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HomeMy WebLinkAbout1977-10 Authorizing Interim Financing for the Purchase of Property by The Town in Anticipation of the Town's Receipt of the Proceeds from the Issuance and Sale of its General Obligation BondsA .~ ORDINANCE NO. 10 Series of 1977 AN EMERGENCY ORDINANCE AUTHORIZING INTERIM FINANCING FOR THE PURCHASE OF PROPERTY BY THE TOWN IN ANTICIPATION OF THE TOWN'S RECEIPT OF THE PROCEEDS FROM THE ISSUANCE AND SALE OF ITS GENERAL OBLIGATION BONDS, SERIES MAY 1, 1977, TN AGGREGATE PRINCIPAL AMOUNTS NOT TO EXCEED $450,000.00 WHEREAS, in a special municipal election held on March 29, 1977, 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 $450,000.00 for the purposes of acquiring real property known as the Katsos Property and Lot 10, Vail Village Second Filing; WHEREAS, in accordance with the bond election author- fixation the Town anticipates issuing and selling its General Obligation Bonds, Series May 1, 1977, in aggregate principal amounts not to exceed $450,000.00, and to receive the proceeds therefrom on or before June 5, 1977; WHEREAS, pursuant to Ordinance No. 33, Series of 197G, the Town Council authorised the signing of a contract for the purchase of the Katsos Property from Vail Associates, znc. for $375,000.00, paying $20,000.00 as earnest money and agreeing to close said transaction on April 6, 1977; WHEREAS, by Resolution 2, Series of 1977, the Town Council authorized the execution of an agreement to purchase Lot 14, Vail Village Second Filing for a purchase price of $70,000.00 with a closing date of May 1, 1977; WHEREAS, the proceeds from the bonds as authorized on March 29, 1977, will not be available until June 5, 1977, and the Town has other financial obligations and insufficient funds to close the above described transactions without the bond proceeds; ., .. ~ ~~ ~ ._ ~ Ord. Ip Page 2 WHEREAS, interim financing of said transactions in the sum of $450,000.00 in anticipation of receipt of said band proceeds is necessary and appropriate, and WHEREAS, to prevent the Town from being in default an the aforesaid purchase contracts, the Town Council considers that the enactment of this ordinance as an emergency matter is necessary 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, THAT: (1} 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 May 1, 1977, interim financing not to exceed $450,000.00 is hereby authorized for the Town's purchase of property 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 nat to exceed eight percent {8 a} per annum. (2) The Town Council hereby authorizes the Acting Town Manager to execute the interim financing documents author- ized in Section (I) hereof and the Town Clerk to attest to said execution and affix the Town's seal thereto. (3) This ordinance shall be irrepealable until the entire indebtedness herein authorized has been fully paid or discharged. . {4} This ordinance shall take eftect upon the passage hereof as an emergency measure. INTRODUCED, READ AS AN EMERGENCY ORDINANCE, APPROVED, ENACTED TO TAKE EFFECT UPON FINAL PASSAGE ON THIS DATE, AND ORDERED PUBLI5HED ONCE IN FULL WITHIN TEN DAYS AFTER PASSAGE OR AS SOON AS POSSIBLE, this 5th day of April, 1977. ;,~,n ~ ,, ATTEST S ~\ s ' ';. ~~ Tdwn Clerk `. •n U v V y la «.i b m K H s C N u a H "tl O1 w .~ N u L A •M N ii .w .i J ••~ O O G •.•I ,G Tl 1~ y N a ~.l O ~ •°L j- H N rs ~ w m ~ G w ti s m a °V N lGd O !~. N 0. 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