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Home My WebLink Aboutbocc.res.366.1992 � .f�,," . • . ' . T � �� . f 1.� "1�t T'7. � � _... � -I � ' L!f :�v,q [.�; t1 `Yf.; # {{'�h��t 4.. „ :'J � � r, t „ � �-. rs ��*�x l ' �� L .,�t�t�r �"�-.-„ � - ., � �� r5 -•�� , iEr ne.�� rt`r ��M'F'��Z�i�� t � - � '�Sr- . � �* �'� e y)�N,!5��' � A',4 ---4 �� '�•'�` �� ar�"�'�"'} � �rq ��Ls��,r t � „r: •:r� �� i �{4 ;c,�,8.�,�4��h . a T ��1�. 1 f: .� �k�3��•, •p rs- y,§ ..� t 4 :i�'" ssa` .r ,� ...Y� �� `d�,�yd . 7F'iqr��. . . ,.. . .. ..�' . i. - , . - � G��.3 G G �:`.,; -- - �; A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS i:`='..' OF PZTKIN COUNTY, COLORADO, ''�' '� ' Y� AUTHORIZZNG THE ISSUANCE OF PITKIN �' COUNTY, COLORADO, GENERAL ��t° .;. a OBLIGATION HOUSZNG BONDS, ;r;�7 SERIES 1992, IN THE AGGREGATE 'y:�y; " PRINC:PAL AMOUNT OF $1,855,000 '� _ . ` � ''• �, RECITALS �,.. . �: b 1 1. Pitkin County, in the State of Colorado (the ! '1 "County'� and the "State," respectively), is a duly created �-` political subdivision organized and operating as a home rule � . county pursuant to the general statutes of the State and the Home � Rule Charter of the County (the "Charter"); F 2. The members of the Board of County Commissioners : of the County (the "Board") have been duly elected, chosen and ' qualified; � ' 3. At a special election of the electors of the �� County, duly called and held on Tuesday, May 2, 1989, in accordance with law and pursuant to due notice, a majority of the �^'Fa¢' ' registered electors of the County voting at said election voted ��;�•,;::; �t,,� for the issuance of general obligation housing bonds of the _ County in the total principal amount of not more than $6,000,000. for the object and purpose of providing funds to acquire land for, produce, finance, or otherwise provide affordable housing � for County residents; 4. The electors also authorized the County to issue �' the bonds and other general obligations at a net effective - ` interest rate not exceeding 10.0� per annum if tax-exempt or ', � � = � 12.0� per annum if taxable, and with the bonds maturing not more � than 25 years from their date or dates, and to be paid by a general ad valorem tax which may be levied on all ta�cable � : ;. a property within the County without limitation as to rate or -: � amount, or from any other legally available revenues of the - �� County or the Aspen/Pitkin Housing Authority upon such other � additional terms as the County may determine; g�1 i � 5. Pursuant to such election authority and Resolution `"' .'' y No. 90-140, duly adopted by the Board on December 4, 1990 (the �� '�Series 1990 Sond Resolution"), the County has heretofore issued :;�, � its "General Obligation Housing Bonds, Series 1990" (the � ' � # "Series 1990 Bonds") in the aggregate principal amount of ':..� �$1,250,000; F , , � ' ��;: ap 6. Pursuant to such election authority, the Public ,i� ��` � � Securities Refunding Act and Resolution No. 91-31, duly adopted ��t� " �, by the Board on April 9, 1991 (the "Series 1991 Bond 'r� �,�r� � Resolution"), the County has hereto£ore issued its "General "`,�� , ' I� Obligation Housing and Refundinq Bonds, Series 1991 (the .;�� ' M1. � _2- u''.r . � • �, �� - -- -- - !y,'-Y:�,1 •• _ ,� ... .. �y..��d�,Y,�::::>:,�fe:ew.o- - - — .- - ---�s � .-----;�.. ,.`J. . :'"V - / .. • ' _W , . . �\i �`i ��X ; ` f ' �A� 4 '' . . ' ' . �• � � . . � . .. �* �, . `�` , ;'� , .. , J ,, � �'� ' �' . .. . '1, . ' . , � . . . . . . . ' .I _ - -•• �R f, _ _ _ . ''� � - T � , . _. _ .� F �n � » � Y,.M ..'a ....' 1 ...f � i-•( St q�x`lr,. } - s ca .' yt'rt..�+` ��, .. �� ' �M�iN ��#a�7 Jy� 1 �4 ..5r.�� r��;/��Lfia,�^ rFi.�t r .1 ' � !,��Y/�c j.�i, G 1 �",�t;� YSt..,: ' . µ,. �. T 1�a. ��k� . �' .:7" }yii.' �.�/ �1 ' v' ;an� 6 � � �.�k � Y`�.,. ,�` r �" , aY � a� . . ,.�. � ;`�� ` ;'* ry k.'•�} � . ,n ' ��.c�� . Y � � .. � v i � - � ,.,�� . . �s��_- •��. - �� r�^: �i'z. h 't.. . tP�"6,�: . ._ :,�.'i . ' ._ _ .. v . ,. ' � =. . . ;��,._ . . !-�' (,. r ;.�? i "Series 1991 Bonds") in the aggregate principal amount of �I�?;;-;�`� F $4,590,000; `r^g;7.' 3 �: 7. $1,220,U00 of the proceeds of the Series 1991 ,�'� '� Bonds were used to refund the Series 1990 Bonds and $475,000 of ;.?;t .. the proceeds of the Series 1991 Bonds were used to refund the ��y>� .". ; County�s General Obligation Refunding Jail Bonds; ��r $ =.-< 8. Of the $6 000 000 of eneral obli ation housin �'�o:-'�- � . 9 9 4 ,�:: ; bonds authorized at the election of May 2, 1989 for the purposes sdescribed herein, $1,855,000 remains authorized but not issued; �v ,.,' �. '. 9. The Board has determined and hereby declares that � ' the interests of the County and the public interest and necessity *� ' demand and require providing affordable housing for residents of � ' �'� the County and that it is necessary to issue $1,855,000 of :x� general obligation housing bonds for such purposes; ' + , ;� `G 10. The Board deems it necessary to .issue $1,855,000 ''-�1 of its general obligation bonds, to be designated the "Pitkin � . - . €j County, Colorado, General Obligation Housing Bonds, Series 1942" ^ (the "Series 1992 Bonds�' or the "Bonds"), the proceeds of which - �:�� will be used to affordable housing for County residents; �� „^ 11. The Series 1992 Bonds are to be issued pursuant to � `V� the �authorization granted by the electors of the County at the• ; , ; ,_ ,, election of May 2, 1989; and . � -�- =-.,_.�. �= :.'.:... .. :._. -._ . . . ... . � � 12. The Board has determined that the interest rates on the Series 1992 Bonds fairly represent prevailing marke£ _.,� rates. s "a :. ._.. NOW, TAEREFORE,..BE IT RESOL�D=by the Board of County Commissioners of Pitkin County, Colorado th'at: ' • � , � � Section 1. Definitions. The terms defined in this - section shall have the designated meanings for all purposes of this Resolution and of any amendatory or supplemental resolution, - . except where the context by clear implication requires otherwise. _ • Other terms are parenthetically defined elsewhere in this '' Resolution. .��. ... (a) ��bondholder" or "owner" or "registered owner" .,r( ! � means any person who is the registered owner of any ��' � T'.t Series 1992 Bond as shown on the registration books a' -" { kept by the Registrar, t � j �� { , ,E „ (b) "Bonds�� or "Series 1992 BondsH means the �� t�,: i Pitkin County, Colorado, General Obligation Housinq � t��,�� . -� Bonds, Series 1992." � {"� .. . (c) "Code" means the Internal Revenue Code of ,��'�'� ` ,�, 1986, as amended•,• :��nd alI regulations and rulings � �r promulgated or �proposed thereunder or (to the extent l' =` � � z.: -3- , j"� I , ' . . e , ? > „r. _ -..- _ _.--�... ........�...�..._..,...._.... _ - . v-.�*::.�+.su�..>. .. �y,;e:l+�_�. ..��, . . .�.� - . . . wi.'ii � _. . •. . .,l , y` ,�j .. Y"�,. ! F_ ,. .. Y:+..1 ' . . . �� _ � . .. . . � , . . • .. �� . . . � .. 1 .. . �� . . . ' I'i[ , , . . . . � . � - .. . ' . • . f� : ' � � � , t:b � ., . �Y�,�, . . , .._�._..._. ..�,. �� r F tt . . � �' �., �`�' .:.f:��'�' ��„� 4r'�' ,�z t�'� �+1" }��`��„�.'�`+�.. '��1.�a e'c$� � a�@t �'" n i t� h � fF� :-�`' ` '� C� �a t i t y � ,� .,'' r , �p �t,, j r r�t,.,r,� . �vs ,�.�� •t. � � 4 �<....N�'� � '-✓�� f� P�1,;,b��Y �..k.'�� ;.r t .,�i�y�, a�N?tf1�t� �"� �. •`. _ . ,H' :r �! :1 �' . ... i � �`4�� 1r , . ., -... .. ,- .iii�Y�.�:t �. .. •tt4� • . ..• •. . . .. �"� Y' .!�[1 ,. �f + + � . i ( ':.,e •� • ; the same remain applicable) under any predecessor 1 •~�`r`;. � thereto. i �'.<';:• -.�:, ,' i (d) '�Event of Default" means any one or mare of � � ",,�.._; the events set forth in Section 23 hereof. 4'` � � �� . (e} "Federal Securities" means direct obligations of, or obligations the principal of and interest on y� ` •� which are unconditianally quaranteed by, the United � �'— " States. :�,�,e„�K k�� ' � :, ;� (f} "Financial Advisor"� means Newman and +,�„-" `�rr`. Y Associates, Inc. �z • �(gy "outstanding," when used with reference to the Series 1992 Bonds and as of any particular date, ��'" ='� means all the Series 1992 Bonds theretofore duly issued ��` except: �+ � (i) Any Series 1992 Bond cancelled or ' delivered to be cancelled by the County, or on the �� County's behalf, at or before such date; ,��,,.xc (ii) Any Series 1992 $ond deemed to have � , been paid within the meaning of Section 26 hereof; _ and . . . . ._. .. .. .. .. . � . (iii) Any Series 1992 Bond in lieu of or in substitution for which another Series 1992 Bond - shall have been executed and delivered pursuant to - . .. . . Section 5 or 7 hereof. - . � f...� , �� ' (h) "Paying Agent" means the entity serving as �' _ paying agent for the Series 1992 Bonds appointed by the - � County, being Central Sank, National Assooiation, in ,t Denver, Colorado, or its successors. ;�.. .--� •--. . `(i) "Project".. means acquiring land for, producing, financing, or otherwise providing afEordable . . . . housing for County residents. (j) "Pro ject Casts" means all costs and e�cpenses '`' incurred in aonnection with the Project, including � without limitation, costs of issuance af the Bonds, including the Underwriters' discount, the reasonable charges' of any payinq� agent; registrar or depository bank; Piscal and legal expenses in connection with the •� Project; costs of financial, professional and other • advice in connection with the Project; and all other � . �_ expenses as may be necessary or incident to the �' �,. Project. . � i � _ `�� (k) "Purchase Contract'� means the agreement for � �;; S the purchase of the Bonds submitted by the Underwriters l��y; ; � 7`r� . . _._ _. . r� '3 �- �,-� _4_ �'� � � �:a . L; :� ---�W- _ .._.... TT.,. n. .:� z _ ,w ;�z 1 �r _�; " '� s�� ' °: � � `� ' . ��.. r� _ . � � ;�4 � . �� `' . �� d -.. , . � ; • � . . . - . • .. k . . . ' . � .. . " - , . . ' ' ' . 1P �i _� . ' - YY r •.''� _ �, s... . r � � � %�� ,e f- t�r��,7 r `:� � i T� � :'�'�..; ,.. . 1 �Q��-'�w�+•$�N'�i .•� f�hS. �-�;fi4� �� 1'li:h�• -�f�� r4� �. � �a .�?yi�i Y� .-'7;:tl� ,�pw�., - e. a � , F;� �f�� ,�, i ,W�, ; �;"��I,' ��F^ N,'-h i •�t�e. -^'`' ,.y'�:.�'ai ��4.� �,�.�,f� " � � ti i �•� �;4 �'•� '�;��, �� " -,�u��r'� a; „a ; �.. � l6��, .. �� ._� r k �;:�= �., .i, . � �."`;.'�' _ 1i�":: _ G.r� ,�� • . i . . ;�i. - ' ' Cr. � i . i�: � ifi,:: . � concurrently with the adoption of this resolution and � ; . , t hereby accepted. '�`:-`=�' �"rt:::. �:;::.?-; � ; (1) "Record Date" means the close of business on r. � the fifteenth day (whether or not a business day) next ,�- .. • � preceding each regularly scheduled interest payment -?•�.::-�'t:.; - ± date. . ,�'w�x:: . , $ ;�r..i.} - (m} "Registrar" means the entity serving as - ��`�Y" registrar and transfer agent for the Series 1992 Bonds ;t,.;` , ' i appointed by the County, being Central Bank Denver, National Association, in Denver, Colorado, or its � �5 successors. 