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HomeMy WebLinkAbout1998-12 Authorizing the Issuance of Town of Vail Sales Tax Revenue Refunding Bonds, Series 1998A and Taxable Sales Tax Revenue Refunding Bonds, Series 1998B• • ORDINANCE NO. 12 SERIES OF 1998 AN ORDINANCE AUTHORIZING THE ISSUANCE OF TOWN OF VAIL, COLORADO SALES TAX REVENUE REFUNDING BONDS, SERIES 1998A AND TAXABLE SALES TAX REVENUE REFUNDING BONDS, SERIES 1998B; PROVIDING THE FORM, TERMS AND CONDITIONS OF THE 1998 BONDS, THE MANNER AND TERMS OF ISSUANCE, THE MANNER OF EXECUTION, THE METHOD OF PAYMENT AND THE SECURITY THEREFOR; PLEDGING SALES TAX REVENUES OF THE TOWN FOR THE PAYMENT OF THE 1998 BONDS; PROVIDING CERTAIN COVENANTS AND OTHER DETAILS AND MAKING OTHER PROVISIONS CONCERNING THE 1998 BONDS AND THE SALES TAX REVENUES; RATIFYING ACTION PREVIOUSLY TAKEN AND APPERTAINING THERETO; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH. 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 1998 Bonds. Bond Fund: the fund by that name created by the 1989 Ordinance and continued in this Ordinance. Bond Insurer: MBIA Insurance Corporation or its successors. Bond Insurance Policv: the financial guaranty insurance policy issued by the Bond Insurer guaranteeing the payment of principal of and interest on the 1998 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 Bond 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. Bonds: the Outstanding Unrefunded 1992B Bonds, the Outstanding 1998 Bonds 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. Charter: 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 $10,000,000 or more, and which is located within the United States. Continuine Disclosure Certificate: the Continuing Disclosure Certificate executed by the Town in connection with the 1998 Bonds, which constitutes an undertaking pursuant to Rule 15c2-12 promulgated by the U.S. Securities and Exchange Commission. Escrow Account: the Escrow Account for the Refunding established with the Escrow Bank. Escrow Acreement: the Escrow Agreement dated as of September 1, 1998 between the Town and the Escrow Bank relating to the Refunding. Escrow Bank: The Bank of Cherry Creek, N.A.. 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 other twelve month period as may from time to time be designated by the Town Council as the Fiscal Year of the Town. -2- • • • Governmental Oblications: any of the following which are noncallable and which at the time of investment are legal investments under the laws of the State for the moneys proposed to be invested therein: (a) direct general obligations of, or obligations the payment of principal of and interest on which are unconditionally guaranteed by, the United States of America; (b) bonds, debentures, notes or other evidences of indebtedness issued by the Export-Import Bank of the United States, the Federal Financing Bank, the Farmers Home Administration, the General Services Administration, the U.S. Maritime 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. Income Fund: the special fund by that name created by the 1989 Ordinance and continued by this Ordinance. Insurance Paving Anent: Citibank, N.A., or its successors under the Bond Insurance Policy. Letter of Renresentations: the Letter of Representations between the Town and The Depository Trust Company. Maximum Annual Debt Service Reauirement: the maximum amount of all required payments of principal and interest on the Bonds which will become due in any Fiscal Year. 1989 Ordinance: Ordinance No. 29, Series of 1989. 1991 Bonds: the Town's Sales Tax Revenue Bonds, Series 1991. 1992B Bonds: the Town's Sales Tax Revenue Refunding and Improvement Bonds, Series 1992B. 1998 Bonds: collectively, the Tax-exempt 1998 Bonds-and the Taxable 1998 Bonds. Ordinance: this Ordinance of the Town, which provides for the issuance and delivery of the 1998 Bonds. -3- • • • Outstanding,: as of any date of calculation, all Bonds theretofore executed, issued and delivered by the Town except: (1) Bonds theretofore cancelled by the Town, Registrar or Paying Agent, or surrendered to the Town, Registrar or Paying Agent for cancellation; (2) Bonds in lieu of or in substitution for which other Bonds 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 Bonds are duly held by the lawful registered owners thereof; or (3) Bonds deemed to have been paid as provided in Section 20 hereof. Owner or registered owner: the registered owner of any 1998 Bond as shown on the registration records kept by the Registrar. Paving Agent: The Bank of Cherry Creek, N.A., Denver, Colorado, being the agent for the Town for the payment of the 1998 Bonds and interest thereon, or its successors and assigns. Permitted Investment: any investment or 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; (iii) proceeds of the Bonds or other legally available moneys deposited into and held in the Bond Fund and the Reserve Fund; and (iv) 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. -4- • • Pledged Sales Tax: the proceeds of the Town's current 4% Sales Tax, which is also pledged to the payment of the Unrefunded 1992B Bonds. "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. or 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 to the Bonds by the Town. "Pledged Sales Tax" does include the proceeds derived by the Town from any legally available tax or taxes or 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. Preliminarv Official Statement: the Preliminary Official Statement dated August 19, 1998. Purchase Contract: the Purchase Agreement between the Town and the Purchaser dated September 1, 1998. Purchaser: Bigelow & Company. Rebate Fund: the fund by that name created by the 1989 Ordinance and continued by this Ordinance. Refunded 1991 Bonds: the outstanding 1991 Bonds. Refunded 1992B Bonds: the following portions of the 1992B Bonds maturing or subject to mandatory redemption on the following dates: Date Princi_nal Amount June 1, 1999 $ 40,000 June 1, 2000 940,000 June 1, 2001 1,000,000 June 1, 2002 1,055,000 June 1, 2003 1,115,000 June 1, 2004 1,185,000 June 1, 2005 1,245,000 -5- • • • Refunding: the refunding and defeasance of the Refunded 1991 Bonds and the Refunded 1992B Bonds with the proceeds of the 1998 Bonds. Registrar: The Bank of Cherry Creek, N.A., Denver, Colorado, being the agent for the Town for the registration, transfer and exchange of the 1998 Bonds, or its successors. Registrar Acreement: the Registrar Agreement between the Town and the Registrar dated as of September 1, 1998. Regular Record Date: the fifteenth day of the calendar month next preceding each interest payment date for the 1998 Bonds (other than a special interest payment date hereafter fixed for the payment of defaulted interest). Reserve Fund: the fund by that name created by the 1989 Ordinance and continued by this Ordinance. Reserve Fund Requirement: an amount equal to 10% of the principal amount of the Outstanding Bonds plus an amount equal to all investment earnings on the Reserve Fund; provided that the Reserve Fund Requirement shall not exceed the Maximum Annual Debt Service Requirement. Sales Tax,: the tax upon the sale and use of goods 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. 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 Record 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. Taxable 1998 Bonds: the Town's Taxable Sales Tax Revenue Refunding Bonds, Series 1998B. Tax-exempt 1998 Bonds: the Town's Sales Tax Revenue Refunding Bonds, Series 1998A. -6- • • • Tax Code: the Internal Revenue Code of 1986, as amended to the date of delivery of the 1998 Bonds, and any regulations promulgated thereunder. Town: 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. Unrefunded 1992B Bonds: the Outstanding 1992B Bonds other than the Refunded 1992B Bonds. Section 2. Recitals. A. The Town is a municipal corporation duly organized and existing under the Town's Charter adopted pursuant to Article XX of the Constitution of the State of Colorado. B. Section 10.6 of the Charter permits the Town to issue securities made payable solely out of the proceeds of any sales taxes without an election. C. The Town imposes a Sales Tax pursuant to Section 11.1 of the Charter and the Sales Tax Ordinances. D. Article X of the Town Charter authorizes the Town Council (the "Council") to issue refunding bonds without an election. E. The Council has determined and hereby declares that it is in the Town's best interest to refund and defease the Refunded 1991 Bonds and the Refunded 1992B Bonds (collectively, the "Refunded Bonds"). F. Except for the Unrefunded 1992B Bonds and bonds or obligations which have been paid or defeased as of the date of issuance of the 1998 Bonds, the Town has never pledged the Sales Tax to the payment of any bonds or for any purpose. Simultaneously with the issuance of the 1998 Bonds, the Refunded Bonds will be refunded and defeased. The Pledged Sales Tax may now be pledged (with a lien which is on a parity with the Unrefunded 1992B Bonds) lawfully and irrevocably for the payment of the 1998 Bonds. G. The Town has received a proposal from the Purchaser for the purchase of the 1998 Bonds for the purpose of defraying in whole or in part the costs of the Refunding. -7- • • H. There have been presented to the Council the proposed forms of the following documents: the Purchase Contract; the Escrow Agreement; the Letter of Representations; the Financial Guaranty Agreement; the Registrar Agreement; the Continuing Disclosure Certificate; and the Preliminary Official Statement. I. The Town Council desires to cause the 1998 Bonds 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 set forth below. 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, the Refunding, and selling and issuing the 1998 Bonds for those purposes are ratified, approved and confirmed. Section 4. Authorization of Refunding. The Refunding hereby is authorized. Section 5. Authorization of the 1998 Bonds. There hereby are authorized to be issued two issues of fully registered sales tax revenue securities of the Town, to be designated "Town of Vail, Colorado, Sales Tax Revenue Refunding Bonds, Series 1998A" in the aggregate principal amount of $8,760,000, and "Town of Vail, Colorado, Taxable Sales Tax Revenue Refunding Bonds, Series 1998B" in the aggregate principal amount of $735,000, to be payable and collectible, both as to principal and interest, from the Pledged Revenues. Section 6. 1998 Bond Details. The 1998 Bonds shall be issued in fully registered form (i.e., registered as to both principal and interest) initially registered in the name of Cede & Co. as nominee for The Depository Trust Company, shall be dated as of September 1, 1998, shall be issued in the denomination of $5,000 or any integral multiple thereof (provided that no 1998 Bond of a series may be in a denomination which exceeds the principal coming due on any maturity date for such series, and no individual 1998 Bond of a series will be issued for more than one maturity of such series) and shall be numbered in such manner as the Registrar may determine. The 1998 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 December 1, 1998, except that any 1998 Bond which is reissued upon transfer, exchange or other replacement shall bear -8- • • • interest from the most recent interest payment date to which interest has been paid or duly provided for, or if no interest has been paid, from the date of the 1998 Bonds. as follows: follows: The 1998A Bonds shall mature on the dates and in the amounts designated below, Interest Maturity Principal Rate Date Amount (Per Annuml 2007 $985,000 4.25% 2008 1,425,000 4.30 2009 1,485,000 4.40 2010 1,550,000 4.45 2012 3,315,000 4.50 The 1998B Bonds shall mature on the dates and in the amounts designated below, as Interest Maturity Principal Rate Date Amount (Per Annuml 2006 $360,000 6.00% 2007 375,000 6.05 The principal of any 1998 Bond shall be payable to the registered owner thereof as shown on the registration records kept by the Registrar, upon maturity thereof and upon presentation and surrender at the Paying Agent. If any 1998 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 1998 Bond until the principal thereof is paid in full. Payment of interest on any 1998 Bond shall be made by check or draft mailed by the Paying Agent, on or before each interest payment date (or, if such interest payment date is not a business day, on or before the next succeeding business day), to the registered owner thereof at the address shown on the registration records kept by the Registrar at the close of business on the Regular Record Date for such interest payment date; but any such interest not so timely paid or duly provided for shall cease to be payable to the person who is the registered owner thereof at the close of business on the Regular Record Date and shall be payable -9- • • 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 1998 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 1998 Bond by such alternative means as may be mutually agreed to between the owner of such 1998 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). 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. Section 7. Prior Redemption. A. 1998A Bonds maturing on or before December 1, 2008 are not subject to prior redemption. 1998A Bonds maturing on and after December 1, 2009 shall be 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 1998A Bonds of a maturity are to be redeemed, by lot within a maturity in such manner as the Registrar may determine, on December 1, 2008, or on any date thereafter, at a redemption price equal to the principal amount so redeemed plus accrued interest to the redemption date. There shall be no optional prior redemption of 1998A Bonds unless all amounts owing to the Bond Insurer under the Financial Guaranty Agreement or any other document have been paid in full. The 1998B Bonds are not subject to optional redemption prior to their maturity. B. The 1998A 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. The 1998A Bonds subject to mandatory sinking fund redemption shall be selected by lot in such manner as the Registrar shall determine. As and for a sinking fund for the redemption of the Bonds maturing December 1, 2012, the Town will deposit in the Bond Fund on or before December 1, 2011, a sum which together -10- • with other moneys available in the Bond Fund is sufficient to redeem (after credit as provided below) the following principal amounts of the Bonds maturing December 1, 2012: Year Princinal Amount 2011 $1,625,000 The remaining $1,690,000 of the Bonds maturing 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 Bonds indicated above (or any Bond or Bonds issued to replace such Bonds) for redemption from the sinking fund on the next December 1, and give notice of such call without other instruction or notice from the Town. At its option, to be exercised on or before the sixtieth day next preceding each such sinking fund redemption date, the Town may (a) deliver to the Registrar for cancellation Bonds subject to mandatory sinking fund redemption on such date in an aggregate principal amount desired or (b) receive a credit in respect of its sinking fund redemption obligation for any Bonds of the maturity subject to mandatory sinking fund redemption on such date, which prior to said date have been redeemed (otherwise than through the operation of the sinking fund) and cancelled by the Registrar and not theretofore applied as a credit against any sinking fund redemption obligation. Each Bond so delivered or previously redeemed will be credited by the Registrar at the principal amount thereof on the obligation of the Town on such sinking fund redemption date and the principal amount of Bonds to be redeemed by operation of such sinking fund on such date will be accordingly reduced. The Town 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. C. In the case of 1998A Bonds of a denomination larger than $5,000, a portion of such 1998A Bond ($5,000 or any integral multiple thereof) may be redeemed, in which case the -11- • • Registrar shall, without charge to the owner of such 1998A Bond, authenticate and issue a replacement 1998A Bond or Bonds for the unredeemed portion thereof. D. The Finance Director of the Town shall (unless waived by the Registrar) give written instructions concerning any optional prior redemption to the Registrar at least 60 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 1998A 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 1998A Bond or to the Purchaser of any defect therein, shall not affect the validity of the proceedings for the redemption of any other 1998A Bonds. Such notice shall identify the 1998A 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 on such redemption date the principal amount thereof will become 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 provided above, the 1998A Bond or 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 the 1998A Bond or Bonds so called for redemption. Section 8. Snecial Obligations. All of the 1998 Bonds, 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 1998 Bonds and the Bond Insurer may not look to any general or other fund for the payment of principal and interest on the 1998 Bonds or payments under the Financial Guaranty Agreement, except the designated special funds pledged therefor; and the 1998 Bonds and the Financial Guaranty Agreement shall not constitute an indebtedness nor 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. -12- • Section 9. Form of 1998 Bonds and Registration Panel. The 1998 Bonds and the registration panel shall be substantially as follows (provided that any portion of the 1998 Bond text may, with appropriate references, be printed on the back of the 1998 Bonds), with such omissions, 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: -13- • • (Form of Bond) • Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to the Town or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF EAGLE TOWN OF VAIL, COLORADO [TAXABLE] SALES TAX REVENUE REFUNDING BOND SERIES 1998[A][B] NO. R- INTEREST RATE REGISTERED OWNER: PRINCIPAL AMOUNT: DOLLARS 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 December 1, 1998, the interest rate per MATiJRITY DATE DATED DATE CUSIP September 1, 1998 -14- • • • annum specified above, until the principal sum is paid or payment has been provided therefor. This bond will bear interest from the most recent interest payment date to which interest has been paid or provided for, or, if no interest has been paid, from the date of this bond. This bond bears interest, matures, is payable, is subject to redemption and is transferable as provided in the Bond Ordinance. To the extent not defined herein, terms used in this bond shall have the same meanings as set forth in the Bond Ordinance. The