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TBP 1998-07-15
{ i k -. U d ~ ~~ p .,, ~. TOWN OF ERASER '' "Ic:.'.,.,a of the Naf3on" P.O. Box 120 ! 153 Fraser Avenue o Fraser, Colorado 80442 p ~D (9~0) 726-5491 ~` FAX Line: (97U) 726-55].8 ~ I TOWN BOARD AGENDA -JULY 15,199$ ERASER TOWN HALL WORKSHOP - .6:U0 P.M. - i r (Pizza to be served) - ti ~: - , 1. Review of draft amendments to business zone re ations ~ ~: REGULAR MEETING , 7:30 p.m. ~ i ~ ~. 1. Roll Call 4~ 2. ApprovaLof 6/17/98_ minutes I ~; ~ I ~: 3. Open Forum ~ ; ~, ~: 4. Public Hearings , 5. Action Items j a) Clayton Subdivision Iu,Y~ovement Agreement ~~ A Resubdivision of Tract B 1 of a resubdivision of Tracts B 1 and ~ ~° C, Clayton Subdivision, Rec. # 249237. " ,. F 6. Discussion Items a) Paving Project, Jim Swanson; Vicki Mattox; and Tom Peltz b) Fraser Cemetery Association update ~ e) Jim I-~oy's "Indian and F~,agle" statue - discuss costs for restoration and pasting of a mold P 7. Staff Choice <~ 8. i Board Choice, ~: fr, Upcoming Meetings ~. ~ July 22th: Planning Commission Regular Meeting ~ ~, ~ 7uly 24th: lO:OQ a.m. Town Board Special Meeting - Jul- 29th: y 3:OQ. p.m. Town Board and Planning Commission Workshop August 5th: Town Board Regular Meeting I ~' August 19th: Town Board Regular Meeting. , ~ 5 s '- tj r 3 Y _ Y r S '"x f` -r f ' ~ro • ~ 5 ~ -, , r ~, r, - ,{- r ~' _ i ~'~' „ ' S ~ ~ - e - ' f 1k, ~tS ~ - t 1- - ~ - ^y.. 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A -r ~ ~L~IIV6~,.1.[,~F~,fi~'i~-iD ~LJ~r k M e !r ~ 4 r r .e '3 4 t Te; n J~ '~d, t` ~ `° ~, > t ~'- x ~.- "k r a, '~ t a 1 ''ri I- r t'tr ,. -r~ rr 9 qty-;r ';~~ - .a% <d; n, 'r~M ~rµ 1 r~ t y ~':. ~`a +,il> },, -t + ~ ~. ~f, S ~ ~„ S• r y- h- al r" a 'A ,r - r , Ja C'` '' K, - r, tay J '~ - ~* r T r }, t'_ s$"o-, - t ~ ~ to ,~„ ~ ;~ ~, ~ v ;~ ~~ y ~` f, r'~ - r a - +. - »~- ~,t ?,,.. r G :«p ~,- ';t ~ ;~ r t4 ~ - ~' -x5 s .~, Z fl _ b J •~ ~t "x' _ } \ ,1.; ~r _~, t_„ t w _ } ~; r S,, - -~~ ~ '~~ iu. „'-- ~~ _ ~ r ; 4 _ J t' _ r r- -, , - i i v~ r'yi 1`"! z S+ i, z ~ '~~ * ° n r' ,.s 4~ f K t w' a sue' } } .. t J 17 _ _~ • 4 e 4„ t r E `~ fi t . °' ~ ~ 3 ~ ! - ~ ~ ~' r ~ r ~ !~ r ~ t e '~ ~'c a - _ J i ' r d~{, ~ h r l 1 - n ` r r kx } ~~~ < r ~r-~h"~" a> -s'~a „~"'' .r-_ r- i r M e 7. _~ l-Jd' r --r 1r -~ -i s- .'(, x' ~' t ~.~p _ ' -r~: -'4 t # ~~ .r t '„ - ;x f z- -" r ~ '''~+ rz sAY 4 i` '~, '„`*C 4 ~ t ~ _ > >r _~ pt.~~ s ~ v ~'# S if ~ 7 is , ~ -'.+ a t v, ', +n '. - ~'' ,,ggrr k G4 ~' N x ~ y k_.... .~~.. ~. 4? ~ `,. .. ._ 1-~''t",. n_. .~`~ ~ +,~ y: `v ~..4 t u ^r r K is e~, 1 r ti + e - ~ t -'{~ Y~ ~~ ~ x t}~~ .. x. .s.. ,...$__.. e., _...H .y.. :~.~` _.~_ .~ ~-,~.~...f,-. __..~~._ }, -i, ~ , y ,. ..,~ ..a ._ ýÿ f ,~ D ~ d~ ~ v • ~ O /y TOWN OF ERASER "Iceboz of the Nation" P.O. Box.120 J 153 Fraser Avenue e4a(!0 Fraser, Colorado 60442 (970) 726-5491 ~ FAX -Line: (970) 726-5518 ~. l I TO:~ ~ ~ ~ ~ ~~ Mayor Jonhston & T -FROM: Catherine Tr.,ll~~ DATE: July 9,1998 - RE: Workshop Agenda ~~ ~~ We have scheduled a workshop for Wednesday; July 15th at 6:00 P:M. (Pizza will'be ~ served.) The item of discussion is the draft ordinance for amendments#o the business ~ zone' which -would allow mechanical waste water treatment plants as a use permitted by r , special review, ,Gerry Dahl, Eraser's special council; and members ofGrand-County No. l will be present for`the discussion. The `Town Board may wish to go into executive session at the end of the workshop. _ The most updated amendments of the ordinance are labeled DRAFT #2. Copes were ~~ • distributed to the,, Town Board. on Friday July 3, 1998. If ou need another co lease contact me at the Town Hall. ' ~ 1'y~ r c ~; ~ Enclosed are comments firo~ Frisco Sanitation District about the ordinance. Bruce . ~' Hutchins, G.C, Na. 1, has promised comments from their attorney.by Friday, July 10th. If ~ they are available prior to the distribution bf the packets, these comments will be , enclosed in your packets. _ - f Please call with questions and/or comments, ` ~` ~ ~ 1 See you 6:00 P:M. on 7/1S/98. { ~: ~ ~ i ~! i ~. , ~G r - , i • ~~ I ~' i -, .. - __.. _-. _~_ _ ~_ ..... _.y. ~.~.. _.. _. ~u_. - -~- • July 3, 1998 Town 4f F'rss®r P.o. Box i20 Fraser, Colorado 80442 Attention: Catherine Trotter Dear Catherine: C FR~sco sAn~TaTion We hav® looked ov®r your ordinance. Without benefit of seeing your treatment plant design ar location we offer the fallowing comments: T ), On your letter head it reads "Town Of Fraser, Icebox of the Nation". That's i~r-tvreeting in that when your folks were here for their tour they said that the treatsent plant processes may be outside, exposed to the elements. Frisco tried that with it's original plant. Ice problems made it impos~sibl® to keep clarifiers and any other moving parts working in the winter. Th+~ ice and cold weather also created safety hazards for treatment plant staff. while the elevation of Frisco is 9,000 feet, we don't consider Ourselves the "Icebox of the Nation". The other operational consideration that comes to mind with temperature is ammonia reduction. • The bacteria that Affect ammonia are temperature sensitive. If you anticipate s low amtaonia permit limit every degree above 5 degrees Celsius makes a big difference. At 5 degrees Celsius nitrification basically stops. If your treatment processes are outside valuable heat may be lost. Xour permit limit may be hard to meet. Zf they are inside, heat from the blowers may be utilized to raise the temperature a bit. Section d~Oted ss RsQU~amsnts Abblicable to Mee~sniaal iPgsti~rater Treat~en planter -- Its ~S1 Naise is always a problem with plants located in or near a concentration of hu~aan activity. If aeration blowers are used to supply sir, centrifugal blowers instead of positive displacement blowers sr® quieter but more expensive. There are ways to soundproof the walls and the intak®e of the blowers. Itgt ~6t 'i'ha odor eisuee may be problematic. While every operator will tell you hie plant doesn't smell, the fact of the matter is that they smell different to the average nose than fresh mountain air. I'm sure that when Chuck was here for the tour he found places around the plant that were odoriferous. However, my operator Carolyn, arguably the best operator On the fsoe of the planet, would take exception if any odors were mentioned. Its a matter of perception. I would suggest that this section needs some thought ss to what "No odors" are and whose "detectable human nose" will be the judge. The other matter is enforcement. You could be ~ookinq at big expenditures to reach a "No odor" situation for everyone 00~ of the time. P O Box 601 Frisco, Colorado 80443 (~7G f `68-3 ~ ?::~ f -~ x ~ ~ ~ ~~a F=,t;H ,i"a • • Ite® ~7~ Thin one goe~c back to the odor clause. Sludge stored on site certainly could cause you that problem. Depending on how the sludge is stored moving it could also create odors. Ite11t ~6t I~ d floating cover is chosen you might want to think about how your operator will get beneath it if he/she needs to do any kind of maintenance. There is not much fn this ordnance about the actual design or performance requirem®ntr of the treatment plant itself, which is really more our forte. I don't want to step on your operator's toes, but if you would like us to look over your treatment plant plans we would be happy to do that for $25 an hour. It usually doesn't take very long. We've done that sort o£ work far engineering firms in the past as a quality control. Yf not, I hope th®se comments are of some help. If we may be of further assistance please feel free to call. we enjoyed giving the tour. Butch Gre®n ~~ District Manager • ýÿ ~ ~ • TO~'4'ti BO aR.D JL .YE 17, 1998 The regular meeting of the Town Board was called to order at 7:3U p.m. Board present were 3lavor Johnston I`lancke, ~Iclnnre, Rantz Soles and Sanders. :also present were Reid, Trotter, Stone and t~'inter. ~IcInitire made a morion to approve the 6~ 3~ 93 minutes as written.: nd Soles, carried. OPEti FORL?tiI Dennis Ducommun discussed that the Victoria Village property ma` be filled in with dirt this summer. Ducommun did not know of any permitting the Toan requires prior to dumping dirt. Boazd expressed concern regarding tilling of the property, quality of dirt, wetlands etc. Ducommun will provide the wetland report to the Town, and stated that spreading of the dirt will be immediate as it is dumped, and property will be replanted. ACTION ITE~'~IS • The Board has received a filing of Motion for Reconsideration from Grand Count<~ eater and Sanitation District regarding Ordinance tip. 2~0 . :after discussion Sanders made a motion to deny the request for reconsideration. 2nd I~lancke, carried, S-1. ~1cIntvre voting nav. tilclnitire made a motion to set a public hearing at a special meeting on 3uly 2~ith at 10:©Q a.m. to consider an amendment to the Zoning Iistrict ~Iap and amend the Business Zone regulations, 2nd Itilancke, carried. Board heard a request from vielanie Zwick to place an off premises sign on a e.Yisting sign far the Finnegan's on the River sign post immediately adiacent to her :~+ew ~"ork Life building. ~icIntv-re made a motion to allow the off premises sign, approx. lt)" Y ~', on the Finnegan sign post if written permission is obtained from Finnegan's, and conditioned that na free standing sign ma~° then be placed on the Zwick property. 2nd Rantz carried. Jim Tucker. Street Supervisor reviewed a bid to seal coat the bike path and vanaus portions of town. Soles made a motion to approve the job, ~nd tlcIntv~re. carried. Tucker also wanted approval to buy a used truck for the garden dept. for appror• ~13,U()0. ~Iclntyre made a motion to apprave this purchase. ?nd Itlancke. parried. • Berard reviewed a request from ~~Iar~tiale 1_LC to use the Elk Creel; ditch water rights the TOFVn has for the new 70 acre parcel. Cazier was present to anss~-er and discuss the town's water rights. Board had ~~arious concem5 and will need more discussion regarding this request. Leo Eisel «ill be asked to attend a meeting with the Board. ýÿ • Reid re~ie~ced the well head protection plan as completed to date. Reid reviewed tha status of the Mustang cleanup. 1~IOLT FOR THE E1~IERGE~CY SERVICE DISPATCH Soles made a motion to approve the tiiOL for Emergency Service Dispatch, 2nd Sanders, carried. VIOL' StOnge property McIntyre made a motion to ar~,~w~e the :IOU extension agreement with the Town of Vb inter Park on the St.Onge property, 2nd Itlancke, carried. ~IOL~ HOL'SIi1iG ALrTHORITY Soles made a motion to approve the \rIOU regarding the Grand County Housing • Authority, ?nd LicIntyre, carried. DISCL SSION ITEMS Klancke and Rantz reported on meetings they have had with Grand County ~L'ater and Sani. Dist. in a process that will establish a conditional use permit process within the Business Zone. Reid handed out the currant sales tax collection report. tiVinter Park West ~Z'ater and Sani. has a written request to the Board for easements they need for existing utilities and future easements necessary to serve the parcel that Safeway is developing. Board had a question regarding the request and will need legal achise. Tabled. Board canceled the July 1st meeting. Reid is going to COIL, nel-t week then on ~•acation. 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Y ), i~J ;~ ~ r•+~ 4,UbJ V^ a.~'.]V~'~~ ~~ 'Y'1,t~.~Jf'1 - _.. ,;" lrrn' ~ _ n5.',~":J v,E,,r,,, 378('.`~.~ ~: %~'+, .. .1u;1?r+• .. _c', ?~ 1?!':~i,.'~~•S 2,55' . ' ?.`a; f7 , t , .. !:. ~,~ '~ ,+~. ., .. i ~ ~' I ~ i ~ r .. t'niC --- - - -- it -' f . -- - '. -- - - -- -- - - ~ 6~ ~,} fr;fi -- ',SEA •:9L~J . cr ,F:_ - Gqy :,t~3~ _ v`,~~t+a': ~`~,y,:P~~'~ $1,800,000 Town of Fraser Grand County, Colorado • Sales Tax Rev®nue Bonds, Series 1998 As of August 4,1998 Settlement Date 08/04/98 _ ~ New Money Debt Service Princioal Rate Interest Total Annual Dated • Non Rated 08/01/98 1 12/01/98 2 06/01/99 3 12/01/99 4 06/01/2000 5 12/01/2000 6 06/01/2001 7 12/01/2001 8 06/01/2002 9 12/01/2002 10 06/01/2003 11 12/01 /2003 12 06/01/2004 13 12/01 /2004 14 06/01 /2005 15 12/01/2005 16 06/01/2006 17 12/01/2006 18 06/01/2007 19 12/01/2007 20 06/01/2008 21 12/01/2008 22 06/01/2009 23 12/01/2009 24 06/01/2010 25 12/01/2010 26 06/01/2011 27 12/01/2011 28 06/01/2012 29 12/01/2012 30 06/01/2013 31 12/01/2013 32 06/01/2014 33 12/01/2014 34 06/01/2015 35 12/01/2015 36 06/01/2016 37 12/01/2016 38 06/01/2017 39 12/01/2017 Toil Source: INew Money Allocations Ballot Actual Max Principal $2,200,000 $2,200,000 Max Total $4,100,000 $3,586,671 Total Annual Payments Total, 27,928.33 27,928.33 27,928.33 27,928 50,000 4.200% 41,892.50 91,892.50 91,893 119,821 40,842.50 40,842.50 132,735.00 40,843 50,000 4.400% 40,842.50 90,842.50 90,843 131,685 39,742.50 39,742.50 130,585.00 39,743 50,000 4.600% 39,742.50 89,742.50 89,743 129,485 38,592.50 38,592.50 128,335.00 38,593 55,000 4.700% 38,592.50 93,592.50 93,593 132,185 37,300.00 37,300.00 130,892.50 37,300 55,000 4.750% 37,300.00 92,300.00 92,300 129,600 35,993.75 35,993.75 128,293.75 35,994 60,000 4.800% 35,993.75 95,993.75 95,994 131,988 34,553.75 34,553.75 130,547.50 34,554 65,000 4.900% 34,553.75 99,553.75 99,554 134,108 32,961.25 32,961.25 132,515.00 32,961 70,000 4.950% 32,961.25 102,961.25 102,961 135,923 31,228.75 31,228.75 134,190.00 31,229 70,000 5.000% 31,228.75 101,228.75 101,229 132,458 29,478.75 29,478.75 130,707.50 29,479 75,000 5.100% 29,478.75 104,478.75 104,479 133,958 27,566.25 27,566.25 132,045.00 27,566 75,000 5.200% 27,566.25 102,566.25 102,566 130,133 25,616.25 25,616.25 128,182.50 25,616 85,000 5.250% 25,616.25 110,616.25 110,616 136,233 23,385.00 23,385.00 134,001.25 23,385 90,000 5.300% 23,385.00 113,385.00 113,385 136,770 21,000.00 21,000.00 134,385.00 21,000 95,000 5.600% 21,000.00 116,000.00 116,000 137,000 18,340.00 18,340.00 134,340.00 18,340 95,000 5.600% 18,340.00 113,340.00 113,340 131,680 15,680.00 15,680.00 129,020.00 15,680 105,000 5.600% 15,6$0.00 120,680.00 120,680 136,360 12,740.00 12,740.00 133,420.00 12,740 110,000 5.600% 12,740.00 122,740.00 122,740 135,480 9,660.00 9,660.00 132,400.00 9,660 120,000 5.600% 9,660.00 129,660.00 129,660 139,320 6,300.00 6,300.00 135,960.00 6,300 225,000 5.600% 6,300.00 231,300.00 231,300 237,600 231,300.00 1,600,000 1,031,783 2,631,783 I 2,631,783 2,631,783 2,631,783) 1.600_000.00 call mty Escrow Cost Ave Rate 5.4492% 1.250% U/W Spread 20,000.00 NIC 5.5246% COI 10,000.00 Ave Lffe 11.8990 Ins Prem Bond Years 19,038.33 Bond Yield 5.4317% DSRF 160,000.00 160,000 All in Yield 5.7509% Accrued Interestfrom 08/01/98 Balance to Project 1,410,000.00 to 08/04/98 • Prepared by George K Baum 8~ Company 05/20/98 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 10:46 AM ýÿ wRSrsosee.twca o $690,000 Town of Fraser Grand County, Colorado • Sales Tax Revenue Bonds, Serles 1998 As of August 4,1998 Settlement Date 08!04/98 ~ Refundinc Debt Service Princioal Rate Interest Total Dated • Non Rated 08/01/98 1 12/01/98 2 06/01/99 3 12/01/99 4 06/01/2000 5 12/01/2000 6 06/01/2001 7 12/01/2001 8 06/01/2002 9 12/01/2002 10 06/01/2003 11 12/01/2003 12 06/01/2004 13 12/01/2004 14 06/01/2005 15 12/01/2005 16 06/01/2006 17 12/01/2006 18 06/01/2007 19 12/01/2007 20 06/01/2008 21 12/01/2008 22 06/01/2009 23 12/01/2009 24 06/01/2010 25 12/01/2010 26 06/01/2011 27 12/01 /2011 28 06/01/2012 29 12/01/2012 30 06/01/2013 31 12/01/2013 32 06/01/2014 33 12/01/2014 34 06/01/2015 35 12/01/2015 36 06/01/2016 37 12/01!2016 38 06/01/2017 39 12/01/2017 CAB Principal Prior DSRF Other Funds P&I Total Source: Escrow Cost 1.250% U/W Spread COI Ins Prem 20,000 25,000 25,000 25,000 5,000 5,000 5,000 30,000 35,000 35,000 40,000 40,000 40,000 45,000 50,000 50,000 55,000 55,000 105,000 690,000 47,609.76 9,795.42 747.405.1 ~Refundinq only Total Annual Annual Payments Total 12,155.83 12,155.83 12,155.83 12,156 4.200% 18,233.75 38,233.75 38,234 50,390 17,813.75 17,813.75 56,047.50 17,814 4.400% 17,813.75 42,813.75 42,814 60,628 17,263.75 17,263.75 60,077.50 17,264 4.600% 17,263.75 42,263.75 42,264 59,528 16,688.75 16,688.75 58,952.50 16,689 4.700% 16,688.75 41,688.75 41,689 58,378 16,101.25 16,101.25 57,790.00 16,101 4.750% 16,101.25 21,101.25 21,101 37,203 15,982.50 15,982.50 37,083.75 15,983 4.800% 15,982.50 20,982.50 20,983 36,965 15,862.50 15,862.50 36,845.00 15,863 4.900% 15,862.50 20,862.50 20,863 36,725 15,740.00 15,740.00 36,602.50 15,740 4.950% 15,740.00 45,740.00 45,740 61,480 14,997.50 14,997.50 60,737.50 14,998 5.000% 14,997.50 49,997.50 