4 ,�''. i.,,'' . � (n) "Special Record Date^ means a special date I fixed to determine the names and addresses of owners '�� ;! for purposes of paying defaulted interest. '; I �� (o) "Underwriter" means A.G. Edwards & Sons, Inc. ! in Denver, Colorado. . � Section 2. Ratification. All action (not inconsistent with the provisions of this resolution) heretofore taken by the Board and the officers of the County directed toward �''�`=��} effecting the Project and the sale and delivery of the Series 1992 Bonds for such purpose be, and the same is hereby, ` ratified, approved and confirmed. • _:;:::" ,. Section 3. Authorization of Series 1992 Bonds. In accordance with the constitution� of==the State of Colorado; the Colorado Home Rule Powers Act, Section 30-25-201(6) (a) and (b), � Colorado Revised Statutes, as amended; the Home Rule Charter of ` �- � �=i the County; and all other laws of the State thereunto enabling, • ' � .-�� the Board;:.��on:' benalf:�of'-the .-County, . hereby authorizes the , . issuance of its "Pitkin County, Colorado;� General Obligation Housing Bonds; Series 1992" in the aggregate principal amount of � $1,855,000, for the purpose of providing funds to defray Project ; • Costs. - • c Section �1: Bond Details. The Series 1992 Bonds shall be issued in fully registered form (i.e., registered as to � payment of both principal and interest) in denominations which ` ; are integral multiples of $5,000 (provided that no Bond may be in . � a denomination which exceeds the principal coming due on any � . ; maturity date and no°individuaT .Bond may be issued for more than �"' � one maturity.) The Series 1992 Bonds shall be dated as of Si�'• ' •�.:�� September 15, 1992. The Series 1992 Bonds shall be nwnbered in � such manner as the Registrar shall determine. The Series 1992 '�'' � � Bonds shall bear interest from their date to maturity at the �'4 j interest rates per annum shown below, payable on June 1 and r ,., . December 1 each year, commencinq on June 1, 1993, except that � �„_��.; Bonds which are reissued upon transfer, exchange or other �.,„_,,s,, replacement shall bear interest at the interest rates shown below .�k�r `�' I from the most recent interest payment date to which interest has j; , f�-� been paid or duly provided for, or if no interest has been paid =+' ' �� I � � ( . . -5- . ' � . , <. i � . .__. . — ___ -__�-----.,,..y.�,.�,.:___.a._ .__..._ - • +yv�r �. . --- — .... b:Y .. . n'r \ _�"°� � . " . . . � �� . . . . ... .. -, , . �. . . .. ';' .. .: .�- , � . . �:.� � .. ..�.�.. . . . . . .. .. ' . Q ;,,. . .. � . .�- :.� . ..�� ,. � .. -. .. �.. , . .' +t,..r �--� + .' � _ ' • .4i_ : ..�.. . . . .. ,.� _,... �, .. . � •. ' . � . 1"�= r�,, <��. . � �. �:` � 4. . .. . . . ' - - � , • . � .� �. � .�J . - . - , . ' . - 'J '�, • • . . :.�, ' . _ .. . � ! - � � �. . , � � ' , . . . . . . , . . - '� .. ' .. . `.� . .. . . . r� . �-f.�� . . � • . - . _ r . ' '�� 3�ti�° ��,�idr� 7 a "l�,h'�� `' ,.w� **: � � � r � . �F . t fy� .:aihyr r.. � ��s,7' �v�.s �'Ga�.;;�� r .�y; �,t t r .� � .#=x,�` ^: b� iC�� t-ti+*u' `Y'��C:P,R��¢1;�N,�"� f�'•l��+a � �r.�re 1�� ,� � �� . F�''�'t �-a ir '�?'�:k �,"�;; n` t4}^` s-.-.'t*��i_:x''�'R�4.. x°;• • � �, _.t��,( i � ��ta�'t,��'�{¢gp'X �� . . . . .. h. �, .l- .�J.iQRGi� .. .w..�iirE.4� �� . ^'.� . . . � i ; �{• . 1'7�'!_. 1 � ��:... � from the date of the Bonds; provided, that the net effective �, :`�;:"• R interest xate on the Bonds shall not exceed 10.0$ per annum. The �.:. Sexies 1992 Bonds sha11 mature December 1 of each year and bear � interest, as follows: �,��_`,�� ;�>` .,-:,._; . A ..'=.��': - ' MATORTTY SCHEDIILE ;:'�-�':• � �3 ;.:';�,,:{,;.: Year Amount Interest Rate '!;�-'� . ;,•r•':. (Per Annum) :.,^,;,y' : 1993 $ 60,000 2.80� 1994 60,000 3.40 � 1995 60,000 3.75 � 199fi 65,000 4.00 ��' ` 1997 65,000 4.25 1998 70,000 4.50 1999 70,000 4.75 200D 75,000 5.00 �. - 2001 80,000 5.25 � {.`. � 2002 85,000 5.45 � 2003 90,000 5.65 2004 95,000 5.80 � '. `. : :t�:2007�_ �..... _a.�_ 315;000 :' •...._ ,:c_ . 6.00 ° . � �� 2012 665,000 6.40 �` L�^ The principal of and premium, if any, on any Series 1992 Bond shall be..payable to ,the�wner..thereof as shown on-�•the•.registration •books��kept by the Reqistrar upon maturity `�, ,,, thereof or prior redemption of any Bond and upon presentation and surrender =at the •_operations oenter for the Paying Agent in �� \,� St. Paul, Minnesota. If any Series 1992. Bond-shall not be paid �. ,; npon -sucH presentation and surrendex �at rar-after"'.maturity, .it �;� _ shall continue to draw interest at the interest rate borne by �. �sazd•Bond� until-the��principal thereccf i:s:paid in full. Payment '� $;, of interest on any Series 1992 Sond shall be made to the owner �'. � < thereof by check or draft mailed by the Paying Agent, on or °• � �� -before each interest gayment date (or� if such interest payment =� • • date is not a business day,_._on.__or_ before the next ..succeeding ; .� business dayj, to the owner thereof at his or her address as it ;�. !�: last. appears on the registzation books kept by the Registrar on � the Record Date; but any such interest not so timely paid or duly r provided for shall cease to be payable to the person who is the i. ,'" owner thereof at the close of business on the Record Date an@ !�' sha11 be payable to the person who is the owner thereof at the �' � _ close of business on a Special Record Date•for the payment of any � such defaulted interest, such Special Record Date shall be fixed ' by the Reqistrar whenever moneys become available for payment of �� :;> the defaulted interest, and notice of the Special Record Date �` �t V ,"`- shal•1 be given to the owners of the Series 1992 Bonds not less W- than Cen days prior thereto by first-class mail to each such x:�'�' ;�,<�i owner as shown on the Registrar's registration books on a date �=��: selected by the Reqistrar, stating the date of the Special Record °�= i: �� - Date and the .date .fixed for the a ent of such defaulted ; '�k=; a:� P 1'�° ��. lYy: . -6- , Fr�, : E': . . : ^.,. `�' j��='� . .. , ' . . � a� ' � —{ �,Y1� » , � 4 - . ,,� °j . �,Y�< . � . . .� ;. . ,. . _ .: , . . . . .. . -�r . .�. , �-•• . _ ,.:. . . ..� . . .� . hh: r> . � . � . ..�`��.� .� • . 7' . . . • �:r . . .. . � � ��9. � . j .. � ` � , , ' . - �._.t�f . _ � - 1 , . _ � . '. , i. . . � . . . � � - . - . ,� � � _ � �� . kT � . ' . J�q 4- . .. . �'M$� • � _ - Y . . - .Y. . ' - . . .. 1. �$ Q' .l. T g 1 ` j�i ��Y i 9�}r�nt y�Y -� �Sf�'.ei� �� ..� � -" �,�� .. �e 4y �,�� ..� t N�., � �'r�-] � � �i�._ �3 cap+ � i �. f NF" 'tYs y � ir'` 1'a�""s'f� � ! i a F -£ � �"k ` .:'`:� .j;" ��'y �l:as�� s ��{� i cn,��t,sg��, � t ��- -- K ��; i y,� y� ;t �.5�� S � `a I�.: "'c'i.'.4��.-�i 5�.: '��3v'�ca'i'�'��G�'� .±a.z;si!�:s�:��„ .r" �,.� . :r�+4} , �� f interest. The Paying Agent may make payments of interest on any j;,��,"��,;: ' Series 1992 Bond by such alternative means as may be mutually ! : � �=;' ` aqreed to between the owner of such Bond and the Payinq Agent i•.�,�; �. ; (provided, however, that the County shall not be required to make � = - funds available to the Paying Agent prior to the date stated in ' �-� =��: � this Section). All such payments shall be made in lawful money +��''-��_:'-. of the United States of America. ��=�"'��.- � ;� �-, f Section 5. Prior RedemDtion, • {•�',-,.,.,.,., 3 . x a'a-��,: ` j A. Ontional Prior Redemption. Series 1992 Bonds ,'` � maturing on or before December 1, 2002, are not subject to prior �- 1 redemption. Series 1992 Bonds maturing on or after December 1, ��'�- � E 2003, shall be subject to redemption prior to their respective �'� •.':'� i maturities, at the option of the County, in whele, or in part in ��;� � integraZ muZtiples ot $5,000, by lot within a maturity in such �'- ?`" ' } manner as the Paying Agent may determine, on December 1, 2002, or '` on any date thereafter, at the redemption price equa2 to the ;� principal amount thereof so redeemed, plus accrued interest - � thereon to the redemption date. In the case of Series 1992 Band �'+ } � of a denomination larger than $5,000, a portion of such Bond i� �;� ($5,000 or any integral multiple thereof) may be redeemed, in �: � which case the Registrar shall, without charge to the owner of . such Bond, authenticate and issue a replacement Bond or Bonds for i „ the unredeemed portion thereof. �',`r°`� B. Mandatorv Sinkina Fund Redemvtion. The � �:- � Series 1492 Bonds maturing on December l, 2D07, are subject to ,�^'� mandatory� sinking,_fund redemption, -by .2ot in such manner as the .� Registrar may .determine in integral multiples of $5,000 (giving proportionate ::�aeight_-rto.�.Bonds. in-:-denominations larger than ,,,,�; ,; :� $5,000), on December l in each of the years 2005 and 2006, at a ,_.� � price�.equal_ .to _the principal_amount of each_ Bond or portion f:�. : : � thereof so re@eemed and acarued interest to the redemption date; ;.;.� in the Pollowinq respective principal amounts: -� , w . � .;.' ��:� . �� - Redemption Dates Principal to , (December 1) be Redeemed j� 2005 $100,000 � � -- . . . . ._ _.. 2006 . ._, . . $105�000 : _ � � The remaining 5110,000 principal amount of Series 1992 Bonds - X maturing on December 1, 2007 shall be paid upon presentatioh and surrender at or after their maturity on December 1, 2007 unless ` otherwise sooner purchased .or redeemed as provided herein. The principal amount of Series 1992 Bonds �maturing on December 1, �•� • 2007, required to be redeemed on any particular date shall be �•;; reduced in regular chronological order by an amount equal to the �-:�. � ;. � par va2ue of any such Bonds purchased or redeemed at the County's .�' option not less than 45 days prior to the redemption date fixed � �� for the mandatory sinking fund redemption. �+ S �r�} • The •Series 19s2 � Bonds maturing on ,a:,,f,�-: December 1, 2012, are subject to mandatory sinkinq fund ,k.;;,�„i�� s . � _ � _7_ +x�at �� ' � t.i ` � . � t'u� .. � _':F'".w•:....:u4i.:'uii.�.naG�.' ,,y;��,✓......— 1 -r-. ' . '�! - .. . ,�:: � � • '� � � . f � . ''x� ..� t': e 1 �' . r .. t;.^e � - `�•V .� . . . �.:74 .. . .\\y�k �i�' . ,-'�� . . . . �;, ,�"; ', . ,,�,, � _ .�4��', L , , ' • ' • •� , ' - ;r' . . . . ; • } . , ' , �,� �� , ...�. . t'.�. . . , , . - �ilt! `..�' q . � t �,.,Z ".. ..� . . ��.:+T� ..�y, . � �r��'g�{ '� ��i .`sr zt �y .y""" �� S �� ^ f i.[� �:�' . :a .. I . . �.�.a-t . ,. .s�i'.��:'M�v��` �'r` i �,�uM �rr^ur� '#1-.fC �J�L•F j��f �j�!','`2.� _ �:.-t ,_� t }. ;C'Ir� ��.�1.� ��4rt� � 5. D{r, t i:� 1yr n �y yl�. b t,;n�t y� ��fn� �� } 'S.^i,�1�t,�,' .� :r'., � ::rg�Y. . . .Mu� Y-,.'�Y�` �Y .'i�'�� Y�.'.i��w��!L (�C.`:�25, .f� ;iYl. . . � � .. �i�� ,�� redemption, by lot in such manner as the Paying Agent may ` '" '. determine in integral multiples of $5,000 (giving proportionate � '�'.wt,.:;- weight to Sonds in denomiaations larger than $5,000), on ; : ;, ' December 1 in each of the years 2008 throuqh 2011, at a price I �'�:-• , equal to the principal amount of each Bond or portion thereof so � ;;:�_:.,�•' redeemed and accrued interest to the redemption date, in the LL�z.�, following respective principal amounts: Redemption Dates Principal to f '='�` • (December 11 be Redeemed , � ._ ��",�:�°�_;• 2008 $115,000 '.