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:�� RESOLUTZON NO. )1O , SERIES 1983
4
y�� A RESOLUTION TO CONTRACT A SPECIAL AND LIMITED }
"` REVENUE OBLIGATION OF PITKTN COUNTY, COLORADO, BY ° Y'
r ' ISSUING ITS SALES TAX REVENUE BONDS, SERIES 1983 IN
�,_� THE AGGREGATE PRINCIPAL AMOUNT OF $1,500,000, FOR �
�� THE PURPOSE OE AC QUIRING BUSES AND NECESSARY BUS
�.�'•;: MAINTENANCE AND STORAGE FACILITIES, FUNDING
3Ys_ RESERVES AND PAYING COSTS OF ISSUANCE; PRESCRIBING � �
Y� THE EORM OF SAID BONDS; PROVIDING FOR THE
�'' APPLICATION OE CERTAIN SALES TAXES TO PAY THE DEBT i
Y�� t
•:c+�' SERVICE THEREON; PRESCRIBING OTHER DETAILS
;�_": CONCERNING SAID BONDS, INCLUDING, BUT NOT LIMITED
"'` TO, COVENANTS AND AGREEMENTS IN CONNECTION
a.�;
:-`�. THEREWITH; APPOINTING A TRUSTEE AND PAYING AGENT;
�'}`''� AYPROVING THE EORM AND EXECUTION AND DELIVERY OF A
��';`` LEASE AGREEMENT WITH THE CITY OE ASPEN, COLORADO
�`"'^ RELATING TO THE PROPERTIES FINANCEb WITH TFiE
`�'Y PROCEEDS OE SAID BONDS; ESTABLISFiING A COUNTY '
�`�= CAPITAL IMPROVEMENT TRUST EUND AND GUIDELZAIES
�;_;:.
s�: THEREFOR; AND REPEALING ALL RESOLUTIONS IN CONELICT •
- {'' �.'�.'' HEREWITFI. �
"+' WHEREAS, the Board of County Commissioners (the
�i;':
�.,,'_��-: "Board"J of Pitkia County, Colorado {the "County") has, by
ii::``
�:_` s the adoption of a Sales Tax Resolution on October 7, 1968,
,.`•,.
w ^�
� ;',;;;;. which was affirmed at a general election held in November
' r: -
1968, as amended by an Amendment to Sa1es Tax Resolution
�-:;;; adopted by the Board on September 7, 1971, approved the i,`
� ".. imposition by the County of a sales tax in the amount of 2�
@-;'-
�
per full dallar of sa2es price (the "1968 Sales Tax"); and
g�,,`���^� WHEIZEAS, the aforesaid resolutions provide that the %
t`.!;,:-, :;
`�+'"°:�! 1968 Sales Tax shall be allocated and used for, amonq other �'
} '„ things, transportation needs; and �
+s;'"` WE�REAS, the Board has, by the adoption of Resolution
� i` No. 29, Series 1983, which was affirmed at a special
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'�';'"�� election held on May 3, 2983, amended the aforesaid
;';:,<�� resolutions to provide for the imposition by the County of
it:� � t:
��'. .� an additional sales tax in the amount of 1�` per full dollar ,,.�•
�r._� oE sales price (the "1983 Sales Tax"); and ` .
;�;;°; -
�'�"'- WHEREAS, the resolution authorizing the 1983 Sales Tax
♦Y�V
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�`� provides that it shall not be effective unless and until
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"y'"•` certain conditions shall have been met; and
Y.ay-'
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3.�,��'� WHEREAS, the conditions referred to in the preceding
.
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�'?� ara ra h have not
��.}�,, P g p yet been met; and
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��;;:. WHEREAS, by Resolution No. 30, Series I983, the Board
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��p� rovided that there shall be submitted to the electors of
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.,;., _
�'` the County a question with respect to the issuance of
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r��`' certain bonds, to wit:
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��.':c::;';= Shall the Board of County Commissioners of Pitkin
t"i;..:::
�+�;.:;; County, Colorado, be authorized to issue its Sa1es Tax
:i;i::
`'�'° Revenue Bonds in the principal amount of $1,800,000 for
�v�
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. �'}C�::i�;` .
�^�a the purpose of acquirinq buses and necessary bus
>:;;
� ~: maintenance`and storage facilities for Pitkin County,
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rz�'"` such bonds to be payable solely from certain proceeds
-st`.
k' of the County sales tax, or from the proceeds received
E"'�'�;y
��+;°;;Y. by the County from the imposition o£ a sales tax by the j
F-`-,�-;. k
�";'�'�- State of Colorado, or any agency thereof, such bonds to
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'Vt=;`':= bear interest at a net ef£ective interest rate not
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�-F1%`j; exceeding fourteen percent (I4%} per annum to mature
a..,s�-
serially within twenty {20) years from their date and
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�t+' to be callab2e for redemption prior to maturity at such
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�'-``: time and in such manner, with or without premium, such
;�`ti;
.��•�:;. premium not to exceed three percent (3%) of the
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�r=-: principal amount so redeemed, as may later be '
w�;,;;:.i� '" .
T��S determined by the Board? k,' `
i�= and �`: ;
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�y�",�,: WHEREAS, at a special election held on May 3, 1983, the +� �•
i��i � '
�r:;�; electors of the County affirmatively approved the issuance
3:S�;+S.='
�'r-:`` of the bonds described in the �receding paragraph; and
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�,,�_ WHEREAS, it is the intent of the County to hereby issue
��-y,'
s ' said bonds as provided herein, said bonds to be initially
�+-,,._;--.
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��r-�°� payable £rom a pledge of the Series 1968 Sales Tax and to be
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'� �' additionally secured by payments due from the City of Aspen, .
_ � `,�'.
� i' Colorado pursuant to the hereafter defined Lease; and
,�r;?s;
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WHEREAS, when the 1993 Sales Tax shall have become
`� � effective and the County is receiving revenues therefrom,
i'��
� ;^'� said 1983 Sales Tax shall be pledged to the payment of said
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rx... �= bonds, and the lien of this Resolution on the 1968 Sales Tax
Y. �=•
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sha11 terminate, and said Lease shall thereupon terminate;
and ��
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'a(I}4�;i_:.
�,;,�';,: WHEREAS, it is necessary to provide Eor the issuance of
+p "��` said bonds by this Resolution;
,� `i
�,� �
-' T$EREFORE, BE IT RESOLVED SX THE BOARD OF COUNTY
Y:`. �
i`' '" ' COMMISSIONERS OE PITKIN COUNTY, COLORADO: �.
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- Section 1. Definitions and Construction. �
+* �::
� A. De£initions. In this Resolution the followinq �'
� Y �,I
+ 4 ''< �erms have the following respective meanings unless the s� ,!
fy r;: f'.
� context hereo£ clearly requires otherwise:
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;:.;::� Additional Bonds. Any Bonds issued pursuant to
i•:� Section 6M hereof on a parity with the Series 1983 Bonds.
S�
!i�; Aspen Lease Account. The Account within the County
n�:
�;� Capital Improvement Trust Fund desiqnated as such. ;
!rr � _
�i Board. The $oard of County Commissioners of the �'�:�•`�
{' '•
,r:-� County.
�s"'� Bond Fund. The special £und created by Section 5C
�.
x•.:
��: hereof.
�.-. `
p,�� ?
y.�� Bonds. The Series 1953 Bonds and any Additional Sonds. �
:ti+. i
�;Y Chairman. The Chairman of the Board or his or her . :
`" i
�"' succes3or in functions thereto.
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1K;t Charter. The Home Rule Charter of the County. . �
j_.:_
xj? City. The City o£ Aspen, Colorado, and its successors
�_
- Y�". and assigns.
��:�
,:,.:,:
'�:`{;a Commercial Bank. Any depository for public funds i
:' t
��ts� permitted by the laws o£ the State and which is located `'
t:.,;� $
i'
:i�?' within the United States.
�_,
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�;+.�i�; County. Pitkin County, Colorado, and its successors
_ ;"�
�'"�` and assigns.
_ County Capital Improvement Trust Eund. The special
_ �
£und created by Section 5B hereof.
fw` `;
r County Clerk. The Clerk and Recorder of the County, '�
r.,.. ,
:�,�:.
:�E�-�.� +:
;�^y3 or his or her successor in functions, if any.
�:�;i %. <
�'" Debt Service Reuuirements. The principal of, interest ;
' � - on and any premiums due in connection with the payment or �
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;::;.,j redemption of the Bonds or any series thereof, as the
s,�`� I context requires.
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Eederal Securities. Direct obligations of, or
i�
h :� obligations the principal of and interest on which are
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�� � unconditionally guaranteed by, the United States of America_ /.
:-' �;;;
1 Fiscal Year. The twelve (12) months commencing on the
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���,;; first day of January of any calendar year and ending on the �. ''
s....�r., .
�.j; thirty-first day of December of such calendar year.
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j��•! Holder or Holders means the Registered Owner of any
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�::y: Bond.
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x.�r:: Interest Account. The Account within the Bond Fund
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;�"��: utilized for the payment of interest due on the Bonds.
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�''.�: Lease. The Lease Agreement dated as of December 1,
;`�w��:
, yqr�
1983 between the County, as lessor, and the City, as lessee.
' 7E
`�=:;,' Outstandinu or outstanding. When used with reference
�•'�r•=� � j
�:;��_`�,,3 to the Bonds and as of any particular date, all the Bonds in �
,.:.:,
i
'r->;-':
��'S'�� any manner theretofore and thereupon being executed and
;�:-;
i,;::; ,
-:?.'�' delivered, except the followinq: '
4:i?>'-'• j.
^�'?�' (a) Any Bonds cancelled b the Count the i
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q`-�`�-`
¢ ; Trustee or otherwise on the County's behal£, at or � ��
4 �
be£ore such date; i
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�:'`= (b) Any Bonds held by or on behalf of the County; F
-s:; � �
';��.; (c) Any Bonds of the County for the payment or
::�::
�"z the redemption of which moneys or Eederal Securities
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''�', sufficient to meet all of the a ent re
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�^ � the principal of, the interest on, and any prior
'''>:,;� �
� � redemption premiums due in connection with such Bonds
i,� to the date of maturinq or any redemption date thereof,
,r ,�
� i shall have theretofore been deposited in escrow or in
Yr.^.� trust with the Trustee for that purpose, as provided in � ;
l•.. .
4r.'�..:az�� r .
�_,,, � and required by 5ection 7 hereof; and
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�"'"� a d An lost a arentl destro ed or wron full
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c<- � taken Bonds of the County in lieu o£ or in substitution
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�`'c��' for which another Bond shall have been executed and
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'�`"�''` delivered pursuant to this Resolution.
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�w�f:: Person. Any individual, firm, partnership, corp�ra-
1�.�:�'�'';4
r �� tion, company, association, joint-stock association or body .
ty� ::
;;:'• �'�:.' politic; and the term includes any trustee, receiver,
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`�=���'' assignee or other similar regresentative thereof.
��. ' Pledqed Revenues. All aE the County's revenues
��,;••:;;;
fi?�^'�`"; derived from the 1968 Sa1es Tax (excluding amounts required
S;i:;;
E;a:'.`i:� by laW to be remitted to political subdivisions within Che
tC�'AV�
County), the 1983 Sales Tax, if any (excluding amounts "''
.e_ . i:
j required to be allocated and distributed pursuant to Section �
�� :� 3 of Resolution 29-83) and the Lease- }
k� !
Principal Account. The Account within the Bond Fund
:;.w,7 a
xA�%�� :� utilized for payment of principal of the Bonds.
Y"'1 fl
�' Project. The acquisition of 16 buses from Neoplan USA �
���
` Corporation at a cost of $2,576,100, of which approximately
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�*:t:!;- $515,220 will be paid from the proceeds of the Series 1983
�"1��.
Bonds, and the acquisition of land and the construction,
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_'S y� �,:�.-.tat ���ZL����.h`� . �� �tf �L"�Ai'uf�l fs�tifr� G�! y1�'Y A �i.�v��".��v,T.���'S' �i. e ' �y�-'fi.'�'� � ����+^ 5! ��
s:kL'�::�*S��F��l1�K... ..'.�� A:�'�dTCY7titN..+...�++inic� �`�;`�'t'!7� . . '� . `�.��5r�d��.rtv�.C..��S,a��j!...: :�.
L;':'_. �
:. �
J
1:;;' improvement a1�d equipping o£ bus maintenance and storage
i,.
'`V' facilities on the land described in Exhibit A to the Lease
�l:
i:'� at a cost of $6,875,000, of which approximately $679,280
i�! �
.�,';!` will be paid from the proceeds oE the Series 1983 Bonds.
` Project Fund. The special fund created by Section 5H �
�,�'"
�` hereo£. �
f"� Purchaser. With respect to the Series 1983 Bonds, �
ti N
�5= Kirchner Moore & Company and E. F. Hutton & Company Inc.,
:v�-.
�=� and with respect to any Additional Bonds, the original
s':n�
°-� purchaser thereof.
�.�..
��:;''- Record Date. The fifteenth day of the month preceding
:?:'•.;
�;= each interest payment date with respect to the Bonds. .
i-;.-F;
- _;y�'- Redemption Date. The date £ixed for the redemption
` = prior to their maturity of any Bonds payabLe from the
'";`:.
y;..:.�
ie-`� Pledged Revenues in any notice of prior redemption
�•;�;;
�?.,1 authorized by the County, or otherwise fixed and designated
L";<;
t4?;t
'�'-i� by the County:
.V,;
'. ;:;�
Redemption Price. When used with respect to a Bond,
the principal amount thereof plus the applicable premium, iE. }:
- any, plus accrued interest to the Redemption Date payable
?�1;�
��'' upon the redemption thereof prior to the stated maturity
*''� t;.
.��a`*~ date of such Bond on a Redemption Date in the manner r.
;�_ ;;
��i•:
contemplated in accordance with the terms of the Bonds. �� •
;�;.'
�=a��' Registered Owner. The Person or Persons in whose name
�,
k;`;; or names a Bond shall be registered on the books of the
� :
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�
�' '•� Count ke t for that ur ose b the Trustee in accordance
y,.:,.` I Y P P P Y
+��`' - with this Resolution.
,� i
� � Reserve Fund. The fund created in Section 5D hereof. `
r
;�,-.. {i.
f'" Reserve Fund Requirement. With respect to any Series
;'� of Bonds outstanding, an amount equal to the maximum annual �
`1
a+ ',� debt service on the Bonds outstanding in any Fiscal year.
�'�"1`r,i
�, , Resolution. This Resolution, and any amendments or
i
`,�;" � supplements hereto.
a:t'`�
��V1�i�';
s.�Y Resolution 29-83. Resolution No. 29, Series 1983,
k�
}M� � adopted by.the Board on April 5, 1983.
�w '�
L'"� �J 1968 Sales Tax. The sales tax imposed by the County '
1,h� :i
s"`'"i:'l in the amount of 2� per full dollar of sales price, as • '
��µN
��' �,�:,! approved by the Board by the adoption of a Sales Tax
�k,� .
- ;`�`Y,:12;�., .
,r,',;,;,; Resolution on October 7, 1968, which was affirmed at a
i:�•
i':??�;�,�- general election held in November 1968, as amended by an
�
i�:.;.:,.';+ Amendment to Sales Tax Resolution adopted by the Board on
��� J; September 7, 1971.
, t:�:::
k � . . ^
1983. Sales Tax. The additional sales tax anticipated -
t'
"��!° to be imposed by the County ia the amount of 1� per full �-
;��:
�r ,� dollar o£ sales price, as approved by the Board by the
adoption of Resolution 29-83, which was affirmed at a �
''k`f-.
�
` special election held on May 3, 1983.
4�'�; '
# Sales Tax Account_ The Account within the County
i' � .
�Y,-; Capital Improvement Trust Fund, designated as such.
�� ::
Sales Tax Eund. The fund created in Section SB hereof.
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�, � 5eries 1983 Bonds. The revenue bonds issued hereunder
i,,,,,_.
a�;,'=:'.I and designated as the "Pitkin County, Colorado, Sales Tax
�r . .
ir��: Revenue Bonds, Series 1983," issued iri an aggregate ,+<'
+� ��- ; principal amount of $1,500,000.
> � ;
�' •' State. The State of Colorado.
�.,,_.;: _
��':�� F
�"�_-�.,_ Trust Bank. A Commercial Bank which is authorized to r
. .,,riyr;�-: .
G?�:�`.
��_;r; exercise and is exercising trust powers.
1',�="'
f,�:.r-• Trustee. Central Bank of Denver, as trustee, a
.�,�r.;r� .
�,:::•'
frY c�';.
���,�.�`� Colorado bankinq corporation with its principal corporate
�'��
r-+< trust office located in Denver, Colorado, and any successor
j r,�;A.
'M�F..
�.; . �
1.'
�`�s. thereto.
w�7.�-
�;.�
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��,`r; B_ Construction. This Resolution, except where the �
�
�: context by clear implication herein otherwise requires,
-�:,
. �_� ui��.:; �
shall be construed as follows:
:�is.
�;;K< (1) Words in the singular number include the plural,
, �'.:K+.,.. (
�r�;� and words in the plural include the singular. F
;r�i
�.;,c..i.� . �
�;i:�_ (2) Words in the masculine gender include the feminine
. y;�..� •
. . c;�h*� n� -c:.
k���;`, and the neuter, and when the sense so indicates words of the �.
P-
neuter gender refer to any gender. `;
���� (3) Articles, sections, subsections, paragraphs and �
h':. `
�.;�� subparaqraphs mentioned by number, letter or otherwise, `l
�
r� correspond to the respective articles, sections, `� '
$,u'
��- subsections, paragraphs and subparagraphs of this Resolution
�:":
"�' so numbered or otherwise so designated.
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i
i
�
�:-- (4) The titles and headlines applied to articles,
G,:i;
?i�;�;=' sections and subsections of this Resolution are iaserted
�='._.
only as a matter of convenience and ease in reference and in ���'
ix�'; Y.
� . �
' no way define, or limit the scope or intent of, any
�`,::'.�
�;:
� .. provisions of this Resolution. tl
, ..K,;•
��,;��;! �
�.r;.,: Section 2. Recitals; Authority; Eindings.
(� e
. '4':'i'��-~i
1�;�_, In accordance with §§30-11-501 et se ., §§30-26-501
j•�"_;
i�'::;. et seq•, C.R.S. and §29-2-111 C.R.S., as a Colorado home
:�?�:�:
f`�'`'` rule county and in pursuance of its powers as a home rule
E'i;':<
.-t`._'L,',t�: .
j?;���.._ charter county, and pursuant to Section 10.1 of the Charter,
���"
'�"' and as otherwise provided by law, the County is authorized,
2-:�;,--
i'
' after an election thereon, to issue and sell the Series 1983
� � �`�.- Bonds, to enter into the Lease, and to pledge the Pledged
r rt 'i
Revenues to the payment of the Debt Service Requirements on
`v_�-::!,�
?�`'''` the Series 1983 Bonds. The Board does hereby determine that
t'-'":±i
� ':1
+ ? it is necessary and in the best interests of the County and
��=`,i
�{ the inhabitants thereof that the Series 1983 Bonds in a
����
s�,,�,�,� principal amount of $1,500,000 be now issued in accordance _
� with the provisions of this Resolution, in order to finance ��
I
r
,`� the Project, and that the County establish the County '.
� ; ,
Capital Improvement Trust Eund as security therefor. -.
a
��:.a'-�-; .
+^.�.4; Section 3. Sale of Series 1983 Bonds and Related t
$ a` �
i{ � Matters. �
�=;ct-;:.
- - - A. Necessitv of Issuance of Series 1983 Bonds. It
t:;::;
` is necessary and for the best interests of the County and
:•''
k
� .
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x �i �i t4�S �� sr . fi+�,'•"�'' ! `' Yt�irs' s� .-� !°f ��',�1 �.
� r v;�y r �'S'4 rx d�.�' a.. � 7� h _���5 (� � rf'.�gfy� �
t t, rk ���i�u'1��4"�'���tt� ��s} !`}�� v°'r k. e t7 . ' y+ � i::�' ;! ... t�' ,���`'}�+��'f '� �
n ui.�Wo-IDe.re�nre�enmutrc5au5a —e�.�,_�3_�4't � �f1MUj�S�.,'�riw.., � • �'=� .�...
....t��%h.:�tc?�m!���r,�trr.,.�-..rsr+�.x.a.�'.r,.�cr.eaxis.. .. .�.. . . �.�?{ .,_r .
i
�, � the inhabitants thereof that the County finance the Project
x� `�
:a`-;7:::.���
� at this time by issuing the Series 1983 Bonds and
''''''` ` establishing its Capital Improvement Trust Fund.
'� S. Award of Sale. � The Purchaser has offered to l.:,
� ' =
"�� purchase the Series 1983 Bonds at a purchase price of � �
1,,r- 'I
�-;;�i`:'-;.;I $1,462,500 plus accrued interest from the date of the Series � '
:-^
w
� z+,Y� 1983 Bonds to their date of delivery. Such offer is hereby '
�" .r:.
M�}_.�
I_�:,;,,_„ approved and the Series 1983 Bonds are hereby sold to the
#��-
Kt-.?.��-.: .
:s';?2:d�,'';i;
�ri�=,;;, Purchaser for said price.
�;�
��.~ ' C. Official Statement. The use of a Preliminary and
�*� ?°'
rSS',i;;::�- .
a final Official Statement by the Purc'r_3ser in connection
�
d` with the sale of the Series 1983 Bonds is approved and the
z � ..I Chairman, on behalf of the County, is authorized to sign one
� �� �i
`'I or more copies of said final O£ficial Statement, by and on
. �
��'�''=`' behal£ of the Count y p
y, in substantiall the form resented to
a'.- -'.:.j
�
� , ' ' this meeting. ,
S::wy _'�
'' Section 4. The Bonds.
t rJ
. ��
' . {_� A. Authorization. The Pitkin County, Colorado,
;�
�. Sales Tax Revenue Bonds, Series 1983, in an aggregate ��
:� �"
ti ^lr:j principal amount of $1,500,000, payable as to a11 Debt
G �" Service Requirements at maturity or prior redemption thereof
,;:�'}''y, 3
�'�':;- solely from the Pledged Revenues are hereby authorized to be
�y'�Y"�..[. _
��`' issued. The County hereby pledges and assigns irrevocably
�'%t+%t�_-`, exce t as otherwise rovided in Section 4D hereo£), but not �'
4� � P P
;�'� -
� exclusively, the Pledged Revenues to the payment of the Debt
. ;,�
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� 2. � 7�"i� �..�F3„�'� �1v!..T� r ��� `y�� f � �H, �`�t ����� ��
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:,i
,� '°� Service Requirements on the Series 1983 Bonds. The net
�-`= `� proceeds of the Series 1983 Bonds authorized herein are to
,!,�'''
infi _;� be used as follows:
',•�,: , (a) An amount equal to the Reserve Fund !'r•
�;:.•�;<;;: �+
'1•:��::z,_.,.
_� Requirement with respect to the Series 1983 Bonds shall
.Y�
��r be deposited in the Reserve Fund.
E ��.. ,�
�'��;,c (b) Accrued interest, if any, shall be deposited
t�r:•.:.,
,T'%�r::
`""�' in the Interest Account o£ the Bond Fund.
`�`r : •
��; (c) The remainder of the net proceeds of the
^�c�,;
F�.�,�t,;.• . �
s,�.^j.,.; .
E�?;.:'�` Series 1983 Bonds shall be de osited in the Pro'ect
}r��?i+ p �
1,%�b�;F-''.'.
`z'`�•�.�r Fund.
b�; .-
•'�4.{�,., .
f r?t,�:.
{'';;`:�;: � B. Series 1983 Bond Details. •
_r��
�.. =
(1) Generally. The Series I983 Bonds shall be issued
�'� i .
+ `'�'�' as fully registered Bonds without coupons in the
Y+ j�
�,.L, i denomination of $5,000 or any integral multiple thereof.
.�:�;,�
` � � �� The Series 1983 Bonds shall be dated as of the June 1 or
�-�?:��
k x�; �
�'�';;.` December 1 next preceding their date of issue, or, if issued
��•�+�;` �j.
`•..y"�`�-•e=. on a June 1 or December 1, as of such date. If interest on
,��
'e..::i u�..
_ - the Series 1983 Bonds shall be in default, Series 1983 Bonds R��
issued in exchange for Series 1983 Bonds surrendered for
�'"` transfer or exchan e shall be dated as of the date to which
�='_- 4
� ;r��::;';; � '"; !.
ti°;.:,r. interest 'nas been paid in full on the Series 1983 Bonds �
h�., •
!f'4 �'
�,.+:_ surrendered. Interest shall be payable on the Series 1983
�w; :. Bonds on June 1 and December 1 of each year, commencinq June
� 1, 1984.
t.: ,
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.��;�'�'�fi . � � . . •
�r:;! -:
�i�z�;d^;;;�iX - . . .. .
'�i���:i� . - . .
3�.':�C':. . . . . . . . . . .
'x�=; -`q - .. ..
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,j' i
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.:�:�: : .� . .
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_ .,�
d�ti�����;� .
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, �,
':>:r�� ' .
" , �L`
,�
t y,r5'�°.,�� ��S i t ~ � i ? t �t.�� .1 ��,��.-• � y' � J{ � 7Xk,y J*` .
s �aJ.k�"2'Si��t3`�i r� f.y°��i� � � � S ! s fi h� -.Y } +C���t t,i.�r• >h/ .,:C„t�� 'a
" � .i� ����.G`st�' ,��{ ; �C.{'i'��r;�r`+tia � •�Y � ��' �����' �� 3 'r s +�i� �
.�y�y e � � a
w��.AS.:Y)�4 �+�Z.. y�.ai�'�s.k..lt'w�'i� '� A` � Ali4k0{41'+�°��SM�i:� y"..«
. . ..�.�..�'_.
I .. .
I .
The Series 1983 Bonds sha21 be consecutively numbered,
;:�•::`:
- shall mature on the lst day of December in the principal
"'���`" amounts and years, and shall bear per annum interest from ; ,
u:.=:�:� •
;�"'`�
r-,:. their dates at the rates per annum as shown in the following
�4��=����'.l
"` schedule: :'.
��s. : � � :
��,r� : Maturity Principal Amount Interest Rate �
.P.�:: g . �
�`�` 6.25%
"•.�:r^ 1985 $ 70,000
P`�>�-- 6_75 t.
�.'= 1986 80,000
���`� 1987 85,000 7.25
:�=
'h�"" 1988 100,000 7.50
���
��a_+.� 1989 100,000 7.75
��;�?`.=� 1990 110,000 8.00
�'�.it�'� 1991 125,000 8.2 5
�`�:w:; 1992 135,000 8.50
;r�;.:,
�w�'r 1993 150,000 8.75
is�:`. 1994 165,000 9.00 .
fi`=`>-' 1995 180,000 9.20 ,
'�;i, 1996 200,000 9.30
�� i�'
,i,.;,� If upon presentation at maturity payment of any Series
7,,�;:�;
.,;��-� 1983 8ond is not made as herein provided, interest shall
, tl
� , '�� continue thereon at the interest rate designated in the
�
,.
,,, • Series 1983 Bond until the principal thereof is paid in full. -
� :�5,_�'
• ��
:;,�;=� Principal of and premium, if any, on the Series 1983
>i::
Bonds shall be payable in lawful money of the United States ���
of America at the principal corporate trust office of the
da?'�d;�.
��?'_;;. Trustee in Denver, Colorado, or of its successor in trust.
_ ii
�'�"�`'` Interest on the Series 1983 Bonds is payable by check or �
�:�,�y
��� ;
�:+:;;;r draft of the Trustee mailed to such person as is the
t'-.
��;:;.
`:�,:%t'z registered owner thereof on the Record Date.
t •
, �- The Trustee is hereby appointed as paying agent and
�J'; bond reqistrar £or the County £or purposes of the Series
��::�:
>,,<,;�
t� �' =.
� r ; -13-
�'.-E. �.;;;
�;�. x
�� 'tc
¢ia''��Y:.
r� £
��
-........<.- :',.,..4x.�x a...c:w�. .:. .�y:.:.
� �� . . . ... ...�;:_. . ___ \ .�..�.; . :..t.:. .�..,�....r. x��..,. -.....�.....-._—._.. _ _'-�-. ... . .
r���. •
�
e-
��„'�*'s._.Y .
.�..;�-;•:.,;;i `'
�R,��!•;a>� � .
.�f °
k�-, :°s `u . .
,�%.�::�::>,, ...
���;,;t,_...`'.a
�r1,{ ;,j =
4�,�'�._- '_�
's'::�'..>,r'�;.,
�„-a;
~"�N�S�.L�;;� . .
����"ij ' .
