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HomeMy WebLinkAboutbocc.res.070.1975CERTIFIED RECORD 0 F PROCEEDINGS OF PITKIN COUNTY MOUNTAIN VALLEY GENERAL. IMP~OVE~ENT DISTRICT PITKIN COUNTY, COLORADO RELATING TO THE ISSUANCE OF BONDS IN THE AMOUNT OF $225,000 STATE OF COLORADO ) ) COUNTY OF PITKIN ) ) PITKIN COUNTY MOUNTAIN ' ) VALLEY GENERAL IMPROVE- ) MENT DISTRICT ) Ss. NOTICE OF MEETING NOTICE 'is hereby given that a regular meeting of the Board of County Commissioners of Pitkin County, ex- officio Board of Directors of Pitkin County Mountain Valley General Improvement District, will be held at the Pitkin County Courthouse, Aspen, Colorado, on Monday, the 9th day of June, 1975, at the hour of ] ~ ~ o'clock ~.M., at which meeting the Board will consider and take action relating to a Special Bond Election to authorize financing improvements for said District. ~'~G.~yEN under our hands and the seal of said District ~s of th~i~L%~day of June, 1975. ( S E A L )I- ~ Secretary ·// ACKNOWLEDGMENT OF NOTICE AND CONSENT TO NEETING We, the undersigned, members of the Board of County Commissioners, ex-officio Board of Directors of the above District, do hereby acknowledge receipt of the foregoing notice of meeting, and we hereby waive any and all irregularities, if any, in such Notice and in the time and manner of service thereof upon us, and consent and agree to the holding of such meeting at the time and place specified in said Notice, and to the transaction · of~..~any and all~business which may come before ~such meetin~ - 1 - STATE OF COLORADO ) ) COUNTY OF ?ITKIN ) ) sS. PITKIN COUNTY MOUNTAIN ) VALLEY GENERAL IMPROVE- ) MENT DISTRICT ) The Board of County Commissi6ners of Pitkin County, ex-officio Board of Directors of Pitkin County Mountain Valley General Improvement District, Pitkin County, Colorado, met in regular session at the Pitkin County Courthouse, in Aspen, Colorado, on Monday, the 9th d~y of June, /.' ~-0 o'clock ~.M. There were present: Chairman, ex-officio President: Commissioners, ex-officio Directors: 1975, at the hour of Also present: County Clerk and Recorder, ex-officio District Secretary: County Treasurer~ ex- officio District Treasurer: County Attorney: Julie Hane Absent: Thereupon Director . ~DIgW~ ~. ~6&d~ and there was read in full the following Resolution: introduced - 2 - RESOLUTION WHEREAS, Pitkin County Mountain Valley General Improvement District, Pitkin County, Colorado, has been duly organized; and WHEREAS, the Board of Directors of said District has determined and hereby determines and declares that the interests of the District and the public interest and necessity demand the construction and installation of paving for all streets within the District, to include necessary improvement of road cuts by landscaping and stabilization, where required, and grading; to provide necessary and adequate drainage to the District, and to provide .necessary speed controls, as required, for traffic control of said streets~ and WHEREAS, the present estimated cost of such improvements is $225,000 and the maximum net effective interest rate to be paid on such indebtedness shall not exceed 12% per annum; and WHEREAS, it is necessary to submit to the qualified electors of the District the question of issuing negotiable coupon bonds of the District in a principal amount not exceeding the estimated cost of improvements; NOW, THEREFORE BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF PITKIN COUNTY, COLORADO, EX-OFFICIO THE BOARD OF DIRECTORS OF PITKIN COUNTY MOUNTAIN VALLEY GENERAL IMPROVE- MENT DISTRICT, PITKIN COUNTY COLORADO: 1. That at a special bond election in said District 'to be held at ~/~ ~p/~ ~j~, in Pitkin County, Colorado, on Tuesday, the 8th day of July, 1975, between the hours of 7:00 o'clock A.M. and 7:00 o'clock P.M. of said day, there shall be submitted to the qualified electors of the District, the question stated in the form of Ballot and Notice hereinafter set forth. 2. That for the purpose of this election it is hereby determined and declared that there are not more than 500 persons qualified to vote at said Special Election and therefore the entire District shall constitute a single ~lection precinct with a single polling place as hereinabove set forth. 3. Ballots to be Used in voting upon the question to be submitted shall be prepared and furnished by the Secretary of the District to the Judges of Election, to be by them furnished to the electors, which Ballots shall be in substantially the following form: OFFICIAL BALLOT PITKIN COUNTY MOUNTAIN VALLEY GENERAL IMPROVEMENT DISTRICT PITKIN COUNTY, COLORADO SPECIAL BOND ELECTION JULY 8, 1975 QuEsTIoN SUBMITTED: "Shall Pitkin County Mountain Valley General Improvement District, Pitkin County, Colorado, issue its negotiable coupon bonds in the principal amount not exceeding $225,000 'for the purpose of constructing and installing paving for all streets within the District, to include necessary improvement of road cuts by landscaping, stabilization, and grading, where required, to provide necessary and adequate drainage to the District and to provide necessary speed controls, as required, for traffic control of said streets, such bonds to bea'r interest at a net effective interest rate not exceeding 12% per annum, p~yable semi-annually, to mature serially within twenty (20) years from their date, and may be redeemable at the option of the District at such time or times and in such manner, upon payment of such premium or premiums, if any, not exceeding 3% of principal, as may later be determined by the Board of Directors?" FOR THE BONDS AGAINST THE BONDS (The elector shall indicate his vote by placing a cross (x) in the square opposite the words expressing his choice.) (TO APPEAR ON BACK OF OFFICIAL BALLOT) "Official Ballot of Pitkin County Mountain Valley General Improvement District, Pitkin County, Colorado, Special Bond Election, July 8, 1975. (Facsimile Signature) Ex-officio Secretary" - 4 - qualified elector of the District. is a person who, at the time df the to vote in general elections in the 4. No ballot will be received by the Judges of Election unless the person offering the same shall be a An elector of the District election, is qualified State of Colorado, and (a) Who has been a resident of the district for not less than thirty-two days; or (b) Who or whose spouse owns taxable real or personal property within the district, whether or not said person resides within the District. A person who is obligated tO pay general .taxes under a contract to purchase real property within the district shall be considered an owner within the meaning of subsection. (b). The owner- ship of property on which a specific ownership tax is paid pursuant to law shall not qualify a person as an elector, nor as a taxpaying elector. Taxable property shall mean real or personal prop- erty subject to general ad valorem taxes. Registration pursuant to the general election laws or any other laws shall not be required. Each elector shall be required to execute an affidavit as to his or her qualifications for voting, before being allowed to vote.,-~. ,/~5~ That~~ ~~ , ~'~'~' ~~ and ~~ , qualified electors of the .District, shall act as Judges of said election and they shall appoint one of their number to act as Clerk of said election. Each Judge shall receive $ for their services. 6. That said election shall be held and conducted as nearly as may be in the same manner as general elections are held and conducted in this State. 7. That immediately afte~ the closing of the polls, the Judges of election shall open the Ballot Boxes, and count and canvass the ballots therein. The Judges of election shall promptly thereafter certify the results to the Secretary of the District. The returns of said election shall be canvassed and the result declared at the next regular or special meeting of the District Board. 8. The Secretary of the District shall cause a Notice of said election to be published once a week in four consecutive weekly editions of the Aspen Times, Aspen, Colo- rado, a newspaper of general circulation in the District, the first publication of such Notice to be not less than - 5 - twenty '(20) days prior to the date of the election. As nearly as possible said publications shall be on the following dates: Thursday, June'12, 1975' Thursday, June 19, 1975 Thursday, June 26, 1975 and Thursday, July 3, 1975 Such Notice shall-be in substantially the form: following - 6 NOTICE OF SPECIAL BOND ELECTION TO BE HELD IN PITKIN COUNTY MOUNTAIN VALLEY GENEP~AL IMPROVEMENT DISTRICT PITKIN COUNTY, COLORADO ON JULY 8, 1975 PUBLIC NOTICE IS HEREBY GIVEN That on Tuesday, the 8th. day of July, 1975, between the hours of 7:00 o'clock A.M. and 7:00 o'clock P.M., there will be submitted to the qualified electors of Pitkin County Mountain Valley General Improvement District, Pitkin County, Colorado, the following question: "Shall Pitkin County Mountain Valley General Improvement District, Pitkin County, Colorado, issue its negotiable coupon bonds in the prin- cipal amount not exceeding $225,000 for the purpose of constructing and installing paving for all streets within the District, to include necessary improvement of road cuts by land- scaping, stabilization, and grading, where re- quired, to provide necessary and adequate drainage t6 the District and to provide necessary speed controls, as required, for traffic control