�„� ; 2009 $125�000 �`�,z ' 2010 $135�000 } � 2011 $240,000 � � � The remaining $150,000 principal amount of Series 1992 Bonds � `a'� k � maturing on December 1, 2012 shall be paid upon presentation and � .;�tr� � surrender at or after t2►eir maturity on December 1, 2012 unless ;,, {� otherwise sooner purchased or redeemed as provided herein. The r ,, � prihcipal amount of Series 1992 Bonds maturing on December 1, � ��, : +� . 2012, required to be redeemed on any particular date shall be ; ;•; + refluced .in reqular chronological order by an amount equal to the ; � par value of any such Bonds purchased or redeemed at the County's + �. option not less than 45 days prior to the redemption date fixed � for the mandatory sinking fund redemption. � � . � � ' • �. C.-��Notice of Redemntion to Owners and Underwriter. 7 ; - �he Countg .sha11 give written instructions concerning any such _ prior redemption to the Paying Agent at least 45 days prior to , i '. such redemption date. Notice of redemption. shall be given by the p : Paying Agent in the name of the County by sending a copy of such ��V ,� notice�tz.y_ first-class.,....postage. prepaid mail, not less , than " 90-days prior to the redemption date to .the Underwriter and to � �� , each owner of any Series 2992.Bond all or a portion of which is �.�;. ' called for prio_ redemption at his or her address as it last g ,- ±, appears on the zegistration books kept by the.Registrar. Failure �`',� ' to give such notice to the Underwriter or the owner of any • Series 1992 Bond, or any defe:.t therein, shall not affect the �`.,:� • validity of the proceedinqs for the r.<:demption of other Bonds. �q ;. � . In addition, further notice of any prior redemption of '= the Series 1992 Bonds will also be given at least 35 days before % the redemption date by registered or certified mail or overnight ' delivery service to all registered securities depositories then ��` ,. t. , in the business of holding substantia2 amounts of obligatzons a,R similar to the Series 1992 Bonds and to one or more national �' information services that disseminate notices of redemption of ' ;y��. '� �;�,�.. s ;-•t obligations similar to the Series 1992 Bonds. Such further � "�'�: notice.;wi13 �contain �the information required in the notice �`�� ' _ desaribed above to the bondholders, plus aertain additional _-a7� ':^ .j:- information as required in the Series 1992 Bond Resalution. �' � Failure to give such further notice, or any defect therein, will ,j��, �,;_ not affect the validity of the proceedings for the redemption if `�, i �,: notice thereof is given to the bond owners as provided above. � ` � �' < '_I _g_ �� , ��.L_. .._ .sx.r.cs_�.ruw�+..,.----"�... _'_"'_"_'_" _.. ,_.- a--�+�w._+....-.....- _ _ - — 4 � . tt�� . r �, _ . �� I � , �� ,:. . • . . ' �� . . . . _ , , . _ ^� . - � :t . . ��. � ... . ,w . . ,•:-a � ; . 7.. . .) - � . R . y � `` . ��- ��M� .• . �; 'h�� • . }� .. . - . . .. . . . � ` . . , . �"[� '•' , ti,.,+ . J p .. _ i�,. . . - .�'^+ - I .. �� . , ��x'� . � . - .. , : - � - . � �� .. " � .: - ' . !,. . . . �i�. . � . . • s ' ' .. LA� . . . . ' " . , . :i :lr�F ti�f� . . '�' . � � � ' � . � -.�a �r j ��Y �5t�+''��F';,� �'st� -r "' ry t ' � :� K q�°�a �!' �, 1" �' �"'�' �. }!. ;' 4.�; -_ i ,1 � p_" �`�'.''�k ar .�# � �f �r4 � r�i-f �" q _ "!� + .��.¢ v;' xr�„ �¢+� 1 ..� �t. �.' {*`� r� .��s.� � . it}.: ..E,." ..sal .f�`-' . q 3,fi. ;,; '� a. .�� r„ h i?+ } , . 4ri •Y'�,�'�5�..'�. `'�, �',�.7�'• .�.,y8�`Gi,{}y�a. ,� . L � � �` f � ., �,1 `�`. :�� T t ' + .�� ..� �"�r,y�� 1 •�� xr ti� . _ . .c.. .. . . . . :1ti='�6C:..: .L . �,�j: �^'� � . � f�-;,�` ' ii.�i'` i Such notice shall identify the Serfes 1992 Bonds or ';�;,`��!� ! portions thereof to be redeemed (if less than all are to be redeemed) and the date fixed for redemption, and sha11 further ' �';�:;`��- ' state that on such redemption date the principal amount thereof `f`��`' ` -�:.:-.g-; . i and the designated premium thereon, if any, will become due and - ; payable at the Paying Agent, and that from and after such date �'-��5'Y'`� interest will cease to accrue. Accrued interest to the �� ,;:, redemption date will be paid by check or draft mailed to the `} y'� :, jowner (or by alternative means if so agreed to by the Paying i'` `r.:�; Agent and the owner). Notice having been given in the manner �`='''�>� # hereinbefore , �. ' provided the Series 1992 Bond or Series 1992 Bonds ;:�_ ' so called for redemption sha21 become due and payable on the ' ` �� redemption date so designated; and upon presentation thereof at ��' � ' ' the Payinq Agent, the County shall pay the Series 1992 Bond or �'} ` � Series 1992 Bonds so called for redemption. Section 6. ecut on and u h nt'catio . The ,�`, £x i A e z n � Series 1992 Bonds shall be executed in the name of and on behalf ��', of the County and signed by the Chairman of the Board (the ` � "Chairman"}, countersiqned by the Director of Administrative � Services, ex-officio Treasurer of the County (the "Treasurer"), $ sealed with a manual or facsimile impression of the seal of the S . County and attested by the County Clerk and Recorder (the '�"''`''''? "Clerk"). The signatures of the Chairperson, the Treasurer and ;� the Clerk may be manual or by facsimile. The Series 1992 Bonds � bearing the manual or facsimile signatures o# the persons in office at the time of the signing thereaf shall be the valid and � hinding obligations of�the County (subject .to the requirement of >�'•' � authentication by the .Registrar . as. : hereinafter provided) �:;;; ., F notwithstandinq that before the delivery thereof, or before the � xssuanae. thereo� .upon transfer or.exchange, any or all of the - , persons whose facsimile signatures appear thereon shall have ceased to fill their respeativ.e offices. The Chairman, Treasurer - � and Clerk of the •County:-sha11;� by•the execution-of--a -signature i . �� certificate pertaininq to the Series 1992 Bonds, adopt as and for their respective signatures the facsimiles thereof appearing on the Bonds. .. At the .time .of the .execution .of_such a signature � - � certificate, the Chairperson, Treasurer and Clerk may each adopt � as and for his or her facsimile signature the facsimile signature � iof his or her pzedecessor in office in the event that such � facsimile signature appears upon any of the Series 1992 Bonds. No Series 1992 Bond shall be valid or obligatory for any puzpose unless the certificate of authenticatian, substantially in the form hereinafter provided, 2�as been duly • execuCed by the Registrar. The Registrar's certificate of . authentication shall be deemed to have been duly executed by it if manually .signed by a duly authorized representative of the �� - Registrar, but it shall not be necessary that the same person � sign.the certificate of_ authentication on a11 of the Bonds issued x,: hereunder. By authenticating any of the Series 1992 Bonds ,� ,�; .�.'. initially delivered pursuant to this Reso2ution, the Registrar a �,-.; and Payinq Agent shall be deemed to have assented to the ��w;:�,�;, ' r%:,x provisions of this Resolution. -� .. � s,:; �� ;: r'" ~i,_ �9- , 4 Y, �.�iT - �:w.�:.�..:�-. ..�...., � .---r— .t—�-.a,, .� �,.. _ . .. _ . � . .:. � . . ,;.� ��, : '�. , _ ,,, .� ��i •� . � - ��;� ' .�� t s • � , . . , , �� ' . . . , . �' � � � � . . , ; � � #:� r�' " � _'' 4 ' ' �• ��'�� { . ". . .., f . 4T '��' h � Pi 3 ��.`j 7 ,k .�e+X�f � -�f C,� _ .. avw.h , ' r,aF,. rs-, tj�t �x L s a�.Z. �"�.�`�� . � ry r,r9 :a l�'asa��P'.`"(Z!'en!n - .1 �q.� !� � :J�1= t'� ! i ,�t�; t 1 .�: _, �Si� KI 1f � � P t M V�. � }a t f. � .',�. ��'1 i"♦ .,.i Sef �:.�. � :..1.: _ s2Z'- r� K. '4 1 �tr,�.�*�l! 1 � . .. k ..•. , �,;; � '" 4 x�'A , - a '.,,,,ta� � � > . ��".� . � � �'' +� �+ ��• ' ,��,� ' ` . r; _..�..--: .. . .... . .. ... ... _._ �..�. . �' . . . �-. , ,.y , ..... . . ��'�.".�� .!�.. µ:� �: - . �.: • � ...ri. ��.F' � �,,�-:�. w �t,�. . Section �. Reg.�stration. Transfer and Exchancre of 9 � Series 1992 Bonds. �':::�� `?-.. j ' A. Books for the registration and transfer of the �:' ; Series 1992 Bonds shall be kept by the Registrar, which is hereby � ��- - ? appointed by the County as reqistrar (i.e., transfer agentj for ` the Series 1992 Bonds. upon the surrender for transfer of any �y�..', } Series 1992 Bond at the Registrar, duly endorsed for transfer or accompanied by an assignment duly executed by the owner or his or � her attorney duly authorized in writing, the Reqistrar sha11 fi '. 'S � authenticate and deliver in the name of the transferee or . i transferees a new Bond or Bonds of a like agqregate principal amount and of the same maturity, bearing a number or numbers not y } " � previously assigned. Saries 2992 Bonds may be exchanged at the a_-.�` , Registrar for an equal aggXegate prinaipal amount of Series 1992 � � Bonds of the same maturity oE other authorized denominations. � The Registrar shall authenCicate and deliver a Series 1992 Bond '� or Series 1992 Bonds which the owner making the exchange is 'b entitled to receive, bearing a number or numbers not previously assigned. The cost of exchanges and transfers of Series 1992 Bonds as herein provided, including any tax or governmental �� , charge requixed to be paid with respect to such exchanges or ,'"'``' tsansfers, shall be charged to the owner or any transferee. -:.'_ I � B. The Reqfstrar shall not be requized (i} to °� � transfer or exchange all ar. a portion of any Series i992 Bond subject to prior redemption during the period beginning at the• opening of.business 15 days nexE preceding the mailing of notice \ � ca2ling any Series 1992 Bonds- for prior redemption as herein provided and ending at the alose of business on the day of such mailing or (ii) to'transfer or exchange alI or a portion of a � Series 1992 Bond after the mailing of notice calling such Bond or portion thereof for prior redemption. . , .. _... _ . . �` � ' ' C. ' The person � in whose 'name any Series 1992 Bond � shall be registered on the registration books kept by the � . �, Registrar shall be deemed and regarded as the absolute owner �,�M thereof foz the purpose of makinq payment thereof and for all ' other purposes (except as may otherwise be provided with respect �� to payment of.interest as is provided in Section. 4 hereof); and payment of or on acoount of either princigal or interest on any � Bond shall be made only to or upon the written order of the owner � t thereof or his or her legal representative, but such reqistration may be changed upon transfer of such Bond in the manner and � subject to the conditions and. limitations provided herein. All . such payments shall be valid. and effectual ta discharge the - liability.upon such Series 199Z Bond to the extent of the sum or -_ ' sums so paid. �•'��. ` Y.`� : _:'_..... . . ' _ . ' """'. .. '_. .. .. :.: y : . D. I� any Series i992 Bond shall be lost, stolen, � .: r`.