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HomeMy WebLinkAbout1967-16 Authorizing the Issuance of Bonds of Vail General Improvement District• ~ • • • ORDINANCE NO. 16 Series of 1967 AN ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS OF VAIL GENERAL IMPROVEMENT DISTRICT, VAIL, COLORADO, FOR THE PURPOSE OF CONSTRUCTING AND INSTALLING STREET PAVING, CURB, GUTTER, SIDEWALKS AND NECESSARY DRAINAGE STRUCTURES FOR THE DISTRICT: PRESCRIBING THE FORM OF SAID BONDS; PROVIDING FOR THE LEVY OF TAXES TO PAY THE BONDS AND THE INTEREST THEREON, AND DECLARING AN EMERGENCY. WHEREAS, at a special election of the taxpaying electors of Vail General Improvement District, Vail, Colorado, duly called. and held. on the 13th d.ay of June, 1967, in accordance with law and pursuant to due notice, such electors d.id., by a vote of 27 ballots "FOR THE BONDS" and 2 ballots "AGAINST THE BONDS", carry in the affirmative by a majority of 25 ballots, the question of issuing bonds of the District in the amount of X200, 000.00 for the purpose of paying the cost of constructing and. installing paving, curb, gutter, sidewalks and necessary drainage structures for the District; and WHEREAS, the returns of said election were duly canvassed and. the result thereof duly declared; and. WHEREAS, bonds in the amount of $155, 000. 00 were duly advertised for sale and were awarded to W. E. Hutton & Co. , the highest bidder; and WHEREAS, the Board. desires at this time to authorize the issuance of X155, 000. 00 of the X200; 000. 00 of bonds approved at the election on June 13, 1967; THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE TOWN OF VAIL, EX OFFICIO THE BOARD OF DIRECTORS OF VAIL GENERAL IMPROVEMENT DISTRICT, VAIL, COLORADO; 1. That for the purpose of paying the cost of constructing and installing street paving, curb, gutter, sidewalks and. necessary drainage structures for the District; the District shall issue its general obligation negotiable bonds in the principal amount of X155, 000.00 dated. September 1, 1967, consisting of $155, 000. 00 bonds in the denomination of $1, 000. 00 each, numbered. 1 to 155, inclusive, payable in lawful money of the United. States of America, to bear interest payable on March 1, 1968, and. semi-annually thereafter on March 1 and. September 1, each year, as evidenced by interest coupons attached to said bonds, and. to be d.ue and. payable serially on September 1, as follows: • • • ~ ~ Ordinance #16 Series of 1967 Amount Maturity Interest Rate $2, 000 1969 4 3/4 4, 000 19 70 4 3/4 ~~, 000 1971 4 3/4 7,000 1972 4 3/4 9, 000 1973 4 3/4 10, 000 1974 4 3/4 12,000 1975 4 3/4 13,000 1976 4 3/4 13, 000 1977 4 3/4 14,000 1978 4 1/2 15, 000 1979 4 1/2 1h, 000 1980 4.40 17, 000 1981 4.40 18, 000 1982 4.40 Page #2 Bonds of this issue maturing in the years 1978 to 1982, inclusive, shall be redeemable at the option of the District, on September 1, 1977, and. interest payment dates thereafter, in inverse numerical order, upon payment of par, accrued interest and. a premium of 2~/0 of principal. The principal of and interest on said bonds shall be payable at The First National Bank of Denver, in Denver, Colorado. Said bonds shall be executed, in the name and. on behalf of said District by the manual signature of the President of its Board of Directors, shall bear the impression of the seal of the District, attested by the manual signature of the Secretary, and each of said bonds shall have attached. thereto interest coupons bearing the facsimile signature of the President of the Board of Directors and, said coupons, when issued as aforesaid as part of said bonds, shall be the lawful promises and obligations of the District securing the payment of said. interest as it becomes due. Should, any officer whose manual or facsimile signature appears on said bonds or the coupons thereto attached. cease to be such officer before delivery of the bonds to the purchaser, such manual or facsimile signature shall nevertheless be valid and sufficient for all purposes. 2. Said bonds and the coupons thereto attached shall be in substantially the following form: • ~ • i ~ Ordinance #18 Page #3 Series of 1967 (Form of Bond.) UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF EAGLE VAIL GENERAL IMPROVEMENT DISTRICT BOND NO. ........... ~1, 000.00 Vail General Improvement District, in the Town of Vail, Eagle County, Colorado, for value received., hereby acknowledges itself indebted. and. promises to pay to the bearer hereof the principal sum of ONE THOUSAND DOLLARS in lawful money of the United. States of America, on the 1st day of September, each year, as evidenced. by interest coupons attached. hereto, principal and interest being payable at the First National Bank of Denver, in Denver, Colorado, upon presentation and. surrender of said coupons and this Bond,, as they severally become due. Bonds of this issue maturing in the years 1978 to 1982, inclusive, shall be redeemable at the option of the District, on September 1, 1977, and interest payment dates thereafter, in inverse numerical order, upon payment of par, accrued. interext and, a premium of a 2 0/0 of principal. This Bond is issued. by the Board of Directors of Vail General Improvement District for the purpose of paying the cost of constructing and. installing street paving, curb, gutter, sidewalks and necessary drainage structures for the District, by virtue of and in full conformity with the Constitution of the State of Colorado, Chapter 89, Article 4, Colorado Revised Statutes 1963, as amended., and. all other laws of the State of Colorado thereunto enabling; and it is hereby certified and recited. that all the requirements of law have been fully complied. with by the proper officers of the District in issuing this Bond. It is further hereby certified., recited. and warranted. that the total ind.ebted.ness of the District, including that of this Bond., does not exceed any constitutional or statutory limitation of the State of Colorado; that at an election lawfully held. in the ~ )istrict on the 13th day of June, 1967, the issuance of this Bond. was authorized. by the duly qualified, taxpaying electors of the District; and. that provision has been made for the levy and collection of a direct annual tax on all the