of said streets, such bonds to bear interest at a net effective interest rate not exceeding 12% per annum, payable semi-annually, to mature serially within twenty (20) years from their date, and may be redeemable at the option of the Distric~ at such time or times and in such manner, upon payment of such premium or premiums, if any, not exceeding 3% of principal, as may later be determined by the Board of Directors?" The polling place for the reception of ballots on said_question shall be -~/q I~/~ ~l~ ~D~r~ ~ ' ~1~;~/0~ , in-~'Distrlc{,-Pitk~n County, Colorado. The ~{i~ District shall constitute a single election precinct said election. for Ballots to be used in voting on the foregoing question Will be furnished by the Secretary of the District to the Judges of Election, to be by them furnished to the electors. Each elec- tor voting at said election shall deposJ, t in the appropriate bal- lot box a ballot whereon shall be printed the question to be voted upon and the words "FOR THE BONDS" and "AGAINST THE BONDS" following such question. The elector shall indicate his vote on such question by placing a cross (x) in the square opposite the words on the ballot which express his choice. No ballot will be received by the Judges of Election unless the person offering the same shall be a qualified elector of the District. An "elector" shall be defined as a person who, at the time of election, is qualified to vote in general elections in the State of. Colorado, and (a) Who has been a resident of the District for not less than thirty- two (32) days; or (b) Who or whose spouse owns taxable real or personal property within the District, whether or not said person resides within the District. Persons obligated to pay general taxes under a contract to purchase real property within the District shall be considered owners. Electors otherwise fully qualified need not be registered in order to vote. Persons who are otherwise fully qualified to vote on said question at such election, but who, on election day, shall be absent from the precinct, or by reason of their work or the nature of their employment are likely to be absent and fear they will be absent from said precinct on said day, or because of serious illness or physical disability, or for reasons based upon the doctrines of established religions shall be unable to attend the polls, or who reside more than ten miles from the polling place by the most direct route of public travel, may apply in writing to Julie Hane, Secretary, Pitkin County ~ountain Valley General Improvement District, Office of the County Clerk of Pitkin County, P.O. Box 4096, Aspen, Colorado, 81611, for an absentee ballot not later than the Friday immediately preceding the election. IN WITNESS WHEREOF, the Board of Directors of Pi%kin County Mountain Valley General Improvement District, Pitkin County, Colorado, has caused this Notice to be given as of the 9th day of June, 1975. ( S E A L ) /s/ Julie Hane Publish in: Aspen Times Publish on: June 12, 19 and 26, July 3, 1975. County Clerk and Recorder Ex-Officio Secretary 197'5 and - 8 9. Persons who are otherwise fully qualified to vote at said election on said-guestion but who shall ~be absent from the precinCt on election day, or by reason of their work or the nature of their employment are likely to be absent and fear they will be absent from said precinct on said day, or because of serious illness or physical disability, or for reasons based upon the doctrines of established religions shall be unable to attend the polls on said day, or who reside more than ten miles from the polling place by the most direct route of public travel, may apply in writing to the Secretary of the District for absentee ballots. Application for said ballots shall be made to Julie Hane, Secretary, Pitkin County Mountain Val~ley General Improvement District, Office of the County Clerk of Pitkin County, P.O. Box 4096, Aspen, Colorado, 81611, and must be made not later than the Friday immediately preceding the Election. Separate Ballot Boxes shall be used at the polls for ballots cast in person by voters at the polls and for absentee ballots. 10. That if anyone or more sections or parts of this Resolution shall be adjudged unenforceable or invalid, such judgment shall not affect, impair or invalidate the remaining provisions of this Resolution, it being the intention that the various .provisions hereof are severable. 11. %All resolutions, or parts thereof, in conflict with the provision~ hereof, be and the ~ame are hereby repealed. 12. That this Resolution, immediately upon its passage, shall be recorded in the Book of Resolutions of the District kept for that purpose and shall be authenticated by the signatures of the Chairman of the Board of County Commissioners and the County Clerk and Recorder, ex-officio Chairman and Secretary, respectively, of said District. ADOPTED AND APPROVED This (SEAL) ~A-day of June, 1975. Chairman - 9 - It was then moved by Director . ~-~J~ and seconded by Director ~&b~A~ , that all rules of this Board which might prevent, unless suspended, the final passage and adoption of this Resolution at this meeting, be and the same are hereby suspended. The question being upon the adoption of said motion and the suspension of the rules, following result:. Those voting AYE: Directors: the roll was called with the Coda d Those voting NAY: ~ GO members of the Board of Directors having voted in favor of said motion, the presiding officer declared said motion carried and the rules suspended. Director ~OO~-~ then moved that said Resolution be passed and adopted as read. Director seconded the motion. The queston being upon the passage and adoption of said Resolution, the roll was called with the following result: Those voting AYE: Directors: ,, ..~..~/'~.,,~_~ Those voting NAY: ~'~0"~.0._~. The presiding officer thereupon declared that a majority o~iail'the Directors elected having voted in favor thereof, the rr~tion ~as carried and the Resolution duly passed and adopte~ (S AL) .... Chairman County Clerk and Recorder ex-officio District Secretary Board of'County Commissioners, ex-officio District President - 10 /{ STATE OF COLORADO ) ) COUNTY OF PITKIN ) ) sS. PITKIN COUNTY MOUNTAIN ) VALLEY GENERAL IMPROVE- ) MENT DISTRICT ) J~'~e, 1~75~ ~S E A L I, Julie Hane, County Clerk and Recorder of Pitkin County, Colorado, and ex-officio Secretary of Pitkin County Mountain Valley General Improvement District, do hereby certify that the foregoing pages numbered 2 to 10, inclusive, constitute a true and correct copy of that portion of the record of the p~oceedings of the Board of Directors of said District, taken at a regular meeting thereof, held at the Pitkin County Courthouse, Aspen, Colorado, on the 9th day of June, 1975, insofar as said minutes relate to a Resolution setting a bond election, a copy of which is therein set forth; that the copy of said Resolution contained in the minutes is a full, true and correct copy of the original of said Resolution as adopted by the Board of County Commissioners, ex-officio Board of Directors of said District, at said meeting; that the original Resolution has been duly signed and approved by the presiding officer of the Board, and myself, as Secretary, sealed with the corporate seal of the District and recorded in the book of Resolutions of the District kept for that purpose im my office. I further certify that the President and d~/~ member~ of the Board were present at said meeting and that members of the Board voted on the passage' of the Resolution as set forth in said minutes. ,,. ~- IN WITNESS WHEREOF, I have hereunto set my hand and the seal of said District at Aspen, Colorado, this . ~J'~day of County Clerk and Recorder, eX-officio Secretary (Attach Affidavit of Publication of Notice of Election) Box E Aspen, Colorado PROOF OF PUBL;;CATION County of Pitkin Copy of Notice z ~m the .......... ~..u..b.]._i~J.%e..?.. .................. o~ ~ iS~'~N ~WVrES: ~at ~e sa~ i~ a w~y newsy, per p~nt~, tn wh~e or ~ p~, ~d publlsh~ ~ ~e Co~.ty of Pit~n, S~te of Color.o, anff h~ a cefferal circulation therein; ~at s~d newspa~r h~ be~ pub- l~h~ cont~uo~]y and ~nter~p~dly ~ ~d ~ty of ~ik~, for a perl~ of more ~an fifty-two co~ecutive w~ ne~ to ~e ~% publication of ~e ~nexed leg~ noti~ or ment; that s~d newspaper h~ been ~tt~ ~o ~e United ~ls ss sceond-clas~ matter ~der ~e ?ro~i~ of ~e k~ of March 3, 1S79, or ~y ~endmen~ ~ereof, and ~at said ~- pa~r is a weekly newspaper duly q~ifi~ for ~bl~hing notices and ~ve~ ~ ~e me~g ~ ~e ~ws of S~te ~} Color~o. That the annexed lega~ notice or advertisement wu published in ~he ~egular and entire i~ue of every number of ~atd .~veekly newspapers for the period of ...... ~. ......... consecutive inse_~dons; and .that the first publication of said notice wa~ in ~he issue of said newspaper dated ..... .~..U~._.3~ ................ A~ ~D., 19 .~=~. and %hat the l~st ~ublication of said notice %v~s in the issue of said n~ws- parer datm ......... .J...u..!h3- ............... A. V., ~ul:)s~'ibed and sworn to before me, a not~ry public tn and' ~,o~' l~t>tary Public ; ~.