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Home My WebLink AboutPACKET Town Board 2007-10-2301 LE ..Â· 1 , 1 Prepared 10/15/07 *Revised 10/22/07 E t.' 1 . V 3~ 1.7-4 '403 1.Â· 0< 13,4 5 . 71, ~:,44 Â»W./.14 2 .- K.., i.r- 147 7$ , j t: :,1.-1. ., .;,1 t~, : 4. f:42 Ill TOWN,OFESTES PARI< 1 11-1 : 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 natural setting. BOARD OF TRUSTEES - TOWN OF ESTES PARK Tuesday, October 23,2007 7:00 p.m. AGENDA PLEDGE OF ALLEGIANCE (Estes Park Police Color Guarch. IACP MEMORIAL AWARD. Chief Richardson. PUBLIC COMMENT (Please state your name and address). TOWN BOARD COMMENTS 1. CONSENT AGENDA (Approval of): 1. Town Board Minutes dated October 9, 2007 and Study Session Minutes dated October 9,2007. Budget Study Session Minutes dated October 12, 2007. 2. Bills. 3. Committee Minutes: A. Public Works, October 15,2007: 1. Salt & Storage Tent - Additional Costs, $17,433.69. 2. Tregent Park Sidewalk - $7,500, Budgeted. B. Utilities, October 18, 2007: 1. Secondary Wire Trailer - $15,000 - Budgeted. 2. SCADA Sampling Building - $22,422 - Budgeted. * 3. Bureau Water Main Replacement - $34,475 - Budgeted. 4. Estes Valley Planning Commission, September 18, 2007 (acknowledgement only). 5. Estes Valley Board of Adjustment, October 2,2007 (acknowledgement only). 6. Intent to Annex Resolution #11-07 - Kosewick Addition. Public Hearing scheduled November 27,2007. 7. Resolution #12-07 - Reimbursement Resolution for Mary's Lake Water Treatment Facility Improvements. lA. PLANNING COMMISSION AGENDA (Approval of): Mayor Baudek: Open the Public Hearing for all Consent Agenda Items. If the Applicant, Public or Town Board wish to speak to any of these consent items, they will be moved to the 'Action Item" Section. 1. CONSENT ITEMS: A. PRELIMINARY SUBDIVISION 1. Deer Ridge Subdivision, Amended Plat of Lots 3 and 4, Skoog Subdivision, 1825 and 1925 Homestead Lane, Paul & Katherine M. Kochevar and John A. Skoog/Applicant. Continued to January 8, 2008. 2. REPORT: A. Presentation of Estes Valley Development Code Block 10 Amendments - First Reading: Revisions to regulations pertaining to required times for action and inaction, extension of times, standard review procedure, alternate review procedure and Table 4-2 Base Density and Dimensional Standards, regarding required setbacks from interior drives in the RM zoning district. (Town Board Public Hearing will be held November 27, 2007). 2. ACTION ITEMS: 1. APPOINTMENT OF JONATHAN FORD TO THE ESTES VALLEY PUBLIC LIBRARY DISTRICT BOARD, 3-YR. TERM, DECEMBER 2010 AND RE- APPOINTMENT OF RAY NIEDER. 4-YR. TERM, DECEMBER 2011. Mayor Baudek. 2. ESTES PARK HOUSING AUTHORITY UPDATE. Director Kurelja. 3. NET METERING POLICY. Utilities Director Goehring. 4. TRANSPORTATION ALTERNATIVE STUDY. Public Works Director Zurn. 5. 3rd QUARTER FINANCIAL REPORT. Finance Officer McFarland. 6. PUBLIC HEARING - 2008-2010 ELECTRIC RATE INCREASE - ADOPTION OF ORDINANCE #20- 07. Utilities Director Goehring. 7. ORDINANCE #21-07 - LIGHT AND POWER - APPROVING BOND ORDINANCE FOR IMPROVEMENTS AT THE MARY'S LAKE SUBSTATION. Utilities Director Goehring. 8. TOWN ADMINISTRATOR REPORT. 9. ADJOURN. MEETING CANCELLATION NOTICE: The Town Board meeting scheduled November 13, 2007 has been cancelled. NOTE: The Town Board reserves the right to consider other appropriate items not available at the time the agenda was prepared. Prepared 10/15/07 *Revised .tieflit. -~eÂ¢4%: ..~Â·.p ...ri.43,447 14-599,6,4711:,,429*.ir @ tow~*tit4kt{424Â·2.. 97, 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 natural setting. BOARD OF TRUSTEES - TOWN OF ESTES PARK Tuesday, October 23,2007 7:00 p.m. AGENDA PLEDGE OF ALLEGIANCE (Estes Park Po#ce Co/or Guard). IACP MEMORIAL AWARD. Chief Richardson. PUBLIC COMMENT (Please state your name and address). TOWN BOARD COMMENTS 1. CONSENT AGENDA (Approval of): 1. Town Board Minutes dated October 9, 2007 and Study Session Minutes dated October 9,2007. Budget Study Session Minutes dated October 12, 2007. 2. Bills. 3. Committee Minutes: A. Public Works, October 15, 2007: 1. Salt & Storage Tent-Additional Costs, $17,433.69. 2. Tregent Park Sidewalk - $7,500, Budgeted. B. Utilities, October 18,2007: 1. Secondary Wire Trailer- $15,000. 2. SCADA Sampling Building - $22,422 4. Estes Valley Planning Commission, September 18,2007 (acknowledgement only). 5. Estes Valley Board of Adjustment, October 2,2007 (acknowledgement only). 6. Intent to Annex Resolution #11-07 - Kosewick Addition. Public Hearing scheduled November 27,2007. 7. Resolution #12-07 - Reimbursement Resolution for Mary's Lake Water Treatment Facility Improvements. l A. PLANNING COMMISSION AGENDA (Approval of}: Mayor Baudek: Open the Public Hearing for all Consent Agenda Items. If the Applicant, Public or Town Board wish to speak to any of these consent items, they will be moved to the "Action Item" Section. 1. CONSENT ITEMS: A. PRELIMINARY SUBDIVISION 1. Deer Ridge Subdivision, Amended Plat of Lots 3 and 4, Skoog Subdivision, 1825 and 1925 Homestead Lane, Paul & Katherine M. Kochevar and John A. Skoog/Applicant. Continued to January 8, 2008. 2. REPORT: A. Presentation of Estes Valley Development Code Block 10 Amendments - First Reading: Revisions to regulations Â·pertaining to required times for action and inaction, extension of times, standard review procedure, alternate review procedure and Table 4-2 Base Density and Dimensional Standards, regarding required setbacks from interior drives in the RM zoning district. (Town Board Public Hearing will be held November 27, 2007). 2. ACTION ITEMS: 1. APPOINTMENT OF JONATHAN FORD TO THE ESTES VALLEY PUBLIC LIBRARY DISTRICT BOARD, 3-YR. TERM, DECEMBER 2010 AND RE- APPOINTMENT OF RAY NIEDER. 4-YR. TERM. DECEMBER 2011. Mayor Baudek. 2. ESTES PARK HOUSING AUTHORITY UPDATE. Director Kurelja. 3. NET METERING POLICY. Utilities Director Goehring. 4. TRANSPORTATION ALTERNATIVE STUDY. Public Works Director Zum. 5. 3rd QUARTER FINANCIAL REPORT. Finance Officer McFarland. 6. PUBLIC HEARING - 2008-2010 ELECTRIC RATE INCREASE - ADOPTION OF ORDINANCE #20- 07. Utilities Director Goehring. 7. ORDINANCE #21-07 - LIGHT AND POWER - APPROVING BOND ORDINANCE FOR IMPROVEMENTS AT THE MARY'S LAKE SUBSTATION. Utilities Director Goehring. 8. TOWN ADMINISTRATOR REPORT. 9. ADJOURN. MEETING CANCELLATION NOTICE: The Town Board meeting scheduled November 13,2007 has been cancelled. NOTE: The Town Board reserves the right to consider other appropriate items not available at the time the agenda was prepared. /Â® hp LaserJet 3015 0.-1 HP LASERJET FAX invent Oct-19-2007 12:54PM Fax Call Report Job Date Time Type Identification Duration Pages Result 942 10/19/2007 12:44:13PM Send 6672527 1:10 2 OK 943 10/19/2007 12:45:28PM Send 5869561 1:09 2 OK 944 10/19/2007 12:46:43PM Send 5869532 1:07 2 OK 945 10/19/2007 12:47:55PM Send 5866336 1:59 2 OK 946 10/19/2007 12:49:59PM Send 5861691 1:28 2 OK 947 10/19/2007 12:51:32PM Send 6353677 0:51 2 OK 948 10/19/2007 12:52:28PM Send 2247899 0:51 2 OK 949 10/19/2007 12:53:25PM Send 5771590 1:15 2 OK Town of Estes Park, Larimer County, Colorado, October 9,2007 Minutes of a Regular meeting of the Board of Trustees of the Town of Estes Park, Larimer County, Colorado. Meeting held in the Town Hall in said Town of Estes Park on the gth day of October, 2007. Meeting called to order by Mayor Baudek. Present: John Baudek, Mayor Bill Pinkham, Mayor ProTem Trustees Eric Blackhurst Dorla Eisenlauer Richard Homeier Chuck Levine Wayne Newsom Also Present: Town Attorney White Jacquie Halbumt, Deputy Town Administrator Jackie Williamson, Town Clerk Absent: Randy Repola, Town Administrator Mayor Baudek called the meeting to order at 7:00 p.m. and invited any person desiring to participate to stand and recite the Pledge of Allegiance. PROCLAMATION. Mayor Baudek proclaimed the week of October 7th - October 13th be designated as the 21S annual "Public Power Week" and presented Director Goehring with a prepared proclamation. PUBLIC COMMENT. David Habecker/1100 Big Thompson Ave. read a prepared statement respectfully requesting the Town Board reconsider reciting the Pledge of Allegiance. TOWN BOARD COMMENTS. Trustee Blackhurst reminded the public that the Public Works Committee would meet Thursday at 8:00 a.m. in the Town Board Room. Deputy Town Administrator Halbumt presented the Mayor with a sponsorship plague from the Scottish/Irish Highland Festival for the Town's participation. 1. CONSENT AGENDA (Approval of): 1. Town Board Minutes dated September 25,2007. 2. Bills. 3. Committee Minutes: A. Public Safety, September 27,2007: 1. Halloween Road Closure - Elkhorn Ave. from Spruce to E. Elkhorn. B. Community Development, October 4,2007: CVB 1. 2007-2008 Rooftop Rodeo Committee Appointments. 2. Stanley Park Fairgrounds Marquee Remodel - $7,652. Senior Center 1. Catering for All Occasions 2008 Contract. i Board of Trustees - October 9,2007 - Page 2 It Was moved and seconded (Pinkham/Newsom) the Consent Agenda be approved, and it passed unanimously. 2. ACTION ITEMS: 1. APPOINTMENT OF LENIE A. ROOS-GABRIDGE TO THE ESTES VALLEY PUBLIC LIBRARY DISTRICT BOARD, 4-YR. TERM, DECEMBER 2011. The Library requests the appointment of Lenie A. Roos-Gabridge to the Estes Valley Public Library District Board for a 4-year term expiring December 2011. It was moved and seconded (Newsom/Levine) to api,rove the appointment of Lenie A. Roos-Gabridge to the Estes Valley Public Library District Board. 2. PUBLIC HEARING - 2008-2010 WATER RATE INCREASE - ADOPTION OF ORDINANCE #18-07. Director Goehring reviewed the Water Department Financial Plan completed by HDR in March 2007 that recommended a rate adjustment of 5.6% for each consecutive year from 2008 - 2013 with an accumulative increase of 38.67%. The Water Department recommends a 5.6% increase for 2008, 2009 and 2010 with a re-evaluation of the rate increase for 2011-2013. The increase would fund Phase I of a two Phase process for Mary's Lake Water Plant Expansion/Treatment upgrades. The plant would be upgraded from 2 Million Gallons per Day (MGD) to 4 MGD to meet increasing demand and upgride the treatment type to a membrane to comply with upcoming State Health Department and EPA regulations. Trustee Homeier stated the issue has been extensively reviewed and addressed at the Committee level as well as two study sessions. Mayor ProTem Pinkham reiterated that the Board has commented and questioned the issue in prior meetings. Trustee Blackhurst stated engineering studies and a demand study have been completed to ensure the Town is making sound decisions related to the water capacity and quality. Patrick Cipolla/632 Aspen Ave. commented the increase water rates to fund improvements would tax the current residents.. He has suggested impact fees paid by the developers be implemented to pay for future improvements. Attorney White read the Ordinance into the record. It was moved and seconded (Newsom/Levine) to approve Ordinance #18-07 to increase water rates by 5.6% for 2008, 2009 and 2010, and it passed unanimously. 3. COMMUNITY SPECIAL EVENT VENDOR LICENSING - ADOPTION OF ORDINANCE #19-07. Town Clerk Williamson stated the proposed licensing is in response to complaints received on the impact craft fairs in Bond Park have on the downtown merchants. Each special event vendor in the Commercial Downtown 'CD" zoning district would be required to obtain a business license through the special event coordinator and display the license while conducting sales from their booth. Attorney White read the Ordinance. Paul Fishman/14erd *Cafa questioned why the vendors at the fairgrounds were not included. Town Clerk Williamson stated the organizations that use the fairgrounds pay a significantly higher fee to rent the facility. Staff was concerned the additional fee would negatively impact the fairgrounds. After further discussion, it was moved and seconded (Levine/Eisenlauer) to approve Ordinance #19-07, and it passed unanimously. Board of Trustees - October 9,2007 - Page 3 4. TOWN ADMINISTRATOR REPORT. â€¢ Budget Study Sessions are scheduled for October 12th, 1901,26* and November 2nd from 8:30 a.m. to 11:30 a.m. 5. REQUEST TO ENTER EXECUTIVE SESSION: 24-6-402(4)(e), C.R.S. - For the purpose of determining positions relative to matters that may be subject to negotiations, developing strategy for negotiations, and/or instructing negotiators - Lot 4, Stanley Historic District. It was moved and seconded (Pinkham/Blackhurst) the Town Board enter into Executive Session for the purpose of determining positions relative to matters that may be subject to negotiations, developing strategy for negotiations, and/or instructing negotiators for Lot 4, Stanley Historic District, under C.R.S. Section 24-6-402(4)(e), and it passed unanimously. Whereupon Mayor Baudek adjourned the meeting to Executive Session at 7:40 p.m. Mayor Baudek reconvened the meeting to open session at 8:25 p.m. Whereupon Mayor Baudek adjourned the meeting at 8:25 p.m. John Baudek, Mayor Jackie Williamson, Town Clerk RECORD OF PROCEEDINGS Town of Estes Park, Larimer County, Colorado, October 9,2007 Minutes of a Regular meeting of the TOWN BOARD STUDY SESSION of the Town of Estes Park, Larimer County, Colorado. Meeting held at Town Hall in said Town of Estes Park on the gth day of October, 2007. Committee: Mayor Baudek, Trustees Blackhurst, Eisenlauer, Homeier, Levine, Newsom and Pinkham Attending: All Also Attending: Deputy Administrator Halburnt, Director Goehring, Town Attorney White and Town Clerk Williamson Absent Administrator Repola Mayor Baudek called the meeting to order at 5:30 p.m. FUNDING FOR L&P SUBSTATION/DISTRIBUTION SYSTEM - ENGAGE BY THE END OF 2007. Jim Manire/James Capital Advisors, Inc. explained the advantages of tax exempt financing for Town projects. He stated if the Town borrows $10 million or less it would be eligible for certain discounts. Dir. Goehring reviewed the upgrades to the Mary's Lake substation facility that includes new transformers and distribution upgrades. Improvements are scheduled to begin April/May and be complete within 90 to 120 days. The distribution system would be designed in 2008 and completed by June 2009. The upgraded system would have an approximate life of 50-years. Mr. Manire stated this bond issuance would be similar to the 1999 bonds; therefore, a template already exists. He is recommending the facility upgrades and the distribution upgrades be combined into one bond issue to save money on the issuance of two separate bonds and to make the offer more attractive to the bond market. An ordinance approving the issuance of $6.5 million would be presented at the October 23, 2007 Town Board meeting and would include the improvements, insurance policy, and cost to issue the bond. The insurance policy would guarantee the investors a second position to the L&P's cash reserves after O&M costs are paid. The bond would have a 20-year debit service payment of approximately $460,000/year. The 1999 bonds mature in 2011 and have a debit service payment of approximately $300,000/year. A competitive bond market would be used for the sale of the bond through the internet with four to eight bids expected and closing on the transaction on December 11, 2007. IRS regulations require the funds be used within 3 years of issuance and limits the amount of interest the Town can make on the money. FUTURE FUNDING ISSUES Stanlev Fairground Barn Mr. Manire informed the Board the new Barn at the Stanley Fairgrounds would be financed through a lease purchase, similar to the golf course financing in 1990. The Town would need to identify a collateral package of $2.5 million for the lease package. In 1990, the golf course was used as the lease asset; however, restrictions in the deed prevent the course from being used in such a transaction. He recommends the Town approach a bank for direct financing and bring the lease package forward in February/March for approval. RECORD OF PROCEEDINGS Town Board Study Session - October 9,2007 - Page 2 Water Dir. Goehring reviewed the upgrades necessary at the Mary's Lake WAter Treatment facility for both increased demand and new water quality improvements. Phase I will increase the facility from 2 Million Gallons per Day (MGD) capacity to 4 MGD and change the treatment type to membrane filtration at a cost of $5.1 million with $370,000 for engineering and design. The project would begin in May 2008 and be completed March 2009. Phase 11 would increase the capacity of the facility by an additional 2 MGD for a total capacity of 6 MGD or build a new facility at the Glacier Creek facility. Mr. Manire stated the financing is similar to the L& P project; however, the Water and Power Authority may be a source of funding through a subsidized loan program available in May of 2008. The loan rates are approximately 80% of the prime rate. This issue may come to the Board in March 2008 for approval. Dir. Goehring informed the Board the Water Department would need to purchase the membranes, $1.2 million, from the Water Fund prior to establishing the loan/bond. Therefore, a reimbursement resolution would need to be adopted by the Town Board to repay the Water Fund from the loan/bond in May of 2008. Golf Course The current golf course lease purchase is due to mature in 2009. The EVRPD would like to fund a new irrigation system, construction to begin after the next golf session, with the golf course as collateral. The Town is responsible for the leaie payments if the Rec. District were to default because the Town owns the property used for collateral. There being no further business, Mayor Baudek adjourned the meeting at 6:35 p.m. Jackie Williamson, Town Clerk RECORD OF PROCEEDINGS Town of Estes Park, Larimer County, Colorado, October 12, 2007 Minutes of a Regular meeting of the TOWN BOARD BUDGET STUDY SESSION of the Town of Estes Park, Larimer County, Colorado. Meeting held at Town Hall in said Town of Estes Park on the 12th day of October, 2007. Committee: Mayor Baudek, Trustees Blackhurst, Eisenlauer, Homeier Levine, Newsom and Pinkham Attending: All Also Attending: Town Administrator Repola, Deputy Town Administrator, Finance Officer McFarland, Town Clerk Williamson Absent: None Mayor Baudek called the meeting to order at 8:30 a.m. 2008 BUDGET PRESENTATION Administrator Repola provided a high level overview of the General, Light & Power and Water funds. The total expenditures for the General Fund for 2004 through 2006 were increased for capital improvements with a corresponding decrease in fund balance. Budgeted compensation in all three funds is usually higher than actual or year-end due to retirements or unanticipated resignations. Revenues are a conservative estimate in all three funds. Capital expenses are budgeted to increase substantially with the improvements at the Mary's Lake Substation and the Mary's Lake Water Treatment facility. The proposed 2008 budget is a guide and has been updated to address the Town Board goals identified during the July study session, affirm service levels, set the stage for future budgets and ensure the sustainability of Town operations. Finance Officer McFarland reviewed the 2008 fund balance by percentage with a balance of $17.4 million, the General Fund balance related to personnel and O&M, General Fund balance related to total expenditures, General Fund income of $12.2 million, General Fund expenditures of $11.8 million, and total expenditures of $39.8 million. Total expenditure for 2008 includes two large capital improvements in L&P and Water Departments. Deputy Town Administrator Halburnt presented an overview of the budget process. Changes to the proposed 2008 budget include a decrease in the L&P transfer to the General fund of 8.5%, decrease in the CVB transfer by $25,000, begin using the vehicle replacement fund in 2008 with a corresponding increase in O&M for each department for the actual depreciation of the vehicles, personnel additions - Fire Captain, GIS/IT, Electrical Engineer, 2 CSOs, increase Museum Curator to full time and additional funds for Park/Street seasonals, personnel reductions - Police Patrol FTE (keeping position but not funding it for 2008), Animal Control will be absorbed by the Code Enforcement Officer duties, Executive Secretary in Administration will be moved to a Secretary 111 with 30% in Administration and 70% in Public Works and Utilities,.5 Administrative FTE will retire in Public Works. Increases in personnel and benefits include a 5% salary increase, an estimated 12.6% health insurance increase, fire pension increased to $81,000 and moved to personnel costs, and car allowances and commissions moved to personnel costs. Board Priorities for 2008 * Stanley Park Improvements * Update Public Restrooms Plan * Competitive Compensation for Skilled Employees RECORD OF PROCEEDINGS Town Board Budget Studi Session - October 12, 2007 - Page 2 * RecruitmenURetention of Volunteers * Local Marketing District * Maintain Current Planting Levels , * Restorative Justice Sustainability * Bark Beetle Management * Records Archival The Public Works Department has added $10,000 to the budget to address restrooms, compensation for lineman was addressed earlier this year, fire pensions were increased from $350 to $400/month, Dir. Pickering is moving forward with the LMD, budget for plantings has been maintained at the same level as 2007, Restorative Justice has hired a new Director to replace the vacancy, Town is purchasing a $12,000 grinder to destroy infested trees and continues to coordinate efforts with the community and the Clerk's office is researching archival methods. LIGHT AND POWER FUND. Director Goehring reviewed the proposed 2008 budget that contains $11.3 million in revenue and a fund balance of $3.3 million. The growth in revenue from 2007 to 2008 is related to the proposed 2.5% increase in electric rates for 2008, a 2% power rider and 1% growth in sales. The power rider would pay for the 3% increased cost to purchase power from Platte River Power Authority in 2008 with a $.00197/kWh to the customer. Finance Officer McFarland stated the L&P fund would take possession of a $6 million bond for the improvements at the Mary's Lake Substation; however, approximately $180,000 in processing costs for the bond would be realized in 2007. The bond money will be spent over the next two fiscal years. The Department has budgeted for the following: $25,000 for Loveland engindering to design the new distribution system; $35,000 for the inspection of power poles for damage and determining replacement needs; tree trimming; street light upgrades; sheep island lighting year round with LED lights; $365,000 for engineering of the distribution system improvements; payment in lieu of taxes at 2.5%; franchise fee 3% and vehicle replacement has doubled and moved under O&M from transfers. Meter reading for the L&P and Water Departments has merged and is a separate division' reporting directly to the Director. Discussion following on turnover rates, training of personnel and the organizational chart. Staff will provide an annual report to the Utilities Committee to address the training program and turnover rates. The organization*al chart will be updated with vacant positions removed if they are not truly vacant. Capital expenditures are increasing significantly for 2008 due to the upgrades at the Mary's Lake Substation ($4 million). Transformer expenses.are down with fewer to be purchased in 2008. Meter reading van to be replaced with old van used by IT. Data processing has increased for upgrades for finance software and additional servers. Software will be removed from the data processing line item. The Click to Gov software will borne to Committee for further discussion pridr to purchase. Mayor Baudek announced a 10-minute recess at 10:10 a.m., and the meeting was reconvened at 10:20 a.m. WATER FUND. Dir. Goehring reviewed the projected $3.4 million revenue for 2008 with a fund balance of $2.5 million. A 5.6% rate increase for 2008, 2009 and 2010 would increase the revenue by $126,000/year. The Windy Gap water supply has assessed the Town $30 per acre foot, and therefore, the cost to the Town is $119 per acre foot versus $22.39 per acre foot of CBT water. Windy Gap water is reusable and can be used until exhausted. Add $20,000 to lab testing budget to meet the testing requirement of the new Federal mandate called the Interim Distribution System Evaluation (IDSE) to determine the build up of carcinogens from the aging of chlorine and inorganic carbon. , RECORD OF PROCEEDINGS Town Board Budget Study Session - October 12, 2007 - Page 3 The new membrane technology will remove these items and testing costs will be less in the future. New guidelines are requiring the inspection of all storage tanks; therefore, divers will be hired. A new pump will be purchased for the Thunder Mountain/Windcliff area. The $4.7 million in capital expenses are for the improvements to the Mary's Lake Water Treatment facility. The facility will also receive fiber feeds to allow the cameras to be monitored by the Police Department. INFORMATION TECHNOLOGY The Department is requesting the addition of a FTE for general computer services and GIS services. The department has approximately 300 pieces of equipment, the phone system and security equipment. Trustees favor the pcsiticn but expressed concern that an individual with the specific set of skills could be difficult to find. For 2008, the phone costs have been removed from L&P and placed within the IT budget with an increase in corresponding revenue. Each department pays into the IT fund based on the number of pieces of equipment and phone outlets. Data processing title will be updated to reflect the detail, i.e. a better description. Update the category telephone to telephone services. GENERAL FUND. Each fund was reviewed and requests for additional information is noted below: â€¢ Legislative - The Citizen Survey has been eliminated from the budget. The Comprehensive Plan update will be completed in 2007; therefore, no money has been budgeted for 2008. O&M is down for 2008 with the Local Marketing District expenses added including the election expenses. â€¢ Executive - This account is down 2% in 2008 compared to the revised 2007 budget. Legal expenses have increased. Capital expenses include a new copier. All supervisors will attend a 12 week program by ICMA on Effective Supervisory Practices next year. Department Heads will complete the program first starting this winter and complete the training by the 1St quarter of 2008. Trustees requested information on the program. Administrator Repola will supply the Trustees with a summary document. â€¢ Elections - Two elections have been budgeted for in 2008. The General Election will be held on April 1, 2008 with three Trustee vacancies and the Mayor up for election. The 2007 budget shows $1,712 spent in O&M. These were costs associated with the 2006 General Election that were not billed to the Town until the spring of 2007. This fund will not be used for an election for the Local Marketing District. â€¢ Finance - Personnel costs are increasing as part of a 6 year plan. In 2006,26% of personnel costs were allocated to the Finance Department and it will increase to 46% by 2011 which corresponds to a decrease in Utilities. IT charges have increased significantly due to underpayment in the past. A discussion followed as to the Human Resource Management and what functions are being performed by the HR Manager and the Deputy Town Administrator. The HR functions will be reviewed after the budget process. The next Budget Study Session is scheduled October 19*,8:30 a.m. - 11:30 a.m, There being no further business, Mayor Baudek adjourned the meeting at 11:30 a.m. Jackie Williamson, Town Clerk RECORD OF PROCEEDINGS Town of Estes Park, Larimer County, Colorado, October 11, 2007 Minutes of a Regular meeting of the PUBLIC WORKS COMMITTEE of the Town of Estes Park, Larimer County, Colorado. Meeting held at Town Hall in said Town of Estes Park on the 11 th day of October, 2007. Committee: Chairman Levine, Trustees Blackhurst and Homeier Attending: All Also Attending: Deputy Town Administrator Halburnt, Public Works Director Zurn, Supt. Mahany, Project Manager Sievers, Deputy Town Clerk Deats Absent: Town Administrator Repola Chairman Levine called the meeting to order at 8:00 a.m. PUBLIC COMMENT. None SALT AND SAND STORAGE TENT - REQUEST APPROVAL TO ACCEPT BIDS. For the past three years, the Street Department has been paying CDOT approximately $38,000 per year for a sand/20% salt mix that meets CDOT highway specifications. Staff research suggests that the Town could save approximately $20,000 per year by purchasing its own storage facility and mixing salt and sand in-house. By recycling reclaimed sand and mixing it with approximately 7% salt, the Street Department would produce a mix that would be better for the environment. Since the EPA requires covered storage of this type of material, a storage tent would be installed at the Elm Road storage yard (the Town "laydown yard.") The following bids for a sand and salt storage tent were received: ACCU-STEEL BUILDINGS, Templeton, Iowa (Colorado State Bid) 42' x 75' Tan Polyethylene Building $ 21,989.69 Building Freight $ 2,552.00 Labor / Building Installation $ 11,300.00 Foundation Material - Vaughn Concrete (In-House Labor) $ 12,353.00 Foundation Freight $ 1,764.00 Bid Price: $ 49,958.69 ROCKY MOUNTAIN BUILDING/COVER-ALL, Pierce, Colorado Legend Style 42' x 72' White Dura-weave Building $ 24,711.04 Building Freight $ 1,275.00 Labor / Building Installation $ 14,601.60 Foundation Material / Installation $ 23,968.00 $ Bid Price: $ 64,555.64 Meridian Style 42' x 72' Dura-weave Building $ 26,832.90 Building Freight $ 1,275.00 Labor / Building Installation $ 14,076.00 Foundation Material / Installation $ 23,968.00 RECORD OF PROCEEDINGS Public Works Committee - October 11, 2007 - Page 2 Bid Price: $ 66,151.90 DOME CORPORATION, Saginaw, Michigan EnviroTech 42' x 75' Tan Fabric Building / Installed Bid Price: $ 96,850.00 BULK STORAGE, Beecher, Illinois Storemore design 42' x 72' Tan Fabric Building / Installed $ Bid Price: $ 158,760.00 At the September Public Works meeting, the Committee approved an expenditure in an amount not to exceed $32,525 from account #101-3100-431-32-21 for the installation of a storage tent. Due to the dollar amounts of the bids received, staff is returning to Committee for approval and recommends contracting with Accu-Steel Buildings for the storage tent and its installation at a cost of $35,841.69. Foundation material, built to Accu-Steel specifications, would be provided by Vaughn Concrete (the foundation will be installed in-house) at a cost of $14,117.00 plus freight, for a total of $49,958.69 from the following accounts: $34,958.69 Acct # 101-3100-431-34-43 $10,000.00 Acd # 101-5200-452-34-42 $ 5,000.00 Acct # 101-5200-452-34-98 Additional funds for this project are available due to savings that were realized when purchases in the Parks Department and the Streets Department came in under budget. The Committee discussed the environmental benefits of recycling sand and reducing the salt content of the mix; the strength of the fabric building and the foundation materials used; location of the building east of the electric storage building; impact to the neighborhood; and use of the building for storage during off-season. The Committee recommends approval to contract with Accu-Steel Buildings for the purchase and installation of a 42' x 75' tan polyethylene building and foundation materials as outlined above at a cost of $49,958.69 from account #101-3100-431-34- 43, 101-5200-452-34-42, and 101-5200-452-34-98. TREGENT PARK SIDEWALK - REQUEST APPROVAL. The 2007 budget includes $7,500 to introduce sidewalk to heavily-traveled turf areas in Tregent Park to provide a safer, more aesthetic area for recreation. Staff seeks authorization to award a contract to the lowest of three bidders for the construction of sidewalks and related appurtenances for a not-to-exceed cost of $7,500. The Parks Department will provide boulder work, restoration, irrigation modifications, and turf in new areas. The resulting product will create a safer walking path, areas for three new picnic benches, and an area for a future sculpture. The Committee recommends approval to proceed with bids for the Tregent Park Sidewalk at a cost not to exceed $7,500 from account #211-5900-459-3541 budgeted. TRANSPORTATION ALTERNATIVES STUDY - REQUEST APPROVAL. Colorado Department of Transportation maintenance funds may be available in 2008 to address traffic congestion issues in Estes Park. In order to identify and justify improvements to the existing system and help to minimize congestion, a transportation RECORD OF PROCEEDINGS Public Works Committee - October 11, 2007 - Page 3 study is required and would be performed by CDOT's general consultant, Post, Buckley, Schuh, and Jernigan, Inc. (PBS&J). The study would provide guidance towards improvements to the downtown area, such as minor intersection improvements, signal timing, and turn lanes that would relieve traffic congestion. The resulting projects would be jointly cost-shared and constructed during 2008. CDOT has stated that these maintenance funds are only available periodically, and it may be several years before they are available again. Staff seeks authorization to retain CDOT's general consulting company, PBS&J, to study the downtown area and provide traffic alternatives that would result in CDOT funding the improvements in 2008 with the participation of the Town of Estes Park based on funds availability. Staff requests authorization to retain PBS&J at a not-to-exceed cost of $15,000 to conduct the transportation study. Discussion ensued on the following topics: how this study would differ from the traffic study completed in 2003 which identified large project solutions to congestion such as the Elm Road Bypass; the size and scope of the projects being considered; that a possible 20% improvement in traffic capacity may be realized; and the timing and scheduling of the study and resulting improvement projects. The Committee recommends approval to retain Post, Buckley, Schuh, and Jernigan, Inc., to conduct a transportation study at a cost not-to-exceed $15,000 from account #101-2400-424-22-02. REPORTS. 1. Brodie Avenue Culvert Repair - Repairs are completed on the 60 inch corrugated metal pipe that runs under Brodie Avenue. Over time, the bottom of the culvert which was installed approximately 40 years ago had completely rotted away. A material called shotcrete, which contains polymer additives and fiber, was used to repair the culvert. The repair is expected to extend the life of the culvert for approximately five to eight years. Mgr. Sievers will report back to the Committee on the total cost of the project which is expected to be under the $38,000 estimate. 2. Bureau of Reclamation Flume Work in Big Thompson River - Mgr. Sievers reported that work in the river is progressing well. He stated that the contractor has been very interested in satisfying the Town's needs and has the site well signed and the bridge open for use by weekend visitors. Boulders will be placed in the river when the Bureau of Reclamation work is completed, approximately the end of October, with seeding and landscaping done in the spring by the Parks Department. 