`__�,�.°:;�
a��ry�
` K
h r��.
��d:��
z �
i :�
-:,:�:;;� ,�.
�. :'.' : ,�1�� ' a t y t .Fr �.�i'�, ;` I�� !a � .�, r1{�' *+'L.J�1'...
:i�:si�';�;f�t�d'}...zk t :. .b*... ...,:31r.''.Y'�'«'Yl4.'�+�,�,F� . ,. ;'
e
cf'"S' .ni. ' ! �.4'�"u'�.��.�"�IC:d� fix:�aK'.s�+ .,DA..+.l�r�.�....
I' . ..
i .
�
`i 1983 Bonds. The Trustee shall maintain on behalf of the
f
r'' County books for the purpose of registiration and transfer of
�-�:' .
�';` Series 1983 Bonds, and such books shall specify the person
i
entitled to the Series 1983 Bonds and the riqhts evidenced �, •
;��"". thereby, and all transfers of Series 1983 Bonds and the �" .
� � �
rights evidenced thereby. Series 1933 Bonds may be � �
y�;r'?;: g::c'.,,•
��''" transferred or exchanged without cost, except for any tax or �
�":. 3
�.�?.-�i>.. �.
•r�^'�` governmental charge required to be paid with respect to such
T�`
��=.y.:
"'�'"" transfer or exchange, at the principal corporate trust
��:°;;
y.«;,,:
•:?r�i;
�'sn office of the Trustee. Series 1983 Bonds may be exchanged
i.'kt.:r
�a;'-;
ti�� for a like aggregate principal amount of Ser3es 1983 Bonds
f'�°°�:�
;�'`, of other authorized denominations of the same maturity.
s:^:,.
`i^,_3:':: .
''`"�� U on surrender for trans£er of any Series 1983 Bond, duly
A r'� P
��,.,�� endorsed for transfer or accompanied by an assignment duly
^ � �r��f executed by the Registered Owner or his attorneys duly
vi�;t�-
;::-..r
-v'::ir, . - .
p;;:-�`;' authorized in writing, the County shall execute and Che
r.,_.
!-_<�_� Trustee shall authenticate and deliver in the name of the
�F1i:''=�i ;;
�.;:-±. transferee or transferees a new Series 1983 Bond or Series. y, .
L:.;:;
:`�'" 1983 Bonds for a like aggregate principal amount. The +'
�;;,;F :Yi_
5 ;
person in whose name any Series 1983 Bond shall be
- registered shall be deemed and regarded as the absolute ��
�
,.,, .,
"[���-�� owner thereof for all purposes. ��
N:.
N
'•�;��'� (2) Redemption of 5eries 1983 Bonds Prior to �
ri:��'
�r� Maturity. The Series 1483 Bonds maturing on and after
F 1,
�;:'.._ December 1, 1991 are callable for redemption at the option
,.:,�
;'.r
;x:>
�':
i
�r, -14- P
c: ._.
��
�`
� ,.
`�'.�. .-..r..,..,.-.,.-c.�. y�->..,...<:o,..� . � . ., ti., ... . F ..........� ...r���----.__.___ 5: =s.. .
,Y'`c ez;e ,...:,,,�r ti' ..:,;:«\ ..,.. _
�Y��•��. . . ... . . . - .., `="'t.� .
"'��
`k,c:�„�`..•�
�� .
�=.� .i .��
.�i: ,
F +�:;��'''s:i,r}'• -
;; , . --.
�:� u �
T�.r>,5., ��a
t.�.i:� :'A
� SJ ,
r��+� �
. ��-0rt5.^� �
� � �_,i��� . . � .
�1
. x�',s,`Cy� .
I�'a��
1,y!+'Y�:y,�{�- �
�?-:" �e�";���,'.�
�____�_�.:�.�.-�..�_..__
Y1
',,�j�:( .\�T
� t � ��"��;` ` � y�,1 �' y� r e i i c i.t�p� '
'�, y�q 3� �.. � � �,�pS''-� k. "-'s , ir`�i #�'�..,t i 1'�fr.�Fy�4} r� r
. ..�� ' r,��,�����}.,L3,r�`�':s ,f!}�.'b_}t S!�t1.��k j ,+���y��4 �JA�t'� H�+ ' • ��,� �,�s'����N�� ��� � <
:,*,� +� �'S� � �� ,�z.� ..-��� ry� '�y En !k ,afr h, '..7,yr4[ 4 ,�' , .-.
._....:..��!y�~.�.z���!s ....���..z�Y�s.�a��.� �' a �fl�'.N.,':7SS!�}y�'�. . . ... .`si:4 r.4.• .....__.._ . ._.. . ...
i
`r.:' :. of the County, in whole ox in part, and if in part, in
�:
'-� inverse order of maturities and by lot within a maturity in
��?.:;>,.
;i the manner desi9nated by the Trustee, on December 1, 1990, :
: � l :
" and on any interest paysnent date thereafter, at a Redemption
�'`-�-::` '�,::
� ' Price (expressed as a percentage of principal amount) of � :`
;,;�.. . ��.
�' 4'. 101%, plus accrued interesC thereon to the Redemption Date �`
��
if redeemed on or before December 1, 1993, and at a
1r.-...`
v,..:r.�.S. � .
�+:;�;�- Redemption Price of par plus accrued interest thereon to the
���
�;�
#.�`r,; Redemption Date if redeemed thereafter.
_�.
S:RJr�. .
��^� Notice of any redemption shall be qiven by the Trustee
i���:
�:•
�:�,:�; in the name o£ the County, by publication of s�ch notice at
;:.�
¢;=`�'" least one (1) time in The Bond Buyer published in New York,
;?>;,
��?
_ �,�'. New York, if then in business and publishing, and, if not,
�;.._:: '
=�-� then in a financial journal or newspaper of general
+,i. circulation in New York, New York, such publication being
` �'.,i
L .t
''1 not less than thirty (30) days prior to the Redemption Date
� ;j .
;� specified in such notice, or by sendinq a copy of such
i
r�� notzce by certified or reqistered first-class, postage '.
�.-. . �.
.�:;�:.
�� prepaid mail, at I.east thirty (30) days prior to the
�:�_;!
`� Redemption Date, to the Holders of each of the Series 1983
ir
�,;.;� Bonds being redeemed. Such notice shall speci£y the number
;;u�� ':
µ Si ar numbers of the Series 1983 Bonds so to be redeemed and '
A e+A,
y,.
F:,,;� the Redemption Date. If any o£ the Series 1983 Honds shall
�:.
tii`:, have been duly called for redemption and if on or before the
�::
Redemption Date there shall have been deposited with the
�-k=
� ,"° Trustee in the Bond Fund funds sufficient to pay the ;- �_
��, �
.rwl.� �'`
� �
::.,,., "f::'".
�`'� _15- �.
x `.
- Lf��"i i...�..
q}vsc,", S1
��
.
, .. -�...�r..n.:... .�.���:�.:Y y V.n1.n:r �Y�.���,: � . -':\ 'S"� s. ... �-f ...re.... ..�.._..�.____..._- �
, �._.;_:�.i. . :�... .� �: .,..��,.. -� '-+
�"�� . . . ..:.... ..Vr�
�k•. . . ... .. . . „
. ���
��A '� � . ��\ .
� b
F �
�h. . , ._. . . . .. ...
� U
t�.-�:��.. j, .. .
�:lay.�.�::.:i
2�S ,
t :�'�
;��..:f .,
�.:a�
::.'�'.„�.'1 '
-����
����, • ,
.���,.".,�t^._:�� '
� ,�ieic:.4� .
� �.?a;.._,•1
�:�,'��
�-�:: .:�
`�;
,;'�fi. �
� (�
.. , a"4 !.y � �r. �F ,�,,•kis"a"�.._. f' �SY�j��� � ,,t 3 �:V ✓ �-;.
.._:e�i�+a.4M."wts�il:1��.���:",�ei1� >« � � ar,�'!V��L+{i�w:����i ,��„�}'�l�Y�:'Yr,�r.apt4f:Va-�u Y.�_,.!f...�.a._�r:�6+�.s.fta�,;�
. _:�..�;..•..
7;'_. .
� ,
Redemption Price of such Series 1983 Bonds at the Redemption
F"%' Date, then said Series 1483 $onds sha21 become due and
,�:_
'+��';' payable at such Redemption Date, and from and after such
�K��` date interest will cease to accrue thereon. Any Series 1983 ;,
� � .
,cr '
}� �� Bonds Tedeemed prior to their maturity by call for prior
�... :.
�..
:t��=_ redemption or otherwise shall not be reissued and shall be
-%-'c-�:I �i�;>:-.
2i�i'ry :.' ;.
g-�y-; cancell.ed the same as Series 1983 Sonds paid at or after
� :.:.
1;..'`',: maturity_
�..._.
#:;�.__ . .
���;�'" (3) Execution, Authentication and Deliverv. The
��;
Series 1983 Bonds shall be executed in the name and on
:.,.°;:: -
4 Y`:�s.";:� .
"Sd.a.r
j!y>�:�;� behalf of the County with the manual or facsimile signature
�n�,:.:
g<;ar;:
;j`*'•;__?;; of the Chairman, sha11 bear a manual or facsimile of the .
i`"
i��t'�� seal of the County and shall be attested by the manual or
- �"'� facsimile signature of the County Clerk. Should any officer
� =,� whose manual or facsimile signature appears on the Series
�
1983 Bonds cease to be such officer before delivery of the
�. :'y'._.� . .
�:;,;,',�. Series 1983 Bonds to the Purchaser, such manual or facsimile
4:�F���..�'< signature shall nevertheless be valid and sufficient for all �
. �?:1t'J}>
purposes. -
`'Y?r'- The Chairman and the County Clerk are hereby authorized
, ..�
�^`��` and directed to prepare and to execute the Series 1983 Bonds
�e�:',-
� in accordance with the requirements of this Resolution.
:'::
+:`�i> When the Series 1983 Bonds have been duly executed and sold, �
�:��
� the officers of the County are authorized to, and shall, �
�•
` ' deliver the Series 1983 Bonds to the Trustee for �'
�',,,�: authentication. No Seties 1983 $ond shall be secured by �
� �
ty
:ti�`
i-r�:
�,. . -16-
��;rs_.
cv�,r1:?�.
iv �
C�t�+d _'_ '_---..�,......;M s.<;-�v:'e.. ..s�s.r.'.:. .,,.:...�.� .
�_x .. _ .;,.�._ ,��W>..:. . � ... M_r-Y
'�r��'� :.. :.. ...............�._....�,- -- . .;_.,,
��3t�ejy ♦- ,
�"�:�:'�;z..x'�
�#K i .
`a�.
�.,,Fi �
k�Y � }� . . . ' .
a� .
�
a
h � �
Yll ��
��i.,i.'.�.�. � .. .
'i:'.,3..''.:,:;.
�,r = ':.1
. �
� " ?t:�
r � ,�,:
�<;
�����c'�� •
�:..'�:��:'�
r�{�,N'ir.:�
������1•
�,C Z bv..r.Fi
_�:•�#
4 t.�:.�
l���'_:',�'� �:+J
r
;.�,.'
'y`i;�,;;, ' .
� � ,�
,,,j� a i�
f.t �.Y.+!`"+'?�F�'�i�y1F'1�i.i� -� t �.� rc 1�� '�� y �t;c .; ) "�f ..
�17ny A����'t,b=4��,�,�, `�y��'•rF j:��4y{. r! �f �: r �f��Y � � � f� � '� 'd � ,s�� �`f} r �H� n41.
1' f�
. �.�-,t,����i -1 ..�Y'ry � 1:N .r'�µ.�J,�.tx'�' +r� ,3� ;1'�t��;1� , �r � i�� -�'��'t n� rs} t �. .
...�.�;x+M�:�!".��5�,���l�'IL'�r."� . ., .:•7��1`i'ki� ��MS�1��. . _ _ . rn:rcu�,��...�.!4..__��'...•e�
� 1�`.,. .
i''
�Y�"` this Resolution or entitled to the benefit hereof, or shall
r;t,;.;
+;`;`t' be valid or obligatory for any purpose, unless the
� '�yF'o;'. . .
` certificate of authentication of the Trustee, in
� y�.�:'..� r
w�`"� substantiall the form set forth in this Resolution, has i�� �'
J T_� Y w .•
'�"°� been duly executed by the Trustee. Such certificate of �he � '
,,- �..
;;�= Trustee upon any Series 1983 Bond shall be conclusive �
t�;: �
�:;�, evidence and the only competent evidence that such Series r '
s;.�=?:
`�```=�`` 1983 Bond has been authenticated and delivered hereunder.
•Y.
6r":�
i..-:...4 .
+=��=�' The Trustee's certificate of authentication shall be deemed
�;
4�.'��!�. . . .
?�"�'..
t`�l.ti;: to have been duly executed by it if manually signed by an
;i.��;1;^
xeT:i
;+�;;�_:: autrorized officer of the Trustee, but it shall not be
i.^:`;'
="'�'`� necessary that the same officer sign the certificate of
ar;:.
r �,
� � �'�' authentication on all of the Series 1983 Bonds issued
r,.�.
- hereunder.
��",':=< .
`�` Upon the authentication of the Series 1983 Bonds, the
i; -
';�'' ,� Trustee shall deliver the same to the Purchaser as directed
i
L 1.'.
i �`� � by the County as hereinafter provided. Prior to the
��.:
• r:t;;,
U::':`'.::.: delivery by the Trustee .of the Series 1983 Bonds there shall
;� ;; be filed with the Trustee the following:
"`�" (a) A certified copy o£ this Resolution.
'�c�>F.��_Y. .
{j=
(b) An original executed counterpart of the Lease.
't'�":�'' (c) A request and authorization to the Trustee on °`
.aj4Y'. F=.
�`'�` _
�"' , behalf of the County and signed by its Chairman to ��
i 3�;
authenticate and deliver the Series 1983 Bonds to the y
`c Purchaser up�n payment to the County of a sum specified {� =
�.�� �, .
�: � in such request and authorization plus accrued interest �
!-� ii '
I� $
�y
�`�:'=:%- -17- �
}.��*`., ��.
�,a�;��; ;:
r��,a4: 4'�.
�
., _ _--- ..._.,�:,x ----- _----
'�'`� n �F � . �,.c��r.:_;��:x�r. ti...__ �...,- _ . v1• ......_ . �r:r,,� .�...n�.. G...... «...,...._ �.
��—_
f�4ar '�I
"�3'.''a'at,a�� . `.� .
.'��� z.�..�� - � . . . . . .
�?ri���r_;;; . ' .
�a.w��z..::�
, 'x�:�,,y ' . � . .
.�}�e� ..[�
� ��..�w,�� . .
����..�;:� .
�!?.1:� .
i �
���.,��L 4,�� .
t�"';`
;r- Lq �
� t.�y+
�`_�::��:��
���e�.^�i'�.Ks.,II
�". - ��.�I �
,.,.1 .,
":;��',:�, ' ,
" — �
� � Y �"�.�...<: _ ' < ��p.i r3` � .�.i�i< .:..� . ..
,u; �n.... r'E ���,+n , , n rp..��P;,.
_,iyhrCa.�. .�����97t��f.�kk� i. . ..�:_��e'�rxfi.S:'!�i .�.�.�4���'?Yi:-:.iT: '�?i>' '�,�1..,�_.rs� t���:..w h
. . •i
.y f�R`ti,..
I
�
f: !
;`.';`,� thereon to the date of delivery. The proceeds of such
��<-' payment shall be paid over to the County and deposited
}�
.<<:.
;f�.;� as provided in this Resolution.
Y:�:,
ii�;: (4) Lost, Destroved or Taken Series 1983 Bonds. If
�a�.r..: f.:�s ..
��i any Outstanding Series 1983 Bond shall become lost, �
�;,:
t.. , ..
;_�' .
s��_
n;t; apparentl.y destroyed or wrongfully taken, it may be reissued
1.,
�� in the form and tenor of the lost, destroyed or taken Series
��� �
1;:.:,;� 1983 Bond upon the owner furnishing, to the satisfaction of
�F""
.v-
`y;r' the County Clerk: (a) proof of ownership (which may be shown
;�'-s .
�`�"` by the registration books of the Trustee), (b) proof of loss �
#��:i:
C`�...`-;' .
€;,�`; or destruction, and (c) payment of the cost of preparing and
�:�
"�� issuing the new security. . ,
" (5) Recitals in Series 1983 Bond. Each Series 1983
�, � -� Bond shall recite in substance that the Debt Service
�;:
,k.,.
- Requirements of the Series 1983 Bond at its maturity or
k_��,_
� _:� prior redemption are payable, except as otherwise provided
i
�::;••, in this Resolution, solely from the Pledged Revenues; that _
J�•`"�
�+=e{ the Series 1983 Bond does not constitute a debt of the
���`.
�•. r..' -
"•`�; County within the meaning o£ any constitutional, charter or
� {f, statutory limitations; that the Series 1983 Bond is not ��
i:
��= payable in whole or in part from the proceeds of general
Er`
� " property taxes and thzt the full faith and credit of the
, `
?c':^
�+v;,; County is not pledged to pay the principal of, redemption ;Y
f�, ,f .
t�''."•` remium, i£ an �^"
;,_t ., p y, or interest on such Series 1983 Bond. Each
�'�:=:
, T �.:.:.
;�'.,;: Series 1983 Bond shall further recite that it is issued
'��-
..,,�..;
k:;y
3s,� '�
�3"j -18 �
��ti^ �''
�
�. r. ---"'..,.w..!.a�':+�a .'e:s�+�,.ii d.w:':,.:.�..: .�.•,..:-..�4.��.,i�...,: .,::._.-.:...�.�eo . �:...,w.r+f-• ir.�..,e....-�..,..�,......--`-......__�_ .
�"���? �—
. .r �.�i.iR�ni . . .
�
�R°���z�i} ..,F . , .Y`
R.. 't
.4.
i1
� .� ',4
y;..,
- �a.N;k.,^.;:.�:. . . .
Z. ._.
.IT��� *j�.:t� � .
't�,'',��"r...i P � .
.;'tif'`ip.F.�:'%' � - ,
�'�:�1�.�`'.-�
�;'�:
��N�"�
. 51:��� . . .
•���' � •
. �1:.
� ��;�''+r'�''? �
���;��
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� - �+ + �� S: �S� X'�7 . � M`.. 1a �{' it-4t ,.jt.�-:�4 µ�� r 4. 4i v .�'���.(•.� '3•i}�Yo,t"!'�-�.`�{i,t..
.::.�.� At'k^� . . �S���Mi�rl]j....0_�. ��.k:r..SN��f��� 1 'Yw.'�l.Y5-.�.1'�'}"__!...._t}�.4.,"
`'' �� , under the authorit of 30-11-501 et s
Y 4§ eg., and
�Fx: � �
i,;.; §§30-26-501 et seq•, C.R.5., §29-2-111 C.R.S., the Charter
'-;;�� and this Resolution.
'. �.: .
, ���� (6) Eorm of 5eries 1983 Bonds and Certificate of �
Y�-r..
�'`�� Authentication. Subject to the provisions of this
''� Resolution, each Series 1983 Bond, sha11 be in substantially �
r.-'
�.
"° the following form, with such omissions, insertions, ;�
�'
r� endorsements and variations as to reciCals of fact or other t
r� k
a.�
;� provisions as may be required by the circumstances and as `
i�,, .
t;� may be required or permitted by this Resolution, and as may
�'
�` be necessary o±- appropriate to conform to the rules and
��� requirements of any qovernmental authority or to any usage ,
�'� • �¢
•t� or requirement of law with respect thereto: ■{
r� e_
F;; (Eorm of Series 1983 Bondj a
��� UNITED STATES OE AMERICA �
� � .
;; PITKIN COUNTY, COLORADO
� SALES TAX REVENUE SQND
;� SERIES 1983
a
� � No. $ _y=.
,.
Pitkin Count Colorado the "Count " � a
y, ( y ), for value
received, hereby promises to pay to the order of
, or registered assigns, solely from
the special funds provided therefor, as hereinafter set k.
�
forth, on the lst day o£ December , the principal sum of 7
DOLLARS � .:
and to pay solely from the special £unds provided therefor, � �
interest thereon, at the rate of percent ( %) �
per annum from the date of this bond to the maturity date of �
this bond, except if redeemed prior thereto, such interest
being payable June 1, 1984, and semiannually thereafter on � . _
the first day of December and Che first day of June of each ��:�`;: `
year. If upon presentaCion at maturity payment of this bond �;� ' �'•
- ���,'�;��,[`-'r'.�-`..-.
is not made as herein provided, interest shail continue at t'.r;:,.:' -,'
`ri[?
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. t ....� . �:i._•� .4_.?y�!t'k'.a..�..�.....:'�:�Ar �„°.�;_`�,.".r+t,.,a±a.�aaB'a�u�+�.� ri•draw.:�.:,. .._..�_ __ ... . . . , . .
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"-`'' the interest rate designated herein until the principal
'�r. hereof is paid in full.
^:r;:.
This bond is one of a series of bonds issued in the !
;�`''! aggregate principal amount of $I,S00,000 by the County and `•'�
�";` designated "Pitkin Gounty, Colorado, Sales Tax Revenue
' Sonds, Series 1983" (the "Series 1983 Bonds"). The Series �!-
� Y
,t : 1983 Bonds are being issued for the purpose of providing u
�� funds to finance the purchase of buses and the acquisition
of land and the construction, improvement and equipping of a �
F�'r bus maintenance and storage facility thereon, to fund
�Nrt`;=, reserves and to pay costs of issuance with respect to the .
i�r_; Series 1983 Bonds. This bond and the series of which it is
�'`•`•"'1 one are issued by virtue of and in full conformity with the
.r,,.
�=':� Constitution of the State of Colorado, the Charter of the
;=T�;
County, and all other laws of the State of Colorado
�;i�;�;� thereunto enabling, including particularly §§30-11-501 et
t';�;�°. se ., §§30-26-501 et se ., C.R.S., §29-2-111 C.R.S. and
{�`� ' pursuant to a resolution oE the Board of County �
M5 i:.
i � Commissioners of the County duly adopted on November 14,
r ,� 1983 (the "Resolution"). -
The principal o£, interest on, and any premium due in
- �'� connection with the redemption of this bond (the "Debt
Service Requirements") are payable in 2awful money of the
;a"`� United States of America, without deduction for exchange or .
�-<`.: collection charges, out of the special funds hereinafter
� -;I specified, but not otherwise. Principal of this bond is
` 1 payable to the registered owner hereof at the principal
i,.; , corporate trust office of Central Bank of Denver, as trustee
„,:`;<� (the "Trustee"), in Denver, Colorado. Payment of interest
"<�-�� on this bond shall be made to such person as is the
�• *'d=.� registered owner thereof on the "Recorrl Date" and sha11 be
paid by check or draft mailed to such person as is the
registered owner thereof on the "Record Date" at his address -
�; as it appears on the reqistration books of the County a�
maintained by the Trustee. The Record Date for interest
�"' payahle shall be the fifteenth day of the precedinq month.
4t ;
The Serzes 1983 Bonds inaturing on and after December 1,
'i:�:,^;:. 1991 are callable for redemption at the option of the
'r='' County, in whole or in part, anci i£ in part, in inverse
� order of maturities and by lot within a maturity in the
, manner designated by the Trustee, on December I, 1990, and
� on any interest payment date thereafter, at the redemption �
�_;,�::_.
�;:_°;- price (expressed as a percentage o£ principal amount) of one p
hundred one percent (101%) plus accrued interest thereon to �
* ''' the da�e fixed for redemption i£ redeemed on or before
� December 1, 1993, and at a redemption price of par plus
k
� : accrued interest thereon to the date fixed for redemption i£
;�,,..,.'. redeemed therea£ter.
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�,;y 14V�h��?Si�'�S�i 4eY�dd�'�t.fii �.i TGL��_,.��.,..0 l,.a�i'u'++3`t•:..rMa....�Ls=_. . .,--. .._ ... �.
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'�'_ . . i Redemption shall be made upon not less than thirty (30)
�;�',�: � days prior notice by publication of such notice at least one
,- (1) time in The Bond Buyer published in New York, New York
if then in business and publishing, and if not, then in a
r �. � financial journal or newspaper of general circulation in New
-i:':.,:.� York, New York, or by sending a copy of such notice by �
� certified or registered first-class, postage prepaid mail, x
ti at least thirty (30) days prior to the redemption date � �'
'�`" specified in such notice, to the registered owners of each �'� ;
�`:�`� of the Series 1983 Ponds being redeemed. Such notice shall �
�.;}:,:;� specify the number or numbers of the Series 1983 Bonds so to �
{;� ^�_ be redeemed and the redemption date. If this bond shall
" " have been duly called for redemption and if on or before the
��✓;, redemption date there shall have been deposited with the
+��.K'� Trustee funds su£ficient to pay the redemption price of this
�"==%� bond at the redemption date, then this bond sha11 become due
;^''„�`" and a able at such redem tion date, and interest hereon
i"�_;;--• P Y P
,��"`:" shall cease to accrue after the redemption date. '
�'=_:�:.;
:=sz:;,
s.J:_-
'�ti�:::'= This bond and the Series 1983 Bonds of the series of
� which this i� one are limited and special obligations of the
` r'' County payable as to the Debt Service Requirements at
` , maturity or prior redemption of the Series 1983 Bonds solely
- _'" :��r: from certain revenues derived from the 1968 Sales Tax, the
Lease and the 1983 Sales Tax (all as defined in the
-� ' Resolution) constituting Pledged Revenues (as defined in the
iis;..�,�; Resolution), subject, however, to the express limitations of
the pledge of the Resolution which provides, among other
S„<-:'= things, that the Series 1983 Bonds will be payable initially
`^` ': solely from revenues derived from the 1968 Sales Tax and the
r-.�ia�->a Lease, and that the pledge of the 1983 Sales Tax will not be -
4;::i;?=� enforceable until the effective date of said 1983 Sales Tax
r�;yi�] and until the County is able to receive the revenues derived
� �rt<�': therefrom; and that upon the pledqe of said 1983 Sales Tax
'� and the receipt of revenues therefrom, the pledge of and v
lien on the 1968 Sales Tax revenues and the revenues derived '.,
from the Lease shall cease and be terminated. The
� Resolution authorizes the issuance of Additional Bonds,
�� subject to certain conditions, payable from certain of the
Pledged Revenues on a parity with the Series 1983 Bonds, and '
the incurrence of subordinate indebtedness, payable from !
, *: certain of the Pledged Revenues Additional Bonds and the �6
f+'; Series 1983 Bonds are collectively referred to herein as the �'
"Bonds."
- - This bond and the interest hereon do not constitute a �
debt or an indebtedness of the County within the meaning of
any constitutional, charter or statutory provision or
''��'�', limitation of the State of Colorado or an rovision or
i-:;:.:: Y P
{`� limitations. This bond is not p
� . � payable in whole or in art
� ' £rom the proceeds of qeneral property taxes and the full
�
, faith and credit of the County is not pledged to pay the �
,�.,y, �.�.
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�+ � � 4 4 w r 7,+• tti �l x �xr l i. a 4;�t "� � �.s�'3��f r�� „�;.�'r:j }}�''y"' ! r
._...,.a..��:��'rx.�u��1�.�";r'7''r'C��'!':.�.SC�AC�:u.+%...J,.-,..._�.*� .��......i...a..•,r F a�x r� ..3... '� ..t . '
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�
�
�;•r:. � principal of, redemption premium, if any, or interest on
'�. � this bond.
i`.- .
Payment of the Debt Service Requirements on this bond
i --� shall be made solely from, and as security for such payment
�r<• + t here is irrevoca b ly (bu t no t exc lusive ly} p le dge d, pursuan t �. -
� to the Resolution, a special fund thereby created and � .
identified as the "Pitkin County, Colorado, Sales Tax �'
�.' \.i Revenue Bonds, Bond Fund° (the "Bond Eund"), into which Bond G:.
,,,. � Fund the County has covenanted in the Resolution to pay the � '
,'�;�'_, Debt Service Requirements on this bond, other Series 1983 d '�
:``�'""� Bonds and any Additional Bonds payable from the Pledged
y=�s�.�
t��;;.; Revenues (to tlie extent provided in the Resoiution). In
`''�'-'" addition, as further securit for• a ent of the Debt
i<:?'::: Y P 1'm
s�5*t;;�, Service Requirements on this bond, other Series 1983 Bonds
:*..--_�;' and any Additional $onds, the County has created and pledges
F'':`�Y; irrevocably, pursuant to the Resolution, a special £und
�'"`''` thereby created and identified as the "Pitkin County,
6;;::c;
�'`"'' Colorado, Sales Tax Revenue Bonds, Reserve Eund" (the
1`�-::;':'
"Reserve Eund"). Such Reserve Eund shall be funded and
°��r=-�.� maintained as rovided in the Resolution.
