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Home My WebLink AboutPACKET Town Board 1999-11-23-- re- i - Ill Prepared 11/18/99 *Revised 11/19/99 **Revised 11/23/99 The Mission of the Town of Estes Park is to plan and provide reliable, high- value services for our citizens, visitors, and employees. We take great pride ensuring and enhancing the quality of life in our community by being good stewards of public resources and our natural setting. BOARD OF TRUSTEES - TOWN OF ESTES PARK Tuesday, November 23, 1999 7:00 p.m. AGENDA PUBLIC COMMENT TOWN BOARD COMMENTS 1. CONSENT CALENDAR: 1. Town Board Minutes dated November 9, 1999. 2. Bills. 3. Committee Minutes: A. Light & Power, November 18, 1999: *1. Kiowa Ridge Underground Project. 2. Rocky Mtn. National Park Trenching Contract. B. Public Works, November 18,1999: 1. 1999 Water Line Project - Change Order and Bridge Crossing. 2. Bulk Water Dispenser Relocation. 3. Parks Dept. irrigation SCADA System. 4. Highway 34/36 Project Bids. 4. Board of Adjustment, November 2, 1999 (acknowledgement only). 5. New Tavern Liquor License Application filed by Appenzell Corp. - Continue public hearing to December 14, 1999. 6. *Bylaws - Estes Valley Planning Commission. 2. ACTION ITEMS: 1. Ordinance #12-99 - Ordinance to Issue Bonds for new Estes Park Substation - Monte Vavra, Finance Officer, Jim Manire/Financial Advisor. Additional agenda items continued on reverse side 2. *Proposed 2000 Pay Plan - Assistant Town Administrator Repola. 3. Estes Park Public Library Board of Trustees - Reappointment of Al Wasson, and Appointment of Denis McHenry, 4-yr. terms expiring 12/31/03 - Mayor Dekker. 4. Kiowa Ridge Annexation - Town Attorney White: A. Current Annexation Petition, etal withdrawn. B. Intent to Annex Resolution (Amended) #35-99. Town Board public hearing scheduled December 14,1999. 5. Special Event Liquor Permit Application - Art Center of Estes Park, Incâ€ž 1/7, 2/18,3/31, 5/12,6/23, 8/4, 9/15, 10/27, and 12/8/00 - Clerk O'Connor. 6. Resolution #36-99 - Adopting policy for preparation of "Action" Minutes for Board of Trustees and Standing Committees - Clerk O'Connor. with Town Attorney. ~ 7. **Request to enter Executive Session to discuss legal matters Note: Due to scheduling conflicts, the December 28, 1999 Town Board Meeting has been cancelled. Town of Estes Park, Larimer County, Colorado, November 9,1999 Minutes of a Regular meeting of the Board of Trustees of the Town of Estes Park, Larimer County, Colorado. Meeting held in the Municipal Building in said Town of Estes Park on the 9th day of November, 1999. Meeting called to order by Mayor Robert L. Dekker. Present: Robert L. Dekker, Mayor Susan L. Doylen, Mayor ProTem Trustees Jeff Barker John Baudek Stephen W. Gillette George J. Hix Lori Jeffrey Also Present: Rich Widmer, Town Administrator Vickie O'Connor, Town Clerk Gregory A. White, Town Attorney Absent: None Mayor Dekker called the meeting to order at 7:00 p.m. PUBLIC COMMENT Patrick Cipolla cited benefits of home rule government and requested the Town Board pass an ordinance to determine whether or not home rule is desired by the residents. Mayor Dekker commented that the Board has investigated home rule and the Board will continue to weigh benefits of same. TOWN BOARD COMMENTS Trustee Baudek noted that the Estes Valley Development Code was passed on November 3rd: and, as he neglected to previously do so, he officially commended Sr. Planner Bob Joseph for his excellent performance on this project. When the Development Code process was initiated, one of the concerns was long term growth in the Valley. At that time, estimated Valley-wide population was 32,000. In a memorandum dated November gth, Community Development Director Stamey stated that staff has re-examined this estimate, and, based on nine assumptions contained in the memo, the Estes Valley growth rate is now estimated at 20,000 people. 1. CONSENT CALENDAR: 1. Town Board Minutes dated October 26, 1999. 2. Bills. 3. Committee Minutes: A. Community Development, October 28, 1999: 1. Rocky Mountain Miniature Horse Club Agreement 2. Colorado Hunter-Jumper Association Agreement 3. E.V.R.P.D. Agreement for use of Barn W Board of Trustees - November 9, 1999 - Page 2 B. Public Safety, November 4, 1999. 4. Board of Adjustment, October 5, 1999 (acknowledgement only). 5. Planning Commission, October 19, 1999 (acknowledgement only). As there were no persons offering testimony on the following plat, this item remained on the Consent Calendar: 6. Amended Plat of Lots 10 & 10A, Amended Plat of Elkhorn Club Estates Addition, Charles J. McCreary/Applicant. Due to Action Item #5 (Exhibition of Animals Ordinance) and Item #6 (Police Dept. Policy Manual), Items 3.A.1 and 2, and Item 3.B were removed from the consent calendar for further discussion. It was moved and seconded (Hix/Doylen), that with the removal of Items 3.A.1 and 2 and Item 3.B., the consent calendar be approved, and it passed unanimously. 2. ACTION ITEMS: 1. Year 2000 Budget Adoption. Mayor Dekker opened the public hearing, and Finance Officer Vavra presented the following: A. Highway User's Trust Fund. B. Resolution #30-99 Setting the Mill Levy of 2.22193 mills. C. Resolution #31-99 Adopting the Budget in the amount of $27,897,907. D. Resolution #32-99 Appropriating Sums of Money. E. Resolution #33-99 Supplementing the 1999 General Fund, Museum Fund, Senior Center Fund, Open Space Fund, Park Entrance Estates Construction Fund, Park Entrance Estates Debt Service Fund, and the Water Fund Budgets. As there was no public testimony, Mayor Dekker closed the public hearing. It was moved and seconded (Doylen/Hix) Items A through E above be approved, and it passed unanimously. 2. Housing Study - Eric Blackhurst/Forward Estes Park Foundation (FEPF). FEPF Representative Eric Blackhurst presented the Summer 1999 Estes Park Housing Study prepared by RRC Associates, and introduced Russell Cares of RRC. The Study was commissioned by FEPF with support of local planning agencies and businesses in the Estes Park Valley, and it was intended to update a similar study conducted by RRC in 1990. Messrs. Cares and Becker reviewed the Executive Summary and associated graphs; the Summary was made a part of the record by reference thereto. The Board expressed their appreciation to FEPF and RRC for their efforts on this study. A question/answer period followed. The final Study will be made available within the next two weeks. Trustee Baudek noted his pleasure with the report as tangible strategies were provided. Mr. Blackhurst added that the report found 63% of the population has lived in Estes Park for less than 10 years. Patrick Cipolla suggested the Town concentrate its efforts on assisted living centers rather than affordable housing. Board of Trustees - November 9, 1999 - Page 3 3. Moccasin Saddle, Second Addition Annexation of Town-Owned Land. Mayor Dekker opened the public hearing, and Const. & Facilities Manager Sievers reviewed this annexation consisting of 2.732 acres of right-of-way and one outlot. There being no public comment, Mayor Dekker closed the public hearing. Town Attorney White explained the procedure for municipally- owned land, and it was moved and seconded (BaudeldHix) Resolution #34- 99 and Ordinance #9-99 be approved, and it passed unanimously. 4. Special Review Request #99-03 The Carriage Connection, Don & Jackie Gardner/Applicant. Mayor Dekker opened the public hearing, and Senior Planner Joseph reviewed the staff report. The applicant intends to continue the carriage rides previously operated by Black Canyon Carriages, and plans on boarding his horses at 1593 Dry Gulch Rd. in the County. The Planning Commission recommended conditional approval. Mr. Gardner was present and had no additional comments. There being no public comment, it was moved and seconded (Hix/Barker) Special Review Request #99-03 be approved with the 8 conditions contained in the Staff Memo dated November 4, 1999, and it passed unanimously. 5. Report on Initiated Ordinance 200 Prohibiting the Exhibition of Animals (November 2, 1999 Election). Town Attorney White responded to various questions raised by the public: Upon official notification from Larimer County (received 11/9/99), the Ordinance is effective today. It is a specific defense to a charge of violating the ordinance if: The animal is domestic, as determined by the Colorado Wildlife and Agricultural Commissions (Section 7.06.040(b)(2)). Pursuant to the four defenses specified in the ordinance, it may not be reasonable to prosecute a person who obviously has a specific defense. It is also assumed that the ordinance applies only to wild animals, thus rodeos, horse shows, and the like would not be in violation of the ordinance. Trustee Baudek stated that if the true intent and purpose of the ordinance was to prohibit wild animals, he questioned whether the Town Board could amend the ordinance. Town Attorney White commented that yes, the Town Board could amend the ordinance; however, the ordinance was favorably voted upon by the electors. Town Attorney White advised there is no action required by the Town Board on this item. Alan Aulabaugh added that no one on his committee desires to prevent dog shows, rodeos, Wool Market, etc. Concluding discussion, it was moved and seconded (BaudeldHix) the Rocky Mountain Miniature Horse Club: and Colorado Hunter-Jumper Association Agreements be approved, and it passed unanimously. 6. Police Dept. Policy Manual Revision toÂ· Chapter 5.1 Code & Conduct. Assistant Town Administrator Repola reviewed the specific amendment to 'Residency" as recommended by the Public Safety Committee November 4, 1999. Other maintenance revisions. wereÂ· also reviewed and favorably recommended by the Committee. , It was moved and seconded (Hix/Baudek) the revisions to Chapter 5.1 Code & Conduct of the Police Dept. Policy Manual be approved, and it passed unanimously. 7. Y2K Readiness Report, Assistant Town Administrator Repola presented an update on Y2K Readiness. The Town's Computer Technical Advisory Team (CTAT) has conducted a system assessment and updated/replaced all desktop systems where necessary. Additionally, supplier services and system testing (in excess of 130 systems assessed, approximately $30,000) Board of Trustees - November 9, 1999 - Page 4 has been accomplished. USWest has advised that they have successfully tested all switches in the 911 System; 100% of all states tested successfully. Staff intends to conduct an additional community presentation within the next four weeks, and Staff will monitor the event, and be on hand should an incident occur. Town Administrator Widmer commended Assistant Tdwn Administrator Repola for his work on this project,- with Trustee Doylen adding her appreciation to the entire CTAT team also. 8. Ordinance #10-99 - Easement Vacation for Lot 41, Block 1, Fall River Estates. Town Attorney White presented the easement vacation as recommended by the Public Works Committee October 21, 1999. It was moved and seconded (Baudek/Hix) Ordinance #10-99 be approved, and it passed unanimously. Following completion of all agenda items, Mayor Dekker announced that the December 28, 1999 Town Board meeting has been cancelled, and he adjourned the meeting at 8:49 p.m. Robert L. Dekker, Mayor Vickie O'Connor, Town Clerk IRADFORIPUILISHING.0. RECORD OF PROCEEDINGS Light and Power Committee November 18, 1999 Committee: Chairman Hix, Trustees Barker and Jeffrey Attending: Chairman Hix, Trustee Jeffrey Absent Trustee Barker Also Attending: Town Administrator Widmer, Light and Power Director Matzke, Deputy Town Clerk van Deutekom Chairman Hix called the meeting to order at 8:00 a.m. Light & Power Revenue Bonds Parameters Ordinance - Request Approval Finance Officer Vavra reported that over the past several months the Town has been in the process of preparing to sell revenue bonds to fund approximately $3 million for the relocation of the Lake Estes Substation and other projects. The 15-year revenue bonds have annual maturities; and preliminary assessment by Standard & Poor's rating analyst indicated a bond rating in the A range. Finance Officer Vavra stated that the Parameters Ordinance will set a maximum interest rate (6%) that the Town will pay and is necessary to proceed with the sale of the bonds in December. Diane Barrett, Holme Roberts & Owen stated that the Town Board is the governing body of the Enterprise Fund and she explained the draft ordinance presented. The Committee recommends approval of Parameters Ordinance as presented. Finance Officer Vavra confirmed that following completion of the rating process and review by the bond insurer and marketing underwriter, the finalized Ordinance will be presented at the November 23rd Town Board meeting. The Town anticipates marketing the bonds the week of December 601 and presenting a supplemental resolution at the December 14th Town Board meeting with the final details of the bond issue. 1999 Automatic Meter Reading Report Gary O'Connor, Sr. Meter Specialist presented the 1999 Automatic Meter and Off-site Meter Reading report. O'Connor reported that there are no negative aspects to the new system thus far and the time saved in meter reading has been significant. Additional benefits include safety, customer privacy, staff size/stability, accuracy, tamper detection, and cost effectiveness. Chairman Hix expressed the Committee's appreciation for the presentation and commended staff for their efforts. Kiowa Ridge Underground Request Director Matzke reported that the Light and Power Department has an existing three phase overhead power line 200' west of the Highway 7 right-of-way that passes through the proposed Kiowa Ridge Subdivision. The developer has proposed a three way cost sharing agreement between the Light and Power Department, the developer, and the Estes Valley Land Trust to place a portion of the line underground. The estimated cost to remove approximately 1900' of three phase overhead power line and replace the line underground along the streets of the new subdivision is $66,000. The Light and Power Department portion would not exceed $22,000 This expense would probably not occur until summer 2000. This is a non-budgeted expense, but the 2000 budget could be supplemented to include this item. This project presents an opportunity to bury an existing major overhead line adjacent to a scenic highway and a primary gateway to Estes Park. The Committee recommends funding of one third of the undergrounding project for an amount not to exceed $22,000, subject to equal participation by the developer and the Estes Valley Land Trust. Additionally, this action should not be interpreted as a precedent for all future development. Future requests would be BRADFORD /UnLISHINGCO. RECORD OF PROCEEDINGS Light and Power Committee, November 18, 1999 - Page 2 submitted to the Town Board for consideration on their own merits. Financial participation by groups such as the Estes Valley Land Trust would play an important role in determining the Town's participation. 1999 Christmas Decorations Stanley Village Christmas Lighting Request - The developer withdrew the request. No Committee action taken. Twinkle Light Maintenance - Director Matzke reported that starting with the 1995-96 season, the twinkle lights in the downtown area were left on from January 1 St through February 14th, but the lights were not maintained at the Town Board's request. By February, many of the trees were no longer lit and the numerous light strings were falling to the ground. When the Christmas decoration installation contract was bid, a line item was requested for maintaining the twinkle lights after January 1St. The 1999 budget for Christmas decorations is $65,000. TA Enterprises was awarded the contract and they bid $900 for maintenance costs during the above mentioned period. The Committee recommends that the Christmas Decoration installation contract with TA Enterprises be amended to $42,100 to include $900 for twinkle light maintenance , costs as described above. Rockv Mountain National Park Right-of-Way Permit Agreement- Request Approval. Continued to the December meeting. Rockv Mountain National Park Trenching Agreement - Request Approval. Director Matzke reported that the Town recently signed a modification to the Utility Construction Contract with Rocky Mountain National Park (RMNP). This modification includes improvements to the McGraw Ranch and service to the Sprague Lake Campground area at a cost not to exceed $214,000. This work will require installation of approximately 1,600' of primary trench and conduit (including 560' of horizontal boring) in the McGraw Ranch cabin area and approximately 6,000' of primary trench and conduit (including 225' of horizontal boring) from Glacier Basin Campground to Sprague Lake Campground. After requesting bids from three contractors, the Light and Power Department negotiated a bid of $131,754 with Aztec Cable and Communications to install the primary trench and conduit as described. This is a non- budgeted expense that will be fully reimbursed by RMNP as provided by the recently modified Utility Contract. If necessary, the 1999 Light and Power Capital budget can be supplemented to provide funding for this project. The Committee recommends that the trenching contract for Sprague Lake Campground and McGraw Ranch be awarded to Aztec Cable and Communications at a cost not to exceed $131,754 that will be reimbursed by RMNP. REPORTS Platte River Power Authority (PRPA) Report: Director Matzke reported that the gas pipeline routing study was approved and easements are being acquired for the pipeline. A public hearing was held for the proposed 2000 budget that is scheduled for approval in December. Two additional wind turbines were budgeted for 2000 and Estes Park has requested one quarter of the output from one of the wind turbines. Estes Park will offer wind power as an energy option to its customers in 100-kWh blocks. The cost will be $2.50 per block/per month and is in addition to the amount of the standard electric bill. Financial Report: The October income statements and graphs were reviewed. BRADFORD PLIBLISHINGCO. RECORD OF PROCEEDINGS Light and Power Committee, November 18, 1999 - Page 3 Joint Use Pole Audit - Final Report: Director Matzke presented a summary of the joint use pole audit that included pole rental billing, clearance problems, and maintenance needed. A total of 5,519 joint use poles were identified. U.S. West utilizes 1,867 poles and Cable TV utilizes 2,915. This represents a billing decrease for U.S. West and increase for Cable TV. The net decrease in billing for the Town is approximately $600 per year. The total cost of the audit was $45,531.75. Project Updates: None There being no further business, Chairman Hix adjourned the meeting at 9:15 a.m. 32* AL<- Rebecca van Deutekom, Deputy Town Clerk BRADFOID.U. LISHING.0. RECORD OF PROCEEDINGS PUBLIC WORKS COMMITTEE November 18, 1999 Committee: Chairman Baudek, Trustees Barker and Jeffrey Attending: Also Attending: Town Administrator Widmer, Public Works Director Linnane, Street/Park Supt. Speedlin, Water Supt. Goehring, Const/Facilities Manager Sievers, Park Foreman Rische, Clerk O'Connor Absent None Chairman Baudek called the meeting to order at 3:30 p.m. 1999 WATER LINE PROJECT. Approval of Change Order. Staff reported that additional work was performed by Weinland Construction on the Prospect Mtn./Hwy. 7 Interconnection that has resulted in a change order for an additional $11,128.00. The total increase to the contract amount is $10,677.25. RMC apologized for the delay in the notice of the Change Order and will strive to avoid this occurrence on future projects. Staff confirmed that all work is completed. The Committee recommends approval of the Change Order in the net amount of $10,677.25. Water Line Removal/Replacement (bridge crossing). Due to leaks within the affected aged section of water line, the water main that extends beneath the bridge on James Mcintyre Rd., south of Ponderosa Lodge, must be totally replaced. The total estimated cost, without painting, is $14,860. Funding is available from the unencumbered Capital Water Line Replacement Budget. The Committee recommends approval of the expenditure in the amount of $14,860. Work is to start immediately, with painting to be performed in-house. BULK WATER DISPENSER RELOCATION - REQUEST AUTHORIZATION TO PROCEED. The Water Dept. currently maintains a public water dispensing system adjacent to the Parks Dept. Shop on Big Thompson Ave. Water is sold by either coin operation or individual key operation. The building that houses the dispenser is a small block building (3'x3'x3'), and a standpipe runs along the wall and protrudes near the entrance to the shop. This creates a hazard, and when the Town's Safety Team inspected the dispenser after a recent injury, it was recommended the dispenser and block building be moved and enlarged. Due to water availability, adequate drainage, and central location, Staff is proposing the dispenser be relocated to Stanley Park. The dispenser would have a one-way access northbound, paralleling Fourth Street. In lieu of timer dispensing, the new dispenser will utilize coin operation and a credit card system. Additional lighting will be provided for the dispensefs 24-hr. operation. The Water Dept. will perform this project in-house, and the cost is $9,589.00 for materials; $10,000 was budgeted in 1999. Special Events Director Hinze and the Senior Center are in concurrence with this project. As a courtesy, staff will notify surrounding residences of the relocation project. The Committee recommends approval of the project, authorizing staff to proceed. PARKS DEPT. SCADA IRRIGATION SYSTEM - REQUEST APPROVAL TO PURCHASE. In the past, the Parks Dept. has had problems with flower beds not being watered sufficiently, turf areas burning due to lack of water, excessive water running-off onto sidewalks, and undetected irrigation line breaks. A central control system would provide detailed operational information and allow the crew to remotely control all 27 irrigation systems from one location. The Irrigation Central Control (ICC) System could be upgraded in the future to include a weather BRADFORDPUBLISHING CO. RECORD OF PROCEEDINGS Public Works Committee - November 18, 1999 - Page 2 station that would send information to the central control and have the ability to shut systems down when it is raining and adjust start times when temperatures fall below freezing. Based upon distinguished recommendations and Motorola's experience with ICC systems, staff is recommending the Motorola ICC System for $29,996. The 1999 budgeted amount is $30,000. A total of $15,000 was budgeted (in the Conservation Trust Fund) for renovation of the Bureau irrigation system. Staff is requesting a portion of the $15,000 ($12,500) be transferred to this project for a total project budget of $42,500 to bring 10 time clock control stations in the downtown core area on line. The remaining 17 time clock stations in the lower priority areas could be Phase 2 and budgeted in the future. Street/Park Supt. Speedlin commented on the efficiency the ICC System is expected to provide; phasing and associated funding; and equipment longevity. The Committee recommends approval of the initial start-up equipment and project, for a total of $42,500, and that the line-item transfer of $12,500 be authorized as described above. HIGHWAY 34/36 PROJECT - REQUEST APPROVAL TO AWARD BID. The following bids were received for this project: Flat Iron Construction $1,491,508 Mountain Construction 1,698,642 ASI 1,863,748 Duckles Construction 1,712,837 Kiewit 2,082,154 CDOT is requiring that $56,200 be added to the low bid that will be used for field-decided change orders (force account). Flat Iron is the low bidder with $1,491,508; with the additional $56,200, the total is $1,547,708-the budget is $1,560,000. Costs for the relocation of utilities are estimated at $115,925, therefore the project total is $1,663,633. The CDOT grant amount is $1,117,000. The budget is adequate to accommodate the Flat Iron bid, however, the budget must be adjusted to accommodate the utility relocation cost and any change orders exceeding the $56,200 amount. RMC commented that all contractors were pre-qualified, and that another RMC office has successfully worked with Flat Iron. Flat Iron was receptive to regularly scheduled public information announcements and the importance of keeping two lanes open for traffic. The construction time schedule was also clarified. The construction office will be staged near the Christmas tree recycling area. The Committee recommends accepting the low bid in the amount of $1,491,508 submitted by Flat Iron Construction, the $56,200 force account, and utility relocation cost of $115,925, adjusting the budget accordingly (Budget Supplement Resolution) to accommodate the utility relocation costs and additional change orders. REPORTS. The Committee reviewed the Customer Service Response Report for October, 1999. There being no further business, Chairman Baudek adjourned the meeting at 4:12 p.m. ~) le,k 1* ~ ~BlcAT LA~ Vickie O'Connor, CMC/AAE, Town Clerk BRADFORD PUBLISHING CO. RECORD OF PROCEEDINGS Board of Adjustment November 2, 1999 Board: Chair John Baudek, Members Jeff Barker, Lori Jeffrey, Wayne Newsom and Al Sager Attending: Chair Baudek, Members Barker, Jeffrey, and Sager Also Attending: Director Stamey, Senior Planner Joseph and Recording Secretary Wheatley Absent: Member Newsom Chair Baudek called the meeting to order at 8:00 a.m. MINUTES The minutes of the October 5, 1999 meeting were accepted as presented. Since no one was there yet to represent the applicant for the first item on the agenda, Chair Baudek asked staff to review the second item. LOT 21, RIVERSIDE SUBDIVISION, 262 EAST RIVERSIDE DRIVE, APPLICANT- JANE B. HAYNIE. Senior Planner Joseph reviewed Ms. Haynie's letter of October 4,1999, in which she requested a time extension for the variance that was approved July 13, 1999. It was moved and seconded (Barker/Jeffrey) to approve a one year extension from November 2, 1999, and it passed unanimously with one absent LOT 8 OF AMENDED PLAT OF LOT 6A, AMENDED PLAT OF LOTS 6,7 & 8, SECOND AMENDED PLAT PINE RIVER SUBDIVISION. APPLICANT - JOY LILJESTAM. Paul Kochevar from Estes Park Surveyors represented the applicant. He noted that the original approval for this Development Plan required the main floor business to be a home occupation. There was not enough parking for a commercial use. This limitation put on the development plan makes it more of a residential use. To change to a commercial use, a revised development plan would be required. Any new owner would find this limitation noted on the title policy. Staff reviewed the definition of home occupation as opposed to a commercial use. The possibility of employee housing was added to accommodate the definition of home occupation requiring the owner or employee to live on site. This site is 100% in the floodplain which limits the area lot calculation to 20%. It is staff's opinion that the addition of an "accessory" dwelling to the "principal" second floor unit is not necessary to relieve a hardship that is peculiar to this site. It was moved and seconded (Sager/Jeffrey) to deny the variance request and it passed unanimously with one absent. REPORTS - None There being no further business, Chair Baudek adjourned the meeting at 8:33 a.m. 7*,Al!16(1 3 34#LaY-#04- Meribeth Wheatley, RecordirfSecretary -- BYLAWS OF THE ESTES VALLEY PLANNING COMMISSION I. MEETINGS A. Following adoption of the Estes Valley Development Code, regular meetings of the Commission shall be held on the third Tuesday of each month in the Board Room of the Town of Estes Park Municipal Building. Meetings shall begin at 1:30 p.m. If the Chair determines that any matter before the Commission cannot be heard and considered for action by 6 p.m., said matter may be continued, heard, and considered at a specifically scheduled special meeting or the next regularly scheduled meeting. Such matters shall have priority at the next meeting. B. Special meetings of the Commission may be held at any time at the request of the Chair; at the request of a majority of the membership of the Commission; at the request of the Board of County Commissioners; or at the request of Board of Trustees. Notice of at least three (3) calendar days shall be given to each member of the Commission by telephone, personal service or by fax. Time, place, and purpose of Special Meetings shall be specified in the notice. C. Regular study sessions of the Commission shall be held at 12 p.m. in the Administrative Board Room of the Municipal Building prior to each regular meeting. No official action shall be taken and no quorum shall be required for the study session. The study session shall be open to the public, Unless requested by the Chair, participation in study session shall be limited to the Commission and staff. II. MEMBERS/QUORUM A. The Commission shall consist of seven (7) members as specified in the Intergovernmental Agreement between the County and the Town. The number of members of the Commission may be changed by agreement between the County and the Town. B. A quorum for transaction of business shall consist of four (4) members. C. Actions shall be by a majority vote of members present when a quorum is present except when a larger majority is required pursuant to State Statute or pursuant to Town and County Agreement. D. In a meeting where a quorum is not present, all scheduled matters shall be rescheduled for hearing at the next regular Commission meeting, or at a special meeting. -1- Revised 10/04/99 III. OFFICERS A. The Commission, at its regular meeting in Januafy of each year, shall elect a Chair, Vice-Chair, and appoint a Secretary. The Secretary shall not be a member of the Commission. B. The duties and powers of the officers of the Commission shall be as follows: Chair shall: 1. Preside at all meetings of the Commission and maintain proper decorum by controlling the meeting, avoiding duplication of testimony, and avoiding demonstration(s). - 2. Call special meetings of the Commission in accordance with the bylaws. 3. Sign the documents of the Commission. 4. Ensure that all actions of the Commission are properly taken. 5. The appointment of Chair shall alternate between the Town and County appointees each year. Vice-Chair shall: 1. During the absence, disability, or disqualification of the Chair, exercise and perform all of the duties and be subject to all the responsibilities of the Chair. 2. The Vice-Chair shall also alternate between the Town and County appointees, opposite that of Chair. Chair Pro Temp shall: 1. During the temporary absence, disability, or disqualification of the Chair and Vice- Chair, be elected to perform the duties and be subject to the responsibilities of the Chair. Secretary shall: 1. Sign or attest the signature of the Chair or Vice-Chair on the documents of the Commission. 2. Prepare and keep the minutes of all meetings o f the Commission in an appropriate and designated file. -2- Revised 10/04/99 3. Give and serve all notices required by State Statute, Town or County regulations or the bylaws. 4. Prepare the agenda in consultation with the Chair for all meetings of the Commission. 5. Be custodian of Commission records. 6. Inform the Commission of correspondence relating to business of the Commission and attend to such correspondence. IV. ATTENDANCE/TERM All members shall attend all meetings, including special meeting of the Coinmission, if possible. In the event any member misses three (3) consecutive regular meetings or a total of four (4) regular meetings in a calendar year, the Town or the County may remove its appointed member and designate a new member to fill the vacancy. The County appointed member who is subject to Town approval may be removed by the County without Town approval. However, the County shall receive Town approval for the replacement member. V. STAFF Legal The Town Attorney shall serve as the primary legal advisor to the Commission. The Commission and staff shall be authorized to consult with the County Attorney on matters relating to the unincorporated portions of the Area. As required, either or both the County and Town Attorney shall attend meetings of the Commission. Siaff The Town shall provide the professional staff to the Commission. Said staff may either be employees of the Town and/or independent contractors. All costs of said staffing, including office space, support staff, supplies, salaries, fees and benefits shall be the responsibility of the Town The staff shall be responsible for all necessary reports and studies requested by the Commission, review of all development and land use proposals, attendance at all Commission regular and special meetings and any other work necessary to staff the operation of the Commission. The staff shall also forward and report to the Board of Trustees of the Town and Board of County Commissioners all development and land use proposals that are forwarded to those bodies for action. VI. CONSENT AGENDA -3- Revised 10/04/99 A. An item may be placed on the consent agenda if it is non-controversial and staff and Applicant have agreed on the fmdings and conditions of approval. B. The following procedure will generally be followed by the Commission when considering consent agenda items: 1. Any Commissioner or member of the public may request that an item be removed from the consent agenda and be discussed as a full agenda hearing item. The reason for the request should be stated. 2. The item pulled from the consent agenda will be placed at the start of the regular hearing agenda. The Chair will then conduct an abbreviated public hearing on each item which has been removed from consent, based on the issues raised by those requesting removal. 3. Only one motion is required for all consent items. VII. GENERAL A. All maps, plats, correspondence, and other documentation shall be filed in the office of the Town of Estes Park Community Development Department and adequate materials sent to the Commission members. Any materials presented at a hearing or meeting by the Applicant or public shall become part of the official record and at the discretion of the chair may not be returned. B. The Chair may allow "personal appearances" at the beginning of each meeting by any citizen desiring to speak on any planning matter not on the agenda. The Commission shall not take action on items presented under personal appearances. Any statement made shall be relevant to land use matters and shall be not more than three ininutes per person in duration. VIII. AMENDMENT These Bylaws may be amended by the affirmative vote of a majority of the members of the Commission, provided that notice of said proposed amendment is given to each member in writing at least seven (7) days prior to the meeting. IX. PROCEDURES The Commission shall establish such procedures for the orderly operation of the Commission. Approval or subsequent amendments of these procedures shall require the affirmative vote of a majority of members of the Commission. -4- Revised 10/04/99 Approved this '4~4- day of Deho-Â·06-~ij, 1999. ESTESI,EY PLANNING COMMISSION 21\*a *- 9,13. /2- hÂ·- 'Mhh_ Bill ATTEST: U By: 9MN,1,24.2 4140Â£*- Approved this day of ,1999. BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF LARIMER By: Chair ATTEST: By: Approved this day of ,1999. TOWN OF ESTES PARK By: Mayor ATTEST: Town Clerk -5- Revised 10/04/99 . 2 - CERTIFIED RECORD QE PROCEEDINGS OF TOWN OF ESTES PARK LARINIER COUNTY. COLORADO ACTING BY AND THROUGH ITS LIGHT AND POWER ENTERPRISE RELATING TO THE ISSUANCE OF LIGHT AND POWER REVENUE BONDS. SERIES 1999 DATED DECEMBER 1. 1999 IN THE PRINCIPAL AMOUNT OF $3.135.000 #556265 v6 4 STATE OF COLORADO ) COUNTY OF LARIMER ) TOWN OF ESTES PARK ) The Board ofTrustees ofthe Town ofEstes Park, Larimer County, Colorado, met in regular session in full conformity with law and the rules and policies of the Town at the Town Hall at 170 *--/ MacGregor, in Estes Park, Colorado, on Tuesday, the A 23*1 dav of A Nove~ib*, 1999, at the hour . of 7:00 p.m. The following members of the Board of Trustees were present, constituting a quorum: Mayor: Robert L. Dekker Mayor Pro Tem: Susan L. Doylen Trustees: JeffBarker John Baudek Stephen Gillette George J. Hix Lori Jeffrev Absent: Also present: Town Clerk: Vickie O' Connor Town Attorney: Gregory A. White, Esq. Town Administrator: Richard Widmer Thereupon Trustee introduced the following Ordinance, copies of which had been distributed to the Trustees prior to this meeting and were made available to the members of the public in attendance at the meeting. It was thereupon moved by Trustee and seconded by Trustee that the Ordinance be passed and adopted. #556265 v6 ' '*6. *--7 ORDINANCE NO. A ~4~ AN ORDINANCE AUTHORIZING THE ISSUANCE BY THE TOWN OF ESTES PARK, COLORADO, ACTING BY AND THROUGH ITS LIGHT AND POWER ENTERPRISE, OF LIGHT AND POWER REVENUE BONDS, SERIES 1999, IN THE AGGREGATE PRINCIPAL AMOUNT OF $3,135,000, FOR THE PURPOSE OF FINANCING CERTAIN IMPROVEMENTS TO THE TOWN'S LIGHT AND POWER SYSTEM, FUNDING A DEBT SERVICE RESERVE FUND. AND PAYING THE COSTS OFISS UANCE OF THEBONDS;PRESCRIBINGTHEFORMOF SAIDBONDS; PROVIDING FOR THE IMPOSITION AND COLLECTION OF RATES, FEES, AND CHARGES FOR LIGHT AND POWER SERVICES AND FACILITIES TO PAY THE SAME; AND PROVIDING OTHER DETAILS IN CONNECTION THEREWITH. WHEREAS, the Town ofEstes Park, Colorado, in Larimer County, Colorado (the "Town") is a municipal corporation and political subdivision duly organized and existing pursuant to the laws ofthe State of Colorado (the "State"); and WHEREAS, the Board of Trustees (the "Board") of the Town has previously acted by Ordinance to recognize and confirm the existence ofthe Light and Power Enterprise ofihe District (the "Enterprise"), such Ordinance being adopted and effective on September 28,1999 ; and WHEREAS, the Board, acting as such and as the governing body of the Enterprise, deems it necessary and appropriate to authorize the issuance of light and power revenue bonds upon the terms described herein, for the purposes of: (i) financing certain improvements to the light and power facilities operated by the Enterprise on behalf of the Town. (ii) funding a debt service reserve fund, and (iii) paying the cost o f issuance of the Bonds; and WHEREAS, the Bonds: issued by the Town acting by and through the Enterprise, are permitted under Article X, Section 20 of the Colorado Constitution, to be issued without an election; WHEREAS, the Town. acting by and through the Enterprise, shall authorize the issuance of light and power revenue bonds in the aggregate principal amount of $3,135,000, to be issued in one series as Light and Power Revenue Bonds. Series 1999 (the "Bonds"); and WHEREAS, this Ordinance shall authorize the Bonds to bear interest at a maximum net effective interest rate of A 6.00%; and WHEREAS, the actual net effective interest rate on the Bonds will be set forth and ratified by the Board by the adoption of a supplemental resolution (the "Supplemental Resolution"); and #556265 v6 2 4 WHEREAS, there has been submitted to the Board the form of(i) this Ordinance authorizing the issuance ofthe Bonds, (ii) the Registrar Agreement (as defined hereinafter), (iii) the Continuing Disclosure Certificate (as defined hereinafter), and (iv) the Bond Purchase Agreement (as defined hereinafter); and WHEREAS, the Board desires to approve the form of such documents, authorize the execution thereof, and authorize the issuance of the Bonds pursuant to this Ordinance; and VÂ·,03-ZZLEAS. DurSUa.Il[ to Se# ,.uÂ·.i 13-3-308, be:Iion 32-1-902(3), and Section 24-ia-: i ~, . 4 1 1 A Colorado Revised Statutes (" C.R.S."), no member ofthe Board has any substailtial financial interest in the subject of this Ordinance, or any personal or private interest. whether or not financial, in the subject ofthis Ordinance; and WHEREAS, bonds of the Town may be sold by public or private sale to the best advantage of the Town and the Board determined to sell the Bonds at a negotiated sale after requesting proposals from prospective purchasers; and WHEREAS, the Board further determined to engage James Capital Advisors, Inc., ofDenver Colorado as financial advisor to the Town ("James Capital Advisors" or the "Financial Advisor"); TIC TOWN OF ESTES PARK, COLOPÂ·DO, OREVJNS: Section 1. Definitions. In this Ordinance the following terms have the following respective meanings unless the context hereo f clearly requires otherwise: Acquire or Acquisition: the design, construction, reconstruction, purchase, lease, gift, transfer, assignment, of' :ion to purchase, grant from the federal government or any public body or other person, endowment, bequest, devise, installation, condemnation, contract. or other acquirement or other provision, or any combination thereof, offacilities, other property, any project, or an interest therein. Additional Parity Bonds: any Parity Securities issued after the issuance ofthe Bonds. Board: the Board of Trustees is the governing body ofthe Town, acting as such or, as the conzexI requires, acting as the governing body of the Enterprise. Bond Year: the twelve (12) months commencing on the second day ofNovember in a given year and ending on the first day of November the next succeeding calendar year. Bonds: the Town ofEstes Park, Colorado, Light and Power Revenue Bonds, Series 1999, in the aggregate principal amount of $3,135,000, authorized by this Ordinance. #556265 v6 3 - Combined Maximum Annuai Debt Service Requirements: the sum oftile maximum annual payments ofprincipal of, and interest and any premium on the Bonds and all issues of Parity Securities and Subordinate Securities for which the computation is being made. Commercial Bank: a state or national bank or trust company which is a member of the Federal Deposit Insurance Corporation and of the Federal Reserve System. which has capital and surplus of$10,000,000 or more and which is located within the United States of America. Comparable Bond Year: in connection with any Fiscal Year, the Bond Year which ends in such Fiscal Year. For example, for the Fiscal Year commencing on January 1,2000, the Comparable Bond Year for the Bonds ends in 2000 on November 1. Construction Account: the special account created and referred to in Section 3.01 hereof. Continuing Disclosure Certificate: the Continuing Disclosure Certificate, in substantially the form filed with the Town at the time of introduction of this Ordinance, to be executed by the Town and dated the date of issuance and delivery of the Bonds. Cost of ihe Project: all or any part of Ihe cost of Acquisition, Improvement and Equipment of all or any part ofthe Project, including without limitation all or any property, rights, easements, privileges, agreements, and franchises deemed by the Town to be necessary or useful and convenient therefor or in connection therewith, interest or discount on the Bonds. costs of issuance of the Bonds. engineering and inspection costs and legal expenses, costs offinancial, professional, and other estimates and advice, contingencies, any administrative. operating, and other expenses of the Town prior to and during such Acquisition, Improvement and Equipment and additionally during a period of not exceeding one year after the completion thereof, as may be estimated and determined by the Town, and all such other expenses as may be necessary or incident to the financing, Acquisition, Improvement, Equipment, and completion ofthe Project or any part thereof, and the placing of the same in operation, provision of reserves for payment or security of principal of or interest on the Bonds during or after such Acquisition, Improvement or Equipment as the Town may determine, and also reimbursements to the Town or to any Person ofany moneys theretofore expended for the purposes of the Town or other public body of any moneys theretofore expended for or in connection with the Project. C.R.S.: Colorado Revised Statutes, as amended. Debt Service Requirements: the principal of, and interest on, and any premium due in connection with the redemption ofthe Bonds, any Parity Securities, or any other securities #556265 v6 4 payable from the Pledged Revenues, excluding any amounts actually on hand and irrevocably committed to the payment of Debt Service Requirements. Debt Service Reserve Account: the special account created and referred to in Section 3.05 hereof. Enterprise: the Light and Power Enterprise A 86*fi~ied by Ordinance of the Town on September 28, 1999. Event of Default: any one of the events described in Section 8.01 hereof. Excess Investment Earnings Account: the special account created and referred to in Section 3.10 hereof. Federal Securities: bills, certificates ofindebtedness, notes, orbonds which are direct obligations of, or the principal and interest of which obligations are unconditionally guaranteed by, the United States of America. Financial Guaranty Insurance Policy: the financial guaranty insurance policy issued bv the Insurer insuring the payment when due o f the principal of and interest on the Bonds 1 1 1. as proviciecl uierein. Finance Officer: the Director of Finance of the Town. Fiscal Year: the twelve (12) months commencing on the first day of January of any calendar year and ending on the last day of December of such calendar year or such other twelve-month period as may from time to time be designated by the Board or by State statute as the Fiscal Year of the Town. Improve or Improvement: the addition, extension, enlargement, betterment, replacement or improvement or any combination thereof, of facilities, other property, any proj ect, or any interest therein, but not including reconstruction, replacement, repair or other renewal of existing facilities that does not increase the capacity of the Light and Power Facilities. Income: all income from the rates, fees, and charges imposed by the Town for the light and power facilities and services, together with all interest income of the Light and Power Enterprise Fund; provided however, that no retained earnings shall ever be included as Income. EM422Â£1?GlidÂ¢:0*6.<89&~5121~61ibjfi-i-*ii@dfb**fid'-4nUâ‚¬Pjiu*8*iâ‚¬f@ Mt- : - :-** ,6.*t-~.901 8 44-*+71â‚¬9â€¢Â» 4 14Â·1~-Â·./49'1 -" 2ieUuled:Nvmelitofprinbivar.of alia Intere*'Onithe.BUdk Wlieki dUff ~ A. -AA....#...m 63.9,/2~.**1*,-m/*eeâ‚¬*-. 4--Â·,4,ni,4 Â·I# #556265 v6 U i*eg:4291282/.:vatr.iARm I - .i . 0 ---MI--~.:-8....: V --' ' A. @fE*Kfi&228Â£TmerdiordÂ¢ik&iki*.cherks A Interest Payment Date: May 1 and November 1,2000 and May 1 and November 1 of each year thereafter, through and including November 1,2014. Light and Power Enterprise Fund: the enterprise fund of the Town used to account for revenues and expenditures of the Enterprise. Light and Power Facilities: all light and power facilities pf the Town used in providing electric power to customers, including but not limited to two duplex substations, distribution and transmission facilities, and any light and power facilities specifically added to this definition from time to time by Ordinance of the Town. Maximum Annual Debt Service Requirements: with respect to the Bonds and each issue of Parity Securities for which the computation is being made, the largest amount of Debt Service Requirements coming due in any single Bond Year when such Bonds or Parity Securities are Outstanding. Creration and Maintenance Account: the special account created and referred IO in Section 3.03 hereo f. Operation and Maintenance Expenses: such reasonable and necessary current expenses ofthe Enterprise, paid or accrued, of operating, maintaining and repairing the Light and Power Facilities as may be determined by the Board. The term may include, at the option of the Board. except as limited by contract or otherwise limited by law, without limiting the generality of the foregoing: (a) Engineering, auditing, legal and other overhead expenses directly related and reasonably allocable to the administration, operation and maintenance of the Light and Power Facilities; (b) Insurance and surety bond premiums appertaining to the Light and Power Facilities; (c) The reasonable charges of any paying agent, registrar, transfer agent, depository or escrow bank appertaining to the Light and Power Facilities or any bonds or other securities issued therefor; (d) Annual payments to pension, retirement, health and hospitalization funds appertaining to the Light and Power Facilities; #556265 v6 6 I I. -- (e) Any assessments or franchise fees; (f) Ordinary and current rentals of equipment orotherproperty under any operating leases and rentals with respect to capital leases if the payment of such capital leases is made subject to annual appropriation by the Board; (g) Contractual services, professional services, salaries, administrative expenses, and costs of labor appertaining to the Light and Power Facilities and the cost of materials and supplies used for current operation or routine maintenance and repair of the Light and Power Facilities; (h) Repairs and replacements of equipment and other parts of the Light and Power Facilities necessary to maintain the revenue producing capacity thereof; (i) The costs incurred in the collection of all or any part of the Income; 0) All costs to purchase power and any costs ofutilie services furnished to the Light and Power Facilities; and (k) Reasonable indirect administrative costs incurred forthe benefir ofthe .1. 