HomeMy WebLinkAbout1976-34 Making Supplemental Appropriations from the General Fund, the Vail Transportation Center Special Revenue Fund, Federal Revenue Sharing Fund, Youth Services Fund, and the Ice Rink Construction Fund
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ORDINANCE NO. 34
Series of 1976
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AN ORDINANCE MAKING SUPPLEMENTAL
APPROPRIATIONS FROM THE GENERAL FUND,
THE VAIL TRANSPORTATION CENTER SPECIAL
REVENUE FUND, FEDERAL REVENUE SHARING
FUND, YOUTH SERVICES PROJECT FUND, AND
THE ICE RINK CONSTRUCTION FUND OF THE
1976 BUDGET AND FINANCIAL PLAN FOR THE
TOWN OF VAIL, COLORADO, AND AUTHORIZING
THE EXPENDITURE OF SAID APPROPRIATIONS
AS SET FORTH HEREIN
WHEREAS, contingencies hereinafter indicated have
arisen during the fiscal year 1976 which could not have been
reasonably foreseen or anticipated by the Town Council at
the time it enacted Ordinance No. 25, Series of 1975,
adopting the 1976 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;
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WHEREAS, the Town 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
required for additional legal publication costs, town prose-
cutor, salary for special assistant to the Town Manager,
additional legal fees related to the County sales tax issue,
Town Code, CETA Grant funds for additional personnel for admin-
istrative support and the Community Development Department,
employee ski passes, additional electrical inspection fees,
Federal Fiscal assistance payments, judgment against the Town
regarding the Cornice Building, operation of new ice skating
facility, Symposium expenses, Christmas decorations and music,
Vail Transportation Center utilities, Federal Revenue Sharing
payments, funds to cover timing differences between the Town's
fiscal year and the Youth Services Project Grant's fiscal year,
and appropriation of anonymous gift for ice rink construction;
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Ord. 34 Page 2
WHEREAS, the Town Manager has certified to the
Town Council that sufficient funds are available to discharge
the appropriations 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;
• WHEREAS, the Town Council finds that it is in the
interest of the Town to fund the above mentioned items;
WHEREAS, in order to accomplish the foregoing, the
Town Council finds that it should make supplemental appropria-
tions in anticipation of receipt of expected revenues;
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL
OF THE TOWN OF VAIL, COLORADO, THAT:
(1) Pursuant to Section 9.10(a) of the Charter of
the Town of Vail, Colorado, the Town Council hereby makes a
supplemental appropriation in the sum of $99,500.00 from the
General Fund of the 1976 Budget and Financial Plan for the
Town of Vail, Colorado, and authorizes the expenditure of said
appropriation as follows:
(a) Town Clerk
Additional legal
publication costs $ 1,000
(b) Municipal Court
Town Prosecutor 3,000
(c) Town Manager
Salary for special
assistant 4,000
(d ) Town Attorney
Additional legal fees
regarding County sales
tax issue 5,000
Publication of Town Code 5,000
(e) Administrative Support
CETA Grant funds for
additional personnel 3,000
Ski passes 5,000
(f) Community Development
CETA Grant funds for
additional personnel 4,000
Additional electrical
inspection fees 2,000
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Ord. 34 Page 3
(g) Finance
Federal Fiscal assis~
tance payments $ 500
(h) Public Works/Legal
Judgment against Town
regarding Cornice
Building 3,000
(i) Ice Arena
Operation of new
facility 15,000
(j ) Symposium
University of Colorado
portion of expenses 20,000
(k) Special Events
Christmas decorations
and music 4,000
(1) Contingency 25,000
TOTAL GENERAL FUND $99,500
(2) Pursuant to Section 9.10 (a) of the Charter of the
Town of Vail, Colorado, the Town Council hereby makes a supple-
mental appropriation in the sum of $20,000.00 from the Vail
Transportation Center Special Revenue Fund of the 1976 Budget
and Financial Plan for the Town of Vail, and authorizes the
expenditure of said appropriation for utilities payments.
(3) Pursuant to Section 9.10(a) of the Charter of
the Town of Vail, the Town Council hereby makes a supplemental
appropriation in the sum of $3,500.00 from the Federal Revenue
Sharing Fund of the 1976 Budget and Financial Plan for the Town
of Vail, Colorado, and authorizes the expenditure of said
appropriation for Revenue Sharing payments which are in excess
of the Budget.
(4) Pursuant to Section 9.10(a) of the Charter of
the Town of Vail, the Town Council hereby makes a supplemental
appropriation in the sum of $4,000.00 from the Youth Services
Project Fund of the 1976 Budget and Financial Plan for the Town
of Vail, Colorado, and authorizes the expenditure of said
appropriation to cover timing differences between the Town's
fiscal year and the Grant's fiscal year.
