HomeMy WebLinkAbout1974-16 Authorizing Municipal Borrowing of Money in an amount not to exceed $100,000,~ ~ •
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oRDI~,rANC~ No. lh
Series of_ 197
ATI ORDINANCE AIJr1'HORI7IP7G P'IUNICIPAL BORRO4dING OF r'IOf?F°Y
III AN AA1OUrFI' NOT TO E~~r:Li~ $100,000.00 TO SUPPLI'"'IFI~1T
TIC GENERAL REVFNL?ES FOR TIII? FISCAL YEAR 1A74 ArTD TO
DISCHARGE CUI2RF~f~'T' MUI'1ICIPAL OBLIGATIONS; AUTHORI7INC;
T~~T:' MAYOR Ai1]D TIIF. TOt~~I~T N~Ar1AGER TO ~7OIr~,Y F~x'UTE OP1L' OR
MORE SHORT-'1'isttl~i r1OTES TO FVIDFr1CE SUCK Il`?DI~3TI'DNFSS;
AiVD PROVIDING FOR TfiE IRRF?PEAL~ABILITY HEREOF UrITIL
SAID Ilvt~r~sTFd7NESS IiAS BE~1 DISCHARGED.
WHEREAS, the Town Council of_ the Toran of Vail, Colorado,
hereinafter referred to as the "Town", previously adopted
the 1974 Budget and Financial Plan of_ the Town and appropriated
revenues to meet expenditures set forth therein; and
WfiERL'A`S, the Town Council considers that it is new necessary
and appropriate for the Town to borrow c100,~00.00 for a short
te~zn prior to and in anticipation of receipt of expected
revenues in order to obtain funds with which to dischan~e
current municipal obligations;
NCXJ, TFit..tte:r~ORE, E3L' IT ORDAINED BY TIC TOWN COLlr1CIL OF THE TOti~]N
OF VAIL, COLORADO, AS FOLTAFIS:
Secaion 1. Title.
This ordinance shall be known as the "Ordinance Authorizing
Stzort-Term Borrowing of $100,000.00".
Section 2. Authorization for short-term municipa]_ borrowing
of $100, 000.00
The Town of Vail, Colorado, is hereby authorized pursuant to Article
R of the Charter of the Town to borrow through one or more loans an ~zmt
of money, not to exceed $100,000.00, from any national or state bank or
savings and. lean association, for a period not to exceed six (6) months after
the effective date of_ this ordinance, at a rate of. interest not to exceed
II per cent per annum, for the purposes of supplementing the general revenues
of the Town for the fiscal year 1974 and discharging current nnxnicipal obliga-
tions properly incurred in accordance with its 1974 Budget and Financial Plan .
`• ~ Ordinance No .
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Section 3. Execution of promissory notes.
The Town Council of the Town authorizes the P~ayor and the Town
Manager to jointly execute pronu.ssory notes to evidence the borrowing
authorized in Section 2 hereof.
Section 4. Irrepealability.
This ordinance shall be irrepealable until the entire indebtedness
herein authorized, together with any accrued interest thereon, has been
fully paid or discharged.
Section S. Effective date.
This ordinance shall take effect five days after publication following
the final passage hereof.
INTRODL~:r:u, READ ON FIRST F.EADING, APPROVED, AND ORDr Kr,i 1 PUBLISHED
ONCE IN FULL, this 17th day of September, 1974, and a public hearing
on this ordinance shall be held at the regular meeting of the Town
Council of the Town of Vail, Colorado, on the lst day of October, 1974,
at 7:30 P.M., in the Municipal Building of the Town.
P.TTEST ;
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?bwn Clerk v G'
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s• t ~ No. 16
IP~'RODLTCED, RRAD ON S17COND RF~ADING, APPROV~~, FtVACTID, AND
~~,N KFa,~) PUBLISHFa ONCE IN F'UI~., this 1st day of October, 1974.
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Town Clerk v G
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Mayor
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