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RESOLUTION �
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A RESOLUTION PROVIDING FOR A PUHLIC SALE OF �
GENERAL OBLIGATION BONDS OF THE PITKIN COUNTY ��.:,
HOLLAND HILLS GENERAL IMPROVEMENT DISTIZZCT II3
THE AGGREGATE PRINCIPAI, AMOUNT NOT TO EXCEED �..�
$210�000; REPEALING ACTION HERETOFORE TAKEN !'
i IN CONFLICT HEREWITH� AND RATIFYING ACTION r
PREVIOUSLY TAKEN IN CONNECTION THEREWITH.
=�,� WHEREAS, the Hoard of Directors (the "Board") of the
< Pitkin County Holland Hills General Improvement District (the
; "District") met in special session on Wednesday, August 19, 1967,
;�-:�' being the next regular or special meeting of the Boasd after the
•:-.?� date of a special bond election he2d on Tuesday, August 18, 1987, �`
'�i=,� to canvass the results of said special bond election; and i'
WHEREAS, the Board has determined that the special bond
�;-`��� election was duly called, ordered, and held in strict compliance
with the law and that the results of said election have been
canvassed and the results thereof properly declared; and
� _,;°� WHEREAS, the canvass disclosed that a majority of all -
- votes cast by qualified electors on the question of whether the
District should be allowed to issue its general obligation bonds
;,�;.� in the principal amount of not exceeding $210,390, or so much
- thereof as may be necessary for the purpose of the acquisition,
construction, installation or completion of curbs, gutters,
';„�� culverts and other drainaqe facilities, paving, lighting, traffic
- and sa£ety controls and devices, grading and other street and
safety protection improvements, together with all necessary,
incidental, and appurtenant facilities, improvements, land, and
easements was cast in favor of the issuance of said general � �
obligation bonds; and
'�`s'- WHEREAS, a public sale of general obligation bonds of :
- the District will be held on March 29, 1988.
•��7:
:"�` NOW, THEREFORE� BE IT RESOLVED BY THE BOARD OF
!;?,� DIRECTORS OF THE PITKIN COUNTY HOLLAND HILLS GENERAL IMPROVEMENT +
DISTRICT, IN THE COUNTY OF PITKIN AND STATE OF COLORADO:
� - Section 1. it is hereby declared that the Board is
duly authorized to issue and sell general obligation bonds of the
District, all for the purposes and objects specified in the
question submitted to the qualified electors of the District on
- August 18, 1987, in the principal amount of not exceeding
$210,000, at a net effective interest rate not exceeding eleven ?;;ti;~.
,"� percent (11B) per annum. �`•�����'
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- Section 2. It is hereb further declared to be the '";
Y ^ ���+':
- Board`s present intent to issue and sell said bonds by public x°
sale. Therefore, the officers of the District be, and they
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hereby are, authorized and directed to take all action necessary •
� or appropriate to effectuate the provisions of this resolution.
+ Section 3. The Secretary shall cause a Notice of Sale i,;.'�
to be published once a week £or two consecutive weeks in The �
Aspen Times, a newspaper of general circulation in the District,
prior to March 29, 1988. Such Notice shall be substantially in
the following form: f�,., .
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(Form of Notice of Sale)
NOTICE OF SALE
• j .
Pitkin County Holland Hills General Improvement District !
y '
� .
;, Pitkin County, Colorado
�:.
ij $210,000 General Obligation Bonds, Series 1988 �
�"��"� Tuesday, March 29, 1988 `^
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� 10:00 A.M.
�i Denver Time �:
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?;:£a PUBLIC NOTICE IS HEREBY GZVEN that the Board of �
.�:����"� Directors of the Pitkin County Holland Hills General improvement
�`{���"� District will receive sealed bids until 10:00 a.m., on Tuesday,
�;
='�°�' March 29, 1988, for the purchase of its proposed general
'.�'�t��'� obligation bonds in the principal amount of $210,000, dated
April 1, 1988. Bids will be received at the office of Smith
.''-i:= Barney, Harris Upham & Co. Incorporated, 1580 Manville Plaza,
;:�.�`. 717 17th Street, Denver, Colorado 80202, the financial advisor to
'"'•�•'•_?�: Pitkin County (the "financial advisor~).
.,ar.
��;;����� A copy of the Official Notice of Bond Sale may be
_���:??' obtained from the financial advisor at the above address or from
the Treasurer of the District at 506 E. Main Street, Aspen,
- Colorado 81611.
r
i�r;� ' Dated as of March 15, 1988. �
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"'���.is;�
� /s/ Tom Oken
�� u� Director, Administrative
;�j services, Pitkin County,
��.'".;s=:`=• ex-officio Treasurer
`�-�_�;*� Pitkin County Holland Hills �a
General Improvement District
s: Publish in: The Aspen Times
Publish on: March 17 and March 24, 1988
�,,�
:_.;� (End of Form o£ Notice of Sale) ��
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Section 4. If any section, paragraph� clause or �,�..
provision of this resolution shall for any reason be held to be
invalid or unenforceable, the i.nvalidity or unenforceability of
such section, paragraph, clause or provision shall not affect any
,� of the remaining provisions of this resolution. ���
� �_,,
� Section 5. The Secretary o� the District and/or the Ss•
� financial advisor to the District, Smith Barney, Harris Upham & 3': ,
': .� Co. Incorporated, of Denvez, Colorado, shall provide an Official ?
Notice of Bond Sale to potential bidders to generate the best a
��:°i'� possible bids for the benefit of the District and to those '
persons or entities requesting such informatiion. Both the t,,`
��� Secretary and Smith Barney, Harr�.s Upham & Co. Incorporated shall
,�;: �
,;,�• keep a list of persons or entities to whom the Notice was �
=',:..-•� forwarded. such Notice shall be substantially in the following
'``'� form: �'.