~ - 12 - Please read carefully and check the ~pplicable box or boxes STATE OF COLORADO COUNTY OF PITKIN PITKIN COUNTY MOUNTAIN VALLEY GENERAL IMPROVEMENT DISTRICT ELECTOR'S AFFIDAVIT I, , being first duly sworn on oath, depose and say that I am eighteen years of age or over, and a citizen of the United States, have resided in the State of Colorado and in the election precinct of my current residence for thirty-two days preceding the election; and ~hat I have been°a resident of the Pitkin County Mountain Valley General Improvement District for not less than ~hirty-two days; ~ or ~hat I (or my spouse) own taxable real or personal property within the Pitkin County Mountain Valley General Improvement ~istrict, and that I have not previously voted at this election, held on Tuesday, the 8th day of July, 1975. Elector's Signature July, Elector's Address Subscribed and sworn to before me this 8th day of 1975. Judge of Election *(Indicate applicable phrase of phrases by placing a cross (x) the box preceding the appropriate words.) in - 13 - STATE OF COLORADO COUNTY OF PITKIN PITKIN COUNTY MOUNTAIN VALLEY GENERAL IMPROVE- MENT DISTRICT ss. JUDGE'S OATH I, , do solemnly swear (or affirm) that I am a citizen of the United States and State of Colorado; that I am a qualified elector in the above district; that I will perform the duties of Judge of Election to be held July 8, 1975, in the above district, according to law and the best of my ability; that I will studiously endeavor to prevent fraud, deceit and abuse in conducting the same; that I will not try to ascertain how any elector voted; nor will I disclose how any elector voted if, in the discharged of my duties as Judge such knowledge shall come to me, unless called upon to disclose the same before some court of justice; and that I will not disclose the result of the votes until the polls have closed. Judge of Election Subscribed and sworn to before me this 8th day of July, 1975. Judge of Election - 14 PITKIN COIP~TY NOUNTAIN VALLEY GENERAL I3iPROV~NT DI STt~ICT PITKIN COUNTY, COLORADO SPECIAL BOND ELECTION JULY 8~ 1975 QUESTION SUBMITTED: "Shall Pitkin County Mountafn Valley General Improvement 'District, Pitkin County, Colorado, issue its negotiable coupon bonds in the principal amount not exceeding $225,000 for the purpose of constructing and installing paving for all streets within the District, to include necessary im- provemen[ of road cuts by landscaping, stabilization, and grading, where require~, to provide necessary and adequate drainage to the District, and to provide necessary speed controls, as required, for traffic control of said streets, such bonds to bear interest at a net effective interest rate mot exceeding 12% per annum, payable semi-annually, to mature serially within twenty (20) years from their date, and may be redeemakle at the option of the District at such time or times and in such manner, upon patient of such pre- mium or premiums, if any, not exceeding 3% of principal, as may later be determined by the Board of-Directors?" FOR THE BOI~DS AGAINST THE BONDS (The elector shall indicate his vote by placing a cross (x) in the square opposite the words expressing his choice.) Official Ballot of Pitkin County }~ountain Valley General Improvement District, Pitkin County, Colorado, Special Bond Election, July 8, 1975. (Affix sample of the ballot as prepared for and of the used at said Election) form IT IS HEREBY CERTIFIED That the foregoing is a true and correct copy of the official ballot used at the bond election held in Pitkin County Mountain Valley General Improvement'District, .Pitkin County, Colorado, on Tuesday, the 8th day of July, 1975. , ~ ' IN WITNESS ~EREOF, I have hereunto set my hand and · affixed the seal of said District this . ;~ day of July, 1975. ~. C~ty C~erk and Recorder ex-officio Se~etary STATE OF COLORADO COUNTY'OF PITKIN PITKIN COUNTY MOUNTAIN VALLEY GENERAL IMPROVEMENT DISTRICT .~UDGES' CERTIFICATE OF · ELECTION RETURNS It is hereby certified by the-undersigned that we were the duly appointed Judges of the special bond elect~on held in Pitkin County Mountain Valley General Improvement District, Pitkin County, Colorado, on Tuesday, the 8th day of July, 1975, at which there was submitted to the qualified electors of the District the question of issuing bonds of the District in a principal amount of $225,000; that after qualifying by taking, our oaths of office, we opened th~ polls at ,/'~/~q~-*'---" /~/-~g~f~ : in Pitkin County, and in said District at the hour of 7:00 o'clock A.M. and kept said polls open continuously until 7:00 o'clock P.M. of said day; that after closing the polls we counted the ballots ~ast for and against said question which were as follows: FOR THE BONDS AGAINST THE BONDS Ballots Cast (excluding absentee ballots): Absentee Ballots Cast: That all of said ballots were· cast at said election by those electors of the District who were qua!if~ed to vote at gen- eral elections in this State and who had either (a) been residents of the District for not less than thirty~two days, or (b) who or whose spouse owns taxable real or personal property within the District, whether said person resided, within the District or not; and that no person possessing proper qualifications was refused the privilege of v~ting at said election. IN WITNESS WHEREOF, We have hereunto Set our hands this 8th day of July, 1975. Judges of Ele~n - 16 - .~Attach Copy of Notice of Meeting) 17 - STATE OF COLORADO COUNTY OF PITKIN PITKIN COUNTY MOUNTAIN VALLEY GENERAL IMPROVEMENT DISTRICT The Board of County Commissioners of Pitkin County, ex-officio Board of Directors of Pitkin County Mountain Valley General Improvement District, Pitkin County, Colorado, met in ~~, session at the Pitkin County Courthouse, in Aspen, Colorado, on Monday, the 14th day of July, 1975, at the hour of ~ o'clock ~___.M. There were present: Chairman, ex'officio President: Commissioners, ex- officio Directors: ~%lso present: · County Clerk and Recorder, ex-officio District Secretary: Julle Hane County Treasurer, ex- officio District Treasurer: County Attorney: 'Leonard'Oates Absent: ~ The County Clerk, ex-officio S~cretary of the District, presented to the Board the returns of the Special Bond Election held in said District on the 8th day of July, 1975. Thereupon the Board canvassed such returns with the following results: -. FOR THE BONDS AGAINST THE BONDS Ballots Cast (Excluding absentee ballots): At~sentee Ballots Cast: TOTAL: It appearing therefrom that a majority of all qualified electors having voted affirmatively on the question of issuing bonds of the District in the principal amount of $225,000 for the purpose of constructing and installing paving for all streets within the District, to include necessary improvement of road cuts by landscaping, stabilization, and grading, where required, to provide necessary and adequate drainage to the District and to provide necessary speed controls, as required, for traffic control of said - 18 - streets, the Chairman and President declared that said election results were in favor of the issuance of said bonds. ~There being no further business to come before the me~.~, it was thereupon adjourned. AT~EST: ' Cpunty Clerk and Recorder / ex-officio Secretary -~' - ~Chairman ex-officio President - 19 - STATE OF COLORADO COUNTY OF PITKIN PITKIN COUNTYMOUNTAIN VALLEY GENERAL IMPROVEMENT DISTRICT Ss: I, Ju!ie Hane, County Clerk and Recorder of Pitkin County, Colorado,' and ex-officio Secretary of Pitkin County Mountain Valley General Improvement District, do hereby certi'fy that the foregoing pages numbered 18 and 19, inclusive, constitute a true and correct copy of that portion of the record of the p~oceedings of the Board of Directors of said District, taken at a ~_~.~ meeting thereof, held at the Pitkin County Courth0u~,~ Aspen, Colorado, on the 14th day of July, 1975, insofar as said minutes relate to the canvass Of a special bond election held on July 8, 1975, as recorded in the official record book of the proceedings of said Dis. trict, kept in my office and that said'proceedings were duly had and taken, %he meeting duly held and the persons named therein were present at said meeting, all as therein shown. IN WITNESS WHEP~EOF, I have hereunto set my hand and the seal of said District at Aspgn, Colorado, this /~-- day of July~ 1975. ( S E A .L )~I Count¥.'Clerk and Recorder, .