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ORDINANCE 28-84
CI0BONDORDINANCENO.R—28-84TOWNOFESTESPARK,COLORADOINDUSTRIALDEVELOPMENTREVENUEBONDSSERIES1984(THEESTESCENTREASSOCIATESPROJECT)ADOPTED:December11,1984 00 00TABLEOFCONTENTS(ThistableofcontentsisnotapartoftheOrdinancebutisincludedforconvenienceonly.)PageARTICLEIDEFINITIONS,LEGALAUTHORIZATIONANDFINDINGSSection1.1.Definitions1Section1.2.LegalAuthorization4Section1.3.Findings4Section1.4.AuthorizationandRatificationofProject5ARTICLEIIBONDSSection2.1.AuthorizedZ½xnountandFormofBonds5Section2.2.TheBonds12Section2.3.Execution12Section2.4.DeliveryoftheBonds12Section2.5.IssuanceofNewBonds13Section2.6.RegistrationofTransfer13Section2.7.Mutilated,LostorDestroyedBonds13Section2.8.ownershipoftheBonds14Section2.9.LimitationonBondTransfers14Section2.10.AdditionalBonds14Section2.11.EstablishmentofFunds15(i) 0•0 CCLIPageARTICLEIIIPREPAYMENTOFBONDSBEFOREMATURITYSection3.1.Prepayment16Section3.2.TerminationofInterest16ARTICLEIVGENERALCOVENANTSSection4.1.PaymentofPrincipalandInterest16Section4.2.PerformanceofandAuthorityforCovenants16Section4.3.NatureofSecurity17ARTICLEVMISCELLANEOUSSection5.1.Severability17Section5.2.AuthorizationtoExecuteAgreements17Section5.3.AuthoritytoCorrectErrors,Etc.18Section5.4.FurtherAuthority18Section5.5.EmergencyOrdinance18Section5.6.Repealer19Section5.7.OrdinanceIrrepealable19Section5.8.RecordingandAuthentication19SIGNATURES19EXHIBITA(ii) 00 CSTATEOFCOLORADOCOUNTYOFLARIMER)ss.TOWNOFESTESPARKTheBoardofTrusteesoftheTownofEstesPark,Colorado,heldaregularmeetingintheBoardofTrusteesChambers,at170MacGregorAvenue,EstesPark,Colorado,onTuesday,the11thdayofDecember,1984,atthehourof7:30P.M.Thefollowingpersonswerepresent:Trustees:H.BernerdDannels,MayorMarkT.BrownByronL.GravesGeorgeJ.HixPaulaL.LaingRichardA.WoodNorbertAldrichTownAdministrator:DaleHillTownClerk:VickieO’ConnorThefollowingpersonswereabsent:NoneTrusteeRichardA.WoodintroducedthefollowingOrdinance,whichwasreadbytitle.(iii) 00 aORDINANCENO.R—28-84ANEMERGENCYORDINANCERELATINGTOTHEISSUANCEOFINDUSTRIALDEVELOPMENTREVENUEBONDSUNDERTHEPROVISIONSOFTHECOLORADOCOUNTYANDMUNICIPALITYDEVELOPMENTREVENUEBONDACT;PROVIDINGFORTHEISSUANCEANDSALEOFTOWNOFESTESPARK,COLORADO,INDUSTRIALDEVELOPMENTREVENUEBONDS,SERIES1984(THEESTESCENTREASSOCIATESPROJECT)INTHEPRINCIPALAMOUNTOF$750,000FORTHEPURPOSEOFLOANINGFUNDSTOESTESCENTREASSOCIATESTOFINANCEIMPROVEMENTSRELATINGTOACQUIRING,RENOVATING,RECONSTRUCTINGANDEQUIPPINGOFARETAILSHOPPINGMALLINESTESPARK,LARIMERCOUNTY,COLORADO;APPROVINGANDAUTHORIZINGTHEEXECUTIONANDASSIGNMENTOFALOANAGREEMENTANDNOTEBETWEENESTESCENTREASSOCIATESANDTHETOWN;ANDAUTHORIZINGTHEPREPARATIONANDEXECUTIONOFCERTAINRELATEDDOCUMENTSANDINSTRUMENTS;ANDDECLARINGANEMERGENCYTOEXISTREQUIRINGTHEIMMEDIATEPASSAGEANDADOPTIONOFTHISORDINANCE:BeitordainedbytheBoardofTrusteesoftheTownofEstesPark,Colorado:ARTICLEIDEFINITIONS,LEGALAUTHORIZATIONANDFINDINGS1.1.DefinitionsThetermsusedherein,unlessthecontexthereofshallrequireotherwise,shallhavethefollowingmeanings,andanyothertermsdefinedintheLoanAgreementshallhavethesamemeaningswhenusedhereinasassignedtothemintheLoanAgreementunlessthecontextorusethereofindicatesanotherordifferentmeaningorintent.1.Act.TheCountyandMunicipalityDevelopmentRevenueBondAct,Article3,Title29,ColoradoRevisedStatutes,asamended.2.AssignmentoftheLoanAgreement.TheassignmenttobeexecutedbytheTownandtheLenderassigningtheTown’sinterestintheLoanAgreementtotheLender.3.Bonds.The$750,000IndustrialDevelopmentRevenueBonds,Series1984(TheEstesCentreAssociatesProject)tobeissuedbytheTownpursuanttothisOrdinance.4.BondCounsel.ThefirmofFischer,Brown,Huddleson,andGunn,FortCollins,Colorado.5.BondRegister.TherecordskeptbytheTownofEstesPark,ColoradotoprovidefortheregistrationandtransferofownershipoftheBonds. 00 •.006.collateralAssignmentsofRents.TheassignmenttobeexecutedbytheCompanyassigningtotheLenderassecurityfortheBondstherentsduetheCompanyunderleases,rentsandotherincomefromtheProject.7.Company.EstesCentreAssociates,aColoradogeneralpartnership,itssuccessorsandassigns,andanysurviving,resultingortransfereebusinessentitywhichmayassumeitsobligationsundertheLoanAgreement.8.CompanyNote.MeansthenoteoftheCompanydeliveredtotheIssuerandendorsedtotheLenderwhichevidencestheobligationoftheCompanytorepaytheloanoftheIssuerinaccordancewithSection4.1ofLoanAgreementandwhichisintheformattachedtotheLoanAgreementasExhibitC.9.DeedofTrust.TheDeedofTrusttobeexecutedbytheCompanyinfavoroftheLendersecuringpaymentoftheBondsandinterestthereon.10.Guaranty.TheGuarantyAgreementtobeexecutedbytheCompany,T.RussellMcCahan,RobertR.Leino,M.AnnLeino,theGuyR.JamesRevocableTrust,andKayL.CollinsassecurityfortheBonds.11.Improvements.Thestructuresandotherimprovements,includinganytangiblepersonalproperty,tobeconstructedorinstalledontheLandinaccordancewiththePlansandSpecificationsandtobeownedbytheCompany.12.InducementLetter.TheletteragreementfromtheCompanytotheTownandtheLenderdatedDecember19,1984.13.Land.TherealpropertyandanyothereasementsandrightsdescribedinExhibitAattachedtotheLoanAgreement.14.Lender.InternationalBank—Englewood,aColoradobankingcorporation,Englewood,Colorado,itssuccessorsandassigns.TheLenderistheinitialpurchaseroftheBonds.15.LoanAgreement.TheagreementtobeexecutedbytheTownandtheCompany,providingfortheissuanceoftheBondsandtheloanoftheproceedsthereoftotheCompany,includinganyamendmentsorsupplementstheretomadeinaccordancewithitsprovisions.16.MarginRateFactormeanstheproductof(a)one(1)minustheMaximumFederalCorporateTaxRatetimes(b)1.85185.TheMarginRateFactorshallbe1.0solongastheMaximumFederalCorporateTaxRateshallbe46%,andthereaftershallchangefromtimetotimeeffectiveasoftheeffectivedateofanychangeintheMaximumFederalCorporateTaxRate.