principal sum is paid
or payment has been provided therefor. This bond wil! bear interest from the most recent
-1&
., ~ . •
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 this bond is payable upon
presentation and surrender hereof to the Town's registrar and paying agent (the "Registrar"
or the "Paying Agent"), initially Central Bank National Association, in Denver, Colorado.
Interest on this band will be paid 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),
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 Registrar and at the
address appearing thereon at the close of business on the fifteenth day of the calendar
month next preceding such interest payment date (the "'Regular 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 Regular 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 for the payment of any defaulted interest. Such Special Record Date
shall be fixed by the Registrar whenever moneys become available for payment of the
defaulted interest, and notice of the Special Record Date shall be given to the registered
owners of the bonds of the series of which this is one {the "Bands"} not less than ten days
prior to the Special Record Date. Alternative means of payment of interest may be used if
mutually agreed to between the owner of any Bond and the Paying Agent, as provided in the
ordinance of the Town authorizing the issuance of the Bonds (the "Bond Ordinance"}. All
such payments shall be made in lawful money of the United States of America without
deduction for the services of the Paying Agent or Registrar.
Bonds of the series of which this band is a part (the "1992B Bonds") maturing
on June 1, 2005 and December 1, 2012 are subject to prior redemption, at the option of the
Town, in whole, 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 Registrar may determine, on December l.,
2002, or on any date thereafter, at the redemption prices set forth below (expressed as a
percentage of the principal so redeemed) plus accrued interest to the redemption date:
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• i ~
Redemption
Redemption Dates Price,
December 1, 2002 through I~ay 3], 2003 101%
June 1, 2003 and thereafter 100
Bonds of the series of which this bond is a part maturing on June 1, 2005 and
December ], 20]2 are subject to mandatary sinking fund redemption in the manner provided
in the Bond Ordinance 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 far mandatory sinking fund redemption by lot in such manner as the Registrar shall
determine (giving proportionate weight to Bonds in denominations larger than $5,000). On
or before the thirtieth day prior to each such sinking fund payment date, the Registrar will
proceed to call the Bonds subject to mandatory sinking fund redemption (or any Bond or
Bonds issued to replace such Sonds) far redemption on the next June 1 or December ], and
give notice of such call. The Town is entitled to certain credits against its sinking fund
redemption obligation in the manner and upon the conditions provided in the Bond
Ordinance.
In the case of redemption of Bands of a denomination larger than $5,000, a
portion of such Bond ($5,000 or any integral multiple thereat) may be redeemed, in which
case the Registrar shall, without charge to the owner of such Bond, authenticate and issue
a replacement Bond or Bands for the unredeemed portion thereof. Redemption shall be
made upon not more than 60 days' and not less than 30 days' mailed notice to the original
purchasers and to each registered owner of Bonds to be redeemed as shown on the
registration records kept by the Registrar, in the manner and upon the conditions provided
in the Bond Ordinance.
The Bonds are issuable only as fully registered Bonds in denominations of
$5,000 or any integral multiples thereof and are exchangeable for fully registered Bonds of
the same maturity and series in equal aggregate principal amounts and in authorized
denominations at the aforesaid aftice of the Registrar, but only in the manner, subject to the
limitations and conditions, and upon payment of the charges provided in the Bond Ordinance.
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.. ~ • ~
~, * *The Brands are not transferable or exchangeable, except as set forth in the
Bond Ordinance. Upon any partial prior redemption of this Bond, Cede & Co. in its
discretion inay request the Bond Registrar to authenticate a new Bond or make an
appropriate natation on this Bond indicating the date and amount of prepayment, except in
the case of final maturity, in which case this Bond must be presented to the 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 records kept by the Registrar upon surrender
of this Bond together with a duly executed written instrument of transfer satisfactory to the
Registrar. Upon such transfer a new fully registered bond of authorized denomination or
denominations of the same series, aggregate principal amount and maturity will be issued to
the ~t•ansferee in exchange for this bond, subject to such terms and conditions and on
payment of the charges as set forth in the Bond Ordinance.*
The Town and the Registrar and Paying Agent 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 ali other purposes, except to the extent otherwise provided
hereinabove and in the Bond Ordinance with respect to Regular and Special Record Dates
for the payment of interest.
*The Registrar will not be required to transfer or exchange (i) any Bond or
portion thereof during a period beginning at the opening of business 15 days before the day
of the mailing by the Registrar of notice of prior redemption and ending at the close of
business on the day of such mailing, or {ii) any Bond or portion thereof after the mailing of
notice calling such Bond or any portion thereof for prior redemption, except the unredeemed
portion of Bonds being redeemed in part.*
The 1992B Bonds are authorized for the purpose of defraying wholly or in part
the costs of the Project and the Refunding (each as defined in the Bond Ordinance), for the
payment of casts and expenses incidental thereto and to the issuance of the Bonds, and for
funding a reserve for the Bonds, all under the authority of and in full conformity with the
Constitution of the State of Colorado and the Town Charter and pursuant to the Bond
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•
' Ordinance duly adapted, published and made a law of the Town, all prior to the issuance of
this bond.
The Bonds do not constitute a debt ar an indebtedness of the Town within the
meaning of any applicable charter, constitutional ar statutory provision or limitation, shall not
be considered or held to be a general obligation of the Town, and are payable from, and
constitute a pledge of and an irrevocable lien (but not an exclusive lien) on, all of the
proceeds to be derived by the Town from the Pledged Sales Tax (as defined in the Bond
Ordinance) and from certain taxes which hereafter may be imposed by the Town in addition
thereto or in substitution therefor, Net Revenues of the Parking Facilities (each as defined
in the Bond Ordinance), arty taxes, funds or revenues which the Town hereafter pledges to
the payment of the Bonds, certain other moneys held in the Bond Fund and the Reserve
Fund (as both such funds are defined in the Bond Ordinance}, and investment income on
certain funds, all to the extent that such moneys are at any time required to be deposited
into and held in the Income Fund, the Bond Fund, and the Reserve Fund as provided in the
Bond Ordinance, subject to certain exceptions and exclusions as provided in the Bond
Ordinance (the "Pledged Revenues"}.
The Bonds constitute a pledge of, and an irrevocable lien (but not an exclusive
lien} on all of the Pledged Revenues. The Bands are equitably and ratably secured by a lien
on the Pledged Safes Tax. As to one-half of the Sales Tax (as defined in the Bond
Ordinance} revenues the Bonds constitute a second and subordinate lien (but not necessarily
an exclusive second lien) upon the Pledged Sales Tax, such lien being second and subordinate
to the lien of the Town's outstanding General Obligation Bonds, Series 1985 (the "1985
Bonds"}. As to the other one-half of the Sales Tax revenues, the Bands constitute a first
and prior lien on a parity with the Town's Sales Tax Revenue Bonds, Series 1991 (the "1991
Bands"). In connection with the Pledged Sales Tax and as required by the ordinance which
authorized the 1985 Bands, the Town shall Fully provide for the debt service, reserve account,
and other requirements of the 1985 Bonds in any fiscal year and, only after such provision,
..~~,.
~- . i ~ ~
' may use excess Pledged Sales Taxes for the payment of the principal of and interest on the
Scries Bands, by transferring such excess Pledged Sales Taxes to the Income Fund (as
defined in the Band Ordinance).
Payment of the principal of and interest an this bond shall be made from, and
as security for such payment there are irrevocably {and exclusively) pledged, pursuant to the
Bond Ordinance, moneys deposited and to be deposited in a special fund of the Tawn (the
"Bond Fund") into which fund the Town has covenanted under the Band Ordinance to pay
from the Pledged Revenues a sum sufficient, together with other moneys available in the
Bond Fund therefor, to pay when due the principal of and interest on the 1991 Bands, the
1992B Bonds and any Additional Bonds (as defined in the Bond Ordinance). In addition,
there is irrevocably and exclusively pledged to the payment of the 1991 Bands, the 1992B
Bonds and any Additions! Bonds a reserve fund (the "Reserve Fund") which will be
maintained as provided in the Band Ordinance. Except as otherwise specified in the Band
Ordinance, this Bond is entitled to the benefits of the Band Ordinance equally and ratably
both as to principal (and redemption price) and interest with all other Bonds issued and to
be issued under the Band Ordinance, to which reference is made for a description of the
rights of the owners of the 1992$ Bonds and the rights and obligations of the Town. This
band is payable from the Pledged Revenues, and the owner hereof may not look to any
general or other fund of the Town for the payment of the principal of and interest on this
bnnd except the Pledged Revenues. Reference is made to the Bond Ordinance for the
provisions, among others, with respect to the custody and application of the proceeds of the
1992B Bands, the receipt and disposition of the Pledged Revenues, the nature and extent of
the security, the terms and conditions under which additional bands payable from the Pledged
Revenues may be issued, the rights, duties and obligations of the Town, and the rights of the
owners of the Bonds; and by the acceptance of this bond the owner hereof assents to all
provisions of the Bond Ordinance. The principal of and the interest an this bond shall be
_Z,3_
a . ~ •
paid, and this bond is transferable; free from and without regard to any equities between the
Town and the original or any intermediate owner hereof or any setoffs or cross-claims.
This band must be registered in the name of the owner as to both principal
and interest on the registration records kept by the Registrar in conformity with the
provisions stated herein and endorsed herein and subject to the terms and conditions set
forth in the Bond Ordinance. No transfer of this bond shall be valid unless made on the
registration records maintained at the principal office of the Registrar by the registered owner
or his attorney duly authorized in writing.
It is further certil;ed and recited that all the requirements of law have been
fully complied with by the proper Town officers in the issuance of this bond.
This band shall not be valid or obligatory for any purpose until the Registrar
shall have manually signed the certificate of authentication herein.
IN TES t iivIONY WHEREOF, the Town Council of the Town of Vai! has
caused this bond to be signed and executed in its name with a manual ar facsimile signature
of the Mayor of the Tnwn, and to be signed, executed and attested with a manual or
facsimile signature of the Town Clerk, with a manual or facsimile impression of the seal of
the Town affixed hereto, all as of the date specified above.
(Manual or Facsimile Si~naturel
Mayor
(MANUAL OR FACSIMILE SEAL)
Attest:
(Manual or Facsimile Si~nature~
Town Clerk
(End of Farm of Bond)
-24-
k ` e
~ (Farm of Registrar's Certificate of Authentication)
This is one of the Bonds described in the within-mentioned Bond Ordinance,
and this Bond has been duly registered on the registration records kept by the undersigned
as Registrar for such Bands.
as Registrar
Date of Authentication By;
and Registration: Authorized Off cer or Employee
(End of Form of Registrar's Certificate of Authentication)
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 defined, of the following described obligations, the full and complete payment
required to be made by or on behalf of the Issuer to Central Bank National Association or
its 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
-25-
• ~ •
' the due date of such principal by reason of mandatary ar 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
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 Tawn of Vail, Colorado, Sales Tax Revenue Refunding and
Improvement Bonds, Series 1992B.
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 or certified mail, by the Insurer from the Paying Agent or any owner of an
Obligation the payment of any Insured Amount for which is then due, that such required
payment has not been made, the Insurer on the due date of such payment ar 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 for
such owners of the Obligations in any legal proceeding related to payment of Insured
Amounts, 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
-2b-
~_ ~• • s
ti Amounts .and legally available tlaerefar. This policy does not insure against loss of any
prepaymen# premium which may at any time be payable with respect to any Obligatian.
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 owner shall not include the Issuer or any
party whose agreement with the Issuer constitutes the underlying security far 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 far any reason. The premium on this policy is
not refundable far any reason including the payment priar to maturity of the Obligations.
MUNICIPAL BOND INVESTORS ASSURANCE CORPORATION
-27-
' **(Form of Prepayment Panel) ~
The following installments of principal {or portion thereof} of this bond
have been prepaid in accordance with the terms of the Bond Ordinance authorizing the
issuance of this bond.
Signature of
Date of Principal Authorized
Prepavment Prepaid Representative of the Denositorv
(End of Form of Prepayment Panel)
MAY BE PRINTED ON THE BACK OF THE BOND AND THE FOLLOWING
STATEMENT INSERTED -- R F,FERENCE IS HEREBY M AT7F,, TC) THE FURTHER
PROVISIONS OF THIS BOND SET •FC}RTH ON THP~ REVERSE HEREOF: SZJCH
PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET
FORTH HERE.**
-25-
.'
"' (Form of Assignment}
For value received, the undersigned hereby sells, assigns and transfers unto
the within Bond and hereby irrevocably constitutes and appoints
attorney, to transfer the same on the records of the Registrar, with full
power of substitution in the premises.
Dated:
Signature Guaranteed:
Address of transferee:
Social Security or other tax
identificatr`on number of transferee:
NOTE: The signature to this Assignment must correspond with the name as written on the
face of the within Bond in every particular, without alteration or enlargement or any change
whatsoever.
EXCHANGE OR TRANSFER FEES MAY BE CHARGED
(End of Form of Assignment}
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. •
• Section 10. ~otiability. Subject to the registration provisions hereof, the
1992B Bonds shall be fully negotiable and shall have all the qualities of negotiable paper, and
the owner or owners thereof shall possess all rights enjoyed by the holders or owners of
negotiable instruments under the provisions of the- Uniform Commercial Cade-Investment
Securities. The principal of and interest on the 1992B Bonds shall be paid, and the 1992B
Bonds shall be transferable, free from and without regard to any equities between the Town
and the original or any intermediate owner of any 1992E Bonds or any setoffs or crass-
claims.
Section 11. Execution. The 1992B Bonds shall be executed in the name and
on behalf of the Town by the signature of the Mayor, shall be sealed with a manual or
facsimile impression of the seal of the Town and attested by the signature of the Town
Clerk, Each 1992B Bond shall be authenticated by the manual signature of an authorized
officer or employee of the Registrar as hereinafter provided. The signatures of the Mayor
and the Town Clerk may be by manual ar facsimile signature. The 1992B Bonds bearing the
manual or facsimile signatures of the officers in office at the time of the autharizatian
thereof shall be the valid and binding abiigatsons of the Town (subject to the requirement of
authentication by the Registrar as hereinafter provided), notwithstanding that before the
delivery thereof and payment therefor or before the issuance of the 1992E Bonds upon
transfer or exchange, any or all of the persons whose manual or facsimile signatures appear
thereon shall have ceased to fill their respective offices. The Mayor and the Town Clerk
shall, by the execution of a signature certificate pertaining to the 1992B Bands, adopt as and
for their respective signatures any facsimiles thereof appearing on the 1992B Bonds. At the
time of the execution of the signature certificate, the Mayor and the Town Clerk may each
adopt as and for his or her facsimile signature the facsimile signature of his or her
predecessor in office in the event that such facsimile signature appears upon any of the
1992B Bonds.
Na 1992B Bond shall be valid or obligatory for any purpose unless the
certificate of authentication, substantially in the farm hereinafter provided, has been duly
manually executed by the Registrar. The Registrar's certificate of authentication shall be
-30-
dec;med to have been duly executed by t•Registrar if manuall si ned b an•thorized
y ~ y
•, ofhcer ar employee of the Registrar, but it shall not be necessary that the same officer or
employee sign the certificate of authentication on ail of the 19928 Bonds issued hereunder.
By authenticating any of the 19928 Bonds initially delivered pursuant to this Ordinance, the
Registrar shall be deemed to have assented to the provisions of this Ordinance.
Section 12. Recistration. Transfer and l~>;change.
A. Except as provided, in Section 13, records for the registration and
transfer of the 19928 Bonds shall be kept by the Registrar, which is hereby appointed by the
Town as registrar {i e.. transfer agent) for the 19928 Bonds. Upon the surrender for transfer
of any 19928 Bond at the Registrar, duly endorsed for transfer or accompanied by an
assignment duly executed by the registered owner or his attorney duly authorized in writing,
the Registrar shall enter such transfer on the registration records and shall authenticate and
deliver in the name of the transferee or transferees a new 19928 Bond ar Bonds of the
same series, of a like aggregate principal amaunt and of the same maturity, bearing a number
car numbers not previously assigned. 19928 Bands may be exchanged at the Registrar for an
equal aggregate principal amaunt of 19928 Bonds of the series and the same maturity of
other authorized denominations. The Registrar shall authenticate and deliver a 19928 Band
ar Bonds which the registered owner making the exchange is entitled to receive, bearing a
number or numbers nor previously assigned. The Registrar may impose reasonable charges
in connection with such exchanges and transfers of 19928 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. Except as provided in Section 13, the Registrar shall not be required to
transfer or exchange {1) any 19928 Bond or portion thereof during a period beginning at the
opening of business 15 days before the day of the mailing of notice of prior redemption as
herein provided and ending at the close of business on the day of such mailing, or {2) any
19928 Bond or portion thereof after the mailing of notice calling such 19928 Band or any
portion thereof for prior redemption, except for the unredeemed portion of the 19928 Bands
being redeemed in part.
-31-
• C. The person in whose name any 1992B Bnnd shall be registered on the
registration records kept by the Registrar shall be deemed and regarded as the absolute ~•
owner thereof for the purpose of making payment thereof and far all other purposes; except
as may be otherwise provided in Section 6 hereof with respect to payment of interest; and,
subject to such exception, payment of or on account of either principal or interest on any
1992B Bond shall be made only to or upon the written order of the registered owner thereof
or his legal representative, but such registration may be changed upon transfer of such 1992B
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 1992B Bond to the
extent of the sum or sums so paid.
D. If any 1992B Bond shall be lost, stolen, destroyed ar mutilated, the
Registrar shall, upon receipt of such evidence, information or indemnity relating thereto as
it and the Town may reasonably require, authenticate and deliver a replacement 1992B 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, ar mutilated 1992B Bond
shall have matured or is about to became due and payable, the Registrar may direct the
Paying Agent to pay such 1992B Bond in lieu of replacement.
E. The officers of the Town are authorized to deliver to the Registrar fully
executed but unauthenticated 1992B Bonds in such quantities as may be convenient to be
held in custody by the Registrar pending use as herein provided.
F. Whenever any i992B Bond shall be surrendered to the Paying Agent
upon payment thereof, or to the Registrar for transfer, exchange or replacement as provided
herein, such 1992B Bond shall be promptly cancelled by the Paying Agent or Registrar, and
counterparts of a certil:icate of such cancellation shall be furnished by the Paying Agent or
Registrar to the Town.
Section 13. Book Entrv.
A. Notwithstanding any contrary provision of this Ordinance, the Bonds
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 Bands maturing far that
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•
maturity. Such initially delivered Bonds shall be registered in the name of "Cede & Co." as
-~ nominee for The Depository Trust Company, the securities depositary 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 4-8-102(3), Colorado Revised Statutes and a qualified and registered
"clearing agency" under Section 17A of the Securities Exchange Act of 1934,
as amended; or
(2) upon the resignation of The Depository Trust Company
or a successor or new depository 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 Council 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 corparatioa,"
as defined in Section 4-8.102{3), Colorado Revised Statutes and a qualified and
registered "clearing agency" under Section 17'A of the Securities Exchange Act
of 1934, as amended, to carry out the functions of The Depository Trust
Company or such successor new depository; or
{3) upon the resignation of The Depository Trust Company
or a successor or new depository under clause (1) or clause {2) of this
paragraph {a), or a determination of the Council that The Depository 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. Tn 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 paragrx.~.~~ {a) hereof, upon receipt of the
-33-
•
Outstanding Bonds by the Band Registrar, together with written instructions for transfer
E
satisfactory to the Bond Registrar, a new Bond for each maturity of the Bonds then
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 depository institution for the Bonds as provided in
clause (3) of paragraph (a) hereof, and upon receipt of the Outstanding Bands by the Bond
Registrar, together with written instructions for transfer satisfactory to the Bond Registrar,
new Bands shall be issued in the denominations of $5,000 or any integral multiple thereof,
as provided in and subject to the limitations of Section 12 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 for 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 beneficial owners of the Bonds held by The
Depositary Trust Company or any successor or new depository named pursuant to paragraph
(a) hereof.
D. The Council, the Bond Registrar and the Faying Agent shall
endeavor to cooperate with The Depository Trust Company or any successor or new
depository named pursuant to clause (1) or (2) of paragraph (a) hereof in effectuating
payment of the principal amount of the Bonds upon maturity or 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 clue.
Section 1~1. Delivery of 1992B Bonds and Disnasition of Proceeds. When the
1992B Bonds have been duly executed by appropriate Town officers and authenticated by the
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Registrar, the 'T'own shall cause the 1992B Bonds to be delivered to the Purchasers on
~~ receipt of the agreed purchase price. The 1992B Bands shall be delivered in such
denominations as the Purchaser shall direct (but subject to the provisions of Sections 12 and
13 hereof); and the Registrar shall initially register the 1992B Bonds in such name or names
as the Purchaser shall direct.
The proceeds of the 1992B Bands, including without limitation the accrued
interest thereon, shall be deposited promptly by the Town and shall be accounted for in the
following manner and are hereby pledged therefor, but the Purchasers of the 1992B Bonds
nr any subsequent Owner in no manner shall be responsible for the application or disposal
by the Taws or any of its officers of any of the funds derived from the sale:
{i) All accrued interest, if any, received in respect of the 1992B
Bonds shall be credited to the Bond Fund to be applied to the payment of the
1992B Bonds.
{ii) An amount, together with other available funds of the
Town, sufficient to establish any initial cash balance remaining uninvested and
to buy Governmental Obligations to effect the Refunding shah be deposited to
the Escrow Account.
(iii) All remaining proceeds of the 1992B Bonds shall be
credited to the fallowing special and separate account, hereby created and
established, to be known as the '"Town of Vail, Colorado Sales Tax Revenue
Refunding and Improvement Bonds, Series 1992B Construction Fund;' to be
used, together with any other available moneys therefor, to pay the costs of the
Project, including the premium for the Bond Insurance Policy and other costs
incidental to the issuance of the 1942B Bonds. After payment of all costs of
the Project, or after adequate provisions therefor is made, any unexpended
balance in the Construction Fund shall be deposited in the Bond Fund and
applied to the payment of the principal of and interest on the 1992B Bonds.
Section 15. Use of Monevs in Income Fund. Subject to Section i7, so long
as any fonds shall be Outstanding, either as to principal or interest, the Pledged Revenues
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shall, upon receipt by the Town, be deposited in a special and separate account, heretofore
created and established by the 1989 Ordinance and continued by this Ordinance, known as
the "Town of Vail Income Fund." The following payments shall be made from the Income
Fund:
A. Bond Fund. First, there shall be credited from the Income Fund to a
fund created by the 1989 Ordinance and known as the '"Town of Vail, Sales Tax Bond Fund"
the following amounts:
i. Interest Payments, Monthly to the Bond Fund an amount in
equal monthly installments necessary, together with any moneys therein- and available
therefor, to pay the interest due and payable on the Outstanding Bonds on the next
succeeding interest payment date.
2. Principal Payments. Monthly to the Bond Fund an amount in
equal monthly instaAments necessary, together with any moneys therein and available
therefor, to pay the principal and redemption premium, if any, due and payable on the
Outstanding Bonds on the next succeeding principal payment date,
If prior to any interest payment date or principal payment date there has been
accumulated in the Band 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 becomes due.
B. Reserve Fund, Second, except as hereinafter provided, from any
moneys remaining in the Income Fund there shall be credited monthly to a separate account
created by the 19$9 Ordinance and continued by this Ordinance known as the '"Town of Vail
Sales Tax Revenue Bonds Reserve Fund" an amount, if any, which is necessary to maintain
the Reserve Fund as a continuing reserve in an amount not less than the Reserve Fund
Requirement or to pay the issuer of any Bond Reserve Insurance Policy any amounts owing
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to such issuer under the terms of the Bond Reserve Insurance Policy. In determining the
3
amounts required to be deposited as provided above, the Town shall receive credit far any
investment earnings on the deposit in the Reserve Fund. Investment earnings an deposits
in the Reserve Fund shall remain in the Reserve Fund until the amount on deposit equals
the Maximum Annual Debt Service Requirement. No credit need be made to the Reserve
Fund so long as the moneys and/ar a Bond Reserve Insurance Policy therein equal the
Reserve Fund Requirement {regardless of the source of such accumulations). The Reserve
Fund Requirement shall be accumulated and maintained as a continuing reserve to be used,
except as provided in subsections C and E of this Section and Section 21 hereof, vniy to
prevent deficiencies in the payment of the principal of and the interest an the Bonds
resulting from the failure to credit to the Bond Fund sufficient funds to pay said principal
and interest as the same accrue or to pay the issuer of any Bond Reserve Insurance Policy
any amounts owing to such issuer under the terms of the Bond Reserve Insurance Policy.
The Reserve Fund Requirement shall be calculated upon {i) any principaC payment, whether
at stated maturity or upon redemption, {ii) the issuance of Additional Bonds, or {iii) the
defeasanee of all or a portion of the Bonds.
In lieu of all or a portion of the moneys required to be deposited in the
Reserve Fund by this Ordinance, the Town may at any time ar from time to time (but only
with the prior written consent of the Bond Insurer if the provider is other than the Bond
Insurer) deposit a Sand Reserve Insurance Policy in the Reserve Fund in full or partial
satisfaction of the Reserve Fund Requirement. Any such Band Reserve Insurance Policy
shall be payable on any date vn which moneys will be required tv be withdrawn from the
Reserve Fund as provided herein. Upon deposit of any Band Reserve Insurance Policy in
the Reserve Fund, the Town may transftr moneys equal to the amount payable under the
Bond Reserve Insurance Policy from the Reserve Fund and apply such moneys to any Lawful
purpose.
If the tax covenant contained in Section 20.K. of this Ordinance does not
permit the use of proceeds of any series of Bonds for a full funding of the Reserve Fund in
the amount of the Reserve Fund Requirement, the maximum amount of proceeds of such
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series of Bonds which may be deposited to the Reserve Fund pursuant to Section 20.K. shall
be deposited to the Reserve Fund upon the issuance of such series of Bonds and Pledged
Revenues shall be deposited to the Reserve Fund monthly sa that not later than
twelve calendar months after the date of issuance of such series of Bonds the amount an
deposit in the Reserve Fund shall equal the Reserve Fund Requirement.
Section 14.C. of the 1991 Ordinance hereby is amended to conform to the
provisions of this Section 15.B., effective an the date the 1992B Bonds initially are issued.
C. Termination Uflon Deposits to Msturity or Redemption Date. Na
payment need be made into the Bond Fund, the Reserve Fund, or both, if the amount in
the Bond Fund and the amount in the Reserve Fund total a sum at least equal to the entire
amount of the Outstanding Bonds, both as to principal and interest to their respective
maturities, or to any redemption date on which the Town shall have exercised its option to
redeem the Bonds then Outstanding and thereafter maturing, including any prior redemption
premiums then due, and both accrued and not accrued, in which case moneys in the Bond
Fund and Reserve Fund in an amount at least equal to such principal and interest
requirements shall be used solely to pay such as the same accrue, and any moneys in excess
thereof in the two Funds may be withdrawn and used for any lawful purpose.
D. Defraying Delinquencies in Bond and Reserve Funds, IF an any
required monthly payment date the Town shall for any reason fail to pay into the Bond Fund
the full amount above stipulated, then an amount shall be paid into the Bond Fund on such
date from the Resen+e Fund equal to the difference between the amount paid and the full
amount so stipulated. Any cash on deposit in the Reserve Fund shall be transferred to the
Band Fund to cover such a deficiency prior to the transfer of funds drawn under the Bond
Reserve Insurance Policy. If the Reserve Fund contains a Band Reserve Insurance Folicy
from a provider other than the Bond Insurer and a. Bond Reserve Insurance Policy provided
by the Bond Insurer, any draw shall be on a pro-rata basis from bath such Policies. After
such a draw any available Pledged Revenues, after the payments required by paragraph A of
this Section, shall be used first to repay the Bond Insurer to reinstate the Band Reserve
Insurance Policy and then to replenish cash in the Reserve Fund. The cash sa used shall be
r
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replaced in the Reserve Fund from the first Pledged Revenues received that are not required
~ to be otherwise applied by this Section, but excluding any payments required far any
subordinate obligations; provided, however, that an amount equal to the amount withdrawn
from the Reserve Fund shall be deposited by the Town in the Reserve Fund no later than
twelve months from the date of such withdrawal. If at any time the Town shall for any
reason fail to pay into the Reserve Fund the full amount above stipulated from the Pledged
Revenues, the difference between the amount paid and the amount so stipulated shall in a
like manner be paid therein from the first Pledged Revenues thereafter received not required
to be applied otherwise by this section, but excluding any payments required for any
subordinate obligations. The moneys in the Band Fund and in the Reserve Fund shall be
used solely far the purpose of paying the principal and any redemption premium of and the
interest on the Bonds, except that moneys in the Reserve Fund shall be used to pay the
issuer of any Bond Reserve Insurance Policy any amounts awing to such issuer under the
terms of the Bond Reserve Insurance Policy; provided, however, that any moneys at any time
in excess of the Reserve Fund Requirement calculated with respect to the Bonds in the
Reserve Fund may be withdrawn therefrom and used for any lawful purpose; and provided,
further, that any moneys in the Bond Fund and in the Reserve Fund in excess of accrued
and unaccrued principal and interest requirements to the respective maturities of the
Outstanding Bands may be used as provided in Paragraphs G and H of this section.
Section 15.E. of the 1991 Ordinance hereby is amended to conform to the
provisions of this Section 15.1]., effective an the date the 19928 Bonds initially are issued.
E. Rebate Fund. Third, there shall be deposited in a special account
created by the 1989 Ordinance and continued by this Ordinance known as the "Town of Vail
Sales Tax Revenue Bonds Rebate Fund" amounts required by Section 148(f) of the Tax
Code to be held until such time as any required rebate payment is made. Amounts in the
Rebate Fund shall be used far the purpose of making the payments to the United States
required by Section 148(f) of the Tax Code. Any amounts in excess of those required to be
on deposit therein by Section 148(f) of the Tax Code shall be withdrawn therefrom and
deposited into the Income Fund. Funds in the Rebate Fund shat[ not be subject to the lien
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a . • ~ #
created by this Ordinance to the extent such amounts are required to be paid to the ratted
States Treasury. The Town may create separate accounts in the Rebate Fund in connection !
with the issuance of Additional Bonds.
F. Interest an Band Insurance Policy Draws. After the payments required
by A, B and E of this Section, the Pledged Revenues shall be used to pay interest on
amounts advanced under any Band Reserve Insurance Policy.
G. Payment for Subordinate Obliiations. After the payments required by
Paragraphs A, B, E, and F of this Section, the Pledged Revenues shall be used by the Town
far the payment of interest on and principal of any obligations secured by Pledged Revenues
subordinate to the lien of the Bonds and on a parity with or subordinate to the lien of the
Financial Guaranty Agreement hereafter authorized to be issued, including reasonable
reserves therefor.
H. Use of Remainine~ Revenues. After making the payments required to
be rriade by this Section, any remaining Pledged Revenues may be used far any lawful
purpose.
Nothing in this Ordinance shall prevent the Town from withdrawing from the
Income Fund amounts collected by .the Town and subsequently determined, pursuant to the
applicable Sates Tax Ordinances, to be subject to valid claims for refunds.
Section 16. General Administration of Funds. The funds designated in
Sections 14 and 15 hereof shall be administered as follows subject to the limitations stated
in Section 20.K, hereof:
A. ~ud~et and Annronriation of Funds. The sums provided to make the
payments specified in Section 15 hereof are hereby appropriated for said purposes, and said
amounts for each year shat! be included in the annual budget and the appropriation
ordinance ar measures to be adopted or passed by the Town Council in each year
respectively while any of the 1992B Bonds, either as to principal or interest, are Outstanding
and unpaid. No provision of any constitution, statute, charter, ordinance, resolution, or other
order ar measure enacted after the issuance of the 1992B Bands shall in any manner be
construed as limiting or impairing the obligation of the Tawn to keep and perform the
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covenants contained in this Ordinance so long as any of the 1992B Bands remain
' ~ Outstanding and unpaid. Nothing herein shall prohibit the Town Council, at its sole option,
from appropriating and applying other funds of the Town legally available fnr such purpose
to the Bond Fund or Deserve Fund for the purpose of providing for the payment of the
principal of, interest nn or any premiums due with respect to the 1992B Bands.
B. Places and Times of Deposits. Each of the special funds created in
Section 1S hereof and the Construction Fund created in Section 14 hereof shall be
maintained in a Commercial Bank as a book account kept separate and apart from all other
accounts or funds of the Town as trust accounts solely for the purposes herein designated
therefor. For purposes of investment of moneys, nothing herein prevents the commingling
of moneys accounted for in any two or more such book accounts pertaining to the Pledged
Revenues or to such funds and any other funds of the Town to be established under this
Ordinance. Such book account shall be continuously secured to the fullest extent required
by the laws of the State for the securing of public funds and shall be irrevocable and not
withdrawable by anyone for any purpose other than the respective designated purposes of
such funds or accounts. Esch periodic payment shall be credited to the proper book account
not later than the date therefor herein designated, except that when any such date shall be
a Saturday, a Sunday or a legal holiday, then such payment shall be made on or before the
next preceding business day.
C. Investment of Funds, Any moneys in the Construction Fund created
pursuant to Section 1~ hereof, and any moneys in any fund established by Section 15 of this
Ordinance may be invested or reinvested in any Permitted Investment. Securities ar
obligations purchased as such an investment 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 most nearly coincide with the expected need for moneys from the fund
in question. Securities or obligations so purchased as an investment of moneys in any such
fund shall be deemed at all times to be a part of the applicable fund. The Town shall
present for redemption or sale an the prevailing market any securities or obligations so
purchased as an investment of moneys in a given fund whenever it shall be necessary to do
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so in order to provide moneys to meet any required payment or transfer from such fund.
The Town shall have no obligation to make any investment or reinvestment hereunder, unless ~
any moneys an hand and accounted for in any one account exceed $5,000 and at least $5,000
therein will not be needed for a period of not less than 60 days. In such event the Town
shall invest or reinvest not less than substantially all of the amount which will not be needed
during such b0 day period, except for any moneys nn deposit in an interest bearing account
in a Commercial Bank, without regard to whether such moneys are evidenced by a certii"icate
of deposit or otherwise, pursuant to this Section 1b.C. and Section 1b.E. hereof; but the
Town is not required to invest, or so to invest in such a manner, any moneys accounted far
hereunder if any such investment would contravene the covenant concerning arbitrage in
Section 20.K. hereof.