taxable property within the District, sufficient to pay the interest on and the principal of this Bond as the same respectively become due. This Bond does not constitute an indebtedness, obligation of liability of the Town of Vail, Colorado. The full faith and credit of the District are hereby pledged for the punctual payment of the principal of and the interest on this Bond. IN TESTIMONY WHEREOF, Vail General Improvement District has caused this Bond to be executed in the name and on behalf of the District by the manual signature of the President of its Board of Directors, sealed with an impression of the seal of the District, attested. by the manual signature of the Secretary thereof, and the coupons be signed. with the facsimile signature of its President, as of the 1st day of September, 1967. • . • • • Ordinance #18 Page #4 Series of 1967 VAIL GENERAL IMPROVEMENT DISTRICT (SEAL) By . President ATTEST: . .. . . . . . . . . . . . . . . . . Secretary (Form of Coupon) No. $. On the 1st day of March, 19.... , September, unless the bond. to which this coupon is attached, if redeemable, has been called, for prior redemption, Vail General Improvement District, i~l the Town of Vail, Eagle County, Colorado, will pay to bearer . DOLLARS in lawful money of the United. States of America, at The First National Bank of Denver, in Denver, Colorado, being interest then due on its Bond. dated September 1, 1967, bearing No. (Facsimilie Signature) . . . . . . . . . . . . . . . . . . President 3. Said, bonds, when executed as provided. by law, shall be delivered to the purchaser thereof in accordance with the contract purchase, and, the proceeds derived. therefrom shall be used for the purpose recited. in said bonds and. for the purpose of paying expenses necessary, proper and. incidental to their authorization and issuance, but neither the purchaser of said bonds nor the subsequent holder of any of them shall be in any way responsible for the application of the proceeds of said bonds by said District or any of its officers. 4. If necessary, the interest due on said bonds on March 1, 1968, shall be advanced from any fund. or funds of the District available therefor. For the purpose of reimbursing such fund and paying the interest on and principal of said bonds as the same shall become due and. payable, respectively, there shall be levied by the Board of County Commissioners of Eagle County, Colorado, on all the taxable property in said District, in addition to all other taxes, direct annual taxes in each of the years 1967 to 1981, inclusive, sufficient to reimburse such advance and produce the interest on the principal of said bon ds as the same become due and payable respectively. Said. taxes, when collected., shall be deposited. in a special fund to be known as"Nail General Improvement District Bond Fund", and. such Fund shall be applied solely to the purpose of the payment of the interest on and. principal of said. bonds, and. for no other purpose whatever, until the indebtedness so contracted under this Ordinance, both principal and interest, shall have been fully paid, satisfied. and, discharged; but nothing herein contained, shall be so construed as to prevent the District from applying any other funds or revenues that may be in the District Treasury and. available for that purpose to the payment of said principal or or interest, as the same respectively mature, and upon any such payment, the levy or levies herein provided. may be diminished. to the extent of such payment; and the foregoing provisions of this Ordinance are hereby declared. • ~ • a • Ordinance #17 Series of 1967 Page #5 to be the certif irate of the Board of Directors of the District to the Board. of County Commissioners of Eagle County, showing the aggregate amount of taxes to be levied for the purpose aforesaid. by said Board of County Commissioners from time to time as required. by law, for the purpose of paying the principal of said. bonds and the interest thereon as the same shall hereafter accrue. 5. It shall be the duty of the Board of Directors of the District, annually, at the time and. in the manner provided by law for levying other District taxes, if such action shall be necessa~~y to effectuate the provisions of this Ordinance to ratify and carry out the provisions hereof with reference to the levying and. collection of taxes; and the District shall levy, certify and collect such taxes in the manner provided. by law, for the purpose of creating a fund for the payment of the principal of said bonds and the interest thereon, and. such taxes when collected shall be kept for and applied only to the payment of the interest on and principal of said bonds, as hereinabove specified.. 6. All ordinances or parts thereof in conflict with this Ordinance are hereby repealed. 7. After said. bonds are issued, this Ordinance shall be and remain irrepealable until said bonds and the interest thereon shall have been fully paid., satisfied. and discharged. 8. This Ordinance, immediately on its passabe, shall be recorded. in the Book of Ordinances kept for that purpose, authenticated. by the signatures of the President and Secretary and shall be published. in the Eagle Valley Enterpris;~. 9. Since it is urgent that said improvements be constructed. at the earliest possible time, and. the necessary funds be made available to pay for the costs and expenses of construction, it is hereby declared. that an emergency exists and that this Ordinance is necessary for the immediate preservation of the public peace, health and safety, and. that it shall be in full force and effect five days after publication. ADOPTED AND APPROVED This 21st day of August, 1967. (1=:~IS TR IC T) (SEAL) Charles E. Kindel Mayor, ex officio President of the Board of Directors of the Vail General Improvement District ATTEST F. Blake Lynch Town Clerk, ex officio Secretary of the Board of Directors of Vail General Improvement District Published.: August 24, 1967. s } ~ ~1 ~ ~. Finally passed, adopted and approved on this ~.~~~ day of ~1~ ~ 196 ,_ .. ZG ~ , u.G ~( " ~ t ~L y. Mayor ATTEST: ~ ~x~' u~= '~ . /~ / ~ _ ~, Town Recorder (SEAL) 1~ ~ i a1 SEE "PUBLISHED ORDINANCE NO. 16" in the "Certified Record of Proceedings for Publication" Book (Series of 1967)