—2— 00 0017.MaximumFederalCorporateTaxRatemeansthemaximumstatutoryrateofFederalincometaxationimposedonthetaxableincomeofcorporationspursuanttoSection11(b)oftheCode,asineffectfromtimetotime(or,ifasaresultofachangeintheCodetherateofincometaxationimposedoncorporationsshallnotbeapplicabletoabondholder,themaximumstatutoryrateofFederalincometaxationwhichcouldapplytoabondholder).18.offertoPurchase.TheletteragreementfromtheLendertotheTown,datedDecember19,1984.19.PlansandSpecifications.TheplansandspecificationsfortheconstructionandinstallationoftheImprovementsontheLand,whichareapprovedbytheLender,togetherwithsuchmodificationsthereofandadditionstheretoasarereasonablydeterminedbytheCompanytobenecessaryordesirableforthecompletionoftheImprovementsandareapprovedbytheLender.20.PrincipalBalance.SomuchoftheprincipalsumontheBondsasfromtimetotimeremainsunpaid.21.Project.TheImprovementsandtheLand.22.ProjectCosts.AllcostsoftheProject(i)whicharecapitalizedexpendituresundergenerallyacceptedaccountingprinciplesandwhichmustbeorwithaproperelectionmaybecapitalizedforFederalincometaxpurposesand(ii)forwhichtheBondproceedsmaybespentundertheAct,includingthefollowing:-(a)PaymentforthepreparationofplansandspecificationsfortheProject(includinganypreliminarystudyorplanningoftheProject),andfortheacquisition,development,constructionandinstallationoftheProject(includingarchitectural,engineeringandsupervisoryserviceswithrespecttoanyoftheforegoing)(b)Totheextentthattheyshallnotbepaidbyacontractor,paymentofthepremiumsonallinsurancerequiredtobemaintainedpriortothedatetheProjectiscompleted.(c)Paymentofanyfeesandexpensesforrecordingorfilingsuchdocuments,instrumentsandfinancingstatementswhichtheCompany,theLenderortheTownmaydeemdesirabletoperfectorprotecttherightsoftheTownandtheLenderundertheLoanAgreement,theCompanyNoteandtheAssignmentoftheLoanAgreement.—3— 00 CC(d)PaymentofanycommitmentoracceptancefeeoftheLenderandthelegal,accountingandfinancialadvisoryfeesandexpenses,andallotherfeesandexpensesincurredinthepreparationofrelateddocuments.(e)InterestaccruedontheBondspriortocompletionoftheProject.23.Ordinance.ThisOrdinanceoftheTown,adoptedDecember11,1984,togetherwithanysupplementoramendmenthereto.24.Town.TownofEstesPark,Colorado,itssuccessorsandassigns.1.2.LegalAuthorizationTheTownisapoliticalsubdivisionoftheStateofColoradoandisauthorizedundertheActtofinancetheProjecthereinreferredto,andtoissueandselltheBondsforthepurpose,inthemanneranduponthetermsandconditionssetforthintheActandinthisOrdinance.1.3.FindingsTheTownBoardofTrustees,basedontherepresentationsoftheCompany,hasheretoforedeterminedandfound,anddoesherebydetermineandfind,asfollows:(a)InauthorizingtheProjecttheTown’spurposeis,andinitsjudgmenttheeffectthereofwillbe,thepromotionanddevelopmentoftradeandothereconomicactivitieswithintheTownbyinducingtheCompanytoacquireandconstructfacilitiesintheTownandtosecureandmaintainabalancedandstableeconomywithintheTown;(b)TheamountestimatedtobenecessarytofinancetheProjectCosts,includingthecostsandestimatedcostspermittedbytheAct,willrequiretheissuanceoftheBondsintheprincipalamountof$750,000,ashereinafterprovided;(c)Itisdesirable,feasibleandconsistentwiththeobjectsandpurposesoftheActtoissuetheBonds,forthepurposeoffinancingtheconstructionoftheProject;(d)TheBondsandtheinterestaccruingthereonshallneverconstitutethedebtorindebtednessoftheTownwithinthemeaningofanyprovisionorlimitationoftheconstitutionorstatutesoftheStateofColoradoortheMunicipalCodeoftheTownofEstesParkandshallnot—4— 00 00constitutenorgiverisetoapecuniaryliabilityoftheTownorachargeagainstitsgeneralcreditortaxingpowers;(e)PursuanttoSections113and114oftheActtheTownherebydeterminesIi)theamountnecessaryineachyeartopaytheprincipalofandtheinterestontheBondsassetforthintheLoanAgreementwhichrequiressuchpaymentsbytheCompany,(ii)theestablishmentbythisOrdinanceofaBondreservefundfortheretirementoftheBondsisnotdeemedadvisable,and(iii)sincetheLoanAgreementprovidesthattheCompanyshallmaintaintheProjectandcarryallproperinsurancewithrespectthereto,nodeterminationoftheestimatedcostofmaintainingtheProjectneedbemade;and(f)PursuanttoSection120oftheAct,theTownherebydeterminesthattherevenuesoftheCompanyshouldbesufficientto,andthattheLoanAgreementprovidesthattheCompanyshall,payalltaxeswhichmaybedueandowingwithrespecttotheProject.1.4.AuthorizationandRatificationofProjectTheTownherebyauthorizestheCompanytoprovidefortheconstructionandinstallationoftheImprovementstobeincludedintheProjectpursuanttothePlansandSpecificationsbysuchmeansasshallbeavailabletotheCompanyandinthemannerdeterminedbytheCompany,andtheTownherebyratifies,affirmsandapprovesallactionsheretoforetakenbytheCompany,ofwhichtheTownhasbeeninformedasofthisdate.ARTICLEIIBONDS2.1.AuthorizedAmountandFormofBondsTheBondsissuedpursuanttothisOrdinanceshallbeinsubstantiallytheformsetforthherein,withsuchappropriatevariations,omissionsandinsertionsasarepermittedorrequiredbythisOrdinance,andinaccordancewiththefurtherprovisionshereof;andthetotalprincipalamountoftheBondsthatmaybeoutstandinghereunderisexpresslylimitedto$750,000.TheBondsshallbeinsubstantiallythefollowingform:—5— 