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Ord. 34 Page 4
(5) Pursuant to Section 9.10(a) of the Charter of
the Town of Vail, the Town Council hereby makes a supplemental
appropriation in the sum of $363,000.00 from the Ice Rink
Construction Fund of the 1976 Budget and Financial Plan for
the Town of Vail, Colorado, and authorizes the expenditure of
said appropriation for ice rink construction.
(6) The Town Council hereby authorizes and ratifies
the execution by the Mayor and the Town Manager of any contracts
or other necessary instruments to carry out the acts for which
funds are appropriated herein.
(7) This ordinance shall take effect five days after
publication following the final passage hereof.
(8) Upon its enactment this ordinance shall be an
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amendment to the 1976 Annual Appropriation Ordinance, Ordinance
No. 25, Series of 1975, of the Town of Vail, Colorado.
INTRODUCED, READ ON FIRST READING, APPROVED, AND
ORDERED PUBLISHED ONCE IN FULL, this 7th day of December, 1976,
and a public hearing on this ordinance shall be held at the
regular meeting of the Town Council of the Town of Vail, Colo-
rado, on the 21st day of December, 1976, at 7:30 P.M, in the
Municipal Building of the Town.
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Mayor
ATTEST:
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J~~~~~t t'- 4.~~v
Town C lerk (~ GI /J
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Ord. 34, 1976
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Page 5
INTRODUCED, READ, ADOPTED AND ENACTED ON SECOND
READING, ORDERED PUBLISHED BY TITLE ONLY this 21st
day of December, 1976.
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ATTEST:
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't'own Cle
TOWN OF VAIL, C LORADO
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town of rail
box 100 office of the town manager
• vail, Colorado 81657
(303) 476-5613 December 7
197 6
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Town Council
Town of Vail, Colorado
P. O. BOX 100
Vail, Colorado 81657
Re: Supplemental appropriations from the General Fund,
Vail Transportation Center Special Revenue Fund,
Federal Revenue Sharing Fund, Youth Services Project
Fund, and Ice Rink Construction Fund for additional
legal publication costs, town prosecutor, salary for
special assistant to Town Manager, additional legal
fees related to County sales tax issue, Town Code,
CETA Grant funds for additional personnel for admin-
istrative support and Community Development Depart-
ment, employee ski passes, additional electrical
inspection fees, Federal Fiscal assistance payments,
judgment against the Town regarding Cornice Building,
operation of new ice skating facility, Symposium
expenses, Christmas decorations and music, Vail
Transportation Center utilities, Federal Revenue
Sharing payments, funds to cover timing differences
between the Town's fiscal year and Youth Services
• Project Grant's fiscal year, and ice rink construction
Councilmembers:
Pursuant to Section 9.10(a) of the Charter of the Town of
Vail, Colorado, I hereby certify that based on apparently
reliable information from the Finance Department there are
available for appropriation expected revenues in excess of
those estimated in the 1976 Budget and Financial Plan for the
Town of Vail which will enable the Town Council to make a
supplemental appropriation of X99,500.00 from tYie General
Fund for additional legal publication costs, Town Prosecutor,
salary for special assistant to Town Manager, additional legal
fees regarding County sales tax issue, publication of Town
Code, CETA Grant funds for additional personnel for adminis-
trative support and for the Community Development Department,
employee ski passes, additional electrical inspection fees,
Federal Fiscal assistance payments, judgment against the Town
regarding the Cornice Building, operation of the new ice
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Town Council
December 7, 1976
Page 2
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skating facility, University of Colorado portion of Symposium
expenses, and Christmas decorations and music; a supplemental
appropriation of $20,000.00 from the Vail Transportation
Center Special Revenue Fund for utilities payments; a supple-
mental appropriation of $3,500.00 from the Federal Revenue
Sharing Fund for Revenue Sharing payments which are in excess
of the Budget; a supplemental appropriation of $4,000.00 from
the Youth Services Project Fund to cover timing differences
between the Town's fiscal year and the Grant's fiscal year;
and a supplemental appropriation of $363,000.00 from the Ice
Rink Construction Fund for ice rink construction.
Accordingly, I recommend that the Town Council promptly enact
a supplemental appropriation ordinance for these purposes.
Sincerely,
errell linger
Town Manager
TJM/sjm
Subscribed and sworn to before me
. this 7th day of December, 1976.
Notary Publ~ ~~~~"
County of Eagle, State of Colorado
My commission expires:
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ORDINANCE NO. ~ ,'
3 `I- -t
Series of 1976 '
AN ORDINANCE AMENDING SECTION 8 OF
ORDINANCE NO. 2~i , SERIES 1976,
AS AMENDED, OF THE TOWN, AUTHORIZING
THE ISSUANCE OF ITS GENERAL OBLIGATION
REFUNDING BONDS IN THE PRINCIPAL AMOUNT
OF $6,345,000, DATED NOVEMBER 1, 1976,
FINALLY ADOPTED ON SEPTEMBER 21 ," 1976,
-AND PROVIDING FOR THE ADOPTION OF THIS
ORDINANCE AS AN EMERGENCY MEASURE
AND DECLARING AN EMERGENCY.