49,998 64,995 14,122.50 14,122.50 64,120.00 14,123 5.100% 14,122.50 49,122.50 49,123 63,245 13,230.00 13,230.00 62,352.50 13,230 5.200% 13,230.00 53,230.00 53,230 66,460 12,190.00 12,190.00 65,420.00 12,190 5.250% 12,190.00 52,190.00 52,190 64,380 11,140.00 11,140.00 63,330.00 11,140 5.300% 11,140.00 51,140.00 51,140 62,280 10,080.00 10,080.00 61,220.00 10,080 5.600% 10,080.00 55,080.00 55,080 65,160 8,820.00 8,820.00 63,900.00 8,820 5.600% 8,820.00 58,820.00 58,820 67,640 7,420.00 7,420.00 66,240.00 7,420 5.600% 7,420.00 57,420.00 57,420 64,840 6,020.00 6,020.00 63,440.00 6,020 5.600% 6,020.00 61,020.00 61,020 67,040 4,480.00 4,480.00 65,500.00 4,480 5.600% 4,480.00 59,480.00 59,480 63,960 2,940.00 2,940.00 62,420.00 2,940 5.600% 2,940.00 107,940.00 107,940 110,880 __ _ 107,940.00 _ 472,175 1,162,175 1,162,175 1,162,175 1,162,175 call mty 658,261.05 658,261 717,560 Ave Rate 8,625.00 NIC 10,000.00 Ave life DSRF 69,000.00 Balance to Project 1,519.12 Total Use: 747.405.17 Bond Years Bond Yield 69,000 All in Yield Accrued Interest from to is 5.4492%' 5.5488% 12.5580 8,665.00 5.4317% 5.7509% 08/01/98 08/04/98 ---- f 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Prepared by George K Baum & Company 05/20/98 10:46 AM \FRSRQS~K4 05/20/9 recap Refunding Alone ~ • Town of Fraser Grand County, Colorado Sales Tax Revenue Refunding As of August 4,1998 RECAP ~f Series 1992 ~ ~ After Series 1998 Refunding --I~ Calendar F~cisting Refunded to Remain Series 1998 Total Savings/ F~cistingOutstanding Year D/S Outstanding Refunding Debt Service (Increase) Series 1992 (6/11 (6/11 After 1998 1998 36,491 21,886 14,605 12,156 26,761 9,730 (1) 36,491 26,761 1999 97,226 58,319 38,908 56,048 94,955 2,271 97,226 94,955 2000 100,540 62,245 38,295 60,078 98,373 2,168 100,540 98,373 2001 98,658 60,990 37,668 58,953 96,620 2,038 98,658 96,620 2002 96,730 59,705 37,025 57,790 94,815 1,915 96,730 94,815 2003 99,600 39,055 60,545 37,084 97,629 1,971 99,600 97,629 2004 97,273 39,055 58,218 36,845 95,063 2,210 97,273 95,063 2005 99,750 39,055 60,695 36,603 97,298 2,453 99,750 97,298 2006 96,940 63,143 33,798 60,738 94,535 2,405 96,940 94,535 2007 98,838 66,135 32,703 64,120 96,823 2,015 98,838 96,823 2008 95,553 63,945 31,608 62,353 93,960 1,593 95,553 93,960 2009 97,085 66,573 30,513 65,420 95,933 1,153 97,085 95,933 2010 93,435 64,018 29,418 63,330 92,748 688 93,435 92,748 2011 94,603 61,463 33,140 61,220 94,360 243 94,603 94,360 2012 95,405 63,725 31,680 63,900 95,580 (175) 95,405 95,580 2013 95,843 65,623 30,220 66,240 96,460 (618) 95,843 96,460 2014 95,915 62,338 33,578 63,440 97,018 (1,103) 95,915 97,018 2015 95,623 63,870 31,753 65,500 97,253 (1,630) 95,623 97,253 2016 94,965 65,038 29,928 62,420 92,348 2,618 94,965 92,348 2017 171,023 114,015 57,008 107,940 164,948 6,075 171,023 164,948 TOTALS 1 ,951,493 1,200,193 751,300 1,162,175 9,913,475 38,018 (1) includes 1992 P&I Fund in refunding Difference in Debt Service 38,017.92 Series 1998 DSRF 69,000 Adjustments at Closing (8,276) Series 1992 DSRF 32,390 Change in Reserve Fund Balance 21,390 Net Future Value Savings 51,132 Total 101,390 PV Savings 6.668% refunded 40,673 @ 5.432% First Period Savings after Adjustments 1,454 • Prepared by George K Baum & Company 05/20/98 10:46 AM ýÿ odebt Town of Fraser Grand County, Colorado Sales and Use Tax revenue Refunding and Improvement Bonds • Series 1992 Settlement 08/04/98 ~ Outstanding Debt Service Principal Rate Interest Total Annual Dated 08/01 /98 2 12/01/98 36,491.25 36,491.25 36,491.25 3 06/01/99 25,000 6.050% 36,491.25 61,491.25 4 12/01/99 35,735.00 35,735.00 97,226.25 5 06/01/2000 30,000 6.200% 35,735.00 65,735.00 612101/2000 34,805.00 34,805.00 100,540.00 7 06/01/2001 30,000 6.350% 34,805.00 64,805.00 812/01/2001 33,852.50 33,852.50 98,657.50 9 06/01/2002 30,000 6.500% 33,852.50 63,852.50 1012/01/2002 32,877.50 32,877.50 96,730.00 11 06/01/2003 35,000 6.600% 32,877.50 67,877.50 1212101/2003 31,722.50 31,722.50 99,600.00 13 06/01/2004 35,000 6.700% 31,722.50 66,722.50 1412/01/2004 30,550.00 30,550.00 97,272.50 15 06/01/2005 40,000 6.750% 30,550.00 70,550.00 16 12/01/2005 29,200.00 29,200.00 99,750.00 17 06/01/2006 40,000 7.300% 29,200.00 69,200.00 1812/01/2006 27,740.00 27,740.00 96,940.00 19 06/01/2007 45,000 7.300% 27,740.00 72,740.00 2012/01/2007 26,097.50 26,097.50 98,837.50 21 06/01/2008 45,000 7.300% 26,097.50 71,097.50 2212/01/2008 24,455.00 24,455.00 95,552.50 23 06/01/2009 50,000 7.300% 24,455.00 74,455.00 2412/01/2009 22,630.00 22,630.00 97,085.00 25 06/01/2010 50,000 7.300% 22,630.00 72,630.00 2612/01/2010 20,805.00 20,805.00 93,435.00 • 27 06/01/2011 55,000 7.300% 20,805.00 75,805.00 2812/01/2011 18,797.50 18,797.50 94,602.50 29 06/01/2012 60,000 7.300% 18,797.50 78,797.50 3012101/2012 16,607.50 16,607.50 95,405.00 31 06/01/2013 65,000 7.300% 16,607.50 81,607.50 32 12/01/2013 14,235.00 14,235.00 95,842.50 33 06/01/2014 70,000 7.300% 14,235.00 84,235.00 3412/01/2014 11,680.00 11,680.00 95,915.00 35 06/01/2015 75,000 7.300% 11,680.00 86,680.00 3612/01/2015 8,942.50 8,942.50 95,622.50 37 06/01/2016 80,000 7.300% 8,942.50 88,942.50 3812/01/2016 6,022.50 6,022.50 94,965.00 39 06/01/2017 165,000 7.300% 6,022.50 171,022.50 40 12/01/2017 171,022,50 1,025,000 926,493 1,951,492.50 1,951,493 DSRF 80000.00 Callable 06/01/2002 Principal Called 910,000.00 Average Rate Premium 1.000% 9,100.00 Average life Total 919.100.00 • Prepared by George K Baum 8~ Company 05/20/98 10:46 AM . odebtref escrorett • • • Town of Fraser Grand County Colorado Sales and Use Tax revenue Refunding and Improvement Bonds Series 1992 PRORATA Settlement 08/04/98 _ IOubtandina Debt Service to be refunded (New Monev Allocation! '~L.J..c.l Rate Interest Total Annual Dated 08101!98 2 12/01/98 21,888.25 21,888.25 21,886.25 1998 3 08/01/99 15,000 8.050% 21,888.25 36,888.25 4 12/01/99 21,432.50 21,432.50 58,318.75 1999 5 08/01/2000 20,000 8.200% 21,432.50 41,432.50 8 12/01/2000 20,812.50 20,812.50 62,245.00 2000 7 08!01/2001 20,000 8.350°/a 20,812.50 40,812.50 8 12/01/2001 20,177.50 20,177.50 60,990.00 2001 9 08/01!2002 20,000 8.500% 20,177.50 40,177.50 10 12/01/2002 19,527.50 19,527.50 59,705.00 2002 11 08/01/2003 8.800% 18,527.50 19,527.50 12 12/01/2003 18,527.50 19,527.50 39,055.00 2003 13 06/01/2004 8.700% 19,527.50 19,527.50 14 12/01/2004 19,527.50 19,527.50 39,055.00 2004 15 06/01/2005 8.750% 19,527.50 19,527.50 18 12!01/2005 19`527.50 19527.50. 39,055.00 2005 17 08/01/2006 25,000 7.300% 19,527.50 44,527.50 18 12/01/2008 18,815.00 18,815.00 63,142.50 2006 18 06!01/2007 30,000 7.300% 18,815.00 48,815.00 20 12/01/2007 17,520.00 17,520.00 66,135.00 2007 21 08/01/2008 30,000 7.300% 17,520.00 47,520.00 22 12/01/2008 18,425.00 16,425.00 63,945.00 2008 23 06/01/2009 35,000 7.300% 18,425.00 51,425.00 24 12/01/2009 15,147.50 15,147.50 88,572.50 2009 25 08/01/2010 35,000 7.300% 15,147.50 50,147.50 28 12/01!2010 13,870.00 13,870.00 64,017.50 2010 27 08/01/2011 35,000 7.300% 13,870.00 48,870.00 28 12/01/2011 12,592.50 12,592.50 61,482.50 2011 29 08/01/2012 40,000 7.300% 12,592.50 52,592.50 30 12/01/2012 11,132.50 11,132.50 63,725.00 2012 31 08/01/2013 45,000 7.300% 11,132.50 56,132.50 32 12!01/2013 9,490.00 9,490.00 65,822.50 2013 33 08/01/2014 45,000 7.300°/a 9,490.00 54,480.00 34 12/01/2014 7,847.50 7,847.50 62,337.50 2014 35 08/01/2015 50,000 7.300% 7,847.50 57,847.50 38 12/01/2015 6,022.50 6,022.50 63,870.00 2015 37 08/01/2016 55,000 7.300% 8,022.50 61,022.50 38 12/01/2018 4,015.00 4,015.00 65,037.50 2016 39 06!01/2017 110,000 7.300% 4,015.00 114,015.00 40 12/01/2017 114,015.00 2017 810,000 59.51% 590,193 1,200,192.50 1,200,193 DSRF 47.609.78 Callable 06/01/2002 Principal Called 535,000.00 Average Rate 7.014% Premium 1.000% 5,350.00 Average Life 14.2580599 years Total 540,350.00 Project F`~~..oo.:., 884,013.73 85.67% Inverse order call does not allow 2003,04,and OS to Escrow Bond F...,.~.~,.;., 357,808.27 34.33% be Called before all of fhe 2017 Term end Is ca/!ed Total 1 ,041,822.00 2003 al/ocatlon 25,000: 2004 allocatlon 25,000: and 2005 a//ocatlon 25,000 Prepared by George K Baum 8 Company 05/20/98 10:46 AM ýÿ odebtrem Town of Fraser Grand County, Colorado Sales and Use Tax revenue Refunding and Improvement Bonds • Series 1992 PRORATA Settlement 08/04/98 O~tandln~ _ _ Debt Service to remain outstandtnp (Refundtnq Allocation ~ __. II Principal Rate Interest Total Annual Dated 08/01/98 2 12/01/98 14,605 14,605 14,605.00 1998 3 06/01/99 10,000 6.050% 14,605 24,605 39,210.00 4 12/01/99 14,303 14,303 38,907.50 1999 5 06/01/2000 10,000 6.200% 14,303 24,303 38,605.00 612/01/2000 13,993 13,993 38,295.00 2000 7 06/01/2001 10,000 6.350% 13,993 23,993 37,985.00 8 12/01/2001 13,675 13,675 37,667.50 2001 9 06/01/2002 10,000 6.500% 13,675 23,675 37,350.00 1012/01/2002 13,350 13,350 37,025.00 2002 1106/01/2003 35,000 6.600% 13,350 48,350 61,700.00 1212/01/2003 12,195 12,195 60,545.00 2003 13 06/01/2004 35,000 6.700% 12,195 47,195 59,390.00 1412/01/2004 11,023 11,023 58,217.50 2004 15 06/01/2005 40,000 6.750% 11,023 51,023 62,045.00 1612/01/2005 9;673 9673 60,695.00 2005 17 06/01/2006 15,000 7.300% 9,673 24,673 34,345.00 1812/01/2006 9,125 9,125 33,797.50 2006 19 06/01/2007 15,000 7.300% 9,125 24,125 33,250.00 2012/01/2007 8,578 8,578 32,702.50 2007 21 06/01/2008 15,000 7.300% 8,578 23,578 32,155.00 22 12/01/2008 8,030 8,030 31,607.50 2008 23 06/01/2009 15,000 7.300% 8,030 23,030 31,060.00 2412/01/2009 7,483 7,483 30,512.50 2009 25 06/01/2010 15,000 7.300% 7,483 22,483 29,965.00 • 2612/01/2010 6,935 6,935 29,417.50 2010 27 06/01/2011 20,000 7.300% 6,935 26,935 33,870.00 2812/01/2011 6,205 6,205 33,140.00 2011 29 06/01/2012 20,000 7.300% 6,205 26,205 32,410.00 30 12/01 /2012 5,475 5,475 31,680.00 2012 31 06/01/2013 20,000 7.300% 5,475 25,475 30,950.00 3212/01/2013 4,745 4,745 30,220.00 2013 33 06/01/2014 25,000 7.300% 4,745 29,745 34,490.00 34 12/01/2014 3,833 3,833 33,577.50 2014 35 06/01/2015 25,000 7.300% 3,833 28,833 32,665.00 3612/01/2015 2,920 2,920 31,752.50 2015 37 06/01/2016 25,000 7.300% 2,920 27,920 30,840.00 3812/01/2016 2,008 2,008 29,927.50 2016 39 06/01/2017 55,000 7.300% 2,008 57,008 59,015.00 40 12/01/2017 57,007.50 2017 415,000 40.49% 336,300 751,300.00 751,300 DSRF 32,390.24 $25,000 in each 2003, 2004 and 2005 are allocated to new money but cannot be refunded to call because of i nverse order call • Prepared by George K Baum & Company 05/20/98 10:46 AM e 3 w n 0 3 N O~~ V ~fJ1A W N~OtOm V W (NTA W N+01D 0p V NNA W N+OmOD V NNA W N ~ ~a~~ ~ .~ ~ ~oo~~~~~~~~~~o~o~~~~~~~~~~~~~~~~~~~~~~~ [{ ~ VVO7NNNAAWWNN++ `C [~ ~ A O V N ~~~~~~~~~~~~~~~~ ~o~~ ~~~ ~~w ~ v ~ ~ ~ ~ ~ ~ v ~ ~ ~ ~ W~~ N~ N N o~W s~ ° 0 o e o o e e o as o aE s~ e aE o s e e _~ ~. .. y ~. ~ 3. m ~N~ p p ~ AANNV~l fO fD+~+ N(~NNNNN ~000 + (~(~N W W NNN W V ( V~mOD t0 t0 tN0 fD iNNO (t~D tO tUUO +~ +~ p +p p p p pp AA mm~ ~~ p p ~~O ~~ p p p ~pp ~~pp N N ~ N J p p p pp ( NNNN V ONIN ~O 01N~VV~VVVVV~NNN~NOI ~A100~~N~00VV 0 0 ~ ~ ~ ~ , , ~ ~ ~ ~ ~ ~ d ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~i ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ w g ~ ~ ~ pp ~~~ p ~Op (~ (~ y (~ ,p a a A N W + p)+ A ApN~pNpNp V mVm ?pp. ~tpO (~~~(+~~N NNN~pp OD W O NON NV V ODm Aqq tD fNND ([(~O~ tNNO tNNO t((D~ (t(O~~ VVb V~ O O ~ ,~ ~ ~ ~ N (~ ff ( N N N N V O O N N N O O V V N N O~ N N V V V V V V V V V N N N N pQ pQ (Q~ NN (~~1 pp pQ (N~ (N~ NN pp pp ((~~ ((~~ pp pp pp pp pp NN ((~~ NN ([~~ (~ ((~~ ((~~ ((~~ ((~~q NN NN ((~~ (N~ ~ ~ O ~ N ~ .~ NN ` O `-'O ~+OO OOOOOOO OOOO OOO """JO OOOOOOOOO 71 f ~ 0 0 ~ {pp¢ ~ $$D D ~ pa pf p~ p~ p~ m m pJ pl p~ '41 4f ~ t N p1 N 0 ; Q S m ~ ~ A ~ p 1 , 8N W ~N.7 tpNJ~~ W aN~ A W (AWp W 4/ tpNO tNpO 1ND tD ~~~pp N m ~p~p~ V O V N ~ N V N N ~ N N O N N OD O7 ~ yp II~ 0 ~~ ~ p p 4/ O p ~ pN pN p p ( ~ ( N~ p N N p ( ~ ( ~ p ( p p p O O O O O O O O O O O O O O O O O (VJI (~71 ~~ N~ g~~ ~ n ~ g ~ l 1 ' o V ~ ~ ~ ~ ~ ~ ~ ~g ~g1 ~yg1 p Oo ~~pp O N A W N + O ~ ~ V ~ ~ A W N ~ O t0 (Nb~ V00 O,(~,(pp~~~~77 Oj ~ _ [V~~NI (N~NN NNN~~ 2 0 0 0 0~ O N~ ,Npp,,,pppl faJl Uapa1 NaNN,p N m 0~~00~0~ 3 0 0 pWD ~~p Upl (m~((Vp 10 (pN~+m~ .5 ODO t0 V fJNO+~o ~.S pVp~~Ol p~p~~pAp~~pWp~~p~p~~N~p~p~p~~tppD~~OND pVp~~Of pNp~~NAN tJNN~NpO~tpO~OpD~pVW~NN pN~i pA~ W pNp~~p+~pO~tppO~~C~pV~pWq~NApW~pNq~p+~OO0 N t71~NtJ1 fl~NNNN~N~NN~~tn NfliNN~fli~~NNNN~NN~~NNNN o NN N N N NN ~7 (.t O a +(~41N W VW W ANpN~~N pOl AA pV~~ ppW~ OND mm fyAD p~O'{j~~~-++t0 W (pW~ W A AN N~mmN f11 CD r~tmpO~Np~ V W ~PN~mN~A~Of O W OVD N fD Of t0 t71 V ~ NNfVIt V N W~mm ~-W+Am AN tJ~m ~. ~~ • ~fA bA ~-i O 3 - ~ O 3$~ $ ng 8D~a0p~} G `• ; W ~ ~ 1 "y'~ Jn~ X S ma ~o m m a m 7 d 9 3 7 ~a , N • JUN-10-98 WED 13 27 • NEMBER tl {~: ~~'ti) lil yy~},3~t: i~ M' ; P, 02/03 ;,. ~.Ii'F 260 ~~ t •~~~ ~ `',j ],_~, ..~~ !~ :..,Y :, ~~ ,:1' • JUN-10-98 WED 13:28 ' ,.~. ~, ~,;ti: ~' ~} !. M 4 .. ~ a .'a . ~ ' '~ ~ C S ~. u s °., s o ~~ ,~ ~ ~~ ti P, 03; 03 • ýÿ - 1+ ,, -{ Y ~ `tis ( 5 } 1 t' 9 _ (V .rT '1 +k _ t, y '`; m t ' 1 ~ 9 "~+ - y s °~ _ - a' -'~ ,,xd a - - r 't i +' k 1 y, ~`' J.4 R _ (t - rt `SV' l ~ "~ ,r' ~ - ~ b r~- + , > i s, ~, t j4 L t t t_- 3J x- ~ ~1~/ _ , - -~ ~, l~k I + ~E }Y' -~ L 4: :r sr ~ ~ 1 5- _ ` ;~ ~ J v r '1WRAia'O~~C,~~aV4~V11' ` f y' 1 ~ Y `~ '- PO Bbd 120'! 1~ Ft~erAwent7e [~ ~ y ~ ~` i r ~M~ k; ~` <- ~, f , F~s~; r~olorada 8044,2 0 ~ , . ~~ -r ,` r „~ , {2~'0) .Z'26-x491 ~1~ ' '" v' _` ~ ` ~ „ l 1 S y..~y ~~~ ~y p ~- f H" S, ~ t f l~ i j - - ~1 lA 1~ -r' t .. 1 Y~ ~ 3 -N { -S. r ' - - ~ $ n ~ t .¢ ,., 9 f r - `~,v a a u - ,~ - i ~ y w t 4 . f e ~ . p 1171~~ V 2~# _ 4 J IA ~~ - ~ y -- ~ } ~ 4 , b ~ 't ~ ~ - -. 4a.r ~r . t# ati ~ ~ Y ¢ r ~ - s j , ~ 'r' } ~'Q ~ s-n~lf~n~~~ =f74 ~ - - i ~ S ? . ~ r - ~s ~ ~ ~ ~` a l - '' ' - j ~ r , ~`roi~i. ~~ ~ ~liuck R~xd ~ ~ ~ , , ~ ;- - s )..]~gyp //~f/~ y^ - ++-; f' '1~ s - ~ I i r ~ ~ ~~~ .-.~'e y ~~ r FS rN ~~ ~ x ~ , 1 ~ r' ~ ~~ i 1 r k ~/]4p1 - _ ~MiFM i/if7, i~~ F Y ; t ~ S ~ ~ ~ b - ~4(L~w~ ~ 7 1 x ~ Subje~ ~; y`~" g~esd~ bii~ '~ ~ ." ~ ~ ~~ _ ~ _,>. J- a t 4 ~' ~ k , A 3` ~eai' ~t1c.,,i.,~ateti p~ram.~.b,~l is acl~ec~ {glut z~:'~luds -ware nc~tid~d~ 'its budget ~s ~ t` ~" •j o ~ , ~ geXl~tecl SO tbat yogi QRn s~: ~aXi $~A' i,~,~,~a~t'of the stmt bonds £ ~ ~oTeCa~ili ~llS "~ ~ _ ~ -~ ~ ~, Yt. ~~fULt i~SU" ~sd:`xt ~'~$' [?tl Wb . - -. #. Zvi aS p u1d a gKairi 4~~ It ~c~s, liOVv~!E:rb prQ`~{~e ~ ~1a~ r ~ ~ ;,~ g~trlpse into ~`r,sser's ~cial liealt~t ~ the ~~,t,~~,ty i3~~he,~av~ig: rU ~v'eGt bori~ed at this t~ ` ~' ~`: ` (.i Imo, ~~y .. i~ e- . y.~5 ~ ,y, { g - - y I S y 5 Zl - - Mere ~4R \/ ~y [0~~7~~i~j~ s. ~ - J t _ - ! 4 Y li, ~ ~' ~ Y - ~. r ~£ [ akr, ~ i ~ > t ~ ~ ~ ~. * _;"I'he ~ 9~ salmi tai r~wue pis ~d on ~. uctti~.t ea~le~o~ plus ~44t},~40 ~ «~~~ , ~ 1 ; ~ r . ~ ~ _ ~ t sal~.s r~uenu~s ;from the i~e~w Safeway, ~ ~:. ~ ~ :~.: ~" ~- ~~ ~' ` ~ ~ ' , +~ , `~~ v{~ier "ilie~v" -sales reve~iues are. fac~tcired into t~ fudge ~iut des tux'is ~ - t k . <+ ,shoves to"gr4r~ 46,(o azoi~ally CaXi atidti.fa.~tor} ~ '` ' q i~ ~ , , x ~.~.,z,,t ~ ,' ~ ~, " , ' a'S ~ ` .'. --. r}~~(~s;~`~y(~ ~}p~`~ f~py~ - .L -, } .e, - - -- _ 'r~i~tj ,~,y~.~ _ ~, x 5 `c'+ F' ~ :~.~- ~Flr ~rh f~rll ,}V 7'-~laa}+,v ~n7tf4~ {/VV.4{ - o- - _ v~" ~L4 f~llt ~~{)~ k ~ ~. ~ ' . 1Y~~1nt~~pp r'~~,ypy~ (~ [~1n~ ~~}Y~p %t~S~ ~ lIIC~tl+~@, ~'O~X +e~~ry~ e(~ ,~, g' #~. ' -H J ~, a _ „i ~_ ~'Y5+~/A HFIV RS/J~uM~ ~~ 1S++w±gy~ ~y ( erh^S ~t , ~~.e' ~ 13 1 r 1 Y 5 -' r ~, ~ 1 ;n ~ t i ¢ l to ,) a' } - - - 1 T k '- y - ~S . k ~ai~eXld1~r45 `~` ~` ~ ~ / c +' + ~~ ~~ x r~' "` w ' f ~ : T~~ gd~...u~ L~UI'lt~ "4Viu C,~,,El5t4yx.,~+rld additl0l'i~, ffiotieyS ~o file G~~#,~ ~i~1Q'~e3]~eIIt M kz `,r' ',~ ~le~,~fl t ~e~st~f~ $o ZB~~' .y ~ ~!:~y~,~e~t .~ly Af~~1:~tQ1~'aq'c~ya~~'iMjJY'OVIXieII~ :; ~~. r ~ -' f k ~ } ~ ~ ~~ -~ , ~~' y1~,~eCtS ~ ~T a4~a-!4Ye~ ~i~{lJ.~\} L1~. Y~/Mli r~~~W4Vl~i ' 1 _~ K # }h _ ~ ti, '~ 1 ,JI r ~ J • ~, _ k, ~ ~ We'll. add a t~ew fu~1 t1me~ ein~li~yee ~ the P1ai~nii~g D~€nt Xiext y~r ~~xi the ; ~ 5 ~ 4 ~ Xniddiuo~t~:e year3 _ ~, ~ . . , ~ ; ~. r - j' ~ f ~ „ ~d"ll'~ctdS$l~'W:~'hiX14 em~Qyee iri t~i~'., iblX.c ~otks'~,;,~.~nt ~ tl~e-year ~(~; _ r' A y~ ~~p ~s T^ pr~~ .t ~ _ ~ v' L ,~,~, ~ ~J. ~ _ . ~1N. W1V ~i~M of-' yVfsi~ ! f - I S ~ 5 = ' r +~ ~xsoatte~ fists were r~n,~ec~ ~,rnc~ud~ a~ ixillatioi~ factor '~'~ ~ie~~ u~at'idn was ~ < x «k ` ~'?r~3~.Ytc..x~I -t+Q,stS ~, x '+~ *r,', r v+~ •.w ,~' ~; ~ . ~ ~ r ,>• ° °°~ilei~ses ~z~the Shes:b~~ ~ t~ ~o~ (y~•~.o}yy~ costs are figur ` ~- f ~. ! S ~ 777v7N//aiNY'~ //VV 1 V4h- r, •(~r - i - s C~ P 1 ~- c k .. i., 'f'f+~ ~; ~ i ~~ Y 5-, x U1k11F1G ~x~.ry}~7x~71a ~' •tt~ f v _ T ~'... _ ~, A, p r y~_ ~`~ X h tbis'helps ,~> l~ foi' (3X1. x- i - y F ~ V >f Y F ~,'` ,5„a;iXi., d. h -a -e•~~'L~.G ~c.. .._ .