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HomeMy WebLinkAbout1973-23 Authorizing Municipal Borrowing of money in the amount not to exceed $115, 000.- ~ ~ ~~ ORDINANCE NO. 23 Series of 1973 AN ORDINANCE AUTHORIZING MUNICIPAL BORROWING OF MONEY IN AN AMOUNT NOT TO EXCEED $115,000.00 TO APPLY TO THE PURCHASE OF REAL ESTATE IN ANTICIPATION OF THE SALE OF GENERAL OBLIGATION BONDS, AS AUTHORIZED BY THE QUALIFIED ELECTORS IN A SPECIAL MUNICIPAL ELECTION; AUTHORIZING THE MAYOR AND TOWN MANAGER TO EXECUTE SHORT TERM NOTES TO EVIDENCE SUCH INDEBTEDNESS FOR MUNI- CIPAL PURPOSES; PROVIDING FOR IRREPEAI~BILITYAND THE LEVYING OF A TAX, IF NECESSARY, TO ASSURE THE REPAYMENT OF THE BORROWING HEREIN AUTHORIZED; DECLARING AN EMERGENCY AND PROVIDING FOR THE ADOPTION OF THIS ORDINANCE AS AN EMERGENCY ORDINANCE; AND SETTING FORTH MATTERS AND DETAILS IN RELATION THERETO• WHEREAS, the qualified electors of the Town of Vail at a special municipal election held on the 25th day of September, 1973, duly approved the acquisition of certain real property within the Tawn of Vail and approved the expenditure of $3,000,000.00 for said acquisition; and WHEREAS, the general obligation bonds of the Town of Vail are presently in the process of being underwritten and sold, and the proceeds of said sale should be available an or about November 15, 1973, and in anticipation of said sale of the subject bonds the Town Council has deter- mined that money should be borrowed from a banking institution to meet obligations of the Town; and WHEREAS, the Town Council for the Town of Vaii considers that it is now necessary and appropriate to borrow money, in accordance with Article X of the Home Rute 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 $115,000.00, from any national or state ranking association, far a period not to exceed two {2} months from the adoption of this ordinance at a rate of interest not to exceed 6 1/2% per annum for the purposes of supplementing the general revenues of the Tawn of Vait and to be applted to the discharging of obligations of the Town properly incurred. This municipal borrowing is authorized by Article X of the Charter of the Town of Vai [ . Section 2. Execution of Promissory Notes and Other Documents. The Town Counci L for the Town of Vai L authorizes the Mayor and the Tawn 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 shall be irrepealable until the entire indebtedness herein authorized, together with any accrued interest thereon, shalt have been fully paid or discharged. The purposes for which any of the funds referred to herein may be applied shall be only those previously authorized by the Town Counci t . M ~ ~~ ... , `~ 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 of Vai! be sufficient to discharge the principal obliga- tion, together with interest referred to in this ordinance, then no tax shall be specifically Eevied for the purpose of discharging this obligation. Section 5. Emergency. The Town Council declares that an emergency exists requiring the immediate borrowing of funds to discharge contractual obligations of the Town and to avoid penalties accruing to the Town in the event of its failure to immediately comply with its obligations; and that the immediate preserva- tion of the public safety, health and welfare requires the adoption of this ordinance under the emergency provisions of the Charter of the Town of Vail and this ordinance shat[ take effect upon its final passage. Section 6. Severabi[ity. If any part, section, subsection, sentence, clause or phrase of this ordinance is for any reason held to be invalid, such decision shall not affect the validity of the remaining portions of this ordinance; and the Town Council for the Town of VaiE hereby declares it would have passed this ordinance and each part, section, subsection, sentence, clause or phrase thereof, irrespective of the fact that any one or more parts, sections, subsections, sentences, clauses or phrases be declared invalid. INTRODUCED, READ, ADOPTED AS AN EMERGENCY ORDINANCE AND ORDERED PUBLISHED this sixth day of November, 1973. TOWN OF VAIL ATTEST: r Town Clerk ~, 1 -2- By Mayor r _„~ ~ ~ y ° ~ ~ ~ ~ rte. C 7 ~ C' m .7p ~, y w ~ ~ m ~ p ~ O ~. ~ „-+ ~, 7 C Af ~ fD O W ~ ~ ~ ° y O » o• y ° a ~ w m M ~~~~ ~ p~ a O G ~, ~ ~~ ~ M ~ ~ O 74 ~ m w ~ O G' eb ~ WIC ~ m ~ ~ 9mry~•~y~Q. ~ n' ~ o m ~,w•,Yt*na•m m ~, ~ ~ ° ~ ~, R. ~ m O. ro ~ C ~• ~ C m O eo ~~-. 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