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HomeMy WebLinkAboutORDINANCE 2487aJAJ5,c AJ t CERTIFIED RECORD OF PROCEEDINGS OF THE BOARD OF TRUSTEES OF THE TOWN OF ESTES PARK,COLORADO RElATING TO THE ISSUANCE OF ITS REFUNDING WATER BONDS IN THE PRINCIPAl AMOUNT OF $28 4OOO DATED NOVEIv1EER 1 1963, AND RElATED MATTERS. STATE OF COLORADO ) ) COUNTY OF ThRIMER )ss, ) TOWN OF ESTES PARK ) The Board of Trustees of the Town of Estes park?larimer County Colorado,met in regular session,in full conformity with law and the ordinances and rules of said Town,at the Town Hall in said Town,being the regular meeting place of said Board on/:,t)_- ________, the _____ day of ___________., 1963,at the hour of 7%oc1ock P.M. Upon roll call the following were found to be present: Mayor:Clarence A9 Graves Trustees:Ro&and C0 Brodie Henry Dannels William Grove John Ramey Richard SnQrt Carl Swanson Town Clerk:7ji (--,\._t_ Town Treasurer: _________________ Absent:1FJ Thereupon Trustee introduced a Resolu.. tion providing for the initiatory proceedings to be taken by the Town Board in refunding outstanding bonded water indebtedness of the Town in the principal amount of $284,000,which Resolution was thereupon read in full and is as follows,towit: RESOLUTION WHEREAS,the Town of .Estes Park,larimer County,Colo / rado,by Ordinance numbered _______ of said Town,duly authorized U U bonded indebtedness of said Town,desigrated 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,General Obligation Water Bonds,$28410002 dated October 1,1958,consisting of 284 bonds in the denomination of $1,000 each,numbered 67 to 350,inclusive,(hereinafter referred to as T1Bonds 195811)bearing interest payable semiannually on the 1st day of April and the 1st day of October each year,and maturing on October 1,as follows: Amount Maturity Interest Rate $15,000 1964 and 1965 3a/2% 16,000 1966 to 1968,md.3l/2% 18,000 1969 and 1970 4wl/4% 19,000 1971 20,000 1972 and 1973 4..l/4% 21,000 1974 41/4% 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,said remaining $284,000 of said issue of bonds may be refunded at a lower net interest cost and a lower net ef-. fective interest rate,thereby effecting a substantial saving in cost to the Town and the inhabitants and taxpayers thereof;and WHEREAS,the Town proposes to issue Refunding Water Bonds to provide funds with which to refund said outstanding Wa.. ter Extension Bonds in the amount of $284,000 heretofore issued; and 0 0 WHEREAS,it is considered advisable and necessary to authorize the issuance of said Refunding Water Bonds for such purpose; THEREFORE,BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE TOWN OF ESTES PARK,JARIMER COUNTY,COLORADO: 1.That said Town of Estes Park,Colorado,shall issue and cause to be sold at not less than their par value to provide funds with which to refund and pay $284,000 of the outstanding Wa.. ter Extension Bonds of said Town hereabove described,under the provisions of Article 44,Colorado Revised Statutes 1953,as amend. ed,negotiable coupon bonds of said Town,each to be designated “Refunding Water Bond”,in the aggregate principal amount of $284,000,bearing date November 1,1963,with interest from and after date at the rate of 390%per annum,payable semi..annually on the 1st day of May and the 1st day of November each year,and to mature on November 1,as follows: Amount Maturity $15,000 1964 and 1965 16,000 1966 to 1968,md. 18,000 1969 and 1970 19,000 1971 20,000 1972 21,000 1973 22,000 1974 to 1976,mci0 23,000 1977 21,000 1978 Bonds maturing in the years 1974,and thereafter shall be redeemable at the option of the Town on November 1,1973, and on any interest payment date thereafter,in inverse numerical order,upon payment of par and accrued interest0 2 The proceeds of the sale of said Refunding Water Bonds shall immediately be placed in escrow to be applied to the payment of the said outstanding Water Extension Bonds of the issue dated October 1,1958,in the manner provided by Law and the Ordi-. ,-‘3-. U nance authorizing such Refunding Bonds0 AND BE IT FURTH RESOlVED That a Certificate of Deter. mination be made and entered upon the records of the Town prior to the issuance of said Refunding Water Bonds,as provided by law,in the following form,towit: -4k.. STATE OF COLORADO ) ) COUNTY OF IARIMER )s s0 ) TOWN OF ESTES PARK ) CERTIFIQATE OF DEERMINAT ION WHEREAS.,the Town of Estes Park,Colorado,in pursuance of proceedings lawfully had and taken,proposes to issue its Re... funding Water Bonds in the aggregate amount of $284,000,to refund a total of $284,000 of bonded indebtedness of said Town,to-.wit: Town of Estes Park,Colorado,General Obliga..e -tion Water Extension Bonds,in the amount of $284,000,dated October 1,1958,numbered 67 to 350,inclusive,maturing in the years 1964 to 1978,inclusive,and redeemable October 1, 1968;and WHEREAS,the law under which said Refunding Water Bonds must be issued requires the Board of Trustees to determine the amount oE Refunding Water Bonds to be issued and to make and enter upon the records of the Town a Certificate of Determination prior to the issuance of said bonds; NOW,THEREFORE,IN CONSIDERATION OF THE PREMISES,IT IS HEREBY CERTIFIED AND RECITED AND DEIERNINED BY THE BOARD OF TRUS... TEES OF THE TOWN OF ESTES PARK,COLORADO,AS FOLLOWS: 1.That on the date of this Certificate such Refunding Water Bonds have not been issued. 