-.~. ,t~ y'¢ ~ .a. Y; _y 4... ~ p} ,..t ~.r.^; ,a... a..~. ~. _x _ ... 1... ~.~~..~.1._.=1a.:._4._~' 'e~'...-,YJ.~._-~~~;" .-:' r ýÿ • 1999 Guestimated Budget wit~aving: 6/22/98 (99bpave2.xls) GENERAL FUND REVENUES 1 Item 1 ~ ~ Beginning Fund Balance zlGeneral property tax 1 3I Specific ownership tax al General sales tax 1 sl Use tax ~ ~ 6I HUTF tax 1 I 71 Cigarette tax 1 elVendor fees I 9I Franchise fees I col License fees I ~ ~ I Motor vehicle fees I ~2~ Planning Fees I ~alCourt fines I ~alTransportation contribution ,slVsitor Center revenue ,s-Grants 1 ~ ~~1Miscellaneous earnings ~slReimburseables 1 ~s General Fund interest Zo Transfers ~ ~ 2~ "fi4TAL ~ _ ___ 96 Actual 97 est I ~ 98 bud I 98 est ~ 205879 1677831 161585 161585 I 601351 I 4606 ( 8242061 496391 ~ 201051 1 54071 I 283911 I 92691 48551 33911 I 8355 I 1 56551 1 161141 14961 I 147151 ~ 32817 I 7707 1 220001 1 50000 ~ 1374'4 594091 38511 9370781 449021 210001 49841 289821 93751 47351 22691 24501 31381 347161 896 ~ 10001 2296$ I 2250001 140001 o~ 15885316 Page 1 616261 45001 8021661 450001 248011 5000 ~ 276321 9300 47501 30001 15001 50001 26000 I 10001 50001 270001 2760001 217241 o~ 1°~1 $4 • 99 auess ~ 00 auess ~ 01 auess 202903 1328621 146372 616261 1114511 1159101 45001 55001 55501 824206 8642061 9770001 1000001 600001 650001 248011 250001 250001 5000 ~ 50001 5000 I 276321 284621 322401 93001 95001 9600 4750 I 47501 4750 30001 30001 30001 250001 100001 150001 50001 50001 50001 260001 270401 280901 10001 10001 1000 50001 50001 5000 27ooa I 27000 I 27000 2500001 7500 7500 217241 220001 220001 ~ l 1'~~"1'~24 14:14312 '148 120545 5600 1016080 75000 25000 5000 33530 10000 4750 3000 15000 5000 29150 1000- 5000 27000 7500 22000 0 15'S~S`~ • 1999 Guestimated Budget wit~aving: 6/22/98 (99bpave2.xls) GENERAL FUND General Fund Transfers ~ rz Water Fund I is Equipment Purchase 1 Za Emergency Reserve 1 Zs~Operating Reserves I ~slCapital Imp. Debt Service z~~Capital Improvement Reserve T©ta~ Try General Government 1 ~ Town Board 1 a91 Town Board wages 1 ~1 Board training 1 3~ ~ Board Room ~ sz Total, Town Boa~~ti 1 Community Enhancement salTown Picnic ~I Improvement Awards ss Neighborhood Workshops as Volunteer Recognition s~lClean-up grant 1 ss1 Wood Stove Rebate 1 391 Subtotal I Business Enhancement aolCommunity profile a~ I Icebreakers • 96 Actual 97 est 98 bud 98 est 199 auess 1 00 auess 01 auess I 1350001 1500001 50000 500001 0~ 0 0 300001 300001 30000 300001 300001 300001 30000 I 01 01 0~ OI OI 0~ 0 1 25001 0 ~ 189856 ~ 1898561 01 01 0 1 968501 1006271 1442561 647641 277515 2779631 273100 1 1800001 175000 75000 750001 01 01 0 445~l ~ ~ ~ a 3051 ~ 3~'3 _I ~ t~ 1 I 101401 I 12320 I 123201 I 123201 12320 ~ 123201 12320 $49 2950 400 01 40001 4000 40001 4000 0 7501 . 0~ 0~ 0~ 0 0 'I D989 ~ 1 '19~ 16F3~Q 1 X20 1630 '16a2Q 1`132 I I 1 0 I 2001 150 1 I 1501 I 150 ~ I 1501 150 1 8991 725 ~ 1000 ~ 10001 1000 ~ 1000 I 1000 1 01 0 01 01 0~ 01 0 I 1401 0 OI OI 0~ 01 0 QI QI 0~ OI 01 01 0 1 01 200 ~ 300 ~ 3001 3001 300 ~ 300 1 1039 1125 1450 1450 1450 1450 1450 1 0 10001 10001 1000 1000 0 0 0 OI OI 01 0 0 0 Page 2 ýÿ • 1999 Guestimated Budget wit~aving: 6/22/98 (99bpave2.xls) ~ ~ a2 Amtrak improvements asl Business workshops aalGardener ~ a51 Clean-up grant 1 asl Directional Signs I ail Downtown improvements gal Subtotal as T,~tal EnhanceEnent Administration ~ Personnel ~ so Salaries ~ s~ 1 Unemployment 1 5a1 FICA 1 1 ~1 Health Insurance gal Retirement s5lAdministrative training ~1 Subtotal 1 Commodities sal Supplies sal Misc. expenses 1 ss Elections 1 so Postage 1 s~ Telephone 1 s2lAdvertising 1 631 Printing sal Equip PurlRepairs • 96 Actual ~ 97 est 98 bud I 98 est 99 guess 00 guess 01 guess 0 0 15000 15000 0 0 0 40 1001 100 100 100 100 100 2938 15001 1500 1500 1500 1500 1500 of o~ of o oI of o 0 1501 30001 30001 01 01 0 0 7941 17501 17501 1750 17501 1750 29781 35441 223501 22350 4350 3350 3350 .,, I 4447 I 2°380 23 43~ 3350 ~ ~ ~ ~ 1225081 1216801 1298001 1298001 1544001 179800 187000 5101 4871 5201 5201 5201 5201 520 9755 93091 99301 99301 118111 137541 14305 10023 125401 13795) 137951 155201 172501 18110 35401 3650 38941 38941 46321 53941 5610 50101 5421 50001 50001 50001 50001 5000 151346 1530871 162939 1629391 1918831 2217181 230545 35581 4161 45001 45001 45001 45001 4500 292021 13743 125001 125001 125001 125001 12500 6931 01 2000 I 20001 01 20001 0 21241 21231 22001 2200 22001 22001 2200 67501 51801 58001 5800 58001 58001 5800 19691 41251 60001 60001 60001 60001 6000 7791 8961 1250 12501 12501 12501 1250 of 20001 sooo soool soool soool sooo Page 3 1999 Guestimated Budget wit~aving: 6/22/98 (99bpave2.xls) • 96 Actual 97 est 98 bud 98 est 99 guess 00 guess 01 guess ss Software 0 1930 2000 2000 2000 2000 2000 ss Contingency 1 0 6000 5000 5000 5000 5000 5000 s~ Subtotal ~ ~ 45075 40158 49250 49250 47250 49250 47250 ~ Contractual ~ sa Public Safety contract 78945 80288 86000 86000 111000 116000. 122000 ss Legal ~ I 42441 27606 35000 35000 35000 35000 35000 ~o Engineering 1 2999 ~ 18147 7500 20000 20000 20000 20000 ~o.s GCHA ~ 0 0 0 10000 25000 25000 25000 ~~ Treasurer Fees 1300. 1325 1325 1325 1325 1325 1325 n Audit ~ 8675 4800 5000 5000 5000 5000 5000 73 CIRSA 3644, 4118 5500 5500 5500 5500 5500 ~a NWCOG 522 546 553 553 553 553 553 ~s CAST 1125 1305 1355 1355 1355 1355, 1355 ~s CML 724 741 777 777 777 777 777_ ~~ Other pro. services 13940 18002 35000 35000 35000 35000 35000 ~a Subtotal ~ 154315 156878 178010 200510 240510 245510 251510 Capital 79 Furniture 3376 0 1500 1500 1500 1500 1500 80 Off'ICeS ~ 0 ~ 0 ~ 0 0 e~ Hardware ~ 7102 0 4000 4000 _ 4000 ~ 4000 4000 s2 Subtotal ~ 10478 ~ 0 5500 5500 ~ 5500 ~ 5500 5500 _ ~ T A tni tr n ~b1 14 ; 41$19$ 4143 ~1g7' ~~O~~y e3 Page 4 1999 Guestimated Budget with ring: 6/22/98 (99bpave2.xls) • I 96 Actual I 97 est 98 bud I 98 est 99 guess 00 guess 01 guess _ I Municipal Court ~ 1 ~ I so 1 Judge 1 l 18001 1800 21001 2100 I 2100 2100 l 2100 st Legal I I O I 01 O I O I 0 OI 0 s2 Subtotal I 1 18001 18001 21001 2100 ~ _2.1__00_ I 21.0.0_ I 2100 1 Building Maintenance I I I I I ssl Heat 1 18601 2129 28001 28001 28001 2800 2800 sal Lights 1 20951 2391 2250 22501 22501 2250 2250 ssl Janitorial I I I 47101 49001 6000 60001 60001 60001 6000 s61 Repairs 1 l 1 24261 2961 1 5000 l 5000 ~ 50001 50001 5000 s~ISuppiies I I 14471 8301 12001 1200 12001 12001 1200 98l Subtotal 1 I, l 128381 132111 17250 ~ 172501 17250 l 17250 l 17250 s9J Total, ~ r I ~ ~~4 I ~'S~~It'I I 0 I 1 I ~°'F~3 I ~!~0 ~ 1 T4TaL, GEI~iIAL GG~k~!MT 380~5g 38fi14~ ~"~'~9 4`~"~'9 55163 598 5X5 LEASE/PURCHASE 1 I I I I I I goo Principal 1 1 l 326031 2116661 333341 333341 ~o~ Interest I I I 0~ 01 0 0~ TQ7AL, LE#'SFJPURCHA~~ 3~2fi-1i~ 21186 33334' 333 I I f I l ~ f `I 0 01 0 01 01 0 a o ail Page 5 • 1999 Guestimated Budget vuith~iing: 6/22/98 (99bpave2.xls) VISITORS' CENTER 8~ WALK THROUGH HISTORY PARK I I 96 Actual 97 est Personnel - _._ ....~ 102 Salaries ~ 1os Unemployment 1oa1 FICA 1 1os1 Health Insurance 1osl Retirement 10~ I Subtotal 1 Commodities 1os1 Supplies 1 1os1 Misc. expenses 11olAdvertising 1111 Printing 1121 Postage 11slTelephone 114 Utilities 1 11s Equip Pur/Repairs 1161 Contingency 1171 Subtotal 1 Contractual „6- Maintenance 11slJanitorial Services 120 Legal 1211CIRSA 1221 Professional services 12x1 Subtotal 24270 97 18571 of 3121 265361 19181 4981 oI 2031 of 5501 20331 3761 01 5578 1 1 1331 23701 oI 2032 5000 95351 226121 901 17301 14301 4301 262921 20831 1651 200 0 01 376 1749 12141 10001 87871 1 6461 30001 a~ oI 125001 161461 Page 6 98 bud I 98 est 348401 1151 26651 28001 6551 410751 35001 500 15001 4001 1001 6501 2200 4350 10001 142001 20001 30001 of O 100001 150001 34840 1151 26651 28001 6551 410751 35001 5001 1500 400 1001 6501 22001 43501 10001 142001 20001 30001 oI of 100001 150001 99 guess 00 guess 01 guess 362341 37683 39190 1151 115 115 2772 2883 2998 2800 28001 2800 6811 7081 737 426021 441891 45840 35001 35001 3500 500 I 500 ~ 500 15001 15001 1500 4001 4001 400 1001 1001 100 6501 6501 650 220o I 220o I 2200 4350 43501 4350 1000 10001 1000 14200 142001 14200 2000 20001 2000 3000 30001 3000 0 0l o 01 01 0 100001 01 0 150001 50001 5000 • ýÿ 1999 Guestimated Budget with~iing: 6/22/98 (99bpave2.xls) • Capital ~Za Statue pedestals ~ZSIBathroom storage ~a;I Capital Projects ~a~1 Subtotal 1 TOTAL:., V~ ~~$S' CENTER PUBLIC WORKS Personnel ~ZS Staff Wages Aso Unemployment ~s~IFICA ~ 1321 Health Insurance 1331 Retirement ~~alWorkers Comp ~~slTraining ~~1Subtotal I I ~ Commodities ~s~l0perating Supplies ~as1 Equipment Repairs ass-Street Maintenance ~ao~ Shop Supplies ~a~ ~ Street Lighting ~az1 Shop Utilities ~aa1 Equipment Rental Baal Contingency ~as1 Subtotal 1 96 Actual 97 est 98 bud I 98 es# 199 guess 00 guess 01 guess 3500 01 01 0 0 - 0 0 I 757 01 01 0 01 ~ 01 0 I 0 2000 100001 100001 100001 100001 10000 1 1 4257 2000 100001 100001 100001 10000 10000 ~ ~ ~ 4~i ~ 51~ ~ 80275- ~ X75 $1~'~ ~ ~`~ ~` ~ ~ ~ I I 75995 - ~ 831031 ~ 90840 I 90840 I I ~ 94474 I 120473 146474 I 1 349 3331 3641 3641 3641 3641 364 I I 6671 6358 I 6950 I 6950 I 7227 I 9216 I 11205 I 88911 84381 92821 9282 102101 122521 12865 I 17731 24931 2726 2726 28341 36141 4394 I I OI 0 0 0~ OI 01 0 I I 2561 2500 35001 35001 3500 35001 3500 1 1 93935 1032251 1136621 1136621 1186091 1494191 178802 - I 218441 265341 260001 26000 I 260001 260001 26000 I I 8971 I 90351 10000 I 10000 I 10000 ~ 10000 I 10000 1 1 98881 112891 120001 120001 120001 120001 12000 I 1 32791 0 ~ 01 01 0- O I 0 1 66961 69861 75001 75001 7500 7500 7500 1 26281 2479f 30001 30001 3000 3000 3000 I I 3700 I 1000 I 5000 I 5000 I 5000 I 5000 I 5000 I 01 5000 50001 50001 50001 5000 5000 I 570061 62323 685001 685001 685001 68500 68500 Page 7 ýÿ • 1999 Guestimated Budget wit~aving: 6/22/98 (99bpave2.xls) • Contractual i ~asl Engineering 1 ~a71 CIRSA i 1 ,aslContract Plowing 1 ~aslClean-up days 1 ~sol Subtotal I 1 ~ ~ Capital ~ ~ ~s~ 1 Public Works Building ~sz~ Subtotal i ~ ~ ~ Parks ~ 1 sal Plantings 1 1 ~5a1 Park Maintenance 1 ~sslTools/Supplies 1 ~~s~ Subtotal 1 ~ 1 1. i i TOTAL PLfi~IC W4~RtES i i i 96 Actual 97 est I 98 bud 1 98 est 99 auess 00 auess 01 auess 152 3544 100001 10000 100001 10000 10000 68621 7776 71601 7160 71601 7160 7160 24381 3000 30001 30001 30001 30001 3000 780 ~ 6151 1000 ~ 10001 1000 10001 1000 102321 14935 ~ I 211601 21160 ~ 21160 211601 21160 i 01 ~ 0 i 50001 i 50001 i 50001 i 50001 5000 0 0 i 5000 ~ 5000 5000 i 5000 5000 ~ 29431 I 81951 14400 ~ 144001 14400 ~ 144001 14400 1821 1001 7501 750 7501 750 750 3601 751 7501 7501 7501 7501 750 3485 83701 15900 159001 159001 159001 15900 l I I 1 16df58 1~{G~ 222 224222 229169 28~~9 X5936 i i I f Page 8 • 1999 Guestimated Budget wit~aving: 6/22/98 (99bpave2.xls) GRANTS S< TRANSPORTATION • 96 Actual 97 est I 98 bud 98 est 99 guess 00 guess 01 guess ,731 Grants & aid to other agencies 46491 52675 ~ 66969 66969 66969 66969 66969 1741 Contingency 2750 2949 ~ 1671 1671 1671 1671 ~ 1671 175 Night Shuttle ~ 53043 ~ 57850 ~ 53223 ~ 53223 53223 ~ 53223 ~ 53223 17s~ Day Shuttle I 90001 10000 ~ 10000 ~ 100001 10000 ~ 0 0 1n Summer Shuttle ( _. ~ 2983 ~ 33871 3438 ~ 3438 ~ 3438 ~ 3438 3438 'COITAL, G RAN~~~ $ ~' ',~R~"ATi~N 17 4~~6'T 'I ~i1 13~ 3~'~ 1 ~1 131 12~ 1 ~II~'~' CAPITAL IMPROVEMENT OPERATION ~ MAINTENANCE 18o Fraser River Trail ~ ~ 200 0 ~ 5000 ~ 5000 ~ 5000 ~ 5000 ~ 5000 1 s1 US 40 trails I 0 0 ~ 12300 ~ 12300 ~ 1000 ~ 1000 ~ 1000 1s2~ Tree Planting ~ ~ 5831 4000 ~ 0 ~ 0 ~ 0 ~ 0 ~ 0 1ss~Parks ~ ~ 0~ 0~ 3000 3000 3000 3000 3000 1s5 Banners ~ ~ 2016 ~ 671 ~ 0 0 ~ 0 ~ 0 ~ 0 1~ Depot lights ~ ~ 0~ 0 ~ 0 0 ~ 0~ 0 ~ 0 1 s7 Town Hall ~ ~ ~ 6570 ~ 1900 ~ 3500 3500 ~ 3500 ~ 3500 ~ 3500 TOTAL, ~~1PITA1~ r'~NT~ 14617 6~rT'I ~0 2~~ 9~$I X20 , ~;~3#. Page 9 1999 Guestimated Budget wi~aving: 6122!98 (99bpave2.xls) Recap, General Fund Expenditures tee Transfers ~ss~General Govt. ~ ~so~ Lease/Purchase ~ ~s~ ~ Visitors Center ~ ~sa~Total Public Works/Parks ~sa~Grants & Transportation ~ss~Total, Capital Improvements ass Total.Gerf~ral f"=und ~ ~ 96 Actual 97 est_ 444350 455627 390558 386148 32603 211666 45906 51225 164658 ~ 188853 ~ 114267 126861 14617 6571 9 2a6~ 1426''t General Fund Revenues & Expenditures ~ I, _ 96 Actual ~ ~ s~ ~ Revenues ~ 1374742 ~ ~ss~ Expenditures ~ 1206959 ,ss ~1ing Fund ~Fance 1~7~' 98 bud 489112 455169 ~ 33334 ~ 80275 ~ 224222 135301 23800 1441~~~ 3 97 est 98 bud 1588536 1512584 1426951 1441213 1~'75~ 713?~ Page 10 ~ ~ 98 est 99 guess ~ 409620 307515 477669 525163 33334 ~ 0 ~ 80275 81802 224222 ~ 229169 ~ 135301 135301 23800 ~ 12500 13~4~'~1 '1945a • 00 guess 01 guess 307963 303100 560998 573825 0 0 73389 75040 259979 289362 125301 125301 12500 12500 'I34~130 13791 98 est ~ 99 guess ~, 00 guess, ~ 01 guess 1587124 1424312 1486502 1556527 1384221 1291450 1340130 137912$ ~a~~ ~ ~ ~~~z ~ ~~~ • 1999 Guestimated Budget wit~aving: 6/22/98 (99bpave2.xls~ • CAPITAL IMPROVEMENT FUND 1 I I 96 Actual 97 est 98 bud 98 est 99 auess 00 auess 01 auess Revenues ~ Zoo Beginning Fund Balance 142697 22788 8693 2209565 2164565 1149565 169565 Zoe General Fund transfer 1 1800001 1750001 750001 750001 0 0 . 0 ZoZlConservation Trust transfer 265001 90001 01 01 0 01 0 Zos~ Developer Trust transfer 125001 01 01 01 0 01 0 Zoal Debt Service transfer 1 968501 1006271 1442561 64764 ~ 2775151 2779631 273100 Zos1 Bond Sale Proceeds I 01 01 22000001 01 01 01 0 Zos 11 nterest ~ ~ ~ 15000 ( 5000 ~ 75000 ~ 55000 ~ 70000 30000 ~ 5000 Zoe Tatsl 47~4'~ 3't24~f~5 2~©2949 6 2~1 14''°528 44'~6fi 1 Expenditures I 1 Zoal Debt Service ~ 1 969831 1006271 103384 64764 ~ 2775151 277963 ~ 273100 2,31 Projects: Fraser River Trail 2021981 659901 0 01 01 01 0 Z,glTown Building 1 01 01 150001 150001 50001 01 0 Z,81 Misc. Street Paving 1 01 131251 01 01 10000001 10000001 0 zz~ I Misc. St. Improvements 1 01 01 1250001 1250001 750001 50001 5000 2z31Alley Improvements 1 01 01 50001 50001 5000 50001 5000 rzslMustang 1 1 1469271 1239801 450001 300001 0 01 0 zz6~ S Wapiti Drive r-o-w 1 4651 0 1 01 01 01 01 0 227 ~ub~r~tal PrcC1S 3J 7~ 208+35 '~9~ 1"P`~~} 75 10~(JiIAQ 90Drya ~_ rze Totsl Expenses 450759 30722 j 293384 239764 13GZ5'I5 12$7963 283'1 ~Q PITp1L I I ~IFPirt~VENT i A ~ ~ B~- .. 1693 ~3b95 2~64~55 1149565 1.