ORDINANCE NO.5 SERIES OF 2022  AN ORDINANCE AUTHORIZING THE ISSUANCE OF THE TOWN OF CARBONDALE, COLORADO, PARKS AND RECREATION SALES AND USE TAX REVENUE BONDS, SERIES 2022; PLEDGING A PORTION OF THE SALES AND USE TAX REVENUES OF THE TOWN FOR THE PAYMENT OF THE BONDS; AND PROVIDING OTHER DETAILS IN  CONNECTION THEREWITH.  BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE TOWN OF Section 1. Definitions. Terms used in this Ordinance shall have the meanings  CARBONDALE, COLORADO:  specified in this section for all purposes oft this Ordinance and of any ordinance amendatory hereof, supplemental hereto or relating hereto, and of any instrument or document appertaining hereto, except where the context by clear implication otherwise requires. All definitions include the singular and plural and include all genders. Certain terms are parenthetically defined elsewhere  herein.  Additional Bonds: one or more series of bonds or other securities or obligations  authorized to be issued by the Town pursuant to Section 16 or Section 171 hereof and having al lien  on the Pledged Revenues on aj parity with the lien of the Bonds.  Board of Trustees or Board: the Board of Trustees of the Town or any successor Bond Fund: the account by that name described in Section 14 hereof. Bond Insurance Policy: the municipal bond insurance policy, ifany, issued by the  in functions thereto.  Bond Insurer insuring the payment when due of the principal of and interest on the Series 2022  Bonds as provided therein.  Bond Insurer: the issuer of the Bond Insurance Policy, if any, set forth in the Sale Bond Purchase Agreement: the Bond Purchase Agreement between the Town and Bond Question: the bond question set out in Section 2.F. hereof, which was  Certificate, or any successor thereto.  the Purchaser.  approved by the Town's voters at the Election.    Bond Reserve Insurance Policy: any insurance policy, surety bond, irrevocable  letter of credit or similar instrument deposited in or credited to the Reserve Fund in lieu of ori in partial substitution for moneys on deposit therein, if SO designated in the Sale Certificate.  Bonds: the Outstanding Series 2022 Bonds, the Outstanding Series 2018 Note, and Business Day: a day on which banks located in the cities in which the principal  any Outstanding Additional Bonds.  offices of each of the Paying Agent and the Registrar are not required or authorized to be closed  and on which the New York Stock Exchange is not closed.  Chapter 4: Chapter 4 of the Carbondale Municipal Code, which governs the  imposition, collection, and enforcement of the Sales and Use Tax, and any successor or other  ordinance or other enactment pertaining to the Sales and Use Tax.  Charter: the home rule charter of the' Town, including all amendments thereto prior Commercial Bank: any depository for public funds permitted by the laws of the  tot the date hereof.  State for political subdivisions of the State which has a capital and surplus ofs10,00000ormore,  and which is located within the United States. Series 2022 Bonds executed by the Town.  Continuing Disclosure Certificate: the Continuing Disclosure Certificate for the Costs of Issuance: costs, fees and expenses associated with the issuance of the  Series 2022 Bonds, including but not limited to the fees and expenses of bond counsel, disclosure counsel, underwriter's counsel, bond ratings, posting of preliminary and final official statement, initial paying agent and registrar expenses, reserve fund surety premium, if applicable, underwriter's discount, CUSIP numbers, and municipal syndication and regulatory management  expenses.  Depository: any securities depository as the Town may provide and appoint, in  accordance with the guidelines of the Securities and Exchange Commission, which shall act as  securities depository for the Series 2022 Bonds.  DTC: The Depository Trust Company, New York, New York, and its successors  and assigns.  Election: the election held within the Town on April 5, 2022.  2    Event of Default: one or more of the events set forth in Section 21 of this Federal Securities: bills, certificates of indebtedness, notes, or bonds which are  Ordinance.  direct obligations of, or the principal and interest of which obligations are unconditionally  guaranteed by, the United States of America.  Finance Director: the Finance Director of the Town, or his or her successor in Fiscal Year: the twelve months commencing on the first day of January of any  function.  calendar year and ending on the thirty-first day of December of such calendar year or such other twelve-month period as may from time to time be designated by the Board of Trustees as the Fiscal  Year of the Town.  Insurance Agreement: any agreement entered into between the' Town and thei issuer  of any Bond Insurance Policy or Bond Reserve Insurance Policy pursuant to Section 4 of this  Ordinance.  Maximum Annual Debt Service Requirement: the maximum amount of all required  payments of principal and interest on the Outstanding Bonds which will become due in any Fiscal  Year.  Mayor: the Mayor oft the Town.  Mayor Pro' Tem: the Mayor Pro Tem of the Town.  Official Statement: the Official Statement delivered in connection with the original Ordinance: this Ordinance of the Town, which provides for the issuance and Outstanding: as of any date of calculation, all Bonds theretofore executed, issued  issuance and sale of the Series 2022 Bonds. delivery of the Series 2022 Bonds. and delivered by the Town except:  (i) Bonds theretofore cancelled by the' Town, Registrar or Paying Agent under this Ordinance or by the registrar or paying agent for any Bonds issued under another ordinance, or surrendered to the Town, Registrar or Paying Agent, or the registrar or paying agent for any Bonds issued under another ordinance, for  cancellation;  3    (ii) Bonds in lieu of ori in substitution for which other Bonds shall have been executed, issued and delivered by the' Town and authenticated by the Registrar under this Ordinance or by the registrar for any Bonds issued under another ordinance unless proof satisfactory to the Registrar or the registrar for any Bonds issued under another ordinance is presented that any such Bonds are duly held by  the lawful registered owners thereof; or  (iii) Bonds deemed to have been paid as provided in Section 19 hereof  or any similar section of an ordinance authorizing any other, Bonds.  Owner or registered owner: the registered owner of any Series 2022 Bond as shown Parity Lien Bonds means the Outstanding Series 2018 Note and any securities  on the registration books kept by the Registrar.  heretofore or hereafter issued payable from and having an irrevocable lien upon the Pledged  Revenues.  Parks and Recreation Tax Ordinance: Ordinance No. 5, Series of 1996, which was  adopted by the Town and approved by the electors, and subsequently extended in perpetuity  pursuant to the election held on April 6, 2004.  Paying Agent: U.S. Bank Trust Company, National Association, being the agent Permitted Investment: any investment or deposit permitted by the Charter and Person: any individual, firm, partnership, corporation, company, association, joint-  for the' Town for the payment oft the Series 2022 Bonds and interest thereon, or its successors.  ordinances of the Town.  stock association or body politic; and the term includes any trustee, receiver, assignee or other  similar representative thereof.  Pledged Funds: the Bond Fund and the Reserve Fund.  Pledged Revenues:  (i) the revenues derived from the Pledged Sales and Use Tax; (ii) any additional taxes (other than a general ad valorem tax), funds or  revenues which the Town hereafter pledges to the payment of the Bonds;  all to the extent that such moneys are at any time required by Section 14 hereof to be deposited  into and held in the Bond Fund or the Reserve Fund.  "Pledged Revenues" does not include:  4    (i) amounts withheld by retailers and vendors to cover their expenses (ii) amounts collected by the Town and subsequently determined to be (iii) incremental Sales and Use Taxes which are or may be required to  in collecting and remitting the Sales and Use Tax; subject to valid claims for refunds; and  be paid into a special fund, or pledged to the payment of obligations pursuant to an urban renewal plan as definedi in Section 3125-1039.CRS. oraj plan of development as defined in Section 31- 25-802(6.6), C.R.S., or a value capture plan as defined in Section 43-4-508, C.R.S.  Pledged Sales and Use Tax: the 0.5% Sales and Use Tax of the Town, as imposed  by the Town pursuant to the Parks and Recreation Tax Ordinance and in effect as of July 1, 1996 and extended in perpetuity pursuant to the election held within the Town on April 6, 2004. The term' "Pledged Sales and Use Tax" does not include any of the Town's sales and use tax other than the sales and use tax referenced in the preceding sentence unless otherwise specifically provided  by the Board.  Preliminary Official Statement: means the Preliminary Official Statement delivered Principal Operations Office: the principal operations office of the Registrar and Project: collectively, any of the projects to be financed with the proceeds of the  inc connection with the original issuance and sale of the Series 2022 Bonds.  Paying Agent, as designated in writing by the Registrar or Paying Agent, as applicable.  Series 2022 Bonds as authorized in the Bond Question approved by the Town's voters at the Election, funding the Reserve Fund (if set forth in the Sale Certificate), and the Costs of Issuance  of the Series 2022 Bonds.  Purchaser: means the underwriter named in the Sale Certificate as the original Registrar: U.S. Bank Trust Company, National Association, being the agent for the Registrar Agreement: the Registrar and Paying Agent Agreement between the Regular Record Date: the fifteenth day oft the calendar month next preceding each  purchaser of the Series 2022 Bonds.  Town for the registration, transfer and exchange of the Series 2022 Bonds, or its successors. Town and the Registrar and Paying Agent with respect to the Series 2022 Bonds.  interest payment date for the Series 2022 Bonds (other than a special interest payment date  hereafter fixed for the payment of defaulted interest).  5    Reserve Fund: the account by that name described in Section 14 hereof. Reserve Fund Requirement: the amount set forth in the Sale Certificate. Sale Certificate: the certificate executed by the Mayor, Town Manager or the  Finance Director dated on or before the date of delivery of the Series 2022 Bonds, setting forth (i) the rates of interest on the Series 2022 Bonds; (ii) the conditions on which and the prices at which the Series 2022 Bonds may be called for redemption; (iii) the price at which the Series 2022 Bonds will be sold; (iv) the principal amount of the Series 2022 Bonds; (v) the amount of principal of the Series 2022 Bonds maturing on each date; (vi) the dates on which interest will be paid and the first interest payment date; (vii) whether the Series 2022 Bonds will be secured by a Bond Insurance Policy or a Bond Reserve Insurance Policy; and (viii) any other matters which may be determined by the Mayor, Town Manager or the Finance Director pursuant to Section 11-57-205 of the  Supplemental Public Securities Act.  Sales and Use Tax: the tax upon the sale and use of goods and services which is  currently being levied by the Town pursuant to Chapter 4 and any future or amended tax levied by  the Town as a Sales and Use Tax.  Series 2018 Note: the Town's Recreation Sales and Use Tax Revenue Refunding  Note, Series 2018, issued to evidence a loan made pursuant to a loan agreement dated as of July 25, 2018, between the Town and ANB Bank, as lender, originally issued in the principal amount  of$ $1,286,700 and currently outstanding in the principal amount of $586,200.  Series 2022 Bonds: the Town's Parks and Recreation Sales and Use Tax Revenue Special Record Date: a special date fixed to determine the names and addresses of  Bonds, Series 2022 issued pursuant to this Ordinance.  registered owners forj purposes of paying interest on a special interest payment date for the payment  of defaulted interest, all as further provided in Section 5 hereof.  State: the State of Colorado.  Supplemental Public Securities Act: Part 2 of Article 57 of Title 11, Colorado Tax Code: the Internal Revenue Code of 1986, as amended to the date of delivery  Revised Statutes, as amended.  of the Series 2022 Bonds, and applicable regulations and rulings thereunder.  6    Tax Compliance Certificate: means the Tax Compliance and No Arbitrage  Certificate executed by the Town in connection with the initial issuance and delivery oft the Series  2022 Bonds.  Term Bonds: any Series 2022 Bonds that are payable on or before their specified  maturity dates from sinking fund payments pursuant to Section 6B hereof.  Town: the Town of Carbondale, Colorado.  Town Clerk: the Town Clerk of the Town, or his or her successor in function. Town Manager: the Town Manager of the Town, or his or her successor in Trust Bank: a Commercial Bank which is authorized to exercise and is exercising  function. trust powers.  7    Section 2. Recitals.  A. The Town is a municipal corporation duly organized and existing under the B. Pursuant to the Town's home rule powers and Chapter 4 of the Carbondale  Charter adopted pursuant to Article XX of the Constitution of the State of Colorado.  Municipal Code, the Town has heretofore imposed and is collecting a three and one half percent (3.5%) sales tax upon the sale of tangible personal property and certain services and a three and one half percent (3.5%) use tax for the privilege of using and consuming within the Town any construction and building materials purchased at retail and for the privilege of storing, using or consuming within the Town any motor or other vehicles purchased at retail on which registration  isr required.  C. Section 11.1 of the Charter permits the Town to borrow money and issue  securities or enterinto other obligations to evidence such borrowing in any form and in any manner  determined by the Board of Trustees to be in the best interests of the Town.  D. The Town has heretofore issued its Series 2018 Note payable solely from E. Article X, Section 20 of the Colorado Constitution requires voter approval  the Pledged Revenues.  in advance for the creation of any multiple-fiscal year direct or indirect debt or other financial  obligation.  F.  