2.That the amount of said Refunding Water Bonds to be issued for the purpose of redeeming and refunding a like amount of the outstanding lawful bonded indebtedness of said Town,above described,is hereby determined to be the sum of $284,000. 3,That the Net Interest Cost of,and the Net Effective Interest Rate on the Refunding Water Bonds shall be substantially ‘I’* less than the Net Interest Cost of and Net Effective Interest Rate on the bonds to be refunded0 IN WITNESS ‘WHEREOF,the Board of Trustees of the Town of Estes Parks Colorado,has caused this Certificate of Determination to be signed by the Mayor and attested by the Town Clerk under the seal of said Town,this 9%1 day of _____________ 1963. C S E A 1) ATT 1T:, Town CLerk .6 •e U RESOlUTION ADOIED AND APPROVED This A%day of i)- _______ 1963. (SEAL) Town Clerk Trustee _________________ thereupon moved the adoption of the foregoing Resolution.Trustee ________________ seconded the motion and upon roll call the vote upon the motion for adoption of said Resolution resulted as follows: Those voting AYE: Trustees:Ro4Land C.Brodie Henry Dannels William Grove John Raney Richard Sr4rt Carl Swanson Those voting NAY: _________________________ Thereupon the Mayor declared said Resolution duly adopt ed and instructed the Clerk to spread said Certificate of Deter. mination upon the records of the Town. Thereupon Trustee ____________ introduced and there was read in full the following Ordinance: -744 ORDINANCE NO. _______ AN ORDINANCE PROVIDING FOR THE ISSUANCE BY THE TOWN OF ESTES PARK,COLORADO,OF ITS NE. GOTIABIE COUPON BONDS IN THE PRINCIPAL AMOUNT OF $284,OOO,TO BE DESIGNATED “REFUNDING WA TER BONDS”,FOR THE PURPOSE OF REFUNDING A LIKE AMOUNT OF OUTSTANDING BONDED INDEBTED-. NESS OF SAID TOWN;PRESCRIBING THE FORM OF SAID REFUNDING BONDS;PROVIDING FOR THE LEVY AND COLlECTION OF AN ANNUAL TAX TO PAY SAID BONDS,PRINCIPAL AND INTEREST;AND DEClARING AN EMERGENCY. WHEREAS,the Town of Estes Park,larimer County.,Colo’. rado,has outstanding its negotiable coupon water Extension Bonds, of an issue dated October 1,1958,in a total amount of $284,000; and WHEREAS,said bonds may be redeemed and refunded and a substantial savings in Net Interest Cost and reduction in Net fective Interest Rate thereby obtained;and WHEREAS,by a Resolution duly adopted on the _____ day ,1963,the Board of Trustees of the Town of Estes Parks Colorado,determined to issue,in accordance with the laws of the State of Colorado,particularly Colorado Revised Statutes 1953,Chapter 139,Article 44,as amended,new bonds,each to be designated “Refunding Water Bond”,the same to be sold at not less than their par value and the proceeds thereof used for the purpose of refunding and paying said outstanding Water Extension Bonds of I the issue dated October 1,1958,the amount of said refunding bonds so to be issued as aforesaid being the sum of $284,000,and the Certificate of such Determination having been heretofore duly made and entered in and upon the records of said Town,as required by law; NOW,THEREFORE,BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE TOWN OF ESTES PARK,IARIMER COUNTY,COLORADO: —8 -. 4 Section 1.That by virtue and in pursuance of said Statutes there shall be issued negotiable coupon bonds of said Town,each to be designated HRefunding Water Bond’1,in the prin cipal amount of $284.0O0,for the purpose of refunding a like amount of bonded indebtedness of said Town which the Board of Trustees of the Town has determined to refund,as provided herein. Section 2.That the Mayor and Town Clerk of said Town be and they are hereby authorized and directed to have prepared negotiable coupon Refunding Water Bonds of said Town,in said ag... gregate amount of $284,000. Section 3.That said bonds hereby authorized shall be negotiable in form,payable to bearer,shall be dated Noiember 1, l963,shall consist of 284 bonds in the denomination of $1,000 each,numbered 1 to 284,inclusive,shall bear interest at the rate of 3.90%per annum,payable semi..annually on the 1st day of May and the 1st day of November each year,and shall mature on November 17 as follows: Amount Maturity $15,000 1964 and 1965 16,000 1966 to 1968,mcI. 18,000 1969 and 1970 19,000 1971 20,000 1972 21,000 1973 22,000 1974 to 1976,md. 23,000 1977 21,000 197S Bonds maturing in the years 1974,and thereafter shall be redeemable at the option of the Town on November 1,1973, and on any interest payment date thereafter,in inverse numerical order,upon payment of par and accrued interest. The principal of and interest on said bonds shall be payable in lawful money of the United States of America,at the office of the Town Treasurer,in Estes Park,Colorado. Said bonds shall be signed with the facsimile sig nature of the Mayor with a facsimile of the seal of the Town af fixed thereto,attested by the manual signature of the Town Clerk,. and countersigned with the facsimile signature of the Town Treas urer of said Town0 The interest accruing on said bonds shall be evidenced by interest coupons thereto attached,bearing the face simile signature of the Town Treasurer,and when so executed,such coupons shall be the binding obligations of the Town,according to their import.In addition there shall be a certificate relat ing to the registration of said bonds printed thereon,which cers-. tificate shall be signed with the facsimile signature of the Town Clerk of said Town and sealed with a facsimile of the impression of the seal of said Town.