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(Form of O£ficial Notice of Bond 5ale) ,
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OFFICIAL NOTICE OF BOND SAI,E '
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$210�000
Pitkin County Holland Hills �'',"•
i General Improvement District 1
Series 1988 1
^�! PUBLIC NOTICE IS HEREBY GIVEN that the Treasurer of
_;.� Pitkin County Holland Hills General Improvement District (the �'
"Treasurer" and the "District," respectively), will on Tuesday, S :�''-
`�'� March 29, 1988, at the hour of 10:00 a.m., Denver Time, at the
';;�� offices of Smith Barney, Harris Upham & Co. Incorporated, � '
=y= 1580 Manville Plaza, 717 17th Street, Denver, Colorado 90202, ?
:.!:?< E
:;�;� receive sealed bids and publicly open the same for the purchase
.:':r'� of general obligation bonds, particularly described below: b
,«�s
�
, ,.-�:�;'� BOND PROVISIONS
':<?�- ISSUE: "Pitkin County Holland Hills General
: Obligati.on Bonds, Series 1988" (the "Bonds"} in the aqgregate
:�� principal amount of $210,000. Any capitalized terms used herein
}_Y�� without definition shall have the respective meanings ascribed
: �� thereto in the Preliminary Official Statement dated March 14,
=�;,, 1988. The aonds will be dated April 1, 1988, and will be issued
t:;' in fully registered form, in denominations of $5,000 and integral
;�aij multiples thereof.
;
!';��a ' The Bonds are "qualified tax-exempt obligations" within
;,� the meaning of Section 265(b)(3) of the Internal Revenue Code of
•-,�e 1986, a5 amended. See "LEGAL OPINION" below.
;,:�� MATORITIES: The Bonds shall mature on December 1 in
;,.;� each of the designated amounts and years, as follows:
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Amounts Dates
Maturina Maturinct
$ 5,000 1989 •
10,000 1990 .. -
10,000 1991 �
10,000 1992 �''''` `
10,000 1993 g °
10,000 1994 �f�.'>
� 10,0�0 1995 � '
i 15,000 1996 r
_� 15,000 1997 : .
� 15,000 1998
15,000 1999 '�-
..i� ,
20,000 20pQ
20,000 2001 �.'..=".
.., 20,000 z002 '�'
I
�.� 25,000 2003 �
i
REDEMP'PION PROVISIONS:
�
The Bonds maturing on and after December l, 1997, may �
_ be called for redemption prior to their respective maturities, at
tha option of the District, in whole, vr in part, in integral .
_ multiples of ,$5,000, in inverse order of maturity and by lot
within a maturity in such manner as Central Bank of Denver, a
±�'s` banking corporation, Denver, Colorado, paying aqent and registrar
(the �'Paying Agent" and the "Registrar") may determine, on
December 1, 1996, or on any interest payment date thereafter, for ;
� the redemption prices (expressed as percentages of principal
+�' amount), as set forth in the table below, and accrued interest to
'.�� the redemption date:
:t� Redemption Dates Redemption Price
December 1, 1996 and June 1, 1997 101 $
��-"� December 1, 1998 and June 1, 1999 100.5
r.�� December 1, 1999 and thereafter 100
�-;_� Upon surrender and cancellation of any Bond for i
- a redemption of only a portion thereof, a new Bond or Bonds of the r
same maturity and of authorized denominations in an aggregate
_ _ principal amount equal to the unredeemed portion thereof will he �
executed on behalf of and delivered by the Registrar. The C,�
_ expenses of such execution, delivery and exchange will be paid by :,. .
� the nistrict. ;("
INTEREST RATES AND LIlYITATIONSe Interest shall be �� t�
= payable semiannually on June 1 and December 1 of each year,
commencing on December 1, ,1988. The maximum interest rate on any i-r-ti;;:.��;
of the Bonds is eleven percent (11�) per annum. There is no �':s�u�.;�
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. t :.^k,'�,i^� ..���� � �T (r,:a7��� � . . i, ?�. +,i'`.�1�t f2 4�i��� r+�-�.�.,�,� *4 e�y��,� _
; t �; L ��}�i�l ��C�'>�y tt 7f,;��G iG n�3��a -2'i k'���r h.W- y ir'4 �a` i'��o;..�.n.�'
�. . ��''?an>!^�c.�a:e:... _ �..i..lid._.�.��u...�'.x ..'�YL•.+�`�Lk�.,:�.t:�ii: ..- �:_ �dw>.+ ..v�:::,a+�.y.__ . �.:�?3.^E�:�1�6:I�i.:�.n�a
limitation as to the number of rates specified, except that one
interest rate only shall be specified for any maturity. Each
rate stated must be stated in a multiple of one-eighth (1/8) or �
one-twentieth (1/20) of one percent (l�) per annum, and the �
maximum differential between the lowest and the highest interest
rates stated in the bid may not exceed three percent (3�) per "
annum. A zero rate will not be permitted. The attachment of .�'::,'
supplemental coupons is not allowed. If any Bond shall not be ` �
paid upon its presentation and surrender at maturity, it shall -��''
continue to draw interest at the interest rate borne by such Bond
i
until the principal thereof is paid in full. �
, PLACES OF PAYMENT: The principal of and prior redemp- '
tion premium, if any, on any Bond will be payable by the Paying `
Agent to the registered owner thereof as shown on the registra-
tion records for the Sonds kept by the Registrar upon maturity ",� • -
thereof or call therefor and u on °'�'
, p presentation and surrender � �
� thereof. Payment of interest on any Bond shall be made to the � �
registered owner thereof by check or draft (or by such other E. '�
means as may be mutually agreed to in writing by the Paying
Agent and any registered owner) mailed by the Paying Agent, on or
before each interest payment date, to the reqistered owner
thereof at his or her address as it last appears on the registra-
_ ; tion records for the Bonds kept by the Registrar on the fifteenth
% day of the calendar month preceding such interest payment date.