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WHEREAS, the Town of Vail in the County of Eagle
and State of Colorado (herein the "Town"), is a political
subdivision of the State, a body corporate and politic,
and a home-rule Town pursuant to Article XX of the State
Constitution, and Article 2 of Title 31, C.R.S. 1973, as
amended; and
WHEREAS, the Town of Vail, Colorado, by Ordinance
No. 2~0 Series of 1975, as amended, finally adopted
September 21, 1976, has authorized the issuance of its
General Obligation Refunding Bonds, dated November 1, 1976,
in the amount of $6,345,000; and
WHEREAS, the Town Council deems it necessary and
advisable that Section 8 of said Ordinance No. 2~ ,
Series of 1976, be amended by the adoption of this Ordinance
as an emergency measure.
• BE IT ORDAINED BY THE TOWN COUNCIL OF THE
TOWN OF VAIL, COLORADO:
Section 1. That Section 8 of Ordinance No. 2~0
Series 1976, finally adopted September 21, 1976, be and the
same is hereby amended as follows:
• "Section 8. The proceeds derived from the
sale~at discount of the Refunding Bonds authorized
herein in an amount not less than $6,218,100, less
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the sum of $55,000 representing the expenses in issuing
the bonds authorized herein, plus cash in the amount
of $283,371.25, including accrued interest on the
bonds being refunded, shall be deposited with The
Cd~c~rado tJational Bank .., Denver, Colorado
(hereinafter the "Bank") in a separate fund and
escrow account hereby created and known as "Town
of Vail General Obligation Bonds, Series 1974 and
1975, Refunding Escrow Account" herein designated
as the "Refunding Escrow Account" or "Escrow Account",
which account shall at all times be sufficient,
together with any interest to be derived from the
investment and any temporary reinvestment of the
deposits or any part thereof only in direct obliga-
tions of, or the principa-1 and interest of which
obligations are unconditionally guaranteed by,
or agency obligations of, the United States of
America, to pay the principal of and interest on
the outstanding 1974 and 1975 Issues being refunded,
as the same become due and payable under and in
accordance with the following schedule:
1974 Issue:
Bonds numbered 4 to 1100, inclusive,
maturing in the years 1976 to 1994, inclusive,
shall be paid and retired at their respective
maturity dates, according to their original
terms, at Security National Bank, Denver,
Colorado.
1975 Issue:
Bonds numbered 1 to 172, inclusive,
maturing in the years 1976 to 1995, inclusive,
• shall be paid and retired at their respective
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maturity dates, according to their original
terms, at United Bank of Denver National
Association, Denver, Colorado.
Interest on the outstanding bonds of the 1974
and 1975 Issues shall be paid as the same accrues,
according to the original terms of said bonds."
Section 2. Except as herein modified all of the
provisions of Ordinance No. ~p Series 1976, as amended,
finally adopted September 21, 1976, authorizing General Obli-
gation Refunding Bonds dated November 1, 1976, in the principal
amount of $6,345,000, shall remain in full force and effect.
Section 3. By reason of the fact that the muni-
cipal bond market and the government bond market are subject
to sudden and unpredictable changes, the savings and other
advantages afforded to the Town by refunding the issues of
General Obligation Bonds described in this Ordinance and
Ordinance No. ~ , Series 1976, as amended, finally
adopted September 21, 1976, could be drastically reduced or
eliminated, thus jeopardizing the entire plan of refunding,
ali to the detriment of the Town and its inhabitants, and
by reason of the fact that the price of the federal securi-
ties to be used to fund the escrow will be fixed only until
November 2, 1976, it is hereby declared that an emergency
exists, and that this Ordinance is necessary for the immediate
preservation of public property, health, welfare, peace or
safety, and that this Ordinance shall become effective upon
final passage, shall be published within ten days thereafter,
and shall be numbered and recorded in the official records
of the Town and authenticated by the signatures of the Mayor
and the Town Clerk.
INTRODUCED, PRESENTED AND FINALLY PASSED this
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26th day of October, 1976.
(S E A L)
ATTEST:
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Town Cle /
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STATE OF COLORADO )
COUNTY OF EAGLE ) ss.
TOWN OF VAIL ~
TOWN CLERK'S CERTIFICATE
I, Rosalie Jeffrey, Town Clerk of the Town of
Vail, Colorado, hereby certify that I caused a true copy of
Emergency Ordinance No. 3~ Series of 1976, adopted
Tuesday, October 26, 1976, at a regular meeting of the
Town Council of the Town of Vail, to be published in The
Vail Trail, the official newspaper of the Town, in its issue
dated October 29, 1976, and that the affidavit of publication
has not been issued, but when issued will be attached to
page 8 of the proceedings adopting said Emergency Ordinance.
IN WITNESS WHEREOF, I hafave hereunto set my hand
and the seal of said Town this 1(~'~ day of November, 1976.
` Town ~ ^~
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(S E A L)