HomeMy WebLinkAbout1973-15 Authorizing Municipal Borrowing of Money in an Amount no to Exceed $75, 000~Y ~ •
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~~ ORDINANCE NO. 15
Series of 1973
AN ORDINANCE AUTHORIZING MUNICIPAL BORROWING
OF MONEY IN AN AMOUNT NOT TO EXCEED $75,000.00
TO SUPPLEMENT THE GENERA L REVENUES FOR THE
FISCAL YEAR 1973; AUTHORIZING THE MAYOR AND TOWN
MANAGER TO EXECUTE SHORT TERM NOTES TO EVIDENCE
SUCH INDEBTEDNESS FOR MUNICIPAL PURPOSES; PROVIDING
FOR IRREPEA LABILITY AND THE LEVYING OF A TAX, I F
NECESSARY, TO ASSURE THE REPAYMENT OF THE BORROW-
ING HEREIN AUTHORIZED; AND SETTING FORT H MATTERS
AND DETAI LS IN RELATION THERETO.
WHEREAS, the Town Council For the Town of Vail has previously
adopted a budget For the Town of Vail For the fiscal year 1973 and appropriated
money to meet expenditures set Forth in said budget; and
WHEREAS, the Town Council for the Town of Vail considers that
it is now necessary and appropriate to borrow additional amounts of money,
in accordance with Article X of the Home Rule Charter of the Town of Vail
to provide cash funds with which to discharge municipal obligations;
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL
FOR THE TOWN OF VAIL, COLORADO:
Section 1 . Authorization for Municipal Borrowing .
The Town of Vail is hereby authorized to borrow an amount of money,
not to exceed $75,000.00, From any national or state banking association,
for a period not to exceed six {6) months from the adoption of this ordinance
at a rate of interest not to exceed 7% per annum for the purposes of supple-
menting the general revenues of the Town ofVail and to be applied to the
discharging of obligations of the Town properly incurred in accordance with
the budget for the fiscal year 1973. This municipal borrowing is authorized
by Article X of the Charter of the Town ofVaii.
Section 2 , Execution of Promissory Notes and Other Documents .
The Town Council for the Town of Vail authorizes the Mayor and
the Town Manager to execute promissory notes and any other appropriate
documents necessary to evidence the borrowing authorized in Section 1 of
this ordinance, and to bind the Town of Vail and to otherwise pledge the
general credit of the Town to the repayment of the debt herein authorized.
Section 3, Irrepealability.
This ordinance shalt be irrepealable until the entire indebtedness herein
authorized, together with any accrued interest thereon, shall have been fully
paid or discharged. The purposes for which any of the Funds referred to here"rn
may be applied shalt be only those previous ly budgeted in accordance with the
Home Rule Charter for the Town of Vail.
Section 4, Levying and Collecting Tax .
The Town Council shall provide for the levying and collection of general
ad valorem property taxes should such a tax be required to discharge any
loan herein authorized; however, should the general revenue or funds available
to the Town ofVail be sufFicient to discharge the principle obligation, together
with interest referred to in this ordinance, then no tax shall be specifically
levied for the purpose of discharging this obligation.
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Page 2
Ordinance No. 15
Series of 1973
a • r
INTRODUCED, READ, APPROVED AND ORDERED PUBLISHED
this fourth day of September, 1973.
TOWN pFVAIL _
ATTEST:
~ ~ .
Town Clerk
INTRODUCED, READ, ADOPTED AND ORDERED PUBL.IS1-IED
this eighteenth day of September, 1973.
TOWN OF VAIL
By
1 f mayor
ATTEST:
1 / .
Town Clerk
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PROOF OF PUBLICATION
STATE OF COLORADiO )
sa.
COUNTY OF EAGLE )
I, ~ 1 ~"'~ do aolemrJly ttwdr that I tun
tbe~)5 r IIAb~'r of THE PAIL TRAII.; that the acme is ^ weekly uewspaper
printed, in whole or in part and published in the Couaty of Eagle, State o[
Colorado, and bas a general circulation therein; that said newspaper has been
published continuously and uninterruptedly in said County of Eagle for a period of
morn than fifty-two mnaecutive weeks next prioe to the first publication of the
annexed legJd notice or advertisement; that fail newspaper hu been admitted to
the United States (nails as secondclass matter under the provisions o[ the Act of
March 3, 1879, or any Jlmenttmenfa thereof, and that acid newspaper is a weekly
new.,r..,.:_ duly quali5ed for publishing legal notices and advertisements within the
meanlrtg of the laws of the State of Colorado.
That the annexed legal notice or Jtdgertisement was published in the regular and
entire itBUe of every number of said weekly .: ~ ~,~,~ spar [oe the period of
consecutive insertitm~ and that the first pubication of said notice wss in the issue
of said newspaper dated $~TQt,tf~R ~ 9.D, 19~~ and that the last
publication of said notice was In the issue of said newspaper dated
Y~Il+lPsrcE ~ A.D. 19~
In WIlAESB whereof 1 have hereunto set my hand his , f l~ day of
~EpA.PaE~ A.D. 19~,y~
Subscribed and sworn to 6eforn me, a notary pu and for the o-C only of Eagle,
State of Colorado, this ~~-u~ day of _ ~r ~- rtap~ ~ ~ A.D. 19~,~
Noury lrubl:c
My Commission expires `f ~1 ~.r-1. ~ 4, 192_.x'
Y~
,~ _~ ~ NoncE ~. .
