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HomeMy WebLinkAboutORDINANCE 188/8Y CERTIFIED OF RE Co RD PROCEEDINGS OF THE BOARD OF TRUSTEES OF THE TOWN OF ESTES PARK,COLORADO,PRELIMINARY TO THE ISSUANCE BY SAID TOWN OF ITS WATER EXTENSION BONDS IN THE PRINCIPAL AMOUNT OF $350,000, DATED OCTOBER 1,1958. — STATE OF COLORADO ) ) COUNTY OF LARIMER ) TOWN OF ESTES PARK ) The Board of Trustees of the Town of Fates Park,Lan mer County,Colorado,met in7f&()i-AfZ meeting in full conform ity with law and the ordinances and rules of said Town,at the Town Hall,in said Town,the regular place of meeting of said Board,on,Qj/q/,the ?day of 5 /3krL,1958,at ‘7?o o’clock/.N.,at which meeting there were present and answering at roll call: Mayor:Clarence A.Graves Trustees:C.L.Herzog Ronald C.Brodie William F.Grove Henry Dannels John Ramey Richard Snart Town Clerk:V.H.Fanton Absent: ____________________________ Thereupon Trustee,NEAIR/AilA/LLSintroduced and there was read in full the following Ordinance: I —1- :.1 I I ORDINANCE NO. _______ AN ORDINANCE TO CONTRACT AN INDEBTEDNESS ON BEHALF OF THE TOWN OF ESTES PARK, COLORADO,AND UPON THE CREDIT THEREOF BY ISSUING BONDS OF SAID TOWN IN THE PRINCI PAL SUM OF $3O,OOO FOR EXTENDING AND IM PROVING ITS WATERWORKS SYSTEM;PRESCRIB ING THE FORN OF SAID BONDS;PROVIDING FOR THE LEVY OF TAXES TO PAY THE SAI’IE; AND DECLARING AN EMERGENCY. WHEREAS,a majority of the voters of the Town of Estes Park,Larimer County,Colorado,who were taxpayers under the law, voting on the question at a municipal election heretofore held in said Town,by their vote approved and authorized the Board of Trustees of said Town to erect a system of waterworks for fire and domestic purposes,the same to be owned and operated by the Town;and WHEREAS,the Town did erect and ever since said time has owned,operated and maintained a system of waterworks for the purpose of supplying said Town and its inhabitants with water for such purposes;and WHEREAS,it is necessary to extend and improve said waterworks system in order to supply the said Town,and the inha bitants thereof,with a proper and adequate supply of water;and WHEREAS,there are not sufficient funds in the treasury of the Town to provide for the costs and expenses of extending and improving said waterworks system,and the Board of Trustees deems it advisable and necessary to issue coupon bonds of said Town for that purpose; IEREFORE,BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE TOWN OF ESTES PARK,LARIMER COUNTY,COLORADO: Section 1.That for the purpose of providing funds for extending and improving the Estes Park Waterworks System,the -2- 1 Town shall issue the negotiable coupon bonds thereof,in the prin cipal sum of $350,000,dated October 1,1958,consisting of 350 bonds in the denomination of $1,000 each,numbered 1 to 350,in clusive,payable in lawful money of the United States of A.merica, bearing interest payable semi-annually on the 1st day of April and the 1st day of October each year,evidenced by interest cou pons attached to said bonds,and maturing on October 1,as follows.: Amount Maturity Interest Rate $12,000 1959 3-l/Lj% 13,000 1960 and 1961 3-1/L% lL,000 1962 and 1963 3-l/li% 15,000 196L1 and 1965 3-1/2% 16,000 1966 to 1968,mci.3-1/2% 18,000 1969 and 1970 19,000 1971 20,000 1972 and 1973 21,000 l97I 22,000 1975 and 1976 23,000 1977 and 1978 Bonds maturing in the years 1969 and thereafter shall be redeemable at the option of the Town on October 1,1968, and on interest payment dates thereafter,in inverse numerical order. Said bonds and the coupons thereto attached shall be payable at the office of the Town Treasurer,in Estes Park, Colorado.Said bonds shall be signed by the Mayor,countersigned by the Town Treasurer,sealed with the Town seal,attested by the Town Clerk,and shall be recorded in a book kept by said Town Clerk for that purpose.All coupons shall bear the facsimile signature of the Treasurer of said Town. Section 2.That the said bonds and the coupons attached thereto shall be in substantially the following form,to-wit: -3- UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF LARIMER TOWN OF ESTES PARK WATER EXTENSION BOND No.