D. No liability for Losses Incurred in Performing Terms of Ordinance.
Neither the Town nor any officer of the Town shall be liable ar responsible for any loss
resulting from any investment or reinvestment made in accordance with this Ordinance.
E. Character of Funds. The moneys in any fund or account herein
authorized shalt consist of lawful money of the United States or investments permitted by
Section 16.C. hereof ar both such money and such investments. Moneys deposited in a
demand or time deposit account in or evidenced by a certifiicate of deposit of a Commercial
Bank pursuant to Sections 1b.B. and 16.C. hereof, appropriately secured according to the
laws of the State, shall be deemed lawful money of the United States.
Section 17. Lien on Pledged Revenues. The 1992B Bonds constitute a
pledge of, and an irrevocable lien {but not an exclusive lien) on all of the Pledged Revenues
an a parity with the lien of the 1991 Bonds. The 1992B Bonds are equitably and ratably
secured by a lien on the Pledged Revenues. The 1992B Bonds, in accordance with the 1985
Ordinance, only constitute a second and subordinate lien (but not an exclusive second lien)
upon one-half of the Pledged Sales Tax, such lien being second and subordinate to the lien
of the Town's 1985 Bands. In connection with the Pledged Sales Tax and as required by the
1985 Ordinance, the Town shall fully provide for the debt service, reserve account, and other
requirements of the 1985 Bonds from one-half of the Pledged Sales Tax in any Fiscal Year
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i •
-_ and, only after such provision, may use excess of such Pledged Sales 't'axes for the payment
7 of the principal of and interest on the 1992B Bonds, 1991 Bands and any Additional Bands,
by transferring such excess Pledged Sales Taxes to the Tncame Fund. The 1992B Bands
constitute an irrevocable and first lien (but not an exclusive first lien) upon the other Pledged
Revenues, including the other one-half of the Pledged Sales Tax, on a parity with the 1991
Bonds.
Section 18. Additional Bonds.
Ar Limitations Unan Issuance of Additional Bonds, Nothing in this
Ordinance shall be construed in such a ananner as to prevent the issuance by the Town of
additional bands or other obligations, payable from and constituting a lien upon the Pledged
Revenues on a parity with the lien of the 1992B Bands (the "Additional Bands"}. Such
Additional Bands may be payable solely from Pledged Revenues or they may be payable from
Pledged Revenues and another revenue or fund of the Town ("Additional Pledged
Revenues"). Regardless of whether payable solely from Pledged Revenues ar from Pledged
Revenues and Additional Pledged Revenues, such bands or other obligations may be issued
only if for the Fiscal Year immediately preceding the issuance of any Additional Bonds, the
amount of Pledged Sales Tax Revenues in such Fiscal Year equalled or exceeded 150% of
the Maximum Annual Debt Service Requirement on the Bonds (including the Additional
Bands proposed to be issued). For the purpose of satisfying the aforementioned 150% test,
any tax, now existing or hereafter imposed, which legally becomes a part of the Pledged Sales
Tax Revenues during the Fiscal Year preceding the issuance of Additional Bonds, or any tax
which is to legally become a pact of the Pledged Sales Tax Revenues immediately prior to
the issuance of Additional Bonds, ar any increase in the rate of any tax which is a part of
the Pledged Sales Tax Revenues which increase is imposed during the Fiscal Year preceding
the issuance of Additional Bonds ar any such increase which is to be imposed immediately
prior to the issuance of Additional Bands can be considered far its estimated effect an the
amount of the Pledged Sales Tax Revenues as if such tax ar increase had been in effect far
the Fiscal Year immediately preceding the issuance of such Additional Bonds. Any tax which
is no longer in effect at the time of issuance of the Additional Bonds shall not be considered
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for purposes of satisfying such tests. Section 17 of the 1991 Ordinance hereby is amended
to conform to the provisions of this Section 18.A,, effective November 1, 1992. ~
If the ordinance authorizing a series of Additional Bonds will pledge Additional
Pledged Revenues to the Bonds, the estimated effect of the amount of such Additional
Pledged Revenues may be considered as if such revenues had been received far the last
Fiscal Year immediately preceding the issuance of such Additional Bonds.
B. Certificate of Revenues. A written certification by a certii"ied public
accountant who is not an employee of the Town that the requirements of Paragraph A of
this section have been met shall be conclusively presumed to be accurate in determining the
right of the Town to authorize, issue, sell and deliver said Additional Bonds on a parity with
the 19928 Bonds herein authorized.
C. Subordinate Obligations Permitted. Nothing in this Ordinance shall be
construed in such a manner as to prevent the issuance by the Town of additional obligations
payable from and constituting a lien upon the Pledged Revenues subordinate or junior to the
lien of the 19928 Bands.
D. Superior ObIi~akions Prohibited. Nothing in this Ordinance .shall be
construed so as to permit the Town to hereafter issue obligations payable from the Pledged
Revenues having a lien thereon prior or superior to the 19928 Bonds.
Section 19. Refundine Obligations.
A. Generally. If at any time after the 19928 Bonds, or any part thereof,
shall have been issued and remain Outstanding, the Town shall find it desirable to refund any
Outstanding obligations payable from the Pledged Revenues, said obligations, or any part
thereof, may be refunded, subject to the provisions of Paragraph B of this Section, if (1} the
obligations to be refunded, at the time of their required surrender for payment, shall then
mature or shall then be callable for prior redemption at the Town's option upon proper call,
or (2) the owners of the obligations to be refunded and the Band Insurer, if the Bond
Insurer insured such obligations, consent to such surrender and payment.
B. Protection of Obligations Not Refunded. Any refunding obligations
payable from the Pledged Revenues shall be issued with such details as the Town Council
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may provide, sa long as there is no impairment of any contractual obligation imposed upon
~ the Town by any proceedings authorizing the issuance of any unrefunded portion of
obligations payable from the Pledged Revenues; but so long as any 1992B Bonds are
Outstanding, refunding obligations payable from the PIedged Revenues may be issued on a
parity with the unrefunded Bands only if:
1. Prior Consent. The Town first receives the consent of the owner
or owners of the unrefunded Bonds and the Bond Insurer, if the Bond Insurer insured such
obligations; or
2. Reavirements Not Increased. The refunding obligations da not
increase by more than $2S,U00, for any Fiscal Year prior to and including the last maturity
date of any unrefunded Bonds, the aggregate principal and interest requirements evidenced
6y such refunding obligations and by any Outstanding Bonds pat refunded and the lien of
any refunding parity obligations on the Pledged Revenues is not raised to ~ nigher priority
than the lien thereon of any obligations thereby refunded; or
3. Earnines Test. The refunding obligations are issued in
compliance with Paragraphs A and B of Section 19 hereof.
Section 2D. Protective Covenants. The Town hereby additionally covenants
and agrees with each and every owner of the 1992B Bonds that:
A. Use of 1992B Bond Proceeds. The Town will proceed with the
construction of the Project and the Refunding without delay and with due diligence.
B. Payment of 1992B Bonds. The Town will promptly pay the principal of
and interest on every 1992B Bond issued hereunder and secured hereby on the dates and in
the manner specified herein and in said 1992B Bonds according to the true intent and
meaning hereof. Such principal and interest is payable solely from the Pledged Revenues.
C. Amendment of Certain Ordinances; Dutv to Impose Sales Tax:
Impairment of Contract. The Sales Tax Ordinances are in full farce and effect and have not
been repealed or amended. The Town will not repeal or amend said Sales Tax Ordinances
in any manner which would diminish the proceeds of the Sales Tax by an amount which
would materially adversely affect the rights of the owners of the Bonds. The Town agrees
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i ~ •
that any law, ordinance or resolution of the Town in any manner affecting the Pledged
Revenues or the Bonds, or otherwise appertaining thereto, shall not be repealed ar otherwise
directly or indirectly modified in such manner as to materially adversely affect any Bonds
Outstanding, unless the required cansent is obtained, all as provided in Section 35 of this
Ordinance.
Notwithstanding any other provision of this Section or this Ordinance, the
Town shall retain the right to make changes, without any consent of Bond owners or the
Bond Insurer, in the Sales Tax Ordinances, or any ordinance supplemental thereto or in
substitution therefor, concerning the use of proceeds of the Pledged Sales Tax remaining
after the current requirements of all ordinances authorizing bonds or other securities payable
from the Pledged Sales Tax, or any portion thereof, have been met; or concerning changes
in applicability, exemptions, administration, collection, or enforcement of the Sales Tax, if
such changes do not materially adversely affect the security for the Bands; but the Town
shall not reduce the current rate of the Pledged Sales Tax without the cansent of the owners
of bb percent in aggregate principal amount of the then Outstanding 1992B Bonds ar the
Bond Insurer {whichever is appropriate), as provided in Section 35 of this Ordinance.
The foregoing covenants are subject to compliance by the Town with orders of
courts of competent jurisdiction concerning the validity, constitutionality or collection of such
tax revenues, any legislation of the United States or the State ar any regulation or other
action taken by the federal government, any State agency or any political subdivision of the
State pursuant to such legislation, in the exercise of the police power thereof far the public
welfare, which legislation, regulation or action applies to the Town as a Colorado home rule
city and limits ar otherwise inhibits the amount of such tax revenues due to the Town. All
of the Pledged Revenues resulting from the imposition and collection of the Sales Tax shall
be subject to the payment of the principal of, interest an, and redemption premium, if any,
of all securities payable from the Pledged Revenues, including reserves therefor, as provided
herein or in any instrument supplemental or amendatory hereof.
D. Defense of Legality of Pledged Revenues. There is not pending or
threatened any suit, action or proceeding against or affecting the Town before or by any
-4b-
. caur~arbitrator, administrative agency or other governmental authority which affects the
~ validity or legality of this Ordinance, or the Sales Tax Ordinances or the imposition and
collection of the Sales Tax, any of the Town's obligations under this Ordinance or any of the
transactions contemplated by this Ordinance or the Sales Tax Ordinances.
The Town shall, to the extent permitted by law, defend the validity and legality
of this Ordinance, the Sales Tax and the Sales Tax Ordinances against all claims, suits and
proceedings which would diminish or impair the Pledged Revenues. Furthermore, the Town
shall amend from time to time the provisions of any ordinance or resolution of the Town, as
necessary to prevent impairment of the Pledged Revenues as required to meet the principal
af, interest on, and prior redemption premium, if any, of the 1992B Bonds when due.
E. Further Assurances. At any and all times the Town shall, sa far as it
may be authorized by law, pass, make, do, execute, acknowledge, deliver and file or retard
all and every such further instruments, acts, deeds, conveyances, assignments, transfers, other
documents and assurances as may be necessary or desirable for the better assuring,
conveying, granting, assigning and confirming all and singular the rights, the Pledged
Revenues and other funds and accounts hereby pledged or assigned, or intended so to be,
or which the Town may hereafter become bound to pledge or to assign, or as may be
reasonable and required to carry out the purposes of this Ordinance. The Town, acting by
and through its officers, ar otherwise, shall at all times, to the extent permitted by law,
defend, preserve and protect the pledge of said Pledged Revenues and other funds and
accounts pledged hereunder and alt the rights of every owner of any of the 1992B Bonds
against all claims and demands of all Persons whomsoever.
F. Conditions Precedent. Upon the issuance of any of the 1992B Bonds,
all conditions, acts and things required by the Constitution or laws of the United States, the
Constitution or laws of the State, the Charter or this Ordinance, to exist, to have happened,
and to have been performed precedent to or in the issuance of the I992B Bonds shall exist,
have happened and have been performed, and the 1992B Bonds, together with al[ other
obligations of the Town, shall not contravene any debt or other limitation prescribed by the
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Constitution or laws of the United States, the'Constitution or laws of the State or the
Charter.
G. Records. So long as any of the 1992B Bands remain Outstanding,
proper books of record and account will be kept by the Town, separate and .apart from all
other records and accounts, showing complete and correct entries of all transactions relating
to the Pledged Revenues and the funds created or continued by this Ordinance.
H. Audits. The Town further agrees that it will, within 140 days following
the close of each f~sca! year, cause an audit of such books and accounts to be made by a
certified public accountant, who is not an employee of the Town, showing the revenues and
expenditures of the Pledged Revenues. The Town agrees to allow the owner of any of the
1992B Bands to review and cagy such audits and reports, at the Town's offices, at his
request. Copies of such audits and reports will be furnished to Bond Insurer and the
Purchaser.
I. Performing Duties. The Tawn will faithfully and punctually perform all
duties with respect to the Pledged Revenues required by the ,Charter and the Constitution
and laws of the State and the ordinances and resolutions of the Town, including but not
limited to the proper collection and enforcement of the Sales Taxes and the segregation of
the Pledged Revenues and their application to the respective funds herein designated.
J. Other Liens. As of the date of issuance of the 1992B Bonds and after
the Refunding, other than the 1985 Bonds, the 1991 Bonds and the Housing Bonds, there
are no liens or encumbrances of any nature whatsoever an or against any of the Pledged
Revenues.
K. 'Tax Covenant. The Town covenants for the benefit of the Registered
Owners of the 1992B Bonds that it will not take any action or omit to take any action with
respect to the 1992B Bonds, the proceeds thereof; any other funds of the Town or any
facilities financed with the proceeds of the 1992B Bonds if such action or omission (i} would
cause the interest on the 1992B Bonds to lose its exclusion from gross income for federal
income tax purposes under Section 103 of the Tax Code, (ii) would cause interest on the
1992B Bonds to lose its exclusion from alternative minimum taxable income as defined in
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Section SS(b)(2) of the Tax Code except to the extent such interest is required to be
included in adjusted current earnings adjustment applicable to corporations under Section Sb
of the Tax Code in calculating corporate alternative minimum taxable income, ar (iii} would
cause interest an the 1992B 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 force and effect notwithstanding the payment in full or
defeasance of the 1992B Bonds until the date on which all obligations of the Town in
fulfilling the shove covenant under the Tax Code and Colorado law have been met,
L. Town's Existence. The Town will maintain its corporate identity and
existence so long as any of the 1992B Bonds remain Outstanding, unless another political
subdivision by operation of law succeeds to the duties, privileges, powers, liabilities, disabilities,
immunities and rights of the Town and is obligated by law to receive and distribute the
Pledged Revenues in place of the Town, without materially adversely affecting the privileges
and rights of any owner of any Outstanding 1992B Bonds.
M. Performance of Duties. The Tawn will faithfully and punctually perform
or cause to be performed alt duties with respect to the Pledged Revenues, the Gross
Revenues and the Parking Facilities required by the Taws of the State and the resolutions of
the Tawn, including without limitation fixing and collecting reasonable and sufficient charges
for the Parking Facilities, the proper segregation of t ~ Pledged Revenues as set forth in
Section I4 hereof and their application to the respective funds as herein provided.
N. Fees. Rates and Charges. So long as the 1992B Bonds authorized
herein remain Outstanding, the Town will cause to be established, imposed and maintained
such reasonable fees, rates and other charges for the use or otherwise in respect of the
Parking Facilities as will provide in each Fiscal Year Grass Revenues which together with
other Pledged Revenues shalt be sufficient:
(i) to pay the General Operating Expenses; and
(ii) to pay the annual requirements of principal of, premium, if any,
and interest on the Outstanding Bands, any amounts owed to the Bond Insurer
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under the Financial Guaranty Agreement and any required credit to the
r
Reserve Fund and the Rebate Fund.
Such fees, rates and charges shall be reasonable and just, taking into account the cost and
value of the Parking Facilities and the casts of operating and maintaining them, and the
amounts necessary far the retirement of all Bonds and any other obligations payable from the
Gross Revenues, accrued interest thereon and any reserves therefor,
O. Maintenance of Parlin~ Facilities. The Town will at all times maintain
the Parking Facilities in good repair, working order and condition, will continually administer
and operate the Parking Facilities, and from time to time will make all needful and proper
repairs, renewals and replacements of the Parking Facilities.
P. Disposal of Property Prohibited. F..xcept far any, lease or other right of
use for proper rentals or other consideration, the Town will not sell, mortgage, pledge or
otherwise encumber, ar in any manner dispose of or otherwise alienate, the Parking Facilities
or any part thereof, until all 1992B Bonds shall have been paid in full, both principal and
interest, or unless provision has been made therefor, except as provided in Section 2Q.Q.
hereof.
Q. Disposal of Unnecessary Property. The Town may sell, destroy,
abandon, otherwise dispose of, or alter at any time any property comprising a part of the
Parking Facilities which shall have been replaced by other property of at least equal value,
or which shall cease to be necessary for the efficient operation of the Parking Facilities, or
which will not materially adversely affect the owners of the 1992B Bands. A written
determination by the Town that the Gross Revenues will be sufl~icient to meet the
requirements of this Section 20.Q shall be conclusively presumed accurate; provided, however,
that in the event of any sale or other compensated disposition as aforesaid, the proceeds
received an such disposition shall be credited to the Bond Fund.
R. Fire and Extended Coveraee Insurance. The Town shall acquire and
maintain, or cause to be acquired and maintained, lore and extended coverage insurance on
the Parking Facilities in amounts at least sufficient to provide for pat less than full recovery
whenever the loss from perils insured against does not exceed 90% of the full insurable
-sa
1
val~of the Parking Facilities. The Town, at its election, may provide for suc~fire and
extended coverage insurance on the Parking Facilities partially or wholly by means of a self-
insurance fund as provided by applicable law, in compliance with the requirements hereof.
Any such self-insurance shall be deemed to be insurance coverage hereunder.
S. Other Insurance. The Town shall purchase and maintain in connection
with the Parking Facilities public liability insurance and workmen's compensation insurance
in such amounts and to such extent as may be required under the laws of the State or, in
the absence of any State requirement, in any amount not less than the limitations provided
in the Colorado Governmental Immunity Act (Article 10, Title 24 of the Colorado Revised
Statutes, as amended}. The Town, at its election, may provide for the insurance specified in
this Section 2Q.S partially or wholly by means of aself-insurance fund as provided by
applicable law. Any such self insurance shall be deemed to be insurance coverage hereunder.
The proceeds of fire and extended coverage insurance covering the Parking Facilities, at the
option of the Town, shall (i} be used forthwith for the purpose of repairing any property
destroyed, provided that any insurance proceeds remaining upon the completion of such
repair or replacement shall be deposited in the Bond Fund or (ii} be deposited forthwith to
the Bond Fund.
T. Prompt Collections. The Town will cause the Pledged Revenues to be
collected promptly and accounted for in the funds as herein provided.
U. Surety Bonds. Each official of the Town having custody of the Pledged
Revenues, ar responsible far their handling, shall be fully bonded at all times, which band
shall be conditioned upon the proper application of such money.
V. Preiudicial Contracts and Action Prohibited. No contract will be entered
into, nor will any action be taken, by the Town by which the rights and privileges of any
Owner are impaired or diminished.
Section 21. Defeasance. When the 2992B Bands have been fully paid both
as to principal and interest and all amounts due to the Bond insurer under the Financial
Guaranty .Agreement have been paid, all obligations hereunder shall be discharged and the
1992B Bonds shall no longer be deemed to be Outstanding for any purpose of this
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Ordinance', except as set forth in Section 20.K. Hereof. Payment of any 1992B Bonds shall y-
be deemed made when the Town has placed in escrow with a Trust Bank an amount t
sufl•"icient {including the known minimum yield .from Governmental Obligations) to meet all
requirements of principal, interest, and any prior redemption premiums on such 1992B Bonds
as the same become due to maturity or a designated prior redemption date; and, if 1992B
Bonds are to be redeemed prior to maturity pursuant to Section 7.A. hereof; when the Town
has given to the Registrar irrevocable written instructions to give notice of prior redemption
in accordance with Section 7.D. hereof. The Governmental Obligations shall become due at
or prior to the respective times on which the proceeds thereof shall be needed, in accordance
with a schedule agreed upon between the Town and such Trust Bank at the time of creation
of the escrow and shall not be callable prior to their scheduled maturities by the issuer
thereof.
In the event that there is a defeasance of only part of the 1992B Bonds of any
maturity, the Registrar shall, if requested by the Town, institute a system to preserve the
identity of the individual 1992B Bonds or portions thereof so defeased, regardless of changes
in band numbers attributable to transfers and exchanges of 1992B Bonds; and the Registrar
shall be entitled to reasonable compensation and reimbursement of expenses from the Town
in connection with such system.
Section 22. Deleeated Powers: Acceptance of Purchase Contract. The
officers of the Town be, and they hereby are, authorized and directed to take all action
necessary or appropriate to effectuate the provisions of this Ordinance, including, without
limiting the generality of the foregoing, the printing of the 1992B Bonds with the opinion of
bond counsel thereon, the procuring of bond insurance entering into and executing
appropriate agreements with the Registrar and Paying Agent as to its services hereunder, and
the execution of such certificates as may be required by the Purchaser, including, but not
necessarily limited to, the absence and existence of factors affecting the exclusion of interest
on the 1992B Bonds from gross income for federal income tax purposes.
The form, terms and provisions of the Purchase Contract, the Registrar
Agreement, the Escrow Agreement, the Financial Guaranty Agreement, and the Letter of
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•Y
Representations hereby are approved, ana the Town shall enter into and perform its
-~ obligations under the Purchase Contract, the Registrar Agreement, the Escrow Agreement,
the Financial Guaranty Agreement, and the Letter of Representations in substantially the
forms of such documents presented to the Town Council at this meeting, with only such
changes therein as are required by the circumstances and are not inconsistent herewith; and
the Mayor and Town Clerk are hereby authorized and directed to execute and deliver such
documents as required hereby. The Preliminary Official Statement hereby is approved and
the officers of the Town are authorized and directed to participate in the preparation af,
and to e~cecute and deliver, a fine[ official statement for the 1992E Bands. The execution
of the final official statement by the Director of Administrative Services shall be conclusively
deemed to evidence the Town's approval of the form and contents thereof
The Council hereby accepts the Purchase Contract as submitted by the
'Underwriters, and hereby authorizes the sale of the 1992B Bonds to the Underwriters at a
price of $14,910,126 (consisting of par less underwriters' discount of $119,045.25 and original
issue discount of $135,828.75) plus accnaed interest, and otherwise upon the terms, conditions
and provisions as set forth in the Purchase Contract. The Council hereby determines that
the sale of the 199213 Bonds as provided herein and in the Purchase Contract is to the best
advantage of the Town.
Section 23. Events of Default. Each of the following events is hereby
declared an "event of default:"
A. Nannavmcnt of Principal. If payment of the principal of any of the
1992E Bonds in connection therewith, shall not be made when the same shall become due
and payable at maturity or by proceedings for prior redemption; or
B. Nonpayment of Interest. If payment of any installment of interest on
the 1992B Bonds shall pat be made when the same becomes due and payable; or
C. Incapable to Perform. If the Town shall for any reason be rendered
incapable of fulfilling its obligations hereunder, ar
D. Default of env Provision. If the Town shall default in the due and
punctual performance of its covenants or conditions, agreements and provisions contained in
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the 1992~Bonds or in this Ordinance on its~art to 6e performed, other than t ose
delineated in Paragraphs A sod B of this Section, and if such ~ default shall continue for GO r•
days after written notice specifying such default and requiring the same to be remedied shall
have been given to the Town by the Band Insurer so long as it is not in default of its
payment obligations under the Band Insurance Policy ar, during such default by the Bond
Insurer, by the owners of not less than 2S% in aggregate principal amount of the i992B
Bonds then Outstanding.
Section 24. Remedies. Upon the happening and continuance of any event
of default as provided in Section 23 hereof, the Bond Insurer or owner or owners of not less
than 25% in principal amount of the Outstanding Bonds, or a trustee therefor, may protect
and enforce their rights hereunder by proper legal or equitable remedy deemed mast
effectual including mandamus, specific performance of any covenants, the appointment of a
receiver (the consent of such appointment being hereby granted}, injunctive relief, or
requiring the Town Council to act as if it were the trustee of an express trust, or any
combination of such remedies. Notwithstanding the foregoing, so long as the Bond Insurer
is not in default in its payment obligations under the Bond Insurance Policy or the Bond
Reserve Insurance Policy, the Band Insurer shall direct the enforcement of any remedy
hereunder without the consent of the owners of the Bonds. All proceedings shall be
maintained for the benefit of the Band Insurer sa long as it is not in default in its payment
obligations under the Band Insurance Policy or the Bond Reserve Insurance Policy, and,
during such default by the Bond Insurer, thereafter for the equal benefit of all owners. The
failure of the Bond Insurer ar any owner to proceed does not relieve the Town ar any
person of any liability far failure to perf,..-.. any duty hereunder. The foregoing rights are
in addition to any other right available to the Bond Insurer or owners of Bonds and the
exercise of any right by any owner shall not be deemed a waiver of any other right.
Section 25. ~7uties Unnn Default. Upon the happening of any of the events
of default as provided in Section 23 of this Ordinance, the Town, in addition, will do and
perform all proper acts on behalf of and for the owners of the i992B Bonds to protect and
preserve the security created for the payment of the i992B Bonds and to insure the payment
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.~
of the rinci a1 of and interest on said 1992B Brands rom tl as the same become due.
P P P P y
Proceeds derived from the Pledged Revenues, so long as any of the 1992B Bonds herein
authorized, either as to principal or interest, are Outstanding and unpaid, shall be paid into
the Bond Fund and the Reserve Fund, pursuant to the terms hereof and to the extent
provided herein, and used for the purposes herein provided. In the event the Town fails or
refuses to proceed as in this section provided, the Bond Insurer so Lang as it is not in default
of its payment obligations under the Bond Insurance Policy ar, during such a default by the
Bond Insurer, the owner or owners of not less than 25% in aggregate principal amount of
the 1992B Bonds then Outstanding, after demand in writing, may proceed to protect and
enforce the rights of such owners as hereinabove provided,
Section 2S. Reblacement of Registrar or PavinE Aeent. If the Registrar ar
Paying Agent initially appointed hereunder shall resign, or if the Town shall reasonably
determine that said Registrar or Paying Agent has become incapable of performing its duties
hereunder, the Town may, upon notice mailed to Band Insurer and each owner of any 1992B
Band at his address last shown on the registration records, appoint a successor Registrar or
Paying Agent, or both. Nn resignation or dismissal of the Registrar or Paying Agent may
take effect until a successor is appointed. Every such successor Registrar or Paying Agent
shall be a bank or trust company having a shareowner's equity (e.g_, capital, surplus, and
undivided profits}, however denominated, of not less than $10,000,000. It shall not be
required that the same institution serve as both Registrar and Paying Agent hereunder, but
the Town shall have the right to have the same institution serve as both Registrar and
Paying Agent hereunder.
Section 27. Maintenance of Escrow Account. The Escrow Account shall be
maintained at all times subsequent to the initial deposit of moneys therein in an amount at
least sufficient, together with the known minimum yield to be derived from the initial
investment and any temporary reinvestment of the deposits therein ar any part thereof in
Federal Securities (as defined therein), to pay the Refunded Bond Requirements as the same
became due.
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Sectian 2$. 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 r
payment without default of the Refunded Bond Requirements. Any moneys remaining in the
Escrow Account after provision shall have been made far 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 29. Insufficiency of Escrow Account. If for any reason the amount
in the Fscrow Account shall at any time be insuffieient for the purpose of Sections 27 and
28 hereof, the Town shall forthwith deposit in such account such additional moneys as shall
be necessary to permit the timely payment in full of the Refunded Bond Requirements.
Section 3Q. Notice of Defeasance. The Town hereby authorizes and directs
the registrar for the 1989 Bonds to give the notice of defeasance of the Refunded Bonds,
in the name of and on behalf of the Town and the bond registrar forthwith upon issuance
of the 1992B Bonds.
Section 31. Manner of Giving Notice. The notice of defeasance shall be
given by mailing a copy of the notice by first class mail {postage prepaid) to the registered
owners of the Refunded Bands at the addresses shown on the registration records of the
registrar for the Refunded Bonds.
Section 32. Form of Notice, The notice of defeasance so to be given
forthwith shall be in substantially the following farm:
-Sfr
_r
(Form of Notice)
~ NOTICE OF DEFEASANCE OF
TOWN OF VAIL, COLORADO
SALES TAX REVENUE BONDS
5ERIES 1989
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 discharge the
Refunded Bond Requirements for its Sales Tax Revenue Bands, Series 3989 {the "1989
Bonds"). The CUSIP numbers of the 19$9 Bonds so discharged are as follows:
Refunded Bond Requirements means: the Appreciated Principal Amount and
interest due in connection with the 1989 Bonds as the same comes due on and after
December 1, 1992.
According to a report pertaining to such escrow of Causey, Demgen & Moore,
Denver, Colorado, certified public accountants, the escrow, including the known minimum
yield from such investments and the initial cash balance remaining uninvested, is fully
sufficient at the time of the deposit and at all times subsequently, to pay the Refunded Bond
Requirements of the 1989 Bonds on the respective maturity dates.
DATED
TOWN OF VAIL, COLORADO
By: Isl
Director of Administrative Services
CENTRAL BANK NATIONAL ASSOCIATION
By: Isl
Title: Authorized Officer
(End of Form of Notice)
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• Section 33. Sever~bil~. If any~ie or more sections, sentences, claus~or
parts of this Ordinance shall for any reason be held invalid, such judgment shall not affect,
impair, or invalidate the remaining provisions of this Ordinance, but shall be confined in its
operation to the specific sections, sentences, clauses or parts of this Ordinance so held
unconstitutional or invalid, and the inapplicability and invalidity of any section, sentence,
clause or part of this Ordinance in any one or more instances shall not affect or prejudice
in any way the applicability and validity of this Ordinance in any other instances.
Section 34. ~,enealer, All bylaws, orders, resolutions and ordinances, or parts
thereoi~ inconsistent herewith are hereby repealed to the extent only of such inconsistency.
This repealer shall not be construed to revise any bylaw, order, resolution or ordinance, ar
part .thereof, heretofore repealed.
Section 35, Amendment. After any of the 1992B Bonds have been issued,
this Ordinance shall constitute a contract between the Town and the holders of the Bonds
and shall be and remain irrepealable until the Bonds and the interest thereon have been fully
paid, satisfied and discharged.
A. The Town may, without the consent of, or notice to the owners of the
1992B Bonds (but followed by notice to the Bond Insurer), adopt such ordinances
supplemental hereto {which supplemental amendments shall thereafter form a part hereof)
for any one or more ar all of the following purposes:
{1) to cure any ambiguity, or to cure, correct or supplement any
defect or omission or inconsistent provision contained 'in this Ordinance, or to make any
provisions with respect to matters arising under this Ordinance or for any other purpose if
such provisions are necessary or desirable and do not adversely affect the interests of the
owners of the 1992B Bonds or the Bond Insurer;
(2) to subject to the lien of this Ordinance additional revenues,
properties or collateral;
(3) to grant or confer upon the Registrar for the benefit of the
registered owners of the Bonds any additional rights, remedies, powers, or authority that may
lawfully be granted to or conferred upon the registered owners of the Bonds; or
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=_~ (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
'T'own Council ian accordance with the Iaw, 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 terms of the Bond Insurance Policy or the Bond Reserve Insurance
Policy, in which case this Ordinance may be amended or supplemented with the written
consent of the owners of 56% in aggregate principal amount of the 1992B Bonds
Outstanding at the time of the adoption of such amendatory or supplemental ordinance;
provided, however, that, without the written cansent of the Bond Insurer and the owners of
all of the 1992E Bonds adversely affected thereby, no such Ordinance shall have the effect
of permitting:
(1} An extension of the maturity of any 1992B Bond authorized by
this Ordinance; or
(2) A reduction in the principal amount of any 1992B Band, the
rate of interest thereon, or the prior redemption premium thereon; or
(3} The creation of a lien upon or pledge of Pledged Revenues
ranking prior to the lien or pledge created by this Ordinance; or
(4} A reduction of the principal amount of 1992B Bonds required for
consent to such amendatory or supplemental ordinance; or
(5) The establishment of priorities as between 1992B Bonds issued
and Outstanding under the provisions of this Ordinance; or
(6} The modification of or otherwise affecting the rights of the
owners of less than all of the 1992B Bonds then Outstanding.
Copies of any waiver, modification or amendment to this Ordinance shall be
delivered to any entity then maintaining a rating on the 1992B Bonds.
Section 3b. Notice to Bond Insurer. 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 herein required to be given to the Bond Insurer shall be in writing and sent by
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registere~r certified mail to the Bond insurer, 3 King Street, Armonk, New York IQ 44,
Attention: Surveillance, ar to such other address of which the Bond insurer shall notify the a'
Town in writing.
Section 37. Favments under the Policy.
A. In the event that, on the second Business Day, and again on the
Business Day, prior to any payment date on the 19928 Bands, the Paying Agent has not
received sufficient moneys to pay all principal of and interest on the 19928 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 whale or in part prior to or on the
payment date, the Paying Agent shall so notify the Band Insurer ar 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 19928 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 ar 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 ]9928 Bands as
follows:
1. If and to the extent there is a deficiency in amounts required to
pay interest on the 19928 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 Bvnd 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
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` accordance with the tenor of the Policy payment from the Insurance Paying Agent with
's respect to the claims for 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 1992B Bonds, the Paying Agent shall (a) execute and deliver to the
Insurance Paying Agent in farm satisfactory to the insurance Paying Agent an instrument
appointing the Band Insurer as agent for 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 1992B Bonds 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 not, 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.
B. Payments with respect to claims for interest on and principal of 1992B
Bonds disbursed by the Paying Agent from proceeds of the Bond Insurance Policy shall not
be considered to discharge the obligation of the Town with respect to such 1992B Bonds, and
the Bond Insurer shall become the owner of such unpaid 1992B Bonds and claims for the
interest in accordance with the tenor of the assignment made to it under the proF~~:.Sions 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 Bond 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 nr interest an
the 1992B Bands, the Bond Insurer will be subragated 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 fxom the sources stated in this Ordinance and the 1992B Bonds; and
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. •' ~ •
2. they will accordingly~y to the Band 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 1992B Bonds, but only from the sources and in the manner provided
herein for the payment of principal of and interest on the 1992B 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.
Section 38. Ordinance Irrenealable. After any of the 1992B Bonds herein
authorized are issued, this Ordinance shall constitute a contract between the Town and the
owners of the 1992B Bonds, and shall be and remain irrepealable until the 1992B Bonds and
interest thereon shall be fully paid, cancelled and discharged as herein provided.