00 0UNITEDSTATESOFAMERICASTATEOFCOLORADOTOWNOFESTESPARK,COLORADOINDUSTRIALDEVELOPMENTREVENUEBOND(THEESTESCENTREASSOCIATESPROJECT)SERIES1984December1,1984R—1$750,000FORVALUERECEIVED,TOWNOFESTESPARK,COLORADO(the“Town”)herebypromisestopaytotheorderofINTERNATIONALBANK-ENGLEW000,Englewood,Colorado(the“Lender”),itssuccessorsorregisteredassigns,fromthesourceandinthemannerhereinafterprovided,theprincipalsumofSEVENHUNDREDFIFTYTHOUSANDDOLLARS($750,000)(the“PrincipalBalance”),andtopayinterestthereonfromthedatehereofinconsecutivemonthlyinstallmentsbeginningJanuary1,1985,andonthefirstdayofeachsucceedingmonthduringthetermhereofthroughandincludingDecember1,2014,ataninitialperannumrateof9.0%andadjustedsemi—annuallyeffectiveasofthe19thdayofeachMayandNovemberduringthetermhereof(the“Semi—annualAdjustmentDate”)beginningMay19,1985,toarateequalto80%oftherateofinterestpubliclyannouncedbytheFirstInterstateBankofDenver,N.A.atitsprincipalofficeinDenver,Colorado,asits“PrimeRate”(computedonthebasisofa360dayyear)(the“PrimeRate”)multipliedbythe“MarginRateFactor”(hereinafterdefined);inanycoinorcurrencywhichatthetimeortimesofpaymentislegaltenderforthepaymentofpublicorprivatedebtintheUnitedStatesofAmerica,inaccordancewiththetermshereinaftersetforth.“MarginRateFactor”meanstheproductof(a)one(1)minusthe“MaximumFederalCorporateTaxRate”(hereinafterdefined)times(b)1.85185.TheMarginRateFactorshallbe1.0solongastheMaximumFederalCorporateTaxRateshallbe46%,andthereaftershallchangefromtimetotimeeffectiveasoftheeffectivedateofanychangeintheMaximumFederalCorporateTaxRate.“MaximumFederalCorporateTaxRate”meansthemaximumstatutoryrateofFederalincometaxationimposedonthetaxableincomeofcorporationspursuanttoSection11(b)oftheInternalRevenueCodeof1954,asamended(the“Code”),asineffectfromtimetotime(or,ifasaresultofachangeintheCodetherateofincometaxationimposedoncorporationsshallnotbeapplicabletoabondholder,themaximumstatutoryrateofFederalincometaxationwhichcouldapplytotheholderofthisBond).EffectiveasofthedateofanychangeintheMaximumFederal—6— 00 00CorporateTaxRate,therateofinterestwhichthisBondbearsshallchangetotherateofinterestderivedusingtheneweffectiveMarginRateFactorasdescribedabovemultipliedby80%ofthePrimeRateineffectonthemostrecentSemi—annualAdjustmentDate.(a)TheprincipalofthisBondshallmatureandberepayablein360monthlyinstallmentsintheamountsandonthedatesasfollows:SEEBONDEXHIBIT“A”ATTACHEDHERETO(b)ThisBondshallbesubjecttoredemptionandpaymentinwholeorinpartpriortomaturityattheoptionoftheTown,uponinstructionsfromLender,withinsix(6)monthsafterthedateofa“DeterminationofTaxability”(definedintheLoanAgreement)ataredemptionpriceequalto(i)theprincipalamountoftheBondtoberedeemed,plus(U)anadditionalamountequaltothedifferencebetween(A)theinterestontheBondduringthe“TaxablePeriod”(definedintheLoanAgreement)iftheBondhadborneinterestduringsuchTaxablePeriodataninterestrateequaltothePrimeRateplus2%(200basispoints)perannumand(B)theinterestactuallypaidontheBondduringsuchTaxablePeriodplus(iii)anamountequaltoanyinterest,penaltiesonoverdueinterestandadditionstotaxasreferredtoinSubchapterAofChapter68oftheInternalRevenueCodeof1954,asamended,owedbytheLender.IntheeventofaDeterminationofTaxabilitytheneteffectiveinterestrateonthisBondshallnotexceedthirty(30%)percentperannum.(c)TheLendershallnothavetheoptiontoelecttocausetheCompanytoredeemthisBondafteraDeterminationofTaxabilityassetforthinsubparagraph(b)hereof,iftheTown,uponinstructionsfromtheCompany,within6monthsofthedateoftheDeterminationofTaxabilityshall(i)paytotheLender,itssuccessorsorregisteredassignsasumequaltothedifferencebetween(A)theinterestontheBondsduringtheperiodsuchbondsweretaxableandoutstandingpriortothedateoftheDeterminationofTaxability(the“PriorPeriod”)iftheBondshadborneinterestduringthePriorPeriodatarateequaltothePrimeRateplus2%(200basispoints)perannumand(B)theinterestactuallypaidontheBondsduringthePriorPeriod,plusanamountequaltoanyinterestpenaltiesonoverdueinterestandadditionstotaxasreferredtoinSubchapterAofChapter68oftheInternalRevenueCodeof1954,asamended,owedbytheLender;and(U)elect,bygivingtheLenderwrittennotice,thattherateofinterestpayableonthisBondfromthedateofthedeterminationofTaxability—7— 00 CthroughtheFinalMaturityDateshallbeequaltothePrimeRateplus2%perannum.(d)ThisBondisalsosubjecttoredemptionandpayment,withoutpremium,priortomaturityattheoptionoftheTown,uponinstructionsfromtheCompany,asawholeatanytime,orinpartin$5,000multiplesofprincipalonanyinterestpaymentdateininverseorderofmaturity,plusaccruedinterestthereontothedatefixedforredemptionandpayment.