SECURITY: The Bonds are general obligations of the , �
�Y District, secured by the full faith and credit of the District.
The Bonds are payable from the levy, without limitation as to
rate or amount, of general ad valorem taxes on all taxable 1
property within the District. �
y` �
"�� AIITHORIZATION: The Bonds are authorized by a resolu-
tion to be finally adopted subsequent to the sale of the Bonds
�i� pursuant to approval given by the electors of the District at a
special election on August 18, 1987 called for such purpose. The •
Bonds are being issued pursuant to Part 5, Article 20, Title 3D
•`s of the Colorado Revised Statutes (the "Act") , which by its terms !
�; limits the District's authority to issue bonds to an amount not
exceeding twenty-five percent (25�) of the total assessed
valuation of the District. `-
[Y��:
PURPOSE OF ISSUE: The net proceeds from the issuance i' '�
_ of the Bonds will be used to provide funds for the purpose of the
acquisition, construction, installation or completion of curbs, � .
gutters, culverts and other drainage facilities, paving, light- �
ing, traffic and safety controls and devices, grading and other ` �'
. street and safety protection improvements, together with all �i�;,, `, :
I necessary, incidental and appurtenant facilities, improvements,. �, � ''''�
r;....,,,.+.,�
:'� land and easements. _
,�
�. ,
CORPORATE oRGANIZATION: The District is a general
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� .. � . �.i�e� � rie��� 4 �r f i � y. 1� Yi�:sXh 1`���...1@� �3� �;.� t yo������,•,�,' ...
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improvement district duly organized and existing under the Act
and is a quasi-municipal subdivision of the State of Colorado and
a body corporate with the limited proprietary powers set forth in •
the Act. �
TERMS OF SA7.F
�;;;�_; .
,(+ '
BID PROPOSAL: Bidders are required to submit an ;.1,�::�.,
unconditional bid specify3ng the rates of interest and premium or
discount, if any, at which the bidder will purchase all of the ��
Bonds. A21 bids must be at par or higher. (See "Discount; �.
� Premium" below.) It is also required that each bid disclose (a)
the totaZ net interest cost in dollars and cents to the District, � -:
and (b) the actuarial yield (i.e., true interest cost) on the ,
Bonds in a stated annual percentage rate. Each proposal must be i'�.
. submitted on the official bid form prepared by the District and j: ;i ,`
must be enclosed in a sealed envelope marked on the outside i
- "Proposal for Bonds," and addressed to the Director, Administra- �, ;. :
tive Services, Pitkin County, ex-officio Treasurer, Pitkin County .
Holland Hills General Improvement District, c/o Smith Barney,
Harris Upham & Co. Incorporated, 158o Manville Plaza, 717
�; 17th Street, Denver, Colorado 80202.
�
, I BID CI�CR: Each bid shall be accompanied by a cash-
ier's check or a certified check drawn on a solvent commercial
'j bank or trust company, made payable to the order of Pitkin County
;� Holland Hills General Improvement District, in the amount of �
$2,100.00. Such check will be held as evidence of good faith
pending the delivery of the Bonds, or shall be promptly returned ��
to any bidder if his bid is not accepted.
1
;i SA.LE RESERVATIONS: The Treasurer reserves the right ?
(1} to reject any and all bids for the Bonds, (2) to reoffer the
.j Bonds for public or negotiated sale, and (3) to waive any
°1 irreguZarity or informality in any bid.
j BASIS OF AWARD: The Bonds, subjeat to such reserva-
tions, will be sold at or above par, plus a premium or discount,
:; if any, to the responsible bidder making the best bid therefor.
The best bid will be determined as the bid which results in the
� lowest actuarial yield on the Bonds (i.e., usinq an actuarial or M
true interest cost method). The actuarial yield on the Bonds ,,
will be computed as that yield (stated as an annual peroentage
; rate) which if used to compute the present value of all payments
of principal. of and interest on the Bonds (without reference to � �
possible redemption of Bonds prior to maturity) produces an �
amount equal to the principal amount of the Bonds plus the � ,
, premium bid, if any, less any discount. Accrued interest shall �,>. =.
not be taken into account in such calculation. Such calculation _�.;._`�;�
will be made based on a 360 day year and a semiannual interval ? '
for compounding. If there are two (2) or more equal bids for the � �:.�
issue, and such equal bids are the best bids received, the a:;<r'.
���!j..��,f_ .
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�K.!{ � fI Cr��` �r,r. :a A� i�i�f� N..�T tu f,Y
x ��jf µ� r�1( � t � ) i ��'{' nt�.��k��t.� n�J �b}`4y i n�..!i.dl}� ^d i .
� I 1y- tt e Ee �t �r rt{��rx5 � t. . y;� �'?L y ' � t r � A '4 �f i."ip 1��i .
r � � ?..e,�14��,_�r� �Si"1��,�i4��jR r3S"H � i ; tY� r° '�"�pf'y.y-� ,�jx�k���t,���ri f y���
ya=.�.._. .. :. ..._. .h.�f''�'�!�;f..,��_:�'�:.�.;�'?;�%+%�'�-,i� .. ..:��t... ..-�ns.vti.Jssi�i,s.'-.r'�f.C:+a,h"-,�iFFiL;�Z.r�: .-�r, .�� �,,. . ;.c. .., . ..
Treasurer will determine which bid will be acoepted, subject to ,
ratification by the Soard of Directors of the District (the ,
'�Board") as provided under "Time of Award" below.