Section 39. Emereencv Statement. In accordance with Section 4.11 of the
Charter, the Council hereby determines that this Ordinance is necessary far 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 band 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 bands. The Town's planned schedule for
adopting this Ordinance and issuing the 1992B 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 40. Disnositian of Ordinance, This Ordinance, as adopted by the
Council, shall be numbered and recorded by the Town Clerk in the official records of the
Town. The adoption and publication shall be authenticated by the signatures of the Mayor,
or Mayor Pro Tem, and Town Clerk, and by the certificate of publication.
Section 41. EfFective Date. This ordinance shall be in full force and effect
upon passage,
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i
INTRODUCED, READ, PA SED AS AN EMERGENCY ORDINANCE by
+~ the unanimous vote of Council members present or eve Council members, and ordered
published at a special meeting of the Town Council on September 29, 1992.
- (~~e--:
Mayor
Town of Vail, Colorado
(SEAL}
Attest:
i~/t.-- ~. R~eck~
Town Clerk
Town of Vail, Colorado
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EXHIBIT 1
,. . ~ ._
~~
~Q~ Pcrtnitted Investments --"
s'
T~I___5,~_~F PEftMTS~7~I.F Ii+~~ESTMENTS
FOR IIZDENTU$E~ FUNDS
A. Direct obligations of the Vaned 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. Hands, debentures, notes or other evidence of indebtedness issued or
guaranteed by any of the folloxing federal agencies and provided such
obligations are 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. y.5. Eaport.-Import Bank (Eximbaak)
Direct obligations or fully guaranteed certificates of baneiicial
ownership
2. Farme~~ Hobe A_dminist-ration (FHA}
Certificates of beneficial ownership
3. p'edera F.inan inv Bad
4. ~'ederal_g +s na A m{n~,~~:ration_Debanttres (FHA)
5. Gig er~al SrQrvices Ad~!inistrd~fon
Participation certificates
6. Govarnm~~~~~3ona3 Merti~Qgge A~sogiation (~A or "Ginnie Mae")
GNMA - guaranteed mortgage-backed bonds
GNMA - guaranteed pass-through obligations
{not accefltable far eertwin rw+at,..fle~sens+tiL,La issues )
7, U.S. Maritime Administration
Guaranteed Titie XI financing
8. U.S. Deyartment of Housinc and 4lrban Dev i,,.,,~e.,* [HUD)
Project Notes
Local Authority Bonds
New Communities Debentures - U.S. gvvernment guaranteed debentures
U.S. Public I~ousiag Notes nod Honds - U.S. government guaranteed
public housing cotes and bands
C. Honds, debentures, notes or 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. Federal Home j~yan HaB.~r S~~
Senior debt obligations
2. Federal Honig L•oan_ Mor,~,g~ge CoFporatiaa { FH~G or "Freddie Mhc" )
Participation Certificates
Senior debt obligations
3. _Federal Ntit~Dpal Mor cra4e Assaoia_3n„ {FNMA or "Fannie Mme"}
Mortgage-backed securities and senior debt obligations
~ ~
I
~~
9. Student T~anlrlarketincr Association {SL.tySA 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.
R. Certificates of deposit secured at all times by collateral described in
{A7 and/or (H) above. Such certificates must be issued by commercial
banks, 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 deposits which are fully insured by FpIC or FSE.IC.
G_ Investment Agreements, including GIC's, acceptable to MBIA.
H. Commercial paper rated, at the time of purchase, "Prime - 1" by Moody's ar
"A-1" ar better by S&P.
I. Bonds or notes issued by any state or municipality which are rated by
Moody'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 unguaranteed obligation
rating of "Prime - 1" or "A3" or better by Moody's and "A-1" or "A" or
better by StxP.
K. Repurchase agreements provide for the transfer of securities from a dealer
bank or securities firm {seller/borrower) to a municipal entity
(boyar/lewder), 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 firm will repay the cash plus a yield to the municipal entity
in exchange for the securities at a specified date.
Repurchase Agreements must satisfy the following criteria or be approved
by MBIA.
1. ~gnos must be between t~Q municipal e~,~v ~d a de~,j,gr h~gk o~
securities firm
a. Prim~rv dealers 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. Hanks rated "A" or above by Standard & Poor's Corporation and
Moody's Investor Services.
~~ ~ ~ ~ ~ i
. Mt3t/a
2. The writ en ren~ ronrract must ~n.~ude he fo ~ow~na:
a. ,~~,,ia~ which are arrefltab~e for t a~sfer are:
(I) Direct U.S. governments, or
{2) Federal agencies backed by the full f aith and credit of the
U.S. government {and FNMA & FMAC}
b. ;the term of ~ rann may be un to 39 ~vs
c. The 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. V~1,:at=yn of f'nlla eral
(1? ~e Rpcurities must ha ~,+~,~r3 wee ly. marked-Yo~market at
current market price plus accrued interest
{a) The value of collateral must be equal to 104 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 104'! 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 F'MAC, then the
value of collateral must equal 1059x.
3 . Leoal nn~,~,xx whj~x mu~be r7g~,iYerrd, to t muDicippal anti tv:
a. Repo meets guidelines under state law far legal investment of
public funds.
Ad~,itional Nntgy,
{i} Any state administered pool investment fund 'in which the issuer is
statutorily permitted or required to invest will he deemed a
permitted investment.
~4
~'~
R
{ii) DSRF investments should be valued at fair market value and marked
to market at least nxxce per year. DSRF investments may not have
maturities extezidixyq r~eyond 5 years.
~..
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Q ~ ry ~~
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w ~ ~ ~ ~ ~~ n~_~
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~ ~ ~.~~ ~~~~~m
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a ~ ~ ~ s ~ ~~~ ~~' ~
~~w G
ABSOLUTELY ANY VEHICLE.
ABSOLUTE LOWEST PRICE.
~uARAHTEEIf.
Automotive ~areh wi€l
save your time, your ntoncy
anr€ your saniky --~- and het
you exactly what yon want,
at the bt~t po,sible prier.
Delivered,
^ R,{l tnAk ~ and 1ffA~d~~
^ C?sed cars ]crater] and
thur•rnll;hly inspertrr[.
. 1'urrhase or €easa~.
^ "1'radt~-ins wclconu~.
^ 13rn€trr/rlealt'r since 1 S)t{[i.
FYom preWous pale
.nd a.drl ar tM u.s. gw.mmrn lend FNUA a
FMACt.
>, its farm d all rspC rrey W rip to Jp drys.
C. Th! oA4ipw111 mVtl he tlNWwad 1e IM
klpak anSAY. IrMtlae tIS StVa1N N nay
auPpYing Ins OdNlMall a thou pony aWing ea
aqm Ia IM IroNae (a IM hrlaa N etppying
IM ualMwal) bMAratsflmlheanovt Yalh PeYmenl
{parlarhon by pdunelon of Canulca[ed
securRNel.
0. Vduuien a ColUaral.
ftr The aaWrMNe mwt M valtrad tt~aaly
medlad~lo-rtladlat ae scree] make] prloa phx
atx+wtl hlwrl.
[al Tlb valve d Wlatwaf moat W egwi to
Ibex d IM .rnwm d wh IraMlwred M IM
munkipal enUfy k Ins deeNr bank or aacurllY
lirm undM the repo plea acdt+sd INMrf, h 1M
vyus d Nwrhlr hak r cMtlwal Ilea below
EtM% at rM valve of tM orb pMdeMd by
munlclPFAIY. tRan addlllonal crh andttu
aL+CtFlaae sacllraW rnV1l t>o lransleffad. 11,
however, IM aeCUrkNa used r cdNleral are
FNMA a FMAC, Than IM vak» d colNlaal rmral
puaf 145%.
3. Legal oplnlon vdrkh rrwaE bo deeverM to
/M rnunkfpal enlAy;
a. #apo rMep gugNhr under a1e[e law la
Ipft hWprtwnt d lalbliC talk{.
Addtbnal ftldee
11l Any npe adminktrred pool Irwutmanl
land h +d+kh tM ]sever N aNtutal'y parMnad or
nqulred 1o lour] will W dMmed a {lermalad
i111~alhtan[.
IN) DSRF invrtmema ahoultl M vakrs0 tl
Isar markN velw 41d nWketl to malka M tart
vow per yu. DSRF IeWNlmema may nor have
rrtaulglr ~beyakv~asle,
On OokArw 2, f 8y2
Public Notice
ORDINANCE NO. 2a
Ser4sa of 1la2
AN EMERGENCY ORDINANCE AUTHOR3ZING
THE ISSUANCE OF MOWN OF VAII,
COLORADO 9ALE6 TAX REVENUE
REFUNDfNO AND IMPROVEMENT BONCS.
SERIES IBO2B; PROVIF11N4 THE FORM,
TERMS ANp CONDITgN9 OF THE BON09,
THE MANNER AND TERMS OF ISSUANCE.
THE MANNER OF El(ECUTpN. THE tABYHOD
OF PAYMENT AND THE SECURITY
THEREFSORE; PLEDOIND 8Al.ES TAK ANB
~-soo•~~x"aas~
^• I y-h„LUI a aMYasl;t•,wn~
1873 tiD. EiellBirc St.
Suite 61.5
1lenvcr. Ci} 8(122'2
(303) {i91~56l'l
1•iee rfefihrry c+>.vudrere
in Cnlnrrrdu
abawMro MMn.
Addklooal.9GOtla: Ire one a mde crass d
Uond{ o/ Olhlr leCa1111M er Oba9 atbn{
lulhattratl !o ba YW ttl try llle Town p1lriVam to
oeclbn 1B hNea and Rarutg a kkn en IM
PW}aed Flarlnur en a ewlry nth q.a INtI d Ma
F4o2B Banda.
l~FJIOg: Ula IoM M That name aaatad M
the IoBg Ortlll+anoe and conllnwd In fhb
Ordhanca,
Mod InaunC Munldpal Bond Invealaa
Ayurana Coyaufon.
Bend Inursnn AeAn: Me munldpal bark
N{VMhd pakY lewd lay lha Bend Insurer
4MxM1 oil IM tM~pry ~t a rxcncbal d ant
Bond Rrq~p Inkurarine Pallcr: any
Imunnw pdky. aurey bond, kre+Cnbk beer
d aadd a Hrc74r MabanaM depoanw In or
cratltted to the Reasm Fund In Neu o! a In
parllAl euWEdullon Icr mpnrya on depoall
IhxNn, TM bsuad prWksnp any eucn BoM
Rrarva Inauranw PolkY ahaN bo an Yawr
rrhlCh IMn N aasignad an 'AAA' radng a a
CCRtIIIabN ratFg by Moody's Ir+venas Service.
Inc., Blandard 8 Poofa Gaparpbn. AM. Baal a
Corrnany, w tMir a .. .. .
iloBdL: the Odalantling Ig81 Ronde, tM
9utelarking tagxe Banta and arty Addebnal
fiord{.
&wlrra new ^ day on wllkfl tlsNla kcalatl
In llte cAVee 1n whlcll the prhopal atPces d aatll
a SM Paylnp ABMs and tM Bond nlalrnr ero not
requfrad a awharlAed to W clewed and an
IrhlCh 1M Nsw Vork Stdck Ercharpa la MI
cbeetl.
`etl)appt: IM horde nAe CMrter d IM Tpm,
InNllding all an+arkmenh thefMO p'la m tM
dau Ewes.
fdxnma[rJsLBaot: any dapoaMrY fa plydlc
Funds parmllled by IM ta1M a lM Stara Mr
ptNRkal {ubdNNkal{ a IM arcs whkh hoe a
rN11tlh N ntl~ aMhln6iM Untad Stales. 1. ark
('BBal~mlen Fund; IM funtl rxealed by
9adlon IL herad.
Far M A^eee~nr: tM Eaadw /nwunt to eM
RNdlklnq eMWlNlyd ante IM Eaadw Bats.
EasY~y..dg[MIDapt: tM Esnew A., :
dated r d Octabar 1, Iaa2 between the Town
and Ma Escrow Bar roltletA to the Rdundha.
~,rrow Bank; CenNat Bank Nltional
A{aotlegn.
toiffllY3aI.S?rlaiAOhl..~~ i. ..~ .., : IM FlnancNl
Guaromy A, baWMn 7lla Town acrd IM
Bak truer.
FLgal-Ihau lM aautva mauda ......_.. 'q
m late Ilr>N day d ,Nmrw d env rttttd.. vu,
Facts support the ru~,les
for child car safet~r seats
1 Q: What are ells limitatiana
of the law?
A. All ehiIdren under four
years of age and under 40 lbs.
in weight must be properly Pro-
tected, Once a child . r,;~ the
weight or are limit, they are no
longer requirled to ba secured in
a child safety seat.
2. Q. Who is raspoyaaibk?
A The driver of the vehicle in
which the child is being trans-
ported is . ~.,r,,..aib1B.
3. Q How can 1 be style that
my child safety rest is on ap-
proved system i
A. Every approved child
safety restraint system is re-
quired by Federal taw to have a
sticker mounted on the seat
which reads: "This child ra-
^traint system conforms to all
applicable Federal motor vehi-
cle safety standards." The
stamp of manufacturing should
be after January 1, 1581.
4. Q. Where is the beat place to
put the aofety seat?
A. The safest place for a child
is in the rear seat of the vehicle,
correctly buckled into a child
safety seat,
~ rap arty reeavw far aparatfon,
ar rapW d its padlhg FatlNliaa,
fa MM ratlanp{bn d er7 bontl a
eUMr aadnay ~ A tole a Ilra payhMnt
d enY Mew.[ Mlueee+. ant .nlr kgN NablNr oat
ra,ed on ronhact.
Limrarnmenrel tlbnestfona: arty d its
wi+kh are rtartcalYbN ark eAllch a! 1M
tlrre d [meet an Ipai Imwlmeda antler
its laws d tM state for M. moneys , ...: ~ to
b h+W W dtxalrt:
(aJ dlran geese] Cbllgatlons oh er
oblgatlorN tM PaY+rlanl d dM prlncpal a and
MNMaat m Ydtich a» i ~ ~, ~ ,M puarafaMd
bY, are United Staros d America;
N) bonds. tlabenroras. notes, or dMr
d hGaedrlrs Nsued a pvaredaed
by Ne Etµfod•Impat Bank d 1M IMMd Sim%,
tlla FedarN Firunclrp Bank, the Famwa Hare
Adminlrtratlon, Iha GeMrol 9ervlcea
AdmklNhatbn, tM U.S. MarkkrN AdminNhatM+n,
« Ma U.S. tkpartn>ertt a Housing ant Urban
L ;a
(c1 avihncee of ownenNp Iderrte In
obllgelbnl drer6atl In parpraph fat a NS
above.
arm' amren: all Fnpbms an0 reyerarea
dartvatl dllataltl a Irdlredly Isom the opwatlon a
a rllharwlN relating m Ilya PsAcirg faalNlas,
hdrdilg, waMd IrMlgbn. cry fee, rak a dher
charge aearaed apelrel any ]across to! IM
prNBapa d Iwhlq a aMrwlee raldirq l0 1M
PMIYq Faclaba.
qualm Bends: its TowRY ShpN FaMiy
Reuerkw RMUklrq Bards, f as2 awNa A.
aloonr Fund: Mta epaCW lure by that mama
Ct+,alad by Ifle 1964 QdhsRw elk 02111hued a1
nap Ordblenoa.
Kurmea Pte: Ghl6arel, N.A., q b
-t+K'eeaaa uMM Ble Bad Irwurann Pdlsy.
I .oar d r~anlatlem; the t.eber d
Repraaenutlala htelvraan IM Tarn old The
DaPaabtry Trust Carpany.
tM rrwutlnwl+amoud d at reyuead .. ; . ~ a
pHndpal and htYgt art tM Banda whkh will
bacanle due h p+y FNCeI Yav. FatM WtPve
d 8aabn 18 head OMy, MakMrwm Annual
DeN Swvlca RpWrwrlent e1taH aNO MxAede tM
O~bl ppbn Ra ~~tera-l tm Iha TownY (iarlaraE
dip Banal, Serks Ioo2A and
any aMr oulatantling paneral obegatbn 1wMs
d tM Tam, and Mla 1665 Bdndl umA paltl er
daauad.
star Bevenuaa: tM Otou Revenues teas
Qarlsrol Operotlrrg EperNr.
teas Bards: tM TaAnY GenarW Db68albn
Rdundlp Banda. Swkr tg66 dated as of
5. Q. What ie the coat of the
fine acrd can it be waiuedl'
A. If a driver fails to comply
with flee law, a citation ct3tt be
imltted with a 8ne aseassment of
158 -that aloe shall be waived
in lieu of acquisition of a seat
(purcheae or loan).
6. Q. Can an adult tidal a child
(under faun years of age and
under 40 lbs.) on his cy' her lap
to meet the childl's Yleeda, i.e.,
char4ge diaper, feed, etc. when
the +,daick is in rr{otiora?
A No. The law was dealggnned
epeeifrcally to grevent adults
from continuing the highly
dangerous practice of holding
children in their altos or on
laps.
T. Q. Can a safety belt, as long
as it fits securely, be used in-
stesd of achild safety seat?
A No. Utilirstion of a safety
belt in lieu of a child safety seat
is not acceptable and will con-
stitute aviolation of the law.
8. Q. Cvu1d I use the same
safety sent for my other child
after the first one has grown
out of it?
A It is beat to use the safety
Taell. Rplrnu a Payip Agent fa calloeaPtbn;
(Ay Borrda h Mu d a In srrbat2ulual for whldi
dher 9anda sees Mw bean sxsartad, Nauad
and . py tlra Tarn and ru ...ad by
RagYtrproasned h~W1 ro era
duly hold by IM 4wlul rpbtaed ownero
Mlrad: p _
providatl b Saalon 20llaad. been paid r
fhfmac9l...,~ , .., ~[: tM rogNlered
OwnM d any 1t1112B Bentl r shown an 1M
ngNhalbrt becks Meg bl tM FlsgNUar.
Padrhg FsrAMMr; tlwera u arbdng pedring
fadatiaa, Fr+caMlslg, but ndt 8mhed b, a8 padtlnp
faGlhka tamerutled. otherwW aegWred and
.yapped wan IM proceatls d IM toes Horlds,
and WI future padtlp facdNNe apwated by tM
Town, whkh tttcildea fnduda all I„ ~ ~ ~ s,
eelanslone, enlargements, atldftione at
. to, a rapt..,., ... d such fadWke.
pavane asset: Central Bents Natlonai
Aseatlalbn, Denver, Colorado, belrlg tM agsm
br the Totm for IM payrrem d tM 1BB2B Banta
antl Interset tharaan, tt fta aucaaedro an0
~pa~rmesd lnxeatmem: any hncestnyM or
d.pwa Rkoam on the INt attachetl hereto m
Exhibd I, to ar oMara Pamlfaed by tM Chert&
and OMnarK+ae d the TPwTr.
P.sYaga any IndNidutl, firm, partnaahp,
eotporeBon, aattpany, ueadallon, ieMll~atbilt
aaaaC41Fen a body pgeit ^ld tM term MlcMldea
any bootee, racdrer, auiprlee a arha alm}ktr
allye Slarad.
~:
(p 1M revenur tlerlvad from IM Pedged
stye Tar; _ _
itl yaleleel Fa11) bindt re (reVMrlaa lyh~~h ~M
Tam Rsraahsr pMWpes Id the WYnrnl a
Banta;
(rn ale 1'IM Ralwnl+r;
(H{ piDCaada a IM Benda a dhw NWyY
avalubie rrlarlsp dapwaad boo ark heN In tM
9ork Fund ana tM Rrsrve FUM; ark
(p Imsraat or Introelrrem trrcome an tM
Income Fund, [M Bak Fend end iRe Raeerve
Fund;
at to Ste at4ald ale al+ctr ttpllwye w a any
tMre raquMad by 9eclbn 15 brad to be
dapot4ad Mleo ant hdd h tlra Ir1Care Fund, the
Belk FuM gktl1M Raaa+Vt FuM.
PNdg~ A.I.. Ter; ttte gapsds d !M
Tam's camel /% Sala Tax, Indutlhq IhM
eR-ha6 d ar ... :. d the 3a1aa Tar whkh
b aNO Pledged [o tM prlymerte d Ma 1665
Bands, Me togs Bake ark IRp H[xNl~p Bards
and Iha Mrs•haM a rho .r _ _,-_
seat only for the duration of one
child's growth through early
childhood.
9. Q. Which states one oouered
by the child safety restraint
lawn
A. 1n all fill states, the child
saafety restraint law is primary.
't`his means that any driver
traveling with'an unrestrained
child (under four years and 44
lbs.) is subject to'boing pulled
over by the police and ticketed,
regardless of whether another
infraction was committed.
10. Q. Just how effective are
child safety septa?
A Flare are the facts: Cor-
rectly used child safety seats
fob:
•71 percent affective in pre-
venting fatalities.
YB7 percent effective in reduc-
ing the need for hospitaliretion.
•SD percent effective in pre-
ventingminor injury.
11. Which ealkety seat is best?
A. Buy and use only child
safety seats that meet the 1f.S.
Department of Transportation
rat;uiremente. Carefully read
and follow the instructions that
come with the seat. Also, read
the car owner's manual far in-
atallatlDtlinstructions.
include dla preCaade darhvd by tM Tam Iran
at1Y fagally Ilvallabie lax M iaxr a }sae (dha
fMn a gatwal ad vaNrem tax) rMkh rapipw a
aupenade IRB PNtlgsd salve Tax, reyudans d
IrrMlw such Tarr a ]suss a far are trpo{ed W
1M Town or tM elms or other PollNCal
attbdhhlon thereat.
Praflminw OlfiMal Statemwnl~ its
PreMrniMry OBIrJaI 9aearrwn deaad Saptembet
17. 1882.
prefect: tM atlddtlm to 1M Munlcfpal
euddlrp ro a mlNtrudatl and ayubPad whh a
partlan d Nw ... ~ . of tM 7pR2B Ronde and
shy dMr public Irrproverrrenl a squlpmenl
rdtldl IM Tpwn b Ngely authodzetl to aoquka,
Cortalntcla finance.
Purtdrau rnr..~: the Purchase Contract
benvaan tM 7awn and the Pumhaaeh tlatetl
SapMnber 29, toe2.
Ptrref+a.en: Kerrpa SecvrMbs, Inc. antl
Georpa K. Baum 8 Compatry,
~g Fund: the tuntl by rtwt name Created
by the F46o Ortlhlarlca entl wmintratl by this
OnlMkutce.
13aAwdiBg: tM rMUrtdlrtg and tleferanoe a
the 1oB8 Bar+da with a porMOn d lM pro eels d
tlt9 1DB28 8orttla.
lle¢IY:at: CsmNJ fdarot Natfcnal Maccialbn.
Darner, Colorado, 8dng tM pent for tM lam
fa tlw ragNeratlon, trarafer and ..-. ~ , d tM
fop2B Bards. rr ba suocwaa.
Heglslt~~grasmenr- lha Rsglebar
Aglaenbm beMewt aW Town and tM Regblrer
dated K d OcichM 1,1982
~e7r'!a'~lii'll~ ~~ tM fMtaaMh day d IM
oalarttlar month Mrd pratadlrg each Ntereal
paymNrl dam for IM 10828 Bootle {chef then e
a~padalpay I~ ~ dW~ ~ h~araattar Ikad la
Rsearlr FuM; tM Ta+d by Intl name exsepetl
by the 1oaB Ordlrunq ark Connpuetl by MIN
Ordlnanoe.
$Y/Ma,E1tOQ,@a611~: an arrqud equal
to 10% of 1M Wlnok+td amount al the
Ouburking Barks plw en amoum syu1J to al
fnvrtmarn earnings on the Rwerva Fork;
arovNed that tM Ryerva Funtl Requlramem
shall not axcaad the Maximum Annual Debt
$Mwba RWWhrrknl.
sA14A_71a: IM tar upon the aaN arty wa d
le/tad by he TTam ur0uard to M Saks 7a~il
Ordlnarlwe and wry future or amentled ro.
Ielded by rte Tavn m a aaNS ark tree tax.
8l1"' ra., n"ig~r~a; its polnancae
{IdoPled by tM Tam CwrMdl d tM Town la tM
pudrpgaekd adoptlng end edarcyp tM saNa Ter
F'or the best rle;t€, you Call for a free
don't have to tr~avt' Veil for price quote on
your next new or trace] arty vehicle today.
vehicle.
~ ~ ~
' $s Tyre t4~ TnpA • Ocwber 2. !1;`92
.rsw.r
9dvu5lw+us cone ums o! wee {mate
INn tayant rhr. Ns1. con.etirm srrrrce ear
O,V yet ytar5.
Pw.en an 6vn 6,000,000 wrtl,rxttl5
+ Nort rssunrxe cwnNnrn wane the
dedxy6k 10 [eMl rrOFrrr
. Our me6ae un5 wawmr la you
G.uroarno
471~033i3
Sewrr9 ta0r, srmmk
t• life CaV011Qa
E [,etas .,~. y~9r~~y and
C .I.~'•o,~P. I
Your httlrte.
e9 years Itxal _,........:
eRdlxttlces avBUlahle
•Ylxrr 6m8y&h9rrteate mYDri~Y
C4L~RIER SERVICES AVJA~LABLE!!!
Vail and Aspen merchants and residents
AFI lntemational Forwarding, inc.
is proud to announce daily service to:
• Vail and Aspen
• Service from Vail and Aspen to Denver
vai<11>d Pra>an{~ i
Smow Plmtr€u¢
Depenciahie, Courteous,
Quality Service
24-Hour Service
Cali for FRgE gstimate
471-1101
CREEK ElOMH -Experienced
caretaker wRh relerenl7es reeks 8ve-
in slluallon In exchange (or security,
yard work and home maintenance.
1'leasc call Mlchad 827.5(638, Icave
message.
^ Child Care
PRESCHOOL OPENINGS -Halt day
morning sessions, 2 1/2.5 years,
Drop-ins welcome. Vail Interfaith
Chapel, 47ti-7759, 476676].
^ Home Improvement
WINDOW t:OVER[NGS -Steles end
Installation of blinds, verticals,
pleated shades, dre lea, eta 1316
eotmted prldng. GE] Hawktya Ser-
vlces In neon 845-7b56.
RFMODELWG/PRDf'ERTY MAIN-
78NANC8 earvlxe. Wa provide
high gvanty work and rallabl0 aer•
WCe for your eveerryy need. $atebllshed
in VeB sines 17lZ, we apeclalt2e in
the smaller pprrojects. Please conlect
Rich Brown 949~i86.
F'}orn page 50
adoWed punuant to Arikla Nx at tM
GaN,twbn d su sew a Gdlaadb,
B. Seabn 10.8 d the Chartr Wrr>+d 1M
Town to low saaaxNa made paYrMa saNN
as d ill prooreda d any aeNa carom a 11om nee
IwenuM tlerNad (ran ill Opaffilart a an
lncome.producln9 prOled, or Tram any
combinetlpn Ot ruch rawnuw wllh0ut m
sNnbn,
C. The Town YrlpOaw a SaNS Tax purawM
k Beabn 1 I.! d IM Chahar rid tM Bsl.e Tar
OrdnatKaa,
D. Purruanf td tM 1985 Ordkwtoe, rho Tawrr
Neuad 1M 1986 SOrda ana agreed b pbtlpe
and u7 aada one-ha8 01 the rwenuaa
pwfwdw by 11y saNa Tu 70 WY fM pnncyul
d and IdarM! On the 1066 Betide, pro`rdr0 Ika1
the PlWpatl Santa Tu mud aN0 t» pFed9etl
and ueatl fa IM payment d [M principal d and
IMaen on dhet eddhlonal gonad obOpffilon
bonds d tM Ttwm Nawtl thereNfr an a party
wNh d wbardlnata la IM 1985 Bonds with
raapttct to the PNdgad Sals6 Tar. TM 1965
Ortllnenca a4o prwded IMI, to IM erynl thffi
IM nnnctpd d ant thereat On IM 1905 Banta
and any addnlona! parhy pensral od{gFOldn
bonds nee luly proyidetl la r any Fecal Ysar W
tax revanuw ell char moneys N9aty avafWtN
Inadae, IM Tywn Ia authairatl to We rush
exceai Pktlgsd BaNa Tar fa char RwPOen.
irtdvding, nor red limhed ta, lurmant of rpacrl
rton.penvrel dtageti0n btyda a IM Tdwn whkh
may nd ba iasvad an a pdNy whh 1M 19Bi
Bondy. bw only nay tr ksuad In a au0ordinda
and Interior peeltkn to the deem O! the 1985
Balls m IM PNdgad SaNa Tax.
E. Ttte Town her Ilwad IM 1989 Bondf. nil
d whkh rondkn OUIrItuWVng, rtttkh tnalwe m
Dttt»rrber t a fM yeah Fed h IM amounn a
tdlows:
Mdurrty
Daoa
t 901
1006
1997
1896
sg99
2000
pdglnel Prlndpal
Amount Par 33,000
Velua al MFnuriry
ss54,3a6.2o
12,200,134,00
12,618.057,96
st,e9a,os7.ap
31,578,698.26
i92e,39P30
Inura6l
Fide
e.5o76
6.6ox
8.70°6
8.8014
6.65K
e.aa%
Agpr+9ay Appreclalad
Pdncbal Amount a1 Malurhy
STEAMMASTEf
C.Arp01 Gleatartq and fieSlor0llp, F
E}rapery, Upholstery
Oriental Rug ~
Auto Interior Cleaning,
t:atpet Repair,
Flood 8 Fire Restoration,
Oder Ren3oval
24 Hour Servile
PAINTING, WALLPAPERING.
Neat, quality work Reasorlsble rates.
Free esHmatp. Jlm 4763388.
^ Storage
VAEL SELF STORAGE - Don't be
rzamped far spate. We have large
and small storage units available.
GH 949666.
INTERMOUNTAIN SELF-
5TORAGE -Sizes from 5'x4' to
1(7x24'. Easy atee~a m tmkts. Very
competitive rates. 1.486-2041
LeadvWe.
CMC 8UIL131NG near to Westin
Hokel. Indoor loading dock access,
80.205 •q. f-., 575-5180/ma. Greg
Amxlen 4767'990, 47621145.
^ Other
ALTERATIONS BY LISA - ThLs >a the
Irmo tp make sure your winter
wazdrobe is up to date! GH 4763(]71
for alterations or new custom made
clothes.
1et9.o99
19Aif0,t190
Ct.a6n,d99
14,680.000
33A75,000
sl,wb,9o6
F. TM 1969 Bonds era not aubNcl re
redaRNlal O+M romduriy.
0. Tin tans r tax dNrt9vaM qt Oe paymam
d 1M pdnc~al a a Irxaea on eery d} 1M 7989
Ronda.
H. Gltrpta x d tFr Town Chang lwlhOhzw
rho Town Cqundl (Ma 'COUnehry to Nwe
nluMiq DOrdt whttorr en aledion.
I, 71ta Courlq[ has desamlkrtl and haaby
dacww Ihffi a r In lM Towrye heal Imerwt t0
Wfaau tM 7988 BOr1de and tp prOritle tunM m
p.y tM ttts9 Bootle r My become duo M
nW Vrt1'.
J. Tha Turn has pNaOad Onrhar d 7M
rwanuw (ran ma Bair iTr~ an a lint pbmy
Mrk W 1M yaymeM d tM t96S Bendy. on a
iii Bond. Y•ne~dNn . mtN ~wdy~b+.N~W ChM.
HoSwktoo Bottle.
N. Exaq Id IM 7985 Bohr, the 1999
Bala. IM lg9t Rolla. INe itoltsttg Bartde. and
bOnda a dxlgffibrw wafds hew Oeen paid a
adaaaed u a ins date a wuan0e d tM It71t28
Bootle. {ha Taan has never d iro Safes
Tar to Iha pay0wnr of anY trends a fa any
P1trPOae, Simultanaotnly wNh 1M luuano- d
the 1992E Banda tM 1989 Bonds will bQ
refunded and dNtyaW. TM Pladgatl Sofas Tae
may now ba pledged (weir s Ilan whkh N In pnn
tuhadinata to the Ilan d the 1865 Banda txR on
e paay rhh Ilw 1981 Bantle and In pan a fine
akrNy Ilan on a parNy amN the 199f Barrdel
4arlully and 1ney0caby for tie peymem d IM
18926 Bohr.
L. Exoyx to [M 1909 Garda and tM 1907
Bantle, IM Tovn IW ewer pNdped she Naf
Rwrmuw Iran tM Parking FacatlN, 95Fd1 N•
ilevsntFas NNy rpw M pNdgad hrah ^ hen end
N qn a pMfry whh tM Nand 1Fta 1991 BonW)
baafuay and NrevOCably yr tM payment d the
19928 8697.
M. Tha Tarn has reglvsd a arlpoaal from
the Pumhaesn fa Iha pwchsta d IM 19D2B
Bontl+ fa tM pulposa d dMraferg In whoN a h
part IM cMta d tM Prdjau and the Rdundfng,
N. TMr1 nays blear prwaMetl rP IM COUn[fl
the prapoead forms d tM idbatnq documents:
the Purtlnse Codram; the 6staow Agraanwnl;
the Latbr d Reprwenldlate; the Flnanciel
Ouaamy Agrwmenl, the RpWra Agraarnem;
and the prNhnlnary gnkNl 9Nrrrent.
O, ill Town Cwrrdl dwirae w cause tM
t982B Bdndt to be Nrxretl, fo sulnaia ant
dlrad rM eppllufbn d rM , .. 1Mnd ,ti
aN IonA basin, end to provide aecuriry fa IM
paymaa 7Mrad, all In me runner hadnaner
eel IfMh.
SECT16N 3. {late iat# n, All aclbna
hnaloloro 7akan (not IncorwNtanl whh the
proylllonr d thM Ordinance) by the Town
Cwndl ant dna dhlsera 01 the Tavn in 1M
irtpnehbn and wMabn a! IM 3aN6 Tax antl
IM droaa FtwMUw, IM Prplacl, ill Rffiunding,
end wltlnp antl homing lM 19928 Banda for
IhOae pmpoese an rathfetl, .pawed end
• Airport pick-up is available for those who have
excess baggage or Items -
• Daily service is available far large or oversized items
• Air and trucking services are available nationwide
• Worldwide international shippingldocumentatian services
• Creating and packing services
FOR BEST RATIJS or PICK UP CALL
/ soo~6ss~zsso
~ ~ , !. .e
NUTRTTIONAL SUPPLEMENTS
tined by Hie U.SOlympit Skt Team.
Ecology sate cleaning products,
natllra skin tare, Shaklee, of course.
949-1771.
CUSTOM FABRIC CREATIONS.