$1,000 The Town of Estes Park,in the County of Larimer and State of Colorado,acknowledges itself indebted and hereby pro mises to pay to the bearer hereof the sum of ONE THOUSAND DOLLARS on the 1st day of October,19_,with interest thereon at the rate of _____________________________ per centum (________per annum,payable semi-annually on the 1st day of April and the 1st day of October each year,upon presentation and surrender of the annexed coupons as they severally become due,both princi pal and interest being payable in lawful money of the United States of America,at the office of the Town Treasurer,in Estes Park,Colorado. (The following paragraph to be inserted in bonds matur ing in the years 1969 and thereafter.) This Bond is redeemable at the option of the Town on October 1,1968,and on any interest payment date thereafter,in its inverse numerical order in the issue of which it is one. This Bond is issued by the Board of Trustees of the Town of Estes Park,Colorado,for the purpose of supplying the Town and its inhabitants with water by extending and improving the waterworks system of said Town,under the authority of and in full conformity with the Constitution of the State of Colorado, the provisions of Article 32,Chapter 139,Colorado Revised Statutes 1953,and all other laws thereunto enabling,and pursu -It ant to au Ordinance of said Town duly adopted,published and made a law of said Town prior to the issuance of this Bond. It is hereby certified and recited that all require ments of law have been fully complied with by the proper officers of said Town in the issuance of this Bond;that the total debt of the Town,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 collection of annual taxes sufficient to pay the inter est on and the principal of this Bond when the same become due. The full faith and credit of the Town of Estes Park, Colorado,are hereby pledged for the punctual payment of the prin cipal of and interest on this Bond. IN TESTIMONY WHEREOF,the Town of Estes Park,Colorado, has caused this Bond to be signed by the Mayor of said Town,seal ed with the seal of the Town,attested by the Clerk thereof,and countersigned by its Treasurer,and the attached coupons to be signed with the facsimile signature of the Town Treasurer,as of the 1st day of October,l98. 1Jt /Mayor A COUNER$IGNED: (sEAL) ATTEST:Town Treasurer Town Clerk -5- Form of Coupon) Q On the 1st day of Oc1 19_,*(1ess the bond to which this coupon is attached has been called for prior redemp tion)the Town of Estes Park,in the County of Larimer and State of Colorado,will pay to bearer ___________________________ DOLLARS in lawful money of the United States of America,at the office of the Town Treasurer,in Estes Park,Colorado,being six months’ interest on its Water Extension Bond,dated October 1,1958, bearing No. _____ (Facsimile Signature) Town Treasurer (This clause to be inserted in coupons maturing April 1,1969, and thereafter.) -6- I- Section 3.That when said bonds have been duly execut ed as aforesaid,they shall be sold and delivered to the purchasers thereof,and the proceeds thereof shall be used for the purpose of extending and improving the waterworks system of said Town, and for no other purpose whatsoever,but neither the purchasers of said bonds nor the subsequent holder of any of them shall be responsible for the application or disposal by said Town,or any of its officers,of any of the funds derived from the sale thereof. Section L.For the purpose of meeting the interest ac cruing on said bonds promptly as the same becomes due,and for the purpose of providing for the ultimate payment and redemption of said bonds,there shall be levied on all the taxable property in said Town,in addition to all other taxes,direct annual taxes in each of the years 1958 to 1977,inclusive,sufficient to pro duce net amounts to pay such interest and principal as the same become due and payable,respectively. Said taxes,when collected,shall be deposited in a special fund to be known as “Estes Park Water Bond Fund,1958”, and such Fund shall be applied solely to the purpose of the pay ment of the interest on and the principal of said bonds,respec tively,and for no other purpose whatever until the indebtedness so contracted under this Ordinance,both principal and interest, shall have been fully paid,satisfied and discharged,but