(e)ThisBondisalsosubjecttomandatorypurchasebytheCompany,inwholebutnotinpart,asdirectedbytheTown,uponelectionbyandinstructionsfromanyBondholder,onDecember1,1989,December1,1994,December1,1999,December1,2004,andDecember1,2009,atapurchasepriceof100%ofthePrincipalBalancethenoutstanding,plusaccruedinterestthereontothedatefixedforpurchaseandpayment.NoticeoftheBondholder’selectiontorequiretheCompanytopurchasetheBondshereundershallbegiventotheCompanybyfirstclassmail,postageprepaid,mailednotlessthanthree(3)monthspriortotheapplicablepurchasedate.(f)ThisBondisalsosubjecttopurchasebytheCompany,inwholebutnotinpart,onanyinterestpaymentdate,solelyattheoptionoftheCompany,inanamountequaltothePrincipalBalancethenoutstandingplusaccruedinteresttothepurchasedateandwithoutpremium.WrittennoticeofsuchpurchasebytheCompanyshallbegiventotheBondholderatleastsixty(60)daysbeforesuchinterestpaymentdate.(g)ThisBondisalsosubjecttomandatoryredemptionandpaymentinwholeorinpart,withoutpremium,intheeventandtotheextentproceedsofthisBondarenotdisbursedinaccordancewiththeLoanAgreementcnorbeforeDecember1,1985.(h)IntheeventthisBondistoberedeemedinwholeorinpartpursuanttotheprovisionsoftheLoanAgreement,theCompanyshallgivenoticeoftheredemptiontotheIssuerandtheLenderbyfirstclassmail,postageprepaid,mailednotlessthanthirty(30)dayspriortotheredemptiondate.NopriornoticeofredemptionshallberequiredinconnectionwithapartialredemptionofthisBondfromnoneysremainingintheConstructionFund(definedintheLoanAgreement)aftertheCompletionDate.Ii)Onthefirstdayfollowingthirtyyearsafterthedatehereof(suchdatetobethe“FinalMaturityDate”),the—8— 00 s..oaentireremainingPrincipalBalanceandanyinterestaccruedtotheFinalMaturityDateshallbedueandpayable.2.Interestshallbecomputedonthebasisofa360dayyear,butchargedfortheactualnumberofdaysprincipalisunpaid.AnythinginthisBondtothecontrarynotwithstanding,theobligationsoftheTownunderthisBondshallbesubjecttothelimitationthatpaymentsofinteresthereundershallnotberequiredtotheextentthatreceiptofanysuchpaymentbytheLenderwouldbecontrarytDprovisionsoflawapplicabletotheLenderwhichlimitthemaximumrateofinterestwhichmaybechargedorcollectedbytheLender.3.PrincipalandinterestduehereundershallbepayableattheprincipalofficeoftheLender,oratsuchotherplaceastheLendermaydesignateinwriting.4.ThisBondisissuedbytheTowntoprovidefundsforaproject,asdefinedinSection103ofArticle3,Title29,ColoradoRevisedStatutes,asamended(the“Act”),consistingoftheacquisitionandreconstructionofanexistingbuildingonrealestatelocatedintheTown,pursuanttoaLoanAgreementdatedasofDecember1,1984,betweentheTownandEstesCentreAssociates(the“Company”)(the“LoanAgreement”),and,further,thisBondisissuedpursuanttoandinfullcompliancewiththeConstitutionandlawsoftheStateofColorado,particularlytheActandanordinanceoftheBoardofTrusteesoftheTowndulyadoptedonDecember11,1984(the“Ordinance”)5.ThisBondissecuredby(i)anassignmentoftheLoanAgreementandtheCompanyNotebytheTowntotheLender,(ii)aDeedofTrustfromtheCompanyasgrantor,infavoroftheLender,(iii)aSecurityAgreementundertheUniformCommercialCode,(iv)aGuarantyAgreementbetweentheCompany,T.RussellMcCahan,RobertR.Leino,M.AnnLeino,theGuyR.JamesRevocableTrustandKayL.Collins,asguarantors,andtheLender,and(v)theCollateralAssignmentofRentsdatedasofthedatehereof.ThisBondissubjecttoalltheterms,conditionsandprovisionsofsaidLoanAgreementandCompanyNote,DeedofTrust,SecurityAgreement,CollateralAssignmentofRentsandGuarantyAgreement.6.TheLendermaywaiveaneventofdefaulthereundercausedbythenonpaymentofinterestand/orprincipaldueonthisBondwithoutnoticetoorconsentofanypartyliablehereonandwithoutreleasinganysuchparty.However,innoeventshalltheFinalMaturityDatebebeyondforty(40)yearsfromthedatehereof.7.TheTownmayprepay,withoutapremium,alloraportionofthePrincipalBalanceatanytimeuponten(10)days’—9— 0o CwrittennoticetotheLender,butonlyfromfundsavailablethereforundertheLoanAgreement.Nopartialprepaymentshallchangetheamountorextendthetimeofpaymentofanyinstallmentpayablehereunder.8.ThisBondisfurthersubjecttoprepayment,withoutapremium,inwhole,upontheoccurrenceofcertaineventsofdamageto,ordestructionorcondemnationoftheProjectasspecifiedintheLoanAgreement,theDeedofTrustandtheOrdinance.9.ThemonthlypaymentsdueunderthefirstparagraphhereofshallcontinuetobedueandpayableinfulluntiltheentirePrincipalBalanceandaccruedinterestdueontheBondhasbeenpaid,regardlessofanypartialprepaymentmadehereunder.10.AsprovidedintheOrdinanceandsubjecttocertainlimitationssetforththerein,thisBondistransferableuponthebooksoftheTownattheofficeoftheTownClerk,bytheLenderinpersonorbyitsagentdulyauthorizedinwriting,attheLender’sexpense,uponsurrenderhereoftogetherwithawritteninstrumentoftransfersatisfactorytotheTownClerk,dulyexecutedbytheLenderoritsdulyauthorizedagent.UponsuchtransfertheTownClerkwillnotethedateofregistrationandthenameandaddressofthenewregisteredLenderintheregistrationblankappearingbelow.TheTownmaydeemandtreatthepersoninwhosenametheBondislastregistereduponthebooksoftheTownastheabsoluteownerhereof,whetherornotoverdue,forthepurposeofreceivingpaymentoforontheaccountofthePrincipalBalance,prepaymentpriceorinterestandforallotherpurposes,andallsuchpaymentssomadetotheLenderoruponitsordershallbevalidandeffectivetosatisfyanddischargetheliabilityupontheBondtotheextentofthesunorsumssopaid,andtheTownshallnotbeaffectedbyanynoticetothecontrary.11.THISBONDANDINTERESTTHEREONANDANYPENALTYORPREMIUMDUEHEREUNDERAREPAYABLESOLELYFROt’1THEREVENUESANDPP.OCEEDSDERIVEDFROMTHELOANAGREEMENT,THENOTE,THEDEEDOFTRUST,THEGUARANTY,THECOLLATERALASSIGNMENTOFRENTSANDTHESECURITYAGREEMENT,ANDSHALLNEVERCONSTITUTETHEDEBTORINDEBTEDNESSOFTHETOWNWITHINTHEMEANINGOFANYPROVISIONORLIMITATIONOFTHESTATECONSTITUTIONORSTATUTESORTHEMUNICIPALCODEOFTHETOWNOFESTESPARK,COLORADO,ANDSHALLNOTCONSTITUTENORGIVERISETOAPECUNIARYLIABILITYOFTHETOWNOR•ACHARGEAGAINSTITSGENERALCREDITORTAXINGPOWERS.12.TheremediesoftheLender,asprovidedhereinandintheLoanAgreement,theDeedofTrust,theSecurityAgreement,theCollateralAssignmentofRents,andtheGuaranty,arenotexclusiveandshallbecumulativeandconcurrentandmaybe—10— 00 00pursuedsingly,successivelyortogether,atthesolediscretionoftheLender,andmaybeexercisedasoftenasoccasionthereforshalloccur;andthefailuretoexerciseanysuchrightorremedyshallinnoeventbeconstruedasawaiverorreleasethereof.13.TheLendershallnotbedeemed,byanyactofomissionorcommission,tohavewaivedanyofitsrightsorremedieshereunderunlesssuchwaiverisinwritingandsignedbytheLender,andthenonlytotheextentspecificallysetforthinwriting.Awaiverwithreferencetooneeventshallnotbeconstruedascontinuingorasabartoorwaiverofanyrightorremedyastoasubsequentevent.14.ThisBondhasbeenissuedwithoutregistrationunderstateorfederalorothersecuritieslaws,pursuanttoanexemptionforsuchissuance;andaccordinglytheBondmaynotbeassignedortransferredinwholeorpart,normayaparticipationinterestintheBondbegivenpursuanttoanyparticipationagreement,exceptinaccordancewithapplicableregistrationrequirementsoranapplicableexemptionfromsuchregistrationrequirements,andtheTownClerkmayrequireanopinionofqualifiedcounselastotheexistenceofsuchanexemptionbeforetransferringthisBondonthebooksoftheTown.Furthermore,thisBondmaynotbetransferredorexchangedexceptwithsuchdisclosureasmaybeappropriateunderthecircumstancesorfactsmaterialtotheinvestmentdecisionofaprudentinvestordocumentedtothereasonablesatisfactionoftheTownanditscounsel.ITISHEREBYCERTIFIEDMIDRECITEDthatallconditions,actsandthingsrequiredtoexist,happenandbeperformedprecedenttoorintheissuanceofthisBonddoexist,havehappenedandhavebeenperformedinregularanddueformasrequiredbylaw.INWITNESSWHEREOF,theTownhascausedthisBondtobedulyexecutedinitsnamebythemanualsignatureoftheMayoroftheTown,tobesealedwiththeSealoftheTownandtobesignedandattestedwiththemanualsignatureoftheTownClerkandhascausedthisBondtobedatedDecember1,1984.TOWNOFESTESPARE,COLORADO(SEAL)ATTEST:By:_____MayorTownClerk—11— 0•0 SEXHIBIT“A”PAYMENTDATEknountofMonthly(Firstdayofthefollowingmonths)PrincipalPaymentJanuary,1985throughDecember,1985$427.21January,1986throughDecember,1986467.29January,1987throughDecember,1987511.12January,1988throughDecember,1988559.07January,1989throughDecember,1989611.52January,1990throughDecember,1990668.88January,1991throughDecember,1991731.63January,1992throughDecember,1992800.26January,1993throughDecember,1993875.33January,1994throughDecember,1994957.44January,1995throughDecember,19951,047.26January,1996throughDecember,19961,145.50January,1997throughDecember,19971,252.95January,1998throughDecember,19981,370.49January,1999throughDecember,19991,499.05January,2000throughDecember,20001,639.67January,2001throughDecember,20011,793.49January,2002throughDecember,20021,961.73January,2003throughDecember,20032,145.75January,2004throughNovember,20042,347.04January,2005throughNovember,20052,567.21January,2006throughDecember,20062,806.03January,2007throughDecember,20073,071.44January,2008throughDecember,20083,359.57January,2009throughDecember,20093,674.72January,2010throughDecember,20104,019.43January,2011throughDecember,20114,396.48January,2012throughDecember,20124,808.90January,2013throughDecember,20135,260.01January,2014throughNovember,20145,753.30December,20145,372.06—12— 00 00PROVISIONSASTOREGISTRATIONTheownershipoftheunpaidPrincipalBalanceofthisBondandtheinterestaccruingthereonisregisteredonthebooksofTownofEstesPark,Colorado,inthenameoftheholderlastnotedbelow.DateofNameandAddressSignatureofTownRegistrationofRegisteredOwnerClerkorDeputy2.2.TheBondsTheBondsshallbepayableatthetimesandinthemanner,andshallbesubjecttosuchothertermsandconditionsasaresetforthintheformthereofincludedasSection2.1ofthisOrdinance.TheneteffectiveinterestrateontheBondsshallnotexceedThirtypercent(30%)perannum.Subjecttotheforegoing,theBondsshallbearinterestattheratesetforthintheformthereofincludedasSection2.1ofthisOrdinance.2.3.ExecutionTheBondsshallbeexecutedonbehalfoftheTownbythemanualsignatureoftheMayoroftheTown,shallbearthesealoftheTownandshallbesignedandattestedwiththemanualsignatureoftheTownClerk.IncaseanyofficerwhosesignatureshallappearontheBondsceasestobeanofficerbeforedeliveryoftheBondstotheLender,suchsignatureshallneverthelessbevalidandsufficientforallpurposes,thesameasifhehadremainedinofficeuntildelivery.2.4.DeliveryoftheBondsBeforedeliveryoftheBondsthereshallbedeliveredtotheTownClerkthefollowingitems:1.ExecutedcopiesoftheLoanAgreement,CompanyNote,theAssignmentoftheLoanAgreement,theDeedofTrust,theSecurityAgreement,theCollateralAssignmentofRents,theInducementLetter,theOffertoPurchaseandtheGuaranty;—13— 