~officio Secretary - 20 - (Attach Copy of Notice of Meeting) - 21 - STATE OF COLORADO COUNTY OF PITKIN PITKIN COUNTY MOUNTAIN VALLEY GENERAL IMPROVE- MENT DISTRICT SS. The Board of County Commissioners of Pitkin County, ex-officio Board of Directors of Pitkin County Mountain Valley General Improvement District, Pitkin County, Colorado, met in regular session at the Pitkin County Courthouse, in Aspen, Colorado, on Monday, the llth day of August, 1975, at the hour of 1:$0 o'clock p.M. There were present: Chairman, ex-officio President: Commissioners, ex-officio Directors: Dwight K. Shellman, Jr. Joseph E. Edwards, Jr. Michael Kinsle~ Also present: County Clerk and Recorder, ex-officio District Secretary: Julie Hane County Treasurer, ex- officio District Treasurer: Helen Zordel County Attorney: Absent: Thereupon Director Edwards introduced and there was read in full the following Resolution: Leonard Oates - 22 - RESOLUTION WHEREAS, at a special election of the qualified electors of of the Pitkin County Mountain Valley General Improvement District, Pitkin County, Colorado, duly called and held on July 8, 1975, a majority of such electors voting, cast their ballots in favor of issuing negotiable coupon bonds of the District, in a principal amount not ex- ceeding $225,000, for the purpose of constructing and in- stalling paving for all streets within the District, to include necessary improvement of road cuts by landscaping, stabilization, and grading, where required, to provide necessary and adequate drainage to the District and to pro- vide necessary speed controls as required, for traffic control of said streets; and WHEREAS, bids for said construction have been ad- vertised and accepted and it is necessary at this time to issue $160,000 of negotiable coupon bonds of the $225,000 authorized at said election; and WHEREAS, it is necessary to advertise said bonds for sale, and publish a Notice of Sale of said bonds; WHEREAS, Notice of Sale of said bonds was published in The Aspen Times, a newspaper of general circulation in Pitkin County and said District, in the editions Df said newspaper dated July 31 and August 7, 1975 and the Secretary of the District distributed or caused to be distributed, a copy of the Notice to those banks, investment banking firms and any other interested parties, set forth in Exhibit A, which Notice was in substantially the following form: - 23 - OFFICIAL NOTICE OF SALE PITKIN COUNTY MOUNTAIN VALLEY GENERAL IMPROVEMENT DISTRICT GENERAL OBLIGATION BONDS $160,000 SALE DATE: AUGUST 11, 1975 NOTICE IS HEREBY GIVEN That the Board of County Commissioners of Pitkin County, ex-officio the Board of Directors of Pitkin County Mountain Valley General Improvement District, Pitkin County, Colorado, will on Monday, the llth day of August, 1975, at the hour of 3:00 o'clock P.M., M.D.S.T., at the County Commissioners Hearing Room, at the County Courthouse, Aspen, Colorado, publicly receive and open sealed bids for $160,000 of General Obligation Bonds, of said District, said bonds being part of the $225,000 of bonds authorized at an election held July 8, 1~75. Said bonds will be dated September 1, 1975, and will consist of 32 bonds in the denomination of $5,000 each, numbered 1 to 32, inclusive, and shall mature serially on the 1st day of September, as follows: Amount Maturity 5,000 1976 to 1980, incl. 10,000 1981 to 1985, incl. 15,000 1986 to 1988, incl. 20,000 1989 and 1990 Bonds of this 1985, shall not be redeemable in advance of their respective maturities. Bonds maturing on or after September 1, 1986, shall be redeemable at the option of the District on September 1985, and on any interest payment date thereafter prior to maturity, in inverse numerical order, upon payment of par and accrued interest, plus a premium of 2% of principal. issue maturing on or before September 1, 1, The net effective interest rate for said issue of bonds may not exceed 12.00% per annum, to be evidenced by one set of coupons only, payable March 1, 1976, and semi- annually thereafter on the 1st day of March and the 1st day of September each year. No more than one interest rate per maturity shall be bid, and rates shall be in multiples of 1/8 and 1/20 of 1%. Principal and interest will be payable at a single bank or trust company located in the continental United States or the County Treasurer, ex-officio Treasurer of the District, to be designated by the successful bidder in and as a part of the bid submitted. If the successful bidder does not designate a paying agent as part of said bid, the Board of Directors will designate a bank or trust company located in the continental United States or the County Treasurer, ex-officio Treasurer of the District, as the paying agent. Sealed bids should be submitted to the District Board, c/o County Clerk, Pitkin County Courthouse, Aspen, Colorado, and envelopes should be marked "Sealed Bid-General Obligation Bonds". The formal award of said bonds, if proper bids are received, will be made by the District Board on Monday, August 11, 1975, at 3:00 o'clock P.M., or shortly thereafter in the Commissioners Hearing Room in the County Courthouse, Aspen, Colorado. - 24 - Ail bids must be accompanied by a certified or cashier's check on a bank or trust company in the amount of $3,200, payable to the County Treasurer, the amount of the check of the successful bidder to be held by the District as liquidated damages if the bonds are not taken up and paid for promptly in accordance with the terms of the Official Notice of Sale and the bid. Checks tendered by unsuccessful bidders will be returned promptly. Said bonds may be sold at a discount not to exceed 2% and accrued interest to the date of the delivery thereof, subject to the right of the District Board to reject any and all bids and to waive any irregularity in any bid. The bonds, subject to the above, will be awarded to the bidder naming the lowest net interest cost to the District which is defined for the purpose of this sale as the total amount of interest to accrue from date of issue to date of maturity without regard to any option of redemption prior to maturity, less the amount of any cash premium bid. Any premium bid must be paid in lawful money of the United States of America as a part of the purchase price. For i~formation purposes, bidders are requested to state (A) the total net interest cost in dollars and cents to the District and (B) the net effective interest rate in the stated per centum. The legality of the bonds will be approved by Willson & Lamm, P.C., Attorneys at Law, Denver, Colorado, whose opinion, together with the printed bonds, will be furnished at no additional expense to the purchaser. The legal opinion will be printed on each bond. It is anticipated that said bonds will be delivered within 30 days at any bank or trust company in Denver or Aspen, Colorado, or at any other place at the request and expense of the purchaser. Additional information on this issue may be obtained from Duane G. Lankford and Company, 333 Fairfax, Denver, Colorado 80220, Telephone No. 303-321-6846. BY ORDER of the Board of County Commissioners of Pitkin County, ex-officio the Board of Directors of Pitkin County Mountain Valley General Improvement District, Pitkin County, Colorado, this 14 (SEAL) Secretary in: The Aspen Times day of July, 1975. -- - PYesident Publish on: July 31 and August 7, 1975 - 25 - WHEREAS, The Board of Directors hereby desires to ratify such Notice of Sale herein before set forth and the distribution and publication of said Notice; THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF PITKIN COUNTY, COLORADO, EX-OFFICIO THE BOARD OF DIRECTORS OF PITKIN COUNTY MOUNTAIN VALLEY GENERAL IMPROVE- MENT DISTRICT, PITKIN COUNTY, COLORADO: 1. That the Notice of Sale of General Obligation Bonds of said District, in the principal amount of $160,000 to be dated September 1, 1975, as more specifically set forth in this Resolution, which was published in The Aspen Times on July 31 and August 7, 1975, as required by law, and dis- tributed to said banks, investment banking firms and any other interested parties, is hereby ratified as to form and content and the distribution and publication of said Notice of Sale is hereby ratified. 2. That said bonds are hereby authorized to be sold in compliance with all the terms, conditions and requirements of law and the official Notice of Sale hereinabove set forth. RESOLUTION ADOPTED AND APPROVED This llth day of August, ~975. (SE/AL) ATTEST: / Secretary - 26 - It was then moved by Director Edwards and seconded by Director Kinsley , that all rules of this Board which might prevent, unless suspended, the final passage and adoption of this Resolution at this meeting, be and the same are hereby suspended. The question being upon the adoption of said motion and the suspension of with the following result: Those voting AYE: Directors: Those voting NAY: the rules, the roll was called Sh~]lman Edwards Kinsley ~ members of the Board of Directors having voted in favor of said motion, the presiding officer declared said motion carried and the rules suspended. Director Edw~ then moved that said Resolution be passed and adopted as read. Director Kinsley seconded the motion. The question being upon the passage and adoption of said Resolution, the roll was called with the following result: Those voting AYE: Directors: Shellman Edwards Kinsley Those voting NAY: The presiding officer thereupon declared that a majority of all the Directors elected having voted in favor thereof, the motion was carried and the Resolution duly passed and adopted. Thereupon the District Secretary informed the Board that the Notice of Sale of General Obligation Bonds, of the Pitkin County Mountain Valley General Improvement District, in the principal amount of $160,000, dated September 1, 1975, had been published in the time and manner prescribed by law. All bids for the purchase of the bonds that were received prior to 3:00 o'clock P.M., M.D.S.T., on Monday, the llth day of August, 1975, have been opened and tabulated and considered by the Board. Thereupon, Director Edwards introduced and there was read the following Resolution: RESOLUTION WHEREAS, the Board of County Commissioners of Pitkin County, Colorado, ex-officio the Board of Directors of Pitkin County Mountain Valley General Improvement District, has previously determined to provide for the sale of General Obligation Bonds of the District in the principal amount of $160,000; and WHEREAS, the notice of sale of said bonds has been published in the time and manner required by law; and WHEREAS, all bids for the purchase of General Obligation Bonds of said District in the principal amount of $160,000, which were received prior to 3:00 o'clock P.M., M.D.S.T., on August 11, 1975, have been opened and tabulated; and .