Pursuant to Article X, Section 20 of the Colorado Constitution, the Board  of Trustees submitted to the Town's electors at the election held on April 5, 2022, the following  ballot issue (the "Bond Question"):  TOWN OF CARBONDALE BALLOT ISSUE! NO. A:  SHALLTHETOWNOFCARBONDALE DEBT BE INCREASEDUPTOS8MILLION, WITH A MAXIMUM REPAYMENT COST NOT TO EXCEED $14.437 MILLION, WITHOUT ANY INCREASEINTAXI RATES AND WITHOUT IMPOSING, ANYI NEW THE PROCEEDS OF SUCH DEBTTO: BEI USED FOR THE CONSTRUCTION, INSTALLATION, OPERATION AND MAINTENANCE OF PARK AND RECREATION FACILITIES INCLUDING AN AQUATIC CENTER TO SUCH DEBT TO BE EVIDENCED BY BONDS, NOTES, CONTRACTS OR LOAN AGREEMENTS AND SHALL BE PAYABLE FROM THE TOWN'S EXISTING ONE-HALF OF ONE PERCENT SALES AND USE TAX DEDICATED TO PARK AND RECREATION PURPOSES AND FROM  TAXES, SUBJECT' TO' THE FOLLOWING:  REPLACE THE EXISTING FACILITY;  8    OTHER AVAILABLE REVENUE OF THE TOWN IF SO DETERMINED BY SUCHI DEBT SHALL BE: SOLD IN ONE OR MORE SERIES, ON TERMS AND CONDITIONS AND WITH SUCH MATURITIES AS PERMITTED BY LAW AND AS THE TOWN MAY DETERMINE, INCLUDING PROVISIONS FOR SALE OF THE BONDS AT A PRICE ABOVE OR BELOW PAR, AND FOR REDEMPTION OR PREPAYMENT PRIOR TO MATURITY, WITH OR G. Pursuant to the Notice of Election required by Article X, Section 20 of the  THE TRUSTEES;  WITHOUT PAYMENT OF A PREMIUM?  Colorado Constitution, any debt issued pursuant to the Election shall not exceed the aggregate principal amount of $8,000,000, with a maximum repayment cost not to exceed $14,437,000, and  an annual repayment cost not to exceed $595,250.  H. The Town has not previously issued any debt pursuant to the Election.  I. J.  Other than the Series 2018 Note, there is not now a pledge of the Pledged The Pledged Revenues may now be pledged lawfully and irrevocably for  Revenues to the payment of any bonds or for any purposes.  the payment of the Series 2022 Bonds.  K. The Board has determined, and hereby determines that the Series 2022  Bonds shall be sold to the Purchaser pursuant to the Bond Purchase Agreement for the purpose of  defraying in whole or in part the costs of the Project.  L.  Pursuant to Section 11-57-205, Colorado Revised Statutes, as amended, the  Town desires to delegate to the Mayor, the Town Manager or the Finance Director the power to accept the proposal toj purchase the Series 2022 Bonds and to determine the rate ofinterest on the Series 2022 Bonds, the redemption provisions of the Series 2022 Bonds, the price at which the Series 2022 Bonds will be sold, the aggregate principal amount of the Series 2022 Bonds to be issued, and the amount of principal maturing or subject to mandatory redemption in any particular  year.  M. There are on file with the Town Clerk the proposed forms of the Bond  Purchase Agreement, the Registrar Agreement, the Continuing Disclosure Certificate and the  Preliminary Official Statement.  N. The Board of Trustees desires to cause the Series 2022 Bonds to be issued,  to authorize and direct the application of the proceeds thereof as set forth herein, and to provide  security for the payment thereof, all in the manner hereinafter set forth.  9    Section 3. Ratification. All actions heretofore taken (not inconsistent with the  provisions oft this Ordinance) by the Board of Trustees and other officers of the Town with respect to the imposition and collection of the Sales and Use Tax, the Project, and selling and issuing the  Series 2022 Bonds are ratified, approved and confirmed.  Section 4. Authorization of Project; Sale of Series 2022 Bonds. The Board,  on behalf oft the Town, does hereby determine to undertake the Project, which isl hereby authorized, and the proceeds of the Bonds shall be used therefor. There hereby are authorized to be issued fully registered sales and use tax revenue securities of the Town, to be designated "Town of Carbondale, Colorado, Parks and Recreation Sales and Use Tax Revenue Bonds, Series 2022" in the aggregate principal amount set forth in the Sale Certificate, to be payable and collectible, both as to principal and interest, from the Pledged Revenues. The Series 2022 Bonds shall be sold by negotiated sale to the Purchaser. Pursuant to the Supplemental Public Securities Act, the Board hereby delegates to the Mayor, the Town Manager or the Finance Director the independent  authority to execute the Bond Purchase Agreement.  Pursuant to Section 11-57-204 of the Supplemental Public Securities Act, a public  entity, including the Town, may elect in an act ofi issuance to apply all or any of the provisions of the Supplemental Public Securities Act. The Board hereby elects to apply all of the provisions of  the Supplemental Public Securities Act to the Series 2022 Bonds.  Any of the Mayor, the Town Manager or the Finance Director is hereby  independently authorized and directed to execute and deliver the Sale Certificate and to make and approve the final determinations contained therein, subject to the parameters and restrictions of this Ordinance. Any of the Mayor, the Town Manager or the Finance Director is hereby independently: authorized to determine ifobtaining a Bond Insurance Policy and/ora a Bond Reserve Insurance Policy is in the best interests of the Town and, ifs so, to select an issuer therefor, execute any Insurance Agreement relating to the same and execute any related documents or agreements required by such commitment. If no Insurance Agreement is required by the issuer of a Bond Insurance Policy or Bond Reserve Insurance Policy, all references herein to Insurance Agreement  are of no force and effect.  Section 5. Series 2022 Bond Details. The Series 2022 Bonds shall be issued  in fully registered form (i.e., registered as to both principal and interest) initially registered in the name of Cede & Co. as nominee for The Depository Trust Company, shall be dated as of the date  10    ofdelivery oft the Series 2022 Bonds, shall be issued in the denomination of $5,000 or any integral multiple thereof (provided that no Series 2022 Bond may bei in a denomination which exceeds the principal coming due on any maturity date, and no individual Series 2022 Bond will be issued for more than one maturity and interest rate) and shall be numbered in such manner as the Registrar  may determine.  The Series 2022 Bonds shall be dated as of the date of their delivery to the  Purchaser. The Series 2022 Bonds shall mature, shall bear interest (calculated on the basis ofa 360-day year of twelve 30-day months), and be sold, all as provided in the Sale Certificate;  provided that:  (i) the aggregate principal amount of the Series 2022 Bonds shall not exceed (ii) the maximum annual repayment cost of the Series 2022 Bonds shall not (ii) the total repayment cost of the Series 2022 Bonds shall not exceed (iv) the Series 2022 Bonds shall mature no later than December 1, 2047; (v) the purchase price of the Series 2022 Bonds shall not be less than 98% of the aggregate principal amount of the Series 2022 Bonds; and (vi) the Series 2022 Bonds shall be subject to optional redemption at such time or times as permitted by law and as set forth in the Sale Certificate, at a  $8,000,000; exceed $595,250; $14,437,000;  redemption price not to exceed 101%;  Such determinations shall be evidenced by the Sale Certificate signed by the Mayor, the Town Manager or the Finance Director dated the date of the Bond Purchase Agreement or the Closing Date and delivered as of the Closing Date, which shall not be more than one year from the date of  adoption of this Ordinance.  The Series 2022 Bonds shall mature on December 1 in the years set forth in the  Sale Certificate, and interest on the Series 2022 Bonds shall be payable semiannually on June 1 and December 1, commencing on the date provided in the Sale Certificate. The Series 2022. Bonds shall bear interest from the most recent interest payment date to which interest has been paid, ori if noi interest has been paid, from their date until their respective maturities (or prior redemption date)  at the rates set forth in the Sale Certificate.  11    The principal of and premium, if any, on any Series 2022 Bond shall be payable to  the registered owner thereof as shown on the registration records kept by the Registrar at the Principal Operations Office, upon maturity thereof or prior redemption, and upon presentation and surrender at the Principal Operations Office of the Paying Agent. If any Series 2022 Bond shall not be paid upon such presentation and surrender at or after maturity or prior redemption, it shall continue to draw interest at the same. interest ratel borne by said Series 2022 Bond until the principal thereofi is paid in full. Payment ofi interest on any Series 2022 Bond shall be made by check, draft or wire sent by the Paying Agent, on or before each interest payment date (or, if such interest payment date is not a Business Day, on or before the next succeeding Business Day), to the registered owner thereof at the address shown on the registration records kept by the Registrar at the close of business on the Regular Record Date for such interest payment date; but any such interest not SO timely paid or duly provided for shall cease to be payable to the Person who is the registered owner thereof at the close of business on the Regular Record Date and shall be payable tot thel Person whoi is the registered owner thereof at the close of business on a Special Record Date for the payment of any such defaulted interest. Such Special Record Date and the date fixed for payment of the defaulted interest shall be fixed by the Registrar whenever moneys become available for payment of the defaulted interest. Notice of the Special Record Date and the date fixed for payment of the defaulted interest shall be given to the registered owners of the Series 2022 Bonds not less than ten days prior to the Special Record Date by first-class mail to each such registered owner as shown on the Registrar's registration records on a date selected by the Registrar, stating the date of the Special Record Date and the date fixed for the payment of such defaulted interest. The Paying Agent may make payments ofi interest on any Series 2022 Bond by such alternative means as may be mutually agreed tol between the owner of such Series 2022 Bond and the Paying Agent (provided, however, that the Town shall not be required to make funds available to the Paying Agent prior to the payment dates stated in the Registrar Agreement). All such payments shall be made in lawful money of the United States of America without deduction  for the services of the Paying Agent or Registrar.  12    Section 6. Prior Redemption.  A. Optional Prior Redemption. The Series 2022 Bonds designated in the Sale  Certificate, if any, will be subject to redemption prior to maturity at the option of the Town from  any legally available funds on the dates set forth in the Sale Certificate.  B.  Mandatory Redemption. The Term Bonds, if any, shall be subject to  mandatory sinking fund redemption at the times, in the amounts and at the prices provided in the  Sale Certificate.  On or before the thirtieth day prior to each such sinking fund payment date, the  Registrar shall proceed to call the Term Bonds for redemption from such sinking fund on the next December 1, and give notice of such call without further instruction or notice from the Town. sinking fund redemption date, the Town may (a) deliver to the Registrar for cancellation Term Bonds in an aggregate principal amount desired or (b) receive a credit ini respect ofi its sinking fund redemption obligation for any Term Bonds, which prior to said date have been redeemed (otherwise than through the operation of the sinking fund) and canceled by the Registrar and not theretofore applied as a credit against any sinking fund redemption obligation. Each Series 2022 Bond SO delivered or previously redeemed will be credited by thel Registrar at the principal amount thereof on the obligation of the Town on such sinking fund redemption date and the principal amount of Series 2022 Bonds to be redeemed by operation of such sinking fund on such date will be accordingly reduced. The Town will on or before the sixtieth day next preceding each sinking fund redemption date furnish the Registrar withi its certificate indicating whether or not and to what extent the provisions of (a) and (b) of the preceding sentence are to be availed with respect to such sinking fund payment. Failure of the Town to deliver such certificate shall not affect the Registrar's duty to give notice of sinking fund redemption as provided in this paragraph B. larger than $5,000, a portion of such Series 2022 Bond ($5,000 or any integral multiple thereof) may be redeemed, in which case the Registrar shall, without charge to the owner of such Series 2022 Bond, authenticate and issue a replacement Series 2022 Bond or Series 2022 Bonds for the  At its option, to be exercised on or before the sixtieth day next preceding any such  C.  Partial Redemption. In the case of Series 2022 Bonds of a denomination  unredeemed portion thereof.  D. Notice. Notice of optional or mandatory redemption shall be given by the  Registrar in the name oft the' Town, by sending a copy of such noticel by certified, first-class postage  13    prepaid mail or electronic means ift to DTC ori its successor, not more than 60 nor less than 30 days prior to the redemption date to each registered owner of any Series 2022 Bond, all or aj portion of which is called for prior redemption, at such! Person's address as it last appears on the registration records kept by the Registrar. Failure to give such notice by mailing to the registered owner of any Series 2022 Bond or any defect therein, shall not affect the validity of the proceedings for the  redemption of any other Series 2022 Bonds.  Such notice shall identify the Series 2022 Bonds or portions thereof to be redeemed  (if less than all are to be redeemed) and the date fixed for redemption, and shall further state that on such redemption date the principal amount thereofand the designated premium thereon, ifany, will become due and payable at the Paying Agent, and that from and after such date interest will cease to accrue. Accrued interest to the redemption date will be paid by check, draft or wire sent tot the registered owner (or by alternative means if SO agreed to by the Paying Agent and the registered owner). Notice having been given in the manner. hereinabove provided, the Series 2022 Bond or Series 2022 Bonds SO called for redemption shall become due and payable on the redemption date sO designated; and upon presentation and surrender thereof at the Paying Agent, the Town will pay the principal of and premium, if any, on the Series 2022 Bond or Series 2022  Bonds SO called for redemption.  