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 or facsimile signature shall never-. theless be valid and sufficient for all purposes. Section 4 Said bonds and coupons to be attached there-. to shall be in substantially the following form: 10 00 UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF LARIMER TOWN OF ESTES PARK REFUNDING WATER BOND No.$1,000 The Town of Estes Park,in the County of Larimer and State of Colorado,for value received,hereby acknowledges itself indebted and promises to pay to the bearer hereof the sum of ONE THOUSAND DOLLARS in lawful money of the United States of America,on the 1st day of November,19,with interest thereon from the date hereof at the rate of three and ninety one-hundredths per centum (3.90%)per annum,payable semi-annually on the 1st day of Nay and,the 1st day of November each year,as evidenced by interest coupons hereto at tached,both principal and interest being payable at the offIce of the Town Treasurer,in Estes Park,Colorado,upon presentation of said coupons and this Bond,respectively. (The following clause to appear in bonds maturing in the years 1974 and thereafter) This Bond is redeemable at the option of the Town on November 1,1973,and on any interest payment date thereafter,in its inverse numerical order in the issue of which it Is one,upon payment of par and accrued.Interest. This Bond is issued by the Town of Estes Park,Colorado, for the purpose of paying,redeeming and refunding lawful and valid outstanding bonded water indebtedness of said Town,under,by vir tue of and in full conformity with the provisions of the Constitu tion and Laws of the State of Colorado,more particularly being Chapter 139,Article 1414,Colorado Revised Statutes 1953,as amended, Il — (N and.pursuant to an Ordinance duly adopted by the Board of Trustees of said Town at lawful meetings thereof held prior to the issu ance of this Bond. It is hereby certified and recited that all acts and. things required.to be done and conditions and.things required.to exist precedent to and in the issuance of this Bond to render the same lawful and.valid have happened,been properly done and per formed,and did exist in regular and due time,form and manner,as required by law,and that the total debt of said Town,including that of this Bond,exceeds neither the statutory nor the constitu tional limitations of the State of Colorado;that said.total debt is not increased by the issuance hereof;and that provision has been made for the levy and.collection of an annual tax on all the taxable property in said.Town sufficient to pay the interest on and principal of this Bond when the same become d.ue. 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 the interest on this Bond.. IN WITNESS WHEREOF,the Town of Estes Park,Larimer County,Colorado,has caused this Bond.to be signed with the fac simile signature of its Mayor,sealed with a facsimile of its cor porate seal,attested by the manual signature of its Town Clerk, and countersigned with the facsimile signature of its Town Treas urer,and has caused.the annexed.interest coupons to be executed. with the facsimile signature of its Town Treasurer as of the 1st day of November,1963. (FACSIMILE)(Facsimile Signature) (SEAL)Mayor ATTEST: COUNTERSIGNED: (Do not sign) Town Clerk (Facsimile Signature) Town Treasurer .12 -. (Form of Coupon) No. _______ $_______ On the 1st day of 19 ,*(unless the bond to November,— 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 monthst in terest on its Refunding Water Bond dated November 1,1963,bearing No. ______ (Facsimile Signature) Town Treasurer *(This clause to appear in coupons maturing May 1,1974,and.there after) TOWN CLERK’S CERTIFICATE The undersigned,the duly appointed,qualified,and act ing Clerk of the Town of Estes Park,Larimer County,Colorado, hereby certifies that this Bond has been duly registered in his off ice in a book kept for that purpose,and that the law under which this Bond is issued provides that when so registered.,its legality shall not be open to contest by the Town which has issued it or any person or corporation in behalf of such Town for any reason whatever. IN WITNESS WHEREOF,he has hereunto caused his facsimile signature and a facsimile of the official seal of said Town to be affixed,at Estes Park,Colorado,as of this 1st day of November, 1963. (FACSIMILE)(Facsimile Signature) (SEAL)TownClerk .