. ' `� P
This bond is transferable by the registered owner
hereof in person or by his attorney duly authorized in
- . :��< F writing at the principal corporate trust office of the
�•��=<`.'`' Trustee in Denver, Colorado, but only in the manner, subject
to the limitations and upon payment of the charges provided
f;�-��:y' in the Resolution, and upon surrender and cancellation of
���=` this bond. Upon such transfer a new registered bond or
!:.->`�;`"' bonds of the same series and the same maturity and of
`�'• authorized denomination or denominations ($5,000 and
�,'• inte ral multi les thereof for the same a
g p ) ggreqate principal
� amount wi12 be issued to the transferee in exchange
. ;"�;�?.;�=,;, therefor. The County and the Trustee may deem and treat the
registered owner hereof as the absolute owner hereof
:� (whether or not this bond shall be overdue) for the purpose .
.:� of receiving payment of or on account of principal hereof :,;.
;� and premium, if any, and interest due hereon and for all �::
other purposes, and neither the County nor the Trustee shall
�--•�;`.f be affected by any notice to the contrary.
C,......
:;•, :.
,:.:
It is hereby recited, certiEied and warranted that for
�� the payment of this bond and of the interest hereon, the �
§`, .;� County has created and will maintain the Bond Eund and the
�'� "` Reserve Fund and wi21 deposit in the Bond Eund the Pledged �;,
' J Revenues, out of the amounts, proceeds and revenues �'
` i,� specified in the Resolution, and out of said Bond Fund (and ,
Reserve Euad), as an irrevocable charge thereon, will pay v:
� ,y� this bond, any redemption premium and the interest hereon, �'::
= in the manner provided by the Resolution. w;-"
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4 .�� y���i 5 �f�{r���'�;—.ir�{J F i .:: :k (������,�.� .:}x r ��.�: �"��'fir '�t' �� ' I: .
...ne ?E.ii�''4.����".�l�r-'SL..�.� .�k..�.9n5} F�.-� LIF'9�ax.� ,�.."��Y"�.�i.��.4':�. �x....
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The County covenants and agrees with the registered
t= owner of this bond and with each and every person who may
�_
become the registered owner hereof that it will keep and
will perform all of the covenants of this bond and of the
�.+':� Resolution.
;+'' Reference is hereby made to the Resolution, and to any ;�
� and all modifications and amendments thereof, for a '•
�'`.`',
description of the provisions, terms and conditions upon . �-
� � which the Series 1983 Bonds of which this is one are issued
and secured, including, without limitation, the nature and F
sA���'-`:� extent of the security for the Series 1983 Bonds, provisions '
��s";�,>�.j with respect to the custody and application of the proceeds
P��'_: of the Series 1983 Bonds, the collection and disgosition of
j�,;;�•;1 the revenues and moneys charged with and pledged to the
`"�''`'` a ent of the Debt Service Re irements of the Series 1983
�s r-,.,� P Ym 4u
i�;;t;=l Bonds, the terms, conditions and definitions pursuant to -
' �:'=> which the Series 1983 Bonds are issued, a description of the
�?w::�•:.;
i�.;;:;'::: Bond Eund and the Reserve Fund, and the nature and extent of
,:�5....,.
1���:,,=�. the security and pledge a£forded thereby for the payment of
:�',:��'�= the Debt Service Requirements, and the manner of enforcement
;`�!;•±;;; of said pledge, as well as the rights, duties, immunities
,'�;°,_;';;; and obligations of the County and the members of its Board
-� of Commissioners and also the rights and remedies of the
.�''�,;
registered owners of the Series 1983 Bonds.
- To the extent and in the respects permitted by the
Resolution, the provisions oY' the Resolution, or any
instrument amendatory thereof or supplemental thereto, may
' be modified or amended by action of the County taken in the
manner and subject to the conditions and exceptions provided
�^i:'..!. in the Resolution. The assiynment and pledge of the Pledged
Revenues and other obligations of the County under the
Resolution may be discharged at or prior to the maturity of
�. =."�:;;' the Series 1983 Bonds upon the makinq of full provision for
the payment of the Series 1983 Bonds on the terms and
conditions set forth in the Resolution. `.=
_ ��'
It is hereby recited, cerEified and warranted that all a�'
the requirements of law have been fully complied with by the
b� ' proper officers of the County in the issuance of this bond;
that it is issued pursuant to and in strict conformity with
the Constitution of the State of Colorado, the Charter, and
�f=�;=�: all other laws of the State of Colorado thereunto enabling,
4��`'�-; including particularly §§30-11-SO1 et seq•, §§30-26-501
r et seq• C.R.S_ and §29-2-111 C.R.S., and with the r�
Resolution and any instrument supplemental thereto; that �.
`'�"'' this bond' does not contravene any constitutional or
statutory limitation of the State of Colorado or any �
limitation of the Charter; and that this bond and each of
� the other Series 1983 Bonds of which it is one are issued �
4':: `.: under the authority of the Resolution. +
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; } 'o"
"a.+�!}�'�``�?�' a `ps . ��j i""'���"��r .�7iZ���}' �in f "'v'h �d{" .., r�4 �}�r �
.4..��� �J� �n ,�..�vx *�h7 15Vt•.y, zhlj ���. J a�4t�:� ' t Vr 4 ',� ..�tir�,a'A �7\��:
J�,�.,�l�-y�(y1����y "� 4 �: tbvT -�.�'���-:3�vft°x�� '..�,�u+c`�t.yvyy7�� i� �:1�,�i.ra:- � �'�x° : Y�,� sfa
`^1Y!+f:R'i� .. . . tYY'Rl�,'�:+fM{!� 'l.F l' '��j^� �:!},!rr y
..:.iw .. r:. . .,. �•�.+, iK i�,urC:.,:.�_t g,
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6;.,_ This bond shall not be entitZed to any benefit under
;'K;}; '� the Resolution, or become valid or obligatory for any
�'s:?' : purpose until the Trustee sha11 have signed the certificate
r ,,I of authentication hereon.
t �
�. - � IN WITNESS WHEREOE, Pitkin County, Colorado has caused
��..,;.;;; ....
��t,;,-:;: this bond to be executed in its name and on its behalf with ;<
E�.s=::='� the facsimile signature of its Chairman, to be sealed with a y
+�; ; facsimile seal of the County, and to be signed and attested `!
,"� by the facsimile signature of the County Clerk, all as o£
�-"� � the day of 19 .
�� {: • �"::
��"'Q���� FACSIMILE SEAL PITKIN COUNTY, COLORADO
,�.i;-.;�� [ 1
r,�-- ,
�� ,,.
�.- � att�st:
�.�-�-«:,
�.:�,.�•:,u By (Eacsimile Signature)
�;''�r;`� � Chairman
� �
k��, '� (Facsimile Signature3
���yCounty Clerk
� ��
d�fE�� FOR VALUE RECEIVED, , the
d.`>:.:�,a;,,'. undersigned, hereby sells, assigns and transfers unto
�� :� (Tax Identification or Social . _
;::� � .1 Security No. ) the within bond and all rights
�4„c •� thereunder, and hereby irrevocably constitutes and appoints
attorney to transfer the within bond on
k. , i.. the books kept for registration thereof, with fu11 power or
� `'" ,'� substitution in the premises_
�" ` Dated:
�-
�.�'..; ' NOTICE: The signature to this
i
� assignment must correspond
�.�ti g;` with the name as it appears
.' .i� r., upon the face of the within
�.:'�"?`^�:: bond in every particular,
,�", ,;.- without alteration or
���`Y�_�' enlargement or any change -
+a .J i
''� whatever.
�t �
G � (End of Eorm of Series 1983 Bond)
n F�=
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� }t' ���� �����X�E���'�'3�'.t�K�r�� �iE F�G ,�,,,�(.�{s� Y:4: � � ���bf 1 .± iv* � y,j( ,. xr3k"� �'i.P�
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`�`,. .
;. :
1 .
�'s- (Form of Trustee's Certificate of Authentication)
,;: :
;i£,.;•'-' This is one of the Series 1963 Bonds described in the
n;,^=;' within mentioned Resolution.
;y`!`. CENTRAL BANK OF DENVER, as
�,;;;% Trustee
� ,
1 By
*�^'�''-� Authorized Officer
�ws -'t � �.
��_ (End oE Form of Trustee's Certificate of Authentication)
1F.�ti'..?�,`j i' �
�;�:<;;�. [Eorm of Approving Opinion o� Kutak Rock & Huie, Bond
��:��;�;;) Counsel, may be printed on the Series 1983 Bonds. °
.:-��--�:. I
��.�t�:;:
Y;3.:,,i�:� .
�.�.i:o:�.r
ti.t;;�;:
��r"��> C_ Bonds Equally Secured. The covenants and agree-
:i:.e._;- —
t`N4..,
iX�.v��
�'^"-"'r'� ments herein set forth to be performed on behalf o£ the
i.:t�;�S� .
.�,=%.`r.,i:`
' '�t:.J County shall be for the ratable benefit, protection and .
�� � { security of the Holders of any and all o£ the Bonds, all of
�4
<� which Bonds shall be of e al rank without
t,_ � qu preference,
f' •;� priority or distinction of any of the Bonds over any other
� '
�+ � thereof, except as otherwise expressly provided in or
- ,�,...:.�
�`f ' 'j pursuant to this Resolution.
1� �
u
y°�,:„,r,�,:� In the event there are insufficient moneys in the Bond
i��;
� Eund and Reserve Fund available to pay the Debt Service
:� �:�
j Requirements in full, then to the extent of the available �
y' "F
� 1
, i moneys, the interest on the Bonds shall be paid in fu11
�=,:.v:�i!
x.���n� prior to the application o£ such moneys to payment of
�+"+ �,�:
f' r �.;1
,a.,,_^ principal.
;.z��:�:;" D. Special Obligations. All of the Bonds, as to all
.:o`i�
�` ' Debt Service Requirements due at the maturity or prior �
��'i'=:z-:;[ redem tion of the Bonds, shall be k'
� _I P payable and collectible
� ;l �.
� � ::� -2S_ c.
�1 Y-y -,�
A{Z���
��Y
:,y�.7���y,1 .
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f .4.:*:�'�+q �
f�:*�,..,.,M w�.,ty
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�:
..;{[.µ�� � ' �
_ , .. .��
.,. �tir��:�����L�1�''��tf'�i�y�3 i�1�ec a�Y -.•� �,��w 1"y :5' \s �� ���� r} kxa'-�' � .,Y +' ���`��t� .
� � fiA c r
t,J__�(� r$��,.}�$� 7rr�i��ytr�'�,.i,',.�. •` y,�ii���,;r+t i ,�_.,.� t�{(��.�' -c�r K` tj; ��,���j' � a �(� 1�' tt.�a
1��+�'l'!?�^,t�'"'F._.��'.��.JY��R4��"11YL`.�l'lit /��Yb�"!e'eHickM..�.—..�1-. �s�t..��.�::.�.'sN�fI��L�l�ly� ^',Yt�`_�:ei}L�Nn:2.i.�fy9
�:':
' .�
+�.:: � solely from the P2edged Revenues assigned and pledged, �
,;:,
't�:;°=�� except as otherwise provided herein, to pay the Debt Service
'r.�`;.
1� '� Requirements on the Bonds, as the Debt Service Requirements
.��..�.�' _.
i�-'�:� ' . .
� � are due during the term of the Bonds or at their respective �
�ti _ f:
���1`..', •
�-::: maturities, which Pledged Revenues are hereby so assigned �,-::
� j g
r �
,� , and pledged foz that purpose. The Holder or Holders of any
�._: �
i;-,;;:�_� of the Bonds may not look to any general or other fund of ;j'
��,. the County £or the payment of the Debt Service Requirements,
'Y`'� � except the Bond Fund and the Reserve Fund pledged therefor. '
�:;'
�':�;i::'
i�«;;•,:; .
�#"''t`�� The Bonds shall not constitute an indebtedness or a debt of
r..�yt,�_i
��,:';:;-:.
E�":,';:;� .
�^%i��'�a+ the Count within the meanin of an constitutional or
?:.;:�.,., Y 4 Y
� `
� r + statutory pzovision or limitation o£ the State of Colorado �
- �,: I or any provision or limitation of the Charter; and the Bonds
r'ri�,...
U.L�:�:..:.. .
" and the interest thereon shall not be considered or held to
�
E , be general obligations of the County but shall constitute
�,:_;_�.:t.':
�����,� spe�i.al and limited obligations of the County. The Bonds
E„
�
. �}�v;
are not payabZe in whole or in part from the proceeds of
' ,.yi;:c�>;�.:.- .
i•��:,;��:, general property taxes and the full faith and crec3it of the
County is not pledged for payment oE the Bonds. `
i,
i aw
Notwithstanding the foregoinq, it is hereby recognized
�
s
t.,r,,,:' that at the time of issuance of the Series 1983 Bonds, the
p':
x � r
� 1983 Sales Tax is not, by virtue of Resolution 29-83, in
�:�;.;�� -
� "'^ effect; accordingly, the Bonds shall be initially payable '
* �..
� from the portion of the Pledged Revenues constituting �!
, revenues derived £rom the 1968 Sales Tax and the Lease. ��
rx S`•::
; � �.,.
�.:,,�:,: Upon the effective date of the 1983 Sales Tax and i£ the � '
. � �'f `
�; .s_.' —26— 4
-�,��7;,; s> �
�y'��,�7�iwr:.t.
�:
�+�yf.+.j'�'y{_,�;
9ti +a.r
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��'Zs -.,,„:.. r ��� .
Y�'r4{ 11�� • r .,i ... , , >c-, sk�, .
�b4A
��t{�L"4:z!.E� ' �
-;,,�'�:�••� .
�:`.�F.-.'.'":i
�i.� _3.�$1 � . ���
y'fi � ♦
d,�. . �`4
�''�ai;o:;t-.`�'. _ - _. .
�{ 5`_`�
�-�'.:.t�,,5^?
f^qo-u ``.�/�
c+c .v��-:3
� st�,-:
''�'�,s}�; .
�� .� '.�
�'k��.,
+]���f r�4� j _
i���yN
��'.Z!'�i''a�.ny }{�
�".V!� .:�;;r`.,}i
, t�
P-
,,.`;`Y,1„t, .
� .. _ee«�_Hi�r�)�l�ei�.�ft4Y,M.£� � x.-.: � . , i ��l+a:.�i..�t;x„'i'`a�r-5vt•rsi�a,�;uw..a�. _...��,.,.�,:;z-.
.� _ �t '�y,.•
�-' Ef;�,. .
�' '
;;'4:':� County is then able to receive the revenues therefrom, the
�'", revenues derived from the 1983 Sales Tax shall constitute
{�:`�
Pledged Revenues hereunc3er, and sha21 be subject to the
�.'���� pledge and lien hereof without further action of the
7,�:r-.� • .�
'��: �.
I?`��:' County. In addition, upon such effective date of the 1983 *;v'"
;::f
5:r:�
�?=�; Sales Tax and the date upon which the County is able to •
rnk:. L
�' receive the revenues therefrom, and upon receipt by the w
:y � -
�Y.
k�,,; Trustee of a certificate of the Chairman, and an opinion of
?;r�. nationally recognized bond counsel, both to the effect that
��
�"'�' such 1983 Sales Tax is in effect and the collection thereof
i_�.�:
ar'^:
'�;J
�'��, is not subject to any pending litigation, the Lease shall be
;�=•;;;,
�:`;:
�_�.;��; terminated and the pledge and lien hereof on that portion of .
. ;l��'-i�'�: � �
,;;r'✓ the Pledqed Revenues derived £rom the Lease and the 1968
�- Sa1es Tax shall cease and terminate. The Trustee shall
b>,
��`�'�;?� execute an appropriate release thereof i£ requested by the
� '
County in writing.
S..rf.�:
�;``K , Section 5. Funds Created bv Resolution.
�y'����..� —
"�t��'r=� A. Securitv for Bonds. All moneys and securities
*. �,.,.
.�, k�h7y.�'
,=r `, paid or to be paid or held or to be held in any fund or
L - account hereunder for payment of the Debt Service
�`'{,, , Requirements of the Bonds sha11 be held by the County in a
�
� ` Commercial Bank or Commercial Banks, for the benefit of the
.��,T
F���� Holders of the Bonds, and the same are assigned and pledged
r�'s�
�``"��-
� {� to secure the payment of the Debt Service Requirements oi
,h.; �.
� the Bonds as provided in this Resolution. Except as
, �
" ' otherwise herein provided, the Piedged Revenues are hereby � .
'' �::.
��;;:'p:j° •
�w:�.^e,���
� d, ^,17�
�.i`.. �..k
�� 1�
f(�"'��
���c.,,��, �.
���Sfr� _.__.--'---�......7..«�..,HV�.�.-,��r�.o,_.w.. ��t:..�.r, +t..,�,;�.. ,,..,a�.L....,t.+,.a,.r;:.w:: ..!-a.�:..,u:,..+,.�..��--.'°--------...... ,<.."4�
..��� .. � . . . .
K
���� ' � � . .. , . ' . .
t t��'�'
�
��-� .:rj � . . �
{ ::
;,.r. •�y'� .
t�„ ,4 '.r . .� .
!:fi . ♦
� �
-�;4
3 X`r '�� .. " .
1�' �y �
r�.CL��t t''.' �"� . .
� y' � �
. '�lFh��.,s+s',}•�T:?7
i'�r ':
.7..h�'i:`��� .
.a��>;rs'
,�_ , .
5"°��a:�, .
� :� ,
� �
�����
�{�� ��
{f�µ��N�
','. , .
..•�j',j/;'"i
-• . � ��
� Z. � �j .: f ., f :.� j � .
� .i- <rryw����Mf'��.,��* ��R! ey��.�� � .. ..��� hr iX J Ab��t.���-y�,�,�[�y��_�,�� �ii rY + ,�1'��'.
-+w:�'irT+t,». �th�GEe'd�{�M{"�'a7l�tiwi�G.uu.i�.__94C'�s:.......J'..w"se�.'v.til 'N ."}i�'.n:hv,.�.r...;�1..[,...?�8F'���tJ.: -
..+�-x
�
�
`�' ' assigned and pledged for payment of Debt Service
},,. ;�
�t ;{ Requirements on the Bonds. Said assignment and pledge shall
� ,_ � be valid and binding from and after the date of the first
i� � delivery of the Bonds, and the proceeds, moneys and '
, ��
� � securities, as received by the County and hereby assigned �' '
.::t._:�
��� and pledged, shall immediately be subject to the lien of �
�r::> �
'ar`;' this assignment and pledge without any physical delivery :i
�'fi;;: a
i�,' ' thereof, any filing or further act, and the lien of this �.`
�--r_
I=_�
:fLi':?.'.
''�"��" assignment and pledge and the obligation to perform the •
b:z.,
,f,:-��t.� ..
�-'%�'�`�� contractual rovisions hereb made shall have riorit over
Nti i.;-;��
P Y P Y
.Vi�F'.x:
��."�::„-'�I .
= '-• any or all other obligations and liabilities of the County
:f`.^=",�
��;.�`� (exce t as herein otherwise ex ressl rovided •
r p p y p ), and the
�
3 -. lien of this assignment and pledge sha11 be valid and
��:'
� i,�* A binding as against all parties having claims of any kind in
'_v�;
�'`'�" tort, contract or otherwise against the County (except as
�%�
i_`�:':;' herein otherwise expressly provided or as provided by
i�.s;},' operation of law), irrespective of whether such parties have
yt�:;
+"'��"' notice thereof.
e'i�if;; • -
_.M,.4.:..:,
``` B. Deposit of Pledged Revenues. Eor so long as any
of the Bonds shall be Outstanding, as to any Debt Service 1.
�r „� Requirements, except as otherwise provided herein, the
� ,
' entire Pledged Revenues, upon their receipt from time to
a:4_�"„
��' time by the County, shall be set aside and credited
i:' �.
;:�'`-: immediately, and the County hereby covenants with the
, � -
` ` Holders of the Bonds, to set aside and credit that portion
� of the Pledged Revenues derived from the I968 Sales Tax or �
.�y,5 �
F,' '.
f
't•:-:
y,� -28- �;; .'
`.t_YIi�`-�.�:;� �-:
R�.r.
��'�� . _._.._.......,...... ..n �- ,.i:e.:..,,..nz. -�...r•. ,,., -,\,: . ...,._......-.._,_�—. .._.�. , t.
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���l�. .r. .
4 4��
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�
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` 4 '�,i . . . ...
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�en�a.',�td-=�� . .
k^ �S
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1�:A:�.J.'�
�:{T),t: It
`t�..,�
1 !
i�- - _
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;-;�
�
r.i . , ° r� l�r ,�i�� .G� �� *� R� y ��g�''
� 5�'�'^1�'r�r y �i 4,�. .:�.,,. # -:�f �A t�. �3..y� ti ,�. �
' � '{r-yZ4 �L� n}i C"rd'?�S Jt� 4 l i+: � 3y � {`'r 3� 1:.
t r Ka , 4 iJ! y E ,'tt� - T kfi, ,,
�:: t �t�y+�Sih�irC'�S4 ����!-y�¢r� tt�''� �: . x r� . � a.�, � u .� ''�r�� f !'.' ��
._»c 4ewt�"!�?t,'�i'.i�c.y .r�ati�!���`,.,�. ;F '�x�Ati, �cvF t�a�j,''�� � ` .�.YN cA�,+r g*'..:4� t�...r�.- .
��� � '' - -f-°v"'���'�.�5?i . ,.i., ,- .• ..�. �..,._ . ��. . -,�.. -�..
�':;...::I
� i the 1983 Sales Tax immediateLy to a special separate fund
� � designated as the "Pitkin County, Colorado, Sales Tax
i� ;;,I Fund." Moneys in the Sales Tax Fund shall be transferred ;
€i�?° ,.
"`'' ' I from time to time to the 5ales Tax Account of the "Pitkin 1:.
� �- �,:
y„� '� Cour_ty, Colorado, County Capital Improvement Trust Fund"
��-'"
�,';;�:,�;,:� hereby established, but only to the extent necessary to make
��
� ;� the transfers therefrom hereinafter in this Section
t��
��w � provided. There shali be established within the County
?:?�.Y;; Capital Improvement Eund two .accounts, to wit the "Aspen
j�i�:'.`�'ii.:
��"'` Lease Account" and the "Sales Tax Account." That
�.:.,,..
jr,�,�_.:.,: portion of
�. �.:�
�� r� the Pledged Revenues derived from the Lease shall be
• �~"�"'�' de osited directl in the As e p
�;�r;_�;; P y p n Lease Account; that ortion .
- �+`�,a,~ of the Pledged Revenues derived from the 1968 Sales Tax or
the 1983 Sales Tax (i.e. moneys in the Sales Tax Fund) shall
P c:-';"'1
�r:::_<:; be deposited in the Sales Tax Account. For so long as any
,..
i.;;` '>�1 .
:��`;;~�"; of the Bonds shall be Outstanding as to any Debt Service
�
4
� ; Requirements, the Sales Tax Eund and the County Capital
�y��= Improvement Trust Fund shall be accumulated and `;v..
{ , f
� '� " administered, and the moneys on deposit in the County
�
`� Capital Improvement Trust Eund shall be applied in the
�;`.�;�•:j following arder of priority (and first from moneys in the ' �
�' � Aspen Lease Account, if any, and then from mone s in the �
�r.�: Y � :
����i
f:',';= Sales Tax Account):
`:-���-�;' First, on June 1, 1984, and on each December 1 and
'�
June 1 thereafter, an amount equal to the interest �.
f
4�:.:
��=`' cominq due on the Series 1983 Bonds on such interest
.�:` �-",>=,
a..
.�''4s'•�� if._.
:��:,,`�; #`.,'
^4' � :
�.? -29-
4�°
r.�S,
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�.
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J�'ad�" � ,4' �+. . Nr4 {�-i '� � .� .y . �.�xs._ Rcs �� r �5�64:c ^ A �.
N.
� i� t.k+�:C tbC s �, �1. t y�tS'" t�'c .f .� .J'+tC'•,. : � ,�t,�� w F3�t
r�.' � � �� j Jf�:tt �ICi'� jr`�(�'� ,Xi 7.,6!�l,xY'�3 k fi'SfF�'�`i'�'"� �t r� -��K��������:
3 �� �,�c.^.� �-.: s r .t.1 v�1..g.����" '� i� a! f.�
_;:;1...�'}.'�hl#"_.�,. . _. ... � ... ",N�'3W.�:��✓N�itl�ptl�4�'�... . ._ ._.. .��v�'a.�S.r�'� ��_��j'� . ._.�_... _�. .
;:'�
�':•. .
payment date shall be credited to the Interest Account
��::'::: ;
`�,`�°-� of the Bond Fund; provided, however, that there sha11
j}..q.)._;:.' .
"L'=";:` be credited a ainst such re
g quirement any amounts
s
{'e already on deposit in the Interest Account and not �.
� `� previously taken as a credit against such requirement.
i';�` �::
!�',a'r'' ;: Second, on December 1, 1985 and on each December 1 i"'
��,`'.s� thereafter, an amount equal to the principal coming due
�°J[�'.�
r��"�� on the Series 1983 Bonds on such date sha11 be credited
+� '
j�fi: to the Principal Account of the Bond Fund; grovided,.
,.•.•<
�a�-.�:•,
�=�;;U.:;� however, that there shall be credited against such
�`�� <'
�� : requirement any amounts already on deposit in the
-��r�:.,•.
�•�?R.:.;-
yx�?�=�`- Principal Account and not previously taken as a credit •
r� ,:
� against such requirement.
� '
k�
��� Third, whenever any moaeys shall have been
s,: ;�I withdrawn from the Reserve Eund to pay Debt Service �
;,:,::
�``•"�_:;.{ � Requirements, or if the County shall have issued
`�''' ;;
�
� ::: Additional Bonds and has not deposited an amount equal
u..'<
�'�°" ta the Reserve Fund Requirement with respect thereto in
. �:.' ' �"F�
`�*->':' the Reserve Fund, the County shall deposit to the
:�
Reserve Fund in 36 substantially equal installments the
E�^:�;
k=:,.k`� amount o£ any such withdrawal or amount required to be
5
�':qr.;: paid thereon upon the issuance of Rdditional Bonds,
u "�:.
�� such payments to be made on the first day of the month
� '
��� following any such withdrawal or issuance of Additional
i .
' "' Bonds and on the first day of the next succeeding 35
'��:
� ...
4�r�; months.
�;:F
�P�'�
Y��; -30- . t
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, ..___..--_,.,.....�,,.,,,w,n...z�..w, �,e� . . _.._ ...�,,. ,
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y ,:_ .
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.. �. .. , Jr.n ' �1 �py��`�����.'� l�rt�7�� �-y1.�,� Gy.y�`�_t���f�����Y 4_JrS. ,�,�r�`,.� :'�1. ri ��.'i17���.:
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.tn.a.:xbis!w�{4.#'�C%:°6�• �YM�'s:bi�'::._._.,�5 �_..ra�s�:+. y.�.«h+��L�n .,.ws
4`;,_:
t�;-��. •
j
_`• :�
'.� `� Fourth, to be used in accordance with Section SF.
i'`�.�
t.1::
;�,:.;
This Section 5B and Section SE shall be deemed to be
the guidelines established for the County Capital -
r ,
�, ., Improvement Trust Fund. yn .
B'
} " C. Bond Eund. A special separate fund is hereby -
�; ��" created and established by the County, and designated as the
i�r
i.'t':`.� 1! - .
*'r` "Pitkin County, Colorado, Sales Tax Revenue Bonds, Bond ;
��.`' '
�v.�" Eund.'� The County shall deposit in the Interest Account of
e.u;�.
%i�ae i.
'e""- the Bond Fund, forthwith upon receipt o£ the praceeds of the
t.TM
s:is:N
�?;�= Series 1983 Bonds, interest accrued thereon from their date
r,...,
�'ta'v'': . .
°"�� to the date of delivery thereof to the Purchaser and all
�an%�
�.�'
i��w accrued interest and other amounts designated as funded
Y=�
;. ��y interest with respect to the Series 1983 Bonds and any
�.xr�
`�``"w Additional Bonds.
�y�;:� As moneys are received in the Sales Tax Fund they shall
;= '
• �„">�;;_.
'- constitute moneys immediately pledged to and held for the
6.j'�::
�..•.�.,.�,
���,,+;%: use and benefit of the Bond Eund. -
�• �"'•S=. There are hereby created within the Bond Fund two
�$'r-
t:- �
separate accounts designated and to be utilized as follows: ,ts.