principal of this bond is payable upon presentation and surrender hereof to the principal office of the Paying Agent. Interest on this bond 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 in the registration records of the Town maintained by the Registrar at the principal office and at the address appearing thereon at the close of business on the Regular Record Date. The Bonds of which this bond is one are all of like date, tenor, and effect except as to number, principal amount, interest rate, date of maturity, and optional prior redemption and are issued by the Town Council of the Town of Vail, in the County of Eagle and State of Colorado, for the purpose of refunding certain bonds of the Town under the authority of and in full conformity with the Town's home rule charter, the constitution and laws of the State of Colorado, and pursuant to the duly adopted Bond Ordinance. The principal of and interest on this bond are payable only from the proceeds of the Pledged Revenues, all as more particularly set forth in the Bond Ordinance. This bond constitutes a first and prior lien, but not necessarily an exclusively first lien, on the Pledged Revenues. It is further hereby recited, certified, and warranted that all the requirements of law have been complied with fully by the proper officers of the Town in issuing this bond. The 1998 Bonds are authorized for the purpose of defraying wholly or in part the costs of the Refunding (as defined in the Bond Ordinance), and for the payment of costs and expenses incidental thereto and to the issuance of the 1998-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 Ordinance duly adopted, published and made a law of the Town, all prior to the issuance of this bond. -15- ~ i • The 1998 Bonds do not constitute a debt or an indebtedness of the Town within the meaning of any applicable charter, constitutional or 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 Revenues. The 1998 Bonds constitute a pledge of, and an irrevocable lien (but not an exclusive lien) on all of the Pledged Revenues, on a parity with the Town's unrefunded Sales Tax Revenue Refunding and Improvement Bonds, Series 1992B. The 1998 Bonds are equitably and ratably secured by such lien on the Pledged Sales Tax. Reference is made to the Bond Ordinance for the provisions, among others, with respect to the custody and application of the proceeds of the 1998 Bonds, the receipt and disposition of the Pledged Revenues, the nature and extent of the security, the terms and conditions under which additional bonds payable from the Pledged Revenues may be issued, the rights, duties and obligations of the Town, the rights of the owners of the 1998 Bonds, the events of default and remedies, the circumstances under which any 1998 Bond is no longer Outstanding, the ability to amend the Bond Ordinance; and by the acceptance of this bond the owner hereof assents to all provisions of the Bond Ordinance. The principal of, premium if any, and the interest on this bond shall be 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 Bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Bond Ordinance until the certificate of authentication hereon shall have been manually signed by the Bond Registrar. IN TESTIMONY WHEREOF, the Town Council of the Town of Vail has caused this bond to be signed and executed in its name with a manual or facsimile signature of the Mayor of the -16- ~ i • Town, 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 Sicnaturel Mayor (MANUAL OR FACSIMILE SEAL) Attest: ,(Manual or Facsimile Si~naturel Town Clerk (End of Form of Bond) -17- • • (Form 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 Bonds. THE BANK OF CHERRY CREEK, N.A., as Registrar Date of Authentication By: and Registration: Authorized Officer or Employee (End of Form of Registrar's Certificate of Authentication) -18- • i ~ STATEMENT OF INSURANCE MBIA Insurance Corporation (the "Insurer") has issued a policy containing the following provisions, such policy being on file at The Bank of Cherry Creek, N.A., 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 The Bank of Cherry Creek, N.A. 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 the due date of such principal by reason of mandatory or optional redemption or acceleration resulting from default or otherwise, other than any advancement of maturity pursuant to a mandatory 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 Town of Vail, Colorado, Sales Tax Revenue Refunding Bonds, Series 1998A and the Town of Vail, Colorado, Taxable Sales Tax Revenue Refunding Bonds, Series 1998B. 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 or within one business day after receipt of notice of such nonpayment, whichever is later, will make a deposit of funds, in an account with Citibank, N.A., in New York, New York, or its successor, sufficient for the payment of any such Insured Amounts which are then due. Upon presentment and surrender of such Obligations or presentment of such other proof of ownership of the Obligations, together with any appropriate instruments of assignment to evidence the assignment of the Insured Amounts due on the Obligations as are paid by the Insurer, and appropriate instruments to effect the appointment of the Insurer as agent 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 Amounts and legally available therefor. This policy does not insure against loss of any prepayment premium which may at any time be payable with respect to any Obligation. -19- • • As used herein, the term "owner" shall mean the registered owner of any Obligation as indicated in the records 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 for the Obligations. Any service of process on the Insurer may be made to the Insurer at its offices located at 113 King Street, Armonk, New York 10504. This policy is non-cancelable for any reason. The premium on this policy is not refundable for any reason including the payment prior to maturity of the Obligations. MBIA INSURANCE CORPORATION -20- • . • (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) -21- • • (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 identification 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) -22- • STATE OF COLORADO ) COUNTY OF EAGLE ) SS. TOWN OF VAIL ) LEGAL OPINION CERTIFICATE I, the undersigned Town Clerk of the Town of Vail, in the County of Eagle and State of Colorado, do hereby certify that the following approving legal opinion of Sherman & Howard L.L.C., Attorneys at Law, Denver, Colorado, to wit: (Attorneys' approving opinion inserted in submargins, including complimentary closing and "/s/ Sherman and Howard L.L.C.") is a true, perfect, and complete copy of a manually executed and dated copy thereof on file in the records of the Town; that manually executed and dated copies of the opinion were forwarded to a representative of the original purchaser of the bonds of the series of which this bond is one; and that the opinion was dated and issued as of the date of the delivery of and payment for such bonds. IN WITNESS WHEREOF, I have caused to be hereunto affixed a facsimile of my signature. Town Clerk -23- • • Section 10. Neeotiability. Subject to the registration provisions hereof, the 1998 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 Code-Investment Securities. The principal of and interest on the 1998 Bonds shall be paid, and the 1998 Bonds shall be transferable, free from and without regard to any equities between the Town and the original or any intermediate owner of any 1998 Bonds or any setoffs or cross-claims. Section 11. Execution. The 1998 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 1998 Bond shall be authenticated by the manual signature of an authorized officer or employee of the Registrar as provided below. The signatures of the Mayor and the Town Clerk may be by manual or facsimile signature. The 1998 Bonds bearing the manual or facsimile signatures of the officers in office at the time of the authorization thereof shall be the valid and binding obligations of the Town (subject to the requirement of authentication by the Registrar as provided below), notwithstanding that before the delivery thereof and payment therefor or before the issuance of the 1998 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 1998 Bonds, adopt as and for their respective signatures any facsimiles thereof appearing on the 1998 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 1998 Bonds. No 1998 Bond shall be valid or obligatory for any purpose unless the certificate of authentication, substantially in the form provided above, has been duly manually executed by the Registrar. The Registrar's certificate of authentication-shall be deemed to have been duly executed by the Registrar if manually signed by an authorized officer or employee of the Registrar, but it shall not be necessary that the same officer or employee sign the certificate of authentication on all of the -24- • • 1998 Bonds issued hereunder. By authenticating any of the 1998 Bonds initially delivered pursuant to this Ordinance, the Registrar shall be deemed to have assented to the provisions of this Ordinance. Section 12. Registration. Transfer and Exchange. A. Except as provided in Section 13, records for the registration and transfer of the 1998 Bonds shall be kept by the Registrar, which is hereby appointed by the Town as registrar (i.e., transfer agent) for the 1998 Bonds. Upon the surrender for transfer of any 1998 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 anew 1998 Bond or Bonds of the same series, of a like aggregate principal amount and of the same maturity, bearing a number or numbers not previously assigned. 1998 Bonds may be exchanged at the Registrar for an equal aggregate principal amount of 1998 Bonds of the series and the same maturity of other authorized denominations. The Registrar shall authenticate and deliver a 1998 Bond or Bonds which the registered owner making the exchange is entitled to receive, bearing a number or numbers not previously assigned. The Registrar may impose reasonable charges in connection with such exchanges and transfers of 1998 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 1998 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 1998 Bond or portion thereof after the mailing of notice calling such 1998 Bond or any portion thereof for prior redemption, except for the unredeemed portion of the 1998 Bonds being redeemed in part. C. The person in whose name any 1998 Bond 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 for 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 1998 Bond shall be made only to or -25- • • • upon the written order of the registered owner thereof or his legal representative, but such registration may be changed upon transfer of such 1998 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 1998 Bond to the extent of the sum or sums so paid. D. If any 1998 Bond shall be lost, stolen, destroyed or 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 1998 Bond or Bonds of a like aggregate principal amount and of the same series and maturity, bearing a number or numbers not previously assigned. If such lost, stolen, destroyed, or mutilated 1998 Bond shall have matured or is about to become due and payable, the Registrar may direct the Paying Agent to pay such 1998 Bond in lieu of replacement. E. The officers of the Town are authorized to deliver to the Registrar fully executed but unauthenticated 1998 Bonds in such quantities as may be convenient to be held in custody by the Registrar pending use as herein provided. F. Whenever any 1998 Bond shall be surrendered to the Paying Agent upon payment thereof, or to the Registrar for transfer, exchange or replacement as provided herein, such 1998 Bond shall be promptly cancelled by the Paying Agent or Registrar, and counterparts of a certificate 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 1998 Bonds shall initially be evidenced by one 1998 Bond for each series and maturity in which the 1998 Bonds mature in denominations equal to the aggregate principal amount of the 1998 Bonds maturing for that series and maturity. Such initially delivered 1998 Bonds shall be registered in the name of "Cede & Co." as nominee for The Depository Trust Company, the securities depository for the 1998 Bonds. The 1998 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 -26- • • • "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 depository 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 1998 Bonds, which new depository institution must be both a "clearing corporation" as defined in Section 4-8-102(3), Colorado Revised Statutes and a qualified and registered "clearing agency" under Section 17A of the Securities Exchange Act of 1934, as amended, to carry out the functions of The 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. In the case of a transfer to a successor of The Depository Trust Company or its nominee as referred to in clause (1) of paragraph (a) hereof or designation of a new depository pursuant to clause (2) of paragraph (a) hereof, upon receipt of the Outstanding 1998 Bonds by the Bond Registrar, together with written instructions for transfer satisfactory to the Bond Registrar, a new 1998 Bond for each series and maturity of the 1998 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 1998 Bonds as provided in clause (3) of paragraph (a) hereof, and upon receipt of the Outstanding 1998 Bonds by the Bond Registrar, together with written instructions for transfer satisfactory to the Bond Registrar, new 1998 Bonds shall be issued in the denominations of -27- • • • $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 1998 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 1998 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 1998 Bonds held by The Depository Trust Company or any successor or new depository named pursuant to paragraph (a) hereof. D. The Council, the Bond Registrar and the Paying Agent shall endeavor to cooperate with The Depository Trust Company or any successor or new depository named pursuant to clause (1) or (2) of paragraph (a) hereof in effectuating payment of the principal amount of the 1998 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 due. Section 14. Delivery of 1998 Bonds and Disposition of Proceeds. When the 1998 Bonds have been duly executed by appropriate Town officers and authenticated by the Registrar, the Town shall cause the 1998 Bonds to be delivered to the Purchaser on receipt of the agreed purchase price. The 1998 Bonds 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 1998 Bonds in such name or names as the Purchaser shall direct. The proceeds of the sale of the Tax-Exempt 1998 Bonds, 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 Purchaser or any subsequent Owner in no manner shall be responsible- for the application or disposal by the Town or any of its officers of any of the funds derived from the sale of the Tax-Exempt 1998 Bonds: -28- ~ ~ ~ (i) All accrued interest, if any, received in respect of the Tax-Exempt 1998 Bonds shall be credited to the Bond Fund to be applied to the payment of the Tax-Exempt 1998 Bonds. (ii) An amount, together with the proceeds of the sale of the Taxable 1998 Bonds deposited to the Escrow Fund as provided below and other available funds of the Town, sufficient to establish any initial cash balance remaining uninvested and to buy Governmental Obligations to effect the Refunding shall be deposited to the Escrow Account. (iii) All remaining proceeds of the Tax-exempt 1998 Bonds shall be used, together with any other available moneys therefor, to pay a portion of the premium for the Bond Insurance Policy and costs incidental to the issuance of the 1998 Bonds. Any such amounts remaining after payment of all such costs shall be deposited in the Bond Fund and applied to the payment of the principal of and interest on the Tax-exempt 1998 Bonds. The proceeds of the sale of the Taxable 1998 Bonds, 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 Purchaser or any subsequent Owner in no manner shall be responsible for the application or disposal by the Town or any of its officers of any of the funds derived from the sale of the Taxable 1998 Bonds: (i) All accrued interest, if any, received in respect of the Taxable 1998 Bonds shall be credited to the Bond Fund to be applied to the payment of the Taxable 1998 Bonds. (ii) An amount, together with the proceeds of the sale of the Tax- Exempt 1998 Bonds deposited to the Escrow Fund as provided below and other available funds of the Town, sufficient to establish any initial cash balance remaining uninvested and. to buy Governmental -Obligations to .effect the Refunding shall be deposited to the Escrow Account. (iii) All remaining proceeds of the Taxable 1998 Bonds shall be used, together with any other available moneys therefor, to pay a portion of the -29- ~ • s premium for the Bond Insurance Policy and costs incidental to the issuance of the 1998 Bonds. Any such amounts remaining after payment of all such costs shall be deposited in the Bond Fund and applied to the payment of the principal of and interest on the Taxable 1998 Bonds. Section 15. Use of Moneys in Income Fund. Subject to Section 17, so long as any Bonds shall be Outstanding, either as to principal or interest, the Pledged Revenues 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: 1. 