-13 o - Section 5 That said Refunding Water Bonds,before de livery to the purchasers thereof,shall be registered by the Town Clerk in a book kept for that purposes and said Clerk is hereby instructed to perform such registration as a part of the duties of the office.Such registration shall note the principal amount, the date of issuance,maturities and rates of interest of said bonds0 Section 6.Said Refunding Water Bonds,when executed and registered,as provided by law,shall be delivered to the pur chaser thereof,in accordance with the contract of purchase there-. for,and the proceeds derived therefrom shall be used exclusively for the purpose recited in said bonds;but neither the purchaser of said bonds nor the subsequent holder of any of them shall be in any way responsible for the application of the proceeds of said bonds by said Town,or any of its officers or employees. Section 7.If necessary,the interest due on said ret. funding bonds on May 1,1964,.may be advanced from any available funds of the Town0 For the purpose of reimbursing said funds and paying the interest on said bonds as it shall thereafter become due and providing for the ultimate payment of said bonds,there shall be levied on all the taxable property in said Town,in addi.. tion to all other taxes,.direct annual taxes in the years 1964 to 1977,inclusive,sufficient to produce the interest on all of said bonds outstanding,and the principal thereof,as the same become due and payable,respectively. Said taxes,when collected,shall be deposited in a special fund to be known as “Refunding Water Bond Fund”,and such fund shall be applied solely to the purpose of the Payment of the interest on and principal of said Refunding Bonds,and for .14 . 00 no other purpose whatever,until the bonds authorized by this Ori. dinance,both principal and interest,shall have been fully paid, satisfied and discharged.Notwithstanding the foregoing provi sions or tax levies,the Town may apply to the payment of said bonds and the interest thereon any or all of the revenues of said waterworks system,after the payment of reasonable costs of main tenance and operation,and upon the application of such revenues as aforesaid,the levy or levies herein provided may thereupon to that extent be diminished,all as is hereinafter more specifically set forth.The sums herein provided to meet the interest on said bonds and to discharge the principal thereof when due,are hereby appropriated for that purpose and said amounts 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 8.It shall be the duty of the Board of Trustees of said Town,annually,at the time and in the manner provided by law for levying other Town taxes,if such action shall be necessary to effectuate the provisions of this Ordinance,to ratify and carry out the provisions hereof with reference to the levying and coL.. lection of taxes;and such taxes,when collected,shall be kept for and applied only to the payment of the interest on and prin. cipal of said bonds,as hereinabove specified, Section 9.That the provisions of this Ordinance and each of the bonds and the interest coupons issued pursuant there-. to shall constitute,and the same are hereby declared to be a binding and irrevocable contract between the said Town and the holder from time to time of each of said bonds and the interest coupons thereto attached0 15 00 Section 10.The proceeds of such Refunding Water Bonds being an amount of not less than $284,000,shall be deposited by the Town in a special fund and separate trust account,designated as the HTown of Estes Park Water Extension Bond,Refunding Escrow Account’T (herein sometimes referred to as the ‘TRefunding Escrow Account”),said account to be established and maintained at The jnerican National Bank of Denver,Denver,Colorado,a commercial bank duly organized and existing under the laws of the United States of merica,being a member of the Federal Deposit Insurance Con-i poration,having full and complete trust powers (hereinafter some times referred to as the !Bank?T). The accrued interest,if any,on said Refunding Water Bonds from their date to the date of issuance and delivery thereof shall be deposited at the Office of the Town Treasurer in the Bond and Interest Fund of said Town. The accrued interest,if any,on the Water Extent-i sion Bonds,dated October 1,1958,to be refunded,from the last interest payment date on said issue,being October 1,1963,to the date of delivery of the Refunding Water Bonds,shall be deposited by the Town with the Bank in said Refunding Escrow Account. Section ii.Said Refunding Escrow Account,including therein the proceeds of the Refunding Bonds and the accrued in.-i terest on the outstanding Water Bonds,as referred to above,when invested by the Bank will at all times be at least sufficient to pay the interest on and principal of the outstanding Water Exteni-e sion Bonds of the Town being refunded,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, -.16 . © inclusive,shall be paid and retired at their respective maturity dates according to their original terms. (B)Outstanding Water Extension Bonds,maturing in the years 1970 and thereafter,being bonds numbered 163 to 50,flii clusive,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 accord. ing to the original terms of said bonds until said bonds mature or until the prior redemption date,whichever is the earlier date in each case0 Section 12.The Bank shall invest the funds on deposit in the Refunding Escrow Account in direct obligations of the United States of \merica ONLY,and shall fully secure any cash balance in said Account in the manner required by law for other