�
:��.`.`''. (i) "Interest Account" to which a portion of the
�^L'y
�z:, Pledged Revenues will be credited or appLied, to be
v,r utilized to pay interest accruing on the Bonds; and r
5
�`�'� ii "Princi al Account" to which a portion of the ;:;,
f;,t.,::; ( ) P
s:+;;;..,
t•�:' Pledged Revenues may be credited or applied, to be �`'
�:.5,:.
t
utilized to pay the principal of the Bonds (except i£
� �
r '
there are insuf£icient moneys in the Interest Account
f-a.:,-:
�;:�,•Y.
. ��5::�..a .�
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�c.e l�+. a'i!. {, ,�� h ��`< }.K +• ,�yJ` �ty �— , t .
. ,a,�r s �����.�`�l-����'�,Y�l�i��F J�ij� r� .C4'���e��,s !�1',i '.��tt 2�cf.�'t f�SS�,. , "y,{r Gi�'��r` .
t,�.��'��� � c��i cs 3t� f 5±���.�r a.7 •-!,. 2�r �- ,3-`�}�; C
nh�'�;��'y'�`4���'E.+.'�M':SkiR;6���k�'R.H�i'NT.�t:.��.�w.'\ F`�J:.�ixu+�+sfRer..�i1��3t['��3�P.7'r�'Y5 ... ... .. +F.r':,n5�.�'c'.��=�i�d.Ni,.:.� � .
6
1
i..." .1
(;,_1 to pay the interest on the Bonds as and when due,
,;; :�
'��'` moneys in the Principal Account may, after required
:''
"'�` transfers from the Reserve Fund, be transferred to the �'::•`�
i .
l+ ' Interest ACCOUnt).
��
' The County shall transfer to the Trustee, in �
�.3 immediately available funds on or before each interest and
���
='-s�-:� principal payment date, sufficient moneys from the
i�.�
��=� respective accounts of the Bond Fund to pay the principal
'�:F =
F-� o£, redemption premium, if any, and interest coming due on
i;.')r
%«� the Bonds.
�'.a:
�;�; D. Reserve Fund. A special separate fund is hereby _
:�r' created and established by the County, and designated as the •
s-.
i.
"Pitkin County, Colorado, Sa1es Tax Revenue Sonds, Reserve -
y �`� Fund." The County shall deposit in the Reserve Fund (1)
�.K;} £orthwith upon receipt of the proceeds of the Series 1983
i��:� Bonds, an amount equal to the Reserve Eund Requirement, (2) 'E
r"
a" all other amounts required to be deposited therein in
�. z
*.. 4S
' :: connection with the issuance of Additional Bonds and (3) r _
<,.. -:.
" moneys required to be transferred thereto from the Sales Tax �
Fund. If on any date there are insufficient moneys in the �
P
�
G�. County Capital Improvement Trust Fund to make the deposits �
:;r . �'
:- and transfers required by Section 5B hereof, then such �
S: ��y deposit or transfer shall be made from moneys on deposit in
�' the Reserve Fund. In addition, if for any reason there are
:; insufficient maneys in the Interest Account or Principal
4:� Account of the Bond Fund to pay the principal of or interest
��
r<`'•'-
:; .4
e `' -32- ,.
r �
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E � .-. � c F 7�. ��r'�,� :�r � ,�Z '. 1> �h,� ,� .
� :.lf 4�`�3��F7fro.6� ��1��r���� ,L (1� �.i.} �s � (y.��'Ny"� 1� !L k�1+c�k" ��.+ ,:�l�F �.�,(w.�4 �*ir �;.' J�''
-�In JR 4 . ,1p�,���,��.,�� Y �4 t��� �✓�..�/,"'1�' ..��.;� ri _" M+�d,,,S5��.'.��"j !s.. t�+ ��T�}'t� '� y��p'
�� f a c,�i1y�'f���'�� �� t 1 t r ,r��' 'na.r'j �s 4 � � '�Fs �;t u�r.a'l�hJ�<! .
� ,�- �� r u�a� i� i a 4. ? � � �`
.�,..R:�i^�rY�'.s .�! .�.��t+.',a�/Idi .. . . 3"lt+._���N,'�,Ir�,`A*`'7�i..,. .. _... t,�n.X�yf'..'t'..:."'�'...n:'o . .
�
_I I
i:,;;.{ on the Bonds when due, moneys therefor shall be transferred
�' .� from the Reserve Fund to the Znterest Account and Principal �
�
-'---+ Account, to the extent needed and in that order. `s' •
�.,•.
�i-:c`;�
^' E. Termination of Depos±ts; Use of Monevs in Bond
.�.,�• ��-
f-:
t
,��; Eund and Reserve Eund. No payment need be made into the ��}
�'+�,r:�; Bond Fund or the Reserve Eund if all Bonds have been
'A^• ).:' _
'�'j defeased and discharged as provided in Section 7 hereof. 1R
���
�::
�°" F. Use of Remaininc7 Revenues. After the
s.�,�. payments
,��-
t;�T,, hereinabove required to be made by this Section 5 are made,
's:�5
�`"?:'
�.., or whenever in any Eiscal Year there shall have been
'i::t.:
t_..
m;-
�.�'y��' credited to the Bond Fund snd the Reserve Fund for the
y
;�Y<;:
a���; payment of the Bonds, all amounts required to be deposited
•�. �„�',.: in those special funds at that time, as herein provided, any
t'>
;=°° remaining Pledged Revenues in the County Capital Improvement
;,.i:.
�.,` �
;�,=-: Trust Eund (except Pledged Revenues in the Aspen Lease
"-�r
�:'.
�'`� Account) may be used for any lawful purpose of the County
ii,?�:.!
�"'y`� for which such mone s, b statute, ma be used, and Pled ed
t;;i; Y Y Y 4
. +z.:
� R>;?;. Revenues in the Sa1es Tax Fund, may be used for any lawful
�._,:r . ,
purpose of the County, subject in all cases to resolutions ��`
�
°.;;y.` of the County with respect to the use of the 1968 Sales Tax ;
�.�;'r
���` and the 1983 Sales Tax and provided that no indebtedness �
- ;1
`�.=' prior to, on a parity with (except Additional Bonds) the }�
+w �a`
�� lien of the Bonds on the Pledged Revenues shall be payable �; '
� ;: from the Pledged Revenues. �
r�'
:;��� G. Budget and Appropriation of Funds. The sums
�t � provided to make the payments specified in this Section 5
�;' �_;'-r`;':'
-r:�� �.:
�
t
;'� -33- �
�
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b . -�'.-. .n�_:.:...,y '�.4�^y.r".«rt �+F �.h.::�. . �.. ., ��.
-.._J.:.:: �..�.::�� �.._.,.Y. �.�.....-:.�....
���'���.:� � ... . . . �...� �.�...�.'..._...._�._�.�..�.�'_"_'...... ......._... . :..
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:��' � .
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, ' , � 'f ��`�.�� �S��� � ,� :� p,��� ,��pF .
�;�h's..4 t�7r���� � ktw :i'1.i ��::t �}�`..� � ,Sr,x. a � �y� 110
� :.i y'`�^,f„F�, '43��f1 n �..jrry� � • � .p,r-r,�,,�+ f lu�Y� .. S� n�....S �;a ���, ���-}I�S�i
. ci � i�;'�rl��,.°Y}� � rf���! �r�•br: r � t$� c ,�+r�' . .f ._ .��' A"�"� '�E�a S�i R .
4 �
...��5`'."!.�."!!�riG'Fhi>��.4.'41 r ,. 4� '3� :� � c 4 ti'i c
..,.�, �i�n�6�e�r' "`'' �..T;�'�'.�.,`..ff:l:w.ta . "i`..u,,.. � .,...- . .
::�
� are hereby appropriated for said purposes, and said amounts
; . t
':,;:.
for each E'iscal Year shall be included in the annual budget
`';'
and the appropriation resolution or measures to be adopted
'�:�� or passed by the Board in each Fiscal Year respectively ;��
� while any of the Bonds, either as to principal or interest, � �
r-r 'J � =.'.
,n ;I are Outstanding and unpaid; provided, however, that the {
�.�,..r:
�'�"'V"�!I Board may consider, in such budget, anticipated revenues to
t'^;:,•-��
� 1
i� r'1 be derived from the Lease, but the failure of the City to
;c«:,.',; � �.
•�s"..c.�.j:
ra�'=�� make required payments thereuader shall not relieve the
t^`f_'''af:::�
�S^,'...':�._.;%�� .
G�'l�`;,-:- County of any of its obliqations hereunder. No provisions
"'�'�`k'm.
��y�-
"�.��`�'''? of any constitution, statute, charter, resolution or other
�j i'.:`4:�" .
�r�;�� ��°` order or measure enacted after the issuance of the Bonds
.�:
��
r
�! shall in any manner be construed as limiting or impairing
- �'�;
r � .,
the obligation of the County to keep and perform the
�:?,;:'.,' covenants contained in this Resolution so long as any of the
=::. •�
`?•'� Bonds remain Outstanding and unpaid.
''.t'?;.;,` i
�
� ` H. Proiect Fund_ A special separate fund is hereby
�+.t�_.`=1�
• �"wx1 created and established by the County, and designated as the
Y���.-_:'�
';�;;'-.j "Pitkin County, Colorado Sales Tax Revenue Bonds, Project ��
=+
- ' Fund." The County shall deposit in the Project Eund
;�i
`��"'� forthwith upon receipt of the proceeds of the Series 1983
� y ; .
;j � !.
+„ � Bonds, the amount designated in Section 4A(c). Moneys in �
��''`' the Project Fund shall be used solely to pay costs of the
f' �'.
�'. Project, costs of issuance in connecCion with the Series
1983 Bonds, and, followin com letion of the Pro'ect and ��
, B P ] � . ..
� '. payment of all costs of issuance (as certified by the �
,,
��i� �
�':� '34' �.•�
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.,� � �i��e e�. �'c 5.�° � '�kf F.. a� .�}K �' y� -..t �� ..
.. '.,�it� 8?.�f�{�,� M�`-�y5�3�`}4R���j�'�t .�{i jf�i.s��-��k �,� 'y� t}�`'�>�J�ti G��S���i ; 1:�., ��fi �.{�c ..Z��1�<7�
ro
'.��Si iSe I i J{G �"�y i��.x:N�b.,r�.Ms. 5 i �' � ..,a c q . � . +'� �.A ��R�t { r..�
.
�
/,�.� /�./�! ��y... . ., r v, ' . '
._e`, t'4�_'!'-�t �'�.•�k�V.i�:��'F t�..�' 'n°��1+`xm c��'"�_....a. Ki.°lt...... . -A�'.�^ir�:���11.t����'_,�..�� .��""t��w L� ..
I
I
.;'. 1
�'` Count other transit u oses to the extent ermitted b
,,-, -� Y). P x'P P Y
law. The County sha11 disburse moneys in the Project Fund
,.-?�:;:'
;y::-`:`' for such purposes. In addition, if for any reason there are
tr-r'-. .i .
r. .
�';�':';�, insufficient moneys in the Interest Account or Principal r
P
y'` ` Account of the Bond Eund to pay the principal of or interest � :'' '
�� _ z '°
�x -: on the Bonds when due, moneys therefor shall be transferred � '
.�;;:
'�S:`1��; .
t';,=;?;;; from the Project Eund to the Interest Account and Principal
{9` Account, to the extent needed and in that order, but only
:t:t;'
F..;r_�•.4=:
�.� ' ' after required transfers from the County Capital Improvement
G,�
�'�s "� Trust Fund and the Reserve Eund.
?y,.;j
��" � I. Places and Times of Deposits. All of the funds
1'y�::.e.X:�� . .
�'"''i"';� and accounts created hereby shall be held by the County in a .
�
�"� ,� Commercial Bank, kept separate and apart from all other
� ,�� ' accounts or funds of the County as trust accounts solely for
i�°:�';:;:.;' the purposes herein designated therefor. Eor purposes of
!�-
R investment of moneys, nothing herein prevents the
a'y "
'-�k`^t'`+ commingling of moneys accounted for in any of the funds or ',
•. .�; ;:
�`` accounts or between such funds and accounts and any other
� funds and accounts of the County. All funds and accounts ��
�
` .1 created by this Resolution shall be continuously secured to
4
the fullest extent required by the laws of the State for the
.,';-,.w 1•,;^? ,. .
��,4� securing of public funds and shall be irrevocable and not ,
t' ��T� withdrawable by anyone for any purpose other than the �`
�'s
respective designated purposes of such funds and accounts. R
. Each periodic payment shall be credited to the proper � ''
� <. � ':.
r v
�:,;�,:,_;.� account not later than the date therefor herein designated, F '
� , �
f �
� ��
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,.,i�C S��. �.�B�P �.t3 i ��Y ��'.X�� i�?.iM�'� �y'�s t t3 I�ky 1.'WA"L. c3' �,d� J' e id...
: E�n f -x.{ ^� q[ �� • +F� t� '�y.r .�'.� f' tt'ff �^'rr` f� �" t ��,�.
.. .�.er �,t-"'t �'��'-.rt�V�'�9" hu.` ,, y �.- . .r a N � •t
s�„. T. ;wA..wvv�c.n�.:.� ":. £- :it.. � �._ . , . .
. �..,.. ,.�...�., �,`t.'x�-' ...... _ _ _._ . . � ....
��.i.....:.,, . ' ' .
t ':j�
'1 t except that when any such date shall be a Saturday, a Sunday
� ±� or a legal holiday, then such payment shall be made on or
I� `..
..,.,.. ;
ti'•_,'^� before the next preceding business day. (;,
�'�
rx d J. Investment of Funds. Any moneys in any fund or :
uj` � :,.
account established by this Resolution, subject to the � .'
}�!w��`•
?`�'?`* express terms hereof, may be deposited, invested or
,�;—
Y��:'..';;:'
y:�""Y� reinvested in any manner permitted by law. Securities or
r'-,`.r.;- .
�z>-::'-; �
i.,.,��,>. .
�;r4;,,:,.: obligations purchased as such an investment shall either ba
<....
% ^��'�'
� �,-.,_;
�`� sub ect to redem tion at an t'me at face value b the
�`.�;i�:;;.;. ] P Y 3 Y
:�`=•::-.;�:
�'"E-:'� 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 or account in .
1� .�
<� question. Securities or obligations so purchased as an
�:�. �e
'���="=, investment of moneys in any such fund or account shall be
` .,� deemed at all times to be a part of the applicable fund;
� ,
b� �' provided, however, that notwithstanding the foreqoinq, so
yw�,�;:
s" '_�, long as any withdrawal of money from the Reserve Eund shall
��::.,
, not have been replenished, all the interest accruing on � ¢�'
investments in all special funds or accounts created
�r �
k t.
,, ;. hereunder and any profit realized therefrom shall be
� -
Y�'Y'� credited to the Reserve Fund. The County shall present for
��?��' redemption or sale on thE prevailing market any securities 'x
� 4
''� or obligations so purchased as an investment o£ moneys in a
3� +�
€. , given fund or account whenever it shall be necessary to do it �'
�{ ° so in order to provide moneys to meet any required payment �
a4}Y !
r` .`;� or transfer from such fund or account.
r 1 �'..
��i, }:
F���,-
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'fi�i.�'
�r�
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k�,fi z' `
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ti.,e�,.k c::`�^;�1
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� �5t��,�"T� . .
!.
_ ���
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� uJ
; ,
,�:.,;-, . � .
;;:;.
, �:�
.. .• � r t �S'���� ..y r .. p � .�' i}y .
. ���iFrY y�� +�'R � s i,"} - 4 �y}�b.. a�� { �,�`t, n 5{ �?, cy.1�* _'��� �f����:
. ...rii�`��+1'tKN� c�.J�i'��'4'iL�."�!Ckd.i...ia+ .. ,..=..i.::+:.F X�. «,.:i�eirl*s}E�Y1fA�iY�di:f.-L1e�.s:is4&�-.,....�i.-'1�� . .
� ;
I .
4
� K. No Liabilit for Losses Incurred in Performin
� ��� Terms of Resolution. Neither the County nor any officer
r?.:�,- �� . . .
'�;',=�:;', thereof shall be liable or responsible for any loss
, �� resulting from any investment or reinvestment made in
ts':��. �� �
?-=�"'� accordance with this Resolution_ !`-
�' � '
v-r ` L. Character of Funds and Accounts. The moneys in
k-
��`, , any fund or account herein authorized shall consist of �� �
��..�.�:j 1aw£ul money of the United States or investments permitted �
�,..,�
I.� � "
�Y by Section 5J hereof or both such money and such
� � .,
s �'`'j investments. Moneys deposited in a demand or time deposit
!.,,
E'«�":=''
��;tiy�,;:: account in or evidenced by a certi�icate of deposit of a
��
3,-?_ �; Commercial Bank pursuant to Sections 5I and SJ hereof, . •
,r i
I
? V}_'� appropriately secured accordinq to the laws of the State,
' shall be deemed lawful money of the United States.
��� i
L ,,:i Section 6. Covenants and Provisions.
r '�
The County hereby particularly covenants and agrees
i 7! �
� �"�I with the Holders of the Bonds from time to time, and makes
� i
4
1;�«,:.c:.� provisions which shall be part of its contract with such
�
�• r�a,�
`�� Holders, which covenants and provisions shall be kept by the
�.�, "� County continuously until all of the Bonds and the interest ���
� `{
�7 thereon, have been fully paid and discharged, to the effect
�
� and purpose that:
':L�_�u;:t: ;
i�';�•?: A. Arbitrage Covenant_ The County covenants with ry �
�,;�:�,;��..
F'':�''''�, the Holders of the Bonds that it will make no use of the
°"i<-.;::'';,:;
',•`��`:">=� proceeds of the Bonds at any time during the term thereof
r';;
``�``%`��_`' which, if such use had been reasonably expected on the date
i-`.;;�
�;,
� -;! -37-
''r ;� �-
�-;?�::`--' ?
�Y r� --�--...---
� :-:.;.. ..-�..»>..-..,..-._--
� '-..
� --�----'^'^-....�..�,�..n.,»......-._-•---_.__..--...._ _....,,:� , -....�.. ..�.x.,.:.,�� ����.. .
���;,�� _ . .._. .. `, ... .
. � �
�.�,�
��6,g.•;����� � � � .
�'��.rt r."? " , � •
St�"'�'� "��
9 6 � ..j. � . � .
p Y�k .-:4.: .... ... .
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.q)�t i y
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ti1u.,:,�''SyK,tt.'� . .
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tS�i ,.�-� �
4� +3F S
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:�i�.: '
';.?:_ "=t,l
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�'y:
;,y.; .
�,f. ':�
' � b i �},}fU ' �, i y •.�y T . y���� ' i l L?1'f t{�'i r {� np�'�
' II�:i.h #y' !i �'?��ft�i,,�a�.t �3!.�� y+ yi� -1 ,� �� f( i !t'-��fl��Ih' }`f�'�� �.� Ii�fliY�31�� .
'�ib� M. As � ,��.,� ts� i� � � Uw � f � �`� �,r. t Lt,1'� .� 4i
. � ��.� . . �� �'3-'t k �`�..��'.� . . ..,
._.�:.+.r� A.. ,��twr�v,r�.r: '���:�� '�7�c�*v��SF.'�'r....�_vf�M_.�
�
! 3
� - � the Bonds are issued, would have caused the Bonds to be
��
`�' , 3 arbitra ge bonds within the meanin g o f Se c t i o n 1 0 3(c) o f t h e
�,;�='. ` Internal Revenue Code of 1954, as amended, and the •
'`-.�'��' regulations proposed or prescribed thereunder by the United �
�,� States Treasury Department, unless, under any provision of � `
,�<-.
�. - �S:i '.
�"�;:�� law hereafter enacted, the interest paid on the Bonds (a) �
;a: y.
, 5°r°' shall be excludable from the p �
{�:�,',; gross income of a reci ient
;�:.�.>...
�w=.--
�;..,;;•:-::, thereof for federal income tax purposes without regard to
O.CH'.'�.. ,
�?:�:+�� whether or not such Bonds are arbitrage bonds, or (b) shall
i.'�:`i.: .
}""��'� be exem t from all federal income taxation.
;�,� P
C�?::;`:
s„; = B. Protection of Securitv. The County, its offi-
,:;;,.,..;;.
;'.-''';_
i-;;_�:,� cers, agents and employees, shall not take any action in •
�� .
�'s' ;� such manner or to such extent as mi ht
��� g prejudice the
��- security for the payment of the Debt Service Requirements of
�, `i`1 the Bonds. No contract shall be entered into nor any other
_+ i
`��:..� action taken by which the rights of any Holder of any Bonds
:s
+ ';� might be prejudicially and materially impaired or diminished.
�',
' ��*4:: C. Surety Bonds. Each o£ficial or other person
;::.�-.
�,..
���? having custody of any revenues and funds pledged herein or �.
�'•
- responsible for their handling, shall be fully bonded at a11
"�`' times, which bond sha11 be conditioned upon the proper ti
�.�.:
application of said moneys. �
�"'� D. Inspection of Records. Any Holder of any of the �
� �
`" Bonds, any duly authori2ed agent or aqents of such Holder,
;;::,:
'���^� or the Purchaser of the Bonds, sha11 have the right at all
�`' reasonable times to inspect all of the County's records,
�`
• :.
f , �� .
� '
Ti; _38_ !-
r�;�
�a �
���� ;
y�
;�
,��a--.�---... �.��.. _
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r*i�"�
,,;���.�:'.:.� . . . wy . .
�`J` :ir'� r � � .
! �'e� -� .'r� . ' .. •
�ew ` �
S'C4 .' .4 . . ...
1�,k "!
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��i +. .�
�T 1�{�.} �.•�
�` fk:,
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�'�; ��
�"' rs>_�`' .�
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��'t�av-�.741'L� .
t5�`,_;"k:,'1
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�...�. __ .�..�.�
.,.,
i'<i_':,�:.�,
� , • , , �
'%"��j?,�,�;� � f.,., � ..x� ,> j..;t.�, !7 (y„ M ..,4��`;�T�,y �'t��-$. -.'3� �'�{,, �.+�. .
� ..�,.i5ks57t'.�ra�&��•%ta:S�.tXStsastt. ._ . .�.�s,.,�.�4vw,�.�:mitwi'.d,�rN'.N�'�dd0ri^tx�z*�9�5.��+.i:l:...�...�i*t��.lti^'�.:
�,' :.
yc',�.:+.
� y.�:'. ::..
�
� '� accounts, funds and data relating thereto, concerning the
i�::� Sonds, the Pledged Revenues, or all or any other combination
x,`i;': .
thereof, and to make copies of such records, accounts and
�^.�":.
�;�'-. data at the Holder's or Purchaser's expense. • .
li!r"�:.
�` E. Audits Required. The County, annually following �
�"' FY '
��x" r
�=�'` the close of each Fiscal Year, shall order an audit for the �' -=`
e��i> �=;:
���
�'�`w Fiscal Year of its books and accounts, including but not e
q
�Y::.t;
f;��_; limited to those dealing with the .Bonds and the Pledqed
�m-.�
i:;�z.
9N,"- Revenues, to be made forthwith. by an independent accountant,
.�:�.
�0'`� and order an audit report showing the revenues and
�;%��;_,
i�'�.
�.:; expenditures for each fund or account pertaining thereto,
�`�..-
:n-=,';
�=;�:.
�r�:, the Pledged Revenues and funds and accounts pledged herein,
}�°�� or all or any other combination thereof.
;:�'?,:
��;._..
��� F. Amendment o£ Certain Resolutions; Continuance and
�4.. '
Collection of Taxes• Application of Pledged Revenues. All
F,;r��"``,` _
resolutions concerning the 1968 Sales Tax have been
1��. :
�:. `� delivered to the Trustee and are now in full force and
� t j
�`;,,/;; effect and have not been repealed or amended. Unless the .
�;�.:;y
°<��.:� pledge and lien hereof on the 1968 Sales Tax shall have been -
,;_�.
��`; released as permitted hereby, the County will not repeal or ;�
::';;
���'��; amend such resolutions in any manner which would diminish
EN:i;:j
�?":��' the Pledged Revenues to a Level below the level designated
�:;,=;,i��� '�
`V`� in Section 6M(6) hereof. In addition, the County will take
pr..'x:
Y�'
�=�(-; whatever actions it deems necessary to effectuate the 1983
��:� �:
,, ; Sales Tax, and the County will not repeal or amend
�.°,•
,;_:at
�.�:,`
�:
�µ'' -
�,�',,.
�,�., _ _39_ .
� .
�r L'�� N
�n7p��
^��{���'t7�
��:S . ..- . ;;�.J-:,..rs....�.s...�:wl...�...o.:�.................. . ..
"P!" +�.+svtrt+!i.t�!'Mil:M"'KfMi€::�+:`yAr.iws,�a,�•i �...;,�.u.`:w.nu
����.r�"�, �--
• Pr��,{j(�.��
J .th.
�'.X'-��-•i . . ' ' .
"�'�,�#;%:Jr . . _ � . �� .
� tl� �
,�. r`ii -
�a,��,,a� ;� �. � . . ._.
Y��41xw..j� .• . .
�''�{� .�..7
�:�;.�;�;,:;�
.iti�Y f:.;'�'
.�.:,�;:
.�.��``�
'����O•A
�.i� '�e,
1
.i.:+�.s..�� ,
� .Y+�Y-�Xy
����fi1
,.:,�v
�:+,� !�,
" t S �,�x + �'� �"4�'�� ��.,�u,� �`,�xF� ,y ir-?4 ti ��}r.:.
�,�qt L �!b�/ i f �f 1„ty�f� �y� 3 �.\�' lY� --'A �L.� �i,}�:-. I � ��J� µ .
� � Y;-t'� 'ti�qr Yy�',��i� l�wfa�f`�-}��'�'�AI�(4 !r 7 1" �i f� �. t S'�4.� l T�M1j1 h Tf�������fF
ly 4�'4°`� '�'7i�;�,'� i7k''�r��`*.C�F:'r���� ��'9 i�7.y : ������.ir+ : yri�,+�y i ,�' v 1� Sj o-��4V�'tr�^d.:�'.._ .
..,tff`�.....t.��"'1�?i.�.r'..�...�'�ra$a'is�'� �'��G.�..�^ilrsr.'}:..� .....��. ._ _ - _�.... . . �
:7 �
;. j
�� `;� Resolution 29-83 in any manner which would diminish the
zt.
i`T,•`.-:.E Pledged ReVenues to be derived therefrom, except that the
flr � � County, by a Resolution properly adopted, may and hereby �,�
.i` :e•
`;;^ ' expresses its interest to increase the payments to the City � '
;v�i>,.-: of Aspen for maintenance of the Mall to an amount not to q
4�r ;
�.�» ; exceed 12.1% of that portion of the additional 1% countywide
'�'�'�;i._:.,i
i���;' sales tax collected in that year within the City of Aspen.
r.��_; .
'�_`,`._ The County will continue to levy, impose, administer,
�:.s=�.:
i,�,,�•=
tl�_�: enforce and collect the 1968 Sales Tax within the County in
y`���4'�.::'
F�"''�"� accordance with the resolutions referred to above, without
±:�--`'
yz';_;;'z
�.,,.,
��`=' reduction in the percentage rate of the 1968 Sales Tax or
�,_-:�•.
,..i�:.
�s-^� the items. and/or transactions subject thereto, except as set
-,,y.:,.
- �:° forth above and herein. The County will, upon its being in
J
M_�*...
`%�' ef£ect, continuously levy, impose, administer, enforce and
�'+:
���''' collect the 1983 Sales Tax in the County in accordance with
i.;.•::. �
�'�;`�� Resolution 29-83 without reduction in the percentage rate of
S'�i'
+��� � :
t;�:: the 1983 Sales Tax or the items and/or transactions subject s
'i=�":�
. c_.� {x
; �' thereto, except as set forth above and herein. ��
�r°. The £oregoing covenants are subject to 'compliance by
�`:.` the County with any legislation of the United States or the �
;. ?
1C:'_: 5
�'' State or any regulation or other action taken by the federal � `
,��' government or any State agency or any political subdivision
ir
�:
i_r o£ the State pursuant to such legislation, in the exercise
����` of the olice
p power thereo£ for the public wel£are, which
�''
legislation, requlation or action applies to the County as a
,�%
�j
c�'1
5'�
{-� -40- �;�"�;�',:.:.'
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" .s'r6y����dr7�� fp��'F.; i�l�a�r�.1 � ✓ R j'�[ �5 ��t� Frf1� .a �6�P�ip � 7 ffa �x.�� 1�1 .