DISCOIINT; PREMIIIM: A total discount not to exceed 1.0� ;:�::i .
of the principal amount of the Bonds may be bid. Sidders may !'� 'r .
specify a premium but are not required to da so. j:'i::f?. ;
TIME OF AWARD: Bids will be opened at the time �i',
hereinabove specified. The Bonds will be awarded by the '
Treasurer within 24 hours of the bid opening, subject to ratifi-
cation by the Board by adoption of the resolution authorizing the
Bonds. The resolution authorizinq the Bonds is expected to be
I considered on first reading on Maroh 29, 1988, and on second "`i ,
i reading on April 12, 1988. � ��
�: l ...
� MANNER AND TIME OF DELIVERY: Tha deposit of the �' ,r.'
successful bidder will be applied as part payment for the Bonds
� at the time of delivery of the Bonds (without accruing interest).
If the successful bidder for the Sonds fails or neglects to
; complete the purahase of the Bonds within five (5) days after the
� Bonds are made ready and are tendered by the District for
� i delivery, the amount o£ this deposit will be forfeited (as
; liquidated damages for noncomplianae with Y.he bid) to the '
� District, except as hereinafter provided. In that event the �
I Board may reoffer the Bonds for public or negotiated sale. The �
� purchaser will not be required to accept delivery of any of the ;�- •
� Bonds, if they are not tendered for delivery within sixty (60) �
; days from the date herein stated for opening bids; and if the �
l Bonds are not so tendered within said period of time, the good �
1 faith deposit will be returned to the purchaser upon its request.
The District contemplates, however, effecting delivery of the
Bonds to the initial purchaser thereof on or about April 14,
:
1968. •
PAYMENT AT AND PLACE OF DBI.IVERY: The successful
bidder or bidders will be required to accept delivery of, and to
�:i make payment of the balance due for, the Bonds in Denver, �
Colorado. Payment of the balance of the purchase price due at
j delivery must be made in Federal Reserve Funds or other funds '._
acceptable to the District for immediate and unconditional credit ''
� to the District. - �
CCT5IP NUl�ffiERS- CUSIP numbers will be issued and
i printed on the Bonds at the expense of the Distriat. If a wronq i
� number is imprinted on any Bond or if a number is not printed `� �
. thereon, any suah error or omission will not constitute cause for ,_+
iany successful bidder to refuse de2ivery of any Bond. � '
�
1 LEGAL OPTNION: The validity and enforceability of the `" "�
Bonds wi11 be approved by: '�
��;�
.�*.I,'?��'.?
, -9r 4t �;. ``�r
1
�
�.r:,
1
i _ _ _ .�-
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.. _ ..,_..,..._.__ ___.. . ._.., _ _ ..:,..._...... _.
t�-i., , �
r�, ,� �}y i� ,$;� r �-Y] �
-��( d � y� Fftt�t���Y�.�tr�`�1�� ���3r��t� N.'e 1i"�1°,��1��; i
: L r.:„.�9hf���lt5t�'���(��F7��`�.��'� i ,m . �y g'sy��t�S��t� ��L�J 4��>. r���+v�� *'fy 1y���t'� -1
,. � :i� . ,���-1i�1' i�-S.'�.�° n�51�t �` }�} . �, "�� ry�� �r�y�iy,��� f1� � -
��., :.:�-M� . .! ti:.f�ti1�c 1''� r��.,`'�'�yliqwG � },r v, '� � �'-"'•M. �.. �' �d ..k�\iSy��'1 ui 1r E. :
""—=. . .�.�..�.1�=.l.., . . �. a_,,.:i:a:�, r._...1_....+�'i�rtE...:i'd���r�r,.ti..�-.,Ji�Y�.�._,...�:.y+� ..._._.._ ..
Davis, Graham & Stubbs
370 Seventeenth Street
Suite 4700 .
Denver, Colorado 80202
as Bond Counsel. Bond Counsel will also opine to the effect that !y'�;�':'"
under eacisting law and assuming compliance by the District with �,:? '
certain covenants in the resolution, interest on the Bonds is �{'`! `:
not includable in gross income for federal income tax purposes �'.;..`
I and, subject to certain exceptions, is not an item of tax 3' `
ipreference for purposes o£ the federal alternative minimum tax �
imposed on individuals and on corporations. Also, in the opinion
of Bond Counsel, under existing law and to the extent interest on �
y,
the Bonds is not includable in gross income for federal income ;,.: '
tax purposes and is not an item of tax preference for purposes of ,;
the federal alternative minimum tax imposed on individuals and �y
corporations, such interest is not subject to income taxation by '
the State of Colorado. The legal opinion of Bond Counsel will be � '��
' printed on each Bond at the expense of the District. �
�:i
i
The District has designated the Bonds as "qualified
, _� tax-exempt obligations" within the meaning of section 265(b)(3) c
of the Internal Revenue Code of 1986, as amended (the "Code") and �
,,j has represented that the reasonably anticipated amount of .,
� qualified tax-exempt obligations (other than private activity
J bonds) which will be issued by the Diszrict during the calendar �'
'=� year 1988 does not exceed $10 million. Based upon such action,
and assuming the accuracy of such representation and compliance �.�
by the District with its covenants in respect of certain ;
„r requirements of the Code tha� must be met subsequent to the
issuance of the Bonds, the Bonds are "qualified tax-exempt
���' obligations" within the meaning of section 265(b)(3) of the Code,
and, in the case of certain financial institutions (within the
meaning bf section 265(b)(5) of the Code), a deduction is allowed
� for 80$ of that portion of such financial institutions' interest
�r'� ' expense allocable to interest on the Bonds.
'`-� TRANSCRIPT: At delivery, the purchaser or purchasers
'=;' will receive, without charge, a reasonable number of copies (not
to exceed one copy per Bond) of a final official Statement and a i�
, certified transcript of legal proceedings which will include, ,
among othez items:
'= 1. a certificate of the Treasurer to the effect that
y there is no litigation pendinq or, to his knowledge, threatened '.�j.
j affecting the validity of the Bonds as of the date of their ;�
11 delivery; ��
� 4 �.i
1 2. a certificate of the Treasurer to the effect that, ':'
as of the date of the Official Statement and at all times to and � �
_ includin the date of deliver of the Bonds the Official � '^�`
�3 Y . ,;=,�„.,
Statement did not contain any untrue statement of a material fact `�'�'�'�'y�"-T'' ,
,I �>�.ti` R7..