3. Highway 34 Curbinq at CVB - Project Closure Report â€¢ $50,000 budgeted in 2007 for CVB site work. â€¢ PW Committee approval on August 9,2007 for $18,000. â€¢ Bids received from two local contractors. â€¢ Bob Pavlish, Cornerstone Concrete was low bidder at $17,137.50. â€¢ Final payment in full was $17,137.50. â€¢ Incidental costs include: 0 $ 400 to survey & profile edge of roadway. (Cornerstone Engineering) 0 $ 800 asphalt patch. (EZ Excavating) 0 $ 350 relocate underground electric streetlight circuit. (Estes Valley Electric) â€¢ Light & Power assisted with streetlight circuit replacement at no charge. â€¢ Final inspection and approval was made on October 1,2007. â€¢ $18,687.50 total. RECORD OF PROCEEDINGS Public Works Committee - October 11, 2007 - Page 4 MISCELLANEOUS. Dir. Zurn stated that, in light of the condition of the culvert under Brodie Avenue, a drainage study should be conducted to inventory the culverts, etc. within the drainage system and their current condition. Dir. Zurn informed the Committee of grant money that is available for regional trails through the Great Outdoors Colorado program. Grant applications are due November 1, 2007 for projects costing in the $1 million range. The continuation of the Fall River Trail is currently in design and has already proven to be a viable candidate project for these funds. A meeting is planned with Great Outdoors Colorado staff on Monday, October 22, 2007, at 11:00 a.m. in the engineering conference room. Committee members are invited to attend. Work on the Fish Creek Trail has been delayed until the end of October due to contractor scheduling changes. Work on the culvert and the retaining wall will continue this fall, but the sidewalk'may not be poured until spring 2008. There being no further business, Chairman Levine adjourned the meeting at 9:09 a.m. Cynthia Deats, Deputy Town Clerk RECORD OF PROCEEDINGS Town of Estes Park, Larimer County, Colorado, October 18, 2007. Minutes of a Regular meeting of the UTILITIES COMMITTEE of the Town of Estes Park, Larimer County, Colorado. Meeting held in the Town Hall in said Town of Estes Park on the 18th day of October 2007. Committee: Chairman Homeier, Trustees Newsom and Pinkham Attending: All Also Attending: Deputy Administrator Halburnt, Utilities Director Goehring, Finance Director McFarland, Deputy Town Clerk Deats Absent Administrator Repola Chairman Homeier called the meeting to order at 8:02 a.m. PUBLIC COMMENT None LIGHT & POWER DEPARTMENT NET METERING - REQUEST APPROVAL. In November of 2004, Colorado voters passed Amendment 37 that requires Colorado utilities with 40,000 or more customers to generate or purchase 10 percent of their electricity from renewable sources by the year 2015. The initiative establishes a standard rebate offer for solar electric generation equipment and a state-wide net metering system. Because the Town of Estes Park Light and Power Department has fewer than 40,000 customers it is not subject to the requirements of Amendment 37, however, because of concerns about global warming and climate change, the department worked with the City of Loveland to develop a cost neutral net metering rate. When used in conjunction with on-site renewable generation such as solar or wind, this type of rate allows the customer/generator to sell back excess power to the utility. Staff requests approval to implement the cost neutral net metering rate. Residential and commercial customers participating in this program will buy energy from the utility at the retail rate and will be able to sell any excess energy back to the utility at the established renewable generation rates: RESIDENTIAL I COMMERCIAL Base Charge $4.36 $7.91 kWh charge from utility $0.0863 $0.0857 kWh buyback paid to customer $0.0220 $0.0210 Dir. Goehring stated that customers who wish to participate in the program must obtain a permit from the Town to install a renewable energy generation device, and pay approximately $90 for the meter. The meter will supply three readings: 1. energy used, 2. energy sold back to the utility, and 3. the net difference. Surplus energy generated by the customer will be sold back to the utility at the wholesale rate at which it is purchased by the Town from Platte River Power Authority (PRPA). When the net difference is a negative number, monetary credit will be applied to the customer's utility bill; when it is a positive number, the customer will be charged for the excess energy used. Chairman Homeier asked if there was any public comment on the topic. RECORD OF PROCEEDINGS Utilities Committee - October 18, 2007 - Page 2 Tom Street/Allenspark, stated that the proposal is clearly not what customers have been asking for in a net metering program. The proposal does not have the makings of a successful program because, in his opinion, full credit at the retail rate should be given for energy sold back to the utility. He stated that incentives should be offered for participation in the program and questioned whether utility customers would be polled regarding the net metering program. Dir. Goehring stated that to credit at a retail rate is not feasible, as the utility has costs related to the distribution of energy. He stated that with Town Board approval the rate will be advertised as a new tariff in a mailer to all customers and will include information and a questionnake about net metering, including incentives. Dir. Goehring introduced Dan Keough, City of Loveland, who stated that the proposed net metering rate program was formulated exactly the same as the City of Loveland's net metering program. He reiterated that the utility has costs related to the distribution of energy whether the energy is purchased from a customer or PRPA, making a one- for-one program unrealistic, and that distribution costs in an area like Estes Park are much higher than in Loveland. Paul Newendorp/First Methodist Church, stated that his church may be interested in installing solar panels and participating in the net metering program, but that without incentives for front-end costs related to system installation, he doubted that the church could participate. He stated that he has researched the types of incentives offered by Xcel Energy and noted that Xcel's incentives would cut front-end costs in half. He inquired as to the rate the church would pay for energy and was told the church would be charged at the commercial rate. Eric Waples/1519 Raven Circle, questioned whether the Light and Power Enterprise Fund could be used for an incentive program and questioned why monies were transferred to the General Fund, what the history of this transfer is, and why these transferred funds are not 'used to reduce electricity costs and maintain infrastructure, calling the transfer a tax on utility customers. Susan Wolff/Allenspark, urged the Committee to provide incentives for solar energy to save the environment from the effects of coal-fired energy production. Rich Stratton/Sustainable Mountain Living Group, expressed general dissatisfaction with the proposed net metering program stating that resources on our planet are being depleted, that the planet is facing a climate emergency, adding that he gets the impression the Committee does not care about these issues. Trustees Pinkham and Newsom responded to these accusations by stating they feel strongly about these environmental issues. The Committee recommends the proposed Net Metering Rate Structure be taken to the October 23rd Town Board meeting as an action item for a public hearing. SECONDARY WIRE TRAILER - REQUEST APPROVAL. The Light & Power Department budget includes $15,000 for a new secondary wire trailer to be used for transporting secondary power wire to job sites. The trailer will be equipped with a turret to better align the wire reel when un-spooling wire in tight areas. Bids were solicited with the following results~ Sauber Manufacturing Company - Virgil, IL 2007 Sauber Model #1519 Turret Wire Trailer $ 14,439 Freight $ 1.250 Bid Price $ 15,689 RECORD OF PROCEEDINGS Utilities Committee - October 18, 2007 - Page 3 Sherman & Reilly Inc. - Chattanooga, TN 2007 Sherman & Reilly Model TRT-172-61<-T Turret Wire Trailer (fob factory) Bid Price $ 18,500 Henry & Wright Corporation - Cleveland OH 2007 Henry & Wright Model # Single Turret Wire Trailer NO RESPONSE Staff requests approval to purchase a Secondary Turret Wire Trailer from Sauber Manufacturing Company at a cost of $15,689 from account #502-6501-560-26-43 with the additional $689 from account #502-7001-580-34-42 from funds available due to a savings realized when purchasing a Light and Power bucket truck. The Committee recommends approval of the purchase as outlined from account #502-6501-560-26-43 and account #502-7001-580-34-42 budgeted. WATER DEPARTMENT REIMBURSEMENT RESOLUTION: MARY'S LAKE WATER TREATMENT FACILITY UPGRADE - REQUEST APPROVAL. HDR Engineering was hired to design Phase 1 Mary's Lake Water Treatment expansion and upgrade. The design will change the filtration system from rapid sand to membrane- type filters and increase the filter yield from 2 MGD to 4 MGD. HDR will spec and bid the membranes in order to determine the product to be used for the project, which is necessary for the design of the proposed modifications to the Water Plant, as each manufacturer requires slightly different piping and electrical configurations. The cost of the membranes is estimated at $1,200,000. In October, HDR will bid this equipment, and require the Water Department to prepay 10%, or approximately $120,000, to start the manufacturing process and provide shop drawings to HDR. The remaining amount of approximately $1,080,000 will be due in January of 2008. These funds will initially come from the 2007 and 2008 Water Department budgets, (account #503-7000-530-32-22) but will ultimately be repaid from proceeds from bonds issued in May of 2008. The Reimbursement Resolution is necessary to maintain the tax exempt status of the bonds. The Committee requests the Reimbursement Resolution be taken to the October 23,2007 Town Board meeting as an action item and recommends approval of the Resolution authorizing reimbursement from the proceeds of Bonds issued in May of 2008 and to maintain the tax exempt status of the Bonds. BIG THOMPSON WTF METAL SCADA SAMPLING BUILDING - REQUEST APPROVAL TO ACCEPT BID. The 2007 budget contains $98,000 to remove two abandoned buildings from the Big Thompson Water Treatment Facility and purchase and install a metal security building for access, SCADA monitoring and sampling of the existing water storage tank on site. Building quotes were solicited for a complete, electrical wired, 8 ft. x 14 ft. metal building with the following results: United Steel NO RESPONSE US Chemical Storage, LLC 8 ft. x 14 ft. Metal Building w/12 year factory warranty $ 17,846 Freight $ 4,576 Bid Price $ 22,422 Safety Storage, Inc. 8 ft. x 14 ft. Metal Building (no factory warranty) $ 26,619 Freight $ 2,634 Bid Price $ 29,253 RECORD OF PROCEEDINGS Utilities Committee - October 18, 2007 - Page 4 Staff requests approval to purchase a metal 8 ft. x 14 ft. building from US Chemical Storage, LLC at a cost of $22,422. Demolition costs associated with the removal of the existing buildings, which were approved in July, were $37,842, for a total expenditure of $60,264 for the project. The Committee recommends approval to purchase a metal building from US Chemical as outlined above, at a cost of $22,422 from account #503-6300-540-25- 02 budgeted. BUREAU AREA WATER MAIN REPLACEMENT - REQUEST APPROVAL. Staff has previously had discussions with Estes Park Sanitation regarding partnering with them to replace and relocate the existing utilities within the Bureau of Reclamation subdivision. Both utilities share a common trench that runs through the backyards of the properties in this area. During the July 2006 Utilities meeting, the Committee discussed this replacement project and recommended implementation of a six to eight year, phased program at a cost of approximately $150,000 annually. Request for Proposals were solicited for the engineering design of the entire project, and construction drawings, specifications and bid documents to be used for each annual phase with the following responses: HDR Engineering, Inc. Includes: Complete project design, construction and bid documents. Hydraulic modeling for base demand plus fire flow conditions. 822 Task Hours included $ 95,210 Sub-Consultants: Surveying, Geotechnical, Potholing $ 23,100 Bid Price $118,310 Landmark Engineering NO RESPONSE Nolte Associates, Inc. Includes: Overall System Evaluation Plan, design and construction documents only for Phase 1. 332 Task Hours included $ 38,406 Sub-Consultants: Potholing $ 1,320 Bid Price $ 39,726 RG Consulting Engineers Includes: Complete project design, construction and bid documents. 430 Task Hours included $ 33,485 Sub-Consultants: Potholing $ 990 Bid Price $ 34,475 Dir. Goehring explained that the large discrepancy in bid prices was due to an inconsistency in the services quoted by HDR Engineering, Inc., whose bid included more services than requested. He recommended contracting with, RG Consulting Engineers based on their bid price, and the recommendation of Public Works Dir. Zurn who has knowledge of the company's reputation. The Committee recommends approval to accept the proposal for engineering design of the Bureau Area Water Main Replacement by RG Consulting Engineers at a cost of $34,475 from account #503-7000-580-35-54 budgeted. REPORTS LIGHT & POWER RECORD OF PROCEEDINGS Utilities Committee - October 18, 2007 - Page 5 1. Financial Reports - Dir. McFarland reviewed the report and pointed out a clerical error involving invoices from Platte River Power Authority that will be corrected by the Finance Department. WATER 1. Financial Reports - Dir. McFarland reviewed the report and responded to a question about the "Water Budget vs Projected Actuals" graph stating the charted information starts at $1.9 million not at zero. 2. Prospect Mountain Water Company is a privately owned system that currently contracts with the Bureau of Reclamation (BOR) for water. The BOR has informed the owner that water will not be provided to the Prospect Mountain Water system after 2012. The HOA, with the help of the PUC, is considering forming a special improvement district and purchasing the water system. They have approached the Town requesting permission to purchase water in bulk in the event their water system discontinues operation. Dir. Goehring stated that the Town would be agreeable to furnishing the water for their system and that the Town has done so in the past when water has been unavailable due to BOR maintenance activities. There being no further business, Chairman Homeier adjourned the meeting at 9:11 a.m. Cynthia A. Deats, Deputy Town Clerk RECORD OF PROCEEDINGS D-RAFT Regular Meeting of the Estes Valley Planning Commission September 18,2007,1:30 p.m. Board Room, Estes Park Town Hall Commission: Chair Betty Hull; Commissioners Wendell Amos, Ike Eisenlauer, Bruce Grant, Joyce Kitchen, Doug Klink, and John Tucker Attending: Chair Hull; Commissioners Amos, Eisenlauer, Grant, Klink, and Tucker Also Attending: Town Attorney White, Director Joseph, Planner Shirk, Town Board Liaison Homeier, Public Works Director Scott Zurn, and Recording Secretary Roederer Absent: Commissioner Kitchen, Planner Chilcott Chair Hull called the meeting to order at 1:30 p.m. The following minutes reflect the order of the agenda and not necessarily the chronological sequence of the meeting. 1. PUBLIC COMMENT None. 2. CONSENT AGENDA a. Estes Valley Planning Commission minutes dated August 21, 2007. b. DEVELOPMENT PLAN 07-13, WAPITI CROSSING CONDOMINIUMS, Lot 22, South Saint Vrain Addition, 1041 S. St. Vrain Avenue, The Mulhern Group, Ltd./Applicant-Request by applicant to continue this item to the Estes Valley Planning Commission meeting on October 16, 2007. c. REVISED DEVELOPMENT PLAN 00-07C, MARY'S LAKE LODGE CONDOMINIUMS, Lot 3, Mary's Lake Subdivision, and Lots 3A and 3B of Mary's Lake Replat, 2625 Mary's Lake Road, Ram's Horn Development Co./Applicant- Request to change two buildings on Lot 3A such that each shall contain six accommodations units rather than the formerly approved four dwelling units each. No change to the building footprint is proposed. The request is in compliance with density limits. It was moved and seconded (Amos/Klink) that the consent agenda be accepted, and the motion passed unanimously with one absent. 3. DEVELOPMENT PLAN 07-10 and PRELIMINARY CONDOMINIUM MAP, THE TIMBERS OF ESTES, Lot 3, Schroeder Subdivision, 1240 Big Thompson Avenue, Applicant: Mark Theiss Planner Shirk summarized the staff report. This is a request to construct and condominiumize four triplexes and a single unit for a total of thirteen dwelling units on a currently undeveloped, 1.9-acre, A-Accommoda#ons-zoned lot. The applicant proposes different unit types. The stand-alone unit is proposed on the portion of the lot closest to the neighbor's residence, thus providing transition from the adjoining single-family- residential-zoned lot to the south. District buffer landscaping will be provided along the southern property line. RECORD OF PROCEEDINGS , Estes Valley Planning Commission Â· 2 September 18, 2007 The proposal meets the following Estes Valley Development Code (EVDC) limits or requirements: density, impervious coverage, setbacks, pedestrian amenities and linkages, parking, and exterior lighting. Access to the proposed development will be provided from Grand Estates Drive. Curb, gutter, and sidewalk will be installed along the western property line bordering Grand Estatek Drive; a portion of sidewalk will extend irito the development. The proposed sidewalk ramps will need to meet federal ADA standards. Building code standards for handicapped accessibility will be applied when the building permits are reviewed. ... Sanitary sewer service will be provided through an existing eight-inch main along the southern property boundary. An eight-inch water main will be extdnded from the existing twelve-in'ch water line near the northern property boundary. The' application was continued at last month's Planning Commission meeting due to drainage concerns. Two drainages from the north flow through the property. The applicant proposes to capture these flows in a swale to be built along,the northern property litie. Those flows will be directed into a pipe that will run through the center of the property and will be released into a detention pond near the south-central portion of the lot, which will allow release of the drainage at the historic rate and in the historic location. Also, the curb and gutter to be installed along the east side of Grand Estates Drive will capture water from the road, which will flow southward and discharge off the side of the road south of the applicant's property. The adjoining property owner to the south expressed concern about the proposed drainage and met with planning staff to review their concerns. Because the property is zoned appropriately for the proposed use (residential/accommo- dations), it is a use by right. Planning staff recommends approval of the proposed development plan. Public Comment: . , Paul Bennett of Alpine Engineering was present to represent the applicant. He stated the applicant has worked with Town staff to address any issues. The neighboring property owner to the south voiced some concerns regarding drainage, particularly drainage off Grand Estates Drive. Â· [donard "Harry" Potzler, 560 Grand Estates Drive, stated he is the proparty owner to the , south. He is cdncerned about drainage from the proposed detenti6n pond and from water directed onto his property by the new curb andÂ·gutter proposed along Grand Estates Drive. Water from the TravelLodge and Grand Estates Drive is currently absorbed by the property under consideration for development. Buildings and pavement on the lot will add to the water flowing into the detention pond, which will direct all the flows onto his property.' 1-Id requested that the developer either forego installing cutb and gutter or provide curb and gutter past his lot to keep road runoff flowing down Grand Estates Drive and intb Lake Estes. He also requested that "no parking" signs be posted on the east side of the road. Ron Harris, no address given, questioned whether there will be a limit on the number of vehicles that can be parked on the site and expressed concern that the occupant of one of the proposed units could be trapped by an improperly parked vehicle; that particular. unit does not have a large enough driveway apron for a vehicle to park in front of the garage. Planner Shirk and Director Joseph responded. Vehicles, including RVs, could be parked in the proposed development, up to the cumulative number allowed by the development code. The driveway is a p'rivate drive; th'ere is no entitlement to park anywhere on the site * that is not a paved parking area as depicted on the development plan. Properly prepared covenants would address how parking is allocated and used, as well as where guest parking is allowed. Further comments from Mr.' Bennett are summarized as follows. There is no existing curb and gutter along Grand Estates Drive; drainage from the road flows through the applicant's property, into the natural swale, and onto the property to the south. Adding curb and gutter will concentrate flows along Grand Estates Drive. The applicant is not DRAFT RECORD OF PROCEEDINGS Estes Valley Planning Commission 3 September 18, 2007 willing to extend curb and gutter past the property to the south at the applicant's expense. The area is affected by drainage from properties north of Highway 34. If TravelLodge is redeveloped in the future, additional detention should be added on that site. The Town's Public Works Department has requested the applicant provide a twenty-foot-wide drainage easement along the southern property line for possible future use. The applicant is willing to do so. Public Works Director Scott Zurn reviewed drainage flows in the area. Two drainages enter the property from the north and meet (forming a "Y") before exiting the property at the south-central portion of the site. The requested drainage easement will reserve the right to route drainage as it historically flowed. The developer is installing curb and gutter along Grand Estates Drive at the request of the Public Works Department. A long-term goal is to provide curb and gutter along both sides of Grand Estates Drive to direct runoff into the lake. It was moved and seconded (Amos/Eisenlauer) to approve Development Plan 07-10, The Timbers of Estes, Lot 3, Schroeder Subdivision, and to recommend approval of the accompanying Preliminary Condominium Map to the Town Board of Trustees, with the findings and conditions recomrnended by staff, and the motion passed unanimously with one absent. CONDITIONS: 1. Final construction plans (including erosion control plan) shall be approved by the Town of Estes Park Public Works Department and Estes Park Sanitation District prior to issuance of the grading permit and/or first building permit. 2. Compliance with the following memos: a. From Mike Mangelsen to Bob Goehring dated July 19, 2007. b. From Scott Zurn to Dave Shirk dated July 27,2007. c. From Estes Park Sanitation District to Dave Shirk dated August 15, 2007. 3. The trash enclosure shall be subject to review and approval of the Colorado Division of Wildlife prior to issuance of first building permit, and shall be installed prior to issuance of first certificate of occupancy. 4. The grading plan shall bear an engineer's stamp. 5. Copies of applicable state permits shall be submitted with first grading/building permit (e.g., stormwater, CDOT access). 6. A development agreement and form of guarantee shall be submitted by the applicant and approved by the town prior to issuance of any permits. 4. DEVELOPMENT PLAN 07-12, SNUGGLERS COVE, a Metes and Bounds property accessed via Mesa Drive on the YMCA of the Rockies campus, 2515 Tunnel Road, Applicant: YMCA of the Rockies Estes Park Center Planner Shirk summarized the staff report. This is a request to build six new four-bedroom guest cabins and two new eight-bedroom "reunion cabins" at the YMCA of the Rockies Estes Park Center. The proposed units will be in the southeast quadrant of the YMCA grounds with access off Mesa Drive. A new master plan for the YMCA was approved by the Larimer County Board of County Commissioners in March 2007. This approval granted waivers to some development standards, such as paving, but also applied specific conditions of approval. The master plan conditions of approval are conditions of this proposed development plan. The proposed street names for the two drives that will access the units must meet Larimer County street-naming standards. Paved parking, curbs, and sidewalk will be provided in front of the reunion cabins. The applicant must pay special attention to revegetation of the western edge of this parking lot due to the fairly steep grade. Changes have been made to the submitted plans to remove all of the previously proposed parking-lot lighting. The applicant has minimized all proposed exterior lighting, which must be code compliant. Each cabin will be provided with an outdoor trash receptacle. A stormwater filtration pond is proposed north of the northernmost reunion cabin. Water is available to derve the DRAFT RECORD OF PROCEEDINGS Estes Valley Planning Commission 4 September 18, 2007 proposed development through the YMCA's private water system, which has recently been extensively upgraded. This request was routed to all applicable reviewing agency staff and to neighboring property owners for consideration and comment. Commentd were received from the Larimer County Engineering Department and Building Department, Towri of Estes Park Light and Power Department, and Public Works Department, Upper Thompson Sanitation District, and Town Attorney White. The'proposal complies with applicable sections of the Estes Valley Coinprehensive'Plan and Estes Valley Development Code as conditioned by the YMCA Master Plan approval. Planning staff recommends approval of the development plan. Public Comment: Jes Reetz, Cornerstone Engineering and Surveying, was present to represent the applicant. The applicant agrees to all recommended conditions of approval.. The trash receptacles at the new units will be bear-proof. Barbara Finley, adjacent property owner/2634 Dorsey Circle, expressed concern about lack of laridscaping around parking lots on the YMCA grounds and questioned whether landscaping would be required and when it would be installed. Mr. Reetz stated landscaping would be installed as promptly hs possible following installation of infrastructure. Planner Shirk noted all landscaping must be installed or financially guarAnteed prior to issuance of a certificate of occupancy for the new cabins. The recently approved YMCA master plan provides that new parking-lot landscaping shall Oxceed the required amount by 20% Mark Holdt, YMCA Vice President, stated landscaping should be installed during planting season. The parking lot will be landscaped as shown on the submitted plans. It was moved and seconded (Klink/Amos) to approve Development Plan 07-12, Snugglers Cove, a Metes and Bounds property accessed via Mesa Drive on the YMCA of the Rockies campus, with the findings and conditions recommended by staff, and the motion passed unanimously with one absent. CONDITIONS: 1. A Development Construction Permit is required through the Larimer County Engineering Department prior to issuance of building permits. 2. Compliance with memo from Traci Downs to Dave Shirk dated September 6,2007. 3. Compliance with memo from Greg Sievers and Scott Zurn to Dave Shirk dated August 23,2007. 4. The owner's statement shall be revised to reference Larimer County instead of the Town of Estes Park. 5. The proposed slope along the western edge of the parking lot requires special consideration, per. Section 7.2. Method of accomplishing revegetation (i.e., erosion mats, deep-rooting plants) shall be included on the plan. 6. Street names shall be changed to conform to Larimer County street naming standards. 7. Location of street signs and street sign specifications shall be shown on the plat. 8. The ADA route shall be designed to meet federal accessibility standards (slope and width of sidewalk ramps). 9. Details of the sediment filtration pond shall be included on the plan and shall be subject to review and approval of Larimer County Engineering. 5. DEVELOPMENT PLAN 07-14, DELLA TERRA, a Metes and Bounds property located at 3501 Fall River Road, Applicant: Della Terra, LLC Planner Shirk summarized the staff 'rebort. The applicant's property is on edge'of the Estes Valley planning area and is bordered on the north and west by Rocky Mountain National Park. It is currently developed with 100 campsites, a small motel, cabin units, and a coffee shop. The applicant proposes to remove all campsites and develop a ]DRAFT RECORD OF PROCEEDINGS Estes Valley Planning Commission 5 September 18, 2007 fourteen-room guest lodge/wedding facility; the motel, cabins, and coffee shop would remain. The redevelopment is minor and will consist primarily of paving the existing drive and building a new lodge in an area currently used for RV campsites. Very little additional site disturbance is proposed. An area for outdoor weddings is proposed west of the new lodge; this area could accommodate up to 160 guests. No improvements are proposed for this outdoor wedding area. Although the proposed lodge is a large structure, it meets the height limit because it will be located in an existing cut. The property is 12.73 acres in size and is located entirely above the blue line. Because of this, 80% of the land area was netted out for density calculations. The proposal complies with density requirements. The applicant proposes to continue to use the existing well system (with improvements to the system) on the site. The wells were adjudicated in 1975; the Larimer County Health Department has indicated the wells are excellent in terms of water quality and flow. The applicant submitted a water study using methodology provided by the Town Water department, which indicated water usage will decrease by 30% with this redevelopment. There are ongoing discussions between the applicant and the town regarding annexation of this property; water service to the property is one of the main discussion points. Staff recommends that annexation of the property be a condition of approval. Larimer County has agreed to cede building permit review and issuance to the town based on the pending annexation of the property. The existing driveway into the site will be paved. Parking will be added along the drive in locations that are now generally camping sites. A small section of interior road will be added to provide an emergency-vehicle turnaround. To meet landscaping requirements, a few more shrubs must be added to the parking areas. The parking calculations must be corrected on the plan cover sheet, although the plans show the required number of parking spaces. There will be a decrease in the daily vehicle trips generated; the Colorado Department of Transportation has indicated that no new access permit is required. This request was routed to all applicable reviewing agency staff and to neighboring property owners for consideration and comment. Comments were received from Town Attorney Greg White, Town of Estes Park Building Department and Public Works Department, Upper Thompson Sanitation District, and Rocky Mountain National Park. The national park expressed concern about outside noise levels. There will be no outdoor sound amplification, and reception activities will be held indoors. The town's noise ordinance will apply to this site. Planning staff recommends approval of the proposed development plan. Town Attorney White stated the current intergovernmental agreement between Larimer County and the Town of Estes Park requires any development such as this be annexed to the town at the town's sole discretion. Staff's recommended condition of approval #1, which states 'The applicant shall submit an annexation petition to the Town Clerk no later than March 31, 2008," should be changed to require annexation by that date. Connection to town water shall be addressed with the annexation agreement. Director Joseph stated he received comments from Rick Spowart, Colorado Division of Wildlife, indicating that the change of use of this property from a campground to a wedding facility will reduce the adverse impacts to the area's big horn sheep. Public Comment: Pam Amelang/Della Terra, LLC thanked the Commissioners and town staff and expressed her excitement for the project and its positive impact on Estes Park. Mike Sanem/3355 Fall River Road stated the applicants have visited with them about the proposal several times; they are quite pleased with the plan. He questioned when the camping use would cease, stating he would not want both camping and the wedding facility uses to occur at the same time. Ms. Amelang stated camping will be discontinued when the grand opening of the wedding facility occurs (currently estimated to be at the end of 2008); the uses will not coexist. DRAFT , RECORD OF PROCEEDINGS Estes Valley Planning Commission 6 September 18, 2007 It was moved and seconded (Klink/Eisenlauer) to approve Development Plan 07-14, Della Terra, a Metes and Bounds property located at 3501 Fall River Road, with the findings and conditions recommended by staff and with condition #1 revised as shown, and the motion passed unanimously with one absent. CONDITIONS: 1. The property shall be annexed into the Town of Estes Park no later than March 31, 2008. 2. Compliance with memo from Scott Zurn to Dave Shirk dated August 31, 2007. 3. Stormwater management plan shall be subject to review and approval of the Town Engineer. 4. Compliance with memo from Doug Ryan to Dave Shirk dated August 27,2007. 5. Compliance with memo from Upper Thompson Sanitation District to Dave Shirk dated August 21,2007. 6. A development agreernent and letter of credit shall be submitted and approved prior to issuance of a building permit. 7. The parking lot screening shall comply with Section 7.5 of the Estes Valley Development Code. 8., The parking summary table shall be amended to include the coffee, motel, and cabins 'requirements, and the Lodge requirements shall be amended to require 28 spaces instead of 14. 