Notwithstanding the provisions of this Section, any notice of redemption shall  either (a) contain a statement that the redemption is conditioned upon the receipt by the Paying Agent on or before the redemption date ofi funds sufficient toj pay the redemption price of the Series 2022 Bonds SO called for redemption, and that if such funds are not available, such redemption shall be cancelled by written notice to the Owners of the Series 2022 Bonds called for redemption in the same manner as the original redemption notice was mailed, or (b) be given only if funds sufficient to pay the redemption price of the Series 2022 Bonds SO called for redemption are on  deposit with the Paying Agent in the applicable fund or account.  E. Bonds Owned by the Town. Series 2022 Bonds owned by or on behalf of  the Town shall not be subject to redemption. At any time, the Town may surrender any Series 2022 Bonds owned by or on behalf of the Town to the Paying Agent, which shall promptly cancel such Series 2022 Bonds. Additionally, any securities payable from any Pledged Revenues held by the Town shall not be deemed to be Outstanding for the purpose of redemption nor Outstanding  for the purpose of consents hereunder or for any other purpose herein.  14    Section 7. Special Obligations. All of the Series 2022 Bonds, together with  the interest accruing thereon shall be payable and collectible solely out of the Pledged Revenues and the Pledged Funds, which arel herebyirrevocably. so] pledged; the owner or owners ofthe Series 2022 Bonds may not look to any general or other fund for the payment of principal and interest on the Series 2022 Bonds, except the designated special funds pledged therefor; and the Series 2022 Bonds shall not constitute an indebtedness nor a debt within the meaning of any applicable charter, constitutional or statutory provision or limitation; nor shall they be considered or held to  be general obligations of the Town.  Section 8. Form of Series 2022 Bonds and Registration Panel. The Series  2022 Bonds and the registration panel shall be substantially as follows (provided that any portion oft the Series 2022 Bond text may, with appropriate references, be printed on the back of the Series 2022 Bonds), with such omissions, insertions, endorsements, and variations as to any recitals of fact or other provisions as may be required by the circumstances, be required or permitted by this Ordinance, or be consistent with this Ordinance and necessary or appropriate to conform to the rules and requirements of any governmental authority or any usage or requirement of law with  respect thereto:  15    (Form of Bond)  Unless this Bond is presented by an authorized representative of The Depository Trust Company, al New York corporation ("DTC"), to the Town ori its agent for registration of transfer, exchange, or payment, and any Bond issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative ofDTC (and any payment isi made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY ORTO ANY PERSON: IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an  interest herein.  UNITED STATES OF AMERICA  STATE OF COLORADO  COUNTY OF GARFIELD  TOWN OF CARBONDALE, COLORADO  PARKS AND RECREATION SALES AND USE TAX: REVENUE BOND  SERIES 2022  R-_  $_ CUSIP  INTEREST RATE  MATURITY DATE December 1,2 20_  DATED DATE  %  2022  REGISTERED OWNER: CEDE & CO. PRINCIPAL AMOUNT:  DOLLARS  The Town of Carbondale, in the County of Garfield and State of Colorado (the  "Town"), for value received, promises toj pay tot the registered owner specified above, or registered assigns, solely from the special funds provided therefor, the principal amount specified above, on the maturity date specified above (unless called for earlier redemption), and to pay from said sources interest thereon on June 1 and December 1 of each year, commencing on 20_, at the interest rate per annum specified above, until the principal sum is paid or payment has been provided therefor, as described in an ordinance adopted by the Board ofTrustees of the' Town on July 26, 2022 (the "Ordinance"). This is one of an authorized series of bonds issued under the Ordinance (the "Bonds"). The Bonds are all issued under and are equally and ratably secured by  1,  16    and entitled to the security of the Ordinance. To the extent not defined herein, terms used in this Bond have the same meanings set forth in the Ordinance. This Bond bears interest, matures, is payable, is subject to redemption and is transferable as provided in the Ordinance and Sale  Certificate.  Reference is made to the Ordinance and to all ordinances supplemental thereto,  with respect to the nature and extent of the security for the Bonds, the accounts, funds or revenues pledged, rights, duties and obligations of the' Town, and thel Paying Agent, the rights oft the Owners of the Bonds, the events of default and remedies, the circumstances under which any, Bond is no longer Outstanding, the issuance of additional bonds and the terms on which such additional bonds may be issued under and secured by the Ordinance, the ability to amend the Ordinance, and to all the provisions of which the Owner hereof by the acceptance of this Bond assents.  THE BONDS ARE ISSUED PURSUANT TO AND IN FULL COMPLIANCE  WITH THE CONSTITUTION AND LAWS OF THE STATE OF COLORADO, AND PURSUANT TO THE CHARTER AND THE ORDINANCE. THE BONDS ARE SPECIAL, LIMITED OBLIGATIONS OF THE TOWN, SECURED BY THE PLEDGED REVENUES AND THE PLEDGED FUNDS. THE BONDS DO NOT CONSTITUTE A GENERAL OBLIGATION DEBT OF THE TOWN, THE STATE OR ANY POLITICAL SUBDIVISION THEREOF, AND NEITHER THE TOWN, THE STATE NOR ANY OF THE POLITICAL SUBDIVISIONS THEREOF IS LIABLE THEREFOR. NEITHER THE MEMBERS OF THE BOARD OF TRUSTEES NOR ANY PERSONS EXECUTING THIS BOND SHALL BE  PERSONALLY LIABLE! FOR THIS BOND.  Itisc certified, recited and warranted that all the requirements of law have been fully  complied with by the proper officers of the Town in the issuance of this Bond; that it is issued pursuant to and in strict conformity with the Constitution of the State, with the Charter of the Town, and with the Ordinance and any ordinances supplemental thereto; and that this Bond does  not contravene any Constitutional, statutory or Charter limitation.  It is also certified, recited, and warranted that the Bonds are issued under the  authority of the Ordinance and the Supplemental Public Securities Act. It is the intention of the Town, as expressed in the Ordinance, that this recital shall conclusively impart full compliance with all of the provisions of the Ordinance and shall be conclusive evidence of the validity and the  17    regularity oft thei issuance oft the Bonds after their delivery for value and that all of the Bonds issued  are incontestable for any cause whatsoever after their delivery for value.  This Bond shall not be valid or become obligatory for any purpose or be entitled to  any security or benefit under the Ordinance until the certificate of authentication hereon shall have  been duly executed by the Paying Agent.  FOR PURPOSES OF SECTION 265(b)(3)(B), OF THE INTERNAL REVENUE  CODE OF 1986, AS AMENDED, THE TOWN HAS DESIGNATED THIS BOND AS A  QUALIFEDTAXEXEMIT OBLIGATION.  IN TESTIMONY WHEREOF, the Board of Trustees of the Town of Carbondale  has caused this bond to be signed and executed in its name with a manual or facsimile signature of the Mayor of the Town, and to be signed, executed and attested with a manual or facsimile signature of the Town Clerk, with a manual or facsimile impression oft the seal of the Town affixed  hereto, all as of the date specified above.  (Manual or Facsimile GB  Mayor  (MANUAL OR FACSIMILE SEAL)  Attest:) M  Facsimile Town Clerk D  18    (Form of Registrar's Certificate of Authentication)  This is one of the Bonds described in the within-mentioned Ordinance, and this  Bond has been duly registered on the registration records kept by the undersigned as Registrar for  such Bonds.  U.S. Bank Trust Company, National Association, as Registrar  Date of Authentication and Registration:  By:  Authorized Officer or Employee  (End of Form of Registrar's Certificate of Authentication)  19    (Form of Assignment)  For value received, the undersigned hereby sells, assigns and transfers unto the within bond and hereby irrevocably constitutes and appoints attorney, to transfer the same on the records of the Registrar, with full power  of substitution in the premises.  Dated:  Signature Guaranteed by a member oft the Medallion Signature Program:  Address of transferee:  Social Security or other tax identification number of transferee:  NOTE: The signature to this Assignment must correspond with the name as written on the face of the within bond in every particular, without alteration or enlargement or any change whatsoever.  EXCHANGE OR TRANSFER FEES MAY BE CHARGED  (End of Form of Assignment)  20    (FORM OF PREPAYMENT PANEL) PREPAYMENT PANEL  The following installments of principal (or portions thereof) of this Bond have been prepaid in  accordance with the terms of the Resolution.  Signature of Authorized Representative ofthe Depository  Date of Prepayment  Principal Prepaid  (END OF FORM OFI PREPAYMENT PANEL)  (END OF FORM OF BOND)  21    Section 9. Uniform Commercial Code. Subject to the registration provisions  hereof, the Series 2022 Bonds shall be fully negotiable and shall have all the qualities of negotiable paper, and the owner or owners thereof shall possess all rights enjoyed by the holders or owners of negotiable instruments under the provisions of the Uniform Commercial Code-Investment Securities. The principal of and interest on the Series 2022 Bonds shall be paid, and the Series 2022 Bonds shall be transferable, free from and without regard to any equities between the Town and the original or any intermediate owner of any Series 2022 Bonds or any setoffs or cross-  claims.  Section 10. Execution. The Series 2022 Bonds shall be executed in the name  and on behalfoft the' Town by the signature of the Mayor, shall be sealed with ai manual or facsimile impression of the seal of the Town and attested by the signature of the Town Clerk. Each Series 2022 Bond shall be authenticated by the manual signature of an authorized officer or employee of the Registrar as hereinafter provided. The signatures of the Mayor and the Town Clerk may be by manual or facsimile signature. The Series 2022 Bonds bearing the manual or facsimile signatures of the officers in office at the time of the authorization thereof shall be the valid and binding obligations of the Town (subject to the requirement of authentication by the Registrar as hereinafter provided), notwithstanding that before the delivery thereof and payment therefor or before the issuance of the Series 2022 Bonds upon transfer or exchange, any or all of the persons whose manual or facsimile signatures appear thereon shall have ceased to fill their respective offices. Any Series 2022 Bond may be signed (manually or by facsimile), sealed or attested on behalf of the Town by any person who, at the date of such act, shall hold the proper office, notwithstanding that at the date of authentication, issuance or delivery, such person may have ceased tol hold such office. The Mayor and the' Town may adopt as and for his orl her own facsimile signature the facsimile signature ofl his or her predecessor in office in the event that such facsimile signature appears on any of the Series 2022 Bonds. Before the execution of any Series 2022 Bond, the Mayor and the Town Clerk shall each file with the Colorado Secretary of State his or her  manual signature certified by him or her under oath.  No Series 2022 Bond shall be valid or obligatory for any purpose unless the  certificate of authentication, substantially in the form provided above, has been duly manually executed by the Registrar. The Registrar's certificate of authentication shall be deemed to have been duly executed by the Registrar if manually signed by an authorized officer or employee of  22    the Registrar, but it shall not be necessary that the same officer or employee sign the certificate of authentication on all of the Series 2022 Bonds issued hereunder. By authenticating any of the Series 2022 Bonds initially delivered pursuant to this Ordinance, the Registrar shall be deemed to  have assented to the provisions of this Ordinance.  Section 11. Registration, Transfer and Exchange.  A. Except as provided in Section 12, records for the registration and transfer  of the Series 2022 Bonds shall be kept by the Registrar, which is hereby appointed by the Town as registrar (i.e., transfer agent) for the Series 2022 Bonds. Upon the surrender for transfer of any Series 2022 Bond at the Registrar, duly endorsed for transfer or accompanied by an assignment duly executed by the registered owner or such Person's attorney duly authorized in writing, the Registrar shall enter such transfer on the registration records and shall authenticate and deliveri in the name of the transferee or transferees a new Series 2022 Bond or Series 2022 Bonds of the same series, of al like aggregate principal amount and of the same maturity and interest rate. Series 2022 Bonds may be exchanged at the Registrar for an equal aggregate principal amount of Series 2022 Bonds of the series and the same maturity and interest rate of other authorized denominations. The Registrar shall authenticate and deliver a Series 2022 Bond or Series 2022 Bonds which the registered owner making the exchange is entitled to receive, bearing a number or numbers not previously assigned. The Registrar may impose reasonable charges in connection with such exchanges and transfers of Series 2022 Bonds, which charges (as well as any tax or other governmental charge required to be paid with respect to such exchange or transfer) shall be paid  by the registered owner requesting such exchange or transfer.  B. Except as provided in Section 12, the Registrar shall not be required to  transfer or exchange (1) any Series 2022 Bond or portion thereof during a period beginning at the opening of business 15 days before the day of the mailing of notice of prior redemption as herein provided and ending at the close of business on the day of such mailing, or (2) any Series 2022 Bond or portion thereof after the mailing of notice calling such Series 2022 Bond or any portion thereof for prior redemption, except for the unredeemed portion of the Series 2022 Bonds being  redeemed in part.  