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 .
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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:
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Town Clerk
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Mayor
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