6. PRELIMINARY SUBDIVISION PLAT, DEER RIDGE SUBDIVISION, Amended Plat of Lots 3 and 4, Skoog Subdivision, 1825 and 1925 Homestead Lane, Applicants: Paul M. and Katherine M. Kochevar and John A. Skoog Planner Shirk summarized the staff report. This is a request to adjust the interior boundary line between Lots 3 and 4 of the Skoog Subdivision and subdivide the largest lot (Lot 3) into three smaller lots. Lot 3 formerly contained three tourist cabins and was zoned for multi-family development. It was.rezoned in 2003 to E-1-Estate in conjunctibn with the preliminary plat review, and two of the babins have since been removed. The final plat was approved but expired prior to recordation and is null and void; thus the applicant has submitted a new plat for review. The third cabin would have to be removed before another residence could be constructed on the proposed lot on which it is situated. With this plat, the applicant proposes to extend water and sewer mains into the neighborhood and provide fire hydrants. The applicant also proposes to move an existing road farther north and pave it to the western edge of proposed Lot 2. The former road hrea will be revegetated. The existing road erodes severely during rains and plugs the culvert, resulting in storm drainage flowing over the road. Paving will alleviate potential stormwater problems. The proposed alignment of the private drive to serve two of the lots would also have the dffect of removing the traffic for two dwellings from a portion of the existing road, thus helping reduce the overall traffic impact on thi neighborhood. The property is within a mapped steep-slope hazard area. The Estes Valley Development Code (EVDC) allows an experienced engineer to address steep-slope hazards rather than requiring a professional geologist to prepare a report, provided that site plans and building foundations are prepared by a licensed engineer, with an emphasis on drainage. The applicant proposes building envelopes to prevent development on the steepest portions of the site and minimize site disturbance. Neighboring property owners Mark and Rebecca Elrod, 675 Summerset Court, have expressed concern about geologic and drainage issues. The applicant's property is in a different drainage than the Elrod's property. Town Engineer/Public Works Director Scott Zurn has expressed some concern regarding the road design and drainage issues. Director Zurn addressed the Commissioners. He stated drainage sheet flows from the north to the south and drainage off the existing road are captured in a roadside ditch. The applicant's proposal does not adequately address the drainage. The detention area may need to be changed or resized. He also expressed concern about the proposed road width; mountain road standards require the road be two feet wider than proposed to DR-AFT RECORD OF PROCEEDINGS Estes Valley Planning Commission 7 September 18, 2007 provide for emergency vehicle access. A fire hydrant proposed at the end of the road (beyond the proposed pavement) should have paved access and a paved area for emergency vehicle turnaround. These issues may necessitate additional easements be granted along the length of the applicant's property. Director Zurn also requests some minor corrections to the language on the plat. The consulting engineer for this proposal, Paul Kochevar, was unable to attend today's meeting due to a family emergency. A letter from Mr. Kochevar received today acknowledges the concerns expressed by Director Zurn and requests approval of the preliminary plat as presented. Director Zurn requested this application be continued to the October 16, 2007 Planning Commission meeting. Public Comment: The property owner, John Skoog, was present and indicated he is in the process of selling the property to Mr. Kochevar. It was moved and seconded (Klink/Grant) to continue the Preliminary Subdivision Plat, Deer Ridge Subdivision, Amended Plat of Lots 3 and 4, Skoog Subdivision, to the Estes Valley Planning Commission meeting on October 16, 2007 in order to resolve the issues presented by Town Engineer Zurn, and the motion passed unanimously with one absent. 7. PROPOSED BLOCK 10 AMENDMENTS TO THE ESTES VALLEY DEVELOPMENT CODE This request is to make additions and a correction to the Estes Valley Development Code, and is a continuation of discussions which began at the Estes Valley Planning Commission meeting of August 21, 2007. Director Joseph presented information on the proposed changes as follows: Section 3.1.D, Required Times for Action and Inaction, addition of proposed subsection 5, Extension of Times, regarding timeframes for action on all land- use applications; and Section 3.2, Standard Review Procedure, addition of proposed subsection H, Alternative Review Procedure, regarding provision of optional alternative review procedure Proposed Section 3.1.D allows the temporary extension of timeframes for review of land-use applications due to short-staffing, a vacancy, or an extremely heavy workload in the Community Development Department, or any other factor that would prevent adequate and timely review of applications. Extension would be at the discretion of the Community Development Director and would be for a period not to exceed sixty (60) days beyond the normal timeframe for review. In response to Commissioners' request at the August meeting to identify a trigger or threshold for this extension, Director Joseph offered to add the following language as the final sentence of this subsection: "A vacancy of more than three weeks in Planning staff due to personnel changes, medical leave, or other FMLA-authorized absence shall be considered adequate grounds for an Extension of Time under this provision." Following further discussion, it was agreed that this additional language would be too restrictive and that the trigger for time extension should be based on workload, as originally proposed. Proposed Section 3.2.H provides the applicant an alternative to waiting an additional sixty days if the time extension has been invoked. It allows the applicant to elect to pay for the services of a qualified professional planner, chosen from a list of appropriate consultants maintained by the Community Development Department, to process and review the application. This option may be attractive to an applicant who wishes to stay on a particular time schedule for development purposes. Public Comment: None. DRAFT RECORD OF PROCEEDINGS d ' Estes Valley Planning Commission 8 September 18, 2007 It was moved and seconded (Tucker/Grant) to recommend approval of the proposed amendments to Section 3.1.D and 3.2 of the Estes Valley Development Code, with the deletion of the final sentence of proposed Section 3.1.D.5, to the Estes Park Town Board of Trustees and Larimer County Commissioners, and the motion passed unanimously with one absent. Section 4.3, Table 4-2, Base Density and Dimensional Standards, Residential Zoning Districtâ€ž regarding required setbacks from interior drives in the RM- Multi-Family Residential zoning district Director Joseph stated the proposed change to footnote [9] of EVDC Table 4-2 is a "housekeeping" item. The footnote pertains to setbacks in multi-family residential developments and currently implies that no street setback is required. Staff would like + to clarify that structures must be set back from public or private road& that serve more than four adjacent or off-site dwellings. If the road does not serve more than four dwellings, the setback requirements are not invoked. Public Comment: None. It was moved and seconded (Eisenlauer/Amos) to recommend approval of the proposed amendments to Section 4.3, Table 4-2 of the Estes Valley Development , Code Â· to the Estes Park Town Board of Trustees and Larimer County Commissioners, and the motion passed unanimously with one absent. 8. REPORTS Planner Shirk stated the Board of County Commissioners approved the Panthen lot consolidation plat at their meeting on September 17, 2007. He also recently attended a worksh6p on accessory dwelling units and will have input on this issue for Planning Commission considbration at a future meeting. There being no further business, Chair Hull adjourned the meeting at 3:15 p.m.Â· Betty Hull, Chair Julie Roederer, Recording Secretary DRAFT RECORD OF PROCEEDINGS D-RAFT Regular Meeting of the Estes Valley Board of Adjustment October 2,2007,9:00 a.m. Board Room, Estes Park Town Hall Board: Chair Wayne Newsom; Members Cliff Dill, Chuck Levine, John Lynch, and Al Sager; Alternate Member Bruce Grant Attending: Chair Newsom; Members Levine, Lynch, and Sager; Alternate Member Grant Also Attending: Director Joseph, Planner Shirk, Planner Chilcott, Recording Secretary Roederer Absent: Member Dill Chair Newsom called the meeting to order at 9:00 a.m. He welcomed Planner Chilcott back from maternity leave and congratulated her on the birth of baby Kathryn. 1. PUBLIC COMMENT None. 2. CONSENT AGENDA a. Approval of the minutes of the September 11, 2007 meeting. There being no changes or corrections, the minutes were approved as submitted. 3. METES AND BOUNDS PROPERTY LOCATED AT 2025 MORAINE AVENUE, Applicants: Steve Eck & Steve Williams - Request for variance from Estes Valley Development Code Section 7.5.F.2.b(6) to allow portions of a driveway to be placed within the required arterial-street landscape buffer at a distance of 11.5 feet from the property line in lieu of the required 25-foot buffer Planner Shirk summarized the staff report. This is a request to allow portions of an access drive to be located within the required 25-foot arterial setback/landscape buffer zone. The property is zoned A-Accommoda#ons and is currently undeveloped. The applicant contemplates future development of nine units on the site, which would require a development plan. However, this variance hearing in no way constitutes review of a development proposal, nor would approval of the variance imply approval of any future development plan. The applicant's intent to preserve significant trees if the property is developed as contemplated, including a 24-inch-diameter ponderosa, pushes portions of the access drive into the setback. Planning staff suggests that the required setback should be further reduced to allow the interior driveway to be twelve feet wide rather than ten feet wide and recommends approval of the requested variance with the requirement that district-buffer landscaping standards apply. This would provide approximately twice the amount of landscaping as that required to meet arterial-street landsdaping standards and would require installation of evergreens rather than deciduous trees. Staff recommends this district-buffer landscaping be planted along approximately two-thirds of the highway frontage. Correspondence opposing this variance request was received from neighboring property owners Dave Ranglos of Glacier Lodge, 2166 Highway 66, and Cheryl Wagner, 1986 Dallman Drive, #5. A letter was also received from applicant Steve Eck. RECORD OF PROCEEDINGS Estes Valley Board of Adjustment 2 October 2,2007 Public Comment: Zach Hanson/Van Horn Engineering and Surveying was present to represent the applicants. Board members did not have any questions for Mr. Hanson. Dave Ranglos/2166 Highway 66 stated he is the owner of two adjacent parcels located across the river from the applicant's property. He reviewed the information provided in his letter opposing the variance request. HeÂ· stated the applicant could build fewer or smaller units to comply with required setbacks. He expressed concern about driveway-spacing requirements and the effect the applicant's proposed access may have on an existing easement across the subject property that provides access to his property. His concerns also included a possible retaining wall and fill that may be placed on the site with future development, impacts on the direction of the river flow, previous evidence of river water flowing through the middle of the lot during peak runoff periods, substantial and detrimental changes to the character of the neighborhood, disruption of the tranquility of the river corridor, possible detrimental effect on his rental business, and lack of appropriate transition between the valley and the national park as required by the Comprehensive Pkin. Chair Newsom stated the Board is only reviewing a request to decre'ase the required setback from the road for a future driveway. Planner Shirk stated a letter received from Traci Downs of Larimer County Engineering indicates the county has no concerns with this variance request. The applicant's submitted plans show the ingress/egress point to be approximately 300 feet from Mr. Ranglos' easement, which is greater than the 250-foot separation required. If a development plan for nine units is submitted in the future, it will be reviewed at thd staff level; eleven or more units must be proposed in order for a development plan to be reviewed by the Planning Commission. Steve Eck/applicant stated the placement of the driveway access was designed to accommodate Mr. Ranglos' easement and is 340 feet away. River water will not be diverted onto Mr. Ranglos' property. He is proposing nine residences; Mr. Ranglos' property includes 36 rental units. Cheryl Wagner/1986 Dallman Drive expressed dismay that neighbors have so little say in development proposals. She urged the Board to consider the impacts of the future residences and retaining wall to the environment and area wildlife. She expressed concern about density and increases in traffic and noise. Chair Newsom pointed out that the subject property is zoned for this type of development; if the applicant's proposal meets zoninrj guideliAes it can not be disapproved. It was moved and seconded (Levine/Sager) to approve the variance request for the Metes and Bounds property located at 2025 Moraine Avenue, to allow portions of a driveway to be placed within the required arterial landscape buffer at a distance of 10 feet from the property line in lieu of the required 25-foot buffer, with the.findings and conditions recommended by staff, and the motion passed unanimously. CONDITIONS: 1. District-buffer landscaping standards shall be applied in place of arterial-street standards. 4. LOT 2, GOOD SAMARITAN SUBDIVISION, 2000 PTARMIGAN TRAIL, Applicant: Shepherd of the Mountains Lutheran Church - Request for variance from Estes Valley Development Code Section 1.9.E to allow a steeple structure and cross to extend 12 feet above the maximum slope-adjusted height limit of 32 feet, 9 inches Planner Chilcott summarized the staff report. This is a request by the Shepherd of the Mountains Lutheran Church for a twelve-foot variance to the maximum slope-adjusted height limit of 32.75 feet in order to construct and install a 45.25-foot steeple and aluminum cross. The Estes Valley Development Code (EVDC) Section 1.9.E establishes the maximum height limit but excepts residential chimneys and telecommunications facilities, with some limitations. In considering whether special circumstances exist, the Board should consider that a steeple is typically an integral part of a church. There is no practical difficulty with this site; D-RAFT RECORD OF PROCEEDINGS Estes Valley Board of Adjustment 3 October 2,2007 a structure could be built to comply with the height limit. Building plans submitted with a Special Review for this property, which was approved in 2002, showed a church building and cross structure that complied with the height limit; the plans have since been redesigned. The Board must consider the protections offered by the Religious Land Use and Institutionalized Persons Act. Planning staff suggests that if the impact of the steeple structure and cross would be similar to that of a chimney or telecommunications facility, the Board should consider the variance request. A letter of objection was received from the North End Property Owners' Association stating approval of the variance will have significant impact on the neighborhood even if the cross is not lit and is not shiny. In response to questions from Board members Levine, Grant, and Sager, Planner Chilcott stated the building meets the height limit; only the steeple structure and cross will exceed the height limit. The applicant's architect has indicated the cross will not be lit. The property was not posted with a variance notice as required; the applicant is responsible for posting this notice. Public Comment: Steve Lane/Basis Architecture was present to represent the applicant. He stated he is aware of the requirement to post a variance notice and apologized for the failure to post the notice. He prepared a photo survey for today's meeting and presented it to the Board. The applicant wanted a more traditional church architecture, including a steeple, than that shown with the Special Review in 2002. The proposed steeple structure is five feet tall and will match the architecture and roof coloring (a natural brown) of the church building. Although the cross will be constructed of aluminum, it can be anodized or powder-coated so as to provide a matt finish. The color has not yet been selected but will be a natural color, such as bronze, that fits the color scheme of the building. There will not be electric power in the steeple structure and the cross will not be lit. The contours of surrounding lands and the structures already in place on neighboring properties, including the Good Samaritan development and condominiums in the area, will largely block views of the cross from the north and the west. The impact of the requested variance will be similar to that of a chimney or communications tower that exceeds the height limit. Director Joseph thanked Mr. Lane for complying with staff's request to provide a photo simulation, noting it is not a requirement for submittal of a variance application. Following Mr. Lane's photo presentation, Planner Chilcott recommended approval of the variance request, subject to the recommended conditions of approval found in the staff report and the additional requirements that the cross not be lit and have a non-reflective, matt finish. Further discussion was held and is summarized as follows. The building is situated below grade; that portion of the building below the original grade does not count toward the height limit. Although the cross could be located on the portico, the congregation voted to locate the cross as proposed. Lighting for the parking lot should be downward directed. The building foundation has been poured; Planner Chilcott will verify that the required height certificate has been provided. It was moved and seconded (Sager/Levine) to approve the variance request for Lot 2, Good Samaritan Subdivision, to allow a steeple structure and cross to extend 12 feet above the maximum slope-adjusted height limit of 32 feet, 9 inches, with the findings and conditions recommended by staff, and the motion passed unanimously. CONDITIONS: 1. Compliance with the submitted application. 2. A registered land surveyor shall set the survey stakes for the foundation forms. After the footings are set and prior to pouring the foundation, the surveyor shall verify compliance with the variance and provide a height certificate. 3. The cross and steeple shall not be lit. 4. The cross and steeple shall be constructed of a non-reflective, matt material. DRAFT RECORD OF PROCEEDINGS Estes Valley Board of Adjustment 4 October 2,2007 5. REPORTS None. There being no further business, Chair Newsom adjourned the meeting at 10:05 a.m. Wayne Newsom, Chair Julie Roederer, Recording Secretary 1 1. 1 , - DRAFT RESOLUTION NO. 11-07 BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE TOWN OF ESTES PARK, COLORADO: That 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 "KOSEWICK ADDITION" to the Town of Estes Park, Colorado. Such area is described as follows: A tract of land located in the Northeast K of the Northeast M of Section 35, Township 5 North, Range 73 West of the 6th P.M., Larimer County, Colorado, more particularly described as commencing at the Northwest corner of the Northeast 1/1 of the Northeast 1/1 of said Section, with all bearings relative to the West line of the Northeast 1/1 of the Northeast 14 of said Section, monumented on the North side by a 316" brass cap on a 2 M " pipe LS 15760 and on the South side by a 3 72" brass cap on a 2 M " pipe LS 15760, considered as bearing N01Â°48'48"E; thence S01Â°48'48"W 313.35' along said West line to the True Point of Beginning; thence S78Â°06'21"E 51.46'; thence S77Â°34'34"E 148.49' to a point on the Westerly Right-of-Way of Riverside Drive; thence N73Â°37'59"E 53.19' to a point on the Easterly Right-of-Way of Riverside Drive; thence the following six courses along the Southeasterly Right-of-Way of Riverside Drive; S15Â°30'06"E 127.74'; thence S14Â°59'22"E 128.41'; thence S02Â°50'36"E 29.66'; thence S13Â°10'22"W 146.12'; thence S59Â°40'13"W 303.68'; thence S57Â°22'14"W 47.87' to a plastic cap LS #532 on a #4 rebar; thence N02Â°22'39"E 69.21' to the Northwesterly Right-of-Way of Riverside Drive and a point on said West line; thence N01Â°48'48"E 556.88' along said West line to the True Point of Beginning. County of Larimer, State of Colorado. Containing 3.474 Acres. IT IS FURTHER RESOLVED, that in accordance with Section 31-12-108, C.R.S., the Town Board Public Hearing shall be held Tuesday, November 27, 2007 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 Sections 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. DATED this day of ,2007. TOWN OF ESTES PARK Mayor ATTEST: Town Clerk 1'!1 TOWN of ESTES PARK Utilities and Public Works Departments ESTES PARK COLORADO INTER-OFFICE MEMORANDUM DATE: Elktober 12, 2007 TO: Town Board FROM: Bob Goehring SUBJECT: Reimbursement Resolution: Mary's Lake Water Treatment Facility Upgrade Background The Town hired HDR Engineering to do the design for Phase 1 Mary's Lake Water Treatment expansion and upgrade. The design will be used to change the filtration system from rapid sand to membrane type filters. This modification will also increase the filter yield from 2 MGD to 4 MGD. HDR will spec and bid the membranes to determine what manufacturer's membrane will be used for the project. This is necessary for the design of the proposed modifications to the Water Plant as each manufacture requires slightly different piping and electrical configurations. Cost estimated for the membranes is $1,200,000. In Elktober HDR will bid this equipment. The Water Department will be required to prepay 10% or approximately $120,000 to start the manufacturing process and to provide shop drawings to HDR. The remainder will be due in January of 2008. ($1,080,000.) These funds will initially come from the 2007 and 2008 Water Department Budgets, but will ultimately be paid from the Bond proceeds issued in May of 2008. The Reimbursement Resolution is necessary to maintain the Tax Exempt status of the Bonds. Budget Account # 503-7000-530-32-22. Cost estimate for membranes: $1,200,000. Recommendation Staff recommends doing the Reimbursement Resolution at the October 23 Town Board Meeting to maintain Tax Exempt status of the Bonds. 1- Reimbursement Resolution Iemo Date: October 23,2007 70: Town Board From: Gregory A. White RE: Reimbursement Resolution BACKGROUND: The Reimbursement Resolution that was reviewed by the Town's Utility Committee on October 18, 2007, has been changed after review by the Attorney representing the Colorado Water Resources and Power Development Authority. The Authority is the State Agency which the Town intends to borrow monies for the upgrading and expansion of the Mary's Lake Water Treatment Facility. The changes are not substantial nor have changed the legal effect of the Reimbursement Resolution. BUDGET IMPLICATIONS: There are not budget implications. STAFF RECOMMENDATION: It is the Staffs recommendation that the Resolution be adopted. .. RESOLUTION NO. A RESOLUTION OF THE BOARD OF TRUSTEES OF THE TOWN OF ESTES PARK, ACTING BY AND THROUGH ITS WATER ACTIVITY ENTERPRISE, DECLARING ITS OFFICIAL INTENT TO REIMBURSE THE TOWN, ACTING BY AND THROUGH THE ENTERPRISE, WITH THE PROCEEDS OF A FUTURE TAX EXEMPT BORROWING FOR CERTAIN CAPITAL EXPENDITURES TO BE UNDERTAKEN BY THE TOWN, ACTING BY AND THROUGH THE ENTERPRISE; IDENTIFYING SAID CAPITAL EXPENDITURES AND THE FUND TO BE USED FOR SUCH PAYMENT; AND PROVIDING CERTAIN OTHER MATTERS IN CONNECTION THEREWITH. WHEREAS, the Town of Estes Park (the "Town"), in the County of Larimer and State of Colorado (the "State"), is a political subdivision duly organized and existing pursuant to the constitution and laws of the State; and WHEREAS, the Town has formally established the Town of Estes Park, Water Activity Enterprise (the "Enterprise"), pursuant to Article X, Section 20 of the Colorado Constitution and part 1 of article 45.1 of title 37, Colorado Revised Statutes, and pursuant to Ordinance No. 8-99 of the Board of Trustees of the Town; and WHEREAS, the Board of Trustees of the Town (the "Board") is the governing body of the Enterprise; and WHEREAS, the Board has determined that it is in the best interest of the Town to make certain capital expenditures to the works and facilities operated by the Enterprise, including, but not limited to, the upgrading and expansion of the existing Mary's Lake Water Treatment Facility (collectively, the "Project"); and WHEREAS, the Board has been in contact with the Colorado Water Resources and Power Development Authority (the "Authority") regarding the availability of a loan from the Authority to be represented by a governmental agency bond to be issued to the Authority; and WHEREAS, the Board currently intends and reasonably expects to issue its bonds or other obligations participate in a borrowing to finance the Project, including an amount which is currently estimated not to exceed $5,500,000 (the "Financed Amount"), to reimburse the Town, acting by and through the Enterprise, for the portion of the cost of the Project (the "Reimbursable Expenditures") incurred subsequent to a period commencing sixty (60) days prior to the date hereof, but before such issuance berfewing, and ending prior to the later of eighteen (18) months of the date of swâ‚¬h Gapital the Reimbursable Expenditures for or the placing in service of the Project (but in no event more than three (3) years after the date of the original expenditure of such moneys); and 1 .. WHEREAS, the Board hereby desires to declare its official intent, pursuant to 26 C.F.R. Â§ 1.150-2 of the Treasury Regulations promulgated under the Internal Reveue Code of 1986, as amended, to reimburse the Town, acting by and through the Enterprise, for SUGh-capital Reimbursable Expenditures with the proceeds of a future tax exempt borrowing issuance of bonds or other obligations of the Town, acting by and through the Enterprise. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE TOWN OF ESTES PARK, COLORADO, ACTING AS THE GOVERNING BODY OF ITS WATER ACTIVITY ENTERPRISE, that: Section 1. Declaration of Official Intent. The foregoing recitals are true and correct. The Town, acting by the through the Enterprise, presently intends and reasonably expects to finance all or a portion of the cost of the Project from the issuance of bonds or other obligations with moneys from its Water Enterprise Fund. Section 2. Dates of Capita/ Expenditures. All of the Gapital Reimbursable Expenditures covered by this Resolution were or will be made on and after the date which is sixty (60) days prior to the effective date of this Resolution. Section 3. Issuance of Bonds or Notes. The Town, acting by and through the Enterprise, presently intends and reasonably expects to participate in a tax-exempt boFFGWing issue its bonds or other obligations within eighteen (18) months of the date of the expenditure of moneys on the Project or the date upon which the Project is placed in service, whichever is later (but in no event more than three (3) years after the date of the original expenditure of such moneys), and to allocate from said borrowing an amount not to exceed the Financed Amount to reimburse the Town, acting by and through the Enterprise, for ifs the Reimbursable Expenditures in connection with the Project. Section 4. Confirmation of Prior Acts. This is the first resolution of the Board declaring its intent to reimburse the Town, acting by and through the Enterprise, for the Reimbursable Expenditures feNhe-Prejeet from proceeds of a borrowing. All prior acts and doings of the officials, agents and employees of the Town and the Enterprise which are in conformity with the purpose and intent of this Resolution, and in furtherance of the Project, shall be and the same hereby are in all respects ratified, approved and confirmed. Section 5. Effective Date of Resolution. This Resolution shall take effect immediately upon its passage. PASSED AND ADOPTED at a regular meeting this day of 2007. 2 r . I. TOWN OF ESTES PARK, COLORADO, ACTING BY AND THROUGH ITS WATER ACTIVITY ENTERPRISE By John Baudek, Mayor ATTEST: Town Clerk 3 RESOLUTION NO. A RESOLUTION OF THE BOARD OF TRUSTEES OF THE TOWN OF ESTES PARK, ACTING BY AND TRHOUGH ITS WATER ACTIVITY ENTERPRISE, DECLARING ITS OFFICIAL INTENT TO REIMBURSE THE TOWN WITH THE PROCEEDS OF A FUTURE BORROWING FOR CERTAIN CAPITAL EXPENDITURES TO BE UNDERTAKEN BY THE TOWN; IDENTIFYING SAID CAPITAL EXPENDITURES AND THE FUNDS TO BE USED FOR SUCH PAYMENT; AND PROVIDING CERTAIN OTHER MATTERS IN CONNECTION THEREWITH. WHEREAS, the Town of Estes Park, Acting By and Through its Water Activity Enterprise (the "Town"), in the County of Larimer and State of Colorado (the "State"), is a political subdivision duly organized and existing pursuant to the constitution and laws of the State; and WHEREAS, the Board of Directors of the District (the "Board") is governing body of the Town; and WHEREAS, the Board has determined that it is in the best interest of the Town to make certain capital expenditures on the Project which generally consists of the upgrading and expansion of the Town's existing Mary's lake Water Treatment Facility (collectively, the "Project"); and WHEREAS, the Board has been in contact with the Colorado Water Resources and Power Development Authority with regard to the availability of a loan from said entity; and WHEREAS, the Board currently intends and reasonably expects to participate in a borrowing to finance such capital expenditures, including an amount which is currently estimated not to exceed $5,500,000 (the "Financed Amount"), to reimburse the Town for the portion of such capital expenditures incurred or to be incurred subsequent to a period commencing sixty (60) days prior to the date hereof, and ending prior to the later of eighteen (18) months of the date of such capital expenditures or the placing in service of the Project (but in no event more than three (3) years after the date of the original expenditure of such moneys); and WHEREAS, the Board hereby desires to declare its official intent, pursuant to 26 C.F. R. Â§ 1.150-2, to reimburse the Town for such capital expenditures with the proceeds of the Town's future taxable or tax-exempt borrowing. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE TOWN OF ESTES PARK, COLORADO, that: 2 - Reimbursement Resolution Section 1. Declaration of Official Intent. The Town presently intends and reasonably expects to finance all or a portion of the Project with legally available funds. Section 2. Dates of Capital Expenditures. A\\ of the capital expenditures covered by this Resolution were or will be made on and after the date which is sixty (60) days prior to the effective date of this Resolution. Section 3. Issuance of Bonds or Notes. The Town presently intends and reasonably expects to participate in a borrowing within eighteen (18) months of the date of the expenditures of moneys on the Project or the date upon which the Project is placed in service, whichever is later (but in no event more than three (3) years after the date of the original expenditure of such moneys), and to allocate from said borrowing an amount not to exceed the Financed Amount to reimburse the Town for its expenditures in connection with the Project. Section 4. Confirmation of Prior Acts. A\\ prjor acts and doings of the officials, agents and employees of the Town which are in conformity with the purpose and intent ofthis Resolution, and in furtherance of the Project, shall be and the same hereby are in all respects ratified, approved And confirmed. Section 5., Effective Date of Resolution. This Resolution shall take effect immediately upon its passage. PASSED AND ADOPTED at a regular meeting this day of 2007. TOWN OF ESTES PARK, COLORADO By JohA Baudek, Mayor ATTEST: Town Clerk 3 - Reimbursement Resolution .. RESOLUTION 12-07 A RESOLUTION OF THE BOARD OF TRUSTEES OF THE TOWN OF ESTES PARK, ACTING BY AND THROUGH ITS WATER ACTIVITY ENTERPRISE, DECLARING ITS OFFICIAL INTENT TO REIMBURSE THE TOWN, ACTING BY AND THROUGH THE ENTERPRISE, WITH THE PROCEEDS OF A FUTURE TAX-EXEMPT BORROWING FOR CERTAIN CAPITAL EXPENDITURES TO BE UNDERTAKEN BY THE TOWN, ACTING BY AND THROUGH THE ENTERPRISE; IDENTIFYING SAID CAPITAL EXPENDITURES AND THE FUND TO BE USED FOR SUCH PAYMENT; AND PROVIDING CERTAIN OTHER MATTERS IN CONNECTION THEREWITH. WHEREAS, the Town of Estes Park (the "Town"), in the County of Larimer and State of Colorado (the "State"), is a political subdivision duly organized and existing pursuant to the constitution and laws of the State; and WHEREAS, the Town has formally established the Town of Estes Park, Water Activity Enterprise (the "Enterprise"), pursuant to Article X, Section 20 of the Colorado Constitution and part 1 of article 45.1 of title 37, Colorado Revised Statutes, and pursuant to Ordinance No. 8-99 of the Board of Trustees of the Town; and WHEREAS, the Board of Trustees of the Town (the "Board") is the governing body of the Enterprise; and WHEREAS, the Board has determined that it is in the best interest of the Town to make certain capital expenditures to the works and facilities operated by the Enterprise, including, but not limited to, the upgrading and expansion of the existing Mary's Lake Water Treatment Facility (collectively, the "Project"); and WHEREAS, the Board has been in contact with the Colorado Water Resources and Power Development Authority (the "Authority") regarding the availability of a loan from the Authority to be represented by a governmental agency bond to be issued to the Authority; and WHEREAS, the Board currently intends and reasonably expects to participate in a borrowing to finance the Project, including an amount which is currently estimated not to exceed $5,500,000 (the "Financed Amount"), to reimburse the Town, acting by and through the Enterprise, for the portion of the cost of the Project incurred subsequent to a period commencing sixty (60) days prior to the date hereof, but before such borrowing, and ending prior to the later of eighteen (18) months of the date of such capital expenditures for or the placing in service of the Project (but in no event more than three (3) years after the date of the original expenditure of such moneys); and 1 WHEREAS, the Board hereby desires to declare its official intent, pursuant to 26 C.F.R. Â§ 1.150-2, to reimburse the Town, acting by and through the Enterprise, for such capital expenditures with the proceeds of a future tax-exempt borrowing of the Town, acting by and through the Enterprise. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE TOWN OF ESTES PARK, COLORADO, ACTING AS THE GOVERNING BODY OF ITS WATER ACTIVITY ENTERPRISE, that: Section 1. Declaration of Official Intent. The Town, acting by the through the Enterprise, presently intends and reasonably expects to finance the Project with moneys from its Water Enterprise Fund. Section 2. Dates of Capita/ Expenditures. All of the capital expenditures covered by this Resolution were or will be made on and after the date which is sixty (60) days prior to the effective date of this Resolution. Section 3. Issuance of Bonds or Notes. The Town, acting by and through the Enterprise, presently intends and reasonably expects to participate in a tax-exempt borrowing within eighteen (18) months of the date of the expenditure of moneys on the Project or the date upon which the Project is placed in service, whichever is later (but in no event more than three (3) years after the date of the original expenditure of such moneys), and to allocate from said borrowing an amount not to exceed the Financed Amount to reimburse the Town, acting by and through the Enterprise, for its expenditures in connection with the Project. Section 4. Confirmation of Prior Acts. This is the first resolution of the Board declaring its intent to reimburse the Town, acting by and through the Enterprise, for expenditures for the Project from proceeds of a borrowing. All prior acts and doings of the officials, agents and employees of the Town and the Enterprise which are in conformity with the purpose and intent of this Resolution, and in furtherance of the Project, , shall be and the same hereby are in all respects ratified, approved and confirmed. Section 5. Effective Date of Resolution. This Resolution shall take effect immediately upon its passage. PASSED AND ADOPTED at a regular meeting this day of ,2007. TOWN OF ESTES PARK, COLORADO, ACTING BY AND THROUGH ITS WATER ACTIVITY ENTERPRISE 2 By John Baudek, Mayor ATTEST: Town Clerk 3 ~ ~ Amendments to the Estes Valley ~ Development Code, Block Ten ~ Estes Park Community Development Department ~ Municip al Building, 170 MacGregor Avenue ~---"'* PO Box 1200 Estes Park, CO 80517 Phone: 970-577-3721 Fax: 970-586-0249 www.estesnet.com DATE: October 23,2007 TITLE: Amendments to the Estes Valley .- 8% A 4 LEFS Development Code, Block Ten REQUEST: To make a number of changes and corrections to the adopted Estes Valley Development Code. at LOCATION: Estes Valley, inclusive of the Town of - LEFS Estes Park. - RIVNP EkM,~ary APPLICANT: Estes Valley Planning Commission STAFF CONTACT: Bob Joseph, Community Development Department Director APPLICABLE LAND USE CODE: Estes Valley Development Code PROJECT DESCRIPTION/BACKGROUND: These Code revisions address the following: 1) Section 3.1.D, Required Times for Action and Inaction 2) Section 3.2, Standard Development Review Procedure 3) Section 4.3, Table 4-2, Base Density and Dimensional Standards Residential Zoning Districts 4) Section 7.2.A, Grading and Site Disturbance, Applicability 5) Sect\on 7.11.E.6, Off-Street Parking and Loading, Location, Guest Parking 6) Section 7.11.0.5, Parking and Loading Area Design Standards, Basins and Drainage Facilities 7) Section 10.4.A.2, Lot Dimensions and Configuration 8) Section 10.5.H.3, Condominiums, Townhouses, and Other Forms of Airspace Ownership, Exemptions 9) Appendix D.I.A, Street Design and Construction Standards, Standards of Construction 10) Appendix D.Ill.B, General Site Access, Driveway Access-General Standards ORGANIZATION: 1. Text to be replaced delineated with strikethrough (abc do fghi jk Imn op qrstuv w xyz). 2. New text delineated with underline (abc de fqhi ik Imn op qrstuv w xvz). 3. Revisions have been organized sequentially by chapter and section. ITEM 1: Â§3.1 GENERAL PROVISIONS D. Required Times for Action and Inaction 5. Extension of Times. Timeframes for action on all land-use applications, including, but not limited to, development plans, subdivisions, PUD applications, rezonings, special reviews, use classifications, and separate lot determinations may be temporarily extended bv the Communitv Development Director or his designee due to the lack of adequate staff in the Community Development Department for timely review or anv other factor which prevents adequate and timelv review. The extension shall be for a period of time necessary to enable the Community Development Department to adequately review the land-use applications, not to exceed sixty days. The extension shall be in writing and posted in the Community Development Office and on the Town's website. ITEM 2: Â§3.2 STANDARD DEVELOPMENT REVIEW PROCEDURE H. Alternative Review Procedure. The Community Development Department mav adopt a policy providing for an alternative review procedure for anv applicant who wishes to use said procedure. The purpose of the alternative review procedure is to have review of an applicant's land-use application conducted bv an outside consultant designated bv Staff. The applicant shall be responsible for all fees and costs associated with this alternative review procedure. The recording of anv Development Plan, Final Subdivision Plat, Final Condominium Map, or PUD Plat shall not occur until all fees and costs have been paid in full. 1. Applicabilitv. Any applicant faced with a time-extension delay under the provision 3.1.D.5, Extension of Times, shall have the option to request alternate processing under this section. The following land-use applications shall be eligible for the Alternative Review Procedure: zoning map amendments, subdivisions and condominiums, PUD developments, special review uses, and development plans. 2. /nitiation of A/temative ReWew Procedure. At the time of or within ten (10) davs of a pre- application conference, an applicant mav elect to use the Alternative Review Procedure with the consent of the Community Development Director. This election shall be made in writing and delivered to the Communitv Development Department within said ten (10) day period. 3. Selection of Consultant. The Community Development Director, or his designee, shall select an appropriate consultant for the application from a list of consultants maintained bv the Community Development Department. Said designation shall be in the sole discretion of the Communitv Development Department and not the applicant. The consultant shall be selected within five (5) business days of receipt of the notice of election of the Alternative Review Procedure from the applicant. 4. Fees. The applicant shall be responsible for all fees and costs charged bv the consultant, including, but not limited to, fees for attendance at all meetings of the Estes Valley Planning Commission, the Board of Trustees, or the Larimer County Commissioners at which the land-use application is on the agenda. The fees shall be the hourly rate charged bv the consultant. The Community Development Department shall notify the applicant of the applicable hourly rate at the time of designation of the consultant. Seventy-five percent (75%) of the application fee collected bv the Town at the time of application shall be credited toward the fees of the consultant. All other fees and costs incurred bv the applicant in the Alternative Review Procedure shall be paid to the Town of Estes Park prior to the recording of anv subdivision plat, PUD approval, final condominium map, or development plan. If all fees and costs are not paid within sixty (60) davs of the invoicinq of said costs and fees to the applicant, the land-use application shall be null and void. No application for the parcel of property subiect to the terminated application shall be processed bv the Community Development Department until all fees and costs have been paid in full. Also, no building permits or other property-use approvals shall be processed or issued for the parcel until all fees and costs have been paid in full. 5. Timing. Review of all land-use applications pursuant to the Alternative Review Procedure shall be in accordance with all of the terms and conditions of the Estes Vallev Development Code, including the timeframes for review set forth in the Code. ITEM 3: Â§ 4.3.C.5, TABLE 4-2 Table 4-2 Base Density and Dimensional Standards Residential Zoning Districts -~- Minimum t Building/Structure ' z Minimum Lot Propert, Line Setbacks Max. Min. 1 i Standards [l] 121 [2] [4] [9] Building Building Max. Net Zoning Density Area (sq Width Side Rear Height Wjdth District (units/acre) ft) (ft.) Front (ft.) (ft.) (ft.) (ft.) [10] (ft.) RE-1 ' 1/10 Ac. 10 Ac. 200 50 50 50 30 20 RE 1/2.5 Ac. 2.5 Ac. 200 50 50 50 30 20 E-1 1 1 Ac. [3] ,100 25 25 25 30 20 25-arterials; E 2 1/2 Ac. [3] 75 15-other 10 15 30 20 streets 25-arterials; R 4 1/4 Ac. 60 15-other 10 15 30 20 streets R-1 8 5,000 50 15 10- 15 30 20 Wa Single- family = 25-arterials; Deple- R-2 4 18,000; 60 15-other 10 10 30 20 50% Duplex= streets 27,000 40,000, Residential 5,400 sq. 60; Uses: ft./unit Lots Max = 8 and [4]464 [8] Greater 25-arterials; Mut"- RM Min = 3 10 Ord. 18- Senior than 15-other 10 30 20 [7] family= Senior [6] 60% 01#14) Institutiona 100,000 streets Institutional 1 Living sq. ft.: Living Uses: USeS: V2 200 Max = 24 Ac. Notes to Table 4-2: I [1] (a) See Chapter 4, Â§4.3.D, which allows a reduction in minimum lot size (area) for single-family residential subdivisions that are required to set aside private open areas per Chapter 4, Â§4.3.D. 1. (b) See Chapter 11, Â§11.3, which allows a reduction in minimum lot size (area) for clustered lots in open ipace developments. (c) See Chapter 11, Â§11.4, which allows a reduction in minimum lot size (area) for attainable housing. (d) See Chapter 7, Â§7.1, which requires an increase in minimum lot size (area) for development on steep slopes. (Ord. 2-02 Â§1) [2] See Chapter 7, Â§7.6 for required setbacks from streanVriver corridors and wetlands. (Ord. 2-02 #5; Ord. 11-02 Â§1) [3] If private wells or septic systems are used, the minimum lot area shall be 2 acres. See also the regulations set forth in Â§7.12, "Adequate Public Facilities." [4] Townhome developments shall be developed on parcels no smaller than 40,000 square feet; however, each individual townhome unit may be constructed on a minimum 2,000-square-foot lot at a maximum density of 8 dwelling units per acre. [5] &4wl&Wamib,Â·deÂ¥elepmeaM All development, except development of one single-family dwelling on a single lot, shall also be subject to a maximum floor area ratio (FAR) of.30 and a maximum lot coverage of 50%. [6] Zero side-yard setbacks (known as "zero lot line development") are allowed for townhome developments. [7] Minimum building width requirements shall I121 apply to mobile homes located in a mobile home park. [8] Single-family and duplex developments shall have minimum lot areas of 18,000 s.f. and 27,000 s.f., respectively. (Ord 18-01 #14) [9] All structures shall be set back from public or private roads that serve more than four adiacent or off-site dwellings or lots. The setback shall be measured from the edge of public or private roads, eF the edge of the dedicated right-of-way or recorded easement, or the property line, whichever produces a greater setback. The setback shall be the same as the applicable minimum building/structure setback. This setback is not applicable in the "MF' district. (Ord. 11-02 Â§1) [10] See Chapter 1, Â§ 1.9.E, which allows an increase in the maximum height of buildings on slopes. (Ord. 18-02 #3) ITEM 4: Â§ 7.2 GRADING AND SITE DISTURBANCE STANDARDS A. Applicability. LThese grading and site disturbance standards shall apply to all new development in the Estes Valley, except for single-family residential development on a lot created and approved for such uco prior to the effective date of this Codo. (Ord. 18-02 #1; Ord. 8-05 #1) 2. These standards mav restrict building location and associated drivewavs to a location that results in the highest degree of compliance with these standards, thereby minimizing site disturbance. ITEM 5: Â§ 7.11 OFF-STREET PARKING AND LOADING F. Location. 1. Except as otherwise expressly provided in this Section, required off-street parking spaces shall be located on the same lot or parcel as the principal use. (See Off-Street Parking Alternatives, Â§7.11.G below.) 2. In all nonresidential zoning districts except the CH district, off-street parking shall not be located within the required front yard setback area. In the CD district, off-street parking shall also not be located between the lot line and the building line parallel to an arterial or collector street. See also Â§4.4.D.3, "Vehicular Access and Circulation Requirements." 3. All off-street parking areas shall be separated from arterial street property lines by a landscaped buffer area at least twenty-five (25) feet wide, and from other street property lines by a landscaped buffer area at least fifteen (15) feet wide. See Â§7.5.F, "Buffering and Screening," and Figure 7-9 above. 4. See Â§7.6.F for required parking areas setbacks from delineated river/stream corridors and wetlands. 5. Parking for single-family and two-family dwellings may be located in residential driveways (excluding RV's and boats). 6. Guest Parking. Shared drivewavs mav not be counted toward the quest parkina requirements unless it is demonstrated the design will not interfere with adioininq traffic movements. Guest parking shall be located to provide convenient access to all units and shall be dispersed throughout the site. ITEM 6: Â§7.11.0 PARKING AND LOADING AREA DESIGN STANDARDS 5. Basins and Drainage Facilities. A\\ basin and drainage facilities shall comply with the Larimer County Stormwater Control Manual, as amended, and the standard drawings and specifications contained or referenced therein. ITEM 7: Â§ 10.4.A LOT DIMENSIONS AND CONFIGURATION 2. Lot width shall comply with standards set forth in Tables 4-2 and 4-5. Flaapole lots shall comply with Section 10.4AC, and shall be no less than thirty (30) feet at the front lot line or seventy-five (75) feet at the building line, or such greater width as may be required by this Code. ITEM 8: Â§ 10.5.H CONDOMINIUMS, TOWNHOUSES AND OTHER FORMS OF AIRSPACE OWNERSHIP 3. Exemptions. This subsection shall not apply to condominium projects of two (2).units or loss. Tho number of units shall include any units roccrved for future development. ITEM 9: Appendix D.1 STREET DESIGN AND CONSTRUCTION STANDARDS, GENERAL A. Standards of Construction. Standards of construction not otherwise specified hereunder shall be according to the Standard Specifications for Road and Bridge Construction of the Colorado Department of Highways (latest edition, with amendments in effect at that time), Town of Estes Park Right-of-Way Permit Construction Guidelines, Larimer County Access Policy, Larimer County Urban Street Standards and Larimer County Road Standards, as amended. Quality control testing shall meet the minimums as described in "Other Standards." ITEM 10: Appendix D.111 GENERAL SITE ACCESS B Driveway Access-- General Standards. 1. Safe Access Required. Safe, convenient and adequate access to individual buildings by driveways shall be provided. Driveway access to collector and arterial streets shall be discouraged. No driveway shall be so located as to create a hazard to pedestrians or motorists, ef-te invite or compel illegal or unsafe traffic movements, or block or alter access to adioining properties or uses. To the maximum extent feasible, new driveways shall align directly across from existing driveways. (Ord. 8-05 #1) 9. Driveway Design Requirements. (Ord. 8-05 #1) a. All driveways serving eight (8) or more parking spaces shall be paved and constructed with a minimum edge radius of five (5) feet on both sides, and shall be surfaced with at least two (2) inches of bituminous paving material or.four (4) inches of concrete. (Ord. 8-05 #1) b. All driveways serving twenty (20) or more parking spaces shall be paved and designed and constructed meeting the standards applicable to a public street. ' (Ord. 8-05 #1) c. Where aaracles are used to satisfy parking requirements, the driveway apron shall be at least twenty feet in length unless it is demonstrated the design will not interfere with adioining traffic movements. Claudine Perrault Director Phone (970) 586-8116 FAX (970) 586-0189 cperrault@estes.lib.co.us ESTES PARK PUBLIC LIBRARY Estes Valley Public Library District http://www.estes.lib.co.us October 15,2007 Jackie Williamson Clerk, Town of Estes Park P.O. Box 1200 Estes Park, CO 80517 Dear Ms. Williamson: After serving 1 year of her term, Ms. Marjorie Drew Corcoran has resigned from the Estes Valley Public Library District (EVPLD) Board of Trustees effective December 31, 2007. The Board received four applications for this vacant position. The Board interviewed each applicant and is recommending that Jonathan Ford be appointed to a 3 -year term that would terminate on December 31, 2010. We believe that Mr. Ford has the education, career experience, and enthusiasm to make an effective and valuable Board member. The EVPLD Board of Trustees respectfully requests that the Town Board approve Jonathan Ford's appointment as an EVPLD Trustee at its earliest convenience. Sincerely, n . M.4 T- Â£&-Fi Barb Lister, President EVPLD Board of Trustees RO. BOX 1687 . 335 EAST ELKHORN AVENUE . ESTES PARK, CO 80517 - Claudine Perrault Director Phone (970) 586-8116 FAX (970) 586-0189 cperrault@estes.lib.co.us ESTES RARK PUBLIC LIBRfiRY Estes Valley Public Library District http://www. estes.lib.co.us Jackie Williamson October 15,2007 Clerk, Town of Estes Park P.O. Box 1200 Estes Park, CO 80517 Dear Ms. Williamson: Ray Nieder will successfully complete his 4-year term on December 31, 2007. The Estes Valley Public Library District (EVPLD) Board of Trustees recommends that Ray Nieder be appointed to a second 4-year term commencing January 1, 2008 and terminating on December 31, 2011. The EVPLD Board of Trustees respectfully requests that the Town Board approve Ray Nieder's reappointment as an EVPLD Trustee at its earliest convenience. Sincerely, 443# T Ual Barbara Lister, President EVPLD Board of Trustees RO. BOX 1687 â€¢ 335 EAST ELKHORN AVENUE . ESTES PARK, CO 80517 Estes Park Housing Authority The Town of Estes Park October 23,2007 Rental Properties Occupancy Rates > Talons Pointe--- 95% , Cleave Street- 97% , The Pines--- 95% s A recovering and healthy Rental Market 2007 Housing Needs Assessment k RRC Associates is conducting this study 1 Hope to have substantially complete by the end of the year Â» Excellent response from local residents s Amediocre response from local business owners , Completion is expected around the end of the year. , RRC and the Housinj Authority will make public presentations of the tinal report , We anticipate this to be a source of'direction' for the EPHA and the Town 1 . Dr. Hettinger Session Living and Working in Paradise k Many Thanks , Over 40 people in attendance from all different entities and agencies in our community , # 1 lesson learned; How much the Town and the EPHA already doing to put us on the right path , The Political Will of this governing body is the foundation for the Housing Authority's mission > The EPHA is planning on facilitating a follow up session with community leaders Section 8 Vouchers , Good news to report , Estes Park has received funding for an additional 12 vouchers, a 30Â°/0 increase from our current level * This brings the total households served through this program in Estes Park to approximately 50 Â» This program serves the lowest income level , The generosity of the Loveland Housing Authority Home Ownership , Vista Ridge Construction is complete 48 of the 59 units are sold Interest in the units continues to be high 2 .. The Pines Homeownership * Sales are struggling , Product of struggling housing Market > Employing different Marketing Strategies and exploring all options , Making some major cosmetic improvements to help improve the appeal , The El),HA remains committed to the Town and our financial responsibility to the Town , Looking for alternative financing tools while we continue to employ aggressive sales Incentives Statewide Housing Facts , Housing Industry in Colorado is changing , Estimates put New home permits down 22% from 2005 >Â· Colorado continues to be one of the leaders in the number of foreclosures that are filed , 70% of Colorado's foreclosures occurred to homes valued at less than $200,000 Larimer County Foreclosures * From 1997 to 2006, the number of foreclosure filings in Larimer County increased 523% ~ The largest year-to-year increase occurred between 2005 and 2006. There were 314 more foreclosure filings in 2006 than in 2005, an increase of 33.4% 3 I . . Foreclosure FIling Rate li,hâ€¢, Coc* f /7 - 2006 140 per 1.COD ... - ...lon 14 0 II 120 100 00 71 80 00 Â·Â·Â· .... .... ~ ~. 38 3 5 9 40 49 1 1901 1909 2000 2061 2002 2004 =5 =8 ..r The Estes Park Housing Authority Number of People served >Â· 2002.........192 , 2003.........268 , 2004.........300 > 2005.........348 * 2006........452 > currently.....519 On The Horizon for the EPHA , Continue to reduce our financial dependence on the Town * Own a piece of vacant property adjacent to Talons Pointe , Purchase Lone Tree Village Continue to monitor the Housing Needs of the Estes Valley 4 4.... , *9*~1 'IRe (Estes Tal'Â£ 9fousi,18 Authority . - /-57 â€¢ â€¢Â· O 4 ... 0 4.+Ii- I D 2 '96 1 I 0,94. 1 % I ..'. ./ ... /'07Â·92. , r. . 4 -38 : - ., -,WN#49&.r A I . TOWN of ESTES PARK <8 Utilities Department ESTES PARK INTER-OFFICE MEMORANDUM COLORADO DATE: October 10,2007 TO: Town Board FROM: Bob Goehring and Mike Mangelsen SUBJECT: Net Metering BACKGROUND In November of 2004, Colorado voters passed Amendment 37, a renewable energy requirement. The initiative requires Colorado utilities with 40,000 or more customers to generate or purchase 10 percent of their electricity f rom renewable sources by 2015. The initiative establishes a standard rebate offer for solar electric generation equipment and a state-wide net metering system. Because it has less than 40,000 customers, the Town of Estes Park Light and Power Department is not subiect to the requirements of Amendment 37. However, due to social pressure and concerns about global warming and climate change, the Light and Power Department has been approached by several citizens requesting that the Town provide a net metering rate. In the spirit of cooperation, the Light and Power Department has worked through the Intergovernmental Agreement (IGA) with the City of Loveland to develop a cost neutral net metering rate. See attached documentation. When used in coniunction with on-site renewable generation (i.e. solar or wind), this type of rate allows the customer/generator to sell back to the utility any excess generation. BUDGET N/A RECOMMENDATION Staff recommends implementing the cost neutral net metering rate. Residential and commercial customers on this rate will buy energy at the retail rate from the utility. Customers will be able to sell any excess energy back to the utility at the established renewable generation rates: RESIDENTIAL COMMERCIAL Base Charge $4.36 $7.91 kWh charge from utility $0.0863 $0.0857 kWh buyback paid to customer $0.0220 $0.0210 1 - Net Metering . Revenue Comparison of Net Metering Rate Estes Park average RESIDENTIAL residential customer + revenue Based on 500 kWh $47.51 RENEWABLE BILL - Rate 1 Excess Total Base Charge $4.36 Generation Generation kWh charge $0.0863 (kWh) kWh buyback $0.0220 21 56 lE .5 kW $42.66 0 112 E 1 kW $37.83 36 224 U 2 kW $28.17 125 336 0 3 kW $18.51 226 448 -@ 4 kW $8.85 331 560 cn 5 kW $3.04 COMMERCIAL average commerical customer revenue Based on 1372 kWh $125.55 RENEWABLE BILL - Rate 1 Excess Total Base Charge $7.91 Generation Generation kWh charge $0.08574 (kWh) kWh buyback $0.0210 0 56 . 5 kW $120.74 0 112 1 kW $115.94 0 224 21 2 kW $106.34 0 336 w 3 kW $96.74 6 448 S 4 kW $87.13 62 560 ~ 5 kW $77.53 138 672 0 6 kW $67.93 228 784 -@ 7 kW $58.33 322 896 cn 8 kW $48.72 420 1008 9 kW $39.12 521 1120 10 kW $29.52 2 - Net Metering Revenue Comparison of Net Metering Rate Estes Park RESIDENTIAL average residential customer revenue $47.51 RENEWABLE BILL - Rate 1 Excess Total Base Charge $4.36 Generation Generation kWh charge $0.0863 (kWh) kWh buyback $0.0220 0 56 2 .5 kW $42.66 0 112 E 1 kW $37.83 36 224 U 2 kW $30.48 125 336 & 3 kW $26.54 226 448 g 4 kW $23.37 331 560 cn 5 kW $20.45 COMMERCIAL residential average customer tfi revenue $120.17 RENEWABLE BILL - Rate 1 Excess Total Base Charge $7.91 Generation Generation kWh charge $0.0857 (kWh) kWh buyback $0.0210 0 56 .5 kW $120.74 0 112 1 kW $115.94 0 224 Â§ 2 kW $106.34 0 336 0 3 kW $96.74 6 448 Â£ 4 kW $87.52 62 560 E 5 kW $81.54 138 672 & 6 kW $76.86 228 784 -g 7 kW $73.09 322 896 0 8 kW $69.57 420 1008 9 kW $66.31 521 1120 10 kW $63.25 2 - Net Metering 1 . . 1 1 1 i *3*43 - 1 '- 3/Â·*F'~ ~~* 4 + U Â«14. . -21;5~ Â· * 1 IN $ =932 k.*% 6-111% f i , â‚¬ 1 2 446 &66 4 . f I 1 CO 1 4 lcD lf) . N 3 - Net Metering -0- Avg Res Load -m- 1 kW 2 kW -3 kW MY V -WH MM 9 -0- EE ZE 6b 9L LL 9K gL *L EL EL LL OL 6 Estes Park Avg Day Res Solar Usage 3.000 Aea Jo inoH 2.500 2.000 - - - -- ~ 1.500 - --- - -- - - 000 L 0090 â€¢ 000 0 !MU TOWN of ESTES PARK ESTES PARK Public Works Department COLORADO INTER-OFFICE MEMORANDUM DATE: October 23,2007 TO: Town Board FROM: Scott Zurn, P.E. Director of Public Works SUBJECT: Transportation Alternatives Study in Partnership with CDOT's Transportation Consultant Background: The Colorado Dept. of Transportation has stated that they have maintenance funds that could be allocated in 2008 for congestion improvements in Estes Park's downtown area. In order for CDOT to allocate funds in 2008 for congestion related improvements, a transportation study is required. CDOT has stated that this type of study would best be provided by their general services consultant, PBS&J. This resulting study will provide guidance towards improvements in the downtown area that would improve traffic congestion. Any recommended improvements would be jointly cost- shared depending on the nature of the improvements and constructed in 2008. CDOT has stated that these funds are only periodically available and may be several years before they are available again. CosUBudget Budget: $15,000 Acct # 101-2400-424.22-02 / p. 92 Action: Staff seeks authorization to retain CDOT's general consulting company, PBS&J, to study alternatives to relieve congestion in the downtown area. The focus of the study would be to seek alternatives that would result in CDOT funding of improvements in 2008. Traffic alternatives would be brought back to the committee for consideration prior to developing design and construction plans. It is anticipated that alternatives would involve joint participation from the Town and CDOT. Cortsideration for the alternatives would include available budgets from both entities and PBS&J scope of work will include estimating and developing fiscally constrained project scope. The requested authorization is for a not-to-exceed cost of $15,000. Transportation Alternatives 1 Finance, Light & Power, Water Departments Memo To: Honorable Mayor Baudek Board of Trustees Town Administrator Repola From: Steve MeFarland, Finance Officer Date: October 23,2007 Subject: 3rd Quarter Financial Report Background Attached please find the third quarter 2007 "dashboard" financial report. Documentation/explanation Definitions ofline items are as follows: General Government: Legislative (1100), Judicial (1200), Executive (1300), Elections (1400), Finance/Admin (1500), Community Development (1600), Buildings (1700), Employee Benefits (1800), Subsidies/Grants (1900), Transportation (5600). Public Safety: Police (2100,2155,2175), Fire (2200), Protective Inspections (2300). Engineering/Public Works: Engineering (2400), Streets (3100). Culturelecreation: Parks (5200). Other revenues include all of non-sales tax revenues in the General Fund, the largest of which include property tax, use tax, franchise fees, interest, PILOTs, and business and liquor licenses. With 75% of the calendar year complete, the General Fund box shows that we are operating near the anticipated rate (expenses are 72.5% ofbudget). Net income is trailing budget primarily because the financial report only includes sales tax through July. If August had been included, our net income would be positive through August. The Sales Tax box reports 3rd quarter and YTD numbers in italics, as September is an estimate (average of2004-06). September is the fasting growing month, increasing 28% from 2004 to 2006, so perhaps our estimates are conservative. The financial statements only have sales tax information through July, but we have since obtained August's number ($1,025,126). The original 2007 budget projects sales tax at $6.9M. The budget has been revised to $7.1M in accordance with the more conservative of our forecasting methods. Further details on 3rd quarter sales tax will be reviewed in the November 27,2007 Town Board Meeting. The Enterprise Funds box (see supporting pages for Light & Power and Water Fund breakdowns) shows that enterprise funds are running ahead of schedule in regards to revenues (77% for L&P; 93% for Water). Expenses are net under budget as well with only 64% of budgeted expenditures having been realized. Operational categories vary from 50-74%, whereas capital (29%) and debt (59%) have yet to be fully realized due to scheduling%casonality. The Investments box has been retooled to show investments by type of fund. The pension funds are managed by a third party (actually, only the Fire Pension is managed by a third party, but accounts for 99.4% of the Pension Funds' assets). EPURA investments reside in a ColoTrust money market account and are not mingled with Town investments. I have also listed the prevailing money market fund rate, as that is where the bulk of our investments reside. As one might imagine, investment balances increase in the 3rd quarter due to sales tax volume (the extra funds from sale tax are placed into investments). Action steps requested None. â€¢ Page 2 . .. 28 t 0 g 0 4 Co uarter 20 380!#O eoueu!:1 - puepe:pIN GAels 24.for#&~224 4 Ug 00 00 M M Ch .... ..%2329 04 04.1 C\N-O 06 6 W 1 0~ b 0 00 00 t-Qubt b In N w 0 -0 Cho 0 01 *163 140*H FRAR S - 00 0 M - 0 M o e M M 8 00 RE # 53-4 m **fig EES** LEES i Ng ri' rÂ£ 4 . 0. 1 M =t - 1 ./ ./ 2 92 2*Â° 42 0 B~ b B h V- 00.(4.00.q.0 O.01(1.1 EE 00 N - 91Â· U N 00 tr)- b w *maiE ER~n h (r] U fr ON n . â‚¬1 4 -4 0, ./ 3 0 Â§3 1 1 3 2 2 -1 1 f 1 E 4 ce =1 92 M . 6-m U H % U) C< ~ M .5 M E .s m u ~ .94 6- E- > ma m 9 Ad M:Â£6Â°<aawÂ°2 N ~ A~3 52*2222 1 * h O DO 0er,WaC'00 4 4 22Rn ....... Mgfu 2 g ~ A rf~.0! h-UNNT-0 Bt-OulÂ·thO -4 01 2 RR A In M **Rg EggERRE R Â»84% 4. tttle (9 - 00 re; O â€¢A 0 - 2 Atte! 228* â‚¬1 40 W 0Nt\-C,no ~ 0 00 W A - No 04 -- oo-r#.0-M- ~ M. 9 8 - t 01 01 39,E lo 04 + O N M - N O ANN e - - 00 1 U 00 CO O LA - ch 4 0 00 m 00 0 01& go@g 2 F aggs 9. 60. q f .... 9 9. MOO 10 0 Â¢Nchclla NO en - - W O 0 00 00 h T--1-Ntr,900 8 & 0 0 00% O, p- M M * 9. /5: 7 41 0 w 00 N 01 k '1 n M a (41 5 - 01 .-1 - 5 3 N N N h Q n 000 W 000 N N N 0 < Ul C .5 d AC E 02 U F m 9 20 . m N R 8.87 M G TA j > M ~ 2 bo Â§ Â·Â§ ,2 g A < 3 EN :23ffg,O W 0 t; 6. %1 49 02/04. 41 *M Ji El Mi 21 24 11 41 21 13 3 Z E- E- P Z 2007 2007 % of 2007 % of Year-to-Date Budget Budget Year-to-Date Budget %Ill I- C Z ZE' IS) *6L'ZOf' I $ HSVHHO (8*I'Â£62$) GENERAL FUND ENTERPRISE FUNDS (L&P/WATER) FINANCIAL INDICATORS 68% $9,849,695 $12,4 LO-Inf (anICA 4820 SIN XVI SWIVS Â»I' 66'OI 3rd QUARTER 2007 KIddns SEISNadX REVENUES REVENUES s/services 96 *Â· MO 89 W,â€¢M 724 4% .(36 33 91Â· 99* 6% 4%. 54Â·Il . 4# .tX; Â¥ r fe: Â·Â· 91 .<14 46 â‚¬Zi; i.. t.?3 424 96% Mit 1 63& (3Â·:D' .LE. 492 L Â·. J 374 %.531 fi<43 2.L ..1 Â·.4 41 O 00 91- M h h=roort Â©Vi 0 0 1 40 Ch=1-(90\ 00.- M mr'N%000- 1-t\=1. t-Nâ‚¬0000< N 04 00 El-=1-NN OÂ£0 Cr) r-v3 40 VD M Ch]Ch Cy- 2 Clf r..3 '-- 1 22222222 0 0 0 St f th 02. r' ve' rl Ch 02 02 47 .* r-- w N N t< d N 01 (\1\VD~D=rt- Or- 1 fo 00 COOMâ€ž-40\91-ON 00 Crl 00 0 comft\Mviv)000 e 01 r... %1 Ch OO Och -4-ChohoOOM Iâ€¢%.A . - - A - . . - 7. O (v ON en M N O co + -4 vo o M O 00 00 h h."-191-Ollr~%00~0 0 Eft\- h=r- 00 00 Inch r. . - MN h r- 3 2 b Krtrt-Nrnalt- VOC\Cor-1 Ch--C\OC\OON Mw tth, r-- C)- Coâ€¢-looroo vi Or-, I . - - A - 01 =t er)- crvt-"+Chroort h.- 00\ 0 00 U Ch - N O 00 00 h e Ln en en :n Ch- 91- N Ch w D ~ON.- 0 04 re}r-~ -. r. . . . A cq <5 LA ...# - 9 ~ r <, M 3 4 04 W M 1.-3 ER t gIl CO C I E % 1 % ,~ k %2gs 00 U >4 0% & 93.6 13: 8 71 9 3 2 4 2 .8 g A 3922 ~ 6,3 W >404#002, Year-to-Date 8 56.8% $3,635,11 (600'5837$) (17Â£9'68Â£$) (St,I'Â£6Â£$) E[SVE[HOE[a/E[SVE[HONI laN 0â‚¬9'1799'I â‚¬8 I'69Z'Z Enterprise Funds 78.0% 67.8% S)<101 0 REVENUES SEISNE[dXH 'IVIOI D O Â© 000Â©hNM O 40 U U CO - O 0 00 Â© ON C\ M .-1 ~0 - Ct 10 Cr) U N q co~ 01 :0.0.70-A. NMO M 40 00 00 U W =r n 0% h h M t.0 - Ch "-1 1 M â€ž - 00 ver)Â©th , t-- I e I r. Co .+ Vi 44 0 22022 0& 222~22*22 ~1 t-- -4 -~ t- 00 M t-- M h VD. 2 1 1 W 0 b h .4 G E E 06 06 t< o N 0 M h 00 0\ 4- t\ -- t-- h â‚¬ t- v en Vi 00 0 n m 004.-14-OC\OMLO Ir) Cr) 0\ 0 h M 1 0 00 M U n O Moo vi 911Â»1 el 2 5 M Ch V, I . . I . . A M - 1 14 O 1 1 vl ch 00 er) 00 000(91 MvicD h h O O =r ht\Om-ON 1 1 . r. . . 00 M 1-4 h en =f O M 01 00104-*Met\N 5 4- M N Ch 1 0 0 10 00 5 M =r M r.....4 M 019'Cltltlt r. r. I A 064 evfvf O 1 n n 00 Vi 00 Ch O 0\ b Vit Ohooet-N Moo M + C\1 5 cne h n vi t. co rn I . A 0 0 1 - 0 1-1- - 0 80 3 2 u O 0<8 C .5 6044 W L 0 4-4 Â¢0'Bolo 4,40,5 d .-E 8 =A 9 2~ 2 ~2 Â· 4 6 0 =360 -8 R g -2 1 -0 -2 2. 50 6% (2100(210<*10 Budget Year-to-Date Year-to-Dat $7,876,320 $7,525,73 for Services 77,72 LE9'5ZI'I$ %L-EZI- Lt,6'96LS = (05 I't+9$) E[SVE[HOE[CUE[SVHNONI CLEN ENTERPRISE FUND S 2007 2007 3rd QUARTER 2007 LIGHT AND POWER Transfers Out Addns ccounts REVENUES SE[SNE[dXE[ SE[SNE[dXH E[V,LO.L D O Â© O O en N M h O 0 91- 5 u ON Co u e 00 en A --1 OMAN=ft\NO=f N t f E f q An 0\\DONG h h M N er) co - en 1 00 0\ U â€¢-1 M eneoÂ©Or-Ork-1 00 1 1 - cl * N co co 0 . A 04 01 202222212 12 A Co w 00 M 50000-00NOQ t<4444 40<UN 4 0 640 00 ON r-1 0\ DOW W 00 1 000 N W 4 -1 M p-4 0 n M 0% N r.1 00MUC\FO=flr)=r 0 50 10 0 1 1 1 h rn * r-1 C\ Co G N en b 00 W M EN.01(Ninte-M-Un r . . . A Â¢9 10 e W M N 00 0\ r-1 00 U 0\ 00 0\ 5 0\ co en 4 M h . U * 0 00 + M ON n . h - en 14 N co m + + I I 01 N 5 t' N 0 0 \0 00 "-# 00 W Ch U O ,-1 N co %i ..... t\OMN=f co 1 6 - 1 - 00 0 G M O O \0 N ..5.0.M.tqtl. M#M-M u - + 000 w 0 M oo 1 7 1 -00 0 0 Ch N el. M "-1 Ch 4 1~ 00 co h 00 + 4- M A A 61 M B 0 f b A 83 M O 5 0 64 U fg~M E#t o.i# 90 9 q 09 PO** m N 3 M !% 13 s in 93 .a .* 8 -M o B .3 3 -= f & B O Z u) 04 0 0< 00 0 Year-to-Date budget Year-to-Dat % of ENTERPRISE FUND S 3rd QUARTER 2007 WATER 2hat~;tfservices REVENUES SHSNE[dXE[ E[V.LOI SEISNE[dXE[ 1 2.. 