~ WHEREAS, it appears that one bid was received from ~. ~1~ ~ ~ at a net effective interest rate of I~.~ %; THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF PITKIN COUNTY, COLORADO, EX-OFFICIO THE BOARD OF DIRECTORS OF PITKIN COUNTY MOUNTAIN VALLEY GENERAL IMPROVEMENT DISTRICT, PITKIN COUNTY, COLORADO: Section 1. That the bi,of for the purchase of $160,000 General Obligation Bonds of said District, be and the same is hereby rejected. It was determined that a lower purchase price for said bonds can be obtained by the District. Section 2. That the Board of Directors, having re- jected the bid received for said bonds, hereby determines that it is in the best interest of the District and the inhabitants thereof to sell said bonds ~t private sale. Duane G. Lankford and Co. is hereby designated the fiscal agent for the District for the purpose of securing a purchaser for said bonds on terms substantially in compliance with the Notice of Sale. Section 3. That the Board of Directors hereby ratifies and approves the Notice of Sale for said issue of bonds by said District which was published in The Aspen Times on July 31 and August 7, 1975. Section 4. That if any one or more sections of this Resolution shall be adjudged unenforceable or invalid, such judgment shall not affect, impair or invalidate the remaining portions of this Resolution, it being the intention that the 'verio~s',provisions hereof are severable. RESOLUTION ADOPTED AND APPROVED this llth day of A ATTEST Chairman It was then moved by Director Edwards and seconded by Director Kinsle¥ , that all rules of this Board which might prevent, unless suspended, the final passage and adoption of this Resolution at this meeting, be and the same are hereby suspended. The question being upon the adoption of said motion and the suspension of the rules, the roll was called with the following result: Those voting AYE: Directors: Shellman Edwards Kinsley Those voting NAY: 3 members of the Board of Directors having voted in favor of said motion, the presiding officer declared said motion carried and the rules suspended. Director Edwards then moved that said Resolution be passed and adopted as read. Director Kinsley seconded the motion. The question being upon the passage and adoption of said Resolution, the roll was called with the following result: Those voting AYE: Directors: Shellman Edwards Kinsley Those voting NAY: The presiding officer thereupon declared that a majority of all the ~Directors elected having voted in favor thereof, the motion was carried and the Resolution duly passed and adopted. (SEAL) CouBt¥ Clerk and Recorder ex-officio District Secretary Board of County Commissioners, ex-officio District President - 29 - STATE OF COLORADO COUNTY OF PITKIN PITKIN COUNTY MOUNTAIN VALLEY GENERAL IMPROVE- MENT DISTRICT SS. I, Julie Hane, County Clerk and Recorder of Pitkin County, Colorado, and ex-officio Secretary of Pitkin County Mountain Valley General Improvement District, do hereby certify that the foregoing pages numbered 22 to 29, inclusive, con- stitute a true and correct copy of that portion of the record of the proceedings of the Board of Directors of said District, taken at a regular meeting thereof, held at the Pitkin County Courthouse, Aspen, Colorado, on the llth day of August, 1975, insofar as said minutes relate to a Resolution ratifying the Notice of Sale of bonds, and relating to the sale of $160,000 of General Obligation Bonds of the District, a copy of which is therein set forth; that the copies of said Resolutions contained in the minutes are full, true and correct copies of the original of said Resolutions as adopted by the Board of County Commissioners, ex-officio Board of Directors of said District, at said meeting; that the original Resolutions have been duly signed and approved by the presiding officer of the Board, and myself, as Secretary, sealed with the corporate seal of the District and recorded in the book of Resolutions of the District kept for that purpose in my office. Notice of said meeting of the Board was duly and properly given as required by law, in the form herein before set forth at page 21. I further certify that the President and 2 members of the Board were present at said meeting and that 3 members of the Board voted on the passage of the Resolutions as set forth in said minutes. ~ IN WITNESS WHEREOF, I have hereunto set my hand ~d ~h~ s~al of said District at Aspen, Colorado, this llth day~-o~ k~g~st, 1975. erk and Recorder icio Secretary - 3O (Attach Affidavit of Publication of Notice of Bond Sale) Box E Aspen, Colorado PROOF OF PU~L[C~%TJOP4 STATE OF CODO!~O ) ) sS. County of Pltldn ) Copy of Notice I ...... .¥!.illia.~_.[~_Dzma~-~aY-- do solemnly swear that to ~e first publl~tion of the ~nexed leg~I not~ce or ~ve~ men%; ~a,t s~d newspaper hms been ad~tted {o ~e Unlted Af~rch 3, 1879, or ~y amendmen~ ~lereof, ~nd ~% s~d news- p~l' is ~ %veekly newspmper duly qu~Iified for pub]ish~ng le~gl no%ices ~nd adve~Jsem~ ~ ~e me~lng of ~e l~ws of ~e S~te of Colorado. ~at ~e ~nexed leg~ notice or adve~s~ment w~ pub~h~ ~ ~he re~ ~d en~e ~ue of eve~ n~ber of said weekly ne~'spapers for ~e period of 2 co~u~ve ~sert~ons; ~d ~at ~e first pubHca~on of sald not[ce ~ ~ ~e ~ssue of said July ~1 x.D., 1975 and newspa~r dat~ ........................... ' the l~t ~bli~tlon of said notice w~ ~ ~e issue of said news- . .......... ~ ............... . ...... : .......... ~ubsc~b~ ~ ~wor~ ~o b~ore me, ~ no~ ~bllc in ' ' ' f Colorado, this // day of ~e ~tY of ~tkin, State o ........................ - 30A - (Attach Form of Notice of Meeting) 31 - STATE OF COLORADO COUNTY OF PITKIN PITKIN COUNTY MOUNTAIN VALLEY GENERAL IMPROVE- MENT DISTRICT SS. The Board of County Commissioners of Pitkin County, ex-officio Board of Directors of Pitkin County Mountain Valley General Improvement District, Pitkin County, Colorado, met in regular session at the Pitkin County Courthouse, in Aspen, on Monday, the 8th day of September, 1975, at the Colorado, hour of 2:30 o'clock P .M. There were present: Vice Chairman, ex-officio President: Commissioners, ex-officio Directors: Joseph E. Edwards, Jr. Michael Kinstey was read Also Deputy present: County Clerk and Recorder, ex-officio District Secretary: Julie Hane County Treasurer,' ex- officio District Treasurer: Carol Foote County Attorney: Leonard Oates Absent: Chairman Dwi~ht K. Shellman, Jr. Thereupon Director Kinsley introduced and there in full the following Resolution: RESOLUTION WHEREAS, at a special election of the duly qualified electors of the Pitkin County Mountain Valley General Improvement District, Pitkin County, Colorado, called and held on the 8th day of July, 1975, in accordance with law and pursuant to due notice, such electors did approve the issuance of bonds of said District in the amount of $225,000, for the purpose of constructing and installing paving for all streets within the District, to include necessary, improvement of road cuts by landscaping, stabilization, and grading, where required, to provide necessary and adequate drainage to the District and to provide necessary speed controls as required, for traffic control of said streets; and WHEREAS, the returns of said election were duly canvassed and the result thereof duly declared; and WHEREAS, $160,000 of said bonds were duly advertised for sale in accordance with law and following the opening of bids for said bonds, the Board of Directors rejected the only bid received and authorized the sale of said bonds by private sale; and WHEREAS, the Board has heretofore received a proposal from Bosworth, Sullivan and Company, of Denver, Colorado, for the purchase of $160,000 of said bonds so authorized, said proposal being in substantial compliance with the Notice of Sale of said Bonds and reflecting a net effective interest rate of 8.8221%; and WHEREAS, the Board has heretofore determined that said proposal from Bosworth, Sullivan and Company is a fair and acceptable offer for said bonds, being the best proposal which could reasonably be anticipated within the District's requirements, and has heretofore accepted said proposal and executed a contract based thereon for the sale of said bonds, upon the terms and conditions hereinafter set forth; and WHEREAS, the Board of Directors deems it necessary at this time to authorize the issuance of bonds in the amount of $160,000 for such street improvement purposes; THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF PITKIN COUNTY, COLORADO, EX-OFFICIO THE BOARD OF DIRECTORS OF PITKIN COUNTY MOUNTAIN VALLEY GENERAL IMPROVEMENT DISTRICT, PITKIN COUNTY, COLORADO: 1. That for the purpose of providing funds in the amount of $160,000 for the foregoing purposes, the District shall issue its negotiable coupon bonds, each to be designated "General Obligation Bond," in the aggregate amount of $160,000, dated September 1, 1975, consisting of 32 bonds in the denomination of $5,000 each, numbered 1 to 32, inclusive, payable in lawful money of the United States of America, to bear interest from date to maturity, payable March 1, 1976, and semi-annually thereafter on the 1st day of March and the 1st day of September each year, as evidenced by interest coupons attached to said bonds, and to be due and payable serially on September 1, as follows: Amount 5,000 10,000 15,000 15,000 20,000 Maturity 1976 to 1980, incl. 8.50% 