trust funds. Section l3 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. Section l4 The Bank shall from time to time redeem all or a portion of the direct United States obligations in said Re-. funding Escrow Account,in sufficient amounts so that the proceeds therefrom and the interest thereon as the same accrue,will be sufficient to meet the interest requirements on the outstanding ,17 . bonds as such interest accrues and to pay or call in and redeem said bonds at their respective maturities or on the prior redemps tion dates.according to the schedule hereinabove set forth. Section l5 The Mayor,Town Clerk and Town Treasurer shall,and they are hereby authorized and directed to take all necessary or appropriate action toward the execution of a proper Escrow Agreement with the Bank concerning the deposits,in invest merits of and disbursements from said Refunding Escrow Account, and such other agreements as may be necessary or desirable to ef4 ectuate the provisions of this Resolution and comply with the requirements of law0 Section 16.The Town Treasurer is hereby authorized and directed,and he shall give notice of prior redemption and refunth.. ing of said outstanding Water Extension Bonds at the time of such refunding and again in the mariner required by law before the Prior Redemption Date herein establishede Unless additional and more extensive notice is required by law,the Notice shall be given by publication in some newspaper published in the Town,or,if there be no such newspapers then in some newspaper published in the Coun.. ty in which the Town is located,and which newspaper is customarily used by said Town for legal Notices.At the time of such refunth. ing said Notice shall be published one time at or about the date on which the Refunding Water Bonds are issued and delivered.The Notice shall again be published before the Prior Redemption Date,. in such a newspaper,by insertion in at least one edition thereof, such publication to be not less than thirty (30)days before said Prior Redemption Date.Said Notice shall contain all the details required by law,and must adequately describe the bonds to be call ed and redeemed,the date on which the same will occur and shall 18 state that after the date for payment and redemption interest on said bonds will ceases Section 17.If any court of competent jurisdiction should ever determine that any part of this Ordinance is invalid or unenforceable,such determination shall not affect the remain ing parts hereof,the intention being to make the provisions here in severable0 Section 18.That after said Refunding Bonds are issued this Ordinance shall not be altered or repealed until the bonds hereby authorized shall have been fully paid,as to both principal and interest0 Section 19.That all ordinances,or resolutions,or parts thereof,in conflict with the provisions hereof,be and the same are hereby repealed. Section 20.That is is necessary for the refunding pro-e ceedings herein provided to be completed as soon as possible in order that the said Town may reduce the interest costs on said in.. debtedness;therefore,it is hereby declared that an emergency exists and that this Ordinance is necessary for the immediate pre.. servation of the public peace,health and safety,and it shall be come effective five (5)days after its publication. Section 21.This Ordinance,immediately upon its pas.4 sage,shall be recorded in the Book of Ordinances of said Town kept for that purpose,authenticated by the signatures of the Mayor and Town Clerk,and shall be published in the Estes park Trail,a news.. paper of general circulation in said Town. ADOEIED AND APPROVED This 9 j day of ___________, 1963. -Nayor (SE ..19 © It was thereupon moved by Trustee bC.k/E —and seconded by Trustee/UA)LL that all the rules of this Board which unless suspended might prevent the final passage and adoption of this Ordinance at this meeting,be and the same are hereby suspended, The question being upon the adoption of said motion,the roll was called with the following result: Those voting AYE: Trustees;Ro*and C.Brodie Henry Dannels William Grove John Ramey H Richard Snqrt Carl Swanson / Those voting NAY: ___________________________ .$IX members of the Board of Trustees having voted in favor of said motion,the presiding officer thereupon declared said motion carried0 Thereupon Trustee ____________ moved that said Ordi-e nance,heretofore introduced and read in full at this meeting,be passed and adopted as read. Trustee ____________ seconded the motion and the question being upon the final passage and adoption of said Ordi’... nance,the roll was called with the following result: Those voting AYE: Trustees:Ro.and G.Brodie Henry Dannels William Grove John Ramey Richard Snrt Carl Swanson .-.20 .. fl H Those voting NAY:/‘;t/cs members of the Council having voted in favor of the passage and adoption of said Ordinance,said number being at least three.fourths of all the Board members,the presiding of fi cer thereupon declared said Ordinance duly passed and adopted. on motion duly adopted,it was ordered that said Ordi-. nance be numbered ?