>� destroyed or mutilated, the Registrar shall, upon receipt of such yk, evidence, information or indemnity relating thereto as it oz the �••�� ' rT.:,�, Coutity may reasonably require, authenticate and deliver a ;_ replacement Bond or Bonds of a like aggregate priacipal amount '�- :-: '� and of the same maturity, bearing a number or numbers nat "s <; ;Mi: -10- �;�`. � .:.�f . . f�. .. ��:' '_'�� _ '__ -..n..+v.c.u+..� '"'"'�'_ ' . ' ... . :. .."""'". �__._..___.. ._..� _ ". � ` y . ,; �: _��".•�.. . 1�� . � ' � � . . . �.�. - � .. ' . . ' ; �`, ,. '. ._: . :�.: . . . .. . . . ' _ . r . . . .. y� _ � L ,- . �.' .'" �' . ' . . . � _ . � . . . - . • .. � . . �f�.�� . � . � � :� . ,. • ,i'. . . . . . . . . . �� i .. , . '�` . � - ,.` - �� , . T. . . . .. . . . . . � . �* :i .._..v._ . i � '. .Y;•� ' - . - . .».�,. �_ � -� . . - . \4�� 11 Qk x'sw e Et�yr�yt?Y � ,,.. n Z�, ':y� �.�` •f �� S. ,� � i �` { .�i �.aW� a !n.: !� �y.: .. rr r� ��, � "�o" �a �i�*� .� � 5 !-�L { .y v�µS � 1' r �� J� � 31� .,.u,. �; � P;� !x ,� �r 's tYr• - ti� r yn,:S � 1,r:,it� �i`:-; M}�.°'� ��I. Y�Y;�y�A.�l ?: �� 'n •��1�K\�. { �Gtg, �a �. :��. � . iGl�F';'s � �.� . �:.,� � . ,.�rx.+��i,adFa�>. '��. _ �� , 1 - i. . ��.' ,.:.:.^� . i'� � previously assigned. If such lost, stolen, destroyed oz s'�' c'r'-• � mutilated Series 1992 Bond shall have matured or if suCh a Bond c � shall have been called for redemption, the Registrar may direct l � I �.";�.,,'• � that such Bond be paid by the Paying Agent in lieu of �?.:_.. � replacement. �-�-�;�;''. t : � � E. The officers of the County are authorized to ,,�- `:, deliver to the Reqistrar fully executed but unauthenticated ;::-,;;,�`...�,,. ` i Series 1992 Bonds in such quantities as may be convenient to be :;±-'r*,°x--�;';, . 4 held in custody by the Registrar pending use as herein provided. ':�`"��r''::•:i - � � F. Whenever any Series 1992 Bond shall be surrendered k c .�, � to the Registrar for transfer, exchange or replacement as provided herein, such Bond shall be promptly cancelled and destroyed by the Reqistrar, and counterparts of a certificate of �'''`f.' such cancellation and destruction shall be furnished by the ��:.;' Registrar to the County. L�.: � Section S. Neqotiabilitv. Subject to the �x registration provisions hereof, the Series 1992 Bonds hereby � authorized sha11 be fully negotiable and shall have all the qualities of negotiable paper, and the owner or owners thereof shall possess all riqhts enjoyed by the holders of negotiable { , instruments under the provisions of the Uniform Commercial Code. `-+ j-� ' " " 'Section 9. Necessitv and Approval of Proiect and - Series i992 Bonds. The Project and the Series 1992 Bonds are• necessary and in the best interests of the County; and the Board - hereby approves the same. Section S0. Series 1992 Bonds Eauall� Secured. The covenants and agreements herein set forth to be performed on - behalf of the County shall be for the equal benefit, protection, ' and security of the owners of any and al2 of the Outstanaing Series 1992 Bonds, all of which; regardless of the time or times %' of their issuance or maturity, shall be of equal rank without < preference, priority• -or di•stinction, except as otherwise expressly provided in or pursuant to this Resolution. ` '.� Section 11. General Obliaations. The Series 1992 ! Bonds shall constitute the general obligations of the County and f ; `� the full faith and credit of the County shall be and hereby is pledged to the payment thereof. -- Section 12. • Execution�`of -Purctiase Contract. The I;� Purchase Contract for the purchase of the Series 1992 Bonds, • bearing interest at the rates herein designated and othezwise , upon the terms and conditions provided in the Purchase Contract and this resolution, is hereby accepted, and the designated _ ' � officers of the County are hereby authorized to execute the . � ,�` Purchase Contract for and on behalf of the County. As provided > j� , in the Purchase Contract, the Series 1992 Bonds are to be sold at � ��; °? a price equal to the principal amount thereof, less a total of y r-� $14,822.45 Constituting . underwriting discount, plus accrued � �' ;� interest. � �= r' �' i ' -11- . .�� , ,� . . _ _ ,,._ � .._ _ �— ._._,_z ___ _--- .�..._ f . , , z•� , � _, . :,, ,,, . � '"°"' _ . � `;•.:s � >;�. °�. ' -.:.� -�.. . �. �:_ . -,� . . . . 4-�^�a -. . �7 . � .. . . . .. �'�� . � . . ��•, �. �� . . . � .. . - � ?�t y . � . . i � � � . ,t =l/'�/ . . - .. . .. . . . ' i+� �s .` ��t .+��a'F , ' �t , �� . _ . .. i� � .�. ' � -- . � .i i,� . '. �:�� , - . . �Z,:�' � � . � � . ` > � �;: :t�s t. at �E `�� "� ri< s k � . �r� � y= `�,Y'.�ppa_ yrf�.''a�97,;y� �?y�; '�rit<{�,z zh..4 r z�""�, r, , ' . 4 � Y�� j � �j,�i2i ��-;{ j'�'�,t .'„�48y�� p e{lf1��'y��` R. r4�"�ti. . �'�, ��i,� �t� r � f��'�*f�� n;�z .T ' * � ��g t,Ffi ��„ -; '' �k,p ''�:�� x��.� .h iTVN 3�� + `�� 'x� � , I I ' . ,_�' ';f � ••`�� t�w-�"x'+��I.`'.� I 'r.. .;z �.» � . �.. . . , . - . , _ •i .. ,.. y, , . . . ,��.,,.,.. . .-, . ..;: ... �. .. _. , . , .._ . ...,......:. �.__� �� e • � . . - f. -, - _ 4 ' 1 .1r� . :�ti r ..�> x � � � � � .� . � �•fi � � �: � Section 13. Execution and Use of Official Statement. -r'��,,,. -� The distribution, use and execution of the final offerinq , ' statement or document for the Series 1992 Sonds (the "Official �z�'�-' -.� Statement"), in substantially the proposed form heretofore filed sm��'i+:: with the County, but with such amendments, additions and L � y ; deletions as are consistent with the facts, as are not t�4�.�,.� �- � inconsistent herewith, and as are approved by the Chairman of the � ,�,?'•'. Board of County Commissioners by his execution of the Official �"� Statement, are hereby authorized. The distrihution of the � j Preliminary Official Statement dated Septemher 16, 1992 is hereby '�• `1 •.� retified. t'' �,. Section 14. Forms of Series 1992 Bonds, Certificates, and Reaistration Panel. The Series 1992 Bonds, Registrar's certificate of authentication, form of assigntnent, � and the legal opinion certificate (if requested) shall be in substantially the following forms (provided that any of the text ' on the face of the Bonds may, with appropriate reference, be ��- printed on the back of the Bonds): � •,, :} - t ,. _._ . ..___. .. _ .,. T'..' . � ' . . . � . , .. • ' "' � . � v��:�.. _ . � .. .. . . .. � . � . � � � � .-.... .. . .. .. .. . . f. �. �. .� . . . � . ' . � .._... . . . . � � . .{�.•' 7i': � . : _ . . . � . � ... . ... . . . . . . . . . . . . . ' . "" . . • . .. . - � � . . ` . ... . . . .. . . . . . . . . . . • . . '. �" . . . '.`��'. . . . . .. � . . - . .. . . � � - �:!'. ' '.. . . � .. . - � ' y. `• ' - � � � . . . . � �. � .t�' .. � , � � ' . . . � ' � { �� y •��- . � . � . .- ' - . . ..•.... :..a_ '.'_"""" �'.. _-.�. ... _. _- . { ' . t : y.._ . . . ..... .. .. . � � . . . � .. . � � - �t''.}N _ . . .. �. . . . - . . . •. . � . . � � � '�A . .. . . . . T,7_�,.'V �� J' . . . . . . . ' � . � 2 i {{{y}M'��,( � . ... . . � - . . � }Tr�� i��Y { �ra l . . . � . . - . . . . . � - .i. vl`:' .. . � . � . . . . y . x : . . . . . .. . �� . . � .� - � . . . . � . . . _ �� ,' i-� ; { : . . . . . . _ _ . . �. . - or h,�s� ��, � „u+�k;�Ri;:: -12- _ �j�; ` s ; �"�'"..`4�� -a a � . i:I �P��s a i -� - � ,y i � �. � � � �f� + f�� . � r �� ' � 1 J � 1 .t— t� �"''�+� 'i � 3 z`1 �t 1" hs. �- ° `a/' S a �' +�i ,,fk�� e : ' � - � .� tt' ; j �., r. � �.:x 4 Y � ,� .: 1 'v"�'+_. l+ � - r t�. : Fk r�,,�."�'�k f 1t F i r, � + .. 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' . ��. . . _. . .. . . . ... .... . . � .._ . ... _..�. . . . • f; ' .. Y i !J � 1. (Form of Band) ''��• ;w� ' .. UNITED STATES OF AMERICA - - - <``.r;'-. - '..;;;:::.�;;•, STATE OF COLORADO ;�;;;;', -. � e�f;:i�-. - .. COUAiTY OF PITKIN `."-"'?ir.. . . . . . .;i�`. '. � � ��:.i�.. � GENERAL OBLIGATION HOUSING BONDS � )'`,' -+ 1; SERTES 1992 No. .. $ �. i+' INTEREST RATE MATURITY DATE AATED AS OF CU_ SIp � � September 15, 1992 _ � � . OWNER: i �'z�y,; PRZNCIPAL AMOUNT: DOLLARS �� , � On the faith, credit and behalf of Pitkin County (the- '' ' "County"), State of Colorado, for value. received, the Soard of Commissioners of the County (the "Board") hereby acknowledges such County indebted and gromises to pay to the owner specified • above, or registered assigns, the Principal Amount specified ' �,;� above, or. the Maturity Date specified above (unless called for � earlier redemption), interest thereon payable on June 1 and I ' � - December 1 in each year commencing on June i, 1993, at the ' • Interest Rate per annwa specified above, until the principal sum " is paid or payment has been provided therefor. This Bond will bear interest from the most zecent interest payment date to which �� interest has been paid or provided for, ar, if no interest has been paid, from the date of this Bond. The principal of and � ,� premium, if any, on this Bond is payable ugon presentation and surrender hereof at the principal corporate trust of£ice of the County�s registrar and paying agent (tha "Regi.strar" or the .. "Paying Agent"), presently Central Bank National Association, in � . Denver, Colorado. The County may appoint a successor to either the Registrar or the Paying Agent or both. Suah successor or � . ., successors will assume all duties of the Registrar or Paying �� - Agent or both. Interest on this Bond will be paid on each y '�� , interest payment date (or, if such interest payment date is not a " a. business day, on the next succeeding business day), by check or - c�"� draft mailed to the person in whose name this Bond is registered a�,�r?�f.' (the "owner"j in the registration records of the County =� �.-. �'` maintained by the Req3strar and at the address appearing thereon Y�{`��.:.: at the close of business on the fifteenth day (whether or not a -+ t"x'= . , � "� business day) next preceding such interest payment date (the ; � "Record Date°). Any such interest not so timely paid or duly q- . ;;; • , w, ;� -13- . \ _ -� . . - "�, � --- •-• . ...:.,:... _<-- �.;s" _ �x � � �`� . .} �, ,, i . �� ' . ��'°�'. - - I , .,'�.,� � r� - ' • � :l _ _ _ • ��;, , „ ,. . �.a _._ ._ �� • _ - � �. � . . .'f; ,.�r• .z M � 'K�� ' ��id7,� r 1� i i ri#LL t s�"Ujx,r�,'. �..c ' t� i� a; 'I r�� •F J �e 3 A i�y. '}'� t i � 2 ; r� ��. � iv ��.,a., r �e;��,��`. +� T��,� ' ^"` � rk � � �.r,:a 4 h�4 � �`.r��,%. et�a, v.sn =4 "t�; "'"� . _ �,� �(,�3 � :��y�. y �. 7J-' 3 ��, a-s4 r �,, �v� ` �� J .rt. a: ..,�F�._�iF�_ . ��•� , : . �r, .'.�51:11��f.J[:. f�tJn1'�i�' _ ..�.�u,.XSli.�dt _�� `�'F�i 6�� d. ,Fi . ;',i,'pw��;;: provided for shall cease to be payable to the person who is the " � �'=;.. owner hereof at the close of business on the Record Date and ! ;��^: shall be payable to the. person who is the owner hereof at the �� •,;•,...;.;.. � close of business on a Special Record Date (defined in the � �`:;:� : � resolution of the Board adopted on September 29, 1992, � "�"�a . J authorizing this Bond (the "Bond Resolution"}) for the payment of � an defaulted interest. Such S ecial Record Date shall be fixed � ��P "'`` � Y P S :�'��' by the Registrar whenever moneys become available for paysnent of t =-. ` _; the defaulted interest, and notice of the Special Record Date j+�; ��x, . i shall be given to the owners of the Bonds of the series of which $��:��' �'� this is one (the "Bonds") not less than ten days prior thereto. �:��'. . ' All such payments shall be made in lawful money of the United ,;^�,1�. 