1 LignÂ£ and Power ric:imes; (1) Costs of any professional services related to the calculation, payment or application for refund of arbitrage rebate; (m) Any other such expenses considered in determining the amount of fees and charges imposed to cover costs of operation and maintenance of the Light and Power Facilities. Except as expressly provided herein, "Operation and Maintenance Expenses" does not include: (a) Any allowance for depreciation; (b) Any payments in lieu of taxes; (c) Any costs of Improvement, extensions, or betterments; (d) Any accumulation of reserves for capital replacements; (e) Any accumulation of reserves for operation, maintenance, or repair of the Light and Power Facilities; #556265 v6 7 =r. (f) Any allowance for the redemption of any bonds or other securities or the payment of any interest thereon; (g) Any liabilities incurred in the Acquisition of any properties comprising the Light and Power Facilities or any existing properties comprising the Light and Power Facilities or any combination thereof; and (h) Any other ground of legal liability not based on contract. Ordinance: this Ordinance authorizing the issuance of the Bonds, including any amendment,hereto. Outstanding: as ofany particular date, all the Bonds, Additional Parity Bonds, Parity Securities or any such other securities payable in whole or in part from the Pledged Revenues which have been authorized, executed and delivered. except the following: (a) Any Bond, Additional Parity Bond, Parity Security or other security canceled by the Paying Agent or otherwise on behalf ofthe Town on or before such date; (b) Any Bond, Additional Parity Bond, Parity Security or other security held by or on behalf of the Town; (c) Any Bond. Additional Parity Bond, Parity Security or other security of the Town for the payment or the redemption of which moneys or Federal Securities sufficient (including the known minimum yield available for such purpose from Federal Securities in which such amount wholly or in part may be initially invested) to pay all of the Debt Service Requirements of such Bond, Additional Parity Bond, Parity Security or other security to the maturity date or specified Redemption Date thereof shall have theretofore been deposited in escrow or in trust with a Trust Bank for that purpose; and (d) Any lost, destroyed, or wrongfully taken Bond, Additional Parity Bond. Parity Security or other security of the Town in lieu of or in substitution for which another bond or other security shall have been executed and delivered. Owner: the holder of any bearer instrument or registered owner of any registered instrument. Parity Securities: bonds, warrants, notes securities, leases or other contracts payable from the Pledged Revenues equally or on a parity with the Bonds. #556265 v6 8 Paying Agent: The Bank ofCherry Creek, N.A., or its successor, which shall perform the function of paying agent with respect to the Bonds. Permitted Investments: any investment which, as ofthe time made, is permitted by the laws ofthe State and tbÂ£policies ofthe Town pertaining to Town investments to be made - ... #Â·â€¢-7 t'.,Â·M with Town funds;* provi*iftnd-tÂ§liElilifvestiÂ¥ient mgfEE?dtdditIeastinfeitment flpadebit . ; - . 4, 2 17"* Stahdayd 82;Roorfs)iafliigs. Servlcehndlbâ‚¬M64#Â£~A**zqi@g*edÂ®- Persen: arly incii viduai: firm, partnership, Corporation, Company, association, joint stock association, limited liability company or body politic or any trustee, receiver, assignee or similar representative thereof. Pledged Revenues: all Income remaining after the deduction of Operation and Maintenance Expenses. Principal and Interest Account: the special account created and referred to in Section 3.04 hereof. Project: (i) financing the relocation and improvement of one of the Town's two electric substations and certain other improvements to the Town's light and power facilities; (ii) funding the Debt Service Reserve Account; and (iii) paying the costs of issuing the Bonds. Purchaser: George K. Baum & Company, Denver, Colorado, and its associates, if arry. Record Date: the fifteenth day of the calendar month next preceding an Interest Payment Date for the Bonds. Redemption Date: the date fixed for the redemption prior to maturity of any Bonds or other designated securities payable from the Pledged Revenues in any notice of prior redemption given by or on behalf of the Town. Registrar: The Bank ofCherry Creek, N.A., or its successors and assigns, which shall perform the function of bond registrar with respect to the Bonds. Registrar Agreement: the agreement dated as of December 1, 1999, between the Town and the Registrar and Paying Agent. Security or Securities: any bond issued by the Town or any other evidence of the advancement of money to the Town. #556265 v6 9 State: the State of Colorado. Subordinate Bonds or Subordinate Securities: bonds or securities payable from the Pledged Revenues having a lien thereon subordinate or junior to the lien thereon of the Bonds. Superior Bonds or Superior Securities: bonds or securities payable from the Pledged Revenues having a lien thereon superior or senior to the lien thereon of the Bonds. Supplemental Resolution: the resolution ofthe Board setting forth and ratifying the actual net effective interest rate, actual maturity schedule, actual interest rates on the serial maturities, and actual prior redemption feature for the Bond. Town: the Town of Estes Park, in Larimer County, Colorado, acting as such or, as the context requires, acting by and through, and as the operator of, the Enterprise. Trust Bank: a Commercial Bank which is authorized to exercise and is exercising trust powers. Section 1. Construction. This Ordinance, except where the context by clear implication herein otherwise requires, shall be construed as follows: (1) Words in the singular include the plural, and words in the plural include the singular. (2) Words in the masculine gender include the feminine and the neuter, and when the sense so indicates words of the neuter gender refer to any gender. (3) Sections, subsections, paragraphs and subparagraphs mentioned by number, letter, or otherwise, correspond to the respective sections, subsections, paragraphs and subparagraphs of this Ordinance so numbered or otherwise so designated. (4) The lead lines applied to sections and subsections of this Ordinance are inserted only as a matter of convenience and ease ofreference and in no way define or limit the scope or intent of any provisions of this Ordinance. Section 2. Authorization. The Bonds, payable as to all Debt Service Requirements solely out of Pledged Revenues, are hereby authorized to be issued in the aggregate principal amount of $3,135,000 inaccordance with the Colorado Constitution, particularly Article X, Section 20 thereof, Title 31, Article 15, Parts 3 and 7, C.R.S., and all other laws thereunto appertaining. #556265 v6 10 1 - Section 3. Bond Details. The Bonds shall be issued by the Board, as the governing body of the Enterprise, in fully registered form in denominations of$5,000 or any integral multiple thereof, provided that no Bond shall be issued in any denomination larger than the aggregate principal amount maturing on the maturity date of such Bond and that no Bond shall be made payable on more than one maturity date. The Bonds shall be issued in the aggregate principal amount of$3,135,000 and dated December 1, 1999, and shall be numbered from one upward and bear interest at the rates to be set forth and ratified in the Supplemental Resolution. Interest is payable commencing on May 1,2000, and semiannually thereafter on November 1 and May 1 of each year, except that Bonds which are reissued upon transfer, exchange, or other replacement shall bear interest at the rates shown below from the most recent interest payment date to which interest has been paid or duly provided for, or if no interest has been paid, from the date of the Bonds. The Bonds shall mature according to the schedule to be set forth and ratified in the Supplemental Resolution. The maximum net effective interest rate authorized for the Bonds is A 6.00%. The actual net effective interest rate on the Bonds, which shall not exceed such maximum, shall be as set forth and ratified in the Supplemental Resolution. Section 4. Book Entrv. Notwithstanding any contrary provision ofthis Ordinance, the Bonds initially shall be evidenced by one Bond for each maturity in denominations equal to the aggregate principal amount ofthe Bonds of such maturity. Such initially delivered Bonds shall be registered in the name of "Cede & Co." as nominee for DTC. The Bonds may not thereafter be transferred or exchanged except: (1) to any successor of DTC or its nominee. which successor must be both a "clearing corporation" as defined in Section 4-8-102(3), C.R.S., and a qualified and registered "clearing agency" under Section 17A ofthe Securities Exchange Act of 1934, as amended; or (2) upon the resignation ofDTC or a successor or a new depository under part (1) or this part (2) of this section, or a determination by the Board that DTC or such successor or a new depository is no longer able to carry out its functions, and the designation by the Board of another depository acceptable to the Board and to the depository then holding the Bonds. which new depository must be both a "clearing corporation" as defined in Section 4-8-102(3), C.R.S.. and a qualified and registered "clearing agency" under Section 17A of the Securities Exchange Act of 1934, as amended, to carry out the functions of DTC or such successor new depository; or (3) upon the resignation ofDTC or a successor or new depository under part (1) or part (2) of this section, or a determination of the Board that DTC or such successor or new depository is no longer able to carry out its functions, and the failure by the Board, after reasonable investigation, to locate another depository under part (2) of this section to carry out such depository functions. #556265 v6 11 In the case of a transfer to a successor of DTC or its nominee as referred to in part (1) above, uponreceipt ofthe outstanding Bonds by the Registrar together with written instructions for transfer satisfactory to the Registrar, a new Bond for each maturity of the Bonds then outstanding shall be issued to such successor or new depository, as the case may be. or its nominee. as is specified in such written transfer instructions. In the case of a resignation or determination under part (3) above and the failure after reasonable investigation to locate another qualified depository for the Bonds as provided in part (3) above, and upon receipt ofthe outstanding Bonds by the Registrar, together with written instructions for transfer satisfactory to the Registrar, new Bonds shall be issued in denominations of $5,000 or any integral multiple thereof registered in the names of such persons, and in such authorized denominations as are requested in such written transfer instructions; provided however, that the Registrar shall not be required to deliver such new Bonds Within a period of less than 60 days from the date of receipt of such written transfer instructions. The Board and the Registrar shall be entitled to treat the Owner of any Bond as the absolute owner thereof for all purposes hereof and any applicable laws, notwithstanding any notice to the contrary received by any or all of them and the Board and the Registrar shall have no responsibility for transmitting payments or notices to the "Beneficial Owners" ofthe Bonds held by DTC or any successor or new depository- named pursuant zo this section. The Board and the Registrar shall endeavor to cooperate with DTC or any successor or new depository named pursuant to part (1) or part (2) above in effectuating payment of the principal amount of the Bonds upon maturity or prior redemption by arranging for payment in such a manner that funds representing such payments are available to the depository on the date they are due. Upon any partial redemption of any maturity ofthe Bonds. Cede & Co., (or its successor) in its discretion may request the Town to issue and authenticate a new Bond or shall make an appropriate notation on the Bond indicating the date and amount of prepayment, except in the case of final maturity, in which case the Bond must be presented to the Registrar prior to payment. The records of the Paying Agent shall govern. in the case of any dispute as to the amount of any partial prepayment made to Cede & Co. (or its successor). Section 5. Pavment of Bonds: Paving Agent and Registrar. The principal of any Bond is payable in lawful money ofthe United States ofAmerica to the Owner ofsuch Bond at the principal office of the Paying Agent. Presentation and surrender of the Bonds is required upon maturity or prior redemption thereo f. If any Bond shall not be paid upon such presentation and surrender at or after maturity, it shall continue to draw or accrue interest at the interest rate borne by said instrument until it is paid in full. Interest on the Bonds is payable to the person in whose name such Bond is registered, at his address as it appears on the registration books maintained by or on behalf of the Town by the Registrar, at the close of business on the Record Date, irrespective of any transfer or exchange of such Bond subsequent to such Record Date and prior to such interest payment date. Such payment #556265 v6 . I .- snail oe made by check or draft maiied on or before the interest payment date to such Owner. All such payments shall be made in lawful money of the United States of America, without deduction for services of the Registrar or Paying Agent. If the date fer making any payment or performing any action hereunder shall be a legal holiday or a day on which the principal office of the Registrar is authorized or required by law to remain closed, such payment may be made or act performed on the next succeeding day which is not a legal holiday or a day on which the principal office of the Registrar is authorized or required by law to remain closed. The principal of and interest on the Bonds shall be paid in accordance with the terms of the Registrar Agreement. Section 6. Prior Redemption. Certain of the Bonds will be subject to redemption prior to maturity, at the option of the Town, as a whole or in integral multiples of $5,000, as set forth and ratified in the Supplemental Resolution. If less than all of the Bonds within a maturity date are to be redeemed on any prior redemption date, the Bonds to be redeemed shall be selected by lot not less than fifty (50) days prior to the date fixed for redemption, as the Registrar shall determine. The Bonds shall be redeemed oniy in integral multiples of $5,000. In the event a Bond is of a denomination larger than $5,000, a portion of such Bond may be redeemed, but only in the principal amount of $5,000 or any integral multiple thereof. Such Bond shall be treated for the purposes of redemption as that number of Bonds which results from dividing the principal amount of such Bond by $5,000. In the event any ofthe Bonds or portions thereof(which shall be in amounts equal to $5,000 or any integral multiple thereo f) are called for redemption as aforesaid, notice thereof identifying the Bonds or portions thereof to be redeemed will be given by the Registrar by mailing a copy of the redemption notice by first class mail (postage prepaid) not less than thirty (30) days prior to the date fixed for redemption, to the Owner of each Bond to be redeemed in whole or in part at the address shown on the registration books maintained by the Registrar. Failure to give such notice by mailing to any Owner, or any defect therein, shall not affect the validity of any proceeding for the redemption of other Bonds. All Bonds so called for redemption will cease to bear interesI after the scecifÂ·-' redemption date, provided funds for their redemption are on deposit at the place of payment at that time. In addition to the foregoing notice, further notice may be given by the Paying Agent in order to comply with the requirements of any depository holding the Bonds but no defect in said further notice nor any failure to give all or any portion of such further notice shall in any manner defeat the effectiveness of a call for redemption if notice thereof is given as above prescribed. #556265 v6 13 .. Section 7. Form ofBonds. The Bonds shall be signed with the manual or facsimile signature of the Mayor of the Town, sealed with a facsimile or manual impression of the seal of the Town, attested by the manual or facsimile signature of the Town Clerk, and countersigned by the Town Treasurer. Should any officer whose manual or facsimile signature appears on the Bonds cease to be such officer before delivery of the Bonds, such manual or facsimile signature shall nevertheless be valid and sufficient for all purposes. The Bonds shall be in substantially the following form: #556265 v6 14 (Form of Bond) No. R- $ UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF LARIMER TOWN OF ESTES PARK LIGHT AND POWER REVENUE BOND, SERIES 1999 ORIGINAL INTEREST RATE MATURITY DATE ISSUE DATE CUSIP % November 1, December 1,1999 REGISTERED OWNER: PRINCIPAL, AMOUNT: DOLLARS The Town o f Estes Park (the "Town"), in the County of Larimer, in the State of Colorado, a municipal corporation duly organized and operating under the constitution and laws of the State of Colorado, for value received, hereby promises to pay to the registered owner named above, or registered assigns, on the maturity date specified above or on the date of prior redemption: the principal amount specified above. In like manner the Town promises to pay interest on such principal amount (computed on the basis of a 360-day year of twelve 30-day months) from the interest payment date next preceding the date ofregistration and authentication of this Bond, unless this Bond is registered and authenticated prior to May 1,2000, in which event this Bond shall bear interest from December 1,1999, at the interest rate per annum specified above. Interest on this Bond is payable semiannually on May 1 and November 1 each year, commencing on May 1,2000, until the principal amount hereof is paid at maturity. The principal of this Bond is payable in lawful money of the United States of America to the registered owner upon maturity or prior redemption and presentation and surrender hereof at The Bank of Cherry Creek, N.A., in Denver, Colorado. or at the principal office of its successor, as Paying Agent. Payment of each installment of interest hereon shall be made to the registered owner hereof whose name shall appear on the registration books ofthe Town maintained by or on behalf of the Town by The Bank of Cherry Creek, N.A., in Denver, Colorado, or by or on behalfofits successor as Registrar, at the close of business on the fifteenth day ofthe calendar month next preceding each interest payment date (the "Record Date"), and shall be paid by check or draft mailed on or before #556265 v6 4 - the interest payment date to such registered owner at his address as it appears on such registration books. If the date for making any payment or performing any action shall be a legal holiday or a day on which the principal office of the Paying Agent is authorized or required by law to remain closed, such payment may be made or act performed on the next succeeding day which is not a legal holiday or a day on which the principal office ofthe Paying Agent is authorized or required by law to remain closed. Bonds of this series maturing on and before November 1, , are not subject to optional redemption prior to their maturities. Bonds ofthis series maturing on and after November 1, , are subject to redemption prior to maturity, at the option of the Town, as a whole or in iI.tegral multiples of $5,000, and if less than an entire maturity is to be redeemed, then by lot within such maturity, on November 1, , and on any date thereafter, upon payment of par and accrued interest, plus a redemption premium expressed as a percentage of the principal amount so redeemed as follows: Redeinction Date Redemption Premium This Bond is one of a series aggregating Three Million One Hundred Thirty-Five Thousand Dollars ($3,135,000) par value, all of like date. tenor, and effect except as to number, principal amount, interest rate, and date of maturity, issued by the Board of Trustees of the Town of Estes Park: in the County of Larimer, in the State of Colorado, for the purpose of: (i) financing the relocation and improvement of one of the Town's two electric subsia[ions and certain other improvements to the Town's light andpower facilities; (ii) funding adebt service reserve fund; (iii) ; and (iv) paying the costs of issuing the Bohds. This Bond is issued under the authority ofand in full conformity with the constitution of the State of Colorado; Title 31 Article 15, Parts 3 and 7, Colorado Revised Statutes; all other laws ofthe State ofColorado thereunto enabling; and pursuant to the Bond Ordinance. It is hereby recited, certified, and warranted that all ofthe requirements of law have been fully complied with by the proper officers in issuing this Bond. This Bond is a special, limited obligation payable soleiy out of and secured by an irrevocable and first lien (but not necessarily an exclusive such lien) on the Pledged Revenues, as more specifically provided in the Bond Ordinance. This Bond does not constitute a debt or an indebtedness or a multiple-fiscal year debt or other financial obligation of the Town within the meaning ofany constitutional or statutory provision or limitation. This Bond is notpayable in whole or in part from the proceeds of general property taxes or any other form of taxation, and the full faith and credit of the Town is not pledged for the payment of the principal of or interest on this Bond. #556265 v6 16 Payment of the principal of and interest on this Bond is to be made solely from, and as security for such payment there are irrevocably (but not necessarily exclusively) pledged, pursuant to the Bond Ordinance, two special accounts, thereby identified as the Principal and Interest Account and the Debt Service Reserve Account, into which the Board of Trustees (the "Board") ofthe Town, acting as the governing body of the Light and Power Enterprise ofthe Town, has covenanted in the Bond Ordinance to pay, from certain revenues derived from the operation and use of and otherwise pertaining to the Light and Power Facilities of the Town (the "Income" as defined in the Bond Ordinance) after provision is made only for the payment of all necessary and reasonable current expenses of operating, maintaining and repairing the Light and Power Facilities (such remaining revenues being referred to as the "Pledged Revenues"), sums sufficient to pay when due the principal of and interest on the Bonds and any parity securities payable from such revenues. It is hereby recited, certified and warranted that for the payment of the principal of and interest on this Bond, the Town has created and will maintain said special funds and will deposit the Pledged Revenues therein, and out of said special funds, as an irrevocable charge thereon, will pay the principal of and interest on this Bond in the manner provided by the Bond Ordinance. The Bonds of this issue are equitably and ratably secured by the lien on the Pledged Revenues. Bonds and other types of securities, in addition to the Bonds of this issue: subject to expressed Condi:ions: may be issued and made payable from the Pledged Revenues having a lien thereon subordinate and junior to the lien of the Bonds of [his issue or, subject to additional expressed conditions, having a lien thereon on a parity with the lien of such Bonds in accordance with the provisions of the Bond Ordinance. The Board, acting as the governing body of the Light and Power Enterprise of the Town. covenants and agrees -with the Registered Owner that it will keep and will perform all of the covenants of this Bond ..r..:i of the Bond Ordinance. Reference is made hereby to the Bond Ordinance, and to any and all modifications and amendments thereof, for a description ofthe provisions, terms and conditions upon which the Bonds of this issue are issued and secured, including, without limitation, the nature and extent of the security for the Bonds, provisions with respect to the custody and application of the proceeds ofthe Bonds, the collection and disposition of the revenues and moneys charged with and pledged to the payment of the principal of and interest on the Bonds, the terms and conditions on which the Bonds are issued, a description of the special funds referred to above and the