00 •002.AnopinionofCcunselfortheCompanyinscopeandsubstancesatisfactorytoBondCounselastotheauthorityoftheCompanytoenterintothetransactionandotherrelatedmatters;3.AnopinionofCounselfortheIssuerinscopeandsubstancesatisfactorytoBondCounselastotheauthorityoftheIssuertoenterintothetransaction,issuetheBondsandotherrelatedmatters;and4.TheopinionofBondCounselastothevalidityandtaxexemptstatusoftheBonds;and5.SuchotherdocumentsandopinionsasBondCounselmayreasonablyrequireforpurposesofrenderingitsopinionrequiredinsubsection(4)aboveorthattheLendermayrequirefortheclosing.2.5.IssuanceofNewBondsSubjecttotheprovisionsofSection2.9hereof,theTownshall,attherequestandexpenseoftheLender,issuenewBonds,inaggregateoutstandingprincipalamountequaltothatoftheBondssurrendered,andofliketenorexceptastonumber,principalamountandtheamountofthemonthlyinstallmentspayablethereunder,andregisteredinthenameoftheLenderorsuchtransfereeasmaybedesignatedbytheLender.2.6.RegistrationofTransferTheTownwillcausetobekeptattheofficeoftheTownClerkarecordoftheBondorBondsoutstandinguponandsubjecttowhichitwillprovidefortheregistrationoftransfersofownershipoftheBonds.TheBondsshallbetransferablebytheregisteredownerinpersonorbyitsattorneydulyauthorizedinwriting,uponsurrenderoftheBondstogetherwithawritteninstrumentoftransfer,dulyexecutedbytheLenderoritsdulyauthorizedagent,alegalopinionastoexemptionfromregistrationsatisfactorytotheTownClerkandevidenceofcompliancewithalloftheprovisionsofSection3.2oftheLoanAgreement.UponsuchtransfertheTownClerkshallnotethedateofregistrationandthenameandaddressofthenewLenderinsuchrecordandintheregistrationblankappearingontheBonds.2.7.Mutilated,LostorDestroyedBondIncaseanyBondsissuedhereundershallbecomemutilatedorbedestroyedorlost,theTownshall,ifnotthenprohibitedbylaw,causetobeexecutedanddelivered,anewBondoflikeoutstandingprincipalamount,numberandtenorinexchangeandsubstitutionforanduponcancellationofsuchmutilatedBond,orinlieuofandinsubstitutionforsuchBonddestroyedorlost,—14— 00 0upontheLender’spayingthereasonableexpensesandchargesoftheTowninconnectiontherewith,andinthecaseofaBonddestroyedorlost,thefilingwiththeTownofevidencesatisfactorytotheTownthatsuchBandwasdestroyedorlost,andfurnishingtheTownwithindemnitysatisfactorytoit.Ifthemutilated,destroyedorlastBondhasalreadymaturedorbeencalledforredemptioninaccordancewithitstermsitshallnotbenecessarytoissueanewBondpriortopayment.2.8.OwnershipoftheBondsTheTownmaydeemandtreatthepersoninwhosenametheBondislastrecordedastheabsoluteownerofsuchBondforthepurposeofmakingpaymentoforonaccountofthePrincipalBalance,prepaymentpriceandinterestandforallotherpurposeswhatsoever,andtheTownshallnotbeaffectedbyanynoticetothecontrary.2.9.LimitationofBondTransfersTheBondshavebeenissuedwithoutregistrationunderstateorothersecuritieslaws,pursuanttoanexemptionforsuchissuance;andaccordinglytheBondsmaynotbeassignedortransferredinwholeorpart,normayaparticipationinterestintheBondsbegivenpursuanttoanyparticipationagreement,exceptinaccordancewithapplicableregistrationrequirementsoranapplicableexemptionfromsuchregistrationrequirementsandonsuchtermsandsubjecttosuchconditionsastheIssueranditscounselmayrequire.2.10.AdditionalBondsSolongastheLoanAgreementisineffectandsubjecttoLender’spriorwrittenconsent,whichshallnotbeunreasonablywithheld,oneormoreseriesofAdditionalBondsmaybeissued,authenticatedanddeliveredforthepurposeprovidedintheLoanAgreement.SuchAdditionalBondsshallbepayablesolelyfromtheamountspayableundertheLoanAgreement(excepttotheextentpaidoutofmoneysattributabletotheproceedsderivedfromthesaleoftheAdditionalBondsortoincomefromthetemporaryinvestmentthereofand,undercertaincircumstances,toproceedsfrominsuranceandcondemnationawards).IftheTown,initssolediscretion,decidestoissuesuchAdditionalBonds,theAdditionalBondsofeachsuchseriesshallbedeliveredtoorupontheorderofthepurchasersthereof,butonlyupontherebeingfiledwiththeTown:(a)Original,executedcounterpartsofasupplementalordinance,anamendmentoftheLoanAgreementandNoteandanamendmentoftheDeedofTrustexpresslyprovidingthat,forallpurposesofthisOrdinance,theLoanAgreementand—15— 00 00theDeedofTrust,theProjectshallincludeanyfacilitiesbeingfinancedbytheAdditionalBonds.ThedateordatesoftheAdditionalBonds,therateorratesofinterestontheAdditionalBonds,thetimeortimesofpaymentoftheinterestthereonandtheprincipalthereof,andtheprepaymentprovisions,ifany,withrespectthereto,allshallbeasprovidedinthesupplementalordinance,ratherthanasprovidedinthisOrdinance,andmaydifferfromtheprovisionswithrespecttotheSeries1984BondssetforthinthisOrdinance.