1981 to 1985, incl. 8.50% 1986 and 1987 8.50% 1988 8.75% 1989 and 1990 8.75% Interest Rate The net effective interest rate of this issue of bonds is 8.8221%. Bonds of this issue maturing on or before September 1, 1985, shall not be redeemable in advance of their respective maturities. Bonds maturing on or after September 1, 1986, shall be redeemable at the option of the District on September 1, 1985, and on any interest payment date thereafter, in inverse numerical order, upon payment of par and accrued interest, plus a premium of 2% of principal. The principal of and interest on said bonds shall be payable at the First National Bank in Aspen, ~spen~ Colorado Said bonds shall be executed in the name and on behalf of said District with the facsimile signature of the President of its Board of Directors, shall bear the facsimile of the seal of the District, attested by the manual signature of the Secretary and each of said bonds shall have attached thereto interest coupons bearing the facsimile signature of the President of the Board of Directors. Said coupons, when issued as aforesaid as part of said bonds, shall be the lawful promises and obligations of said District securing the payment of said interest as it becomes due. Should any officer whose signature or facsimile signature appears on said bonds or the coupons thereto attached cease to be such officer before delivery of the bonds to the purchaser, such signature shall nevertheless be valid and sufficient for all purposes. 2. Said bonds and the coupons thereto attached shall be in substantially the following form: (Form of Bond) UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF PITKIN PITKIN COUNTY MOUNTAIN VALLEY GENERAL IMPROVEMENT DISTRICT GENERAL OBLIGATION BOND NO. $5,000 Pitkin County Mountain Valley General Improvement 'District, Pitkin County, Colorado, for value received, hereby acknowledges itself indebted and promises to pay to the bearer hereof the principal sum of FIVE THOUSAND DOLLARS in lawful money of the United States of America, on the 1st day of September, 19 , with interest thereon at the rate of per centum ( %) per annum, payable March 1, 1976, and semi-annually thereafter on the 1st day of March and the 1st day of September, each year, as evidenced by interest coupons hereto attached, principal and interest being payable at the First National Bank in Aspen, Aspen,~Colorado , upon presentation and surrender of said coupons and this Bond, as they severally become due. Bonds of this issue maturing on or before September 1, 1985, shall not be callable for redemption prior to maturity. Bonds maturing on or after September 1, 1986, are redeemable prior to maturity at the option of the District on September 1, 1985, and on any interest payment date thereafter, in inverse numerical order, upon payment of par and accrued interest, plus a premium of 2% of principal. This Bond is issued by the Board of Directors of Pitkin County Mountain Valley General Improvement District for the purpose of constructing and installing paving for all streets within the District, to include necessary improvement of road cuts by landscaping, stabilization and grading, where required, to provide necessary and adequate drainage to the District and to provide necessary speed controls as required, for traffic control of said streets, by virtue of and in full conformity with the Constitution of the State of Colorado, Title 30, Article 20, Part 5, Colorado Revised Statutes 1973, as amended, and all other laws of the State of Colorado thereunto enabling; and it is hereby certified and recited that all the requirements of law have been fully complied with by the proper officers of said District in issuing this Bond. It is further hereby certified, recited and warranted that the total indebtedness of said District, including that of this Bond, does not exceed any constituional or statutory limitation of the State of Colorado; that at an election lawfully held in the District on the 8th day of July, 1975, the issuance of this Bond was authorized by the duly qualified electors of the District; and that provision has been made for the levy and collection of a direct annual tax on all the taxable property within the District, sufficient to pay the interest on and the principal of this Bond as the same respectively become due. This Bond does not constitute an indebtedness, obligation or liability of the County of Pitkin, Colorado, within the meaning of any Constitutional or statutory limitation. The full faith and credit of said District are hereby pledged for the punctual payment of the principal and the interest on this Bond. IN TESTIMONY WHEREOF, Pitkin County Mountain Valley General Improvement District has caused this Bond to be executed in the name and on behalf of said District with the facsimile signature of the President of its Board of Directors, sealed with a facsimile of the seal of the District, attested by the manual signature of the Secretary thereof, and the coupons to be signed with the facsimile signature of its President, as of the 1st day of September, 1975. (FACSIMILE) (SEAL) ATTEST: (Manual Signature) Do not Sign) Secretary PITKIN COUNTY MOUNTAIN VALLEY GENERAL IMPROVEMENT DISTRICT (Facsimile Signature) (Do not Sign) President - 36 - (Form of Interest Coupon) No. $ March, On the 1st day of September, 19 , unless the bond to which this coupon is attached, if redeemable, has been called for prior redemption, Pitkin County Mountain Valley General Improvement District, Pitkin County, Colorado, will pay to bearer the amount shown hereon in lawful money of the United States of America, at the First National Bank in Aspen, _Aspen, Colorado being interest then due on its General Obligation Bond, dated September 1, 1975, bearing No. (Facsimile Signature) President - 37 - 3. That said bonds, when executed as provided by law, shall be delivered to the purchaser thereof upon payment of the agreed purchase price therefor and accrued interest to the date of delivery, in accordance with their contract of purchase, and the proceeds derived therefrom shall be used exclusively for the purposes recited in said bonds; provided, however, that all or any portion of the bond proceeds may be temporarily invested pending such use in securities or obligations which are lawful investments for such districts in the State of Colorado. It is hereby covenanted and agreed that the temporary investment of the bond proceeds, or any portion thereof, shall be of such nature and extent, and for such period, that the bonds of the District shall not be or become arbitrage bonds within the meaning of Section 103(d) of the Internal Revenue Code, and pertinent regulations, and such proceeds, if so invested, shall be subject to the limita- tions and restrictions of said Section 103(d) as the same now exists or may later be amended, and shall further be subject to any applicable regulations of the Internal Revenue Service. Neither the purchaser of said bonds nor the subsequent holder of the same shall be responsible for the application of the proceeds of said bonds by said District, or any of its officers. 4. If necessary, the interest due on said bonds on March 1, 1976, shall be advanced from any fund of the District available therefor. For the purpose of reimbursing such fund and paying the interest on and principal of said bonds as the same shall become due and payable, respectively, there shall be levied by the Board of County Commissioners of Pitkin County, Colorado, on all the taxable property in said District, in addition to all other taxes, direct annual taxes in each of the years 1975 to 1989, inclusive, suffi- cient to reimburse such advance and produce the interest on and principal of said bonds as the same become due and payable respectively. Said taxes, when collected, shall be deposited in a special fund to be known as the "Pitkin County Mountain Valley General Improvement District Bond Fund", and such Fund shall be applied solely to the purpose of the payment of the interest on and principal of said bonds, and for no other purpose whatever, until the indebtedness so contracted under this Resolution, both principal and interest, shall have been fully paid, satisfied and discharged; but nothing herein contained shall be so construed as to prevent said District from applying any other funds or revenues that may be in the District Treasury and available for that purpose, to the payment of said principal or interest, as the same respectively mature, and upon any such payment, the levy or levies herein provided may be diminished to the extent of such payments; and the foregoing provisions of this Resolution are hereby declared to be the certificate of the Board of Directors of said District to the Board of County Commissioners of Pitkin County, showing the aggregate amount of taxes to be levied for the purpose aforesaid by said Board of County Com- missioners from time to time as required by law, for the pur- pose of paying the principal of said bonds and the interest thereon as the same shall hereafter accrue. 5. It shall be the duty of the Board of Directors of said District, annually, at the time and in the manner provided by law for levying other District 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 levying and collection of taxes; and said District shall levy, certify and collect such taxes in the manner provided by law, for the purpose of creating a fund for the payment of the principal of said bonds and the interest thereon, and such taxes when collected shall be kept for and applied only to the payment of the interest on and principal of said bonds, as hereinabove specified. 