nothing herein contained shall be so construed as to prevent said Town from applying any other funds or revenues that may be in the Town treasury and available for that purpose,to the payment of said interest or principal,as the same respectively mature,and upon any such payments the levy or levies herein provided may there upon to that extent be diminished. —7- 1 And the sums hereinbefore provided to meet the in terest on said bonds,and to discharge the principal thereof when due,are hereby appropriated for that purpose,and said amount for each year shall also be included in the annual budget and the appropriation bills to be adopted and passed by the Board of Trustees of said Town in each year respectively. Section 5.It shall be the duty of the Board of Trus tees of said Town,annually,at the time and in the manner pro vided by law for levying other Town taxes,if such action shall be necessary to effectuate theprovisions of this Ordinance,to ratify and carry out the provisions hereof with reference to the levying and collection of taxes;and said Board shall levy,cer tify 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 col lected,shall be kept for and applied only to the payment of the interest on and principal of said bonds as hereinabove specified. Section 6.All ordinances or parts thereof,in con flict with this Ordinance,are hereby repealed. Section 7.After said bonds are issued,this Ordinance shall be and remain irrepealable until said bonds and the inter est thereon shall have been fully paid,satisfied and discharged. Section 8.This Ordinance,immediately on its passage, shall be recorded in the Town Book of Ordinances kept for that purpose,authenticated by the signatures of the Mayor and Clerk and shall be published as required by law. Section 9.By reason of the fact that the Town and its inhabitants are not properly or adequately supplied with water, -8- Q 1 it is hereby declared that an emergency exists,that this Ordi nance is necessary to the immediate preservation of the public peace,health and safety,and that it shall be in full force and effect five days after publication. ADOPTED AND APPROVED This day ofS j7 , 1956. (SEAL)Mayor ATTEST: -9- It was then moved by Trustee,4A/fZ/J2Aivz4c and se conded by Trustee /?4iy that all rules of this Board which,unless suspended,might prevent the final passage and adop tion of this Ordinance at this meeting,be and the same are here by 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: Trustees:C.L.Herzog Ronald C.Brodie William F.Grove Henry Dannels John Ramey Richard Smart Those voting NAY: ___________________________ members of the Board of Trustees having voted in favor of said motion,the presiding officer declared said II motion carried and the rules suspended. Trustee _______ then moved that said Ordinance be passed and adopted as read.Trustee _________ seconded the motion. upon the passage and adoption of called with the following result: C.L.Herzog Ronald C.Brodie William F.Grove Henry Dannels John Raniey Richard Snart . The question being said Ordinance,the roll was Those voting AYE: Trustees: —10 — Those voting NAY: ___________________________ The presiding officer thereupon declared thatç,,( of all the Trustees elected having voted in favor thereof,the said motion was carried and the said Ordinance was duly passed and adopted. On motion duly adopted,it was ordered that said Ordi nance be numbered ________, and after approval by the Mayor,be published in ,/:34 7/An—and be recorded according to law. £1P(SEAL)Mayor ATTEST: —11 - A I- STATE OF LORADO ) ) COUNTY OF LARIMER )ss. ) TO OF ESTES PARK ) I,V.H.Fanton,Town Clerk of the Town of Estes Park, Larimer County,Colorado,do hereby certify that the foregoing pages numbered 1 to 11,inclusive,contain a full and correct copy of the record of proceedings of the Board of Trustees of said Town,taken at aAJc,oi_n p meeting thereof,held at the Town Hall,the regular meeting place of said Board,in said Town, on the day of5 yiri.4i ,198,insofar as said proceed ings relate to the passage and adoption of the Ordinance therein set forth. That attached hereto,marked “Exhibit A”,is an affi davit of publication of said Ordinance as passed and adopted by said Board of Trustees at said