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10-960010—96ORDINANCENO._,SERIES1996ANORDINANCEAUTHORIZINGTHEISSUANCEBYTHETOWNOFESTESPARK,COLORADO,OFSPECIALASSESSMENTBONDSNTHEPRINCIPALAMOUNTOF$165,000,FORPARKENTRANCEESTATESSPECIALIMPROVEMENTDISTRICTNO.95-1;PRESCRIBINGTHEFORMOFTHEBONDS;ANDPROVIDINGFORTHEPAYMENTOFTHEBONDSANDTHEINTERESTTHEREON.WHEREAS,theBoardofTrustees(the‘Board”)oftheTownofEstesPark,Colorado(the“Town”),hascreatedParkEntranceSpecialImprovementDistrictNo.95-1(the“District”),forthepurposeofpayingforpublicimprovementstobeconstructedintheDistrict;andWHEREAS,thetotalcostoftheimprovementsintheDistricthasbeendefmitelyascertained;andWHEREAS,theBoardhasdeterminedthatthecostoftheconstructionofimprovementsfortheDistrict,togetherwithallnecessaryincidentalcosts,lessassessmentswhichhavebeenprepaid,shallnotexceedtheamountof$165,000,andthatbondsoftheTownfortheDistrictshouldbeissuedinsuchamount;andWHEREAS,theBoardhasheretoforereceivedaproposalfromTheEstesParkBanic,EstesPark,Colorado(the“Purchaser”),forthepurchaseofsaidbonds;andWHEREAS,theBoardhasdeterminedthatsaidproposalistothebestadvantageoftheTown,andhasdeterminedtoacceptsaidproposal;and\VFWREAS,theTownwillreceiveaninvestmentletter(the“InvestmentLetter”)fromthePurchaserasevidenceofitsabilitytomakesuchinvestment;andWHEREAS,itisnecessarytoprovidefortheissuanceofsaidbondsandtheformandpaymentthereofTHETOWNOFESTESPARK,COLORADO,ORDAINS:Section1.BondDetails.ByvirtueofandpursuanttotheConstitutionoftheStateofColoradoandTitle31,Article25,Part5,ColoradoRevisedStatutes;andallotherlawthereuntoenabling,thereshallbeissuedSpecialAssessmentBonds,Series1996(the“Bonds”)oftheTownofEstesPark,Colorado,forParkEntranceEstatesSpecialImprovementDistrictNo.95-1,forthepurposeofpayingfortheimprovementstobeconstructedintheDistrict.TheBondsshallbeintheprincipalamountof$165,000,shallbedatedasofthedateoftheirdelivery,andshallconsistofBondsinthedenominationof$5,000oranyintegralmultiplethereof.TheBondsshallbeissuedonlyasfillyregisteredbondsandshallbedueandpayableonNovember1,2006,subjecttocalland#175712v.22 00 00priorpaymentonanyinterestpaymentdate,indirectnumericalorder,uponpaymentofparandaccruedinterest,withoutredemptionpremium.TheBondsshallbearinterestpayablesemiannuallyoneachNovember1andMay1,commencingonNovember1,1996,attherateof5.99%perannum.Section2.PaymentofBonds:PavingAgentandBondRegistrar.TheprincipaloftheBondsispayableinlawfulmoneyoftheUnitedStatesofAmericatotheregisteredownerofeachBonduponpresentationattheofficeoftheFinanceDirector,inEstesPark,Colorado,oritssuccessor,aspayingagent(the“PayingAgent”).Notwithstandinganythingcontainedinthisordinancetothecontrary,interestonanyBondispayabletothepersoninwhosenamesuchBondisregistered,athisaddressasitappearsontheregistrationbooksmaintainedbyoronbehalfoftheTownbytheFinanceDirector,inEstesPark,Colorado,oritssuccessor,asbondregistrar(the“BondRegistar”),atthecloseofbusinessonthefifteenth(15th)dayofthecalendarmonthnextprecedingeachinterestpaymentdate(the“RecordDate”),irrespectiveofanytransferofsuchBondsubsequenttosuchRecordDateandpriortosuchinterestpaymentdate.SuchpaymentshallbepaidbycheckordraftofthePayingAgentmailedonorbeforetheinterestpaymentdatetosuchregisteredowner.PresentationandsurrenderofanyBondisnotrequireduntilthefinalmaturitythereoforuntilsuchBondiscalledforredemptionpriortoitsfinalmaturity.ThefinalpaymentofprincipalandinterestdueonanyBondshallbemade,orsuchBondshallberedeemedpriortoitsmaturity,onlyuponpresentationandsurrenderofsuchBondtothePayingAgent.IfthedateformakinganypaymentorperforminganyactionhereundershallbealegalholidayoradayonwhichtheprincipalofficeofthePayingAgentorBondRegistrarisauthorizedorrequiredbylawtoremainclosed,suchpaymentmaybemadeoractperformedonthenextsucceedingdaywhichisnotalegalholidayoradayonwhichtheprincipalofficeofthePayingAgentofBondRegistrarisauthorizedorrequiredbylawtoremainclosed.Section3.FormandExecutionofBonds.TheBondsshallbesignedwiththemanualorfacsimilesignatureoftheMayor,attestedandcountersignedbythemanualorfacsimilesignatureoftheTownClerk,andsealedwithamanualimpressionorafacsimileofthesealoftheTown.ShouldanyofficerwhosemanualorfacsimilesignatureappearonsaidBondsceasetobesuchofficerbeforedeliveryoftheBondstothePurchaser,suchmanualorfacsimilesignatureshallneverthelessbevalidandsufficientforallpurposes.TheBondsshallbeinsubstantiallythefollowingform:#175732v.23 00 C)0(FormofBond)No.R-$UNITEDSTATESOFAMERICASTATEOFCOLORADOTOWNOFESTESPARKCOUNTYOFLARIMERPARKENTRANCESPECIALIMPROVEMENTDISTRICTNO.95-1SPECIALASSESSMENTBOND,SERIES1996INTERESTBATEMATURITYDATEORIGiNALISSUEDATE%November1,2006_______,1996REGISTEREDOWNER:PRINCIPALAMOUNT:TheTownofEstesPark,intheCountyofLarimerandtheStateofColorado,forvaluereceived,herebypromisestopaysolelyoutofthespecialfindhereinafterdesignated,butnototherwise,totheregisteredownernamedabove,orregisteredassigns,onthematuritydatespecifiedabove,theprincipalamountspecifiedabove,andinlikemannertopayinterestonsuchprincipalamount(computedonthebasisofa360-dayyearoftwelve30-daymonths)fromtheinterestpaymentdatenextprecedingthedateofregistrationandauthenticationofthisBond,unlessthisBondisregisteredandauthenticatedpriortoNovember,1996,inwhicheventthisBondshallbearinterestfromthedateofitsdelivery,attheinterestrateperannumspecifiedabove,payablesemiannuallyonNovember1andMay1eachyear,commencingonNovember1,1996,untilsuchprincipalamountispaid,unlessthisBondshallhavebeenpreviouslycalledforredemptionandpaymentshallhavebeendulyprovidedforormade.TheprincipalofthisBondispayableinlawfiilmoneyoftheUnitedStatesofAmericatotheregisteredowneruponpresentationattheofficeoftheTownFinanceDirector,inEstesParkColorado,oritssuccessor,asPayingAgent.PaymentofeachinstallmentofinterestshallbemadetotheregisteredownerhereofwhosenameshallappearontheregistrationbooksoftheTownmaintainedbytheTownbyitsFinanceDirector,inEstesPark,Colorado,oritssuccessor,asBondRegisfrar,atthecloseofbusinessontheflfleenth(15th)dayofthecalendarmonthnextprecedingeachinterestpaymentdate(the‘RecordDate’),andshallbepaidbycheckordraftofthePayingAgentmailedonorbeforetheinterestpaymentdatetosuchregisteredownerathisaddressasitappearsonsuchregistrationbooks.PresentationandsurrenderofthisBondisnotrequireduntilthefinalmaturitythereoforuntilthisBondiscalledforredemptionpriortoitsfinalmaturity.ThefinalpaymentofprincipalandinterestdueonthisBondshallbemade,orthisBondshallberedeemedpriortoitsmaturit,onlyuponpresentationandsurrenderofthisBondtothePayingAgent.