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 installments 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 Bond Fund the entire amount necessary to pay the next maturing installment of interest or principal, or both, the payment required in subparagraph (1) or (2) (whichever is applicable) of this paragraph, may be appropriately reduced; but the required monthly amounts again shall be so credited to such account commencing on such interest payment date or principal payment date. The moneys in the Bond Fund shall be used only-to pay the principal of, prior redemption premium if any, and interest on the Bonds as the same becomes due. B. Reserve Fund. Second, except as provided below, from any moneys remaining in the Income Fund there shall be credited monthly to a separate account created by the -30- • . • 1989 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 to such issuer under the terms of the Bond Reserve Insurance Policy. In determining the amounts required to be deposited as provided above, the Town shall receive credit for any investment earnings on the deposit in the Reserve Fund. Investment earnings on 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/or 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, only to prevent deficiencies in the payment of the principal of and the interest on 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 principal payment, whether at stated maturity or upon redemption, (ii) the issuance of Additional Bonds, or (iii) the defeasance 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 or 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 Bond Reserve Insurance Policy in the Reserve Fund in full or partial satisfaction of the Reserve Fund Requirement. Any such Bond Reserve Insurance Policy shall be payable on any date on which moneys will be required to be withdrawn from the Reserve Fund as provided herein. Upon deposit of any Bond Reserve Insurance Policy in the Reserve Fund, the Town may transfer moneys equal to the amount payable under the Bond Reserve Insurance Policy from the Reserve Fund and apply such moneys to any lawful purpose. All cash and investments in the Reserve Fund shall be transferred to the Bond Fund for payment of principal and interest on the Bonds before any drawing may be made on any Bond -31- • • Reserve Insurance Policy credited to the Reserve Fund in lieu of cash. Payment of any amounts owing to the provider of a Bond Reserve Insurance Policy shall be made prior to replenishment of any such cash amounts. Draws on all Bond Reserve Insurance Policies on which there is available coverage shall be made on a pro-rata basis (calculated by reference to the coverage then available thereunder) after applying all available cash and investments in the Reserve Fund. Payment of amounts owing to the providers of Bond Reserve Insurance Policies shall be made on a pro-rata basis prior to replenishment of any cash drawn from the Reserve Fund. The Town shall notify the Paying Agent and the provider of Bond Reserve Insurance Policy of the necessity for a claim upon the Bond Reserve Insurance Policy at least three Business Days prior to each date upon which interest or principal is due on the Bonds. The Paying Agent shall give notice to Bond Insurer of any failure of the Town to make timely payment in full of any deposit required to be made under the Registrar Agreement. 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 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 so that not later than twelve calendar months after the date of issuance of such series of Bonds the amount on deposit in the Reserve Fund shall equal the Reserve Fund Requirement. C. Termination Unon Deposits to Maturity or Redemption Date. No 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. -32- r i ~ D. Defravin~ Delinquencies in Bond and Reserve Funds. If on 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 Reserve 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 Bond 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 Bond Reserve Insurance Policy 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 both 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 Bond Reserve Insurance Policy and then to replenish cash in the Reserve Fund. The cash so used shall be 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 for 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 Bond Fund and in the Reserve Fund shall be used solely for 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 owing 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 Bonds may be used as provided in Paragraphs G and H of this Section. -33- • • • 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 for the purpose of making the payments to the United States required by Section 148(f j 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 shall not be subject to the lien created by this Ordinance to the extent such amounts are required to be paid to the United States Treasury. The Town may create separate accounts in the Rebate Fund in connection with the issuance of Additional Bonds. F. Interest on Bond 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 Bond Reserve Insurance Policy. G. Payment for Subordinate Obligations. After the payments required by Paragraphs A, B, E, and F of this Section, the Pledged Revenues shall be used by the Town for 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 Remaining Revenues. After making the payments required to be made by this Section, any remaining Pledged Revenues may be used for 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 Sales 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. Budget 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 shall be included in the annual budget and the appropriation ordinance or measures to -34- . • be adopted or passed by the Town Council in each year respectively while any of the 1998 Bonds, either as to principal or interest, are Outstanding and unpaid. No provision of any constitution, statute, charter, ordinance, resolution or other order or measure enacted after the issuance of the 1998 Bonds shall in any manner be construed as limiting or impairing the obligation of the Town to keep and perform the covenants contained in this Ordinance so long as any of the 1998 Bonds 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 for such purpose to the Bond Fund or Reserve Fund for the purpose of providing for the payment of the principal of and interest on the 1998 Bonds. B. Places and Times of Deposits. Each of the special funds created in Section 15 hereof shall be maintained by the Town as separate book 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 or continued 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. Each 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 any fund established or continued by Section 15 of this Ordinance may be invested or reinvested in any Permitted Investment. Securities or 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 on 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 so in order to provide moneys to meet any required -35- • • payment or transfer from such fund. The Town shall have no obligation to make any investment or reinvestment hereunder, unless any moneys on 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 60 day period, except for any moneys on deposit in an interest bearing account in a Commercial Bank, without regard to whether such moneys are evidenced by a certificate of deposit or otherwise, pursuant to this Section 16.C. and Section 16.E. hereof; but the Town is not required to invest, or so to invest in such a manner, any moneys accounted for hereunder if any such investment would contravene the covenant concerning arbitrage in Section 20.K. hereof. D. No Liability for Losses Incurred in Performine Terms of Ordinance. Neither the Town nor any officer of the Town shall be liable or 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 shall consist of lawful money of the United States or investments permitted by Section 16.C. hereof or both such money and such investments. Moneys deposited in a demand or time deposit account in or evidenced by a certificate of deposit of a Commercial Bank pursuant to Sections 16.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 1998 Bonds constitute a pledge of, and an irrevocable first lien (but not an exclusive first lien) on all of the Pledged Revenues on a parity with the lien of the Unrefunded 1992B Bonds. The 1998 Bonds are equitably and ratably secured by a lien on the Pledged Revenues. Section 18. Additional Bonds. A. Limitations Unon Issuance of Additional Bonds. Nothing in this Ordinance shall be construed in such a manner as to prevent the issuance by the Town of additional bonds or other obligations, payable from and constituting a lien upon the Pledged Revenues on a parity with the lien of the 1998 Bonds (the "Additional Bonds"). Such Additional Bonds 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 -36- Revenues or from Pledged Revenues and Additional Pledged Revenues, such bonds 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 Bonds 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 part of the Pledged Sales Tax Revenues immediately prior to the issuance of Additional Bonds, or 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 or any such increase which is to be imposed immediately prior to the issuance of Additional Bonds can be considered for its estimated effect on the amount of the Pledged Sales Tax Revenues as if such tax or increase had been in effect for 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 for purposes of satisfying such tests. 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 for the last Fiscal Year immediately preceding the issuance of such Additional Bonds. B. Certificate of Revenues. A written certification by a certified 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 1998 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 1998 Bonds. -37- • • • D. Superior Obligations 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 1998 Bonds. Section 19. Reuundine Obligations. A. Generally. If at any time after the 1998 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 Bond Insurer, if the Bond Insurer insured such obligations, consent to such surrender and payment. B. Protectioxt of Obliuations Not Refunded. Any refunding obligations payable from the Pledged Revenues shall be issued with such details as the Town Council may provide, so 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 1998 Bonds are Outstanding, refunding obligations payable from the Pledged Revenues may be issued on a parity with the unrefunded Bonds 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. Requirements Not Increased. The refunding obligations do not increase by more than $25,000, for any Fiscal Year prior to and including the last maturity date of any unrefunded Bonds, the aggregate principal and interest requirements evidenced by such refunding obligations and by any Outstanding Bonds not refunded, and the lien of any refunding parity obligations on the Pledged Revenues is not raised t©a higher priority than the lien thereon of any obligations thereby refunded; or 3. Earnings Test. The refunding obligations are issued in compliance with Paragraphs A and B of Section 18 hereof. -38- • • • Section 20. Protective Covenants. The Town hereby additionally covenants and agrees with each and every owner of the 1998 Bonds that: A. Use of 1998 Bond Proceeds. The Town will proceed with the Refunding without delay and with due diligence. B. Payment of 1998 Bonds. The Town will promptly pay the principal of and interest on every 1998 Bond issued hereunder and secured hereby on the dates and in the manner specified herein and in said 1998 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: Duty to Impose Sales Tax: Impairment of Contract. The Sales Tax Ordinances are in full force 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 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 or otherwise directly or indirectly modified in such manner as to materially adversely affect any Bonds Outstanding, unless the required consent 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 Bonds; but the Town shall not reduce the current rate of the Pledged Sales Tax without the consent of the .owners of 66 percent in aggregate principal amount of the then Outstanding 1998 Bonds or the Bond Insurer (whichever is appropriate), as provided in Section 35 of this Ordinance. -39- • • • The foregoing covenants are subject to compliance by the Town with orders of courts of competent jurisdiction concerning the validity, constitutionality orcollection ofsuch tax revenues, any legislation of the United States or the State or 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 for the public welfare, which legislation, regulation or action applies to the Town as a Colorado home rule city and limits or otherwise inhibits the amount ofsuch 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 on, 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 court, 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 of and interest on the 1998 Bonds when due. E. Further Assurances. At any and all times the Town shall, so far as it may be authorized by law, pass, make, do, execute, acknowledge, deliver and file or record 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 -40- • • • Ordinance. The Town, acting by and through its officers, or 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 all the rights of every owner of any of the 1998 Bonds against all claims and demands of all Persons whomsoever. F. Conditions Precedent. Upon the issuance of any of the 1998 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 1998 Bonds shall exist, have happened and have been performed, and the 1998 Bonds, together with all other obligations of the Town, shall not contravene any debt or other limitation prescribed by the 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 1998 Bonds 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 fiscal 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 1998 Bonds to review and copy 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 Town 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 1998 Bonds and after the Refunding, other than the Unrefunded 1992B Bonds, there are no liens or encumbrances of any nature whatsoever on or against any of the Pledged Revenues. -41- ~ + ~ K. Tax Covenant. The Town covenants for the benefit of the Registered Owners of the Tax-exempt 1998 Bonds that it will not take any action or omit to take any action with respect to the Tax-exempt 1998 Bonds, the proceeds thereof, any other funds of the Town or any facilities re-financed with the proceeds of the Tax-exempt 1998 Bonds if such action or omission (i) would cause the interest on the Tax-exempt 1998 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 Tax-exempt 1998 Bonds to lose its exclusion from alternative minimum taxable income as defined in Section 55(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 56 of the Tax Code in calculating corporate alternative minimum taxable income, or (iii) would cause interest on the Tax-exempt 1998 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 Tax-exempt 1998 Bonds until the date on which all obligations of the Town in fulfilling the above covenant under the Tax Code and Colorado law have been met. The Town hereby designates the Tax-exempt 1998 Bonds as "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the Tax Code. L. Town's Existence. The Town will maintain its corporate identity and existence so long as any of the 1998 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 1998 Bonds. M. Performance of Duties. The Town will faithfully and punctually perform or cause to be performed all duties with respect to the Pledged Revenues, the proper segregation of the Pledged Revenues as set forth in Section 14 hereof and their application to the respective funds as herein provided. N. Prompt Collections. The Town will cause the Pledged Revenues to be collected promptly and accounted for in the funds as herein provided. -42- • O. Surety Bonds. Each official of the Town having custody of the Pledged Revenues, or responsible for their handling, shall be fully bonded at all times, which bond shall be conditioned upon the proper application of such money. P. 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. Q. Continuing Disclosure Certificate. The Town will comply with the terms of the Continuing Disclosure Certificate. Any failure by the Town to perform in accordance with this Section 20.Q shall not constitute an "event of default" under Section 23 of this Ordinance, and the rights and remedies provided by this Ordinance upon the occurrence of an "event of default" shall not apply to any such failure. Unless otherwise required by law, no owner of a 1998 Bond shall be entitled to damages for the Town's non-compliance with its obligations under this Section 20.Q ; however, the owners of the 1998 Bonds may enforce specific performance of the obligations contained in this Section 20.Q by any judicial proceeding available. Section 21. Defeasance. When the 1998 Bonds 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 1998 Bonds shall no longer be deemed to be Outstanding for any purpose of this Ordinance, except as set forth in Section 20.K. hereof. Payment of any 1998 Bonds shall be deemed made when the Town has placed in escrow with a Trust Bank an amount sufficient (including the known minimum yield from Governmental Obligations) to meet all requirements of principal and interest on such 1998 Bonds as the same become due to maturity or a designated prior redemption date; and, if 1998 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.C. 