meeting;that said original Ordi nance has been duly authenticated by the signatures of the Mayor and myself,as Clerk of said Town,sealed with the corporate seal of said Town,signed and approved by the Mayor thereof,and re corded in the Book of Ordinances of said Town kept for that pur pose in my office. IN WITNESS WHEREOF,I have hereunto set my hand and the seal of the Town of Estes Park,Colorado,this {day of ________ 1958. f SEAL) -12 - C) ESCROW AGREEMENT between THE TOWN OF ESTES PARK L4RIMER COUNTY,COLORDO and AMERICAN NATIONAL BANK DENVER,COLORADO Relating To A Total of $284,000 of Water Extension Bonds of Town of Estes Park larimer County,Colorado Being Water Extension Bonds, Dated October 1,l958 (Q ESCROW AGREEMENT DATED as of the 1st day of November,1963.,but actually executed on the _____ day of SV 43L ,l96.made by and be tween the Town of Estes Park,in the County of larimer and State of Colorado.1 a Town duly organized under the Constitution and laws of the State of Colorado (hereinafter sometimes called the “Town’) and the American National Bank,a commercial bank duly organized and existing under the laws of the United States of America,being a member of the Federal Deposit Insurance Corporation,having full and complete trust powers,and having an office and place of busi. ness in the City of Denver,County of Denver and State of Colorado (hereinafter sometimes called the TtBanklT) 11TNESSETH: WHEREAS,the Town of Estes Park,larimer County,Colo.. rado,by Ordinance number ____ 7ff of said Town,duly authorized bonded indebtedness of said Town,designated Water Extension Bonds, dated October 1,1958,in the total amount of $350,000;and WHEREAS?there now remain outstanding of said issue of bonds a total of $284,000,said outstanding bonds being described as follows: Issue of 1958:Town of Estes Park,larimer County, Colorado,Water Extension Bonds,$284,000,dated October 1,1958, consisting of 284 bonds in the denomination of $1,000 each,num bered 67 to 350,inclusive,(hereinafter referred to as “Bonds, 1958”),bearing interest payable semi.4annually on the 1st day of April and the 1st day of October each year,and maturing on Octo ber 1,as follows: 1T10mt Maturity Interest Rate $15,000 1964 and 1965 3.l/2% 16,000 1966 to 1968,mci.3.l/2% 18,000 1969 and 1970 4..l/4% 19,000 1971 4-a/4% 20,000 1972 and 1973 4l/4% 21,000 1974 22,000 1975 and 1976 4l/4% 23,000 1977 and 1978 4.l/4%, bonds maturing in the years 1969 and thereafter being redeemable at the option of the Town on October 1,.1968,and on any interest payment date thereafter,in inverse numerical order,at par and accrued interest;and WHEREAS,by an Ordinance numbered 23 ,finally adopted and approved L)e(f1er C),1963,the Town by its Board of Trustees has authorized its Refunding Water Bonds (here. inafter designated “Refunding Bonds’7)in a total principal amount of $284,000,the proceeds derived from the issuance thereof to be deposited by the Town in a special trust account therein created and authorized,to be used to refund and pay the outstanding Bonds l958,described above;and WHEREAS,said Ordinance No.2I ,also provides that with the proceeds of the refunding bonds therein authorized,to gether with any interest derived from the investment and any tem porary reinvestment of such proceeds in interest bearing direct obligations of the United States of America only,the Town shall call in and pay in full the principal of and interest on said out standing Water Extension Bonds,hereinabove referred to,in the following manner and at the following times: (A)Outstanding Water Extension Bonds,maturing in the years 1964 to 1969,inclusive,being bonds numbered 67 to 162,inclusive,shall be paid and retired at their respective ma turity dates according to their original terms. -.2. •Q (B)Outstanding Water Extension Bonds,maturing in the years 1970 and thereafter,being bonds numbered 163 to 350,.ins-. elusive,shall be called for redemption prior to their respective maturities and shall be paid as to principal and accrued interest on October 1,1969,which date is hereby designated as the “Prior Redemption Date”for said Bonds, (C)Interest on said Water Extension Bonds,dated October 1,1958,which mature in the years 1964 and thereafter, shall be paid semiannually each year as the same accrues accord. ing to the original terms of said bonds until said bonds mature or until the prior redemption date,whichever is the earlier date. WHEREAS,if for any reason,at any time,the funds on hand in such special trust account shall be insufficient to pay the amount of principal and interest on the outstanding Water Ext.. tension Bonds according to the above schedule,the Town shall forth.