C. The Person in whose name any Series 2022 Bond shall be registered, on the  registration records kept by the Registrar, shall be deemed and regarded as the absolute owner thereof for the purpose of making payment thereof and for all other purposes; except as may be  23    otherwise provided in Section 5 hereof with respect to payment of interest; and, subject to such exception, payment of or on account of either principal ori interest on any Series 2022 Bond shall be made only to or upon the written order of the registered owner thereof or such Person's legal representative, but such registration may be changed upon transfer of such Series 2022 Bond in the manner and subject to the conditions and limitations provided herein. All such payments shall be valid and effectual to discharge the liability upon such Series 2022 Bond to the extent of the  sum or sums SO paid.  D. Ifa any Series 2022 Bond shall be lost, stolen, destroyed or mutilated, the  Registrar shall, upon receipt of such evidence, information or indemnity relating thereto as it and the Town may reasonably require, authenticate and deliver a replacement Series 2022 Bond or Series 2022 Bonds of a like aggregate principal amount and of the same maturity and interest rate bearing a number or numbers not previously assigned. If such lost, stolen, destroyed, or mutilated Series 2022 Bond shall have matured or is about to become due and payable, the Registrar may  direct the Paying Agent to pay such Series 2022 Bond in lieu of replacement.  E. The officers of the Town are authorized to deliver to the Registrar fully  executed but unauthenticated Series 2022 Bonds in such quantities as may be convenient to be  held in custody by the Registrar pending use as herein provided.  F.  Whenever any Series 2022 Bond shall be surrendered to the Paying Agent  upon payment thereof, or to the Registrar for transfer, exchange or replacement as provided herein, such Series 2022 Bond shall be promptly cancelled by the Paying Agent or Registrar in accordance  with the customary practices of such entity and applicable retention laws.  Section 12. Book Entry.  A. Notwithstanding any contrary provision of this Ordinance, the Series 2022  Bonds shall initially be evidenced by one Series 2022 Bond for each maturity and interest rate in denominations equal to the aggregate principal amount of the Series 2022 Bonds maturing for that maturity and interest rate. Such initially delivered Series 2022 Bonds shall be registered in the name of "Cede & Co." as nominee for The Depository Trust Company, the securities depository for the Series 2022 Bonds. The Series 2022 Bonds may not thereafter be transferred or exchanged  except:  (i) toany successor of DTC or its nominee, which successor must be  both a "clearing corporation" as defined in Section 4-8-102(a)(5), C.R.S. and a qualified and  24    registered "clearing agency" under Section 17A of the Securities Exchange Act of 1934, as  amended; or  (ii) upon the resignation of DTCC or a successor or new Depository under  clause (i) or this clause (ii) of this paragraph A, or a determination by the Board that DTC or such successor or a new Depository is no longer able to carry out its functions, and the designation by the Board of another Depository acceptable to the Board and to the Depository then holding the Series 2022 Bonds, which new Depository must be both a "clearing corporation" as defined in Section 4-8-102(a)(5), C.R.S. and a qualified and registered "clearing agency" under Section 17A of the Securities Exchange Act of 1934, as amended, to carry out the functions of DTC or such  successor new Depository; or  (iii) upon the resignation of DTC or a successor or new Depository under  clause (i) above or designation of a new Depository pursuant to clause (ii) above, or a determination of the Board that DTC or such successor or Depository is no longer able to carry out its functions, and the failure by the Board, after reasonable investigation, to locate another  Depository under clause (ii) to carry out such Depository functions.  B. In the case of a transfer to a successor of DTC or its nominee as referred to  in clause (i) or (ii) of paragraph A hereof, upon receipt of the Outstanding Series 2022 Bonds by the Registrar together with written instructions for transfer satisfactory to the Registrar, a new Series 2022 Bond for each maturity and interest rate of the Series 2022 Bonds then Outstanding shall be issued to such successor or new Depository, as the case may be, or its nominee, as is specified in such written transferi instructions. In the case of a resignation or determination under clause (iii) of paragraph A hereof and the failure after reasonable investigation to locate another qualified Depository for the Series 2022 Bonds as provided in clause (iii) of paragraph A hereof, and upon receipt of the Outstanding Series 2022 Bonds by the Registrar, together with written instructions for transfer satisfactory to the Registrar, new Series 2022 Bonds shall be issued in denominations of $5,000 or any integral multiple thereof, shall be issued in authorized amounts, registered in the names of such Persons, and in such authorized denominations as are requested in such written ransferinstructions: however, the Registrar shall not be required to deliver such new Series 2022 Bonds within a period of less than 60 days from the date of receipt of such written  transferinstructions.  25    C. The Board, the Registrar and the Paying Agent shall be entitled to treat the  registered owner of any Series 2022 Bond as the absolute owner thereof for all purposes hereof and any applicable laws, notwithstanding any notice to the contrary received by any or all of them and the Board, the Registrar and the Paying Agent shall have no responsibility for transmitting payments or notices to the Beneficial Owners of the Series 2022 Bonds held by DTC or any  successor or new Depository named pursuant to paragraph A hereof.  D. The Board, the Registrar and the Paying Agent shall endeavor to cooperate  with DTC or any successor or new Depository named pursuant to clause (i) or (ii) of paragraph A hereofin effectuating payment of the principal amount of the Series 2022 Bonds upon maturity or priorredemption by arranging for payment in such a manner that funds representing such payments  are available to the Depository on the date they are due.  E. Upon any partial redemption of any of the Series 2022 Bonds, Cede & Co.  (or its successor) in its discretion may request the Town to issue and authenticate a new Series 2022 Bond or shall make an appropriate notation on the Series 2022 Bond indicating the date and amount of prepayment, except in the case of final maturity, in which case the Series 2022 Bond must be presented to the Registrar prior to payment. The records of the Paying Agent shall govern in the case of any dispute as to the amount of any partial prepayment made to Cede & Co. (or its  successor).  Section 13. Delivery of Series 2022 Bonds and Disposition of Proceeds.  When the Series 2022 Bonds have been duly executed by appropriate Town officers and authenticated by the Registrar, the Town shall cause the Series 2022 Bonds to be delivered to the Purchaser upon receipt of the agreed purchase price. The Series 2022 Bonds shall be delivered in such denominations as the Purchaser shall direct (but subject to the provisions of Sections 11 and 121 hereof); and the Registrar shall initially register the Series 2022 Bonds in such name or names  as the Purchaser shall direct.  The proceeds of the Series 2022 Bonds (net of underwriter's discount and the  premiums paid for the Bond Insurance Policy and/or Bond Reserve Insurance Policy, if any) shall  be accounted for in the following manner and priority:  First, there shall be deposited with the Paying Agent to be applied for the purpose  of paying, together with any other money available therefor, Costs of Issuance of the Series 2022  Bonds.  26    Second, an amount equal thel Reserve Fund Requirement, if any, shall be deposited Third, the balance of the net proceeds shall be deposited with the' Town and applied,  to the Reserve Fund.  together with other available money, if any, to pay the costs of the Project. After paying all of the costs of the Project and the Costs of Issuance of the Series 2022 Bond, or after adequate provision therefor is made, any unexpended balance of the proceeds of the Series 2022 Bonds shall be utilized for other capital projects as authorized by the Election, or deposited in the Bond Fund and applied to the payment of the principal of and interest on the Series 2022 Bonds.  Neither the Purchaser nor any subsequent owner of the Series 2022 Bonds shall be  responsible for the application or disposal by the Town or any ofi its officers or agents of the funds  derived from the sale thereof.  Section 14. Lien on Pledged Revenues and Pledged Funds: Use of Pledged  Revenues. The Series 2022 Bonds constitute a pledge of, and an irrevocable lien (but not necessarily an exclusive such lien) on all of the Pledged Revenues and the Pledged Funds. The Bonds are equally and ratably secured by a lien on the Pledged Revenues. The Series 2022 Bonds are also secured by an exclusive lien on the Pledged Funds. So long as any Series 2022 Bonds shall be Outstanding, either as toj principal or interest, the Pledged Revenues shall, upon receipt by  the' Town, be applied as follows:  A. Bond Fund. First, there shall be credited from the Pledged Revenues,  concurrently with amounts required to meet the principal of and interest on the Parity Lien Bonds, to a special account hereby created and held by the Town, known as the "Town of Carbondale, Parks and Recreation Sales and Use Tax Revenue Bonds, Series 2022, Bond Fund" the following  amounts:  (1) Interest Payments. Monthly, commencing on the first day of the  month immediately succeeding the delivery oft the Series 2022 Bonds, an amount in equal monthly installments necessary, together with any other moneys from time to time available therefor from whatever source, to pay the interest due and payable on the Series 2022 Bonds on the next  succeeding interest payment date.  (2) Principal Payments. Monthly, commencing on the first day of the  month immediately succeeding the delivery of the Series 2022 Bonds, or commencing on the first day of the month one year prior to the first principal payment date of the Series 2022 Bonds,  27    whichever commencement date is later, an amount in equal monthly installments necessary, together with any other moneys from time to time available therefor from whatever source, to pay the next installment of principal of the Series 2022 Bonds coming due at maturity, or pursuant to  Section 5 hereof, if any.  If prior to any interest payment date or principal payment date there has been  accumulated in the Bond Fund the entire amount necessary to pay the next maturing installment of interest or principal, or both, the payment required in subparagraph (1) or (2) (whichever is applicable) of this paragraph, may be appropriately reduced; but the required monthly amounts again shall be sO credited to such account commencing on such interest payment date or principal payment date. The moneys in the Bond Fund shall be used only to pay the principal of, prior redemption premium, if any, and interest on the Series 2022 Bonds as the same becomes due. Pledged Revenues there shall be credited, concurrently with amounts required to be credited to reserve funds or accounts for the Parity Lien Bonds, monthly to a special account hereby created and held by the Town, known as the "Town of Carbondale, Parks and Recreation Sales and Use Tax Revenue Bonds, Series 2022, Reserve Fund," an amount, if any, which is necessary to maintain the Reserve Fund as a continuing reserve in an amount not less than the Reserve Fund Requirement or to pay the issuer of any Bond Reserve Insurance Policy any amounts owing to such issuer under the terms of the Bond Reserve Insurance Policy. Upon issuance of the Series 2022 Bonds, all or any portion of the Reserve Fund Requirement may be met by the deposit ofa Bond Reserve Insurance Policy into the Reserve Fund. In determining the amounts required to be deposited as provided above, the Town shall receive credit for any investment earnings on deposit in the Reserve Fund. Investment earnings on deposit in the Reserve Fund shall remain in the Reserve Fund if the amount on deposit in the Reserve Fund does not equal the Reserve Fund Requirement. No credit need be made to the Reserve Fund sO long as the moneys and/or a Bond Reserve Insurance Policy therein equal the Reserve Fund Requirement (regardless of the source of such accumulations). The Reserve Fund Requirement shall be accumulated and maintained as a continuing reserve to be used, except as provided in paragraphs C, D and E of this Section and Section 19 hereof, only to prevent deficiencies in the payment of the principal of and the interest on the Series 2022 Bonds resulting from the failure to credit to the Bond Fund sufficient funds to pay said principal and interest as the same accrue or to pay the issuer of any Bond Reserve  B. Reserve Fund. Second, except as hereinafter provided, from any remaining  28    Insurance Policy any amounts owing to such issuer under the terms of the Bond Reservel Insurance  Policy.  In lieu of all or a portion of the moneys required to be deposited in the Reserve  Fund by this Ordinance, the Town may at any time or from time to time deposit a Bond Reserve Insurance Policy in the Reserve Fund in full or partial satisfaction of the Reserve Fund Requirement. Any suchl Bond Reserve Insurance Policy shall be payable (or available tol be drawn upon) on any date on which moneys will be required to be withdrawn from the Reserve Fund as provided herein. Upon deposit of any Bond Reserve Insurance Policy in the Reserve Fund, the Town may transfer moneys equal to the amount payable under the Bond Reserve Insurance Policy from the Reserve Fund and apply such moneys to any lawful purpose determined by the Board. need be made into the Bond Fund, the Reserve Fund, or both, ift the amount in the Bond Fund and the amount in the Reserve Fund total a sum at least equal to the entire amount of the Outstanding Series 2022 Bonds, both as to principal and interest to their respective maturities, or to any redemption date on which the Town shall have exercised its option to redeem the Series 2022 Bonds then Outstanding and thereafter maturing, including any prior redemption premiums then due, and both accrued and not accrued, in which case moneys in the Bond Fund and Reserve Fund in an amount at least equal to such principal and interest requirements shall be used solely to pay such as the same become due, and any moneys in excess thereof in the two funds may be  C. Termination Upon Deposits to Maturity or Redemption Date. No payment  withdrawn and used for any lawful purpose determined by the Board.  