Unltmkted possibilities fn home
decor, crafts, oostume6, clothing,
embellkshments, etc. Satisfaction
guaranteed. Carl The PAi3RIGtor
9262262.
LOST & FOUND
LOST -Emerald and diamond
bracelet, in Village cote area.
Reward. 9265253.
DOGS IMPOUNDED at Hie Eagle
County Animal Shelter in Mintttrn
frau+ Sept. 24-3D include: Border Col-
lie mix, female, black and white,
picked uP to Gypsum Sept. 29; Rot-
tweller/Shepherd mix, neutered
male, black and tart, piriced tip iR
West Vail Sept 29. IF one of these is
yaROr pet„ « u you would like to
adopt any one of the many dogs, acs
and kittens, please canted the Eagle
County Animal shelter 949h192.
MISCELLANEOUS
VAIL A550CIATkS LIFETIME PA5-
sB5 battgirt and sold. Far the person
who has everythingt Call Merv
raptn 4765483.
SINGLE
do LOOKING ~
1F YOU'RE SINGLE ANI) LOOKING
for people to spend time w11h, don't
fee! alene. Even in the VaH Valley it
tan be difficult. And in the Single &
Laoktrlg" da~tfieds you may 6e able
to find mmpaNona
MESSAGE5~
NEED FEMALE VOCALIST and
amgtwiter, duo. Spemldng skills, en-
vironmental issues, 16ctlools, fairs,
bevel. Emkrjikc, llox 300(3, Aspen
81612, (3003)925-0670.
CAR POOLS
DO YOU WANT TO CAR POOL to
work? Or to Denver? To San
Frandsca? Minimize those nasty
ettUxsiarta and line tip a elder ar a
tide Bern f« FREE. Ca11 The Vat!
Trail at 827-40D6 by ]lam
Wednesday. Paw week tninimttm
tar free ad.
I.
SEGTIOft 1.
i'1J~ TM Rdundlrq narabY N sJAhOrbw and
tM Prapn hare6y N atalteatad ffi a m• d era
axweang 15,7011.906 (exdvdrrp Mob fo De
pNd from seurpe Otltr burl the laecasda d the
19928 BOrdal•
SECTION 6. Auir!eHZnion d rM 1fA2a
9o[fd[. Turn Mreby are audtortted m a twt•d
tu8y regetared aaMS tax ravMw s0axkltt d
IM TOam, to be tlaifghffied 'Town 01 Yell,
CNaado, SaW Tu pavffirva RNvndhtg antl
!rtq . Bondy, Serlw 79628' In the
sQgngay pdndpaE amount d it5.165,000, t0
ba payable and ., both as 1o pNnctoel
and txaeaL hen Ow PNdgad ReYanuea.
SECTION 8. 79a0n Bard 1leldhr_ Tly F982B
Sala sNNI ba NatFad In tiny reprtaed (alert
(~„ r... . as [0 bah prirtdPSl 711d Maw1]
krllalM rogbtsretl In IM nacre d Cede a Ca. ae
nanhye fa Th. Ottpwltory Treat COrrpeny,
ahffiI W dated as N Odobr 1, 1992. Mali ba
Wuetl in rho . Ion a 15,0011 Or arty
Inlagral mrrhtlla ttlareq 1g0yitlatl Itrffi ro t9e2B
Bend may ba In ^ datomNffibn wtlbn arcwada
dy prbppal tx7mirg tlw on anY mduray dare.
end 710 inOMdwl 19928 Boll w1140 Nsuad 1a
mac than ate mAurlfy) and shop bo nunberetl
in such manner r the Ragillnr may delantlina.
Tho 11F92B Bala ahAl bear nttFreef from IhN1
dffiad date uMl mffiway b ill rffiw pr annum
shown bNow, payable satrtannuary do June t
and D+centlrer 7 h aedt yeeF... On
Jung t, 1983, axdpr the ant' !9928 Bond i hide
N ~ .upon DaFadr, ndurgr a dMr
., rhdl Dee klyrwl Iftxn tM cowl
IaOarlt Imaw[ dffie l0 rrtddl krl8rwl
Ifa1 bast Wed Or tidy praddatl Mr. Or,H no
infarwt hp hem paid, from the dffie N IM
1962E BOnM. TM 19828 Bads 115d1 metes on
the tlelar end In the amounts harslndter
tleelprtded a fdloae:
Mffiudry
Osy
Jiry !, 1993
Jwy 1,1999
Jura 7,1997
Jury 1, 1988
June t, 1999
Jar1a t, 2000
Juno t, 2001
Jvy 1.2000
Juu t, 2005
Daaarrbsl I, 2042
Pnnclpal
Amoum
i3B6,000
3355.(X10
1.[75.000
{555.000
1sa6.oa9
sl.sts,666
11,235,OOp
51,316,000
1/,fi2b,009
3a.230.Ofx1
NdrMl Rite
(Per Annum)
16000%
4.800%
a.t1t10%
5.100%
500%
1.60016
5.660%
6.800%
6.900%
6.126%
TM pdncfpd d and pnmbrr6 tl Airy, at arty
19928 Band Ne8 a payabN ro 1M
vrmar 1ltanef ae attown On the ragiunlial
records kept bN tM Ragltttrffi, upon maNrlry
tharad and open prasartmbn and sutraMa ffi
the Patirtg Agra, 6 eery 19928 Bad rhdl rid be
paid upon au0h . - and sunendor sa a
alto mdwhY, H shall OOnhtxuto sew hdared ffi
tna eerrre lntstast rate home by sold l9B2B Bond
umd 1M pnndpd tlNrad r paid in full. Payment
ateW as aa6 rnalad dy P shall ba made by
before each kaarWt paynlam tlaas (der, r such
kdarw! payr11M1 Bala N n0E a btafneae day, on
a bNae tM rtsxl erFecoedlnq budryea day). to
tM ngkteretl awns thereof n the ttOdrwe
rlwwm an Ma ragistratlOn recatli kep by tM
Regbhar ffi the rJoaO d bushes On tM HeguNt
Flacon Dale is such Merest payrtunl dw; but
Any eUah Mterwt hat a0 llmNy paid Or tluly
provklad fa shall CeI.M tP ba payable fa Ih9
pereon who N the ragWsred owner 1Mred ffi IM
tddaa a buahtesa on Ma Regular lkroad Date
and shat b peyttbN to tM paean who N dre
lepNtaed dMyr Iltarad p Ilre dose d burlrtwe
on a SPeclel Racatl pant for ill paymem d any
such delauPatl Bdaest. Such Spedel Record
Day shall M fixed by tM AegNtrffi whenever
moneri became aveNada 1a pAYrrsrrl d the
dNauaetl Iaaeet, and hates d the SbecNl
Racartl pale shall bs given b tho regNlded
owrtsre of Iha 199328 Bonds nd lase than ten
days peke tv tM BPedal RecOrO Dffie by Iirsf.
clew mail to aedr avsh ragNrared axrtar as
ilwan do fM Fisgrhara repNbffibn racprdr on
a def. aNedW by IM RepNtrar, dffihtq ill dafo
d 9fe Specad Relrxd Dffie ant the data Ilxed to
IM PaYmenl of such tlafauhetl Inixeat. TM
PeNrp Agent e•Y rtuke faaYrnerrte d Interact on
any 19026 Bad by each aharnealre manna as
mar be rtanualY agreed ro batrreen Iha owner d
aunt 79828 Bontl and the Paying Agent
faovkfed. howevol, [tut the Tpwn ahd! rtor na
requlrad to make footle avdWtie IP tM Parlna
~M~Sedlor~l Alaaausf~f>aPyayr~nema~ihml~De
metle in kewlul ntonay d SM Unhed Sutra d
Amaka whhorn dadudbn br SM sarykw d tM
Paying Aped a nagbtrer.
SECTgN 7. $q0.
A 18828 80rdr meruAlg on a Damn June
t, 2902. Ara na aflbleq 10 pdor ndemptbn.
19928 Bonds FruFtainp rm Jura t, 2005 and
ptttunl6ar t, 2012 shall 6e auger! !o pfl0r
I .. ~ /.' . , ffi tM option d Itte Ivan, M whae.
« In part, In Imsgral m,3taw d 66,000. ham
sttatt nmumw ar Eva rsNdea M the yawn, antl
1 We than a3 d 9ta Bade N A rrollaktt wPNbe
ndeemW, by bt rrlbtin • rrmwNy In such
manner ea ill RegNlrer may dffiamine, on
[ „ . t, 2002, a an w% dri. tlrreNNr, ffi
tly pion sat fall babes (~gxasrad
» a paFOrntaga d tlta PdnefPal amount w
tadawnadl ptua attrued lmaral to 1M
, , ,data:
r .. Date.
C 1.20021hraFgh a6aY 31, 2803,
Jtay 1, 2003 Ned „ ~ „~ ,
Retlerl'Plran Pnaw
101%
100%
Rtan ahaa M M apliorul prix rattelrlptl0rr
d 19628 Bala unWa aN am0aar arrlrp to 1M
Bard Inaurr untlsr the Federal Guaranty
. d a anY aha daamatt have been
pod n tel.
B. 19-2B Gonda mqudrtg Juna t, 2005 are
etrbNct to rrtantlffiary alrlgnq font reo+nPrb^ ffi
a Prise aqutil to ma pnrxtpffi annum [Nomad plot
accnud IMenwl m tl1a ntlarrplbn dffie. Such
18928 Battle attttjsn to rtuMffiay alnkinq lend
redattptlOn 6ha9 bo aeNgatl by Id in each
manner rs tM RagWter ahffiI datemtite (gMnp
nrapartbnffie wMght 1P tM 19928 Bondy In
aro teepee Shan 13,0001.
M And fa a efnkhg lend Ia the retlertWbn
a the 19928 Bartle metvrap m Jutta t, 2b63,
the Tawrt will dettoaN In Ilse Bad Fund a e0m
Fu~M~la yailryideM lo~roritlean~{~ianaedn ae
aayidad tylPw1 flu fdbwEng pdrtcpN amraunte
a ties 19828 Bdrde mawktg on June t. 2005;
Year
June 1.2003
C : , . i, 200.3
Juno 1, 20W
Decaltba 1, 2006
PrMdpal
Nrwunt
11,190.000
ft 65,000
11,230,000
3[65.000
TM remalninq is,t196.0a0 Of Me 79926
Bala maWting On June !, 2003 shall f>@ paid
upon praaenutlen antl aurlsntler es maturity
unless redeemed pursuant to optional
redenptbn prig to mduriry. On a FJNae the
thlnlelh day prior fo aac'r such elNting tuntl
PBYment date, the RegNlfAr elull Maoaed W rail
ill kB92B Bair Mdkzaed above (a enY 19828
Bontl a Bantle Neusd b n,aax wdh 18928
BOM6) fa ~ , . '. ~ httm such ddlatg furl on
ill next Junto 1 ~ « Decenber t, and gNe notice
d atrdt sell wDhoul funlwr nelructbn a oaks
from IMTOwn.
19928 Bootle mtludng Dacanther t- 2012
are tabled fo maadalarY a1Mt{ag fund
retbtrptbn al a peke equal to tM prineipaf
amount thetas plus aceruod nMrtyl b the
,edenptbtl date. Such 19998 Battle elb)eG to
mendemry sinking tend rodamptbn shall be
saNCltd by eat b wrh mower at the FtegNtror
ellall , (gNrq proponbnale YxNghl ro
the 19828 ltantla In tlauwnatbrn lar9a Than
See rtwxt page
-.c•
I IIVll~aa 1 u i i
The YaQ 71•aII - october2, 1992 5
FYom preufpus page
SS.0001.
M and la a a4111ng hard lilt tM
d ur t967B Banta rtfarutkrg en Dtaart4a ~t,
29l2, tM Ywm arts dtpwl r IM SarM Fund a
wen tdrJetha wkh ahN rrrrraya wallcbr N tlr
Bad Fund M adlkfaa ti febeirn (eAer c+ad6 r
prsvkad trabrd e!r iawaedrtp p rroAtr
a tM 1662s~nonde nradnktg on .. ,.
20t2:
nor
Daaarte7a 1, 7006
Jeer I, x000
neotrlAar 1, Y099
Juan 1.2007
I, 2007
JWr 1, 2006
neoattMr 1.8006
Junq t, 2000
[ 1.2009
Jute 1, 2010
_ t, 2010
Jura t, 201 t
L I, 2011
Jut 1.201;
P+atcipal Artqulk
6ne.bbo
f1,,31),09O
9186,600
6760,000
1100,000
f806A00
u tb,9oa
72261006
1270.000
7210.000
~6~
9260.006
TM nmwlkq f2Y0p00 a tAe 19626 Borrde
rrceutirp on Oeeardfr ,, 1af2 e7rR ba prd
upon praesntatbn and WIrellda K mrurlry
unMaa radNhrd puquan, ro optk6nr
thln~lelrh ~ elltl~i quchParoM61lidMafntlga fund
9re ,~ Bal0a Mbilld sews laf +ny t066B
Bond a Bd+d Niued b r^Pt^tw loch 111678
Bortr) to ham ouch aMYtp hard 6n
tlr Hilo Jury 1 a f7eoart6er 7, and glln Itotbi
d soar caR rAtlrdN funlrr Yrutldldn «ndln
from trr Tdwrr. _
adnM91 dpwitall prioetlhtg mOYn ainkhNp ad
, dr9, Lfr Town rtry ( dilA'a d Me
RepMrar kr .: ~. 19078 Books tr6>1w
m mrkaeliy thNHt6 fUM + on ouch
der b m , I' Pdrkbr amaatt detkid «
Sa) feoeNe ^ cedk N ritped a ha slnkNr ftAn
redamplon abgpadnn f« any ,9g2a aKM
s b ~~, ~~.~.,, ak9agtured ~ , ere
lusts drs, whlc0 pi« n oats data !ww onto
1 la8fawlw than Mr0ugh IM ..
o1~rM rnkbg tuna) and alnntNd M the
FISp7FLrw and +fa Ihaadl«w apWhd M w p9dh
agsYrq wry aMktrq boil nddepeteN ~i.
Each 19928 Gal m ds9vafed «
+edwrtrd w,ll w ct.dNed M dr RigM9u r Ma
Tawwrt~an aNilUSrp~iMd ~ On deY and
tw prkldpal smarm d t992B BoMa n M
I M apgratlon a such ekdraq fan On
etrd+ der iNi be alxadhlpy taQ+Jnd. TM TtYaw
wr pit w blare tM etxltaM daC Half ,
each rdnkktg IoM retlertpllon d.r tumkh tni
gpgtnu rAilr pa . IMfaalrp wl>rlrr a
+fa uk to what ewrrt ih. , . d f>a ird
Se) a !M . . , iifderr0a an b he avaRetl
wRh respaa to sitoh rnking fund p.ymerN.
Frbn a tM Tnrwt m a9ra sash t»rtbbate
ehrl +tA ed7ed IM RegMtrara day b qYn naWa
d aWtktp fund r M b M4
B.
~p. In IM caw of 79928 Sarrda d a
den 4rga bran 99,909, a pdrllan d
such 79928 Bond (fd,ll0tl a my IMagN
maser Mstea) may w d. in wetlal
tae IM RpWrw stir, WMUi gdhraLtqq• M tlr
owner a loch 19628 Bond. rdwtafcw and
peas s replaoamaea t667B Dan a Ba+fdt !w
dr ~ pIM80rF (Flaleal.
E. Ettaept r ptnvldad b papripw B r Sae
3sdion, dM INreaw d AArrdnleuethti Genitor
a tM Town shut ionises waHe0 by tM
RpgVaq 9Me wdlrrt klalrlfaforw mnowrnbR
en7l plw fo die RagMear «MM 90
tlAya Prb+ n tIJOh rldwtpllan MM. hid60a d
ndatWon ahsNbe eY ~ 6la Re9ghar h dd
nods a tM Taws, Ef' galdMrg ^ dapY d WOh
nods Elr pnNMd, 0nliiau PwrJrBi pfapaFl
tng6, tut mae,nan 17D Irr Nde tort 9a dsya
per b tM t dal, b 9r PulOh66a,
and to each regierrad~oteew d 19928
Bak, r a ^ pa9on a whkh M drlid ra psis
d hY atlMaaa p N Ir1 epael9e on
dtet rapM61ilbrt radwda keq M LM J I ~~ ~ .
FiRun to yes srl0lf odes by rtrRNp to Ihs
qwW a arty 19928 Bond «b tlr
a ur deed tl,rrn, tha9 tfa +Ifaa
Rr In4ldly d tfr, .. hK Nr ~ .~ ...
d anY 01lfgl 19926 Banda
8eldt ,lptaa ehr Id^tkY1' tlfr f 6928 Banda err
palbm Ilrfeaf b be ftdesmid li Ie1a tart r
an r be ndearfM) stn IM date 1kr6 fa
redwrptbn, and ehr lurtlrr aw did rln soot
rrrid~d~aagnega ewaleflaa~n. r nMy whit
warm dub ilk WyAbM a 9r Payh+p AprIM.
and tMt Iran and any ttudh bas kaaaat rM
seats to acerw. Adpnsd Inlawt Id IM
rederrlgbrt dale fWl b• pent W aracM a ash
tttrNd n Its winos i« Ey l6erllYM
marts 7 w pried b by tM PayYq Agora ark
tM , awlta0. Now havng wan 9gkkww1r
In IM mmna pewlded, Me t919B
Sots a Bala w orMd la redartpdon aMN
esconr des and payabr on tM
data w daelgndaf; and upon pretaAtibn and
sunsnda erred d rite Pgpp Apes., dte Twm
~ Pa9191e prkdpa d arW Pr^mA^M1 9 ran
ttw#B turn a Bake a cued w , i.
9ECTIIXF 8. $g M d pre
te92B Sdtoa eo0adrd fWh tlr ktlwrl aeuvktg
rhiredn, std arty payrrMm des b tM Bork
Irtaunr fordo 1M r ~u^rrtl' f , 4
atoll a peybN and coNealer adaM out d rM
Plsdped Rsvenuw, whbh era MrNr
w gkaipad; dr owns « avttui of
tM 10929 BOnde Mil tM BrIN kr«a may /ta
look r any f#^tt^rr a alMr IWk ter dr~a~wA
d Pdnogtr and ktbragt 9n IM 79928 8 # «
nrtyrtwnla esaePltM. Flnarrlal D9anmy
pMdged nwrelon; ark dM 16668 Safes aetd urtlr
Flnsnclr 6uuwlty Jlgreenrm shag nor
oorletllM M ~ ~ lrOr ^ dots fYRhk1 Yla
rtrrNrtg a anY . , dlerrl, corwtlttllbnr
« atdutory atwMbn ~d Nrrllallpn: rl« a1tiN !My
w .. a had b ba si+n^rr dha0^B^+r
d 11r Tawt6
SECTION 9. Fes, I.i1..16BiELPRlgfi~
R1Bglurarm Pmt- its ,96x8 Borne ark dr
geQghatbn panel ehrl w auharmralry a
idbM iAreNded That arty pOrllon a Ihs 19628
Bontl roe mq. wMh reNrerlcea, w
pktM m Me hadl a tit: ~,aQM Batdt), wrt
loch Omwbrre. ~ antl
varipbrr r b a+qr reciaM d lea « ~dtrr
ptovlakma r may w ngtlhed Oy IM
clrcumatarnw. b• requlnd w . ' by thY
Ordinann, a •n eaxlsMan wah MM Otdltrraa
end naoeaeary « . , ~ to pordatn b rw
rufw and nqr ~ ~ d any gowmmakr
auwmY a m wag. a esqukaawa d IawrrRll
seeped Meneb: dam d Bend!
'Mean oily R batdi ant . .~ plJrWwe b
9ad7on 12 d tlit Otdhlarrn.
")naen Dory d Edna an de9vue0 b TM
f ~..: ~. True Catgral punuaa b SecUan
t3dtkM .,.~ ..
11NP7ED8TATE8OF AktfglCA
erATSpPaD~pRADo
COUNTV OF FXd1.E
TOWN OF YAa. COLppMO
8ALE8 TAIL REVENUE REFUl169dp
AHO IMPROYEMQiT SOaD
SERIES 19678
ND.R.
~,:c *, MTE
MAdlAt11Y GATE
pATEO DATE
Oubwr 1.1999
CUSS
AEOIBTEF~O1V6~lk
P41gICPAL aAloullT:
Th. sawn a W9, r 6r CgNIY a flay. yen
Biala d Cd«aeb ;tM •Tdem'1. I« valve
renard... rd pay ro the regatired
dwrter eParMrt Mrw, a npheene a1g
wMly hwn IM tPid^# teaks prdrldad tlner w,
1M prMpytal amount aplwdflW ahON. an IM
alrJltgf dde eperYd teals (unless r6ae fa
Nola redarplLOn), and n pay from iaa
eourca9 lawia iharagn an Jtwy 1 ant
f I d lath ytrt, .. _ m Jar
t, t99i, M ilia kwrrl HM frr chain apetlrd
barb. adN dr plYalplttun M pNd «paynrrA
Iles two prwrM nllrrifan. Tw ban+alR err
Iaaat from its tenor rid6n IIMe+ea paynll+e'
der q rrhidi basso Ilse been veld a prorked
1«, a. M m k6aeaL hr hgal Pi1d. ban ardor
a IhM ban. TM phttiMf a MM bdM r ItaYahr
opal PrwmWMR end erarandef Mraa b Ilr
Tawn'a gpleud and Paying spent S7M
•Rpwultr q er •Petdng AS)txd'), inkla6Y
Caanl Bade Nur+rl Aeaodrlen, r pinvar.
Cclaad0, Inltrwt an BrY Fork wl W paid on
a bow 9th Nagteu . , aai;a, N eud+
laawl pgmem ddb M Irl a bewhtw+ Ny, 9n
a bean Oli oat aulxwadktp bnektage dpi: rN
nJteLk « drab Hired b tM Paa^+t b vMOae
Harr thM trek N ~ fdn 'reBMbred
aawwMrtqry() kf tlta ragMbatfwt raeada a It» Town
makNAltid hl' lM RgMVY ant at 9n atldrae
thrsgn M tM dosed W Wtaa On
IM ,MrinM day a err tnMMar marsh nee
pmoW iwh lasrwl peyrMm der (tM
l~l. ary srAfi tnlwed Ile a
tl prd «dWy prdrred fw Idrr OWa b t+e
to tM Per^^n silo M IM I
awns haled d tlr dose a buakttu' an dta
Repri{r Retold psis and ehr M P4'ad^ b dr
paxon Ydq Y 1M .I ~ . eYerer hereto q 1M
aloes d Ewbau On w BpitW Raootd Dow 7a
!M paynfalt a dry ddaRed InlarrL Built
Spear Reoofd Dde ahrl w Lard by dre
RpMlrw erhanw9r trtoneya lteoortti avelaar
r« pryprrtt d t7r daalJ9ee IMaee4 Intl Halls
a tAe fdpedlr Raver Dar atr8 w Ow^^ b tbq
regiawad Oanrara a ttr bona d dr gerlw a
aA+MA MM M Oni (IM'BOnda') tta W Man Den
days PrWr to IM 18pacW Redad Dar,
AIan111w maw a Pan#r+e a kttred migr be
used 1 narlu+6Y aglNd b baweat tlr salve d
arty Bo+n and IM Paykeg Aged, w prorkled hr
IM ardl+r6nai a 9r Tdwn aultraNing tM
iatrelws d dr sdrke Sdri'8ond Drdlnanatrl•
M audl rnynterRs qM6 w rnwie In Idely,
Abney a Mi Ultwed Btalw d Arrrdca alNffoa
deMJW,pn M tM wvlor tl rlr Payerg Agee a
Berra d the eeefw d rAktr MYt Gard M ^
pan nM •,9668 Borda7 mdwln9 an m aft«
Jule !.2006 eek Detfrrbei ,. 70l2 ors aged
io Prt0+ sede++Plbn. adtJlw cPeMn d the TgMr, N
wltoie. a fn pan, N et#^Vr naAlplee d i6A00,
,ttlm will mYVrNa M w aelaW~t aY Ilfe
Town, ant N Law 9+dt d er ttr Berea a s
mdurgy w b ba by kK wgltln a
mdulAy h et#t reraawr a tM Regtrrar mats
art . 1.2002, w an arty dry
[harleeha, d ttr ~ prlws eel fprM
below ( .. k M a~, e a ttr
prlndpr w nawrrtl! Pw aeerllad Nwea b
IM rWarlgMf dale:
Decanba t, 7002 tleellgh WL197, 2007
Jar 1, 8000 old .
F Pr11xr
iai+r
to0%
Barn d IM etrre d whkh rhM bond M ^
pan rtrwJtNlg do Aver 1.74)06 ant Daeanbr 7.
2012 an gtlb}•a !o mandaWrY etnkktg runt
Ord ritwi pdegpar tltopLhNa Fkl~al
inroad Mated pf7r i0«IJed htla+eal b its
retrrrgbn dire. Edna alJe~t n ,
alrcNtg ,Soil ndarr9Mlon eAaR w aelicrd kr
mmdakty arkrg fund aY la !n
irah 111ai1nar r Me ~ ttlrl dasmere
}ghdng propwtbnue uNIyM to Bents In
denolttnalYwr Fags tlldr ry6,000). On a fJdaa
dr dd+Be0t daY pne+ ro eadl wan aaalklg hod
tM Bands s++alea Murrundrwy q~Nldlq 7iM
radartpfart (a tltY Hand « Bltna Mqued q
raproi rant Bondq far dlf Ste Hen
Juno 1 « r 5, rte 9we Hopei d owl
^g^krt Ra TaidGlp hw+tl .. w. ~^g^n h
flta rtrrdfa and Won lM .. ... ~ praldtl N
dy Band Ot'tlhtenn.
mMeaaea d18aMaaa
ornm6y11o1t II^^ry1pww Man 68,000, • pwlbn a
suds Band I>Id10~ a any btpnd rnuwpr
H p4 ~r q~hr, rMheut tlragfr b M e~dwwa
sins Bdbd, elJnwlttbue and pew .
send w Borrd6 Tor die ~ I
Itairrre ~ ea~aayr ana'rnd s ~9f.ef~ao
days' rtrNetl neelt• b Osa rJrlgirrr p
and b with ~ ~ eewler d BOllda la w
redaenrd r alxwln m ills regrtratbn racwda
kep hY tM Reyatru, r tM trtmnu and upon
tM .. . ~ r pradaad N tw Bork ..:
TM Banda as wtlabla only r lulry
regMlaetl Edna b . . dam a 16,000 w
any Integrr muhlplea tMraaf and ue
each . , .. f« ttrRy 1 Barka d dr
sorts nlaNrRY and alerlei m squid agglspal~
pnnclpu smounte and In athar[z+d
danetmadbm n the abrewn gtOcs of tlb
Regryaz. bW any tie tM rtwna. sela}ad b dr
IhailatMm and arldllorr, ant open pa7l+nea d
ttr drrpw prOVked In dr Bilk grdndrpe,
••Tha Bontls an nor Irmueraae or
O ~r~ Prllal pilot N tw Ban
thM Bond, Cad. 6 Ca, In ha dMaatbn trdy
rsgtwl tM Bwk RepWru r lq ~ .. a nave
Bond w make m ipProPtlar rrrtbn on MM
Bond Itntntrg Ihs duo artd emaem d
pepayttwt, etonpt rn tM ant a fetr rrwurey.
in wetkh ape rhq Band mwt w . ~ ro dte
Borg fie6MMr Pnr b nor pryrlwk;
•Thb Bend q IW,y tnmlNaWe by tM
rsgateted awns troves k1 petton a bJ hk dW11
auihahad attarrrey on 9ta eghuadwt raxlra
kit 67r rhs RegWarrpan qurtarda a tots Bald
ropWw vlNh a dory ... ~. wdlnn lmhurma
d Sremfa euafspary 1o tM Raphbw. Upon
ouch tranafa w ttew fu9y regWered bond a
atnMrhed danadnalkn « deenmhlJNklm a
[M amt atw, ap9rapan prirlcbal amour
ark mlbrky silt be keeled n tM VmaluM fn
adntgs 1« Mq ban. alb}wi n altedt verses
and Nrrdhlorr and m pgmrnt a IM dogs
w ea rant M tM Bwd ,... ::
Tha Town and [M Apbliu and Payi+tg
Apwe may dwm and that dq penan r rdtaae
name MM Ban q reyrarW r its abaoWr
amlw hand f« its pupoa a mWkq paprrt
ant to r dirt plrrpwwa etcwq b the wlirtt
talfefwMe plvlrkltl h arrd b dli Ban
Orolnrbr vent rwgd to RaprW artd 9petW
Rarnd Patio l9r fr pgmde a heer~L
`TM RaggWr vent nil w naclrgd b tranaM
drxbgparfnE w~gin~ rt tM ~l krg a
lwektaea t6 days ba01e1M day a Me rrralhg
EH tM RggM9r d now d ptbr .. ant
sndetp r its clots d hrNateis ttn tM day a
rush ntaBrg, w ryJ arty Bond a pertbn Ihwaa
aha rM IttrNrfg a rratllr oaWrg eudh Ban «
tM pvanlradeema0 Pew hasp
.~ is ~a Bontli an authorb6d fw tM
IaaPaee d dehayky7 Mho61' «h Pm dN darts a
[tr Pfltjea ant ore Reflxkkq (seal r defhfatl
Ht 9r Sark C . far+M payrrrd d bqW
ant eapnew EncrMllr Ehaab and n its
iesuwww a its Sonde and for 1laldhlg a rwwar
tar tlr Bove, aN taper nfa aralnny a ant b Iult
txaYaniky wilt ills CantllWbn a tlr Seats d
Cobnda and Ms Tartu Chart and Punuare b
tw Bard Ordlwance duly adaps6. pubhihatl
and ma0e a law d tM Taww, a0 prior to IM
Wua+ne a thM bars
TM Banda dp nor somrde a etaEr a an
.. d 11r Town ketldn IM mrttMg d
^nY droner, atkwdrutbnr «atdudy
pfdrabn a Ifrrlaatbn, ah1A rrl w ., a
flab td w a gatar .. , ~.. d ur TpyNy aril
en payaale troen and aKwrue a pledge d. m
IrtglacabM cart SEW not m eadutltre te+t) at, r
d rho ... to w ddred by ttr Town item
rM Pyegad Salt Tax [era dakred kl tM Gerd
Ordlnanes) and inm certrn rwM whidl
may M Irtprasd try 1M 7orm b
addhwn uwsb a b aIIWeRwat rhalore. Nat
Rewnua a Ms Pandrlg Fadfaw f++d+ w
defklM M tJr Bond OttNttannJ, sent tanw. trarda
a tttvanttw eA+lrlt tM Toad hsreahw pMdpw b
IM ptYmem d dy Batch, venom Wta nnrrya
hek b tM pond Fund and Ily Raaerva Fund;r
Eat, such lunch v. dalned in !hi Bond
Ordlttmw). and InYaaurroa kK4me on cerlrrl
IoM., W n tM sateen 9tr each money. w d
qtly stilt requkrl b tr . I btu and held
M Ma Inoome Fund, its saw Fond. std tM
Reserve Fund ai provtded In the Bdnd
Ordlnet%e; aub)ed to pnaNt aaptbm and
aclwfo+r r PtaNdad h 9ta Bond prdktarwe
{dr'padpW P~
rna eorltla canaulea a phtdge d, nil m
Irtwoce4le Halt SEW rfa m aacJedlw ban) m r
a tM Plad9ad Rwanuaa. TM Banda an
equkaby and re-by second by • 8qn an thr
Pteapgd sew Fa. As to ert-9aN a M. saw
Tak tai drlned In IM Bond Onfrnnce)
r9n+nres Ina sawk corlenlula a teodM and
aeAordlnata IAn ibW twl ~ my an
ecaueMe ieavrd Nn) ++pa^ 6r Padpsd Saw
7aa. suds don 6aYfg aaaltnd ant u .. ~ b
its Ibn a rM Terw'i owundkq Oenarat
OWfpafkn Banda. SM1M 1966 (tit '1666
~. Ae b Ma ahw Brno-hM d 1M Bata
TAC ntrararw, tM Baldc .. a ins and
prrr ton an a pesky Ioitlt its TOwrtt Sera Tax
Retrafw Bona, Bodes L99i Rni '790,
SaMa•). N .. IMh dre p{edged Saw
Tr ant r ngrtMed W Ms drdhrrtoa wefbh
alpltpked tM 1996 Gana, dr Tawn shan fu9y
prorka Iw 1M flee aeevw, warn aaakn,
and ntltr nqr ~ . a IM 7986 Bona b +nY
hr~l ysal antl, dilly sins atxil provrlon, try
uw aaoesa PrdgW 8aW Taaei f« IM
payrtwnt d Me prkrchat d and Interiet do tw
Sara Bends. by lteMfMrk+g such swots
Prtlped Srw Taaw b Efts Incen+e Fund (r
chard In 9r Band .. ~~.
Payerde a Me pdntl9M d wd herteu r
MM band she8 M rtdde dl9m, rid M giNlRy 10r
aredl payrrlsn! there an f ~ .. , ~ (arts
sxcklggaly) prdgb. penuatd to tM Btxld
OMlnanp/, moneys dapwNed and n M
'BFUndry Inikh~hM rite Ytlam ua
cdlrttrttad urns Ms Raid 6rokrnce td PW
ham ills Rerwww a awn auRlciant.
tppdfwwRw alilw Itawtayi avwla6la in Or Sad
Fern. bP.Y adw duo Mated
aril keuast fir Ma ,997 BO/ki. IM 10678
gala std ary Addebutl Bane W da8+ted N
tM lddrd Or0lnanq). In add9ldn, title k
h ...~ and eaa9pNMy a+dg^d t9 tM
payrttre a IM 1801 Bade, tM 16020 setndq
and anY AdtlrorW Bona ^ rrs+w hAk 0M
•Rwwva Futttl'T Mash teYl W nf61111a1ned es
pravNed M 1M Goad Ordktdrw. E+capt r
, r nr sad - lhli
sots r .niltMd m M. boosts d five Ilald
Ordlnanw eglWry w14 reltkh 69th r la
pwl~olMr Bona~lawd~rld)q Mewl
vtker err Ban Ordkrarwe. b wtedl raawne M
matte tea, -: dint tlgtadlM Orrllra
d tM 19628 B~rna yen rM d9Mt. and
IdAlpai~ IdIaaddpRprWid iw. ~ Nw
Naeea ttwy nelioah b arts 0^^^rM w dive hxn
d tM Tows,a Or gaydrnl d 6r pMepal d
antl Imsrad on Ma ban rwPt Ute Pledged
ReWnuw. Rauenw M mWe l0 its Send
C , ~ fa dr . , alnwtq oaten. ant
reopen r tM cu+#+dY and , , . • ~ a tM
proceeds d Ma e967B Bondq, ell nattier and
aweekb+t a tM Pldpetl ~~ , Ms nedun
arrtl elites al tM xecurky, Ms tgrrtr and
candnbm undo whlah atldkianal vents
PoYabM tram tM PNdged RaWnuw may w
k+wsd, ills t4yta, du,7ea ant dd+gdbm d ,7r
ram. wn 9ra dyrol a tM awrtaa a tlr Barlda;
and q' qty atoeptann d Mq 90nd Iw artta
hand aawnn to at PrwlNana d tM Rand
OdYtarfca TM papitr a end tM Imeraet on
thkr Band sha11 w prtl, ark ttda band ie
n trwfromandt.NwWryudbwmy
aqultNa wrrrgsn Me Town ant the alplrlr or
anY kAarnrdlde ¢wrler nand « any sacMa «
a¢n-drlts.