..ii . t i'!;. '��'!4 te��T�x$`r��'�sC�s'�'i��rF'��;•�y s 4 �T �,7.. # ry,.j tSa s�- - f ,�� .. ���},�'3��tl�ir
''+t �'S a'�' :��a '7tt aw1�,t+�i�-'"�i`` k ift v,._. R F3 �`r���(.tq � rsa . l 't+ w� � MN-� �
��1 �;.: - S 4 ,, n.'�..'�ir.��4'!C'Y:i,1 a=:1�.Y� ��� ��- . . .._#� � 4 gA�f;1*�(..�i ._� .
.���.� k.l..��_ x.i�w.(+ste.t...e s.:��-r_ef�sYws�, .t?.Y.�_..n_..�,n. .;C ,... ,< ,_, �
I
i..'.-_�.� .
C'..":...i
St :.'I
.,��i7::?'�:I . .
;k:�-�<�` Colorado home rule county and limits or otherwise inhibits �:t• '
��- .
�'� � the amount of such tax revenues due to the County. All of
�^ the Pledged Revenues resulting from the imposition and � -
��:.
�"':r=• � collection of the 1968 Sales Tax or the 1983 Sales Tax shall � , � �
i'�w
!�`�'! be sub'ect to the a ent of the Debt Service Re
`"'- J p Ym quirements
;'`'=;
�,�
�;-�`-': on the Bonds and the use thereof to remedy deficiencies in
�,,K
a..�<,:'
�"`��' the Reserve Eund, and otherwise as provided herein or in any
t:rn=::.
c;.;;'�
�,..�:.
���� instrument supplemental or amendatory hereof_
;m..
f'.„�":�
;1r�,-� G. Defense of Leqality o£ Pled ed Revenues. There
;,"_
:r'^"`` is not pending or threatened any suit, action or proceeding
�M�-
:�: �,,3�,� ..
r-�
against or affecting the County before or by any court,
,�,,.,,:,
�_`:�`,," arbitrator, administrative agency or other governmental �
�.:5"1
;'�;• authority which affects the validity or legality of this
A,_.,::) y
i,=�::•.i Resolution, the resolutions providing for the 1968 Sales Tax
� �� .
��` � or Resolution 29-83, or the imposition and collection of the
�
1968 Sales Tax, any of the County's obligations under this
""� Resolution or any of the transactions contemplated by this Z,
r<<.y;; Resolution or the resolutions providinq for the 1968 Sales
p;
:,��:v;` Tax or Resolution 29-83, except that it is acknowledged that �i
yT
K:�'e
"`—�'� the 1983 Sales Tax is not yet in ef£ect. '�
tr-a;
, :
The County shall, to the extent permitted by law, �,.
. � . .
de£end the validity and legality of this Resolution, the
;';:;;:; resolution providing for the 1968 Sales Tax and Resolution
� f :.
�,,,..? 29-83, and all amendments thereto or substitutions thereof
j against all claims, suits and proceedings which would
.�:.;,, _
�„_y;: diminish or impair the Pledged Revenues as security for the _
� �
��' -41- '`
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��i
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�"i f f s ��1'�J+�. t'",'�' «f..;. .� � '��"Iln4�v�y�V E�S :y l ��Y�*�. 4��' �1 -�' 1 5 ���5.
.� ...,._..ab��7�"�S�P�s'k?'l��c+f.�'. ..rc;ortwu}:x:�c"�ta `..s::.,:�1,tnc.c •'v� :�S%!e.�3:i�s�S.:a..s,.a���5�.!,.,.�.�,.
,^,` � Bonds. Eurthermore, the County shall amend from time to
�; �'i time the provisions of the resolution providing for the 1968
:i
�; ; ' - .
�i Sales Tax and Resolution 29-83, and any other resolution of
= =i
`� ''� the County, as necessary to prevent impairment of the
'1
ir ='I
�. Pledged Revenues as required to meet the Debt Service
: �:i ,
;t.T� � Requirements o£ the Bonds when due.
: t �� ��
;�,�'q`w ,;;'� Except as specified in this Resolution, the County has
� ;.i
3 � ;��j not previously assigned or pledged the Pledged Revenues in
i,�,r
L�-
5�- any manner.
s.
F r;�
�,,,;� ?;�: H. Performance of Duties. The County, actinq by and
> t.
�n�-..:.4�"� through its officers; or otherwise, shall faithfully and
�4�r '
� �s.i .
,� , ;': punctually perform, or cause to be peformed, all duties with .
F:�y.-i..::J.•.
tf 1
�,,r� ,_; respect to the net proceeds of the Bonds and the Pledged
' ��4 Revenues required by the Constitution and laws of the State,
�
the Charter, this Resolution and the various resolutions and
� �
,�;-;.,,.,\-:;,;,;,� contracts of the County, including, without limitation, the
i 3'i
� 1 �� proper segregation of the proceeds of the Bonds, said net
t,{ `✓ Bond proceeds and the Pledged Revenues, and their
� .
� �� s `�� application from time to time to the respective funds
'�'�':'r':<,i�':'�
�� provided therefor.
_,
< �� I. Further Assurances. At any and all times the
,�:;<.
&�
County shall, so £ar as it may be authorized by law, pass,
..�* �-� make, do, execute, acknowledge, . deliver and file or record
�_-ua.w�:.-_- .
�c,Rn „yc
� +'�'�� a11 and every such further instruments, acts, deeds,
��`-.-.;:.::� conveyances, assignments, transfers, other documents and ;
� y�- ��
,, assurances as may be necessary or desirable for the better �i�
f 4..
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r � � �Q�.� . {� �+,F� r ,�rt �)Jf,���1.� ,�iq t ��,�rf -S' Jx Jy -•
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� .,., � �.� r �'i � s �: . <Y� + �c� 3 ns c.+� � *. 3� r
� },�*s;�,a S, „7�i ? { i �,f� �, f Y : i � . tr r��.r y . ti'!'� 3� e�,,�,f t(1r�, . �
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• ��.. .
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: �
assurinq, conveying, granting, assigning and coniirming all
��.. :
1'r`` and singular the rights, the Pledged Revenues and other
:r I;`?:.
r� "I funds and accounts hereby pledged or assigned, or intended , ,
f:r �
t^; so to be, or which the County may hereafter become bound to �
�. �� pledge or to assign, or as may be reasonable and required to
TF _. � .
:�'`5:.:.�;.i .
- . carry out the purposes of this Resolution. The County, a
�:�:;:�
��,�•; a
�,.. � acting by and through its officers, or otherwise, shall at
.�.=.,:'i
K•,=o.:5'
�'`�'� all times, to the extent ermitted b law, defend, preserve
j•r�:_i P Y
y.-�.�.
.�T,;._:
•'�'°=�' and protect the pledge of said Pledged Revenues and other
S-Y'. -
r:..:'�:'`
�;r.,�;:. .
t�.;;>�; funds and accounts pledged hereunder and all the rights of
ti.1ii�
��ti:r:
��`=:i� avery Holder of any of the Sonds against a11 claims and
?.`t .
r.:��.
4r",'':;;: demands of all Persons whomsoever. ' ' '
i�;�'rt
^ J. Conditions Precedent. Upon the date of issuance
�'� ��k - of any of the Bonds, all conditions, acts and things
� ; required by the Constitution or laws of the United States,
`45-<';` the Constitution or laws of the State, the Charter or this
r,;,:'
Resolution, to exist, to have happened, and to have been
`,k+..,; performed precedent to or in the issuance of the Bonds shzll
�����.�-� -
f
exist, have happened and have been performed, and the Bonds, "
S„
.��;•y�, together with all other obligations of the County, shall not
��''�� contravene any debt or other limitation prescribed by the ;
�`>;_,
r•
� ,f�:'.!cr.
;f�;; Constitution or laws of the United States, the Constitution >
;e'..�,. �:.�
f� ? or laws of the State or the Charter. �f .
" ' K. Records. The County will keep proper books of �
record and account, separate and apart from all other �
r records and accounts, showing complete and correct entries �
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fr �:
_ ��:_
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of all transactions relating to the funds and accounts
�,_-.
g; :; established herein.
;J L. Prompt Payment of Bonds. The County shall
�
i:;>:J ..
ir promptly pay the Debt Service Requirements of every Bond at i
� �� : the places, on the dates and in the manner specified herein
, -, .
�` and in the Bonds according to the true intent and meaning (i' �,.
�,4=' '
�.`'` hereof. �'
. �EA.�. �. .
1�!.
,�,,,.; M. Additional Bonds. The County may, £rom time to
i,�LL•
3.��y_.'-..-
�n:_ time, issue Additional Bonds, secured by the Pledged
t.�.�
��i: Revenues and other funds created hereunder (but not secured
E�+ni;
�w°'� b the As en Lease Account on a arit with an Bonds
��.w. Y P ). P Y Y
.��:�
�.,...
.�:;r:
;'�;�' theretofore or thereafter issued. The issuance of any .
�`';.;�
'`"��` Additional Bonds is subject to the following limitations:
� :{
.�'�?i
r� � (1) Additional Bonds may only be issued to
`';� provide financing for capital improvements or to refund
r�'�
a,.:?';,'i
,;�<��.;; one or more series of Bonds issued hereunder in whole
i::.;,`.:.:;
i:;;;;,.; and such capital improvements sha1T be a proper use for :
L{ � i .
. ��� moneys in a county capital improvement trust fund.
m
�*� (2) At the time of issuance o£ the Additional `
- Bonds, the County shall not be in de£ault with respect ''
:�;��i: to any of its obligations hereunder.
Ea:'�
r:'s; (3) Simultaneously with the issuance of the �
.;q J;* b
'��' Additional Bonds, there shall be deposited in the �
�'.,e� . �.�. .
-: Reserve Fund, from the proceeds of the Additional Bonds
' ;:� �
, �
'>i or from other available sources, an amount such that �
� �!
�2 ;3 upon the issuance of the Additional Bonds, the amount
i
2 �
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v � � c..� )..i• t t � , r..x��t't-' a L i� .;�. i i .�" z �•P .-y-f. ut�f 'StSF�M
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to ��'•� i. �-n a ir �'-s�� K��.� �r k,�c�Ft� .1 �r � s ,r�L 1Nf
, a.� t ..� �.`� < t ,:,�.�F Y:K k� � �t, ra' �7£�1 _Q'�''� ���.a��m��r�..,x��J+1< �,..'
.k��'.�tu. w��._.J� 'u.•. i..c�..,..:...�YF �.r6� . . . _.^._.�. . .
;� ..
on deposit in the Reserve Fund is equal to the Reserve
�._ ..
i-"•-` Eund Requirement with respect to all Bonds Outstanding
j�=:'.
� afCer the issuance of such Additional Bonds;
�r alternatively, the County may agree to fund the Reserve
��
z y .� Eund Requirement pursuant to Section 5B hereof (i.e.
�-,•:.
�� ,
� +; over 36 months).
+�' n
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� � (4) The Board shall have adopted a resolution
� "� .
��,` supplemental hereto providing for the issuance of the
��� .'
��,°! Additional Bonds in conformity with the provisions
''�:a,:'::;
a'+,r,_.,;_..
.�::ti.�:::,�`. .
��;v�;,,;: hereof, providing £or the details and particulars of
��� the Additional Bonds, which shall not be inconsistent
��,,_,:, -
� � �
�^''E ` herewith, and providing for payment thereof from the •
��.�,-•-��
.�`` " Pledged Revenues in a manner similar to that provided
�<�x�. �
r�* �� in Section 5B hereof. Such Additional Bonds shall be
:�
ry:, _; fully registered to the extent then required by law.
�r;='"', -
`,µ��`:'�; (5) The County shall have been provided an
� �c�. opinion of nationally recognized bond counsel to the
}��� effect that the issuance o£ the Additional Bonds will
y � G':
'9,.�; � =�:
not adversely affect the tax-exempt status of interest
"�i
�,'t " on any Sonds theretofore issued.
� �:i ;
�,,,r'9 (6) The County shall certify (based on an audit �':'
.,_,.;�:;•`::) '+
r;,��,��
:�:�::..
z_.„.•, o£ the Pledged Revenues} that the Pledged Revenues
%.`<9r
�'��;, (exclusive of those Pledged Revenues deposited in the
�
�' Aspen Lease Account if the Lease is no longer in
�.�;
effect) for a 12-month period within the previous
�" 'j twenty-four (24) months preceding the date o£ issuance
�}
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�rk � <n.t 1 -.. J?Xi"1' � .
.'i�Yl'��.�����2��`��R IS¢t � �p l .f �ti.y! �pa u �r�i� rry•���S�s �,�-yi,{( � .y }.�� Y��'V �j. .
`t� ti� 4�y�#r� k,-�T'!�,y j;�x�' �h'jS 4 f t�,�:. �� i..�i�r 3cY��`�tr tti �,�^ j1�L a� ��`��4 �l�;_�
.: y,�, ,- �y �, ,,j,y-y�,
.,. �re
�v�F.�iC�.�.�1�"9��7,�''���F!!^'Y�k�.: ,�: �S� '����..c::��..:� liia:.:.!-Il'..�a����euz�' _.,x�:S'iw{1!�.n!`�,t_.c.'JFi l.ir.wt =
.:�.�� { ��;
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'�
�•;'� of the Additional Bonds being issued were equal to at
�,1..
least one hundred thirty percent {130%) oE the maximum
��fi''
i::`; annual Debt Service Requirements on the Bonds to be
7fi::i ; ,
r .-�
� Outstanding a£ter the issuance of the Additional Bonds E r'
�--F°� (including the Rdditional Bonds to be issued). �;: �..
.x_,
i��_ � .
.r.= (7) All required County approvals with respect to
�`
¢... �`,
Ir°=`- the issuance o£ such Additional Bonds shall have ; .
u--i
�:'::T
' '•` occuzred, including any elections, if then required,
,�..,,
*:�:c�.
i.;,:,�
t:.tt:,�; and the County shall provide the Trustee with an
i-';�'
��'� o inion of nationall reco nized bond counsel to the
r'.�,� P Y g
':�,�
j�'�=� a£fect that the Additional Bonds have been validly
,f''.='_� .
�.�'; issued by the County. •
-,;r<,:
- x�'"��< N. Subordinate Indebtedness. The County may, . from
.r,.,-+-:s:
... . �z:,�-',` .
- -- time to time, incur or issue subordinate indebtedness,
�' "� � secured by the Pledged Revenues (but not £rom the Pledged
. 1�1::::�. . .
�•�`� Revenues derived from the Lease) by a lien thereon
�';:;;
t3=•�,s;� subordinate to the lien thereon o£ the Bonds. The
��,
r;•,,;_
f:;'>',�: incurrence or issuance of any subordinate indebtedness is
- subject to the following limitations: _'- r-
t*
4�' (1) Subordinate indebtedness may only be incurred ; '~
�t -; ,
,�,;i r
,;7,_:•., or issue d to provi de fina n c i n g f o r c a p i t a l i m p r o v e m e n t s '
,�„ , ,
��^� or to refund one or more series of Bonds or subordinate
;
T���'��?•` indebtedness in whole, and such capital improvements �
4� '' };
'` '�` shall be a proper use for moneys in a county capital
.5:, �.
'+� '�" improvement trust fund.
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v � �� . .�a i ��... .� �rT��i: �L �,f �-, �J' '.+ �F ik�k h�� :
v��i�'°Ft��'�y'�,9��i�'3�p�� ,�+fUa` � �l`` tt�r 1 n 4��SSr �«: ��� 4 S �`�a J! at
y .c ,� ��, 3��y�2rj h.f I�j�S.S�G,-+�ci�F,��.5�1 � t)tk�+ zct �'�C. . � tiF' s t�{H3�:�� �
�.NT ey NJ .1.�'y r'�1i.�,,iF. 1 iY��"�9�ds� ��f.��; �}�f"e '4"��i t � .� �rxx�Sf^�'r�rfl1 �(�k .
......�k:...�'�"S�te°7?�%�i�A��§��x'L'�: .. �'31�J����.u....,..,...�l�°�.....+..nk-r*n _ �e-r•�-,.nt r,- ...-,e...v..... . _ ., ...
I
. Y�r (2) At the time of incurrence or issuance o£ the
,; _` .��
?,_;':'` subordinate indebtedness, the County shall not be in
�
� default with respect to any of its obligations
,u
� I�
hereunder. � ,,
'f" (3) The County shall certify (based on an audit
� �:�
of the Pledged Revenues) that the Pledged Revenues '
r�YYu
�M�'��=:= (exclusive of those Pledged Revenues deposited in the
tr'.�'�
:°r�.''�:.'::'_', Aspen Lease Account if tlze Lease is no longer in
;s�:r�d=:;
'�:��:;r�: effect) for a 12-month period within the previous
i.ti,;;�:; .
-��n...�-.
j'.±�;;�.;. twenty-four (24) months preceding the date of
se_,>.. . ..
��'y':,
,1:-3<--,-, ir.currence or issuance of the subordinate indebtedness _
1`v'
� r'' beinq incurred or issued were equal to at least one
- �-"'` hundred pezcent (100%) of the maximum annual Debt
s,��u:
�?:`;�� Service Requirements on the Bonds Outstanding and all
�"�•�''' subordinate indebtedness (including the suborc3inate
�;
� ::,:�:
'��`'' ,I'� indebtedness to be incurred or issued).
i
� a
� �'' Section 7. Defeasance.
: zkn�-*r3
�� ��
Y ;
° ' When all of the Debt Service Requirements of the Bonds -.
�'e, - �.
have been duly paid, a11 obligations hereunder shall thereby
�;;+';``;. be discharged and the. Bonds shall no longer be deemed to be
�
� Outstanding. There sha11 be deemed to be such due payment `
;
� �ti
{"� i ' when the County has placed in escrow or in trust with the
M7n
,...�
�xt'`''��� Trustee, moneys or Federal Securities in an amount
�"*�"'`` sufficient includin the known minimum ield available for
r�;�.._ ( B Y �
� ':
' � such purpose £rom Federal Securities in which such amount �
,�
4 �.::
��,..<� wholly or in part may be initia2ly invested) to meet all
�y
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� :1`"y2���'�'����'{�� �I��`+. 11e.4 �s�3 1�p� �°�.Er�a�'�� � y +��y'� �S�yJ �� }y �s ,=�y` �€��`
� � � 4'¢r "��'''Y "E � f,�'�#t 1"y'l� �•1x f�t ( .�1���� � �S. r' •� �� g� i�`���} �
c��r��.7ti .�►�}x y�{T[r.. hdr�;ikt.'��„y,r�r+�i}y�,rt t K.•} ,F�i �,��'Y .zlW4`ti�i�� �`,[ '��
� s . J r� �,` .��uyt-y � ic^y +�a� 'i� x� %7 �• Rt✓`tfi i ��: e r�-(i.
Ty.�- S 4 ��,�(� �a�l�csferc,..� � ....
•..vf .CvL.r�_ � �I.X..Fk��13itl.t%u r�N�J:�di'°P Y�I. _.,�1�!^ J .. �l JP.
..��.:: ,..;.,�,.�_ ,_ .,. _.._ ``..�3; ,... . ..,
,. ,•,
�` � .
,� Debt Service Requirements of the Bonds, as the same become
< `' .-.� due to the final maturities of the Bonds or upon any
�.. ..
#.iS`:.�_.
' - Redemption Aate as to which the County shall have exercised
�;`��<";�`:-
�r'�N,' � or shall have obligated itself to exercise its prior .
.�. > �'`
,�,, redemption option by a call of Bonds for payment then. The . �'
R:.: •
�= r'
� ';'. Eederal Securities shall become due prior to the respective
.T?'?-='��
���-"��s times at which the proceeds thereof shall be needed, in
4'Sr�
�:�:;"::,.;
�h.',,,�;;y:;: accordance with a schedule established and agreed upon
�,r, r
`Y .� between the County and the Trustee at the time of the
t'��:r,,;,,.
�`,:_� creation of the esc.row or trust, or the Eederal Securities
s ,
y 3. !
s� �_:� shall be subject to redemption at the option of the holder
g t
_ '• F��.��?-'` '"t thereof to assure suth availabiZity as so needed to meet
�:'�-i'.�; . .
y�`y� ` such schedule. Upon such defeasance, any moneys held by the
v ` , _
}� Trustee hereunder (if any) shall, unless required for such
:-�r,::c.:-_::
� '"� ' defeasance, revert to the County, and the Trustee shall
k � �'
4� _, .
Z deliver the same to the County. Any moneys held by the
�'�YS�r�
ro'�'��c.�;
:R;;,�,�;•;;, County in the Aspen Lease Account held by the CounCy, unless
' '°�:'J"n, .
_ required for such defeasance, shall revert to the City, and ry;
_ - c
the County shall deliver the same Co the City.
k �} � Section 8. Default Provisions and Remedies oE Trustee
':�`_;�:��
�" �-f` and Bondholders. ' �
G�'�.''�" ;
�_ ''�i A. Defaults; Events of Default. I£ any of the
_..: r':
+ .� „ followi.ng events occur, it is hereby declared to constitute Fyy�
1� ;.�;. �i'_
F
;":::,;;=,r'::' an "Event of Default":
�it �,� -
�, (a) Default in the due and punctual payment of
�
.zi,?,-;,:'•• interest on any Sond;
i�
� ;
�A ;�= —48— e,':
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:�+y�
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;�:�. :>; _.a.a...w
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� Y..
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" - it ft�.' SI �V �(T1 h � t� w` y+i � ��/'y��.
�� sm�` �1�;',,ti'+ K+r � ti* s4� y ; �j r�x t:• '' ;.�s� h �)'{ � t ��l' S��
f`���J rl +1�l1�'@' '�i j„+�xY �5� X J Y�A�./f 1•� y t '1 � ,y,�5—ti�J A�;
- j�' �� � �v �„ •,^j �,� r..(;.-�� t r4 r+3 s1:"* � .*:r + ��d .
� a.�.^�445,�1.:}��7a�'�4� � t'hify�� ���r^h'a7 ��a? ��' � �yj�tt �}��r� k�i`+5. +� r yjd't�`k;it �#r �t�a 't .
/:r- .. J 7F: �rYf !W1� "`�'k�ETd�'/ ,��)�,a �.��..My'� . .� __ . . .. �— �- •
'I � /����.�...�. FlY d.,...il'...,.._S��r-+� r .
....,x "Y�t..�.-.•�' Y 3�ik�:+3TRtaFUx�.iil4tM oa-x -.:L�L � �
�
'i,��_�'��..:'�';! . .
I, (b) Default in the due and punctual payment of
�_r '..i
,r;;:;,. the principal of or premium, if any, on any Bond, �
{. .
,,. whether at the stated maturity thereof, or upon
�+.,:�_ proceedings for redemption thereof, or upon the �...�'..
C,1 ,, �
�,,,, ; maturity thereof by declaration; or
,�} F.
k�'^-r��': 'f
-r*`.,,,
�:',�,:. (c) Default in the performance or observance of -
�=�.'i��
����
�'';r-�. any other of the covenants, agreements or conditions on
!<��:,.�.:.
��T;;,_,
�'��'``'' the part of the County in this Resolution or in the
b.�M1Y
��:s;
#r;`� Bonds contained and failure to remedy the same after
4 a:
�:4,.;,.
�����
,�.:,.� notice thereo£pursuant to Section 8H hereof.
'i`ar?+'
�:.::�
,-��. B. Remedies- Rights of Bondholders. Upon the
{.:�i —
't;".y,;
`'�3:=� occurrence of an Event of Default, the Trustee may pursue
�. any available remedy at law or in equity� to enforce the
Y�.:
y : payment of the principal of, premium, if any, and interest
r•,� . '
��`'' on the Outstanding Bonds.
�;..::<.
0.,��s''
%=�� '` If an Event of Default shall have occurred and be
�,..
;;;�:'
• �x"` continuing and if requested to do so by the Holders of not .
. o:._ _>_
Y::F,�,
•,h
- less than twenty-five percent (25%) in aggregate principal f
_ amount of Outstanding Bonds and providing indemnification is
�r=�' furnished as set forth in Section 9A(1) hereof, the Trustee �
�.;�..
shall be obligated to exercise such one or more of the �
�.
`Cv
�i rights and powers conferred by this Section 8B hereof, as
Pz
the Trustee, being advised by counsel, shall deem most
;;��t -
!:= expedient in the interests of the Bondholders.
3'"�: No remedy by the terms of this Resolution conferred
�'. upon or reserved to the Trustee (or to the Bondholders) is
`�.`-' . --
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� r
r� • t:
�¢
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�
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a1�.tr�'a�.� � �
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T7'e: „;�" >i r �t �'>, .,��Y iy�"'.P'� ," � �:� .
K�,.'itid+lCcx. 1. �'t' « �f ,s�r �, s � ap
��c+� �,�y�.•,�,��� ;r•. ! �:a: ?���d`�h` .�....J:111'Z::F_.i�:.�w��t.eardwto�d�p'��,-.Y.�1�+_'S'�Y�.xaw�.�`+ ..��..�.�t._..JY. � .
� �`;�:, .
�.i
� � intended to be exclusive of any other remedy, but each and
i<;�
�'' every such remedy shall be cumulative and shall be in
.:�:'�
�� actdition to any other remedy given to the Trustee or to the
�=� Bondholders hereunder or now oz hereafter existing at law or .
�.�`�
_ in equf ty. _
�,�
M' No delay or omission to exercise any right or power � :',
�:.
��.+ accruing upon an Event o£ Default shall impair any such �
�t �
�! 7
l:�:� right or power or shall be construed to be a waiver of any ;
;�
�`' such Event of Default or acquiescence therein; such right or
}�: .
s':_p;
¢;�^, power may be exercised from time to time as often as may be
�,...:
.�_
�.�� deemed expedient.
;t-.;-
�'':�; No waiver of an Event of Default hereunder, whether by •
t��; '
� the Trustee or by the Bondholders, shall extend to or shall
`�:�,
��;; affect any subsequent Event of Default or shall impair any
r��: rights or zemedies consequent thereon.
;�.:
:<�;'
`•`°�` C. Right of Bondholders to Direct Proceedings.
� =
r `.�
�4�;: Anything in this Resolution to the contrary notwithstandinq,
,�,.4:.
� ^'�'� the holders oE a majority in aggregate principal amoiznt of
�::;:.�
,: .�__ .
" the Outstandinq Bonds sha11 have the right, at any time, by
�:-
_ - an instrument or instruments in writing executed and -
�r 'Y' delivered to the Trustee, to direct the method and place of �
� ;r..��.>; ;-� .
:��f;:, conducting all proceedings to be taken in connection with :j
:*+x;: y.
Q:`^`t_ f `
t`:`,.`_
the enforcement of the �erms and conditions o£ this s
Resolution, provided that such direction shall not be `
_ otherwise than in accordance with the provisions of law and
••'.��i=�
�"�`�'� of this Resolution.
� �:
F. !; -50-
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`,.' .
k' .
�
�
'' D. Remedies Vested in the Trustee. All rights o£
4
+:-:. j action (including the right to file proof of claims) under
!,> .:.�
�� �:� this Resolution or under any of the Bonds may be enforced by
� the Trustee without the possession of any of the Bonds or >;.�'
�� i .
N the production thereof in any trial or other proceeding �
,--� , relating thereto, any such suit or proceeding instituted by � �
! ' � .
l'�`` ;j the Trustee shall be brought in its name as the Trustee
ia
,....,i �
I�y`' without the necessity of joining as plaintiffs or defendants
l;.:;'�::;
3V�";., any holders of the Bonds, and any recovery of judgment shali
,-;.
'.�i.:��Kv_
�'�"-:�? be for the equal and ratable benefit of the .holders of the
i?�s-'
>:r:�:
�"'� Outstandin �onds.
F:r�; 5
K+n'^" ..
'"'' E. Rights and Remedies o£ Bondholders. No Holder oE
,�'<. .
TA"..
�:'.�
_ - any Bond sha12 have any right to institute any suit, action
- 7r-�3 or proceeding at law or in equity for the enforcement of
r-�;,
Ylr.y:,
�v�f� this Resolution or £or the execution of any trust hereof or
� :.
for any other remedy hereun@er, unless (i) a Default has
�.,:
�,;,.'` occurred of which Trustee has been notified as provided in
.;j>
4:':>>; Sec±ion 9A(h) hereof, or of which by said subsection it is
. �� :
� deemed to have notice, (ii) the holders of not� less than '
Y�-
twenty-five percent (25%) in aggregate principal amount o£ '',
��+=' Outstanding Bonds s11a11 have made written request to the
xc:i;i
��=�`` Trustee and sha11 have o£fered it reasonable opportunity -
;�'"+�" - either to roceed to exercise the ";
G.,�r p powers hereinbefore
r��
qranted or to institute such action, suit or proceeding in � `
,,,;:
'��`�`' their own name or names and the have offered to the Trustee
,.:.:>�; Y
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' ,w�v �,��r3;�' itie5�'��'�N' � �).��'� � . �s Ij+., 'f�i� 1) aPi'���.,J�.�-5����t ,-.�� '{,1.�.4F�k.�x Y9i�;�EF'4,.�p
�l'' y
�;sxx�''!�!;T,j1"��fi� '�3� i�...�.,�'64�I�t�k�k,�tv:r�..4�:�h��:.fY._...t�::+i.i,..�d:�.*armk'�IANwtaK?s��`ii ,�*r..... .,.ly;iiT�:' .�yy n 5
��
air .�r..