4'' 43 91 2Â·1,1 4,1: ..1 -7.31 41 4\ Â·AA ...i ?,Â·:4 .,1,1 41 ...C. -94 ,â‚¬ â‚¬: ,Â·'1 % 3 Nf. '6 4.4 4 33- .4 4 TOWN of ESTES PARK ESTES PARK Utilities Department COLORADO INTER-OFFICE MEMORANDUM DATE: October 15, 2007 TO: Town Board FROM: Bob Goehring SUBJECT: Light and Power Rate Increase 2008 - 2010 Background: In January of 2007, HDR Engineering presented a Light and Power Department Financial Plan to the Utilities Committee for review. HDR incorporated committee comments and completed this plan in March of 2007. The plan recommends rate increases of + 2.5% for each consecutive year from 2008 to 2013. These adjustments reflect a cumulative increase of 15.97% by 2013. These rate increases are necessary in order to fund the Capital Improvement Plan (CIP) through 2013 and beyond. The CIP includes the Mary's Lake Substation expansion that will increase the size of the substation from 20 MW to 50 MW and the distribution system improvements that will ensure electrical system redundancy and reliability. The proposed rate adjustments are necessary to upgrade Mary's Lake substation and the distribution system. Attachment 1 includes: â€¢ A summary of the Light and Power Capital Improvement Plan. Highlighted in vellow are the Substation and the distribution svstem improvements that will be funded bv Bonds. â€¢ A Summary of projected Ending Fund Balance 2007 - 2013 and projected 90 days O&M. You will notice a shortfall in 2013 where we drop below or goal of 90 days O&M. This will be corrected by phasing one of the projects that year. Also attached are: â€¢ Attachment 2: Notification of the proposed rate increase, mailed to all Light and Power customers on September 12, 2007 â€¢ Attachment 3: Proposed Light and Power Rates 2008 - 2010, mailed to all Light and Power customers on September 12, 2007 â€¢ Attachment 4: Legal notice regarding the increase, published in the Trail Gazette on September 21, 2007 Cost/Budget: 2008 1. Mary's Lake substation expansion $4,000,000 2. Distribution system improvements $2,400,000 Action: Staff recommends increasing the electric rates 2.5% each year 2008, 2009 and 2010 and proceeding with the Capital Improvement Plan as presented in the March 2007 Light and Power Financial Plan done by HDR Engineering. We will update the Financial Plan and CIP in 2010 and recalculate any additional rate increases. These rate increases don't reflect any wholesale rate increases from Platte River Power Power Authority. BG/Imvbs Attachments ? Light and Power Financial Plan Town of Estes Park Table 3 1 Summary of Light and Power Utility Capital Improvement Projects (S000) 2007 2008 2009 2010 2011 2012 Â· 2013 Capital Equipment Building Remodeling $12 $12 $12 $12 $12 $12 $12 St@Â®Equjpment [1] $5 â‚¬Â®0, $5 $5 $5 $5 $5 Office Equipment $22 $15 $15 $15 $15 $15 $15 Data Processing Equipment $96 $45 $40 $40 $40 $40 $40 Transformers $180 $180 $180 $180 $180 $180 $180 Communication Equipment $58 $58 $58 $58 $58 $58 $58 Vehicles $276 $42 $218 $51 $25 $44 $42 Street Lights: New Dev Only $20 $20 $20 $20 $20 $20 $20 Poles, Towers and Fixtures $20 $15 $20 $20 $20 $20 $20 Overhead Lights Cond./System Upgrade Pgm $50 $50 $50 $50 $50 $50 $50 Service Extensions/Sm. Projects 50 50 50 50 50 50 50 Old Ranger Rd to Fish Hatch. 0 0 0 0 0 0 500 Allenspark 3 Ph. Tree Cable Phl/Ph2 0 0 0 650 600 0 0 From GOS 21 to Cliff Road 0 0 0 0 0 130 0 Total Overhead Lights $100 $100 $100 $750 $700 $230 $600 Underground Conductors Service Extensions $50 $20 $50 $50 $50 $50 $50 Misc. U/G and Small Projects 130 30 84 50 50 50 50 Fiber Optics Misc. Laterals 20 20 20 20 20 20 20 Dist System Impmvementi O 1,866 0 0 0 0 0 Park River Wto Elm U/G 0 0 0 0 0 0 220 Good Sam to top of Switchbacks 150 0 200 0 0 0 0 Top Switchbacks/Glen Haven 3Ph 0 0 0 0 0 545 0 Engineering for Capital Projects 70 414 71 24 24 133 68 Total U/G Conductors $420 $2,484 $425 $144 $144 $798 $408 Balance to Reserves $0 $54 $0 $0 $0 $0 $0 Total Capital Equipment $1,209 $7,025 $1,092 $1,295 $1,219 $1,421 $1,400 Less: Non-Rate Funding Sources Reserves $209 $0 $12 $160 $29 $176 $100 NÂ®w. Bon* O 6,806 00000 Total Non-Rate Funding Sources $209 $6,000 $12 $160 $29 $176 $100 Capital Funded Through Rates $1,000 $1,025 $1,080 $1,135 $1,190 $1,245 $1,300 Table 3 3 , 4 . M 'll .../.. Summary of Projected Reserve Levels ($000) #SY- >tei,4 - . 2007 2008 2009 2010 2011 2012 2013 Ending Balance $2,701 $2,492 $2,492 $2,480 $2,321 $2,442 $2,416 Minimum 90 Days O&M $2,041 $2,119 $2,170 $2,222 $2,308 $2,398 $2,492 =132* 1 |~ NOTICE OF PROPOSED RATE MODIFICATIONS to the ELECTRIC RATES of the ESTES PARK CO LORA Do TOWN OF ESTES PARK, COLORADO September 12, 2007 A proposed modification of the Town of Estes Park's ("the Town") electric rate schedules, resulting in an increase affecting all such rates, will be considered by the Town's Board of Trustees at a public hearing. Any electric customer of the Town may appear, either personally or through counsel, at the public hearing to provide testimony or comment regarding the proposed modifications. This hearing will be held at: TIME: 7:00 p.m. DATE: Tuesday, October 23,2007 PLACE: Town Board Room at Town Hall, 170 MacGregor Ave., Estes Park, Colorado The rate modifications are necessary in order to fund the Town of Estes Park Capital Improvement Plan (CIP). The CP includes the Mary's Lake Substation expansion, which will increase substation size from 20 MW to 50 MW. The CIP also includes several distribution system improvements that will increase efficiency. These improvements to the Mary's Lake Substation will ensure electrical system redundancy and reliability. The proposed rate increases will apply to all customers of the Town, whether they are located inside or outside the municipal boundaries of the Town. You are hereby also advised that the entire proposed modified rate schedules, existing rate schedules, and the rate study are available for public inspection at the offices of the Light and Power Department, Estes Park Municipal Building, 170 MacGregor Avenue, Estes Park, Colorado, between the hours of 8 a.m. and 5 p.m., Monday through Friday. The information is also posted on the Town's website at: estesnet.com/LightPower/lightandpower.aspx. A summary of the proposed rate modifications is included with this notice. If you have any questions or would like further information, please contact the Light and Power Department at the Estes Park Municipal Building or call (970) 577-3588 from 8 a.m. to 5 p.m., Monday through Friday. TOWN OF ESTES PARK 8,6#97( &4 By: Robert Goehring Utilities Director TOWN OF ESTES PARK ESTES ~~~PARK COLORADO proposed Light and Power Rates 2008 - 2010 Year Customer Rate Class Customer Energy Charge Off-Peak Winter Average Average Charge $/kWh Energy Demand Monthly Bill Mo. Bill $/Month Charge Charge Increase $/kWh $/kW Residential 2007 Available to all residential customers and residential $4.36 $0.08626 444% $47.49 4.0% with electric heat up to 25,000 kWh annually * 2008 Same g $4.47 $0.08842 Â« $48.68 2.5% 2009 Same * $4.58 $0.09063 1 3 $49.89 ' 2.5% 2010 Same 64\ $4.70 $0.09289 $51.14 2.5% Residential Demand 2007 Available to existing customers on this rate $5.45 $0.04731 $9.13 154.53 4.6% 2008 Same $5.59 $0.0485 $9.36 158.39 2.5% 2009 Same $5.73 $0.0497 $9.59 162.35 2.5% 2010 Same $5.87 $0.0509 $9.83 166.41 2.5% Residential Enerqv Time-of-Dav 2007 Available to all residential customers using energy $5.45 93 $0.10581 $0.04380 24 $113.81 440 5.5% 4:14: r. storage electric space heat (September through April) 2008 Same. . ~. ~ $5.59 $0.10846 $0.04496 44% $116.66 2.5% 2009 Same $5.73 1* $0.11117 $0.04602 * $119.W ~ 2.5% * 2010 Same $5.87 $0.11395 $0.04717 u .Aft $122.56 9 : 2.5% Residential Enerqv Basic Time-of-Dav 2007 Available to all residential customers (September $5.45 $0.10350 $0.08195 $77.69 4.2% through April) 2008 Same $5.59 $0.10609 $0.08400 $79.63 2.5% 2009 Same $5.73 $0.10874 $0.08610 $81.62 2.5% 2010 Same $5.87 $0.11146 $0.08825 $83.66 2.5% Small Commercial 0 1 ./.18 2007 Available to all commercial customers with demands $7.9** $0.08574 7 :: 2 . $125.Ef 2.7% of 35 kW or less Â»40 2008 Same . - $8.11 $0.08788 21* Â· Â· A'Â·. $128.68 2.5% 7~11.r 2009 Same '' $8.31 40: $0.09008 4 $131.90 2.59* 2010 Same $8.52 $0.09233 $135.20 4 2.5%* Small Commercial Energy Time-of-Dav 2007 Available to all commercial customers using energy $9.00 $0.10724 $0.04438 $100.54 3.7% storage electric space heat with demands of 35 kW orless 2008 Same $9.23 $0.10992 $0.04549 $103.05 2.5% 2009 Same $9.46 $0.11267 $0.04663 $105.63 2.5% 2010 Same $9.69 $0.11549 $0.04779 $108.27 2.5% Larae Commercial 2007 Available to commercial customers with demands $10.91 $0.03648 $10.06 $2,012.38 0.7% exceeding 35 kW 2008 Same $11.18 $0.037393 94 $10.31 $2,062.69 2.5% 2009 Same ~ ~ ~'~ "~ ~ ' $11.46 $0.03833 $10.57 $2,114.26 2.5% 2010 Same $11.75 $0.03928 $10.83 $2,167.11 2.5% Large Commercial Time-of-Dav 2007 Available to commercial customers with demands $13.08 $0.03880 $0.03205 $11.71 $572.13 1.4% exceeding 35 kW 2008 Same $13.41 $0.03977 $0.03285 $12.00 $586.43 2.5% 2009 Same $13.74 $0.04076 $0.03367 $12.30 $601.09 2.5% 2010 Same $14.09 $0.04178 $0.03451 $12.61 $616.12 2.5% RMNP Administrative Housing Year Customer Rate Class Customer Energy Charge Off-Peak Winter Average Average Charge $/kWh Energy Demand Monthly Bill Mo. Bill $/Month Charge Charge Increase $/kWh $/kW 2007 Available to Rocky Mountain National Park $4.36 $0.04335 $27.98 9.0% residences which have an alternate source of power )ir available for delivery to the Estes Park electric 0%2 '7(4* ~Â·;/9.1 91&4 system 2008 Same . .2 ' $4.47 .9 $0.04443 2 $28.68 2.5% 4 2009 Same Â· $4.58 $0.04554 A~* AllÂ· $29.40 2.5% 2010 Same $4.70 $0.04668 47/ $30.13 2.5% RMNP Small Administrative 2007 Available to Rocky Mountain National Park $7.91 $0.04396 $136.32 1.3% administrative service accounts which have an alternate source of power available for delivery to the Estes Park electric system with demands of 35 kW or less 2008 Same $8.11 $0.04506 $139.73 2.5% 2009 Same $8.31 $0.04619 $143.22 2.5% 2010 Same $8.52 $0.04734 $146.80 2.5% RMNP Larae Administrative $4.98 $418.86 7.1% 2007 Available to Rocky Mountain National Park $10.91 $0.02770 administrative service accounts which have an 10 40, 3* alternate source of power available for delivery to the .,: /tyâ‚¬t: 7- Estes Park electric system with demands exceeding ., ~ ~~ Â£ . 35 kW f fl ' 9 $5.10 $429.34 2.5% 1-z 2008 Same . Â· p . Â·* < $11.18 $0.02839 $5.23 $440.07 2.5% 2009 Same ' Â·' 1 $11.46 $0.02910 2010 Same $11.75 $0.02983 $5.36 $451.07 2.5% Municipal Rate 2007 Available for municipal street, park lighting, and $0.08039 $309.42 -3.5% buildings 2008 Same $0.08240 $317.16 2.5% 2009 Same $0.08446 $325.09 2.5% 2010 Same $0.08657 $333.21 2.5% Outdoor Area Lightinn 2007 Available for lighting outdoor private areas $9.46 $9.46 6.9%Â» 2008 Same Â· $9.70.6, Â» 4* $9.70 2.5% 2009 Same $994~3 $9.94 2.5% 2010 Same ' ~ $10.19 $10.19 2.5% Wind Enemy Surcharge 2007 Available to all residential and commercial customers $0.01300 (PRPA wind surcharge plus $0.001/kWh) 2008 Same $0.01300 2009 Same $0.01300 2010 Same $0.01300 Notes 1) Optional (at Town's discretion) kVA demand charge introduced for Large Commercial demand rates, This rate sheet does not reflect rate adjustments from PRPA Page Two r.,Â· 0 â€¢=%.' â€¢râ€¢1...râ€¢iÂ·-â€¢. ..ib i , ,.,LWEGALS J . 1 el'AXLP - ,Â· (Publisned jl;.th,qEstep,ParkTrail-Gazette oil,Fri., Sept.'21,2007Â·.) i:,r- :.' 'd! 4 1-1. 1.' : r. Â·. Â·', , 1 . F:Tf..Â¥k.7 j}Ot)it., 1,0. NOTICE OF PROPOSED RATE MODIFICATiONSTOTHE ELECTRIC RATES OF THE TOWN OF ESTESPARK, COLOBM)023 le,uils, r.- A proposeci mddification'of the Town of,-Est* fark'arttle Jo,Wn!:) elec:tri;'Gte schedul48:432ullin'd liÂ¥Â·tiA 6167â‚¬ise affectihg Â·ai such . 5. ~ i- rates, will be considered bp the Town's Board.of Trustees at a public heal;ing on Octobe,12(3,Â·.2Â®7,â€¢,1,Figp.*, An<Jhemoard Rs>om 1 P-12(41Â°cated Irl,thp Municj;29"Buildind in ToWn Hall'm'1170 MabGregor Avenue, Estes Park, Colorado. Any electnc customer of the Town Â·Â· 4 Â· may appealÂ·, Either personally orthrough counsel, at the public hearing to provide testinÂ·Iony 'or comrnent fgarding fhe proposdd ESTks[~ p:A~21':rl;!Romcat~o~nk., M 0 4 ' COLORADO~ 5'yr#&104 -rhodifititior~s are necessary in-ordeAo fuhd'the Town df Estes Park Capital IM'provem#pti*Â·dclpi The CIP includes-the iÂ·Â·,iÂ· t,zMary's Lake, Substalionfexpansiooâ€žWhlch pil increase substation size from 20 MW td 50 MW.4 7he CHP'also includes several'distri- ' bution system improvementsâ€žthat>ill increase efficiency.- These imp?overh@nts to thefMAry's' LAIG Substation will grlspre, flectrical systte .redundancy and reliability.' The proposed rate' incteaked'will apply to hll'c~tomers of the To'wnt whettgrithey are-located inside & dutside th'e muniÂ¢jpal bouhdaries of theTown.Â·n' c,1 .7Â·.vÂ·'hÂ·t.Â·-i:Un) 4 ,-,2Â·:'Â· .,r; ,Â·41,4 Â·'â€¢ :Â·r Â·'ifÂ·gG:JÂ¢,~,1,...',~ ' "'41-'1;A,br" r.,fiJ ';s ' 119,""41'YA" You ate hereby also advisad that the'entitâ‚¬'brKposed modified rate schedules; bkisting thte ;chedules, and the rate, stody:are avAilable for public inspec- tionÂ·at the' officds Of the Ught'hnd, Rower Department, Estes Park Municipat, Building; 1,70,MaeGregor Avenue, Erfes P44<'Colotado,' between th@ hodrki 6f 8 a.m.: aid.5 p.m.â€žMonday through Frklay....Jbe information is also posted on,the ~wn',sâ€žweb,site,Lat: estesnet.cdm/Illdhtfower7Iiahtandoower.asok,YA summary of the,proposed,rate modifiiations is,included with this notice. If you have aby questioN or would,lille furtl~er, ~nfptrn'ation., ple~s~,cpntact.the , Light'hAd Power Department At the Eites Park Municipal Building or call (970) 577-3588Â·from 8 a.m, to 5 p.m., Moti'day throÂ®h Friday. if I.' ' ~ 1/4 ... 4, I. '. 'Â·, Â· ' . . * ~ ~Â·'~~EÂ·Â·4,Â·'2 ir- vui,piÂ·,t,i,..f TOWN OF ESTES PARK W \geba>, i l.). A Â·'1',. 4., , .. Â§<67 7,-'Â·~",{Â·,t~'< i~ : 41 <':,~~*22 4 j~*PROPOSED ESTES PARK El-Â¢ECTRIC'AATE-SUMMARY Ouky epl:7,\A,i>Â·1 1: .Re A .4 4,1.7 1 B. .Â· 1... . ...P t..2. i. 4ight and Power.Rates..2008-2010 .... .â€¢, ~ "' 1:..:, 1.Â»" ~f# A.-, ...Off-Peak ', Wintert 'd â€¢"Avdrage :TAVer* ilt Câ€¢~*747~W:Empvvw**0/ANÂ·-in '1Â«1, Â·, Â·Â·, 'Customer %4,Â·Endrgy. i, . n Energy ,. Demand,G :,Monthly,,Â· , Nlp- 911,1.al, / , Year Customer Rat@Ma'i;t "'.Al:.li'.0.(.11:.~Â· ~ ' $/Month - '$/kWh -~' ' $/kWh ~", 'Â£$/kW )1; 1" r:Â·'Â·"ts-Â·0Â· t.:â€¢u Â·Â·l %1' ~10'' u . . Charge. â€ž , Charge ... r Charge , Chal;0ef ' Bill , Increase Readpotill 4 - , 2007 Available to altrasideritial ouslomers and residenbal .$.. :Â· 4.36 - .'.Â·:- $ 0.08826 ' Â·~ Â· ., Â·Â· ~ -~ ...~. . ~ .'- ..$ Â· Â·~ 47.49 ~ ' 2~ . 4.046 - Â·. , with electric heat up to 26,000 mhannually . 2008 Satne Â·.Â·-. . Â·..Â·...Â·Â· >Â·- .Â·0 -,.$.Â·Â·~4.47 ,Â·Â·Â· $:0.08842 -~)'Â·'-:Â· ..Â· /â‚¬ , ..'Â·$Â·.Â·'-46.68 ,-~Â·.1 %2.5% 1 2009 Same .-Â· .<,....'r ..7.:...Â·. ~.Â·Â·Â·.$Â»4.58 Â· ;$,-0.09063. .. ' - Â·Â·Â·. =- - ~'.?..-$Â·.I-249.89Â· '-~Â·-. '2.596 - ~ 1 Residentidl Dimand,Â· 4 tkilâ€¢JA:.,, 2007.Â· .. Available tp existing customers on.this rate/ . Â·â€ž- .$. Â· 5.45-:Â·..Â· . 4.$ :0:04731. -' a .Â·.2 $ 9.13:,$ 054.53 Â·Â· ... 4.696 .: "''September'thlough Ap.ril. --'Â· '' 7Â· IL, ' .,..,1 4}441'Ut'.4,10 â€¢ ,, I 1 44|1 2008~Â·,Same. j . :,Â· Â·:C . .Â·,~. h fli fktlÂ·,9 0. ,0,1.i ''' $'' 5.59"', 4 $ '0.048b' -' ~'"' ''- 2009 ~ ' Same i Â· $'.5:73..+Â·:; $Â·-0.0497 jÂ·Â·Â·:-r'J - ~e' ~~6 ~ ,~ 42Â·158.39 ,-r. ,,25% 0 162.35 0-'--2.5% Â·$' 5.87 ,.~ 4 $. 10#0509. .-.....,. . .1$.,;9.83 j ;$ 166.41 Â·,Â·'~-2.5% 1 89*en##Er,rq,131â€žJj:Qax 2007 Available toall residential cuslomemusingenergy Â·Â·-.$ - 5.45~ ~ .$.0.10581 J $.''0,04380 .' Â·': .~i $ 113.81 'H ~ -Â·.J Â·5.696 20013 2~Lpacen- Â·Â· ... .....: - ~ : + 5.59 - .Â·$ 0.10846 $ 0.04490 -Â· tÂ· S 116.66 - . 1596, . 2009 Same -:- ~ $. 5.73 . $ 0.11117 - $ 0.04602 1.$ 119.57 Â·. "-Â· ' 2.5% ' Â· 2010 .Same . $ 5.87 ' . Â· $ 0.11395.$: 0.04717 ~ Â· ~. .4 i $-Pj 122.56 Â· -'- 0.2.5% Residential Energy Bhhic,Timd-dfIDhv 2007 Available to all.residential customers (Septembet, 6 $ . 5.45 . $ 0.10,350- Â· Â·:Â·$ 0,08195 4 $ ' 149.93 1,WK.Y.A...., â‚¬Â·'-~(.througRA#Fil)'..'42Â·11.1 -9 1.â€¢1*3 -Â·'.40â€¢'4 i~E U '.AprÂ·Â·,u,:.1 .f:Â·134.5,1 fÂ¥10)Â· .1.31 '.~t>,~BiE. 1 838* -Â·.: $ ~~*78 ; $ Â·153.67 'i,O 566%43 $ 157.51 2.5% 2010 Same 0 - 3 '"'.,7 'iTÂ·at~;'.44 .. Â·Â·.$.- 5.87 .., ,- $ Q.11146 .$ 0.08825 4 â€ž 9-Â·,Â£O $-it t161:45 .~-:-'Â·1 'Â·2:5% Sm@Egmms[Â§14 -'> - '- -- -. 2007 Available toallcommercial customers--2 --~ ~" $ 17.91 -- .Â· +4018574 :Â·.,.Â·' .. -~ -C --I' g '$ '-125+55 ~ -2.795 N with demands Of 35 kW or jess Â· Â· - 2Q10 - Same Â·'Â· ... .'..::.4$ :# 8.520 , ,.,< ,$..,0;0,9233.:Â· ,,fi 135.20 Â· MÂ·/. 2.5% 2 Small Commercial Enerav Time-of-Dav .1 2007Â· Available to all commercial customers using ener'6*'. $.'.9:00 -: 1 - $.6,0.'10724Â·' ' $ 0.04438 $ 100.54 ., 3.7% 489.storafe'electrid spade:Meatwith de'mands of 35.kWÂ·tÂ·,1 , r,-Â·i. Â·,Â·iÂ·iÂ· '., ' *.Â· 3. ,.1.,4 r - ' 70<J~Â· ~11<t; AO'3!i/ '9264,1 " '$ 0.10092 - '$'~ 0.04549 - $ 103.05 : 125%149 2009'â€¢ -:Samet...4 'â€¢F Â·' 1 11,1- t.,4.11 -Â·21â€¢Â·Â·Â·Â·5 â€¢i ~ Â· $ 9.46 ' Â·$ 0.11267.1.0 $:0.04663 $ 105.63 23% $ 9.69 , $ 0.11549 $ 0.04779 94 --4,4*i':1'08:27Â· i -i'.' ; 2.556 laige.Cnmmal,121Â·' ' 2007 Avaitabletocomme,cial custornerswithclemandS ..$ W.91-2.- $Â·.Â·â€¢-0.9,3648/â‚¬9/, $ .'10.08 $ . ,.., 2,012.38.:~Â·. ~ 47% exceeding 35 kW 2008 $:Â· 11.18 Â·Â·2-,' $ 0.03739~"?r J:Â·~ $: 10.31 Â·Â·$ 2,062.69 . Â· Â·~Â·.2,556Â·. :Â· l Larne Commercial Time-of-Dav , i) 0:,r:V. Â·Â·' 2007 - Available totommercial,custorn@rh wittillemands l,,$ Â·13.08 i,;â€ž $ 1 0,03880, $:0.03205 $ 11.71 l $ 572.13 1.4% Mexcee<ling 35 k* c' L ' '' .4- 1 ': 'Â·"$ 13.41 "'"':'~$ 0.03971Â·~'tÂ»0.03285 $ 12.00 , $ *86.43 ' ;i'' 2.550. ; 2008 ~,Same 1 ., 11. :515 6,1.4,;,1, .',1 .1.i,to:,$ .13.74 :,; - ,$20:04076 1 .$ 0.03367 Â· $ .12.30 f $ 601.09 - 2.5% 2009' *Â·Same , 2010 Same Â· â€ž,$ 14.09 . -$. 0.04178,_$ 0.03451 i$.'12.61Â·A $-Â·'61.6.12 ?,-1 Â·Â·Â·2.5% BMNE Mulinist,loiyalle,ming.Â· 2007. Available to Rocky Mountain National Park - $ 4-36. .Â· .. $-0.04335 -: :Â·I Â· Â· Â·.-'Â·'Â·~ .0-Â· 1 9-7 :Â·:* -.27.98 t....- Â·g.096: ' .' 'residences which have an altemate source of... Â· power available for delivery to the Estes Park Â· - electric system 2008 - Same - ... $.4.47.:. $0.04443,.,. Â· ,$~,.28.68.- Â·Â·Â·f>.:2.596Â·Â·. 2009 '.Same 2010 - SanÂ·~e . RMNP Small Administrativa 2007 Available to Rocky Mountain Natj61'141'Park $ 7.91 $ 0.04396 $ 136?32 '' 3 Â·, 1.3% V u . : administrativeservice.acto.unts Whicp.have' an , alternate source, of power available for delivery to Â· Â·~ Â· the Estes Park electric system :ith demands of 35 kW or less '2008 Same Â·Â· $ 8.11 $ 0.04506 4* A WA.,1414'!,W39:73: : 4Â· "' 2.6% 2009 Same ' $ 8.31 $ 0.04619 1.- ve[,34.$:4*.143,22 u . 2.5% 2010 Same 0 $ 8.52 $ 0.04734 .$ 146.80 2.5% Â· BMNELLame.Mmln]%1*1*Ne 2007 -Avallable to Rocky Mountain Nationa[Park Â· . ., Â·.:,$Â· 10.91~ Â· .Â·. , $Â· 0.02770 . .1'. S . ~'488.~ Â·>$ .Â·.418.86 . : .. 7,196. '.Â·:Â·. administrative serviee accounts Which have ank Â· iÂ·: -alterriate Source or power avallable for detivery toÂ·.Â·.Â· ..Â·Â·... t<:7...Â·Â·A....'.4 . :.Â· f ..~Â·Â·,- ..Â· the.Esle& Park electric system withdemands.-Â·Â· exceeding 35 kW 2008 Sarrle . : ' Â· 'Â· ~ M, C.'1Â·,.~ .Â·~ 'Â·;' .1 Â· ~ ~ 11,18 ~ ' 1 0.02839 Â·~' Â· Â· 1 $:.,.5.10 4$1 .420.34Â· -:Â· r.2,5,6.-Â·Â·. 2009 - Same Â· Â· $ 0.02910 : $. 15,237 $ 1 440.07 :-- I = -2.596- 2010 - Same . :$ 11.75.-$ Â·.0.02985I.Â· -,,Â· - "- : % ,2,3t, .4*:..iÂ·.;:,151.97. ar ,.: 2.,5%1 ' .1, . ,; . Municioal Ratd ' Â· Â·Â· L. .t ' 1, '.1 f 'g ./.Â·Â·" ..':t:,11:1.,l D...1.)iâ€ž.Â·â€¢,Â·~â€ž Â·.,-i / ~Ef %15ble for m.unicjpqI .Street, Park Jighting, an@ buildings, ,$ 309:42 Al :Â·- -3.596- - < Â·$ 317.16 2.5% 2009,~-SAme Â·tiJ'â€¢:r,rli~'â€¢â€¢Â·Â·'rÂ·", -R + 4.,-:,0,#ile, 1,~ $.10.08446 A.Â·1.1 ,$ 325.09 Â· 2.5% 2010 ' Same . , Â·,j , Â· â€¢.,Â·~Â·,.,u,t j.,1 ,: . . ,16/1.. p .$ 0,08657.... 1,7 . $ . '333.21Â· --2, 1 Â· .2.59â‚¬Â·.-'' 9#Qgthan.ljor!#ing 2007 Avallablelorlighting outdod,Â·privateareat ~ Â·-- ~Â·Â· Â·~. Â·$Â· 'Â·9.46 :Â·- '~-Â· ~1Â· Â·". Â·9'.,- ...Â·4.- Â·..1= Â·: ..." .- =.$ . .9.46 ..I~ 6.956 - 2008 -Same 11Â·Â·f Wind Enerav Surchame , â€ž , '/,/Â·I,Â·; 4i: i'Â¢ -Fl:- ,Â·Â·' ' 1, 1. -11?4: I 2007 Available to all'residential and commercial customers ~2.$ 0.013001 '' ' 2 1. :, ..t?.!A<:'.1,1.t VA -0.'â€¢Â·'.Â·Â·'-,;0â€¢,- ' (PRPA wind surcharge plus $0.001/i<Wh) 1.,7: 2008 Sarne Â· v:; Ti.-te --Acitric '.; , p,, ' $ 0,01300 8 ,,Â·~ 2009 , Same ' ' ''$*'0.01300 " 2010 Same 'tiCÂ·CÂ·.l- ' â€¢A I"l-;:.; illik.'Â· 3..' Â· $ 0.011300 'Â·' Â· b.Â· 61:, b{1.1 9.4 0.(Â·z. 4 r. 1'Â· 1.-. - .r , ,.. Notes . 1) Optional (at TdwA's discretion) kVA demand charge' introdelcad for'Uirge Corhmetâ‚¬ial deffhand rates. ,... . ' Thts rate sheet does not reflect rate :idjustrn,Ats from PRPA ' Â·44'.1 11, t,1111 :19 .'il +7...: -,A .,i) 7. ,4 .lt'>.:4 1Â·,4.3 aa " 6 1.j,Â·f I .1 ORDINANCE NO. 20-07 AN ORDINANCE AMENDING THE LIGHT AND POWER RATE SCHEDULES OF THE TOWN OF ESTES PARK, COLORADO WHEREAS, the Board of Trustees has determined that it is necessary to amend the Light and Power Rate Schedules of the Town of Estes Park. NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE TOWN OF ESTES PARK, COLORADO: Section 1: That the Light and Power Rate Schedules shall be amended as more fully set forth on Exhibit "A". Section 2: These rate schedules will take effect January 1, 2008. PASSED AND ADOPTED BY THE BOARD OF TRUSTEES OF THE TOWN OF ESTES PARK, COLORADO THIS DAY OF 2007. TOWN OF ESTES PARK By: Mayor ATTEST: Town Clerk I hereby certify that the above Ordinance was introduced and read at a regular meeting of the Board of Trustees on the day of , 2007 and published in a newspaper of general circulation in the Town of Estes Park, Colorado, on the day of , 2007, all as required by the Statutes of the State of Colorado. Jackie Williamson, Town Clerk TOWN OF ESTES PARK ES -7 ES |.~:~~- PARK COLORADO proposed Light and Power Rates 2008 - 2010 ear Customer Rate Class Customer Energy Charge Off-Peak Winter Average Average Charge $/kWh Energy Demand Monthly Bill Mo. Bill $/Month Charge Charge Increase $/kWh $/kW Residential 2007 Available to all residential customers and residential $4.36 $0.08626 $47.49 4.0% with electric heat up to 25,000 kWh annually 2008 Same $4.47 $0.08842 $48.68 2.5% 2009 Same $4.58 $0.09063 $49.89 2.5% 2010 Same $4.70 $0.09289 $51.14 2.5% Residential Demand 2007 Available to existing customers on this rate. $5.45 $0.04731 $9.13 154.53 4.6% September through April. 2008 Same $5.59 $0.0485 $9.36 158.39 2.5% 2009 Same $5.73 $0.0497 $9.59 162.35 2.5% 2010 Same $5.87 $0.0509 $9.83 166.41 2.5% Residential Energy Time-of-Dav 2007 Available to all residential customers using energy $5.45 $0.10581 $0.04380 $113.81 i 5.5% storage electric space heat 2008 Same $5.53 $0.10846 , 1 1.04490 6116.66 2.5 /0 2009 Same $5.73 $0.11117 $0.04602 $119.57 2.5% 2010 Same $5.87 $0.11395 $0.04717 $122.56 2.5% Residential Energy Basic Time-of-Day 2007 Available to all residential customers (September $5.45 $0.10350 $0.08195 $149.93 through April) 08 Same 55.59 SO.10609 30.00400 3153.67 2.5>0 009 Same $5.73 $0.10874 $0.08610 $157.51 2.5% 2010 Same $5.87 $0.11146 $0.08825 $161.45 2.5% Small Commercial 2007 Available to all commercial customers with demands $7.91 $0.08574 $125.55 2.7% of 35 kW or less 2008 Same $8.11 $0.08788 $128.68 2.5% 2009 Same $8.31 $0.09008 3 $131.90 2.5% 2010 Same Â·Â· $8.52 $0.09233 " $135.20 2.5% Small Commercial Energy Time-of-Day 2007 Available to all commercial customers using energy $9.00 $0.10724 $0.04438 $100.54 3.7% storage electric space heat with demands of 35 kW orless 2008 Same $9.23 $0.10992 $0.04549 $103.05 2.5% 2009 Same $9.46 $0.11267 $0.04663 $105.63 2.5% 2010 Same $9.69 $0.11549 $0.04779 $108.27 2.5% Large Commercial 2007 Available to commercial customers with demands $10.91 $0.03648 $10.06 $2,012.38 0.7% exceeding 35 kW 2008 Same $11.18 $0.03739 $10.31 $2,062.69 y 2.5% 2009 Same $11.46 $0.03833 - . $10.57 $2,114.26 2.5% 2010 Same $11.75 $0.03928 $10.83 $2,167.11 2.5% Larqe Commercial Time-of-Day 2007 Available to commercial customers with demands $13.08 SO.03880 $0.03205 $11.71 $572.13 1.4% exceeding 35 kW 08 Same $13.41 $0.03977 SO.03285 $12.00 3586.43 2.5% 09 Same $13.74 $0.04076 $0.03367 $12.30 $601.09 2.5% ~2010 Same 314.09 $0.04178 $0.03451 $12.61 $616.12 2.5% r Year Customer Rate Class Customer Energy Charge Off-Peak Winter Average Average Charge $/kWh Energy Demand Monthly Bill Mo. Bill $/Month Charge Charge Increase $/kWh $/kW RMNP Administrative Housing 2007 Available to Rocky Mountain National Park $4.36 $0.04335 $27.98 9.0% residences which have an alternate source of power available for delivery to the Estes Park electric c * system 2008 Same $4.47 ti~ $0.04443 - f- $28.68 - 2.5% 2009 Same $4.58 $0.04554 $29.40 2.5% 2010 Same 9 $4.70 $0.04668 $30.13 2.5% RMNP Small Administrative 2007 Available to Rocky Mountain National Park $7.91 60.04396 $136.32 1.3% administrative service accounts which have an alternate source of power available for delivery to the Estes Park electric system with demands of 35 kW or less 2008 Same $8.11 $0.04506 3139.73 2.5% 2009 Same $8.31 SO.04619 $143.22 2.5% 2010 Same $8.52 $0.04734 $146.80 2.5% RMNP Large Administrative 2007 Available to Rocky Mountain National Park $10.91 $0.02770 7 - $4.98 Â· $418.86 7.1 % administrative service accounts which have an alternate source of power available for delivery to the Estes Park electric system with demands exceeding 35 kW 2008 Same $11.18 $0.02839 $5.10 $429.34 2.5% 2009 Same $11.46 $0.02910 $5.23 $440.07 2.5% 2010 Same $11.75 $0.02983 $5.36 $451.07 2.5% B'.inicipal Rate 2007 Available for municipal street, park lighting, and $0.08039 $309.42 -3.5% buildings 2008 Same SO.08240 $317.16 2.5% 2009 Same SO.08446 $325.09 2.5% 2010 Same $0.08657 $333.21 2.5% Outdoor Area Liqhting 2007 Available for lighting outdoor private areas $9.46 $9.46 6.9% 2008 Same $9.70 $9.70 + 2.556 -* 2009 Same $9.94 $9.94 2.5% 2010 Same $10.19 $10.19 2.5% Wind Energy Surcharqe 2007 Available to all residential and commercial customers $0.01300 (PRPA wind surcharge plus $0.001/kWh) 2008 Same $0.01300 2009 Same $0.01300 2010 Same $0.01300 Notes 1) Optional (at Town's discretion) kVA demand charge introduced for Large Commercial demand rates. This rate sheet does not reflect rate adjustments from PRPA Page Two 1....d Date: October 19, 2007 TO: Town Board From: Gregory A. White RE: Ordinance - 21-07 - Authorizing the Issuance of the Light and Power Revenue Bonds, Series 2007 BACKGROUND: The Town, acting through its Light and Power Enterprise, is beginning the process of upgrading the Mary's Lake Substation and rebuilding portions of its major distribution lines. The proceeds from the sale of the Light and Power Revenue Bonds, Series 2007 will finance this work. Ordinance 21-07 authorizes the issuance of the Bonds. The financial parameters of the Bonds are as follows: 1. Principal amount not to exceed $6,500,000 2. Interest rate not to exceed 5.25% 3. Term of the bonds not to exceed 20 years 4. Maximum annual debt service not to exceed $525,000 The Bond Ordinance authorizes the Mayor, Town Administrator, or Town Finance Officer to make the final determination as to the amount, interest rate, term and amount of annual debt service so long as none of those exceed the above parameters. The actual determination as to the actual amount, interest rate, maturity date, and debt service payment will depend on market conditions and timing. It is anticipated that the Bonds will be finalized, issued, and sold in December of 2007. The Bonds are revenue bonds payable solely from revenues of the Town's Light and Power Enterprise, are not a general obligation debt of the Town, and do not pledge or encumber any other revenues or property of the Town. The Ordinance also sets forth the requirements for the issuance, security and payment of the Bonds. ,, BUDGET IMPLICATIONS: The 2008 and all subsequent Town Budgets for the Light and Power Enterprise shall be required to budget from revenues received by the Light and Power Enterprise sufficient funds to pay the debt service on the Bonds. STAFF RECOMMENDATION: It is the Staffs recommendation that the Ordinance be adopted. 2 TOWN OF ESTES PARK, COLORADO ACTING BY AND THROUGH ITS LIGHT AND POWER ENTERPRISE ORDINANCE NO. 21-07 AN ORDINANCE OF THE TOWN OF ESTES PARK, COLORADO, ACTING BY AND THROUGH ITS LIGHT AND POWER ENTERPRISE, AUTHORIZING THE ISSUANCE OF LIGHT AND POWER REVENUE BONDS, SERIES 2007, IN THE AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $6,500,000, FOR THE PURPOSE OF FINANCING CERTAIN IMPROVEMENTS TO THE LIGHT AND POWER SYSTEM; PROVIDING FOR THE FORM AND OTHER DETAILS IN CONNECTION WITH SAID BONDS; PROVIDING FOR THE PAYMENT OF THE BONDS FROM THE NET INCOME DERIVED FROM PROVIDING LIGHT AND POWER SERVICES, AND MAKING CERTAIN COVENANTS IN CONNECTION THEREWITH; AND AUTHORIZING THE EXECUTION OF A REGISTRATION AND PAYING AGENCY AGREEMENT, AN OFFICIAL STATEMENT AND NOTICE OF SALE AND OTHER AGREEMENTS AND DOCUMENTS IN CONNECTION WITH THE BONDS. WHEREAS, the Town of Estes Park, Colorado (the "Town") is a statutory town and political subdivision duly organized and existing pursuant to the laws of the State of Colorado (the "State"); and WHEREAS, the Town is authorized by section 31-15-707, Colorado Revised Statutes, to own, operate and maintain electric light and power works and distribution systems and all appurtenances necessary to said works and systems, and the Town has heretofore undertaken to acquire and develop an electric light and power works and distribution system, which are operated and maintained as a utility and income-producing project (collectively, the "Light and Power Facilities" or the "Facilities"); and WHEREAS, the Board of Trustees (the "Board") of the Town has formally established a Light and Power Enterprise (the "Enterprise") pursuant to Ordinance No. 7-99; and WHEREAS, the Facilities have been and continue to be operated by the Enterprise as a government-owned business, which is authorized to issue its own revenue bonds and receives under 10% of annual revenue in grants from all Colorado state and local governments combined, and it is hereby determined that the Enterprise is an enterprise within the meaning of Article X, Section 20 ofthe Colorado Constitution; and WHEREAS, the Town, acting by and through the Enterprise, has heretofore issued certain of its obligations designated as "Light and Power Revenue Bonds, Series 1999" in the 4840-2359-3985.2 ,, aggregate principal amount of $3,135,000 and which are currently outstanding in the aggregate principal amount of $1,935,000 (the "Series 1999 Bonds"); and WHEREAS, the Board, acting as the governing body of the Enterprise, has heretofore determined and does hereby determine that it is necessary to make improvements to the Facilities, including, but not limited to, acquiring and constructing a new substation and rebuilding certain distribution lines (collectively, the "Project") to further the health, safety and welfare of the Town and its residents; and WHEREAS, the Board, acting as the governing body of the Enterprise, deems it necessary and appropriate to authorize the issuance of Light and Power Revenue Bonds, Series 2007, in the aggregate principal amount not to exceed $6,500,000 (the "Series 2007 Bonds"), upon the terms described herein, for the purposes of: (a) financing the Project, (b) funding, or paying the cost of a surety bond or insurance policy to fund, a debt service reserve fund, and (c) paying the costs of issuance of the Series 2007 Bonds; and WHEREAS, the Series 2007 Bonds, when 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; and WHEREAS, the Series 2007 Bonds will be payable solely from and secured by a first lien on the net income, after payment of operating expenses, derived by the Enterprise from th6 operation of the Facilities, including the Project, which lien will be on a parity with the lien thereon ofthe Series 1999 Bonds; and WHEREAS, pursuant to Section 18-8-308, Section 24-18-109, and Section 24-18-110, Colorado Revised Statutes ("C.R.S.3, no member of the Board has any substantial 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 WHEREAS, the Board has engaged James Capital Advisors Inc., of Greenwood Village, Colorado as financial advisor to the Town ("James Capital Advisors" or the "Financial Advisor"); and WHEREAS, there have been filed with the Board (a) a proposed form of Paying Agency Agreement, as defined herein; (b) a form of the Preliminary Official Statement, containing the Official Notice of Sale, to be distributed to prospective bidders for the Series 2007 Bonds; and (c) a proposed form of Continuing Disclosure Agreement, as defined herein; and WHEREAS, the Mayor, the Town Administrator or the Finance Officer of the Town shall receive bids for the purchase of the Series 2007 Bonds and, together with the Financial Advisor, shall review such bids and detennine the best bid or bids from a responsible bidder or bidders and shall be authorized to approve such bid or bids on behalf of the Board, acting as the governing body of the Enterprise; and 4840-2359-3985.2 2 WHEREAS, the Board, acting as the governing body of the Enterprise, desires to approve the form of such documents, authorize the execution thereof, and authorize the issuance of the Series 2007 Bonds pursuant to this Ordinance. BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE TOWN OF ESTES PARK, COLORADO, ACTING AS THE GOVERNING BODY OF ITS LIGHT AND POWER ENTERPRISE: Section 1. Definitions. In addition to the terms defined in the preambles of this Ordinance, the following capitalized terms shall have the respective meanings set forth below unless the context hereof requires otherwise: "Acquire" or "Acquisition" means the design, construction, reconstruction, purchase, lease, gift, transfer, assignment, option 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, of facilities, other property, any project, or an interest therein. "Additional Parity Bonds" means bonds, notes, securities or other obligations payable in whole or in part from the Pledged Revenues and having a lien thereon on a parity with the lien thereon of the Series 1999 Bonds and the Series 2007 Bonds and issued in accordance with the requirements o f this Ordinance. "Board" means the Board of Trustees, the governing body of the Town, acting as such or, as the context requires, acting as the governing body of the Enterprise. "Bond Counsel" means (a) as of the date of issuance of the Series 2007 Bonds, Kutak Rock LLP; and (b) as of any other date, Kutak Rock LLP or such other attorneys selected by the Town with nationally recognized expertise in the issuance of municipal bonds. "Bond Details Certificate" means a certificate executed by the Mayor, the Town Administrator or the Finance Officer of the Town, dated on or before the date of delivery of the Series 2007 Bonds to the Original Purchaser, setting forth (a) the rate or rates of interest on the Series 2007 Bonds, (b) the conditions and prices at which the Series 2007 Bonds may be redeemed before the maturities thereof, (c) the existence and amount of capitalized interest or reserve funds, (d) the price at which the Series 2007 Bonds will be sold to the Original Purchaser, (e) the total principal amount of the Series 2007 Bonds, (f) the amount of principal maturing in each year, and (g) the dates on which principal and interest shall be paid, as authorized by the Supplemental Act and this Ordinance, all of which shall be subject to the parameters and restrictions contained in this Ordinance. "Bond Year" means the 12 months commencing on the second day of November in a given year and ending on the first day of November in the next succeeding calendar year. "Code" means the Internal Revenue Code of 1986, as amended, and the regulations promulgated or existing thereunder. 