TAq bad rrrNt w ragluered N the name d
tManrr r bEOM pkbWl and lawwt Ito dr
rsgavalbn raoorda kept ay tM Regq[ru 7n
aklt tM pravkana riaetl Ifaein end
endaaee Mraln ant atlb)ed r Me tart. end
wdibm au !ant In tM Btatd Ordnanra. fb
7amlr d into bw'k i7W1 w Yaad unles9 nWda
an tM fegkdrdbn scads mrntakrd >t tM
pingogl aRC. d th1 RepMlra EY tlw ,. ~. ~ I
owta+ a hq marrey day adltaasd In vaMng,
k h tubber anMMd and Hilted ihr all tlr
ngdrsmarAa d pet have boon fWH cortPNed
rib bl' 9r plops Tawn d9KAri In tM gauann
d Ma ban. _
Thq bond ehr not w vaNd «oblpray fa
any pufpdie until the Rapgtnr aha9 haw
mwrurry rgn.d IM eaaabate d auMaralaabn
wreln.
EN TESTfMONV WHEREOF. [hq Town
Cou7xA a dte Toet1 d Vail hr towed MM efona
70 be aglyd aril asansd In hs nenw wkh a
rronual a fecaYNr slgndun d tlr Meyer d tM
Tewm, a+n m a dPted, sxaarted avd attwtsd
wkh ^ manual w fawYteM algnr«a a tM Toad
Cork, trNll a manual Or }awkNM hVn^^#a1 a
lw ter d its Tcwn aRhted hen W. aN r a tM
flab apacNlad above.
IMmwl a Faaim6e SlgtWae)
MaY«
(MANUALOR FACSNAA.& SEAL)
Aber:
pRanuai «Framlle Sitkwvre)
raven cMdr
lE~ a Fenn a Ban}
(Famd RapMtreh
G... ,. , d Auhenucmbnl
ThM b mq d the Boob . ~ _ In IM
wkhin-mmlbned Bond Ortllnanes, and tale
Bond Ass bean dWy reghtared on rho
raprlnlbn senora kept by IM undersigned w
Reyaru f«eladt tiortb-
a. Repatnr
Auhodzetl Onlcar «Erlployee
Dar d Audwmbrbn
and Rsgatndbn:
;End a Fonn d Reggtrara CenMceb d
Aulhen7ka9an]
STATEMENT
OFINSURMICE
TM Munklpal Bontl Irsvpl«s Afeurmn
Carpwalbn I+M'Inwnr) hw aauad ^ Pdlan
danrnint M~ tdfwrktg prdvlWm. lush pd7cy
estop on flea at Central Banx Nallonsl
AwocJdbn 3n Aartwr, Cdorado.
Ttr ktaurar, b .. oat a ale pgrr,wd
d tM prsmbm and eub)aa n tM tare. d rho
polky. IterebY uncdndkbaalry and vl .... _
gwranlealib any owrta, a Mrdralla daknetf,
d Me fplletakq aesalbaa oWlpalbm, IM rWl
and .. payment rlequggd ro lr tune Oy
er an Bohan a the IHrr« ie Cenral Bank
Nations Arlldatbn or hs suoceeaa pM
.Paying AgaK') a en arncunt equal n tl4 tM
aey~advan lce+rir~t M m iurMwYMP uun<foi
mantlatay slMtktp Lund prylrrm) an0 imerest
on, IM OEkgrone Su !!re tam N a1lrlad
baor9 u oiler paynwoa etnA become Olla bee
ehrl Hal w q0 pant Sadrpt Mr m tw evem d
any eocerrubn d its due nta al Wilt
Prindpr by raaaon d marfddary w ttgbnu
.. a arxsaradat rwuMng hdn drwa
a . ' ~ : aha thm my advancawa a
rntyrhy punuen b i rrtrrdatwy slNelrtg Itl+n
ryyrtrm. tM P+Yrrr^+^ guanrArW haebY ahr
w rrrdq In oath amouaa antl tl suds floor a
sash payttwnta a pdneypat wnuk have beat
des hr Men not bgen any sisal ,. ~ ion);
and {tl ufq eatrburwntsnt d any ouch pryttrm
vAtidt 4 ettbaaque+tty I from any orwler
pueuam to a final )utlgmaa ay a won o!
cpmpaen[ }uriedkllon the, such payment
exna,Ruw m avpldaaN Prdarenrr tp aaell
atwta withb tM turning d any applicr)b
bankruptcy law. TM angwtia ralarred to b
clauar ($ and 10J d tM p+eoedltg
shan lr rasrrW to harry odq¢d+ery w iIM
•ImuM Artruma.• •DaYge00fw' ehr rtran' Iw
Town d Yak, Gaorado, Srtlw Tax Rwanue
RNuMkp and Irtprwematl Bonds, Sgnw
79628.
ZN^tt rsoaga a tikephanb or uNgraphk:
Hobos, such ndke aunequslahr conllrmsd in
twlrkp by rayrantl a anNlad mW, « upon
tttoalpt d yrdnan rodp kN reggrred a wrtiw
mr, ay w ler«a trortt lM Paylp Agra a eYy
owner d an OlWpatlon IM payment d any
Imund A+trua ter wtrkh M Than duo. Mil such
rgquhed paymMt hr nil bean made. rM
tenors eat Me dos due a aunt gaYrtrrlt err
wkttat err bwkfase daY r,a rewlpt d noun d
elrtlt a bier, fM6 tusks
a dtpasN d~hd0a b en arA9un IrIR (.Yllwtlt.
N.A., In Now Yak, New Yak, a ha slJOCeewr,
stdndem d tM payment d ally such IniWed
Amouma fNtkR en dttn des. Upon praaentrlten
ark aurrMder d loch DEllpahani or
aessamdd d such ¢dea)atrd d wmaehp d
1M Ohllpatpna [Ogetlta tilts NY
Inauunrnr a aaelgnmmt to evrdenoq /M
wagranea d Ms Wand Amperes era on tM
Odlgdbm eve ri paid by IM Inauror, and
YtaEla77erfr b aReCr ilia appo4dmda
d l,l/ Nruw r apse silt such grrttara a tlr
PbRpdk7lw in anY left P . _. . , raleltd ro
~ bin q listen sa7alaC10ry~b~ wLrvrtwma
CRbmk NA ahr tlaatap r such oartwe dr
IM Payhep Ageht payment d Ihs Imund
Ameunr des an each OEllgallom, tar any
artaunt bar OY Ms Paying Agora fa tM
payman! d aunt Insured Amalrat artd aga9Y
waxada thsrsiwe. Tha PdkY des nor inwn
agaYlat low d anY : ~ a:emtum rifkh
may d arsy 7trr by payaar wah twpec, b arty
swan. Nr tarm'ow+rr' shat torn
Me ra6gtsnd owlte+ or env pbllgpbn w
adbtrd n dr rods nqy=named !w the Paylnp
Agave, ur lower. «a++y ~frwgrlea a tM seas
Ia a+lydl purpose. 7M ram Owner Mr nor
IltrArde OIS Maud «arty perry welwa
eddl Rre wow OPIq[RtAei the u+nayYtg woutNy
fwnr~.~,~
My satin a pawn on 1M Mua may w
rtlrs b the lovers r et chew boated st 113
King 9fraa, Armmk, Now Yadr tp50a,
w ttan` M nonc~w,pWahla br arty reaon.
The prembm m M# gMky q ltd rrundabr la
any rwon Incknklg Ma Wymam per b
rtrlutky a its OMb+tlbna
MUNICIPAL BAND 9VYESTOR9
ASSURANCE CORPORATION
••IFatn d Prepynlim Portal)
rns rollavrrp Intrlrtyda d plrwrpal (dr
pdnlon theraoR d rhq frond hwe haen peard
In accordanpe with IM rrme a rhq Bond
OrdFmnpq authorttlrlg tM wwna d ma bond.
UradP - , ,
Prklcfpal PrapaW
Sl9ntlun a Autlxcdzed
RePreesnraMa dt7r Dapwlt«y
(End d Form d Popayrrlgrn Pants)
MAY BE PRfNTEB ON THE BACK OF THE
BOND AND THt; FOLLOWING STATEMENT
INSERTED -13EFERENCEIS HEREBY Mu1E
gpHn ¢Fr afJgTH ON TNf 9EY:°.+'iE
HFFF~F~¢FY•H PROYI31ONa Sufic
PURP(1&_F~¢ }L!VF Tr+e aauc c~ccrT ~3 !F
Scr crnru y~••
[Famd Arignnwd)
F« valve ronhud, tM unrlaalgrted hashy
sous, aadpnq ono tranahra unto
Mq Mthin Bond and
hereby Irrevocably opmlkulw and sppaMts
drwrter, to Irarrfer me sorts
on tM racards d the RegMtrw, wits ful Pwra d
tlbaMlllMn b the pretreat.
Delgd:
Signature Gltazantaed:
Address d irrelaes:
SockU 3ecurky a other lax
kbntillratlon nurtba d tremfiree:
NOTE: TM elpnaturo to this Aaegnmam
mot camaaPOrk with IM name ere wrlten on the
Face a! the within Bond In every Pankrrtat-
whhout ren7bn a antargerrent or soy change
whatsoever.
E%CHANGE DR 7F7ANSFF}t
FEES MAY BE CHARGED
(End d Fam d Aealpnmeml'
3ECTK)N 10. La9611ablIlLY. SubMd to tna
regatrmbn wwabm haled, the 169QB BpMa
shyul be lolly negd4lble and shall have rl tM
quafetw d i>a9^1416b Paper. and Iw owner «
Orman Ihersd eltgll passer all rlghq en)oyw
by its horara or owngn of ne8diabla
Inelrumenw undo IM prevblor4 d rM UnYorm
Commerdal Code•fmrestlrenr 9a. rlllaa, Ths
Prfnclpal of and Imawr on Me 19628 Balls
shall ey paid, aril rhq t992B Bands eh.ll w
trerrotaaEr, bee Inm and without regard ro any
equnlea truvan tow Toren ant Ms «Iphyl or
any lntamedate awns o! any 16928 Barb a
any addh acroeecMlm.
SECTtp1J I1. );~8tp0. Tha f6ffiB Bends
shall be executed In the nmr ens on baha6 d
tM Town M dy egtwun d 1ha Mayor, ehr w
aealad with a manor a facelrsb Inprrabn d
Me Baal d lM Town and attrted by the
egnature d tys Town Cork Eaph 19929 Ban
ahrl w out - by 1M manual elplldun
d an aurhor+zed ohkar Or employes of the
Regarraz r haaneha prwned. TM signatures
d [he Mayor qnd the Town Clark may w by
manuu err lacsimda elgnaure, Tha 19928
BpndF bearing lha manual or lacslmde
slgnru:w a rM silvers In dike at Me tkty a
the av., .:..~.,,~.., th«ad ahrl be its va3k1 ant
dnding cbfgatiane os tM Town (w+alea to IM
requlrmmml d eWlynriwtbn by IM Regatrar ae
herelnrler provided], notw8hatanding that
wlore the delivery tneraof and paymem
therdon err bMae the kswnn d tM 19928
Gonda upon rnrwla a sxchmge, any « all d
the peraoM whose manual err lacelmile
s'pnaturw rppesrtYrreen shall have ceased to
Ills tMir reepedlvs dflcw. 'the Maya and tly
Tam Cork sisal, hY fly exeantan d a algrtazuro
cenYicate penalnMg ro rM 19928 Bonds, adopt
ere and Ipr that respecthro signatures any
Iaalltllw tMna apptanng on the 19928
Banda. At Me tlrtr d IM eaesdbn of Me
signature csrtNbab, tM Mayer and tM Town
Ciak may each adapt a and t« hM « Mr
IeaMr algrl>•un 1M leW Imlb algna7un d hq
a bar nredeceaea b dies N tM avsm then
such Iaalmlle algnature appaan upon anY d
1M 19808 Bona.
Na 19928 Bend grw9 w vaaa a pEl'patay
!er any purpose unkna Me nnnk:ate pl
amhenpculon, aubuanHalry in fns loan
herdneRer piovldetl, hM been day manury
eaaculbtl by the Ragq[rw. TM Rsggtrars
a arlhemloarbn ehetl w esenrd n
hart Own day aaecWed by Ma Regauar n
rttanwlry signed ay m aulhorizgd afker err
art{fbYee d tM Raphuw. but h shag nor w
necawary thu rM wine onlrar a . . ~. abn
rM tertdknee d auheakanon an rl d tM
18928 Bontl^ INUatl hereunder. ey
adnrnllratlrq anY a she }9908 Borne inNrdy
delivered pursuant to rhq Ordinance, the
Regfetnr ahrl M deamW b have arerlted n
SM provlebm d nrN Aldirrarrot.
SECTION t2. Reaatra0on~Srat a> fR end
A- Etoepl r pavltled h Secaon 1A records
Ipr Ma regMlranon and trwfa al rM 18628
Bantle ahrl ey lypt bi lM Repauw, wnbh •<
haetN :,-; . ... E!' 1M Tarrn r repMtrw IL9r
Snnala spent] br tlr 79928 Bd+ka, lJprn the
aurtartd« fa trandar d try ttffi2B Bard at ur
ReglMrar, duly endorsed tar iranalar or
,_.. ed W an awgnmeht day sxsraAad
by the +sgaterW awns err ha a0omey duly
autlnrltsd In wrMng, tM Regwtru ahaN Bents
cunt Ifanagr an the fepquatlan retests a+k
strd audtam{cew old dative in tw Harts d lM
tramlerr a tnlukteee a rlww lgg2B Bad a
9anea d Me soft tatty, a a 9ke ~ , ,
pnncpal artlu,.nt and d IM aarrre maurky,
ENrlrtg w nurrner a numbers nil prrvbwy
rslp+led. 4972B (lade m^l w adlrtgad at
See ree,?page
.v...~::dr:;wrtiYfiri ,n.~r
---
.58 ~ u~ ~ ra~ta,er a, 1982
Phorn pr>eubus page
ill Repnlru fa an .gUal appregMa WI
artroltrn of 19928 BonM d 1M ferric oral !
lima maludlY of PIkH ^uthorlra
daronthybna. TM RpMhr ahyl w[h.niky
and eMivw a F982B Sand a 6drtli wnkh
rphtrrad ownw mahinq Iha wchanga li
awNlad b rawlra, b~~andnrpp a nyrrbw w nu
tier) garbuaW wtipnae. TM fNgkirw may
trr#roaa rrselW)M chavgw h wl7rtrclbn wn
Fddl axCllYlgM and uarfarP d [9828 6oM1
wlvM ChargPa IM [till w xry tax or alto
a! Marys rpWnd la M peb wk
nrpaa b audt axananpa a nanifw) FhMI
pa~W ~1•~ rntl pnrw raquaallrlp A
B. Exoapt u Prwkbtl In Badbn 73, IM
ApMtrar rhyl fbl W nqukal to lranafw o
reAUtpe fi}Prey [9926 good a ponbn tharad
du` tp ~ r« n~ ,I m. op.rrlnq a
dPy a p» myNnq d
rtalos d txla ritlantidbn r hwNn provbal
and wning y By obr d bwhra on tM dry d
ouch nwNYlp, a i21 arty tOp9B Bond Or Podlgn
tlwad aMr eha rtyWrp d rronp oaWn9 such
19828 Bard of any podbn IMnol for Prbr
d 1M 19828 BMq~ br 1M uaadaanrtl pgnbn
C. TM inrPaE ~tMOM rranM any 0926
Bona ahyi M notional an tM +Fphhallan
rsoorda leap) by By RapMru ahtl M dalrtMd
all rapuhd M tM rbFdun owttw eherrl for
ill pulpor d making pfymam 1Mrad erne la
yl aMr ..,, ~ uaipl w may M dMrwiae
pnvbad In 9anign 8 hraa wlih carpet[ tb
payrMnl d learnt; and, sublad to such
rwabn, ptymant d al en aeeeun! d anMr
pritckry d Intrrt en My t9g26 Bond ihyl bs
mach any to a upon tM wrMen oiler d IM
nglNUatl orrnu 7Mrmf of all logo!
rprnadglve, bd loch rpnlrybn may tier
chanpal tpon trarlir of alien t9p26 good in
Ina mannw antl aublact m IM wrldNbna and
IImY,ybm pavbal brain. AH lvch payrtMnn
ahyl b• valid and Mhausl to tlhcnarga IM
Nihilny t4an such 19928 Bontl ro IM sxynt a
tM soma aama ie pytl,
0. M any [9928 Bond atoll be loot. [lobo,
dwtroyal a mutayal,lM Rpa[ru Intl, upon
racalpf of wch avltlMp, fnlermNlon of
Indamnhy eaMlNtp tnwdo r k MO the Town
may tauanaby requFn, aulMntlpt• antl
tlNNar a rrplacaRwm 19828 Bond a Sander a a
9ta aggrapMr pdrtetpM amoum all a dy rma
ntraurky, Owrbg ^ atlmbr p numbalk tier
pravMuafy aNl9n•tl. 11 h tier), aEO>en.
tlwtroyal, a ItatlNtlad 19828 Bwttl any) have
moored w 6 abou ro baomts dw and payable,
u~ [9028 8ontl hbM•d t~ Payl t In pay
E. TM allban d IM Tarm aA whcd:al la
deHwr to Via RpMlru Ildy axawtal bul
porn .. „ 19928 Bade In Fuch gwnikM{
r may baytxxtwnMM b b. Itab b otNlody by
lM Wgnlrw pandkq ere r baton proMdatl.
F. Whanrwr any 19928 8phd abaci W
wrtan0arad to tM Paying Agora tpon payment
Shared. a to IM Rpauu fa harnfw, axchanpa
a redapmant sa provbad lyryn, loch 7taY16
Ban Mak M lyolrpuy GnoasFtl by Ilta Pl1nn9
Aqrl or RaglFlru. Intl countwpuu of r
antnigteyylaIrrgqouch unoNwbrs shall b. mrn4lted
~ 9EGTKIFF tA39atI tru totM Town,
ti NawkMland#ng anY aoMrrry Prawslan d
ihM Ordinance, the Bontla ahyl inttially b•
rMarrc.d by ono gene for loch rnMUrlry in
tMbh [M Bona mnure in . «M pool
b IM aggrlqya pnnipy amoum d Iha Gann
malurlnp for Char malurlty. Bull inNMlly
dylweal BoMN shy! M M91FIwad In tM rynta
a 'Cade a Ca' r rtonJnla la TM DiprHay
Truss Cw4anY, IM rcatMa datnakaylor IM
Bontla Thr Bontla may nql tMrMllar ha
IraMfanad w axdtengal •%gapl:
1t} m any awbrta d rna Oiprlory Trutl
Cortpany a k{ ndNrrr, vTIM auocdaaa mrrn
IM both a'cbylnq aaponllar' r ddhad In
Sadbn a~&192(31. Cobratlo Rwkal SlMUae
and a quylMd and npalaad 'c4adrq a
gndw Becibn t7A of IM Bacurbaa Exchange
Ad d Iti34, r arrelned; a
(2) upon tM rrpngbn d Ths Dwprnwy
Trull Canary a • auocara a now daposi
unbar cMUae fi) a IhM e4ur 121 N [hi
th~iS Tr11Ph tap posh ~T wiM~ilpiny~or such
auonow a rrtw dapphory M ro farpw ebb to
~ry an d lurtgbrq, and tM drlphwbn by IM
Cduntll b! anolMr bapoalmry InNflutian
atorpfabM m IM Getlrtdl veld b IM d{pb{Hay
man Mtllnp tM Banda. vdtkVr ndx tlFprnory
hstAdbn rove) M both a'claaefrlg COrpaatba•
u tlallnal In gactlon s~B•IB2i7, Colorado
Rw4ad $tattrlM and a gtryr W all rpNtwal
~~apxr~tcy` under 9ictbn 17A o! tM
E rr8• Ad d [931, r arwndad,
m wry oil Ily Iwtdbr d 7M DaPOlaarY 7ruM
ConOinY a auah tuwuaa over dapprory; a
(3} upon tly rrlpltwbn d TM pappROry Tfuit
Cmpany a a a4opiwr a now dapoaHOry
ardor daua It} a oMuia fey d 1hN paragraph
fa}. a a dilrrrtinylon d tw Camel IhM TM
Dapphpry Tnxal Carparty w atlilh iYWraa a
rtaw dapp{ferry h no brgw ebb m w7 twl If
lurtdbna, and Iha fylun oy !M CounW, anw
rsaaanably Invr[Ipalbn, 1P bcay akO1Mr
gwNMd tky)wkary kMautbn untlr tirtMa 12Y
to crry outatrch deppkay lualbm.
B. b IM cw d er Yartyr n or auasara d
7M DwaaHOh Trull f:afrpany a leer rlerrMtaa r
rNanal m In tMtwo 11J d paregraph Is} brad
a dallprytbn d a nor dapwNOry pwwldd b
stoics (21 d paragreals Say haled, won raoaapl
d kla Oudtebhq Bolls by 1N Ben AapWrw,
tapNhw with Wrahn Mitr9dbrM fa IfarMlw
eyMladory [n 1M' Bard Rgklrr, a claw 8artd
fa iadt moronity d 1M BMNN trill Qugtardlrtp
shall M Iuurd !q veto {UCGYrei of haw
tleprhory, r IM era mry M, a nor rorNrtr,
u it FpacllMd h aucA written IrahFlFr
Innrudbn{. h tM caaa d a reslpnybn err
dosmYnalbn urdaf Wuia 121 d paragrph (ll
hanof qn0 IM fauun after nuonab7r
Invqulgatbn to locale another quaNnad
tlepoiAOry irnlhulbn IOr lM Bader u prwkbd
in ctauw 131 d wrapraph (ay Mred, and upon
eitap a IM Odlundinp Bondi q' IM Bard
RpMtru, Iagathr who wrktin Inahuctbru for
Iramlar aeMfadory to IM Bond flapkur, rw
BpHdr thy) M Wllad In sty drtalNnybni a
18,009 or my httagfy muhlpla maraot. ere
pradda0 b sad aubpd Ib [M nmlutbna d
Sad)on t2 Mna, rpiatwad )n tM namr d
ouch pareena, Ind !n each authalzal
denemhsybrM w ra regtwMlad In ouch wrhMn
haadw inNrualoM; howravar, the BOnd
FypMlru anal nor tie nauhad to OaIMr ouch
ryw 6alatli wkan a pMOd d ton Mr BB day'.
tram ttr doll d +aaabl d wrA carman rrarryw
Inttrtldbne,
C. ill Gwnd, ill Bond tm antl tM
Psytnp Apln1 iMll tier rtNlad le Inert IM
repMyred ewnir d cry Ban u IM abadute
awnw thrrao! la ale purposes Mraq era any
apalGabb Mwt, ltawBMtardhq any rldba Fo
VrF wdrary rrgrirrd by arty or au d rhartr
Ilrs Cootie), ma Bond RFgnhr era tM Pay)
ndpM Agent aM11 borer no mpeaaiDnlry fo
M IrarrarrlflYlg . ~ , .. b tM bal7elxly eerrtife
d IM Bontlt herb by TM Dapoandry TruF
• Gomp.ny a any auocaata a Mw thpwio
Hy rranaa punuan m paragr~7rr [al Mod.
0. TM Caunq, IM Boll RpMtnr w0
^'~F PaYkq ApMt Ihak aMUmr b .... , ,
TM DFpwlory True Garprty a any a ..
n a nave tlrposkery fralMd pursuant m ever 11
a fey d paragraph 1+1 Haragl h FfMduul
~ MYeryd d tM prbc¢y ampunl d der Bald
upon myurky a Prbt ratbnpbn by
bo for payrtrnr In cacti • manMr that fund
~' raPrsaeneltp wm an wyrbM la
dap0akory r IM dldF Ihry aw dw.
SECTION 74.
Rlandakim d Pry.. Wltan tM tD02B
Tw~rrt qf~a a~iM r Mmk:a~W d ~~
the Town ahW soave 1M tp p Borr~orb~
dNhnrad b raw Purtfisawa r nqp a ill
agraM pwchaw prlp. TM 19928 Bads ahaH
M tlMhtintl in wch dananhaHmi u 1M
Purchrer Lhall tllraCl Ibut Fut>laCt to M•
prevMbnF d SadbM72 and t31rraaB: and dtr
RgIFVU atraN mlNah flglaW IM 19808 Ilxxrtla
In such nartM a rymr r era Purdtrdr Ntl
dhad,
Tly ,... d ill [9028 BoMt, htrAldinp
vrhlr0ul NmlWbn Ma aoanal kaaraN tMraan,
atoll ba dapoalyd aromPth by tM Tam antl
ahyf b• acwuMal br h !M ldkrainq marrow
erne ere Mrepy pndpad IhaMon, but tM
Purchwan el !M 19928 Bonder or any
aWaagPinl Qmar h M manor iMi M
Mpata6M for rM appNCatbn w depoay b11M
Town or airy d leer dfbwa d any d trr )artier
tladred frwn uy aaM:
[+1 AU accrued IMwrt, r any, r•«hnd h
wapad d tM 18928 BendM ahau M oradhrd n
tM Band Fund b M yplbd b 1!y payeMd d
[M 19928 BmW.
[Ili M amwxrl, IagMhw wNh ahr avaNy)y
loner d IM Town. auakdara b aatabNah arty
InNkY crh byarror uMrnwlad all n
hvy CbremmrW CN)1igw~ana b aHad ma
Ryvntlinp aMU a tbpoakal m !M Escrow
Acoounl.
[III) All nmeldng d IM 19928
Bonet oboe a aabkad b tly bknrbg apadal
antl saparab aamum, harebY artad and
Mladkhal, b M krrown r eta 'TOwn of Yell.
Cabrado Baba Tsx Rawmra Rdtmanp and
I/rprbwmrt Sarno. Bonin Iaa2B Cerwtrtrd{on
Full,' la tier vial, togatlyr wNh arty eVyr
avybdM mgMyi mwabra, b Pat rM wan d
tM Prgsa, hdudrtq Iha pnrrYUm to tM Ban
Inatrsnp Ppag rid othr water kttlfndal m LM
kawrtw d IM 19928 Bonds. Ahw ptynwM d
all coati PI Iha Pro}atl. or ahw adequee
PferMbni thwalor{ M mailer, any ~ .. I
ba4ltu In Iha Conawudbn Fund atoll W
tlapoanal h IM Band Fall and appl'wd ro the
pRYrrtaM a IM pnc~4y of all Idertt On Iha
14826 Bontla.
SEGTIOH la. ~Aa_a.Ymwt }n aloeme
Frrnd. Subpd b Seabn t7, Ib bop r any
Gonda ehyl M OulFtandk+g. NIMr as to
pnncipy a Irdargt. IM pelrapad Rwnnur
ahy4 upon rasp by tM Tam, b. tlappkal h
• {p.dy and arparee aawttnt, hwildara
mated and a•tabkahatl by eta 1086 OarNtwK•
and continual fry M4 OMlnanp, krtewn r dy
'Tarn a! YaH Ineana Lund' TM bllawhq
nWl W nrapa tram rM Mnwrrfurd:
~A Sall Fund_ Flier, ertr• snM+ W cratlflid
cram Pte fncarrr Furttl m • turd waved by IM
1989 Ordhwoe and known r rM'Tgwn a Vdl
SFW Tax Bond Full' IM )osow4tp amouMS:
1. INrrt P.wrrma_ uonhy m tM 6antl
Ford an FmeUrY[ h over mmthy dWalknr[a
rypruy, la9athsr wflh any mOMyi IMr•in
all avylabr Ihwyaa, la pay tM kttereM dw
Pnd payable m IM Oudlanbing tNOItM m tM
roxl spaoardrq hWeM pryrrM dale.
2. Pdn9ttrtP~rmwP. Ntadhy m tM Bra
Fund an amwml h owl mdlmy Ine4lknwra
neoaaaary, tepetMr rrklr arty moMya tryryn
and aWbpM IrrirFlon. b Pry Ilra prktc~W antl
ndartplbn prwtiwn. X anY, dw antl payable On
IM Orairandlry Awns an Bsa rN auoerrdhtp
prlncby PaY~ dal.
H prier le anY byre[[ Partrynl date w
pringlpal payment dNa IMn hr Man
atatrmrMlid h IM Ban Furs rM adks arnwm
naarwy m pay tM pxt mewkrp ksFtairttarrt d
tnllr•a1 or prindpal, err bath, tM wymirtt
rrlqulnd h atwpuapPplt 1 q w {2} , ~ ~ • 4
appllcabra} al I li Pra0raph, may tier
rpproplFlsy raduoatl; bid tM raqukal rntxkny
am0unn again shale M ere aadkal b FtHdt
acwud wmtttngry on wet hlwrt paymwd
tlata or pdnopal . dal. TM mrays b
IM Bond Ftxn ahNl d uiad any !a pay 1M
pnc~~sat d, prbr ralwrpbn p,wNUm H any,
and InMrrt r eta Bona r tly aama ~. ..
eve.
B. Rurrr fund. 8apnd. rwp! w
Mwlnansr pravltlad, from any aynsyi
rwrWnlnp in IM hmrrtr fund than indl b.
dldaad moony b a ~ ~ sxoua chard
by Isla 1468 Ordhwrtoa and contlnurd b1r roll
Oltllnnp krloa+t AP 1M'Tdwt d Yell B•rr Tu
Raynor Bonds ryaiarra Furl' r amoum, e
sly, ydrkh k rt•caa#wy m rtWrttaat ill Ratarva
Fund r a oaxhutrq rFUrva h an amount nil
Mss Ihan ill Raaarw Fund RaquherrMnl or b
pay rM War PI ry Band Rasrw Inaurrroa
PWkY arty arrwuwa owitg m au[A Wow undr
tM Wrw d tM Bond Aararw Yruranp Pdicy.
In dwandninp tM amwmi laquhal td M
I u pevldW atww, tM Town IIWI
iaa~a u+adk fa any YiYailrrrara aarrMnpl an tM
dapple M tM Rwarw Funtl. intyllrnnl
lVhklgl M daPaNri h tM Rwanra Fund yyk
rerrMh h [M Aatrvi Full uMk tM arrroum w
grvlpit RaqutarrMrd. ib aabN tine W rtrds m
tM Rurw fwd as I+tW r Bra rrnlyya aMlar
a Band Rrww Iruaaroa Pokey 1hrNn wplil
1M Raawvr Full RagbNa+Mnt IragardlFFa d
tM iptp d Fuck acaaruwlorl. Tty Raurw
Fund RaqulrMynl FfiFn W acwmtdatal and
etaydahytl r a obrehukp tarrvr m M veal,
rag r prodded M awraalorr C and E a
1Na Badbn antl Sldbn 21 Awed, any to
prdwnl dNbMncNa h 1M prymant of eta
prlndpal d all IM Imarear on the 6ontla
rruldnq Irom tM tykaa b txalk ro 1M Ban
Fund auvic{wtl bMF b wy tab pmtp4al and
Iltlalay r TM iaRM attcnra w n pay tly ki4y
d any Bond Rwirw haurarlcl Polley any
anxMfr oirtlp ro avdt Mauve urtdw IM twms d
1M gall Ratarw Nta Warp Potlry. Tha Resarw
Fund Raqukamam shtl tier Cakvlyad won W
dry PdrtdPy wYrrrrd. rrlrNhw y stated rttattlrhY
or upon radamplbn, Ili} IM fuvanp Of
Addhbny Border. a (a1 tM dMwarro. d tl a
a portlan d tM Bona
b Ilw of all err a porBOn ql [M ntalryl
nqulntl le d daPeaHad h the Rwwva Funtl by
roll Okhanp, tM Trar mry y any tirtr a Irom
Ilny ro dma [bW oily wNh me prbr w+lHr
txlnart d !M Bond Inaaw B the provides M
all dhar than Ily Bond hntnarl dppk a Bo
nq Rwrva atatxanq PakY h Fla Rwwre FuM
r IuN a paver iiliabrctbn d 1M Aasrrve ~v
d f I any ouch Bad Raarrva Inur
) PeYCY char p pryaaM m anY day r wn
ry. marrsyF veto M niltiral b M withMawn
ill Raearva Fund w prornal haryn, u
ihi depoah d anY Bdrrtl FlFaww Irlruraltga Perry
wNh sM Rrarw Fund, the 7gww illy Irannh
llaprw rmrw/a igrW to tM amore payyzla Irndar By
} Bond Rrrw I,truFrroF PdkY hart[ Bar
~ Fund antl apply auto) manyi to any Mwlu
r Pa1P0a1.
arnrylirp P Bla W repvarlaaq .... ~ h Batli0rr 29.K.
t d mM Ordkta+roa tlar tier Pwmk tM uw a
gy d wry aerW d Bmdr M a lug tvlldkq
d IM Raearva Fled in tM amount d tM
Raaafw full Flpulrawrrtl, tM mrlmum
amoVM d . ~,, d such sarna d Balder
veer whkh star 'a dapallad to IM Rrane Furs
pufauad b Bacylan 2a.K. alrak M eipoFkal m
tlts Raaww Furq ~4P^ tM Msuarrc• d each
ionic d Brrtls and PMOgid Ranrwr ilWl La
tllPOakal b tM Ratrrve Fund aentray is that
rrOl YW dtrr ttayq p4rrdar IrlanThs aIW Iha
dys d isalranoi d suet FtlfMa d Batas lM
amgUlll on 011peak b 1M Balancer Furn etyN
FQYy tM Rwww Fund Aagtllraarm,
Sadbn t1.C a tlra 1881 „ , ~ ~ . , Araby
k. artwryal to mNorm b Bra pforMbna d thn
Brtbn 78.8. akadlva on 1M dal fM 18926
Bontla hhNlYy an Wald.