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'` ya 5x'���J'�' ��}.x''t �'t t� h : y ' 'i f��'Ft'��`�r��.X;��'"'�t�P�^ �:���}�}y ;{�'i�L � .
=� 1� k-�. �y� Z�Y g�� i��c P i � . . ��y �,��'.}��. b"'w. � ,�
, r: 1 "ii' �a ���y7 P i�+�� ,$ y,��,�"-li���� »4.y[f j t= y(i .Y .x.�t , Y`w�r a t+p :/t�4}'.j F1 �, � .
�•x .:.:- ,.y t�� „��" "�,l��F.''�t���.�" '.'',�:'. I'y.'�t•r'#�„...«.-'�; ��r, '�i��':�;;.�• ��"�t{,t3',dyT�(<���{*� .�'
a '�,...._,_' >.��,'n { x P[ Nx n `i i�: t H � a
t,... �—aF.--. ,1 c �;.� .�=."'.'4�..LS.�kaa.`s,"`,r.!t'�a'�''vBSia�..�''_--�_'--,k�rf_....�. - . ..
or omit any statement of a material fact necessary to make the
statements therein, in the light of the circumstances under which •
they were made, not misleading; and
i
3. the opinion, dated the date of the delivery of the i';^'-
Sonds, of Davis, Graham & Stubbs, Denver, Colorado, special '
disclosure counsel to the District, to the effect that in the ��'��",
course of assisting in the preparation of the Official 5tatement
f� no facts cama to its attention which would lead it to believe
that the Official Statement (except for the financial statements, €
,._1 statistical data and projections, estimates and forecasts ; .
� contained in the Official Statement, as to which it will express 3
no opinion) contained any untrue statement of a material fact or
`..•i omitted to state any material fact necessary to make the �`
statements in the Official Statement, in light of the �
circumstances under which they were made, not misleading. �
+�' �
,� INFORMATION: This Official Notice of Bond Sale, the ��
Preliminary official Statement, the official bid form, and other `
information concerning the District and the Sonds may be obtiained �
from Tom Oken, Director, Administrative Services, Pitkin County, �
�; , ex-officio Treasurer, Pitkin County Holland Hills General ` �
' . ' Improvement District, 506 E. Main St., Aspen, Colorado 81611,
(303) 925-1832, or from Marshall Crawford, Smith Barney, Harris
Upham & Co. Incorporated, 1580 Manville Flaza, 717 17th Street,
;y; Denver, Colorado 802U2, (3o3) 296-8767, the financial advisor to
the County.
��_:y The date of this Official Notice of Bond Sale is
- March 15, 1988.
/s/ Tom Oken -
' Director, Adrninistrative
Services, Pitkin County,
ex-officio Treasurer
-- Pitkin County Holland Hills
'�-=r� General Improvement District `�
.�;
ti`� (End of Form of official Natice of Bond Sale)
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�,.. �� � , � �;t �.t�� ;�.��;�_ ;�� ���'� ��'� F�r"y45,;�r
.� ,�. � �: �, g � � � �
�n"'���:��.afL'�'��.i���uiyr`��t'`'.�!€�:.a�e..' .,.�..a �s'�3.'{:��4.:� ��k. .`i� �,A: �o-'sr,k
{� .'i<,
Section 6. All acts and resolutions in conflict or
inconsistent with this resolution are hereby rescinded, annulled
and repealed to the extent of such conflict or inconsistency.
This repealer shall not be construed to revive any act or
resolution, or part thereof, heretofore repealed. �
i �:,: :
; ADOPTED AND APPROVED this March 15, 1988.
� �•_. .
!. � i � '.
� C airman of the Boar� i `
�=�! County Commissioners,
�1 ex-officio President, `
,••""""�%•.;' Pitkin County Holland Hills
'111LS �''-. General Improvement District
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,r Pitkin County Holland Hills
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OFFICIAI, BID FORM
Mr. Tom Oken �
� ex-officio Treasurer
Pitkin County Aolland Hills +y-�� �•
° �:i.:ra•,�.,'.
General Improvement District � �
cjo Smith Barney, Harris �';'��'::;;;
Upham & Co. Incorporated '•�f
1580 Manville Plaza '.
717 17th Street �rF
I Denver, Colorado 80202 ��:i
� 1�`-
In accordance with the Official Notice of Bond Sale r; I
dated March 15, 1988, the undersigned hereby submits its bid for y
the purchase of $210,000 legally issued Pitkin County Holland '' 1
Hills General Improvement District, Pitkin County, Colorado, �`', ;
General obligation Bonds, Series 1988 (the "Bonds°), dated
April 1, 1988. -
The Bonds shall mature and bear interest as follows:
Principal Maturity Date interest
i
Amount (December 1) Rate "
$ 5,000 1989 $
10,000 1990 .�
10,000 1991 �
10,000 1992
10�000 1993 �
� 10,�00 1994
i, 10,000 1995
_� 15,000 1996
15,000 1997
15,000 1998
15,000 1999
20,000 2000
20�000 2001
20�000 2002 J
25,000 2003
y.4 r�
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� We will pay the $210,000 principal amount plus accrued , ` .