publk: hllariJt~ w1k.Ar At1A1 on
follJtwht!) and d on
ursdayr •SaDtaTnlrr 11;1.973 at
r h rof 7:30 o'clock p.m, In
• tacit 11som of th Van
unklpal BuNdM/Y'
e „r.. .
gRp1NAN
~irl~i ~, S47
Af~te~E AUTlIORIZ-
IN C BORROWING
OF EV ,I AN AMOUNT
FISCAL VEAR~3Y73i AVTI-FOR-
4ZIN0 THE; MAYOR AND
TOWN .MANApER t0 E%E-
CUTE B}tORT TERM NOTES TO
EVIp E SUCH 1q1DEBTED-
NESS
A MUNICIVAL PUR-
pQSES:'-ROVIOINp FOR IR•
A EPEAUIEILlTV ANO THE
LEVYING OF q to%, IF
NEC RV; Tp,i1tS5URt THE
AEPA EMT Ot=
E BOR-
~
ROW( HEREIie 'itUTMOR-
IZEDIbi4110 SETTJeIfi FORTH
MATT R AND DETAILS IN
R~Ip~~YNER~-f0.
i~
-~ wlERFABr,thryr/t:JnCouncllTOr
,
?SIN Town, Of • n .hall .,wYlouely
:ldaato0 i bua
3 f
'the t
w
or
own or
Ydl for the fNeal-year 3473 and
~
apProprlated money to mast exPen-
athrraa Mt wnn In srln btldaeti and
YYHEREAS, the Teym Coun41 1pr
3Jte Town o} Vall conpMN that It It
`now nac«o end ~pwoarleta to
ilborrow sae 1 ; ,amaunu of
• hJ aoc, wIM Artl[le X
iPt itN:l~ma Rum C4lltter yr Ma
vwn #rall to prewlW saYh funds
'Vrlih lljbich to OlsCherae munklpal
;abn ai
HOgr, THEREIeDRE, ':BE IT
CORDqJ/~tED ~Y TJtE TOWN COUN•
AIL rfiR IFfE TOWN OF VAIL
,
'COLORAOOr '
Sect Orr 1. 74Ytho1'lfatlen fOr
"~MunIU rrowhta,
TM n of Vell h hereby
I,idifl t0 aerpW M emOklrlt 01
sddrMY. 7:dt,1tR ~idrCeed •7S,IX[d.00
,
~~hOm any ne4ldnal or et+h Gnldnq
j eeaOtlatlon, for a perlad trot to
exceed elx 161 months from tM
adoptfgn of thh ordinance aS a nq
OT Enbrest not tq exceed 7% per
annum for the JrurooMS of wPPIF
mentlnq the 4eneral rewnu« OI iM
Town of Yall ^nd to b aAPllep to
the dischflrq{nq of obFlptlons q} the
Town Oroperlr Jneurred In aceord-
arre wIM'Yh• budget for the }kcal
ties' 1973. This munlclPal twrrvwlnp
b eutherlaed -~ Ar21[N %.Of 2h1
.... . -.- ...cwane. a rite Teww er vim:. ~ ,
~
Sectlae >L axewhen o/ Prptnls•
~~,~~ ;
saY Not« and Dthe! DDtYmenik
The Tvwn Council Ter tstt Town
oT VNI abthorls« tX• Mayor Ynd me ~.
Towmhtanager to trxecuta pfemJlWry ,
nd«. arJd.. any ether aoprOprlate ~~
eOCYlrMhte rteeatlary .t0 wldend tM
borrvWtnq authoNZed In SOCflon 1 of
tMs OrplnanCe, antl to bind tM Town
O} Vell Intl td gtherwlH pletlpe the .
genera{ cnd{t of >tbe Town to the
repayment of the debt herein
euthofliW. -
rection 3. Irrapalabllity.
This brtlinance shall tw Irrepeal-
able until the frrtlY! Indebtedness
herein lUthOTlaed, tOq«her with enY
accrued Inter«t thereon, shall have
been 1WIy pale W dlschar4ed. Th0 '
purpos« for whk:h any Of th• funtls
referred to herein may to applied
shall W drtly thore prevlqusly
- Iwdgeted f0 accordance wllh the ~-
Home Rule CMrter IOC the Town of
VHI.
Section 4, Ltwyln4 and Collecting
Tax.
The Tewn COUrttil shat Provide
for the Iwylnp Mtl eplle4YiOh Or
pemrel ad valorem property ux«
should wen a tax be rsqulrW t0
discharge any Iqen heYNn euthorlaed;
howwer, shOU10 the general rwenue
or funds wallabN to tM Tvwn oT
Yal1 G wtiitNnt to tllKherge the
prlntlph obll4etign, together with
Interest referred to In Mis ardlrwnce,
tMn no ux ehan tte spec{tlceny -
IevHtl Tor ttre P41'pDH vT.dltcMr4ing
thif obNpetfon,
I NTRODUCEp, REPO, AP
PROVEp AND ORDERED islJB-
LISNED ibis Ivurth ay O} Septem-
ber, x473,
TOWN OF VAIL
J3Y Jofin A. Dooson
ATTEST:
Linda R. Nall
Town Clerk
publishsd in tlt• Yall 7rall on
Sepumber 7, '973.
fi