'R :� States of America without deduction for the services of the f,- Paying Agent or Registrar. � ��,- The Honds maturing on and after December 1, 2003, are r` subject to redemption prior to their respective maturities, at L" the option of the County, in whole or in part in integral �� . I multiples of $5,000, by lot within a maturity in such manner as � '< -.i.� the Paying Agent may determine (giving proportionate weight to "+ Bonds in denominations larger than $5,000), on December 1, 2002, � or on any date thereafter, at a redemption price equal to the principal amount thereof so redeemed plus accrued interest �� , thereon to the redemption date. In the case of Series 1992 Bond ,�.y,4 of a denomination larger than $5,000, a portion of such Bond ($5,000 or any integral multiple thereofj may be redeemed, in which case the Registrar shall, without charge to the owner of. , -� such Bond, authenticate and issue a replacement Bond or Bonds for ` the unredeemed portion thereof. . _.. The Series 1992_Bonds maturing on December 1, 2007, are � subject to mandatory sinking- fund redemption, by lot in such - manner as the Paying Agent may determine in integral multiples of $5,000 (giving proportionate weight to Bonds in denominations � ' larger than $5,000), on December 1 in each of the years 2005 and "�� 2006, at a price equal to the principai amount of each Bond or , � � portion. :thereof sp._ redeemed. and accrued interest to the . redemption date, in the following re�pective principal amounts: � Redemption Dates Pr.incipal to fDecember 1) be Redeemed 2005 $100�000 2006 $105,000 � ' The remaining $110,00o principal amount of Series 1992 Bonds f maturing on December 1, 2007 shall be paid upon presentation and ��,_ . . surrender at or after their maturity on December 1, 2007 unless �' otherwise sooner purchased:or redeemed as provided herein. The ,-'�';;` � -. principal amount of Series 1992 Bonds maturing on December 1, < � �` 2007, required to be redeemed on any particular date shall be %�.' reduced in regular chronological order by an amount equal to the , -,3 ;;1_ , � par value of any such Bonds purchased or redeemed at the County�s � t ,�`' o tion not less than 45 da s p ��-x �� p y prior to the redem tion date fixed ,' s, - for the mandatory sinking fund redemption. �,�°�' ti � _... � � �- � .r, —14— , �„+�; . . 4:; 'y'�: �� - �'— a .,— -- ,. � ,`� � �h k � . - . ' t ., _ �s, - . . �." _..�.s� �� :. � 'di�� ,6 . � .. . . . , , . '.. � .. �� . .. . � ' . 1� �',, � .. . ... . " . . . . . . . . . � ('� . . ' . , . ' . . - . � . ' , . . . .� � �r ' i ._ . . ... . �� . - .. , f'T.�� . - ' . t.L. ' Y F s ..._ . '�f��e �.. � v i��i'i�tyF y. r� rb��.. t� �.� LyT { ,� ��, . )�t. �.._�s�}pjy' '�r � s f 4 a n_�E�4 s�,-�. �N��x�e � +t�j� �4 ��T s � . �t`r yY '+�"`r'„t,.a,� { �ttk= 3..,s=::+ ;r.i t > %f': t��N3'�,g k�'�� ' �?t� .�M , a A � _ ,.,., � � �,�� f,�'�h.'"� , t�, r i , +'"�r-�i'S.- r �. _?1�� T � �n � .�yoE..f.i4},�'!^� . � .� v,r� �r �q�.� � - � �� .. . � �. •.v ..'k ,1� � �� ,y,, ij .3�.' ` a ��.._ ��:. . '�"" ''� .� .�F. . �k"�'��5,:� . . .. �.. .r.ra�'�'i �a , , . .__. . .,,. , ,_ ,.... __ _ ,.,-.,,,, I . . • ''";^' � a, � ; ,,�,_,` . . � The Bonds maturin on December 1 2012 are '�""'"..= � subject to mandatory sinking fund redemption, by lot in�such `� � � manner as the Registrar may determine in integral multiples of � $5,000 (giving proportionate weiqht to Sonds in denominations '� : � - � larger than $5,000), on December 1 in each of the years 2008 j .' ! through 2011, at a price equal to the principal amount of each ��",� � -� Bond or portion thereof sa redeemed and accrued interest to the ! redemption date, in the following respective principal amounts: ` , :l: ' ! , Redemption Dates Principal to _ • ,� � lDecember 11 be Redeemed ,?. .. � • 1: . j 2008 $115,000 ' } 2009 125,D00 F� 2010 135,000 �� i2011 140�000 i� � ' The remaining $150,000 principal amount of Bonds maturing on � . .'' j December 1, 2012 shall be paid upon presentation and surrender at � or after their maturity on December 1, 2012 unless otherwise � � sooner purchased or redeemed as described herein. The principal ' amount of Bonds maturing on December 1, 2012, required to be �j`�'' redeemed on anp particular date shall be reduced in reqular chronological order by an amount equal to the par value of any such Bonds purchased or redeemed at the County�s option not less = ;, than 45 days prior to the redemption date fixed for the mandatory � sinkinq fund redemption. � . -.... . In the case of Sonds of a denomination larger than � � $5,000, a portion of such Bond ($5,000 or any integral multiple \ � thereof) may be .redeemed;•::in which='case the= Registrar shall, �� without charge to the owner of such Bond, authenticate and issue a.-:replacement Bond or Bonds for the unredeemed portion thereof. Redemption shall be made upon not less than 30 days prior mailed notice to the underwriter for the Bonds and each owner as shown on the registration books kept by the Registrar in the manner and �-, . upon the conditions provided in the Bond Resolution. The Bonds are fully registered (i.e., registered as to - payment of both principal and interest), and are issuable in : denominations which are integral multiples of 5,000 (provided � • that no Bond raay be in a denomination which exceeds the principal coming due on any maturity date and no individual Bond may be �' issued for more than one maturity). Upon surrender of any of ; - such Bonds at the Registrar with a written instrument � _ - satisfactory to the Registrar duly executed by the owner ar his �:�� ' ' , y;- or her duly authorized attorney, suoh Bond may, at the option of p� the owner or his or her duly authorized attorney, be exchanged ' �t•i• for an equal aggregate principal amount o£ such Bonds of the same ��4�1= maturity of other authorized denominations, subject to such terms ,� �.��..: s and conditions as set forth in the Bond Resolution. y � E:.; - �R'�4 `i�.�'• �s The Registrar shall not be required to transfer or �'r'�J exchange (i) any Bond subject to redemption during a period ' ` '�'- beginning at the opening of business 15 days before the day of l,. 9 -15- . `(". • -- ------- --- —_-, _ __ _..__ _..__.. - --- ti.,,�._ -- - ,h ty k . . '�� ' �' ..... a .X�a �� •� • ' �.� . . � . ' , �..' '� , . _ �,' . . , rv . . �, � , ' . 4'n �. i'6t� ' - . Y.�4 . . • . � . �,�.' r r �: - ; .. . . . ) �!. . k' t r� � � i ,F . t ,/��j -. . �rr�z��[�^ a<.-. � y �-�j)f'� Y +, .In�.CI. . Y f��?-"�'�/P , ,kn 11Y... 4 .c �y ! f a%' �:I��. ff*tY y . Y MJ .�.t-r1 r � I t, .. . ., h'�� T F r}. f t``' i�f�i''�.,5 7 i s i ,.'e a,;; ., � -ty':' ��1E � w.�.. e�j' ��`� z ' `9 f "'�` "t" .. i�`" ��v y�1?l.�`t r �r "` �r � Y JI� t v i �. 1� f yi -4p'� 3 i� �!'�t.� � �5 `:�'u:�'��"' c g rt :!!, _J.. •k�' �� ,, Y �� l . _ "'�,Y� . M'�"��,•"�it.'�4_, _ .. � . � y - _ ' - '' - _. ..:..,:. .,--..._ ....._ > � . . , : ..�, .., ' .,,.;.. � . ; ,.�� i I . � ' ��,:. i � the mailing by the Registrar of a notice of prior redemption of r"`i � Bonds and endin at the close of business on the da of such "�""�``r�` 3 g Y i� �:;,;;. mailing, or (ii) any Bond after the mailing of notice callinq x'.��:;:;' i such Bond or any portion thereof for prior redemption. � • " +�v�'t�»u.�'. � This Sond is fully transferable by the owner hereof in s;; � person or by his or her duly authorized attorney on the 41 reqistratio� books kept by the Registrar upon surrender of this Bond together with a duly executed written instrument of transfer ;' satisfactory to the Reqistrar. Upon such transfer a new fully � � reqistered bond of authorized denomination or denominations of '� �` � � the same aggregate principal amount and maturity will be issued ��'' to the transferee in exchange for this Bond, subject to such �. terms and conditions as set forth in the Bond Resolution. The County and the Reqistrar and Paying Agent may deeta and treat the �,� � person in whose name this Bond is registered as the absolute , - owner hereof for the purpose of making payment and for all other purposes. A ; '+: � This Bond is issued by the County, upon its behalf and ' upon the credit thereof, for the purposes of dePraying wholly or �'��'�� in part the costs of acquiring land for, producing, financing, or otherwise providing affordable housing for County residents, and pursuant to authorization by a majority of the registered •� electors of the County voting i.n an election duly called and held `��``'�' on May 2, 1989, and pursuant to the Bond Resolution duly adopted � � ;" and made•a law of the County prior to the issuance of this Bond. .. - \� It is hereby certified, recited and warranted that all the requirements of law have been complied with by the proper �f � ,• 4� " officers of the County in the issuance of this Bond; that the ,. � total. indebtedness of the County, including that of this Bond, does not exceed any limit of indebtedness prescribed by the Constitution or laws of the State of Colorado; and that provision -, � has been made for the levy and �ollection of annual taxes � sufficient to pay the inCerest on and the principal of this Bond when the same become due. The full faith and credit of the County are hereby irrevocably gledqed for the punctual payment of the principal of and the interest on this Bond. . �• .. This Bond shall not be valid or obligatory for any �, • purpose. until the Registrar shall have manually signed the , , certificate of authentication herein. r` - �` _. ._... . . . / � ,- _ •- - �� :: �.� ._. • ��'� � �i N �. .c . z�x�.k>.��. _ l,��#��' ��k4� . L S 1 -16- �\ �`� _— _ _ __ ,.. ��r�� . ` i ��.. , . �A� � ' . •�\. a - �;� _ �`�i�' '��` � .l ". , . '.�. . rr�f . , . � �� . . . :.�� . � . .. . � �� .. � � _ .. . . � . . .' � � � . . .. �� . .., _ . ; � � t'" i I r�_ . _ ' . Ix`�`� � ' ,�.... f , . . . .;•d� i � .�s -p c .;� v•.�,, f� f;y,C;S�' «t �°2 �ch��',•ts.•' f f��.�� t::'. � ��' � �4 f �,� Ctn, .. t� !�� :c�.�r''I'psc;�� '�'' �'�'. �ry p �.q?iTp,'! S'. r -�4kC�Ap'r ��S�e �(��' ��e�. ..� ; u. ..c� - ' �tf" 'i'.''tly� �sY'�'.M��} �,� p �� f. � L4k� •( ' . .. , �n,�,, 1 f'� . s��f` �i .x � - Y}j.,: .�� :,�.p•, '�' V;r ,�5'� �1�. ' .,�..;.�i+'l0. 0 - _ . .� . _. .. ,J . � .. . _ •��. .. . 7['Irw�y��n _ .�. , ,! � � � � . . ' � . i - . . . .. �� - .._.,.,..,.-.:.v-:r.1°.rh.�:.-�..r,_.,,nmax.w �s.s�F5hn+s r_i_*'xr,,�."F`.� f. ..� %,�1';�t .+�.�:r f '�I „7`: , .. _ � � . -. ...:�::._ .�� ....-x - .: _ •�;. .:_, . _ . ...�._ .. .. . .:�. . ..,;.., n,...