: interest from the date of the Bonds to their delivery, *plus a
� premium, i£ any, o£ $ * (or) *less a total discount of }:"
, $ �, ,� :
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Upon delivery of the Bonds, the Pitkin County Holland
Hills Getteral Improvement District, Pitkin County, Colorado (the
"District"), will furnish a certified transcript of all 1e9a1
proceedings requisite to their issuance and delivery in form f;,:�
satisfactory to Davis, Graham & Stubbs, Denver, Colorado, whose �:�.
approving legal opinion (in the customary form) shall accompany E;';':"
the Bonds at delivery. The Bonds are ta be delivered to us on or Y3 ;
about April 14, 1988. The cost of printing the Bonds and the �
fees of the approving attorneys will be paid by the District. we �..•:': �
� herewith hand you a cashier's check or certified check for �
_.� $2,100.00 as evidence of our good faith in complying with the �
terms and conditions of this proposal, which is to apply as part ;
, payment for the Bonds when the legality of same has been
`� approved, and ta be forfeited as fully liquidated damages should �
we fail to refuse to take up the Bonds as above provided. said � :
deposit is to be returned to us if this proposal is not accepted
or if the above attorneys should decline to approve the legality
.'� of the issue.
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' This offer is subject in all respects to the O£ficial �
':,�� Notice of Bond Sale dated March 15, 1988. k
Gross Interest Cost $
*Premium* (or) *Discount*, it Any $
-=� Net Interest Cost $
;7y.+�
,i� Actuarial Yield (True Interest Cost) $
;?°;j Respectfully submitted,
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Accepted for and on behalP of the District, subject to
the approval by its Board of Directors by resolution, and receipt
� of the above-mentioned bid deposit acknowledged on this 29th day i.., ,.�
of March, 1988. '`. •:
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Director, Administrat ve Services,
I Pitkin County, �
ex-officio Treasurer,
Pitkin County Holland Hills �
� General Improvement District �
Return of bid deposit check in the amount of $2,10�.0�
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is hereby acknowledged. �j :
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NOTICE OF SPECIAL MEETING
NOTICE IS HEREBY GIVEN that the two special meetings of the
Board of Directors of the Pitkin County Holland Hills General j:•,,.'.
Improvement District (the ��nistrict��), will be held at 11:45 a.m. ' �
on Monday, the 14th day of March, 1988, and at 5:3� p.m. on }-_-�::::
Tuesday, the 15th day o£ March, 1988, at the COmmissioners Room, `'�;'.:°_
Pitkin County courthouse, 506 E. Main St., Aspen, Co2orado, to f�.,:,;
; adopt a resolution authorizing the public sale of general
' obligation bonds and other matters relating thereto; and for the
;� transac�ion of such other business as may come before the Board. �
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NOTICE OF SPECIAL MEETINGS
NOTICE IS HEREBY GIVEN that the two special meetings of
the Board of Directors of the Pitkin County Holland Hills General �';;:,�{�
Im rovement District the "District" will be held at /- 5.m. `'`°�'''
P ( ). _.L_�_ €+=:,�
on Monday, the 14th day of March, 1988, and at �:OU_P.m. on � ,: `_
, Tuesday, the 15th day of March, 1988, at the Commissioners Room, ''��'.`"
Pitkin County Courthouse, 506 E. Main St., Aspen, Colorado, to ��': ''' "
adopt a resolution authorizing the pvblic sale of general
obligation bonds and other matters relating thereto; and for the
transaction of such other business as may come before the Board. �-�. .;
�I �
ACRNOWLEDGMENT OF NOTICE AND 1 -
CONSENT TO SPECIAL MEETINGS
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We, the undersigned members of the Board of Directors ; i•
of the District, do hereby acknowledge receipt o£ the foregoing
notice of the special meetings of March 14, 1988, and March 15,
1988 and we hereby waive any and all irregularities, if any, in
such notice and in the manner of service thereof upon us, and •
� consent and agree to the holding of such meeting at the time and
place specif3ed in said notice, and to the transact'on of any and .
j all business which may come before such ing.
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��� `�I�-G Board of Directors, Pitkin County
;� xolland Hills General Improvement
° District, Pitkin County, Colorado
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STATE OF COLORADO }
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PITKIN COUNTY
� ss. :�
PITKIN COUNTY HOLLAND HILLS ) � 'r''
� GENERAL IMPROVEMENT DI5TRICT ) �
�'�':
The Board of Directors of the Pitkin County Holland `�*,':.:.
, xi11s General Improvement District, in Pitkin County, Colorado
(the "Board" and the "District" respectively), met in special �
� session at the Commissioners Room, Pit'cin County Courthouse, 506
� E. Main St., in Aspen, Pitkin !'uunty, Colorado, on Monday,
March 14, 1988, commencing at ;l�vsCa..m. There were present at
; said meeting the following Directors: �
;i Present: '�
,� 4' ' �
� Chairman and President: Pred Crowley ;:
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.:� Directors: �;.--°���
,_� �v�-e�r�titi
George Madsen '
/i-� Colette Penne ; A
Absent: %mn�i/,�z,E� �6�u� �`
.; �
constituting a quorum of the members thereof.
+� Thereupon, the following proceedings, among others, ��
were had and taken:
`, .
nirector � introduced for passage on
first reading the £ollowing preamb es and resolution: �
(Resolution No. 88-_�„(_ (HHGID), pages -1- ;
through 12�, follows.) f::
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A motion to pass the forea ng zesolution on first
reading was then duly made by Director __�� � and seconded by .
Director � , was put to a vote, d was unanimously
_ carra�ed, t1i vL�ing as follows:
!:,,,...
Those Voting Yes: Fred Crowley
-`P'om-B�aiee �rZ,;!
, Beb-ehi�d-
_� George Madsen
,; Colette Penne �
{ Those Absent: �or„����6��ilr,C ' .
� Thereupon, the President declared the motion carried `�
�; and said resolution duly passed on first reading. � -
�� It was there on moved by Director lyf�x„rLr� and duly
;;,� seconded by Director that the foregoing resolution � .