4840-2359-3985.2 3 "Combined Maximum Annual Debt Service Requirements" means, as of any date of calculation, the sum of the maximum annual payments of principal of and interest on the Series 1999 Bonds, the Series 2007 Bonds and all issues of Additional Parity Bonds for which the computation is being made. "Commercial Bank" means 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 Fear" means, 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, 2008, the Comparable Bond Year ends in 2008 on November 1. "Construction Account" means the special account created and referred to in Section 12 hereof. "Continuing Disclosure Agreement" means the Limited Continuing Disclosure Undertaking, in substantially the form filed with the Board at the time of introduction of this Ordinance, to be executed by the Town, acting by and through the Enterprise, and dated the date of issuance and delivery of the Series 2007 Bonds. "Cost of the Project" means all or any part of the cost of Acquisition, Improvement and Equipment of all or any part of the 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 Series 2007 Bonds, costs of issuance of the Series 2007 Bonds, engineering and inspection costs and legal expenses, costs of financial, professional, and other estimates and advice, contingencies, any administrative, operating, and other expenses of the Town or the Enterprise 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 of the 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 Series 2007 Bonds during or after such Acquisition, Improvement or Equipment as the Town may determine, and also reimbursements to the Town, the Enterprise or to any.Person of any moneys theretofore expended for the purposes of the Town, the Enterprise or other public body of any moneys theretofore expended for or in connection with the Project. "CR.S." means Colorado Revised Statutes, as amended. "Debt Service Requirements" means the principal of, and interest on, and any premium due in connection iwith the redemption of the Series 1999 Bonds, the Series 2007 Bonds, any Additional Parity Bonds, or any other securities payable from the Pledged Revenues, excluding any amounts actually on hand and irrevocably committed to the payment of Debt Service Requirements. 4840-2359-3985.2 4 "Enterprise" means the Light and Power Enterprise formally established by Ordinance No. 7-99 ofthe Town on September 28, 1999. "Equip" or "Equipment" means the design, manufacture, purchase, lease or installation or replacement of items of equipment, machinery, tools, software, hardware and related property and fixtures installed or used in the operation of the Light and Power Facilities, other property, any project, or any interest therein. "Event ofDefault" means any one of the events described in Section 49 hereof. "Excess Investment Earnings Account" means the special account established by the Series 1999 Bond Ordinance and reestablished and referred to in Section 12 hereof. 'Tederal Securities" means bills, certificates of indebtedness, notes, or bonds which are direct obligations of, or the principal of and interest on which obligations are unconditionally guaranteed by, the United States of America. "Finance Oficer" means the Director o f Finance o f the Town. ~Fiscal Year" means the 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 12-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 'Vmprovement" means the addition, extension, enlargement, betterment, replacement or improvement or any combination thereof, of the Light and Power Facilities, other property, any project, or any interest therein. 6'Income" means 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. 'Vnterest Payment Date" means May 1 and November 1, as determined in the Bond Details Certificate. "Letter of Instructions" means the Letter of Instructions appended to or made a part of any tax certificate for the Series 2007 Bonds, dated the date of issuance of the Series 2007 Bonds, and delivered by Bond Counsel to the Town, including any amendments thereto. "Light and Power Enterprise Fund" means the enterprise fund of the Town used to account for revenues and expenditures o f the Enterprise. "Light and Power Facilities" means all light and power facilities of the Town used in providing electric power to customers, including but not limited to substations, distribution, transmission and generation facilities, and any light and power facilities specifically added to this definition from time-to-time by ordinance of the Town. 4840-2359-3985.2 5 "Maximum Annual Debt Service Requirements" means, as of any date of calculation, with respect to the Series 1999 Bonds, the Series 2007 Bonds or any issue of Additional Parity Bonds for which the computation is being made, the largest amount of Debt Service Requirements coming due in any single Bond Year when such Series 1999 Bonds, Series 2007 Bonds or Additional Parity Bonds are Outstanding. "Operation and Maintenance Account" means the special account established by the Series 1999 Bond Ordinance and reestablished and referred to in Section 12 hereo f. "Operation and Maintenance Expenses" means such reasonable and necessary current expenses of the 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; (e) any assessments or franchise fees; (f) ordinary and current rentals of equipment or other property 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; (j) all costs to purchase power and any costs of utility services furnished to the Light and Power Facilities; 4840-2359-3985.2 6 (k) reasonable indirect administrative costs incurred for the benefit of the Light and Power Facilities; (1) costs of any professional services related to the calculation, payment or application for refund of arbitrage rebate; and (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 o f reserves for capital replacements; (e) any accumulation of reserves for operation, maintenance or repair of the Light and Power Facilities; (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; or (h) any other ground of legal liability not based on contract. "Ordinance" means, this Ordinance authorizing the issuance of the Series 2007 Bonds, including any amendment hereto. "Original Purchaser" means the Person or Persons submitting the best bid or bids for the purchase of the Series 2007 Bonds, as determined by the Mayor, the Town Administrator or the Finance Officer of the Town in accordance with the Official Notice of Sale provided by the Town, acting by and through the Enterprise. "Outstanding" means, as of any particular date, the Series 1999 Bonds, the Series 2007 Bonds, Additional Parity Bonds or any such other securities payable in whole or in part from the Pledged Revenues which have been duly authorized, executed and delivered, except the following: 4840-2359-3985.2 7 (a) any Series 1999 Bond, Series 2007 Bond, Additional Parity Bond or other security canceled by the Paying Agent or otherwise on behalf of the Town on or before such date; (b) any Series 1999 Bond, Series 2007 Bond, Additional Parity Bond or other security held by or on behalf of the Town; (c) any Series 1999 Bond, Series 2007 Bond, Additional Parity Bond or other security 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 Series 1999 Bond, Series 2007 Bond, Additional Parity Bond 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 Series 1999 Bond, Series 2007 Bond, Additional Parity Bond or other security in lieu of or in substitution for which another Series 1999 Bond, Series 2007 Bond, Additional Parity Bond or other security shall have been executed and delivered. "Owner" means the holder of any bearer instrument or registered owner of any registered instrument. i "Paying Agency Agreement" means the Registration and Paying Agency Agreement, between the Town, acting by and through the Enteri;rise, and the Registrar and Paying Agent. "Paying Agent' means American National Bank, or its successor, which shall perform the function ofpaying agent with respect to the Series 2007 Bonds. "Permitted Investments" means any investment which, as of the time made, is permitted by the laws of the State for moneys of the Town and the policies of the Town pertaining to Town investments to be made with Town funds; provided that such investment must be rated at least investment grade by Standard & Poor's Ratings Services and by Moody's Investors Service, Inc. "Person" means any individual, firm, partnership, corporation, company, aÂ§sociation, joint stock association, limited liability company or body politic or any trustee, receiver, assignee or similar representative thereof. "Pledged Revenues" means all Incoine remaining after the deduction of Operation and Maintenance Expenses. "Pohcy Costs" means the repayment of draws and payment of expenses and accrued interest thereon to any insurance company that is guaranteeing the payment of the principal of and interest on the Series 1999 Bonds or the Series 2007 Bonds when due or that has issued a surety bond, insurance policy or similar instrument for the Series 1999 Debt Service Reserve Account or the Series 2007 Debt Service Reserve Account. 4840-2359-3985.2 8 .. 'tPrinc(pal and Interest Account" means the special account established by the Series 1999 Bond Ordinance and reestablished and referred to in Section 12 hereof. 'tProjecf' means the Acquisition, Improvement and Equipment of a new substation and rebuilding of certain distribution lines, and any other Improvement to the Light and Power Facilities deemed necessary or desirable by the Board. "Record Date" means the fifteenth day of the calendar month next preceding an Interest Payment Date for the Series 2007 Bonds. "Redemption Date" means the date fixed for the redemption prior to maturity of any Series 2007 Bond, Series 1999 Bond or other designated securities payable from the Pledged Revenues in any notice of prior redemption given by or on behalf of the Town, acting by and through the Enterprise. "Registrar" means American National Bank, or its successors and assigns, which shall perform the function ofbond registrar with respect to the Series 2007 Bonds. "Series 1999 Bond Ordinance" means Ordinance No. 12-99 adopted by the Board, acting as the governing body of the Enterprise, authorizing the issuance of the Series 1999 Bonds. "Series 1999 Bonds" means the Town of Estes Park, Colorado, acting by and through its Light and Power Enterprise, Light and Power Revenue Bonds, Series 1999, issued in the aggregate principal amount of $3,135,000. "Series 1999 Debt Service Reserve Account" means the Debt Service Reserve Account established for the Series 1999 Bonds under the Series 1999 Bond Ordinance. "Series 2007 Bonds" means the Town of Estes Park, Colorado, acting by and through its Light and Power Enterprise, Light and Power Revenue Bonds, Series 2007, authorized by this Ordinance. "Series 2007 Debt Service Reserve Account" means the special account created and referred to in Section 12 hereof. "State" means the State of Colorado. "Subordinate Bonds" or "Subordinate Securities" means bonds or securities payable from the Pledged Revenues having a lien thereon subordinate or junior to the lien thereon of the Series 1999 Bonds and the Series 2007 Bonds. "Superior Bonds" or ~'Superior Securities" means bonds or securities payable from the Pledged Revenues having a lien thereon superior or senior to the lien thereon of the Series 1999 Bonds and the Series 2007 Bonds. " Supplemental Acf' means the Supplemental Public Securities Act, constituting part 2 of article 57 oftitle 11, C.R.S. 4840.2359-3985.2 9 "Town" means the Town of Estes Park, Colorado, acting as such or, as the context requires, acting by and through, and as the operator of, the Enterprise. "Trust Bank" means a Commercial Bank which is authorized to exercise and is exercising trust powers. Section 2. Construction. This Ordinance, except where the context by clear implication herein otherwise requires, shall be construed as follows: (a) words in the singular include the plural, and words in the plural include the singular; (b) 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; (c) sections, paragraphs and clauses mentioned by number, letter, or otherwide, correspond to the respective sections, paragraphs and clauses of this Ordinance so numbered or otherwise so designated; and (d) the lead lines applied to sections and paragraphs of this Ordinance are inserted only as a matter of convenience and ease of reference and in no way define or limit the scope or intent of any provisions o f this Ordinance. Section 3. Authorization. The Series 20C7 Bonds, payable as to all Debt Service Requirements solely out of Pledged Revenues, are hereby authorized to be issued in the aggregate principal amount not to exceed $6,500,000 in , accordance 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. The Series 2007 Bonds are also being issued as Additional Parity Bonds under the Series 1999 Bond Ordinance. The Board elects to apply all ofthe provisions ofthe Supplemental Act to the issuance ofthe Series 2007 Bonds. Section 4. Bond Details. The Series 2007 Bonds shall be issued in fully registered form in denominations of $5,000 and any integral multiple thereof (provided that no Series 2007 Bond may be in a denomination which exceeds the principal coming due on its maturity date, and no individual Series 2007 Bond may be issued to mature on more than one maturity date). The Series 2007 Bonds shall be dated as of their date of registration and authentication by the Paying Agent. Series 2007 Bonds authenticated prior to the first interest payment date, as determined in the Bond Details Certificate, shallÂ· bear interest from their date of original issuance, as determined in the Bond Details Certificate. Series' 2007 Bonds authenticated on the first interest payment date, as determined in the Bond Details Certificate, shall bear interest from that date, and Series 2007 Bonds authenticated on any later date, shall bear interest from the May 1 or November 1 next preceding their date of authentication, or if authenticated on a May 1 or November 1, shall bear interest from that date; provided, however, that if interest on the Series 2007 Bonds shall be in default, Series 2007 Bonds issued in exchange for Series 2007 Bonds surrendered for transfer or exchange shall be dated and bear interest as of the date to which interest has been paid in full on the Series 2007 Bonds so surrendered. The Series 2007 Bonds shall bear interest until their respective maturities or prior redemption, such interest being 4840-2359-3985.2 .10 . payable semiannually on May 1 and November 1 in each year, as provided in the Bond Details Certificate. Pursuant to Section 11-57-205 of the Supplemental Act, the Board hereby delegates to the Mayor, the Town Administrator or the Finance Officer of the Town the authority to determine the best bid or bids by a responsible bidder or bidders for the Series 2007 Bonds, to accept such bid or bids for and on behalf of the Town, acting by and through the Enterprise, and to award the sale of the Series 2007 Bonds to the Original Purchaser and the authority to determine the details of the Series 2007 Bonds identified in the definition of Bond Details Certificate in Section 1 ofthis Ordinance. The Series 2007 Bonds shall bear interest at the rate or rates determined by the Mayor, the Town Administrator or the Finance Officer of the Town in the Bond Details Certificate, calculated on the basis of a 360 day year consisting of twelve 30 day months; provided, however, that the net effective interest rate of the Series 2007 Bonds shall not exceed 5.25%. The Series 2007 Bonds shall mature no later than November 1,2027, and on November 1 in the years and in the principal amounts determined by the Mayor, the Town Administrator or the Finance Officer of the Town in the Bond Details Certificate. The Maximum Annual Debt Service Requirements for the Series 2007 Bonds shall not exceed $525,000. Section 5. Book Entry. The Series 2007 Bonds initially shall be issued in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York ("DTC"), as registered owner of the Series 2007 Bonds, and immobilized in the custody of DTC. A single certificate for each maturity date of the Series 2007 Bonds will be issued and delivered to DTC for the total principal amount due on each maturity date of the Series 2007 Bonds. Beneficial owners of the Series 2007 Bonds will not receive physical delivery of Series 2007 Bond certificates, except in the event that replacements are issued therefor as provided in the Paying Agency Agreement. All subsequent transfers of ownership interests, after immobilization of the original Series 2007 Bond certificates as provided above, will be made by book entry only, and no investor or other party purchasing, selling or otherwise transferring Series 2007 Bonds is to receive, hold or deliver any Series 2007 Bond certificate as long as DTC or any successor depository holds the immobilized Series 2007 Bond certificates. The Mayor and all other members of the Board and the Town Administrator and the Finance Officer of the Town are hereby authorized to take any and all actions as may be necessary and not inconsistent with this Ordinance in order to qualify the Series 2007 Bonds for DTC's book entry system, including the execution of DTC's Blanket Letter of Representations, and payments to DTC by the Paying Agent shall be made in accordance with such Letter ofRepresentations. Section 6. Payment of Bonds; Paying Agent and Registrar. The principal of, premium, if any, and interest on the Series 2007 Bonds shall be payable in lawful money of the United States of America, without deduction for exchange or collection charges. The principal of and premium, if any, on each Series 2007 Bond shall be payable upon surrender thereof at the principal operations office of the Paying Agent or at the principal operations office of any successor Paying Agent appointed by the Town, acting by and through the Enterprise. Interest on each Series 2007 Bond shall be paid by the Paying Agent on behalf of the Town, acting by and through the Enterprise, to the Owner thereof by check or draft mailed to such Owner at the address of such Owner as it appears on the registration books of the Town, acting by and through 4840-2359-3985. 2 11 the Enterprise, maintained by the Registrar, or by wire transfer as described in the Paying Agency Agreement. In the event that the date upon which any payment of interest on or principal of the Series 2007 Bonds shall be due is not a Business Day (as defined in the Paying Agency Agreement) then such interest or principal (or both, as the case may be) shall be payable on the next succeeding Business Day without additional interest. The Town, acting by and through the Enterprise, shall cause, pursuant to the Paying Agency Agreement, books for the registration and for the transfer of Series 2007 Bonds to be kept by the Paying Agent. American National Bank, is hereby constituted and appointed the Paying Agent and Registrar of the Town, acting by and through the Enterprise, with respect to the Series 2007 Bonds; however, the Town, acting by and through the Enterprise, may, in its discretion, appoint any one or more successor or additional Paying Agents and Registrars for the Series 2007 Bonds in accordance with the Paying Agency Agreement. The Series 2007 Bonds shall be subject to registration, transfer and exchange in the manner, and subject to the terms and conditions, set forth in the Paying Agency Agreement, which is hereby incorporated herein by this reference. Section 7. Prior Redemption. The Series 2007 Bonds or any part thereof may be callable for redemption, at the option of the Town, acting by and through the Enterprise, prior to the final maturity thereof, at the price or prices (expressed as a percentage of the principal amount) and on the redemption date or dates as determined by the Mayor, the Town Administrator or the Finance Officer of the Town in the Bond Details Certificate. The Series 2007 Bonds or any part thereof may be callable for mandatory sinking flind redemption at a price (expressed as a percentage of principal amount) of 100%, plus accrued interest to the redemption date, as determined by the Mayor, the Town Administrator or the Finance Officer of the Town in the Bond Details Certificate. If less than all of the Series 2007 Bonds within a maturity are to be redeemed on any prior redemption date, the Series 2007 Bonds to be redeemed sliall be selected by lot prior to the date fixed for redemption, in such manner as the Paying Agent shall determine. The Series 2007 Bonds shall be redeemed only in integral multiples of $5,000. In the event a Series 2007 Bond is of a denomination larger than $5,000, a portion of such Series 2007 Bond may be redeemed, but only in the principalÂ·amount of $5,000 or any integral multiple thereof. Such Series 2007 Bond shall be treated for the purpose ofredemption as that number of Series 2007 Bonds which results from dividing the principal amount of such Series 2007 Bond by $5,000. In the event a portion of any Series 2007 Bond is redeemed, the Paying Agent shall, without charge to the Owner of such Series 2007 Bond, authenticate and deliver a replacement Series 2007 Bond or Series 2007 Bonds for the unredeemed portion thereof. Notice of any redemption of the Series 2007 Bonds shall be given by the Paying Agent in the name of the Town, acting by and through the Enterprise, by mailing a copy of the redemption notice by first-class mail to the Owneri of the Series 2007 Bonds to be redeemed at the addresses of such,Owners shown on the registration books maintained by the Paying Agent pursuant to the Paying Agency Agreement, not more than 60 nor less than 30 days prior to the redemption date. Failure to mail notice to the Owner of any Series 2007 Bond designated for redemption, or any defect in any notice given, shall not affect the validity of any proceedings for the redemption of the Series 2007 Bonds as to which no such failure shall have occurred. Any notice mailed as 4840-2359-3985. 2 12 provided herein shall be conclusively presumed to have been duly given, whether or not the Owner actually receives the notice. Each notice of redemption shall specify the date fixed for redemption, the redemption price, the place or places of payment, that payment will be made upon presentation and surrender of the Series 2007 Bonds to be redeemed, that interest accrued to the date fixed for redemption will be paid as specified in said notice, and that on and after said date interest thereon will cease to accrue. If less than all the outstanding Series 2007 Bonds are to be redeemed, the notice of redemption shall specify the numbers of the Series 2007 Bonds (or portions of Series 2007 Bonds issued in a principal amount in excess of $5,000) to be redeemed. On or prior to the date fixed for redemption, funds sufficient to pay the Series 2007 Bonds or portions of the Series 2007 Bonds called for redemption, together with the premium, if any, and the accrued interest to the redemption date, are to be deposited with the Paying Agent. The giving of notice and the deposit of funds for redemption shall cause interest on any Series 2007 Bond or portion thereof called for redemption to cease to accrue from and after the date fixed for redemption. 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 Series 2007 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 o f a call for redemption i f notice thereo f is given as above prescribed. Section 8. Form of Series 2007 Bonds. The Series 2007 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, and attested by the manual or facsimile signature of the Town Clerk. Should any officer whose manual or facsimile signature appears on the Series 2007 Bonds cease to be such officer before delivery of the Series 2007 Bonds, such manual or facsimile signature shall nevertheless be valid and sufficient for all purposes. The Series 2007 Bonds shall be in substantially the following form: 4840-2359-3985. 2 13 (Form of Series 2007 Bond] UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF LARIMER TOWN OF ESTES PARK, COLORADO acting by and through its LIGHT AND POWER ENTERPRISE LIGHT AND POWER REVENUE BOND SERIES 2007 No. R- $ Original Interest rate Maturity date Issue Date CUSIP % November 1, ,2007 REGISTERED OWNER: Cede & Co. PRINCIPAL AMOUNT: DOLLARS The Town of Estes Park, Colorado (the "Town"), acting by and through its Light and Power Enterprise (the "Enterprise"), for value received, hereby promises to pay, dolely out of the special accounts hereinafter designated but not otherwise, 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, acting by and through the Enterprise, 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 of registration and authentication of this Bond, unless this Bond is registered and * authenticated prior to , in which event this Bond shall bear interest from 2007, at the Interest Rate per annum specified above, payable semiannually on May 1 and November 1 each year, commencing on , until the Principal Amount hereof is paid at maturity or upon prior redemption. The principal of this Bond is payable in lawful money of the United States of America to the Registered Owner hereof upon maturity or prior redemption and presentation and surrender hereof at the principal office of American National Bank, in Denver, Colorado, or 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 of the Town, acting by and through the * To be determined by Mayor, Town Administrator or Town Finance Officer. 4840-2359-3985.2 .14 . Enterprise, maintained by American National Bank, in Denver, Colorado, or its successor as Registrar, at the close o f business on the fifteenth day o f the calendar month next preceding each interest payment date (the "Record Date"), and shall be paid by check or draft of the Paying Agent mailed on or before the interest payment date to such Registered Owner at his or her address as it appears on such registration books. The Paying Agent may make payments of interest on any Bond by such alternative means as may be mutually agreed to between the registered owner of such Bond and the Paying Agent, as provided in the ordinance authorizing the issuance of this Bond (the "Bond Ordinance"). Any such interest not so timely paid or duly provided for shall cease to be payable to the person who is the Registered Owner hereof at the close of business on the Record Date and shall be payable to the person who is the Registered Owner hereof at the close of business on a Special Record Date (the "Special Record Date") established for the payment of any defaulted interest. Notice of the Special Record Date and the date fixed for the payment of defaulted interest shall be given by first-class mail to the Registered Owner hereof as shown on the registration books on a date selected by the Registrar. 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 or 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 Paying Agent or Registrar is authorized or required by law to remain closed. This Bond is one of a series of Lipht and Power Revenue Bonds, Series 2007, issued in the aggregate principal amount of $ (the "Bonds"), all of like date, tenor, and effect except as to number, principal amount, interest rate, and date of maturity, issued by the Town of Estes Park, Colorado, acting by and through its Light and Power Enterprise (the "Enterprise"), for the purpose of financing a new electric substation and certain other improvements to the Town's light and power facilities. This Bond is issued under the authority of and in full conformity with the Constitution of the State of Colorado; Title 31 Article 15, Parts 3 and 7, C.R.S., and all other laws of the State of Colorado thereunto enabling; the Supplemental Public Securities Act, part 2 of article 57 of title 11, C.R.S.; and pursuant to the Bond Ordinance. Pursuant to Â§ 11-57-210, C.R.S., such recital shall conclusively impart full compliance with all of the provisions of the Supplemental Public Securities Act, and this Bond issued containing such recital is incontestable for any cause whatsoever after its delivery for value. It is hereby recited, certified and warranted that all of the requirements of law have been fully complied with by the proper officers in issuing this Bond. 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 Town, acting by and through the Enterprise, 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 * To be determined by Mayor, Town Administrator or Town Finance Officer. 4840-2359-3985.2 15 "Pledged Revenues"), sums sufficient to pay when due the principal of and interest on the Bonds and any parity securities payable from such revenues. The Bonds are equally and ratably secured by a lien on the Pledged Revenues, and the Bonds constitute an irrevocable and first libn (but not an exclusive first lien) thereon, which lien is on a parity with the lien thereon of the Light and Power Revenub Bonds, Series 1999, issued by the Town, acting by and through the Enterprise. In addition, obligations in addition to the Bonds, subject to expressed conditions, may be issued and made payable from the Pledged Revenues having a lien thereon subordinate and junior to the lien thereon of the Bonds, or subject to additional expressed conditions, having a lien thereon on a parity with the lien thereon of the Bonds, as provided in the Bond Ordinance. THIS BOND IS A SPECIAL, LIMITED OBLIGATION PAYABLE SOLELY 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 OF THE TOWN WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY PROVISION OR LIMITATION. THIS BOND IS NOT PAYABLE 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. It is hereby recited, certified and warranted that for the payment of the principal of and interest on this Bond, the Town, acting by and through the Enterprise, has created and will maintain said special accounts and will deposit the Pledged Revenues therein, and out of said special accounts, as an irrevocable charge thereon, will pay the principal of and interest on this Bond in the manner provided by the Bond Ordinance. Reference is made to the Bond Ordinance, and to any and all modifications and amendments thereof, for.an additional description of the provisions, terms and conditions upon which the Bonds 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 of the Bonds, the collection and dispokition of the revenues and moneys charged with and pledged to the payment of the principal of and interest on the Bonds, 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, acting by and though the Enterprise, and also the rights and remedies of the registered owners of the Bonds. To the extent and in the respects permitted by the Bond Ordinance, the provisions of the Bond Ordinance, or any instrument amendatory thereof or supplemdntal thereto, may be modified or amended by action of the Board of Trustees of the Town, acting as the governing body of the Enterprise, taken in the manner and subject to the conditions and exceptions provided in the Bond Ordinance. The pledge of revdnues and other obligations of the Town, acting by and through the Enterprise, under the Bond Ordinance may be discharged at or prior to 4840-2359-3985. 2 16 . 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. The Bonds maturing on or before are not subject to redemption prior to * maturity. The Bonds maturing on and after , are subject to redemption prior to maturity, at the option of the Town, acting by and through the Enterprise, as a whole or in part, in any order of maturity and in whole or partial maturities, on * , and on any date thereafter, at the redemption price (expressed as a percentage of the principal amount) of %, plus accrued interest to the redemption date. The Bonds 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 dividing the principal amount of such Bond by $5,000. In the event a portion of this Bond is redeemed, the Registrar shall, without charge to the Registered Owner of this Bond, authenticate and deliver a replacement Bond or Bonds for the unredeemed portion. Notice of prior redemption shall be given by mailing a copy of the redemption notice, not more than 60 days and 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 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 ofpayment at that time. The Town, acting by and through the Enterprise, and Registrar shall not be required to issue or transfer any Bonds: (a) during a period beginning at the close of business on the Record Date and ending at the opening of business on the first business day following the ensuing interest payment date, or (b) during the period beginning at the opening of business on a date forty-five (45) days prior to the date of any redemption of Bonds and ending at the opening of business on the first business day following 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, acting by and through the Enterprise, the Paying Agent and the Registrar may deem and treat the Registered Owner of this Bond as the absolute owner hereof for all purposes (whether or not this Bond shall be overdue), and any notice to the contrary shall not be binding upon the Town, acting by and through the Enterprise, 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 or her attorney duly authorized in writing, at the principal office of the Registrar, but only in the manner, subject to the limitations, and upon payment of the charges provided in the Bond Ordinance and upon surrender and cancellation of this Bond. This Bond may be transferred upon the registration * To be determined by Mayor, Town Administrator or Town Finance Officer.. 4840-2359-3985. 2 17 books upon delivery to the Registrar of this Bond, accompanied by a written instrument or instruments of transfer in form and with guaranty of signature satisfactory to the Registrar, duly executed by the Registered Owner of this Bond or his or her attorney-in-fact or legal representative, containing written instructions as to the details of the transfer of the Bond, along with the social security number or federal employer identification number of such 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 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 Registered Owner of this Bond for every such transfer or exchange an amount sufficient to reimburse it for its reasonable fees and for any tax or other governmental charge required to be paid with respect to such transfer or exchange. This Bond shall not be valid or become obligatory for any purpose or be entitled to any security.or benefit under the authorizing Bond Ordinance until the Certificate of Authentication hereon shall have been signed by the Registrar. 