HomeMy WebLinkAbout1975-19 an Emergency Ordinance Authorizing Interim Financing of the Town Projects in anticipation of the Town's Receipt of the Proceeds from the Issuance and Sale of its General Obligation Bonds~~ ~ jl
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ORDINANCE NO. 19
Series of 1975
AN EMERGENCY ORDINANCE AUTHORIZING INTERIM
FINANCING OF TOWN PROJECTS IN ANTICIPATION
OF THE TOWN'S RECEIPT OF THE PROCEEDS FROM
THE ISSUANCE AND SALE OF ITS GENERAL
OBLIGATION BONDS, SERIES DECEMBER 1, 1975,
IN AGGREGATE PRINCIPAL AMOUNTS NOT TO EXCEED
$860,000.00
WHEREAS, in a special municipal election held on October
14, 1975, the electors of the Town of Vail, Colorado, hereinafter
referred to as the "Town", authorized the issuance of its general
obligation bonds in aggregate principal amounts not to exceed
$1,160,000.00 for the purposes of acquiring park and recreational
land, improving the Vail Transportation Center, and constructing
a pedestrian overpass over Interstate Highway 70 between the
Potato Patch and Lionshead subdivisions;
WHEREAS, in accordance with the bond election authoriza-
tion the Town anticipates issuing and selling its General Obliga-
tion Bonds, Series December 1, 1975, in aggregate principal amounts
not to exceed $860,000.00, and to receive the proceeds therefrom
on or before January 30, 1976;
WHEREAS, pursuant to Ordinance No. 19, Series of 1974,
the Town purchased Tract A, a portion of Lot A, Block 2, Vail
Village Seventh Filing, from Vail Associates, Inc., for $300,000.00,
paying $75,000.00 and delivering to the seller on October 30, 1974,
its promissory note in the sum of $225,000.00 bearing interest at
the rate of 6.7 percent per annum and payable on October 30, 1975,
and a deed of trust securing said note;
WHEREAS, because the Town cannot pay the $240,075,00
balance due for Tract A from current revenues by October 30, 1975,
and has other imminent financial obligations relating to the Tawn
projects which wi11 be financed by the aforesaid bond proceeds,
interim financing of said projects in the sum of $860,000.00 in
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Town CJ~erk
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Ord. 19, 1975
Page 2
anticipation of receipt of said bond proceeds is necessary and
appropriate; and
WHEREAS, to prevent the Town from being in default on
the aforesaid promissory note the Town Council considers that
the enactment of this ordinance as an emergency matter is neces-
sary for the preservation of the public property, health, welfare,
peace, or safety;
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF
THE TOWN OF VAIL, COLORADO, AS FOLLOWS:
Section 1. Title.
This ordinance shall be known as the "Ordinance Author-
izing Interim Financing in Anticipation of Receipt of Proceeds
from General Obligation Bands, Series December 1, 1975".
Section 2. Authorization for Interim Financing.
Pursuant to Article X of the Charter of the Town of
Vail, Colorado, and as an aspect of the issuance and sale by the
Town of its General Obligation Bonds, Series December 1, 1975,
interim financing not to exceed $860,000.00 is hereby authorized
for the Tawn projects which will be financed by the proceeds from
said bonds, for a period not to exceed three (3) months after the
effective date of this ordinance, and at a rate of interest not
to exceed eight percent (8$) per annum.
Section 3. Execution of Interim Financing Documents.
The Town Council hereby authorizes the Mayor and the
Town Manager to jointly execute the interim financing documents
authorized in Section 2 hereof.
Section 4. Irrepealability.
This ordinance shall be irrepealable until the entire
indebtedness herein authorized has been fully paid or discharged.
Section 5. Effective Date.
This ordinance shall take effect upon the passage
hereof.
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Ord. 19, 1975
Page 3
INTRODUCED, READ A5 AN P~~ERGENCY ORDINANCE, APPROVED,
ENACTED TO TAKE EFFECT UPON FINAL PASSAGE ON THIS DATE, AND
ORDERED PUBLISHED ONCE IN FULL WITHIN TEN DAYS AFTER PASSAGE
OR AS SOON AS POSSIBLE, this 21st day of October, 1975.
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