(b)Awrittenopinionbyanattorneyorfirmofattorneysofnationallyrecognizedstandingonthesubjectofmunicipalbonds,totheeffectthattheissuanceoftheAdditionalBondsandtheexecutionthereofhavebeendulyauthorized,allconditionsprecedenttothedeliverythereofhavebeenfulfilled,andthattheexemptionfromfederalincometaxoftheinterestontheSeries1984BondsandanyAdditionalBondstheretoforeissuedwillnotbeaffectedbytheissuanceoftheAdditionalBondsbeingissued.EachseriesofAdditionalBondsissuedpursuanttothisSectionshallbeequallyandratablysecuredunderthisOrdinancewiththeSeries1984BondsandallotherseriesofAdditionalBonds,ifany,theretoforeissuedpursuanttothisSection,withoutpreference,priorityordistinctionofanyBondsoveranyotherthereof.Notwithstandinganythinghereintothecontrary,noAdditionalBondsshallbeissuedunless(i)theLoanAgreementandCompanyNoteareineffect,(ii)thereisnoDefaultatthetimeofissuanceundertheLoanAgreement,theCompanyNote,theDeedofTrustorunderthisOrdinance,and(iii)allcurrentTownregulationsarecompliedwith.2.11.EstablishmentofFundsTheTownherebyestablisheswiththeLendertwofunds,tobecalledthe“TownofEstesParkTheEstesCentreAssociatesProjectBondFund”andthe“TownofEstesParkTheEstesCentreAssociatesProjectConstructionFund.”AccruedinterestwillbepaidintotheBondFundoutoftheproceedsoftheBondsandtheremainingproceedsshallbedepositedintotheConstructionFund.TheTownherebyauthorizestheLender(a)tomakedisbursementsfromtheConstructionFundinaccordancewithSection3.3oftheLoanAgreement,(b)tomakethepaymentsrequiredbytheBondstotheBondholdersfromtheBondFundand(c)investthemoneysondepositintheFundsinaccordancewithSection3.7oftheLoanAgreement.—16— 00 0ARTICLEIIIPREPAYMENTOFBONDSBEFOREMATURITY3.1.Prepayment1.IntheeventofdamagetoordestructionoftheProjectorcondemnationoftheProjectoranypartthereof,theBondsshallbesubjecttoprepaymenttotheextentandinthemannersetforthinArticleVoftheLoanAgreementandintheDeedofTrust.2.TheBondsmaybeotherwiseprepaidinaccordancewiththeprovisionsoftheBonds.3.2.TerminationofInterestUponpaymentofanyprepaymentamounttotheLenderandthegivingofrequisitenotice,ifany,theprincipalamountsprepaidshall,aftersuchdate,ceasetobearinterest.ARTICLEIVGENERALCOVENANTS4.1.PaymentofPrincipalandInterestTheTowncovenantsthatitwillpromptlypayorcausetobepaidtheprincipalofandinterestontheBondsattheplace,onthedates,fromthesourceandinthemannerprovidedhereinandinsaidBonds.TheprincipalandinterestarepayablesolelyfromandsecuredbyrevenuesandproceedsderivedfromtheProjectandpayablepursuanttotheLoanAgreement,theCompanyNote,theGuaranty,theCollateralAssignmentofRentsandtheDeedofTrust;andnothingintheBondsorinthisOrdinanceshallbeconsideredasassigning,pledgingorotherwiseencumberinganyotherfundsorassetsoftheTown.4.2.PerformanceofandAuthorityforCovenantsTheTowncovenantsthatitwillfaithfullyperformatalltimesanyandallcovenants,undertakings,stipulationsandprovisionscontainedinthisOrdinance,theLoanAgreement,intheBondsexecuted,authenticatedanddeliveredhereunderandinallproceedingsoftheTownBoardofTrusteespertainingthereto;thatitisdulyauthorizedundertheConstitutionandlawsoftheStateofColorado,includingparticularlyandwithoutlimitationtheAct,toissuetheBondsauthorizedhereby,pledgetherevenuesandassigntheLoanAgreementandendorsetheCompanyNoteinthemannerandtotheextentsetforthinthisOrdinance,theBondsandtheLoanAgreementandAssignmentofLoan—17— 00 •.0CAgreement;thatallactiononitspartfortheissuanceoftheBondsandfortheexecutionanddeliverythereofhasbeendulyandeffectivelytaken;andthattheBondsinthehandsoftheLenderareandwillbeavalidandenforceableobligationoftheTownaccordingtothetermsthereof.Inmakingtheserepresentations,theTownreliesupontheopinionofBondCounselastothetruthofmattersassertedandtheefficacyofactionstaken.4.3.NatureofSecurityNotwithstandinganythingcontainedintheBond,theDeedofTrust,theLoanAgreementoranyotherdocumentreferredtoinSection2.4ofthisOrdinance,theBondsshallneverconstitutethedebtorindebtednessoftheTownwithinthemeaningofanyprovisionorlimitationoftheconstitutionorstatutesoftheStateofColoradoorMunicipalCodeoftheTownofEstesParkandshallnotconstitutenorgiverisetoapecuniaryliabilityoftheTownorachargeagainstitsgeneralcreditortaxingpowers;andtheTown,itsagents,officersandemployeesshallnotbesubjecttoanypersonalorpecuniaryliabilitythereon.ARTICLEVMISCELLANEOUS5.1.SeverabilityIfanyprovisionofthisOrdinance,exceptSection4.3ofArticleIV,hereof,shallbeheldordeemedtobe,orshall,infact,be,inoperativeorunenforceableasappliedinanyparticularcaseinanyjurisdictionsorinallcasesbecauseitconflictswithanyprovisionsofanyconstitutionorstatuteorruleorpublicpolicy,orforanyotherreason,suchcircumstancesshallnothavetheeffectofrenderingtheprovisioninquestioninoperativeorunenforceableinanyothercaseorcircumstance,orofrenderinganyotherprovisionorprovisionshereincontainedinvalid,inoperativeorunenforceabletoanyextentwhatever.Theinvalidityofanyoneormorephrases,sentences,clausesorparagraphsinthisOrdinance,exceptSection4.3ofArticleIVhereof,shallnotaffecttheremainingportionsofthisOrdinanceoranyparthereof.5.2.AuthorizationtoExecuteAgreementsTheformsoftheproposedLoanAgreement,theAssignmentofLoanAgreement,theCompanyNote,theInducementLetterandtheOffertoPurchaseareherebyapprovedinsubstantiallythefcrmpresentedtotheTownBoardofTrustees;andtheMayorandtheTownClerkareauthorizedtoendorsetheCompanyNoteandexecutetheLoanAgreement,theAssignmentofLoanAgreement,the—18— 00 