nature and extent of the security and pledge afforded thereby for the payment of the principal of and interest on the Bonds, and the manner of enforcement of said pledge, as well as the rights, duties, immunities and obligations of the Town and the members of its Board, acting as such and as the governing body of the Light and Power Enterprise of the Town, and also the rights and remedies of the registered owners of the Bonds. #556265 v6 17 , To the extent and in the respects permitted by the Bond Ordinance, the provisions of the Bond Ordinance, or any instrument amendatory thereof or supplemental thereto, may be modified or amended by action of the Board taken in the manner and subject to the conditions and exceptions provided in the Bond Ordinance. The pledge of revenues and other obligations ofthe Town and its Light and Power Enterprise under the Bond Ordinance may be discharged at or prior to the maturity or prior redemption of the Bonds upon the making of provision for the payment of the Bonds on the terms and conditions set forth in the Ordinance. Bonds of this series will be redeemed only in integral multiples of $5,000. In the event a Bond is of a denomination larger than $5,000, a portion of such Bond may be redeemed, but only in the principal amount of $5,000 or any integral multiple thereof. Such Bond will be treated for the purposes of redemption as that number of Bonds which results from results from dividing the principal amount of such Bond by $5,000. Notice ofprior redemption shall be given by mailing a copy ofthe redemption notice, not less than thirty (30) days prior to the date fixed for redemption, to the registered owner of this Bond at the address shown on the registration books maintained by the Registrar, in the manner set forth in the authorizing Bond Ordinance. All Bonds called for redemption will cease to bear interest after the specified redemption date, provided funds for their redemption are on deposit at the place of payment ac tnat ./.119â€¢ *The Town and the Registrar shall not be required to issue or transfer any Bonds during the period beginning on any date of selection of Bonds to be redeemed and ending at the opening of business on the day on which the applicable notice ofredemption is mailed. The Registrar shall not be required to transfer any Bonds selected or called for redemption, in whole or in part. The Town, the Paying Agent, and the Registrar may deem and treat the registered owner of any Bond as the absolute owner thereof for all purposes (whether or not such Bond shall be overdue) and any notice to the contrary shall not be binding upon the Town, the Paying Agent, or the Registrar. This Bond may be exchanged at the principal office of the Registrar for a like aggregate principal amount of Bonds of the same maturity of other authorized denominations. This Bond is transferable by the registered owner hereof in person or by his attorney duly authorized in writing, at the principal office of the Registrar, but only in the manner, subject to the limitations, and upon payment ofthe charges provided in the Bond Ordinance and upon surrender and cancellation of this Bond. This Bond may be transferred upon the registration books upon delivery to the Registrar of this Bond. accompanied by a written instrument or instruments oftransfer in form and with guaranty of signature satisfactory to the Registrar, duly executed by the owner of this Bond or his attorney-in-fact or legal representative, containing written instructions as to the details ofthe transfer ofthe Bond, along with the social security number or federal employer identification number ofthe transferee. In the event of the transfer of this Bond, the Registrar shall enter the transfer of ownership in the registration books and shall authenticate and deliver in the name of the transferee or transferees a new fully registered Bond or Bonds of authorized denominations of the same #556265 v6 1 8 - maturity and interest rate for the aggregate principal amount which the registered owner is entitled to receive at the earliest practicable time. The Registrar shall charge the owner of this Bond for every such transfer or exchange an amount sufficient to reimburse it for any reasonable fee, any tax or other governmental charge required to be paid with respect to such transfer or exchange.* **The Bonds are not transferable or exchangeable, except as set forth in the Bond Ordinance. ** * *Upon any partial redemption o f this Bond, Cede & Co. in its discretion may request the Registrar to authenticate a new Bond or make art appropriate notation on this Bond indicating the date and amount ofprepayment, except in the case of final maturity, in which case this Bond must be presented to the Registrar prior to final payment.** This Bond shall not be valid or become obligatory for any purpose or be entitled to any security, or benefit under the Bond Ordinance until the certificate of authentication hereon shall have been signed by the Registrar. IN TESTIMONY WHEREOF. the Board of Trustees of the Town of Estes Park, Larimer County, Colorado. has caused this Bond to be signed by the manual or facsimile signature of the Mayor of the Town, sealed with an impression or a facsimile of the seal ofthe Town, attested by the manual or facsimile signature of the Town Clerk, and countersigned by the Town Treasurer, all as of the 1 st day of December, 1999. TOWN OF ESTES PARK. LARIMER COUNTY. COLORADO (FACSIMILE SEAL) By: (Manual or Facsimile Signaturel Mayor ATTESTED: COUNTERSIGNED: By: (Manual or Facsimile Signature) By: (Manual or Facsimile Signature) Town Clerk Treasurer #556265 v6 ., (Form ofRegistrar's Certificate ofAuthentication) CERTIFICATE OF AUTHENTICATION This Bond is one of the Bonds of the issue described in the within-mentioned Bond Ordinance. Date of Registration THE BANK OF CHERRY CREEK. N.A. and Authentication: Denver, Colorado, as Registrar By: Authorized Signatory (End of Form of Registrar's Certificate of Authentication) (Fdrm>of Statement: of Insurance) L - r Â·* *. - rSTA#EkENT OF-INS#RANCE Financiat Security Â·Assuran,co I.ic. ( 'Fihianciaf Security'Di,New York; New,York, has delivered.its rAnitil*bbnEir?surance policy:witkpespect tdÂ·tliegkcliddilled phymentiÂ®e of piincipal:of'And ihterdst on 2164Â§ Boncito Thf Bank of.Cherry Creek. N.A.,in Denyer, â‚¬olorado, or.itsÂ·luccessor as ... .4, ./ J 9 ... A ... &. paying agentÂ®r thEBonds (the."Phying Agent")." Said Policy is oq file and"Availablk for inÂ®ectiOn Â£it thefgÂ®dibig office: of the.Paying Agent; m-d a copythereof.mky- Be'obtaihed'.ffom<Finanal Secufity*r tlid Paying.Agent. al/:A n. -(End'ofForni of Sratement of Insurande) #556265 v6 20 I .Ii;i **(Form of Prepayment Panel) The following installments ofprincipal (orportion thereof) ofthis Bond have been prepaid in accordance with the terms of the Bond Ordinance authorizing the issuance of this Bond. Signature of Date of Principal Authorized Prepayment Prepaid Representative of the Depositorv (End of Form of Prepayment Panel) *Insert if the Bonds are delivered pursuant to Section 10 of the Bond Ordinance. **Insert only ifthe Bonds are initially delivered to The Depository Trust Company pursuant to Section 4 of the Bond Ordinance. #556265 v6 21 (Form of Transfer) ASSIGNMENT FOR VALUE RECEIVED, the undersigned sells, assigns, and transfers unto SOCIAL SECURITY OR FEDERAL EMPLOYER IDENTIFICATION NUMBER OF ASSIGNEE (Name and Address of Assignee) the within Bond and does hereby irrevocably constitute and appoint , attorney. to transfer said Bond on the books kept for registration thereof with full power of substitution in the premises. Dated: Signature of Registered Owner: NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears upon the face ofthe within Bond in every particular, without alteration or enlargement or any change whatsoever. Signature guaranteed: (Bank, Trust Company, or Firm) (End of Form of Transfer) #556265 v6 22 h -- Section 8. Authentication. No Bond shall be valid or obligatory for any purpose or be entitled to any security or benefit under this Ordinance unless and until a certificate of authentication on such Bond substantially in the form herein above set forth shall have been duly executed by the Registrar, and such executed certificate of the Registrar upon any such Bond shall be conclusive evidence that such Bond has been authenticated and delivered under this Ordinance. The Registrar's certificate of authentication on any Bond shall be deemed to have been executed by it if signed by an authorized officer or signatory of the Registrar. Section 9. Delivery ofBonds. Upon the adoption ofthis Ordinance, the Town shall execute one Bond for each maturity and shall deliver them to the Registrar. The Registrar shall authenticate the Bonds and deliver them to DTC, as directed by the Town. Section 10. Registration. Exchange and Transfer of Bonds: Persons- Treated as Owners. Subject to Section 4 hereof, the Registrar shall maintain the books of the Town for the registration of ownership of each Bond as provided in this Ordinance. Except as otherwise provided herein, Bonds may be exchanged at the principal office ofthe Registrar for a like aggregate principal amount of Bonds ofthe same maturity of other authorized denominations. Bonds may be transferred upon the registration books upon delivery of the Bonds to the Registrar, accompanied by a written instrument or instruments of transfer in form and with guaranty of signature satisfactory to the Registrar, duly executed by Ihe Owner ofthe Bonds to be transferred or his attorney-in-fact or legal representative, containing written instructions as to the details of the transfer o f such instrument or 1 â€¢1 instrumenTS. along wi[h ihe social securic,- number .or federal employer identification number of such transferee. No transfer o f anv Bond shall be effecive until entered on the registration books. In all cases ofthe transfer ofa Bond, the Registrar shall enter the transfer of ownership in the registration books and shall authenticate and deliver in the name of the transferee or transferees a new fully registered Bond or Bonds of authorized denominations ofthe same maturity and interest rate or yield, for the aggregate amount which Owner is entitled to receive in payment at the earliest practicable time in accordance with the provisions ofthis Ordinance. The Registrar shall charge the Owner of the Bond for every such transfer or exchange an amount sufficient to reimburse it for any reasonable fees and any tax or other governmental charge required to be paid with respect to such transfer or exchange. The Town and Registrar shall not be required to issue or transfer any Bonds during the period beginning on any date o f selection of Bonds to be redeemed and ending at the opening of business on the day on which the applicable notice of redemption is mailed. The Registrar shall not be required to transfer any Bonds selected or called for redemption, in whole or in part. New Bonds delivered upon any transfer shall be valid special, limited obligations of the Town, evidencing the same obligation as the Bonds surrendered, shall be secured by this Ordinance, and shall be entitled to all of the security and benefits hereof to the same extent as the Bonds surrendered. #556265 v6 23 -- .. The Town, the Paying Agent, and the Registrar may deem and treat the Owner of any Bond as the absolute owner Ihereof for all purposes (whether or not such Bond shall be overdue), and any notice to the contrary shall not be binding upon the Town, the Paying Agent, or the Registrar. Section 11. Cancellation ofBonds. Whenever any outstanding Bond shall be delivered to the Registrar for cancellation pursuant to this Ordinance and upon payment of the principal amount and interest represented thereby, or whenever any outstanding Bond shall be delivered to the Registrar for transfer or exchange pursuant to the provisions hereof, such Bond shall be canceled by the Registrar and counterparts of a certificate of cancellation evidencing such cancellation shall be furnished by the Registrar to the Town. Section 12. Lost Bonds. Any Bond that is lost, stolen, destroyed, or mutilated may be replaced or paid by the Registrar in accordance with and subject to the limitations of applicable law. The applicant for any such replacement Bond shall post such security, pay such costs, and present such proofofownership and loss as may be required by applicable law, or in the absence ofspecific requirements, as may be required by the Registrar. Section 13. Funds and Accounts. The proceeds of the Bonds, and the Income, shall be deposited by the Town in the funds and accounts described in this Section 13, to be accounted for in the manner and priority set forth herein. Neither the Purchaser nor any subsequent Owner o f any Bonds shall be in any manner responsible for the application or disposal by the Town or by any of its officers. aÂ£.ents and emolovees of the money: -cri-=d from the sale cfthe Bonds or of any other I .- . - moneys designated in this Section 13. The Pledged Revenues and all moneys and securities paid or to be paid to or held or to be held in any fund or account hereunder (except the Operation and Maintenance Account and the Excess Investment Earnings Account) are hereby pledged to secure the payment of the Debt Service Requirements ofthe Bonds, subject to the provisions herein relating to the Construction Account and subject to the application of the Pledged Revenues for the payment of Debt Service Requirements of Parity Securities. This pledge shall be valid and binding from and after the date of the first deliverv of the Bonds: and the moneys, as received by the Town and hereby pledged, shall immediately be subject to the lien of this pledge without any physical delivery thereof, any filing, or further act. The lien ofthis pledge and ihe obligation to perform the contractual provisions hereby made shall have priority over any or all other olligations and liabilities ofthe Town (except as herein otherwise expressly provided), and the lien of this pied.ge skall be valid ard binding as against all parties havidg claims of any kind in tort, contract or otherwise against the Town (except as herein otherwise expressly provided), irrespective of whether such parties have notice thereof. A. Construction Account. The proceeds ofthe Bonds, except the sums, if any, required in paragraphs D and E hereof to be deposited in the Principal and Interest Account and the Debt Service Reserve Account, shall be deposited in the Construction Accounthereby created within the Light and Power Enterprise Fund and shall be maintained, used and withdrawn only as provided herein solely for the purpose of paying, or reimbursing the Town for payments of, the Cost of the Project and are pledged therefor. Any such proceeds remaining in the Construction Account after completion ofthe Project, excluding investment earnings which may be required to be rebated to the #556265 v6 24 . federal government, shall be deposited in the Principal and Interest Account and used first to pay the costs ofany additional capital improvements that the Town may determine to bepart ofthe Project; then to be used for the purposes ofthe Principal and Interest Account or shall be used to the extent feasible to call and redeem Bonds in advance ofmaturity. The Town shall use any proceeds ofthe Bonds credited to the Construction Account, without further order, to pay the Debt Service Requirements of the Bonds as the same become due whenever and to the extent moneys in the Principal and Interest Account and the Debt Service Reserve Account or moneys otherwise available therefor are insufficient for that purpose, unless such proceeds shall be needed to defray obligations accrued and to accrue under any contracts then existing and pertaining to the Project. Any moneys so used shall be restored to the Construction Account from the first Pledged Revenues thereafter received and nor needed to meet the requirements provided in paragraphs D and E hereof. B. Light and Power Enterprise Fund. Except as otherwise provided herein, the entire Income, upon receipt thereof from time to time by the Town: shall be set aside and credited immediately to the Light and Power Enterprise Fund. In addition, the Town may at its option credit to the Light and Power Enterprise Fund any other moneys of the Town legally available for expenditure for the purposes of the Light and Power Enterprise Fund as provided herein. The Light and Power Enterprise Fund shall be administered and the moneys on deposit therein shall be deposited and applied in the following order of priority: (1) First. to the Operation and Mainrenance Accounttopay Operation and Maintenance Expenses in the manner set forth in paragraph C hereof; (2) Second, to the Principal and Interest Account to pay the Debt Service Requirements ofthe Bonds, any Additional Parity Bonds and any other Parity Securities then outstanding in the manner set forth in paragraph D hereof; (3) Third, to the Debt Service Reserve Account, in the manner set forth in paragraph E hereof; (4) Fourth, to the payment of the Debt Service Requirements of Subordinate Bonds or other Subordinate Securities in accordance with paragraph G hereof; and (5) Fifth, to be used in accordance with paragraphs F and H hereof. C. Operation and Maintenance Account. As a first charge on the Light and Power Enterprise Fund, there shall be credited from time to time to the Operation and Maintenance Account hereby created within the Light and Power Enterprise Fund moneys sufficient to pay the Operation and Maintenance Expenses of the Light and Power Facilities as they become due and payable, and thereupon the Operation and Maintenance Expenses shall be promptly paid. D. Principal and Interest Account. The Town shall deposit in the Principal and Interest Account hereby created within the Light and Power Enterprise Fund, forthwith upon receipt #556265 v6 25 .. ofthe proceeds ofthe Bonds, interest accrued thereon from their date to the date of delivery thereof to the Purchaser, to apply to the payment of interest first due on the Bonds. Subject to the payments required by paragraph C hereof, for so long as the Bonds are outstanding, the Town shall deposit inthe Principal and Interest Account from the Pledged Revenues on or before the last day of each month beginning with the month of issuance of the Bonds, the amount of interest accruing on the Bonds during said month (with a credit for the amount of any accrued interest deposited in the Principal and Interest Account and not theretofore credited) and on or before the last day ofeach month after the first Interest Payment Date ofthe Bonds, the following amounts: (1) Interest Pavments. One-sixth (1/6) ofthe aggregate amount oftile next installment of interest due in the then-current Bond Year plus any other amounts due for interest on the Bonds, any Additional Parity Bonds and any other Parity Securities then Outstanding. (2) Principal Payments. One-twelfth (1/12) of the aggregate amount of the next installment of principal due in the then-current Bond Year plus any other amounts due for principal of the Bonds, any Additional Parity Bonds and any other Parity Securities then Outstanding. Such interest and principal shall be promptly paid when due. The moneys credited to the Principal and Interest Account, excluding investment earnings which may be required to be rebated to the federal government, shall be used to pay the Debt Service Requirements of the Bonds, any Additional Parity Bonds and any other Parity Securities then Outstanding, as such Debt Service Requirements become due, except as otherwise provided in this Ordinance. The Principal and Interest Account shall also be maintained as a sinking fund for the mandatory redemption of any Bonds which are subject to mandatory sinking fund redemption. Any mandatory sinking fund redemption shall be treated as an installment ofprincipal forpurposes ofthis paragraph D. Nothing herein shall be construed to prevent the Town from creating separate principal and interest accounts for the Bonds and any Additional Parity Bonds and accounting separately for any deposits made thereto on account of the Bonds and any Additional Parity Bonds, if such action is deemed by the Town to be necessary or desirable in order to comply with any statute or regulation governing the exemption from federal income taxes of interest on the Bonds or any such Additional Parity Bonds, provided that any such separate accounts shall have claims to the Pledged Revenues equal to and on a parity with those of the other such accounts. Nothing herein shall be construed to prevent the Town from creating subfunds or subaccounts for the purpose of recording the payments and accumulations made hereunder in amanner consistent with the accounting principles which may be employed by the Town from time to time. E. Debt Service Reserve Account. From proceeds ofthe Bonds, the Town shall deposit and maintain in the Debt Service Reserve Account hereby created within the Light and #556265 v6 26 - Power Enterprise Fund a sum equal to the lesser of 10% of the proceeds of the Bonds or the Maximum Annual Debt Service Requirements of the Bonds coming due in any Bond Year, but not to exceed A $31~%00(j (the "Reserve Requirement"). Subject to the payments required by paragraphs C and D hereof. from the Pledged Revenues there shall be credited as hereinafter provided IO the Debt Service Reserve Account moneys sufficient to maintain the Debt Service Reserve Account at the Reserve Requirement. In the event that the amount of the Debt Service Reserve Account falls below the Reserve Requirement, the Town shall credit immediately to the Debt Service Reserve Account, from the Pledged Revenues. that sum of money needed to maintain the Reserve Requirement. The moneys required to be deposited in the Debt Service Reserve Account, excluding investment earnings which may be required to be rebated to the federal government and any amounts greater than the Required Reserve, shall be ser aside and maintained as a continuing reserve to be used, except as hereinafter provided in this paragraph E and Section 50 hereof, only to prevent deficiencies in payment ofthe Debt Service Requirements ofthe Bonds, any Additional Parity Bonds and any other Parity Securities then outstanding resulting from failure to deposit into the Principal and Interest Account sufficient funds to pay such Debt Service Requirements as the same become due. Nothing in this Ordinance shall be construed as limiting the right of the Town to substitute for the cash deposit required to be maintained hereunder a letter of credit. surety bond, insurance policy, agreement guaranteeing payment, or other undertaking by a financial institution to ensure that cash in the amount otherwise required to be maintained hereunder will be available to the Town as needed, provided that any such substitution shall not cause the then-current rating or ratings ofthe Bogds-to-ke advefsely affected. If suchletter:of.predit;:surety bondUhsurance policyâ€žagreemeni *Mratite'elitg payment, otothefundertaking istto Be-~rovidied bjÂ¢any entity other than theÂ®surdr, tlie~-'Fowh shall.bbtain ther written consent of the.InsurerÂ·to effed?