- with deposit therein such additional funds as may be required fully to meet the amount about to become due and payable,from any fund or funds aailable therefor. NOW THEREFORE,IT IS AGREED:That in consideration of the mutual covenants herein contained and in consideration of $7Jo _duly paid by the Town to the Bank at or before the ex ecution and delivery of this Agreement,the receipt whereof is hereby acknowledged,and in order to secure the payment of the principal of and interest on the District’s outstanding Water Ex tension Bonds,according to the schedule set forth herein,the parties hereto mutually undertake,promise and agree for them.-. selves,their respective representatives,successors and assigns, as follows: Section 1.The Town shall deposit with the Bank in a 4Th special fund and separate trust account,designated as the “Town of Estes park,Water Extension Bond,Refunding Escrow Account” (herein sometimes referred to as the “Refunding Escrow Account!l), an amount not less than $284,000,being the proceeds derived from the issuance of $284,000 of said Refunding Water Bonds,which amount,together with any interest on said outstanding Water Exten- sion Bonds which has accrued from their last interest payment date to the execution date of this Agreement,when invested by the Bank will be at all times at least sufficient to pay interest on,and principal of the outstanding Water Extension Bonds of the Town to be refunded and paid,under and in accordance with the following schedule: (A)Outstanding Water Extension Bonds,maturing in the years 1964 to 1969,inclusive,being bonds numbered 67 to 162,inclusive,shall be paid and retired at their respective mat.. turity dates according to their original terms. (B)Outstanding Water Extension Bonds,maturing in the years 1970 and thereafter,being bonds numbered 163 to 350,ini. elusive,shall be called for redemption prior to their respective maturities and shall be paid as to principal and accrued interest on October 1,1969,which date is hereby designated as the “Prior Redemption Date”for said Bonds. (C)Interest on said Water Extension Bonds,dated October 1,1958,which mature in the years 1964 and thereafter, shall be paid semi-.annually each year as the same accrues accordw ing to the original terms of said bonds until said bonds mature or until the prior redemption date,whichever is the earlier date. /The Town shall deposit $Q/in the Refunding Escrow Account,which sum is the accrued interest on ‘.4 4-. said outstanding Water Extension Bonds from their last interest payment date to the date of the actual execution of this Agreement. At the time of actual execution of this Agreement, the Bank will immediately invest the funds on deposit in the funding Escrow Account in the direct obligations of the United States of America listed in Exhibit t1A”attached hereto and made a part hereof and shall fully secure any cash balance in said account in the manner set forth in Sections 3 and 6 of this Agree ment0 Section 2 If,for any reason,at any time,the funds on hand in such Refunding Escrow Account shall be insufficient to meet such payments,as the same shall be about to become due and payable,the Town shall forthwith deposit in such Refunding Es crow Account such additional funds as may be required fully to meet the amount so about to become due and payable.Notice of such insufficiency shall be given as hereinafter provided,but the Bank shall in no manner be responsible for the failure to make such deposit. Section 3.The Bank shall hold said special deposit, gether with the obligation herein authorized to be purchased,at all times in a special fund and separate trust account,wholly seg.. regated from other funds and securities on deposit with it;shall never commingle such deposit nor securities with other funds or securities of the Bank,shall never