‘3 and that,after its approval by the Mayor and attestation by the Town Clerk,it be published in the Estes Park Trail,a newspaper published in the Town of Estes Park, and be recorded by the Town Clerk in the Ordinance Book according to law Thereupon the meeting adjourned. (SE L) 21 © STATE OF COLORADO ) ) COUNTY OF IARIMER )ss. ) TOWN OF ESTES PARK ) i,,4 Town Clerk of the Town of Estes Park,County of larimer,Colorado,do hereby certify that the foreb.’ going pages numbered 1 to 21,inclusive,constitute a true and correct copy of the record of the proceedings of the Board of Trus tees of said Town,taken at a regular meeting thereof held at the Town Hall,the regular meeting place in said Town,on the 9741 day of ____________, 1963,insofar as said proceedings relate to the passage and adoption of Ordinance No.249 of said Town. That attached hereto is an Affidavit of publication of said Ordinance as finally passed and adopted by the said Board of Trustees at said meeting of /)((ecer L’1963;that said original Ordinance was duly authenticated by the signatures of the Mayor and myself,as Clerk of said Town,sealed with the corporate seal of said Town,and signed and approved by the Mayor thereof, and recorded in the Book of Ordinances of said Town kept for that purpose in my office,which record has been duly signed by said officers and sealed with the seal of said Town IN JITNESS WHEREOF,I have hereunto set my hand and the seal of the Town of Estes Park,Colorado,this /day of €MfL,1963. SEAL) ______________ 22 (N NOTICE NOTICE IS HEREBY GIVEN That by inadvertence an error was made in the publication on December 13,1963,of Ordinance No.248 of the Town of Estes Park,Larimer County,Colorado,in that the last maturity of the issue of Refunding Water Bonds authorized by said Ordinance was stated in Section 3 as being ?11979?T,when in fact it should have been l978tt, The schedule as corrected should therefore read as fol lows: Amount Maturity Interest Rate $l5OOO 1964 and 1965 390% 16,000 1966 to 1968,md.3,90% 18,000 1969 and 1970 3.90% 19,000 1971 3.90% 20,000 1972 3.90% 21,000 1973 39O% 22,000 1974 to 1976,md.3.90% 23,000 1977 3.90% 2l,OOO 1978 3.90% In all other respects said Ordinance No.248 is affirmed as passed and published0 THIS NOTICE GIVEN BY ORDER of the Board of Trustees of the Town of Estes Park,larimer County,Colorado,as of this 13th day of December,1963, (SEAl) NOTICE OF CALL AND REDE]ION OF TOWN OF ESTES P?X IARIMER ,COLORADO WATER EXTENSION BONDS,IATED OCTOBER 1,19,58 PUBLIC NOTICE IS HEREBY GIVEN That the Town of Estes Park in the County of Larimer and State of Colorado has refunded its Water Extension Bonds,dated October 1,1958,said bonds being numbered 67 to 350,inclusive,and amounting to the total principal sum of $284,000. Bonds of said issue maturing in the years 1965 to 1969, inclusive,being bonds numbered 67 to 162,inclusive,and the terest thereon,shall be paid at their normal maturities accord-. ing to the original terms thereof. Bonds of said issue maturing in the years 1970 and there after,being bonds numbered 163 to 350,inclusive,are hereby call ed for payment and redemption at the Office of the Town Treasurer, in Estes Park,Colorado,on the FIRST day of OCTOBER,1969.Said Town shall pay par and accrued interest for the redemption of said bonds on such date0 After the date so fixed for payment and re.. demption the interest on said bonds numbered 162 to 350,inclusive, shall cease. THIS NOTICE GIVEN BY ORDER of the Board of Trustees of the Town of Estes park,Larimer County,Colorado,as of this 1st day of November,1963. S E A 1) _______________________ Town Treasurer 24 STATE OF COLOBADO ) ) COUNTY OF IARIMER )ss ) TOWN OF ESTES PARK ) The undersigned,being first duly sworn,each for him. self and not one for another on oath deposes and says: H 1.That they are,respectively,the duly elected,or appointed,qualified and actingMayor,Clerk and Treasurer of the Town of Estes park,Colorado. 2.That the Town of Estes 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 relating to towns and that said Town was incorporated in the year /‘7,’f 3.That from the 5pcJ day of ___________, 1963,to the date hereof,the following have been and now are the duly elected or appointed,qualified and acting officers of said Town: Mayor:Clarence A.Graves Trustees:Roland C.Brodie Henry Dannels William Grove John Ramey Richard Snort Carl Swanson Town Clerk:G Town Treasurer:-y1a Id C1io H 4.That there is no litigation pending and so far as is known,to the undersigned,no threatened litigation relating to the Water Extension Bonds,dated October 1,1958,or the Refunding Was-. ter Bonds,dated November 1,1963,of said Town,in the aggregate .26 -. ©© amount of $284,000,.and that so far as is kno’’m to the undersigned, nothing exists to hinder or prevent the issuance of said Refunding Water Bonds in said aggregate amount. IN WITNESS JHEREOF,We have hereunto set our hands and the official seal of the Town of Estes Park,Colorado,this _____ day of )1963 Mayor Town CLerk e Town Treasurer C SEAl) My Commission expires May 25 196 T)O Subscribed and separately sworn to before me this jq_ (c’ day of ‘,1963 My commission expires (SEAl) / —27 SI GNATURE CERTIFICATE The undersigned,t/,of Estes Park,Colorado1 hereby certifies that he is personally aci-’ quainted with Clarence