#175742v.24 0() UIfthedateformakinganypaymentorperforminganyactionhereundershallbealegalholidayoradayonwhichtheprincipalofficeofthePayingAgentorBondRegistrarisauthorizedorrequiredbylawtoremainclosed,suchpaymentmaybemadeoractperformedonthenextsucceedingdaywhichisnotalegalholidayoradayonwhichtheprincipalofficeofthePayingAgentorBondRegistrarisauthorizedorrequiredbylawtoremainclosed.ThisBondissubjecttocallandredemptionindirectnumericalorderoftheissueofwhichitisone,inincrementsof$5,000inprincipalamount,onanyinterestpaymentdate,uponpaymentof$5,000oranyintegralmultiplethereofandaccruedinterestonsuchredeemedamounttothedateofredemption.Noticeofthepriorredemptionshallbegivenbymailingacopyoftheredemptionnotice,notlessthanthirty(30)dayspriortothedatefixedforredemption,totheregisteredownerofthisBondattheaddressshownontheregistrationbooksmaintainedbytheBondRegistrar,allassetforthintheauthorizingBondordinance.Attheexpirationofthirty(30)daysfromthemailingofsuchnotice,interestontheBondssocalledshallcease.ThisBondisoneofaseriesaggregatingOneHundredSixty-FiveThousandDollars($165,000)parvalue,alloflikedate,tenor,dateofmaturity,principalamount,andeffect,exceptastonumber,issuedbytheBoardofTrusteesoftheTownofEstesPark,Colorado,forthepurposeofpayingforpublicimprovementstobeconstructedinParkEntranceEstatesSpecialImprovementDistrictNo.95-1,intheTownofEstesPark,byvirtueofandinfullconformitywiththeConstitutionoftheStateofColorado;Title31,Article25,PartS,ColoradoRevisedStatutes;andallotherlawsoftheStateofColoradothereuntoenabling,andpursuanttothedulyadoptedOrdinanceauthorizingtheissuanceofthisBond.PaymentofthisBondandtheinterestthereonshallbemadefrom,andassecurityforsuchpaymentthereispledged,aspecialfunddesignatedastheParkEntranceEstatesSpecialImprovementDistrictNo.95-1BondFund,whichFundshallcontainanymoneysintheconstructionaccountremainingafterthecostofimprovementshasbeenpaidinfullandtherevenuegeneratedfromspecialassessmentsleviedagainstthepropertyincludedwithintheDistrictandspeciallybenefitedbytheconstructionandinstallationofimprovementstherein.TheassessmentsconstitutealienonandagainsteachlotintheDistrict,intherespectiveamountsapportionedbyanordinanceoftheTown.Itisherebyrecited,certified,andwarrantedthatthetotalissueofBondsoftheTownfortheDistrict,includingthisBond,doesnotexceedtheamountauthorizedbylaw;thateveryrequirementoflawrelatingtothecreationofParkEntranceEstatesSpecialImprovementDistrictNo.95-1,theconstructionofsaidpublicimprovements,andtheissuanceofthisBondhasbeenfullycompliedwithbytheproperofficersoftheTown,andthatallconditionsrequiredtoexistandthingsrequiredtobedoneprecedenttoandintheissuanceofthisBondtorenderthesamelawfulandvalid,havehappened,beenproperlydoneandperformed,anddidexistinregularandduetime,form,andmanner,asrequiredbylaw.ForthepaymentofthisBondandtheinterestthereon,theTownpledgesallofitslawfulcorporatepowers.