at any time use,loan or borrow the same in any way unless said funds are fully secured in the man ner required by law for other trust funds,and shall invest and re invest said deposit to the fullest extent possible from time to time in direct obligations of the United States of America only in such manner that sufficient funds will be available to pay the interest and principal requirements of the outstanding bonds as the same accrue and become due and payable from time to time accorck. ing to the schedule hereinabove set forth.Nothing herein contain-. ed shall be construed as requiring the Bank to keep the identical moneys,or any part thereof received from the account on hand,but moneys of an equal amount,except to the extent such are represented by said direct United States obligations,must always be maintained on hand as funds held by the Bank as trustee belong-. ing to the Town,and a special account thereof,evidencing such fact,shall at all times be maintained on the books of the Bank together with such securities so purchased. Section 4 The Bank shall from time to time redeem all or a portion of the direct United States obligations in said Re funding Escrow Account,without notice to the Town,in sufficient amounts so that the proceeds therefrom and the interest thereon as the same accrue,will be sufficient to meet the interest re quirements on the outstanding Bonds as such interest accrues and to pay or call in and redeem said bonds at their respective matur. ities or on the proper prior redemption date,according to the schedule hereinabove set forth. Section 5 The Bank shall maintain said Refunding Es*. crow Account until the date upon which said bonds are fully re.. deemed and paid,as to both principal and interest,or until the 1st day of November,1969,whichever is the earlier date whereupon the Bank shall redeem any of such obligations remaining in said Refunding Escrow Account and shall remit to the Town all moneys, if any,then remaining in said Refunding Escrow Account;provided, that before such remittance is made to the Town sufficient funds must have been deposited with the Paying Agent to pay principal of 64 and accrued interest on all of the Water Extension Bonds,which remain outstanding on such date0 Section 6 The Bank shall continuously secure the moneys in said Refunding Escrow Account not so invested,if any,by direct obligations of the United States of America only,in an amount at all times at least equal to the total unexpended amount of said moneys. Section 7,The Bank shall not be liable or responsible for any loss resulting from any investment made pursuant to this Escrow Agreement and in full compliance with the provisions hereof. Section 8 In the event of the 3an failure to ac.. count for any funds or securities received by it for the account,the said funds and obligations shall be and remain the property of the Town,and if for any reason such funds or secur.. ities cannot be identified,all other assets of the Bank shall be impressed with a trust for the amount thereof and the Town shall be entitled to the preferred claim upon such assets enjoyed by a trust beneficiary.The funds received by the Bank shall not be considered as a banking deposit by the Town and the Bank shall have no right or title with respect thereto.The funds so re... ceived by the Bank as escrow agent and trustee shall not be sub... ject to checks drawn by the Town. Section 9.The Bank shall forward to the Town Treasurer in Estes park,Colorado (hereinafter referred to as the “Paying Agent”),for deposit in a separate fund and trust account,sums which shall be sufficient for the payment of interest and princi. pal.,becoming due on each principal and interest payment date,or prior redemption date,for the outstanding Water Extension Bonds to be paid and refunded.The amount so forwarded shall be in (N (4Q sufficient time to permit such payment on each principal and im. terast payment date without default,and in any event said amounts shall be forwarded by the Bank to the Paying Agent not less than 5 days before the next interest or principal payment date or the prior redemption date,as the case may be,for said Water Extend-. sion Bonds.Such forwarding shall be the duty of the Bank such payment being