A.Graves,Mayor,with Town Clerk and with ‘-taL Ctce ,Town 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 the date of the execution and delivery of that cer-. tam series of bonds issued by said Town in the aggregate amount of $284,000,designated Refunding Water Bonds,bearing date Novem-’ ber 1,1963,consisting of 284 bonds in the denomination of $1,000 each;that he is acquainted with the signatures and facsimile sig+-. natures of such officers,respectively;and that said officers have to this Certificate attached their respective manual signatures as follows: SIGNED AND CERTIFIED This it day of _________ of Estes Park,Colorado / —Town 11’reasurer 28 - __________________________, personally duly sworn upon oath, TruSt Qfficer 1 That he is the of the American National Bank,Denver,Colorado 2.That said American National Bank is a commercial bank duly organized and existing under and by virtue of the laws of the United States of America;that said Bank has full and com plete trust powers and is a member of the Federal Deposit Insure-. ance Corporation;and that said Bank has its office and principal place of business in the City and County of Denver and State of Colorado. 3 That on the /day of ___________, 1963,said Mnerican National Bank did enter into and execute an ESCROW AGREE MENT with the Town of Estes Park,larimer County,Colorado. 4,That said ESCROW AGREEMENT was entered into and had as its purpose the establishment of a special fund and separate trust account,designated as the “TOWN OF ESTES PARK WATER EX’TEN-. SION BOND,REFUNDING ESCROW ACCOUNT”. 5.That said REFUNDING ESCROW ACCOUNT has been estab. lished and there is now on deposit therein the proceeds derived from the issuance of $284,000 of Refunding Water Bonds,of said Town dated November 1,1963,and in addition the amount of the in1w terest,if any,having accrued on a total of $284,000 of the out-. standing Water Extension Bonds of said Town,of the issue dated October 1,1958,from the last interest payment date to the date on which the said Refunding Water Bonds were issued and delivered, STATE OF COIOPADO ) )ss COUNTY OF DENVER ) ‘ The undersigned,(}/1(](,( appearing before me and,after being by me deposes and says: 29 Q. and said REFUNDING ESCROW ACCOUNT established. 6.That said REFUNDING ESCROW ACCOUNT,and the funds on deposit therein,are being and shalt be held for the purpose of paying and redeeming the principal of the Town of Estes Park Water Extension Bonds.,of said issues in the total sum of $284,000 at their respective maturities or at their respective Prior Redemp tion Date,all as is more fully set forth in said ESCROW AGREEfrIENT, and that said funds shall be invested in direct obligations of the United States of America only,for the purpose of producing suffi cient interest income to pay the interest on such issue of Water Extension Bonds as the same accrues.The Water Extension Bonds, dated October 1,1958,for payment and redemption of which said REFUNDING ESCROW ACCOUNT has been established are more particular ly described in said Escrow Agreement and such descriptions adopt ed and included herein by specific reference. 77 4 /itle:ASS’t.;IUSt OficeI American National Bank, Denver,Colorado SUBSCRIBED AND SWORN to before me this 1’7—day of ___________ l963 Ny commission expires ////,j ‘ (SEAL) _________________ Notary Public 30 STATE OF COLORADO ) )ss. COUNTY OF DENVER ) CERTIFIED PUBLIC ACCOUNTANTS VERIFICATION The undersigned,ROY E.COMBS,of Denver,Colorado,per sonally appearing before me and,after being by me duly sworn upon oath,deposes and says: L That PEAT MARWIcK,MITCHELL &C00,is a partnership and firm of Certified Public Accountants,duly authorized and act ing as such under and pursuant to the laws of the State of Colorado, and that he is a partner in said firm. 2.That under date of ,J’pew4’y 1963,in a lets-. ter addressed to Boettcher and Company,of Denver,Colorado,.a copy of which is hereto attached as part of Exhibit “A”,said firm has reported on its review of calculations of the proposed debt pay ment schedule and total disbursements and the proposed escrow fund transactions involving the presently outstanding Town of Estes Park, Larimer County,Colorado,Water Extension Bonds,dated October 1, 195$, 3 That schedules of the calculations and the assump.. tions under which such calculations were made were included with the above letter and are also attached hereto as a further part of Exhibit “A” 4.That,as stated in the above letter,“in our opin ion,the calculations as to transactions in the proposed escrow fund are correct,based upon information as to principal amounts; interest rates and payment dates supplied by you”(Boettcher and Company). ..31 C 5 As indicated by the calculations in the schedule of escrow fund transactions which are based upon the assumptions and recitals in the above letter,cash balances in the escrow fund would be equal to or more than the required disbursements on the various disbursement dates0 6.That in the execution of this certificate he is duly authorized and acting for and on behalf of the firm of Peat,Mara. wick,Mitchell &Co0 IN WITNESS WHEREOF,he has caused this Certificate to be signed this /7 day of %22hl_-,1963. Ry E.Combs