$9565 164565; Page 11 ýÿ • 1999 Guestimated Budget with ring: 6122/98 (99bpave2.xls) I I CAPITAL EQUIPMENT REPLACEMENT Revenues 229 Beginning Fund Balance 230 General Fund transfer 23111nterest 1 2321 Sale of Assets 2331 Subtotal I 1 Expenditures 1 2341 Heavy equipment 1 2351 Regular fleet 1 236 Police vehicle 1 96 Actual 1 82,9121 1 300001 75301 1 01 1 1204421 237 Other 1 I 2381 Subtotal Lease/Purchase Agreements I 2391 Komatsu Front-end Loader 1 2401 Subtotal 1 Total, Expenditures CAPITAL ~~U~P~AEI•~T BALANCE I I I 1 I 97 est 847271 300001 36001 01 1469271 98 bud I 98 est 99 guess 1 00 guess 01 guess ~- 893621 300001 36001 01 1229621 796761 300001 40001 15001 1151761 1 I 89362 300001 36001 01 122962 01 I 322791 01 01 50001 01 80001 80001 20500 I o 1 0 01 10215 50001 15000 150001 35715 I 372791 23000 230001 01 202861 I 202861 202861 01 202861 202861 202861 357151 575651 s47~~ 1 I 432861 432861 79676' 7`9676 • Page 12 ýÿ _o. ORDINANCE NO. ~~~ ~ 1~~~ ~ _~~~ AN ORDINANCE OF THE TOWN OF FRASER, COL~~~~ ~ AUTHORIZING THE ISSUANCE OF THE TOWN'S SALES AND USE TAX REVENUE REFUNDING AND IMPROVEMENT BONDS, SERIES 1998, IN THE AGGREGATE PRINCIPAL AMOUNT OF $2,290,000, FOR THE PURPOSES SET FORTH IN THE BALLOT QUESTION AUTHORIZING THE BONDS; PRESCRIBING THE FORM OF THE BONDS; PROVIDING FOR THE PAYMENT OF THE BONDS FROM THE TOWN'S SALES AND USE TAX REVENUES DEPOSi t ~D IN THE CAPITAL IMPROVEMENT FUND AND OTHER SOURCES PLEDGED TI~~KEFOR PURSUANT TO THIS ORDINANCE; PROVIDING OTHER DETAILS AND APPROVING OTHER DOCUMENTS IN CONNECTION WITH THE BONDS; AMENDING ORDINANCE NO. 197 OF THE TOWN; AND DECLARING AN EMERGENCY. WHEREAS, the Town of Fraser, Grand County, Colorado (the "Town"), is a statutory town and political subdivision of the State of Colorado, duly organized and operating under the constitution and laws of the State of Colorado; and WHEREAS, pursuant to Ordinance Nos. 39, 41, 42, 95, 100, 106, 116, 142, 167 and • 237 of the Town duly adopted and approved by the Boazd of Trustees of the Town (the "Boazd") and approved by election as required, the Town imposes a sales and use tax at a rate of 4 (collectively, the "Sales and Use Tax") and there has been established and created a capital improvement fund (the "Capital Improvement Fund") into which a portion of the moneys generated from the Sales and Use Tax are deposited; and WHEREAS, the Town is authorized by Title 29, Article 2, Part 1, Colorado Revised Statutes to issue revenue bonds payable from a capital improvement fund into which all or any part of the revenues from the Sales and Use Tax are deposited, subject to obtaining voter approval of a ballot proposal authorizing such tax and capital improvement fund; and WHEREAS, Article X, Section 20 of the Colorado Constitution provides that voter approval in advance is required for the creation of any direct or indirect debt or other multiple- fiscal year financial obligation whatsoever; and WHEREAS, pursuant to an election held on April 7, 1998, the electors of the Town voted in favor of the following ballot question (the "Ballot Questionn~: SHALL THE TOWN OF FRASER DEBT BE INCREASED BY AN AMOUNT NOT TO EXCEED $2,200,000, WITH A MAXIMUM REPAYMENT COST OF $4,100,000, (BUT WITH NO INCREASE IN THE TOWN'S EXISTING SALES AND USE TAX), FOR THE. PURPOSE OF CONSTRUCTING AND • ovis~9os.i IMPROVING STREETS AND PROVIDING FOR STORM DRAINAGE, • INCLUDING ALL NECESSARY OR INCIDENTAL COSTS RELA t ~li THERETO; SUCH DEBT TO CONSIST OF SALES AND USE TAX REVENUE BONDS OR OTHER FINANCIAL OBLIGATIONS PAYABLE FROM ALL OR A PORTION OF THE TOWN'S SALES AND USE TAX TO BE DEPOSt t r.D INTO THE SALES AND USE TAX CAPITAL IMPROVEMENT FUND OF THE TOWN AND UTILIZED SOLELY TO PROVIDE THE CAPITAL IMPROVEMENTS AUTHORIZED HEREIN OR FOR REPAYMENT OF THE BONDS; SUCH DEBT TO BE ISSUED, DATED AND SOLD IN MULTIPLE SERIES AT SUCH TIMES, AT SUCH PRICES (AT, ABOVE, OR BELOW PAR) AND CONTAINING SUCH TERMS, NOT INCONSISTENT HEREWITH, AS THE BOARD OF TRUSTEES MAY DETERMINE; SHALL SECTION 2, SECTION 3, AND SECTION 4 OF ORDINANCE N0.237 OF THE TOWN BE APPROVED, WHICH SECTIONS PROVIDE, AMONG OTHER THINGS, THAT THE BOARD OF TRUSTEES SHALL BE AUTHORIZED TO DE t ~xMINE THE AMOUNT OF SALES AND USE TAX REVENUE DEPOSITED INTO THE SALES AND USE TAX CAPITAL IMPROVEMENT FUND; AND SHALL ALL SALES AND USE TAX REVENUES DEPOSITED IN THE CArt t AL IMPROVEMENT FUND AND ANY EARNINGS FROM THE INVESTMENT OF THE PROCEEDS OF SUCH BONDS CONSTITUTE AVOTER-ArrxOVED REVENUE CHANGE? WHEREAS, Section 2, Section 3, and Section 4 of Ordinance No. 237 of the Town mo~ ~ i;i.,;,n.P the requirement that 20% of the Sales and Use Tax revenues be deposited to the Capital Improvement Fund and provide that the Board annually d~~..~u~ine the amount of such revenues to be deposited, provided, however, such amount cannot be less than the amount necessary to pay the principal of and interest on any outstanding sales tax revenue bonds when due; and WHEREAS, the Board hereby determines that it is in the best interests of the Town, and the residents thereof, that there shall be issued sales and use tax revenue bonds in the principal amount of $ , as authorized by the Ballot Question (the "Improvement Bonds") and that there shall be deposited to the Capital Improvement Fund an amount of the Sales and Use Tax revenues sufficient to pay, when due, the debt service on the Improvement Bonds and any other bonds payable from the Capital Improvement Fund; and WHEREAS, the Town has heretofore duly authorized, sold, issued, and delivered to the purchasers thereof its Sales and Use Tax Revenue Refunding and Improvement Bonds, Series 1992, dated October 15, 1992, originally issued in the aggregate principal amount of $1,145,000, and now outstanding in the aggregate principal amount of $1,000,000 (the "Series 1992 Bonds"); and WHEREAS, the Series 1992 Bonds are secured by a pledge of 20 % of the net revenue collected by the Town from the Sales and Use Tax and, in order to secure the Series 1992 Bonds • oyis»os.i -2- on a parity with the Improvement Bonds, it necessary to amend the ordinance providing for the • issuance of the Series 1992 Bonds to enhance the security of said bonds by pledging an amount from gross Sales and Use Tax revenues to the Capital Improvement Fund necessary to pay the debt service on the Series 1992 Bonds when due; and WHEREAS, the Series 1992 Bonds maturing on and after June 1, 2003, are subject to redemption prior to maturity, at the option of the Town, as a whole or in integral multiples of $5,000, in inverse order of maturity and by lot within any maturity, on June 1, 2002, upon payment of par, accrued interest, and a premium of one percent (1 %) of the principal amount so redeemed; and WHEREAS, the principal of, premium if any, and interest on the Series 1992 Bonds are payable at Bank One, Colorado, N.A. (as successor to Affiliated National Bank-Denver), as paying agent; and WHEREAS, the Series 1992 Bonds have not heretofore been refunded, nor have any of the same been redeemed or otherwise paid, cancelled, or retired by the Town; and WHEREAS, the rate of interest on the Series 1992 Bonds ranges from 6.05% to 7.30% and, due to limitations established in the federal tax code, a portion of the Series 1992 Bonds currently cannot be advance refunded on atax-exempt basis; and • WHEREAS, the bonds issued for the purpose of refunding Town bonded indebtedness at a lower interest rate within the meaning of Article X, Section 20 of the Colorado Constitution, and may be issued without further voter approval; and WHEREAS, after extended discussions and consultation, it has been determined ~by the Board that by refunding a portion of the Series 1992 Bonds, being bonds in principal amount of $ (the "Refunded 1992 Bonds") as set forth in this Ordinance, the Board can reduce the total principal and interest payable on the obligations represented by the Refunded 1992 Bonds; and WHEREAS, the Board hereby determines that it is in the best interests of the Town, and the residents thereof, that the Refunded 1992 Bonds shall be refunded and that for such purpose there shall be issued refunding bonds in the total principal amount of $ ,000 (the "Refunding Bonds") (the Improvement Bonds and the Refunding Bonds collectively referred to as the "Bonds"); and WHEREAS, the net proceeds derived from the sale of the Refunding Bonds shall be placed in the special fund and trust account established for the purpose only of paying the principal of, premium if any, and interest on the Refunded 1992 Bonds as they become due and payable, all as is more particularly hereinafter set forth the net proceeds of the Improvement Bonds shall be deposited into a project account and used for the purposes approved in the Ballot Question; and • ovis~sos. i -3- WHEREAS, the Bonds shall be revenue obligations of the Town payable solely from the • Capital Improvement Fund and the Bonds shall have an irrevocable and first lien on the Capital Improvement Fund, but not necessarily an exclusive such lien; and WHEREAS, the Board has been presented with a proposal in the form of a Bond Purchase Agreement from George K. Baum & Company, of Denver, Colorado , to purchase the Bonds and the Board has determined that the sale of the Bonds to the Underwriter is in the best interests of the Town and the residents thereof; and WHEREAS, none of the members of the Board have any potential conflicting interests in connection with the authorization, issuance, or sale of the Bonds, or the use of the proceeds thereof; and WHEREAS, there has been presented to this meeting of the Board: (i) the Preliminary Official Statement; (ii) the form of the Escrow Agreement; and (iii) the Bond Purchase Agreement (all as defined hereafter); and WHEREAS, the Board desires to authorize the issuance and sale of the Bonds and the execution of the foregoing documents; NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE • TOWN OF FRASER, COLORADO: Section 1. Definitions. The following terms shall have the following meanings as used in this Ordinance: "Act" means Part 1 of Article 2 of Title 29, C.R.S., or any successor thereto. "Ballot Question" means the Ballot Question approved by Town voters which is set forth and defined as such in the preambles hereto. "Bank" means The Bank of Cherry Creek, N.A., in Denver, Colorado, or its successor, a national banking association duly organized and existing under the laws of the United States of America, being a member of the Federal Deposit Insurance Corporation, and having full and complete trust powers, where the Escrow Account is established and maintained. "Beneficial Owner" means any person for which a Participant acquires an interest in the Bonds. "Board" means the Board of Trustees of the Town. "Bond Account" means the "Capital Improvement Fund Bond Account" created in the section hereof entitled "Creation of Capital Improvement Fund; Establishment of Accounts." • oziis~9os.i -q.- "Bond Counsel" means (i) as of the date of issuance of the Bonds, Kutak Rock, and (ii) • as of any other date, Kutak Rock or such other attorneys selected by the Town with nationally recognized expertise in the issuance of municipal bonds. "Bond Purchase Agreement" means the Bond Purchase Agreement dated July _, between the Town and the Underwriter concerning the purchase of the Bonds by the Underwriter. "Bonds" means the Sales and Use Tax Revenue Refunding and Improvement Bonds, Series 1998, dated July 15, 1998, authorized hereby. The Bonds shall be considered to consist of refunding bonds in the principal amount of $ and improvement bonds in the principal amount of $ "Business Day" means any day other than (i) a Saturday or Sunday or (ii) a day on which banking institutions in the State are authorized or obligated by law or executive order to be closed for business. "Capital Improvement Fund" means the "Sales and Use Tax Capital Improvement Fund" created in this Ordinance. "Cede" means Cede & Co., the nominee of DTC as record owner of the Bonds, or any successor nominee of DTC with respect to the Bonds. "Certified Public Accountant" means an independent certified public accountant within the meaning of §12-2-115, C.R.S., and any amendment thereto, licensed to practice in the State of Colorado. "Code" means the Internal Revenue Code of 1986, as amended. Each reference to a section of the Code herein shall be deemed to include the United States Treasury Regulations proposed or in effect thereunder and applicable to the Bonds or the use of proceeds thereof, unless the context clearly requires otherwise. "Combined Maximum Annual Principal and Interest Requirements" means an amount equal to the maximum amounts required to be paid in any single current or future calendar year as the principal of (including any mandatory sinking fund requirements) on interest on the Bonds and any Parity Lien Bonds outstanding, excluding any such bonds which have been defeased pursuant to the terms of the authorizing documents. For purposes of calculating the Combined Maximum Annual Principal and Interest Requirements in any calendar year in which any issue of Bonds and Parity Lien Bonds finally mature, there shall be subtracted from the final principal payment for said bonds any cash or the present value of any investments deposited in a reserve fund or account established pursuant to the authorizing documents which are properly allocable to said bonds. • ozitsr~os.i -$- "C. R. S. " means the Colorado Revised Statutes, as amended and supplemented as of the • date hereof. "Depository" means any securities depository as the Town may provide and appoint, in accordance with the guidelines of the federal Securities and Exchange Commission, which shall act as securities depository for the Bonds. "DTC" means the Depository Trust Company, New York, New York, and its successors and assigns, which shall act as the initial securities depository of the Bonds. "DTC Blanket Letter of Representations" means the agreement between the Town and DTC whereby the Town agrees to comply with DTC's operational requirements. "Escrow Account" means a special fund and separate trust account created by the provisions hereof, designated as the "Town of Fraser Refunding Escrow Account, 1998," to be established and maintained at the Bank for the purpose of paying the principal of, premium if any, and interest on the Refunded 1992 Bonds. "Escrow Agreement" means the agreement between the Town and the Bank dated as of July 15, 1998, concerning the establishment and maintenance of the Escrow Account. "Event of Default" means any of the events specified in the section hereof entitled • "Events of Default. " "Federal Securities" means bills, certificates of indebtedness, notes, bonds or similar securities which are direct non-callable obligations of the United States of America or which are fully and unconditionally guaranteed as to the timely payment of principal and interest by the United States of America. "Interest Sub-Account" means asub-account of the Bond Account established by the provisions hereof for the purpose of paying the interest on the Bonds and any Parity Lien Bonds. "Letter of Instructions" means the Letter of Instructions, dated the date of issuance of the Bonds, delivered by Bond Counsel to the Town, as it may be superseded or amended in accordance with its terms. "Official Statement" means the final version of the Preliminary Official Statement. "Ordinance" means this ordinance which authorizes the issuance of the Bonds, including any amendments properly made hereto. "Ordinance No. 197" means that certain Ordinance No. 197 ,of the Town, adopted and approved as an emergency ordinance on October 21, 1992, which ordinance authorized the issuance of the Series 1992 Bonds. • oziis~9os.i -6- "Outstanding" means, as of any date, all Bonds, except the following: • (a) Any Bond cancelled by the Town or the Paying Agent, or otherwise on the Town's behalf, at or before such date; (b) Any Bond held by or on behalf of the Town; (c) Any Bond for the payment or the redemption of which moneys or Federal Securities sufficient to meet all of the payment requirements of the principal of, interest on, and any premium due in connection with the redemption of such Bond to the date of maturity or any redemption date thereof, shall have theretofore been deposited in trust for such purpose in accordance with the section hereof entitled "Defeasing;" and (d) Any lost, apparently destroyed, or wrongfully taken Bond in lieu of or in substitution for which another bond or other security shall have been executed and delivered. "Owner" or "Owners" means the Person or Persons in whose name or names a Bond is registered on the registration books maintained by the Paying Agent pursuant hereto. "Participant" or "Participants" means any broker-dealer, bank, or other financial institution from time to time for which DTC or another Depository holds the Bonds. "Parity Lien Bonds" means any bonds or other obligations (which may or may not be multiple-fiscal year financial obligations) currently outstanding or permitted to be issued pursuant to the section hereof entitled "Conditions to Issuance of Parity Lien Bonds," with a lien that is equal and on a parity with the lien of the Bonds on the Pledged Revenues and the moneys on deposit from time-to-time in the Capital Improvement Fund. For purposes of this Ordinance, the Series 1992 Bonds which are not Refunded 1992 Bonds shall be considered to be included in the term Parity Lien Bonds. "Paying Agent" means the Bank and its successors in interest or assigns approved by the Town, which shall act as paying agent, bond registrar, and authenticating agent for the Bonds. "Permitted Investments" means any lawful investment permitted for the investment of funds of the Town by the laws of the State. "Person" means a corporation, firm, other body corporate, partnership, association or individual and also includes an executor, administrator, trustee, receiver or other representative appointed according to law. "Pledged Revenues" means all ofthe Town's Sales and Use Tax revenues required to be deposited in the Capital Improvement Fund pursuant to the section hereof entitled "Deposit of • oziis~9os.i -7- ýÿ Pledged Revenues. " The Pledged Revenues are pledged solely for capital improvement purposes in accordance with the Act. "Preliminary Official Statement" means the Preliminary Official Statement dated July 1998, concerning the Bonds and the Town. "Principal Sub Account" means asub-account of the Bond Account established by the provisions hereof for the purpose of paying the principal of and premium, if any, on the Bonds and any Parity Lien Bonds. "Project" means any purpose for which proceeds of the Bonds may be expended under the Ballot Question. "Project Account" means the "Series 1998 Sales and Use Tax Revenue Bond Project Account" created in the section hereof entitled "Creation of Capital Improvement Fund; Establishment of Accounts." "Project Costs" means the Town's costs properly attributable to the Project or any part thereof, including without limitation: (a) the costs of labor and materials, machinery, furnishings, equipment, and the restoration of property damaged or destroyed in connection with construction work; (b) the costs of surveys, appraisals, plans, designs, specifications, and estimates; (c) the costs, fees, and expenses of printers, engineers, architects, financial • consultants, legal advisors, or other agents or employees; (d) the costs of issuing the Bonds; (e) the costs of demolition, removal, and relocation; and (f) all other lawful costs as determined by the Board. "Pro Rata Portion" means the dollar amount derived by dividing the amount of principal or interest to come due on the next principal or interest payment date by the number of monthly credits required to be made prior to such payment date. "Rating Agency" means Fitch Investors Service, Inc., Moody's Investors Service, Inc. and Standard & Poor's Ratings Services, a Division of The McGraw-Hill Companies, Inc. "Record Date" means the fifteenth (15th) day of the calendar month immediately preceding each interest payment date. "Refunded 1992 Bonds" means $ ,000 in principal amount of the Series 1992 Bonds maturing on December 1, 2017, which bonds shall be allocated for purposes of mandatory sinking fund redemption in the following years and amounts "Refunded Bond Requirements" means the principal, redemption p~~,~.