�u'r4 _ ��y ... . . ' � . � t % IN TESTIMONY WHEREOF, the Board of Commissioners of 4"��- �.' Pitkin County, Colorado has caused this Bond to be siqned and s � t� executed on behalf oE the County by the manual or facsimile s,. signature of its Chairman, to be countersigned by the manual or n .�.. facsimile siqnature of the Caunty Treasurer and to be subscribed �rw. ,�� ; and attested with the manual or facsimile signature of its County r��.- _ .��!•,-. Clerk and Recorder; and has caused the facsimile of the County t , •. -= seal to be affixed hereon, as of the date specified above. i �,� :;;., ` �1. PITKIN COUiITY, COLORADO y �� '.i..,:,. . _ �j`. ( �+tanual or Facsimile Sianature ) �, Chairman Board of County Commissioners ,,... , _ � Countersigned: ' �•, F �,.�,,.�y,;, ( Manual or Facsimile Si�nature ) , �+> County Treasurer �' :c: c ,.�.. v_:"' `�� . : "• (FACSIMILE'SEAL) ,` ' ` t : �i': - Attest: *� : - •-- � •- - -- - .._ . . ,t ` �('Ma;�ual'or Facsimi'le Sianature'_)- "' r• `•.*':;, "- N�". �.County Clerk and Recorder �Y.�� . . . , . . . . . . - � � .. . - "�':'` . ... _. ..._ . (End of Form of Bond) - ',,_. g . � . •.' .. ,;` ; , _ .�'c :� � . , � • � - � . � . . � � . . . . � . 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''-_._. ,: . :. .. :��: ..;�,...w�«� �,: ��,..,.. . . . .? .�n�r,.n�.-a._•r•.+.•-.....--.:, . - � .. . . • . - . . � �2 °/ , _ L yf . _ (Form of Registrar�s Certificate of Authentication) � '�` : - Date of authentication and ��;: registration: ' �,;:i �� ¢' This is one of the Bonds described in the within- ' 1 mentioned Bond Resolution, and this Bond has been duly reqistered ; , on the registration books kept by the undersigned as Registrar for such Sonds. ��' ; �. t... �` CENTRAL BANK NATIONAL ASSOCIATION ,L ;t'` By ; Authorized Representative ,:: �,i ': 1 ';4 . . (End of Form of Registrar�s Certificate of Authentication) ,�ti.-, . . � � . li:�:..¢ .', � - . .. � . . � � . . 't� . �.. . � . . . � .. ' � r �'�: . . � � � . � - .. � . ; . . . . . . .. . . � . � . . . �. yy`'7!�a .. .' ' ' .-.._ .. � .._.... __ � .. . . � . . � �. ;^�:. . 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Y�-' ti ��1 � .� . �"� . y.gx � �� !,: � _ �,, �_; � c. -18- t , . i�ro�� +�: ^�'U� 'm�V "p�r '^1`4' �.w"`��'G _ r ; a„r i r � � � �lb w}r,�,�.�`45 e kt�5�]' ,�''+, f . v '"r*C,' � `l Z �:�f t y� , yAf. ,� r- �,� d54��,�. ��t��s!,��,•�+(��x'�x,� �nbF\ L' �_ x � ` � S' � � -r ' r ` � A .M1�.i +F` � 1�}l��F'��, F i �yi i Y: _ 3 �^4 � f_ l ��a � ��Ui� �r�F��f.`��*�.i� �j� ��i.,`r°' r+r� �� l't x ?' � - � �; `r� ' �:''. �, ^'t}�.S.a � J t #�h�`' y .. `'�`jxF -� i' 'r"+ a� s) ,� ! : 4�:3 � S ��i 3 �� z .7�'t ,� ��4� �i r a Y{ :. i - t� :5 .r � ` � .� �;7 $ 4 1 , J 3 i.T��-. t'. �. .f:. ' . . , . . . .. � . K` �� . .. , . . � , .4�1 . . . �� ' . 1 � .t� ..�e��__.__. i '�, ' ' . . , - , 1Y +�'� " �„r � ,.,�.�, � ti�,w��e�r,ti�>n�ti"ic^'''.,�,,(!F}'':�.��:�'� Y'� '`. .L � tAr��7•'14 .e jS�.��Er �� ,,� ':��,n.s.J.�.!.9, A•: �r:5r:k� �F'�.:t.,'is' � �. '� ' ' A � z! i1� �s.j ��'�i' �� . n. ��'r ti� ;�r' ��:� � �,t � ,tY� .l i . i w� � 'i: +sy,fl,� �'�, '� ,b. y :?s "y . �r � - � p��. Y.. �� .'.i" . ... � 1 A,.�. .,�`p ,r �' � i . .3^ lFS Y��' " i�WK'r��;u - .. . � ,..'i�.. . . ... . . .___•�--�.Fw�-�F.:.._.�. .r. � .� _... .,...a,.ki.�^�=....�,...�-� .� ......_.._..� ..... .. . -i .. . . . .. .. . .-....-.a-�y��r�. • ..,,. .a.,, ........ ._.. .:. .,...... .,......- ... ,.,- . .....�....o. . . . .. .. .. ��! .'•.. ..- ` ,i . �C Y. �ri.�� ' ;J. :: {Form of Assigrunent) ,�-�,� , . . c°t�i!:_�. For value received, the undersigned hereby sells, y,�ei • assiqns and transfers unto the within Bond r"'�: and hereby irrevoaably constitutes and appoints `� -- attorney, to tzansfer the same on the books of the Rega.strar, with full power of substitution in the premises. Y_y� : :f J + . :� � . . . ..,:j�'.. . "�.�. . . � . . . � -. Dated: . Signature Guaranteed: ��°� h . '� �� . � . - - . . .. � - .:.�. � � Address of transferee: ` � . ' � . . � . , _ �.�4 � �� Social Security or other tax T' ` identification number of transferee: - :K: � � NOTE: The signature to this Assignment must correspond with the ; � name as written on the face of the within Bond in every ..,.4i; particular, without alteration or enlarqement or any change �� whatsoever. j ;� 4 . (End of Form of Assignment) a��, , ;�� •h „ �� ;: � ��, s }' .;. . . . . . � . .. i. Y 4 : � . ' . . .. . �- . � . . . T T ♦�. `�L �,� : , �,, �� . � � . . . . . . . . , . ... , .��3_,. `� . � �y Y.: A ,�t �; . . . . . � - . . . ,. :' �� . ��:� ... � . - � . . . . �,�((�� f. Ye t h. . . . . .. . ' � .. r.:. �::1 . .. � � . . . . . . 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V'1�<`�'�' w��'3 1 F�+'y� i'ti'� 4 w ��y� m =f V,M�� ' �i ��P" � t..��,rR��.j� F� �� `F .�_ ��y �` +� .. ;S�-.� � �Y X�y'i..� � ,1'�':i X � �Y� �%f { � ��y .. � t r 1�': ) `' � . l . " . .,c} 7+ '�'. Y '�- �;.I��h. .�'.. . I�M��` . �� , � �' � . . . . , . ��.~ . . . �.. � . _ � .�. . .. , ._.: .;�.. � . . ..�..„. ...:��-.:�.. ...�.:�^'zir-... ,:-.:.-: � .�..,�. . ... -.,. _. . - . � . -...-.. ,.. .. . .. . , . . � .. .. . . �. ! - .. . . . . � t . � ' i �. __I :, .. "i . . ' , j_ .. � . �,F'�` � (Form of Legal Opinion Certificate) �` s'-?� J:�-�. i�J � : X � � STAT$ OF COLORADO ) `��''�i"`''` _ ._� ' �� COUNTY OF PITKIN ) ss. L£GAL OPINION CERTZFICATE _ � ) �', �1 I, Silvia Davis, County Clerk and Recorder of Pitkin f:� ..;. County, Colorado, do hereby certify that the following legal >� ` opinion of Davis, Graham & Stubbs, Attorneys at Law, Denver, •; : Colorado, to wit: (Insert opinion in submargins, including � complimentary closing and "/s/ Davis, Graham • r & Stubbs") is a true, perfect and complete copy of a manually executed and . dated copy thereof which is addressed to the County and the �,Y,,�.� underwriters for the Bonds and is on file in the records of the County; and that manually executed and dated copies of the opinion were forwarded to a representative of the underwriters for the Bonds for retention in its records; and that the opinion ��, '; was. dated and issued as of._the date of delivery of and payment for the Bonds. _ . _. � ` °'`' ..- --- ----...� .---•------�- --_..._. ' IN WITNESS WIiEREOF, I have caused to be hereunto set :�;.,' , � the facsimile of my signature and the facsimile of the seal of '':� � the County.of Pitkin, State of Colorado. ;?'�. ?� � . fFacsimile Sianaturel County Clerk and Recorder - . �:• (FACSIMILE SEAL) ,' '; .. ,� (End o£ Form of Legal Opinion Certificate) , tl _ ;� �;. r. �,ti. �t� � f,,n - ;=,,�Y+,' - ;S. . . � � ' . .�ik ' ��.: . � � . ....� •. y��:.� . . . . . . � . . . � . �. t, «5', � • :.��'.�`? . ;' u:�s, •� °� t��: 'Y -20- , `� , . . �;'t'... �,,."`+'�^ �1 `>� r,:_ 'u _.—.-'� ` ' �� R ��" �J� � �5 �� 1 ,:.<e�1 ' . � � C a t s � ,,f y t 1 z L ' ' .° '� r _ � � 'f i ' t t,. �a + � Y�. �� ,�lt�� f 'a i �� . y� r r . .�['r. ^ 1 .. . .. . - � .. ? a . _ I . ' � } �;, j, . ' ,�, , . . r��'.. ' . . . ,Y_G � •-<:�� i�S}� � . • v � %.-y, ,,�.J.:�. '._�$� �'� a � .4�1.�... �,.'�,.r - �r.;.� i g1.; 4� i,5� �'.. �,'�` i t ,il.q r L�N � J�� 3 . f., - 1 � f�;Q1'ty��iE' � �N �� +� . �.. t �"} i�l�.�'�j-,._��.'7,Yx''`� �µs i•,-y+� ;e�' .. y�°1^"+'✓ )i,tyA �i�� q, Q;� '�!q ��^"`' �} t( �'�` f-7y-'�+r_l�.sC t ` 1�.,, r" ,l�L�` f I.r. � � �j r '�1 7 .y�y��.�Y�'!4 . .. ��! _ . ,t,�r `U[•: ��' ''r ��'?�:: 'i "� g` � �y-.: .�'�� , ��_-;�: + ;��'``� ,�' ; . . - ; , , - . ; �.:R _ i .',.,`;`':: JSection 15. Delivery of Series�992 Bonds. When the ;c;`'" ` � Series 1992 Bonds have been duly executed and authenticated the �';::,- I Bonds shall be delivered to the Underwriter on receipt of the �.;;�:,.. ` agreed purchase price as set forth in Section 12 hereof. The '=T�� ' Series 1992 Bonds shall be delivered in such denominations as the ~f � Underwriter shall direct (but subject to the provisions of '=�`�>:`;' Section 4 hereof). The Registrar shall initially register the '�`��"+: 1 .'q:�'.Li�:i ' Series 1992 Bonds as directed by the Underwriter, or in the names ,�,..,_r..., . - .. i of such transferees as the Underwriter may designate by a writing � or writings satisfactory to the Reqistrar, or any combination ' thereof as so directed. The funds realized from the sale of the j Series 1992 Bonds shall be applied solely for the purposes set � forth in Section 3 hereof and for no other purposes whatsoever. � � � The Underwriter shall in no manner be responsible for the i � application or disposal by the County, or any of its officers, o£ ' � � any such funds. �. Section 16. Disposition of Bond Proceeds and Creation p} of Funds and Accounts. The proceeds derived from the sale of the � , Series 1992 Bonds, upon the receipt thereof, shall immediately be - deposited and accounted for in the following order of priority: i , A. First, there shall be credited to the Bond Fund {as defined below), created below, all moneys received as accrued - r--�<s-- interest. on the Series 1992 Bonds from their date to the date af their delivery. • B. Second, the remaining proceeds derived from the { t sale of the Series 1992 Bonds shall be credited to.a separate � �fund: �hereby created and to be known as the "Pitkin County, Colorado, General Obligation Housing Bonds, Series 1992, Project � Fund" (the "Project Fund") and applied by the County for the \;� purpose of paying the Project Costs, as the same accrue, to ;, � ef=ect the acquisition of land and the construction, financing or other provision of affordable housing .as here.in described and � other Project Costs relating to the costs of issuing the . ,� Series 1992 Bonds. -_ � Section 17. fReservedl. �; C Section 18. fReservedl. � t � Section 19. Pavment of Principal and interest. If . � required, the interest to become due on the Series 1992 Bonds shall be paid from the general Eund or from any funds available for that purpose, and there shall be levied on all taxable �. • property in the County at the time and in the manner provided by law, in addition to all other taxes, direct annual taxes ��: - sufficient to reimburse said funds or funds and to pay the principal of and the interest accruing on said Bonds promptly as } � the same shall become due. Such taxes when collected shall be '�ci kept by the County in a separate account hereby created to be 3� �� known as the °Pitkin County, Colorado, General Obligation Housing '+�}�:;y;._; Bonds, Series 1992, Interest and Principal Fund" (the ^Bond :«.� *-: Fund"), to be used solely for the purpose of payinq the principal F�� ` � 5.,,.(�.,�. -21- , ��. . �::?;. �- Tr—�,� ---- - — . . . -- -.- _ _ .. _''\ .. ;�`y' . ._ '-'\....F,..- - . . . �. ;.. � ��:; � . . , , . . . �h . . `� '. � ,,, . ' - : : ;;•?_, < , ° ''.;' ` ,•', ' _ �. ; ��'�'T ` ^i, ; • • _ . - tK , :'.,� . .. . . . � . - . .`r' � � � � � � .. . . . . �. . .. � ... • .1 � ' • � � .. � ' � � � ' . . . � � ' , . � � . . �h . . � .. 1 . � �. '�� ' � , . � � . .�.-ti�' � a r ._ _ ' . � ��.t� :k�5�,�k*tyY�:.�r� tstt'i� �y� �.� �.�Af.�� 1�H.,,, ��St,�,�,�.,j� �.' ��.,�. L j: �;r�� m--� 'd' r��S1 ' .4E +. , '� �}I sk1�'�.�.r .7 !',.