Subscribed and sworn to before me this 1%day of ,1963. Ny commission expires /y97 (S E A 1) Notary PuLic 32 — STATE OF COLORADO ) ) COUNTY OF IARIMER )ss ) TOWN OF ESTES PARK ) The undersigned Town Treasurer of the Town of Estes Park,Larimer County,Colorado,hereby acknowledges receipt of the full purchase price paid to said Town by the purchasers of that certain series of Refunding Water Bonds issued by said Town in the aggregate amount of $284,000,.numbered 1 to 284,inclusive,bear ing date November 1,l963 And it is hereby further certified that the statements made in the Certificates appearing at pages 26,27,28,29,30, 31 and 32 concerning said Town and the above bonds,including but not limited to provisions therein relating to officers of the Town and their signatures,and to the absence of any litigation regard ing the Town,its officers or the above bonds,remain true and correct to and including the date of this Certificate,the same as if executed and dated on this date;and each of the paragraphs therein set forth is incorporated herein by specific reference. IN WITNESS WHEREOF,I have hereunto set my hand and afi fixed the official seal of said Town,this jq day of __________ 1963. (S E A I ) __________________________ Town Treasurer I-.34 PEAT,MARwICK,MITCHELL &Co. CERTIFtED PUBLIC ACCOUNTANTS SiT SEVENTEENTH STUEET DENVER 2,COLORADO November 18,1963 Boettcher and Company 828 Seventeenth Street Denver 2,Colorado Attention:Mr.Harry T.Lewis,Jr. Gentlemen: As requested,we have reviewed the calculations in the attached schedules,preparedbyyou,of the proposed debt payment schedule and total disbursements and proposedescrowfundtransactionsinvolvingthepresentlyoutstandingTownofEstesPark,Larimer County,Colorado,Water Extension Bonds,dated October 1,1958. We have also read the attorneys’opinion,provided by you,relating to the issue oftheobligations,insofar as the presently outstanding obligations are described withrespecttoprincipaloutstanding,interest rates and redemption provisions.Also,based upon information supplied by you,it is our understanding that no water extensionbondshavebeenredeemedorcancelledpriortoscheduledmaturity. In preparing the schedule of principal redemptions,you have indicated certain redemptionstobemadeearlierthanthenormalmaturitydate. In our opinion,the calculations in the attached proposed debt payment schedule andtotaldisbursementsrelatingtothepresentlyoutstandingWaterExtensionBonds,datedOctober1,1958,are correct,based upon the recitals in the attorneys’opinion andyourassumptionsastoearlyretirement. Also,in our opinion,the calculations as to transactions in the proposed escrow fundarecorrect,based upon inforhation as to principal amounts,interest rates and paymentdatessuppliedbyyou. We shall be pleased to assist in the preparation or review of further data that maybeneededinthismatter. Yours truly, Town of Estes Park,Colorado Water Extension Bonds,dated October 1,1958 1964:April 1 October 1 1965:April 1 October 1 1966:April 1 October 1 1967:April 1 October 1 1968:April 1 October 1 1969:April 1 October 1 Proposed debt payment scheduleApril1,1964 through October 1,1969 $5,742.50 5,742.50 5,480.00 5,480.00 5,217.50 5,217.50 4,937.50 4,937.50 4,657.50 4,657.50 4,377.50 4,377.50 p60,825.00 __________ $5,742.50 20,742.50 5,480.00 20,480.00 5,217.50 21,217.50 4,937.50 20,937.50 4,657.50 20,657.50 4,377.50 210,377.50 344.825.OO Date Interest TotalPrincipal $15,000.00 15,000 .00 16,000.00 16,000.00 16,000.00 18,000.00 188,000.00 (1) 284,000.00 (1)Call of remaining outstanding principal t I. 16,040.6117,920.00TownOfEstesPark,ColoradoWaterExtensionProposedEscrowTransactionsFebruary15,1964throughOctober1,1969U.S.Treasuryobligation:Maturitydate:DateParamount:Bonds,datedOctober1,1958318.75300.00318.75300.001964February15April1May15August15September30October1Novembr151965February15April1Nay15August15October11966February15April1August15October11967February15April1August15October11968February15April1August15October11969April1October1318.75300.00318.75300.00318.75300.00318.75Bills45/8notes47.notes33/47.notes33/47.bonds47.bondsTotaldisbursements9-30-645-15-658-15-668-15-678-15-6810-1-69Totalescrow(SeeproposeddebtCash$16,00015,00016,00017,00016,000206,000receiptspaymentschedule)BalanceV874.39320.00938.751,813.144,120.004,120.005,742.50190.64346.87346.87537.51320.00938.751,476.2616,000.0016,000.0017,476.264,120.004,120.0020,742.50853.76346.87346.871,200.63320.00938.752,139.384,120.004,120.005,480.00779.38346.8715,000.0015,346.8716,126.25320.00938.7517,065.004,120.004,120.0020,480.00705.00320.00938.751,643.754,120.004,120.005,217.50546.25320.0016,000.0016,938.7517,485.004,120.004,120.0021,217.50387.50618.751,006.254,120.004,120.004,937.50188.75318.7517,000.0017,618.7517,807.504,120.004,120.0020,937.50990.00.300,001,290.004,120.004,120.004,657.50752.5016,000.0016,300.0017,052.50V4,120.004,120.0020,657.50515.004,120.004,120.004,377.50257.504,120.00206,000.00210,120.00210,377.50-0-$16,000.0019,550.0019,000.00255,440.00343,950.61344,825.00300.00318.75300.00300.00300.00Totals300.00 EXHIBIT hAir (Attach letter dated ____________ ,1963,as referred to above,. schedules of Escrow Transactions aWschedules of Bond Require. inents) .-.33 €.