4840-2359-3985.2 18 IN TESTIMONY WHEREOF, the Board of Trustees of the Town, acting as the governing body of the Enterprise, 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 of the Town, and attested by the manual or facsimile signature of the Town Clerk, all as of the date set forth below. TOWN OF ESTES PARK, COLORADO, ACTING BY AND THROUGH ITS LIGHT AND POWER ENTERPRISE [SEAL] By Mayor Attested: By Town Clerk 4840-2359-3985. 2 19 CERTIFICATE OF AUTHENTICATION This Bond is one of the Bonds of the issue described in the within mentioned Bond Ordinance. Date of Registration AMERICAN NATIONAL BANK, and Authentication: as Registrar By Authorized Signatory STATEMENT OF INSURANCE [To be provided by Bond Insurer, if any] 4840-2359-3985.2 20 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: By Name Title NOTICE: The signature to this Assignment must correspond with the name of the Registered Owner as it appears upon the face of the within Bond in every particular, without, alteration or enlargement or any change whatsoever. Signature of Registered Owner: Signature Guaranteed: (Bank, Trust Company, or Firm) (End of Form of Series 2007 Bond) 4840-2359-3985.2 21 Section 9. Authentication. No Series 2007 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 Series 2007 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 Series 2007 Bond shall be conclusive evidence that such Series 2007 Bond has been authenticated and delivered under this Ordinance. The Registrar's Certificate of Authentication on any Series 2007 Bond shall be deemed to have been executed by it if signed by an authorized officer or signatory of the Registrar, but it shall not be necessary that the same officer or signatory sign the Certificate of Authentication on all of the Series 2007 Bonds issued hereunder. Section 10. Delivery of Bonds. Following the adoption of this Ordinance, the Town, acting by and through the Enterprise, shall execute the Series 2007 Bonds and shall deliver them to the Registrar. The Registrar shall authenticate the Series 2007 Bonds and deliver them to DTC, as directed by the Town, acting by and through the Enterprise. Section 11. Disposition and Investment of Proceeds; Designation of Series 2007 Bonds as "Qualified Tax-Exempt Obligations". The Series 2007 Bonds shall be issued and sold for the purpose of paying the Project Costs. Neither the Original Purchaser nor any subsequent Owners of the Series 2007 Bonds shall be responsible for the application or disposal by the Town, acting by and through the Enterprise, or any of its officers of the funds derived from the sale thereof. All or any portion of the Series 2007 Bond proceeds shall be temporarily invested or reinvested, pending such use, in Permitted Investments. Investments shall be valued by the Town, acting by and through the Enterprise, at fair market value on an annual basis, exclusive of accrued intbrest. The Town hereby declares that it r*asonably anticipates to issue (or has issued), together with governmental entities which derive their issuing authority from the Town or are subject to substantial control by the Town, not more than an aggregate total of $10,000,000 of tax-exempt obligations during calendar year 2007. The Town recognizes that such tax exempt obligations include notes, leases, loans and warrants, as well as bonds. The Town hereby designates the Series 2007 Bonds as "qualified tax exempt obligations" within the meaning of Section 265 of the Code, allowing certain banks, thrift institutions and other financial institutions owning the Series 2007 Bonds to avoid the loss of 100% of any otherwise available interest deduction in direct proportion to such institution's tax-exempt holdings. Section 12. Funds and Accounts. The proceeds of the Series 2007 Bonds, and the Income, shall be deposited by the Town, acting by and through the Enterprise, in the funds and accounts described in this Section 12, to be accounted for in the manner and priority set forth herein. 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 of the Series 2007 Bonds, subject to the provisions herein relating to the 4840-2359-3985.2 22 Construction Account and subject to the application of the Pledged Revenues for the payment of the Debt Service Requirements ofthe Series 1999 Bonds and any Additional Parity Bonds. This pledge shall be valid and binding from and after the date of the first delivery of the Series 2007 Bonds, and the moneys, as received by the Town, acting by and through the Enterprise, 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 of this pledge and the obligation to perform the contractual provisions hereby made shall have priority over any or all other obligations and liabilities of the Town, acting by and through the Enterprise, (except as herein otherwise expressly provided), and the lien of this pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the Town or the Enterprise (except as herein otherwise expressly provided), irrespective of whether such parties have notice thereoÂ£ (03 Construction Account. The proceeds of the Series 2007 Bonds, except the sums, if any, required in Sections 12(d) and (e) hereof to be deposited in the Principal and Interest Account and the Series 2007 Debt Service Reserve Account, shall be deposited in the Construction Account hereby 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 or the Enterprise for payments of, the Cost of the Project and are pledged therefor. Any such proceeds remaining in the Construction Account after completion of the Project, excluding investment earnings which may be required to be rebated to the federal government, shall be used first to pay the costs of any additional capital improvements that the Town, acting by and through the Enterprise, may determine to be part of the Project; then deposited in the Principal and Interest Account to be used for the purposes of the Principal and Interest Account or shall be used to the extent feasible to call and redeem Series 2007 Bonds in advance of maturity. The Town, acting by and through the Enterprise, shall use any proceeds of the Series 2007 Bonds credited to the Construction Account, without further order, to pay the Debt Service Requirements of the Series 2007 Bonds as the same become due whenever and to the extent moneys in the Principal and Interest Account and the Series 2007 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 not 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, acting by and through the Enterprise, 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: 4840-2359-3985.2 23 FIRST, to the Operation and Maintenance Account to pay Operation and Maintenance Expenses in the manner set forth in Section 12(c) hereof; SECOND, to the Principal and Interest Account to pay the Debt Service Requirements of the Series 1999 Bonds, the Series 2007 Bonds and any Additional Parity Bonds then Outstanding in the manner set forth in Section 12(d) herebt, THIRD, to the Series 2007 Debt Service Reserve Account, in the manner set forth in Section 12(e) hereof, and to the Series 1999 Debt Service Reserve Account, in the manner set forth in Section 14(e) of the Series 1999 Bond Ordinance; FOURTH, to the payment of the Debt Service Requirements of Subordinite Bonds or other Subordinate Securities in accordance with Section 12(g) hereof and Section 14(g) ofthe Series 1999 Bond Ordinance; and FIFTH, to be used in accordance with Sections 12(f) and (h) hereof and Sections 14(f) and (h) o f the Series 1999 Bond Ordinance. (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 created by the Series 1999 Bond Ordinance and reestablished by this Ordinance within the Light and Power Enterprise Fund moneys sufficient to pay the Operation and Maintenance Expenses of the Light and Power Facilitiesas 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 created by the Series 1999 Bond Ordinance and reestablished by this Ordinance within the Light and Power Enterprise Fund, forthwith upon receipt of the proceeds of the Series 2007 Bonds, interest accrued thereon from their date to the date of delivery thereof to the Original Purchaser, to apply to the payment of interest first due on the Series 2007 Bonds. Subject to the payments required by Section 12(c) hereof, for so long as the Series 2007 Bonds are Outstanding, the Town, acting by and through the Enterprise, shall deposit in the 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 Series 2007 Bonds, the amount of interest accruing on the Series 2007 Bonds, the Series 1999 Bonds and any Additional Parity Bonds during said month (with a credit for the amount of any accrued interest on the Series 2007 Bonds deposited in the Principal and Interest Account and not theretofore credited) and on or before the last day of each month after the first Interest Payment Date ofthe Series 2007 Bonds, the following amounts: (i) Interest Payments. One-sixth of the aggregate amount of the next installment of interest due in the then current Bond Year plus any other amounts 4840-2359-3985.2 24 .. due for interest on the Series 2007 Bonds, the Series 1999 Bonds and any Additional Parity Bonds then Outstanding; and 00 Principal Payments. The dollar amount derived by dividing the amount of principal to come due on the first principal payment date for the Series 2007 Bonds by the number of months to such first principal payment date, and thereafter, one-twelfth of the aggregate amount of the next installment ofprincipal due in the then current Bond Year plus any other amounts due for principal of the Series 2007 Bonds, the Series 1999 Bonds and any Additional Parity Bonds 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 Series 2007 Bonds, the Series 1999 Bonds and any Additional Parity Bonds 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 Series 2007 Bonds, Series 1999 Bonds or any Additional Parity Bonds which are subject to mandatory sinking fund redemption. Any mandatory sinking fund redemption shall be treated as an installment of principal for purposes of this Section 12(d). Nothing herein shall be construed to prevent the Town from creating separate principal and interest accounts for the Series 2007 Bonds, the Series 1999 Bonds and any Additional Parity Bonds and accounting separately for any deposits made thereto on account of the Series 2007 Bonds, the Series 1999 Bonds and any Additional Parity Bonds, if such action is deemed by the Town, acting by and through the Enterprise, 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 Series 2007 Bonds, the Series 1999 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, acting by and through the Enterprise, from creating subfunds or subaccounts for the purpose of recording the payments and accumulations made hereunder in a manner consistent with the accounting principles which may be employed by the Town from time-to-time. le) Series 2007 Debt Service Reserve Account. From proceeds of the Series 2007 Bonds, the Town, acting by and through the Enterprise, shall deposit and maintain in the Series 2007 Debt Service Reserve Account hereby created within the Light and Power Enterprise Fund a sum equal to the lesser of (i) 10% of the stated principal amount (or, in certain cases, the issue price) of the Series 2007 Bonds, (ii) the Maximum Annual Debt Service Requirements of the Series 2007 Bonds coming due in any Bond Year or (iii) 125% of the average annual principal and interest payments on the Series 2007 Bonds (the "Series 2007 Reserve Requirement"). Subject to the payments required by Sections (c) and (d) hereof, from the Pledged Revenues there shall be credited, as hereinafter provided, to the Series 2007 Debt Service Reserve Account moneys sufficient to maintain the Series 2007 Debt Service Reserve Account at the Series 2007 Reserve 4840-2359-3985.2 25 Requirement. In the event that the amount of the Series 2007 Debt Service Reserve Account falls below the Series 2007 Reserve Requirement, the Town, acting by and through the Enterprise, shall credit immediately to the Series 2007 Debt Service Reserve Account, from the Pledged Revenues, that sum of money needed to maintain the Series 2007 Reserve Requirement. The moneys required to be deposited in the Series 2007 Debt Service Reserve Account, excluding investment earnings which may be required to be rebated to the federal government and any amounts greater than the Series 2007 Reserve Requirement, shall be set aside and maintained as a continuing reserve to be used, except as hereinafter provided in this subparagraph (e) and in Section 48 hereof, only to prevent deficiencies in payment of the Debt Service Requirements of the Series 2007 Bonds 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, acting by and through the Enterprise, 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, acting by and through the Enterprise, as needed; provided that any such substitution shall not cause the then current rating or ratings of the Series 2007 Bonds to be adversely affected. If such letter of credit, surety bond, insurance policy, agreement guaranteeing payment, or other undertaking is to be provided by any entity other than any bond insurance company that is guaranteeing the payment of the principal of and interest on the Series 2007 Bonds when due (the "Bond Insurer"), the Town, acting by and through the Enterprise, shall obtain the written consent o f the Bond Insurer to effect such substitution. (f) Termination of Deposits. No payment need be made into the Principal and Interest Account if the amount in the Principal and Interest Account and the moneys of the Enterprise in the Series 2007 Debt Service Reserve Account and the moneys of the Enterprise in the Series 1999 Debt Service Reserve Account total a sum at least equal to the entire amount of the Outstanding Series 2007 Bonds, the Outstanding Series 1999 Bonds and any Outstanding Additional Parity Bonds, as to all Debt Service Requirements, to their respective maturities or to any Redemption Date or Redemption Dates as of which the Town, acting by and through the Enterprise, shall have exercised or shall have obligated itself to exercise its option to redeem, prior to their respective maturity dates, the Outstanding Series 2007 Bonds, the Outstanding Series 1999 Bonds and any Outstanding Additional Parity Bonds thereafter maturing and subject to such redemption (provided that, solely for the purpose of this subparagraph (f), there shall be deemed to be a credit to the Principal and Interest Account ofmoneys, Federal Securities and bank deposits, or any combination thereof, accounted for in any other fund or account of the Town, acting by and through the Enterprise, and restricted solely for the purpose of paying the Debt Service Requirements of the Series 2007 Bonds, the Series 1999 Bonds, and any Additional Parity Bonds), in which case moneys in the Principal and Interest Account and moneys of the Enterprise in the Series 2007 Debt Service Reserve Account and moneys of the Enterprise in the Series 1999 Debt Service Reserve 4840-2359-3985.2 26 Account in an amount, except for any known interest or other gain to accrue from any investment or deposit of moneys pursuant to Section 14 hereof from the time of 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 Account and moneys of the Enterprise in the Series 2007 Debt Service Reserve Account and moneys of the Enterprise in the Series 1999 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, acting by and through the Enterprise. (i) Payment 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 Series 2007 Bonds, Series 1999 Bonds and Additional Parity Bonds then Outstanding and after any replenishment of the Series 2007 Debt Service Reserve Account and the Series 1999 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, acting by and through the Enterprise, for the payment of Debt Service Requirements of Subordinate Securities payable from the Pledged Revenues and authorized to be issued in accordance with this Ordinance and the Series 1999 Bond Ordinance, including reasonable reserves for such Subordinate Securities; but the lien of such Subordinate Securities on the Pledged Revenues and the pledge thereof for the payment of such Subordinate Securities shall be subordinate to the lien and pledge thereof for the Series 2007 Bonds, the Series 1999 Bonds and any Additional Parity Bonds as provided herein and in the Series 1999 Bond Ordinance. (h) Use ofRemaining Revenues. After the payments required to be made by Sections 12(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 Series 2007 Debt Service Reserve Account and the Series 1999 Debt Service Reserve Account all amounts required to be deposited in those special funds during said Bond Year, as provided herein and in the Series 1999 Bond Ordinance, any remaining moneys credited to the Light and Power Enterprise Fund may be used for the Acquisition of Improvements or Equipment 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 Appropriation of Sums. The sums provided to make the payments specified in this Section 12 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 Series 2007 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 Series 2007 Bonds shall in any manner be construed as limiting or impairing the obligation of the Town to keep and perform the covenants contained in this Ordinance so long as any of the Series 2007 4840-2359-3985.2 27 .4 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 created by the Series 1999 Bond Ordinance and reestablished by this Ordinance within the Light and Power Enterprise Fund the amount of required arbitrage rebate, if any, due to the federal government under Sections 103 and 148(f)(2) o f the Code. The Finance Officer shall determine or cause to be determined such amounts in the manner required by said sections and related regulations and Section 41 hereof. Transfer of the investment earnings that are required to be rebated to the federal government shall be made from the Construction Account, the Principal and Interest Account and the Series 2007 Debt Service Reserve Account; provided, however, that required arbitrage rebate payments shall be made to the federal government from legally available funds regardless of whether there are any remaining proceeds or other funds attributable to the Series 2007 Bonds that are available for the purpose. 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 41(b) hereof. Any moneys in the Excess Investment Earnings Account that are not needed to make arbitrage rebate payments to the federal government may be transferred to the Principal and Interest Account and used for the Debt Service Requirements of the Series 2007 Bonds. Section 13. Places and Times of Deposits. Each of the special funds or accounts created or referred to in Section 12 hereof shall be maintained as a book account o f 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 14. Investment of Funds. Any moneys in any fund or account described in Section 12 hereof may be invested, reinvested or deposited only in Permitted Investments. Securities or obligatiohs 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 Construction Account, the Series 2007 Debt Service Reserve Account and the Excess Investment Earnings Account) the interest accruing on such investments and any profit 4840-2359-3985.2 28 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 of moneys in the Construction Account shall be credited to the Construction Account. Any loss resulting from investments of moneys in the Construction Account shall be charged to the Construction Account. Interest and profit realized from investments in the Series 2007 Debt Service Reserve Account shall be credited to the Series 2007 Debt Service Reserve Account; provided that, so long as the amount in the Series 2007 Debt Service Reserve Account equals the Series 2007 Reserve Requirement, 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 Series 2007 Debt Service Reserve Account shall be charged to the Series 2007 Debt Service Reserve Account. The Town, acting by and through the Enterprise, shall present for redemption or sale on the prevailing market any securities or obligations so purchased as an investment of moneys 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, acting by and through the Enterprise, shall not invest any moneys accounted for hereunder if any such investment would contravene the covenant concerning arbitrage in Section 41(a) hereoÂ£ Section 15. No Liability 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 16. Character of Funds. The moneys in any fund or account herein described shall consist of lawful money of the United States of America or investments permitted by Section 14 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 13 and 14 hereo f, appropriately secured according to the laws of the State, shall be deemed lawful money o f the United States of America. Section 17. First Lien on Pledged Revenues; Equality of Bonds. Except as expressly provided in this Ordinance with respect to Additional Parity Bonds, and Subordinate Securities, the Pledged Revenues shall be and hereby are irrevocably pledged and set aside to pay the Debt Service Requirements of the Series 2007 Bonds, the Series 1999 Bonds and Additional Parity Bonds. The Series 2007 Bonds constitute an irrevocable and first lien (but not necessarily an exclusive first lien) upon the Pledged Revenues. The Series 2007 Bonds, the Series 1999 Bonds and any Additional Parity Bonds 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 of the issuance thereof, it being the intention of the Board that there shall be no priority among the Series 2007 Bonds, the Series 1999 Bonds and any Additional Parity Bonds, regardless of the fact that they may be actually issued and delivered at different times. 4840-2359-3985.2 29 The creation, perfection, enforcement, and priority of the pledge of Pledged Revenues to secure or pay the Series 2007 Bonds, the Series 1999 Bonds and any Additional Parity Bonds as provided herein shall be governed by Section 11-57-208 of the Supplemental Act and this Ordinance. Pledged Revenues pledged for the payment of the Series 2007 Bonds, the Series 1999 Bonds and any Additional Parity Bonds, as received by or otherwise credited to the Town, acting by and through the Enterprise, shall immediately be subject to the lien of such pledge without any physical delivery, filing, or further act. The lien of such pledge on the Pledged Revenues pledged for payment of the Series 2007 Bonds, the Series 1999 Bonds and any Additional Parity Bonds and the obligation to perform the contractual provisions made herein shall have priority over any or all other obligations and liabilities of the Town, acting by and through the Enterprise, and of the Town. The lien of such pledge shall be valid, binding, and enforceable as against all persons having claims of any kind in tort, contract, or otherwise against the Town, acting by and through the Enterprise, and against the Town irrespective of whether such persons have notice of such liens. Section 18. Issuance of Additional Parity Bonds. Nothing herein, except the limitations stated in Section 22 hereof, prevents the issuance by the Town, acting by and through the Enterprise, 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 of the Series 2007 Bonds and the Series 1999 Bonds; but before any such Additional Parity Bonds are authorized or actually issued the Town, acting by and through the Enterprise, 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 of the Additional Parity Bonds as provided in Section 22 hereof, the Town, acting by and through the Enterprise, shall not be in default in making any payments required by Section 12 hereof. 04 Historic Revenues Tests. (i) Except as hereinafter provided in the case of Additional Parity Bonds issued for the purpose of refunding less than all of the Series 2007 Bonds, the Series 1999 Bonds and other Additional Parity Bonds 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% of the Combined Maximum Annual Debt Service Requirements of the Series 2007 Bonds, the Series 1999 Bonds and other Additional Parity Bonds then Outstanding, and the Additional Parity Bonds proposed to be issued, plus 100% of any Policy Costs attributable to the Series 1999 Bonds and the Series 2007 Bonds. (ii) If any adjustment in rates, fees, tolls or charges is made by the Town, acting by and through the Enterprise, during such Fiscal Year, the Finance Officer shall adjust the calculation of the Pledged Revenues to reflect the amount thereof that would have been received if such adjustment had been in effect throughout such Fiscal Year. 4840-2359-3985.2 30 .. (iii) For purposes of this Section 18(b), when computing the Maximum Annual Debt Service Requirements for any issue of securities 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 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 maybe 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 any Bond 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. (iv) In the case of Additional Parity Bonds issued for the purpose of refunding less than all of the Series 2007 Bonds, the Series 1999 Bonds and other Additional Parity Bonds then Outstanding, compliance with this Section 18(b) shall not be required so long as the Debt Service Requirements payable as to all Series 2007 Bonds, Series 1999 Bonds and other Additional Parity Bonds Outstanding after the issuance of such Additional Parity Bonds on each Interest Payment Date do not exceed the Debt Service Requirements payable on all Series 2007 Bonds, Series 1999 Bonds and other Additional Parity Bonds Outstanding prior to the issuance of such Additional Parity Bonds on such Interest Payment Date. te) Adequate Reserves. The proceedings under which any such Additional Parity Bonds are issued must provide for the deposit of moneys to a reserve account (other than the Series 2007 Debt Service Reserve Account or the Series 1999 Debt Service Reserve Account) established and maintained solely for such Additional Parity Bonds on substantially the same terms as provided in Section 12(e) hereof and contain a covenant by the Town, acting by and through the Enterprise, to maintain such reserve fund or account in an amount equal to the lesser of (i) 10% of the stated principal amount (or, in certain cases, the issue price) of the Additional Parity Bonds, (ii) the Maximum Annual Debt Service Requirements of such Additional Parity Bonds coming due in any Bond Year, or (iii) 125% of the average annual principal and interest payments on such Additional Parity Bonds except as may be necessary to comply with any statute or regulation governing the exemption from federal income taxes of interest on such Additional Parity Bonds. Any such reserve account shall have a claim to the Pledged Revenues equal to and on a parity with that of the Series 2007 Debt Service Reserve Account and the Series 1999 Debt Service Reserve Account. 4840-2359-3985. 2 31 Section 19. Effect of Certification of Revenues. Where certifications of revenues are required by this Ordinance, the specified and required written certifications of the Finance Officer to the effect that revenues are sufficient to pay the required amounts shall be conclusively presumed to be accurate in determining the right of the Town, acting by and through the Enterprise, to authorize, issue, sell and deliver Additional Parity Bonds. Section 20. Subordinate Securities Permitted. Nothing herein, except the limitations stated in Section 22 hereof, prevents the Town, acting by and through the Enterprise, from issuing Subordinate Securities for any lawful purpose. Section 21. Superior Securities Prohibited. Nothi~ig herein permits the Town, acting by and through the Enterprise, to issue Superior Bonds or Superior Securities. Section 22. Supplemental Ordinances. Additional Parity Bonds or Subordinate Securities shall be issued only after authorization thereof by 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 Parity Bonds or Subordinate 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, acting by and through the Enterprise, with respect thereto, and providing for payments to and from the Light and Power Enterprise Fund in accordance with this Ordinance and the Series 1999 Bond Ordinance. All Additional Parity Bonds or Subordinate Securities shall bear such date, shall be payable as to principal and interest on the same semiannual dates as the Series 2007 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 of the Board. Noihing herein shall be construed to prohibit the issuance of Additional Parity Bonds or Subordinate Securities payable from the Pledged Revenues, the principal of which is payable more frequently than annually or the interest oil which is payable more frequently than semiannually. Section 23. Rate Maintenance Covenant. The Town, acting by and through the Enterprise, 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 the Series 1999 Bond Ordinance, and which shall produce Income sufficient, after payment of Operation and Maintenance Expenses, to pay an amount at least equal to 125% of the combined annual Debt Service Requirements for the Outstanding Series 2007 Bonds, the Outstanding Series 1999 Bonds and every other issue of Outstanding Additional Parity Bonds. Such Income remaining after payment of Operation and Maintenance Expenses and the Debt Service Requirements of the Outstanding Series 2007 Bonds, the Outstanding Series 1999 Bonds and the Outstanding Additional Parity Bonds also shall be sufficient to pay 100% of the 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, plus any Policy Costs attributable to the Series 1999 Bonds or the Seties 2007 Bonds. The Boatd will increase rates, fees and charges in such manner and to such extent as to 4840-2359-3985.2 32 .. reasonably insure the payments and accumulations required by the provisions of this Ordinance and the Series 1999 Bond Ordinance. Section 24. Collection of Charges. The Town, acting by and through the Enterprise, 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 of this Ordinance and the Series 1999 Bond Ordinance and any other ordinance or instrument supplemental thereto. The rates, fees and charges shall be collected in any lawful manner. Section 25. Competent Management. The Town shall employ experienced and competent management personnel for each component of the Light and Power Facilities. If the Town, acting by and through the Enterprise, shall fail to pay the Debt Service Requirements of the Series 2007 Bonds promptly as the same become due, or if the Town, acting by and through the Enterprise, shall fail to keep any of the covenants herein contained and if such default shall continue for a period of 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 Series 2007 Bonds and other obligations payable 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 26. Performance of Duties. The Town, acting by and through the Enterprise, 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 and the Enterprise, including without limitation the proper segregation of the proceeds of the Series 2007 Bonds, and the Income and their application from time-to-time to the respective funds provided therefor. Section 27. 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 Series 2007 Bonds, payment of the Debt Service Requirements, or the performance of or 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 Series 2007 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 28. Contractual Obligations. The Town, acting by and through the Enterprise, will perform all contractual obligations undertaken by it hereunder and any other agreements relating to the Series 2007 Bonds, the Income or the Light and Power Facilities. Section 29. Further Assurances. At any and all times the Town, acting by and through the Enterprise, shall, so far as it may be authorized by law, pass, make, duly execute, acknowledge, deliver and file or record all and every such further instrument, act, deed, 4840-2359-3985.2 33 *A conveyance, assignment, transfer, other document, and assurance 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, acting by and through the Enterprise, may hereafter become bound to pledge or assign, or as may be reasonable and required to carry out the purposes of this Ordinance. The Town, acting by and through the 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 Series 2007 Bonds against all claims and demands of all Persons. Section 30. Conditions Precedent. Upon the date ofissuance of the Series 2007 Bonds, all conditions, acts and things required by the Constitution or laws of the 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 Series 2007 Bonds shall exist, have happened and have been performed, and the Series 2007 Bonds shall not contravene any debt or other limitation prescribed by the Constitution or laws of the United States of America or the constitution or laws of the State. Section 31. Efficient Operation and Maintenance. The Town, acting by and through the Enterprise, shall at all times operate the Light and Power Facilities properly and in a sound and economical manner. The Town, acting by and through the Enterprise, 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 of the Light and Power Facilities may be properly and advantageously conducted. All salaries, fees, wages and other compensation paid by the Town, acting by and through the Enterprise, in connection with the repair, maintenance and operation of the Light and Power Facilities shall be fair and reasonable. Section 32. 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 all transactions relating to the funds referred to herein. Section 33. Rules, Regulations and other Details. The Town, acting by and through the Enterprise, shall establish and enforce reasonable rules and regulations governing the construction, operation, care, repair, maintenance, management, control and use of the' Light and Power Facilities. The Town, acting by and through the Enterprise, shall observe and perform all of the terms and conditions contained in this Ordinance and shall comply with all valid acts, rules, regulations, orders and directives of any legislative, executive, administrative or judicial body applicable to the Light and Power Facilities or the Town. Section 34. Pa~inent of Governmental Charges. The Town, acting by and through the Enterprise, shall pay or cause to be paid all taxes and assessments or other municipal or governmental charges, if any, 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 4840-2359-3985.2 .34 .. 