�.'.
` ..
;_.'� -
indemnity as provided in Section 9A(1), and (iii} the
4
t Trustee shall thereafter fail or refuse to exercise the
�=�`- - powers hereinbefore granted, or to institute such action,
.�3^'"
tx`'�`` � f, suit or proceeding in its own name within a reasonable
;�::_
� I
time. Such notification, request and offer of indemnity are
� : l
! hereby declared in every case at the option of the Trustee
� w.� t ' �`;,
�}-c� , '� to be conditions precedent to the execution of the powers � ;
.� s
f"; t and trusts of this Resolution, and to any action or cause of
� r
6 W+��_.�.�.
•' �+ action for the enforcement of this Resolution, or for the
� ���;!',
�:�a�,
�7R��.�'%':��' appointment of a receiver or for any other remedy hereunder;
4!�^;�':'i�.3..;? .
f'(niY:;�:�
���i:;'.._•'•'
;,,,;;v�:,,,y; it being understood and intended that no one or more holders
�MY N'';�: .
'', of the Bonds shall have any right in any manner whatsoever .
a•__ �`�
' '--'':� to affect, disturb or prejudice the lien of this Resolution
�� f� by its, his, her or their action or to enforce any right
t`, _
� " hereunder except in the manner herein provided; and that all
t ' .,i
i, proceedings at law or in equity sha12 be instituted, had and
i
� ` �� maintained in the manner herein provided and for the equal
r,,,:
a
�„� � + and ratable benefit of the Holders of all Outstanding
��.., _,.��..�,..;i �
�,� Bonds. However, nothing contained in this Resolution shall .
. ,� g
;�� affect or impair the right of any Bondholder to enforce the
4 :
u} ;: =' payment of the principal of, premium, if any, and interest
: :i
� `?=�i on any Bond at and after the maturity thereof, or the
R ' �
� 1;
���`�R obligation of the County to pay the principal of, premium,
�; .,,,wy,:
� f� if any, and interest on each of the Bonds issued hereunder "
_ �
-�;::� to the respective holders thereof at the time, place, from ii
r�
tx, ..,''...� the source and in the manner expressed in the Bonds. �.:
� ;_ :: �
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ff �
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.
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9 y�"���c� . ' '
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� .�Y.'S� 'W6n��',.i(�aiiN�l1�J!�e'!�L . :11.�K � 1:{ �1�+.+.YAR6��Yi'�.F�f'YtiY.� ,�� ,'1`:c��..,�T�Y'�..kK"_1i�'i+�.�k ._.._..-u.:iLN�r'kf��.
S~
.� �:. .
';'� F. Termination of Proceedinqs. In case the Tx-ustee
L �� shall have proceeded to enforce any right under this
iY
''JJ Resolution, and such proceedings sha11 have been
:�r,'��..-:,'�
iS:.',
"�-::'� discontinued or abandoned� for any reason, or shall have been
�,E determined adversely, then and in every such case, the 3' �
��x='� County, the Trustee and the Bondholders shall be restored to
�X.::
�' : their former positions and rights hereunder, respectively,
,�iYy- with regard to the property subject to this Resolution, and '{: �
• t..
��Y,";"r�> e.
�;t..r,..':
�,�,.�,:,, all rights, remedies and powers of the Trustee shall
�..r:,..
;�:,_�I�
�i��;�.; continue as if no such proceedings had been taken.
s.�:'�-s
4�',pt�, � . .
-�:t� G. Waivers of Events of Default. The Trustee may,
�!A_;;"
�h.:'�
�:,����y , at its discretion, waive any Event of Default hereunder and
J.:-�:-�a
�~ ``�_j its consequences and rescind any declaration of acceleration
`I
`-: � , of principal, and, notwithstanding anything to the contrary
'" ru +:�
.�} in Section 8B hereof, shall do so upon the written request
t���-:::�:'
;,r,�;, , of the holders of (i) more than sixty-six and two-thirds
i
percent (66-2/3%) in aggregate principal amount of a11
� ; i
�-. ,rY Outstanding Bonds in respect of which De£ault in the payment
...,-..: .
�x��;:
.� �'°'''" of principal or interest, or both, exists or ii more than
?w,r:__ ( )
;�;;;
_ sixty-six and two-thirds percent (66-2/3%) in aggregate
principal amount of all 0utstanding Bonds in the case of any "�'
Et':?'•
�=;'�;;'''= other Default; provided, however, that there shall not be
�,_:';::-:
z �:
r`+�NFti; waived any Event of Default in the payment of the principal
�',^?�:'.
r`�`r.'t'ri;•;a; o£ or interest on any Outstanding Bonds unless prior to such ::
� waiver or rescission, a].1 arrears o£ principal and interest . �s�,
� � x
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� ti "�{:��1�.'>�.�" '�� . � �-o�
�. �. r.?''�'r� � wa �t +6 S�S Y �3 r � �t, x -'f.� �M4? :. -- �c'i '��' :.
a-�1a; ta E�,,.r; K� l.A .:� ,,f"+� 6��
;�ei�ui$3l�e'��?w"����4k;�:�set,�.r...;�.u,r...a..::�.��,Ii.W,�r�r5i�a�.attn�+'k�2t�4t�a�ti�."n�:�itre, . �.�r.`:�� ti-..avk
._.._..l:.a��T��..'
5��
�i �
� �
;1
�:;j and all expenses of the Trustee in connection with such
!,z
�;;� Event of De£ault shall have been paid or provided for. In
ir,� case of any such waiver or rescission, then and in every
;r•I
;`�� such case the County, the Trustee and the Bondholders shall ' •
�,: .
,.; be restored to their former positions and rights hereunder, �
,�} }
�'"`; respectively, but no such waiver or rescission shall extend
�: �
f�` to any subsequent or other Default, or impair any right
fi._
��; consequent thereon. r
:a:a t
�`'`' Oppor-
t�,;; A. Notice of Defaults Under Section $A(c);
':�a:
�^` tunitv of the Countv to Cure Such Defaults. An thin
�,s;•; Y 4
��;
g�•.
��_: herein to the contzary notwithstanding, no Defaul� under
��%:;; �
:r=i;`� Section 8A{c) hereof shall constitute an Event of Default •
��.
- :. `� �F'� until actuaZ notice of such Default by registered or
i-�;��:;
. :4t,:_�.,
'_ certified mail sha11 be given to the County by the Trustee
�- ,
or by the holders of not less than twenty-five percent (25%)
�
it;;�'`' in aggregate principal amount of all Outstanding Bonds and �
a�'t-:
'+:i�'z�r the County shall have had thirty (30) days after receipt o£
, #^�:3'%� -
�y:..'�.�,, ,
s".�;.,_� such notice to correct said Default or cause sazd De£ault to
be corrected, and shall not have corrected said Default or
`� �`� caused said Default to be corrected wzthin the applicable "
�� � x�
;.. ,, r.: period; provided, however, i£ said DeEaulfi be such that it
�`.v;'�i: cannot be corrected within the applicable period, it shall
�_;;,�.�
P?J �" not constitute an Event of De£ault if corrective action is
;:;_.,:,.;;;;w
' ��� ' instituted by the County within the applicable period and �
�,�,', �
�' diligently pursued until the Default is corrected.
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, _ � �
� �v.., .n '�'. S� a�?"�? � l±�a' ':flca+r�"eY�}����5 f�Ji;y�'G'���..f�s fy�,���.�4Y�{S �,{y.��7sii�t�x`.yy+�,�7� .:
..."..:.';�irr.6+Fti� .y.��tr�i."�r.,rk. ..w.,...���;i:�_� 1�::.�.'�'S�IiR�Y{q�:-aiY+��+tw.�wa'�..a+.,:+Z.ct..h�d.:...-'�.w.
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�•� Section 9. Concerninq the Trustee.
��'' A. Acceptance of Trusts. The Trustee hereby accepts
t.�'.
�=:�,�
>k"`:` the trusts imposed upon it by this Resolution, and agrees to
k -1
F `� perform said trusts, but only upon and subject to the f.'•
ir:�.,�
�x -� following express terms and conditions: .
�'` _� (a) The Trustee, prior to the occurrence of an �
t,R,. � ,
> N•� Event of Default and after the curinq of all Events of �
�'�;; •
�<:.�-�:,1 "
�.;�:::.;•.f Default which may have occurred, undertakes to perform
��:=''_;
y�`�`�'':-' such duties and only such duties as are specifically
�`i-�i`�
d.;;:,_=;
s°?'�'� set forth in this Resolution. In case an Event of
Y:.:•
t�.:.�>u:
��f'ni;,�.:�
��':<'= Default has occurred (which has not been cured or
��x:
ir�tY
�•=��:�- waived), the Trustee shall exercise such of the rights �
6�
�a : and powers vested in it by this Resolution, and use the ;
� �4`
;, same degree of care and skill in the exercise of such
- � rights and powers as an ordinary, prudent trustee would
�ly 1•'
�^_._.i exercise or use under a corporate mortgage.
�`.� .° b The Trustee ma execute an of the trusts or
i.:�;a,; � ) Y Y
L, ; '
� powers hereof and perform any of its duties by or '
. { .
: �Ma.,Z:, i .
' . �': through attorneys, agents, receivers or employees, but
',.,;� sha11 be answerable for the conduct of the same in ay
,r r accordance with the standard specified above, and shall {
�i .:
` be entitled to advice o£ counsel concerning its duties
;�,;;�.:,:
�� ' �
`�*�'�.<• hereunder, and may in all cases pay such reasonable
G'�'" _ ,
f� �
k
� compensation to all such attorneys, agents, receivers
� Y
F and employees as may reasonably be employed in �
'a"�
r y _
4 fi� ,
�n,�r
l,:
. -55-
� ``
���Y}:i �
��• .. _ ,-n..t....�.......�....-- ___". '_"� .
�t'+"..,T"" R«..wKw�`Tx..m�r.'ti�%+:a•C�?r:�n.Vy_:!:�cr�. r;..`:.. r�.,h�.•i�. ... :.i<r,��-r.-:-�e�v4 -I k�',:.0
„y�y ti
t�p�� _ . . .. . `- - .
��y�
tA��� il
r.�r,�'M, ;, ' .
{t: ? . . •�
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:��:
;�yu::_ 4 ,
d.�t ':�,-i'�-� . . . ...
"4;t ' ...`{ . . � _ �
'{ �.. "
s
'�,..` :
.�:;,�.tF;='�;'� �
�`�':'��'-;:
..�rd�fWti_t,�i _
�, �v}
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� �s ���� ' � .
�t �
: ����s K�� I
�:,���
�`� r•J
� '.`.'t��� . Y ..
�:�1'�'e' �
.. r�`ar�mM �Y��s"{r�()' ��,r,�''"ti`i . i ! t� ��„ t�.1Ft r �K t� ��
{��.t } �}��ufy7'yy����. t�*��i�T��r�`71. 5 '�'�r�i�� � ��":.l ''�i t�i��y�i � �+ �kt': � .:i M���-ya�.!. -;
nd�iL��[�V-1!� 4 �f/r ) F :`T x :r.� ry'y �p Y� "f•�.(�"�g]t j_,
tm'�.��J.� . •�R��N�����F^3stiUi ���ir{I:.iii �"�'�` �+qa+M'vs'�q�..r wr.S./.���YiWCC✓'�3�4��'•�'
.� - ,��� �����`.
�
�;yj;',;' connection with the trusts hereof. The Trustee may act
1ri�;3._`;.
:s�.�.
,,_�E::. upon the opinion or advice of any attorney (who may be
""��'�' the attorney or attorneys for the County) approved by
u�..;
,�:;si:y:;•.
�+< : the Trustee in the exercise of reasonable care. The
�.� ..
°�x ` Trustee sha11 not be responsible for any loss or damage
.��� :
� ; r
� _ resulting from any action or inaction in good faith in
4�`��� reliance upon such opinion or advice.
�t`.r:y.'.
� '':
����.,�: {c) The Trustee shall not be responsible for any `
�'
j=�t�;:� recital herein or in the $onds (except with respect to
R�j`���+•il
i:11v�
�,�� the certificate of the Trustee endorsed on the Bonds),
;!S=x,:
M..,,,.:.,
�ai;�-f.,;
�;,-;�,.;`;;: or for the validity of the adoption by the County of
�-ck j
��*� �! this Resolution or of any supplements hereto or . ,"
� `
- � instruments of further assurance, or for the
�
.�� -
, : .
r� ;: suf£iciency of the security for the Bonds issued
.�.r,,,,�,� .
� . +.�� hereunder or intended to be secured hereby, and the
, ,
"'>-�z�==`;'�
j ," �,� Trustee shall not be bound to ascertain or inquire as
� � to the per£ormance or observance of any covenants, ��
t{ �����
i� ' conditions or agreements on the part of the County,
fi Y .
� � except as hereinafter set forth; but the Trustee may
� f �.
�` � require of the County £ull information and advice as to
�:.is .��
N`� 'ti � the performance of the covenants, conditions and
s:.,
:';j���:i°r, �
agreements a£oresaid and as to the condition of the
�r�`��'`?'�r;�::
P+ r3,r���- Project.
ar�
ti�^.�4,;;: (d) The Trustee shall not be accountable foz the
�� � �'" use o£ any Bonds authenticated or delivered hereunder.
,� , ,.
;t �` �
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t f.^„ y�_
14��"� ..__'._'_. .. .u.�t ' .-,'r,3.tna+.tc�'swj.Y4.yti:G'.rx+,:��,+:>:�:ww.�...»..,.»�+�-+._�- ___...._—_.�..,...
�� " �'�.WAMkiN:M.c,Y.4Yt.W�r��wuu ..... �n�.,,�,!„n« .
p?,lP..� �.: . . _ . . . . �
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� �.wa`. . - . . .
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.■.�a .
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�'d �„K . �� . .
i
k� . y � � � - . � � � � .
-a:'a"+°��t., .
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. ;>,-.:::i�<..:.:� . ..
6 ' '
_ ��iis�fi���-�;� . - � .
i�1'�.TU�� .
^f�-��� .
. ;wF��;.�`is �
,y�`,�" �
, �'���ry�,t� �.
a,y
r.�•",�`..?¢�1
r.•,
:�.�;'' �
':{;,
...rn C,n+,�t�;���'-'ti�rr��ta �7 sn y1��-' � ° , .t �it C.i?f t ��t�F'�'G�� --7 � .�. .. .
'�j.�( � a� �-'(��'+�i��6�.,j�iY�.���S t�....�-.,,tx��r..,� �""�{ i�y",,"� ;� ;� �L�h�� i i.�s.�� .y��`a x:�v,�� ���tk'a.1ry,:.
�� ,t t tic.,;�..�..a-.._r.. y
,..n�sr�n�..:::i'd.T.,..d.:ds4�,srkNh�.�t�Cf'�'i. . . �'��.t.�'�s.�CM:d;s".A!+.i... x�..�:.i+�otE+=,>....:`.,.Y}.�"i�k.s�.:—ti.�
i. `` _ �':''t`.
;,�
t;_;.:.� The Trustee may become the owner of Bonds secured
�;y„�
�,:'Ij::�� hereby and may otherwise deal with the County with the
i;r�,,, same rights which it would have if it were not the
U,;:::. .
Trustee.
x
��?•.`':
3i-��.1 (eJ The Trustee sha11 be protected in acting upon
� �
a,.. any notice, request, consent, certificate, order, �
°��r.��,_� �t
G�.-j ,
i"�''>'� a£fidavit, Letter, telegram or other paper or document �
�i:n ,; .
�,^"� believed to be genuine and correct and to have been
�::;�
`?«;
}'"=�':� signed or sent by the proper person or persons. Any
�::,s�i:
Y•'.�-.'y�: .
f"'`'�` action taken b the Trustee ursuant to this Resolution
�'?:�:�: Y P
rv•.-
�'.:;i,_�;
���" upon the request or authority or consent of any person
�: .
y .,
��.x': i
,,,y..�,. who at the tzme of making such request or giving such
' � .' authority or consent is the owner of any Bond shall be
r;�-,,,:;
�:
y :: conclusive and binding upon all future owners of the
�.:;_�,:;,::
' : same Bond and upon Bonds issued in exchange therefor or
t .,
�'.`
s '� in place thereof.
��y � (f) As to the existence or nonexistence of any
P "":
��.x,?�.;:2.:t:.
r�;;;1;�^�� fact or as to the sufficiency or validity of any
� �
� instrument, paper or proceeding, the Trustee shall be
�:,,
` �;� 'j entitled to rely upon a certificate signed by �:M'
�r,;-_,, t�
.yti}'_�,1 authorized ofFicers of the County as sufficient
r�,��; evidence of the facts therein contained and prior to
� � re
�' �`''�' the occurrence of a Default oE which the Trustee has
,-�;;;;:.,s' ;;
�,._.�<J :1� been notified as provided in Section 9A(h) hereo£, or �
. �� '
+ �y� of which by Section 9A(h) it is deemed to have notice, �`
� �.
��.5 � (!{�
3°�y' i F �
x• ::,��� �:
� ' ;.:
�'t �'.
F`�",�..,,,,,.;� ^57- �
:€���'':`;: i
4.:f.., -::�;;
r� `"'�.�,�'�
��
,�"��,
��� !
���,��` ._. ____�.___..�-....�>.� r�. �,.•:.: ,�,., �� t� _,�.. ,.....� ...�...e........------_ _
�....,. �..�... „«. �.w 1�:>:: —.,...,.
� �,r� .�.. � .
��� �
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��� v� : �
� .� . : .
� .T
` -e 4
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t,� J
( i �
$ '�� i . ..
(f+��l�; �- .
. d.°'c•'�'i�.'n'�.i
y'��{?
N ,,�
Y aAYt*';4�-;y .
,,�,��"
� $1���,t� .
1�„�'�qrti�
+. a;�r''.X� .
t�'.�' "
�'��
�-.'t�.:a''�ua�;w�3
�' - `;•.'J
, .,
4i�',' -
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� � ,..�.�.....�... .,.w�..��.,�'..,,.__,..b�w..._...___
. . �i�S.µ;,
, ��.:�:y'�.
[..::.
:-� F�'�,� �
i t, .
;,. � may also accept a simiZar certificate to the effect
that any particular dealing, transaction or action
};:;�-
y.:-, under this Resolution i� necessary or expedient, but
�=`��<� may at its discretion secure such further evidence
kn�•.
i�,;�:' deemed by it to be necessary or advisable, but shall in �. ••
�s:,
��'` no case be bound to secure the same. The Trustee ma
?::ti y
�` accept a certificate of such officials of the County
t'�r��� � ;.
t�' � who executed the Bonds (or their successors in office)
' M .
1�=.�_
.��: under the seal of the County to the ef£ect that a ;
��;:
'�!':� resolution in the form therein set forth has been
i-n;;�
1''"y�
.?r,;., adopted by the County as conclusive evidence that such
��::;.
��:�:: resoiution has been duly adopted and is in ful.l force .
���
,;�; and ef£ect.
;�`�>�-
^'?`.'�V (g) The permissive right of the Trustee to do
" � '�`;
r��;� things enumerated in this Resolution shall not be
`=�"�� construed as a duty, and the Trustee shall not be
G`s,:
�a'�;;.::.�;;
•"`'•" answerable for other than its ne Li ence or wi2lfu.t
�.:a 4 4
a �
+ ,� default.
t, .
l,�e� (h) The Trustee shall not be required to take
it,>. ��
,_t�'�i
i notice or be deemed to have notice of any Default
�,=<,M? .
i hereunder except failure by the County to make or cause 4 €�
i
��;;;'�,� to be made any of the payments to Trustee re ired to
4u
� �+ fi
t- be made by Section 5 hereof or failure by the County to � .
''zr±` �:
,�;k..
�� file with the Trustee any document required by this
� : i.
' � ,
; Resolution to be so filed subsequent to the issuance of
,,.�-c•:
�_t�e-.�
�-:
c
r�y
��
Fc���.a�:� �58
T` ..,:I
. Ts �� - .��';
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4r —^+.�«,»�ee�::cwac�ar,�i.aw.w.w...r«.-.......••.. ... �-.+.w..:--ut �.<.w:+:.�.....�r.�...�,..�....--�----'_._
rt
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f �
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+ � ;
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'���� .
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,�it�.
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�:-�;� ..+���y
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_�..:z:?:'
,..,
Ay��:
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y / `�
�. r...,•: ,{) � ���' �` r�.:} �,��; � _ r
-,w..C�11tk�.�9��J� .« . � ..Sl:i�.�'r��a.iti.}i.b'`S 1n^FX+'3�4xS��17�k7V��b.slY.'Y"i'n.i:��;1f i.���-.
l�b�k�it�a�. ,�: y�' :'ff�'�- . : � �.. �.,���,,,�,.,� k..:
f•.;.
r ''�I
the Bonds, unless the Trustee shall be specifically
�� ;'� notified in writing of such Default by the County or by
;1,:`�;.'t;;,� the holders of at least twenty-f2ve percent (25%) in
, �� i-� aggregate principal amount of Outstanding Bonds, and
lr i�`'
�'� '`:� all notices or other instruments required by this j: '
�`'._ �,
� '� Resolution to be delivered to the Trustee, must, in ,
��
,� order to be effective, be delivered at the rinci al '� �
g .� P P
�' ,.
. ,s^F'+c•'. �_
��"� corporate trust office of the Trustee, and in the �
i��-,
�-.:..i.�
r,�.s:;:
°��:=•-; absence of such notice so delivered the Trustee may
�;;:
,�, . conclusively assume there is no Default except as
t�.��:ry„
;��;�"' aforesaid.
;:�'
������Y=' (i) At any and all reasonable times the Trustee,
h,:�.v-. •
s '�` and its duly authorized agents, attorneys, experts,
��*- :
�'�; ; engineers, accountants and representatives, sha11 have
r�:_:..
... VL::'-�:.�:.
�;' the right fully to inspect any and all of the Project,
t
,•=
� includinq all books and records of the County
s
i:,'�'�'�'•`% pertaining to the Project and the Bonds, and to make
t :
„,. a ;
�t s ` such copies and memoranda from and with reqard thereto
��
� ��?�*�'�� as may be desired.
,.:
;;�:"
The Trustee shall not be re f"
.,; (j) quired to give any �
r -
s;:- bond or surety in respect of the execution of the said
�,,:c-:
�� � '; trusts and powers or otherwise in respect of the
s
..'F;
,�� '+ premises. '
���
F` (k) Notwithstanding anything elsewhere in this ti
` " Resolution with respect to the authentication of any
� �;'
:;�
.;:�
fi-r
� . �
�:;i.,r;:;i:" �.,.;,.
{ -59-
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3 �ri::3:��;�� � . .
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� �- � � ,� 1 T �?' t�� �-:;�ri x : 5� � �.. �.yl.nY y.
ay y 1. y:�• p �� . i� �aA�y '�,� a J � ��. .+s a � �f
.?: .a.a� �., ���, .��lk H t � � � -' 11� s►F I� Y �W�:tfi�c! 1 ' }���,+s•a� ".V i'�3���t�`r�!y9 _
�w'y���4�-� ��'. s r c{�t � «�r�� � s����� + � �k "�(•r�'�i4X r
,::��.,�3.py.y�{Y : i�� � �:,:%i' ,.. + ���i �-rv a< �� ti �
']��YS.�k �:.!"��'it+.P��. . . . . .�'.i�i.+�'�.. �)��i -. Nisl��:..'.NL.Y�. � .r..�
�
'
�"''-� Bonds, the withdrawal of any cash, the reiease of any
.Fr_..,__
y'="' property or any action whatsoever within the purview of
;�=_i.;;
�. this Resolution, the Trustee shall have the right, but ��•
� `
;� shall not be required, to demand any showings, �,:�
F �'�
� � certificates, opinions, appraisals or other � �`
�r ._{ � -
,.K,_ � informacion, or corporate action or evidence thereof,
� � i.
{���``3 in addition to that by Che terms hereof required as a �
-e-:•':�
�'�•.:...s.:
""x':<
�..;..,:
;,;:,;�x;;� condition of sucri action, deemed desirable by the
6 eFp� ti
1r
��-r � Trustee for the purpose of establishing the right of
�t��l`},'�.. .
�.'.;7�:.1 I
rtt;-y.�:� the County to the authentication of any Bonds, the
>`?�h*"�
��;�:
�""�`� withdrawal of any cash or the taking of any other
3:�;z"•::
�:: ���.;,
�,:.:.
Lq,r+'
�=.<^x::;.a action by the Trustee. .
`s"�:�
' (1) Before taking the action at the request or
- :� �-:
.r i'..'i
direction of Bondholders as provided herein, the
, n��, Trustee may require that a satisfactory indemnity bond
��=;��
�r-=�% be furnished for Che reimbursement of all expenses te
t ' � which it may be caused to incur and to protect it ti
�=;-i}�
� �'�=;� against all liability, except liability which is _
��--::i
s ,�' `;�
adjudicated to have resulted from its negligence or �
.� willful default in connection with any such action.
i :
� '� (m) All moneys received by the Trustee shall, � .
�
�, until used or applied or invested as herein provided, �
Y4k�
P' ' be held in trust for the purposes for which tihey were �,
i a .!� received, but need not be segregated from other funds
�.;�µ�-,
;r:�
- except to the extent required by law.
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t/,p��,, x.._ ` }r tl �i�,�yl ��� �..�{x� ��,� +�,5 �� �
- n a�i" el�.'-r�Tr - r. � * ��,,{��r � � .�'h_� ,��{y ♦ / �u �t � k p���'.
� h ii,,�t� � �ij if��� td.7t r- � f �if� +3£t -�<J'1V�'t�S%� � �-, �.�L�SY .. :w y�F"� !�
�4�� �,�r'�•.�� �.�;��(1„��'„�-,��„� rw�'ti r 4 � a�'�r ,*.f i!,���ti , � : ht�� .r }��"v i1n�fµ
._,T"ai..ed�N,4+e�[1`i�h1���;`S�i�'tiiF�4.� . ,�.:,�w _ �;l�i--.��..�`�n"s:� . . r:�::r� .':l� X..
4flN'!�t�.�..'�.S. s...�tC�t........t..
_I
1
,
�Y_. ,,..� B. Fees, Charqes and Expenses of the Trustee. The
t:i;;;.: � —
% -I Trustee shall be entitled to payment and reimbursement for :
p� ( reasonable fees for its services rendered hereunder and all
;�::;?.,
� advances, counsel fees and other expenses reasonably and E.
�.�- �`
� -: necessarily made or incurred by Trustee in connection with
�� such services. Upon an Event of Default, but only upon an '` �
7�-` r':
�:. :
��Y =; Event of Default, the Trustee shall have a first lien with
r�
� `•,� right of payment prior to payment on account of principal
���
�r'3.� of, premium, if any, and interest on any Bond, except on any
p,-+',`-t�.��
j����':;;�� Bond for the payment of which cash or investments have been
'.;n=�_,,;:,-i
�" a
��s i de osited or made
� _ P pursuant to Section 7 hereof, upon the
,'i
dr j Pledged Revenues £or the foregoing fees, charges and .
- - : ,�;:. ..� expenses incurred by the Trustee.
' ��
r�,�...�- .
' C. Notice to Bondholders if Default Occurs. If a
.'�� Default occurs of which the Trustee has been notified as
iu -
� `j provided in Section 9A(h) hereof, or of which by said
r 2
;r�;;,�;,,�:� subsection it is deemed to have notice, then the Trustee
� �
'. ;x� ,
� �_�, shall promptly give written notice thereof by registered or
= d,t;
� certified mail to the Holder of each Bond shown by the Bond ` �:�
r.e�
� c registration books required by the terms of this Resolution
Fr :
� �";' to be kept at the principal corporate trust office of the
';�"4�.' Trustee. ;
�i��:F:�,r 4
u
F' D. Intervention bv Trustee. In any judicial
�n + ' proceeding which in the opinion of the Trustee and its �
r � `
counsel has a substantial bearing on the interests of the '
� ' �
f
�
(�r� °- -61-
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:
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� �,,�- :. � .c.�.t T L;��•°t �F����a'r � tif i:�� �F��¢. �..-N i�C�s.