Â·such.substitution. F. Termination of Deposits. No payment need be made into the Principal and Interest Account or the Debt Service Reserve Account if the amount in the Principal and Interest Account and the amount in the Debt Service Reserve Account total a sum at least equal to the entire amount of the Outstanding Bonds, any Outstanding Additional Parity Bonds and any other Outstanding Parity Securities, as to all Debt Service Requirements, to their respective maturities or to any Redemption Date or Redemption Dates as of which the Town shall have exercised or shall have obligated itself to exercise its option to redeem. prior to their respective maturity dates, any Bonds, any Additional Parity Bonds and any other Parity Securities. then outstanding and thereafter maturing (provided that, solely for the purpose of this paragraph F, there shall be deemed to be a credit to the Debt Service Reserve Account of moneys. Federal Securities and bank deposits, or any combination Ihereof, accounted for in any other fund or account of the Town and restricted solely for the purpose ofpaying the Debt Service Requirements ofthe Bonds, any Additional Parity Bonds or any other Parity Security), in which case moneys in the Principal and Interest Account and the Debt Service Reserve Account in an amount, except for any known interest or other gain to accrue from any investment or deposit o f moneys pursuant to Section 15 hereof from the time o f any such investment or deposit to the time or respective times the proceeds of any such investment or deposit shall be needed for such payment, at least equal to such Debt Service Requirements, shall be used together with any such gain from such investments and deposits solely to pay such Debt Service Requirements as the same become due. Any moneys in excess thereof in the Principal and Interest #556265 v6 27 .. Account and the Debt Service Reserve Account and any other moneys derived from the Income or otherwise pertaining to the Light and Power Facilities may be used in any lawful manner determined by the Town. G. Pavment of Subordinate Securities. After there has been deposited to the Principal and Interest Account an amount sufficient to pay all the Debt Service Requirements due during the current Bond Year on all Bonds, Additional Parity Bonds and other Parity Securities then Outstanding and after the replenishment of the Debt Service Reserve Account to be made in the current Bond Year have been made, any moneys remaining in the Light and Power Enterprise Fund for such Bond Year may be used by the Town for the payment of Debt Service Requirements of Subordinate Securities payable from the Pledged Revenues and authorizedto be issued in accordance with this ordinance including reasonable reserves for such Subordinate Securities; but the lien of such Subordinate Securities on the Pledged Revenues and the pledge thereoffai- the payment of such Subordinate Securities shall be subordinate to the lien and pledge ofthe Bonds, any Additional Parity Bonds and any other Parity Securities as herein provided. H. Use of Remaining Revenues. After the payments required to be made by paragraphs A through G hereof are made, at the end of any Bond Year, or whenever in any Bond Year there shall have been credited to the Principal and Interest Account and the Debt Service Reserve Account all amounts required to be deposited in those special funds during said Bond Year, as herein provided, any remaining moneys credited to the Light and Power Enterprise Fund may be used for the Acquisition of Improvements for the Light and Power Facilities or for any one or any combination of other lawful purposes as the Town may from time to time determine. I. Budget and Aporooriation ofSums. The sums provided to make the payments specified in this Section 13 are hereby appropriated for said purposes, and said amounts for each year shall be included in the annual budget and the appropriation ordinance or measures to be adopted or passed by the Board in each year respectively while any of the Bonds, either as to principal or interest are outstanding and unpaid. No provisions of any constitution, charter, statute, ordinance, this Ordinance, or other order or measure enacted after the issuance of the Bonds shall in any manner be construed as limiting or impairing the obligation ofthe Town to keep and perform the covenents contained in this ordinance so long as any of the Bonds remain Outstanding and unpaid. Nothing herein shall prohibit the Board from appropriating other funds of the Town legally available for this purpose to the Light and Power Enterprise Fund for the purposes thereof. J. Excess Investment Earnings Account. The Finance Officer shall transfer into and pay from the Excess Investment Earnings Account hereby created within the Light and Power Enterprise Fund the amount ofrequired arbitrage rebate, ifany, due to the federal government under Sections 103 and 148(f)(2) of the Internal Revenue Code of 1986, as amended, and regulations promulgated thereunder. The Finance Officer shall determine such amounts in the manner required by said sections and related regulations and Section 43 hereof. Transfer of the required arbitrage rebate amounts shall be made from the Construction Account, the Principal and Interest Account and the Debt Service Reserve Account, provided, however, that required arbitrage rebate payments shall be made to the federal government from legally available funds regardless ofwhether there are any remaining proceeds or other funds attributable to the Bonds that are available for the purpose. #556265 v6 28 .. All amounts in the Excess Investment Earnings Account, including income earned from investment thereof, shall be held by the Finance Officer free and clear of any lien created by this Ordinance, and the Finance Officer shall remit the same to the federal government from time to time as provided in Section 43(B) hereof. Section 14. Places and Times of Deposits. Each of the special funds or accounts created or referred to in Section 13 hereof shall be maintained as a book account of the Town and all moneys accounted for therein shall at all times be either deposited in a Commercial Bank or invested in Permitted Investments. For purposes of such deposits or investments of moneys, nothing herein prevents the commingling of moneys accounted for in any two or more such funds or accounts pertaining to the Income. Such funds or accounts shall be continuously secured to the fullest extent required or permitted by the laws of the State for the securing of public funds and shall be irrevocable and not withdrawable by anyone for any purpose other than the respective designated purposes of such funds or accounts. Each periodic payment shall be credited to the proper fund or account not later than the date therefor herein designated, except that when any such date shall be a Saturday, a Sunday or a legal holiday, then such payment shall be made on or before the next succeeding business day. Section 15. Investment of Funds. Any moneys in any fund or account described in Article Three hereofmay be invested, reinvested or deposited oniy in Permitted Investments. Securities or obligations so purchased as an investment of moneys in any such fund or account shall be deemed at all times to be a part of the applicable fund or account; provided that (with the exception of the Debt Service Reserve Account and the Excess Investment Earnings Account) the interest accruing on such investments and any profit realized therefrom shall be credited to the Light and Power Enterprise Fund, and any loss resulting from such investments shall be charged to the particular fund or account in question. Interest and profit realized from investments in the Debt Service Reserve Account shall be credited to the Debt Service Reserve Account. provided that. so long as the amount in the Debt Service Reserve Account equals the Required Reserve. such interest and profit may be transferred to the Principal and Interest Account and distributed in the same manner as other moneys in the Principal and Interest Account. Any loss resulting from such investments in the Debt Service Reserve Account shall be charged to the Debt Service Reserve Account. The Town shall present for redemption or sale on the prevailing market any securities or obligations so purchased as an investment ofmoneys in a given fund or account whenever it shall be necessary to do so in order to provide moneys to meet any required payment or transfer from such fund or account. The Town shall not invest any moneys accounted for hereunder if any such investment would contravene the covenant concerning arbitrage in Section 43(A) hereof. Section 16. No Liabilit:v for Losses Incurred in Performing Terms of Ordinance. Neither the Town nor any officer of the Town shall be liable or responsible for any loss resulting from any investment or reinvestment made in accordance with this Ordinance. Section 17. Character of Funds. The moneys in any fund or account herein described shall consist of lawful money of the United States o f America or investments permitted by Section 15 hereof or both such money and such investments. Moneys deposited in a demand or time deposit account in or evidenced by a certificate of deposit of a Commercial Bank pursuant to Sections 14 #556265 v6 29 . and 15 hereof, appropriately secured according to the laws of the State, shall be deemed lawful money of the United States of America. Section 18. First Lien on Pledged Revenues: Equalitv of Bonds. Except as expressly provided in this Ordinance with respect to Additional Parity Bonds, other Parity Securities and Subordinate Securities, the Pledged Revenues shall be and hereby are irrevocably pledged and set aside to pay the Debt Service Requirements ofthe Bonds. The Bonds constitute an irrevocable and first lien (but not necessarily an exclusive first lien) upon the Pledged Revenues. The Bonds, any Additional Parity Bonds and any other Parity Securities hereafter authorized to be issued and from time to time Outstanding are equitably and ratably secured by a lien on the Pledged Revenues and shall not be entitled to any priority one over the other in the application of the Pledged Revenues regardless of the time or times o f the issuance thereo f, it being the intention of the Board that there shall be no priority among the Bonds, any Additional Parity Bonds and any other Parity Securities, regardless of the fact that they may be actually issued and delivered at different times. Section 19. Issuance of Additional Paritv Bonds. Nothing herein, except the limitations stated in Section 23 hereof, prevents the issuance by the Town of Additional Parity Bonds payable from the Pledged Revenues and constituting a lien on the Pledged Revenues on a parity with, but not prior or superior to, the lien thereon ofthe Bonds; but before any such Additional Parity Bonds are authorized or actually issued the Town shall satisfy the following conditions: A. Absence of Default. At the time of the adoption of the supplemental Ordinance or other instrument authorizing the issuance ofthe Additional Parity Bonds as provided in Section 23 hereof, the Town shall not be in default in making any payments required by Section 13 hereof. B. Historic Revenues:-Tests. (1) Except as hereinafter provided in the case of Additional Parity Bonds issued for the purpose ofrefunding less than all ofthe Bonds and other Parity Securities then outstanding, the Pledged Revenues for the last complete Fiscal Year prior to the issuance of the proposed Additional Parity Bonds. as certified by the Finance Officer, must have been equal to at least 150% ofthe Combined NIaximum Annual Debi Service Requirements ofthe Bonds then Outstanding, every other issue of Outstanding Additional Parity Bonds or other Parity Securities, and the Additional Parity Bonds proposed to be issued. (2) If any adjustment in rates, fees, tolls or charges is made by the Town during such Fiscal Year, the Finance Officer shall adjust the calculation of the Pledged Revenues to reflect the amount thereofthat would have been received if such adjustment had been in effect throughout such Fiscal Year. #556265 v6 30 (3) For purposes of this paragraph B, when computing the Maximum Annual Debt Service Requirements for any issue ofsecurities bearing interest at a variable, adjustable, convertible or other similar rate which is not fixed for the entire term thereof, it shall be assumed that any such securities Outstanding at the time of the computation will bear interest during any period, if the interest rate for such periods shall not have been determined, at a fixed rate equal to the higher of 6% per annum or the highest interest rate borne during the preceding twenty-four (24) months by outstanding securities of the Town bearing interest at a variable, adjustable, convertible or other similar rate or, if no such securities of the Town are outstanding at the time of the computation, by any similar securities for which the interest rate is determined by reference to an index comparable to that to be utilized in connection with the securities proposed to be issued, or if the interest rate for such period has been determined and is not subject to variation, adjustment or conversion prior to the expiration of such period, at the rate so determined. It shall further be assumed that any such securities which may be tendered prior to maturity for purchase at the option of the owner thereof will mature on their stated maturity or mandatory redemption dates. Further, the Town shall obtain the written consent of the Insurer before issuing Additional Parity Bonds bearing interest at a variable, adjustable, convertible or other similar rate which is not fixed for the entire term thereof. (4) In the case of Additional Parity Bonds issued for the purpose of refunding less than all ofthe Bonds and other Parity Securities then Outstanding, compliance with this paragraph B shall not be required so long as the Debt Service Requirements payable as to all Bonds and other Parity Securities Outstanding after the issuance of such Additional Parity Bonds on each Interest Payment Date do not exceed the Debt Service Requirements payable on all Bonds and other Parity Securities Outstanding prior to the issuance of such Additional Parity Bonds on such Interest Payment Date. C. Adeauate Reserves. Theproceedingsunderwhichany suchAdditional Parity Bonds are issued must provide for the deposit of moneys to the Debt Service Reserve Account on substantially the same terms as provided in Section 13(E) hereofand contain a covenant by the Town to maintain in the Debt Service Reserve Account an additional amount equal to the lesser o f 10% o f the proceeds of the Additional Parity Bonds or the maximum Debt Service Requirements of such Additional Parity Bonds coming due in any Bond Year. Alternatively, if such action is deemed by the Town to be necessary or desirable in order to comply with any statute or regulation governing the exemption from federal income taxes of interest on any such Additional Parity Bonds, the proceedings under which any such Additional Parity Bonds are issued may provide for the deposit of moneys to a reserve account (other than the Debt Service Reserve Account) established and maintained solely for such Additional Parity Bonds on substantially the same terms as provided in Section 13(E) hereofand contain a covenant by the Town to maintain such reserve fund or account in an amount equal to the lesser of 10% o f the proceeds of the Additional Parity Bonds or the maximum Debt Service Requirements of such Additional Parity Bonds coming due in any Bond Year, except as may be necessary to comply with such statute or regulation. Any such reserve account shall have a claim to the Pledged Revenues equal to and on a parity with that of the Debt Service Reserve Account. Section 20. EffectofCertificationofRevenues. Where certifications ofrevenues are required by this Ordinance, the specified and required written certifications of the Finance O fficer I . = . to the effect that revenues are sufficient to pay the required amounts shall be conclusively presumed to be accurate in determining the right of +he Town to authorize issue, sell and deliver Additional Parity Bonds or other Parity Securities. Section 21. Subordinate Securities Permitted. Nothing herein, except the limitations stated in Section 23 hereof, prevents the Town from issuing Subordinate Securities for any lawful purpose. Section 22. Superior Securities Prohibited. Nothing herein permits the Town to issue Superior Bonds or Superior Securities. - Section 23. Supplemental urdinances. Addirional Parity Bonds or Subordinate Securities shall be issued only after authorization thereofby Ordinance, supplemental Ordinance or legislative measure adopted by the Board, in substantially the same form as this Ordinance, stating the purpose or purposes of the issuance of such additional Securities, directing the application of the proceeds thereof to such purpose or purposes, directing the execution thereof, and fixing and determining the date, series designation, principal amount, maturity or maturities, maximum rate or rates of interest and prior redemption privileges of the Town with respect thereto, and providing for payments to and from the Light and Power Enterprise Fund in accordance with this Ordinance. All additional Securities shall bear such date, shall be payable as to principal and interest on the same semiannual dates as the Bonds and shall be subject to redemption prior to maturity on such terms and conditions as may be provided, and shall bear interest at such rate or rates as may be fixed by Ordinance ofthe Board. Nothing herein shail be construed to prohibit the issuance of additional Securities payable from the Pledged Revenues, the principal of which is payable more frequently than annually or the interest on which is payable more frequently than semiannually. Section 24. Rate Maintenance Covenant. The Town shall prescribe, revise, and collect rates, fees and charges for use of the Light and Power Facilities which shall produce Income sufficient, together with any other moneys legally available therefor and credited to the Light and Power Enterprise Fund, to make the payments and accumulations required by this Ordinance; and which shall produce Income sufficient, after payment of Operation and Maintenance Expenses, to pay an amount at least equal to 125% ofthe combined annual debt service requirements for the Outstanding Bonds and every other issue of Outstanding Additional Parity Bonds or other Parity Securities. Such Income remaining after payment of Operation and Maintenance Expenses and the Debt Service Requirements ofthe Bonds and Outstanding Additional Parity Bonds and other Parity Securities also shall be sufficient to pay 100% ofthe combined annual debt service requirements of all Outstanding Subordinate Securities, plus any amounts required to meet then existing deficiencies pertaining to any fund or account relating to the Pledged Revenues or any securities payable therefrom. The Board will increase rates, fees and charges in such manner and to such extent as to reasonably insure the payments and accumulations required by the provisions of this Ordinance. Section 25. Collection of Charges. The Town shall cause all rates, fees and charges to be billed promptly and collected as soon as reasonable. and shall prescribe and enforce rules and regulations or impose contractual obligations for the payment thereof, to the end that the Pledged Revenues shall be adequate to meet the requirements ofthis Ordinance and any other Ordinance or #556265 v6 32 . . I instrument supplemental thereto. The rates, fees and charges shall be collected in any lawful manner. Section 26. Competent Management. The Town shall employ experienced and competent management personnel for each component of the Light and Power Facilities. If the Town shall fail to pay the Debt Service Requirements ofthe Bonds promptly as the same become due, or ifthe Town shall fail to keep any of the covenants herein contained. and if such default shall continue for a period of sixty (60) days, or if in any Fiscal Year the Pledged Revenues, together with any other moneys legally available therefor and credited to the Light and Power Enterprise Fund, should fail to equal at least the amount of the Debt Service Requirements of the Bonds and other obligations payabie from the Pledged Revenues due in the Comparable Bond Year, the Town shall retain a firm of competent management Persons skilled and knowledgeable in the operation of light and power facilities and services to assist in the management of the Light and Power Facilities so long as such default or deficiency continues. Section 27. Performance of Duties. The Town, acting by and through its officers, or otherwise, shall faithfully and punctually perform, or cause to be performed, all duties with respect to the Income and the Light and Power Facilities required by the constitution and laws of the State and the Ordinances and contracts of the Town. including without limitation the proper segregation of the proceeds of the Bonds. and the Income and their application from time to time to the respective funds provided therefor. Section 28. Costs of Bond Issue and of Performance. Except as otherwise specifically provided herein, all costs and expenses incurred in connection with the issuance of the Bonds, payment ofthe Debt Service Requirements, or the performance ofor compliance with any covenant or agreement contained in this Ordinance shall be paid exclusively (but only from the appropriate special fund or account in the manner authorized herein) from the proceeds of the Bonds, the Pledged Revenues, or other legally available moneys, and in no event shall any of such costs or expenses be required to be paid out of or charged to the general fund of the Town. Section 29. Contractual Obligations. The Town will perform all contractual obligations undertaken by it under its contract with the Purchaser and any other agreements relating to the Bonds: the Income or the Light and Power Facilities. Section 30. Further Assurances. At any and all times the Town shall. so far as it may be authorized by law, pass, make. do execute. acknowledge. deliver. and file or record all and every such further instruments. acts. deeds. '- - -R--eyances. assignments. transfers. other documents. and assurances as may be necessary or desirable for the better assuring, conveying, granting, assigning and confirming all and singular the rights, the Pledged Revenues and other funds hereby pledged or assigned, or intended so to be, or which the Town may hereafter become bound to pledge or assign, or as may be reasonable and required to carry out the purposes ofthis Ordinance. The Town, acting by and through its Enterprise and its officers, or otherwise, shall at all times, to the extent permitted by law, defend, preserve and protect the pledge of the Pledged Revenues and other funds and accounts pledged hereunder and all the rights of every owner of any ofthe Bonds against all claims and demands of all Persons. #556265 v6 33 .. Section 31. Conditions Precedent. Upon the date of issuance of any of the Bonds, all conditions, acts and things required by the Constitution or laws ofthe United States of America, the constitution or laws of the State and this Ordinance to exist, to have happened, and to have been performed precedent to or in the issuance of the Bonds shall exist, have happened and have been performed, and the Bonds, together with all other obligations of the Town, shall not contravene any debt or other limitation prescribed by the Constitution or laws of the United States ofAmerica or the constitution or laws of the State. Section 32. Efficient Operation and Maintenance. The Town shall at all times operate the Light and Power Facilities properly and in a sound and economical manner. The Town shall maintain, preserve and keep the Light and Power Facilities properly or cause the same so to be maintained, preserved, and kept, with the appurtenances and every part and parcel thereof in good repair, working order and condition, and shall from time to time make or cause to be made all necessary and proper repairs, replacements and renewals so that at all times the maintenance ofthe Light and Power Facilities may be properly and advantageously conducted. All salaries, fees, wages and other compensation paid by the Town in connection with the repair, maintenance and operation ofthe Light and Power Facilities shall be fair and reasonable. Section 33. Records and Accounts. The Town will keep proper books of record and accounts, separate and apart from all other records and accounts, showing complete and correct entries of alt transactions relating to the funds refernd to herein. Section 34. Rules. Regulations and other Details. The Town, acting by and through its officers. shall establish and enforce reasonable rules and regulations governing the construction, operation, care, repair, maintenance, management, control, and use ofthe Light and Power Facilities. The Town shall observe and perform all ofthe terms and conditions contained in this Ordinance and shall comply with all valid acts, rules. regulations, orders and directives ofany legislative, executive, administrative or judicial body applicable to the Light and Power Facilities or the Town. Section 35. Pavment of Governmental Charges. The Town shall pay or cause to be paid all taxes and assessments or other municipal or governmental charges, ifany, lawfully levied or assessed upon or in respect of the Light and Power Facilities, or upon any part thereof, or upon any portion of the Income, when the same shall become due, and shall duly observe and comply with all valid requirements of any municipal or governmental authority relative to the Light and Power Facilities, or any part thereof, except for any period during which the same are being contested in good faith by proper legal proceedings. The Town shall not create or suffer to be created any lien or charge upon the Light and Power Facuities. or any part thereof. or i.mon the Income. except the pledge and lien created by this Ordinance for the payment ofthe Debt Service Requirements due in connection with the Bonds, and except as herein otherwise permitted. The Town shall pay or cause to be discharged or shall make adequate provision to satisfy and to discharge, within ninety (90) days after the same shall become payable, alllawful claims and demands for labor, materials, supplies or other objects which, ifunpaid, might by law become a lien upon the Light and Power Facilities, or any part thereof, or the Income, but nothing herein requires the Town to pay or to cause to be discharged or to make provision for any such tax, assessment, lien or charge, so long as the validity thereof is contested in good faith and by appropriate legal proceedings. #556265 v6 3 I - I * Section 36. Protection of Securitv. The Town, its officers, agents and employees, shall not take any action in such manner or to such extent as might prejudice the security for the payment of the Debt Service Requirements of the Bonds and any other securities payable from the Pledged Revenues according to the terms thereof. No contract shall be entered into nor any other action taken by which the rights of any owner of any Bonds or other securities payable from Pledged Revenues might be prejudicially and materially impaired or diminished. Section 37. Accumulation ofInterest Claims. In orderto prevent any accumulation ofclaims for interest after maturity, the Town shall not directly or indirectly extend or assent to the extension of the time for the payment of any claim for interest on any of the Bonds or any other Securities payable from the Pledged Revenues; and the Town shall not directly or indirectly be a party to or approve any arrangements for any such extension or for the purpose of keeping alive any of such claims for interest. If the time for the payment of any such installment of interest is extended in contravention of the foregoing provisions, such installment or installments of interest after such extension or arrangement shall not be entitled in case of default hereunder to the benefit or the security ofthis Ordinance, except upon the prior payment in full ofthe principal of all ofthe Bonds and any such Securities the payment of which has not been extended. Section 38. Prompt Pavment of Bonds. The Town shall promptly pay the Debt Service Requirements of every Bond at the places, on the dates, and in the manner specified herein and in the Bonds according to the true intent and meaning hereof. Section 39. Use of="-- . . 