D. Defraying Delinquencies in Bond and Reserve Funds. If at any time the  Town shall for any reason fail toj pay into the Bond Fund the full amount above stipulated, then an amount shall be paid into the Bond Fund on such date from the Reserve Fund equal to the difference between the amount paid and the full amount SO stipulated. Any cash on deposit in the Reserve Fund shall be transferred to the Bond Fund to cover such a deficiency prior to the transfer of funds drawn under the Bond Reserve Insurance Policy. If, (i) upon notice from the Town requesting a draw or (ii) failure oft the Paying Agent to receive the full amount stipulated above by the third Business Day prior to each interest payment date or principal payment date in each year, the Paying Agent determines that it is necessary to draw on the Bond Reserve Insurance Policy, the Paying Agent shall present a demand for payment, in the form and manner required by the Bond Reserve Insurance Policy, at least two Business Days before funds are needed. If there is  29    more than one Bond Reserve Insurance Policy on deposit in the Reserve Fund, the Paying Agent shall draw on them on aj pro rata basis, based upon the amount available to be drawn on each. paragraph A of this Section, shall be used first to repay the issuer of the Bond Reserve Insurance Policy any costs due and owing and then to replenish cash in the Reserve Fund. The cash sO used shall be replaced in the Reserve Fund from the first Pledged Revenues received that are not required to be otherwise applied by this Section, but excluding any payments required for any subordinate obligations; provided, however, that an amount equal to the amount withdrawn from the Reserve Fund shall be deposited by the Town in the Reserve Fund no later than twelve months from the date of such withdrawal. Ifa at any time the Town shall for any reason fail to pay into the Reserve Fund the full amount above stipulated from the Pledged Revenues, the difference between the amount paid and the amount SO stipulated shall in a like manner be paid therein from the first Pledged Revenues thereafter received not required to be applied otherwise by this Section, but excluding any payments required for any subordinate obligations. The moneys in the Bond Fund and in the Reserve Fund shall be used solely for the purpose of paying the principal and any redemption premium of and the interest on the Series 2022 Bonds, except that moneys in the Reserve Fund shall be used to pay the issuer of any Bond Reserve Insurance Policy any amounts owing to such issuer under the terms of the Bond Reserve Insurance Policy; provided, however, that any moneys at any time in excess of the Reserve Fund Requirement in the Reserve Fund may be withdrawn therefrom and deposited into the Bond Fund, the Rebate Fund, or a defeasance escrow account, or may be used for any lawful purpose determined by the Board; and provided, further, that any moneys in the Bond Fund and in the Reserve Fund in excess of the required amounts stipulated above may be used as provided in paragraphs E, G and H oft this Section. pursuant to any ordinance, resolution or agreement regarding any Outstanding Parity Lien Bonds with respect to any rebate funds established thereby, there shall be deposited in a special account hereby created, known as the "Town of Carbondale, Parks and Recreation Sales and Use Tax Revenue Bonds, Series 2022, Rebate Fund," moneys in the amounts and at the times specified in the Tax Compliance Certificate sO as to enable the Town to comply with Section 18.K. hereof. Amounts on deposit in thel Rebate Fund shall not be subject to the lien and pledge oft this Ordinance to the extent that such amounts are required to be paid to the United States Treasury. The Town  After such a draw any available Pledged Revenues, after the payments required by  E. Rebate Fund. Third, concurrently with any payments required to be made  30    shall cause amounts on deposit in the Rebate Fund to be forwarded to the United States Treasury (at the address provided in the Tax Compliance Certificate) at the times and in the amounts set  forth in the Tax Compliance Certificate.  If the moneys on deposit in the Rebate Fund are insufficient for the purposes  thereof, the Town shall transfer moneys in the amount of the insufficiency to the Rebate Fund, to the extent permitted by Section 14.D. hereof, from the Reserve Fund and the Bond Fund. Upon receipt by the' Town of an opinion oft bond counsel to the effect that the amount in the Rebate Fund is in excess of the amount required to be contained therein, such excess may be transferred to the  Bond Fund.  F.  Interest on Bond Reserve Insurance Policy Draws. After the payments  required by A, B and E of this Section, the Pledged Revenues shall be used to pay interest on  amounts advanced under any Bond Reserve Insurance Policy.  G. Payment for Subordinate Obligations. After the payments required by  paragraphs A, B,E E, and Fofthis Section, the Pledged Revenues shall be used by the Town for the payment of interest on and principal of any obligations secured by Pledged Revenues subordinate to the lien of the Bonds, hereafter authorized to be issued, including reasonable reserves therefor. made by this Section, any remaining Pledged Revenues may be used for any lawful purpose as  H. Use of Remaining Revenues. After making the payments required to be  determined by the Board.  Nothing in this Ordinance shall prevent the Town from making refunds of amounts  collected by the Town and subsequently determined, pursuant to Chapter 4, to be subject to valid  claims for refunds.  Section 15. General Administration of Accounts. The accounts designated in  Sections 13 and 14 hereof shall be administered as follows, subject to the limitations stated in  Section 18.K. hereof:  A. Budget and Appropriation of Accounts. The sums provided to make the  payments specified in Section 14 hereof are hereby appropriated for said purposes, and said amounts for each year shall be included in the annual budget and the appropriation ordinance or measures to be adopted or passed by the Board of Trustees in each year respectively while any of the Series 2022 Bonds, either as toj principal ori interest, are Outstanding and unpaid. No provision ofany constitution, statute, charter, ordinance, resolution, or other order or measure enacted after  31    the issuance of the Series 2022 Bonds shall in any manner be construed as limiting or impairing the obligation oft the Town tol keep and perform the covenants contained in this Ordinance sO long as any oft the Series 2022 Bonds remain Outstanding and unpaid. Nothing herein shall prohibit the Board of Trustees, at its sole option, from appropriating and applying other funds of the Town legally available for such purpose to the Bond Fund or Reserve Fund for the purpose of providing for the payment oft the principal of, interest on or any premiums due with respect to the Series 2022  Bonds.  B. Places and Times of Deposits. Each of the special accounts described in  Section 14 hereof shall be maintained as a book account kept separate and apart from all other accounts or funds of the Town as trust accounts solely for the purposes herein designated therefor. For purposes of investment of moneys, nothing herein prevents the commingling of moneys accounted for in any two or more such book accounts pertaining to the Pledged Revenues or to such accounts and any other funds of the Town to be maintained under this Ordinance. Moneys in any such book account shall be continuously secured to the fullest extent required by the laws of the State for the securing of public accounts. Each periodic payment shall be credited to the proper book account not later than the date therefor herein designated, except that when any such date shall be a Saturday, a Sunday or al legal holiday, then such payment shall be made on or before  the next preceding Business Day.  C.  Investment of Moneys. Any moneys in any account described in Section 14  of this Ordinance may be invested or reinvested in any Permitted Investment. Securities or obligations purchased as such an investment shall either be subject to redemption at any time at face value by the holder thereof at the option of such holder, or shall mature at such time or times as shall most nearly coincide with the expected need for moneys from the account in question. Securities or obligations SO purchased as an investment of moneys in any such account shall be deemed at all times to be aj part of the applicable account. The Town shall present for redemption or sale on the prevailing market any securities or obligations SO purchased as an investment of moneys in a given account whenever it shall be necessary to do sO in order to provide moneys to  meet any required payment or transfer from such account.  D. No Liability for Losses Incurred in Performing Terms of Ordinance.  Neither the Town nor any officer of the Town shall be liable or responsible for any loss resulting  from any investment or reinvestment made in accordance with this Ordinance.  32    E. Character of Funds. The moneys in any fund or account herein authorized  shall consist ofl lawful money oft the United States or investments permitted by Section 15.C. hereof or both such money and such investments. Moneys deposited in a demand or time deposit account inc or evidenced' by a certificate of deposit ofa Commercial Bank pursuant to Section 15.C. hereof, appropriately secured according to the laws of the State, shall be deemed lawful money of the  United States.  Section 16. Additional Bonds.  A. Limitations Upon Issuance of Additional Bonds. Nothing in this Ordinance  shall be construed in such a manner as to prevent the issuance by the Town of Additional Bonds payable from and constituting a lien upon the Pledged Revenues on a parity with the lien of the Series 2022 Bonds and any Outstanding Parity Lien Bonds. Such Additional Bonds may be payable solely from Pledged Revenues or they may be payable from Pledged Revenues and another revenue or fund of the Town ("Additional Pledged Revenues"). Regardless of whether payable solely from Pledged Revenues or from Pledged Revenues and Additional Pledged Revenues, such bonds or other obligations may be issued only if for the Fiscal Year immediately preceding the issuance of any Additional Bonds, the amount of Pledged Revenues in such Fiscal Year equaled or exceeded 150% oft the Maximum Annual Debt Service Requirement on the Bonds (including the. Additional Bonds proposed to be issued). In addition, if the Town has drawn on the Bond Reserve Insurance Policy or any similar policy for any other Bonds, the policy costs due and owing to the issuer of the Bond Reserve Insurance Policy or the issuer of any similar policy for any other Bonds shall be added to Maximum Annual Debt Service Requirement for purposes of determining if the test in the preceding sentence has been met. For the purpose of satisfying the aforementioned 150% test, any tax, now existing or hereafter imposed, which legally becomes a part of the Pledged Revenues during the Fiscal Year preceding the issuance of Additional Bonds, or any tax which is to legally become a part of the Pledged Revenues immediately prior to the issuance of Additional Bonds, or any increase in the rate of any tax which is a part of the Pledged Revenues which increase is imposed during the Fiscal Year preceding the issuance of Additional Bonds or any such increase which is to be imposed immediately prior to or concurrently with the issuance of Additional Bonds can be considered for its estimated effect on the amount of the Pledged Revenues as if such tax or increase had been in effect for the Fiscal Year immediately  33    preceding the issuance of such Additional Bonds. Any tax which is no longer in effect at the time ofi issuance of the Additional Bonds shall not be considered for purposes of satisfying such tests. of the Town that the requirements of paragraph A of this Section have been met shall be conclusively presumed to be accurate in determining the right of the Town to authorize, issue, sell and deliver said Additional Bonds on a parity with the Parity Lien Bonds, and the Series 2022  B. Certificate of Revenues. A written certification by an officer or employee  Bonds herein authorized.  C. Subordinate Obligations Permitted. Nothing in this Ordinance shall be  construed in such a manner as to prevent the issuance by the Town of additional obligations payable from and constituting a lien upon the Pledged Revenues subordinate orj junior to the lien  of the Series 2022 Bonds.  D. Superior Obligations Prohibited. Nothing in this Ordinance shall be  construed sO as to permit the Town to hereafter issue obligations payable from the Pledged  Revenues having a lien thereon prior or superior to the Series 2022 Bonds.  Section 17. Refunding Obligations.  A. Generally. If at any time after the Series 2022 Bonds, or any part thereof,  shall have been issued and remain Outstanding, the Town shall find it desirable to refund any Outstanding obligations payable from the Pledged Revenues, said obligations, or any part thereof, may be refunded, subject to the provisions of paragraph B of this Section, if(1) the obligations to be refunded, at the time of their required surrender forj payment, shall then mature or shall then be callable for prior redemption at the Town's option upon proper call, or (2) the owners of the  obligations tol be refunded consent to such surrender and payment.  B.  Protection of Obligations Not Refunded. Any refunding obligations  payable from the Pledged Revenues shall be issued with such details as the Board of Trustees may provide, sol long as there is no material impairment of any contractual obligation imposed upon the Town by any proceedings authorizing the issuance of any unrefunded portion of obligations payable from the Pledged Revenues; but SO long as any Series 2022 Bonds are Outstanding, refunding obligations payable from the Pledged Revenues may be issued on a parity with the  unrefunded Bonds only if:  1.  