.. 1,r.�a.h,�.� ��r �r��'.I +a"��'�4-:rd��'�� -tj:np:..�.. t}� �� .�M�•}.`^..��,iF�—�-X �i�fh���^.."t e v fi�.,y-.�� vi7;+{4� yi3.1!� +�ph �
.�11�{'�b1�YAi4w�-�������I1���14�W+!'�R'.HIYk �anrv4�631i�� ��4v�,'��1�.+1+ �SI��.
�'�`
_ i
i�:" Holders of the Bonds, the Trustee may intervene on behalf of
4;; .:� Bondholders and shall do so i£ requested in writing by the
�-`" owners of at least twenty-five percent (25%) of the
.�;�" '
f �
�'-Y.' aggregate principal amount of Outstanding Bonds. ��
i�:-
�:
��'''' E. Successor Trustee. Any corporation or
�-F" -
,+;.r;; t�
� association into which the Trustee may be converted or �
�'';
s,.�- . merged, or with which it may be consolidated, or to which it �
,�5...?'
��'�� may sell or transfer its trust business and assets as a
,�=_,
°���-'��
�,:.�.q whole or substantially as a whole, or any corporation or
1..-;�:y;;� .
�:fr:=>: association resulting from any such conversion, sale,
Fr';^.
°'�`h�
�Y�=�. merger, consolidation or transfer Co which it is 4 party,
a���'
f•:'�t�•� shall be and become successor the Trustee hereunder and _
{:�-:
`N -: vested with a11 of the title to all the trusts, powers,
, :�'• ,
� �� discretions, immunities, privileges and all other matters as
�:;.
q,;,`:,
- was its predecessor, without the execution or filing of any
r �
�
;,:. instrument or any further act, deed or conveyance on the
oE"' 1 ,
!':r. � part of any of the parties hereto, anything herein to the
r_:''::
Z_!;'.
contrary notwithstanding.
�'�=
` .�,�;>.
� E. Resignation by the Trustee. The Trustee and any -r
FS
successor Trustee may at any time resign from tihe trusts ,
� ' hereby created by giving thirty (30) days' written notice by
� � registered or certified mail to the County and to the owner '
_- x
�t`• of each Bond as shown by the Bond registration books �
t
,,.,,;� required by this Resolution to be kept by the Trustee, and �` _
� �ti � such resignation sha11 not take effect until the appointment
C
�,.
�?'SF
�""
' -62-
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._Mt Y�f y`r�� S�'wMld�S�x' S"7{i�`i 5a''� ��i:j�:iiF, f! '�d'i74,rE�i•�� j ta�],qy q����-� r J.��,�•$�.tiy,Xs �.. ;� 3 3i�t��:�,nr1. '
«i:���.sf•w�i!iEa��f�:auro �� W��rrer,l4:.'.a� �=� 2�+...:�.a:�.t� t s 5�L_ �w�.,+'�...,�u.t.��3�`���t f
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�''�'';... .. �
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�
' of a successor Trustee by the Bondholders or by the County.
i�j
�i
'� If an instrument of acceptance by a successor the Trustee
;� shall not have been delivered to the Trustee within thirty
�t `
:� (30) days after the qiving of such notice of resignation, �` ',� `'
�
� the resi nin Trustee ma � ;��_` �
9 g y petition any court of competent
jurisdiction for the appointment of a successor Trustee.
�
� G. Removal of Trustee. The Trustee may be removed
1� '
`;� at any time by an instrument or concurrent instruments in � �
}� writing delivered to the Trustee and to �he County and 1
�. �,
i signed by the owners of a majority in aggregate principal s:.
� �S
� r,
amount of Outstanding Bonds. No removal of the Trustee ''
}:' shall be effective until the appointment of a successor 't ..
_ :. .� Trustee by the Bondholders or by the County. �-
JI � .
'� H, Appointment of Successor Trustee bv Bondholders.
�;i In case the Trustee hereunder shall resign or be removed, or �
� !
�i'� be dissolved, or shall be in the course of dissolution or
S;?� r
� liquidation, or otherwise become incapable o£ acting ''
G:�� ��
�"� hereunder, or in case it sha11 be taken under the control of �'
y.+,; � .
'�:3 � �+
any public officer or officers, or of a receiver appointed �S
�
by a court, a successor may be appointed by the owners of a K '''
�'' '-
�;: majority in aggregate principal amount of Outstanding Bonds
,;- �.
:�; by an instrument or concurrent instruments in writing signed �
" �
� by such owners, or by their duly authorized attorneys in R
y"yY� fact, a copy of which shall be delivered personally or sent
�" � by registered mail to the County. In case o£ any such
,�;!Y
h:';
1'y'i
`sa�
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�
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y �e y+ �'3'#ti�?�� �f�t� t���rI�'�J�5, s � r�.�1 <t `Iqct }4 t t x' `y�wr 1 ��
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4��V�7�„'._�����' �..i�11'�i�,J�-Z'�'"�'k.'`�i� F ^y�,� � 4d+ �rh ���� q H��,r.��t ...
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..G�c'.h���5.:''�4,�w.w�n�a:iu�."��� {� ���h�� �' �.'s�,, !9�+'nC',,tj. �r+F. se�,d�� P c_
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7
_ �
. i{.
'•:'=r'". I vacancy, the County, by an instrument executed, attested and
:;;�r:' `1� sealed by those of its officials who executed and attested
y� ^S the Bonds or their successors in office, may appoint a
� '� �_.:
temporary Trustee to fill such vacancy until a successor �.;
:v- � � �_
;i� -. . Trustee shall be appointed by the Bondholders in th� manner
�'' . � ;.
�y�",-s. < above provided; and such temporary trustee so appointed by �
�.��+^'
�
�'`�';'"-
the County shall immediately and without further act be
:;�r;;,.,
j{��-:a��= superseded by the Trustee appointed by_ the Bondholders.
-�=.•�.-.;
;5,::,.
'z"�`t Ever such Trustee a ointed ursuant to the
�,�,i�:? y pp p provisions of
�',r+,
;�, '; this Section shall be a trust company or bank in good
�`h k :
;�' ';j standing i:aving a reported capital and surplus of not less
r' -� than $1,000,000.
`�e�-'�-.�,�'�, .�)
f_x �9 I. Acceptance by Anv Successor Trustee. Every
`.' 1
t�., .
� successor Trustee appointed hereunder sha11 execute,
a�:,,r,,::.: .
!"�:::�:2_:�, ..
-' acknowledge and deliver to its predecessor and also to the
� . ,.:.
i;:;;,;
'`�^���'=�` County an instrument in writing accepting such appointment
r;,
;h,,..� -j hereunder, and thereupon such successor, without any further
r_ �
-' act, deed or conveyance, shall become fully vested with all . <i::.
--;:i �
;=��;� the estates, properties, rights, powers, trusts, duties and `` "•
r__i:•, t
�?� w'1 obligations of its predecessor; but such predecessor shall,
. ;1
�, � nevertheless, on the written request of the County, or of ;
;:
C^4�.�
��.�
� its successor, execute and deliver an instrument
7,�: -
�' � transferring to such successor all the estates, properties, �_
'-: ..a:.
- riqhts, powers and trusts of such predecessor hereunder; and
a�
�-��•�=+!•-j every predecessor Trustee sha11 deliver all securities and
�:.r
�; �:-�
� ;1
f� _.,
-� ,:I
f����1 _64_ }�' .
�=���.�:;�
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";;�� ;�
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`. . � � 3.� �y�ir } 4yr� �. ''.y '�k. �ti�t`��'F:n� +Vi;i.�,{ .�A.p,F"' j7 '�., J�`��r �•..
' �1;+.1z�yu'Fat, S �Fj�•;' ! t�`�L t �7 � n �":'� r r {�'�.''A'�i f i P 1��+ }����.
-�4�4'i 3,�?s �+�� tF�S qT1�;K�Y T�14'h�rl� dt �` ,} �� -Yp +��?�,y L'fV. �i t .
�-'�C a�. �a.w��w�l'�lEI�{�t'� 1� �A•di.� ':�.,1��` ���'*'1?'y '��"h-_ ��i��� .. . � k��<��:1��>�„fn y'f�•.?� ,
.::�:..::waait,rb rtda.. . . . .P+,^tv�"- ,y -�: M .r,�t�r .�:ie.+r.. � .��::�._. ��.".. .�,._ ., �
._. �?��',�� .
�:::`���':? moneys held by it as the Trustee hereunder to its
�'.,
�c-:r,>:
;�.,,?::.: successor. Should any instrument in writing from the County
� '
�� be required by any successor Trustee for more fully and h<.�
t�
� � certainly vesting in such successor the estate, rights,
�,
,i-� , powers and duties hereby vested or intended to be vested in � _
;'.'`= y :
t�r....
?F;: the predecessor, any and all such instruments in writing �'
���.
!`��'�'� shall, on request, be executed, acknowledqed and deLivered
�:'�'
!�'''".'.
§;.:.;, by the County_
�x
:ti.,'.""� - .
�.=:y.��
s.,�:�. Section 10. Amendment of Resolution. '
s.:anx_ -
��4:
Y A. Amendment of Resolution Not Requiring Consent of
�:�-%:: -
�>
�'��; Bondholders. The County may, without the consent of, or -
a��'
rr
�"�,' notice to, the Holders of the Bonds, adopt such resolutions
�:�_ -
�'�' supplemental hereto (which supplemental amendments shall
f.ti�e.
:���f`. thereafter form a part hereof) for any one or more or all of
r:?;..
���.:;,
'� the following purposes:
i,
Ct" �� (a) To cure any ambiguity, or to cure, correct or
S,.y';, ;;
5;�.� supplement any defect or inconsistent provision �
', �",^ �
�'^x' contained in this Resolution, or to make any provisions ; '`ir
_°�' � i:
= with respect to matters arising under this Resolution ? �
::` i
""= or for any other purpose if such provisions are S
tE"-�:' .t�`-.
�`�' necessary or desirable and do not adversely affect the =� �
;r;,: a�
:`�� interests of the holders of the Bonds and coupons; or �,'
�:a:4,
�"+'` (b) To provide for the issuance of Additional
�Y^�
�'`'� Bonds; or
:4
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, ,. , � ,�L k:� m 41t��, �� sy /y4�` * � rr" E�'�,�'�r� :.
. .,iM y�l. � s ti h l+l�.,� /����''4i �l i -F �1jf�1 i:. ( /�.�F 'qrs. jI '`t .Y
;I;`- + �' �i�S# r?3�� H,y+'�t H� � �.-rk�: �ry�'d�,i` i ri� , t� i � v� F�zi9r�r�i"� ��;
a a �4.fy�',.,�`'�5��,.�u�'�s�` Y'� �i� /j'�"� t: 'f " ��?,,�"�I �+,� � � t'i R- .,'1�_ . � .
_.�t.F."�TG`h�'. �a:;7< I` . �Ytib�w�.��k7._'iYx��7.�.:�::"L fr� 'i:,. . . . . e'�,�K�-�+!�:Y.. g +�r �a+�t'� r,',
� '5�.;� (c) To subject to this Resolution additional
�' revenues, properties or collateral; or
� :y;�
,� (d) To provide for a chanqe in or to the Trustee,
tr to the extent permitted hereunder.
� �
B. Amendment of Resolution Requirin Consent of '�
�� y,
�, Bondholders. Exclusive of the amendatory resolutions
�'x�'.�t�� covered by Section 10A, this Resolution ma be amended b
L 7:;.,•;cA-. Y Y
'��' �' resolution, without receipt by it of any additional
�r...
�u
� '' consideration, but with the written consent of the Holders
�_-+-•�`_;.'-`
.�-�::;:; .
�;,•,';:;=±.::.
^�`YA,�,�:` of at least sixty-six and two-thirds percent (65-2/3%) in
�,xE `�
��, �� aggregate principal amount of the Bonds Outstandinq at the
3� .�
A� �;^�i time of the adoption of such amendatory resolution, provided
F�""'1 that no such amendatory ordinance shall permit:
�� .
' � (1) Changing Payment. A change in the maturity or in
- the terms of redemption of the principal o£ any Outstanding
� .
� ;� Bond or any installment of interest thereon; or
b
r'" ��� (2) Reducinq Return. A reduction in the principal
,.,�.�.,:,
1 i
e
dz,x � amount of any Bond, the rate of interest thereon, or any
� ;� --s
*�M`� prior redemption premium payable in connection therewith, ` *
��;j without the consent of the holder of the Bond; or
;i
� },f�:,i (3) Prior Lien. The creation of a lien upon or a '�
�
�,;. gledge of the proceeds of the Bonds or the Pledged Revenues f . �
.��y�y`
fr<^��'� ranking prior to the lien or to the pledge created by this
!`i '.;�
,
�Y ^,� Resolution; or
r e ,.j
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! S i�
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�
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�'q�. .. ... ....+.:....�,. ...w.-:!�r�� ......_u.��
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. _ �� . `� � ..`� �4 i�•. ¢`! �fre 3�, �
'� p. . 'e'ro� y f �f ii4�Y�� ub��� "7.� wf�+ k.��
���` �A' .5 7 r ?r f�- � � �5 t 5 1
' �"' �N'�� ��'���a r ��� 1� �r g,.�''-S' �fak -p'�.�4uh��`C `;� � �t'�' Y#�1'��;'�f";
ar`j['�1��� �z��5'� '4t'�'..r�` f3S.tiff��afr�.N� ,� r'`i . ta �Y�t� � F ������ s '� -.
, fi��� �• .�';,r� r? ,� i9'' i }' rF'�'��s� ,.t r:.
Y.. i Z4 f h-� ,j � ... . � ." _" . ' ,. , .- - ..._. .
' � � _sti"��'. .4I� � " If� �M�7��:vd'l:f+ilL��".�!_,..F.�..:�1.,.�'�'4Y$ ._5
� . °NSC..t. 4.a'v.�s�dvacztE.:i.:'s.t:a!-�':�
"�.
`�
i..:. ;
�+:.,:'/`'
��::.:;:`: (4) Modifving Amendment Terms. A reduction of the
t� '� ;
�, principal amount or percentages of Bonds, or any
i;i;r;:�_::..._� ?
i,;,;:.;; .• modification otherwise affecting the description of Bonds, �
�� or otherwise changing the consent of the holders of Sonds,
��:..
�
'�G , which may be required herein for any amendment hereto; or �� �.
t:'� • ;
i„r;�;::,,.:;:
,-F�r:-:,4,:,
,�:�:�r. (5) Priorities Between Bonds. The establishment of
� t
��'�i � priorities as between Sonds issued and Outstanding under the
!� �
,6 = provisions of this Resolution; ar
i:��;�,�:
.��,ii;,��V�;
(6) Partial Modi£ication. Any modifications other-
'�r+���`? .
f��;�'�r_� wise materially and prejudicially affecting the rights or
;p} :
r �: privileges of the holders of less than all of the Bonds then
¢ �-.�:�
� rt
=' Outstanding.
�J� ���. •' .
�4 ;;-; Whenever the Board proposes to amend or modify this
s„ .` • i
Fv_ V Resolution under the provisions of this Section lOB it sha11
;�.: �
s;;�,`���,+='-. give notice of the proposed amendment by publication at
� -
i ,, '.� least one (1) time by one (1) publicatian, in The Bond
a,��-1 Buyer, New York, New York, if then in business and :
r� � � •;
�:__^;;:;;��'� publishing (and if not, then in a similar financial *
{
`� newspaper or journal published in New York, New York, as
�z ,'1
:r::::�s.�:;j determined by the County Council); such notice to be deemed
h ;`=� ;
,.,
,, ,.,� complete upon the last such publication; or copies of such �j
�� � .
rrTr�, notice sha11 be mailed to all Registered Owners of Bonds.
�z;' �i.• �:��:
�+ -` Such notice sha11 briefly set forth the nature of the
\�, :; .
� proposed amendmenC and shall state that a copy of the
� �' proposed amendatory resolution or other instrument is on
ti '
�� ,
f�'
k�:i'
S
R.ti j.:::.
`����'y�
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�y .�. . . ._..�a�sx .:�:!.±�.. .�..:.�c;.�. .. , .. � .:�<, . r,;�-rg}s- � .
�"�}�. . ~ .
,k�C� ' r � �
.'.�+�
�-�'j-iay�..:�:!'.:�`�u ' _ . ..
�u',rhY.,.�'ti���
:�[F`Y�..'..
'�"'�,f4 x,i�
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,?Ir ��y �
,;���y� ,
: �;��,
° ��:;a�
�1�:.��._;;;�:�
.L:'.+..M:..
�:^�' ..'.W
�4�
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` y � ��,
11 Y�T�3� ���:�yj�'',� . ��,�.� ��' �S,��i �,�ia.'��3 ��y.!�r—y,��� { 'G�3��t � .. , t ��{,��ta�Jw�y'� ��`-.
;,�rr�f +'Y-'� N���.�[�. . ..�� �w ''y � ~!t'i�'ad1,�..�t�,�+•3g���ur J �i�Ye:�y w'tka�el �y�,��oic��irl:til.��.�r��'���.,«.ra'�5�.
.Y..,:++t.'i��r`Y�,3lM�C. 23 'aGSwr's.:..�'t,��F� i!
,..+ �.:� ..
I
�- �
, �:':i ,�file in the office of the Courity Clerk and the Trustee �or
� �
�:',
:;�:r� puhlic inspection.
C:��:' '
��g•?`-. C. Time for Amendment. Whenever at any time within
�•:Y...:.,� �:
37;;�' t ..
� six (6j months from the date of the completion of the notice h
�k-: required to be given by Section lOB hereof there sha11 be
�� � �'.
filed in the office o£ the Trustee an instrument or
e�r,�.
'� instruments executed by the Holders of at least sixty-six �'
��,_ y .
r" �� and two-thirds percent (66-2/3%) in aggregate principal
s�.
��,� amount of the Bonds then outstanding, which instrument or
s..;a::_,- .
s.f�__;
o � instruments shall refer to the proposed amendatory
t'y E
�,
"s..+ .:� resolution or otber instrument described in such notice and
�'F"
;+.-,�3'y'i
j�;4;:„� shall specifically consent to and approve the adoption o£. . _
'� such resolution or other instrument, thereupon, but not
�
'� � otherwise, the Board ma ado t such amendator resolution or
_,>,,i Y P Y
's�,•-'
�-Y%-`.' instrument and such ordinance or instrument shall become
�,::.'.;:;:
e,.;;,.,:;�
`^_?:;_';:j effective. If the Holders of at Ieast sixty-six and
i
� two-thirds percent (66-2/3%) in aggregate principal amount
ti=,t.;2�i�
� j��°� of the Bonds then Outstandin
� y{,._.,; g, at the time of the adoption
:,.:.:w_.;:t
of such amendatory resolution or instrument, or the
;tr
•' predecessors in title of such Holders, sha11 have consented ; *
t I.:
� Z('';;'.;�
�,��>q;; to and approved the adoption thereof as herein provided, no
';�pr�:'; Holder of any Bond whether or not such Holder shall have ',';
ca`:�6�;�- ��.
�..w- ,�
�°`�==' consented to or shall have revoked any consent as herein ��
r� , .
� ,� provided shall have any right or interest to object to the ��'
!�;'-;.=, +,�,
' '°� adoption oE such amendatory resolution or other instrument
,'.�'" -
E.
�
't�
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, _ , , ,�" " � ,, w� ,
�5::w� � r"L ,� �1��' �v�k'�� � r� rs� '�,H,.,(�c� �s�y'nt� -.
'�4 � ` 1 cf'' ���, S14 .� y�k � �S�,r� ���, � � �;�,« �� � �
' ..1 r �X 1,,�4S � �ca�� ! . ! ,}��i �� _t�e�(- t . . �+���^1Y .�'.
y+:' t, �.��L�,�4^� .....�t��'�tt� ��i�I�� � t�,tY �! z',�i�-�+4: ��'L`! -..c ��� �,����frSy +T'.!K.�iJ ..
r u r�`'��},. Fr..,a`�li r 4 r T ,#�,1 »'t Y u '�a t-r�,� 5 1y.z^
..�:::1k«�±�,�:�������.�k.,.�h � . '�,;;�C: +f �:�; , �+e�� :`:,...g._ .`"" ,._ ..
. �
1
i
�
�
'�;.Y'..:� or to object to any of the terms or provisions therein
�4 ,
contained or to the operation thereof or to enjoin or
s ;�
?- i restrain the County from taking any action pursuant to the �
e 4 �
�� provisions thereof. Any consent given by the Holder of a
'�'+ Bond pursuant to the provisions hereof shall be irrevocable �
Y�l";?
r`": for a period of six (6) months from the date of the
,M�'`y-- _ . .
''y"�' completion of the notice above provided for and shall be
I;:,'�:,`n
�--.�
�%>-�' conclusive and binding upon all future Holders of the same
G,yM
•�:
'�''R Bond durin p y y
}.;;Yt_ g such eriod. Such .consent ma be revoked at an
s;i;'�^ .
�:��' time after six (6) months from the completion of such �
�`��`=
rc�,r;`,
f;-5' notice, by the Iiolder who gave such consent or by a
-�m� -
�.:� successor in title, by filing notice of such revocation with .
.�''�t: .
_ ..� the County Clerk, but such revocation shall not be effective _
i
" if the Holders of at least sixty-six and two-thirds percent
w,.;�: (66-2/3%) in aggregate principal amount of the Bonds �
i,,'�'
Outstanding as herein provided, prior to the attempted �
;�s,.� ;
�:;:: �
�-:-a revocation, shall have consented to and approved the
�_.:; ;
. is,:?
' �,�, amendatory instrument referred to in such revocation. �
'� �:
_ D. Unanimous Consent. Notwithstanding anything in ��
n
the foregoing provisions contained, the terms and Y,he �
tr; �
G<`' provisions of this Resolution, or of any resolution or other
;!; � .
;�:� instrument amendatory hereof and the rights and the �.
,t_
`;j obligations of the County and of the Aolders of the Bonds
thereunder may be modified or atnended in any respect upon �
the adoption by the County and upon the filing with the
a�.
�:�
f-:, �
} -69- ;�
# �
-- __._..�,.�...._,,..� ..d,....,.._,.... ._.w.,.:., _.:..,.., .>.,�,,. _>.... , , -___ _- - _
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� �t�`� �
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, T: - ��. , �-t , > , ��z
� - .. � � , 4�,e,�1L �?A t 'a�" .. "4 , n.l�r '�, tiirikl�nh �.
����`�i °ri�� � r5r� i�a��'''°��' �r�,{�,s^a�i, i „r. �'� � '�'' ti�,:x�i�nr°F, t
x+'1' J k �,{ r r} �,� ?h"q"" M�i�y�h�"�r� ''ca��
. � •�`_` �'Y�3�'� �r �.r.. ���#us� �;�;r�`ti"4�4k^xk�!i3`t ��y�'��J��3. . f.• � +
���I:.,1'wFnwi�1� -'4,:'�.�iYh�. i._,��, , 5�.���`�a�ws.uri:_`:����`J� t,"'�`•,r .. . _.... + ._. �,..{`:t !_..�F,_, , .
r ,nM[..'c.`��+�..
f :j .
�
1
�, . ') County Clerk of an instrument to that effect and with the
,�:� 1
� consent o£ the Holders o£ all the then Outstanding Bonds,
�
,%"�n�''��= such consent to be provided in Section `
., - given in the manner r
k:r,:�'- ;�
k� 11C hereof; and no notice to Holders o£ Bonds, either by �
mailing or by publication, shall be required, as provided in �'
,r,�,��,. �� '
x',�1": Section 11B hereof, nor shall the time of consent be limited
��� ; except as may be provided in such consent.
f�� ..
� ` ' E. Exclusion of Bonds. At the time of any consent
�� -
;y:.r_�=�;:
i.�<�,,: or of othez� action taken hereunder the County shall furnish
�^�.��;�
to the Trustee a certificate, upon which the Trustee may
�r��
s�_'�,'
`-`�`'�"" rely, describing all Bonds to be excluded for the purpose of
?a;,;.;r� .
�.:,`;:--:` .
a-c:�;.
�' ' I consent or of other action or of any calculation of .
��^
Outstanding Bonds provided for hereunder, and, with respect
���� ;I '
_..�: .<{
to such excluded Bonds, the Trustee shall not be entitled or
r;;.:;;s?;ic
�•,;_,,:..� required with respect to such Bonds to give or obtain any
i :; ;:
s : � consant or to take any other acCion provided for hereunder.
� �
4:.;;r� F. Notation on Bonds. Any of the Bonds delivered
i "
�`"'�::j after the effective date of any action taken as provided in --
_ �.r, �'
F,;' this Section 10, or Bonds Outstanding at the e£fective date
�` .� of such action, may bear a notation thereon by endorsement -
t�� � �
G'` ` or otherwise in form approved by the Board as to such �
t= action; and if any such Bond so authenticated and delivered -
1;>,=;
�''?��<<-,;,,.� after such effective date does not bear such notation, then .
1..� ,i;� upon demand o£ the Holder of any Bond Outstanding at such
� .` '-.1
_;; ,,�; ef£ective date and upon presentation of his Bond for such
��
�;;;..��
�_r `i �
��.;:;�::; -�o-
��;.,�:� ;
������ �
F_q}� ��
�'�1' -- -—
.�'��^....�._,.... ...,..w..�x«-�or�s;:..-:�-r.- .::...:,�._ ... . _\ . . . -. ... ... .t . >.,...---- ._. . .
.�r�� �' .. �- _ -. �,,;x_T;•-. , * .
.`4 ,
,ti`,� _
R"ki n ,�` - .
� Fj
a
�� ',u . _
�ra
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�; � ,
�`•' _.�
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i�� ��`�
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,��e�,y�',� , �
� � rr ��•.1' � i
F��'S,��:i.:1 .
��.i 9
. �.y��'e'�ia��i�
. �;
.��„
�s��:�a, �
' y� -v � - . . � ! �_.�.. a,�F'^` � ti ..r�F
k n;ti,+�'x�t�'�t�,� t s �..ri!- _ . 1 �"+r�t(7� x ��".�n.i 5. T � -��Rr . .
�# t .�kS�l �J���,,7�.'r��+.v,��a r�bx�l. 'f.� � K'Y �� C� �� C i ��j� 1 b��.
;���a*,��3a° t�'� .� ry�,��w���F�,�q��-,�r����y�3�,�A'7��{q,���.��� !�1'';i��tk?�^�ci e ay a �, N"fi'�"r �tar�r vt;..
.s.]..=�'w,.". Y ���t.T�.ylt.ra.*PW!�S�ea,a4i:A?0't�'�.`S�Y'.r'.Y�a.ftYtA • .. . .. s..:E..:•�.� '�'�.' '��
._ . e. . e
_,.� ,
� 4�,.—"f•.. ,
�
�� purpose at the principal office of the County, suitable
notation shall be made on such Bond by the County Clerk as
� e
�� to any such action, If the Board so determines, new Bonds
S �
y so modified as in the opinion of the Board to conform to �,• ���, .z
�::,�_!..:
�j such action shall be prepared, authenticated and delivered,• -
:a
':� and upon demand of the Holder of any Bond then Outstandinq,
¢
F�! �
�� shall be exchanged without cost to such holder for Bonds
q :..
e then Outstanding upon surrender of such Outstanding Bonds. `
F..
s G. Proof of Insttuments .and Bonds, The fact and K
P'
sdate of execution of any instrument ander the provisions o£ "
��
%` this Section 11, the amount and number of t.e Bonds held by
� ti
any person executing such instrument, and the date of his . �
g
~ �;; holding the same may be proved as provided by Section lOH. �
`�� hereof.
�.Y�
i;;:� H. Evidence of Bondholders. Any request, consent or
i�,.,�
E;r other instrument which this Resolution may require or may
F:`;. �,.
� i� permit to be signed and to be executed by the Holder of any -
� x=:, :�
e:::
Bonds or other securities may be in one instrument or more 4
i
_' k.
than one instrument of similar tenor and shall be signed or f �
i.:i
� �_
^�•�� may be executed by each Holder in person or by his attorney `,�.
u.,,:; �
��;� appointed in writing. Proof of the execution of any such
�.�-
r�� �
�'� instrument or of any instrument appointing any such y
� � . .
attorney, or the holding by any person of the securities or
:- coupons pertaining thereto, if any, shall be sufficient for
�- "� any purpose of this Resolution (except as otherwise herein
�� •.
� t'; expressly provided) if made in the following manner:
f,,
���:�
��,.r -71- �.
,�;�., ��.
'�'�`'�:
..
�k . -... ..._.____._._.....,....-.--..��a=��.:..uM�.:,...:4....,a.�..s.;� �,..._w;.,.r.,.>,..,,.�.-.�.,:�.�....�..,.....R..�.�..�........w......._.�__._. __...__.__.., .� .
��;��
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�;� ° (1) Proof of Execution. The fact and the date of the
t l . ,.