�::,j introduced at this meeti g, as aforesaid, be considered £or £inal
?;� passage .at a special meeting of the Board to be held on i•
March 1..�P, 1988 at S;JU �.m. The question being upon the
,1 adoption of said motion, the oll was called with the following
- � result:
;:.� Those Voting Yes: Fred Crowley
;;,, Tom Blake
Colette Penne
George Madsen
�.�;.`y Bob Child ;
= Those Voting No: None
:'';.: Those Absent:
' _� members o£ the Soard, constituting a majority of
- all of the members thereof, having voted in favor of the motion,
the presiding officer thereupon declared the motion carried.
-_ There being no further business, on motion duly made, '
seconded, and adopted, the meeting adjourned.
>`� ... l�(/�- `
' _� :,.
' t1��L' i,:, C airman, Board of Cou ty
' ' ',<��-� � `" Commissioners Pitki Coun
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:c.,4� v� �''!"' '. of Directors, Pitkin bun�i
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_ _ ,� �,:� : Holland Hills General Improvement
� •:'o `„�, L,` District ,
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`,% Secretary, Pitkin County Holland .,t,
�� ;�;y Hills General Improvement District
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r STATE OF COLORADO )
)
PITKIN COUNTY � ss.
)
PITKIN COUNTY HOLLAND HILLS )
GENERAL IMPROVEMENT' DISTRICT ) i�•;<i
The Board of the Pitkin County Holland Aills General '.� �'
` Improvement District, in Pitkin County, Colorado (the "Board" and
the "Distritt" respectively), met in special session in full
-� conformity with law at the Commissioners Room, Pitkin County � "`
;� Courthouse, 506 E. Main st., in Aspen, Pitkin County, Colorado,
! on Tuesday, March 15, 1988, commencing at %'� O.m. There were t
.� present at said meeting the following Directors: �
� Present: � -
Y%� i
'f� Chairman and President: Fred Crowley a
_, � •
�.;w� Directors: Tom Blake ; ,
Sob Child r
George Madsen
� �:� Colette Penne
Absent: .
+ys::
constituting a quorum of the members thereof.
-:: Thereupon, the following proceedings, among others,
,;�r;� were had and taken:
.;.µ� President Crowley placed on final adoption a resolution
,5:� introduced and passed and approved on first reading on March 14,
1988, which resolution was titled as follows:
t::=:::
" A RESOLUTION PROVIDING FOR A PUBLIC SALE OF
���i GENERAL OBLIGATION BONDS OF THE PITKIN COUNTY
— HOLLAND HILLS GENERAL IMPROVEMENT DISTRICT IN
" THE AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED
.`�: $210,000; REPEALING ACTION HERETOFORE TAKEN '
b
�`> IN CONFLICT HEREWITH� AND RATIFYING ACTION
PREVIOUSLY TAKEN IN CONNECTION THEREWITH.
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The resolution was thereupon read by title.
A motion to finally pass/�nd adopt such resolution was
then duly made by Director ,!}�R� and seconded by �,:`
Director � , was put to a vote, and was unanimously F •
carried, t vote being as follows: ���;.,
;�`.
Those Voting Yes: Fred Crowley {
Tom Blake §`"'°-
Bob Child �`
�-_� George Madsen s
Colette Penne
_'� Those Absent:
��',�' Thereupon, the President declared the motion carried ;� ''
��`•�; and such resolution duly passed and adopted.
`�
�
;�:� On motion duly adopted, it was ordered that such :'
..f,Y� resolution, after signing by the President of the Board, be L.
finally published by title and summary, in The Aspen Times, a
newspaper of general circulation in the District, and be recorded
_ �.'`t according to law.
';-��:: Thereupon, the Board considered other business and took °
other action.
�;;:i;
There being no further business, on motion duly made,
seconded, and adopted, the meeting�adjourned.
--x;;
' ,.��.������ '� �����Ae
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- .��O,t��S.�F,.�"'�,` Chai�n, Board of Cou ty
P� pi,�•;�,p`; Commissioners, Pitk' Coun y,
�:� �.:� ��r = ex-officio Preside Board
��� °_� � ��� ; � of Directors, Pitkin County
=-?•� '•r r °:� = ' Holland Hills General Improvement
J"Y•`�' ✓ �°� ' �'� District
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D uty County C rk and ': ..
� corder, ex-o icio Acting '�+
ecretary, Pitkin County Holland
� - Hills General Improvement District �` ``='
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. ��3
STATE OF COLORADO )
) .
COUNTY OF PITKIN � ss. •
)
PITKIN COUNTY HOLLAND HILLS ) '
GENERAL IMPROVEMENT DISTRICT ) . �'r:e::.:�:..
r+;.
:�„��:_
' I, Jeanett Jones, ex-officio Acting Secretary of the ;;,�
Pitkin County Holland Hills General Improvement District, in 1` :
Pitkin County, Colorado (the "District"), do hereby certify: •
c
1. The foregoing pages numbered (1) to �
4 ,
inclusive, are true, perfect and complete copies of the record of �.,� :` :
� proceedings of the Board of the District (the •Board"), had and � '
taken at a lawful special meeting of said Board held at the �; �:.
Commissioners Room, Pitkin County Courthouse, 506 E. Main St.,
Aspen, colorado, on March 14, 1988, and a lawful special meeting '' ;
of said Board held at the Commissioners Room, Pitkin County
ICourthouse, 506 E. Main St., Aspen, Colorado, on March 15, 1988,
as recorded in the regular official book of the proceedings of
the District, and said proceedings were duly had and taken as
! therein shown, and the meetings therein shown were duly held, and
' ! the persons therein named were present at said meetings as
therein shown.
2. The copy of the resolution contained in such ��
minutes is a true, correct, complete and compared copy of the .�
original of such resolution as introduced and passed on first +
reading at the special meeting of March 14, 1988, and as finally
adopted and approved at the special meeting of March 15, 1988, ,
i except that the resolution was dated, sealed, signed, and
otherwise completed, upon its final adoption and approval.