~ium if any, and interest due in connection with the Refunded Bonds, at maturity or upon prior redemption, as set forth in the Escrow Agreement. • ovis~9os.i -$- "Refunding Act" means Article 56 of Title 11, Colorado Revised Statutes, as amended. . "Refunding Project" means any purpose for which proceeds of the Bonds may be expended under the Refunding Act, including, but not limited to, the payment of an allocable portion of the costs of issuance of the Bonds and the refunding, paying and discharging of the Refunded Bond Requirements. "Reserve Account" means the "Sales and Use Tax Capital Improvement Fund Reserve Account" created in the section hereof entitled "Creation of Capital Improvement Fund; Establishment of Accounts. " "Reserve Account Contract" means a surety bond, insurance policy, letter of credit, investment agreement, investment contract or similar instrument. "Reserve Account Requirement" means, as of any date on which it is calculated, the least of (i) 10 % of the principal amount of the Outstanding Bonds, (ii) the maximum annual debt service in any calendar year on the Outstanding Bonds or (iii) 125 % of the average annual debt service on the Outstanding Bonds; provided, however, that the Reserve Account Requirement may be reduced if, in the opinion of Bond Counsel, the funding or maintenance of it at the level otherwise determined pursuant to this definition will adversely affect the exclusion from gross income tax for federal income tax purposes of interest on any of the Bonds. "Sales and Use Tax" means the sales and use tax of the Town, as imposed by the Town pursuant to the Sales and Use Tax Ordinances and in effect as of the date hereof. The term "Sales and Use Tax" does not include any increase in the rate of sales tax from the present rate of 4 % and does not include any other legally available excise tax unless otherwise provided by the Board. "Sales and Use Tax Ordinances" means Ordinance Nos. 39, 41, 42, 95, 100, 106, 116, 142, 167 and 237 of the Town. "Series 1992 Bonds" means the Town's its Sales and Use Tax Revenue Refunding and Improvement Bonds, Series 1992, dated October 15, 1992, originally issued in the aggregate principal amount of $1,145,000, and now outstanding in the aggregate principal amount of $1,000,000. "Special Record Date" means the record date for determining Bond ownership for purposes of paying defaulted interest, as such date may be determined pursuant to this Ordinance. "State" means the State of Colorado. "Town" means the Town of Fraser, Grand County, Colorado. • ovis»os.i -9- ýÿ "Underwriter" means George K. Baum & Company, of Denver, Colorado. • Section 2. Authorization and Purpose of the Bonds. Pursuant to and in accordance with the Act, the Refunding Act and the Ballot Question, the Town hereby authorizes, approves and orders that there shall be issued the "Town of Fraser, Colorado, Sales and Use Tax Revenue Refunding and Improvement Bonds, Series 1998" in the aggregate principal amount of $2,290,000 for the purpose of paying Project Costs and costs of the Refunding Project. Section 3. Bond Details. (a) Registered Form, Denominations, Original Dated Date and Numbering. The Bonds shall be issued as fully registered bonds in denominations of $5,000 or any integral multiple thereof, shall be dated as of an original dated date of July 15, 1998, shall be consecutively numbered in the manner determined by the Paying Agent and shall be registered in the names of the Persons identified in the registration books of the Town maintained by the Paying Agent. (b) Maturity Dates, Principal Amounts and Interest Rates. The Bonds shall mature on December 1 of the years and in the principal amounts, and shall bear interest at the rates per annum (calculated based on a 360-day year of twelve 30-day months), set forth below: Maturity ~ Principal Amount Interest Rate 1999 $ 70,000 2000 75,000 - - 2001 75,000 _ _ 2002 80,000 _ _ 2003 60,000 _ _ 2004 65,000 2005 70,000 2006 100,000 - - 2007 105,000 _ _ 2~8 110,000 _ _ 2009 115,000 _ _ 2010 125,000 _ _ 2011 130,000 2017 1,110,000 As required by Section 29-2-112(3), C.R.S., the maximum net effective interest rate authorized on the Bonds is hereby specified to be 6.0 % . • oziis~~os.i -10- (c) Accrual and Dates of Payment of Interest. Interest on the Bonds shall accrue at the rates set forth above from the later of the original dated date or the latest interest payment date (or in the case of defaulted interest, the latest date) to which interest has been paid in full and shall be payable on June 1 and December 1 of each year, commencing December 1, 1998. (d) Manner and Form of Payment. Principal of, premium, if any, and the final installment of interest on each Bond shall be payable to the Owner thereof upon presentation and surrender of such bond at the principal operations office of the Paying Agent or at such other location as identified by the Paying Agent. Interest (other than the final installment of interest) on each Bond shall be payable by check or draft of the Paying Agent mailed on the interest payment date to the Owner thereof as of the Record Date. All payments of the principal of, premium, if any, and interest on the Bonds shall be made in lawful money of the United States of America. (e) Book-Entry Registration. The Bonds shall be initially issued in the form of a single, certificated, fully registered Bond for each maturity. Upon initial issuance, the ownership of each such Bond shall be registered in the registration books kept by the Bond Registrar in the name of Cede, and principal of, premium if any, and interest on the Bonds shall be paid to DTC in accordance with the DTC Blanket Letter of Representations; provided, however, if at any time the Paying Agent determines, and notifies the Town of its determination, that DTC is no longer able to act as, or is no longer satisfactorily performing its duties as, securities depository for the Bonds, the Town may, at its sole- and absolute discretion, either (A) designate a substitute securities depository for DTC and reregister the Bonds as directed by such substitute securities depository or (B) terminate the book-entry registration system and reregister the Bonds in the names of the Beneficial Owners thereof. Neither the Town nor the Paying Agent shall have any liability to DTC, Cede, any substitute securities depository, any Beneficial Owner, any Person in whose name the Bonds are reregistered at the direction of any substitute securities depository, or any other Person for any action taken to implement the Town's discretionary detenmination set forth above that is taken pursuant to any direction of or in reliance on any information provided by DTC, Cede, any substitute securities depository, any Beneficial Owner, or any Person in whose name the Bonds are reregistered. Section 4. Forst of the Bonds. The Bonds shall be in substantially the form set forth in Appendix A hereto, with such changes thereto, not inconsistent herewith, as may be necessary or desirable and approved by the officials of the Town executing the same (whose manual or facsimile signatures thereon shall constitute conclusive evidence of such approval). Although attached as an appendix for the convenience of the reader, Appendix A is an integral part of this Ordinance and is incorporated herein as if set forth in full in the body of this Ordinance. • mris~9os.i -11- ýÿ Section 5. Execution, Authentication and Delivery of the Bonds. • (a) Execution. The Bonds shall be executed in the name and on behalf of the Town with the manual or facsimile signature of the Mayor, shall bear a manual or facsimile of the seal of the Town and shall be attested by the manual or facsimile signature of the Town Clerk both of whom are hereby authorized and directed to prepare and execute the Bonds in accordance with the requirements hereof. Should any officer whose manual or facsimile signature appears on the Bonds cease to be such officer before delivery of any Bond, such manual or facsimile signature shall nevertheless be valid and sufficient for all purposes. (b) Authentication. When the Bonds have been duly executed, the officers of the Town are authorized to, and shall, deliver the Bonds to the Paying Agent for authentication. No Bond shall be secured by or entitled to the benefit of this Ordinance, or shall be valid or obligatory for any purpose, unless the certificate of authentication of the Paying Agent has been manually executed by an authorized signatory of the Paying Agent. The executed certificate of authentication of the Paying Agent upon any Bond shall be conclusive evidence, and the only competent evidence, that such Bond has been properly authenticated hereunder. (c) Delivery. Upon the authentication of the Bonds, the Paying Agent shall deliver the same to DTC in accordance with the provisions of the DTC Blanket Letter . of Representations. Upon receipt of the agreed purchase price of the Bonds from the Underwriter and issuance of the approving opinion of Bond Counsel, DTC shall be duected to release the Bonds to the Beneficial Owners. Section 6. Registration, Transfer and Exchange of the Bonds. (a) Registration. The Paying Agent shall maintain registration books in which the ownership, transfer and exchange of Bonds shall be recorded. The person in whose name any Bond shall be registered on such registration books shall be deemed to be the absolute owner thereof for all purposes, whether or not payment on any Bond shall be overdue, and neither the Town nor the Paying Agent shall be affected by any notice or other information to the contrary. (b) Transfer and Exchange. The Bonds may be transferred or exchanged, at the principal office of the Paying Agent at the location identified in the definition of Paying Agent in the section hereof entitled "Definitions, " for a like aggregate principal amount of Bonds of other authorized denominations of the same maturity and interest rate, upon payment by the transferee of a transfer fee, any tax or governmental charge required to be paid with respect to such transfer or exchange and any cost of printing bonds in connection therewith. Upon surrender for transfer of any Bond, duly endorsed for transfer or accompanied by an assignment duly executed by the Owner or his or her • ovis~9os.i -12- attorney duly authorized in writing, the Town shall execute and the Paying Agent shall authenticate and deliver in the name of the transferee a new Bond. (c) Limitations on Transfer. The Town and Paying Agent shall not be required to issue or transfer any Bonds: (i) 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 (ii) 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 of redemption is mailed. The Paying Agent shall not be required to transfer any Bonds selected or called for redemption. Section 7. Replacement of Lost, Destroyed or Stolen Bonds. If any Bond shall become lost, apparently destroyed, stolen or wrongfully taken, it may be replaced in the form and tenor of the lost, destroyed, stolen or taken bond and the Town shall execute and the Paying Agent shall authenticate and deliver a replacement Bond upon the Owner furnishing, to the satisfaction of the Paying Agent: (i) proof of ownership (which shall be shown by the registration books of the Paying Agent), (ii) proof of loss, destruction or theft, (iii) an indemnity to the Town and the Paying Agent with respect to the Bond lost, destroyed or taken, and (iv) payment of the cost of preparing and executing the new bond or bonds. Section 8. Redemption of Bonds Prior to Maturity • (a) Optional Redemption. The Bonds maturing on and before December 1, 20 are not subject to redemption prior to their respective maturity dates. The Bonds maturing on and after December 1, 20 are subject to redemption prior to maturity at the option of the Town, in whole or in part in integral multiples of $5,000, and if in part in such order of maturities as the Town shall determine and by lot within a maturity, on December 1, 20 and on any date thereafter, at a redemption price equal to the percentage set forth below times the principal amount of the redeemed Bonds, plus accrued interest to the redemption date: Redemption Date Redemption Price December 1, 2007 through November 30, 2008 101.0 December 1, 2008 through November 30, 2009 100.5 December 1, 2009 and thereafter 100.0 (b) Mandatory Sinking Fund Redemption. The Bonds maturing on December 1, 2017 are subject to mandatory sinking fund redemption by lot on December 1 of the years and in the principal amounts specified below, at a redemption price equal to the principal amount thereof (with no redemption premium), plus accrued interest to the redemption date: • oziis~soa.i -13- ýÿ Years Principal Amount 2012 $140,000 2013 145,000 2014 155,000 2015 165,000 2016 175,000 2017 (final maturity) 330,000 At its option, to be exercised on or before the forty fifth day next preceding each sinking fund redemption date, the Town may (i) deliver to the Paying Agent for cancellation any Bonds with the same maturity date as the Bonds subject to such sinking fund redemption and (ii) receive a credit in respect of its sinking fund redemption obligation for any Bonds with the same maturity date as the Bonds subject to such sinking fund redemption which prior to such date have been redeemed (otherwise than through the operation of the sinking fund) and cancelled by the Paying Agent and not theretofore applied as a credit against any sinking fund redemption obligation. Each Bond so delivered or previously redeemed shall be credited by the Paying Agent at the principal amount thereof to the obligation of the Town on such sinking fund redemption date, and the principal amount of Bonds to be redeemed by operation of such sinking fund on such date shall be accordingly reduced. • (c) Redemption Procedures. Notice of any redemption of Bonds shall be given by the Paying Agent in the name of the Town by sending a copy of such notice by first-class, postage prepaid mail, not less than 30 days prior to the redemption date, to the Owner of each Bond being redeemed. Such notice shall specify the number or numbers of the Bonds so to be redeemed (if redemption shall be in part) and the redemption date. If any Bond shall have been duly called for redemption and if, on or before the redemption date, there shall have been deposited with the Paying Agent in accordance with this Ordinance funds sufficient to pay the redemption price of such Bond on the redemption date, then such Bond shall become due and payable at such redemption date, and from and after such date interest will cease to