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Home My WebLink About1974-17 Budget Supplemental from Heavy Equipment Fund for a Loader• • • ~ ORDINANCE NO. 17 Series of 1974 • AN ORDINANCE MAKING A SUPPI,E~II~I'I'AL APPROPRIATION FRAM THE HEAVY F'QUIPMENT FUND OF Tf~ 1974 BUDGET AND FINANCIAL PLAN FOR THE TOF]N OF VAIL, COLORADO, AUTHORIZING TIC EXPENDITCJRE OF SAID APPROPRIATION FOR THE PURCHASE OF A LOADER, AND AUTHORIZING MUNICIPAL BORROWING OF $53,000.00 TO SLTPPLEMEI`TI' THE GENERAL RF'VFN[JF5 FOR THE FISCAL YEAR 1974 AND TO PURCHASE SAID LOADER, AUTHORIZING Z~ F~LlTION OF A SHORT- '1'rtu~I PRC~f+IISSORY NOTE TO EVIDENCE SAID INDF,F3TEDNESS , AND PROVIDING FOR THE IRREPFALABILITY I~r:t~OF UNTIL SAID INlir~ts~l'r~~t~SS f1AS BEF3Q DISCHAm3r;u . WI~:tcr;AS, contingencie , hereinafter indicated have arisen during the fiscal year 1974 which could not have been reasonably foreseen or anticipated by the Town Council at the time it enacted Ordinance No. 25, Series of 1973, adopting the 1974 Budget and Financial Plan for the Town of Vail, Colorado; WHEREAS, the Town of Vail, Colorado, hereinafter referred to as the "Town", has received certain revenues not budgeted for previously; WF~r:tc-i.AS, the Town has previously adopted a budget which has not taken into consideration the increased revenues received by the municipality this fiscal year, nor has said budget taken into consideration the increased expenditures now necessary to provide adequate municipal services for the Town; i~~f~rcr;AS, the Town Manager has certified to the Town Council that sufficient funds are available to discharge the appropriation referred to herein, not otherwise reflected in the budget, in accordance with Section 9.10 (a) of the Charter of the Town of Vail, Colorado; WF-~nr;AS, due to said contingencies the Town Council considers that it should make a supplemental appropriation. for the purpose herein- after set forth; ..' , ~inance No. 17 • • Page 2' ~ , Wfit~ctr~.S, inasmuch. as the problem of snow removal from the public streets has substantially increased due to the annexations of the Bighorn area, Booth Creek area, and other areas to the Town, the Town Council finds that it is necessary for the Town to acquire an additional piece of heavy equipment known as a loader in order to be able to efficiently maintain the streets throughout the Town during the forthcoming winter; Wf-iEREA.S , the Town can purchase a new John Deere Industrial Equi~~G~~t Company Model JD644B front-end articulated steering loader with atwelve-foot power reverse snow plow for a cash price of $60,885.14, obtain atrade-in allowance of $7,300.00 for a used Austin-Western Model 99HAW motorgrader, and pay a balance of $53,585.14; 6~IF~2F.AS, it is necessary for the Town to purchase the loader at the present in order to obtain it by the beginning of the forthccening winter when it will be needed; and Wfir_:t.<t~FLS, the Town Council considers that it is now necessary and appropriate for the Town to borrow $53,000.00 for a short term in anticipation of receipt of expected revenues so as to obtain at this time the funds with which to purchase the loader; NOW, THEREFORE, BE TT ORDAIP1f~ BY THE 'II~WN COUPICIL OF THE TOWi~T OF VAIL, COI.,ORADO, AS FOLIAWS Section 1. Title. This ordinance shall be known as the "Ordinance Malting a Supplemental Appropriation for the Purchase of a Loader and Authorizing Short-Term Borrowing of $53,000.00 Therefor". Section 2. Supplemental appropriation from Heavy Fqui~nent Fund; authorization for ex~~diture of said appropriation for certain heavy equipment. The Tawas Council hereby makes a supplemental aNN~opriation in the stnn of $53,000.00 from the Heavy Equi~nent Fund of the 1974 Budget and Financial Plan f_or the Town of Vail, Colorado, and authorizes the expenditure of said appropriation by the Town Manager in a reasonable mannex for the purchase of a certain piece of heavy equipment, to-wit a new John Deere Industrial F~iipment Company Model JD644B front-end articulated steering loader with atwelve-foot power reverse snow plow • ~inance No . 17 Page 3 having a cash price of $60,885.14. Section 3. Authorization for short-term municipal borrowing of $53,000.00. The Town of Vail, Colorado, is hereby authorized pursuant to Article X of the Charter of the Town to borrow $53,000.00 fresm The Bank of Vail, for a period not to exceed twelve (12) months after the effective date of this ordinance, at a rate of interest not to exceed seven (7) per cent per annum, for the purposes of supplementing the general revenues of the Town for the fiscal year 1974 and. purchasing a certain piece of heavy ec~zi~nent known as a loader in accordance with Section 2 hereof. Section 4. Execution of promissory note. The Town Council of the Town authorizes the Mayor and the Town Manager to jointly execute a $53,000.00 promissory note to The Bank of Vail to evidence the borrowing authorized in Section 3 hereof. Section 5. 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 6. Effective date. This ordinance shall. take effect five days after publication following the final passage hereof. INTRODUCED, READ ON FIRST READING, APPROVF~, AND ORDr.:nr+u PUBLISH® 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 1st day of October, 1974, at 7:30 P.M., in the Municipal Building of the Town. ATT"~S'I' ~~ ~- 'Irxan Clerk `/ ji Ma ~~~~ ~ y ~ , _. ~ finance No. 17 r V' ~ • Page 4 . I1vTRODUCID, READ ON SFJCOND READING, APPROVED, I'~1Ac:'t'.r~u, AND uxur;rcr i 1 PUBLISHID ONCE IN FULL, this lst aay of October, 1974. AT!'F~ 1`'z I~ ~ 7X.~m CJ..erk // `/ / t ~ `, ,,\,