2'.Linal. o.nci InteresT Account and Debt Ser/ice Reserve Account. The Principal and Interest Account and the Debt Service Reserve Account shall be used solely and only for the purpose ofpaying the Debt Service Requirements of the Bonds: any Additional Parity Bonds and any other Parity Securities to their respective maturities or any Redemption Date or Redemption Dates on which the Town is obligated to redeem Bonds, subject to Section 50 hereof. Section 40. Additional Securities. The Town shall not hereafter issue any bonds or Securities relating to the Light and Power Facilities and payable from the Pledged Revenues, other than the Bonds, without compliance with the requirements with respect to the issuance ofAdditional Parity Bonds or other securities set forth herein to the extent applicable. Section 41. Other Liens. At the time of issuance of the Bonds, there shall be no liens or encumbrances of any nature whatsoever on or against the Light and Power Facilities or any part thereof or on or against the Pledged Revenues. Section 42. Suretv Bonds. Each official or other person having custody of the Income or responsible for its handling, shall be fully bonded at ail times, which bond shall be conditioned upon the proper application ofsaid moneys. The cost ofeach such bond shall be considered an Operation and Maintenance Expense, unless otherwise provided by law. Section 43. Federal Income Tax Covenants. The Town Covenants to and for the benefit of the Owners of the Bonds as follows: #556265 v6 35 . I A. Arbitrage. The Town will not directly or indirectly use or permit the use of proceeds ofthe Bonds, or any other funds ofthe Town from whatever source derived, to acquire any investment, and it will not take or pennit to be taken any other action, which would cause the Bonds to be characterized as arbitrage bonds within the meaning of Section 148 of the Internal Revenue Code of 1986. as amended (the "Tax Code"), or which would otherwise cause the interest on the Bonds to be includable in gross income for federalincome tax purposes. In the event that at any time the Town is ofthe opinion that, for purposes ofthis paragraph, it is necessary to restrict or limit the yield on the investment of any moneys held by the Town under this Ordinance, the Town shall till s such action as may be necessary. B. Rebate. The Finance Officer shall calculate the rebate amount forthe Bonds, if any, on each computation date in the manner required by Treas. Reg. Â§1.148-3 (or any successor provision thereto that is applicable to the Bonds). For this purpose, a computation date is any date selected by the Finance Officer, provided the first computation date is no later than the fifth anniversary of the date of issue of the Bonds, a subsequent computation date is no later than five years after the previous computation date and the final computation date is the date that all of the Bonds are retired. The Finance Officer shall pay over to the United States government, from amounts on deposit in the Excess Investment Earnings Account or other legally available funds, an amount equal to 90% of the rebate amount so calculated within 60 days of each computation date (other than the final computation date), and an amount equal to 100% of the rebate amount so calculated within 60 days of the final computation date. in the manner and at the place required by Treas. Reg. Â§1.148-3 (or any successor provision thereto that is applicable to the Bonds). C. Private Use or Loan. The Town willnot take orpermit to be taken any action that would cause the Bonds to be characterized as private activity bonds within the meaning of Section 141 ofthe Tax Code, and it will take all actions within its power and permitted by law which are or may be necessary to prevent the Bonds from being characterized as private activity bonds. To this end, the Town will not permit more than 10Â°/0 of the proceeds ofthe Bonds to be used (directly or indirectly) in the trade or business of nongovernmental persons, and will not use (directly or indirectly) any of the proceeds of the Bonds to make or finance a loan (or deemed loan) to nongovernmental persons, in a manner that could cause the Bonds to be characterized as priva:e activity bonds. For this purpose, a person uses the proceeds of the Bonds if (A) it owns or leases all or aportion ofthe Project financed with the Bonds, (B) it is loaned all or aportion ofthose proceeds, (C) it has actual or beneficial use of all or a portion ofthe Project financed with the Bonds pursuant to a management or incentive payment contract, an output contract or another arrangement or (D) the proceeds are used to satisfy a primary and unconditional obiigation of such person to provide the Project financed by the Bonds. A person is not treated as using the proceeds for this purpose merely because it uses the Project financed by the Bonds as a member of the general pubiic; however, use will not be treated as general public use if such person has priority rights or other preferential benefits in respect of the Project financed by the Bonds pursuant to an arrangement with the Town. D. Further Actions. The Town will take all actions within its power and permitted by law which are or may be necessary to assure that interest on the Bonds at all times remains excludable from gross income for federal income tax purposes, including complying with the provisions of the Town's Tax Certificate, the covenants set forth herein and all requirements of #556265 v6 I - .. the Tax Code that must be satisfied subsequent to the issuance ofthe Bonds for interest on the Bonds to be, or continue to be, excluded from gross income for federal income tax purposes. E. Information Reporting. The Town willtimely file afederalinformation return with respect to the Bonds as required by section 149(e) of the Tax Code. Notwithstanding any provision ofthis Section, the Town may rely conclusively on an opinion of Bond Counsel in complying, or in any deviation from complying, with the provisions hereof. Section 44. Disposal of Provertv. Except for the use of the Light and Power Facilities and services pertaining thereto in the ordinary course of business, no part of the Light and Power Facilities shall be sold, leased, mortgaged, pledged, encumbered or otherwise disposed of or otherwise alienated, until all ofthe Bonds have been paid in full, or unless provision has been made therefor, or until the Bonds have otherwise been redeemed; provided, however, that the Town may sell, exchange or lease at any time and from time to time any property or facilities constituting part of the Light and Power Facilities and not needed in the construction, reconstruction or operation thereof; but any proceeds of any such sale or exchange received and not used to replace such property so sold or exchanged shall be deposited in the Light and Power Enterprise Fund, and any proceeds of any such lease received shall be deposited by the Town as revenues of the Light and Power Facilities. Notwithstanding the provisions of this Section 44, the Town may dispose of any facility constituting a part of the Light and Power Facilities, provided that (a) at the time of such disposition such faciiity has not produced Income ar least equal to the Operation and Maintenance Expenses reasonably allocable to it for a period of at least one full fiscal year and (b) such disposition will not. in the opinion of Bond Counsel, have a material adverse effect upon the federal income tax treatment of interest on the Bonds. Section 45. Inspection of Records. Any Owner of any of the Bonds or any other securities payable from the Pledged Revenues. any duly authorized agent or agents of such Owner, or the Purchaser shall have the right at all reasonable times to inspect all records, accounts and data relating thereto, concerning the Light and Power Facilities or the Income, to make copies of such records, accounts and data at the Owner's or Purchaser's expense, and to inspect the Light and Power Facilities and properties comprising the Light and Power Facilities. Section 46. Audits Required. The Town, annually following the close of each Fiscal Year, shall order an audit for the Fiscal Year of the books and accounts pertaining to the Light and Power Facilities to be made forthwith by an Independent Accountant as part of the Town's annual audit procedure. The Board shall order that the Town's audit report show the receipts and disbursements for each fund or account pertaining to the Light and Power Facilities or the Income. A pro rata portion of the expenses incurred in connection with the Town's annual audit procedure may be regarded and paid as an Operation and Maintenance Expense. Section 47. Insurance and Reconstruction. Except to the extent that the Town elects to insure itself, the Town shall at all times maintain with responsible insurers all such insurance reasonably required and obtainable within limits and at costs deemed reasonable by the Town as is customarily maintained with respect to light and power facilities and services of like character #556265 v6 37 t - .. against loss of or damage to the Light and Power Facilities and against public and other liability to the extent at least reasonably necessary to protect the interest of the Town and of each Owner of Bonds o: anv other security payable from the Pledged Revenues, except as herein otherwise provided. If any revenue-generating part of the Light and Power Facilities shall be damaged or destroyed, the Town shall, as expeditiously as possible, commence and diligently proceed with the repair or replacement of the damaged or destroyed property so as to restore the same to use, provided that no such repair or replacement shall be required if the Town shall determine in good faith that the damaged or destroyed property was not, prior to such damage or destruction, materially contributing to the Pledged Revenues. The proceeds of any insurance appertaining to the Light and Power Facilities shall be payable to the Town and (except for proceeds of use and occupancy insurance) shall be applied to the necessary costs involved in such repair and replacement: and to the extent not so applied shall (together with the proceeds of any such use and occupancy insurance) be deposited in the Light and Power Enterprise Fund as Income..CN6thinghdreinishalÂ£64 deeined to 86 ynA I I. ~ .4 r.*4&36.451H#Ta#i 6Fthetntâ‚¬fpri~se of the-brdte'ctiohs affdfded bvlht..C:61&12[6'Goitti?i~hef~al n.â€¢1*1 3 ~64 42% - Iiiifiiait*Ket! Section 48. Completion ofProiect: Estimated Life of Project. The Town: with the proceeds derived from the sale of the Bonds, and any other legally avilable moneys, including the proceeds derived from the issuance of Additional Parity Bonds and other Parity Securities, shall proceed promptly and with all due speed to cause the Project to be completed without deiay to the best ofthe Town's ability and with due diligence. as herein provided. The Board hereby determines that the estimated life of the Project is not less than the maximum term of the Bonds permitted hereunder. Section 49. Continuing Disclosure. The Town hereby covenants and agrees with the Purchaser and the Owners of the Bonds that it will comply with and carry out all of the provisions of the Continuing Disclosure Certificate. Notwithstanding any other provision of this Ordinance, failure of the Town to comply with the Continuing Disclosure Certificate shall not be considered an Event of De fault; provided that the Owners of the Bonds may take such actions as may be necessary or appropriate, including seeking amandatory injunction or specific performance, to cause the Town to comply with its obligations under this Section 49. Section 50. Defeasance. When all Debt Service Requirements ofthe Bonds have been duly paid: the pledge and lien and all obligations hereunder shall thereby be discharged and the Bonds shall no longer be deemed to be outstanding within the meaning of this Ordinance. There shall be deemed to be such due payment when the Town has placed in escrow or in trust with a Trust Bank, located within or without the State. cash or Federal Securities in an amount sufficient (including the known minimum yield available for such purpose from Federal Securities in which such amount wholly or in part may be initially invested) to pay all Debt Service Requirements of the Bonds, as the same become due at their maturity date or upon any Redemption Date as ofwhich the Town shall have exercised or shall have obligated itself to exercise its option to call Bonds forprior redemption. The Federal Securities shall become due prior to the respective times at which the proceeds thereof shall be needed, in accordance with a schedule established and agreed upon between the Town and such bank at the time ofthe creation ofthe escrow or trust, or the Federal Securities shall be subject #556265 v6 38 - . I to redemption at the option of the Owner thereof to assure such availability as so needed to meet such schedule. Nothing herein shall be construed to prohibit a partial defeasance ofthe outstanding Bonds in accordance with the provisions of this Section 50. Section 51. Events ofDefault. Each ofthe following events is hereby declared to be and to constitute an Event of Default: A. Nonpavment of Principal. Payment ofthe principal of any ofthe Bonds is not made when the same becomes due and payable, either at maturity or by proceedings for prior redemption, or otherwise; B. Nonpavment ofInterest. Payment ofany installment Qf interest is not made when the same becomes due and payable; C. Incapacitv to Perform. The Town for any reason becomes incapable of fulfilling its obligations hereunder; D. Nonperformance of Duties. The Town shall have failed to carry out and to perform (or in good faith to begin the performance of) all acts and things lawfully required to be carried out or to be performed by it under any contract relating to the Income or to the Light and Power Facilities or otherwise, including, without limitation, this Ordinance, and such failure shali continue for sixty (60) days after receipt of notice from the Owners oftwenty-five percent (25%) in aggregate principal amount of the Bonds then Outstanding; provided that if such failure cannot be cured within such sixty (60) days and if during that period corrective action has commenced to remedy such failure and subsequently is diligently pursued by the Town to the completion of such performance, an Event of Default shall not be deemed to have occurred; E. Failure to Reconstruct. The Town discontinues or unreasonably delays orfails to carry out with reasonable dispatch the reconstruction of any essential part of the Light and Power Facilities which is condemned, destroyed or damaged and is not promptly repaired or replaced (whether such failure to repair the same is due to impracticality of such repair or replacement, or is due to a lack of moneys therefor, or for other reason); F. Appointment of Receiver. An order or decree is entered by a court of competent jurisdiction. with the consenr or acquiescence of the Town, appointing a receiver or receivers for the Light and Power Facilities or for the Income and any other moneys subject to the lien to secure the payment of the Bonds, or borh the Light and Power Facilities and such moneys. or if any order or decree, having been entered without the consent or acquiescence ofthe Town, is not vacated or discharged or stayed on appeal within sixty (60) days after entry; G. Default of Anv Provision. The Town defaults in the due and punctual performance of any other of the representations, covenants, conditions, agreements and other provisions contained in the Bonds or in this Ordinance on its part to be performed, and if such default continues for sixty (60) days after written notice, specifying such default and requiring the same to be remedied, is given to the Town by the Owners of twenty-five percent (25%) in aggregate #556265 v6 39 .. .. principal amount ofthe Bonds then Outstanding; provided that if such failure cannot be cured within such sixty (60) days and if during that period corrective action has commenced to remedy such default and subsequently is diligently pursued to the completion of such performance, an Event of Default shall not be deemed to have occurred. Section 52. Remedies for Defaults. Upon the happening and continuance of any of the Events ofDefault, as provided in Section 51 hereof, then and in every case the Owner or Owners of not less than twenty-five percent (25%) in aggregate principal amount of the Bonds then Outstanding, including, without limitation, a trustee or trustees therefor, may proceed against the Town and its agents, officers and employees to protect and to enforce the rights of any Owner of Bonds under this Ordinance by mandatory injunction or by other suit, action, or special proceedings in equity or at law, in any court of competent jurisdiction, either for the appointment of a receiver or an operating trustee or forthe specific performance o fany covenant or agreenhent contained herein or for any proper legal or equitable remedy as such Owner or Owners may deem most effectual to protect and to enforce the rights aforesaid, or thereby to enjoin any act or thing which may be unlawful or in violation of any right of any Owner of any Bond, or to require the Town to act as if it were the trustee of an express trust, or any combination of such remedies or as otherwise may be authorized by any statute or other provision of law. All such proceedings at law or in equity shall be instituted, had and maintained for the equal benefit of all owners ofthe Bonds, and any Additional Parity Bonds or other Parity Securities then Outstanding. Any receiver or operating trustee appointed in any proceedings to protect the rights of such Owners hereunder may collect, receive and apply all Income arising after the appointment of such receiver or operating trustee in the same manner an the Town itself might do. The consent to ally such appointment in hereby expressly granted by the Town. Section 53. Rights and Privileges Cumulative. The filure ofany Owner ofany Outstanding Bond to proceed in any manner herein provided shall not relieve the Town or any of its officers, agents or employees of any liability for failure to perform to carry out any duty, obligation or other commitment. Each right or privilege of any such Owner or trustee therefor is in addition and is cumulative to any other right or privilege. and the exercise of any right or privilege by or on behalf of any Owner shall not be deemed a waiver of any other right or privilege thereof. Each Owner of any Bond shall be entitled to all of the privileges, rights and remedies provided or permitted in this Ordinance and as otherwise provided or permitted by law or in equity or by statute, subject to the applicable provisions concerning the Income and the proceeds ofthe Bonds. Nothing herein affects or impairs the right of any Owner of any Bond to enforce the payment of the Debt Service Requirements due in connection with this Bond or the obligation of the Town to pay the Debt Service Requirements of each Bond to the Owner thereof at the time and the place expressed in such Bond. Section 54. Duties Upon Default. Upon the happening of any of the Events of Default as provided in Section 51 hereof, the Town, in addition, will do and perform all proper acts on behalf of and for the Owners of the Outstanding Bonds to protect and to preserve the security created for the payment of their Bonds and to insure the payment of the Debt Service Requirements promptly as the same become due. During any period of default, so long as any of the Bonds, as to any Debt Service Requirements, are Outstanding, except to the extent it may be unlawful to do so, all Pledged #556265 v6 40 Revenues shall be paid into the Principal and Interest Account on an equitable and prorated basis, and used for the purposes therein provided. If the Town fails or refuses to proceed as in this Section 54 provided, the owner or Owners of not less than twenty-five percent (25%) in aggregate principal amount of the Bonds then Outstanding, after demand in writing, may proceed to protect and to enforce the rights of le Owners ofthe Bonds as herein above provided; and to that end any such owners of Outstanding Bonds shall be subrogated to all rights ofthe Town under any agreement or contract involving the Pledged Revenues entered into prior to the effective date ofthis Ordinance or thereafter while any ofthe Bonds are Outstanding. Nothing herein requires the Town to proceed as provided herein if it determines in good faith and without any abuse of its discretion that if it so proceeds it is more likely than not to incur a net loss rather than a net gain or that such action is likely to affect materially and prejudicially the Owners of the Outstanding Bonds and any Outstanding Parity Securities. Section 55. Amendments ofOrdinance Not Requiring Consent ofBond Owners. The Town may, without the consent of, or notice to, the Owners of the Bonds, adopt the Supplemental Resolution. In addition, the Town may, without the consent of, or notice to, the Owners of the Bonds, adopt such ordinance supplemental hereto (which amendments shall thereafter form a part hereof) for any one or more or all of the following purposes: (1) To cure or correct any formal defect, ambiguity or inconsistent provision contained in this Ordinance; (2) To appoint successors to the Paying Agent or Registrar; (3) To designate atrustee forthe Owners ofthe Bonds, to transfer custody and control of the Income to such trustee, and to provide for the rights and obligations of such trustee; (4) To add to the covenants and agreements ofthe Town or the limitations and restrictions on the Town set forth herein; (5) To pledge additional revenues, properties or collateral to the payment of the Bonds; (6) To cause this Ordinance to comply with the Trust Indenture Act of 1939, as amended from time to time; or (7) To effect any such other changes hereto which do not in the opinion of nationally recognized bond counsel materially adversely affect the interests ofthe Owners of the Bonds. Section 56. Amendment of Ordinance Requiring Consent of Bond Owners. Exclusive of the amendatory ordinances covered by Section 55 hereof, this Ordinance may be amended or modified by ordinances or other legislative measures duly adopted by the Board, without receipt by it or any additional consideration, but with the written consent of the Owners of sixty-six percent #556265 v6 (66%) in aggregate principal amount of the Bonds then outstanding at the time of the adoption of such amendatory ordinance, provided that no such amendatory ordinance shall permit: A. Changing Pavment. A change in the maturity or in the terms of redemption o f the principal of any Outstanding Bond or any installment of interest thereon; or B. Reducing Return. A reduction inthe principal amount ofany Bond orthe rate of interest thereon without the consent of the owner of the Bond; or C. Prior Lien. The creation of a lien upon or a pledge ofrevenues ranking prior to the lien or to the pledge created by this Ordinance; or D. Modifying Amendment Terms. A reduction of the principal amount or percentages ofBonds, or any modification otherwise affecting the description ofBonds, otherwise changing the consent of the Owners of Bonds. which may be required herein for any amendment hereto; or E. Priorities Between Bonds. The establishment ofpriorities as between Bonds issued and Outstanding under the provisions of this Ordinance; or F. Partial Modification. Any modifications otherwise materially and prejudicially affecting the rights or privileges of the Owners of less than all of the Bonds then Outstanding. Whenever the Board proposes to amend or modify this Ordinance under the provisions of this Section 56 it shall give notice of the proposed amendment by mailing such notice to the Purchaser, or to any successor thereof known to the Finance Officer, and to all owners of Bonds at the addresses appearing on the registration books of the Town. Such notice shall brietly set forth the nature of the proposed amendment and shall state that a copy ofthe proposed amendatory ordinance or other instrument is on file in the office of the Finance Officer for public inspection. Section 57. Time for and Consent to Amendment. Whenever at any time within one (1) year from the date of the completion of the notice required to be given by Section 56 hereof tb.ere shall be filed in the office of the Finance Officer an instrument or instruments executed by the Owners of at least sixty-six percent (66%) in aggregate principal amount of the Bonds then Ourstanding, which instrument or instruments shall refer to the proposed amendatory ordinance or other instrument described in such notice and shall specifically consent to and approve the adoption of such ordinance or other instrument, thereupon, but not otherwise, the Board may adopt such amendatory ordinance or instrument and such ordinance or instrument shall become effective. Ifthe Owners of at least sixty-six percent (66%) in aggregate principal amount of the Bonds then Outstanding, at the time of the adoption of such amendatory ordinance or instrument, or the predecessors in title of such owners, shall have consented to and approved the adoption thereof as herein provided, no Owner of any Bond, whether or not such Owner shall have consented to or shall have revoked any consent as herein provided, shall have any right or interest to object to the adoption of such amendatory ordinance or other instrument or to object to any of the terms or provisions #556265 v6 42 . 