3. The President and � other members of the Board
were present at such meetings, and all of the members of the '
Board who were present voted on the passage of the resolution, as
in such minutes set forth. `
4. I was in attendance at such meetings and the ;
foregoing proceedings were in fact held as in such minutes ' ,
� specified.
� � 5. The original of such resolution, upon final
; adoption and approval was numbered Resolution �88-� (HHGID), � .
i was sigaed by the President of the Board, was sealed with the � ;
j seal of the Board attested by the Acting Secretary, and was �= �,
� otherwise completed. `-`�
j
j: 'iF�
� 6. Pursuant to Section 30-20-511, Colorado Revised � �,.:�.
I Statutes, as amended, and upon the direction of the Directors of FE > �':
� the District, I caused to be posted on or before March 11, 1988, '::�,.�:.,•'..:
i copies of a notice, of which true copies are hereto affixed and . r�'�'��`
��:.
i , �:s' _;..
marked Appendix A, of the special meetings of the Board of �= " :�_,;
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Directors of the District held on Monday, March 14, 1988, and
Tuesday, March 15, 1988, which posting was at least three days
prior to said meetings, in not less than three pub2ic and
conspicuous places in the District, to wit:
A. Junction of Bishop Drive/Highway 82,
S'�:,'
B. Junction of Holland Hills Road/Highway 82, p -
i: �
C. 167 Holland Hills Road (New Creation Church) and �`
additionally, i'
-� D. On the bulletin board of the Courthouse of the F . '
.� County of Pitkin, Colorado; and said affiant believes that said l.;
notices remained so posted and unchanged until after said
meeting. r
�� b
�a 7. Resolution #88-� (HxGTD) was on March 17, 1988 �`
:�': published by title and summary in The Aspen Times, a newspaper of t;
;�:�;� general circulation in the District. An affidavit of such i•
;;�� publication is attached hereto as Exhibit B. �
_ IN WITNESS WHEREOF, I have hereunto set my hand and �
- a£fixed the seal of said District t ' 15th day of rch, 1988.
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•�r, o;o _ . �,�.,r = e o£ficio Ac ng Secretarp,
�' �'�'' ~� "" ` Pztkin County Holland Hills '
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EXHIBIT A
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EXHIBIT S
(Attach Affidavit of Publication of Resolution)
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� The Aspea Times
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Aspen, Colorado ..
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I PROOF OF PUBLICATION ��
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� ��� STATE OF WLORADO ) COPy Of Notice - �
) ss.
_ CountY ot Pilkin ) . • —— -..— . — :::, �
' rwuc nanca �
� � William R.Dunaw riaess Tn�Nanes�rn,e�no.ra�r•. �;
,�ti I, � do solemnly sx�ear that a�ry�e��a�n����nco�i�a�m�' �.
�..a_ �1nndllllbCenorelImprovemontll���rfet�ndly;_ ��
- Publiaher � aopaa u.raw..i�e rowmu�rm�np}�;�cn.
�' I am the of THE ASPEN TIMES; �county Ildlnnd I[ilb ce�r.i tmvro.o�w��.! f �
,�:t. 'DislrictntNnthdtrcgul eatinBo.iApr31]2. L� .
that the same is a weekly newspaper printed, in ahale or in part, .lqaa_ . . . � .,. � .'' f
: and published in the Counly of Pi[kin, Stale of Colorado, and has �. ��onritra Ttte tssunntce oF�wi.r: '
- a general circulation therein; that said newspaper has been pub- �L4YD iI16I3�C&V61Nt IMPItOVEM6NT; "
lished continuously and unlnterruptedly in said County of Pit&in, �nts�'tuc'e,rtrKtri counrrtt,cownnoo.. ,
'C6NEINL�06L16ATION➢ONDS SERIES ,
- for a period of more than fittyh�•o consecuti��e �ceeks next prior 1988, W TItE ACGRFAATE PIIINCIPAC�
� to the first publicaGon of the annexed legal notice or advertise- ��oun^r oe_suo.000.� , � ..
ment; that said newspaper has been addmitted to the United SWtes � co iei ott6u rnmv�ob�ltswlutlan am avd4+
mails as secondclass matter under the provisions ot the Act of ��ooF'umy ci�r�x'���b sos'�i nid�: : �
�� March 3, 1879, or an amendments thereof, and [hat satd nex�s- sneca n.Pen,catmaao bo�rocn we naun e[.
��:; Y '8.�00 am wd 5:00➢m�londay th�uu�h Fdday.
paper is a weekly newspaper duly qualified for pub{ishing legal � �� . '
- notices and advertisements with the meaning of the laws of the -, D��n,�,.n�N�rnuw� .
__� State of Colorado. �`%ci-ot�d��um��� �
� I'itkin C tY.fio1L d Illli ��.
ThBt the annexed legal notice or advertisemenl �cas published , -_ 0!'�?ml Improvement DI tnec'�
�� in the regular and entire issue of every number of said weekly ' . .:� �::, .-� ,
�.' .Publi�fiod i tho NPm'�.. Apri1.14 1888�� � "
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newspaper for the period of �_ consecutiva inserttons; and �
that lhe first pu6lica'n ot said notice was in the issue of said .
�D/t7 4
����5.'. newspaper dated A.D., 19�r� and that
' the last publication ot said notice was in the issue of said news-
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= paper dated � - A.D., 19_ f
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Subscribed and sworn to 6efore me, a notary public n and for �� .
' the County ot Pitkin, State ot Calor�a7do, this�L_ day of � #�
_ A.D.. 19C1� ' ..w�„1' ��l, ���.. .
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Notary Public ���- � � '� F, � �'%�
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A4y commission expires ��
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