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. -43- • In the event that there is a defeasance of only part of the 1998 Bonds of any maturity, the Registrar shall, if requested by the Town, institute a system to preserve the identity of the individual 1998 Bonds or portions thereof so defeased, regardless of changes in bond numbers attributable to transfers and exchanges of 1998 Bonds; and the Registrar shall be entitled to reasonable compensation and reimbursement of expenses from the Town in connection with such system. Notwithstanding the Town's deposit of Governmental Obligations to pay when due the principal and interest to become due on the Taxable 1998 Bonds as described above, the Town is obligated to contribute additional securities to pay the Taxable 1998 Bonds if necessary to provide sufficient amounts to satisfy the payment obligations on the Taxable 1998 Bonds unless the Town has obtained an opinion of bond counsel to the effect that such continuing obligation to contribute additional securities is not necessary to prevent a deemed reissuance under Section 1001 of the Tax Code. Section 22. Delegated Powers. Acceptance of Purchase Contract. The officers of the Town 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 1998 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 Tax-exempt 1998 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, the Continuing Disclosure Certificate and the Letter of Representations hereby are approved, and the Town shall enter into and perform its obligations under the Purchase Contract, the Registrar Agreement, the Escrow Agreement, the Financial Guaranty Agreement, the Continuing Disclosure Certificate 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 -44- • 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 of, and to execute and deliver, a final official statement for the 1998 Bonds. The execution of the final official statement by the Finance Director 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 Purchaser, and hereby authorizes the sale of the 1998 Bonds to the Purchaser at a price of $9,392,247.25 (consisting of par less underwriter's discount of $80,707.50 and original issue discount of $22,045.25) plus accrued 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 1998 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. Nonpayment of Principal. If payment of the principal of any of the 1998 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 1998 Bonds shall not 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; or D. Default of any Provision. If the Town shall default in the due and punctual performance of its covenants or conditions, agreements and provisions contained in the 1998 Bonds or in this Ordinance on its part to be performed, other than those delineated in Paragraphs A and B of this Section, and if such default shall continue for 60 days after written notice specifying such default and requiring the same to be remedied shall-have been given to the Town by the Bond Insurer so long as it is not in default of its payment obligations under the Bond Insurance Policy or, during such default by the Bond Insurer, by the owners of not less than 25% in aggregate principal amount of the 1998 Bonds then Outstanding. -45- • • • 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 most 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 Bond 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 Bond Insurer so long as it is not in default in its payment obligations under the Bond 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 or any owner to proceed does not relieve the Town or any person of any liability for failure to perform 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. Duties Unon 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 1998 Bonds to protect and preserve the security created for the payment of the 1998 Bonds and to insure the payment of the principal of and interest on said 1998 Bonds promptly as the same become due. Proceeds derived from the Pledged Revenues, so long as any of the 1998 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 provided in this -Section,, the Bond Insurer so long as it is not in default of its payment obligations under the Bond Insurance Policy or, during such a default by the Bond Insurer, the owner or owners of not less than 25% in aggregate principal amount -46- • s~ ~ of the 1998 Bonds then Outstanding, after demand in writing, may proceed to protect and enforce the rights of such owners as hereinabove provided. Section 26. Replacement of Registrar or Paving Agent. If the Registrar or 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 Bond Insurer and each owner of any 1998 Bond at his address last shown on the registration records, appoint a successor Registrar or Paying Agent, or both. No 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 (ems.., 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. The Town shall provide written notice to the Bond Insurer of the resignation or dismissal of the Registrar or Paying Agent and the appointment of a successor. 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 or any part thereof in Federal Securities (as defined therein), to pay the Refunded Bond Requirements as the same became due. Section 28. Use of Escrow Account. Moneys shall be withdrawn by the Escrow Bank from the Escrow Account in sufficient amounts and at such times to permit the payment without default of the Refunded Bond Requirements. Any moneys remaining in the Escrow Account after provision shall have been made for the redemption in full of the Refunded Bonds shall be applied to any lawful purpose of the Town as the Council may hereafter determine. Section 29. Insufficiency of Escrow Account. If for any reason the amount in the Escrow Account shall at any-time be insufficient for the purpose of Sections 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. -47- ~ ~ s Section 30. Notice of Defeasance. The Town hereby authorizes and directs the registrar for the 1991 Bonds and the 1992 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 1998 Bonds. Section 31. Manner of C'livina 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 Bonds 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 form: -48- • • • (Form of Notice) NOTICE OF PARTIAL DEFEASANCE OF TOWN OF VAIL, COLORADO SALES TAX REVENUE BONDS, SERIES 1991 AND PARTIAL DEFEASANCE OF SALES TAX REVENUE REFUNDING AND IMPROVEMENT BONDS SERIES 1992B CUSIP NOS. NOTICE IS HEREBY GIVEN that the Town of Vail, Colorado (the "Town") has caused to be deposited in escrow with The Bank of Cherry Creek, N.A. in Denver, Colorado refunding bond proceeds and other funds which have been invested (except for an initial cash balance remaining uninvested) in bills, notes, bonds and similar securities which are non-callable direct obligations of the United States of America, to refund, pay and discharge the principal of, interest and, if applicable, prior redemption premiums on the Town's outstanding Sales Tax Revenue Bonds, Series 1991 and the following portions of the Town's outstanding Sales Tax Revenue Refunding and Improvement Bonds, Series 1992B maturing or subject to mandatory redemption on the following dates: Date Princi_nal Amount June 1, 1999 $ 40,000 June 1, 2000 940,000 June 1, 2001 1,000,000 June 1, 2002 1,055,000 June 1, 2003 1,115,000 June 1, 2004 1,185,000 June 1, 2005 1,245,000 (collectively, the "Refunded Bonds") as the same become due through and including prior redemption thereof. The 1991 Bonds maturing on and after December 1, 2002 will be redeemed on December 1, 2001 upon payment of principal and interest and the refunded 1992 Bonds maturing on June 1, 2005 will be redeemed on December 1, 2002 upon payment of the principal, interest and redemption premium of 1 % of the principal so redeemed. -49- ~ ~ ~ According to a report pertaining to such escrow of Van Schooneveld & Co., 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 debt service requirements of the Refunded Bonds on the respective maturity and prior redemption dates. In accordance with the Comprehensive Energy Policy Act of 1992 (HR 776), the paying agent is required to withhold 31 % from payments of principal to individuals who fail to furnish valid Taxpayer Identification Numbers. A completed form W-9 should be presented with your Refunded Bond. The above-referenced CUSIP numbers were assigned to this issue by Standard & Poor's Corporation and are intended solely for bondholders' convenience. Neither the paying agent nor the Town shall be responsible for selection or use of the CUSIP numbers, nor is any representation made as to their correctness on the Refunded Bonds or as indicated in any redemption notice. DATED TOWN OF VAIL, COLORADO By: Finance Director (End of Form of Notice) -50- • • Section 33. Severability. If any one or more sections, sentences, clauses 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. Renealer. All bylaws, orders, resolutions and ordinances, or parts thereof, 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, or part thereof, heretofore repealed. Section 35. Amendment. After any of the 1998 Bonds have been issued, this Ordinance shall constitute a contract between the Town and the owners 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 1998 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 or 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 1998 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 -51- • • (4) to qualify this Ordinance under the Trust Indenture Act of 1939. B. Exclusive of the amendatory ordinances permitted by Paragraph A of this Section, this Ordinance may be amended or supplemented by ordinance adopted by the Town Council in accordance with the law, without receipt by the Town of any additional consideration but with the written consent of the Bond Insurer, unless the Bond Insurer is in default under the 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 66% in aggregate principal amount of the 1998 Bonds Outstanding at the time of the adoption of such amendatory or supplemental ordinance; provided, however, that, without the written consent of the Bond Insurer and the owners of all of the 1998 Bonds adversely affected thereby, no such Ordinance shall have the effect of permitting: (1) An extension of the maturity of any 1998 Bond authorized by this Ordinance; or (2) A reduction in the principal amount of any 1998 Bond or the rate of interest 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 1998 Bonds required for consent to such amendatory or supplemental ordinance; or (5) The establishment of priorities as between 1998 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 1998 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 1998 Bonds. Section 36. 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 registered or certified mail to the Bond Insurer, 113 King Street, Armonk, New York 10504, Attention: Insured Portfolio -52- • • • Management, or to such other address of which the Bond Insurer shall notify the Town in writing. The Town shall provide the Bond Insuer with the following information: (a) Budget for each year and annual audited financial statements, within 200 days after the end of its fiscal year. (b) Official statement or similar disclosure document, if any, prepared in connection with the issuance of Additional Bonds. (c) All notices required to be delivered to the registered owners of the 1998 Bonds. Section 37. Payments 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 1998 Bonds, the Paying Agent has not received sufficient moneys to pay all principal of and interest on the 1998 Bonds then due, the Paying Agent shall immediately notify the Bond Insurer or its designee on the same Business Day by telephone or telegraph, confirmed in writing by registered or certified mail, of the amount of the deficiency. B. If the deficiency is made up in whole or in part prior to or on the payment date, the Paying Agent shall so notify the Bond Insurer or its designee. C. In addition, if the Paying Agent has notice that any registered owner has been required to disgorge payments of principal or interest on the 1998 Bonds to a trustee in bankruptcy or creditors or others pursuant to a final judgment by a court of competent jurisdiction that such payment constitutes an avoidable preference to such registered owner within the meaning of any applicable bankruptcy laws, then the Paying Agent shall notify the Bond Insurer or its designee of such fact by telephone or telegraph, confirmed in writing by registered or certified mail. D. The Paying Agent is hereby irrevocably designated, appointed, directed and authorized to act as attorney-in-fact for registered owners of the 1998 Bonds as follows: If and to the extent there is a deficiency in amounts required to pay interest on the 1998 Bonds,. the Paying Agent shall .(a) execute .and deliver to the Insurance Paying Agent, in form satisfactory to the Insurance Paying Agent, an instrument appointing the Bond Insurer as agent for such registered owners in any legal proceeding related to the payment of such interest and an assignment to the Bond Insurer of the claims for interest to which such deficiency -53- • • relates and which are paid by the Bond Insurer, (b) receive as designee of the respective registered owners (and not as Paying Agent) in accordance with the tenor of the Policy payment from the Insurance Paying Agent with respect to the claims 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 1998 Bonds, the Paying Agent shall (a) execute and deliver to the Insurance Paying Agent in form satisfactory to the Insurance Paying Agent an instrument appointing the Bond Insurer as agent for such registered owner in any legal proceeding relating to the payment of such principal and an assignment to the Bond Insurer of any of the 1998 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 for such payment (but such assignment shall be delivered only if payment from the Insurance Paying Agent is received), (b) receive as designee of the respective registered owners (and not as Paying Agent) in accordance with the tenor of the Policy payment therefor from the Insurance Paying Agent, and (c) disburse the same to such registered owners. E. Payments with respect to claims for interest on and principal of 1998 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 1998 Bonds, and the Bond Insurer shall become the owner of such unpaid 1998 Bonds and claims for the interest in accordance with the tenor of the assignment made to it under the provisions of this subsection or otherwise. F. Irrespective of whether any such assignment is executed and delivered, the Town and the Paying Agent hereby agree for the benefit of Bond Insurer that, to the extent the Bond Insurer makes payments, directly or indirectly (as by paying through the Paying Agent), on account of principal of or interest on the 1998 Bonds, the Bond Insurer will be subrogated to the rights of such registered owners to receive the amount of such principal and interest from the Town, with interest thereon as provided and solely from the sources stated in this Ordinance and the 1998 Bonds; and 2. they will accordingly pay to the Bond Insurer the amount of such principal and interest (including principal and interest recovered under subparagraph (ii) of the first -54- • • 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 1998 Bonds, but only from the sources and in the manner provided herein for the payment of principal of and interest on the 1998 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 1998 Bonds herein authorized are issued, this Ordinance shall constitute a contract between the Town and the owners of the 1998 Bonds, and shall be and remain irrepealable until the 1998 Bonds and interest thereon shall be fully paid, cancelled and discharged as herein provided. Section 39. Disposition 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 40. Effective Date. This ordinance shall be in full force and effect five days after publication following final passage. INTRODUCED, READ AND APPROVED on first reading by a vote of 5 to 1 this 18th day of August, 1998 and ordered published in full together with notice of hearing in the Vail Trail, a newspaper of general circulation in the Town of Vail; and further order that a Public Hearing on the Ordinance and consideration on final passage be set for Tuesday, September 1, 1998, at 7:00 p.m. at the Town Hall. -55- • • INTRODUCED, READ, APPROVED, AS AMENDED, AND ORDERED PUBLISHED in full in the Vail Trail, a ,newspaper of general circulation in the Town of Vail on second and final reading by a vote of -~ to ~ ,this 1st day of September, 1998. `~°~"yea OF ~qi~~~'''%,,, ;EAL ~>,, ~OLORP~;ti~",: Attest: j ui ~unnwsuuwv" r` /, ;,~ ~ Town Clerk Town of Vail, Colorado _ f ~~ Mayor Town of Vail, Colorado (SEAL) -56- • EXHIBIT I Permitted Investments -57- • • STATE OF COLORADO ) COUNTY OF EAGLE ) SS. TOWN OF VAIL ) I, the Town Clerk of the Town of Vail, Colorado, do hereby certify 1. That the foregoing pages are a true, perfect and complete copy of the Ordinance adopted by the Town Council constituting the governing board of the Town of Vail (the "Council"), had and taken at an open, regular meeting of the Council held at the Town Hall, in Vail, Colorado, on September 1, 1998, convening at the hour of ~ p.m. as recorded in the regular book of official records of the proceedings of said Town of Vail kept in my office. 2. That the Ordinance was read by title, duly moved and seconded and the Ordinance was approved on first reading by a vote of ~ to ~ of the members of the Council at the regular meeting of the Council held at the Town Hall, in Vail, Colorado, on August 18, 1998, convening at the hour of ~ p.m., as follows: Those Voting Yes: -Mic~l~~e I ,~ w~e-f~ 1'~tj U ~ ~~ ~ ~~ d r- Those Voting No: Those Abstaining: I~~PrUI h f 0 ~~ J -58- i • 3 . That the ordinance, as well as the notice of public hearing was published after first reading in V Q.1 ! ~I~~ ~ ~ , a newspaper of general circulation within the Town on August ~ ~ , 1998. The affidavit of publication is attached hereto as Exhibit A. 4. That following said public hearing, the passage of the Ordinance on second reading was duly moved and seconded, and the Ordinance was finally adopted at the meeting of September 1, 1998, by an affirmative vote of a majority of the members of the Council as follows: Those Voting Yes: ~~ C~1 ~l' Y1~~ ~h.~ KV v~~~.v~ i ~~ h Y ~ - r Those Voting No: ~~iP~1/11'1 t~'D r'P~(~ 1 Those Abstaining: ~ ~L~2t ~ ~ ~~iAS ' A)D~' f ~-~71J7~ 5. The members of the Council were present at each of the meetings and voted on the passage of such Ordinance as set forth above. 6. There are no bylaws, rules or regulations of the Council which might prohibit the adoption of said Ordinance. 7. The Ordinance was published in full in VQ_L ~ Ira. t ~ , a newspaper of general circulation in the Town, on September ~, 1998, and the affidavit of publication is attached hereto as Exhibit B. 8. Notice of the meetings of August 18, 1998 and September 1, 1998, in the forms attached hereto as Exhibit C was posted at the Town Hall, not less than 24 hours prior to each meeting in accordance with law. -59- ~, 199$ affixed this and and the seal of said T°~n • ~,I.NEgg mY h , To,~,n Clerk OF z- ~ ~ ~SEAL~ .~ a E _60- • EXHIBIT A • AFFIDAVIT OF PUBLICATION (published August L, 1998) • EXHIBIT B AFFIDAVIT OF PUBLICATION (published September ~, 1998) B-1 • i EXHIBIT C Notice of the Meetings of August 18, 1998 and September 1, 1998 C-1 • In order to locate this document quickly, Please keep this page with the attached document. Thank You C-2 ~V y : ~ .- N .~~~~, 4~. 2 :~ ~:~ ;C ~: Z :m~ ~: o • , _ : ~- ~~. O`~R:_ DO ~~~~ m ~_ ~ G 6 ro ~ 6 O Q ofl o a p p ~. u`~ q ~' Q I~~o o `° -~ c3D O 0 0 ~ ~~~ E ~° C' 6 ~~ Q C -'~ `'~~. ~ ~ ~~m V ~- -~ = r d o ~ o ~- m ~ ~ t1 ~ fl. ~ m Z O '~- (D ~ CD ~ ~ -n ~a m oo =~ m x ~' o h m ~- ~' a O O ~' sn ~ ~ ~ ~ ~ ~ z 7~ O ~ p a 6~ ff m¢~? O m O fl CD -~ -* C) ~ ~ 7 ? C. Q; ~ N n• O O ~ ~ p ~ ?~ ~- o ° ~ -^ 3 a. p ~ ~, ~ ~ h ~ ~ m cD O e ~ -+ {~- N N G 3 n 6 ~ N ~ ~- ~ `° ~ `° a o~ ~. c3D ro 3~ m ~U- Q ~~ ~ Q ~ fl- CD ~' O ~ (~D ?- Q^ ~~ n m Q 3 o N fl Q ~ ~ ~ ~ `~ Q. ~ ~ ~ ~ ~ ~ p ~ fl ~ ~ n 1 -* ~ ~ 6 Q ~~ m~o'~o0~3. ~ o~ o 0 0 °- m o ~' '~ fl ~ o ~ N N ~ n. -~ ~ ~- m Q m -~ a ~ ~ cn ~: ~ a ro a ~ _ n o ~ m m a m~~ ~ N ~ p N Q ~ (p ~{- ~ Q I ~.l/ ~ ~ Q ~ ~ ~ n ~ N ~~ p ~ ~ ~ N ~ ~- m cti cD ~ '` O- ~ Cl tD N (gyp ~ ~ ~ 0 T 0 G 4 z w ~~~~s~~~ - ~Q/ • N ' er ~~ `~ ,~ ~ C 77: '~:-~ ca~c ••'~ ».• ~AOo m tD ~ 6 (D ~ n ~ oQ 0 ~. 2 0 0 ~. ~,. N Q ~~~o a~ Q ~ o Q 0 __ ~ ~~~ ' ~_ ,_.._ r ~. ( ~ .-~ 7 Q ..-=''~ ^ c :..~ ~-~ ~ ~ ~~ '..a n .~ ~ _ ~ .. -+ v' ~ ~ m G m ~Q~o 0 o n.~ff ~ ? o J~ s` m ~ O~ ~~ y O n .p ~ Q G X ~ tD ~ -n O „? cD ~ Q O ~ ~ ~ C ? Q- ~ ern m r Q ~' Q r3 ~? ff m t1- ~ O O cD Q. ~/; ~ p_ p ~ ~ Q ~ Q O~ ~,~ ~ Q Q ~~ Q ro. O ~ U 6 -~ ~ Q o 6 v, `{ 3 Q m ~~ Q m m m 3 ~~~ N .o ~. x o -c. O- ~ ~~ o Q ~ ~" ~ 6 ~ ~ Q ^ ~ 4 m ~' ~ a Q- -~ c ° ~= ~- ~ Q o ~ a ~ °o- m ~ '" ~ o -~- ~ o ~ ° ° -0 3 .