Prior Consent. The Town first receives the consent of the owner or  owners of the unrefunded Bonds; or  34    2.  Requirements Not Increased. The refunding obligations do not  increase, for any Fiscal Year prior to and including the last maturity date of any unrefunded Bonds, the aggregate principal and interest requirements evidenced by such refunding obligations and by any Outstanding Bonds not refunded, and the lien of any refunding parity obligations on the Pledged Revenues is not raised to a higher priority than the lien thereon of any obligations thereby  refunded; or  3.  Earnings Test. The refunding obligations are issued in compliance  with paragraphs A and B of Section 161 hereof.  Section 18. Protective Covenants. The Town hereby additionally covenants A. Payment of Series 2022 Bonds. The Town will promptly pay the principal  and agrees with each and every owner of the Series 2022 Bonds that:  of and interest on the Series 2022 Bonds issued hereunder and secured hereby on the dates and in the manner specified herein and in said Series 2022 Bonds according tot the true intent and meaning hereof. Such principal andi interest are payable solely from the Pledged Revenues and the Pledged  Funds.  B. Amendment or Repeal of Certain Ordinances; Duty to Impose Pledged  Sales and Use Tax: Impairment of Contract. Chapter 4 is in full force and effect and has not been repealed. The Town will not repeal or amend Chapter 4 in any manner which would diminish the proceeds of the Pledged Sales and Use Tax' by an amount which would materially adversely affect the security for the Series 2022 Bonds. The Town agrees that any law, ordinance or resolution of the Town in any manner affecting the Pledged Revenues or the Series 2022 Bonds, or otherwise appertaining thereto, shall not be repealed or otherwise directly or indirectly modified in such manner as to materially adversely affect any Series 2022 Bonds Outstanding, unless the required  consent is obtained, all as provided in Section 27 of this Ordinance.  Notwithstanding any other provision of this Section or this Ordinance, the Town  shall retain the right to make changes, without any consent of Series 2022 Bond owners, in Chapter 4, ora any ordinance supplemental thereto ori in substitution therefor, concerning the use of proceeds of the Pledged Sales and Use Tax remaining after the current requirements of all ordinances authorizing bonds or other securities payable from the Pledged Sales and Use Tax, or any portion thereof, have been met; or concerning changes in applicability, exemptions, administration, collection, or enforcement of the Pledged Sales and Use Tax, if such changes do not materially  35    adversely affect the security for the Series 2022 Bonds; but the Town shall not reduce the current rate of the Pledged Sales and Use Tax without the consent of the owners of at least 66 percent in aggregate principal amount of the then Outstanding Series 2022 Bonds, as provided in Section 27  of this Ordinance.  The foregoing covenants are subject to compliance by the Town with orders of  courts of competent jurisdiction concerning the validity,c constitutionality or collection of such tax revenues, any legislation of the United States or the State or any regulation or other action taken by the federal government, any State agency or any political subdivision of the State pursuant to such legislation, in the exercise of the police power thereof for the public welfare, which legislation, regulation or action applies to the Town as a Colorado home rule town and limits or otherwise inhibits the amount of such tax revenues due to the Town. All oft the Pledged Revenues resulting from the imposition and collection of the Pledged Sales and Use Tax shall be subject to the payment of the principal of, interest on, and redemption premium, if any, of all securities payable from the Pledged Revenues, including reserves therefor, as provided herein or in any  instrument supplemental or amendatory hereof.  C. Defense of Legality of Pledged Revenues. There is not pending or  threatened any suit, action or proceeding against or affecting the Town before or by any court, arbitrator, administrative agency or other governmental authority which affects the validity or legality of this Ordinance, or Chapter 4 or the imposition and collection oft the Pledged Sales and Use Tax, any of the Town's obligations under this Ordinance or any of the transactions  contemplated by this Ordinance or Chapter 4.  The Town shall, to the extent permitted by law, defend the validity and legality of  this Ordinance, the Pledged Sales and Use Tax and Chapter 4 against all claims, suits and proceedings which would materially diminish or impair the Pledged Revenues. Furthermore, the Town shall amend from time to time the provisions of any ordinance or resolution of the Town, as necessary to prevent material impairment oft the Pledged Revenues as required to meet the principal of, interest on, and prior redemption premium, if any, of the Series 2022 Bonds when due.  D. Further Assurances. At any and all times the Town shall, SO far as it may  be authorized by law, pass, make, do, execute, acknowledge, deliver and file or record all and every such further instruments, acts, deeds, conveyances, assignments, transfers, other documents and assurances as may be necessary or desirable for the better assuring, conveying, granting,  36    assigning and confirming all and singular the rights, the Pledged Revenues and other funds and accounts hereby pledged or assigned, or intended sO to be, or which the Town may hereafter become bound to pledge or to assign, or as may be reasonable and required to carry out the purposes of this Ordinance. The Town, acting by and through its officers, or otherwise, shall at all times, to the extent permitted by law, defend, preserve and protect the pledge of said Pledged Revenues and other funds and accounts pledged hereunder and all the rights ofe every owner of any of the Series 2022 Bonds against all claims and demands of all Persons whomsoever.  E. Conditions Precedent. Upon the issuance of any of the Series 2022 Bonds,  all conditions, acts and things required by the Constitution or laws of the United States, the Constitution or laws of the State, the Charter or this Ordinance, to exist, to have happened, and to have been performed precedent to or in the issuance of the Series 2022 Bonds shall exist, have happened and have been performed, and the Series 2022 Bonds, together with all other obligations of the Town, shall not contravene any debt or other limitation prescribed by the Constitution or  laws of the United States, the Constitution or laws of the State or the Charter.  F.  Records. So long as any of the Series 2022 Bonds remain Outstanding,  proper books of record and account will be kept by the Town, separate and apart from all other records and accounts, showing complete and correct entries of all transactions relating to the  Pledged Revenues and the accounts created or continued by this Ordinance.  G. Audits. The Town further agrees that it will, within 210 days following the  close ofe each fiscal year, cause an audit ofs such books and accounts tol be made by a certified public accountant, who is not an employee of the Town, showing the Pledged Revenues.  H. Performing Duties. The Town will faithfully and punctually perform all  duties with respect to the Pledged Revenues required by the Charter and the Constitution and laws of the State and the ordinances and resolutions of the' Town, including but not limited to the proper collection and enforcement of thel Pledged Sales and Use' Taxes and the segregation oft the Pledged  Revenues and their application to the respective accounts herein designated.  I.  Other Liens. As of the date of issuance of the Series 2022 Bonds, there are  no liens or encumbrances of any nature whatsoever on or against any of the Pledged Revenues except the lien created for the Series 2018 Note. As of the date of issuance of the Series 2022 Bonds, there are no liens or encumbrances of any nature whatsoever on or against any of the  Pledged Funds.  37    J.  Town's Existence. The Town will maintain its corporate identity and  existence SO long as any of the Series 2022 Bonds remain Outstanding, unless another political subdivision by operation of law succeeds to the duties, privileges, powers, liabilities, disabilities, immunities and rights of the Town and is obligated by law to receive and distribute the Pledged Revenues in place oft the Town, without materially adversely affecting the privileges and rights of  any owner of any Outstanding Series 2022 Bonds.  K. Tax Covenant. The' Town covenants for the benefit oft the registered owners  of the Series 2022 Bonds that it will not take any action or omit to take any action with respect to the Series 2022 Bonds, the proceeds thereof, any other funds of the Town or any facilities financed or refinanced with the proceeds of the Series 2022 Bonds if such action or omission (i) would cause the interest on the Series 2022 Bonds to lose its exclusion from gross income for federal income tax purposes under Section 103 of the Tax Code, (ii) would cause interest on the Series 2022 Bonds to lose its exclusion from alternative minimum taxable income as defined in Section 55(b)(2) of the' Tax Code, or (iii) would cause interest on the Series 2022 Bonds to lose its exclusion from Colorado taxable income or Colorado alternative minimum taxable income under present Colorado law. The foregoing covenant shall remain in full force and effect notwithstanding the payment ini full or defeasance of the Series 2022 Bonds until the date on which all obligations of the Town in fulfilling the above covenant under the Tax Code and Colorado law  have been met.  L. Performance of Duties. The Town will faithfully and punctually perform  or cause to be performed all duties with respect to the Pledged Revenues required by the laws of the State and the ordinances and resolutions of the Town, including without limitation the proper segregation of the Pledged Revenues as set forth in Section 15 hereof and their application to the  respective accounts as herein provided.  M. Prompt Collections. The Town will cause the Pledged Revenues to be N. Surety Bonds. Each official of the Town having custody of the Pledged  collected promptly and accounted for in the accounts as herein provided.  Revenues or Pledged Funds, or responsible for their handling, shall be fully bonded at all times,  which bond shall be conditioned upon the proper application of such money.  38    O. Prejudicial Contracts and Action Prohibited. No contract will be entered  into, nor will any action be taken, by the Town by which the rights and privileges of any Owner  are materially impaired or diminished.  P.  Continuing Disclosure. The Town shall comply with the provisions of the  Continuing Disclosure Certificate. Any failure by the Town to perform in accordance with this paragraph shall not constitute an Event of Default under this Ordinance, and the rights and remedies provided by this Ordinance upon the occurrençe of an Event of Default shall not apply toany such failure. The Paying Agent shall not have any power or duty to enforce this paragraph. No owner of a Series 2022 Bond shall be entitled to damages for the Town'snon-complance with its obligations under this paragraph; however, the owners of the Series 2022 Bonds may enforce specific performance of the obligations contained in this paragraph by any judicial proceeding  available.  Q. Bank Qualification. The Town hereby determines that neither the' Town nor  any entity subordinate thereto reasonably anticipates issuing more than $10,000,000 face amount of bonds or any other similar obligations during calendar year 2022. For the purpose of Section 265(b)(3)(B) of the Tax Code, the' Town hereby designates the Series 2022 Bonds as qualified tax-  exempt obligations.  Section 19. Defeasance. When the Series 2022 Bonds shall be paid in  accordance with their terms (or payment of the Series 2022 Bonds has been provided for in the manner set forth in the following paragraph), together with all other sums payable hereunder, including all amounts due and owing to any issuer of a Bond Reserve Insurance Policy, then this Ordinance and all rights granted hereunder shall thereupon cease, terminate and become void and  be discharged and satisfied.  Payment of any Outstanding Series 2022 Bond shall prior to the maturity or  redemption date thereof be deemed to have been provided for within the meaning and with the effect expressed in this Section if( (a) in case said Series 2022 Bond is to be redeemed on any date prior to its maturity, the Town shall have given to the Paying Agent in form satisfactory to it irrevocable instructions to give on a date in accordance with the provisions of Section 6 hereof notice of redemption of such Series 2022 Bond on said redemption date, such notice to be given in accordance with the provisions of Section 6 hereof, (b) there shall have been deposited with the Paying Agent or other Trust Bank either moneys in an amount which shall be sufficient, and/or  39    Federal Securities which shall not contain provisions permitting the redemption thereof at the option of the issuer, the principal of and the interest on which when due, and without any reinvestment thereof, will provide moneys which, together with the moneys, ifany, deposited with or held by the Paying Agent or other Trust Bank at the same time, shall be sufficient toj pay when due the principal of, interest on, and redemption premium, ifa any, due and tol become due on said Series 2022 Bond on and prior to the redemption date or maturity date thereof, as the case may be, and (c) in the event said Series 2022 Bond is not by its terms subject to redemption within the next sixty days, the Town shall have given the Paying Agent in form satisfactory to it irrevocable instructions to give, as soon as practicable in the same manner. as the notice of redemption is given pursuant to Section 6 hereof, a notice to the owner of such Series 2022 Bond that the deposit required by (b) above has been made with the Paying Agent or other Trust Bank and that payment of said Series 2022 Bond has been provided for in accordance with this Section and stating such maturity or redemption date upon which: moneys are tol be available for thej payment of the principal of, interest on, and redemption premium, if any, of said Series 2022 Bond. Neither such Federal Securities nor moneys deposited with the Paying Agent or other Trust Bank pursuant to this Section or principal or interest payments on any such Federal Securities shall be withdrawn or used for any purpose other than, and shall be held in trust for, the payment of the principal of, interest on, and redemption premium, ifany of said Series 2022 Bond; provided any cash received from such principal or interest payments on such Federal Securities deposited with the Paying Agent or other Trust Bank, if not then needed for such purpose, shall, to the extent practicable, be reinvested in securities of the type described in (b) of this paragraph maturing at times and in amounts sufficient to pay when due the principal of, interest on, and redemption premium, if any to become due on said Series 2022 Bond on or prior to such redemption date or maturity date thereof, as the case may be. At such time as payment of a Series 2022 Bond has been provided for as aforesaid, such Series 2022 Bond shall no longer be secured by or entitled to the benefits oft this Ordinance, except for the purpose of any payment from such moneys or securities deposited with  the Paying Agent or other Trust Bank.  