#175742v.25 0U 00ThisBonddoesnotconstituteadebtoranindebtednessoftheTownwithinthemeaningofanyconstiwtional,charter,orstatutorylimitationorprovision,andshallnotbeconsideredorheldtobeageneralobligationoftheTown.ThepaymentofthisBondandtheinterestthereonisnotsecuredbyanencumbrance,mortgage,orotherpledgeofpropertyoftheTown,exceptforsuchspecialassessmentsandothermoneyspledgedforthepaymentofBonds,assetforthabove.NopropertyoftheTown,subjecttosaidexception,shallbeliabletobeforfeitedortakeninpaymentoftheBonds.TheBondsareissuableonlyintheformofregisteredbondsinthedenominationof$5,000oranyintegralmultiplethereof.TheBondRegistrarshallnotberequiredtoissueortransferanyBonds:(1)duringaperiodbeginningontheRecordDateandendingatthecloseofbusinessontheensuinginterestpaymentdate,and(2)duringtheperiodbeginningonthedayofselectionofBondstoberedeemedandendingonthethyonwhichtheapplicablenoticeofredemptionisgiven.TheBondRegistrarshallnotberequiredtotransferanyBondsselectedorcalledforredemption,inwholeorinpart.TheTownmaydeemandtreattheregisteredownerofanyBondastheabsoluteownerthereofforallpurposes(whetherornotsuchBondshallbeoverdue)andanynoticetothecontraryshallnotbebindingupontheTown.-ThisBondistransfenablebytheregisteredownerhereofinpersonorbyhisattorneydulyauthorizedinwriting,attheofficeoftheBondRegistrar,butonlyinthemanner,subjecttothelimitations,anduponpaymentofthechargesprovidedintheauthorizingBondOrdinanceanduponsurrenderandcancelLationofthisBon±ThisBondmaybetransferredupontheregistrationbooksupondeliverytotheBondRegistrarofthisBond,accompaniedbyawritteninstrumentorinstrumentsoftransferinformandwithguarantyofsignaturesatisfactory’totheBondRegistrar,dulyexecutedbytheownerofthisBondorhisattorney-in-factorlegalrepresentative,containingwritteninstructionsastothedetailsofthetransferoftheBond,alongwiththesocialsecuritynumberorfederalemployeridentificationnumberofsuchtransferee.IntheeventofthetransferofthisBond,theBondRegistrarshallenterthetransferofownershipintheregistrationbooksandshallauthenticateanddeliverinthenameofthetransfereeortransfereesanewfullyregisteredBondinthedenominationof$5,000,oranyintegralmultiplethereof,ofthesamematurity,sequentialnumber,andinterestratewhichtheregisteredownerisentitledtoreceiveattheearliestpracticabletime.Thesequentialnumbersshallremainthesamefollowingeachtransferofownership.i.e.,R-1willbereissuedasR-lA,thenR-IB,etc.TheBondRegistrarshallchargetheownerofthisBondforeverysuchtransferanamountsufficienttoreimburseitforitsreasonablefeesandforanytaxorothergovernmentalchargerequiredtobepaidwithrespecttosuchtransfer.ThisBondshallnotbevalidorbecomeobligatoryforanypurposeorbeentitledtoanysecurityorbenefitundertheauthorizingBondordinanceuntilthecertificateofauthenticationhereonshallhavebeensignedbytheBondRegistrar.#I75742.26 00 C0INTESTIMONYWFEREOF,theBoardofTrusteesoftheTownofEstesParkhascausedthisBondtobesignedbythefacsimilesignatureoftheMayor,attestedandcountersignedbythefacsimilesignatureoftheTownClerk,andsealedwithafacsimileimpressionofthecorporatesealoftheTown,allasofthe____dayof,1996.(FACSIMILETOWNOFESTESPARK,COLORADOSEAL)By:(FacsimileSignature)MayorATTESTED:(FacsimileSignaWreTownClerk[FormofBondRegistrar’sCertificateofAuthentication]CERTIFICATEOFAUTHENTICATIONThisBondisoneoftheBondsoftheissuedescribedinthewithin-mentionedBondOrdinance.DateofRegistrationandAuthentication:TOWNOFESTESPARK,COLORADOBy:By:AuthorizedSignatory#175741v.27 00 0(FormofPrepaymentPanel)Thefollowinginstallmentsofprincipal(orportionthereof)ofthisBondhavebeenprepaidinaccordancewiththetermsoftheBondOrdinanceauthorizingtheissuanceofthisBond.SignatureofAuthorizedSignatureofRepresentativeAuthorizedDateofPrincipalPrepaidPrincipaloftheTownasRepresentativePrepayment(in$1000incrementsOutstandingPayingAgentofthePurchaser#175742v.28 