~ m C fl- m o riQO~ ~0 0 o flQ 5~a ~. o a n n n ~ 6 ~ ~" c~C~ ro ~'' Q t~l ~ G ~ ~ N ~ ~ CD O W 0 0 o m ~. ~~ r -~ ~ ~ o ~ o o Q ~ m m m °- m '' Q. ~ a ~` ~ x ~ c fl ~ a~ c ~'~ ~ a o Q° m ~ m m m N 0 4 C 0 ,y .~ awrhe?a ET A Bard Oaenree b her eetlr pre ~ aYBtilee' paaSYa~~ Batlbr 7D Yrrd. w raelllertl N P d nY 1898 Bpayrtl rq a~lmNUVr w 'iMMWI Aremb ~ 8a'k GNarY F. Es .Tda•OO. hYq w~( b w dWX b w 9•nr++ a w 1peB Eattla rr Batr b yooh ~tl a d .. err eeelpr ro w Pal EdrBE t m~Yr. mewN p mYBel~q w ~ pp1~yp~prepp ~~ ~ 1ba. wry oawar, Anrt aerNrran0. lMrand aaParlrL pealed nwnb, b eq MB\ a 1 t~'.a l°OY95e a rr.r.a are .~w ra 1 1988 BrKw m a wawrwr eMe wana+tl ~ 2e .rob wTOrYn M Prb b sum TM aac~ Oywae~i7tlR~irrL Y~repOYReli , not rows Men BO aprrr rrr • nrat am aelelrwry IYaI 4 aarYAtl, em err d Yr few war alho.r. a wrlra b w Den w mm a w cart ramnw M w Yruw. rte Art h eraph warren d w ... /sletea b pera aye Yr: rm ilme «eo~y my rrr~aa. reaayr. rapes « stow anYlr tlwred. Fla0ptl RerreaF ss w lerarer beYtl ham w Pregae 9elaalC A rN tl0lbrrY /as• IaYrw Ynn • Orraa tl M61aN nal, Inrb « rw~ene wIW w Tor MaaBar b w payman a Bars; Dr ~er°~o w Bares « rota ra•Yr B~ iro .~tlY. Frr'.rana n.le r, w M Ydrsa « bMlMtaM Ywonr m w Ybar Fur• w Bar Fum are w Rrww Fvr4 r o w rpba Ma sum morrya en r ury WM wpi~tl q Shan 15 Meal b r eyaWA Yr rb has n w Yrrvna Frn4 w Bad Futl W w Rrrw Fur PYegtl Sar Tu- w pnpwb d w Tanta worn •% fialas 7u. Anat r eno q.ao.e b w pryrwe a w Ureehetaaa 15528 Kara. •Preptl S.r. T.r ear r1a1 erxw rw our what en « pry r pndptl b w prayrtwn d w mw purwN ro uM tares pW u eahrse b 531-25 1031e1, OR.fi a e pYn a asr.bwwn u tlahra b {3125-802 (6.q L.R S 'Pyppep Sar TeY ew na Yarn ampulla wlWrald tr/ rrrre am same ro mYa wY apwrr M mrally em mtBYrp w Pre9aa $eW T w Pw9.e sw. r ao.. na Yrdw rMUb ooeara q w r ale . ~ blam.rtl, pearwn b w eppYOaY Selw rh ordrrrr, b r b r.Ye r.M b relrlrr'Pra9ae SoW TeY wow ml rciCS w pneuaa d eq Ymrraa n w Set Tu wfrh map r wpana b w hares, rernu areM Ymner r.ma.ea,• pyapsp b w rotes q w Taw 'Pnawa Bar Tmf nor nc#Ms w Paaeab arNtl q w iaren hen eq npaYY eYeSWa Yw a tars « low IpMw Mtlr • 5.rea tl wa.n Yu) wlmr uPleca erpaaar w Plrrape0 B.r. Tu. regeNelen d ara5lor areM W a nor «nw en atlwee q w 79rawBwaaaMw Drrlral tlrEeniaion llwset R~i~arY OIIkW SlenrrrwrE w RaBSavY pkJa 8lawrwrl ins Aupra _. G. TM :o:~ n.: "r.c.~:ri . INOpoa roan w Purdrear b w Duduaa d w 1998 sores b w 1arPar a aenry+q w molten «M Den w crn d w ~~ b w Caere H. TMn frees rr w aoor•e brow a w brrq .. _ w Purdrr Lmhwf: w Eeoaw Ap•wnwR w LtlM d w Fwnul Grrvny Apearrrt: w Raplatrer AperrnS w Dnnoa,. cweNCr, .m w Pr.I.Mnryraacawal rr m mow w 1poB mrra b r rarrae. b eranria em aaad w epplinYm d w sasses Mahal u r bM frsraM, are m aalds warey b w W~rra~ 1lrereal, tl n w mrrrr M brM bsbw. SECTION 3 MIYrJean AN crops nenrobe bYAn Ina emmrram mom w d w Grbrrcal bv~ T Coudl rM oNar df a w TT w YrpmNbn aq oodrmr d w S•rs r . tM RohneYrp, .na aeYinq em reuYtp w 1988 mesa b area purPaw nEfiee. appowe em mNmrd. SECTIp! ~. AreMVtlm a Raurbtp. TM RalumYp Mlwpy uMmne. 3ECTION 5. ArtMaaunon a w 1955 Baw. Tfrls Mnq en erMmrlxea b M ruse too mar d a,NY rgawac w.a 1r r.ua.r..wrm.a a m. r . ro r aeapnm -r a vw, cabam. Sens T, Rwaer Relurdq Bow. Serr 198BA• n w Drs vtl .n,purx d ! W T d VaY, Cdasm, Yarrwn serve Tu Rnarxw RMu~bq mrY, sett 18D88' b w ppsyH prYnpel crows d f b r wYabr ate rbbclbr, Odn b VmaVa eM a1WwL hen Ou PrdeC Rwaera. SECTgN6 1888 Bar OeleYa TM 1958 Bono err/ r rapes n hay reprrrtl bm li a, nptlatl u b MM p~sl tl aanrl bnrYy regaereE b w Mnrs o/ Com 8 Co. u mmNrs br TM neDaarrv rove Lanwry, eMe r aatl r a 1. 1998. sMN r rwtl w d 15.000 a vy mapsl mapgr w :m• ie9e m,e, .i «. poresr ailrla Y nltl b pro r Ir tldw u i Ytla tlr rppppreenn npanMOn rrada YaPt q w RaSrrtl. Fe9ws ro 9Aa areM rraYw q maiYrq b w raprwed awry d wry 1B9e mm IM Purttrrr d ry dra Ta~en aMY na tlrd w wNtlIN d w ... r br w .. dory ptlrr 1Bp58orba Sudr nabs arN brW w less Bath « wnipne mesas Ip h. rsd.nae Ix nr m.n .N to rr re~e..rM~altu~rew ~s~url ~wdb`i .. rla w pmapel errwn awed wY Eaeanr er am pwYarn r w Pw)•Yrp AOaN, em Mtl non errd Aar wdr ekn nr.a w9 cues m Armtl Ymna ro w .. Nn wIp M ptie by drd « r1n0 marE ro w rspnwaE awrrsr (a by aMrrnmar J u press ro q w PeyYtp AOem em w rprMrea awed Nan nereq bean phrr w mawr DroYS1e0 sha%. w 15Y8 BaW w Baba ao tarn br stop brmw Ga .rb wYaEr on tM ~eeenNbn bn Errerr•ma: em upon . am wnarea Mersa et w Peystp ApsM, w T wB wY w pmccal d w 1999588 Bad « Barba w nllaE b SECT%JN a $pol OtlpYtlaq. All d w 1888 robs, ro9earn wNn w enaw sxrWq crop, em aq Wa ro w BaM kwrer rneer w FneDrl~.lrc arwnly A9rwr.d. wN M ow,~.w .na .ardor rwY an a w Pl.e9•a Remoter. trop fwepy v'rerauelY~ pndptl w armor a wmsn a w 1998 Batch W w Bab Insurx rrry na bok n ry 9awN a aBrsr her b w d phrpa em nlwut on w 1998 BaMe w pryrrwnro uba w Frrrael cu.may ApsaMra, wwp w eurpulM mods lurb Wa9se Yrraa: Ytl w 1988 Bow tlm w Feroa CkrreraY Aywar.rN MtlV ml proses err MOWWMas dad wan w nrMtp a eq aNPYmn Mona. -. srelrrry ptwram « rn0e0on; nor NaN wY r carrknrtl « lrr b Mpnsra odi9atlmadwTan. sECT10N e. Form d 1988 Born err -~ , .. Para. TM 1988 Barr ur w aW , ~~ ~°, a cdo .ao rite m: ion ~w.r ar°e p.eu:N m w Bratl deYww. rW tlopree, ptlYlrae• T em nrr • nor a w eYwt J prla m w d w End. Tr 1898 Bares m npl memr .ear « d w Town w1a• w mwrrp d ury ppM.~01e dnMr. atlrrl«y pvnpn YnN4abn. WY M r mrwrrM « Mb n E• • 9wraa opYp•pon d w Town, are .n wvXle Inm, am mrrmr. a°~+r..d Ya~i) m..i a in. aaolrm m w salsas q wr M1an w Tire 1598 B«b a P~eDnY9ed W Yen ryd rm1 rr saluaY. N.n) m N d w PnOpotl RaYwara, m a w wrr w Taws t unnhabr Sou T Rw~wNle RMINrOkq ue ~ BorMa, Saner 15528. TM t9Be Bow en aaaetll• em rreby wowed p awn Yr m w Prpea Sato Tu. RMwao . nrr m w Batl Qdrorw b w pwiwr, arnaq olMn. war ropaf b w arlaey sm aPPYgcellrarr a w procasb a w 1988 pros, w rrePl em .. .. a w PltlpeE ReYarrs. w nNee em arrant d w aaarrlly, w Nmre em mlrNar rest w1Ym rfeaaw baba waabr hoot w RMhr pry Yw uuW, w rqd, artlr~rM a w Town. w e514 a w orara d A.''~we Bath. ~w error a bYar ale rar3aa, w damlrrou uW W1M wry 1995 rote r ro wqa oaraoYS, w a1rNy m arrm w ma owYro: .m er 5r a Mr ear w Mr.a r::w m r aaYlarprr a w Bona orn,ro. TM arlma d, pomran Y wry, am w Yeanp err Oatl aW M pas. rq 5d baM r beMlarr, hu hero as wBNrM ropae m ury aarxr eaweert w Tam em w onprw a eq moors Irsa a M' r1As « Th B«re YW na b wYE a bcwr. saw pry bray purpae a Imo erdetl m eq my a ertaB nrdr w Bar OrdYttlrps rmN w urtllceM d a Moon eMl Mue Maw rMrvaYy sots b/ w Gorr ~INnrTESTIMpIY WHEREOF. w T CorYaB d w Tavn a Vr Imo oeuatl Yu E«r r ~w r.e~a. a ~' `q'rl~aOOX Ap•a, w Wrnr. « eq rwa: a w w~.r b ereM PaDass. TNr nnrr orlw wows ra Yaud w nalr « rY DrUry wrw el7esmne ten w Iwr oarpNUlr w urrearY/ q aaaary b w OWpeINVv Aq rrYme a pare m w Nw.a rrrN W male b w Yaunr tl b dliceF braYa tl 113 Kv0 ShM. Ambnk, Nora lbh 10501. ini. wrv r xe br rrY r.rat iM vrar.a an m: poYry r npr nMMrNa b ~ n~r9 M aaYnrea Prra b ~~ a w • . . . YB1A MURANCE OORDORATN)N (Fmn a 1 grra0 TM blawNU YuWYrym a aYCgl Ia Darlon MwrR er rrb Mw Mrr pagtl wel w moor a w BarM Or64na .WOrrap w aware d Ns MM. Dar d - Precgtl Pnpsia: SgrMe d Auebrnse 1 des ~Y (EM d Far1r1 r ~ Pala] (Fawn M A ~ , F« mow r.L.Yw, w r 1r.r.q , rb. .rvr a.e vardra ~ rm w wrrr Bar em Mroq nwoudy mrrNaM ab eppab tlbrry. b Vor1W w urns !rs racaa a w RopaMr. MM a/ powr a rwEarubm M w arenr. Datl Sipwrve OuertlNeaa: '~1ew d EeMlaee: 1998 PMdrew care w Puarr Apewwa ere..r w Tan .rr w Furthest bbe 9aaria _,1988 - Predrrr: Bgaow a CaroemY Rata FurM w her q w1 rrma ~ ~ pp w 1989 0rdrrna ad md.rE dotes. Rahertl 1591 Boma: w aaaenakrp 1991 erred (prardee Mtl M 1998 Ba+d d e asrw pry r M .. waw~;nn waNYwsea w pmrWal Mmes ties n erry Bprr~ b sum rrra, em M rravaw 1988 a e wr r testes b mesa Mr err rMbrnY d arch rrwa~) ~ ~~r TM IBBB prow atee Ear Yaaraat Ban wr ddtl eve are pray tl w rtes pa tleem sfroen M aigwrdly r b5ows YW parEm a w 1998 rMW ~' t ep«apnas r.nl.ana, r pratl m w hex a w 1988 BaKrl. wN sum anrsabrre, Ywrtw, enaweenurtn ens wrwkar Y b wry ndek d 'wMrylosa, M na~ pe~sa~ q w mKKbtl g w ONnres. « r catwaere win w durance em newrary « ... m carrlonrt ro w b Ds aputl eM OaAM m Ya rrarr wiM • rMmral «naMae agMnee a wM.aor d w r . err Ip r ,rota, rraaee rd enrtl wtlr • mtlbtl a IsaarkM aiplw d w T Cnh, mom • mrwl « dceFas ~marom d w wl a w T e81ra Maw. tl r a w Eon apayfea shwa. (Nrrrul a Foraetae Slprnvs) Soda Seamy a dMr 9u N . ~~_ reermer a brrMec NOTE: TM a~rn b w mn1 .. wM IM rest r wrtlori an w rosdwrNnYt Barnewly raaadr.wBma enmfim a errrgrrrn wry drtltpe . ~. Bahr. Raurtl 19928 Barb: w bOperq prxtlar a w 15828 Barr mraq a strops b rrrsYay mwhrNawrrp Bear: Eaor, words earrYrrewYY m .Irer t a~ Oacrrrbar 1 ern )wr, mrena~cnp Oecarrmsr 1, 1598. harp ettl cry 1998 Barre which w nrorrae Wan btlW, mMrpa a altw r.p.owrra arN err eaerr Iran w was em naarrwrr a aq ,. auMOdy « wry asap a a law wen rupal aroma. (Farm a Berl A1erar paANIIAL OR FAG9IMY.E SEAL) Albtl: EXCHANGE OR 7MNSFER FEES MAY BE CIMRGED (Em a rams a Aarlprrrry Bala NnrplAmpunl Jrer 1, 1999 550,000 Aar 1, 2x00 950.000 mow rraN waster PaPrrra rdr ro stoat Yaarr Ma bash mob « stay PrrYrrtl b, « X Yaerw fr ban per, Iran w a.n a w i Unra Mr Mnycero r awrra by uerorma ra«ranaEw a TM . Trr~ carctly.. Nsw York .. ,. 1'oic•), ro w IMenuel«FeaYrae SipWUre) Town cNh STATE of IX7LpiA00 couHTV aF EAGLE aer 1.2001 I,oos.ooo Aer 1.2002 1,085.000 Lr i, ]OR1 1.'28.000 Lr 1,' r 1. D5.0oa A.r 1,2006 1.zss.goo Ral~raYq: w nhwrdYq err Eerastlrw a w retld 1891 Berra em w RahrrsE 19958 Bono wan w aocub d w 1988 B ~u ~~a CMrry Lnat, NA., Dawn. Lolprtlo. Orrp w b w T b w barb wr uchags d w 1998 Bait. a e wpwasara. 9B8 Bar.. TM 1B98A Barb Nap mrwn m w war ertl M w empaNa tlrlprwtl rlow, u bllorrr'. Mabrfi Der Pdbiw Amaea Yrwer Res (M Amuml tM 19988 Bono atee rowan an w Etlw ar'nwerrr9rma eeeipnlM Calwv,.u b5an YtlaBy Gen hwlDtl AmgNa hrnwt Ren (Pw AAarrrl T « b egenl b a nenebr. umenps. w peymrX, err •ary~rrMina isuee npwrse n w Mnr d Cob 6 Co « n erich rAtrr lranw q w .uwra.a nprrwn.Maw d~e lar .q pryrtrm~r meb ro Cab a cp. «m mod, aM sn1Ny a nprrtltl lry en eanonxsa mrwennlAa a DTCI. ANV TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANV PERSON IS WRONGFUL Yrumar w tegaase owarer Mreol. Ceb 6 Cp., nr m Ynarsn Mreb, (Ens a Faro d Bard) (Form a RpWers Catlneas a A _ .. 0 rnr n err a w Boma eeacrbaa M w .Bar OrdYtrce, ens Mr mr hu Ewen EuN rpataM an w ropanEm ncab kapl q w i r u Raprnr b eudrBarb. THE BANK OF CHERRY CREEK, N A., u Rapelnr TowN aF vuL Sfi LEGAL OPMBON CEArIFICAIE I, w .Town CnrN d w Ta.n d wl, w' co~my a E.pa err sna a cabreEp, m MreUY arYr art w Lvlwal9 epprwarp rWl apnipn a Slrnrrrr a Horn LLC.. AtlprMys tl Les, Dawes, Cdorer, b wN: (ANOmrye epprvAt9 aPYaan Yaenea n rra~drp 'la 5Mmun err flown LLL.')arwiOtrvs, ptlsct, err MmDlab ooq d • rrwxneY wgAea em woes mq Mnrl m ne n Ma nmw a w r : aw mrerN auaatl err Rayebu AparrM: w Rspmer ApWrrea Eaw•aen w T err w Rsparer Eery r a saprba 1.1988 Repast RscaE Dr.: w filleanM erywd w rwarv honer rra pawan~ cam rest pgYrrern eau b w t9D8 Bare (aMr Men a aPSUY YrWrt wpe~YnnrranN bb MnoNer fine b w DraymerN d daruntl YnerM). RewrYe FW: w hM q Mtl auME q w 1988 drum rW cprbtrreE q w OrEYrrr. Rasavs FW F r I aprrl b 101E d w pnrapN arnaAN a w IDraarrq Berra OYr r errrprrn wul 1p all Yra.nrra mYpa w Rarrw Fne; prwtltl tlttl w Mesrw Fn0 Reaururart araN rral sews w Amman Mnuel Da01 Sawn Rpurwq. Selr T w na upm w rr err ues d ppoqoayl err mousse moor, w c rrartty Eeerg nrr0 q w Tam preeram to w Sens Tu em wry haun w amerrtl to lswtl q er r r a..ne ens ~r. na swW ru ordwbw: nr prbrncw e~aaplee d wwopin~q enMaapwMTe s.lnr u rt~rem en- M and a, w atl. a w DrEytrro ra r wa rw,n.a or . , Eyraor Rears De1e: • aptl.Yl Bare Nutl ro bbrfrrar w err aa.e.e. a an a~e0eprl ~ era p~u 'n1aa.1 wmw+ d rantraE perch, r u bdrsr prartl M Semen 6 Mod err w ewe d caonEO. TeeWn f BBB Bars' w Town's Tuade Saw Tu Rswsrs Aeharrp Kara, Serr 19888- Tuangl 1998 Bow: w Tawn'a Saba Tu W.~er W IrMp Barb. Sams 199BA r Cab: w p+rna Rsrawr cue: a 1p88 r rrrrestl b w Eaa d bway a w 1988 Bww, am cry npuleabM premugema Mawrrtl T : w T d Yee. Cabram. T Coual: w T CancY d w Town wry M hacaar tlrrwa a Tmr Brlk: a CanMrml BeM wwren q erallollsE b eewaM em r owraaeq tm Powers IAeehrr0a0 18e2B Banr: wOrMmr6rq 199ze Bator tlnr ton w RalurOr 19928 mob SECTION z. Radrr. A. TM r .. la .pa -... dy soaps err suerp rrra w Towne CMrW aeWaaa west!! a Arm. xx a w cawwdm d w Blur a caa.eo fl Semen 10.8 d w Clrrnr pwnYb w loot b raw eaoeilaa orb pgaW eday pa d w Pppaar a eq war law nletora r errors. C. TM T Yttpwa • Saw Tu lerrauera b Baaaon 11.1 d M Chrnr err w Saw T Dnrtalca a Acme x a w r 1lrraar eravwa w r ca.td (sr •ca.~l b ~ ratans EprKr oB,ae .n anat. Tin prYaPel d eq 1988 Bar shell r Pryabn b w nplartl pest Mareel r eMrr w repmreYOrr retard kep q w Rrrgrnr. mom mebdy strew err Wm tlta nawr a w Pgrq A9r1 I~ ry ie98 Gorr atse rot r pea upon auN praesnnEOn err aunen0sr r a am meMNy, a Nell wnlnue to dew Yrlerwl tl w cents rwatl ms EarM q ur 1998 Burr eve w prYwyal stand r per M. Paymd d meow m eq 1998 Gab tlull b rrrer q ated w dreh nrYed q w Apwn, on «rbs aadr mewl peynrn rte (a X sum Ynerssl pmnra Eaa a rwl a eubwe dry, an « lrelon w rr1 Euekree aaYl. to w repYMtl owls Mond al w seams arawar on w racer lupl ay w N w doe d ErrMws an IM RapAar Rerora Deter br mom YaerM wyrrtenl bn: bul sq sum mart imt w ernarv mob a rdg prorbtl b am more ro r awryaW row psncn wM r w regaasree wren r w der. a Err,w m w Regular Rarore per err of W r wgNa m w dada. a w..rw .I a.mM d~Dees lwor w Irryrrrartl aury was bnrrtl Yeereal sum sp.da Rrpd Den awl r era by w Rpwnr wnarrwr moneys bsconrs avanabls b PeYrnenl a w Easuem maul. err Mice d w Speatl Rrrbr Dab Nell r pren low ~ .era owes. d w twee ears na Imo aye pMr ro w I Raced Das q finadau ma 1p eem sum n5rwleE otter r awn on w RpanYe rspanm recprb on a ble ..odes q w Rapabar, rl.rp w ape d w Speatl Rrad Den em w bn haeE b w payment d etch aaeupr step TM Paying Agent pry nuke paymaw a rwrecl m rY 1988 Bar q sum asrrrelw mane ere pry oe mumNy apnea ro Estwen w vwrr d mom 1995 Bar .rb w Peyrp 1lpmrraa. noaaver, w1 w T NaY Ml be requm la b lanes evailrle to w PeynV Agr1 pmt m w mares pryrrrnl bw ewes n Mre Seclionl All autlr PeY^te^r Ne8 r mob M nrrhrl moray d w Unnee Sntr d ArMra wafaA eeE Uon b w urvrees d w Payeg Agri a Rapnne SECTION T PMr ReEemp0on. A. 988 mrr rMMbg rbn Dewnmer 1, zoos .n .ugan 1o Pn« lase saw mammy err am eM o:ttr:r r, zgg9 w.e r tried b 1Kb .1 w aptbn d w i b moos., a b o.n, n Ye.pa miA4r. d f5.0o0, non sal m.naYw r .n rrcna Ey w Twm, err Y Imo Mm aN d w mw a e rnMYy as b M r.brra, la wM,M a m.aKNy n mom bar. Rapnber pry Oatlmw, err Dons 1, 2008, «m wy by MarMlw. eta Prraa Sara b w aea.W emaaa r Marna pYr eomw0 Yana b w was.lltae wall r M apYarl IXlar .. , a 1598 Barbb err Y emonrr raeYrp b w sort was uw w Fnratl Aperrwa«eq Ar baaMrlraw E..~t wee In ha. ammo a 11158 earn a ... wg: wt w.o5o.. Dmlwt ai UNRED STA7E8 OF AMERICA STATE OF {OOLORADO couNTr of EAGLE TOYVN OF VAIL, COLORADO ~TAxAeLE] SAlEBTAx REVENUE REFUNDING BONG BERIE$ 1Y95(AKB] NO. R- 8 INTEREST RATE. _i MATURITY DATE DATEO DATE: Seprrmrr 1.1998 CUSIP' REGISTERED OWNER. PRINCIPAL AMOUM. _DOIURS TM Tow a vr. n w c°anK a E.pe .m ra~te~rae p n~mo1 Iwwy Y~ie~ 1• mr rtlue ePeanrE seaw, rpr.rwrei~ar, wniy Iran w apr,.l Mb Drerrdad wr.lw, w paw el enwnt epodlree copes m w melumy rn Nrcnna aEOw Inrw cau.e b tort ..... !. err to pry hen b wri In.mn pn .w,rr. t .m D.arwa 1 a eem Year. _. ~ an psunrpsr I, 1998, w nnrM nla car spun specrfise aEOw, umY w Pmrapel sum ie mob a wYnrsnl Ms dean pmwbtl wreb Tnr bar wYl bur meror hen w mM hero arl t wyrrian rte to YMCn mesa nu bee mob or prwiaee b, or, e M YNemt Me been par, hen w dr d w burr Tor aanE Eon mart. menm, u wYeLn. a NrMd to ~ am a Eanennbn u prestos n tlr eons OrrreMe. To w seem rw EsfiMa Mrsin, tarps uaeE in Mre bone NaN trera w .errr muMXp u w1 bM in w Gorr deYaance. TM pmap.l d Mr barb r peyeEr upon pneaMEOn ana whetter Mreol to N.e pm pal dfiu a w Apem. hnereet m w Ear wYl M pep on a bane sem meml wylrwrl ble la a sum Yneren paYrrrem bn r not a brrkrw dry, m a bebn w rra araacrsa9 hueYreaa aryl q dreg a amt marE ro w Peron k, wfrwa rwM w eons r nPelre0 a w r repro a w Tam maabre q w R.prv.r a w PrY%nptl dli em tl w rdnw eNewNrp wr.an tl w des a wrrw m w Rpw.r moms D.1.. tM Berra a wlxx Me Eom r aM en el a Nla tee. rt«..ne A.a rwq r b renwr, Drapes emaex Yawl wa, err. d mamrey, err apBaW pbr err as rr.ad q w Tan Caw / d w T a w, M w Canny d EargM rr sNtla a Cdatle b w wrote d wMr6q rrnYr bulb d w T era w auYnrey d err b M aarmry motto w T Y !rent wa drerrr, M mrdmn em rr a w Star a Cdaaep err Pur.,an b w dYr tlWwa mr OnBrro TM P~YtdD.l a.r Ya.r.r at w rm a. o.w a A _ .ens 1 BY_ AuMbraae o1NOa «Encbyw IEm a Perm a RpietreYa CwlMluoa a _ I STATEMENT OF WBURAML'E MBIA IMUnro W ~tron Imo •Insuref) tea reuse a pokry Grp w blowvq parrrorr, sum pdrel bens on Ins a TM Bark a CMrry Cnr, N A., n Oenrer. Lobrem. TM Iruursr, In caursnbon a IM wmran a are premium am aubpd m w tarps d Ma larl', Mnq ataantlaawy am r by gwmtua to enY owner, r Mmra0er aNrMa, a w roNawrrp awamtl daq.lrar, w h1l am conpMe wyrtnn rpurrae b M rtur q w m barN W 1M Iowa m TM Bank d CMM Lrrk. N A or ne aucceeed Imo 'Prynp ApeM') of en arMnl ~wl ip li«w pmrccel d leant a w aeltl mrry EY erry a mmv purerunl m a marwrry a.rirns lone °miy"re"tl em memr m. w odq.lana lee cal 1Ee`r'imrrs o bat a~ru rlra r» ago wwrdir~i ~1 M w .rem a tly emnnEan a w ere 61s a sum pnrrapsl q reewn a mrrtory or opMMl eccebelbn reeulpnp lram EelauN err dMrwr, pest Mm ... d my wnuem m a m'~etay eir~.r5 ium payrnanl. w wYmwn pwrrnetl MreEy awl M rMae in can emwrh sm n sum tmea u uan peymenu o1 prYtapel coup nets been sue ntl can M1 nor vry mom rwrnlbn); em (ii) w remWnaMnt a eq such prymenl wniN r auecaauarq tea hen eq erne punwnr 1o a lnel IuepMnl q e avert pl mrtprem Nuntlabn wt mom psyrrrern aarhnnu wreon psnrorru seen wmM nr: ~na wry ell0liceEn Wnkmptry 4u. TM n retort to Ya dauw lil am Iii) a w pawdp aernenca NMI r rebMd ro MnM cdndwly r w 1MUraE Amouma' 'Odigalbn• atoll mean: w T d Vvl, Lobnm. Sena Tu Rewnw MNmkq Bares. Sense 1Ba8A em wisp d Veil. CoI m, T~aWb Sane Tu Haar RNman9 rota, Ssw 19988. Upon rw+of d lsloplrarc a lonpeprc mace. mom rtaca subepuenlry mnenrrae M wrong n~ n9Ynnea « urdraa m.Y, « Won rrapr wrann rmlrr rgwr.a axura mr, p w krraar 1nm~r. P.Ynp ,y:v « cry a r GblPlm w DeYnre d mwlw Amam br whet n 5w r., Mr w~i npwod paPrrwn Imo nol Mr per, w Yrum w do m. a .al wyrrrn a wwwn err errr ry .M rraq d rmlu a mom wNdrw (a rM, A nrln aapadt d Iota, M r emus wYn CNbat, NA, b New WrM. New Wet a b erbcraaa, aaeclarn b w Dayaran d eve war hrutl Amanb wlam en Bran ave. Upon . err wnwrer d error ., . a war dna wad d 'o.rt:airb a w mgaBrr wNn ay :tw~m.,r d b wtin: Yr a w Y:le.e Awwr d. on w µ sera tavr a w alirKm wen bwartl m . d w epees wrdrrr a w boob of iM wares a worm w Epna r prr am w1 w spoon wr atltl err aawd r a w wen a w Awry a em wyntarn b mom root IN WITNESS WHEREOF 1 furs eeustl ro r Mrauno exme a rramin d my Tow Clark SECTN)N 10 NspmMAny Supjsa to w npNalm Prorrrane herea, w IB98 Bow shell M bay rrgdra0n err sMY new J 1M queA~na Mgalade pswr, err w cared oMn P~wnrs eq nose aryq.e q w haven r d na9anaEn rWeumrb mN w «owarona d w naarm Camnrmel Cor-Irwsarwrl Socurara TM prYrdpa d anE nloml m Ms 1988 rota WY M car. W w 1898 Bono Nr r tmwwede, hr hen am wMaa rnopessro to eq earilr bslween w Torn m w «15me1 a erry nnmreen ewer a aq ices ears or.q eaana w crp..