C. ~ sbwr Deorae m ur,na~ nr
B. No paymwi ryal a nww
leas lM Ba4 Fwtd. Bra Rarrva Fund, a bdh, r
ma arrRtxh In tIM Bond FpM and tM amoum h
IM Rearrw Funtl 701y a Fun tl brt equal n
Br aroh•ar1'OdadSM Bana, bdh
w b pdncpy and bWaM to trpadiw
mYUriW, a b wry ~ dal m whldt
ill Town FhaP have condone al optip y
ralaam Hra BmM IMn OUMf#Mlnp antl
thwwRar maturing, bchdlnq anY prior
ralemptbn garfaurr Than duo. antl bash
aeorual and n01 attallal, h airkh nwa marayF
h IM Bontl Fund std Raaarw Fund In an
artqunl at MaN egwl !o such Pfkrcyal std
krtYaq ra9i yraY ty awe aaYy m pert
loch w Hra aama apwa, erne anY mwyya In
lxpaa thane) h !M Iwo funds may M
t erne aerie br ry WMU! purybaa.
D.
Aaarw Fonda N m any ragdratl wbnlMy
payrtrm 1Mq Bta lam allak hx dry raaaon faA
b Pat Yao era Band Full 1M 1tM arrounl chew
ripdead, fltr r wwtmr ahyl M pyd Are IM
Band Ftab m slroh flora from tlM Rnrw Fad
aquy b Bta r111Mrettp bMrean IM amourp pyd
and Ify ftrP annrad w wpuWad, Airy rwah Pn
dl4oaa h Via Raiarw Fund AWI M tgrtdarrad
ntMBondFandbmrralxdta.~ pna
b era trollies d lunch [hewn ones the Bad
Reaarw hFaartp Fbucy. i tM Aaaarw Full
prtyr a Boll Rrsrw IrMwarroF P'oaa!' from
a provber ahr than ma Bond burr and a
Ban RaPaw haurarru Pdlg preybal try tM
Bate Irwar, soy sea than M do a pro-rya
I>sY ban both wet Politic. AMr atilt a draw
arty araaabla PMdgid Rwruir, attic !h•
piymru nquhad by paragraph A of IhM
9adlon, ihrk M rxraq flrt b napery drs Bend
kxurw m rynuy Bta Ban FMaerw ktawaltp
POlclr antl man re raPtanMtr pah h Bra Riterw
faun. TM mn ao uFal ahaq M nplecid In all
Airerra Fund irorrt tly That PMdpetl flsvruee
raosbltl 1M! rs rot r•auaal b W dMnd{s
rpPrlae by tnb Bailin. bur etdudhuu any
paymrts lgWntl ter ehr ubordlnare
al#pebrrr; practise, rrxreyr, tltat an artgaM
aquy m the amgrlM wkndrawn iron ill Reeww
Fund MW M drpeFkal by the Tam h ill
FMaerva Fund tie lyar Brans [[orbs mmtht Irons
ma tlwa d atrch whharwy. k e dry limo tM
Town ahyl fa dry swan fall ib pay {mo IM
Rrurva Fund me lull ampunl abora atpuMtal
!tiro the Plalgid Rswnur, me dkfwanoe
bahvaln tM atroud peb and 1M amoum w
itku+lwatl MY h P Nta msnrrw a pab ftterdn
frem 1M 1{nl PangW Rewnur many[er
Alcslwd rid laqulred n M applal bflrarnrMe by
Ihit iadlon, bur axcWding any paftlsynla
ragWrad br arty FWabNUta deBpybni. TM
F~ t~ M ~ Funtl onto k11M Raplw
aolalY fa Bra purpou d
paying the pnc~lpal and anY radampibn
pnrraum d and tM krlarrN m tlta Bondi, wnaq
[live mayYa h ill Raaarva Ftan antl M vita
m Pay tM Mauer d erry Ban Rrww hywarKe
Poky any amoudi atahg m ouch W ulr ones
tM tarrtta d ill Both gsaFrw krwranp Palcy;
pmvltlatl, hewwnf, dry arty morrYa y dry Bma
M rorF d tM FMrarva Fund Rigtdnmem
pkvlNatl wkh rwpad to IM BabF In Ble
RPiafw Fund mry a avhltdraww tnrMrpm and
ulal fa any IwNUI Wrytlu; and provbatl,
lurtlw, dty any mateya h eta Bold Furn and h
tM RaFrva Fund h aaals a aatftred an0
unaoatlaa pdncpaF rrd kdwaal nqi n ~ b
tM raapidlYi mwurkW d tM twgtandirtp
66nds mry W urrtl r grafdFd h paraprapM
0 era H d 1nIP Paabn
Badbrt f e.E d tlra 199[ ~ ,~ hirelry M
arrrFntlM to oodam !o tM provMlonl d mn
8adbn 78.D., alfidhw on IM tlab Bar 19026
Bondi hakrkY an ksluW.
E. Bahasa Fund. Thkd tMn aha8 fr
dappkal h ^ apical acomd aaaytl by 1M
1999 Ortllnanp antl egndnual by Ihla
{ . ~ btotwt w rM •Tealt d Yd Salsa Tax
Rrrraw Goners Rrbab Fund' arrouda required
b7' BarCtl0n taBp} d tlr Tea Coda y W herb ads
Fmh Bnra u any nqukatl ghats payroll[) M
mods. Ameatal h 1M fMbea Fond ihyl bB
usal 1Cr fly pupae d makhp dy paymafr b
tly llnsad Bmr nquNSd M Badlon ta91T} d
tly Tax Carla. Airy arrRtutta In aaoeu d Vtay
rpukW to ly qn dapoik [)tarok[ b1' Sacdon
146f!) d IM Tr Cody shay ly wkhdravm
tfyryfr•n and dePOiaab ka0 tM ktoofM Fun.
Funs hVy RabW FPM itra9 nut a Fpbpd m
Boa Nth faallad by tllk l7rdhnr+oa m IM atneM
inch amgwes era nquhatl n M paid b IM
ilnkrd 9taW Trarury. TM Town may dean
iiparNa aow7lnN In IM Aabata Fund b
wnnidlon wNh tM Wuanp a MtllPgnal
Banda.
F.
ARr 1M .. ~ rapukal by A, 8 end E d IhM
Sadbn, eta PMOpFd RR+,nar rhaN M leetl n
wY Atwell on amouma adrartaW vender any
Bontl RFarw 9leaanae Policy.
D. Aber
the PaYttnrta laiuked by F ~ ~ , ".. A, B, E
Ind F d roll Baabn, ma PNdpd Revenuers
ahtl !k veal by Bra Taww fof tM payrrtid d
htarast err and pdmlpal of any obNpatbr
fawntl by PNd9ad Rawnur atrbwdinea Io
Iha 9r d dr Bends and r a poky whh er
d .. , b IM ton d tlb Fhartdtl O+rlyanh
A~ herealyr IaaltorlxW b ht Wual
n nsrwr
F! SJ1R.fatf ~ ,. „ Atlr makhp
the prymsnn rpuNatl q >» trwtla b1' this
Saclidrr, anY rrfwhkrq Pndpad Revenvr may
M void lei anY IPMIII Pprppa.
hlofhdg h fhM Ordhattce ahoy Ilrli•'snl 1M
M Tewn from wrNtldrawhlg Iron tM mowna Full
h amounts collactatl by Iha Town and
M subaegwmry tlramvnal, Prdawnt ro ell
tww iPalrLabb Sane Tr Dranaror, b M rub}slx
kin bread daktra for rehans.
from l~CTM)N 16. ~
Pan ffmtla. T!r [undo . ., ., b eecdanr to anti
h to Mra0f shall W atlmnltural Ae btbwa
r aebjed m IM Imlttlbne Metal In 8auion 2g.K.
F[raww ~~:
A .TM
I Ranier prbvbad b IflaNa Bra W~rtrn apFalllad
M 8ralarr 78 hand an heviby .. ~. ~ ..for
aan pURyaw, r[d aye amourai Iqr iagh Year
ahaa W IndW W Yt 1ha anmW WdgN and 1M
approprlalbn atlinanea a m W
aaorxsd a Farad by tM Tawtt Countll h rM
year ._ wltlla any d the tg92B fkxaAt,
rhw r b prhl.'pal r hbrwl, aR Oulwrlartq
rtl unpW. tb pldrMbn N anY aonlautlen,
rwun, dynes, wtllnanp. twdabn, w ahar
anew w mrww Fnadad aMr Vr Wuwrce d
tM Sg92B Banda ahtl h any man Mr ba
. r YrrYihq w I tM bbllgebn
d TM Towrt m kaap and perlam tM oovananls
PFMahytl b lhM lHdlnrroe m bog w arty d Iha
16926 Bonds ram W, Gutigrldhq and vrpab.
Ndhkp MrNn ahaX prohibit tM Town Cwntli,
n as ieM trptbn, from apProplailnq antl
ipplylnq Nhar funds d rM Town MgallY
waNade fa Intel pulpcr b the Ban FuM a
Balancer Fund htr tM pulpbr d awidirq far the
paPnrt d the prlrtdPal a, + Ierail w, a any
prartaumi tlw rrkll raaPed b the tgB2B Hortda.
B, PJa®e and Trmaa d Oroasxa. Eadt d tM
apacW 1raM wiiaal h Baabrr 16 Mreot ell
IM Conatrrxxbn Fund arutl h Stidbn to
hwad aMk ty r7rlnaMal h a CommarcEal
Baltk r a bggk adpum kaa +ewlwi all apart
hem all ahar attcwms a lurxM d 1M Tavm a
iruil arxavnn aoMty fa IM puribsae Mrdn
drlgngid [hmfora. For purpoaea of
M d rmneyt, lteNhrq harakf pwrts
EM „ ~ r, hg a ltwlayi aepurdea la h any
lwo a more lira) book aucatldl psdainlrrg m
tM PMdpal Rlwnrrw a b such furrtla and dry
o11tFr lVrt0a d 1M Town b •y aylbNirrad vendor
thN Ordnytca, Such Gook aowtld ahtl be
eomhuowh aacund m ill lulMat i{tint
raqukad by ill Iwo d tM Stall For dli iaarkp
a ptaPb hxns era ahaN b kmooahM rte nil
wa .,. . 1 by anyay fa eery PtrlPeae dhw
than tly .. ., .. ~ d such
funds or atraaVS, F.aGi pFfbdk Pa)'lrWa Intl
tier c{alkad b the pfoPlr [rook accalea rot ores
than !M era tMrwey Mrdn drgnalal.
sxpap mN wMn~arry wch day aMN w a
9atraday, a Blindly a a Mgsl hoNtlay, Itxan arch
paynrm iha9 b• ntada r a beater tM tint
pnaading hrstrraii dry.
C. Imlrr"'e^+ d F,w„r. Ary morlara In IM
Conatnrdbn Fund awbtl punuaM to 8ectlon
f4 Mrro1, all anY monsya In any land
ratabYhrtl b)' 9adlFn 78 d thM OrdlMnca hey
bs Intrwlad a nlnvawatl b any Wrmhnb
uwlspnsyrl. SiGlfkiee d ablbatbne mRhwe0
r iudl wt I ahtl aXltw M rapper b
rotlrlpbn y anY tkty al lap vale by IM
itoldar ihirrd al ill opdon d loch Ixebr, w
rhtl myure at Fudt tktM a thrive w ihaN mop
n.any cohdds veld, ell rxPSaed nrtl far
rmrnyt Irom tM forte h gawtbn. 9acudlW a
r .., ... 1 w Iwrchwd r an hvwtraam d
rrbryyr h wry audt torn ahtl tp deanrad b err
tlrtw m tier . Parr d tM appupbla furl, TM
Town a1Wl prreant for radrgtlen a aaM an rite
, Ir~rrw My rglnlfir a .. w
u en d tngtny{ M a
Shan non k More 6s rr{o{{{ary n do
r In erdlr 10 prorba anpyi m ma•1 any
ragdrad piYngra atrantw from veto land. Try
Town ihaN Awl rro ttdlgstbn b Iwk• any
kwwhrMnt a rehWiplyd IlFrifllldr, unless
sly +rxayya an hand and axarreal la h any
arra agmum •xoaal ia.990 den y Irtt S4d00
[heroin veil rat M naabed }a a pried d oat lau
tlran 09 days In audl awm IM Taws shall hvr!
a raMrrt net Ira than atfiawdlaky yl d lM
anbwa [[frith veil rot b• niadad dvrMq Fuck BO
dR' pantie, axgep for dry morreyF on rlapesk h
r Wwatl baarinp arrooud h a CgmmircMl
Bank, whhod capon b xMamr veto nrorwya
eta aridwroad bI' ^ pRikYrla d tlepuk or
dharne, pwsuam m roll Sadbn 16.C. end
8aclbn iB.E. Mraof; bu! IM Town M not
ngdrad Iq hurt, w w b Inwat h ruck a
nWMr. any matey) awourrW for hwapntlw H
say ouch imrlmrt would pnbavap the
~ ad oortprdrtp arNNraga h Saabn 2g.K.
D. No LIahBN~ ter q#iyi#, In_nu..ed In
flaVher the
TdanMdBCw~ ~ ~uld~fO karts
a re- ~. . , nrt0a h ~ .... ~ .
tihh thM OrGnuga.
E Y~araraar d Fond.. TM rfblbyF h any
mod a aeadld harsh alrBrorMal FnaH oonaMl
N wNul molly N the Unkal Bwr a
.. ~ byr 9adbn i&G, irrFeT a
belh slid) rtnMy and FVM hwamemi. Morrya .
h a t!•nrarW a time depoah aeeeuat
h a ardroad M^ awWbars d dipole d er
y Bank parwM to BwdbrsF 16.6.
and IB.C. Mrad, apPraprlNNy Facurad
agwrdk)q to the laver a1 tly Sala, ghyl be
tlaarelF9lawful titaray d tM Unhatl Btani.
SECTION 17. LI#1l,pn PI•dnwr R•vn,,..
7M 19928 Bondi oelMtkdl a pNnge d, and an
~a fMn (pd nil an rxiwNe Nan) w yi
d IM PMdpad Ravantrae r a party wkh Bw IMn
d IM 1991 Bonds. Ths tD02B Ronde are
puNaby and reably sawlal bl a Nan m By
Pknpal Rawnur. The 19928 f3ontle. In
awadanp wah tM 7086 Ordlnrce, only
. , a aeoattl and atbordintla IMn Idn oat
an axckniw iewlld Nan) upon wl~haB d Vy
PbdgW BaW lax, iudl Nan betnp la0end and
itAfadhtls b the Ibn d 1M Tawny 1985
BOldi. h umnadbn whh tM Pbdptb Saba
Tax and r ragvkal by tM 18BS Ordhanp, lM
Town shag fuky prmMla for the dabf untie,
rrwur acooum, and dlrr requlnmann d 7M
[908 Borrak ban are•tun d 1M Ftedpad Syr
TM In arty FMCy You and, any aflw such
pmMbn, may uw axeeee d each Pbtlpal
SaW Taxu Id ma wYaMm d rM Pdmbal a
all Idraal w tM 788Q8 Baader, 1881 Bonds
and any Atldkbny Bondi, b)' trarMrdssp each
axcrs Plalgal SaW Taxr to 1M hwme
Fund. Tha 79926 Bonds wullbts an
trnvopbM and tint 9sn Nul cwt an exduahre
Pnt IMn} upon Ily omr Pbdgad Rewawt,
Inaudhp Iha ahsr ono-haH of IM Pbtlgatl
SaW Tax, r a partly whh fly tp9t Bontla.
BECTIOH 16. .
A ~,gBllalbm. limn )ruancn d AeWNIn>rwl
800tlL ebthlnp In ihM grdlnanp thy) be
aa7etrad fn ouch a mamyr r 1a ProwM tM
fruanp by tM Tam d addklwl7d boor or
dear d)IpNbna, PayabM ham antl wn1NU{Ia&
a IMn upm tM Ptidpsd Ravrttua m a parr
wive rM sin d tM 79026 Boner IIM'Adtlkbhp
Borttli'F Such Addkbay Bondi mry M psyabY
aolay from PMdgad FMways a illy may be
wYtrbM hem PMdgstl Rawrtur and eraMr
rwanw or Lund d tM Tewn ('rWdkigny
Plabpal Aavanur'I. Regardlri d tHytMr
Prytlbla Folly fromPy~jF~ Ravanuee a from
PWgad Rawnur lid AtldNbnal Plstlgal
Fatwnur, suet borne a othw .. ~. may
h Woad wy H to Vta FMoal Vaar ~rrrtdWey
Mso•tlhq tM Wuaror d arty Atltlhientl Ganda,
tM amount d Pbdgad Syr Tr Rawnur In
suet FMeaFVau rgwYd w •xpadal )Sox d
ill Yaalrtrntt AaxW Dab) Srvlr ApWraarwt!
p tM Bbnbi Ihdudhq Bra Adtlhlenal Bonds
pn>poaad n ry Mausd}. Fa ill pvrpra of
tM ~ 15ox ir[, anytax,
crow aaktktq a Iranillrr anppad, wtltkh
a part d 1M Platlgal 9alaa~W
Rwantlr durnq the fiscal You prepdhg ill
Miuanp a Addkbrtr Borrtlr, a anytat whkn M
m bsoonb a pan d tM Plydlpd BaW
Tax I prbr m 1M Meuanoe
d AdtlMOrlal Bane, a~ariy hapttee In Va rue
d IMY tax rrhkh N a pan d tM PMtlgsd Sa1ae
Tr Rw,wrtllr aautda haara M )rtlperad tlu
tM fMpl Yiar pnoedinp tM MFwnce~
Addkbnal BornF a any atlch harts whbh M
b ba hppab i ~, Y Prior m IM Wuraw
d Adtlkbny Ilenda'un w oonsbwal fa Nr
eatMWal aflaa m ill amepnt d 1M Pledged
Balsa Tau Ravrllae r H wch tax a haera
hb boon In aHact for the Flacal Year
hnrtlleyy prepolrp tM #auanp d cacti
Atltlkbnal 6antli. Any fix whldt i ro kxgar In
aBaa y IM tkro d MFVarroe a tM Addnbnal
Sands rlyn rot M canenared nr puRrosse d
OrdktwWr alyrdy M rrorWed ro cwNam tq Ihet
prwMbna o rhM 3adlon 1B.A., atlactlve
., 1, 79ffi.
H 1M oMhwnp aulharizing a eerba of
AddkkxW Balls NN p4dpe Addniony PM{Iged
I' ~rrlr{r m tM Bantle, IM wtimeed abet) d
the amount a such Adtlllmnat pledged
Aawnur may bs wnydired u N ouch
raYrayl Md barn[ racahal for tM last FMcsN
tsar Imnwtl4iNy pacetllrtg the Itiuance d
itlrh AdtlgiaW Bartda.
8. Cartllfrrta d t;yI,YBII 'L°S. A wrlnen
. , by ^ prdNFd alrbtb axwmanl veto
M rte an arrtpbye• at the Town that the
rata a paragraph A a Mk eectbn have
tram rtat aMN M .. ell' Itreeuntad to be
aoourwe In es4nHrdrrp the riper d the raven ro
atehadya. Msue, wl and tlaarM said AdbHbnal
BgMa w a Parley wkh rM f 8828 [3ontle herein
c.
Nddng h role gvdlnrwaa ah•k M wnnruad In
ouch ^ rrnrsnw r m prerem SM Nsuance 6y [M
Terri d adtlNbml ehlprlerla payabb Irom era
ppolutlrq a Nan t4on IM Pbdged Revrtpe
lt4erderay w }antic b the lien d the 19928
Bondi.
D• . Ndhlnp
In tar Ordinance shall tier wmtrued w u to
Palmk eta Town m Mruhw MFw obHgalbne
luyabn )ran rM Pidged Fiawnllr having a
Nan [Moon prbr a wlyrbr la the 18926
gornF.
SECTM]N f9. g
A. t3B9BIBIhC. tt y any time char ill [9926
fionda, a any pap tMrovF, shall Mw been
Mauatl and raneln Ountandinp, the Town Fnyl
1hd h tMhaGa to rslund any Oulatantlinq
ebliPrbrr payable gem the frladped Revlnur,
old otdyylra, or ry part iMnoL may be
refwdal. aW,yacl nlha WerMierw d Paragraph
8 a toll 8sal•n, 9 ft) tM •bllOnlaro 1• b•
rMwxlad, y IM taro d Beek raputal aurrarnw
tw prlY+ttwtt, altaa err mMwe a ahau then ea
ctlabla lqr pow rill TamY oabn
upon gaper WI, or ~(21 lM ewnare d tM
obllgwbns m M rahndal erne 1M seer Irrwrw.
H tM Bend [naurw hwral such abaqubrra,
venturer b ltroh aumrnr all payrrt•nl.
6.
Any rNurrdlnq d)Ilgsrlone payaab Irom the
Platlgal Rewnuw ahl !x )oval whh Fucll
tlslaat r IM Town Cwradl mry Frowner, sd
brq r dram h tip ., d arty battnctuy
ob km erlpeaatl upon tM Town by any
propadhga adMrkhp tM Wvanp of anY
rrNtaaal ponbn d ttdlpstbry payaae ban
tIM Pldpal Ravanwa: bd se bog u any
19826 6ontlF en OunlanOhq, rdunding
, . ~ l payabM from ere PMtlpal FNarwlvr
~MWwWuq PR a IxarkY wih tM uxdultdlb
t. P~w.~muot. TM Town Not nosMe ill
egMans a tM awnar a ownari of tM
ttraalurtdld Bonr den tM Bond Inwrer, Y the
B[aa prlwr hxurad )trill d>wgwbm; a
2. .::avirernwniw _Na. manrld. Tha
rarurrbNtp dAyebM do nil hcr-Ma M more
mr f26,t10f1, ler anY FMad Year prior m all
Indutll»»pp 1M last manrlgt tlys a any
lxlrFlwrdFd Gonna, era alpgrapw pdnaNyi antl
Irtarrt nqulnmaete wbencal by aueh
ryuntsnq d>11pMbnF and by arty Ounlandirtp
Bontla not rdundal, and tM Inn a any
rNurnhp parity d>fgatbnt m ill PWpW
Rwwnur k not canoe n a Nphw py12Hry !flan
ell kart tMrepn a anY obhgNbna SMreby
rMundetl; err
9. Famhvw Trt. Tha rNufakg cbllgalbns
w Matrad h ... Illm prprapM A and
B d Sadbn IB M'r 'l.
SECTIOR 20. EfOfaCUYB :GBYan~nrw. 71y
Town Mnby addkbnyly oonrtutta and apneas
calm rich and awry owner of tM 19028 Bonds
tlwt:
A. 1Jl! d t9adR Mod Prm..,l., TM Tam
vrNl praoud with tM oaytmdbn d the Preps
and the Rounding wRhea dairy erne whh tlua
TM Town will
p.y tM phew) a aye hbrrt m
wary 79928 Bond MFped Mrevntler and
aFCUratl hereby m Btr dues all in By rtwnryr
ipatlfled hrNn and fn sad 18826 Bonds
aggoMkq b Via Irtw bland and rrtunfrg hared.
Such pdndpal end lnlwrl M payabM rlely
ham By PMOpal R•wrtuw.
C.
TM
Bow 7M ONhtmwa ors h luk lap lid eyed
and haw nos brrn rapaaMtl a a+ltandal. TM
Town call not rap•al a amtM fan Balls Tax
Onhtarroas In any manrlw rdtk:h woub dlminhh
Ma , , .. a Ma Bair Tr br an annum
rtf kh rtoedd rfrwrMlW atNraMy aefacl IM dghn
d dy owxyn d Bta Bondi. TM Tpvn prsoi
ihN +nY Mw, onNUrtp a nriokabn a 1M Tam
In any rnNtyrw aiadkq tore PMdged FMVanur
a Bra Bonds, a aMnwa appenakling [Area,
aMU ra M rapeNal or othrrwiae tllracty or
ErrtlkadW modNlal In ouch manner r to
nsatrlally atlvanaly alfed any Bands
Oubtandlnp, uyra tM nqulral oanuM I{
a111pN1al, yl r Irnvbld h Badbn 35 d dtM
Ordharra.
NaWtM[andkp arty oVyr prarMbn d roll
Shc.Uan a Mla Onwwln,lM Teaat ahtl retain
the dprt to myta wMrout any atatswlt
a bond erwaeri a~ Iniurw, h tM sales
Tax onhrror, a +ny aNhunp a .. it
See next page
. ,_ }
.»
:,~~ -, .: -. .. ~~ T ~:~,,.,, ...~.:. - - .. ,..
nr .nn,'
W~.n x.:, ah„~, !e ~i~. a-eE.tt. T~ 'idln ,'_;t,, l~sa,~,+ +„FUCy 0.1~,i4°'"~
7fte VaQ 7}aU -October 2, 1982 59
F7wrl prrvfolts page
Menb a h wubeWUtlon tllereAde,
Ma ue d , . , d tlw Bair T
renahurp eWlaltkp p ids a~~ri.a aNlee
lxY+44 hem Ilia PNdgw (ielw Tats, a ary
panbn snood, Mw biro end: or .. ~
chanpu In appllaabllNY. eaemplklna,
edmin4lndbn. aaedldn, a d tM
9aW 7Na, N Iuch dwllpM de Np maaWy
IM~TaI~ hW rnN~idlir~iyha7a ~nM rwapli
Paaged BaW Tr Whhoul IM Oanien d NM
mmen d 86 porn h apprepate P+kw#ial
amoaM a nor assn OlRilafidkp iBa79 Ba14 a
IM Saw Irunr (~ 4 aPProPrleM). u
la~ldetl h 9NZbn 86 d Ildi bldklarlae,
Tha larepaktp CWeiladi era eublsa 10
aaTvxrlw by Nis Town w#h adorn d aaala d
OarlpWnl jalWkdbn .. ,~.tM Yaxey,
cana9ruttonwNY er odlsaken d sorb lu
nweaW. any IigfiMlOn d dla lilNld etiaal a
Me slw a any repdalin or eMrN Ihlhn taken
by dM teNta alj t1N~ apinay a
any peN11eY e~ a 1Pe 61ae4 pursuant to
evch IpUlabn, h tM arNpMa d Ma paba
power t7lrwol 7d tM pW/No wMNtn, whlan
IspMitlbn,~n N aoNaN app4ee b tM
Taws r w Mrfis Was dh' arw Nltta a
OIMfwlea Inhxlla rM amwm d such Ise
raverlirw dw 7a IM Tor,,,. Ai a +M Plidpad
Ravwluw rewNlnp bons 11M Illposhbn and
odbclbn d Nis Balsa Tak ahM d eWlad b tla
peymrl d Me pNno~al d, hbrrt on, and
pnnllarh, N arrryIy~~ p all aaCWhiw
gyada Iran IM Plsdiad Raveala/, IndirOhp
reirvr tllarslae, r Prorrded IiraN a !n sty
kWrdmwde ,. ~r«atrwlddar bend.
TMre 1. na paMktq a mralanld sly su#.
aclhn of PlocNtlhq epalrl a aflaatlrrq !M
Town bane a by any aaurl, arbxrater,
admida0atlw a Mhaf , .
anhay waNtNl~ IM vaNtlxy of bOsMY d
Mb Otarwnaa, a tM Bella Tw Q+dewbei a
Me InposYlaf arw ooxsabn d IM BaMe Taa,
any d iM Towny obgpatlom Yoder ihN
Ordlnahce or any d Me Iraneaatlene
, ~wbydw.. ~ a1M Saw Tr
OrdhanOw.
The lam /hex, to din ektlnt .
ave. dehM the va4dhy aha bpNy al ~Ihi
Ortllnaliol, tM 9Nr Taa and tM 9aha Tr
Ordlnanwa yyalnet all dalm/, ours and
wxdoh wbuh dklYnliR a klpa4 Ba
Pad9ed Raverlurb Iklle Nrf Pfaxkbni diliraly
ordinance a rwdWbn p Isle Town, w
Rwmew r rdqukegflM peNlafiaW~
hMeeef on, aM1 prlbe ~ t Pranda4 M
ry, d Nw 19998 Be1da Mrr diPR
E. ~ N any Ind a9lliila
din 7rMn alias W W r N a1aY M healwrkad a
INN. Pala, make, 00, tonne, taNnawMdga,
daXwr arw !Na d nadd M and Gray sleds
tunlwr helNerelnh. gas. tlwds, wnwyeribr,
augnrtwat, ttansMrs. oehM deburtNnp and
riuranaw r mar w nhrway a daauabb
fa 1M WNN aaurkp, ronvayhip, grlvFtVp,
pslprillp Nnd drflfmhp ed ant drqula lM
ripldt, tM PNwpW Rawnrtr arw paler llMde
and aaaroumt haebY plwped a aserpnW. a
mtawed so m ba, w whlen the Tpam may
M+Mhr bscrorce brolaw a pagge a b aeaget
a r may M rertlhtble aha requked ro grry
e+lt M. pugtwr d this Ordlnawi. TM town.
adlrp nr .lw tnrouph w dlhaR w ahrwlh..
ihY a! aN ltmli, b Ma eaelea ,
ddand, Presuve one proses tM pMtlp~ Oar eeW
Pladped Rawnua and dha funtli and
envauna aid Y din dptM p
avay owns amt dtM 7ii28 Bpltla paha
all clNllw and dNrands q ax Pendll
~.
F. ~IIIBpi,PxxBldxol. ~ tM Munroe
d rp d tM 7ggp8 Bend1, al aaidNlelw, ads
new tfiiipt requaad fist des Cdwl4Nbei a Ilea d
der l1nIW 8ulie.IM (~. ~ N Iola d1M
Slab. iM Lydit7er a tlda Ordkunae, b leant, b
Moe hepprlad, rw 10 haw belt! pabniW
m a In Mir Miurioe p tM tni26
~nlwi sMY eNNI. have happrM/ tlld salve
been, and iM 7 Ba14.IaglNilr
irhw ax rothr obllpahna d Ma Town. ehM fld
canirweM any tlabl a dha Ilxdlatbh
1 by the Cafelxabrt a laws p IM
Ude.a Stotts, iM (:oMtNUtlorl w inn d IM
Stae a Ma CMNIa.
d $~Q#. 80 IaiO r ahY d tM 1ap28
Bondi ramah QutifrMhq, props books d
record ales aoaroa8 wW M keel b4 tM Town,
upada new agars haw ax alar IeaOftle sled
abooumf~e~ oanphq Nod soared
Revenues sod IM turves crheltd a tiod4xred b1r
Mr adkirroa
N. 8y~. TM Town ludha agntM Nir N dl.
witMn too days laiarep IM doe d sash 7ioY
Ywr, cane sn nuns d iutli leolda ant aoroaNri
ro M made M • wli#f W Pr61b who
h rid an arpbYr d the Taws. iMwhq IM
raWndNe and .~, ,. urn d dM Pkdpw
Rivaniies. Tlw Town spew q ainw d1a rwwbr
d any d des 10928 Bands b ravlew srw orgy
foal audde arld nPorfs, st des TawYi allow, a
hk nquwt. Cgdw d ouch aud4a and rswan
veil bs furrdilMtl to Bond ImurN and IM
Purdirw.
I. P~,~=~r,~~1.. TM Towd M4 hNMiy
and pedorm all diaiw wkh nlCpa~dtwb
ant SM CaaINlAaa and I~rrw a IM ~e rw
IM rordFnrlwe and rromtlan/ d the Town.
Ira9udYp fiat nd ilif#ad b IM AraPer .
re ens.., a ma Bales Tors end~llr
d tM Phdped ', arw iha#
aPpNOallon la IM reapectNa tuntla hardn
arprrsiwt.
J.l~ygi, As d Nor dW d Mitralioi a
des 79028 Bade ant dsw des RataNkiq, {tlw
rnan nor 19Bx Botida, dfa 7901 6alldl and Na
Nowlnq Gonda, Into are no Inns err
ap.4~ry a d i P~~gpww ~ an a
K.7~IC1~niat. TM re.tralelnarbrdle
e ,~in m'N wr .iyaawnd w an~
trl- ary.awtn wen raepw totha 19nOB Bantle,
rNe ... tMr.a. rw aha firm. d tM
wroatl caw Nis Maalwst an IM t98nB Yonaa to
bee r. sitlwlron learn Bala Nioarla !Or IIdaN
Ter Coda. iq wwAd CaiN awyral aitlr 1iip8
Bonds b lwa Na axqualon ItOro a#ernalw
ribitraNn taasbb xtattfra r Opkrad M Becderi
saro~ d M. rr cede b IM 41ad
auah intanu 4ewrmpkWpand oo ba ho4dld !n
m ~ral~oN undN Bwalen B! of the Tr
CotN h gbuidirq . ,. - aNNnNlw
nlhlharre laaabi hwha, w [141 wa710 aurae
kiarad Ow Viw 19196 Bolida b leas •a wtdlfM
Tram ctlla.tla m.ble Niwnis a CdaaN
~~ hNNnakY mhlmbro IreWe Inoema undN
Piwara ,.. ~ ., tart. TM .~ , YoVM1a1N
as ahaFl nnMln In full Idrw antl eNed
~ notwNhlkntllnp the PaYmait In full or
tlafeelrrce d Ma 19p0B Bditla urld Nw dwa on
wMM r ribupalltr d tlw Teen Ni Icr8lkip pw
above oovertarN undN iM Tr Code and
Caloratlo Iww haw bents met
L. Tjalri.F"l.e..v.. TM Tartu wd I+Wddn
he ., ,. hawy aid stdl7ence w b+p r
any a tn. t9a28 Bowe rrialn o~ ..
wNw abdar pokbal eilbdNisbn M .. ,
a 7Nr luoortla m Me dlaW. Pdrlb9w, pawwu.