00 00(FormofTransferjASSIGNMENTFORVALUERECEIVED,theundersignedsells,assigns,andtransfersuntoSOCIALSECURITYORFEDERALEMPLOYERIDENTIFICATIONNUMBEROFASSIGNEE(NameandAddressofAssignee)thewithinBondanddoesherebyirrevocablyconstituteandappointattorney,totransfersaidBondonthebookskeptforregistrationthereofwithfullpowerofsubstitutioninthepremises.Dated:______________________________SignatureofRegisteredOwner:NOTICE:ThesignaturetothisassignmentmustcorrespondwiththenameoftheregisteredownerasitappearsuponthefaceofthewithinBondineveryparticular,withoutalterationorenlargementoranychangewhatever.Signatureguaranteed:(Bank,TrustCompany,orFirm)#175742v.29 00 0CSection4.Authentication.NoBondshallbevalidorobligatoryforanypurposeorbeentitledtoanysecurityorbenefitunderthisOrdinanceunlessanduntilacertificateofauthenticationonsuchBondsubstantiallyintheformhereinabovesetforthshallhavebeendulyexecutedbytheBondRegistrar,andsuchexecutedcertificateoftheBondRegistraruponanysuchBondshallbeconclusiveevidencethatsuchBondhasbeenauthenticatedanddeliveredunderthisOrdinance.TheBondRegistrar’scertificateofauthenticationonanyBondshallbedeemedtohavebeenexecutedbyitifsignedbyanauthorizedofficerorsignatoryoftheBondRegistrar,butitshallnotbenecessarythatthesameofficerorsignatorysignthecertificateofauthenticationonalloftheBondsissuedhereunder.Sections.DeliveryofBonds.UpontheadoptionofthisOrdinance,theTownshallexecuteasinglephysicalBondintheprincipalamountof$165,000,representingthirty-three(33)$5,000Bonds.TheTownshallthenauthenticatethesingleBondanddeliverittothePurchaser,togetherwithaprepaymentpanelwhichshallbecompletedasportionsoftheprincipalamountarecalledandredeemedbytheTown.Section6.RegistrationandTransferofBonds:PersonsTreatedasOwnets.TheBondRegistrarshallmaintainthebooksfortheregistrationofownershipofeachBondasprovidedinthisOrdinance.BondsmaybetransferredupontheregistrationbooksupondeliveryoftheBondstotheBondRegistrar,accompaniedbyawritteninstrumentorinstrumentsoftransferintheformandwithguarantyofsignaturesatisfactorytotheBondRegistrar,dulyexecutedbytheowneroftheBondstobetransferredorhisattorney-in-factorlegalrepresentative,containingwritteninstructionsastothedetailsofthetransferofsuchBonds,alongwiththesocialsecuritynumberorfederalemployeridentificationnumberofsuchtransferee.NotransferofanyBondshallbeeffectiveuntilenteredontheregistrationbooks.InallcasesofthetransferofaBond,theBondRegistrarshallenterthetransferofownershipintheregistrationbooksandshallauthenticateanddeliverinthenameofthetransfereeortransfereesanewffillyregisteredBondinthedenominationof$5,000.oranyintegralmultiplethereofofthesamematurity,sequentialnumber,andinterestratewhichtheregisteredownerisentitledtoreceiveattheearliestpracticabletimeinaccordancewiththeprovisionsofthisordinance.Thesequentialnumbersshallremainthesamefollowingeachtransferofownership,i.e.,R-lwillbereissuedasR-1A,thenR-IB,etc.TheBondRegistrarshallchargetheownerofsuchBondforeverysuchtransferofaBondanamountsufficienttoreimburseitforitsreasonablefeesandforanytaxorothergovernmentalchargerequiredtobepaidwithrespecttosuchtransfer.TheBondRegistrarshallnotberequiredtoissueortransferanyBonds:(1)duringaperiodbeginningontheRecordDateandendingatthecloseofbusinessontheensuinginterestpaymentdate,or(2)duringtheperiodbeginningonanydateofselectionofBondstoberedeemedandendingonthedayonwhichtheapplicablenoticeofredemptionisgiven.TheBondRegistrarshallnotberequiredtotransferanyBondsselectedorcalledforredemption,inwholeorinpart.