GYPSUM, COLORADO, SALES TAX AND GENERAL FUND REVENUE 

BONDS, SERIES 2005, WHICH WERE ISSUED TO FINANCE 

CONSTRUCTION OF THE GYPSUM RECREATION CENTER 

WHEREAS, the Town of Gypsum ("Town") is a home rule municipality duly 

organized and existing under Articles XX of the Colorado Constitution and the Town's 

Home Rule Charter effective October 21, 1982; and 

WHEREAS, the Town adopted, subject to voter approval that was subsequently 

obtained, Ordinance No. 15 (Series 2004) increasing the Townwide sales tax by 1% (the 

"Pledged Sales Tax"), the revenues from which were to be used to fund a Recreation 

Center and to pay the costs associated with the issuance of bonds used to finance 

construction of the Recreation Center; and 

WHEREAS, the Town adopted Ordinance No. 2005-05 authorizing the issuance 

of the Town of Gypsum, Colorado, Sales Tax and General Fund Revenue Bonds, Series 

2005 in the Aggregate Principal Amount of $8,500,000 (the "Bonds") for the purpose of 

paying a portion of the cost of the Recreation Center, and pledged the revenues generated 

by the Pledged Sales Tax to pay the Debt Service Requirements on the Bonds; and 

WHEREAS, pursuant to Exhibit A attached to Resolution No. 2014-8 and (the 

"Certification"), the Town Manager certified to the Town Council that as of June 1, 2014 

sufficient funds generated from the Pledged Sales Tax will have been transferred to UMB 

Bank, n. a., as successor to American National Bank, as Paying Agent on the Bonds, to 

meet all Debt Service Requirements due under Ordinance No. 2005-05; and 

WHEREAS, under the terms of Section 5.E., 8.A., and 9 of Ordinance No. 2005-

05 and Section 2 of Ordinance No. 15 (Series 2004) the Pledged Sales Tax is to terminate 

as soon as possibl~ after the Certification, and the Town may now terminate the 1% 

Pledged Sales Tax and discontinue making deposits of the Net Sales Tax Revenues to the 

Paying Agent for the Debt Service Reserve Fund established pursuant to Ordinance No. 

2005-15; and 

WHEREAS, pursuant to Resolution No. 2014-8, the Town Council directed Town 

staff to take all steps necessary to discontinue collection of the Pledged Sales Tax and 

( 00405256.DOCX /} 
Section 2. Repeal of Subsection 3.08.080.B of Chapter 3.08 ofTitle 3 ofthe 

Gypsum Municipal Code: Subsection 3.08.080.B of the Gypsum Municipal Code is 

hereby repealed in its entirety. 

Section 3. Amendment of Section 3.08.200 of Chapter 3.08 ofTitle 3 of the 

Gypsum Municipal Code: Section 3.08.200 of the Gypsum Municipal Code is hereby 

amended to delete Subsection 3.08.200.A and to renumber Subsections 3.08.200.B and 

3.08.200.C as 3.08.200A and 3.08.200.B, respectively. 

Section 4. Public Inspection. Copies of this ordinance and the Gypsum 

Municipal Code are available for public inspection at the office of the Gypsum Town 

Clerk. 

Section 5. Public Hearing: A public hearing on this Ordinance shall be held on 

the 26th day of August, 2014, at 7:00p.m. at the Town of Gypsum Town Hall, 50 

Lundgren Boulevard, Gypsum, Colorado. 

Section 6. Effective Date. This Ordinance shall become effective as a 

permanent Ordinance five (5) days after publication, following final adoption after a 

public hearing held on the 26th day of August, 2014, at 7:00p.m., at the Gypsum Town 

Hall, 50 Lundgren Blvd., Gypsum, Colorado. 

Section 7. Severability. If any portion of this Ordinance, or the International 

Codes amended hereby, is found to be void or ineffective, it shall be deemed severed 

from this Ordinance and the remaining provisions shall remain valid and in full force and 

effect. 

INTRODUCED, READ AND ORDERED PUBLISHED BY THE TOWN 

COUNCIL OF THE TOWN OF GYPSUM, COLORADO, UPON A MOTION DULY 

MADE, SECONDED AND PASSED AT ITS REGULAR MEETING HELD AT THE 

TOWN OF GYPSUM ON THE 5TH DAY OF AUGUST, 2014, BY A VOTE OF_ 

IN FAVOR AND AGAINST. 

{00405256.DOCX /} 2 
(00405256.DOCX /} 3 
Danette Schlegel, own Cl 

{ 00405256.DOCX II 4 
published in the County of Eagle, State ofColorado, and 

has a general circulation therein; that said newspaper 

has been published continuously and uninterruptedly 

in said County of Eagle for a period of more than fiftytwo consecutive weeks next prior to the first publication 

of the annexed legal notice or advertisement; that said 

newspaper has been admitted to the United States mails 

ac; a periodical under the provisions of the Act of March 3. 

1879, or any amendments the reo!: and that said newspaper 

is a weekly newspaper duly qualified for publishing legal 

notices and adve1tisements within the meaning of the 

laws of the State of Colorado. 

That the annexed legal notice or advertisement was 

published in the regular and entire issue of every number 

of said weekly ncwspaperforthe period of ! consecutive 

insertions; and that the first publication of said notice wao; 

in the issue of said newspaper dated 8/2112014 and that 

the last pub I ication of said notice was dated 8/2112014 in 

the issue of said newspaper. 

In witness whereof~ I have here unto set m) hand this day. 

08/22/20.14. 

Pam Boyd 

Gcnernl Mnnager/Publisher/Editor 

Engle Valley Enterprise 

Subscribed and sworn to before me, a notar} public in 

and for the County of Eagle, State of Colorado this day 

08/22/2014. 

~~~:~~~~t~s~..:'a~J~~·/ ~~~~·~·'•• Published In Eogle Valley Enterprise August 21, 2014(10468o425)