IIifI11A1ea, dkhbpdw, hlkiwnltlll aiw rfphil d
tM Town end Y obllpdw by sae b Iwwe/e rid
Tdlitr4Ae h Plaw d 1M
P rw rkMs~~ 4y awned arty
M, Puftrers~ JB]-_ : ~ Tha Town rNR
laphhrdy ales pdtcNay pNbrm n awe m W
perbniad M didfae rah leaped b Me PPMirdApNegd
FacWUw ngiwwd by tlia lri a Nw BUI:e rd
1M rradtlaa d the Tbwn, IIIduOlnp rrNliol+[
Ilfrllrbn N.klp and old
suNk/ra Illrpw ra Use P F.dNiee, des
ringer aeprepatbri d ilw Pledged Rerwnrtas r
sN forth la 8wtbn i1 hNed and thNr
,applkarl0n b the feepadhn furore r hefeh
proAdM-
N• Ems. Ba lap r tM
19928 8onda rlhakad basin remain
odUindlnp, 1M 7wrn MII q9M ro W
rtWlllhed, hrPeeed and IrWdalned +ucw
sofa. relea /aitl glir oliaequ for the
use a dheraie h heipad d EM PaMk1q
Fad4tlw r wM provke h each Facd reu
Orra Rewnwa rMleh tageihlr wNh abet
Plhdp/d Reraniral /has be rAlklwe:
~ b pry Na Tdlwitd ~ , ~~ ~. ~ e EiopeMr:
(Iq ttl pay tM ailnuai regYkerla+rte d
pirleyle] a, . Mary, slw 411/rea an the
a .. spas, arty alarwN. ored to tM
Saw Invent want tM FliNndal Ouurry
ARrNwe Futl ~ i 371 ^ Fund ~N tb tM
Bunt law, ralr ant dwpsa ahhdll ti.
raaean111re a~pat, klb aoaolaa ore adp
alydlip toa8la ilw die a9eli
d opaatdnp eaa maNNWiYp tliatq ant IM
,nhi+rYi fa the a W
Barwa aw am pBw nb4gabrb payabN kam
die prow RrrNiuw, eoawd klerer tlisraon
.nd ary rearvli theralaa
O. lfiblrarird Paaw.. Faerl... The
Town YUi a NN Ihitie ntWlaln tM PatWrq
FadINlw In BoOd repa#,.tlwklnq order tlw
tM PrMNq~Faogarid h~bm p~me I~otll~wrMl
make ax +iwdlW ant prtlpa rhPaYa. taisvraY
arw np` . d NN Pawllip Fadltlr.
P. Eiepep for
ary Inane a dha rlphl d uw 1a prdpN nadaa
a otliN amwwrdbnl Na rewm YM na ssi,
, ~ pladga a , . eriawrbsr, a b
sty tirrwfa dkPOaa d a ONIawYe aneriale,the
PaYlnq FwcnNNe w any Part Iherea, uma ax
10028 Ixaida shall haw bean 940 Bi Wi, bah
prlndpa and Inlereat a urdeee , , hr
been nwwe thsnfaa, eaaepr r provhetl h
Burson 20.D. Mrad.
o. Drearal d u Y preerrer,. Tla
Town my sMl, deeeey. +bandon, .. e
aerew. a. a via a a+y drive aeey IrroPwIY
cdnpMkp ^ pill d Nr PaNwrp FacFUw whldr
ahtB tiro bwn.Nplwbee by aNwr pKVrly d ak
sett goal whw, a MNah ahaN aMaa 10 6e
nacrury la tM aNlelsnl opaatlon p !M
ParNIM fadlltln, a *MOh wNl nd mrPar4Aly
adveney aMd Nil Nrllafa d 1M t9n2B Bads
A wfNM daerlydharon fir thl Town that IM
cErow Rewraaa rdl a .unc~Nnl M erled tM
regdnrtante d IhY 8ecaort 2a,0 shall be
aondwNey Prnumatl aaeerartr, prwWdad,
hpwhva. Mier h dla elwra p ay ids a odor
oarpsnearwd dlaprNNm r alonsald. IM
laawhMd on nods dNPOSNbn ihaN be
ahd#atl b na Bond Few.
R• Py~SNMMItlxiCmMil~.lniY(i09a.
TM Tavel shoo aa1eW arld ferkda4i. a gives
to N atlqulred atw malmrtlned, f#a and
aNterraw .. Maance on tlta PeYlnp
FacMtlr h amitMitl al lean iu1NUNd b prarlda
I rot rig 4ls Man has radovay dr lea
from Pale #rured 4YIYnlt dada nd aaw/tl'x0'K
d iM fui htutabN valve d Ufa Padl4p
Faepdw, TM xown, r s.Ilabn. slay prgvlde
fa such Ike and awNidW , , inlttraebe
on IM PaeMkp Facrlae 01xIMNY a whey by
mrr a t sN•Iceaanw hlwd r pAMdld Oy
applbabla law, In roarr411anw wIM tM
raqukenilde herid. My slrai iex•Imauiw
ina4 w deemed to a Ineaanr otlverNpe
Mraurwr.
S. ~iLbigBpM. TTa Town ahtl puraiar
ant nrkrfahi h aonnecaon whh IM Parldnp
FaalNal puWb IIabIIIfY Iniurenr end
warMlnwY .. abn kleuranoR h loch
anouda and b euroh rand r n7aY be regidratl
urda tlw Ywa d IM Bala a, ki the Iblllfce d
any 81st' rlWYertlrN. h rlbud nos Iles
1h1i1 tM (xr'Ra110r1a pravldad in tM Cobf1100
D. ~ Yrrrrl#y Ad (Adlds f0. TxM 2d
d Ile Cobrad0 Ration &ay1M, r allwrldsel.
TM Twlm, r ha eiallen, may provlw la err
fif{ynrlp apaellid h all Brllafi ;14.8 pan WY
a trlhoh by Irilaa d • aa4 haw r
provbM by ~ law. Any veal seN-
Yisuranw ikai ,~ deaf/rid b a hiwarwe
CNYaepa haretnda. TM .. , d bra rw
ealended kiaurenaa oovahp tM
P/dixq FrdxNae, it din aPnirl d tlr Town, hhal!
iIF a loved bdhwM fir tM prowl a npdr4p
any plWeafY dwtroyW, plwYbw that dry
Iniuearioa ~ ~ rNrlMnq rPan IM
baNW~h Tf~Bdnd Kurd a (N1~6a
ralNirrMl b 1111 Bard Fond.
T• P~ r,. , ~ , ~ r 71st Town tMi cave
Me PidpN - b ba e#iserd plariay
and a99dANed lot h IM Wnda r harWr
iNBIC[,~iBBQt IEaM omdal d Nfe 7rowvi
Mw+p aaaotlr a ai. Pt.epad Fl.rawra. a
reaparar9M far disk haMNrrq, ehdl >» fay
bondw a .p 1hai, wlwch said .ItaN a
d veal is goner .. _ , . a guar
n~pt.ardte+^1 MnlfipV. tee Admn
Pm#si#iL Ho oa+ied veal W srwrad hn, na
Yrw My adlat W t/Ir7, by the Town by wntn
Iha rlphq and p any Owner ar.•
&ECTION 24. Qom. YY11en tlis 10x98
Sawa haYw born hiy gold bah r ep Waicilei
sad Ywrep aid is h/rlOrala dpi ro tlw Band
haw boa Pale, aid! IbI41e1Nn~~ ~ ~~ ahai
a dllldfagld, taw 1M 7gi88 Baba anon M
IanBlr w dwlird b w 17uMaMlrp fir rY
BecUOn 1r)~ hsnal. Pgm+ad a arty 1Naa8
Borne ahax be dr„iw niab wnhn Me town
hr placed fn wterav wNh • iNel Boric an
ri+OwA wllldlrit tincllitlVp w knNm mhtnaxll
ytw Iran r; . 061pabrl m mrr aN
na a 0driiba4 xiw+er. one ary vela
., prrdules On siiM 19026 Benda r
the lace b/wrrle tlW b ,naturNy ee a
dwyriaad pda One; and. N 79928
BaIMI all ro be redrmed prbr IO mstudty
tw ~bb9ealan 7,A. Ilwed, wMn tM town
Irwlruglcea to gNe~t q prbr-nA~rrp Wn~n
aawrtlarroa h 8adbn 7A. Mfed. TM
F . ~ , I bbNgatlps ihaN bacvrla dq a
w pda b tM .. tlmw do whlrfi IM
preview Iheteol shall be tna0ed, in
awardanca wNh a aawtluh greed upon
bawwsn the Town atw such Tnpt Boric a tM
Mew a creadir, d IM eenow end srp not M
crwoh port m Nielr ecliedulid nrturilw by Nw
I/HJeI nlereal.
h the amt dla lhM Y a tlelewerbe d ody
Pan d tM 19928 Bards d ary nuirrrNy, tM
^ ~ p~pneervwq Mky al MIndwlaw
tgxgB Bowe a Partbna Meted w eefwied,
tepatlar d chanpr In bond nulldNa
attrlwtabls b aaeiefwa arw rCliripes d [9928
Bawl; ant rM ReglaaN ehax be emlued m
eeaioriaple .. ~.. aw re111EUreertwN d
.., from Vie Td1m h CNlinldhll Yrilh such
SECTION 22. DttliailM n..wara.
TMatlwra d
Ma Town fit, and aaY hereby era. alinortied
and dirardltl to take as adhn newrary or
appnpdae b aNwluae tM pewklar d tub
Ordinance. Iryblutllnq, wMhouf IlmNlnp IM
t9~i9B. ~IwaMwlh I~oWmori d b~aritl~oaunia
Hereon, IM prxudnp d bond laeunnq
entNinq Into and execullnp apPropdhn
wah Nw RapNba arw PaYnq Apwd
all b 4a earvloea herwiwer. and t#e exearhn d
ouch ortlficales r may t» regwna by tM
Purdwaa, Y,WtlNp, hat not rlegiearily Irtdtstl
ro, des abswiow arw wktanw d fecbla a8edep
Iha exchralan d afNrt a1 Me 19828 Banta
Irgm prat Incdnw fa lederd fnwmw tae
purpoir,
The lam, lefma ant plwkhir O! tM
Pachra Caved and NapMra , tM
Esdrow A,. NN FFnanC~al duaranty
Aprearwa, and ai soar d Rapreienarhn.
hereby an and tM Town shad ado
Imo and peeatm M OMipatb+w undo IM
Pumhre GorNrerN and RepYrrsr A tM
Eeaow Aprrrrwd, tM FinNno~el Ouaramy
Agraalaltl, ales tla LaUN d WpIwNNabr h
euWfant1a11Y 1M fomw a such daumemh
praaASd b iM Ttlwll CauliCi at Mli ,twetkp,
wkh only loch alirlpee thsnh a an ngeked
by NN araxAlie+ow ant are not klwrwWara
MrewlM; and tM Maya arw Town CyM W
herey authortaW arw dkeiaid b eesats ales
dMtra ouch tloauiiriet r uatiUsd dreriFy. T1w
Prdlydrtary ONhlal 9talertient hereby a
appeowd and 1M dllcas d Me lawn an
adhort2ld ant dheaW to partlcpae In the
prpaabn d, arw b exaaAe and deawr, a thN
dlkxa rrerrwm fir the ttr920 tldnda, TM
p Nw rhY dfbkl by tM
Dlreda d AdmintetrwlNa 9Nrbw iMN hs
wncfusMly dllrriad b Five Tdwfre
ag1rP+Y d Use form arw wnuntt ttineol.
TM CaxicN hsrabY ecwpts Me Padtre
Gonlraa r Nbrrwlw W din l1Ma/NRNra. are
rrreaY ... tM aW a tM t992H Hartli
m rM 1 ~ r a Pdroe d itl.9tq,728
iw1190aiRid and alpha Ww dllmunltd
i195,B28.7a} plw acauatl Intarl, and
dhandse upon IM Mani, wndNlana and
r sd font h tM Purchar Cavan.
tn. Dania Mao ewaNdwi tea Iti sale d
rtes tx9gB Sawa r prailded niraat rttl In rM
Puldtre Cadraa M to tlw heal advamape d
the Toast.
SECTgN 29. Er!rr d Data- F_adi d tlw
7ollor*q novena Y IwrlbY dec7rW an'awM d
ddauh- yf~#txpapiiaedtM
prlnofpl d any d B+e 19928 Bondi In
oonnadlon NienrMEll, shah od M maea wdian
tM eelria ahtll bewrla des and payabh at
maaNy a by ... .~ to Pdd redwPtlon;
a
H. ~. d pprmra of arty
irwtallrleq d Yleaeel an tlr 19028 Sawa ihY
nd M nrw wtlari tM sane . .. des ales
pgabh; a
C.l, , , to p.rwvm N the Team ibis for
aa6yMpralwbaai w rrrdree , . ,.. a +wmx[p as
0. ~ 410w Town ehM
anion h 1M des and puadusl Pad . ~ d
Ni rnvenrlMe a corwNioria, ,and
ptovNlana „ ~ ~~ N d1e t9~8 Boewlt a nt
nth Omkiariw en h prt b ba . other
than Nir. a, PaprapM A aha e d
Mk itllon, and N Wdr detadt ehYl aonthww fir
Ba days aha w74bn rlotlca eperYyihp errdl
ddauh and fequkklg tlw terra b be renadhd
shall Raw bean grass b all Fawn by tM Bad
Imuta so mop r k la oaf h ddauk d b
pay7rard .. i ~. uridu the Bond tnarhiw
Pploy err. durNlp veal ddwN by the Bond
FeMppUrfpN,11bey me Owns d not Isle shoo 25% h
IIiiO 01 i. " arreta p die 19028 Bdntlt
ItMw8E6CaT[a QN 2d. Remadfaa. LJpan tM
def~ua a~i pranaerldb in z~ IYwe~d, thdi
Bald Ytalaa a alma a owien d not Iwo flints
2s% In prkiclp+i amard a tM butitandip
Bantle, a a airlae mry plod and
smog Ililx rlpln hwaradN aY pfoyir i0M a
equ4abN mrady daemld mwt epadual
Indrdkq mrieamie, apedth . ~ ~ . ~ d
nay ,. e. d+e appakamrlt a a neNwr
ItM wrad d ilydl .. belrp Iwwriy
grawdl, kVeNKSIIM rents. a reauYYg Ihi Tlewm
CoeenaN b act r N # wow dl-truWa d an
exprer fret, p nay .. lprl d such
rerrisd4l. "rp hie forepdnp, r
Iaw r IM Boles hrYrM r na m dikW h #s
payrtan , . alder Uia Bond 3runltw
Pro1LY a a» IL>itu Rrww (rwralyiw Posy, IM
Band Irieew ahax geld ate w , d aey
rarwtly nereutwa teklrod tM aolis/rd d IM
owns. a 7M sales. A4 pr9cud~k 1 wN a
hwkaehiw fir ttie E11t1a1N a nta kwedw w
hop r # k oat In OdaW In #e payr77an1
tlDYpdbrll undx n1s 8ontl kllarhe Paley a
der Bdw Reserve hwwame PNIy, rid. daklq
each daaWt by tlra BoM Irlrrwf. fa
Nil ewd bolds d aN wmsn. 11w Faitw a tM
Saw wrtaN a any rorw+N to proord dew nor
aNwn dfe Torn a dry perwn d ay NAY fa
hlluh t0 QiAdm ry dory hetauAdaf. TM
breprohp dphtl an i atltl#Iwi b dry afar rlQlx
aiwaraal q des Saw kwraer a Oewlsrs d Band.
aw the eawrias d any dda 6y dry owner slur
mi Iw dawlyd • slehnr dry 9dlir nqM.
c...,,, , 2N. tlpr des
n , . , a a+Y d dw ewde a dekup w
provhad Irt sedbn 29 d mli aminra, tM
Tam, h adtlNen, tort do ar,d pedorm si prppr
eW an bMAN d arw for tM Owrlea tl tla 1999B
Bonds m praed and praNNe Me eeeurNy
mrv M P~nNd ddihwei~kidp~Wd entl
Imenn an ww 10928 Banda Pranplb r 1M
same be0orrw des. Pracrde derNStl from IM
Plpdpid Rhvenuee, w bop r any d the 19928
Bona hardn edharteed, aN7ia r m princpal «
ImereaL as oualaiau,p rd ulpald, ahalr W
gold Imo iM Band Fund rd (M Rrarw Fund,
pUnurt m Me INms hared and 10 IM soon
provhW Mfsh. and uaad fa Iha purptlsae
fraeht prwbed. h the grata inn Term fai4 a
Mwr m prooaed r h this wdion pravlded,
tM Bad Imunr w mop r k k not In ddwh d
Ito payment Obaptllen- under the Bend
I,qursehe Pdky a, durkp ouch a ddauM by 7rfe
BMtl IMUnr, aN OYWIer Or dlwwre d nal Isla
Mr ZB% In apgNpre plndpal amount d tlis
19028 Barest Mal OuwrlawMq, ahw drrnd h
wrxirp, malt proord b prdiad ana anftlrca nor
riphM d such omen r hareklltrove provided.
SECTiDN 28. Rrlse.nrn d pa+i.r,a o
Prrhe ae.ra N nor Repktru a Payl7p Apaa
IndLxy arpdnted hwr,rda ihaN rryrt, or x
the Taws ahril ieasanaNn, detalWce tMt sak
Replairar or Paylnp Agent hu haa0ma
irlotpalile d pMartirp der tld7ee hanleMhr, tM
Tawm naY~ upon Itdka msxed m Bend fount
ant each owner d any 11T92B Band Nt Ni
atldnw fall Mown an tM rep4hatlon +eaarda,
appoint a wawetaf RpIFNNr a PeyNO Agent
or both. Ntl rwlgnabn a tliambasl o! the
Ryklrar a Pg7rp Agra may taco eNaci uml w
iucparr k appohnd. Every such eumswr
Rapwher a Payhp Apsm /hex M a hank a irlrr
wrtpany havlnp a ehaeowrwYl equdy (N.O..
naphal, hurpua, and undNitlad prdiul, Mwiwr
deMminalw, tll nd Isla than slq,agQ,a9d, h
aMA nd be ragdred Mal Ihs acme IMthdbn
verve r boM Ragletrar and PaYlnq Apart
hereuewer, brrl 4M Town shall brie the rtpM !o
hero dh same InilhlnWn serve r bah Fipidrar
ant Paylnp Apenl hasundar.
SECTION 2T, -Ialne_nann. d F.Graw
AG.gIILLL 7M Eapow Amount shall W
nwlmalried a ad tlmw subaaquam to des hkid
depwh d ma+eye Mesh In an amoum at Nrt
suNtcMnr, mgdha whh the ariowii rNrirralm yid!
m ba denvw tram Uw inNim inltetniint end any
Iartyitlrary d the dspaiilh aaa4 a
aryParl Varaal h Fadard Sad+Mlee lr dolFwd
[haraln), ro pay The Rafundetl 8ontl
Rryekwnwnta r !M eagle bosoms tlw.
9ECTfOM 2a. l~ d Far~ww A^eO~^i,
aatiYl ehdl be wNlydrawn by the Eeerow Ba#
horn tM Escrow Account In auxluieM amoume
and ei such ihtee to pemel tlw payllwM whnaa
ddaudd IM Rduntletl Bond Aequkertwms. Ary
moneys rarrielahg kl tM EadM Aaawm aha
prorhlon shall haw been matl• for IM
redsrllprbn In lull d Iha Rdulwad Bands shall
tl~ia C~our tllm any 7awtui W spore d Iha Tam r
may hareekN dsmmvna.
9ECTION 29. igaunlclwnmr of • .row
9ccpU6L N !a any rowan the amount In IM
Escrow Aawm ihal r arty time M Inwttbbm
for tl+a Wlpoee d Saralotw ZT antl 28 bend, the
Town shad fonhwllh depwk In ouch aCadUm
aunt addebnel rtrmeya r (hell W necaeary m
pNmp ilia tlnw2, p+YVrnr in !uN d the RdurMed
Haw RequlrNliwds
9ECTNYN 30. Naub d Dagq-~.~ The
laws herabY aullwrkes and tllrada thr repFSrrar
rot IM 1p89 Gonda Ca qNe the notice d
dd.wno. a Nw Refunded Bonds. m Nor narw
01 and on Whax d 1M Town and tM ban0
Bonder loehwhh upon kiuatiq a 1M 19928
9ECT4]N 97. rna d OkL- Ndtyr TM
eidka d defaser+oe ahaA tis plwn by mUNiq w
orgy d tM liotiw by Ilnt Cllws rtWl fpatepa
prspaldF to tM rp4taed owner d Iha
RMuidetl Baitls a des addrarr sham an Nor
rpiikatlm rewrdi a ttra rplalru !or the
RduMad B91lde.
sECTN7N 92. Fom+ d Nava, The oaks d
delerance se b M ghen tarthwtlh Nidl be In
strbeurrdNN des . y lam:
(Form d Nrotlcel
NOTICE OF DEFEA$14NCE OF
110WN OF VAIL, COLORADO
SALES TAaf REVENUE BONDS
BERiE9 10Bp
NOTICE 19 i7EREBr (iNEN that tM Town d
vox. cobrado She 'TOwnry hr loaned to be
dspwNw h aiaow w4h Centro Bank Nelbnal
ArOdrbn h Drwa. Cdroratlo rMurttlirg haw
and abet fund{ whkh haw been
InvrtW lpc•ar fa r a+#al crh balanw
rrrrinhp udnvaldatl) h dd., rwrr, bads one
ainllar waaaw ididl r. non-cadade elrea
oblprbn. a the unMd stales d America. to
diedwq. M. RauMw Band Rrgalnnwrna td
ha 9alr Tr Rswnw Banda, SerW 1989 (tip
'7989 forda'J. 7lie C1131P nunbsn d tM 11180
Bows w d.., , „~ are r ta{Mwrt:
IieluMW Bond Requfremsnte means: iM
ApOndatad PrMNpd Amount end Irdalast due
m ton+rabn wkh Nie 7989 Bawl u 1M aNrw
posit eve on ant eha Oachrrair i. tt)02.
AooaetlMp to a span paltakanq to auew
C btl r o~ o~srtx~ird0.~ 6 4oae. Denier,
pubic eccrovnlanti, tM
raow, vi~tlep tM known nanimum lKeld Lam
iucrl hlraataialt/ rq tM InNihl crh bWnw
rrludnkp unktwsted, a folly iufNdem r IM
tun a Nis depaeN aw a ul ikrMa s14rgaeldiy,
b pay dr RMUndetl Saw Riquherrwrda d des
1989 Bade m IM ~ ,. ,. ~ maumy daps.
DATED
TOYM OF YAI, COI,ORA00
ey: Dkidord MwitlwraAe s«twbw
ey: fY
NATIONAL uTN~>!u
Thi: Avleiatnd Oxhr
IEIw d Fain a Nrotlr)
BECTIDN ad. g1n(iyap,pu N eIry err or lrwle
,.anon., ialMnaw, dawn err pals d rMa
awlnaice /had la wry nron a hour IrwaNd.
ouch ludpmsm INNI nal sMW~ Impak, a
Im W tM rrrllakllnp e d tbh
Ortlhlnve, bd shax W aordlried h Nh ..
ro Iles ipsrdNC semllor, . clµrtee err
~Irlwia~alw Nis ~ ~ ` w IISW ~ h~ der
aeY iiYrotbn. aeniwrw, Wawa a pen a thi
Ordianw N Nny One a mere Insiarlcw IIWI
nd PHed err pro utllq In any way the
ant r a tMi Ordkarioe m any
~ s cnoN sd. BxwaVtL. AA 9yiNrw, old.ea,
resdulhrw and ertllnanOw or pans thereof,
Inwniiten harywxrll an "erabY rePealetl b Nis
.xi.m dry a lllcfl *Ihr. Thw rap.wr
shrN na16e Oawblad b rwrfas ae1Y bYlwr, alder.
rwaluibn a wdleNtriq, of part rnerap,
8ECTVON 06b! ....~, „ ~ ~ ~ - Afwr ry d des
1909e BoMe halve bean lrewd, thli bminaloe
ahd mneltuN a mmrad bdwwlll tlw Tqm rw
tM Mlden d the actor. and .hall a and
ramaln irfepealhbia unlN IM Bantle Nd IM
EMrea tliaeon haw stars IuNy pall, eNdilNd
and d4elw~ed.
A. The awn may, wMOa iM consent d, a
rotica b the awrwra of the 19028 Bator lea
Itllhwetl by ndlq to tM BPltd lmuroq, adopt
such ordlnanoss eupplanreneal Mrem (whlr9r
sllppiarramel d1larldrlMmi shat Ehenatar Ionn
a Pan heredl rot ry ono a more a a4 vl IM
Idbwirp ptiposha:
f 11 ro taro any ambpuxy, a m cure. wrraa
a auPphmenl any dNect or vmEailon or
Inwnslaient pravlilon gnlalnstl In thls
Ortllnanw, err n make any pmvfabrn whh
rrpaa to moron athklg under INt brdinain
a FM ry drw pulpws x such prvvhhrw era
rrwnary a Owkade Nrw der trot advxaely
ages Ilia Imerab d the PMrert of the t9g2B
Bantle a the Band Imurer;
i2) to foaled b iha Ilan d shin Ordlnanq
atldxmnal rer.nur, propalw a odietarpl;
(3} to preen a wdN upon IM Reptitrhr fa
Ehe beheld d the awned d IM BOridi
any atltlhbnsl rights, remMka. powara. or
aahorxy met may lewluiy w granted tO or
wdared upon the reglefaretl avnen of the
BOrAs; a
NI iv qualy M4 Ominanw under Iha Tout
IManture Add 7898.
B. Exdwhve d the arrwrMsbry adinarrwa
pennrhea by Paragraph A at Ihla sec7hn, Mb
Ordlnarloe may ba anwntled a aupplemdaw
by adinarrw adopted by 1M Town Coundl In
. wtth [ha 7ew, wkhon rewifrt by Me
Town d any atldhhruY coaldarahn bN wkN tM
wrhan wrwerd d des BarM Irrauror, unite N+a
Bad brewer 4 In tldauN vrroer [M terms d 1M
Bores Insura+iw Pdiry or the Bvrw Rrarye
Ineurerlw Paxcy fn whhh cra Mk Ominanq
may be alrwrttlsd a auPphmented wllh !ha
written wneent d IM ownara or 6a% In
epptipde pdrepal amoum d nor 19028 Gonda
OualaMlrp at the Ilrre d Elw adoption d ouch
amendalary or aupplemantgl ordlnahca;
provltled, hawevar, Mat- whhvul Me wrhen
mia«x {:Ire saw fount erw the dwn+art d dl
d tM 19928 Bonds advaaaiy arieaad Meraby,
na such Ordlnanw shall have the axed a
t. An eatanhn a tM mnumy a eny t992S
Bad anhabad by Ihb Ordmanw; a
2. A ratluabn In iM pdndpli amoum d ry
19928 Bond, IM tale tlf In[art tlwlean, a tM
Add redenptbn prsrlillm Mason; a
3. The c7ealhn d N Ban open a pletlpe d
Pbdgaa Revanur rarklnp Prior to IM Ilan or
pledge aeafed by Ihw Ortllnana; a
4. A ledudlon d the pdndpet amoum d
19828 Honda raqulrad for IIoneent 1a such
anwndatay a e~ , . a ordmanw; a
5. Iha ettadkthmem d pdaYlae r betilaan
I e9zs Binds bsuad and Outaanalrp undx IM
....,,~ d ma Chdlnanw; a
& The mad4kallon d a aherwW aNeriirp
Me rights d ins amen d lees Man ul d tM
t tn2B BarMt rh.n Owthrgirp.
Gtlplr d any waWar, moanlcauan or
erirertltlnihit m thla OMlnanq ahaN tie ddNerea
19R288ond ,m.n rrWnWnlnp a rwlna an fM
SECTgN 96. Nees +n Enna fnwira Arty
nolke requlne by MN Ortlinartce a rM 8acow
Apraenrm tO be gNan m dry parry ales ahai W
gNen m the Bond Ireirra. Ary nOlfCa herMn
reouxad to be pNen Ero tlw BaM stunt ehal W
in wdNnp ant son b! rpNtwntl « aiAdhd rtw9
to the Bond InsurN. 119 Klnp S1rod. ArmdYL
New roY ,o56s, At[emhn: surrdllanca, d ro
soot dMr addnes d which tM Bond Mwnr
shall natty tM Town Br wrAlrp.
SECTION 37. Pavnraa uMyy Ha Prolinr
A In tM Bvenl that On 7fri senator Bwlriwi
pay, era agNn on des Hwlriwi oaY. prmr ro any
paymam dam o iha SB928 Banda. IM PaNnO
Apem nr tai rec;ihed auHkdem rrnrwya m Pry
dl pdnclpeF d ales Inurri On the 1092H 9ronM
thafl tlua, the PaY{rp Apem shall
ndxy tM Bond Irura err Ns drlpnw w the
iarre Swlcees bay b/ .~ , . a lelspreptl,
canhrrwd h wrNlnp W repletsrsd or wnNae
mu, d the amoum d IM tldNwKry.
8. N IM ddldday b made up 4n whda a h
pal prior m a sal IM payrrMm tlre,lhe PaNn9
Agent shall w nobly [M Bantl ineurar or ka
dwlgnN.
C. In addtbn. N the Psyirp Apen! hoe ndioe
Thal arty regwtend awns Mi born riqulrad la
dkgage . ~ Oi prNmipN d Interns on [M
79928 Bwtla 10 a [rwtN In bankruptcy Or
crednara Or o[hen Wnuam ro a final ludpmam
by a wan of airtpdem WnWlabn roar each
peyrrwm wnatkutw r avoHada prdaeno9 ro
nods ... avni/r wahtn IM meanlrp d any
anpllra6h benNiuprry kwa, then tM PayFnq
Agent shall naidy the Bond Irurar a Its
tlrynea d such fad by „ , a telegraph.
tanxrmed In wrNlnp bl rpywred or gn4rid
mail.
D, TM Paylnq Agem h raeiby Irterxably
dwlpnaMd, eppolntsd, dlrsdad and authorized
m ad r andnq-3n~tace fa repyterad alwwrs d
tM 1992H Bonds r fvlbaa:
(I) x end to tM extern Ihsrs i a tldklaiicy h
emou+ds rsauked n pay IntNwl m IM 19028
Boriea, die Paykp Apsm ehq sal rscde arw
dNNer to Ma Mears Petdnp agent, in lotto
aatkfadory b tM Inwnrica PaYlnq Agar, an
IrriNrlirll appdn[hp iM Band Illhunr r egad
tar such repiaM[sd owners h any Iegal
proceWinp elated to the paYrt+en of ouch
Imarrt and r artparwd a the Bent Irnaa
d tM clams tar kwrwt ro whkil Mich . .
reitw .w wdrldl an veld by uw Bqa m:ia:r;
Ib) iacelw r dwlghN d tM reipedlw
repitered owrrn (ant tics r Payhp Apral In
acaordanca viii des tenor d Nw PdICy payllwd
from pia hrunnce Paylg ApaA verb resPacl b
IM eWrr rot kllefar W argnetl, arw la]
dibuna der woe b aucn :aspaawe feptetarae
pMleti; and
f21 N sad ro tlia rtent d a ddkdtrtq ki
amounts r.quina ro p+Y prhtlpNF d tM t992B
enrich. des Paykg Aped rfld l•] sxacpe and
dvlNer b tM Irurhnoi PayMq Agem kt romi
whfacby m rM ilieahna Payhp ap.d r
hrrrumad . ,.r.. a iM Saw Irma r aplM
Id sut:R rplstN+id aenN In My Ipal
procNdlnp rlklnnp to tM payment d each
prkic~elil and an rabIlllMtll b 1M BorRl Inaaa
d sly a rM Ipy1B Gonda wdr+dretl to iM
Irwurra Paylnp Again d ao much d iM
prlnapa+ arbum tt+asd r nr tors WwAoIiVY
been paid a fa whkh rtwneye an 1ld had by
IM P. rhnq Apem and available for Audi
Paymam Ibw lvah irtpnorali sAW !»
deHVrred tlny 4 paY,iwe from tM Insuraree
PaYinp Agent Ia regiwdJ, lbl recurs r
drlpnw d iM ,. repharM eirnnn
sea yieJCL ppgC
_ ...
- -
:atlle7a-;w9da+ldi do ~ n
A~a+nt -air, _
B~ r~,~urazmn-a'm~l9ra,ls»z
From,preuiAUS pope
ford rid r PaYkp AOadl h ^.... .. wh
Ble tang d tM PdkY PaYmadl Ihalalaa Iron
tM kwaarlw Payklq Apam, ud Iq dhblvea
sartr b autlt rapiststsd owxwn.
E. ~ wkh wlPad b dakn Id kMrr
~ P~ prkrAAJpppeNrndl1o992B Gorda dybtuaad b
InsYrana Pdky +typ nom/ bpi aodrdialtdMara~d
b arrdl19028 Barra, antl M Bad krur« ahd
baoonr tlrs awn« d Walt trnpab 19928 Bontls
said clskn Far tits k4araN h atxatlarr(a wxh [M
hope d dy argnrrtrlt wade b x under IM
~binaeprcllwn~d whNM ouch
aeild~tM PP ~ ~ daRwad, the Taal
aY 9 A9Mt Mraby spree Id IM
Iyrw1A d Boyd fnuru Inp,
(1y b the sxiad IM Bontl Illaur« tiler
paYtrrrxt, diraary « Indlrady fe by isaYlnp
Mrpuph IM Payirp Aq«xl. an arkptrm of
pitcpal d a ke«rt vn 6y ftK9B 9drltla, tW
Bab Irwtrnr axl W atbrpprad b IM dplty d
sun IefaatarW aaxl«s b tacaNS the anxernrt d
slrM Prlncbal and kxaryrlt Irom Bla Tdwn, wxh
kn«r1 7lranaarr r Pravlded and ashy from the
aourcaa awed h rhk C . .. and IM 111910
Bade: and
tzy rhy w1x aalnninpy pay b ma BoM
M4VM 1M attlglrlr d Nrcfr phtJpd uM Im«ep
Oncllxdkq PdnNpd seed kxararsr ramverad saufer
asryparapaph IB} d ,M Ikel puprapll d rfy
Bond Irxwanoe Pglq, adlkMl prbepal and
xx«MI stet ba daarrred pr1 des and hpl b
haw bean palely, Mlh Intarrr Ihafaon r
provldsd In Shia Ordlnana and IM 19928
Bonds. bus eery lydn lM aura and In rM
rttrn« PrWked Mnln fa IM p.ym.d d
PrhdTael d and hhreN en tM 19978 Bad. b
rphrand daises, and tsN atlrrwlsa rraN dy
Bond Iran r IM anw d arrdl rgMS ro IW
arrqum d aan Prirripal and id«wt.