accrue thereon. Failure to deliver any redemption notice or any defect in any redemption notice shall not affect the validity of the proceeding for the redemption of Bonds with respect to which such failure or defect did not occur. Any Bond redeemed prior to its maturity by prior redemption or otherwise shall not be reissued and shall be cancelled. Section 9. Creation of Capital Improvement Fund; Establishment of Accounts. Pursuant to the Sales Tax Ordinance, there has heretofore been created the Capital Improvement Fund. Moneys deposited in the Capital Improvement Fund shall not thereafter be available to be pledged or expended for any general municipal purpose. There is hereby reestablished as accounts of the Capital Improvement Fund the Bond Account (within which there are established the Interest Sub-Account and the Principal Sub-Account) and the Reserve Account. There also is hereby established within the Capital Improvement Fund the Project Account. Each of the • oziis~~oe.i -14- above reference accounts may be line item accounts or sub-accounts and shall be considered trust • accounts for the benefit of Owners in accordance with the provisions of this Ordinance. There is also hereby established the Escrow Account, to be maintained by the Bank in accordance with the provisions hereof and of the Escrow Agreement. ' Section 10. Application of Proceeds of the Bonds; Funding of Reserve Account. (a) Application of Bond Proceeds. Upon payment to the Town of the purchase price of the Bonds in accordance with the Bond Purchase Agreement, the proceeds received by the Town from the sale of the Bonds shall be applied as a supplemental appropriation of the Town as follows: (i) to the Escrow Account, proceeds of the Bonds and, if necessary, other legally available moneys of the Town, in an amount sufficient to fund the Escrow Account for the payment of the principal of, p~~~~~ium if any, and interest on the Refunded 1992 Bonds in accordance with the report of a Certified Public Accountant; (ii) to the Interest Sub-Account, the accrued interest on the Bonds from the dated date thereof to the date of issuance, if any; and (iii) to the Reserve Account, an amount which, when combined with the • moneys currently deposited to the Reserve Account, equal the amount of the Required Reserve; and (iv) all remaining proceeds shall be deposited into the Project Account. Section 11. Deposit of Pledged Revenues. Immediately upon receipt of the Sales and Use Tax, the Town shall make the following deposits to the Capital Improvement Fund in the following order of priority: FIRST: To the credit of the Interest Sub-Account, the amounts required by the section hereof entitled "Bond Account; " SECOND: To the credit of the Principal Sub-Account, the amounts required by the section hereof entitled "Bond Account; " THIRD: To the credit of the Reserve Account, the amounts required by the section hereof entitled "Reserve Account; " FOURTH: To the credit of any other fund or account hereafter established for the payment of the principal of, premium if any, and interest on subordinate lien obligations as described in paragraph (c) of the section hereof entitled "Pledge and Lien for Payment • o~is~~os.i -15- ýÿ of Bonds", including any sinking fund, reserve fund, or similar fund or account • established therefor, the amounts required by the ordinance or other enactment authorizing issuance of said subordinate lien obligations; and FIFTH: To the credit of any other account hereafter established by the Town solely for capital improvement purposes. Section 12. Bond Account. (a) Use of Moneys in Bond Account. Moneys deposited in the Bond Account shall be used solely for the purpose of paying the principal of, p.~~ium if any, and interest on the Bonds and any Parity Lien Bonds. The Principal Sub-Account shall be used to pay the principal of and premium, if any, on the Bonds and any Parity Lien Bonds, and the Interest Sub-Account shall be used to pay the interest on the Bonds and any Parity Lien Bonds. (b) Deposits to Interest Sub Account. On or before the last day of each month, commencing in the month next succeeding the date of issuance of the Bonds, the Town shall credit to the Interest Sub-Account, from the Pledged Revenues and any interest income to be deposited in the Interest Sub-Account pursuant to the terms hereof, an amount equal to the Pro Rata Portion of the interest to come due on the Bonds and any Parity Lien Bonds on the next succeeding interest payment date. • (c) Deposits to Principal Sub Account. On or before the last day of each month, commencing in the month next succeeding the date of issuance of the Bonds, the Town shall credit to the Principal Sub-Account, from the Pledged Revenues and any interest income to be deposited in the Principal Sub-Account pursuant to the terms hereof, an amount equal to the Pro Rata Portion of the principal coming due on the Bonds and on any Parity Lien Bonds on the next succeeding principal payment date. (d) Investments. Moneys deposited in the Bond Account may be invested or deposited in securities or obligations which are Permitted Investments. The investment of moneys deposited in the Bond Account shall, however, be subject to the covenants and provisions of the section hereof entitled "Covenants Regarding Exclusion of Interest on Bonds from Gross Income for Federal Income Tax Purposes." Except to the extent otherwise required by such section, all interest income from the investment or reinvestment of moneys deposited in any sub-account of the Bond Account shall remain in and become part of such sub-account. Section 13. Reserve Account. (a) Use of Moneys in Reserve Account. Moneys in the Reserve Account shall be used, if necessary, only to ~ prevent a default in the payment of the principal of, premium if any, and interest on the Bonds and any Parity Lien Bonds when due. otiis~os.~ -16- Moneys on deposit in the Reserve Account, proceeds of the liquidation of Permitted • Investments on deposit in the Reserve Account or moneys available from a Reserve Account Contract shall be transferred to the Bond Account on any date on which a payment of principal of, premium, if any, or interest on the Bonds and any Parity Lien Bonds is due to the extent the amount on deposit in the Bond Account is insufficient to make such payment. (b) Funding and Maintenance of Reserve Account Requirement. The Reserve Account Requirement shall be funded and maintained by any one of or any combination of (i) cash; (ii) Permitted Investments; and (iii) a Reserve Account Contract which provides for payments when and as required for purposes of the Reserve Account and is issued by an obligor whose obligations such as the Reserve Account Contract are either (A) rated by a Rating Agency as investment grade or (B) if a rating has been obtained on the Bonds or any Parity Lien Bonds whose obligations are rated by each Rating Agency that then maintains a rating on the Bonds or any Parity Lien Bonds in a category (or comparable classification) equal to or higher than the category, if any, in which the Bonds or any Parity Lien Bonds are rated. (c) Valuation of Deposits. Cash shall satisfy the Reserve Account Requirement by the amount of cash on deposit. Permitted Investments shall satisfy the Reserve Account Requirement by the value of such investments. The value of each Permitted Investment on deposit in the Reserve Account shall be (i) its purchase price • from the date of purchase until the first date thereafter on which the Reserve Account Requirement is calculated pursuant to paragraph (d) of this section and (ii) following each date on which the Reserve Account Requirement is calculated pursuant to paragraph (d) of this section until the next date on which the Reserve Account Requirement is so calculated, its fair market value determined as of such calculation date. A Reserve Account Contract shall satisfy the Reserve Account Requirement by the amount payable to the Town pursuant to such contract. (d) Calculation of Reserve Account Requirement and Transfers Resulting from Calculation. The Reserve Account Requirement shall be calculated as of (i) the date of issuance of the Bonds, (ii) the date of issuance of each series of Parity Lien Bonds and (iii) not less than every five years. If at any time the calculated amount of the Reserve Account is less than the Reserve Account Requirement or transfers are made from the Reserve Account as provided in paragraph (a) hereof, then the Town shall deposit to the Reserve Account from the Pledged Revenues, amounts sufficient to bring the amount deposited in the Reserve Account to the Reserve Account Requirement. If at any time the calculated amount of the Reserve Account is more than the Reserve Account Requirement, then the Town shall transfer to the Bond Account such amount which is in excess of the Reserve Account Requirement. Such deposits shall be made as soon as possible after such use or calculation, but in accordance with and subject to the limitations of the section hereof entitled "Deposit of Pledged Revenues. " • oziis~~os. i -17- ýÿ (e) Transfer of Interest Income to Bond Account. The investment of moneys • deposited in the Reserve Account shall be subject to the covenants and provisions of the section hereof entitled "Covenants Regazding Exclusion of Interest on Bonds from Gross Income for Federal Income Tax Purposes." Except to the extent otherwise required by such section, interest income from the investment or reinvestment of moneys deposited in the Reserve Account shall be transferred to the Bond Account. Section 14. Project Account. (a) Use of Moneys in Project Account. All moneys deposited in the Project Account shall be applied solely to the payment of the Project Costs. Upon the determination of the Board that all Project Costs have been paid or are determinable, any balance remaining in the Project Account (less any amounts necessary to pay Project Costs not then due and owing) shall be transferred to the Bond Account. (b) Investments. Moneys deposited in the Project Account may be invested or deposited in securities or obligations which are Permitted Investments. The investment of moneys deposited in the Project Account shall, however, be subject to the covenants and provisions of the section hereof entitled "Covenants Regarding Exclusion of Interest on Bonds from Gross Income for Federal Income Tax Purposes. " Except to the extent otherwise required by such section, interest income from the investment or reinvestment of moneys deposited in the Project Account shall remain in and become part • of the Project Account. Section 15. Escrow Account. (a) Maintenance and Operation of Escrow Account. The Escrow Account shall be maintained in an amount at the time of the initial deposits therein and at all times subsequently at least sufficient, together with the known minimum yield to be derived from the initial investment and any temporary reinvestment of the deposits therein or any part thereof in Federal Securities to pay the Refunded Bond Requii~~~,ents. Except as may be otherwise provided in the Escrow Agreement, the Town shall have no right or title to the moneys credited to or held in the Escrow Account, and such title shall be and is hereby transferred to the Bank in trust for the payment of the Refunded Bond Requirements. Moneys shall be withdrawn by the Bank from the Escrow Account in sufficient amounts and at such times to permit the payment without default of the Refunded Bond Requirements. If for any reason the amount in the Escrow Account shall at any time be insufficient for the purpose hereof, the Town shall forthwith from the first moneys available therefor deposit in such account such additional moneys as shall be necessary to permit the payment in full of the Refunded Bond Requirements. (b) Optional Redemption of Refunded Bonds; Notice of Refunding. The Boazd has elected and does hereby declare its intent to exercise on behalf of and in the name of the Town its option to redeem the Refunded Bonds which have not matured on or • oziis~9os.i -18- ýÿ before their earliest optional redemption date on the optional redemption date as set forth • in the Escrow Agreement. The Town hereby authorizes and irrevocably instructs the Bank to give or cause to be given a notice of refunding, defeasance and redemption of the Refunded Bonds. Section 16. Pledge and Lien for Payment of Bonds. (a) Pledge of Revenues. The Town hereby irrevocably pledges for the payment of the principal of, premium, if any, and interest on the Bonds and Parity Lien Bonds at any time Outstanding, and grants a first lien (but not necessarily an exclusive first lien) for such purpose on (i) the Pledged Revenues and (ii) all moneys on deposit from time-to-time in the Capital Improvement Fund. (b) Superior Liens Prohibited. The Town shall not pledge or create any other lien on the revenues and moneys pledged pursuant to paragraph (a) of this Section that is superior to the pledge thereof or lien thereon pursuant to such paragraphs. (c) Subordinate Liens Permitted. Nothing herein shall prohibit the Town from issuing subordinate lien obligations and pledging or creating a lien on the revenues and moneys pledged and the lien created pursuant to paragraph (a) of this section that is subordinate to the pledge thereof or lien thereon pursuant to such paragraph, provided that no Event of Default shall have occurred and be continuing. • (d) No Prohibition on Additional Security. Nothing herein shall prohibit the Town from depositing any legally available revenues that are not Pledged Revenues or any other moneys into any account of the Capital Improvement Fund pledged to the payment of the Bonds and Parity Lien Bonds (and thereby subjecting the moneys so deposited to the pledge made and lien granted in paragraph (a) of this section). (e) Bonds are Special, Limited Obligations of the Town. The Bonds are special, limited obligations of the Town payable solely from the Capital Improvement Fund and secured solely by the sources provided in this Ordinance. The Bonds shall not constitute a debt of the Town within the meaning of any constitutional or statutory limitation. Section 17. Conditions to Issuance of Parity Lien Bonds. The Town shall not issue Parity Lien Bonds unless all of the following conditions are satisfied: (a) Historical and Expected Sales and Use Taz Test; Special Test for Refurtdings. The Town Manager (or other Town official or employee designated in writing by the Mayor) certifies in writing that either: (i) the Sales and Use Tax for any 12 consecutive months in the 18 months immediately preceding the month in which such certification is delivered • oz~is79oa.i -19- (referred to in this paragraph as the "test period") have been equal to at least • 125 % of the sum of the Combined Maximum Annual Principal and Interest Requirements due or to become due on the Bonds and the proposed Parity Lien Bonds during each calendar year following the date of issuance of the proposed Parity Lien Bonds, provided that in calculating the Sales and Use Tax during the test period, the Town shall add the amount by which the Town reasonably estimates the Sales and Use Tax would have been increased during the test period from any increase in the rate of the Town's Sales and Use Tax that (A) is effective on or prior to the date such certification is delivered and (B) is pledged to the payment of principal of, premium, if any, and interest on the Bonds; or (ii) the proceeds of the proposed Parity Lien Bonds will be used to refund the Bonds and the aggregate principal of and interest due on the proposed Parity Lien Bonds is not greater than the aggregate principal of and interest due on the Bonds that will be refunded. (b) Accrued Interest Deposited in Bond Account. Moneys (which may but need not be proceeds of the proposed Parity Lien Bonds) in an amount equal to the interest accrued on the proposed Parity Lien Bonds from their dated date to their date of issuance are deposited into the Bond Account. (c) Reserve Account Deposit. The Reserve Account is funded in the amount • of Reserve Account Requirement in accordance with the section hereof entitled "Reserve Account" . (d) No Event of Default. The Mayor certifies in writing that no Event of Default has occurred and is continuing. Section 18. Additional General Covenants. In addition to the other covenants of the Town contained herein, the Town hereby