The release of the obligations of the Town under this Section shall be without  prejudice to the right of the Registrar or Paying Agent to be paid reasonable compensation for all services rendered by it hereunder and all its reasonable expenses, charges and other disbursements incurred on or about the administration of and performance ofi its powers and duties hereunder.  40    Upon compliance with the foregoing provisions of this Section with respect to all  Series 2022 Bonds then Outstanding, this Ordinance may be discharged in accordance with the provisions of this Section but the liability of the Town in respect of the Series 2022 Bonds shall continue; provided that the owners thereof shall thereafter be entitled to payment only out of the moneys and/or Federal Securities deposited with the Paying Agent or other Trust Bank as provided  in this Section.  In the event that there is a defeasance of only part of the Series 2022 Bonds of any  maturity, the Registrar shall, if requested by the Town, institute a system to preserve the identity of the individual Series 2022 Bonds or portions thereof SO defeased, regardless of changes in bond numbers attributable to transfers and exchanges of Series 2022 Bonds; and the Registrar shall be entitled to reasonable compensation and reimbursement of expenses from the Town in connection  with such system.  Section 20. Delegated Powers. The officers of the Town are authorized and  directed to take all action necessary or appropriate to effectuate the provisions of this Ordinance, including, without limiting the generality of the foregoing; the printing of the Series 2022 Bonds; the procuring of a Bond Insurance Policy, if in the best interests of the Town; entering into and executing appropriate agreements with the Registrar and Paying Agent as toi its services hereunder; entering into and executing appropriate agreements with DTC as to its services hereunder; the printing, distribution and execution of the Official Statement for the Series 2022 Bonds in substantially the form of the Preliminary Official Statement now before the Board, but with such amendments, additions and deletions as are in accordance with facts and not inconsistent herewith; and the execution of such notices, certificates and closing documents as may be reasonably required by the Purchaser or bond counsel, including, but not limited to, the absence and existence of factors affecting the exclusion of interest on the Series 2022 Bonds from gross income for federal income tax purposes. The preparation and use of the Preliminary Official Statement and of the Official Statement are hereby authorized. The Mayor, the Town Manager, or the Finance Director are hereby authorized to approve and deem final the Preliminary Official Statement and to approve the Official Statement, in substantially the form of the Preliminary Official Statement with such changes as are hereafter approved. The execution of the Official Statement by the Mayor, the Town Manager or the Finance Director shall be conclusively deemed to evidence the  approval of the form and contents thereof by the Town.  41    The form, terms and provisions of the Registrar Agreement, the Bond Purchase  Agreement, and the Continuing Disclosure Certificate are hereby approved, and the Town shall enter into and perform its obligations under the Registrar Agreement, the Bond Purchase Agreement, and the Continuing Disclosure Certificate in substantially the forms ofs such documents on file with the Town Clerk with only such changes therein as are hereafter approved and are not inconsistent herewith; and the Mayor and Town Clerk are hereby authorized and directed to  execute and deliver such documents as required hereby.  Section 21. Events of] Default. Each of the following events is hereby declared A. Nonpayment of Principal. If payment of the principal of any of the Series  an "event of default:"  2022 Bonds shall not be made when the same shall become due and payable at maturity or by  proceedings for prior redemption;  B. C.  Nonpayment of Interest. If payment of any installment of interest on the Cross Defaults. The occurrence and continuance of an "event of default,"  Series 2022 Bonds shall not' be made when the same becomes due and payable;  as defined in any ordinance, resolution or agreement governing any Outstanding Parity Lien  Bonds;  D. Incapable to Perform. If the Town shall for any reason be rendered  incapable of fulfilling its obligations hereunder;  E.  Default of any Provision. Ifthe' Town shall default in the due and punctual  performance of its covenants or conditions, agreements and provisions contained in the Series 2022 Bonds or in this Ordinance on its part to be performed, other than those delineated in paragraphs A and B of this Section and those in Section 18.P. hereof, and if such default shall continue for 60 days after written notice specifying such default and requiring the same to be remedied shall have been given to the Town by the owners of not less than 66% in aggregate  principal amount of the Series 2022 Bonds then Outstanding;  F.  Bankruptcy or Insolvency. A petition in bankruptcy or similar proceedings  shall, pursuant to the United States Bankruptcy Code or any other applicable bankruptcy, insolvency, receivership, rehabilitation or similar law, be filed against the Town and not dismissed  within 60 days, or shall be filed by the Town; or  42    G. Default Under Insurance Agreement. If an event of default shall have Section 22. Remedies. Upon the happening and continuance of any Event of  occurred and be continuing under the provisions of the Insurance Agreement.  Default as provided in Section 21 hereof, the owner or owners of not less than 66% in aggregate principal amount of the Outstanding Series 2022 Bonds, or a trustee therefor, may protect and enforce their rights hereunder by proper. legal or equitable remedy deemed most effectual including mandamus, specific performance of any covenants, the appointment of a receiver (the consent of such appointment being hereby granted), injunctive relief, or requiring the Board of Trustees to act as if it were the trustee of an express trust, or any combination of such remedies. All proceedings shall be maintained for the equal benefit of all owners. The failure of any owner to proceed does not relieve the Town or any person of any liability for failure to perform any duty hereunder. The foregoing rights are in addition to any other right available to the owners of Series 2022 Bonds and the exercise of any right by any owner shall not be deemed a waiver of any other right. Acceleration shall not be a remedy upon the happening or continuance of any Event of Default. Notwithstanding the foregoing provisions ofthis Section, nothing in this Resolution shall act as or be deemed to be a waiver by the District of the Colorado Governmental Immunity Act,  Title 24, Article 10, C.R.S., as now or hereafter amended.  Section 23. Duties Upon Default. Upon the happening of any of the Events of  Default as provided in Section 21 of this Ordinance, the Town, in addition, will do and perform all proper acts on behalf of and for the owners of the Series 2022 Bonds to protect and preserve the security created for the payment of the Series 2022 Bonds, and to insure the payment of the principal of and interest on said Series 2022 Bonds promptly as the same become due. Proceeds derived from the Pledged Revenues, sO long as any of the Series 2022 Bonds herein authorized, either as to principal ori interest, are Outstanding and unpaid, shall be paid into the Bond Fund and the Reserve Fund, pursuant to the terms hereof and to the extent provided herein, and used for the purposes herein provided. In the event the Town fails or refuses to proceed as in this Section provided, the owner or owners of not less than 66% in aggregate principal amount of the Series 2022 Bonds then Outstanding, after demand in writing, may proceed to protect and enforce the  rights of such owners as hereinabove provided.  Section 24. Replacement of Registrar or Paying Agent. If the Registrar or  Paying Agent initially appointed hereunder shall resign, or if the Town shall determine that it  43    wishes to replace said Registrar or Paying Agent, the' Town may, upon notice mailed to each owner of any Series 2022 Bond at such Person's address last shown on the registration records or by electronic means to DTC ori its successors, appoint a successor Registrar or Paying Agent, or both. No resignation or dismissal of the Registrar or Paying Agent may take effect until a successor is appointed. If a successor is not appointed within 60 days the Registrar or Paying Agent, as applicable, may petition a court of competent jurisdiction to appoint a successor. Every such successor. Registrar or Paying Agent shall be al bank or trust company having a shareowner'sequity (e.g., capital, surplus, and undivided profits), however denominated, of not less than $10,000,000 or be the Town. It shall not be required that the same institution serve as both Registrar and Paying Agent hereunder, but the Town shall have the right to have the same institution serve as both  Registrar and Paying Agent hereunder.  Section 25. Severability. If any one or more sections, sentences, clauses or  parts of this Ordinance shall for any reason bel held invalid, such judgment shall not affect, impair, or invalidate the remaining provisions of this Ordinance, but shall be confined in its operation to the specific sections, sentences, clauses or parts of this Ordinance SO held unconstitutional or invalid, and the inapplicability and invalidity of any section, sentence, clause or part of this Ordinance in any one or more instances shall not affect or prejudice in any way the applicability  and validity of this Ordinance in any other instances.  Section 26. Repealer. All bylaws, orders, resolutions and ordinances, or parts  thereof, inconsistent herewith are hereby repealed to the extent only of such inconsistency. This repealer shall not be construed to revive any bylaw, order, resolution or ordinance, or part thereof,  heretofore repealed.  Section 27. Amendment.  A. The Town may, without the consent of, or notice to the owners of the Series  2022 Bonds, adopt such ordinances supplemental hereto (which supplemental amendments shall thereafter form aj part hereof) for any one or more or all of the following purposes:  (1) to cure any ambiguity, or to cure, correct or supplement any defect  or omission or inconsistent provision contained in this Ordinance, or to make any provisions with respect to matters arising under this Ordinance or for any other purpose if such provisions are necessary or desirable and do not materially adversely affect the interests of the owners of the  Series 2022 Bonds;  44    (2) to subject to the lien of this Ordinance additional revenues, (3) to grant or confer upon the registered owners of the Series 2022  properties or collateral;  Bonds any additional rights, remedies, powers, or authority that may lawfully be granted to or  conferred upon the registered owners of the Series 2022 Bonds; or  (4) to qualify this Ordinance under the Trust Indenture Act of 1939. B. Exclusive of the amendatory ordinances permitted by paragraph A of this  Section, this Ordinance may be amended or supplemented by ordinance adopted by the Board of Trustees in accordance with the law, without receipt by the Town of any additional consideration but with the written consent of the owners of at least 66% in aggregate principal amount of the Series 2022 Bonds Outstanding at the time of the adoption of such amendatory or supplemental ordinance; provided, however, that, without the written consent of the owners of all of the Series 2022 Bonds adversely affected thereby, no such ordinance shall have the effect of permitting:  (1) An extension of the maturity of any Series 2022 Bond authorized by (2) Ar reduction in the principal amount of any Series 2022 Bond, the (3) The creation of a lien upon or pledge of Pledged Revenues ranking (4) The creation of a lien upon or pledge of the Pledged Funds; or (5) Areduction of the principal amount of Series 2022 Bonds required (6) The establishment of priorities as between Series 2022 Bonds issued (7) The modification of or otherwise affecting the rights of the owners  this Ordinance;  rate ofi interest thereon, or the prior redemption premium thereon; prior to the lien or pledge created by this Ordinance;  for consent to such amendatory or supplemental ordinance; and Outstanding under the provisions oft this Ordinance; or ofl less than all of the Series 2022 Bonds then Outstanding.  Copies of any waiver, modification or amendment to this Ordinance shall be Section 28. Carbondale Municipal Code Amendment. Section 4-3-30 of  delivered to any entity then maintaining a rating on the Series 2022 Bonds.  Division 1, Article 3, Chapter 4 of the Carbondale Municipal Code is hereby amended to read as  follows (words added are underlined; words deleted are strieken-through):  45    Sec. 4-3-30.-Levy of tax.  (a) General sales tax and distribution. There is hereby levied a tax upon all sales of tangible personal property and services specified in Section 4-3-50 below. The rate levied shall be three and one-half percent. All revenue derived through the general sales tax shall go to the General Fund for general municipal purposes, with the exception that 0.143-pereent one-seventh of the revenues derived from  the Town's sales tax shall be used exclusively for:  (1). Acquisition of park land;  (2)Development and implementation of new park and recreation facilities and (3) Development and implementation of present and future recreation programs; (4) Present and future park and recreation operations and maintenance; or (5) Repayment of revenue bonds or other obligations issued or incurred for park (b) Retail marijuana sales tax and distribution. In addition to the general sales tax of three and one-half percent sales tax levied in subsection (a) above, there is hereby levied a sales tax of five percent on the full purchase price paid or charged for tangible personal property and taxable services purchased or sold at retail by any retail marijuana store exercising a taxable privilege in the Town by the sale of such property or services. Each retail marijuana store shall pay this tax on every sale or transfer of retail marijuana and retail marijuana products. All revenue derived through the retail marijuana sales tax shall go to the General Section 29. Pledge of Revenues. The creation, perfection, enforcement, and  improvements;  and recreation purposes.  Fund for general municipal purposes.  priority of the pledge oft the Pledged Revenues and Pledged Funds to secure or pay the Series 2022 Bonds as provided herein shall be governed by Section 11-57-208 of the Supplemental Public Securities Act and this Ordinance. The Pledged Revenues and Pledged Funds pledged for the payment of the Series 2022 Bonds, as received by or otherwise credited to the Town, shall immediately be subject to the lien of such pledge without any physical delivery, filing, or further act. The lien of such pledge on the Pledged Revenues pledged for payment of the Series 2022 Bonds and the obligation to perform the contractual provisions made herein shall have priority over any or all other obligations and liabilities of the Town, except for the Series 2018 Note and any Additional Bonds. The lien of such pledge shall be valid, binding, and enforceable as against  46    all Persons having claims of any kind in tort, contract, or otherwise against the Town irrespective  of whether such Persons have notice of such liens.  Section 30. No Recourse against Officers and Agents. Pursuant to  Section 11-57-209 of the Supplemental Public Securities Act, if a member of the Board, or any officer or agent of the Town acts in good faith, no civil recourse shall be available against such member, officer, or agent for payment of the principal, interest or prior redemption premiums on the Series 2022 Bonds. Such recourse shall not be available either directly or indirectly through the Board or the Town, or otherwise, whether by virtue of any constitution, statute, rule of law, enforcement of penalty, or otherwise. By the acceptance of the Series 2022 Bonds and as a part of the consideration of their sale or purchase, any Person purchasing or selling such Series 2022  Bond specifically waives any such recourse.  Section 31. Conclusive Recital. Pursuant to Section 11-57-210 of the  Supplemental Public Securities Act, the Series 2022 Bonds shall contain a recital that they are issued pursuant to certain provisions of the Supplemental Public Securities Act. Such recital shall be conclusive evidence of the validity and the regularity of the issuance of the Series 2022 Bonds  after their delivery for value.  Section 32. Limitation of Actions. Pursuant to Section 11-57-212 of the  Supplemental Public Securities Act, no legal or equitable action brought with respect to any legislative acts or proceedings of the Town in connection with the authorization or issuance of the Series 2022 Bonds, including but not limited to the adoption of this Ordinance, shall be  commenced more than thirty days after authorization of the Series 2022 Bonds.  Pursuant to Section 11-2 oft the Charter, no action or proceeding at law ori in equity  to review or question the validity of any acts or proceedings, to enjoin the performance, issue or collect any securities, or the levy or collection of any assessments, or for any other relief against any acts or proceedings of the Town done under Article XI of the Charter, shall be maintained against the Town unless commenced within thirty days after the performance of the act or the effective date of the ordinance or other action authorizing borrowing the money, or shall  thereafter be forever barred.  Section 33. Holidays. If the date for making any payment or the last date for  performance of any act or the exercising of any right, as provided in this Ordinance, shall be a legal holiday or a day on which banking institutions in the city in which the principal office oft the  47    Registrar and Paying Agent is located are authorized by law to remain closed, such payment may be made or act performed or right exercised on the next succeeding day not a legal holiday ora day on which such banking institutions are authorized by law to remain closed, with the same force and effect as if done on the nominal date provided in this Ordinance, and noi interest shall accrue  for the period after such nominal date.  Section 34. Electronic Signatures and Transactions. The Mayor, Town  Clerk, Town Manager, Finance Director and other employees and officials of the Town that are authorized or directed to execute any agreement, document, certificate, instrument or other paper in accordance with this Ordinance (collectively, the "Authorized Documents") are hereby authorized to execute Authorized Documents electronically via facsimile or email signature. Any electronic signature SO affixed to any Authorized Document shall carry the full legal force and effect of any original, handwritten signature. This provision is made pursuant to Article 71.3 of  Title 24, C.R.S., also known as the Uniform Electronic Transactions Act.  The Town agrees that the transactions described herein may be conducted and  related documents may be stored by electronic means. Copies, telecopies, facsimiles, electronic files and other reproductions of original executed documents shall be deemed to be authentic and valid counterparts of such original documents for all purposes, including the filing of any claim,  action or suit in the appropriate court of law.  Section 35. Ordinance Irrepealable. After any of the Series 2022 Bonds  herein authorized are issued, this Ordinance shall constitute a contract between the Town and the owners of the Series 2022 Bonds, and shall be and remain irrepealable until the Series 2022 Bonds and interest thereon shall be fully paid, cançelled and discharged as herein provided.  Section 36. Effective Date. This Ordinance shall take effect thirty days after its  final passage and publication and shall be authenticated, numbered, and recorded in the official  records of the Town as required by the Charter.  Section 37. Series 2018 Note. For SO long as the Series 2018 Note is  outstanding, certain provisions of the Series 2018 Note and the loan agreement dated as of July 25, 2018, between the Town and ANB Bank, as lender, as well as provisions of this Ordinance, may be applicable with respect to consent rights of the owners of the Series 2018 Note and the  issuance of Additional Bonds.  48    Section 38. Safety Clause. The Board of Trustees finds and declares that this  Ordinance is promulgated and adopted for the public peace, health or safety and this Ordinance  bears a rational relation to the legislative object sought to be obtained.  Section 39. Disposition of Ordinance. This Ordinance, as adopted by the  Board, shall be numbered and recorded by the Town Clerk in the official records of the Town. The adoption and publication shall be authenticated by the signatures of the Mayor or Mayor Pro  Tem, and Town Clerk, and by the certificate of publication.  49    INTRODUCED, READ AND PASSED THIS 26th DAYOFJULY,2022.  TOWNO OFCARBONDALE, COLORADO BBhua  Ben Bohmfalk,  Maydr  ATTEST:  CAREONO SEAL COLORADO  BP Town Clerk  Al Cathy Derby,  50    STATE OF COLORADO COUNTY OF GARFIELD TOWN OF CARBONDALE  ) ) )ss. ) )  I,Cathy Derby, the duly elected, qualified and acting Town Clerk of the Town of  Carbondale, Colorado (the "Town") do hereby certify that:  1.  The foregoing pages are a true, correct, and complete copy of an ordinance  (the "Ordinance-") concerning the Town's Parks and Recreation Sales and Use Tax Revenue Bonds, Series 2022, adopted by the Board of Trustees of the Town (the "Board"), at a regular  meeting of the Board held at the Town Hall on July 26, 2022.  2.  The Ordinance was introduced, read and passed at an open, regular meeting  of the Board on Tuesday, July 26, 2022 by an affirmative vote of the members of the Board as  follows:  Name  "Yes" X X X X X X X  "No"  Absent  Abstain  Ben Bohmfalk, Mayor Erica Sparhawk Mayor Pro Tem Luis Yllanes Marty Silverstein Lani Kitching Chris Hassig Colin Laird  3.  The Ordinance has been signed by thel Mayor, sealed with the corporate seal  of the Town, attested by me as Town Clerk, and duly recorded in the books of the Town; and the  same remains of record in the book of records of the Town.  4. 5. 6.  Notice of the regular meeting of. July 26, 2022, in the form attached hereto Copies of the Ordinance were posted at Town Hall from the day after Following adoption, the Ordinance was posted in a public place within the  as Exhibit A, was posted prior to such meeting as required by state law.  introduction (July 26, 2022) until the effective date.  Town Hall and on the Town's website for thirty days after passage. A notice was published in eSepis_Sun a newspaper of general circulation within the' Town, that included the number  51    and title oft the Ordinance, as statement where the full text is available to the public, and a statement  as to the effective date of the Ordinance.  52    INWITNESS WHEREOF,Ihavel hereunto set my hand and affixed the seal ofs said  Town this 6day of Joky 2022.  (SEAL)  Town Clerk  ARBON SEAL SCLORADO  53    EXHIBIT A (Attach Notice of Meeting)    CARBONDALE BOARD OF TRUSTEES REGULARMEETING JULY 26, 2022 CARBONDALETOWN HALL. AND VIA ZOOM 6:00 P.M.  You are invited to a Zoom webinar. Topic: Board of Trustees 7-26-2022 Please click the link below toj join the webinar: tps/sV2wep.z.om..1s./86456363345 Or One tap mobile: Or' Telephone:  When: Jul 26, 2022 06:00 PM Mountain Time (US and Canada)  US: +12532158782,86456365848# or +13462487799,864563658488 Dial(for higher quality, dial a number based on your current location):  US: +1 2532158782 or +1 3462487799 or +1 6694449171 or+16699006833 or+1301 715 8592 or +13126266799 or +1 386347 5053 or +1 564217 2000 or +1 6469313860 or +1  9292056099 Webinar ID: 864 5636 5848 Zoom Link Below  International numbers available: tps/isl/webzcom.ZOMAISYUADDASISUS  itps/zoomauslwehinar/864566548  PLEASE: NOTE THAT ALTHOUGH THE INVITATIONTO THE ZOOM MEETING LISTS THESTARTING TIME AS 5:30 THE MEETING ACTUALLY STARTS AT 6:00  Reconignition of Police Promotions  TIME*  ITEM  DESIRED OUTCOME  6:00 1. Roll Call 6:00 2. Consent Agenda  a. Accounts Payable N2nd Street Rezoning  ATTACHMENT A  b. Ordinance No. 41 135 Main Street and 66  6:05 3. Persons Present Not On The. Agenda  6:15 4. Trustee Comments    6:30 5. Attorney's Comments 6:30 6. Manager's Report  6:40 7. Public Hearing - Special Event Liquor  ATTACHMENTI B BOT Action Desired  License Application Cowboy Up  Applicant: Roaring Fork Sports Foundation, Location: 4th and Main Park Carbondale 8. Release of Security - Sopris Lodge  6:50 7:00  ATTACHMENTC BOT Action Desired ATTACHMENT D BOT Action Desired ATTACHMENTE Discussion ATTACHMENTF Information  9. Ordinance No. 5 Authorizing Aquatics  Facility Bond  7:30 11. Continued Discussion, STR Lodging' Tax  8:30 12. Administrative  Reports/Minutes/Correspondence a. Finance b. Public Works & Utilities Planning d. Building Police Minutes: P&Z g. 5-26-2022 h.6 6-9-2022  Parks and Recreation  8:30 13. Adjourn  * Please Note: times are approximate    EXHIBIT B (Affidavit of Publication)    PROOF OF PUBLICATION SOPRIS SUN STATE OF COLORAIDO COUNTY OF GARFIELD  SS.  empleyce  IBaleshiBuchohdo: solemnlyswear that I am aBeaMember That the same Weekly newspaper. is' printed, in whole Garfield, State of Colorado, and has published continuously and uninterruptedly in saill County of legally designated Newspaper of Record: for the Town of Resolution No.5 Series of 2009; that the annexed  ofthe Sopris Sun. newspaper has Garfield and is the Carbondale, per Carbondale legal notice or advertisement was  ori inj part, in the County of  been  a general cirçulation thérein; that said  published on the following In witness whereofhas!  ASUr40  hand this 5 day of  Avg2022  Empleyeé  Subscribed and sworn to before E  A  me, anotary pyblic in and: for-the day of Aupt 20z2  State Notary Public My Commission  County of Garfield,  CATHERINE B. DERBY NOTARY. PUBLIC STATE OF COLORADO NOTARY ID #20034000937 My Commission Expires January 10, 2023  expires: tazoz3  LEGALS ORDINANCENO.S Seriesof2022  ORDINANCENO TOWN OF BSN - TO - - DISIRICT CFINS ZONE duced, NOTICE: reay, This and Opdinance wasi intro- the Board adopted: of ata Trustpes regular of (30)g daysa Ordinance afner publication shall take dffoc chirty 0o thet ou ar  wwwcarbon- do officeafthe lown M TownCek  AN ING ORDINANCE THE ISSUANCE AUTHORIZ OF THE Serieaof2022 TOWN OF CARBONDALE AN MPSADI REATIONSALES/ ANDUSETAK REVENUEBONDS SERIES MPNADNOTE 2022: LORADO, SEADEIUS OF7 MENT THET OF TOWN THE FOR BONDS THE AND PAY- PROVIDING OTHER DETAILS COMMERCIAL WITH IN ÇONNECTION THERE- duced, NOTICE: read, ThisOrdinange and adopoed. ar wasi intro- mecting the7 LanafCarbomal July26,2022. This ofthisnotice. Thefull tetofsaidOrdi publication nance carbondaleg ava ilable tot thep publicaty www. businesshours. Carbondale, Colorado, during noral TIBTOMNOFCARONDALE By:s/sDan Richardson, Mayor s/sCathyD Daby, Town Cleck  THE  mecting of the) Boardof Trustpes  July26, 2022. arbondale, Colorado, on cffect thirty (30) days Ordinance after shalle cake tice, available Thef full tert pfsaid of chis Town Ceik, govorgora 511 Çolorado art thcofficeofthe Avenue, hours. dale, Colorado, duringn Avenue, nomalb Carbon- business  Colorado,on This  E