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, acting by and through the Enterprise, shall not create or suffer to be created any lien or charge upon the Light and Power Facilities, or any part thereof, or upon the Income, except the pledge and lien created by this Ordinance and the Series 1999 Bond Ordinance for the payment of the Debt Service Requirements due in connection with the Series 2007 Bonds and the Series 1999 Bonds, and except as herein otherwise permitted. The Town, acting by and through the Enterprise, shall pay or cause to be discharged or shall make adequate provision to satisfy and to discharge, within 90 days after the same shall become payable, all lawful claims and demands for labor, materials, supplies or other objects which, if unpaid, 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, acting by and through the Enterprise, 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. Section 35. Protection of Security; Enterprise Status. The Town, the Enterprise, and 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 Series 2007 Bonds and any other securities payable from the Pledged Revenues according to the terms thereoÂ£ No contract shall be entered into nor any other action taken by which the rights of any Owner of any Series 2007 Bonds or other securities payable from Pledged Revenues might be prejudicially and materially impaired or diminished. The Town has established, and will use its best efforts to continue to operate and maintain, the Light and Power Facilities as an enterprise for purposes of Article X, Section 20 of the Colorado Constitution. Section 36. Accumulation of Interest Claims. In order to prevent any accumulation of claims for interest after maturity, the Town, acting by and through the Enterprise, 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 Series 2007 Bonds or any other securities payable from the Pledged Revenues; and the Town, acting by and through the Enterprise, 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 of this Ordinance, except upon the prior payment in full of the principal of all of the Series 2007 Bonds and any securities payable from the Pledged Revenues the payment of which has not been extended. Section 37. Prompt Payment of Bonds. The Town, acting by and through the Enterprise, shall promptly pay the Debt Service Requirements of every Series 2007 Bond at the places, on the dates, and in the manner specified herein and in the Series 2007 Bonds according to the true intent and meaning hereof. Section 38. 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 Series 2007 Bonds and the Series 1999 Bonds, without compliance with the 4840-2359-3985.2 3 . requirements with respect to the issuance of Additional Parity Bonds or Subordinate Securities set forth herein and in the Series 1999 Bond Ordinance to the extent applicable. Section 39. Other Liens. At the time of issuance of the Series 2007 Bonds, there shall be no liens or encumbrances of any nature whatsoever on 02 against the Light and Power Facilities or any part thereof or on or against the Pledged Revenues, except the Series 1999 Bonds. Section 40. Surety Bonds. Each official or other person having custody of the Income or responsible for its handling, shall be bonded at all times. The cost of each such bond shall be considered an Operation and Maintenance Expense, unless otherwise provided by law. Section 41. Federal Income Tax Covenants. The Town, acting by and through the Enterprise, covenants to and for the benefit of the Owners of the Series 2007 Bonds as follows: (a) Arbitrage. The Town, acting by and through the Enterprise, will not directly or indirectly use or permit the use ofproceeds ofthe Series 2007 Bonds or of any moneys treated as proceeds of the Series 2007 Bonds, or any other funds of the Town from whatevdr source derived, to acquire any investment, or take or permit to be taken any other action, which would cause the Series 2007 Bonds to be characterized as arbitrage bonds within the meaning of Section 148 of the Code, or to make, or permit to be made, any use of the proceeds of the Series 2007 Bonds or of any moneys treated as proceeds of the Series 2007 Bonds within the meaning of the Code which would otherwise cause the interest on the Series 2007 Bonds to be includable in gross income for federal income tax purposes. In the event that at any time the Town isÂ· of the opinion that, for purposes of this paragraph, it is necessary to restrict or limit the yield on the investment of any moneys held by the Town, acting by and through the Enterprise, under this Ordinance, the Town, acting by and through the Enterprise, shall take such action as may bâ‚¬ hecessary. (b) Rebate. The Finance Officer shall calculate or cause to be calculated the rebate amount for the Series 2007 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 Series 2007 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 Series 2007 Bonds, a subsequent computatidn date is no later than five years after the previous computation date and the final computation date is the date that all of the Series 2007 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 Series 2007 Bonds). 4840-2359-3985.2 36 (c) Private Use or Loan. The Town will not take or permit to be taken any action that would cause the Series 2007 Bonds to be characterized as private activity bonds within the meaning of Section 141 of the Code, and it will take all actions within its power and permitted by law which are or may be necessary to prevent the Series 2007 Bonds from being characterized as private activity bonds. To this end, the Town, acting by and through the Enterprise, will not permit more than 10% of the proceeds of the Series 2007 Bonds to be used (directly or indirectly) in the trade or business of non- governmental persons, and will not use (directly or indirectly) any of the proceeds of the Series 2007 Bonds to make or finance a loan (or deemed loan) to non-governmental persons, in a manner that could cause the Series 2007 Bonds to be characterized as private activity bonds. For this purpose, a person uses the proceeds of the Series 2007 Bonds if (i) it owns or leases all or a portion of the Project; (ii) it has actual or beneficial use of all or a portion of the Project pursuant to a management or incentive payment contract, an output contract or another arrangement; or (iii) the proceeds are used to satisfy a primary and unconditional obligation of such person to provide the Project. A person is not treated as using the proceeds for this purpose merely because it uses the Project as a member of the general public; 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 pursuant to an arrangement with the Town. The Town shall not make or finance (directly or indirectly) any loans from proceeds of the Series 2007 Bonds to persons other than governmental persons without an approving opinion of Bond Counsel. (d) Further Actions. The Town, acting by and through the Enterprise, will take all actions within its power and permitted by law which are or may be necessary to assure that interest on the Series 2007 Bonds at all times remains excludable from gross income for federal income tax purposes, including complying with the provisions of a tax certificate to be executed and delivered by the Town, acting by and through the Enterprise, in connection with the issuance of the Series 2007 Bonds, the covenants set forth herein and all requirements of the Code that must be satisfied subsequent to the issuance of the Series 2007 Bonds for interest on the Series 2007 Bonds to be, or continue to be, excluded from gross income for federal income tax purposes. (e) Information Reporting. The Town will timely file Internal Revenue Form 8038-G with respect to the Series 2007 Bonds as required by Section 149(e) of the Code. (f) No Federal Guarantee. The Series 2007 Bonds are not and shall not become directly or indirectly "federally guaranteed." A Series 2007 Bond will be considered to be "federally guaranteed" if the payment of principal or interest with respect to such Series 2007 Bond is guaranteed (in whole or in part) by the United States of America (or any agency or instrumentality thereof) or if 5% or more o f the proceeds of the Series 2007 Bonds are used in making loans the payment of principal or interest with respect to which is guaranteed (in whole or in part) by the United States of America (or any agency or instrumentality thereof) or if invested (directly or indirectly) in federally insured deposits or accounts. 4840-2359-3985.2 37 (g) Single Issue. The Town or the Enterprise shall not sell any other obligations within 15 days of the sale of the Series 2007 Bonds pursuant to the same plan of financing with the Series 2007 Bonds and payable from the same source of funds or having substantially the same claim to the same source of funds used to pay the Series 2007 Bonds. (h) Letter of Instructions. The Town will comply with the Letter of Instructions delivered to it on the date of issuance of the Series 2007 Bonds, including but not limited by the provisi6ns of the Letter of Instructions regarding the application and investment of proceeds of the Series 2007 Bonds, the calculations, the deposits, the disbursements, the investments and the retention of records described in the Letter of Instructions; provided that, in the event the original Letter of Instructions is superseded or amended by a new Letter of Instructions drafted by, and accompanied by an opinion of Bond Counsel stating that the use of the new Letter of Instructions will not cause the interest on the Series 2007 Bonds to become includible in gross income for federal income tax purposes, the Town will thereafter comply with the new Letter of Instructions. Notwithstanding any provision of this Section, the Town may rely conclusively on an opinion of Bond Counsel in complying, or in any deviation from complying, with the provisions of this Section. Section 42. Disposal of Property. Except for the use of the Light and Power Facilities and services pertaining thereto in the ordinary course of business, no part ofthe Light and Power Facilities shall be sold, leased, mortgaged, pledged, encumbered or otherwise disposed of or otherwise alienated, until all of the Series 2007 Bonds and the Series 1999 Bonds have been paid in full, or unless provision has been made therefor, or until the Series 2007 Bonds and the Series 1999 Bonds have otherwise been redeemed; provided, however, that the Town, acting by and through the Enterprise, may sell, exchhnge 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, acting by and through the Enterprise, as revenues of the Light and Power Facilities. Notwithstanding the provisions of this Section 42, the Town,.acting by and through the Enterprise, may dispose of any, facility constituting a part of the Light and Power Facilities; provided that (a) at the time of such disposition such facility has not produced Income at 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 Series 2007 Bonds or the Series 1999 Bonds. Section 43. Inspection of Records. Any Owner of any of the Series 2007 Bonds or any other securities payable from the Pledged Revenues, or any duly authorized agent or agents of such Owner, 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 4840-2359-3985.2 38 records, accounts and data at the Owner's expense, and to inspect the Light and Power Facilities and properties comprising the Light and Power Facilities. Section 44. 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 45. 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 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 Series 2007 Bonds and the Series 1999 Bonds or any 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, acting by and through the Enterprise, 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, acting by and through the Enterprise, 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. Nothing herein shall be deemed to be a waiver by the Town or the Enterprise of the protections afforded by the Colorado Governmental Immunity Act. Section 46. Completion of Project; Estimated Life of Project. The Town, acting by and through the Enterprise, with the proceeds derived from the sale of the Series 2007 Bonds, and any other legally available moneys, including the proceeds derived from the issuance of Additional Parity Bonds, if any, shall proceed promptly and with all due speed cause the Project to be completed without delay to the best of the 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 Series 2007 Bonds permitted hereunder. Section 47. Continuing Disclosure. The Town, acting by and through the Enterprise, hereby covenants and agrees with the Original Purchaser and the Owners of the Series 2007 Bonds that it will comply with and carry out all of the provisions of the Continuing Disclosure Agreement. Notwithstanding any other provision of this Ordinance, failure of the Town, acting by and through the Enterprise, to comply with the Continuing Disclosure Agreement shall not be 4840-2359-3985.2 39 considered an Event of Default; provided that the Owners of the Series 2007 Bonds may take such actions as may be necessary or appropriate, including seeking a mandatory injunction or specific performance, to cause the Town, acting by and through the Enterprise, to comply with its obligations under this Section 47. Section 48. Defeasance. When all Debt Service Requirements ofthe Series 2007 Bonds have been duly paid, the pledge and lien and all obligations hereunder shall thereby be discharged and the Series 2007 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, acting by and through the Enterprise, 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 Series 2007 Bonds, as the same become due at their maturity date or upon any Redemption Date as of which the Town, acting by and through the Enterprise, shall have exercised or shall have obligated itself to exercise its option to call Series 2007 Bonds for prior 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, acting by and through the Enterprise, and such bank at the time of the creation of the escrow or trust, or the Federal Securities shall be subject to redemption at the option of the Owner thereof to assure such availability as so needed to meet such schedule. Nothing herein shall be construed to prohibit a partial defeasance of the Outstanding Series 2007 Bonds in accordance with the provisions ofthis Section 48. Section 49. Events of Default. Each of the following events is hereby declared to be and to constitute an Event ofDefault: (a) Nonpayment ofPrincipal. Payment of the principal of any of the Series 2007 Bonds is not made when the same becomes due and payable, either at maturity or by proceedings for prior redemption, or otherwise; (b) Nonpayment Of Interest. Payment of any installment of interest on the Series 2007 Bonds is not made when the same becomes due and payable; (c) Incapacio, To Perform. The Town, acting by and through the Enterprise, for any reason becomes incapable of fulfilling its obligations hereunder; (d) Nonpe#formance of Duties. The Town, acting by and through the Enterprise, 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 shall continue for 60 days after receipt of notice from the Owners of 25% in aggregate principal amount of the Series 2007 Bonds then Outstanding; providLd that if such failure cannot be cured within such 60 days and if during that period corrective action has commenced to remedy such failure and subsequently is diligently pursudd by the Town, acting by and through 4840-2359-3985.2 40 the Enterprise, to the completion of such performance, an Event of Default shall not be deemed to have occurred; (e) Failure To Reconstruct. The Town, acting by and through the Enterprise, discontinues or unreasonably delays or fails 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 consent or acquiescence of the Town, acting by and through the Enterprise, 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 Series 2007 Bonds, or both the Light and Power Facilities and such moneys, or if any order or decree, having been entered without the consent or acquiescence of the Town, acting by and through the Enterprise, is not vacated or discharged or stayed on appeal within 60 days after entry; or (g) Default of Any Provision. The Town, acting by and through the Enterprise, defaults in the due and punctual performance of any other of the representations, covenants, conditions, agreements and other provisions contained in the Series 2007 Bonds or in this Ordinance on its part to be performed, and if such default continues for 60 days after written notice, specifying such default and requiring the same to be remedied, is given to the Town by the Owners of 25% in aggregate principal amount of the Series 2007 Bonds then Outstanding; provided that if such failure cannot be cured within such 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 peribrmance, an Event of Default shall not be deemed to have occurred. Section 50. Remedies for Defaults. Upon the happening and continuance of any of the Events of Default, as provided in Section 49 hereof, then and in every case the Owner or Owners of not less than 25% in aggregate principal amount of the Series 2007 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 Series 2007 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 for the specific performance of any covenant or agreement 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 Series 2007 Bond, or to require the Town, acting by and through the Enterprise, 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 of the Series 2007 Bonds, the Series 1999 Bonds and any Additional Parity Bonds then Outstanding. Any receiver or operating trustee appointed in any proceedings to protect the rights of such Owners hereunder may collect, receive 4840-2359-3985. 2 41 and apply all Income arising after the appointment of such receiver or operating trustee in the same manner as the Town itself might do. The consent to any .such appointment is hereby expressly granted by the Town, acting by and through the Enterprise. Section 51. Rights and Privileges Cumulative. The failure of any Owner of any Outstanding Series 2007 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 Series 2007 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 of the Series 2007 Bonds. Nothing herein affects or impairs the right of any Owner of any Series 2007 Bond to enforce the payment of the Debt Service Requirements due in connection with such Series 2007 Bond or the obligation of the Town to pay the Debt Service Requirements of such Series 2007 Bond to the Owner thereof at the time and the place expressed in such Series 2007 Bond. Section 52. Duties Upon Default. Upon the happening of any of the Events of Default as provided in Section 49 hereof, the Town, acting by and through the Enterprise, in addition, will do and perform all proper acts on behalf of and for the Owners of the Outstandjng Series 2007 Bonds to protect. and to preserve the security created.for the payment of their Series 2007 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 apy of the Series 2007 Bonds, as to any Debt Service Requirements, are Outstanding, except to the extent it may be unlawful to do so, all Pledged 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, acting by and through the Enterprise, fails or refuses to proceed as in this Section 52 provided, the Owner or Owners of not less than 25% in aggregate principal amount of the Series 2007 Bonds then Outstanding, after demand in writing, may proceed to protect and to enforce the rights Â·of the Owners of the Series 2007 Bonds as herein above provided; and to that end any such Owners of Outstanding Series 2007 Bonds shall be subrogated to all rights of the Town under any agreement or contract involving the Pledged Revenues entered into prior to the effective date of this Ordinance or thereafter while any of the Series 2007 Bonds are Outstanding. Nothing hereinÂ· requires the Town, acting by and through the Enterprise, 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 Series 2007 Bonds, the Outstanding Series 1999 Bonds or any Outstanding Additional Parity Bonds. Section 53. Amendments of Ordinance Not Requiring Consent of Bond Owners. The Town, acting by and through the Enterprise, may, without the consent of, or notice to, the Owners of the Series 2007 Bonds, adopt an ordinance supplemental hereto (which amendments shall thereafter form a part hereof) for any one or more or all of the following purposes: 4840-2359-3985.2 42 .. . (a) to cure any ambiguity, to cure, correct or supplement any formal defect or omission or inconsistent provision contained in this Ordinance, to make any provision necessary or desirable due to a change in law, to make any provisions with respect to matters arising under this Ordinance, or to make any provisions for any other purpose, if such provisions are necessary or desirable and do not materially adversely affect the interests ofthe Owners ofthe Series 2007 Bonds; (b) to subject to this Ordinance or pledge to the payment of the Series 2007 Bonds additional revenues, properties or collateral; (c) to grant or confer upon the Owners any additional rights, remedies, powers or authority that may be lawfully granted to or conferred upon the Owners; (d) to facilitate the designation of a substitute securities depository or to terminate the book-entry registration system for the Series 2007 Bonds; (e) to facilitate the issuance of Additional Parity Bonds permitted to be issued pursuant to the section hereof entitled "Issuance of Additional Parity Bonds;" (f) to facilitate the funding of the Series 2007 Debt Service Reserve Account or the substitution of one source of funding of the Series 2007 Debt Service Reserve Account for another permitted source; (g) to maintain the then existing or to secure a higher rating of the Series 2007 Bonds by any nationally recognized securities rating agency; or (h) to make any other change that does not materially adversely affect the Owners ofthe Series 2007 Bonds. Section 54. Amendment of Ordinance Requiring Consent of Bond Owners. Exclusive of the amendatory ordinances covered by Section 53 hereof, this Ordinance may be amended or modified by ordinances or other legislative measures duly adopted by the Board, without receipt by it of any additional consideration, but with the written consent of the Owners of 66% in aggregate principal amount of the Series 2007 Bonds then Outstanding at the time of the adoption of such amendatory ordinance; provided that no such amendatory ordinance shall permit: (a) Changing payment. A change in the maturity or in the terms of redemption of the principal of any Outstanding Series 2007 Bond or any installment of interest thereon; 08 Reducing Return. A reduction in the principal amount of any Series 2007 Bond or the rate of interest thereon without the consent of the Owner of the Series 2007 Bond; (c) Prior Lien. The creation of a lien upon or a pledge of revenues ranking prior to the lien or to the pledge created by this Ordinance; 4840-2359-3985.2 43 (d) Mod*ing Amendment Terms. A reduction of the principal amount or percentages of Series 2007 Bonds, or any modification otherwise affecting the description of Series 2007 Bonds, otherwise changing the consent of the Owners of Series 2007 Bonds, which may be required herein for any amendment hereto; (e) Priorities Between Bonds. The establishment of priorities as between Series 2007 Bonds issued and Outstanding under the provisions of this Ordinance; or if) Partial Modification. Any modifications otherwise materially and prejudicially affecting the rights or privileges of the Owners of less than all of the Series 2007 Bonds then Outstanding. Whenever the Board proposes to amend or modify this Ordinance under the provisions of this Section 54 it shall give notice of the proposed amendment by mailing such notice to the Original Purchaser, or to any successor thereof known to the Finance Officer, and to all Owners of Series 2007 Bonds at the addresses appearing on the registration books ofthe Town, acting by and through the Enterprise. Such notice shall briefly set forth the nature of the proposed amendment and shall state that a copy of the proposed amendatory ordinance or other instrument is on file in the office of the Finance Officer for public inspection. Section 55. Time for and Consent to Amendment. Whenever at any time within one year from the date of the completion ofthe notice required to be given by Section 54 hereof there shall be filed in the office of the Finance Officer an instrument or instruments executed by the Owners of at least 66% in aggregate principal amount of the Series 2007 Bonds then Outstanding, 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, thereuponâ€ž but not otherwise, the Board may adopt such amendatory ordinance or instrument and such ordinance or instrument shall become effective. If the Owners of at least 66% in aggregate principal amount of the Series 2007 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 Series 2007 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 therein contained or to the operation thereof or to enjoin or restrain the Town, acting by and through the Enterprise, from taking any action pursuant to the provisions thereof. .Any consent given by the Owner of a Series 2007 Bond pursuant to the provisions hereof shall be irrevocable for a period of six months from the date of the completion of the notice above provided for and shall be conclusive and binding upon all future Owners of the same Series 2007 Bond during such period. Such consent may be revoked at any time after six 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 66% in aggregate principal amount of the Series 2007 Bonds Outstanding as herein provided, prior to the attempted revocation, shall have consented to and approved the amendatory instrument referred to in such revocation. 4840-2359-3985.2 44 . Section 56. 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, acting by and through the Enterprise, and of the Owners of the Series 2007 Bonds may be modified or amended in any respect upon the adoption by the Town, acting by and through the Enterprise, and upon the filling with the Finance Officer of an instrument to that effect and with the consent of the Owners of all the then Outstanding Series 2007 Bonds, such consent to be given in the manner provided in Section 55 hereof; and no notice to Owners of Series 2007 Bonds shall be required as provided in Section 54 hereof, nor shall the time of consent be limited except an may be provided in such consent. Section 57. Exclusion of Bonds. At 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 Series 2007 Bonds to be excluded for the purpose of consent or other action or any calculation of Outstanding Series 2007 Bonds provided for hereunder, and, with respect to such excluded Series 2007 Bonds, the Town, acting by and through the Enterprise, shall not be entitled or required with respect to such Series 2007 Bonds to give or obtain any consent or to take any other action provided for hereunder. Section 58. Notation on Bonds. Any of the Series 2007 Bonds delivered after the effective date of any action taken as provided in Section 54 or Series 2007 Bonds Outstanding at the effective date of such action, may bear a notation thereon by endorsement or otherwise in form approved by the Board as to such action; and if any such Series 2007 Bond so executed and delivered after such date does not bear such notation, then upon demand of the Owner of any Series 2007 Bond Outstanding at such effective date and upon presentation of his or her Series 2007 Bond for such purpose at the principal office of the Town, suitable notation shall be made on such Series 2007 Bond by the Finance Officer as to any such action. If the Board so determines, new Series 2007 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 Series 2007 Bond then Outstanding, shall be exchanged without cost to such Owner for Series 2007 Bonds then Outstanding upon surrender of such Outstanding Series 2007 Bonds. Section 59. No Pledge of Property. The payment of the Series 2007 Bonds is not secured by an encumbrance, mortgage, or other pledge o f property o f the Town or the Enterprise, except for the Pledged Revenues. No property of the Town or the Enterprise, subject to such exception, is pledged for the payment of the Series 2007 Bonds or shall be liable to be forfeited or taken in payment of the Series 2007 Bonds. Section 60. Authorization To Execute Documents. The Mayor and the Town Clerk, other officers of the Town, and the members of the 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: (a) the execution of the Paying Agency Agreement, the Continuing Disclosure Agreement, and the Official Statement; and (b) the execution of such certificates and affidavits as reasonably may be required by the Original Purchaser. The Town Clerk is hereby authorized and directed to attest, as necessary, all signatures and acts of the Mayor or any official of the Board or the Town in connection with the matters authorized by this Ordinance, and to place the seal of the Town, as necessary, on the documents authorized and approved by this 4840-2359-3985.2 45 Ordinance and all other additional certificates, documents and other papers associated with the transactions and other matters authorized by this Ordinance. The Mayor or Mayor Pro Tem or the Town Administrator or the Finance Officer of the Town and all other officials, employees and agents of the Board or the Town are hereby authorized to execute and deliver for and on behalf of the Town or the Enterprise any and all additional certificates, documents and other papers, including, but not limited to a commitment by an insurance company to insure payment of the Series 2007 Bonds, a guaranty or reimbursement agreement between the Town, acting by and through the Enterprise, and any insurance company that issues a surety bond, insurance policy or similar instrument as a reserve fund for the payment of Series 2007 Bonds, and any agreement concerning the deposit and investment of funds in connection with the transactions contemplated by this Ordinance, and to perform all other acts that they may deem necessary or appropriate in order to implement and carry out the transactions and other matters authorized or contemplated by this Ordinance. Section 61. Ratification and Approval of Prior Actions. All actions heretofore taken by the officers of the Town and members of the Board, consistent with the provisions of this Ordinance, relating to the authorization, sale, issuance and delivery of the Series 2007 Bonds, are hereby ratified, approved and confirmed. Section 62. Approval of Official Statement. The Board hereby approves and authorizes the distribution and use of the Preliminary Official Statement (including the Official Notice of Sale) and authorizes the preparation of a final Official Statement containing any updated information regarding items described in the Preliminary Official Statement which become 1known to the Town, acting by and through the Enterprise, after the date of the Preliminary Official Atatemenf but prior,to the date of delivery of the Series 2007 Bonds. Copies of the final Official Statement are hereby authorized to be distributed by the Original Purchaser to all interested persons in connection with the sale ofthe Series 2007 Bonds. Section 63. Ordinance Irrepealable. After the Series 2007 Bonds are issued, this Ordinance shall be and remain irrepealable until the Series 2007 Bonds and the interest accrued thereon shall have been fully paid, satisfied and discharged. Section 64. Repealer. All acts, orders, ordinances, or parts thereof, in conflict with this Ordinance are hereby repealed, but only to the extent of such conflict. Section 65. Severability. 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 of this Ordinance, it being the intention that the various provisions hereof are severable. Section 66. Recording and Authentication. This Ordinance, immediately upon its passage, shall be recorded in the Town boolt of Ordinances kept for that purpose, and shall be authenticated by the signatures of the Mayor and of the Town Clerk. [Remainder of page intentionally blank] 4840-2359-3985.2 46 Section 67. Effective Date. Following its adoption, this Ordinance shall take effect and be in force on the date that is 30 days after its publication. INTRODUCED, READ BY TITLE, APPROVED AND ADOPTED on the 23rd day of October, 2007. [SEAL] Attest: TOWN OF ESTES PARK, COLORADO, ACTING BY AND THROUGH ITS LIGHT AND POWER ENTERPRISE Town Clerk Mayor 4840-2359-3985.2 47 APPENDIX A TABLE OF CONTENTS Page Section 1. Definitions . 3 Section 2. Construction 10 Section 3. Authorization ... 10 Â· Section 4: Bond Details ... 10 Section 5. Book Entry. ' 11 Section 6. Payment of Bonds; Paying Agent and Registrar 11 Section 7. Prior Redemption 12 Section 8. Form of Series 2007 Bonds ... 13 Section 9. Authentication 22 Section 10. Delivery of Bonds 22 Section 11. Disposition and Investment ofProceeds; Designation of Series 2007 Bonds as "Qualified Tax-Exempt Obligations" 22 Section 12. Funds and Accountq 22 Section 13. Places and Times of Deposits 28 Section 14. Investment ofFundq 28 Section 15. No Liability for Losses Incurred in Performing Terms of Ordinance ................. 29 Section 16. Character of Funds 29 Section 17. First Lien on Pledged Revenues; Equality of Bonds Section 18. Issuance of Additional Parity Bonds ... 30 Section 19. Effect of Certification of Revenues 32 Section 20. Subordinate Securities Permitterl 32 Section 21. Superior Securities Prohibited 32 Section 22. Supplemental Ordinances 32 Section 23. Rate Maintenance Covenant.. 32 Section 24. Collection of Charges 33 Section 25. Competent Management Section 26. Performance ofDuties 33 Section 27. Costs of Bond Issue and of Performance 33 Section 28. Contractual Obligations 33 Section 29. Further Assurances 33 Section 30. Conditibns Precedent 34 Section 31. Efficient Operation and Maintenance ... 34 Section 32. Records and Accounts 34 Section 33. Rules, Regulations and other Detailq ... 34 Section 34. Payment of Governmental Charges 34 Section 35. Protection of Security; Enterprise Statng 35 Section 36. Accumulation o f Interest Claims 35 Section 37. Prompt Payment of Bondq 35 Section 38. Additional Securitieq 35 Section 39. Other Liens 36 4840-2359-3985.2 Section 40. Surety Bonds .. 36 Section 41. Federal Income Tax Covenants 36 Section 42. Disposal of Property .. 38 Section 43. Inspection of Records .. 38 Section 44. Audits Required .. 39 Section 45. Insurance and Reconstruction 39 Section 46. Completion ofProject; Estimated Life of Project 39 Section 47. Continuing Disclosure .. 39 Section 48. Defeasanrp. 40 Section 49. Events of Default 40 Section 50. Remedies for Defaults ... 41 Section 51. Rights and Privileges Cumulative 42 Section 52. Duties Upon Default .. 42 Section 53. Amendments of Ordinance Not Requiring Consent of Bond Owners................. 42 Section 54. Amendment of Ordinance Requiring Consent of Bond Owners ------.--..-43 Section 55. Time for and Consent to Amendment Section 56. Unanimous Consent .. 45 Section 57. Exclusion of Bondq 45 Section 58. Notation on Bonds 45 Section 59. No Pledge of Property .. 45 Section 60. Authorization To Execute Documentq 45 Section 61. Ratification and Approval of Prior Actions .. 46 Section 62. Approval of Official Statement .. 46 Section 63. Ordinance Irrepealahle 46 Section 64. Repealer 46 Section 65. Severability. .. 46 Section 66. Recording and Authentication 46 Section 67. Effective Date .. 47 4840-2359-3985.2 ii