the duty of the Paying Agent.It shall not be necw. essary for the Town to take any affirmative action whatsoever as a condition precedent to the duty of the Bank to forward the such funds to the Paying Agent at the necessary times. Section 10.Not less than sixty,nor more than ninety days before each prior redemption date on said outstanding Water Extension Bonds,the Bank shall notify the Town Treasurer and Pay. ing Agent by registered,first.class mail,postage prepaid,of said prior redemption date and of the necessity of giving Notice of such prior redemption,in accordance with applicable Statutes of the State of Colorado,and Ordinance No.e authorizing the Refunding Water Bonds,dated November 1,1963,of said Town. Section 11.The Bank shall immediately notify the Town by registered,firstclass mail,postage prepaid,whenever,for any reason,the funds on hand in such Refunding Escrow Account, plus the securities therein and interest on said securities,as the same accrues,will be insufficient to pay the interest on and principal of the outstanding Water Extension Bonds,designated above,as the same become due and payable or at the prior redemp tion date herein set forth,as the case may be. Section 12.The Bank,during the month of November of each calendar year,commencing in the year 1964,so long as said Refunding Escrow Account is maintained,shall forward by letter o to the Town Treasurer a statement in detail of the income,invest.. ments,redemptions and withdrawals of moneys from said Refunding Escrow Account for the immediately preceding fiscal year,which for the purpose of this Agreement,commences the 1st day of Novem’-’ ber of each calendar year and ends on the last day of October of the next succeeding year,including in said letter a statement, as of the end of the immediately preceding fiscal year,regarding the manner in which it has carried out the requirements of this Agreement.In addition,the Town shall have the right,at any time,to examine all the Bank’s records regarding the status of said Refunding Escrow Account,and the details of said income,in vestments redemption and withdrawals. Section 13.The Bank shall be under no obligation to inquire into or be in any way responsible for the performance or non.performance by the Town or the Paying Agent of any of the :Towns or Paying Agents obligations,or to protect any of the Town’s rights under any bond ordinance or any of the Town’s other contracts with or franchises or privileges from any state,county, municipality or other governmental agency or with any corporation or individual;and the Bank shall not be liable for any act done or step taken or omitted by it or any mistake of fact or law or for anything which it may do or refrain from doing,except for its negligence or its default in the performance of any obligation im posed upon it hereunder.The Bank shall not be responsible in any manner whatsoever for the recitals or statements contained herein, or in the outstanding or proposed bonds or any proceedings take.n in connection therewith,but they are made solely by the Town. Section l4 Time shall be of the essence in the per formance of obligations from time to time imposed upon the Bank by this Agreement. IN WITNESS WHEREOF,the Town of Estes Park,a Town duly organized under the laws of the State of Colorado,has caused this Agreement to be signed in its corporate name by its Mayor sealed with its corporate seal and attested by its Town Clerk and counter signed by its Town Treasurer,and the American National Bank Den-. ver,Colorado,has caused this Agreement to be signed in its cor porate name by the President or one of its Vice Presidents,sealed with its corporate seal,and attested by its Trust Officer or Cashier,or one of its Assistant Trust Officers or Cashiers,all as of the day and year first above written. TOWN OF ESTES PARK LARIMER COUNTY,COLORADO gZ-J Mayor COUNTERSIGNED: city Treasurer AMERICAN NATZ)NAL BANK // (CORPORATE SEAL)*/ ATTEST:By r4j Title:VICE PRESIDENT and TRUST CFFCfl (SEAL) Title:A.ss’t.Trust Officer 10 ccD© STATE OF COlORADO ) ) COUNTY OF lARIMER )s s. ) TOWN OF ESTES PARK ) or On this/.day of 1963,before me ap peared Clarence A•Graves,to me personally known,who,being by me duly sworn,did say that he is the Mayor