6. All Resolutions, or parts thereof, .in conflict with this Resolution are hereby repealed. 7. After said bonds are issued, this Resolution shall be and remain irrepealable until said bonds and the interest thereon shall have been fully paid, satisfied and discharged. 8. That if any one or more sections or parts of this Resolution shall be adjudged unenforceable or invalid, such judgment shall not affect, impair or invalidate the remaining provisions of this Resolution, it being the in- tention that the various provisions hereof are severable. 9. All resolutions, or parts thereof, in conflict with the provisions hereof, be and the same are hereby re- pealed. 10. That this Resolution, immediately upon its passage, shall be recorded in the Book of Resolutions of the District kept for that purpose and shall be authenticated by the signatures of the Chairman of the Board of County Com- missioners and the County Clerk and Recorder, ex-officio Chairman and Secretary, respectively, of said District. ADOPTED AND APPROVED this 8 day of September, 1975. (SEAL) ~/ Secretary It was then moved by Director seconded by Director Edwards of this passage and the and the Kinsle¥ and , that all rules Board which might prevent, unless suspended, the final and adoption of this Resolution at this meeting, be same are hereby suspended. The question being upon the adoption of said motion suspension of the rules, the roll was called with the following result: Those voting AYE: Directors: Edwards Kinsley Those voting NAY: 2 members of the Board of Directors having voted in favor of said motion, the presiding officer declared said motion carried and the rules suspended. Director Kinsley then moved that said Resolution be passed and adopted as read. Director Edwards seconded the motion. The question being upon the passage and adoption of said Resolution, the roll was called with the following result: Those voting AYE: Directors: Edwards Kinsle~ Those voting NAY: The presiding officer thereupon declared that a majority of a~l the Directors elected having voted in favor thereof, the motio~.Was carried and the Resolution duly passed and adopted. Co_~ty. Clerk and Recorder ex-,~cio District Secretary ~i~.~ ~ha~rr~n - '~ J Boa~of--County Commissioner, s, ex-officio District President STATE OF COLORADO COUNTY OF PITKIN PITKIN COUNTY MOUNTAIN VALLEY GENERAL IMPROVE- MENT DISTRICT ss. I, Julie Hane, County Clerk and Recorder of Pitkin County, Colorado, and ex-officio Secretary of Pitkin County Mountain Valley General Improvement District, do hereby certify that the foregoing pages numbered 32 to 40, inclusive, constitute a true and correct copy of that portion of the record of the proceedings of the Board of Directors of said District, taken at a regular meeting thereof, held at the Pitkin County Courthouse, Aspen, Colorado, on the 8th day of September, 1975, insofar as said minutes relate to a Resolu- tion authorizing the issuance of $160,000 of General Obligation Bonds of said District, a copy of which is therein set forth; that the copy of said Resolution contained in the minutes is a full, true and correct copy of the original of said Resolu- tion as adopted by the Board of County Commissioners, ex-officio Board of Directors of said District, at said meeting; that the original Resolution has been duly signed and approved by the presiding officer of the Board, and myself, as Secretary, sealed with the corporate, seal of the District and recorded in the book of Resolutions of the District kept for that purpose in my office. Vice I further certify that the/President and 1 mem- bers of the Board were present at said meeting and that 2 members of the Board voted on the passage of the Resolution as set forth in said minutes. IN WITNESS WHEREOF, ~.';,~the~eal of said District at Aspen, ~"of~ September, 1975. (SEAL) I have hereunto Colorado, set my hand and this 8 day .// /V ~-- Co~ty Clerk and Recorde~, //ex-officio Secretary STATE OF COLORADO COUNTY OF PITKIN PITKIN COUNTY MOUNTAIN VALLEY GENERAL IMPROVEMENT DISTRICT GENERAL INCUMBENCY SS. CERTIFICATE Each of the undersigned, being first duly sworn on oath, deposes and says: 1. That they are, respectively, the Chairman of the Board of County Commissioners of Pitkin County, Colorado, and ex-officio President of the Board of Directors of Pitkin County Mountain Valley General Improvement District, and the County Clerk of said County, ex-officio Secretary of said District. 2. That said District has been regularly and duly organized by a Resolution, finally adopted and approved by the Board of County Commissioners of Pitkin County, Colorado on the 2nd day of June, 1975; and that a true and correct copy of such Resolution was filed with the County Clerk and Re- corder of Pitkin County, Colorado on the 6th day of June, 1975, as document No. 175402 and also filed with the County Assessor of Pitkin County, Colorado on the ~'~ day of June, 1975. 3. That from the 9th day of June, 1975, to and including the date of this Affidavit, the following were and now are the duly elected or appointed, qualified and acting members of the Board of County Commissioners and officers of Pitkin County, Colorado, and the ex-officio Board of Directors and officers of Pitkin County Mountain Valley General Improvement District: Chairman, ex-officio President: Commissioners, ex-officio Directors: County Clerk, ex-officio District Secretary: County Treasurer, ex-officio District Treasurer: Dwight K. Shellman, Jr. Joseph E. Edwards, Jr. Michael Kinsle¥ Julie Hane Helen Zordet 4. That Facsimile Signature Certificates containing the signatures of the Chairman of the Board of County Commissioners, ex-officio President of the District and the County Clerk, 42 - ex-officio Secretary of the District, and a sample of the official seal of the District, were duly filed with the Secretary of State of the State of Colorado, on the ,~5~ day of ~%~%~ , 1975, as required by law, and copies of said documents are attached hereto. IN WITNESS WHEREOF, We have hereunto set our hands and the official seal of the Pitkin County Mountain Valley General Improvement District, Pitkin County, Colorado, this Subscribed and separately My commlss'ion oxpires President // '- Secretary -- swan to before me this - 43 - (Attach copy of Facsimile Signature Certificates, as filed) FACSIMILE SIGNATURE CERTIFICATE STATE OF COLO~ADO ) ) COUNTY OF PITKIN ) ss. Before me, the undersigned authority, personally appeared, who, being by me first duly sworn on oath, deposes and says: ~ ·1. That he (she) is the duly and lawfully elected or appointed, qualified, sworn and acting officer of Pitkin County Monn~ Valley General Improvement District,Pitkin Countv,Colora~o, as indicated b%low: - ,Dwight K. NAME Shellman, Jr. TITLE Chairman, Board of County Commis- · sion~s of Pitkin County, ex-offic *(Fill in name of officer exactly as his signature appears below) 2. That the signature appearing below is my own manually executed signature in the form and manner used to execute all of- ficial documents in my official capacity, hereinabove designated. _~<~"~'~"',,~ 3. That hereto affixed is an impression of the official ~-~-~,~]~P~tkin County Mountain Valley General Improvement District, ,,~i~k~R',~unty, Colorado · , as the same has been authcrized ~nd~.us&d. for official documents. ~hh..~,,,~.~,~_ SIGNATURE TITLE before me this ~ day of Subscribed and sworn to Original on the 25th Notary Public filed in the office of the Secretary of State, 1975. day of September , Mary Estill Buchanan Secretary of State STATE OF COLORADO COUNTY OF PITKIN PITKIN COUNTY MOUNTAIN VALLEY GENERAL IMPROVE- MENT DISTRICT ss. NO-LITIGATION CERTIFICATE The undersigned officers of the Pitkin County Mountain Valley General Improvement District, Pitkin County, Colorado, being at the date of this Certificate about to issue that certain series of negotiable coupon General Obligation Bonds, bearing date September 1, 1975, in the principal amount of $160,000, for the purpose of constructing and installing paving for all streets within the District, to include necessary improvement of road cuts by landscaping, stabilization and grading, where required, to provide necessary and adequate drainage to the District and to provide necessary speed controls as required, for traffic control of said streets, and being about to receive the consideration therefor, hereby certify as follows: 1. That no litigation of any nature is now pending or threatened restraining or enjoining the issuance or de- livery of said bonds or the levy or collection of any taxes to pay the interest on or principal of said bonds, or in any manner questioning the authority or proceedings for the issuance of said bonds or for the levy or collection of said taxes, or affecting the validity of said bonds or the levy or collection of said taxes; 2. That neither the corporate existence of the District, the present boundaries thereof, nor the rights of the directors and officers to hold their respective positions, is being contested or challenged; 3. That no authority or proceedings for the issuance of said bonds has or have been repealed, revoked or rescinded; 4. That none of the General Obligation Bonds, dated September 1, 1975, in the amount of $160,000, have been heretofore issued under or pursuant to such proceedings; 5. That so far as is known nothing exists to hinder or prevent the District from issuing such bonds. IN WITNESS WHEREOF, the Board of County Commissioners of Pitkin County, Colorado, ex-officio the Board of Directors of Pitkin County Mountain Valley General Improvement District, Pitkin County Colorado, has caused this Certificate to be - 45 signed by the President of the Board of Directors, by the Secretary of the Board and the District, this .