#175742v.210 00 00NewBondsdelivereduponanytransfershallbevalidspecialrevenueobligationsoftheTown,evidencingthesameobligationastheBondssurrendered,shallbesecuredbythisOrdinance,andshallbeentitledtoallofthesecurityandbenefitshereoftothesameextentastheBondssurrendered.TheTownmaydeemandtreattheregisteredownerofanyBondastheabsoluteownerthereofforallpurposes(whetherornotsuchBondshallbeoverdue)andanynoticetothecontraryshallnotbebindingupontheTown.Section7.DestructionofBonds:WheneveranyoutstandingBondshallbedeliveredtotheBondRegistrarforcancellationpursuanttothisordinanceanduponpaymentoftheprincipalamountandinterestrepresentedthereby,orwheneveranyoutstandingBondshallbedeliveredtotheBondRegistrarfortransferpursuanttotheprovisionshereof,suchBondshallbecanceledanddestroyedbytheBondRegistrarandcounterpartsofacertificateofdestructionevidencingsuchdestructionshallbefurnishedbytheBondRegistratotheTown.Section8.LostBonds.MyBondthatislost,stolen,destroyed,ormutilatedmaybereplacedorpaidbytheBondRegistrarinaccordancewithandsubjecttothelimitationsofapplicablelaw.TheapplicantforanysuchreplacementBondshallpostsuchsecurity,paysuchcosts,andpresentsuchproofofownershipandlossasmayberequiredbyapplicablelaw,orintheabsenceofspecificrequirements,asmayberequiredbytheBondRegistrar.Section9.DispositionandInvestmentofBondProceeds.TheproceedsoftheBondsshallbeappliedonlytopaythecostsandexpensesofconstructingtheimprovementsintheDistrictandallothercostsandexpensesincidentthereto,includingwithoutlimitation,thecostsofissuingandsecuringtheBonds.NeitherthePurchasernoranysubsequentownersoftheBondsshallberesponsiblefortheapplicationordisposalbytheTownoranyofitsofficersofthefundsderivedfromthesalethereof.IntheeventthatalloftheproceedsoftheBondsarenotrequiredtopaysuchcostsandexpenses,anyremainingamountshallbedepositedtotheBondFundhereinaftercreated,andusedforthepurposeofcallinginandpayingtheprincipalofandinterestontheBonds.AlloranyportionoftheBondproceedsmaybetemporarilyinvestedorreinvested,pendingsuchuse,insecuritiesorobligationswhicharelawfulinvestments.ItisherebycovenantedandagreedbytheTownthatitwillnotmakeorpermittobemade,anyuseoftheoriginalproceedsoftheBonds,oranymoneystreatedasproceedsoftheBondswithinthemeaningoftheInternalRevenueCodeof1986,asamended(the“Code),andapplicableregulations,rulings,anddecisions,ortake,permittobetaken,orfalltotakeanyaction,whichwouldadverselyaffecttheexclusionfromgrossincomeoftheinterestontheBondsunderSection103oftheCodeandapplicableregulations,rulings,anddecisions.Section10.BondFund.TheBondsandtheinterestthereonshallbepayablesolelyfromaspecialfindherebyestablishedanddesignatedasthe“ParkEntranceEstatesSpecialImprovementDisthctNo.95-1BondFund’(the“BondFund”).TheBondFundshallcontainanymoneysintheconstructionaccountremainingafterthecostofimprovementshasbeenpaidinfill,andthemoneyscollectedasaresultoftheassessmentsleviedagainstthepropertywithintheDistrictandspecially#175742v211 