of the Town of Estes park,in the County of larimer and State of Colorado,a Town duly organized and acting under the laws of the State of Colorado,and that the foregoing instrument was signed and sealed in behalf of said Town by authority of its Board of Trustees,and said Clarence A.Graves acknowledged said instrument to be the free act and deed of said Town, H My commission expires ‘‘‘ui expires May 25L 1965 (SEAL) b4 11 .. . STATE OF COlORADO ) )ss COUNTY OF DENVER ) The foregoing instrument was acknowledged before me this oft.l963 by %4/’(--and ,as VICE PRESIDENT and TRUST 0F and -Ass’t.Trujt Qicer ,respectively,of the American National Bank,Denver,Colorado;and being first duly sworn by me, they severally acknowledged that they signed the foregoing docu ment in the respective capacities therein set forth and declared that the statements therein contained are true and correct to the best of their knowledge,information and belief WITNESS my hand and official seal the day and year above written0 ($E A 1), Notary Pub ic My commission expires /1,//%/ 12 EXHIBIT ?tA?T Town of Estes Park,Colorado Composition of Investments -Refunding Escrow $16,000 U0 S.Treasury bills,due September 30,1964 15,000 4 5/87 U.S.Treasury notes,due May 15,1965 16,000 4%.U.S.Treasury notes,due August 15,1966 17,000 3 3/4%.U.S.Treasury notes,due August 15,1967 16,000 3 3/47.U.S.Treasury bonds,due August 15,1968 206,000 4%.U.S.Treasury bonds,due October 1,1969 •0 LI STATE OF COLORADO ) ) COUNTY OF MRIMER )as. ) TOWN OF ESTES PARK ) The undersigned,each for himself and not one for another,being first duly sworn on oath,deposes and says: 1.That they are,respectively,the duly elected,qual ified and acting Mayor,Clerk and Treasurer of the Town of Estes Park,Colorado. 2.That the Town of Fates Park,Larimer County,Colo rado,is a municipal corporation of said State,duly organized and existing under and by virtue of the general laws thereof relat ing to towns and that the said Town of Estes Park was incorporat ed in the year J’Ty’7. 3.That from the ____ day of ,APf]L ,l98,to and including the date of this affidavit,the following have been and now are the duly elected and qualified officers of said Town of Fates Park,to-wit: Mayor:Clarence A.Graves Trustees:C.L.Herzog Ronald C.Brodie William F.Grove Henry Dannels John Barney Richard Snart Town Clerk:V.H.Fanton Treasurer:C.L.Herzog L.That on the )4’day of 7Cf?/57L ,1958,said Town delivered to the purchasers thereof,its Water Extension -lL ‘3 Bonds in the principal amount of $350,000,dated October 1,1958, consisting of 350 bonds in the denomination of $1,000 each,num bered 1 to 350,inclusive,receiving full consideration therefor. 5.That there is no litigation pending,and so far as is known to the undersigned,no threatened litigation with re ference to the issuance of said Water Extension Bonds,nor does anything exist to hinder or prevent the issuance of said bonds. IN WITNESS WHEREOF,We have hereunto set our hands and the official seal of the Town of Fates Park,Colorado this _____ day of October,1958. !% SEAL) Subscribed and separately sworn to before me this /7’ day of October,1958. My Commission expires May 28 1961Mycommissionexpires _____________------ C SEAL)ta!7 Public -15 - SIGNATURE CERTIFICATE e undersigned, ,of Estes Park,Colorado,hereby certifies that he is personally ac quainted with Clarence A.Graves,Mayor,V.H.Fanton,Town Clerk, and C.L.Herzog,Treasurer,of the Town of Estes Park,Colorado; that he knows the above mentioned officers were the Mayor,Clerk and Treasurer,respectively,of said Town,on October 1,1958, and on the date of the execution and delivery of that certain series of bonds issued by said Town in the aggregate amount of $350,000,designated “Water Extension Bonds”,bearing date the 1st day of October,1958,consisting of 350 bonds in the denomina tion of $1,000 each,numbered 1 to 350,inclusive;that he is ac quainted with the signatures of said officers and knows that the signatures appearing upon said bonds are the signatures of such officers,respectively,and that said officers have to this cer tificate subscribed their respective signatures as follows: --Ma or Clr 7 SIGNED AND CERTIFIED This //day of October,1958. The Estes Park Bc,Estes Park,Cob,) -16 -