�. � �o:'.e� �:� i' `"��.�v .'G�e�'F^.:,i i y,`�, '' 'K, � 'r� . � t+.r.�Sy t� ��-M � '� ' ��, � r2, y �'�.k �(„ �. �j .ti.; � � ..'�A',e�ty�.y i 1.,�. + � � � t +CY?� �� -, . �.��.. , ��` .�, � .56:° � �� !c1/, ' t � ,' i�w�,n a +3 �:t 'IF..� � ?�4 . . � .'T'"' . .. . '• "�� - �'�'Yi.'�.'.' . .,, r.. _ :�+'.`� .�� , __ � ...�..< .. ._..._ -�...��,_.....� .. ... .. . .. . � . i � - _ ..+ . . � . 1�,.. � � t i'. � �;.; ? of and interest accruing,on the Series 1992 Bonds as the same ;:-::'�,. � respectively mature; provided that nothinq herein contained shall � ��° � be so construed as to prevent the application of any other funds i belonging to the County and available for that purpose, and upon R'�� - y such payments being made, the levy or levies herein provided may �'� '`� s thereupon to that extent be diminished. The direct annual taxes ,,',h'r,-_,, _ � " levied to pay the principal and interest shall be in addition to ,,.'. � any, and all other, taxes levied to effect the purposes of the � ; County. The sums herein provided to meet the interest on the �f Series 1992 Bonds and to discharge the principal thereof for each - ,:.�� ;a year shall be included in the annual budget to be adopted and .?-,.. � passed by the Board of Commissioners of the County in each year. ' - No statutory or constitutional provisions enacted after the � issuance of the Series 1992 Bonds herein authorized shall in any ` r manner be construed as limiting or impairing the obligation of x. the County to levy ad v�lorem taxes without limitation of rate or y � amount for the payment of the principal of and interest on the � Bonds. . � Section 20. Tax Le�. It shall be the duty of the � ` Board annually at the time and in the manner provided by law for levying other taxes, if such action shall be necessary to "'="`� effectuate the provisions of this Resolution, to ratify and carry ;^} out the provisions hereof with reference to the levy and collection of taxes; and the Board shall require the officers of •'�',,•=; � ~� �'�s, the County to levy, extend and collect such taxes in the manner � provided by law for the purpose of creating a fund for the. � payment of the principal of the Series 1992 Bands and the � interest accruing thereon. . such_taxes, when collected, shall be kept for and applied only ta the payment of the interest and `:� principal of:.the Series�1992 Bonds..�as :hereinbefore specified. Section 21. fReserved],.. _ � ' Sec�ion 22. Tax Covenants. The County hereby covenan�s for the benefit of the Underwriter and the owners of � - � the Series 1992 Bonds from time to time that the County shall not: (i} Take any use of the proceeds of the Series 1992 Bonds, � any funds reasonably expected to be used to pay the prinoipal of � or interest on the Sonds, or any other funds of the County; and � (ii) make any use of the facilities comprising the Project, or 4 . take (or omit to take) any other action with respect to the � Bonds, the proceeds thereof, or otherwise, if such use, action or . omission would, under the Code, cause the interest on the Bonds r. - � to be included in gross income for federal income tax purposes or " he treated as an item of tax preference for purposes of the �'� ` � federal alternative minimum tax. �� . Y.•i��.: '' � In articular, ' � +� p the County hereby cevenants for the , benefit of the Underwriter and the owners of the Series 1992 ; J,t Bonds from time to time that it shall not take (or omit to take) •'*'�F'�' or permit or suffer any action to be taken if the result of the �sr � -� !d ,� . same would cause the Series 1992 Bonds to be (i) "arbitrage ;} a bonds" within the meaning of Section 148 of the Code, including , :.. for such purposes, to the extent applicable, the rebate Y L .�' � �� . . _ZZ� . . �y+ ".- �w.�wa�< .:� . —+�......�+�r�.,va.rv�r�..+�..,.—�...__�-_.._.. ♦ . . .... .. . , ._ ._--._._..........._.,.._Y n ..._....___ i ?s°.8h . . . .. . . . . . . . . «c+�.:.. ... �,� .. . - f� . � �:.t ' . . . ,�._ . �. , , . ', . � .� .. ' . , . . _ . . ' . . +� . . � . M�� ' '` . �: �k . . �� , , . . . . . . . . . - �� ... �`� !. .. � � � . ' � F . ... . � . �' • .. �(�,� � � !'�� . . . �.' . . . . . _ . � . ; . . . . . . . . � .. � .. ,� � . ' .. � ' `.� . . ' . ... __._.. ___._. . .,.._._.—_ _.__. . ;l'r� . . _ . Y.�i , � � ��r4 j'. r rtb ;� � � �'� ��u ' �r� ,i��'��.+ .�-: :i e��')�� x'i., ,.. �z. .... ,�1' �i' , '� � : �v �, �"�'fi . ! � i� � x._.. �.S..... v - � f��f1�y�4 �� .5 .si�-�� ' p n , 3+rt tC.r`�` �i �.Ll '' ! �+ Y}" � , r � � • ,,.,� z � �. +a y� ✓�;)''�� r ¢ �'hti �1�'' t �, y,.} . t� "��.1�-. � , t.' ,� ..i. r iV'! • � y .�{yk'�'�,�a �s � t i Yy K�. ' ` ' f... "t' � ; Zt�{, . . r . , ..��+.- , .. jt�'r�,. . Ri'�w~. +l':. ._ ..., wY+'..�Lr.. .'�K. 1� ii�'a �:.`'_.� ;. �'� requirelaents of Section 14&(f) of the code; or {ii) "private 5 activity bonds" within the meaning of Section 141 of the Code. ;��`�:?.-: ' �� Such covenants of the county shall survive the payment of the `f.. `' Series 1992 Bonds. ��;' `' ��I ,:.. �`,...-. � ">•z�;;::�'�;t:.: " 3 The County hereby designates the Series 1992 Bonds as ,,.'�.-:' � . "qualified tax-exempt o6ligations" pursuant to Section 265(b)(3) �' ' of the Code and represents that the reasonably anticipated amount '`` ; of qualified tax-exempt obligations (other than private activity "x' . � bonds) which rrill be issued by the County during the calendar a i � year 1992 does not exceed $1�,000,000. 4 .`.y.,-, ;, i ,!� �� The Chairman of the Board is hereby authorized to r s execute a tax certificate on behalf of the County in ''�o� � implementation of the foregoing covenants, and the � representations and agreements set forth therein shall be deemed : �f the representations and agreements of the County, as if the same .,� were set forth herein. ' Section 23. Events of Def�ult. An Event of Default � � '� shall exist if: , .r:�pr A. Payment of the principal of or premium, if any, due in connection with any Series 1992 Bond is not made by the _ county when due at maturity or upon prior redemption. H. Payment of the interest on any Series 1992 Bond is not made by the County when due. � � � � ";; . - ' C.� The County defaults in the punctual performance of its covenants hereunder for 60 days after written notice shall �; have been given by the owners of not less than 25$ of the ' principal amount of the.. Series.1992 Bonds then outstanding. � � D. A petition .in. bankruptcy is filed by or against � the County, which, if filed against the County, is not dismissed � within 90 days after its filing. Section 24. Remedies. If any Event of Aefault shall exist, any owner, or a trustee therefor, may enforce its rights hereunder by any available legal or equitable remedy, including �� mandamus, specific performance, the appointment of a receiver y (the consent to such appointment being hereby granted), �;�. "' injunctive relief, requiring the Board to act as if it were the '��., ; trustee of an express trust, or any combination of such remedies. � ' All pxoceedings shall be maintained for the equal benefit and � 4.- � protection of all owners. Any receiver appointed to protect the � ' 1 '� rights of owners may take possession of and operate and maintain �� ' �.;;, the Project in the same manner as the County itself might do. �a �.r �SJ: The failure of any owner to proceed does not relieve the County � , }+,�, � or any person of any liability for failure to perform any duty K , -� ' ; .) hereunder. The foreqoing rights are in addition to any other i,;,� �'<•: right, and the exercise of any right by any owner shall not be � ;t� ; ;:. � deemed a waiver of any other right. s'"` : , :� ' !i �� -23- 4 ; . i ' - s----�--�-_��+... ..,...,.�.�..,,,. - -- - - -- _,.:..�..�....�,.>s:,.� _ . - � -K-- � �� `�. � �' _,l. . .R ,� �� _ .�.:::' . � � - � ' . " • �� ' � . ' ', t� � - ? . � . • , �+. � � ' . • .. . . :; �f . „ . . , .� � � . ; , �'' � - . , 'Y � . . ' . . � ,��,° +.. �!f' ' r y� .^.:ry r r X-�♦ �� "� `�� -� " � t� t�a .t `_.. .�t st �.-, � r"ajd�.?�. _• �-. �' �¢ S'-t"` _.%��7'i �f t�.�Z fr�r � `'1`f .cl�/"j"�'y �'�� .� �d�y ;� t�J ;4.� �;!:k'i�� .1.,�';�1 ��q;t�; . � 6� �`� N• .7 �,3.g�� . „,..r . �'3,�_�`� �'�`'�� Y,i`"_ n4 � i� .�i"�f'��"� t % 4,r�K ��'i n~ ~ } �,'[ir1r�� ,k 1 � •�� . � � � ti�. S T' K ��G. '�"f'�`� 4 xn_�q.,',, � i , •'l��}�� * . �:'�il►,�..- C:�+,._ ,n� : I^A ' .- + - ��'��' . � � :'�:�.�` . Section 25. Amendment. The County may amend or modify � ` any provision of this resolution without the consent of or notice � i to the owners, as follows: r'��'; � A. To grant to ar confer upon the owners any ,�,�- � :-. , additional rights, remedies, powers, authority or security which +., 4, . imay lawfully be granted or conferred. n��.r,�r�' �� B. To ,cure any formal defect, omission or ambiguity >� � in this Resolution. 1 � C. To add to the covenants and aqreements of the ICounty set forth in this reso2ution. G ?� " ,, ' D. To subject to this resolution additional revenues, �:� properties or collateral. � .`-I .� I E. To appoint successors to the Paying Agent or '� Registrar. � . - �� i F. To effect, in connection with the preservation .of ( : i the tax-exempt status of the interest on the Series 1992 Bonds, any other changes in this resolution which, in the opinion of an attorney or firm of attorneys whose experience in matters '`-�^�``1 , relating to the issuance of obligations of states and their political subdivisions is nationally recognized, do not materially and prejudicially affec� the rights of the owners of� any Series 1992 Bonds, � � rn addition, the County may amend or modify any � ;`:� provision of this resolution with the written consent of the 1 owners of not less than a majority of the-principal amount of the �;_.� Series 1992 Bonds then ..outstanding; provided that the written '+ � consent of the owners of one hundred percent (SUO�) of the principaZ amount of the Series 1992 Bonds then outstandinq is � ' required to: _; , A. Extend the maturity of any Series 1992 Sond or � --,; � change the terms of redemption of the principal of any i• . outstanding Series 1992 Bond; B. Reduce the principal amount, interest rate or = redemption premium of any outstanding Series 1992 Bond; � '. C. Reduce the principal amount of the Series 1992 �� ._ , Bonds required for consen� to any amend�aent or modifications to . this resolution; or . �� ,� • .. D. .Establish priorities between Series 1992 Sonds. +, �};:,, In addition, to effect any other changes in this F�� `�� resolution which, in the opinion of an attorney or firm of � �Y�`. h � �. attorneys whose experience in matters relating to the issuance of is,�:-. obligations by states and their political subdivisions is �,.,tsSg.: : . iy>.. �:; 'i t�r t:t J �.' -24- . .� R�` 1 ' ' 1 '.r 1.� _. + ' _.__- \ N� �f � �� t ~ { . � r. h. \ Ly?�f Ji . . ,�. . :' ... �-. �.:� , :..... �.> �. .. � ... . ! � . '� � .. t':`. . � . . . �fk�� ... . \ ;� \ !Y . •1* , _ '�'_ �� - � � �-��V<��`i (� . .. . . '� � . ��+ . . '.