"�;:�:;`:; execution by any Holder of any Bonds or other securities or
his attozney of such instrument may be proved by the t,'
r ,�
{� ?� certi£icate, which need not be acknowledged or verified, of
� r . �-. .
;i=y`;r=.;;` any officer of a bank or trust cosnpany satisfactory to the �:.'- '
� ,:_ �. .
'"p�;; Trustee or of any notary public or other officer authorized
t�r _�
t, .., �; to take acknowledgements of deeds to be recorded in the
yt-" �� state in which he purports to act, that the individual
�:...
a;:,��'
i,::?,(�".�-,. .
�.:.;;•� signing such request or other .instrument acknowledged to him
�:;:s-:
G���.ti�!. . �
��'Yr:a^'.
�;�-�f,;: the execution, duly sworn to before such notary public or
N:,r.,,�
'`�A other officer; the authority of the individual. or
.,�;;
''��_:;:;
;�:-�:_
�=T_�- individuals executing any such instrument on behalf of a .
'�Y"�'�.� .
- �'��t' corporate holder of any securities may be established
t�
without further proof if such instrument is signed by an
S'�:'.`'��-.
''-��� ' individual purporting to be the president or vice president
;=
��;^` of such corporation with the corporate seal affixed and
�'�:;;
� attested by an individual purporting to be its secretary or
. ���
' an assistant secretary; and tihe authority of any person or �;,`
- person executing any such instrument in any fiduciary or
"�`= representative capacity may be established without £urther ':
tr;:;:. �
��,�` proof if such instrument is signed by a person or persons ''
:�;� :
,.r� t
�r,, purporting to act in such fiduciary or representative
�r�;°
{''`" capacity; and
i'��:.
_ (2) Propf of Hol,dings. The amount o£ Bonds or other
.;
` - securities held by any person executing any instrument as a
�;r`.;
4 .
�s,:
��.
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a�'Ss 'Z`�L .�t .'t il 43� ��":. t �J'�• � y��rr .. Yli�tl:y�a �'�'>_��:i�..*�ty � t;
'�UCr�hr�r�ir�.l�+n .� ��Y�� �',�i�.�� �.'�-�'�-��+1.?ieRl�-3Ek� m+r.��.i�.rw..m l._ ..��. ....a_ . __. . _- �...., , .. �
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f: ';.i
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::,
4. �;i
�� ;,•� Holder of securities, and the numbers, date and other
'�� identification thereof, together with the date of his
rtA'
� holding the securities, may be proved by the registration of
��
F
the Trustee. . d'
E �
�. �. Section 11. Miscellaneous. ��"
�y ,
t+r -.:
����Y}; A. Character of Aqreement. IQone of the covenants,
t` �-�:�'? agreements or representations contained herein or in the
`� �.
� '.: Bonds shall ever impose or shall be construed as imposing
-r,�..:;
f��:i_M=�z"�z'��
'�::�'��:" any general liability, obliqation or charge against the
ul� .� '-:: .
�"x�:`.,
�''�"`z -� County (except for the special funds pledqed therefor) or
� :`.
��^' r; against the general credit of the County payable out of the
9 4�=
2t
� , general funds or out of any funds derived from general .
�� - property taxes.
�-c.
.� -_ B. No Pledge of Property. The payment of the Bonds
�¢.._ -
, is not secured by an encumbrance, mortqage or other pledge
,.,';:�;
i :
� , � of property of the County except for the Pledged Revenues.
4 �,� •
�,�y'� No property of the County, subject to such exception with
� '''= respect to the Pledged Revenues, shall be liable to be ;��`
A
� forfeited or taken in payment of the Bonds.
` :•
Y;:::.r,;: C. Statute of Limitations. No action or suit based `
�.;:., ;.
"°=;="�'`� upon any Bond or other obligation of the County shall be �
��y�..+.`v". t'
:+'�M'�y , I. `
��.-W commenced after it is barred by any statute of limitations �
�
t `., pertaining thereto. Any trust or fiduciary relationship ,�
i':.�f;`.-.;:; between the County and the Aolder of any Bond or the obligee � ''•
�:: ^_,
4 `
,-� : regarding any such obligation shall be conclusively presumed
� `:
.� � ��
�
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. _ �, � �� �y .. � .. �' � �>?'"� P ��an T .`'ly�y� Y�,�; sy,�.-�,s j��u'S.,!��` -
� w:� r �� �����k'�' a " f#�c ! w,}_ �'� jkt+�'cf s;. c "'�','i�+` �'*'- i1S�, �i�+t}
)iiii � �Y {'l iq t+ RM'.{��r d�:2 .r t' f , i ���s a'R }�#�w it
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� � R ! v �'� � e� rs
� � �•r4 R�o�'Y. 'f�R �rw�..�l�x''F e`C�.r?J .e-.�'�.� 5�"' Iy�S.��, ���.4.�r ,��'..k»G'fr.�Z'i�.Ly.: �
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i
'1
.I -
'. :'i
�
(;`.��., to have been repudiated oz the maturity date or other due
p.}.;;...
'""' ` date thereof unless the Sond is presented for payment or
'i;:'
,"�'•`. demand for payment of such other obligation is otherwise �,•-
ii':.>:-
'�'" made before the expirati�n of the applicable limitation f�
��;;:'�' `:
ttti. `. period. Any moneys from �,*hatever source derived remaining �
��-�,_.; in any account reserved, �ledged or otherwise held for the
... 1 .
�,";`�. 3
�'� payment of any such ob:igation, action or suit, the
t��
a±�.::q.
r�v:��;.
�:�r�:•., collection of which has heen barred, shall revert to the
H �.
��::
{'^'�":� Sales Tax Fund, unless the Board shall otherwise provide by
�"+t•'r�
^'�'��" resolution of the Count�. Nothing herein prevents the
FM..:.
kr=�e',i
s�:�;i'�� payment of any such Bond e, other obligation after an action
�_.:,�:�.: i
r�=^'I '
ar���`�°=! or suit for its collectic� has been barred if the Board . '
,,�,_,
�: ; ��-+' deems it in the best inte_ests of the County or the public -
;:��.,:: �
,��.�,�..i
';`'i so to do and orders such paym�nt to be made. �
�',(:':-:'.j . i
'k'�%:. D. Delegated Duties. The officers of the County are ;
�,'`x;-.� `
�':;'' hereby authorized and directed to enter into such agreements i
r�:., j
�=;:':; and take all aetion nece=sary or appropriate to effectuate
'. ��. : �
t the provisions of this Resolution and to comply with the ;
� =
requirements of law, includi�g, without limitation: �'
Et
,� (1) Printing Bonds. The printing of the Series 1983 �
�
�: ,,j Bonds, including the prin�ing upon each such Series 1983 �
:.�,'�:
e:�,•,,. Bond of a copy of the lec�l opinion of Kutak Rock & Huie,
�:"
r'�'� bond counsel, duly certified by the County Clerk;
`=;;�`' (2) Einal Certificat=s. The execution of such
certificates as may be rea�onably required by the Purchaser,
c;sei'•
t
� relating, inter alia, to:
$,�;.';
1r:, t
f'�
'�j' �']¢� i
���`
f"
•��
� -__"_. ... _.._._'_'-__,i
� "'. "'"___.. _.: .__"�'�"'._._,-.-...�.�:......._.-.............._. -
�
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`}�r
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3'.M�,..'S: .J.)
.�, �
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i�.y�..},x�.,
__ �: `i !:��l,
. � � �aed..N'.:;ei�J`a.is...:_.M.u. �__. . . . . �»:.4al+a��!K�xtxtti'aer��+.'�.`r_'^trt�,�n��.u�a'�f+:.. .._....:��c..,�..'�ii�ti�:t�ti;�,:�
u �;I
. ,��jt
L�ti:.;,,..;..
. �
(a) The signing of the Bonds;
.:i (b) The tenure and identity of the officials of
.�=,i,.,..
'�'y;:� the County:
;!�=�?: f
,,��':_ (c) If in accordance with fact, the absence of
,`� �i ..
N :• litigation, pending or threatened, affecting the
�`�-1 validity of the Sonds; �"
��
��,. (d) The delivery o£ the Bonds and the receipt of
��
�., the Bond purchase price;
t � i .
'� (e) The exemption of interest on the Bonds from
�:•,: ;
5:��, '
�: federal income taxation; '
r�,;;�,
i
�'� (f) The making of various statements, reci*als,
c.-��-'�':
��:,
�:-` certifications and warranties provided in the form of .
7•�".` �
?`: Bond set forth in this Resolution; and ' -
a";;�; ;
r<�
(g) A statement concerning the disclosure of 5
_ r� . ;
•. 4u. information provided in any Bond offering brochure, '
}
p�j..`; preliminary official statement, official statement or `
s;�q,� � � ' ' �
• �._:;.�;� offering circular for prospective buyers of the Bonds. �
i�,�:.� .
L==�- (3) Information. The assembly and dissemination of �
i
�`>;�'�; � ;.
, �`� financial and other information concerning the County and :
y_,.�: �.
S:N 5� u.
�:;:, the Bonds; ; yr
r:;.', . Y- A
(4) Official Statement or Offering Circular. The €
!:'i;' ji
�'��
preparation of an offering brochure, preliminary of£icial �
�
;;.� statement, official statement or o£fering circular, for the �
�4
�:�?:� use of prospective buyers of the Bonds, including, without
f',:;
;�',"� limitation, such use by the Purchaser; and
�<�;:i,t
�t:i
�n'i
f„ ? -7$-
�s'� �
�
�r'i
'�r� ._ .._---^...��*
P . ..
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y 4��IEt��;.,.. . . .
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r iY r aw� �t z�..:�; ,,y�, t}? Tl+,��Y�,J^' 1.�r �ye ..;.� .. � �s�eF,.,y 1
� .,.:rv�,..ena!�'�'Jd'slf:a�l�r+'3v�ti.as ,.. ... ..r..:�'}:°:,,�.G�'.,.a...�:,�.ai-rdttelF^�C...�:��1�r4',y�?"�#f�isi�r.��n�`.�,p,...
(5) Bond Sale. The execution of the Bonds and the
�. sale, issuance and delivery of the Bonds to the Purchaser.
!:i:
: ;� (6) Lease. Execution, delivery and due performance
of the Lease. �
t.x :
�, E. Successors. Whenever herein the County is named
t.;.:• - ^''1
or is referred to, such provision shall be deemed to inc2ude
y�
,nr� :;j any successors of the County, whether so expressed or not.
r ', .:i
ti''.e,� ,� �A;-j All of the covenants, stipulations, obligations and
�`"'
6 r
' "1 agreements by or on behalf of and other provisions for the
'KT''.'�'t,=�' '_-'
�S§
F ,. ` l benefit of the County contained herein shall bind.and inure
FS"..,,_._��
�w.� --;;� to the benefit of any officer, board, district, commission,
F�,� �..�
�,,;,,_,,,:�,;�� authority, agency, instrumentality or other person or
?r} -,';,��
,.,-� persons to whom or to which there shall be transferred by or
_ > �_ ',� �� in accordance with law any right, power or duty of the
`r -;,�
County or of its respective successors, if any, the
�* ;;,i possession of which is necessary or appropriate in order to
<
i
' comply with any such covenants, stipulations, obligations,
_ ;,
i';�:.:
C�z,.,;,; agreements or other provisions hereof.
, �� ,.,."/ •
�--� E. Rights and Immunities. Except as herein
•,.��,.:F� _
U � Y' . �_
otherwise expressly provided, nothing herein expressed or
� �
�. � implied is intended or sha11 be construed to confer upon or
G ..:;..;.;.�`,;' to
,_, give to any person, other than the County and the Holders
� ;� from time to time of the Bonds of any covenant, condition or
Y�Y��-
f �""':}� stipulation hereof. All the covenants, stipulations,
. �-� promises and aqreements herein contained by and on behalf of
a. �;=� �,
y �`� N
� f:
F;:' _= F
� ; ::
�� � -76- �.
-.:i
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.y j t�.f,LIJ,��s '�ii'�.r�.;x�Y�..��'*'% �v '"t*�3a� ��:.. F . ':G^,����"sd11 ... � ,L t ,,��,��y y� ..' .
�L r i!"�A�-�i��Y�r•',� kY ¢}+;f k`y�;e',�,��.�S�.,x�;•,�tF°T,[,�Fy,(,�h J.p^!'r� rIZf;E �i��'sf'ElM i"_" a iF 'y ,�,�a''3• '�i,F=+�r .� .�t,��..:
.....sc?iFl�JIF�'.4���R���������fPS`��Y°:m�cvi�Yefstee'h.WU.4.......'"ry J.. ",..e�1s . . ,itC'k�d.."T����r:'`�.�§r{ �Yv
..L_ � a.b+';'�.
..��.� ;�':��-.
t
:.���',.� .
r;_'-;:I the County sha11 be for the sole and exclusive benefit o£
c'}'` _
'`�� •' the County, the Trustee and any Holder of any of the Bonds.
;+�.'�
nA'� No recourse shall be had for the a ent o£ the Debt
ri; 1� Ym
'N�"�� yi ..
; ; : Service Requirements of the Bonds or for any claim based � ,
� ;� thereon or otherwise upon this Resolution authorizing their �� '.
+... �.:
�: ,.
�� issuance or any other resolution or instrument pertaining �' �
�.,
��r' thereto, against any individual member, or any of£icer or �.
r�-
�}�;�'� other agent of the County, past, present or £uture, either
hY'.�"
�i.'cy_�
�'�=x� directly or indirectly through the County, or otherwise,
t�U4F
u~"�'� whether by virtue of any constitution, statute or rule of
��^.r
.,n.,^.'_.
���i� law, charter provision or by the enforcement of any penalty
�:=,•
`r-`;�.� or otherwise, all such liabilit
x
;=,:;.•w, y, i£ any, being by the
.�.;. •
- ' ;�'��f� acceptance of the Bonds and as a part of the consideration
r;—=
�`=�:;?_: of their issuance specially waived and released_
� ~ G. Ratification. All action heretofore taken (not
t - '
a � ,� inconsistent with the provisions of this Resolution) by the
m ,�j
Y.����J County or its officers, and otherwise by the County directed
rv,--�
"i;;;`;`�''- toward the issuance of the Series 1983 Bonds is rati£ied,
-;�::
;ry;� approved and confirmed.
``;°>,� H. Facsimile Signatures_ Pursuant to the ffniform � a4,
� �
� -^� Facsimile Signature of Public Officials Act, part 1 0£ �
.s-::_;-:
,-,�,,,,x ar tic le 5 5 0£ ti t le 1 1, Co lora flo Revise d Statutes, t he
����1 ;
f ��° Chairman and the County Clerk shall forthwith, and in any �
,•,; �..
'-x:=:?:--` event prior to the time the Series 1983 Bonds are delivered
f� �'�' tO the Purchaser thereof, file with the Colorado Secretary
��1#:
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. n,.�.1:�^�`'t'�:'y �, +�'?�, y�.:-i',rb'��� ?.yG� ti.� e �'�`j��t n'�''..� *'y;c. }{�i1±h ti .
_ ..i..J:a�+;.;«;�s�3,��;�„n>.atw;:.�rr�s+di��..4s.�u.:::�le��Lt�:`..:....��u.:'r�` f1�8 '�..e.M.�a.�fit-rkGw�:�,_s'-v:.
�} :.
t
1 of State their manual signatures certified by them under
��,;;�`. oath, using a suitable Eacsimile Signature Cerificate £or
c,:-
3�:.;-:.
,,•yy?;;:':-, said purpose.
"�f�"` I. Resolution Irrepealable. This Resolution is, and
!�;
i�`..=i•..'.�� .
j sha11 constitute, a legislative measure of tk�e County and � ;.
�
# after any of the Bonds are issued, this Resolution shall �
4r,.<
:�'x.:';: ,
;+;F*��' constitute an irrevocable contract between the County and ;
;���"i°�,
��; the Holder or Holders of the Bonds; and this Resolution,
�°`�K' subject to the provisions of 5ections 7 and 10 hereof, if
a.�;_,.
��='�x any Bonds are in fact issued, shall be and sha11 remain
,:;.;.::
4:�'-s
`�'ti'� irrepealable until the Bonds, as to all Debt Service
r k,-
+-:i:
:�"at'-- Requirements, shall be fully paid, cancelled and discharged, . _
;,:,_
��~'�"`� as herein provided.
'��,:
, �>> s'�"t�p",: J. Repealer. All resolutions, bylaws, orders and
4C �.-
�,:�_.:
other instruments, or parts thereof, inconsistent herewith
i;.:'';
r:';; are hereby repealed to the extent only of such
,..,4;�.
�,;=.'.?`�I
inconsistency. This repealer shall not be construed to '
F;�', a
,,:r:;.
�F?�"'� revive any resolution, bylaws, order or other instrument, or
V�it:t
� ��..
k=*;;°;: part thereof, heretofore repealed. -k:
- }:
- K. Severability_ If any section, subseetion, ?
- = s
paragraph, clause or other provision of this Resolution s
tr':;'
��`'�; shall for any reason be held to be invalid or unenforceable, �
. .�i._:,,. f.
%4� the invalidity or unenforceability thereof shall not affect �
t�..,
��,
r:.'+, any of the remaining sections, subsections, paragraphs,
'k.Y;
�"�:`-' clauses or provisions of this Resolution.
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f;`;��`:.j L. Publication By Title. This Resolution is ordered
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�t� M. Effective Date. This Resolution shall be
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k�'�`" effective upon final adoption.
�:: �
��' ADOPTED AND APPROVED at a regular meeting this 14th day ;'
�'-�� .::���;.
�a'� of November 1983.
, �,.a�:
ADOPTED AND APPROVED at a special meeting, without .
M)�i� *
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�.�- amendment and after a public hearing thereon, this 14th day �
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: = '
,
'h"�= o£November 1983.
��
�'�r�' gy: � '�CL =
��'� �
��` G o ge adsen, Chairman =
���� o rd of County �
���• Conunissioners ''
�•: � ^ Pitkin County, Colorado �
�
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iw�;;;, The undersigned hereby agrees to act as Trustee under
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t CERTIFIED COPY OE
tr RESOLUTION NO. 83-120
���
� :
�,�r ;' STATE OF COLORADO ] � :
;!'�..- COLTNTY OF PITKIN ] ss.
;x}'-;: �..
�;.
�^�y�;
I, Loretta Banner, the duly quaZified and acting Clerk
t"^^µ` and Recorder of Pitkin County, Colorado (the "County"), do
�rv±�'�
3.N;;:.;. hereby certify that:
,-r.
�:T;�.... .
}�r,r`�`d�' 1. Attached hereto is a true and correct copy of
3""•.;�:�. u n
'..n!<:�' Resolution No. 83-120 (the Resolution ) as passed and
`��•;=�, adopted by the Board of County Commissioners of the County
����-K on November 14, 1983. The Resolution has not been amended,
��,_�:
+«e;.i:'? modified or repealed since its adoption.
{ :� 2. Attached hereto are pages o£ the minutes of the
� Board of County Commissioners which correctly reflect the
� �""'Q F procee dings o f the Boar d ta ken a t a law£u l regu lar mee ting
- �.':;.:.
4;;,��-�.� held on November 14, 1983 and a lawful special meeting held
- - on such date, at which a public hearing on the Resolution
�:r`:;,;
was held, insofar as such minutes pertain to the Resolution
y-,,;;:, and said public hearing. i
. i�;;`:°.: �.
�;;;'1 3. Attached hereto is a proof of publication f
S:';;-..� indicating that notice of the public hearing referred to in
"���``" number 2 above was ublished in The As en Times on November ;
E°:,;_i; P I� ,
:�z_,.
. �_�, 10, 1983. i
7
:`��'� 4. Attached hereto is a proo£ of publication ; 4'
indicatinq that the Resolution was published by title and = �'
- subject matter only in The Aspen Times on December 22, 1983. i
�;;,`: !
.��;�; 5. No referendum petition has been filed with respect �
�`;`;_ to the Resolution pursuant to Article 7 of the County's i �
Charter, and the time period during which such a petition �
":��=� may be filed has expired.
�Y
�"` IN WITNESS WHEREOF I have hereunto set m hand at the
z - . Y
,,} seal of the County this 30th day of December 1983.
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,; The Aspen Times
�
;5
-; Box E
(�� Aspen, Colorado
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�' PROOF OF PUBLICATION �.-` Y ;�
� ��'' �
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i STATE OF COLORADO ) COpy Of NOYICB .
.� ) ss.
County of Pitkin ) pUbljC notice • `
°' William H-. Dunawa e:rteso�vnorr-�ro cormucr e sracuc
?� I, y do solemnly sw•ear that AND WMITED REVENUE OBLIGATION OF
� Pl'fKiN COUMFY,COLORA00 BY IS9UIN6
�[19SALES RBVENUS HONDS.S�RIE619&1,[PT
� Publ i 3he r 7'FtE ACCREGATE PRINCIPAL AlAOUNT OP
I am the ot THE ASPEN T1MES; u,soo,ppp FOR TH6 PURP056 OF AC��ut�n-,
that the same is a weekl news a er rinted, in whole or in art, ¢+ceUSESi�NDNECESSARY.BllSNA
:� y p P P P NANCE AND 37'ORACE FACIWTIE9:FVNLL
871a published In Lf10 Counly of Pitkin, S[aIe of Colorado, and has ING R65ERV�4 AND PAYIN6 COST9 OP.
g ISSUANCE:PRESCRIBIN6:THE FORtd OF. ;
�5 a general circulation therein; that said newspaper has been p�D- SAIDBONII�PROVIDMGFORTHSMPLICA-
Y :TIONOFCEHI'AINeALESTA7CESTOPAYTHE
R 115hed confinuou5ly end UOlnteriuptedly In Sald County of Piticin, �DBBT�SERVIC6�TH&RBDN•PHBSCRIBIN6- j
� for a period of more than fitlp-tw•o conseculiee weeks nexl rior ���DB7'AIL4CONCSBNIti09A1DBOND9, '
� P �INQ.UDING BUT NOT LNfI'ED TO CON-� r
31 to the fint publicatian of the annexed legal notice or advertisr (����Aaxeemerns urcokt+���
t770NTHEREWl1H:APPOINTQdGATRU9TEE �
ti ment; ChaL 38id new5pepeP hes beeA addmltted lo the United StateS AND PAYIN�AGENT•APPROVING THB� h
�:FORN AND EXECU770TI AND DEWVBRY OF' �
� - _ � mails as second•class matler under the provisions ot the Act OI iA LEASS AGREEMENT WITH'CH6 CITY�OF,
MaiCh 3, 1879� OL en amendRlenfs theieof, end ihat Seid news- -A9PEN'COLORADO R¢LATIN6 TNE�
y .��PROPE�tT1E5 FINANEED�WITH�PRO-..
� �?� papet is a weekly newspaper duly qualified for pu6lishing legal �ceens oe sein eoND9:B4l'ABWSHIN6 A�-.
.AOUNT4 CAPITAL IMPItOYELENT•NND�:.
notices and advertlsements with the meaning of the laws of the ntmcumsurlES'ttteneeo1�etmnspenv-
.y ING ALL NESOLUTION$IN CONPWCf f16R&�'
State of Colorado. W�H ppsoLVnON asa2o � � "
9 �B�.i[Le�eM�drLed we the B�wd d Caaoty-: � .
� That the annexed ]egal notice or advertisemenl �vas published commi..�,tAUdocow��if,cow.ae aW,e� S �
� �: in the re ular and entire issue of ever �number of said weekl �a14NdqofNovembx.l9al:�tehe�hO�� �
`L � Y y mm�ou�ndnt�m�u�t�Aefl�rnx���C,��iad'
fy L �h.fwlc�torme�ow�.K..rou.er omr
� newspaper for the period of consecutive insertions; and �er c�mt.om a aoe.asulu buom...
�;,�
that the first publication of said nolice �vas in the issue of said .. � "����N�
De�oy CauMy CGrk'
Publi.hadioWeAepmTimrDeam6er8Y 19gf,
��!� newspaper daled December 22 p,D., 19 83 and that - �
Y� the last publication of said notice was in the issue of said news- • -i_��
� �' paper daled A.D., 19— `
4Ef / �
C� /
/
�' Subscrlbed and sworn to betore me,.a notary public in d[or �,-:, .
�
`� lh C n�Pit n,State of Color,a�Jdo, this .day of �
� A.D., 19�/�
�� r�, I��v
� Notary Public - -
� /
� My commission expires �--
�
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;;� The Aspea Times
�r
+,-;� Box E
;:_� .
Aspen, Colorado
�
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{ fry
PROOF OF PUBLICATION � .
� -
�� STATE OF COLORADO ) ,? �
�� � ss. Copy af Notice � -
�� County of Pitkin � pub(ic �notice- �
� A RE90LUT10N TO CONTRACT�A�"BPECfAL�
j� wll�.l$m A, Dunaway d0 SOtC111n1y SN'2di [I73t AND LIIdITEO REVBNUB OBWGA770N OF
PITI(W-COUNTY COLOfUDO 6Y�LS4UINC�
t:� � � f133ALE9NE�"�1�U680ND9.9�R1F3/8A9.1N - .
��` I am the Publisher of THE ASPEN TIMES; �g��p�pR'H�NCpU��p7gg�AUC�Qj�,F
l��- ING�B ANO NECP34�RY BUS NAQV'1'E�
- that the same is a weekly newspaper prinled, in whole or in part, NANCe erm Siopncs Pec�u'e��ss,eutm�
�� iNG�BESERVES AND PAYfN6 COSTS OF
end publlshed 111 �hC CoLLnty of Pitkin, State of ColoTedD, e11d has .ISSUANCE:PRE9CRIHINO TNE FORM OF
�•:. a general circulation therein; that said newspaper has been pub• �no OFNCE�B'fA1�N3A�LP5TroAX83�7'OPAA�Yt� � -
� lished continuously and uninterruptedly in said Coun[y of Pitliin, DEBT 56RVIC6 TN6R60N•PRESCRIBING�
�;.,� O'!'HEBDETAIL4CONCERMf768NDBOM179.
: for a period of moee than tifq�•hro conseculiee x•eeks next prior �NCLUDING BUT NOT�LiNITED 7'O CON- �
:�'ENANTS-AIJD A6REEMEN73 IN COHNEG
;� to Ihe first publication of the annexed legal�notice or advertisc- TroNTt�wmi•�pep�dTU+pAi7nlsree
AND PAYINO A4�ENT•.APPROVINC THE�
:,� ment; that said newspaper has been addmitted lo the United States 'pow�aermsxscvnod.wUnetivertYOe
� � ��,:� mails as semnd-class matter under the provisions o[ the Aet of ����E AGREEY6NT P'11N TNE-0ITY11L �
�.ASPSN COtORADO RBWTINFTO.THB�
March 3, 1879, o[ any emendmenfs there0f, and thet S&id f10w5- PROPB�tTi&S FINAN�¢q W1YH THH PRO•
a er ia a week] news a r dul p g g CE6OS OF$AID HON�BStestuH¢�ta� �+,
P P Y p Pe y qualified for ublishin le al COUNTI'-CAPITAL IMP OVSN@NT�PUND
f„'.?'�� notices and advertisemenis with the meaning of lhe laws of the '�W�DELINPS7HEREF'O g•ANDREPEAG
LI� IN6AL4RFSOLUT[ONSINCONPLICfHEtt&' �
State of Colorado. ��• - � � ' �
4 . . RE90Li1740N0.i180 . ... t. . .
� e.It he'eby edvised Uut�tM Bond d Cuuaty�.
a' That the annexed legal nofice or advertisement �ras published c�ml.iovmotPiikhCa6+e.ce�a.eo.a�don: i� '
f�.s� . . . �.tde I�th d�7 af No�em6m.i��dopt tM�horr: y .
in the regular and entire issue of every�num6er of said weekly .tR�om,miuuo,�a..�ora,,,,a.;u,�n.,e.: 3
cmmeml.lio dtBrFi.uasu�nctar.Co���e�nf
��.^ . thefWlfatdfMmdutbnen�nlehMinNr i ...
news a er for the 1 ��r clak'.omu a�toi eolu�on..;
� �� p p period of consecutive insertions; and . .
� -�, that the tirst publicalion o[ said notice w•as in [he iuue of said . ;�. � p�°���� ��!
' • 1'u6luM1edfutLSA.RnTima^7• �1981.:;
` December 22 83 _. _ _...:�_
� - newspaper dated A.D„ 19�and that °�
� the last publication o[ said nolice �cas in the issue of said news• � i:'
N"' paper dated � A.D., ig_ �
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�`,�;� Subscribed and sK•orn to be[ore me,.a notary pubtic in and[or �
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;"': th County of Pitkin, State of Colorado,this �_.day of
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_ A.D.,19�T. �
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t�` My commission expires v `-'_�"'
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