~ day of (SEAL) attested sealed with the seal of ATTEST ~. Secretary THIS CERTIFICATE AND THE INFORMATION CONTAINED THEREIN EXAMINED AND APPROVED as to form and co,tent this %~ day of ~,~ , 1975. Att'~rney for Pit,in Coun%~ Mountain Valley General Improvement District, Pitkin County, Colorado - 46 - STATE OF COLORADO COUNTY OF PITKIN PITKIN COUNTY MOUNTAIN VALLEY GENERAL IMPROVE- MENT DISTRICT SS. SIGNATURE CERTIFICATE We, the undersigned, the duly qualified and acting Chairman of the Board of County Commissioners of Pitkin County Colorado, ex-officio President of the Pitkin County Mountain Valley General Improvement District, and the County Clerk of said COunty, ex-officio Secretary of said District, do hereby certify that the undersigned were the Chairman, ex-officio President and County Clerk, ex-officio Secretary, of the County and District, respectively, on the date of the execution and on the date of delivery of that certain series of bonds issued by the District in the total amount of $160,000, designated "General Obligation Bonds," bearing date the 1st day of September, 1975, consisting of 32 bonds in the denomination of $5,000 each, numbered 1 to 32, inclusive; that the manual or facsimile signatures appearing upon said bonds and the interest coupons thereto attached are the manual or facsimile signatures of such officers, respectively; that said manual signatures were duly and manually affixed by the undersigned officers whose signatures they purport to be; that said fac- simile signatures were duly affixed with the knowledge and consent of the undersigned officials whose facsimile signatures they purport to be and the same are hereby adopted; that the facsimile seal which appears on each of said Bonds is a facsimile of the duly adopted official corporate seal of said District, a manual impression of which is impressed on this Certificate; and that said officers have to this Certificate subscribed their manual signatures, this ~ ~ 1975. ..~ Secretary Signatures affixed to the able certificate and upon each of the above described Bonds guaranteed as officials, respectively, designated above. those of the Bank , Colorado Title STATE OF ) COUNTY OF PITKIN ) IT IS HEREBY CERTIFIED that the total'valuation for assessment of the taxable property within the Pitkin County Mountain Valley General Improvement District, Pitkin County, Colorado, being the valuation for assessment for the yea~ 1975, is $653,040.00. Mikkelsen County Assessor Pitkin County, Colorado - 49 STATE OF COLORADO COUNTY OF PITKIN ~ITKIN COUNTY MOUNTAIN VALLEY GENERAL IMPROVE- MENT DISTRICT SS. CERTIFICATE OF OUTSTANDING INDEBTEDNESS The undersigned, the County Clerk of Pitkin County, Colorado, ex-officio Secretary of the Pitkin County Mountain Valley General Improvement District, Pitkin County, Colorado, and the County Treasurer of Pitkin County, Colorado, ex-officio Treasurer of said District, hereby certify that the Pitkin County Mountain Valley General Improvement District has outstanding general obligation bonded indebtedness in the total amount of $160,000, including the following issue of bonds: Issue General Obligation Bonds, Dated September 1, 1975 Amount Outstanding $160,000 (when issued and outstanding) IN WITNESS WHEREOF, we have hereunto subscribed our name~ and affixed the seal of the Pitkin County Mountain Valley Gene~a..1 Improvement District, this Q~\ day of ~~ ( S~E~L ) / ' ~surer STATE OF COLORADO COUNTY OF PITKIN PITKIN COUNTY MOUNTAIN VALLEY GENERAL IMPROVE- MENT DISTRICT SS. NON-ARBITRAGE CERTIFICATE The undersigned officers of Pitkin County Mountain Valley General Improvement District, in Pitkin County, Colorado, do hereby certify that they are charged either alone or with others with the responsibility for issuing the General Obliga- tion Bonds, dated September 1, 1975, in the p~incipal amount of $160,000; that they have conferred with ~ 0c~ , as Engineer for the following pro~ects and with other informed persons regarding said projects; that they reasonably expect at this time under all the facts, estimates and circumstances, the following will occur with respect to the issuance of said bonds: 1. That the projects to be constructed, installed or purchased with the proceeds of the issue of bonds of the District, dated September 1, 1975, are as follows: ~ 2. That the estimated cost of said projects is the amount of $160,000.- Specific costs include the following: Construction: $103,500. Engineering: 21,700. Fiscal, Administrative and legal: 9,000. Bond Discount: 3,200. Capitalized Interest: 12,800. Contingencies 9,800. 3. That t~ engineering work for the projects was completed on ~-~ , 1975. 4. That construction bids for the projects were opened in the month of .~\~ , 1975 and the District enered into a binding contract for said contruction of the during the month of ~7 , 1975, and the projects projects will be completed byv OL/~it~ , 1975. 5. That the work on the projects will proceed with due diligence to completion; 6. That at least 85% of the spendable proceeds of the bonds will be expended for the project costs by ~>1~ 197 & ; 7. That the yield on the General Obligation Bonds, dated September 1, 1975, is computed to be 8.8221% per cent per annum and the yield on the acquired obligations which are to be allocated to the proceeds of this bond issue is % per cent per annum. 8. That the project will not be sold or otherwise disposed of, in whole or in part, prior to the last maturity of the bonds; 9. That the original proceeds of this issue of bonds will not exceed by more than 5% the amount necessary for the purpose of the issue. 10. That $ - 0 - of the amount of original proceeds of the bonds will be credited to a reserve or replacement fund. 11. That notice pursuant to Section 1.103-13(a) (2) (iii) of the proposed regulations of the Internal Revenue Service, (relating to non-reliance on the certification of a State or local governmental unit) is not in effect with respect to the District, and that to the best of my knowledge no such notice has been published. On the basis of the foregoing, it is not expected that the proceeds of the bonds will be used in any manner that would cause the bonds to be arbitrage bonds under Section 103(d) of the Internal Revenue Code and the regulations prescribed under that Section. To the best of our knowledge and belief, there are no other facts, estimates, or circumstances that would materially change the foregoing conclusion. IN WITNESS WHEREOF, We have hereunto set our hands and the official seal of the Pitkin County Mountain Valley General Improvement District,Pitkin County, Colorado, this ...,~ day of ~~ , 1975. - 51 STATE OF COLORADO COUNTY OF PITKIN PITKIN COUNTY MOUNTAIN VALLEY GENERAL IMPROVE- MENT DISTRICT SS. DELIVERY CERTIFICATE It is hereby certified by the undersigned, the duly qualified and acting Treasurer of Pitkin County, Colorado, ex-officio the Treasurer of Pitkin County Mountain Valley General Improvement District, that General Obligation Bonds of said District, in the principal amount of $160,000, dated September 1, 1975, were delivered to Bosworth, Sullivan and Company, Denver, Colorado, the purchaser thereof, in accordance with the contract of purchase, and the District acknowledges receipt of the full purchase price thereof, as follows: Principal Amount: Discount: Less: Good Faith Check: Accrued Interest From September 1, 1975: TOTAL: $160,000 And it is hereby further certified that with the issuance of said bonds, dated September 1, 1975, that $160,000 of the $225,000 of bonds for improvements of the District approved at an election on July 8, 1975, have been issued and delivered. And it is hereby further certified that the statements made in the Certificates appearing at pages 42 to 51, inclusive, concerning the issuance of said bonds of the District, including but not limited to provisions therein relating to officers of the District, their signatures and the absence of litigation, remain true and correct to and including the date of this Certificate, and each of the paragraphs therein set forth is herein incorporated by specific reference. IN WITNESS WHEREOF, the undersigned has hereunto set her hand this ~day of ~n,~ , 1975. Q.Treasurer - 52 - WlLLSON & LAMM ATTORNEYS AT LAW DENVER, COLORADO 8020~ OCT $1075 oard of County Commissioners of itkin County ttention: Nina Johnston 506 East Main Street Aspen, Colorado 81611 Bosworth, Sullivan and Company, 950 17th Street Denver, Colorado 80202 Mr. Duane G. Lankford Duane G. Lankford and Company 333 Fairfax Street Denver, Colorado 80220 Re: Pitkin County Mountain Valley General Improve- ment District Gentlemen: Enclosed is a completed set of proceedings relating to the issuance of General Obligation Bonds of the above District is the principal amount of $160,000. DAE:meb Yours very truly,