-cwtr. sECnoN I I re'w"OpBr. MTMm. er~ M~MY a N~i.lro:,e, w w aipnun m w M.YOr aMN M woe mom a mrwW a namNe krarreian d w cal a w Town am enewtl q w argMbn d w T Lnh. Eon 1!188 Bab Nsl r a _, q w mrrua .ipwun a .n euMOwa arnr a enybYSS d w Rraprtrw r Prabr Eelnr TM eprreNrr d w fMyor em w Town CAwM pry r q mwrrl a lewmr wwun. TN 1aB8 saw brag w nrra.l « nnmir apulum a w oxrcars b office et w IoM d w auMOnxebon strew NY r w ter ens dmMe aA9.MM d w i laubra ro w reguinrrrm W euwm[ation q w Rapeber prwrW Eebwl. ., wt bass me bgwry erns .ne pelmtwri wletor a Eelws w ivuanw d w IBBB Bares upon trerabr « rcnrge, eq a AA d w panwu motor meMa w metre copse Hessen eluN Mrs cueae m /YI ever mpsana p TM kleyor em w T Cork NeN, q Ms a Won of squNn wrYRU1e parlenerp m w 1888 Barb, Epp u err br err rwpadiae wpuWrr cry Yrwmr Magid eppump a 5r 1988 Bvrr Al w Im d w wnaon a w o.ratr.. w Alryar err w TEwn cw~rM~y mom .rq r ab br lrr M aaerrYe w he>vtar ,rprNarn. a n. «M , ra~. n a1Nr n w wan ertl stem oasts. arpreea eppean rrn ay a w 199e saw. No 1e58 Bar aY M wJa «dipebry br rN awDw uwr w p.dB~a a ~ w btn assess ~EOw. Ira 4san rrrale// eraatl 1y w ga~Ear Tr aare8an d e V r tl. NY bMu ran dlr ardatl pb• w ReaaEa Y ntreW worse q •Ilerarfw aBka rrnr~i . bd . err rr r ~ eaiet Ywie aiwr « w arwaela d on ~w~99e mrrb rraea Mwb:. er any a w 15e5 saw mrYy rw:.e ~ Dl...m m w 328 / ~ 330 A _~ ~ ~ • ," 410 / ,... / ° 1 / 41S 1 • l~WAfA6 COM+ERCULL FY1fB0 900 snuoe ABeI. D-2f17, 5130D Per mmttt Got rote hCLrds CAM, alectrk and d th 07D)9~-9436 NNN LUKIABOl15 PRNATE WEDRD(aE HONE: NEW CONSIRIICTIONI GYloteau M - ,. S e TI>.vMSOrtres. 3 L : _ ... _ 3.5 nlneler -sulfa, two jack. 5501.000 COIDMIEII. BANKER rlar ~SERIJf•Ek (970) 4762113 1t>mltkt e SECLUDED 96 ACRES. stfNUnded m 3 sides by Notbrtal Forest, rrlolmidn views, tsbdh4doble. wllhln 7 rrlYes d Owner Carty 5190 000. Ssamvre sbtp . Cp . ( . p . ... . /y _,~ 9 ~ a . , . . J. Dupon. Broker. (970Yt76O)64. ( , _ REMODELED B IIPGRADEDI S.F. Horne 330 • • / AVfDN/BEAVLR CREEK: 3 bed 3 bath secWdedmcor kkum oornPlex. 33 aando «~ Eagle RNer ~ carnron Run. _ _... aavrlred poMng, gas Went. TOP Of THE WORLD rn. cr roc.. BEAVER CBEEK ' Z, J. 4, ud 3 bedrmec riaLle fmBT, duple urd mados a ArrowMad Walk m>b B8 a ales priege chunk. TvmWied or aabrrnuhed. UPM (970) 9265679 or 188858-2340 or iwmldrMAil.m it ' OIRA7YAGIpN3!.RFAT pFfORIS WB r6nt COr1d03 arq .. weeb. Jut see M yvu can heat our ~`R'6EOrt Owner Services, hc. 1-BBB-847.5244. Check our your nerd vaCatbn ar wwwyrowart.ooln VAR VILLAGE CHALET'- Yatl by Gore Creek steps to flsturp. Five hed/Me ba1M. 838 avdhble. vMrer hooMNps.Owrser (97Oµ7155957. ARROWHEAD AT VAII FJ~CUnVE HOME 8 _:..... _. _.. 4100 square toot hXrYSFtet1 borne with den. tlradace, orlwte hot nA. hlxne rtseater.5 s.YCRS,siereo wltn CD and tape. wnaN,er ~ ~.~. BeW'. K 56l.2DBL 31.3F(O solos. weekly. monthly or rot lease. CaA L970) 3M-6489 or T-600 • . Dean Johnson Management, Inc. Spepslizhp hr lwcrr7 Beaser Creek vecaeon hortiea. 38 bedrooms. a8 :. ,., For lialalle errd ava6ab11i15', pleabe all' 949-4338 1-81J0-448-1553 VABJLIONSHFAD- Avaigble br rental F~n~ory 27 through March 24 1999 Greol 5 bedroom condo next to W~Bws~CaA Jock (404) 63410.18.ountaln VAIUBE1sVER CREEK- Now m me ikne to book key weelm for next season (Chrh}nps. New Year's, PresWlenf's week Woad .,.,,-.,,...,..,...,...). Great 3 ,,.. ~ 3 butts none with hot tub on Eagle VaA GoB Course. S300/night. Also wallOble 501 9URIITer lemal- 5200/night. CaA now (414)2867015. .,:. v. SAE. • e. r!,TIONS FOR 1'~ VAII. VALLEY Call one number (or AIL of your rental needs... Hundreds of hams and rondos In all pace ranges. 1-800-X96.5248. Beoutlruly Isarrhtsed outdoor hot tub. on bus roNe with east' access ro renNS courts. Pool & saurro. Sraasne J. Dugan. Broker, (910µ76O)64. 360 degree views horn atop iMS IarOe Parcel h skip. Col Dean JoMson the Sm Jrton 6AOSmtaka near ar (970)949d33B a 1- B 441F1553 7 , 00~ AVON SUNRIDGE arrserNBes, y~ rourd access Contact BB and rearm 56`4 CHRISTMAS REMALS IJealable. I S ' Fumished 2 bedroom, 2 both, top asrxly & tMghr fkTOt views . . at „ ... :, Coll Lortalrxa I brnKer ar (D70)4765114, . hrerkns. new toe 8. carpet. Land lest. $142500. QI9) 735180 VAII'S RNESr names aW corsdos. l (97049-1440. _~...__... to 5 ~_..:__,,., 05 vMh NUy a CaE WM Va levy Real Esfore8rokers. 1dF CREEKSDE 41 r ACRES. _.. __... d B.LM. ors two sk]es BeoulBul rehear bcatlon bee: I VAIL 339 ~ 1 • ~ PICTURE YOUR . . 598.500. Suzanne J. Dtrrgwt, Broker. rolo>4)6-0)6a. Just RELAX INN. AVOn's rwnon8c 866. FAMILY IN THIS sssssssssssssssssssss accessible, private ha0m. Jacum. Elegant Cotton Rarrch hortre gourmet breakhuts. Spectacular wkh a spackws Moor plan and pvtwamp. Luurryy Avhg, o_•...,,.../ B qualry flrrLSheS mroughoULl A a1V 3900 sq ff (~ ,.,,Nys, AT WEST SgUAW AS8BB5. rotes. 70 ................ . . flnishetl Galf and sports CREEK 35 ACREB 8595.000 SWEP.'IWATER CREEK 35 ACRES membership available fOr, purchase. 5498.500. 8275.000 BLACK BEAR REAL ESTATE c.u ~°W° s~7~°a"m'en ~ ~ ` e / 407 www•vail.ne}lbbear 328-2327 jB70 ) Y7611R3 sssssssssssssssssssss VERBAnM BOOKSELLERS WA's oldest bookseller. Mrx9nrory pus 4x leamlrps. MerNn Lapn 1970)476-5631 OFFICE 5'FACE FOR SALE. 3 oortm rN 800+1- squme feet. Penect for a pprofleaUOrsal w small business. Reasonable paced m $136,500. Steve Sirtronett, East YaN. East Vdl Realty. (970),790-0767, leave message. 410 / / 1 / BUCK CREEK CONDO a A-204. A Defuse 2 level, 3 bedroom. 2 both wlm incredible views ham warms to wnset 5325000 COLDWELL BANKER TIMBERLINE REAL ESTATE. INC. (97Oµ76 2113. SPECTACULAR PANORAMIC vflews from ma wonderful Aspen Rape Road home perched h above the valley. 4 bedrooms, 3.b baths, gourmet kttchen, workroom, 2 car garage, heated dmieway and bh mOre, Minutes to WII. Prtvate loCatkxt. Priced to sell at below appraised value. S1,15D,000. ColdweN Banker Rberline Real Estate Inc. (970)4762113. BEAUTIFUL SINGLE FAMILY b9 home at 581 Sirplehee Rood. Overlooks Singletree God Course towards A ._...-__ Ski Area. 4 bedrooms, fort. 4 5 bam, 2 car garage and bts more. Great condfrbn. Recently refurbished. Groot value al 5649.000. COLDWELL BANKER RMBERUNE REAL ESTATE. INC. (97Oµ76-2113 BANG FOR YOUR BUCKI Big house Wtth great views, big frees. deck robed at less than $llb'sq.N, opts-WN Golf Course - - ? available 5539.000. COIDWELL BANKER BEAVER CREEK. (970)949-0407, TIMBER FAILS 11181')6. East WII condo kl enrtacukste corsd8ial wtth 2 bedrooms, forge sleepep bff & 3 b01ns, On Tawn Of Vail bU5 rWie Amenities ksckxse pool and fermis courts. Good rental potential $309.000 furnished. COLDWELL BANKER RMBERUNE (970µ7b2113. FOR SALE 1996 VOLVO 870 WHITE, 6 DISC CHANGER, EXCELLENT CONDITION. $24,000. (470) 949-4004 EXT. 131 (970) 476-0349 (eves) cis NEW LISTING! 3 bedroom, 2 bath remodeled townhome.Garage.Hottub SPECTACULAR VIEWS Fully furnished very nicely. On shuttle. From 640. acre farlah adiaceni 5245 000 to Castle Poole. Tlenlflc hunikp , lorraim H . waperty, Two hlrntkp cadrts on Ownar/Braka~. me woplerty Aspen trees. pne bees aril wlldflow5rrs. AdKNns f970µ765114. Bl7d. $1.500.000 BLACK BEAR REAL ESTATE www.vaK.tsaf/bU6a 128-1527 MONTANA PROPERTIES 1TOROER3 NARONAL FOREST Bozeman. Montana 1 'les to ski resort. Creek, vows. wutllite! Sfunnmg custom 5.000+/- s f. nortre with bg, stone and !20 1 / slate accents. Gourmet kttchen. 77l, Private Rlastar wits Detachetl guest quarters.51.2M. FEMALE ROOMMATE to shore Homestead house. Own room/bath, 1 Nancy Oakes. Broker yyeep~ lease, Court Club •~ ..~. (406) 5867629 5c'q/mo + 1 /3 ulNities. No smoking or 1627 West Maln 1264 is. 970 9262694 Bozeman. MT 59715 S30 1 TO BUV OR CONSIGN Good Dean lt h ld H fum ure, house ems and o antiques. Grammy s Attic 827-5551. NEW LISTING! 3 bedroom, 2 bath remodeled townhome. Garage. Ho[ tub Fully furnished,very nicely. On shuttle. $258,$00 605 / r r / Lorraine i' . .., na Ownar/Brokar. IsROFR FROM MAWNG I15T5: Property f970µ76-ST14, aiscl owner dototsases avolVOble for W IL Aspen, Summa, Sreomboat, P/D/S. Inc. Wlce: (97Oµ761446. E-Mall: 415 1 re®crve.com. 615 / • ~ S PECTACULAR 40 ACRE site in _-. _. _.- LeaWille. Onry $200,000! An ouhtandirr~~gg opportuMtyl. COIDWELL BANKER TMABERUNE. (97Oµ762113. CHERRY CREES VERY SCENIC Accessible acreage with Creekside Semng. one or mole rare opporluniYteS to builtl near me cool, clear running water. 5250.000 BLACK BEAR REAL ESTATE www.vail.nef/bbeor 328-2327 WILLOWSTONE A RIVERFRONT COMMUNITY 7S Single family bh. Riverhonr lots robed IrOm 579.925. Interior river community bh from $59.225. BUCK BEAR REAL ESTATE vrv)w.YWI,neVt3bear see-x327 MORTGAGE vm-i~s Tranier laY3 ' of 1R-}ICr1SP 1ELwI'_Clr[] a[d frar9ir9 f~ e>~Txim~l a:rl [vrz1Y savi~, aicr9 vri[h arpctt,.e tarts. ca>-L ;,~ i~of v2~2asr; vaii.net,....-..~,z fa ar_ at ~ an3 ~~=ap,~. Public Notice ~~ ~ c rto. u IeJaea os taw row, TIEIET-0RE, 8E rr OROatrm er co'~iauoo~K of rtE tavN of vA~ DM~Y~r.I ~TMn uea n 4,a ar9sarre a1W hM M ntaar~P ro•alMe In er S•mon b r paoosea d Iss Oranna •nC d uy rw.ad~"rm «rwmv ri.r:w w a~ :'rM or bxnmro IrM•la a•Mpl a4un M ax4a4q d•sr arpicie'an rronrM awn. M ,smawioiM . am.. ne r~+.~r .ne Pro ~ Aeaarw ~ m~oro sari.. d Oa,dr am aaoxpr aefe•avr MMars0lu M iM~wtl ey 1M TpM PnauM4 b - 9actbl to 1wtl al,s lrnq tin m ri Plad9e4 Nnara,~ m i 0•raY eM ti fan d M rwe eomr. ease r,.k: ar tl•k M tlat rwrla aeMSd M aro t9e9 orawro. ale aaax..a a. a,dirro. Isak krur: stBkt Irr,uror,ce aaroaarorl a Ir.BvM ksi••~cV IVkY IM Xnrbl ITrrn^rY Nw.rlw °'~s,• msl,ee "ra"% a~.14 nw.m m tit s9411~mra. ..r~A o pw~.y~ ~ erorktl a: ~I.Ir a aedt « MNrt Ywvnwx hpallyd in nerns4 ro aro Ba..r. Fak n fi.v c a n wrrl lue,aeeon b nvrl'r m 4,P•r srwr. kma.to. r'awPr'".i ~I w ~w.~s+ar w"s`w.: rota h n. Nor r+a9 rru•ry M Moody Mnwrae B•reiae, Fc., &rkaA a Posh aarParatlan, A.M. Bw 6 CanlpYbt or Nw sera.: ar unrarur4.a itwae bake, tiro r>vuwa~9~~i ae eaves .m .rN 9lranew OaY • dry m whkA earlkc ksattl a mfr's P~vka Aw ~ I~r mob l~r'~ro.r:n o~or ,e WIrM a aWave4 to b daa•4 ark an wtidl Tae N.w swk Stark Ertlrorge • War cloea4. OlMror aro Wan. rw al.rror a m. Tam. an mwao prior to the as cana,wraM eaaal:.ty ueao.aav b aN>k hales oammnM ev are laws d me SiAro b PoYlval elWwaaN a IM Stets wlfM 1,b f a.pw a,o w,rplue d fto.lxu.oro a mote, .rk wM W ivea earras, '.uroa M ukaMbk WnWa m Faa.l v.r: m. tw.Ne on 4n flew a.r d JuuarY er FYnm•I els i W tM cor.mmara.f - •ny a sro kapwkl9 wMCn .~. uk enlal n ero ems a klvsaunertl en layl ur4•r 1M Mwa a Oro 9tm b ar maroys propoaa4 b es a,..w.e aw.~. 1•) sea aanerM dxq.ml. a. & maagarwl~m w w~~ a acwo .a .w p, e+a urea stma a A+nsrka: lei eons.. me.aaw, na•. a am amtlr/ca• d ~ , Pereb W er Expon- Impat e.a. a ew ~11n4e0 SMIr, IM Fedwaf FxwrckN erw, ero F•nnar+ Nomc A6nnMnaon, me garorsl Servres ~ . m• u S M•rxkna A. Ma U S aap•renaa a tbloaq uk 1)IG•n aw+eaarnla'. a Icl erl4erlcas d a,wwroh4 xnarolar ^ dxl9•aaa 4e.aresa n per•Ar•ah rot a ICI ~ Incmr FvM: IM Wcl•I IW b/ VW trots aao a~ ,see ora.i.~ .ne wrw.re 6r Imurarwe Pas'x19 Aparrt. ai00aM, N A , a b sere uMr the Bane Iroarrrce PokuY Later a - me Lrer d MgwOr,Mtoa EaR`.aen ate ToAn ark TM pepaaaarY Trot Cmp•rry. Mexmunl Arxxul Debt Service Freaairan.ne rro m.xerwm .mwro d aft BaaY~ the Toww's 5•IM Tv Rewrx,e rW 1W1 f3 Bake: tlro T Y SaW ix Roarer A elk .. mom. Senaa Banb aalroaaaly. ~. k. ale Oro T•xaeM t99e BaeO~. mm o1mM,rc. a m. town, wNai b era aalrarroe rk 4ekvarY d tlw lee. rork.w~, r a •*n m. a wanrm, r .. I.woaeb, iaarE .k Irewr.e knss - .. a...wa w ero r iaauaE •rrd i I be 810 ~~ ,"dieak.an SAIM Jl1DE- Thank you rot answenrp as of my wavers- Jleanne B, `` atlpYSb Mralr alt DIIi+MN a asp d M erbea6r ' 6Y tar Ordwo > M TAM Tp~wn MITE b Iles antra perrraead W BEi:e471'1 Zt. been hIy pelt bd~lr rw drArd w waiWM ark NrPBY d Yea r DYblarltle. M Ban Am M m ark r emwb dlw M FlrraeW OIrA1e qla~ Y aANrIL bi tlk Raw.~ Yyar woatl 4NIiYt w bN.Y M ~ pea, Y daAplb rV h .R MT a1W '4 Amwk bear Blrr b tlrrr M preelllar d any • aaWrmae R reaeAwq d M Two, Y rlepereay MMiradb MOu er orbrerrpe, m ZOJC MrNd. PMIrN b prewe ' d M PbgAen RMrAr M Orertre0 nrede W ~T r rgred b IoM M pY qFl d ant bbNrl ' q M lope Boar Wren ab. WM N TrvW M by E. Fella. N nary eM Y Yrr M Tmq airy g b r a rrry 4 erwlalma Iry res. pAr nlalr, da ermrN adarawledpe, 3~. I awrgrwrd d pF 1968 Bulb M M N aaNb .rk 7Aa a wrrd r eM ewy Nral m~N .tw an hrraw aW, beb, .. . tlarrelara, solar naalerlNE1 ant 1888 ere b d p1abWA b SNAbon Aeerisrmra r IMy M MMarrv w arirew b Ica 6rwn b M F ~bgb ~a r~ la ~h d~ walv"'N' r b aar mp ryr, M Pladped Beware ark oaw hob and epnaaea frwed/ eeelprW, « D. ObMpe pM m 9. reePN ~ OgiaorrrMDOUk m pIN11pNMa io wpl, W~.al.el4 Npn mp M brorladr auk ngrr.e b rb^Y _. w ^» DtlrDPre a m4 D~na»Iw. 7M Tawr. w albll trues Bed .crow, w aW n r a aW al cur r„inaenerrlorln Nelblartl arty d ~0r.e nom stiq W Yllerep q Nm ba11eX aof NrW:nae 'NrNlan rasa Mreal. The ~. e bacanr dueaa wv vrlem M Mir eM. n ., w m belsleen M Town M q » d areadon a M Tasn I rw~rN~ulro d»a Mda4 a mkl d matuWy, M W M MYa Mnn nWklnl M1B 4 nuNlp auW1 de1Nw Ny M Bark d M aePaaA oak ^ Y nmr Wapr..A/. b Bnd6 M Reyinp Apo eMY 1 aebab old erWb b M eprl ObM d Y n N M B pppy M by Yerye» d M m M lea eahe nWSay ark Ren r0 n Bvrn 4WN m M Mraalw P1r/Fq Wrt ben „ b M Ylrm. Pgeq part an bver a erN Wes d an :ered dbr ra IeYwe M 7aq a p e e r . dAba lerb .. a . Aemnlre appoawYN M Bak Abner r epa+ r al by IYUIy b Maar n Wrbl.^ . In will M D lhy d 1W2 TRS M P rNWAeran wows m bM I+Dn rWY d waFl nMln m M p Wwllrr I1~prepWqq ri~ld .n n dm rll/a eroAebr b M BarW ar c EMtgy MS I. gerM repM b 81% awn ~ ~ q d ark r bare B[ad ballot d ~ . ty gwrlas d BgdY ark M wri d d Frklaptl b bdMnle .flo ml b anWn _ b IMb~al b .Irll Nth Moarrq y arty awrbr e1W M M deemed a Tbbeyv NMMba A em enrar an deb W M Bab Ilelear, Inyy taro rllaA. 26 i0 arm W-B araAd M pwwaad War yDre d Bratl Rahek (W »aeM. yWB~e d M raawaee opYMM erblels (qll m tl gyYq ~ . A1 Lgon Deb/L U1Jppsa.~ M d . e Tire edw.r.rwlaw f%1S W rvrEW. roes S Fa ' roil M bqr d M Mry p ilwlwa F M Y I Y a ~'a p 1° weld d drbl PrwNed Yr 3 d Br Ora'slela, M 1 b 1dNm 8 n aeagrtl b M N b~ s CarParAllaa eM Ilrmrdan eaMN b ran Nres M9 'Pr 4 M riwle b Yawn q rblen. and le) b m ark perbm Y draper a on .. Neb»r M Peye9 arbreaa M ~ b curt rrpemro wplwwen k b M aWwm a M 1888 Bake b 1 Preebye M eavuMY aeaed b M :p.m Ibr a: Taws tlW M rrparrBN b rrcnen a ma d M (alsro leertbe, rra . amwn: ant 2. a ark b M band d . dafneray n 1 M 1688 Banta ant b reeve M pr pW a rYl IdrW m aid I M n t ~ enure r b Aran .. M 1baaMM Barb a q FbkmM Yr Wry amuse ~rBleW b p % pro Tel d M IBBB Borldr, M Pperp Aaba e (a) arose qd ant pan p B y bNM fiomM PbnDan Mrnr.q •.. rnMe. P /a q ~apy b ar Braarlae PMq ApeMbn r d M f BpB Bares Irwan euVroriad, qa yeI nwrt, era . M BwM FW erl~ A W b I DATED: IONN OF VML. I:OLORAW FFbnee Drnaa B enmalra b9anWN M Bak hrrASr r epwe b wen lgNr.d woes n qy ypd Frerebrp ManM m M PMnern a sell ari TM erW an , sM (rq b ~ e F W, pveueM to M 1errM Mrsal y ~M ro M Bak bees d arA' pd ra ed K a h rtlMnl Praaked M»n, end aced b q restore prwbW. n M recto M IEro a Farlrr a 1Ntllr»I ay q alb elerbgwa mvar fe b M e watl Apse d r Madr a nt e W errlaea roes a char b ar wed q aw~den b SEC110N 33 Me red arw'laM' aeon ryperdd b ~alrll M Bork IMaw m Yap Y A u npl m of M SwenDWy B bry' ores or more saabr. nl rrerlw d nt a t O M hNn a M PeyNrp ApNS ark w.i~ii e ~ wa pmM» trot Nldr ar r abnpeMM re racy w, romp error . aeblm ara:e., eurea a pe l ae d n r.n mr qv M Mk .N.aa. auto ~ wa a eewNw any n arylrlWn now M d IMUw, M owrw « aa+»rs d M ieeul, MWeir. a nnWkere M prdP!lerll ante M Irrumw Pbhq Apba r rannedl, NI ncaro Ma raprWUd oNnre ea s i d d d K% n spOre9ale prMTU sllrowd a lorlde n»n OwteMng, sNw demand rwrenerB prm+rbnr a Nr ONnerrw, OrA awl M canard n ns aPeraAan m M aDedit p ea w r c a»e (w M r Prma Apeml n Nan M _ dpi w mmlwmrCwa pavkaa~ ON 26. ONrorne so~uporWawoMl«malid.eM M vnppcedllly ant rmaNdny d cry aecnan. Naurvre peNpM A~ (I enures M d ReveMr a Plrylrp Agent. N PYbl Aqa n~ appdmad elWl Tmm al salteMe, dwr or pan d Nr t]yMence n sm a more arsWlwe are M1 a8ea reiuru n sm roes M ~ . w roadiN $VY.