1 I , therein contained or to the operation thereof or to enjoin or restrain the Town from taking any action pursuant to the provisions thereof. Any consent given by the Owner of a Bond pursuant to the provisions thereof shall be irrevocabie for a period OI 31: (O) months from the date of Ihe completion of the notice above provided for and shall be conclusive and binding upon all future Owners of the same Bond during such period. Such consent may be revoked at any time after six (6) months from the completion of such notice, by the owner who gave such consent or by a successor in title, by filing notice of such revocation with the Finance Officer, but such revocation shall not be effective if the Owners of sixty-six percent (66%) in aggregate principal amount of the Bonds Outstanding as herein provided, prior to the attempted revocation, shall have consented to and approved the amendatory instrument referred to in such revocation. Section 58. Unanimous Consent. Notwithstanding anything in the. foregoing provisions contained, the terms and the provisions of this Ordinance, or of any ordinance or instrument amendatory thereof, and the rights and the obligations of the Town and ofthe Owners ofthe Bonds may be modified or amended in any respect upon the adoption by the Town and upon the filing with the Finance Officer ofan instrument to that effect and with the consent ofthe Owners ofall the then Outstanding Bonds, such consent to be given in the manner provided in Section 57 hereof; and no notice to Owners of Bonds shall be required as provided in Section 56 hereof, nor shall the time of consent be limited except an may be provided in such consent. Section 59. Exclusion of Bonds. Ar the time of any consent or other action taken hereunder the Registrar shall furnish to the Finance Officer a certificate, upon which the Finance Officer may rely, describing all Bonds to be excluded forthe purpose ofconsent or other action or any calculation of Outstanding Bonds provided for hereunder, and. with respect to such excluded Bonds, the Town shall not be entitled or required with respect to such Bonds to give or obtain any consent or to take any other action provided for hereunder. Section 60. Notation on Bonds. Any of the Bonds delivered after the effective date of any action taken as provided in Section 56 or Bonds outstanding at the effective date of such action, may bear a notation therecn by endorsement or other,vise in form approved by the Board as to such action: and if any such Bonds so executed and delivered after such date does nOI bear such notation, then upon demand of the Owner of any Bond Outstanding at such effective date and upon presentation of his Bond for such purpose at the principal office ofthe Town, suitable notation shall be made on such Bond by the Finance Officer as to any such action. If the Board so determines. new Bonds so modified as in the opinion of the Board to conform to such action shall be prepared. executed and delivered; and upon demand of the Owner of any Bond then Outstanding, shall be exchanged without cost to such Owner for Bonds then outstanding upon surrender of such outstanding Bonds. Section 61. No Pledge of Propertv. The payment of the Bonds is not secured by an encumbrance, mortgage, or other pledge of property ofthe Town, except for the Pledged Revenues. No propert:y ofthe Town, subject to such exception, is pledged forthe payment ofthe Bonds or shall be liable to be forfeited or taken in payment of the Bonds. #556265 v6 43 . ./.4 ' -m r,. / --- V-Â· -"Â· ir,Â·~:Â·;:rÂ·-,~r:,t-I=-/I- -7- -,sgâ€ž,~....* Section 62.'Ptoeision-s R61-Ktiii*-t#]38#dibi@i#alice." Thâ‚¬trotsidns'*Ftlii*SEctioh 62*All 0vern in- all citbumstances. hbtwithstandink anything to the cinttary ~f forttihliiis Ordinancet . :7.27?71 A. Insurer Sore Holder of the Bonds. The IimurefÂ®shalr EEddemdtl*to be the sbte holderofthe Bonds insuredby itforthepurpose of exeicising any voting rightorprivilege orgiving any consent or direction or taking any other action that the holders of the Bonds insured by it are entitled to take pursuant t9 the.Ordinande:- The maturity of Bonds insured by the Insurer shall noi be Â®celerated without the consedt.Oftheinsurer. B. Waiver/Modification. Amendnient. or Supol@ment to thâ‚¬ Ordinance. Nd Irâ€¢ I waiver, modification, amendment orsupplement tO the Ordinance may become Â¢Irfective except upon obtaining the prior written consent of the Insurer. Copfesof any modification-pr amendment to th# Oginancelhall be sent to: Standard& Poor's Ratings Servides atleast 16Â·dalt& prior to the effectiQ 8&te'lieredf. C. Pavments b* the Insurer. Amounts paic[,by the Insurer undeiZ the Insuran4 Polityishall?not be deemed liaid for purbosesof the Ofdinance an*,shall remaift Outstanding and cohtihue'tbrbe due and owing:until paid byÂ·the-Tbwn inaccordaritewith the:Grdihahce: The Insuret shallâ€žto:the'extent it makes any payment ofprihcipal-ofbr interest on the Bond#(tidtdine subrogated to the rights ofthe recipients of such payments in accordance with the terms ofthe Insurance Policy. Th-e:Ordinance shall not be discharged unless all dmounts due or to become dtiato the Insurer hav d bed*aid'ihifull or duly pr6vided for. f' .. , I. u. Claims Uponthe Insurince Policv and Pavments bv andtoÂ·tlie Insurer. If, on the'bu.,ihess day prior to the related scheduled interest payment date or principal payment date Â¢'Payment.Date") there is not 9n deposit with the Paying Agent, after making all transfers aid dÂ®bsits. required under the Ordinance, mondxs sufficieht.to pay theÂ·prindipalÂ·ofand interest onihe Bonds clue on;such Payment Dateâ€žthe PayingtAgent shallÂ· makeÂ·aclaim under theinsurance Poli* and give notice to the Insurer and to its desighated ager.. (if any) (the "Insurer's Fi#cal AgenO by telephone.or telecopy of the amountof such deficiency: of the aIhount of sucht.deficiency, and * allocationÂ·of such deficiency between thâ‚¬ amount reguired to pay ihterest, on the Bonds and th.4 amÂ®nt required to pay principal ofthe Bonds, cgnfirmed.in writing to the Insur~er-and the'Insurefls Fiscal Agent by 12:00 noon. New York City time. on Much Business Day bv filling in the form gf Notice of Claim and Certificate delivered with the Insurance Policy. In the event the claim toÂ· be made is. for a mandatory sinking> fund redemption installment. upon receipt' of the Â· moneys *due, the Paying Agerit shall authenticate and deliver to affected Bondholders who surrender their Bonds a new Bond or Bonds in an' aggregate principaj amount equal to the unredeemed portion ofthe Bond surrendered:The Paying Agent shall designate any'portion of payment of principal on Bonds paid by the Insurer,:whether by-vjrtue of mandatory sinking fund redemption, matErity or other adfancementof mattifity, 04 its bgoks As-a reductioniki the. principal amount of Bonds registered to- the Â·then:current Bondholder, 'wh'ether DTC or it; nominee or otherwise, and shall issue a replacement Bond to the jnsurer, rggistered in the name o'f Fifiandifil Security Assupnce Inc., in a prihcipil amount equal to the anibEnt bf principal, so pâ‚¬d -4 tkithout.-&Â§aill 'to Lauthotized denoininatibiiÂ©itj>to*idgdhhattitiib31 aying .Agerd. s--Â·failufei to- ~so #556265 v6 44 4 -.. .. m "07*77! ddikrEateany:paymenterissue any.replaceIneitt Bondlhallihive-no effecfUnt&62Â¤olim of~pAkip-41 2-ifile*kt.p*Â®16 6*fthe-YowÂ¢bÂ«yi-oid-of'*erdS<SK#fidEf#giffs-AFERA#~h. .U Â¥ Â¥90:c f ..:* The"Payihg*gent shalll.keept,cgjlplEtetgidradedrifejecdrd-of all:fimdk{21@bbWied '* ~ â€¢e,0 . -- by#~*.Insurer- into the <9*licy Paymp.npIN;Aiullty*,t#4119*iqjlof such funds;to.payipentof 1 /7 interesf-on a#dbriAcipal paid inrespket Of-aliyBHÂ®.THâ‚¬Insurer shail haie theti.nf to ifisl;dct such râ‚¬cords atteasonable times upon reasonabre'hotideto the Paying Agent. ... v.vvy I. Â· 7 LM b...4 4. .Upon payment ofa claim und*.the Insurance Policy-the Paying Agentihaltestablish . tl /Â·K ' C separate:special purpose trust account for The bendfit of Bondholders rgferred to hfrein:asith~ ';Policy Paynients Account" and over whjch the Paying-Agent shallhave excIusitie cdntrol inctsole . 7 right ofwithdrawal. The Paying Agent shall receive anyamountpaid under the Insurahee Policy in I - . 0 - trilston:behalf of Bohtlholders hnd-shall:kieDobit anyr<sudlisamdmit infthe Polic*Pay~ments Acc@nt .' . 1 a#*di4ributtsuth"Qi*fiditbtily fur bur-poletaf fidRihbh**inâ‚¬i*for*voch:a dlfiihifwds:ma+de! Suthfaindunt&) shall,bejlisbursed by thet Payjng, Agent. to BondholdersÂ· inÂ· the: sanie manner as -1 . . .., U.... * brinsipal and.interest paymentsÂ·are tobe mitie with>respbettotlfe Aonds.undeAhe' iections-heroof I . .. .. ./ regarding-p*ment-'of B*rids. "It.sh&11-Jot beinâ‚¬cesshIÂ¥ f41} suchi.payments~d.#e-lilile.birchec}& 4 *ire trahsfers.separdte from the check-oriwiPe ttihsfÂ«usedto.pay.-debt Wervidegwith dthdrffundi aÂ¥aiiAble to,malte such payments. . 04% ..2 ~ L Funds held ihthe Policy Pay*nt; Accouht shall not be inveited bythe-Phying*ge~t ahdfmay not,be applied to:satisfy any costs, expenses or.liabilities:of theÂ·Payikig Agent. >1 v.44 Anyfunds remaining inthe Policy Payments Accourifollowingaraymdfit*Dateshbil promptly be remitted to the Insurer. ... r-- -: . E. Notice Provihions. TherInsurer shall be provided with allireporti notices and cbkespondence to be delivered under the terms of tlie Ordinance.. The notice addrdss of the Insurer is:*, FihAncial Security Assurance Inc.,Â·.350-Park Avenue, Nek York, New York 1'0022-6022, Attention:- Managing Director - Surveilrante; Re: Policy No. , Telephone:.(21.2382630100; Terecopiet: (212)339-3529. Ineach case-in whichnoticebr other communication refers to angvent of Default;,then a copy of such notice or other communication sliall also be sentto the attention of General.Cbunsel aid shall be markedÂ·to-ifidicate "URGENT MATERIALENCEOSED." F. Insurer Third Partv Beneficiarv. The Insurer shall be deemed to be a third phrty 15*ieficiary toÂ·the Ordinance. . - Section 63. Authorization to Execute Collateral Documents. The Mayor and the Town Clerk, other officers ofthe Town, and the members ofthe Board are hereby authorized and directed to take any and all actions necessary or appropriate to effectuate the provisions of this Ordinance, including but not limited to: (i) the execution ofthe Registrar Agreement, the Continuing Disclosure Certificate, and the Bond Purchase Agreement; and (ii) the execution of such certificates and affidavits as reasonably may be required by the Purchaser. #556265 v6 45 -- . Section A g. Costs and Expenses ofIssuance. All costs and expenses incurred in connection with the issuance and payment of the Bonds, including without limitation the Purchaser's discount and all other expenses related to the issuance ofthe Bonds, shall be paid from proceeds ofthe Bonds, in an aggregate amount not to exceed A $60Â®d and such moneys are hereby appropriated for that purpose. Section A 65. Ratification and Approval of Prior Actions. All actions heretofore taken by the officers ofthe Town and members ofthe Board, consistent with the provisions ofthis Ordinance, relating to the authorization, sale, issuance, and delivery ofthe Bonds, are hereby ratified, approved, and confirmed. PÂ»1'4111 Section A Â®. Approval of Official Statement. The Board hereby approves the Preliminary Official Statement dated November A 22 1999, in the form presented to the Board, and deems such document final as of its date within the meaning of Rule 15c2-12 of the U.S. Securities and Exchange Commission. and authorizes the preparation of a final Official Statement containing any updated information regarding items described in the Preliminary Official Statement which become known to the Town prior to the date of delivery of the Bonds. Copies of the Preliminary Official Statement and final Official Statement are hereby authorized to be distributed by the Purchaser to all interested persons in connection with the sale of the Bonds. Section A 67. Ordinance Irrenealable. After the Bonds are issued, this Ordinance shall be and remain irrepealable until the Bonds and the interest accrued thereon shall have been fully paid, satisfied, and discharged. 79-1 Section A 681 Renealer. All acts, orders, Ordinances, or parts thereof, in conflict with this . Ordinance are hereby repealed, but only to the extent of such conflict. Section A 69: Severabilitv. If one or more sections or parts of this Ordinance shall be adjudged unenforceable or invalid, such judgment shall not affect, impair, or invalidate the remaining provisions ofthis Ordinance, it being the intention that the various provisions hereof are severable. :mr Section A 70. Recording and Authentication. This Ordinance, immediately upon its passage, shall be recorded in the Town book of Ordingnces kept for that purpose, shall be authenticated by the signatures-of the A Mayor and of the A Woarn-Cletk. #556265 v6 46 Section A ~8. Effective Date. This Ordinance shall A i:2etimZE~2UER*i:@1:~~ -1~/ 1,~ 2/ + 4. . .4, M .4*:W, 0%i*ift@r:Itittdoliti@rahEN{ Ilk#tii~, in accordance with Colorado statutes, immediately upon its final adoption by the Board. APPROVED AND ADOPTED on the A B~ day of A Nd*Emee 1999. (SEAL) ATTEST: TOWN OF ESTES PARK, LARIMER COUNTY, COLORADO Town Clerk Mayor #556265 v6 47 63?0 Those voting AYE: Those voting NAY: A majority of the members ofthe Board having voted in favor ofthe motion, the presiding officer thereupon declared the motion carried and the Ordinance passed and adopted. Thereupon, after consideration of other business to come before the Board, the meeting was adjourned. 4556265 v6 1 STATE OF COLORADO ) COUNTY OF LARIMER ) SS. TOWN OF ESTES PARK ) I, Vickie O'Connor, Town Clerk ofthe Town of Estes Park, Larimer County, Colorado, do hereby certify that the foregoing pages numbered from 1 to 48, inclusive, constitute a full. true, and correct copy ofthe record ofthe proceedings taken by the Board ofTrustees of the Town at a regular meeting thereofheld at the Town Hall, 170 MacGregor, in Estes Park, Colorado, the regular meeting place of the Board, on Tuesday, A fIE<tiib~~ 1999, at 7:00 p.m., insofar as said proceedings relate to the introduction and adoption ofthe Ordinance therein set forth concerning the issuance of Light and Power Revenue Bonds. The Ordinance has been duly signed by thâ‚¬ Mayor of the Town and by myself, as the Town Clerk, and sealed with the corporate seal of the Town. IN WITNESS WHEMOF, I have hereunto set my hand and official seal of the Town of rVT--MITZ'l Estes Park, Colorado this A ~rd day of A November, 1999. (SEAL) Town Clerk #556265 v6 49 - DRADFOROPUE,LISHINGCO RECORD OF PROCEEDINGS Town Board Budget Study Session November 19, 1999 - Board Members: Mayor Dekker, Trustees Barker, Baudek, Doylen, Gillette, Hix and Jeffrey Attending: Mayor Dekker, Trustees Barker, Doylen, Gillette and Jeffrey Also Attending: Town Administrator Widmer, Ass't. Town Administrator Repola, Clerk O'Connor Absent:: Trustees Baudek and Hix Mayor Dekker called the meeting to order at 9:00 a.m. PROPOSED YEAR 2000 PAY PLAN. Assistant Town Administrator Repola presented the 2000 Pay Plan that contains 4 components, and reported that the Mountain States Employers Council finds that the average, or typical employee, is projected to receive a 4.4% increase in pay for year 2000. The average increases by region range from 4.3% in Northern Colorado to 5.1% in the Boulder/Longmont region. Staffs merit pay plan recommendation for 2000 is slightly more aggressive than past years by increasing the average 1999 merit by 20%. In the interest of retaining good employees, and attracting quality applicants for current and future openings, a two-part proposal is offered. The pay plan provides for competitive merit increases for superior performance. In an effort to be competitive with the front-range labor market, an increase to the pay grades is included. 1. Merit Pay: Merit awards will range from 2% to 6%: Average 2% Above Average 2%-6% Below average reviews will not receive increases, and Dept. Heads will have the ability to award up to 6% to top performers in their respective departments, however, staff cannot exceed 4.5% of their respective payroll. The cost of this pay plan is 4.5% of the 1999 payroll. Staff confirmed that the private sector is included in the Employer Council's report, and that the CML study does include total compensation-the Town's benefit package is competitive. 2. Re-graded Positions: Based on CML data, two positions are substantially below the market average, and staff is recommending the following: Museum Curator - Current Pay Grade is 8 - Re-grade to 11 Water Supt. - Current Pay Grade 21 - Re-grade to 23. Employees in these two positions are still eligible for merit pay increases. The cost to re-grade these positions is .24% of 1999 payroll. 3. Seasonal Pay Rate: Currently, the entry level rate for seasonal employees is $7.50/hr., and this rate has not been increased since 1996. In addition, employees who stay on the job for ten weeks are eligible for a bonus of $400. At the end of ten weeks, the employee receives an additional 75Â¢/hr. for the remainder of the year. Returning employees can eam an additional 50Â¢/hr./yr. in addition to the $400 bonus. BRADFORO PUBLISHING CO. RECORD OF PROCEEDINGS Town Board Budget Study Session - November 19, 1999 - Page 2 In 1999, at least two departments did not receive enough applications to fill seasonal positions. Departments either had to accept otherwise unqualified applicants or recruit additional candidates. Therefore, staff is recommending that the hourly rate for seasonal employees be increased to $8.00/hr., maintaining the current bonus program. Seasonal employees are vital to the Town's summer operations. In order to ensure that departments can staff seasonal jobs and be prepared for summer activities, it is important to attract quality applicants. 4. Compensation Study: Annually, staff performs a salary comparison utilizing data provided by CML. The comparison is very simple and only addresses actual salaries and compensation as compared to similar positions in selected municipalities. Due to the size and complexity of our organization, it is necessary to periodically review our compensation system for accuracy and compatibility with the market. The most recent independent compensation study was conducted in 1994. Thus, staff is recommending the Town retain a qualified firm to perform a thorough review of the compensation structure and system in 2000. The 1994 study was approximately $7,800. The cost estimate for a study is approximately $10,000 (assuming a 5% per year cost increase). The 2000 Budget contains $30,000 for Human Resource services. This project would be funded from that line item. Town Administrator Widmer reported that Trustee Baudek had previously expressed support for making mid-year adjustments if the Compensation Study shows the need. Town Administrator Widmer confirmed that if adjustments are necessary, staff could make mid-year adjustments. In addition, staff does not anticipate wholesale changes, however, certain positions are difficult to compare due to their technical nature. Mayor Dekker stated that employees are the Town's most important resource, noting the importance of deferred income plans and financial future planning. Assistant Town Administrator Repola commented that there is trend toward not investing as much in a benefit package and putting the money into salaries-this is a question that could be posed in the Study. Town Administrator Widmer stated that with the Study, the Town Board would have the opportunity to set standards for future salary decisions. Trustee Doylen added that the entire world has changed significantly, particularly with long-term employees. Trustee Barker confirmed that Town employees do understand customer service, they are respectful to customers, and they display pride in their jobs. There being no further discussion, the Board recommends adoption of all 4 points of the 2000 Pay Plan as presented. The study should be completed mid-year. INSURANCE UPDATE. Town Administrator Widmer advised that Blue Cross/Blue Shield has notified the Town of a 10% increase next year and staff is in the process of taking bids. An Insurance consultant is assisting with evaluation of the bids, and information is expected in the near future. Other agencies are experiencing similar increases. There being no further business, Mayor Dekker adjourned the meeting at 9:35 a.m. grf/-2ZELL. 0. (?Ao>'.,4,0 Vickie O'Connor, CMC/AAE, Town Clerk Ed Volz Director Phone (970) 586-8116 ESTES PARK ~[EÂ©[EDVE-~1 FAX (970) 586-0189 evolz@estes.lib.co.us NOV 1 6 1999 ~ PUBLIC LIBRfIRY Estes Valley Public Library District http://www.estes.lib.co. us November 16, 1999 TO: Vickie O'Connor / Town Clerk 170 MacGregor Avenue Estes Park, Co 80517 FR: Ed Volz / Director ~#f'' Estes Park Publi~Qk[Ey RE: Ubrary Distrigf'Board of Trustees Appointments The Estes Valley Public Library District is pleased to announce that a current Trustee and a former Trustee have applied to return to the Board of Trustees. Al Wasson, current Board of Trustees President, has agreed to serve another four-year term, which will expire 1/1/04. Al was instrumental in hiring the current Library Director, and has been crucial to the Directofs orientation and training during 1999. His ongoing guidance is invaluable, and the library staff has a special fondness for Mr. Wasson. Dennis McHenry, Library Trustee from 1987-1997, is seeking to fill the 2000- 2004 term of Wilbur (Bill) Coyle, who has resigned from the Board due to ongoing travel commitments. Aside from his previous Board experience, Dennis was also the primary watchdog over the current library building's construdion process, and served on the library's 1999 Expansion Task Force. Given their current and former experience and involvement with the Library District, the applications of both these men are strongly recommended for approval. RO. BOX 1687 Â· 335 EAST ELKHORN AVENUE Â· ESTES PARK, CO 80517 MEMORANDUM TO: Vickie O'Connor Town Clerk FROM: Stephen L. Stamey, AICP Community Development Director SUBJECT: Kiowa Ridge Annexation DATE: November 17, 1999 The Kiowa Ridge Annexation has been modified as follows: 1. The legal description has been changed with the addition of land necessary to provide for dedicated street right-of-way to neighboring properties. 