further covenants for the benefit of Owners of the Bonds that: (a) Maintenance of Sales and Use Tax. The Town will not reduce the rate of the Sales and Use Tax or alter, exempt or modify the transactions, properties or items subject to the Sales and Use Tax in any manner that the Town expects will materially reduce the amounts available for deposit into the Capital Improvement Fund. (b) Efficient Collection and Enforcement of the Sales and Use Tax. The Town will manage the collection and enforcement of the Sales and Use Tax in the most efficient and economical manner practicable. (c) Inspection of Records. The Town will keep or cause to be kept such books and records showing the proceeds of the Sales and Use Tax, in which complete entries shall be made in accordance with generally accepted accounting principles, as applicable • mris~~oa.i -20- ýÿ to governmental entities, and the Owner of any Bond shall have the right at all reasonable times to inspect all non-confidential records, accounts, actions and data of the Town relating to the Bonds, the Sales and Use Tax and the Capital Improvement Fund. (d) Annual Audit. The Town will cause an annual audit to be made of the books relating to the Sales and Use Tax each year by a certified public or registered accountant and shall furnish a copy thereof to the Underwriter at its request and to any Owner who so requests and agrees to pay the cost of reproduction and mailing. The annual audit of the Town's general purpose financial statements shall be deemed to satisfy this covenant. (e) Replacement of the Sales and Use Tax. If the Sales and Use Tax is replaced by another tax or revenue source, the revenues, net of collection and enforcement costs, received by the Town from the replacement in an amount sufficient to pay the principal of, premium, if any, and interest on the Bonds and to make the deposits to the accounts required hereunder are hereby pledged for the benefit of the Owners of the Bonds in the same manner and on the same terms as the Pledged Revenues are pledged therefor hereunder. Section 19. Covenants Regarding Exclusion of Interest on Bonds from Gross Income for Federal Income Tax Purposes. For purposes of ensuring that the interest on the Bonds is and remains excluded from gross income for federal income tax purposes, the Town hereby covenants that: (a) Prohibited Actions. The Town will not use or permit the use of any proceeds of the Bonds or any other funds of the Town from whatever source derived, directly or indirectly, to acquire any securities or obligations and shall not take or permit to be taken any other action or actions, which would cause any Bond to be an "arbitrage bond" within the meaning of Section 148 of the Code, or would otherwise cause the interest on any Bond to be includible in gross income for federal income tax purposes. (b) Affirmative Actions. The Town will at all times do and perform all acts permitted by law that are necessary in order to assure that interest paid by the Town on the Bonds shall not be includible in gross income for federal income tax purposes under the Code or any other valid provision of law. In particular, but without limitation, the Town represents, warrants and covenants to comply with the following rules unless it receives an opinion of Bond Counsel stating that such compliance is not necessary: (i) gross proceeds of the Bonds will not be used in a manner that will cause the Bonds to be considered "private activity bonds" within the meaning of the Code; (ii) the Bonds are not and will not become directly or indirectly "federally guaranteed"; and (iii) the Town will timely file Internal Revenue Form 8038-G which shall contain the information required to be filed pursuant to Section 149(e} of the Code. • oziisr~os.i -21- ýÿ (c) Letter of Instructions. The Town will comply with the Letter of • Instructions delivered to it on the date of issuance of the Bonds, including but not limited by the provisions of the Letter of Instructions regarding the application and investment of Bond proceeds, 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 Bonds to become includible in gross income for federal income tax purposes, the Town will thereafter comply with the new Letter of Instructions. (d) Bank Qualified. The Town hereby designates the Bonds as "qualified tax- exempt obligations" for purposes of Section 265(b)(3) of the Code. Section 20. Defeasance. Any Bond shall not be deemed to be Outstanding hereunder if it shall have been paid and cancelled or if cash or Federal Securities shall have been deposited in trust for the payment thereof (whether upon or prior to the maturity of such Bond, but if such Bond is to be paid prior to maturity, the Town shall have given the Paying Agent irrevocable directions to give notice of redemption as required by this Ordinance, or such notice shall have been given in accordance with this Ordinance). In computing the amount of the deposit described above, the Town may include interest to be earned on the Federal Securities. If less than all the Bonds are to be defeased pursuant to this section, the Town, in its sole discretion, may select which of the Bonds shall be defeased. Section 21. Events of Default. Each of the following events constitutes an Event of Default: (a) Nonpayment of Principal, Premium or Interest. Failure to make any payment of principal of, premium, if any, or interest on the Bonds when due hereunder; (b) Breach or Nonperformance of Duties. Breach by the Town of any material covenant set forth herein or failure by the Town to perform any material duty imposed on it hereunder and continuation of such breach or failure for a period of 60 days after receipt by the Town Attorney of the Town of written notice thereof from the Paying Agent or from the Owners of at least 10 % in principal amount of the Outstanding Bonds, provided that such 60 day period shall be extended so long as the Town has commenced and continues a good faith effort to remedy such breach or failure; or (c) Appointment of Receiver. An order or decree is entered by a court of competent jurisdiction appointing a receiver for all or any portion of the revenues and moneys pledged for the payment of the Bonds pursuant hereto is entered with the consent or acquiescence of the Town or 'is entered without the consent or acquiescence of the Town but is not vacated, discharged or stayed within 30 days after it is entered. • ovis~9os. i _22_ ýÿ Section 22. Remedies for Events of Default. • (a) Remedies. Upon the occurrence and continuance of any Event of Default, the Owners of not less than 25 % in principal amount of the Bonds then Outstanding, including, without limitation, a trustee or trustees therefor, may proceed against the Town to protect and to enforce the rights of any Owner of Bonds under this Ordinance by mandamus, injunction or by other suit, action or special proceedings in equity or at law, in any court of competent jurisdiction: (i) for the payment of interest on any installment of principal of any Bond that was not paid when due at the interest rate borne by such bond, (ii) for the appointment of a receiver or an operating trustee, (iii) for the specific performance of any covenant contained herein, (iv) to enjoin any act that may be unlawful or in violation of any right of any Owner of any Bond, (v) to require the Town to act as if it were the trustee of an express trust, (vi) for any other proper legal or equitable remedy as such Owner may deem most effectual to protect their rights or (vii) any combination of such ~-.~,~edies or as otherwise may be authorized by any statute or other provision of law; provided, however, that acceleration of any amount not yet due on the Bonds according to their terms shall not be an available remedy. All such proceedings at law or in equity shall be instituted, had and maintained for the equal benefit of all Owners of Bonds then Outstanding. Any receiver or operating trustee appointed in any proceedings to protect the rights of Owners of Bonds hereunder may collect, receive and apply all revenues and moneys pledged for the payment of the Bonds pursuant hereto arising after the appointment of such receiver or operating trustee in the same manner as the Town itself might do. (b) Failure to Pursue Remedies Not a Release; Rights Cumulative. The failure of any Owner of any Bond then Outstanding to proceed in any manner herein provided shall not relieve the Town of any liability for failure to perform or carry out its duties hereunder. Each right or privilege of any such Owner (or trustee therefor) is in addition and is cumulative to any other right or privilege, and the exercise of any right or privilege by or on behalf of any Owner shall not be deemed a waiver of any other right or privilege thereof. Each Owner of any Bond shall be entitled to all of the privileges, rights and remedies provided or permitted in this Ordinance and as otherwise provided or permitted by law or in equity. (c) Obligations of Town and Paying Agent in Connection with Events of Default. Upon the occurrence and continuation of any of Events of Default: (i) the Town shall take all proper acts to protect and preserve the security for the payment of the Bonds and to insure the payment of debt service on the Bonds promptly when due; (ii) the Town and the Paying Agent shall give the Owners of the Bonds then Outstanding notice by first class mail of (A) any default in the payment of, p~~~ium, if any, or interest on the Bonds immediately after discovery thereof and (B) any other Event of Default within 30 days after discovery thereof. During the continuation of any Event of Default, except to the extent it may be unlawful to do so, all revenues and moneys pledged for the payment of the Bonds pursuant hereto shall be held for and applied to the • otiis~rnos.i -23- debt service on all Bonds on an equitable and prorated basis. If the Town fails or refuses • to proceed as provided in this paragraph, the Owners of not less than 25 % in principal amount of the Bonds then Outstanding, after demand in writing, may proceed to protect and to enforce the rights of the Owners of the Bonds as provided in this paragraph; and to that end any such rights of Owners of Bonds then Outstanding shall be subrogated to all rights of the Town under any agreement or contract involving the revenues and moneys pledged for the payment of the Bonds pursuant hereto that was entered into prior to the effective date of this Ordinance or thereafter while any of the Bonds are Outstanding. Nothing herein requires the Town to proceed as provided in this paragraph if it determines in good faith and without any abuse of its discretion that such action is likely to affect materially and prejudicially the Owners of the Bonds then Outstanding. Section 23. Amendment of Ordinance. (a) Amendments Permitted without Notice to or Consent of Owners. The Town may, without the consent of or notice to the Owners of the Bonds, adopt one or more ordinances amending or supplementing this Ordinance (which ordinances shall thereafter become a part hereof) for any one or more or all of the following purposes: (i) to cure any ambiguity or to cure, correct or supplement any defect or inconsistent provision of this Ordinance; (ii) to subject to this Ordinance additional revenues, properties or • collateral; (iii) to facilitate the designation of a substitute securities depository or to terminate the book-entry registration system for the Bonds in accordance with the section hereof entitled "Bond Details; " (iv) to facilitate the issuance of Parity Lien Bonds permitted to be issued pursuant to the section hereof entitled "Conditions to Issuance of Parity Lien Bonds;" (v) to facilitate the funding of the Reserve Account or the substitution of one source of funding of the Reserve Account for another permitted source in accordance with the section hereof entitled "Reserve Account; " (vi) to maintain the then existing or to secure a higher rating of the Bonds by any nationally recognized securities rating agency; or (vii) to make any other change that does not materially adversely affect the Owners of the Bonds. • o~ris~9os.i -24- ýÿ (b) Amendments Requiring Notice to and Consent of Owners. Except for • amendments permitted by paragraph (a) of this section, this Ordinance may only be amended (i) by an ordinance of the Town amending or supplementing this Ordinance (which, after the consents required therefor, shall become a part hereof) and (ii) with the written consent of the Owners of at least 66 2/3 % in aggregate principal amount of the Bonds then Outstanding; provided that any amendment that makes any of the following changes with respect to any Bond shall not be effective without the written consent of the Owner of such bond: (A) a change in the maturity of such bond; (B) a reduction of the interest rate on such bond; (C) a change in the terms of redemption of such bond; (D} a delay in the payment of principal of, premium, if any, or interest on such bond; (E) the creation of any pledge of or lien upon any revenues or moneys pledged for the payment of such bond hereunder that is superior to the pledge and lien for the payment of such bond hereunder; (F) a relaxation of the conditions to the issuance of Parity Lien Bonds or to the creation of any pledge of or lien upon any revenues or moneys pledged for the payment of such bond hereunder that is equal to or on a parity with the pledge and lien for the payment of such bond hereunder; (G) a reduction of the principal amount or percentage of Bonds whose consent is required for an amendment to this Ordinance; or (H) the establishment of a priority or preference for the payment of any amount due with respect to any other Bond over such bond. (c) Procedure for Notifying and Obtaining Consent of Owners. Whenever the consent of an Owner or Owners of Bonds is required under paragraph (b) of this Section, the Town shall mail a notice to such Owner or Owners at their addresses as set forth in the registration books maintained by the Paying Agent and to the Underwriter, which notice shall briefly describe the proposed amendment and state that a copy of the amendment is on file in the office of the Town Clerk for inspection. Any consent of any Owner of any Bond obtained with respect to an amendment shall be in writing and shall be final and not subject to withdrawal, rescission or modification for a period of 60 days after it is delivered to the Town unless another time period is stated for such purpose in the notice mailed pursuant to this paragraph. Section 24. Amendment of Ordinance No. 197. Section 1(A)(30) of Ordinance No. 197 of the Town is hereby amended to read in its entirety as follows: (30) Pledged Revenues: all of the Town's Sales and Use Tax revenues annually determined by the Board to be deposited in the Capital Improvement Fund to pay, when due, the Debt Service Requirements and replenish the Reserve Account in accordance with the provisions of this Ordinance. Section 25. Findings and Determinations. Having been fully informed of and having considered all the pertinent facts and circumstances, the Board does hereby find, determine, and declare: • oziis~9os. i -25- (a) The amendment to Ordinance No. 197 set forth in Section 24 of this • Ordinance pledges additional revenues to the Series 1992 Bonds and therefore is permitted pursuant to Section 11(A)(5) of Ordinance No. 197 without the consent of the owners of the Series 1992 Bonds; (b) The Board hereby declares that it will reduce the amount authorized in the Ballot Question by $600,000 to provide for the issuance of general obligation bonds in the amount of $600,000 as authorized at the April 7, 1998 election. (c) The funds and investments to be placed in the Escrow Account, together with interest to be derived from such investments, are in an amount which at all times shall be sufficient to pay the principal of, premium if any, and interest on the Refunded 1992 Bonds as they become due in accordance with the schedule set forth herein, and the computations made in determining such sufficiency have been verified by a Certified Public Accountant; (d) Entering into and completing the refunding program herein authorized at this time will enable the Board to reduce the total principal and interest payable on the obligations represented by the Refunded 1992 Bonds; ~Z ~ 2 p b ~~v'Q?