�� _t � .. . . '_.�� . . . � . . � ��:. . . - , . . . 1 . . � . . � ' .. .. ` . . . � � . � . . . . � � . .. ' 'i . . .. . .. _.. � l`� . , ' _-.. N - . � . . ' . ��..._w-— ''�� ' - r;.�' ' , "�.. t� , � ;t�. �_ 1��lfj ' }��L tK +�1��'�'�f y. .'�i r�Y.tf. '' �F�£ ,� . ' � .�.�r a�' 7..:� � ., �n��fi s i i4r ,�@ ' �� . t5 �y�� .I'S�; �s 1 q 7� �Y� 'a t :.{ � ' �u+ �ar �}�a��w .1'k � ��t. ' t. � � � s �.�9 ��Y"��.� � �-� � �. � � .. k �S`�*�' n`- � u. 4.a 1,�_ t ,� 4k.. . '4 4_'!rh', . . �-��.TD r.�►: P n��.v��':��. .8:�'��!�'C�y...'t . ... �. �J. . A � �.i _ .��,` ,�` nationally recognized, do not material2y and prejudicially affect ��'�':��•;=:: the right of the owners of any Sezies 1992 Bonds. .�,` _ Section 26. �efeasance. When the princi al of, ' ' "�� ••�" ; P 4 �:'_=;: premium, if any, and interest on any Series 1992 Bonds have been -=::_z;� j duly paid, the pledge and lien and all obligations hereunder ; shall be discharged, and such Bonds shall no longer be deemed to r r _ _ ,� be Outstanding within the meaning of this resolution. There " � � shall be deemed to be such due payment of any Series 1992 Bonds ,iw.;. y,, -� when the County has placed in escrow or in trust with a ,f,- r ` commercial bank located within or without the State, and n� exercising trust powers, an amount suffiaient (including the �',.��y y known minimum yield from Federal Securities in which such amount � j wholly or in part may be initially invested) to meet all � � � � requirements of principal of, premiwn, if any, and interest on .i'� -� . s�ch Bonds as the same become due to their final maturities or ��• '� upon any redemption dates as of which the County shall have �it; �, exercised or shall have obligated itself to exercise its prior • �, I redemption option. The Federal Securities shall become due at or ;: � prior to the respective Cimes on which the proceeds thereof shall � ?; ,� be needed, in accordance with a schedule established and agreed upon between the County and such bank at the time of the creation � of the escrow or trust, or the Federal Securities shall be �. � subject to redemption at the option of the holders thereof to assure such schedule. ;'�,u _ Section 27. Successor Reaistrar or Pavina Aaent. The. Registrar or Paying Agent may resign at any time on 3U daya prior • written aotice to the County. Notwithstandinq any other - provisions of this resolution, no removal, resignation or �.�, termin�tion oY. the-:Paying Agent shall-_take effect until a �. _.;.;:,• successor has been appointed. The County may remove such � .. Registrar or Paying Agent upon 30 days prior written notice. The Paying Agent may be removed at any time for any breach of its duties set forth herein. � If the Registrar or Paying Agent `.!; initially appointed hereunder shall resign, or if the County shall remove said Registraz or Paying Agent, the County may, upon ' ' notice mailed to each owner of Series 1992 Bonds at the address last shown on the reqistration books, appoint a successor � Registrar or Paying Agent, or both. Every such successor � Registrar or Paying Agent shall be a bank or trust company in good standing located in or incorporated under the laws of the � State, duly authorized to exercise trust powers and subject to ` examination by federal or State authority, and having a � shareholders equity (e.g., capital stock, surplus and iridividual profits), however denominated, not less than $5,000,000. It .:�;� � shall not be required that the same institution serve as both �«,'�S. Registrar and Payinq Agent hereunder,. but the County shall have ;�. the right to have the same institution serve as both Registrar � �� _. ;'I and Paying Agent hereunder. � , , 1�.. � , � Section 28. Direction to Take Anthorizina Action. The ,; \ ` Chairman of the Board, Commissioners, Treasurer and other Mi ` t� I officers and employees of the County hereby are authorized and �;`� '�`� ' directed to take all action necessary or appropriate to � :��: S , � � ��, ,`: k�� s -25- � � ��: _ i ; � . ± •.. ;� ,..._ ._ .. . _...- _, __ ._...._.,._.�. , -'� __.._� _ _.. ,,,;;�, > , - ------ '� . • -.. -. � - .. i� 1` _ y ' .. � ..' . ..I...l� . � i`�'f� _ . . . . _\' _ ", .r« . .. , I•, _ ' �'. .. . .. . _ �+ . . . .�l ' . � �. _, , , . , �. . . .. .. .. � , . '� � �,';� e _ �:''( , ,�;�� , ... ' � � � ; .. _ f' . . � . � • � ..: , � . �� .:.. � � 1_ � , .. , .. . ' , . . � .. � � .. , � � .� . . . . - - � . � � . � . .. • ��,F . � .. � . ,'�" ' - . � �Y�� , � • ' - .... .. . . f . �-h'• .. . 4 - . .: .. T s i T'.�.° �;�- � . �� i �.'�� g��fi�ir ?-:rl�y. rl.0 Lia't�,l tf'�'��:,5 �p �� rsiy�,'y�. .'��'� ��>'' � SU!.{'.��;A,.�YI.:P�Y� uF;�� ' ��, : r�M�. - t��: �sH �,• ,t,'+ I��7��t'��t�•3.�;,�p rl'� -, • �+/'�s.er',.z �.'�1 i �(� S p� `��x �� i:�� '��.K:^F �� L a� � �ivfE�4.��y�p�� . p '�- ,j� �`'. ��: .. , , . �ns*�.... .. .'.�k...��'�i��.�i�bi0� t�J-.�a.�a7MEt�. .. ' ' .�' o'-': � �� M� �.. -� ..r.::,t.,:s,:�� ' . a� .. . *� , .. .. .......� � . . . ' �:, .1 ^�+ .. .-.I � ��c'.• ( effectuate the provisions of this resolution, including without �,?... � l limiting the generality of the faregainq, the original or � , � additional printinq of the Series 1492 Bonds in such quantities ��'V;:": as may be convenient; such action as shall be necessary to r=�;a'_!` . maintain the exclusion of interest on the Series 1992 Bonds from E?;�,:=',;::.. gross income for federal income taxation purposes; and the ' �f ':�'�;c•'. execution of such certificates as may be required relating to the 3,�:°:;;: . ,_; - execution of the Series 1992 Bonds, the tenure and identity of y ` �;:. - the County officials, the receipt of the purchase price of the �.-? ' - � Series 1992 Bands, the absence of litigation, pendinq or ��; threatened, affecting the validity thereof, and the absence and � existence of factors affecting the exclusion of interest on the Series 1492 Bonds from gross income for federal income taxatiom - purposes. `"�l' ' 1 c Section 29. jReservedl. Section 30. Findinas. +� A. The Board hereby finds and determines that the Series 1992 Bonds have a net effective interest rate not in t, excess of the maximum net effective interest rate of 10.0� authori2ed at the May 2, 1989 special election. � .; B. The Board hereby finds and determines that, after i'��""r'' the issuance of the Serias 1992 Bonds by the County, there will F.� be no authorized but unissued general abligation. housing bonds of the County. ' ; � -• C.� The Board hereby finds and determines Y,hat all of � ' the provisions and limitations of any applicable laws have been , met and satisPied. � � ' - '.� • Section 31. Contract with Owners. After the Series 1992 Bonds have been issued, this resolution shall - constitute an irrevocable contract between the County and the owner or owners of the Series 1992 Bonds and, except as otherwise . provided herein, shall be and remain irrepealable and unalterable � until the Sezies 1992 Bonds and the interest thereon shall have �� been fully paid, satisfied and discharged. !• " Section 32. Parties Interested Herein. Nothing herein expressed or implied is intended or sha21 be construed to confer upon, or to give to, any person or entity, other than the County, Y.he Paying Agent, the Reqistrar and the owners from time to time .. of the Series 1992 Bonds any right, remedy or claim hereunder. �. _ AZ1 the covenants, stipulations, promises and agreements herein contained by and on behalf of the County shall be for the sole �- and exclusive benefit of the County, the Paying Agent, the ��J Registrar and any owner of the Series 1992 Bonds. f "�a; , j �i. �: Section 33. Effective Date. This resolution shall ��a��, become effective immediately upon its passage. ��z;;�,y, a��„�•: ' • ��4 ��. �� . ��4�f ��.•; .y�. ��'.� ':~� �26� � �� a�f^�If'�1.'"t",_ .- �—�—+':��.-,��T'�.—...._ ._ _ �. .... _ �� _ __ ,+-.. :�... :::... . � ..: :'.: .. .. A _ .: ' . . . .... �.... .a' ;'.'. ' `. _..� .,'- ' . � / ."' . p t�/ .:. ... .-.�. .t . . �� . '��. :� .1• � �.:. � . . . . .:.... 4 : � .� '� �.. . .��.. . .. _ �tr� • ` ' L � � � , � � 1{! _ f..� �. �. ��'.� ' � ir � �:;. .'.,�. ,.,�' :, .�. ' . '�S+}y � . : • ....� .. { .�. , : , '':-�� .� �. . �. ' .,'.n" . ` '.��1 ;.: ��{J , „ .. � i5. ..;,�" , ,,. : � �.� r 4 3 .J �; ' . `�� ` . . ,. =i' .. . � .. , �� . - � � . . ' _ . � � � � , " � .. • . . .. . . . . . . . . � � . . . .. . . . .1 . , � . . � .' ' 4.,� ' ' . . . ' „� i . .� ' , , � � . 'Y,.�,� � � � ' - � . .. � � ..�:' � ,T k p, � ,� �. � .P r � . c . `1' .�.r "�rt � "� - r ';�wx+� p., r y, e 1 Cy. � l2' . ,.�C�''(',�5(,A� � 5 5$(u' - 1" n�. 7 �Sti�t (' . .�L� � �'J�q �W��4 �•,a�t�`4 f. ,�''i `(..;C��j�y,�'+`l�A� � G .- i�f� 7�� y d._'P'�. l�tp. ts q e4��.�{i�. �r��3; +r .� i �r T t;r>.'. r''k q s .F' !,,'�� yq� �� gA�� ' � 'r .�j, L�l-t � , �`K�?v�d�4'Yfa'°::��'�Tn`,�'��'�:��"RPl��;i�t.'�t'tl_4..y, .,... .s. .. .,. p,4 e r . . ; . . . . _ .._,� j'w� . - _ � ,..•;: Section 34. Severabilitv. If any section, para- ' <'•=- graph, clause or provision of this resolution shall for any �.:...:.' � reason be held to be invalid ar unenforceable, the invalidity or unenforceability of such section, paraqraph, clause or provision shall not affect any of the remaininq provisions of this �<:;�t` _. resolution. ::`.��'sc.:;:: �� Section 35. Rebealer. All acts and resolutions in �� conflict with this resolution are hereby rescinded, annulled and ., �` ' _; repealed. This repealer shall not be censtrued to revive any act ;`��_;;� or resolution, or part thereof, heretofbre repealed. `>��. ' Section 36, Publication. This resolution shall be ' published by title and short outline as provided by ' :� � Sectibn 2-8.1(c) of the County�s Home Rule Charter. � :' - /: INTRODUCED� FIRST READ, AND SET FOR PUBLIC HEARING AT THE REGULAR MEETING QN THE 15TH DAY OF SEPTEMBER, 1992. NOTICE OF PUBLIC HEARING PUSLISHED IN THE ASPEN TIMES _ - ON THE 18TH DAY OF SEPTEMBER, 1992. APPROVED AND ADOPTED AFTER SECOND READING AND Pi3BLIC IiEARING ON THE 29TH DAY OF SEPTEMBER, 1992. � �,F;K� PUBLISHED AFTER ADOPTZON IN THE ASPEN TIMES ON THE 9TH ;�;` DAY OF OCTOBER, 1992. . BOARD OF COUNTY COMMISSIONERS '1'•:�'� OF PITKIN COUNTY� COLORADO ATT ST: - t By: rc.._-�-- _ eanette Jorj s es R. True, Chairman � ��.�F eputy Cle & Recorder � ate: to/r3��1� + APPRO AS TO FORM• MANAGER APPROVAL: _ � � �t , . �/� � � l(�- 1J�13�A2 �' Tim iQtiit i t Reid Haughey �,;`-" Cour�k.y t ney County Manager APPROVED AS TO CONTENT: � .. � � � �, . � Thomas C. Oken r .• ,, Airector of Administrative Services, f� ex-officio Treasurer ��,� ; � r,.�i }'` �,� � � , i � t fi�: -27- � , y�,.' i� k� 1� ' T ... 'V ...\A��Q�. � T.a�`d :. ..,� ' A.I. �� _.c 7 +�'\ ` 'i� x .� - � � l �t� r �.^ •�h }/ h i ��t ; � '�t�iy. . � ,� � �: � , � , . .: . , � , ,; , . . _ , , . , , . .. � ,. �. _ , � r�;�. �;�., _S ' � . i .` _ .� . - , S� . �� . 5 . �?t . . . � � . .� �i� y * .� � � _ ,,. . . � . . - . � r . . . .. . . S'' _ � . . . . . . �_ . � . . .. � . . .. � . . . . . .-. . .. . . �:�{ ... � i ' �� '