2. Two additional property owners have been added to the annexation request. Because of these changes it is necessary to do the following: 1. The Town Board needs to adopt a new resolution of intent to annex. 2. The legal notice for the annexation needs to be published again. These changes do not substantially alter the annexation request as originally proposed. During the review of the annexation proposal, staff determined that access to the proposed Kiowa Ridge Subdivision, and the adjacent Mary's Lake Lodge and Tawney property should be provided with a new street located within dedicated public right-of-way. This required the addition of land owned by these two adjacent property owners. The Planning Commission reviewed the annexation request with these con,sjderations, and has favorably recommended the annexation and E-Estate zoning to the Board of Trustees, pending the new resolution of intent. It is anticipated that the Board of Trustees would consider the annexation at their meeting in January. 9 -7.i.. . :.i~ ,_ .... .i:: - '* . . L 7--Â«r /1--~=a>*â€¢Ll_-1 1 -el - -L 0-4/ 7.6<AJ -7-X *i r. . ' 6 . x ; : i~PAXG '- VA Pr>t... I . I Z I. :il., . >ive: 1 24 51 6 2Â· 1/ 4... 7 t.:'.'til' :-k-. G 1 ~,32 N L â‚¬ .../:- : '*.-'' Â¥. . 3 * vv + - : I -'./ .4 5.- :9 0 i i \ VA - 'Â·- - i / :,~ 77,7-V/\PV' /L \ r. \ / \ 1 1 1 1 1 1 / -4 :-42'9 1 \1 _A .LL-4--L--9 RESOLUTION NO. 35-99 BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE TOWN OF ESTES PARK, COLORADO: That the landowners of Kiowa Ridge Annexation have modified their annexation proposal originally submitted August 18, 1999, and scheduled for public hearing before the Board of Trustees on November 9, 1999 and continued to December 14, 1999. The Board of Trustees of the Town of Estes Park, Colorado, in accordance with Section 31-12-107, C.R.S., hereby states its intention to annex the area described herein. The Board of Trustees finds and determines that the Petition filed with the Town Clerk requesting annexation of the area described herein is in substantial compliance with Section 31-12-107(1)(g), C.R.S. The Board of Trustees further finds and determines that the Petition is signed by persons comprising one hundred percent (100%) of the landowners in the area proposed to be annexed and owning one hundred percent (100%) of the area, excluding public streets and alleys, and any land owned by the annexing municipality. Such area, if annexed, will be known as "KIOWA RIDGE ADDITION" to the Town of Estes Park, Colorado. Such area is described as follows: A PORTION OF SECTION 2, THE NORTH 1/2 OF SECTION 1, AND THE NE 14 OF SECTION 11, T414, R73W OF THE 6th P.M. MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE SECTION CORNER COMMON TO SECTIONS 1, 2, 11, AND 12, T4N, R73W OF THE 6th P.M.; THENCE N 85Â°54'22" W 107.19', MORE OR LESS, TO THE EASTERLY R.O.W. OF COLORADO HIGHWAY NO. 7; THENCE CONTINUING ALONG SAID R.O.W. THE FOLLOWING 5 COURSES: 640.39' ALONG A CURVE TO THE RIGHT WITH A RADIUS OF 408.10', AN INTERNAL ANGLE OF 89Â°54'19", AND A CHORD BEARING S 80Â°26'33" W 576.66'; THENCE N 54Â°32'22" W 932.51'; THENCE 266.44' ALONG A CURVE TO THE RIGHT WITH A RADIUS OF 623.00', AN INTERNAL ANGLE OF 24Â°30'14", AND A CHORD BEARING N 42Â°17'15" W 264.41'; THENCE N 30Â°00'23" W 100.19'; THENCE 508.35' ALONG A CURVE TO THE LEFT WITH A RADIUS OF 268.30', AN INTERNAL ANGLE OF 108Â°33'32", AND A CHORD BEARING N 84Â°17'09" W 435.65'; THENCE CROSSING SAID R.O.W. N 48Â°33'55" W 100.00' TO THE WESTERLY R.O.W. OF SAID HIGHWAY NO. 7; THENCE LEAVING SAID R.O.W. N 72Â°21'58" E 685.03'; THENCE S 78Â°46'38" W 200.00'; THENCE S 64Â°08'38" W 215.00'; THENCE S 46Â°26'38" W 230.00'; THENCE N 11Â°12'16" E 1523.33'; THENCE S 74Â°01'22" E 1006.05'; THENCE N 33Â°24'32" E 216.08'; THENCE S 56Â°35'28" E 123.73'; THENCE 100.58' ALONG A CURVE TO THE LEFT WITH A RADIUS OF 175.00', AN INTERNAL ANGLE OF 32Â°55'54", AND A CHORD BEARING S 73Â°03'25" E 99.21'; THENCE S 89Â°31'22" E 553.12'; THENCE 70.27' ALONG A CURVE TO THE LEFT WITH A RADIUS OF 70.00', AN INTERNAL ANGLE OF 57Â°31'11", AND A CHORD BEARING N 61Â°43'02" E 67.36'; THENCE N 32Â°57'27" E 20.32' MORE OR LESS TO THE SOUTHERLY R.O.W. OF MARY'S LAKE ROAD; THENCE ALONG SAID R.O.W. S 57Â°02'33" E 60.00'; THENCE LEAVING SAID R.O.W. S 32Â°57'27" W 20.32'; THENCE 130.51' ALONG A CURVE TO THE RIGHT WITH A RADIUS OF 130.00', AN INTERNAL ANGLE OF 57Â°31'11", AND A CHORD BEARING S 61Â°43'02" W 125.10'; THENCE S 89Â°31'22" E 413.47', MORE OR LESS, TO THE WESTERLY R.O.W OF COLORADO HIGHWAY NO. 7; THENCE ALONG SAID WESTERLY R.O.W. THE FOLLOWING 6 COURSES: 17.12' ALONG A CURVE TO THE RIGHT WITH A RADIUS OF 1196.09', AN INTERNAL ANGLE OF 00Â°49'12", AND A CHORD BEARING N 05Â°24'09" E 17.12'; THENCE N 05Â°48'45" E 1758.00'; THENCE 1447.45' ALONG A CURVE TO THE RIGHT WITH A RADIUS OF 766.24', AN INTERNAL ANGLE OF 108Â°14'00", AND A CHORD BEARING N 59Â°55'31" E 1241.63'; THENCE S 65Â°59'49" E 208.43'; THENCE 1542.94' ALONG A CURVE TO THE LEFT WITH A RADIUS OF 1177.72', AN INTERNAL ANGLE OF 75Â°03'50", AND A CHORD BEARING N 76Â°28'15" E 1434.94'; THENCE N 38Â°55'44" E 1258.90'; THENCE CROSSING SAID HIGHWAY NO. 7 S 46Â°50'01" E 100.27' TO THE EASTERLY R.O.W. OF SAID HIGHWAY NO. 7; THENCE ALONG SAID EASTERLY R.O.W. THE FOLLOWING 7 COURSES: S 38Â°55'44" W 1251.51'; THENCE 1674.02' ALONG A CURVE TO THE RIGHT WITH A RADIUS OF 1277.72', AN INTERNAL ANGLE OF 75Â°04'00", AND A CHORD BEARING S 76Â°28'21" W 1556.83'; THENCE N 65Â°59'49" W 208.43'; THENCE 1258.55' ALONG A CURVE TO THE LEFT WITH A RADIUS OF 666.24', AN INTERNAL ANGLE OF 108Â°14'00", AND A CHORD BEARING S 59Â°55'31" W 1079.59'; THENCE S 05Â°48'45" W 1758.00'; THENCE 557.65' ALONG A CURVE TO THE LEFT WITH A RADIUS OF 1096.09', AN INTERNAL ANGLE OF 29Â°09'00" AND A CHORD BEARING S 08Â°45'45" E 551.66'; THENCE S 23Â°20'15" E 655.39'; THENCE LEAVING SAID R.O.W. N 66Â°39'44" E 295.95'; THENCE S 00Â°51'55" W 970.00', MORE OR LESS, TO THE POINT OF BEGINNING. Surveyofs Notes: 1. 23.1% of the perimeter of the proposed Kiowa Ridge Addition Annexation is contiguous with the perimeter of the current corporate limits of the Town of Estes Park. (Total perimeter = 22,690.85: Contiguous perimeter = 5249.87') 2. Area of Kiowa Ridge Addition annexation: 4,912,042 S.F. - 112.77 Acres. 3. Platted information regarding Colorado Highway No. 7 was obtained from the 6~h and 8~h filings of Carriage Hills, Arapaho Meadows Addition to the Town of Estes Park, the Amended Grey Fox Estates At Cedar Ridge 1St and 2nd Filings, and the Broun M.L.D. #S-117-87 Survey. Deeded information regarding the Kiowa Ridge property was obtained from the legal description of the same. Bearings were rotated to make them relative to the plat of the 8th Filing of Carriage Hills. IT IS FURTHER RESOLVED, that in accordance with Section 31-12-108, C.R.S., a public hearing shall be held on January 11, 2000 at 7:00 p.m., in the Municipal Building, located at 170 MacGregor Ave., Estes Park, Colorado, for the purpose of determining if the proposed annexation complies with the applicable provisions of Section 31-12-104 and 31- 12-105, C.R.S. IT IS FURTHER RESOLVED, that the Town Clerk shall give the notice of the hearing as provided in Section 31-12-108(2), C.R.S. IT IS FURTHER RESOLVED, that the plat of Kiowa Ridge Addition will not be referred to the Planning Commission pursuant to concurrent review that occurred November 16, 1999. The changes do not substantially alter the originally proposed annexation request. DATED this day of ,19 TOWN OF ESTES PARK Mayor ATTEST: Town Clerk DR 8439 (06/97) /1 COLORADO DEPARTMENT OF REVENUE LIQUOR ENFORCEMENT DIVISION APPLICATION FOR A 1375 SHERMAN STREET DENVER CO 80261 SPECIAL EVENTS PERMIT (303) 205-2300 | IN ORDER TO QUALIFY FOR A SPECIAL EVENTS PERMIT, YOU MUST BE NONPROFIT AND ONE OF THE FOLLOWING (See back for details.) 4 CHECK ONE: ~SOCIAL ~CHARTERED BRANCH, LODGE OR CHAPTER OF A NATIONAL ORGANIZATION OR SOCIETY D FRATERNAL URELIGIOUS INSTITUTION 5 PATRIOTIC U PHILANTHROPIC INSTITUTION Â¤ POLITICAL D POLITICAL CANDIDATE DATHLETIC ~ MUNICIPALITY OWNING ARTS FACILITIES DO NOT WRITE IN THIS SPACE ' LIAB . TYPE OF SPECIAL EVENT APPLICANT IS APPLYING FOR: , DO NOT WRITE IN THIS SPACE.* :>i: :.:1 . 2110~ MALL VINOUS AND SPIRITUOUS LIQUOR $25.00 PER DAY LIQUOR PERMIT NUMBER 2170 U FERMENTED MALT BEVERAGE (3.2 Beer) $10.00 PER DAY 1. NAME OF APPLICANT ORGANIZATION OR POLITICAL CANDIDATE State Sales Tax Number (Required) AL-r Ce-Â»Â£ of 24Â«Es /12*_ 2 12* c. 14 -23 5,9 2. MAILING ADDRESS OF ORGANIZATION OR POLITICAL CANDIDATE 3. ADDRESS OF PLACE TO HAVE SPECIAL EVENT (include street, city/town and ZIP) (include street, city/town and ZIP) PO 60* 36-39 5,7 6 , 3- 72Â© Ng sc * A.M.t E-9-764 PAU-, Col-6 705 11 E-5.7Â£-1 A#*- . Ct C.0 70 5-7 1 Â·NAME. DATE OF BIRTH -. HOME ADDRESS (Street CIty, State, ZIP) -- PHONE NUMBER ' 4. PRESJSECY OFÂ·pRG. or FÂ»-ITICAL CANDIDATE jifol NING,4.4- LÂ») /4 0 D K.+US L C+D-- -7 40, 93 /0 /0>. 200/ crrr-r 4/1, ~~1 970-596-4210 5. EVENT MANAGERA /*207 le~-tet- ~0 AA 8 --- (546-(1 2%-L-,4- 8-JiA *Avk 970-5&4 -5*h- 6. HAS APPLICANT ORGANIZATION OR POLITICAL CANDIDATE BEEN 7. IS PREMISES NOW LICENSED UNDER STATE LIQUOR OR BEER CODE? ISSUED A SPECIAL EVENT PERMIT THIS CALENDAR YEAR? 32~ NO 01 YES HOW MANY DAYS? ~ NO ~ YES TO WHOM? 8. DOES THE APPLICANT HAVE POSSESSION OR WRITTEN PERMISSION FOR THE USE OF THE PREMISES TO BE LICENSED? jYes CINo UST BELOW THE EXACT DATE(S) FOR WHICH APPUCATION B BEING MADE FOR PERMIT:- Date J A V . 7,20Â¢,D Date Fâ‚¬.6 /2,1000 Date /11 42 3/ , 01-0.D Date /MAT 11, 2.Da 0 Date J;u// 75, A>-0-o Hours From *:09 Q..m. Hours From 4:00 5.m. Hours From 4:Â·00 p.m. Hours From 4:0 0 f.m. Hours From 4: 00 /.m. To 4.00 2. m. To Rtoo f Â·m To too p .m To 2.00 f .m To 3:00. f .m - OATH OFAPP.LICANT . 1 declare under penalty of perjury in the second degree that 1 have read the foregoing application and alt attachments theteto,*and . that all information therein is true, correct, and complete to the best of my knowledgE A SIGNATURE </ T'TkE (ka., Ae 84-â‚¬0- /LAG REPORT AND APPROVAL OF LOCAL LICENSING AUTHORITYiCITY OR*COUNTY) The tomgoing application has been examined and the premises, business cohducted And character of the applicant is satisfactory, and we do report that soch permit, if granted, will comply with the provisions *f Title 12, Artide 48, C.R.S., as amended. THEREFORE,THIS APPLICATION IS APPROVED. LOCAL LICENSING AUTHORITY (CITY OR COUNTY) D CITY TELEPHONE NUMBER OF CITY/COUNTY CLERK O COUNTY SIGNATURE TITLE DO NOT WRITE IN THIS SPACE - FOR DEPARTMENT OF REVENUE USE ONLY LIABILITY INFORMATION ILicense Account Number Â· Liability Date State . TOTAL Â· Â·.. :. . i#50 (999) A (Instructions on Reverse Size) 11 DR 8439 (06/97) 21 0 COLORADO DEPARTMENT OF REVENUE LIQUOR ENFORCEMENT DIVISION APPLICATION FOR A 1375 SHERMAN STREET DENVER CO 80261 SPECIAL EVENTS PERMIT (303) 205-2300 |IN ORDER TO QUALIFY FOR A SPECIAL EVENTS PERMIT, YOU MUST BE NONPROFIT ND ONE OF THE FOLLOWING (See back for details.) ./ CHECK ONE: ~~SOCIAL DCHARTERED BRANCH, LODGE OR CHAPTER OF A NATIONAL ORGANIZATION OR SOCIETY C]FRATERNAL Il RELIGIOUS INSTITUTION OPATRIOTIC ~PHILANTHROPIC INSTITUTION OPOLITICAL ~ POLITICAL CANDIDATE ~ ATHLETIC DMUNICIPALITY OWNING ARTS FACILITIES DO NOT WRITE IN THIS SPACE LIAB TYPE OF SPECIAL EVENT APPLICANT IS APPLYING FOR: -aft -7:DO NOT.WRITE IN THIS SPACEi.ki' 9 2110~~ MALL VINOUS AND SPIRITUOUS LIQUOR $25.00 PER DAY LIQUOR PERMIT NUMBER 2170 FERMENTED MALT BEVERAGE (3.2 Beer) $10.00 PER DAY 1. NAME OF APPLICANT ORGANIZATION OR POLITICAL CANDIDATE State Sales Tax Number (Required) 4 2-7 C 4-AT e E of- Es'72 s (42_\c_ , Cfr~ c. 14- 93 519 2. MAILING ADDRESS OF ORGANIZATION OR POLITICAL CANDIDATE 3. ADDRESS OF PLACE TO HAVE SPECIAL EVENT (include street, city/town and ZIP) (include street, city/town and ZIP) B o . 80% 3 G 3 5' 51 -7 /3,4 7240 Â«P 50 0 Aâ‚¬- Â£14&3 94/214- , C,D Lo 8 0 577 86Â¥23 PACK- , CkLÂ© 70â‚¬11 + NAMEit:21 :.. i Â·,:. t Â·+? iÂ·,,.<,3, 1 :Â· - .41< DATE OF.BIRTH 4 HOMEADDRESS(Street,>City',Stat;;ZIP) 'f ?>,-PJ.ti---3- -,ffÂ¢PHONENUMBER.4-:E / 20 j WI'060,4.1 LN. 3 09-7 4. PRES./SEC'Y OF ORG. or POLITICAL CANDIDATE 62 0 0 2.ual,Cic 7-/0-43 fodok 2,4(. 1, Es-fcs /kaL, co 970 -SEL-lu,Y 5. EVENT MANAGER~<~ ~E Jic-6 6084 oeN-fae:r. PAÂ«L-%.u- 64174#AJ-re_ 97D-534- 0:I* 5-232 6. HAS APPLICANT ORGANIZATION OR POLITICAL CANDIDATE BEEN 7. IS PREMISES NOW LICENSED UNDER STATE LIQUOR OR BEER CODE? ISSUED A SPECIAL EVENT PERMIT THIS CALENDAR YEAR? ~ NO ~ YES HOW MANY DAYS? Â® NO El YES TO WHOM? , d. DOES THE APPLICANT HAVE POSSESSION OR WRITTEN PERMISSION FOR THE USE OF THE PREMISES TO BE LICENSED? ~|Yes C|No Â·,97*2'31 j.'73'Â»0 04 2 .RLISTBELOW+THE:EXACT DATE(S).FOR>WAIGH APPLICATION*BEING.MADEFOR.PERMIT Â·,42.lt:....4.i,t .f:+3~,1;Â·Â·tyÂ·Â·ity Â· 1 Date N. A. 1 4, -2Â«0 Date L.00* /6-, %47% Date Oct- 27, wro Date 010 3 , 2-42-0 Date Hours Frog Â¥ :00 1 .m. Hours From Â£1: Do f.m. Hours From 4:.0 2 .m. Hours From 42.0, f .m. Hours From To 8..00 2 .m. To y:OD p .m To 2:30 f .m. To 2.50 p .m. To I *- AAVI/AFT Â· , q Â·4Â·'.Â·40':t ~fÂ·<37>:Â·he?,642<:i}f P.f I 3"'Â»"~I':TOATH-OF APPLICANTÂ· .4..t:,1 4 ..:,4..LrnÂ·: .. fi:-r:.T:h;...ty 30fy itttÂ·)7(i'* 21-declard-pridefpenalty of perjury,iri tl)Â¢ secJnd degree that I havejead the fordgoing'apblidation*rid all attdchments ther#t6, ~and J thaâ‚¬all ibformhtion therein istrue,' coffect,fand complete.to the Udst of,MyknowleÂ¢lge'.Â· 026Â· ..5. :Â·Â· 42Â·'.10. tf:'Â·: 3.- i.~ 0 ...6..<-20'<"9.6.*: r . SIGNATURE TITLE DATT E al D Â¢Us Â·: A AL Ce.afeA (144 9//6199 b 6::<k i'REPORT AND APPROVALÂ©OF LOCAL<ILICENSINGAUTHORI+Y (CITY~ORCOUNTY)'%:4153.1:jift,Â·Ej< The foregoing applichtion has been dxhmined and the premises, blisiness-conducteb and charactÂ¢?'Sf the applichnt id *htisfattoni, 14. andUe 86 report that such pe'rmit;ifgranteB, will comply with-the provisions Â·of Title 1 2, Â·Article 48, C.R.S.fas RKihanded?'.~~;2% Â·Â·24< f.ff< 4422:Rti .if ioll-1/4.. A f i.4 4 ... ..4.35.Â¥AEREFORE,-THI&*PPLICATION IS APPROVED. ;â‚¬1*9 3429Â·42:%~t.4.r:*%3:t.+ LOCAL LICENSING AUTHORITY (CITY OR COUNTY) D CITY TELEPHONE NUMBER OF CITY/COUNTY CLERK O COUNTY SIGNATURE TITLE DATE DO NOT WRITE IN THIS SPACE - FOR DEPARTMENT OF REVENUE USE ONLY V 4Lice'rise Acdount-Number> 2 Â£ ..?Liability Date . 2 . c h)Â· 2*State i.Â· I.:~itÂ·.4 "t.Â¥9 Â£i/ki?lf-.' 0 I~TOTAL 2,;.' 1 .':.'.'-4':'' ~90 ., -~1. 2,4 4.-. c- -- 83Â£41 2 4.-flt-- 242*-fil ity--- --0-4, i. ift?'-~f.:t ~ - ,---%- - 4:Â£51.-1 -- 3.,~. 212.-~1%.fl{~3.':.,41*CEâ‚¬h-~~,1~.26,~.,I;:.22Â»7Ik@.~:.i! Â·: -...... 7, 2';43.-#FE '.14 t<>pe,-Â· : .. . . 'g 4 . . '. -:Â· ~ ..3* I VA . 3 Â·. Â·' Â· Â·r 4 .1~... 3 4, ..4 .A '& f::.~ < .r.'Â·~.~â€¢.~Â·. ALAhÂ·Â¢ i,i. , f,rtÂ·*174,{t (Instructions on Reverse Size) 4-1 W E Town Clerk's Office Memo To: Board of Trustees Town Administrator Widmer Town Attorney White From: Vickie O'Connor Date: November 17,1999 Re: "Action Minutes" I have been researching "Action Minutes" v. our "summary" minute-taking format. Attached is a proposed Resolution adopting a policy of Action Minutes for the Town Board and standing committees. Currently, we take what is known as summary minutes. The current practice of summarizing presentations and Town Board discussion is a time- consuming process, and is extremely dependent upon the subjective interpretation of the minute preparer as to which comments should be reflected in the record. Public comment speakers would continue to be identified with a brief general description of the subject matter and follow-up (if any) that is requested of staff; comments from members that clarify the intent of a motion; comments from members that are made "for the record"; and direction given to staff, even if it is by general consensus and not a formal motion, would be reflected in action minutes. Although I have not calculated the savings in staff time and dollars for this conversion, plus the slight savings in supplies, I am confident that we, as well as other minute takers, could get our low priority projects up to date, and possibly absorb additional duties. The effective date would January 1, 2000. If adopted, I will meet with staff to review/discuss this new policy. RESOLUTION NO. 36-99 A RESOLUTION OF THE TOWN OF ESTES PARK CONCERNING THE POLICY OF ACTION MINUTES FOR THE BOARD OF TRUSTEES AND STANDING COMMITTEES WHEREAS, it is in the best interest of the Town to establish a uniform Town- wide policy for the preparation of minutes; and WHEREAS, the preparation of "Action Minutes" maximizes personnel resources and is more cost-effective and time efficient. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE TOWN OF ESTES PARK, COLORADO that a policy of taking Action Minutes for the Board of Trustees, standing committee and advisory body meetings be adopted. BE IT FURTHER RESOLVED, that the following information shall be reflected in the Action Minutes: 1. Name of the body. 2. Date, hour, and place of the meeting. 3. Names of members in attendance and members absent. If a member arrives late or departs before adjournment, the minutes should reflect the time of arrival and/or departure at that point in the minutes. 4. Whether it is a regular, adjourned, or special meeting. 5. That proper notice has been given if it is a special meeting. 6. Time meeting commenced. Time of meeting recess, if any. 7. Topics of business. 8. Actions taken on each business item: â€¢ Record motions and votes. â€¢ Include direction given to staff by general consensus. 9. Statements made "for the record" or which clarify the intent of the body. 10. Oral communications and/or public comment need only reference the name of the person, subject matter addressed, and direction, if any, given. 11. Adjournment time and, if applicable, whether the meeting was adjourned to another time prior to the next regular meeting. 12. Signature blocks for the presiding officer and clerldrecording secretary. 13. With respect to public hearings, Action Minutes shall include: â€¢ The fact that the public hearing was opened. â€¢ The fact that the required notice was given, the manner of giving notice (publishing, posting, mailing), date(s) of publishing, posting or mailing, and number of copies posted or mailedl if applicable. â€¢ Appropriate reference to any written evidence in the form of statements, affidavits, reports, photographs, maps, correspondence, or other objects filed at the hearing and included as part of the record. â€¢ The names of people who spoke and whether their testimony was for or against the hearing subject. â€¢ Findings of the body (if the findings are modified or otherwise not incorporated in the ordinance, resolution, or staff report adopted/approved as a result of the hearing). â€¢ The motion and vote to close the public hearing. If the hearing is continued, the date, time and place of the continued hearing shall be reflected in the minutes. â€¢ Statements made "for the record" or which clarify the intent of the body. â€¢ Action taken on the subject matter > Record motions and votes > Include direction given to staff by general consensus. 14. The audio tapes of Town Board and Planning Commission meetings shall be maintained by the Town Clerk for a period of two years and then destroyed. Audio tapes of any committee meetings shall only be kept until such time as the committee minutes are approved by the Board of Trustees. 15. This Resolution shall take effect January 1, 2000. INTRODUCED, READ, AND PASSED BY THE BOARD OF TRUSTEES OF THE TOWN OF ESTES PARK on this day of ,1999. TOWN OF ESTES PARK, COLORADO Mayor ATTEST: Town Clerk TOWN OF ESTES PARK * 21 t .211,-.#.540: 3 2*r46>VE-*~Â£7. Lz->AN&41.0. 3/Upe'jj/: .2~471-<d --4, 44#'F'f ka...i Date: November 15, 1999 To: Mayor Dekker Town Trustees From: Randy Repola 9~- Re: 2000 Pay plan According to the Mountain States Employers Council, "the average, or typical employee is projected to receive a 4.4% increase in pay in 2000. The increases... include merit, general, longevity and cost-of-living raises." The average increases broken down by region range from 4.3% in Northern Colorado to 5.1% in the Boulder/Longmont region. The Merit Pay Plan recommendation for Budget Year 2000 is a bit more aggressive than past years. In the interest of keeping good employees, and attracting quality applicants for current and future openings, a two-part proposal is offered. The 2000 pay plan provides for competitive merit increases for superior performance and an increase to the pay grades in an effort to be competitive in the Front Range labor market. I. Merit Pay Merit awards will range from 2% to 6% for 2000. The merit awards will be 2% for reviews that are "Average" and 2% to 6% for "Above Average" reviews; "Below Average" reviews will not receive increases. Department Heads will have the ability to award up to 6% to top performers in their respective departments, but cannot exceed 4.5% oftheir respective payroll. The amount estimated to be used for merit in 2000 was determined by increasing the average 1999 merit by 20%. Cost: 4.5% of 1999 payroll (970) 586-5331 â€¢ RO. BOX 1200 â€¢ 170 MAC GREGOR AVENUE â€¢ ESTES PARK, CO 80517 â€¢ FAX (970) 586-6909 . f II. Re-graded positions Based on available data from CML, two positions are substantially below the market average for salaries. Therefore, I recommend that the Museum Curator and the Water Superintendent be re-graded. A. Museum Curator Currently, this position is a pay grade 8. The recommendation is to re-grade to anll. B. Water Superintendent Currently, this position is at grade 21. Market data indicates that it should be a 23. Cost: .24 % of 1999 payroll. nI. Seasonal pay rate The entry level rate for seasonal employees has not been increased since 1996. Currently, seasonal employees start at $7.50 per hour. In addition, employees who stay on the job for ten weeks are eligible for a bonus of $400. At the end of ten weeks, the employee receives an additional $.75 per hour for the remainder of the year. Employees that return, can earn an additional $.50 per hour per year in addition to the $400 bonus. In 1999, at least two departments did not receive enough applications to fill seasonal positions. Departments either had to accept otherwise unqualified applicants or recruit additional candidates. Therefore, I recommend that the hourly rate for Seasonal Employees be increased to $8.00 per hour and maintain the current bonus program. Seasonal employees are vital to our summer operations. In order to insure that we can staff seasonal jobs and be prepared for summer activities, it is important to attract quality applicants for these highly visible operations. Cost: .02% of 1999 Payroll IV. Compensation Study Annually, staffperforms a salary comparison utilizing data provided by the Colorado Municipal League. The comparison is very simple and only addresses actual salaries and compensation as compared to similar positions in selected municipalities. Due to the size and complexity of our organization it is necessary to periodically review our compensation system for accuracy and compatibility with the market. The last independent compensation study was conducted in 1994. Therefore, it is recommended that we retain a qualified firm to perform a thorough review of our compensation structure and system in 2000. The 1994 study cost approximately $7800. I would estimate that the project should be about $10,000 (assuming a 5% per year cost increase since the 1994 study). The 2000 budget contains $30,000 for Human Resource services. This project would be funded from that line item. 2