SECTION 3B. plClpe9CAJ1IA0tttYaap. Aker
any d tM 10928 BatdA A«dn wihdrlTad an
Iwlad, [his Oaanarrw shY rnw0ub A conBaa
bdwaan tM Tarn and ttr cables d dy 19928
Benda, and ahaN a and nrnaln kraprla6h
udx IM 199$9 Batch and IrrrsnN tnara0. shill
W IuFry Paid, unplhd and dhcharpad ore
Mvah pagae.
SECTION 39. Emalpencv_Sfmmo~nl. u
aocadarta hxh Strctlat [, I t d tM Clrtn«, IM
Courx% hsraby . That rhM Ordinarraa h
neaaaauy br Ifr , d prdlk ProP+rtY.
haaR4, wWfan, ant rMy, and IhM x afral€ W
adopted as a skgh rpdNmp9 u an smapsnq
aadktanPe. des to tW wN9Yly d Fhs nunk~al
Wnd madlN. [tea !ay«abh kderasl raft Ihd
wsnnry can W abtains4 ar+d a tJenaral
atadim trlBbl 3nxWhrs tirrwtanNq b Ama Ina
Totan's aghTY to haw bontle. TM Towne
planned Kiytluh br adeplhp 7NS Crdlnarroa
and kawnp ore 191Rp B9rtda Ma beam dWYad
des b an area h plAflraldn baYard By TamY
Infarol, and aaPadilad adopbn FMrabra h
~l CTgN 40, and nsoaawy.
~9f.,~991YA. 7hr
nunbsrW and rioord b/y0ta~ NI«rl{M
tM onkW ramrds d IW Town. TM adoptbn
and Publlc«bn shall W aatheedk«ad by tM
aipnidvre d IM Yager, a Maya Pro Tam, and
Town CAerk, and by tW aarMk.4rl d p,BeLW bn.
sECrF1gN 4I. Etf1o6t9.1}ala rtes wdhana
sh.e b. h IW far antl ekaa uponpYaps
INTgOAr1CEA, READ, AA86ED A9 AN
EMBriGENCY t3RDM4ANCE by IM unarrrarn
can q Car.ral pras«d or INa Cautwil
rrwru«r. end ordered p16Lihrl coca h lull u
a apadal msatnp d !be Town Cdundl on
S+Prenber 29. 1902,
TDYYN OF VRL
Mupw« A. Odar7ma
Mayor
ATTEST:
ann. s. Ra«A«
Town Chrk
E1rHIBITr (BEALi
Perr+l6ad Inwalmerns
t6T OF
PERMISSABLE INVESTMENTS
FOR INDENTURED FUNDS
A Dksa odfprbm d the Unked SI«r d
Arryrka pndudirg ddgdlpns kstrod or told in
tbok•amry Ism an tM Dook+ d rM Dapanmenl
d rM TIBaaWy, and CATS and 7GR31 or
dYgwlona tM ahabel d erM IM«ael on whkh
ue urlcontlkionally puaranlead by 7M ilnhad
91abs d America,.
8. Donda, dabsnturae, raise or of Mr
rwNMnce d Ir , r. H hsuad a guuamsed
b/ anY d IM ro3tpelnp federal agard:lr and
praviosd epph abapatlam are truAad M lM lull
(shh and dsdh d IM Unksd Srrr d Amerka
(prbpad sacuntba ere duly permllhd II IMy
haw Men stripped q' IM ag«tcy heaxy.
t. U.9. Etpat~ltrperl (kNt (Exkrbulkl DkaC[
oblpalbns a lul;y pwranlead eendicales d
Wnelkhl awranhlp.
2. Farman Homo AtllWnhlrallon (FHA)
Csngkalet d barrriclal twnanhlp.
3. Fed«d Flnenaing Berkk.
4, Fadsul Hpudng Adm;nlal orlon
Detonate fFHAI-
5. General 9ervlcas Adminlstnllon.
Padkpal{ptf carlHksaee,
B. Govsmmsn! Nahonal MoRpape
AaeecWbn FGNYA or '4nnb Mae'}, GNYA
Gwnmeed rronpage-MrAod twnda. GNMA -
guarentaad paarthrouph obllgal1om (nos
accspnbb for grain Paeh~lbw rnsfllve
Irusai.
7- U.9. Mamkttq AdmhkBMlan. GuNantesd
Tina xt tyr«,drq,
8- q.3. AsOw'Imanl d Housingq and Urban
Dsvelapment fHU01. proud Na1a1. Loral
Auhody Optrds- New CertntlSnkhe Ddanlurea
- U.S pwrunW Mbuduna. V.S.
Publb~ Housing Ndr and Banda ~ U.3.
pwemmed pwrsmaW pWlk-hewlrg odes
Mel befd6.
C. Bonds, deaenluree, note pr other
d/denca d Intl:.:. , a bared a puuameW
tty~arry d Ina fdbwlrg ooh-Ill hhh and petllr
11.3 pwemmsn! apMdes pBlppad rctrrhiel
am Dory parndnrf d may hav- bees etrbpad aY
the epancy keel: Ltyn Berdl 3yelam, Sanbr
debt abl~llprn.
?. edarN Home Loran Morlpaga
Carpmadon. [FHLMC pr •Fraddls Mac'}.
Parlldpallon Cenlllcalea. 9enlol deal
ablgNhne.
$. Federal NubnN MOngapa Aasociellon
IFHMA or "Fannb Maa'y Matpaps-backstl
sttdrrxW and aanbr debt 9Wgatbne.
4. Stutlam Lpen Yukstinp M+OOlallon
i3LMA a •8a/b left"}. Sartbr dWl d>Iqqurlpne.
S. Reoturbn Funding Carp. IREF~RPI
nblg«bne,
D MdlaY marled IunM rpat«trd under fM
Fsderat Invrlmant CpmPanY Acl of 1940,
*hae sAarr ua rpxt«b under rM Fad«al
Securdiea Add 1933, end having a rotknp try
h Bel d AMmG: AAAm; a AAm.
F GnSintr M eapan aacurad a1 as r,rrlol
ay aaur«d datr:4a. ~ m fA; ar,nrw IB ~ atuva
rtes Sate nrl6krr n..Nl Ix ker+ad M cap,°~nrr~a
banks, swags and ban rsociubm or rratlw
t aaNnps Wrlka, 71y cdw«al rY,xl be hakl by a
~ Ihird poly oral Bla bpndhotde'e 11x151 haw d
k paBlrclstl tent aswny Inlerrllr. tM mrMeral.
F, t:er[BlfJir of dalYaah, MYmpr aooatmrh,
rlaPaa da0osk aaaunls dr rrbMy marker daPaks
wflidt are mxy Inalrred by FDIC a F3L1G
G. lrlvreurwnl Ap .. InaudYg G1Cs,
amspiabh b MBIA.
H. COmmarcld pp« rated, at tfy tkro d
purchase, •Pnma - t• by hlaodya a •A-t- or
betray by 96P-
I. Benda er ndr Melted W any airs or
munlCbaAly tvhkA ua read aY Ymdah a $aP
h dna d IM two hfgltaat raBnp rtuap«iw
r+19rIW by w+Ch apanolr.
J. FadM4lrrtlda a bare eooxpl«ror wlh
a mdlncrm Ieml d era gar d arty bank vrhM
hr M dtwacund, trwleund and uttausra7rad
dtyNbn rrhq d •Fii+y - t• a •AT a bdlar by
Yoodys ard' k"a•Mandllsr by BeP.
N R rcAra
lraaai«~eaNIA1N hall a tlaa Ih ttalVlta
Rscunllr Ilan (aalerAOaeawR to ^ rrcrrlfcpal
sntrry (buYSrAalWaO. ant la. bared« d crh
hom a Inmklpal IXkhf b rM daahr bank or
sacurkW Ikm tMm an a, that By daad«
Welk a eawitlw Ikm wB npry By Prh pica a
yhY ro rM Inmky.l an8ry IR ,, ,,. la Bb
ucttdtlas Ala elan.
Rapurchaaa Agr.ampga mw1 aa11Ny 1M
1tt5arrg d9«la a M MBUi.
1. RaPOe [Pte! W pBAleeart 1M mtttk~p
amhy and a Mater barn fY aanlfkir Ontt,
.- Prktrry tlaal«s m IM Fad«ar Fiwarw
rapOnrPp tNeIN 9sl abler w W W A a Wp«
aY BMdard 1 Poeya Cdrpeearbn one MoodJa
Imrtq 8arvloas, a
b. paNta read 'A" a show by BWdan
Paori CorporNlon and Yepdy'R InwNOr
Sarvkrs.
2. TW xrrA,M nPe raaWaq wMl bdtrde 1M
mltdwlnq:
a- BacvrltWa whkh w acoptabta [ar
vuwf« «a:
111 Dkaa V.B. , , a
fly Factual OacAsd M ma IW lash
and cradx d IM u.B. , . land FNMA a
FsAAGJ
h TM term d •ra tbn tray M >p b 30 days.
S• TM mtta!«d rtwN M dNN«ad n fir
munklpst amly. lrwtaa (a trwlaa la tent
suppyirrp me mlMhraA d Ihird P«IY agln9 r
apart Id 1fr titter f1 Br INShs r< attppykg
tM oeluMdl M . a wIh paymml
{peNadlpn by poraaslon of CarlBkalad
semrhhey.
d. Vdwrbn a CaA+tartl,
111 TM aealrhbs mwl W Ydentl carry.
rtrAntl-IamarkN N curtsq mWrat Prlae pfw
awwd kn«rt.
fq Tha Ydw d maA«r mnl W agdal b
104%d IM artnuq d crh egrNf«ratl ty Bla
Brmnun~dat 1Miri b ~ daalrr bark a sawtky
aptl Pura a9artad kdatrt. 6 ells
vdw d saarkha Ftab r poeranl albs below
104% al IM vdW d Iha Crh B ~ ~ by
munkytalhy, Ihsn addnbnN crh andrer
aowpubta aaarrttle Irrlrl W tranaMnad. H,
Mwwvar, She aacutllisa used a ooaNanl w
FNMA a FYAC, Bran tM Vahy d ma««d retort
goal 706x.
9. La9r aplnbh xra,bh mat bs deer«ad y
rM rratrtkysd «dly:
a- Reps into qubdyye urda our law let
ipai k d Prrblk Iarda.
Addibnd Ndr
f6 Any aim adminhland pool kwrmrd
land h wlllr}I IM hsttu Y urddly . a
requlrW to invest w91 W daarttetl a parrr4pd
ktvwslmmt
f{II D9RF imraslttyras should W valued d
fair molest vow and mukdd b mrkN r teal
atca pa ysu. D9RF krreatensrth may nor haw
malurklr axtandkp b+1'arld 6 Ya«s.
Pwrrr.d In TM vu nee
an Oaaber 2, 1907
Pubiic Notice
NOTICE IS HEREBY GNEN the dy Pbnnnp
Slex m1 M rev4nwnp a Drypn Reriaw BcaN p
dlasrbn td hvo atleNra dhFra on October 21,
tpg2 in IM lawn d Val Yunk{ral8uidip. Can
xileraliIXl ol:
t. A regtlnl I« 1wa SalNMe dNh eNSnnr u
IM Walh Rseon basted d 1300 Wrth.wn
Drive. Legal deacrrPtia h r Idbwa~,
ThPI pan d the 8W 114 NE tl4, Salon 12.
TrAwehp 5 Blob, Rasps 81 Wr, d tM SIa1h
Prhofpaf Marldlan, Town d Vall, Eagle t.oudY,
Colaade, deadwd u iolbws: Bplndrg tl a
pdnl an its xalnharry baurrd+rY d ITy pPrpal a
land anown pn 1M CpndomlNum Yap for 1M
Cobrado Maudrn C....-. - ~~ms rscarded En
Bad 387 d Pyapaa 620 h !W dfiq d Vy Epfe
CauMY, Cdlorado, CNM and Raoartl«, whuros
IM mON aodhry meta d said puoel Was 3
62 daprap 6R2P W 14.18 fast dlsum; tltarln
the fdbwlnp nlna opaar ebn9 IM wuh«y
6eundary d saY paxpel; 11 N 62 dprsr 6D20'
E 49.16 (rF; 21 N 37 de9reea 1246' w 12.31
faN; 3y N 8T dptar 4715' E L00 fM; 41 N 37
dapraa+ 1746' W 5.30 b«; b) N 62 daprar
4T I6- E 4Z.801a«; 6y N 37 dprar 1713' w
8.70lau; 7) N 621fapteaa A7i6 E 16.061sa1; Bj
B 37 daplar 1748• E 22.4D Irl; % N 5a
degree 60'29` E 9616 la«; Ihar,ea dapaninp
said acute«ly bouMary N 51' dagMS 6028' E
66.96 la«; trfanoe 8 07 spree 0931' E 48.64
faN thetlos N 52 lagers 60'29' E 48.70 fe«;
drattca S 37 dprw 00'31" E 9.B01rM; Ifrsnw
N 62 tlpnr 6A29' E 80.00 IaN; rhsrrw 9 97
dpnas 09'91' E 36.40 faei; thanes N 52
elegise 50'29' E 27.30 feet; IMnu B 37
liprar 0791' E 720.02 1aa1 to gore Crar:
Inane !ha Iplklwinq bur courts shop Oqa
Crar'~ 118 49 depteaa 28'38" W 76A6 H«; 2) S
?2 deprMe 97'38' W 124,47 teal; 31 S 63
tlegraas 3'188- W 119.91 1xat; 41 3 BS dprra
7t'3e- W u,SB IMt thsrge dapamnp Cae
Crank N 32 lepers 6730• W 147,47 le«;
FharlCa N 67 dprar 26'30- w 124.02 Irl;
tMnta N 37 deprew 0931' W 118A61aea tothv
pplnl d beplnnlnp, co«alning 170,290 sgreaze
laN a 2.49 acre, more a bee.
rho epPeadlorw ant eMarrWien agor4 1M
propofala ua aveflebla V the toning
adninislrrw i akks durkg rspuhr eho noun
for gable lnapMion.
TOWN OF VAIL
DEPARTMENT OF
C.OMMUNITV DEVELOPMENT
Pudi+hed in TM Yaii Trad
on 17daber 2, 1992
Public Notice
NOTICE OP
APPl1CATI0N RDR
ANOTO9IJREBT~ ANT
NOTICE IS FiEREBV GIVEN IAN John Y.
FlNntann, Pnsydara/Sraayry; and Andrew C-
Baas, Viol PraeidedlTrsaaul«; and Andrawr c.
Boat, gtrrrg Manager Kara rtwrb ~ ..'_ .',
ro By Avon Town Councl acting r ley Local
Liaming AWkaxy. for • FiaNl and Reuatmd
1 i„rm I Inrn.e fn..wl. ,.l M.x v;nn,.. and
8pkituoua Liquor for mnsarplion en tM
pnmhp kvoaled at 0048 Buvae Grnak
Taut d Awn, Lardy d Eapb, Base
d Gobado.
A boring will M blvd a 7;16 p.m, en
Tuesday. Craabu 13, 1982 r tM Town Ceralai
,Awn, Corerado. b darunYns i rtes
. ~ .. may M aheaxlad w b old krdud-
kO dy daN d tW hs«Inp and ar pram deeir•
kp b prolrt tM graerlkq d this .. my
Ne tllelr leetirkrl a ul%il rhr 1iM.
AVON TOYYFI COWICO
ACTING AS
AVON LgllOp
LIf~N31N6 AUTHORITY
Pae~N G~irk
Pr6xelyd h TM Yail Tnl
an Oao6« 2, 1902
Pubiic Notice
NOTICE OF REOEMp1gN
lfOn Ya1f~Celarda
1lwrarY
wtwe Bd~~
Da1ad t, 181p
NOTICE b HthgEBV 4NEN. parasol b By
Bad kldsndrn balwwn Lions Ridge Wal« Dis•
b1c! and FFnI laeersfra Bank d I).rw«, NA, e
rrww, tier sieo,n6oao d 1M Newniber 1,
7819 Gsryral .. ,..~. Yhbr Bads d Lhn'a
RYpa wat« Ohtrtd atoll aw rsdssnted pn
f', - ~7, 1f42r 100fOrau pkr^p«riumd
ZOD%d ptitryl, tepatlrw trAlr idarsse eratrwd
b Bre dra TFaad for lln Ind a9er Bra
dW, frxsrert an arrNr pa5«n d dy
pmlrA7r i wM gets b acaw. Bend
raartkra 141 thtagh 161 (... sash xrAll a
86.000 Per steward, trrl,akg an kAOVwrrh« 1 h
tW Yaara 1983Bvarrph 1096 walM . h
NI.
TM pttblorlm dlae for Bela .~ s
30, 19p2,
Paytrlard d Benda b W '~ fell M
made aF ant aN« Fbwwrbsr 1, 5892 upon
preaantlbrl and d .aY Bare ar the
:..... Truu 05bes d;
Ariaosta. ~~ - Fkel ka«elaM Berk d
I.A., 1309 VYas1 Nanyda, Terryte,
Arizara 86282.
0Y Mai -Fist Mdrrxds Bahr d Arhau, N.A,
P.O. Boa 29716, PFgn6r, Areas B6o3B.
m P«san . Flat ad«rre (Sank d Dem«,
N,A, Cw+Po^ C. e21 7741 B,Ieer. 3d
Flea. BaNh Taawe, DrrNr. Aalefedo BlQ7p.
«lym nrbr b, by oral, rarglayrad rtr1 wM
Under lira prevlslons d the lntarNt and
Dh4dwd Ta C . . ' Ad d f9B3 {tM •AN'1•
of ~sg A9+^t nag' M rtb9pNed b+xidutoM 20%
ire lased b htrniall did ~^y ..... vMe
Payig Aped wih a
vakd fatlpaYe Waalka[iw marl;sr and a e«-
tlintiorl Ica seals Berdhald« Y not ar6Jsd ro
Itadup aAhhddklg undo the Ad. BorlddMus
who wish to avod tM epp}icrion of ihaae
awielotn ahouM eubrril a aorrVlrsd fain W~
tryn Bait Benda. 5 yes haw ary
grr.dbrw, Pore WI Fnal hlreltls Bank d
Anzons, N.A. M 1-80p-gZ&b241.
LION'S RIDGE
WATEFI gISTRx;T
BY; Fint Irasrala. Bark
d Derrvsr. NA, a Pay:g Aganl
Polished h TM Vail Tnl
an Odobsr 2, 1992
Public Notice
RNAC 8E7tLE#IEHT
Punuanr to Season 38-2&147 C.R.S. 1973,
r emended, the Town d Pail Mreby pine
Ilal;ee the an Odober 18. 1002. arrbrram aha5
M reads ro QA. Weelsm Cawlmaion let ar
work perfotmad vn the Willow Read BrWge
Pta~erd itcared within tla Town d Yal, Cdltrado.
Any Itsnon, m-pcnnmhip, u+ecia[bn of
praofw, censaasY a ogparuion Ihu hr fur
shad labor. nrrarih, pravwbla a liter +w}
pia. aced by tnrdr cadgda a b +abmmrco-
ton h a about Ma . ewe d k. wok aan-
Baded to M dots and wiloae Beim Ihuelaa hr
era bean staid by the CeMrap« a hie Sr6aon-
rranlon up b and IntAdig the irra d flrW ad-
1lemud h t.quired ro tae a veeil'wd atgsram d
tti amend des «sd unpdd triri the Tam d Vas,
ABwdian: Grp Fill, 75 8olxh Frorxapa Read,
Yal, Cdgada 81867 an « talon DdoWr tq
E992 a 9re Town d Yai,W W releesel Bortr ary
end all irydBry for apN chin.
TOYA9 OF VAIL
DEPARTMENT OF
PUBLIC iVORx3
By: Grp Hai
Town Engineer
PrAlished h TM VaIT 7nl
on 9 25,
adder 2, B .rd 1B. 1982
Public Notice
IN 7FfE gISTRICT COURT
COUNTY OF EAGLE
STATE aF COLORApO
Ors No. 92CVI97
TOWN QF AYOIV, ~~
Pl4ioner,
n.
wILDWOOD INVESTMENT COYPANV, a
pulnrahb;
HOLV CROSS ELECTRIC A950CIATION,
INC.,;
IN7RAWE9T YORTOAGE COMPANY; end
SHERRY BRANODN, r Trarurer and Public
Trwlea d the County d Eaph and State al
Colorado;
YOU ARE :fEREBV 3UMMONEO end re•
grrkW ro apps sill delsnd sprint tM shims d
th. pMxaorr Ia .. lien toed w4h ny cant
h elite acdm, by Nal9 wkh the dark d rhi+ wort
an ensww a dFe . ,You are rpulred to
[la your enwxer a abler . , whin 30 days
aA« .ervbe d tlda wnsrma wan You. Ssrvia
d mh wnvmrs dud be oorrpire upon the day
d hr ptbkc«ion. A mpY d tM IsrAion may 6e
obtained from the ehrk d the own.
Y you Id b Re ypur euwwer a qhr Iwponae
b Wd puilion h wrignp w8hh 70 days after tM
dale N Bta ieN publiCatkrl, ir+d9mmt by ddun
may W rerrduad Vr^rt You b1' Bee Court br SM
ra9r , . iw said puilim wxhaA 1urlMr
netipe.
Ths & an raaior, h emie.d damsin relrng to
tM b8owirg drdbsd . ~.
REAL~PERTV
10 BE ACOURED FA{OY
YYILDi1fOOD MNEBTYENT COMPANY
A PMTNER9tIIP
PARCEL TK-1
DEo..n,~ .,..,~
A paroel d betel No. TK-1 d rM Isar d Avon,
Stab d Cebrado, oadainig 0.038 ear, rron
« Its, aiwrd hLq 20, BLook 2, Bervdrmerk at
Barer Crank SrArdrvalon, r raeen.d m Bw Of-
fiw d 8y C[ulc and '~ ... d tM Town d
Awn, Eaph Couttry, Crrrorada. in Beck 274.
Pqs 701, 9 .. 8, 1978 ar,d bekg more
ByhlmNr~•~ r loFFowa: The Trw Point
Wt 2d: Thecae B B9~ ' ' ' aonyr d aid
dprer 0x'18' E sleep tM
ataxh rgMd,rray ins d Erst Bew,wr Creek
R .andfMmgfnsdridLg20ads-
tulw 4281.76 Ind b a poky; Th«ye 336
21'60 W a dabnp. d 16.371sa1 ro e
pn a - owes b Bla IaR hemp a
taller d 19L0 hd; Thule 23791w1 algtp aaY
T431' a~ird llnla a~dlpr,d~b d ~ da8rsr
d N 3i dpreap68'3T w.?1.BB~het m par d
Putral b amnad 8.50 hail hem the nanh i~iw d
saY La 20 a datanw d 208.68 hat b a Poid m
a rrolrlarlpara serve m the ifpM havhg a radon d
66.60 feel; Tirrloa 41.36 bddes~laesge said aura
Nrrwgh: d rd~ eryb d 42 dalaero~ lrpt• and
16'10' W~4q~ far Ntosa point on the
war fry d nab let 29; Th«re N 07 elegies
A7tAC w +ddtp u,e eau dQhr-0ia,1, ill. d Awn
Red end fW asst irre d said Ld 20 a dhtanas
d 40001ad b the Trw Peix d f.~ , . 77r
abets da«vlLed prat oordaFw 1687 pose
Iwr f6.039 ear}. man a he. I h+rebr dab
th« ilea tYavowy -
hr Man prspuad 6y er « uder my 119ad -
e _~.
Dlaay D. FaMkpu
P.E. a p.LB. 26828
REALREAL PROPERTY
M BE AcOUIREp FOR
TEMPORARY F~9EMfNT FRpld
w5nwooD 9iYEB7MENT COMPANY
A pARTNERliFI[P
PARCEL TE-r
DE:..• - 1
A passel d Iwd Ne. 761 d1M Tawn d Avon-
d irtleWSlad in La 24BboN0. B e~wae. ,rton
Baerar Creek SubdNiafen, Ica reaatfed in tlr d-
ibs d tW Clrk and ~ .- . d tlla Tam d
Avon. Eepb Caumy, Cderdo, h Bank 714.
Paps 70t, :~ 3, 1978 and behp mar
wdEmwl ~H . Wig ~ kww" ~ a . w
I-af ~ T liw~ae g 3B dsgrw~ 26'Bp" w akxq rtes
err One d said Ld 20 • dirarlrn d 96.88 sad m
a pttim; TMnea N G9 degrees 33Y1P W w datao-
rb d 16.02 ter b ^ pofM; Theme N 3B dagrsr
28'69' E shop • liy parallel b and 18.021ael
war d IM wet ley d said Ld 20 a datarwe a
3.33 seat m a pdM d mrvrva d a Duna b tM
Id1 havirg a radiw d 14.60 far: TMrtw 28.70
lad shop acid carve thralgh a rrniral anpb d
106 dsprw 3F't7• havkg a dlpad aeeriq and
dsGraw d N 16 dagrer 18'40 W, 23.08 ter to
Pont d lartperay; Thrroe N BB degree 01'18-
W abrg a fns pcmlbl m end 8.50 led south of
the nMh sly d said Ld 20 a dhtancs d 20330
feel ro a prtkd on a nal-targsm arva 1o the rght
having a radio. d 80.60 teat: Thsna 41,03 fees
aldq acid arve through s raemnd arlpb d ~
degrees 4239" havhp a chord brriep .nor d'w-
lvlae d S 36 degrees 26'63' W, 41.101eer Eo a
poht on the west line d sent Ld 20; Tiaras N 07
degrees 07'45' W airy rtes cart riphlwl+wy Irb
d Awn Road ant tFy weel Ilea d said Ld 20 a
distanced 5.71 feet b a geld m a tlomlrgent
curve 1o tM bB having a radius d 65.60 lest;
Thence 41.35 feel aloltp aaY aura rhmuph a
canlyd angle d 42 degrees 41'01"hcvisg a chord
treadrg and ditlarrw d N 31 dsfysee IS'ip- E,
40A0leas m a glen; Thalca s ~ degree 04'16'
E sling a ins perelbl ro and 3.110 feet mouth d
the naM ins d sell Ld ~ a dhfanee d 208.98
IeN ro e poin d curvature d a caeca having a
radius d 19.501ed; TMnos 2933bN leag said
14'31-rkough a celral angh d W dprre
ha+hp a choral bearing ant delta d 8
3/ degrees 563T E, 2t,881sr b a geld; Them
a N 36 degree 20'69• E along s Ira psrdbl to
antl 15.00 fad west d tM art Brie d rid Ise 2p
a dirtnrr» d 18.37 Isd to a geld en tlw south
right•01+wy line d Eael Bearer Crssk BwWud
cod tla rgrth in. d sad Ld 20; Th«rr 9 ~
tleprees px'iB' E abng tM ecdh riphtcl-way
line d Eat Beaver Dr.r BauleYard end the
tarlh ire d sad La20 a drwlw d 16,67Iad ro
the Tna Arurt d BeglnNng. TM abvro deaaLed
p«p1 wdaim 1870 squaro Fed y0.Ox3 ear),
tiara a hr. 1 hereby attls that the preMornN
dwcnLetl ktgel dearxp5m hp bean peapared by
a under try disci n4arvwion.
Duane D. Fehdrtper
P,E. d P.L.S. Lr882B
DATED thh 8th day d'.3 ; . 1982.
CC30RIFF, OUNN 6 ABPLANALp
By: Jahn W. Dum, No, 1421
108 Soulh Frordage Road 11300
Val, Cobrado 81857
130314767652
ABanaya for Prkimer
Pugished h TM Ydl Teel
S 25,
lactaber 2.9, 16 and 23. I BB2
Public Notice
NOTICE OF
RNAL PAYMENT
NOTICE IS HEREBV GIVEN that the Awn
Yeiropclkan D;Blrkt of Eagle Courtly, Cobndo
wii erdy 1;rrrri P+Ymerlr M 1M dFioe d tM Awes,
YrrgpoNen Datrkt r 830 e'okvic p.m, w
W . Gabb« 27, 199z b Grimm l;om
aBlaelien• PCorrpuyY Imo' L~aMwbn~, Cob~W
8013147Q38, fw eN tale dorw by said Cadrecfa
in d RaMOl.en Zone Aa+sum
Retlrdnp Valve Vau6, d d said eewruaiort
beig rrxhh a near the hourldariea d the Avon
dM«~ bhtrid h the Lately d Eagb, Shte
Any frereon, .. hb, assm:tbn d
Perearw. .- ar .... the lee fur
nhhad Isna, nlraiah, srrorhiorra, a dFwr sip
Pia wad a gwwarwd bt' such Csmredw a his
31 ... ... :raabgR Bw- - dry
vrork .. ~ m W day end who4s chin
1f1«11pre he Ilal bell paid by Ilte Contredor a
hit 3.... . en, ar ary time w m and indud~
mq tM itru d fires :1« the work ow-
traoled b i» dory, w retµdnd to 18e ^ vedled
stalam«rt d tM anroaY des urged on appaunt
d auto chum m rte. Awn k1+nePaften Astrid.
400 Benchmark Rrrad, P.O. Bor 457, AYOn,
Colorado 81820{y57, al a be[ore the tins end
dais herehabwe shown. FaArn on Bw r:rt d
ry deirrlud to liis such verified etremmt d
Nun Pdor to such irui esltbrwm will rsbass
d Avon Yetrppoiilsn Dietrid, Re Board
MarrWr+, oal'wwe, apeda end anploYee d end
iron any and ale kshiiry for such eb:n.
BY OMu d the Boats d Diedas.
AVON
METROPOLITAN DISTgICT
By: [Vorrrrn Woad
Admnslrata
r "The Yal Teel
m Ssdartber !8, 26,
Odab« 2, 8 end 1B, iD92
Public Notice
RAfALY71.E11ENT
Pawam to Seatlon 38-2&107 C.R.3, 1973,
r arrrrdd, Br Town d Val flareby 9h'ee
teaks tMt on Ocbbsr 5, 1992, ehai
W owls b SabN's L and Yeherscrloe
Park Phw Efbwlad wNhh~dra Toan~of~YN.
Oobrada Arty Pereorr, ..... hb. aesode-
Bon d Parsaw, .. q oorpontion the has
htmishsd hbor, nglarials. .
srppliu uaad by such alrxraoea or ih au6 o~ir-
bador+ h a.hod the . d ih work
f b ba der aril whose drm rFyrdan
Ire rla beat OaY by tM ,.. ~ a hh 8rb
nNibnrrd ~ ten ke~a mRe ~ar~r'red .iddwrNier~d
d 5ls annlyd des and urpaid with 1M Taw d
Vora, ABSrrion; Todd OPpsnFwimu, 76 South
Frantep• Road, Vag, Coorado 81657 an or
Ldon Gdpbar 2. 1692 a tly Tpwn d Vail vdN ba
ralaaaed hom arty and all heAiiry Ica such Nun.
TOWN OF YAEL
Todd OppenMlnwr
Prtb6ehsd h'fhs ValfsTrel _
on :. .. 11, 18.25 antl Oddyr 2.1982
Pubiic Notice
11071CE OF
FMIAL BE7TLENENT
Pasuant b Salter 36.28-107 C.R.S. 1973,
e anyrrdsd, t7w Towel d Pail busby pMs
ndka VW m Oclobar 5, k992, . , ,shag
hs reds ro SabN's Lartdacspe and Alahtenanoe
Corrpwy rq at 4odr en tM Lim-
shaad Ms8 Phar 1 i•~ ~: bceled within IM
Town of Vail, Colorado- Any parson, co-
Panreehb, assaariart d P+rsons, ampany a
oorParation Brat he hankhed leber, serials.
ptrwhioew a aBlr +uPPfiee easel by +uar coin
beds a M wbooretledas In a about tM per-
tomrrlca d i4 wok aodreded to be done and
wlvne d.im thwdorc hr rid been paid M tM
Gariador a his St'... ~ .~. ~ W !o ant in-
ducting the tine d find ~. i is requied b
Ile a vsdisd gatellleAl d tM amount due and
urlpeid with ihs Town d Veil, Ahentiw: Todd
Cdondo 81857 w wdbetoro odoher 2~, 1992 a
the Town d Vail cal! W reWsed from any ant N
B+hliy fa suds chin
TOWN OF VAIL
Todd gppenhdmer
Padr Superintendent
Pugehad h The Vall Tnl
on S ,. 11, 1B. 25 and October 2. 1992
Publ~c~Notice
FINAL PAY~NT
NOTICE IS #iERE9V GIVEN Item the Town d
YMwn d Eep4 Gauay, Calorada cats make fine
paymed r the o5ior d the town d Ykdum,
Cdaado ai 10A0 o'tlodt a.m. an Monday, Ao
rob« 12, ip8?, to 9chmrree« and Aesodate,
Inc., ippl RNboad Avarua, RBIs, Cpbrado
81660- la all work day by sad Comracta h
oomtrrxlbn d WATER AND SEWER PIPELINE
REPIACEY ENT CONTRACT NO. 4 -
69eCYH~pEDULES AAND B. di d aaY wrrelrucidn
kf i wiWn a tau the barrrdar{ee d IM Town
d kl mum, in rM Carl;y d EagN, State d
Cobrado
Ary Posen, oo-Wnrynhp, aeaddton d
Pasewe. omPenY a -. , ...., Bw he fur-
ndshed isbor, ttrt«iah, ptttvisiom, a liar srtp-
Pie wad a Catwunl4d by •uch Carnru4er ar ns
B .. on h a shod the pariomtanoe d the
work aontreclad to M der and whose claim
B+erslon Ar mt ben paY by Ihs Comradd or
his 34_ _- .... r any time uo m and induct-
ing the irne d lied _ fa IM able oon•
traded m ty done, h rpuirsd b 6b a vedad
alat«+wm d the arraud des and uNteld on so-
mum d euW da:rr ro the term d Miriam, 302
Pins Slyer, P,D. Box 909, Mkdum, Cokndo
61&15 r a blare 1M tit. end dye h«ainahove
+froarr. Fglure on the pen d any dairant to fib
such verTisd statement d deim Pda to such lint
eellertlwlt ail ruse old 7pwn d Mhtum, ks
Caundl Mamben, iflosra, agents and
d end hom any and all iebOky for
such daim.
TOWN OF YINTURN
Lieorps Sisnerae
Mayer Pro-tem
PublisFrsd in TM Veil Tnl
on Sepetnber 17. 18, 26 runt Ocldyr 2.7882
~- ..
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