-IIr Dn.rler or tlti. DNmC.,mmW.b .yet.m. ~aaagWMy dW.mq. Mt mk R.,Wm re d f P A M dtllie Drdn.rre n.rryaMrnNNwea. SECTION 3a Public Notice MAe helapwrsa, Uk b Yrro desn prbrard aaONX b a n M iMUbrae d M 1898 NawbwrrdrN M Towne depose d d DLABet'pM to pry wNran due M C conle .spa e o pron m ayirq prrhHmep b dues MMakar, M Toren may. Wpeler. NI b~eNS also. moNRione cal MOfICE Oi BAIE pN Barb aYa akaL fle. M~NrW end Mw Eqn 'i . papa ark Mergl b oacaro due on M I C T B ndiW mNbtl to B«M Iraura ark each ~ 1 BBB Ebk al nn amrw leal d . oMMllDea, pent Mreol, awp~eManr huaMn an Mra le mbd b M Nawn mN d OF ABANDONED VE/BpEe N eA pemnned, red M 1889 8onb, bpenrr N Yes odgYar a M Town, ene4 M 9pB anda, m dmcd»d e we. M empe Town r aagalm t tndna adOnrprul r bry cram an M r.adNb, eDp9mt a p y cam a,awr.lagay Tab raPeaMr .non na. M ONMn d M klbw.p veMea enrol WM - ro M Val PoMM 9epaonlere w dam also d9rbevar» Wry daa a otlrw InrAearon preacrbed eeaurlnr to pry M Tuade 1988 B«bs A n auaraor Repwrer a Peymg ApeM, or Dob. No anr or Pe mp drrrri l d Ne Re corrtrued ro mrye my Wrw ya, mo111v1 « oNtlura» a rn basil Miwalore ra nabd ~~ q, _~ ., 1888 w an Mn1eNi1 W M CarbuAq « res. d M Untied Smen, M CarWAion « urn a M Sma « M lcrnl errrounle b r rv to pro+ke su Ne peymre odgepau m M ravabb 1889 y w 9r»Dw or P Apem mry vm enact until a r , . p SECTION 35 maip BfWe Sawa CP-ItBJ T1T]~CA QrAnw. Bmb IeNre tM Twm nu odbnW an oprncn eppontad. Every auto succrosor Repnnar or k or Irup cwn err Mll M f P Ansr raryy~ d M IBB9 S«ke Waal rawad rem OrrAlence aW aawaae re IBIa NTae 1kNawpq Van -ENE St Ta G. Refulfa So Iorq wy d M 19Y progr boots a Bono ~q d Oofk oaama la M sNC1 Nal aurn conMnrq adon la caNbule adabwul naWm»e r na1 mlga p ryry e un wm9 egam e Mvmq merawmera quirv la.p., rsgMl, nt . • cenMd bbwean M T end M pw+rwe a lo» - EMD 5211 -CO ~ 1Bp21Mna Pad El , raowtl end eWOVe wW W Wept aY M lawn, Y eery ro aw'ent a d6ame0 rereuerrca unbr wrpw. M uMyrdad Pmasl, liowwer . M Bake w eM8 M ant rwMn tnapeerGa v 1 BP RedMTUb VoNarM9eri VM - HTS pBi rwrar w aaen aonl Y area raW16 w serropn lal aNe Tm code. agwn~Ml a, or M rem nran slo.aoo,B9o. n mN M Bprlb ant M Anerep Nerean n.ro -pL anwrelb, elrawNN mnbme end card antes d Y rW1erB b M PMtlpsC SECTION 22 ONpMed Povbrs: Aaeprnw a Punarese Mal not M required Nat M eart» auNldkn bode gea~ar ant Pey1n9 Agent been hMy pak, rdsr»d and Oed»RBwI A. The Town relay, wnhoul M mneenl a, or WMS CrrewoM Vm . WNY TE3f tOBpH - ABP ~Ba RAwrarea w M herb cresrd « wnhxrod by CarAnca TM orncen d M Tovm Mnoy era MreuMw. but M Y awn 1ww M npM ro ndce to M wrMrs d M 1888 BaMS IdA 8mwl,JNapep CP ~ EMC lose - CD 1W QdYws. N. Ardir.TM T mrow coat Mt A wB, eunronza0 w daeaW b ate ell ecaron rlecemary eppmpnere to neduele M Mro M sans nadvlan sarre m ooN Ragiarer M Agent nerwamw. a Avawd by rmM la M BoM Inwrx), adapt sere wWnprws auppNpwnel Mwo Wrrm ~ 1913 BYrs'VVlrae Voawyepen Vm - %BP 2BF ~ wnaW tb deye bADerq M der a ati Saul ysr, caws n erwAl d awn bode w almvAa proMeaM d Nr Oranance lutl/g. wmroul limn'+r9 M M1y d M bmgoag, me ~ 8 SECTION 2T Manlenerrce d Ecrow Account. TM Euaow wpplemeMel a eMll Insraena part rued) br «ry one er mars « al d M ~ y~Y Nmuu VINY 826255]99118 19n Wnee lmroln CmrINW ~ VWY b M node dy • awrAeed pubnc AacoMaent, Wro prxlArlp o~ M 1 9 B«ka roM M oanwn of A¢ouM shell Ce manAavred al all times blbWng Wrpoaea' nM OY91IF82]BI6 b red n wrplp~~e a M T abwnB M qd .. tl M Fnedps0 r bark 1 Mrew, M Dmcum9 a horrd grenng mo and eaecutvrg Msquarn to M rnanl depasrc d rr»neys Mmn n m arravtt N bee euNkrent IogaMr 111 to curs any srreaguiry, or to curt, co or aupPrment any bra 8rd IIOnN Aavd YUM JMANBA132~.aww..... Rwrwarse. ilr Gat epra ro snow M wow a IbprMMte r. ~ r roM M Aegmrer ant wen M brown mnmum Yrald to M broad Wan Warn pvaswn anlex»d n Nw 1988 BNr CnevrW CaaaBer - YIM 27Ba any d M 1988 Bwrb ro rener w uePy sum Peyvq Agent m to Ra rrvicse Mmnnr. w M nRel raeeNrarn w sty tamponry Onrrme, or manta erry preVnbne yriN rae ar D W k tl ~ Aube w npprr, a M T 'e ancr, N hn rewrb. Copes d cure brtir ark regrrr WN M M sxecu5on of such a.nnutae N may be nquned by M Pumnwr. IrtdWUq, M rot I M b d d M aepaeila NerNn « ary part Narad n FedeW SewWw Ina lamed 1Mrenl u remem t R l md B k R M l rn es r reepact to morn aruhlp e bay aMr purpose 8 such pmkeane an « bnlnde w m M aderealy 1991 Black Aron Idagn ~ LVM 2a2 -NS Wane TaayyIXIX Cordq SRb - VINY ilarWlNn b BanO lneluer w M Pumheser I PsdaaWrp Ouaee- 71» T NAI bNAUIty a aarne en ennsrlw rrewraMy AMm to. d fecton a1lsaAlp M Nrolunun d Memel on M i o pay M a ur q s as a became saa. S N n i Ne ~delens or me owwe a M 1888 B JT2TEM5lXL0]AOTB2 TDWN DF vAIL w penonn Y da»e wren napaG 1o d R w d b M CMN Tuaawrol 1888 Borkc Iron pro nrcaM br men al smote Ys u Nd ECTION 28. Morreya areN Ee Use a Esnaw Acc«arl roke w M Bak huuw; (2) to Ntlled m M Nan d tlw Ordiuroe DEPARiMEM OF POLICE r wwa+r rag e / M P1edp~ W M ,, w awe d M 9rle w . er p ry TM arm, rlmn d aawebM al M . winMewn W M Escrow BNM ham Ne Escrow edmronel reronum. praperMe or odW.rel', Pun1eM n TI» Ve9 TM pp Aupuet 21 ark 28, 1 aBe M w readapts a M Tarn, Purdrw Caurad. M RgWnr AgrearMm M Aaaan n edl'r»nl enarunn end at c«n mrm 131 to green a cases upon M Regrtnr br B r ^Mbq W la AMrd b M prapr w8ealon w a M s.M time ark M ... Escow Aaermwn. M FneMa GueMAy ~ M eanAMArg Dimas c.rdb.re la Dernp M PaY^tenl wkcd derue d IM FNMrdsd ewk Raquirenwas. Arry rMrl>ya ore M MMLM1 d M rpntered wows a M •rrv aml«w nym. ren»aee. pours, « ' d M Pbdpad Rwenrn ark Nor ark M Lger d Reagglaawr naraby are al9 'n M Escrow AaaM e1M prwu»n . nbd to « Irv Mt may bNAWN M a a Vnror e .Dnednon ro M rmpeaNe narb Mren deep Wed. J oaw lubr N a M bb d nNwa:e a gvrorod. w M Town awl emar .now pMOrm b abeaaAOrr war M Puranr Caared. M AaewMM, M Exmw ll hw.l»an mN+a mr M m nrn d ar M PeAatded Baar anon b eppMed ro sty rwtul grDOea d M Town m Na Courmul mry w » wnrrna wq N. reerRal.d a M Bwka:w 141 to queMy Nu ordn.rrw war M Trust Public Notice M 19pe Bake w after M Rehndnlp, dMr Aprsaawn. M FYlancnl Guaranty AgraerrrerA. Mrgner blermirn. SECT 8 O Intlglun M d 1838 adxrrmc dWya a M B E AIBBIKl ANO PL Herr M I11xMlrleetl 19828 Bake. tlaxa are M Bent « d wry MWn +narasaw M CDntaalrg 0rcbaure Cerllimle M tarry a ~ .~. awaleWwM M I N 2 . IrerALrcwlay a Ea<mrr AaauM. N br any ., .. . a parmam by Peogreph A a Nr Secepn. M . ENVWONYFMAL COMY14810N m a pint erry d M PNOpaE Hawser, bent d cacti tlonsrrwns plesenmd to M Twm aeon M amount n Na Escrow Account eMM et Ordinarwe mry M amerked w vrppbmarrlsd by Yorrdry. Awuw 8.. 18Y b ai Cwwwe Tr i waNrund b na d M Ru9WeM Pw»re d M Tr~ Cox 11 at nw rrM W ma~unblewa~w ewnnrere ~ S~ecaw. 2~ w 2rw B anwM. M Trw~r~aMll ~a Nerna amain 1M Igaw. w'elcmm Gd~rl n ewrPf W •'^ +N m Coura PUBIJC NEARING T 1998 Blnks 9rN tl Nr M Wa erry earn b IW arty anon wren ree0ed b M Tm~ 1988 Barb, M goaesds arr.d, e wn nerwMr, ant M Mayan w M xmrNp T CbM en Mreby 9alronmd roil tliraaed to eaw1M w Mies cum document m regvrM NvNwAa bposn n cum aamnt curl eddnrornl rnwrsye anti M Mcmmry re promo are tnrrely pbnrgt in hll d M Remrkm Band M lawn d arty emnmal <. do w ritlq Ironaenl al M Band Insurer, wMrv M Bwk hnurer is n demur war M [emre d M ~ w CMmMn ~ 2:00 D.m. A Mel rev'»w a e cartliAOrrel w lurrrlll ~ Wd a M Tarn w wry lacWra hereby. TM PraAmnery DBLtieI Smemenl Mreby Rquvenrnr BQrk kwuerrce ibl~-y M Bak Racpve mr a propoead amNon ro M Vac IMer1AM A R J BI A M d rIM M Dnoesb d M TmwxwWt larlde N Bran atom or onbNOn lit wwk ' eparoyq w M dnwrs d M T en arAMr6ed w anclm ro wnk+pala In M SECTION 30 Nave a Oalesserru. TM T Mrely IMUrarrce Pdky In wFxcn Nis Ordvunce mry M emnnrd uppbmeMad wen M d 6% rea , CMpel bnmd a to Va oa w J, Block ] Kit VNlyp 1p. A preM' Val IrnarhM CMpN .. 1888 Barka M enerM m M b itlrriolr ham Drou b IBdelel wgpMar d. w to wens w deliver a hMl ahpa atlwnad Ica M 1BaB Bono The aumorrAr w arw.4 M repbher br M 1981 Bono and M 1982 Broke b B^e M naau d Nnrllen rorraerrl d M n 8 gprsgam Densest arr»wn a M 19Be 8wW , p by GwNmey/Prpl prcMa im Purpoma ulcer Semwl 183 a M unm d M M1nel aMW aalwrenl Cy M debmurn d M Rehrkad Bake, n M rurtn OWUrkNp at M tme of IM Wa%wn d such Plemer Clmuvc Mwnab A l b q errwdrwa b 2 de, (il Nara row n1erM q M T - ieae Barb ro ben m e¢Mrion bare FnAnM Oincb ehY M arlabeiroly debtretl to saidwlca M Town's epaowl d M arm w 1 w an ba»p d M Town w M borrtl rprMr forNwnh upon Iswance d M 1988 errrerketory or aupphmrnlel ardewrce; prwkM, nw.war, mw. waltwa M wrMn oortaam a M . rqur apDrwed ~ ~ pro br M ~r : ~ ~ ab e.aam ra.w naaM m dales n 551b112) d M Tu Cade gwpt to M sonata. N.1.a. llr CaucN Mrstr/ aaepc M Purrnre mks SECTION 31 Bak IMarer ark M awa»n a .A a M 18JB mks edroraay albclm thereby, M aunt amen a use I am r aw Timber FANS CwrVlAdenetl. Nair Yasoa s nW IM b M MNked n CaYrti u erdrMW by M Pumhwr, w Menr»r 1 Gmnp Ndke Tree notice d d OrdMrnq urn hero M ellacl d permrldlg: f M m 1988 t ha d Apppesnt: RAD FF LLC., repeewrd by MM~nddaenn Gre d ansla rlwrrq adAWnwn mplrahls aamM War Se 9orl 58 d M Yu Cods MrWy uaronaes M ear d M 1888 Bono ro IM Wldrwr t prroe of S tlalsaearns Aran M 4`Nh rMrnp a M nallca fry Bret Gran mW~poa pnpekl ro l M eneMran o e y wry I Bork alNwnzed by Nn Ormtwln, a y Pwaw' OanYxc Meurnq mrparsM n«Mtlro mxnnVxn l ~ _ _ awrvadq d pro ben i dwwm d ~ ~ M re9Wered owner d M RelurM cards p (21 A rMUmM n M prinnrl amount d cry p 3 Arp uqt for a mepr ro 500 NA to epow tar heaionsi M dA ~w a ar e d cwt mersn m wrrra r frl wou aWm, l'19BB m m b r Ica origiMl rlu a.aant a s ~ urn ecwuea imwea, w wnea.iea M amreaeee renown m M lien recoms a M am rot M R.nak.ar~aw arep Nwam: w t9Be and or Na me d M 131 TM on.aon a e Iron west w prdpa al s ro ma epprw.a D. .. Plan bard n ~ ornp aw en .a :olaedo WaW or Colaam Ate - teaada aamre under upon M 1amr. carldlliorr w Prm+iavu u sw MxN M Purmaee Connect. TM Counal . SE~TION 32. Fonn a Ndae Tree Mice d daeasertro w Pbdped Rarorwq udNrB poor ro M Men « p rwlm try Nr ONnerlce, or Drne, Wamrnan 1325 WeWMVan Condwnmwms, c..od. Vi Wq Arm A. I Coblam rN TM brgwq coerum hereW tlelemnss Mw M rob d M 1888 to M pNwl forNwnn eMll be in nuMAMWy M (el A nductan a M pwtcbal amoultt d Applaarn' GaraM L lWnanYn npeeanaM n hi area w etM rertlen M paymNll n hA a . Brow w prwked frran ant n Ne Purrnw Cadres le to M Mal eda.nup. d M T bllatvup arm: (Form d NaBM) 1988 Bonm regwrm br arwrn b cunt ~ r ppemerna ooxurce: or . W RdAry Robnam F1sM»r' Ggrpe RIAMr fumnp 1988 Bwka veal M rote q SECTION 23 ~ estadehnrm d pMraM as Is) 1. A 16ara b e CCt nw»r anent W dagatbr a M Town n hMNNIp M ma'angt War M Tm Com w Evwac a Dasull. Each a M a8bwng eyena r Mrelry barred q'Mra d least:' NOTICE OF PARfAAI OEFEASANCE OF TOWN OF VAIL COIARADO wiNean 1998 Bonds blued w Oaslerrarg Ixker tM pawmu d Na ONmarw: w atlenbm w ue coenge wrwlw b M Val Vilrpe Cbb bMad 1 288 Haruan Rpa91 V Y V l & b Iaw hero bra rM. T MMIIaWWry ~ M Turrenp A.I a Prirldpal. 8 payrrwrl a M DrnrRpel a d M 1DpB Bwrb Melon SALEB TA% REVENUE BON08. BEAIE819p1 AMD PARf1Al OEFEA8ANCE OF 16) TM .. ., d or otlterwsa e8sclag M ryM1 of M amen d ben Mn n9 d M NoadM1d C, oot 2. s Mpa a ADpruM' Wmwne. ac. ,. q cards ee'grward tN~elnpt oplq~Aar' tsar d Sedan 2851A)131 d Ne Tu MrrmNh, rnN nw W made wlwt M mrtr MvN GcaM dr w pryebla w maArWy w ny 9ALESTAII REVENUE RINNDING AND NIPAgVEY[M BdIDS f Bp8 Bonm non owramlrp. Caput a My wanes. . , w N d G»n ArdNbcb Planner: Craps RMMr uW br a wodnmwl b draw 5 A r T Y Esipware. TM T rob memen ' ,. b pM B. I . d IMrM. n peynwn d vvryy SENIE91 W2B we ro Nr Ordnanw WA M M b airy eW+N ntsn maMaawg a ntinp w M 8 . p mapr enwrbnwrt m SOD m b sAw b M use d M rme rally b opal roam w w awrrrbs q rap r soar M 1898 Banta Oubrrrbq. antes pnWOl NbOwaion Ay opmmr d Mena w M 1988 Bake eMY M M meb wnq M aqr bauvnr due w peyeda;a CUSIP NOS. NOTICE IS NEREBY,GIVEN MI M Town 8 Bake 18 SECTION % Nora b Bak Irruw Airy repots raaurne wnbrero EraMAea IoMMd a 1381 WrNawn L VNear AreaA erAesds b M dusaa. pw'mpr. Dorrere, G. anepabr ro Perbm B M i areY br a Vm. Cdaam IM Kowa') Ms npasd m m a Nr Onaneme a M Eacrew AprebMrn to r Amawrlb Vee Ceaceb llorl w RL aeWArea, ammear w rlpm a M erry tro~p M rsrlderm rnwds a hafiYrp m M d davram n escrow cam TM aeon a CMrry n Oererr bak Creak N A Cdwsm M••r gplwronn to ell% pent era ehY M enen m M Bond IMVer Arty MM Mren rgrxred 1o b Pr»n ro rswrberk Chrr Nang Plerarer Ruhr uk r •Xa0b•d ty Iaw m recrr w r M PrdpM Ravwxra in Prw d M oul er; a ampeearb 0. 0aaIN a cry Prewiq. 8 M Tam eMN . , R pacaeb M alMr hake wnan owe Iron M Bak IMUw shall M n w esm b{ nt B I B. Itaammal I uat 10 1888 misdee ] wa aAU Wrae rtlebMay adronsly aNwUq M r w a arty ayn»r d erry derullbM4u-rrd aaeWY alb aowwr cadrwn, w •MpY leawp b q nos web Mlence n9 lwNwtW) n bdb. Mw. barks w MUw. rgblsna a a ra nest ro 1M ak 113 K'np SVaa. ArrMN, Nws YaN 105M, pa . . p . TM gpodorrrw nMV eWF 1888 Bake Drowbla mrWnd n M 1888 Bake a n IIW aarWer sarniae wean Fre Mlr~llsda bran AdsrNOn. SunMWCe, w m wN dtw eduses Dopomis w+bble br wtllc irpedbq l Psibrlw%re d Dube. 7M T cal O.brro m a put ro b perlarrrred, o»rr 8ren dny.dxr a M Unrest Blalw d Art»rcn, m aN M l d d VArit M Bak IM«w aW rolny M Tam n M dump rspNw ahrpa Man n M pwr a dflm bvrd p M T a VW ... y w pucar8y pwlwm a nw ro b ed m M Prd Nm w1N ras ed k Y d Vraee brretatl n PeoasaM A w B d rep w A NCh Mti plan aelbar b W Saabs prr pa mMk, pay rem spa , it pplf4W pM nbrM w wr q SECTION 3] [ Dgarment, ]5 SaM Fdrtps p e r p rN M a M Pbdped i ~ , dale Wrr wrap noew apecaWq sun Meul1 , pwrrora m M TwmY wblwrbq SWS Tu 1 w d S M Pey~rrmb Wsr M Porry n M mcwk &nasra A 1 M nt nw RMd. Spl Wpra9n s aniads upon rags wln 2Adlan rrotlfionq Prme ctim to hweol w M bN S iPAmaarr b M rasp tike Mks m IlNen w rgrmp M carers m M nrrr3W aMN tw been Pros b M Town by M Bond besot q 991 te Pewxr Bads. anm bimp ~~ d M T Y oumanbrp SAM Tu . n we . a OAY. w eWn q M Bwarre DIIY, prat to arty . pan I7F2366. TW WqM br M Nmmp d. mq n r M aerutl d m prom m r Retenue Rehrlbq w Bqb. PeYerwrl 61e m M teB6 BoM, M Peyep Ngmed.b TOM/ of vAll PradW Coercllprra TM Two wB cause M star U BoM u4ur<au Rday w, aWpr awes A9p2B nwurrp a NEpd ro nNndMwy bM: ba ApNn( rem M rapirod Ndfiosnt marm m pp al d w Mersa m dra 1888 Barb W n OEPARIMEM OF dyad Rwwara m W nlaaaM pompay owsnad b n M hob Mren M ~svn Mob W M Bak brow. q M d M W then 25% r anq .., m M p ca nw due. M Pwyep Apart elwl a1nleWarly COMMUNRY DEVELOPMEM ' d. emolrR d M 1apB Broke Nq dal OMe NrWpY rllMlnl ~ M mk IAUrw a m dmprs m M PWMWrd n ThS WeTial suray Ba16. Eedl antes a M Tdbr d rd m R q 5E i10~N 2. June 1, rage a w,aa aoo Jule 1 zeeo aso Bwnem M q tereDllprr w mnNm.d r wrn.q q n~a«nU o~ q AuaW 21, lace p www. or M P dWOdy sue b area lrerldew, eI»Y M hAy . Ren»tir u11w M n.Dpwrlp w , , Jv» t, za1 1.005.1%10 roM. d M emoua a M delbbrpY I r Y roan wfNd balk rrA M asry w«N a brrAl r awlded n Jaw 1. zap l.OB6.000 a. n M dalerrry r rMb ca n wear a n ebd r8rq M proper appYCaaan d can Seaeun 23 barest. M Bond bauw a wrrr w d M 1o tlrsn 25% n Prerapel rarrdlre Juts 1.2083 1.125.800 ,Mare 1, 20Dn 1.185,000 pal pkr ro a an M aaynrbtl der. M PayArp Apart ahe8 q wady M Bak 4wrw a it PreryNaqdM Cabgb w Action N d M a M dAalAnbq Saks, « . truaw MrWa. . tMk n m herevltler b Ma w a Juts I, gas 1,255,000 Mara A 1M Paytq ApAW Ma no-aa. ~n~.dYrn C Public Notice «n.red Mq M Nrd o aawW ro action M arNan M Town t wtwn M b y y w n Mr p, aaD.r bps « mrrb e.sare mop - M 'RaMkaa Barme'1 r M . . era wry raw«.d wow Ms Mq rNgwad b ry , y rod nNaear a Mw owlw wa .rpwled aaASW 1rd~rMlle.ran, aw><n . e.a~1n' a» Nrw+9n w ndra.ro plw Pmllww ;d modes„ abn.f on M NDAAC[ a ~ ~ ~ c'~drlenww Drdwure c.rancu.. TM a: rw.+:.d wrn:a d:ae ~..: i ritlY1p°°"nw.a. awtw.aaN:al..~.am.nW wb Aa Mm t d a n ... . Br nr rlalp. Plwra. caaeNrd n 362o-1 W c.R.s 1eT3, M Sala a Ir agnpN rlAn M lsrrra a M Dpn1X•aq t Islure M T sn m C tl! N alip, beep Mrapy Pbdml.. spa ors IM T Caa1d m ea m M X rows M r Wrl llr 1981 roM. Mbmp q era error 2002 wY ba rprwrrd 0wwaw 1 c rr ar ely coon caWelanl Fr Wyrnwn Darvuba An ewidaW o CdorAm, paperNt1are d NawAI RAgwaa, . p res y w F ~ ..... war wr~.dian zo.D ' ' e agl trubm a q par... wa. « a ~ , December 1, za1 upon PMlwa a prMebl.~d W m 1 a B l rt car rsgprea owaw witlW M map,.q a erry MMru rwn nrn M P A n a h Dhisron a WNWr flm eeta0lW»d Bepearb 11.1888 r A br d FM 5MarM wMn: ayba a brY wider a mrraer an i 23 a M l]IdYrerrw, w M rld+b w auto rgrdb. n . ... .. , nle b•a m M Band Inwab r M n d rrd~l n' ib w a u p nblvf rk M rNVkM 86 Jurn 1. 2808 lrln M redaglad m DewrrEar . ~y q p y wO m s Agent WN MlW M Barg IMVw it C°^9UM: IArrY Mwtln :. , Fb b 9VM Sb O r O . preybr q tnY Ortlwrr uDa^ M • abYpeAor~ larder M Bwk Iruurwrce M P m e M 1, 20a Won wyrrrbn a M FrMa'W. Msrep rarnun a 1% d M pis Tel w a cam ra q larpran w mr~i rr.a n aa.q q raypw.a « rri t . yPV^ a n erod a dear aIW M espy am ar ue Yrarym. r. elw M k Rleerro ures IM d rv, o-ulw rbA Nled M a ant P q rsMenrd root. cren errN M Nod M M C91ia ErgMw. ' e.. aaa a a e Igoe eared an.ll r+ «W1m b rwrrdy heraurrder wawa M ~cunewn a M m . reppn pMAYmp m coon D. Tna PevAq Aped r hw+dy Araaoeatly ebrl d NVMNr. BaeO Nab Colmm DN D°^ea Gbm° eal6 &asdge r b M T 'a wkr m d M Bake. mww d Vq s.. , a Co., Dpaer, dmigulW. mpaillAM. tinQSd w wMdOd ro d e d M a b rl . . Jots W. MAUnrr tro alder M Seceq 211. W ; MNeer, awe a M 1918 Broke mry enbrr M ... YreN M b M berrryA a M carte Insurer n loop m A r M n Cobem, cerABed laudb ercouawN. M . ndkNrp M blalaar nrYlaMn recto hen i Ad r . ,,. e rAg are www 1998 BaWe m IoYDns: aam HYidrd b T1r Vea Tee a nt abYyear mdeard ~Seaem 20 W by am plelda Drweeblp darun n tla peynwn otWpeear ardor M Bork M»urerae Rnay w M Kara Raawro hrrtwa» l W M nMrl man beluwre Na relMnrrp r may ndewa a M ar» 18 w b M wwx alwe r • N Mlaer na.ne tp pay rAer.p m M Igoe w Au91.I zl aro ze. lwe Pra row G aP'rr m -a to i a~el M rpi I Ow1r.919 w9r. ehtl M erwl.a tl nor. ~rtlldlrr a 8Fdb1 12 M1Fd, ryabFe k h e.poFr n h RFFtlw F1rb tlItl tyro b i b h can d h Fitrlrl Al9earld eany M awrerred b w Fs~rtl w h pnXllltla d rHF Ordntls BH'iTYr. Y T9. 1rrrFa d FuXY pFrewr. Fw n Full eederlre w lapreera b FuN dltlr s r Rwrw f Fee urtl h emdar an yPaFr np11W h Alalvrun ArrW DFtl 9snAw Apnwrra nantlb Fttlvree b E. rrrd. Hrreb. wYnrbC dlbt m Cr rmlr d tlr PrOp.O Salt Tr Rawarr r X suA W a smrr lYenrr W A rorye b S.olbn i] words ~ r Br1wr havevw, h BBnO Rsprw htl Hal OF n rM b Ctl r ill an 19iB RaplrwnwH. NF cM rawH M n1FES b b iWFrw FuM Fo b rWw . mw h R. IJFF a R~r1Y1Fq M~rF.e. AM mavp IM rrrrre rF rtl b bF nre b IN xW Mwl n stet br nr FxY Mrr mnMmFly oFEY h wrr a a AEd'Iw l B M . p , ti • Fm errtl a h I99e easy p r F w early rYrrl F pabd a rw tlw marya horn y e 1 ap1W h mna w~y pFy p y e s.wt1 arty ra1l.Fanp Prepae Roarer mry p. q w Fuc r a F. Arty m vaaon r na b19a n elTtl r h urr d p h RFpretl, MrHI w haebY h er d nwp d won atYtln 6rlerr IrFweFr a h . e.l..a b blr r.la prlmrF. ru.o d Bwla .ntl m e. h tar r Pa., rtlrlr N98 8v10F- Ikon 111E wrlbtlr b d arty 1r8 Bpd b M1F RFp1br, G. Tr cpvdl, h BwN RFywr rM Vw Pryrp Apra 1p1 X. rNYU b Intl h mr.~mrl. ilr Rwww Futl Fntl M eoomFelFd brX 11rtlxFb mMnwp r.Frv. b M uFFH. NoMp n Hrr Ort41err dal aeverll h T bon horn h YmrnF Funtl FmwXF ooMCbO by 9iF T nJ M .. d..wymp euan rm n h - aMrlob F rrr ~ol M41mrW Bo xqF AOdbrl ~ tlHY rrade.a b tryst a ry Fn ~ caesura py h ra ruW relHdrea scar d 169e cow r h FbaoYM prow e1Frd~ tl oew bond ur e¢apl r C Erb E a w Ssclipn aw S tiw1 21 xwFOl onl m awM aFrmr.a pleFlrFa b h FppYcwa Selw Tu OrJ11r1gF b W bO Fe1 m wW crm br Ravrar b 11. eFb11F1W a h wwrX d ew .wYmrW PW FE Rw~rlur p pvrl~r de slbnry say ufwmd b nYYp, p p Fw arty FPPYnbr ra ~ Fry , y p - - n h peBrrwH d h pn ipr of rtl , 1 nhaly. .. p mry M .. r n scat ewer 11F0 ben h RFC' Fh1 rHF1 eudl btllFltl m h tl ~ oaths ro h oonwy roewvea by aM w tl d h nlaen m h BadF nwlhq msn 9r SECTION Ie. rc~.~etl br IM bM Fbl Nv wtltlnYal i.mlb .nH F1W r4rY.rF .n0 IMm ub IM Cau1a. 9r Borg RepWtt W Cw W Pon b ends m h BwW Fvb wleoall hMl G.rrY Nkr1W Wm d Fur1K TN hnGF pFCVhrp xIe rrl.lln a Fud+ Mlew.l Bmd.. Oiwr b M d Ins IrFrIMe 1998 Bab a ewly d h a P%.q ApFrX I1W1 tom m Ica .. pFymrb b h bwlalkW owarre d Tl T 998 4 m w w0 q. yFl vq F1WW u IM eur1F b pry h twat d n1y Bab Flaaarva b P n SwLVr 1. FM is Mred WII b ~ .~ lorowe tales b h bratlorr B GrtlneN d Rwur. A MIw _ by . nr9lrea plbm ... earo d sera, • h prYapl amwF h 1 orlee Mtl b/ r Bepaeaary mn CuTtlry a Fyry are a rlsa eepaaYOry rnrrarrn arry arty Fmwap owFq m wN odor h rmr d h Bab Rrsrvs awtl b 9aceat 2O.K 11aFat A BB~~pq7TMM aw d Fww TM Y not enlmyaa h Teen H1tl h ropaandrr d Panprwh A d w Sawm I1na rsarl0en b IB9e mtlF rurrlM wtFUFn1 m ygsgl U) heed. hwxao Pony ilr Reeaw Fub RwrwrwY . . prwiOFe b pleb h pryrrrb spawrd n boon mtl car M cm4rMy aeerarra b M 1naY M ~ FI tln hplFxv br b1 qW O TM Cr Jf. IM Bvb Ny.W orb IM Ntl W nIWeW upm (1 srry ancgl 9sdim 15 nwW .n Mtlry .lay .ocvbF b . tM nyil a h T b r~.i .