00 0Cbenefitedbytheconstructionofthepublicimprovementstherein.MimoneyscollectedasaresultofsuchassessmentsshallbedepositedimmediatelyuponreceipttotheBondFundandappliedtothepaymentoftheprincipalofandinterestontheBondsuntilsuchprincipalandinterestispaidinfull.Section11.PriorRedemotion.WhentheFinanceDirectorhasfundsintheBondFundexceedingsixmonthsinterestontheunpaidprincipaloftheBondsissuedandoutstanding,heshallcallin,bymailednoticetotheregisteredownersofBondstobesocalled,usingfirstclassmail(postageprepaid)attheaddressshownontheregistrationbooksmaintainedbytheBondRegistrar,asuitablenumberof$5,000Bondsforpayment.Attheexpirationofthirty(30)daysfromthemailingofsuchnotice,interestontheBondssocalledshallcease.ThenoticeshallspeciebynumbertheBondssocalled,andallBondsshallbepaidintheirnumericalorder.Section12.AcceptanceofInvestmentLetter.TheBoardherebyreaffirmsitsdeterminationtoaccepttheInvestmentLetterassubmittedbythePurchaser,andtoselltheBondstothePurchaseruponthetermsandunderstandingssetforthintheInvestmentLetter.Section13.DirectiontoTakeAuthorizingAction.TheappropriateofficersoftheTownandmembersoftheBoardareherebyauthorizedanddirectedtotakeallotheractionsnecessaryorappropriatetoeffectuatetheprovisionsofthisOrdinance,includingbutnotlimitedtotheexecutionofsuchcertificatesandaffidavitsasmaybereasonablyrequiredbythePurchaserandtheTown’sbondcounsel.Section14.Severabihtv.IfanyoneormoresectionsorpartsofthisOrdinanceshallbeadjudgedunenforceableorinvalid,suchjudgmentshallnotaffect,impair,orinvalidatetheremainingprovisionsofthisOrdinance,itbeingtheintentionthatthevariousprovisionshereofareseverable.Section15.Repealer.Allordinancesorresolutions,orpartsthereof;oftheTownthatareinconsistentorinconflictherewithareherebyrepealedtotheextentonlyofsuchinconsistencyorconflict.Section16.Designationas“QualifiedTax-ExemptObligation.”TheTownherebydesignatestheBondsas‘qualifiedtax-exemptobligations”forpurposesofSection265(b)(3)oftheCode.Section17.RecordingandAuthentication.ThisOrdinance,afteritsfinalpassage,shallbeauthenticatedbythesignatureoftheMayorandtheTownClerk,shallberecordedinabookkeptforthatpurpose,andshallbepublishedinaccordancewithlaw.Section18.EffectiveDate.ThisOrdinanceshallbeeffective,inaccordancewithColoradostatelaw,thirty(30)daysfollowingitspublicationafterfinaladoptionbytheBoard.#175742v.212 00 00NTRODUCEDANDFINALLYPASSEDfrNDADOPTEDataregularmeetingoftheBoardonMay28,1996,andorderedpublishedincordancewithlaw.(SEAL)-__________________________MayorATTESTED:KTownClerkDeputy#175732v213 00 00TrusteePauleythenmovedthattheforegoingOrdinancereadatthismeetingbefinallyadoptedandpublishedintheEstesParkTrail-Gazette,anewspaperingeneralcirculationwithintheTown,intheissuedatedMay31,1996.TrusteeMarshallsecondedthemotion.Thequestionbeingupontheadoptionofthemotion,therollwascalledwiththefollowingresult:ThosevotingYES:JeffBarkerJohnBaudekSusanL.DoylenGeergeJrHkWilliamJ.MarshallJ.DonaldPauleyThosevotingNO:NoneThoseabstaining:GeorgeMixThepresidingofficerthereupondeclaredthat,notlessthanamajorityofallthemembersoftheBoardhavingvotedinfavorthereof,themotionwascarriedandtheOrdinancefinallyadopted.FinanceOfficerVavraThereupon,Trustee___________introducedthefollowingResolution:#175742v.214 00