~ (e) Voter approval of the Ballot Quest' was obtained in accordance with all applicable provisions of law and, in accordan with the Ballot Question (i) the principal amount of the Bonds will not exceed 0, (ii) the maxnnum repayment cost of • the Bonds will not exceed $4,100,000, and (iii) the maximum annual repayment cost of the Bonds will not exceed $375,000; (f) The Town will enter into a DTC Letter of Representations which will govern the book-entry registration system for the Bonds; (g) The issuance of the Bonds and all procedures undertaken incident thereto are in full compliance and conformity with all applicable requirements, provisions and limitations prescribed by the Constitution and laws of the State, including the Act and the Refunding Act, and all conditions and limitations of the Act and the Refunding Act, and other applicable law relating to the issuance of the Bonds have been satisfied; and (h) It is in the best interest of the Town and its residents that the Bonds be authorized, sold, issued and delivered at the time, in the manner and for the purposes provided in this Ordinance. Section 26. Appointment and Duties of Paying Agent. The Paying Agent is hereby appointed as paying agent, registrar and authenticating agent for the Bonds unless and until the Town removes it as such and appoints a successor Paying Agent, in which event such successor shall automatically succeed to the duties of the Paying Agent hereunder and its predecessor shall immediately turn over all its records regarding the Bonds to such successor. The Paying Agent, • oziis~~os. i -26- ýÿ by accepting its duties as such, agrees to perform all duties and to take all actions assigned to • it hereunder in accordance with the terms hereof. The appointment and acceptance of the duties of Paying Agent hereunder may be affected through the execution of a certificate or agreement by the Paying Agent. Section 27. Approval of Official Statement and Miscellaneous Documents. The Board hereby ratifies and approves the distribution and use of the Preliminary Official Statement; authorizes and duects the Town staff to prepare a final Official Statement for use in connection with the sale of the Bonds in substantially the form thereof presented to the Board at the meeting at which this Ordinance is adopted, with such changes therein, if any, not inconsistent herewith, as are approved by the Town; authorizes and approves the execution of the DTC Blanket Letter of Representations; and authorizes and approves the execution of the Bond Purchase Agreement. The Mayor is hereby authorized and directed to execute the final Official Statement and the Mayor, the Town Clerk and all other officers of the Town are hereby authorized and directed to execute all documents and certificates necessary or desirable to effectuate the issuance of the Bonds and the transactions contemplated hereby. Section 28. Ratification of Prior Actions. All actions heretofore taken (not inconsistent with the provisions of this Ordinance or the Act) by the Board or by the officers and employees of the Town directed toward the issuance of the Bonds for the purposes herein set forth are hereby ratified, approved and confirmed. Section 29. Events Occurring on Days That Are Not Business Days. Except as • otherwise specifically provided herein with respect to a particular payment, event or action, if any payment to be made hereunder or any event or action to occur hereunder which, but for this section, is to be made or is to occur on a day that is not a Business Day shall instead be made or occur on the next succeeding day that is a Business Day. Section 30. Headings. The headings to the various sections and paragraphs to this Ordinance have been inserted solely for the convenience of the reader, are not a part of this Ordinance, and shall not be used in any manner to interpret this Ordinance. Section 31. Ordinance Irrepealable. After any of the Bonds have been issued, this Ordinance shall constitute a contract between the Owners and the Town, and shall be and remain irrepealable until the Bonds and the interest accruing thereon shall have been fully paid, satisfied, and discharged, as herein provided. Section 32. Severability. It is hereby expressly declared that all provisions hereof and their application are intended to be and are severable. In order to implement such intent, if any provision hereof or the application thereof is determined by a court or administrative body to be invalid or unenforceable, in whole or in part, such determination shall not affect, impair or invalidate any other provision hereof or the application of the provision in question to any other situation; and if any provision hereof or the application thereof is determined by a court or ovis~9os. i -27- ýÿ administrative body to be valid or enforceable only if its application is limited, its application • shall be limited as required to most fully implement its purpose. Section 33. Repealer. All orders, bylaws, ordinances, and resolutions of the Town, or parts thereof, inconsistent or in conflict with this Ordinance, are hereby repealed to the extent only of such inconsistency or conflict. Section 34. Emergency Declaration. It is hereby found and determined by the Board that: (i) there exists an immediate need for the Project, in order to properly and safely serve the Town and its residents; and (ii) current interest rates are favorable, allowing the Town to issue the Bonds at reasonable interest rates, and such rates may change at any time. As a result of the foregoing, the Board hereby declares that an emergency exists, and that this Ordinance is necessary to the immediate preservation of the public health and safety, all in accordance with §31-16-105, C.R.S. Section 35. Effective Date; Recording and Authentication. This Ordinance shall be in full force and effect immediately upon adoption by the Board. This Ordinance shall be recorded in a book kept for that purpose, shall be authenticated by the signatures of the Mayor and the Town Clerk, and shall be published in accordance with law. PASSED, ADOPTED AND APPROVED AS AN EMERGENCY ORDINANCE this • day of , 1998. TOWN OF FRASER, COLORADO By [SEAL] Attest: By Town Clerk Mayor oziis~9os.i -28- ýÿ Ar r,!,NDIX A FORM OF i rtr; BOND EXCEPT AS OTHERWISE PROVIDED IN THE HEREINAFTER DEFINED ORDINANCE, THIS GLOBAL BOOK-EN i tcY BOND MAY BE TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO ANOTHER NOMINEE OF THE SECURITIES DEPOSITORY (AS DEFINED HEREIN) OR TO A SUCCESSOR SECURI rtt;S DEPOSITORY OR TO A NOMINEE OF A SUCCESSOR SECURI i irS DEPOSITORY. UNITED STATES OF AMERICA • TOWN OF ERASER, COLORADO SALES AND USE TAX REVENUE REFUNDING AND II~Yr'riOVEMENT BONDS SERIES 1998 INTEREST RATE REGISTERED OWNER: PRINCIPAL SUM: MATURITY DATE: ORIGINAL DATED DATE: CUSIP: July 15, 1998 DOLLARS • TOWN OF ERASER, COLORADO, in the State of Colorado, a duly organized and validly existing town and political subdivision of the State of Colorado (the "Town"), for value received, hereby promises to pay to the order of the registered owner named above or registered assigns, solely from the special funds as hereinafter set forth, on the maturity date stated above, the principal sum stated above, in lawful money of the United States of America, with interest thereon from the original dated date stated above, at the interest rate per annum stated above, payable on June 1 and December 1 of each year, commencing December 1, 1998, the principal of and premium, if any, and the final installment of interest on this bond being payable to the registered owner hereof upon presentation and surrender of this bond at the principal operations office of The Bank of Cherry Creek, N.A., as Paying Agent (the "Paying Agent"), in Denver, Colorado, or at such other location as identified by the Paying Agent, and the interest hereon (other than the final installment of interest hereon) to be paid by check or draft of the Paying Agent mailed on the interest payment date to the registered owner hereof as of the close of business on the last day (whether or not such day is a Business Day) preceding the interest payment date, except that so long as Cede & Co. is the registered owner of this bond, the principal of, premium, if any, and interest on this bond shall be paid by wire transfer to Cede & Co. ovis~~os.i A-1 This bond is one of an issue of bonds of the Town designated Sales and Use Tax Revenue Refunding and Improvement Bonds, Series 1998, issued in the principal amount of $2,290,000 (the "Bonds"). The Bonds are being issued by the Town for the purpose of constructing and improving streets and providing for storm drainage, including all necessary or convenient costs related thereto, pursuant to and in full conformity with the Constitution and laws of the State of Colorado and an ordinance (the "Ordinance") duly adopted by the Town prior to the issuance hereof. [Redemption Provisions to be Inserted Here.] At its option, to be exercised on or before the forty fifth day next preceding each sinking fund redemption date, the Town may (i) deliver to the Paying Agent for cancellation any Bonds with the same maturity date as the Bonds subject to such sinking fund redemption and (ii) receive a credit in respect of its sinking fund redemption obligation for any Bonds with the same maturity date as the Bonds subject to such sinking fund redemption which prior to such date have been redeemed (otherwise than through the operation of the sinking fund) and cancelled by the Paying Agent and not theretofore applied as a credit against any sinking fund redemption obligation. Each Bond so delivered or previously redeemed shall be credited by the Paying Agent at the principal amount thereof to the obligation of the Town on such sinking fund redemption date, and the principal amount of Bonds to be redeemed by operation of such sinking fund on such date shall be accordingly reduced. Notice of any redemption of Bonds shall be given by the Paying Agent in the name of • the Town by sending a copy of such notice by first-class, postage prepaid mail, not less than 30 days prior to the redemption date, to the Owner of each Bond being redeemed. Such notice shall specify the number or numbers of the Bonds so to be redeemed (if redemption shall be in part) and the redemption date. If any Bond shall have been duly called for redemption and if, on or before the redemption date, there shall have been deposited with the Paying Agent in accordance with this Ordinance funds sufficient to pay the redemption price of such Bond on the redemption date, then such Bond shall become due and payable at such redemption date, and from and after such date interest will cease to accrue thereon. Failure to deliver any redemption notice or any defect in any redemption notice shall not affect the validity of the proceeding for the redemption of Bonds with respect to which such failure or defect did not occur. Any Bond redeemed prior to its maturity by prior redemption or otherwise shall not be reissued and shall be cancelled. The Paying Agent shall maintain registration books in which the ownership, transfer and exchange of the Bonds shall be recorded. The person in whose name this bond shall be registered on such registration books shall be deemed to be the absolute owner hereof for all purposes, whether or not payment on this bond shall be overdue, and neither the Town nor the Paying Agent shall be affected by any notice or other information to the contrary. This bond may be transferred or exchanged, at the principal operations office of the Paying Agent in Denver, Colorado, or at such other location as identified by the Paying Agent, for a like aggregate principal amount of the Bonds of other authorized denominations ($5,000 or any • ox,is~9os.i A-2 integral multiple thereof) of the same maturity and interest rate, upon payment by the transferee . of a transfer fee, any tax or governmental charge required to be paid with respect to such transfer or exchange and any cost of printing bonds in connection therewith. The Bonds are special, limited obligations of the Town payable solely from and secured solely by the sources provided in the Ordinance and shall not constitute a debt of the Town within the meaning of any constitutional or statutory limitation. .Pursuant to the Ordinance the Town irrevocably pledged for the payment of the principal of, premium, if any, and interest on the Bonds at any time outstanding, and granted a first lien (but not necessarily an exclusive first lien) for such purpose on (i) all of the Town's Sales and Use Tax revenues required to be deposited in the Sales and Use Tax Capital Improvement Fund (the "Pledged Revenues"), and (ii) all moneys on deposit from time-to-time in the Sales and Use Tax Capital Improvement Fund. The Town is authorized to pledge and grant a lien, on a parity with the lien for the payment of the Bonds, on the Pledged Revenues and the moneys on deposit in the Sales and Use Tax Capital Improvement Fund for the payment of other bonds or obligations upon satisfaction of certain conditions set forth in the Ordinance. This bond is issued under authority of Section 29-2-112, Colorado Revised Statutes, as amended. This bond, including the interest hereon, is payable solely from and secured solely by the special funds provided in the Ordinance and shall not constitute a debt of the Town within the meaning of any constitutional or statutory debt limitation or provision. • THE ORDINANCE CONSTITUTES THE CONTRACT BETWEEN THE REGIS t ~xED OWNER OF THIS BOND AND THE TOWN. THIS BOND IS ONLY EVIDENCE OF SUCH CONTRACT AND, AS SUCH, IS SUBJECT IN ALL RESPECTS TO THE TERMS OF THE ORDINANCE, WHICH SUPERSEDES ANY INCONSISTENT STATEMENT IN THIS BOND. The Town agrees with the owner of this bond and with each and every person who may become the owner hereof, that it will keep and perform all the covenants and agreements contained in the Ordinance. The Ordinance may be amended or supplemented from time-to-time with or without the consent of the registered owners of the Bonds as provided in the Ordinance. It is hereby certified that all conditions, acts and things required by the constitution and laws of the State of Colorado, and the ordinances of the Town, to exist, to happen and to be performed, precedent to and in the issuance of this bond, exist, have happened and have been performed, and that the Bonds do not exceed any limitations prescribed by said Constitution or laws of the State of Colorado, or the ordinances of the Town. By virtue of and in full conformity with the Constitution of the State of Colorado; Title 11, Article 56, C.R.S.; and all other laws of the State of Colorado thereunto enabling, and pursuant to the duly adopted Bond Ordinance. Pursuant to §11-56-107(6), C.R.S., such recital shall conclusively impart full • oziis~9os.i A-3 ýÿ compliance with all of the provisitn~'~f -said stat~~es, and this Bond issued containing such . recital is incontestable for any cause whatsoever after its delivery for value. This bond shall not be entitled to any benefit under the Ordinance, or become valid or obligatory for any purpose, until the Paying Agent shall have signed the certificate of authentication hereon. • • oz~is~mos.i A-4 IN WITNESS WHEREOF, Town of Fraser, Colorado, has caused this bond to be signed in the name and on behalf of the Town with the manual or facsimile signature of the Mayor, to be sealed with the seal of the Town or a facsimile thereof and to be attested by the manual or facsimile signature of the Town Clerk. [MANUAL OR FACSIMILE SEAL) FRASER, COLORADO (Manual or Facsimile Signature) Mayor ATTEST: By (Manual or Facsimile Si~naturel Town Clerk CERTIFICATE OF AUTHENTICATION This is one of the Bonds described in the within-mentioned Ordinance. • The Bank of Che Creek, N.A., as Pa in A ent n'Y Y g g By Authorized Representative Date of Authentication: • o2its~9os.i A-5 CERTIFICATE OF TRANSFER • FOR VALUE RECEIVED, ,the undersigned, hereby sells, assigns and transfers unto (Tax Identification or Social Security No. )the within bond and all rights thereunder, and hereby irrevocably constitutes and appoints attorney to transfer the within bond on the books kept for registration thereof, with full power of substitution in the premises. Dated: NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within bond in every particular, without alteration or enlargement or any change whatever. TRANSFER FEE MAY BE REQUIRED • • ovis~~oa.i A-6