~.tH h°~F.r11. nlr.Ily a .unal.w ~ ~p"~ nor cwrwrn w .nrwxeFw`~ °~I~. al I~ne w..nce a Aaalmnr mnaF, ~ rrll~ ab:, er .1...1 br •ed1 car buO9d std h .llewrbe. rw...X .~a err.. m Aeabm Bwd1 m • peat' antll h 18pe Boy Irwsn Tir RFprra Ntl .1e' eFww . 1998 Bab a Banb r11r1 h a eparay carte Io deuw 111 d wrFpr.on 1.1 1~er.o"~i n .nxrmhq zl ll (Xi) h -, d tl w . pwbon a h mna. a6rra M :eopo~e w wr+ h i ca.Ia ~ «an naw0a c. slhro.r aeym• P«arre. b ro~cMr, bsseYq ~ w~iaerbers~ n 0m Battle Won rrlFmrXY or Friar d IM 19pe ma~y~ ~~ m ba tldepoeMSC ~Hn~Rrsrve Fwm W ~ r b P.XPI or YFFrsK snlQbWlbq a~i rwerrw r Is psnrM IM rwYo EF tlw rFlvrE TM Raptlnr mry mpwe w b wln .rn re ar mrgp b prynrm n awn . martyr mn sails prynwu .n mN.bb iwat Hr onyrrm., h l'am mry tl any tore w nwrl trM m rtr (lee onr calm ham man Era urW. No Prldan a ny reawrm w cart dNr dwa anaYl.m. Tan a aalealr abXp.bar. p.I.el. horn eta . Ym tarot h rl.a .a wwww p tlwpr .rb btlwhae d 19G! BaroF. rlrn ~ ro h h aw 111ry M err. ~ ~ oondn a h Bord h.ur H h awiaer r , . , urea w meaeue errW soar h sF1ro a .. , p w pro b h wry d h 1998 enFlpw (~ r1 wry m wry tl m M pW wN d n pSEaln er q X. 1p98 Bny W D+ a Yi a ahr H1n er tbte xrww) oFpasX s Bane Reserve In r rrn FaY n h Rarrva Fawn Mm tape BarbX tl1tlny b. rrN Hr af FM^ a cwltlnrae r YmIY w r Bee.. o 5 Frm Prad lea waF +rpa iwpW b Fuf1 lrrpF a harsh) ahtl M p.b M h na.lwaa owes rawwErq Bran y a an P YNrn Prxases. h 1898 BarbF one Mon a1NY rtarlw by r dhnra ad ry su a hr w panel aaedtleon d h Rena FW Rplarenrnl. Arty .pN eana Rwarva hrwaKa p p p p F h lawn ro 1ar aM pFAOrm h nwrarlr antrwl r tltr OrdrlFrloa bop r Fm a h . .. ~ a W h ONhraa eMll be mlwrusC ap u b h r m Iwedla ows odpnbt payada ~hYgF wtrrrb 9 Emyl r pdiEW n $sdpn IJ, be hhpQwwsarr FIW ml M naww m smart a aurwreta M ins Raprw, h Town dwl Xr 1pB8 Bw1b m M whYtl b tle Pwclurr n reaeol d h purteraa Pdry eMl M pryahb on arty yr m worst nlmrye w+M M rpwno to M M1Mrewn Irwn tM Raune ford r assays Henn Upon a.pnE 1988 mIy OlrurrtEala aM ugaiE. NMnp Mrr1 extl ao11M h T Calm. r w aria oPeon, hum .. bq sppfy~q ham h PYEpatl RFaarar peep a can alerean qnr w npxer b h 1p8B Burry SEGTN]N 19 Paludep _. „... rdrnw (11 ry 1988 Bab a axbon brae elaYrp s puptl MpY~rq r h opaknD d Prv. iM 1988 Babe tlwl M dsYrwW wch r h Pudrer a11a9 yecl Iba d arty BonE Rew1w Inwsnce Polity m er Rswm Fwd, h T mry lnnelar marye wry Ivbe a Hr T YWN mwds b cast purpaea ro w Bab F Raaerw Fud br A Gensrtly H n ury nn FIW bs 19pB BwW, dry put tllsred, entl Irr Mon brarrwa 15 GFF. bdas 8r EFy a tle meiYq a h eatjel? ro h pravbm d Sectlwr 12 xtl 13 l w 9 eaW 1a H1o amount Peyebr uMw IM Barb R e P Y l h h R F b tM avpaes d pv~iOFq br IM pe~ra~ d 1M l d na h 1pBB B e r b rwrtl am nrtlsn OulMrbry. 8r Tww1 tlyl hb M tl lr br b rduntl ar Oubwntir sran prwiep aril reb d Prlar rEYp tl h c1oFF d b1rIalFFS m h Ery d w aMM kdr y rsgnw m l. ens w Rapr h Ip98 Babe n sun name a nrrre es w evarva lwrar a ey um eserve v entl apOry suN rtwwya b uY IevEUI nrpoee. peta s a ate m a a B. PlsnF nd lmr d DepaY. Etl1 a IM tl d Ntl ty p r a pMdF Hero IM PWBFE RFnnre, q d Y h M s1r1 mFIr18 a RI rl' 1898 Bow a portion 91MSOl FBa h rrrFPp d meta nwp awn Pwdwa Ntl d.a. The aaaaay d h ear d h Tr-Eawpl HIM u.. mlananl wurwl Sswon 20 K a aw Oryurra apw rill wmM h uw d apadd hrly ueFW b Saa pn IS nw M Kara r A cow ob pFear a any pan r , rrlry r1 rtlwdea, •tliFd b h PlwrorlF d 1888 Ba1E ury pwtlan hoot b Prlar sm l b tl m a l lore orbs, arh+yre wlllan rlrrem h 0 Msrssl tlwson tlutl M Oe oMM pmreeee d wry cart a Barg br a btl hnyp a Ne Raswle Fwb 4 Hro emoum a Hr rmlrn sup rpvYS sw epsrt hvn tl eater sadnb a hrbs d tlr Torn r trW wanXS B d tlIr B tar. Y 111 h obYp.uFa b n1uWe0 tl h brr d tlr npwC eurrarbu p w por l h 1888 Billy beep reyrre n wH. .ouus , p prmrXy by h Town u1d anell M aaoumatl b Reserve Furd RsBuirwnwl h a eddy b h purpwss narwr daelWwa . b prymara, Ntl Hrn melon a erltl man M c. t1r peal n rhea rwlr Frry IpBB cad ehN M roprleree h t1 e R E h hMOwlq myna ens giro I1aebY prEpae H,asror. an Purchase w ay «a..nl.m O I M bM b h arrraunl d proceey a wrN cart Boy rood, mry M ypwneE la h Rsesrw Fwd Y M d tl la a S 20 K N a hrab Fw pvpaar a a rreF. rrtlurp lralwn prwwb w .. a n ouFW b n ar tr nqn irN uweie b Pr1w n w i 's eplbn Won prapa m. Iil w a h aoarrF b M 1r1naF0 aril h Bab Nl wh a epresr Ntl M dasnr t' h nm~XF tweap artl rapretl h NMA oaMr thsrea b l i nrs/ n no mervrsr W rawau r en a 0rpusl el h Tan w arty d w a m e n X r a n Purauer to eason . . F ePOa s dr Rwrw Furd h ruFrea a orris e rw d e w a~re r X M wrye aa ty w Mole amass oeraFYrp b h Pltlpae a b n.b. R fi n a..w h p a. n 1 h Bab krau ewaeE a1ed1 aoYpdols, oawX m we, .bd aw nrm mwy p.yr+n Hrrw w a h papaw a tl wry NP^ar; rospt r mry M wwwra u1y F . om r e. o m. m ..e d h Tr~Eamal 1988 BardF: a e .n pe .wr.. r a.pnaea to h Rewrw Furd monmy w Hr a1w..F wX n r do o tl h T b M a contaaa robe .n p.y B Pnbwn d I]blpwora Na ReAaldFa. paeletl n s.alm a I1srFa1 w181 nape ro prnrrF a alrrsn; rd. nrlan ro wen bl AX saxuse reerwt. X arty, neelusa n rpacX a h r .Ewrp I99B mtr NsX M m roar roan rwrw eatery matl1. tla h aw a lrwrre a eaN care a mile h l aw Orywra. sae; epak aaaew eM M aanmwrury eeeurae m h h, ~~ ~ h d S Any nhalyp atlF9arwr payatr horn h Pl.ama Rww.wa rw M rw.e .e1 wm i tM se O al tl l ~Fplbn«pFymra a a on Fcaoul d crow ppneld~prr nWrlmury 1988 Barb dWM aeetlee Io w Barb Fud m M eppYeE b Hre psymdXalM Tu-ESnp IBBe Burry tan aepaaY n h Rseaw Fum aM pueltM Rwn+Fum Repwrwrw8. by h rye h M b Mbe orb d1tl M inwaebr b1G mt r an s, eo s wn mm/ awv ag tlrnrrq a mlaFCnr1 naaF wt' b w 14w1 9r w9r1 saw d mF I+l M d1w1.e. mp.Xrr wan m. proo..a. a c ramr.wtlal upon osooey m swmrXy w w dqw. br .r1y vww« pert m4~ rno..a Wan Br r et' .1t' nawne ow,rr r,dw 1. IFy1 b1N suN raystramn m b 9..w a n. Tw.w Ie9e mw aepa.ya ro tlr F Farb u provtls0 bsbw uM a8er car na p.yrrrra n..n M m.e. M nto Hr Korb Fam Hr Readre F W a boN nor m. lw.eh.. awlorlr.p par a .1a Iulb a eocwM Eadr psna0k ~wpq+ryV dr8 awmlp Xr d .1t' parbm d dApsxals poNnb ham ry dtrgFa Wan berate a euN 1998 Kara n h skewer hny d h T euxlada to sueMen , . pr arcuate n 8r Berm Fwb artl tlr smwM n . M av61W m IM gaper boy .oowa ml rrr ba PrOpeC Rawuss: bN w brq tie ury I W8 Fw a1pFU m h entlxipru aw arty nMl each manta mnanrp urneaee h Rewrvw Fub tar a elan et rap spud ro tlrn h Eats nleraror Iwen Mp1FW, sane Garde Nrrrbq~ rdwlyp oekpraa M YrtlsNarF prwiEaa neon. M each payrrwu and b Buy .. H Odlpalraru to sneer me ms erne smarts d h Owelane'Irp Garde, hero cal wMn ry arch era riser M . Stlubry, a PMEpsE Rsanre mry M pryada horn riser M vFw aM dbc11r1 b arNSrpe h eab9ly la euN 1999 Bad b h tlawa d h Rehnae'p a1rN M aepoaFm to h EFarow Aade11 r m Prarmd aril nleren la Hwr rrpwne rrltlurree, err ro arty etla n svhKf Svairy a • rBtl nareaY. nor aril peynwa alWl M nrM an « baba h nra prenaap rrree n a paraY wN1 h uxeharya Bawer asy x vr .can w pro Bw n wry IBBB Bab Ntl M mil. porn, Ir AX p wa. a 9» Tu.rnlpl 1998 Zaa. r..a, ropeHw cam, any h rwn rrX nn. m.m.:E w aq~w1 m raesern h Borde tMn oamam:q rb n..rr E.r c. a Fude Alt' n arty r e re ~' is a n s I. Pnw coa.n. Th. Town n1w lollw. h aaranl a h d h e w b w r c a.erola w mwrte, h Raprra hn. Wan nwp a ardl.Frewen, Nrmntldlan w abdwdy aHw anrrble nlwrya nlsramr. ro pay .roman a h awn b h and Imunnce Parr.rd na..xa m.mmp. elduEna wry arse .. prmkuta hn ar. .rd lrn r d .b adad a eery e m M w omklarrs mry M Yreedee w rekneelaa n ars d . ra.. ab ne and nwnr pewee row aip.Mrr: w relFUp tlrrdo r X aftl h T mry car YsddrXal ro h rusty d h 1998 accmeE roil rot accnved, n wnrN ors nlmrye tlaryry ParmtlW Yrseaerlara. SFwnYw a 1 Raaukenlanr Na IrroreFwE TM repro, a _ aril ddlvar a 1998 8 lie b B y d Barba. Arty each anwart rartrYmg alter oaletl m m d tl ar N aeb Ntl M Es n h BOIIa Furor arltl RswM Fud rincpel erb smoua d Out ust to each adrOwa pYadnFeee r e i1 en Ylwemrra Mu.YX ealrr M aOjea m a wry rro rd1nErq oxllpFBad Eo M Hawse by mere IMn f2S 080 br ury FuW Kv alw b ud w a on e dh vr '~ ~e peynr r p a °n E B H " F wtl1d °~' '» ~ a ~ ro p ~ ~"~ '~ 1 a p"• w ~ ~ a w ~ a 'M op0vn d r ~ ~' ~ , r'1 m.a.Xy yw a Fn1• webwd.e ~° h ~. ., ~ bwr.a 1M rarrlbsn rrd prevbary sseprrE H suN bn. a p n1 ~ e1 nl.r n r arr. l Ba1y. ma _. m ..w .. , am y r yF tMrsol n Hr M Fube rrrY M i.rr l lXa ea, e r N n. ae+d wm r ,. w . lra Nall plod nFrly manEe Mm tlr a~sasE y. X mr • rsauilsmab ~W1as0~0y~iualWnllnyq Floldt. yFryq~E mrddM IBBB Bab roll Ira mdwd ar•' tlaX b Bearro Eue ud iM prweeM d h aw d h Terbb 1888 Game, uchr0irp wX11aX IimileMn Hr earuW wtldmm erb uew br er7 4wml purpar. D Dehayeq Delnwaalar n BwA end rose b mwlrys horn h herb n PrMn. 5aaribu w ablpdnls w gxdrwE w n odp.Mn aw by Ary OuWFnbq m1Ee na rawtleE, sd tla can d erN rehnyq pFEly - pFyFtlF, h MprpFr rmrWry state h euN 1998 Bona n Yom d A rH m kMrsd Vlsrson, e1Wl M aspoulatl promptly by m. r am wu M eawwue b n me Reearw Farr. H arty nwaea mm8tly mrlde ape me Twn~Ntl mr am raeaan ry m klvesbrlsra d nmrys n Fry euel hnE dWl M Eeanl.d .t tl Mrs b M . p.rl d h .ppwael. d,llaeon n h PrgpE MwXns ru rev.. m, llipMr arrally dwn IM tan E1d~an a g Pry • mlarrYlp ew hraeY PltlBad p pry veo 818 Bad Fund h hd arrlalaa ebae flab. TM Two t11tl prestlY b wry .. ttlersey nhadsE; a E. TM dFwn d h T en autllarieea ro setae b h hIy rrca.a ew hob, bu h Punluea w arty albaevuwl Ow+w n n mercer Ntl M b h npawea Hon r erllpura Ntl M par'r11o h Bala Fad on aVN Este horn h Raearva Furd ow an the prenerp rwYSr arty eeaarw w abkeaeana w wrN...e r en d 3. ~anwpa iaet. TM rdwb.q owPhon testae n .. mm Parspaar A ana . 1996 Bw1b n arX1 arrwhr IWe n cvemay 0t' pgl~an w tiepoeN oy Me Tww1 a eM a Xa cairn ay d IM nNS aaNW Ham aw r4 evual to me aMSrenoa 0anwan en amoum peA aq err M1M amount w etpu4W- Nry wW an ~ n a plwl Had wtlaw n aMN M rY ro as as n aEer m wwMa mwlya b 8 a Sa]bn 1e Moot. SECTKKJ 20 ' h haven aaNEea. 1rplFrer ~~p 11M r d h Trsde IBBB Barbs: depnit n h Reserve Fad drN M trarlwrne meal arty raaraea peynwd a trsnsrr hum suds Pratcnve Cwwunb Tlr 1 qm F Vllwrar ry 1p88 Bane ahtl M P A lit NI aanrE ntaM, X arty, ncaiea n t d h T 1988 e y NWI M il la h Bard Fwd to oaer auN s Edineray prgr to e d b r1Ea h B t d d e b had The Tam Ntl hoe n oe9psean ro mete erra a tlerarataer rl w sadly atldiliorr~rnsarlaru ad apses wN stlleed aw dh 1998 Ba1y 81st euradwed b h Fyrp psrE Wm PFY^wa Hlaeol Rpahsr b buuM sWrrlpe a ro bw s as recas ra ae6rE m er Bwd Fur m M appwE m IM er nrol u r ron o e a Rsww Iruurws Pricy H tlr Rwaw Fad , ry we wym wry mwlye m Nil sw emwaaa b n ry . A Uu d 1998 Bad Pmcaey TM 1'am . r , awbad nron, eu A 1988 paynrm d IM Tuaele t88B Babe. canems s Bomb Ruerw Inwrwe Port' tmm a wry one savors ucsM eS,Om sw d ran can pa+aE Mn Hr RdumYq wievn wiry sw Bw1E drX M prarrlEy araraE by h Peyirp Apra Raprlrr, rib colaaarpert d lu) M amour lopdm wan h pmceaee d Hr ear d h Tr{.amp 1898 Baba ypwaatl wauryr dMr Ern h Bona Inwrw ad a Bane H Inewance Polrv Provtlea by Hr Bad 95,000 been roil not M roabtl b a pdotl a trot ru man m eaya. m coal awE tlr Tam vMn sue ei9gsrre 0 Fryman a 1988 BaW. TM lpn W oedFCre d auN urcaXrm shtl M mndlra et' h Pprayynapp Apart a Repdra ro h Two SECT ON f ne Eeww Furtl u proudeE erica antl ohr ava9aW hrly a h Tam. autfident m eerdrn nvl en a l N Mr r d Imunr, any Erna eneF La ao-nr bw trbm bum auto Pdicw. Mw awn a stew arty l d Fl d Rw e a xe h s r rt p drY ilven a rurwsl rbl rr men suMWarpy tl d h arrornt ramp row Hal M neeaea aumq awn m w ertad st p b ar mans a m prwrlgly pry tlr pmapl d ab nlerep on r..ry 988 BaN rW Iwwrdw ud ssanse edlre na l on h awe aM n h mama e b I 0. laoak FAry ce mlar arty H u n p u v s dE N~ pe r vr, a p yr rr mi e a a . a ro a o ~ A ry O , ty y e r ~ p a y 1988 Ba1y aasryrp to IM ~ Frrym~ ^,povr~an a Ralmyp nrY M aepatlM to tlr i sE Hrd t e tlr BpM Yrurer m reerlyd met Bd1k wHM1A Heard to wlrXr bus ad ~ ~ M q tlr od.t.lr.in. 1898 Bartle drll Mrry M las d b h w b B Aaron r ,tll M y a h r k Y head R.saw hruranre Pricy rid Hm ro rnrn te n 4 h Reserve F nd Toe ud1 w cam mast's us eviarlpee et' a nrumr a nx w amm.w unlrm ro tlra sacbon ade orb rrlaraet r pidd ele nam Revennur rrr a ey rlee M err e a rc mtllrm n rXHd1 h 1988 mttls melon n rq p acee e e nrrla I r mgaHrr rem arty 1890 ~ aNr M uad u rop e used erns M replaced In h Retorts Fud ban , p p 16.C aM Sswm 18.E Moat nil IM Twm r . C d Cnun ., Day Y Oarrvrrrmm apt to h alppels prrcysl . aH1er lvdrbr monrys tllerelor, m pay a pwMn ale fird Prayed Rawnuw nwrvee ht en r1a . naAr.a heart, a r ro rww n awn a m to Inane Selr Tr: a Cwersa. TM .nmlan a h tees Babe m.turap b ht a h prarrYwn b h Bad hruaw Pact' erb roawr.d m M otlrrwlr aroYaa w h saaat. iarlrta n . ry metre .awwa.a b lrr.wder n Stlw m odnarw .ro n hr brn .rb .n.a rte m.n.ry. saN eatery eemerae 1908 evveedal tp h ruaar a h rase do rakdnp aryl t roawne b wry Ewa warXa - ~ h w neee IIa seal rrrbE a amrdw. 11r Baer ahtl~rreprww n h runt a 'Casa a eo.• b llr Gaaoeawr n,at r mile. Arty aW anl9alb rwnkrp Fna aewrnl a tl .ton tilt rrl M awwam n cuMrElnts eel W WreeE, npnwar, mu n wx eyu~a the atmwa wddroam Imo ea .. - r arbaaps n Seaon 20.K. barest. Town MI rM teary a arrlerd cad Sao Tr arty meaty wHelcn wade emalrn WrXw~ h esaxar e.asN9R• b h 1888 M 19DB B nil IM M B g 7 b n h BaM Fum aril epasd ro h prynrnt a xr l a ad 9n M an tlr T .anr 1988 me Rawew Furd Nall M eepaenea by h lawn Ma Reurve FuM no 41er Huln twM ngnXa O. No b Lorca Inarroa n NeNrr tlr ibwn Parbrrm terms dOrylurs h proney d h Saba iu by emara w19d1 woum malsrWy aNwWy sN t Ilr ryy an or e mry ras x a . eaepl: ppnnrlcXw s e Bony hum drs me d euN wi8drawl. H a1 arN urr . p cry ol6ur a h Teen Yru M Meer or d h ownero a h Bade. iM Two . • . 111 b art' awwr d TM OePaaurY Trlal SECTION 15 h Two Nall br carry noon hul la pry kao h ~... b cry bw rswlup ham try Erd sty 4w, aanure or rawm d h own Calgary a u nonrr. W W wxcsua man E ' Uw d /btrye n Irony Fab SCIed m S 1] N N M B PwrM FwW tM 1WI amourX stww s-p1 Pl a R m h m a tlal ~ ., my b .... .. cairn Hw O dnar a arty r sHaLp er Plsapee Rwww a IM Babe a9Wrlee e erlarrl Xrnm m M eom • drmp .... Edkr Swain 4&1pz131, CotirWO Ravratl SIaMw . bq Yry a1y e s 1qn Odd.nyp, abw r to pralaPr a eaaratl, h orn a e 9e elerlup. e e bawean xle emourE pab aw me enrlnt w l . r E. Gnrada d Fw1y sir mart's n arty Q. pp , dr4 na M a wrsraae ancN' a aM •arwre aril repress • `"~`~ P4Epetl Rsvware Ntl, uPn rongl M w enpuWM e1Wl n a IYr mavw M Paid bran had w sasses oaten awrwmE sntl carrel d ml cp moMrE n suN m " G crab S tim 1)A d h sdab Ad a 1931. r amrd.a: w Town, M aepa.a.a n . wa+el orb aaparole .awe Mrtlolwe atlas eta .et' Imm me nrd PlaepsE Ravaww matrons renlwE na roauksE ro M eppYe0 ananvas et' rrd mww a h Urrae Sww w : perrrare br Seaon IBC mad a eom .vat awry aavaroW enea wry ary a,m wyr h nauIne ealwa M (z Wan h ,. a TM Gwnaory Tr " w Ee H« n c~ r ~ h lase Orywv aw mrltrared W mre rln rlpwm .. h T a vtl Yroanr odal mr swborl, cal erockmne crypeyrrwo roaulae The mwre Ica wr aaodn.le ad amn a n mars am still .. wave aepp.ead awwd does OepnY Faaax n a daenaa..e r prandea n Sa Han ss d I Oranarre Y u arta. pa1 ry a sled ear 111 et' crwe 121 a nr e . e Fuw • Tlr mmw.p peymsrna Nall M may ~ y p . y h Bald Funs ar1E in h Resew Fad abet M evbaeaa by~ nrnole d EeParr d S n e C B e e~dMr a w "a"«'1 . h >~ arX s d rr parapapn 1, w e slrrnwlaean W h Goulds tlw Tlr ~ory 1FUn Carpury a wN m m E d Han h kavnr Fud A. Batl Fvb. Fud. tlwe Ntl M aeOeW M Ir m ro re w IM h f h d IarE Barry br h wrw.. d paYep h prtrpu dm ury reOaMron pemun d erb tlr nrrwl tM Bad ce met nwr s n tM Maxve en Planraa ro ac . ern ammelad wr is 18.C. naaol. 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Bwda n h Reveres Fud may M witldrewn rtladmn aril wee br arty 4vaW W mne: aw ~ Uaehr 19828 Ba1y. TM 1880 Bads an aw rwdy rFelxaa et' a can on h pormn tlrraal. My noon met: a aarcwrrp Narlgw n apaeab8y. .. d h Sealrrr EvWrga Add 1 WI. TI f 2. Peal Payment. danlHl' to h Ba1E l lM gwdetl tumor mtl am mega n h Bab F d M M M F d d P Rewwr. ECTION 18 emwnreaan. roM. w d IM Tu X oral du es y Hal marrwy Ser r halaiwle d r r1r10ad. b wry aA I Daposwry 7rul Cmpry w uvft aaswr Fwb an ensue n egw owlet' rru am ry, 1ogs8rr cairn ury marrys tlrreal ana n amore u r a in 1 aana w eccrtra aw meanwd prevyel uq Idelwt AadeaW Batas p , e amelesly aM er rwdy b Xr Btly: M is Span er rwpreon a TM ownnwy awrer eludes, ro PeY h propel ens naernpon prwnhan, a ay, are aw aeyebb on nadanent to Era mpsMe memraiee d h aNal.nakp easy may M u..a r wwiEee n A 1nlwtprr Ilpm Irwvarln d Aaaaald Bad.. 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Nsr aavaYte n Hr Bad Fab tlr srloro atwxa rlenuary to pay lM non maturnp Irwab+errt d known es are Twm d Vvl Sslss Tu Rawer Boyles Rebate FuM' artwwm reaursE epry te h T M H m wl c s Yen d h 1988 ombs (h atl rr Ba 1. SIwi1 AEDponsl Bono miry M pryaW eoldy eeb h PMe a Fl M m rep q towltl an u 1. m xy be T wHn aNas d awrb d rrEicubn err na elant n bore arrhr wawa eapaFay ~IInFlrkpn aria arise 121 m N a h sears poldwl, can, h pernwE roaana n a ..,~ 111 a 121 Iwnrdw.r r m Y br d av n M r p aos. lp e a seam em a ruka tame rmwn ' awn tore u am Rep ay n h F b tlrY M l A m a orn pe svawra a pry /y mry torn PrrypO Rwwur eM erlww reernra a herb a h T l•Aeaualal Pre ee w c nlF ry. .. ., ry err lion d caul m ravenru cr tattoo d h lhtlra Stew a cFmY ow eW1 au. epasao7 ar B. In h errs a • Irarlr ro s slxerew d er paraprap ry , ePp Ca l eopraardy nyw0; ea h operas rlwanly m . ues a e mou s a hK hpu rpaw a meknq h paynww m h a S ls8 d S p Reswer'I. Flepardra d vrltltar du n Pre e R h , y h Sore a wry rpurtion w row scorn tlrl h rears v Srw a tll a D TM p~Fwy Tnr Cagary a w rmwr as rMdnd b m dots 111 a puaprapn al twee a a span ahtl M n aey.a ro ouch wcuH .. a Jt Mr4 pM1wX shw rtw rawrnd et' (0 ecam~ h Tu Cods Ary arrrnls 1n a Bros r e y om awur a um pa Rswnree W iW80ww Prayed FMwaw, y y y p dry pumas t , a w srt puwtll m ewyreal a . n.w yprFOoryry pwswd tp ad. a prarcWl o.'vrr+ 1 e.r. TM merry. n wl et' sazon rewn.a m M m swum nr wN MnEe w row mpamu my M rwa scar rylspm w ead.e d b. poYn • r data 121 d pdFpyn Ial Irrsal. Wan rocsnl h Bala d h O 1988 B d b y h Bar Flyd nW M ueM say ro Pry h rad X st aM N i d d r tae(rl d h Tu Coy entl M wlrrdewm naeE YXO h Inwne Fad madmn aril Ee Wt' X br h Frm yrv aeoEYp h uwarlre d t AOdeaW Bade h ertlpun w arctic n.8en. WwA ppool1dwerr xrrsd b arn .won FppYw m h y wun oI F y q Rsprnu mptllrr Mm wr8bn b y. pr 4 p , e r p un idasd on tM BaW u w sane bseanrs Ew p . 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