ijoClInducementLetterandtheOffertoPurchaseinthenameofandonbehalfoftheTownandsuchotherdocumentsasBondCounselconsidersappropriateinconnectionwiththeissuanceoftheBonds.IntheeventoftheabsenceordisabilityoftheMayorortheTownClerk,suchofficersoftheTownas,intheopinionoftheTownAttorney,mayactintheirbehalf,shallwithoutfurtheractorauthorizationoftheTownBoardofTrusteesdoallthingsandexecuteallinstrumentsanddocumentsrecjuiredtobedoneorexecutedbysuchabsentordisabledofficers.5.3.AuthoritytoCorrectErrors,Etc.TheMayorandtheTownClerkareherebyauthorizedanddirectedtomakeoragreetoanyalterations,changesoradditionsintheinstrumentsherebyapprovedastheMayorandtheTownAttorneydeemnecessaryorpropertoaccomplishthepurposesofthisOrdinance,thesignaturesoftheMayorandtheTownClerkontheinstrumentstobeconclusiveevidenceofsuchapproval;provided,however,noalteration,changeoradditionshallbemadewhichshallalterthemaximumneteffectiveinterestrate,denomination,date,maturities,form,interestrates,registrationprivileges,mannerofexecution,placesofpaymentortermsofprepaymentoftheBondsorwhichshallincreasetheaggregateprincipalamountoftheBondsauthorizedbytheTownBoardofTrusteesorinanywaygiverisetoapecuniaryliabilityoftheTownorachargeagainstitsgeneralcreditortaxingpowerswithrespecttotheBonds.5.4.FurtherAuthorityTheMayorandtheTownClerkandotherproperTownofficials,andeachofthem,areherebyauthorizedtoexecuteanddeliverforandonbehalfoftheTownanyandalladditionalcertificates,documentsandotherpapersandtoperformallotheractstheymaydeemnecessaryorappropriateinordertoimplementandcarryoutthemattershereinauthorized.5.5.EmergencyOrdinance.ThisOrdinanceisherebydeclaredtobeanemergencyordinancenecessaryfortheimmediatepreservationofthepublichealthandsafetyofthecitizensoftheTownandthereforeshalltakeeffectandbeinfullforceuponitspassagebytheTown.ThisOrdinanceisdeclaredtobeanemergencyordinancenecessaryfortheimmediatepreservationofthepublichealthandsafetyforthereasonthatapendingexecutiveorderoftheGovernoroftheStateofColoradomaypreventtheissuanceoftheBondsorthefinancingofcertainportionsoftheProjectiftheBondsarenotissuedonorbeforeDecember31,1984.SuchissuancecannotbecompletedonorbeforesaiddateunlessthisOrdinancegoesintoimmediateeffect.—19— 00 Q5.6.RepealerAllordinancesorpartsthereofinconflictwiththisOrdinanceareherebyrepealed.5.7.OrdinanceIrrepealableAftersaidbondsareissuedthisOrdinanceshallbeandremainirrepealableuntilsaidbondsandtheinterestthereonshallhavebeenfullypaid,satisfiedanddischarged.5.8.RecordingandAuthenticationThisOrdinance,asadoptedbytheTownBoardofTrustees,shallbenumberedandrecorded,andtheadoptionandpublicationshallbeauthenticatedbythesignaturesoftheMayorandTownClerkandbythecertificateofthepublisher,respectively.Introduced,consideredfavorablyonfirstandfinalreadingandorderedpublishedthis11thdayofDecember,1984.-—tMayor(SEAL)ATTEST:TownClerkTrusteeRichardA.WoodmovedthattheforegoingOrdinanceheretoforeintroducedandreadbytitlebeapprovedonfirstandfizialreading.TrusteePaulaL.Laingsecondedthemotion.ThequestionbeingupontheapprovalonfirstreadingoftheOrdinance,therollwascalledwiththefollowingresults:Trusteesvoting“AYE”:MarkT.BrownByronL.GravesGeorgeJ.HixPaulaL.LaingRichardA.WoodNorbertAldrich—20— 00 00Trusteesvoting“NAY”:NoneTheMayorthereupondeclaredthat,amajorityoftheTrusteespresenthavingvotedinfavorthereof,themotionwascarriedandtheOrdinancedulyapprovedonfirstandfinalreading.ThereupontheMayororderedsaidOrdinancepublishedonceinfulltogetherwithanoticeoffinalpassageinTheEstesParkTrail—Gazette,anewspaperofgeneralcirculationpublishedintheTown,withinfive(5)daysofsaidfinalpassage.AfterconsiderationofotherbusinesstocomebeforetheBoardofTrustees,themeetingwasadjourned.-MayorTownofEstesPark,ColoradoATTEST:od-tt)TownClerkTownofEstesPark,Colorado—21— 00 .()STATEOFCOLORADOss.COUNTYOFLARIMERTOWNOFESTESPARKI,VickieO’Connor,TownClerkoftheTownofEstesPark,Colorado,doherebycertifythattheattachedcopyofOrdinanceNo.28—84,isatrueandcorrectcopy;thatsaidOrdinancewasintroducedandapprovedonfirstandfinalreadingbytheBoardofTrusteesofEstesPark,Colorado,ataregularmeetingthereofheldat170MacGregorAvenue,EstesPark,Colorado,theregularmeetingplacethereof,onTuesday,the11thdayofDecember,1984,thatatruecopyofsaidOrdinancehasbeenauthenticatedbythesignaturesoftheMayorofsaidTownandmyselfasrecordedinabookmarked“OrdinanceRecord”keptforsuchpurposeinmyoffice;andthatsaidOrdinancewasdulypublishedonceinfulltogetherwithanoticegivingthedateoffinalpassageofsaidOrdinance,inTheEstesParkTrail—Gazette,anewspaperofgeneralcirculationpublishedintheTown,initsissueofDecember14,1984,asevidencedbythecertificatesofthepublisherattachedheretoatpages23and24.Ifurthercertifythattheforegoingpages1through21,inclusive,constituteatrueandcorrectcopyoftherecordoftheproceedingsofsaidBoardofTrusteesatitsregularmeetingofDecember11,1984,insofarassaidproceedingsrelatetosaidOrdinance;andthatsaidproceedingsweredulyhadandtaken,thatthemeetingwasdulyheld;andthatthepersonswerepresentatsaidmeetingsasthereinshow.INWITNESSWHEREOF,IhavehereuntosetmyhandandthesealoftheTownofEstesPark,Coloradothis11thdayofDecember,1984.&‘ie}c4&t)TownClerkTownofEstesPark,ColoradoSTATEOFCOLORADOCOUNTYOFLARIMER)ss.TOWNOFESTESPARK(AttachaffidavitofpublicationinfullofOrdinance.)MCC4:50—22— 0o’