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. Q ~ U F-• y d
N •N .y v 1: W ,c a ~ y O A n
G ~~ .Yi w v° a ~ ~ ~ a' o ° ~ v '"
a W u ty O O a O 91 W N
N O N 't7 O ••1 F V a 4~ F M ° y ?.
A G k ~i. '!. !~ G H 10 } td f-. a ctl
W O b !0 a r1 a H O .C u :, O
a U V 7 y Y P ~ .C O N v •cs t+ v
C y b ~.+ •.1 N A •.1 O W o
t0 t4 N a ,C ~ 'D .N M 41 O] O l7
.G 7 P U G N •rl W H y O .C G y a
N N F', ~ .-1 O O V V N D p ~.
m •Nr x ~ F°- o y a v rn w ro o o ro `~
a H v ~o ° o u ~ w ° ~ H ~' v
~H .G ~ H •N V N G ~ y ro G
O N O ld (. a [y W .-~i .rl d by 1w N i4
V „ N N ~ b •N ° ~ V [0 C h1 a O
N •'gg1 H W N u
E ••+ ° H O H H C ,G O W F
o m w ~a u v o a o m w K u ~ ~-. O
•-H+ 7 0 ~ ~ w ° u a ° o a ~ b y
C O U d .Gi O C C b O .~I ~ ~ H N ~
N F U a ~ N O O a 7 N ~ ~ O y M
a O H ~ O O '~ ,-3 4A+ H O Y ~ O O ~
N F N ~ ~ H •u+ o N +A+ O W d N .~ 4nn-i
.G G S O ~ N a 'O W •.N1 I~il W y y N
p u ~ a u S 4 H ~ ° M W O .°G w as"i
rw C d ~ r~rS3 F V H •d G M j A u ,aC a~.l
N H O O N .1 tt{ N N ~ Q1 y W H
al N 'D H O O +~ ~tl •C O O N O d
d •.VI N H R. y ~ U "'1 f?. N ~ O 7 ~ U
G W ~ O w a N a w F ~ u o
° w •a o d~ayy a •rl .s~ a sn CmC ~ ~~ m
V O ti V ~a ~ H O Gl ~ b F •.y+ ~9 y •~
W N a w .-1 ref O a O O O ,'~ Y y F W
H ° m w v ° .G ~a ~ p G N
0. .G N cp ° H C .G ~ H U E ~ ro
G ++ •K F y N u O P G
aai ~ y ,G O ~ O '~+ .~C O rN6 .C M ~
P .A .+ N {-. sd b O N V .C a~ ~ y
~4 w
Yom. » W
H o3 v o
4i ¢ a .ac
k a+
,od ° a Y
H ~ ,G ~
O 'L N
V C7 O OI
W F] W ~
o a
JT n+
N ~ G A
In ~ N ti
N
C O O •~
16 '6 H
d ~ H y
t6 'G O
u] O V b
w r - n
O N ~ m
F~+ N b O
M' •rl
p r, .,
U p. M M
d O ~ .-~1
.ar u
y
•.Ci y O ~q
•N •H
~ r-f O t~V r.
'K ar •u u~
'' >. rpn y
o a ~ •.µi
O .[ ~ O
~ v '~ u
.fie. ~ A
H O ~
rOi ~ H
a m o
O
F+
W
a
w
Q
lyii
4
A
."'.~
W
d~d
W
~Q
[„ 1
O
s
°v
n
a
V
W
~.
7
O F•
a
~ O_
f~
•~Oy ~+
e7 G
C O
.. ,~
U ~
C+
r-f N
~N ..Ci
} ~
C N
•rf .y
s
{~ O
a °
IP+ ~
W V
a
F
W
6
a H 7
H O a 1
.~ ~ .-1 w H
W a ~ ~ ~ a i
° F ,^°G w '° o u
•.+ o - z
H 0. ~ ~ ~ N '
a N ~ [~ N Y ~
Y M O ~ •~ W
w ia-~ In N A ° J
n O oo v w t
tr b0 a W .-1 b
OI a tC a U •~ a
H V V •k a
- m ,G S°-i ~ ~ O
.+ ~ u 0. ..,• •C 0. 1
ti .N w •C N O O ~
O Y b6 P ,C 7
a N n O A ~ E'" 1
o w .°+ w ° ~ ti
,O H" r•1 N a ~ '~ 1
n ~ a+ r,
O ~ ~ H b ~ A 1
C W b V s0~ O 1
° •u y a o ~ Y i
V NC H •O U a H 1
H 16 h N N N # 4
H
~++ •~~ ~ 7 ~ H pF •i
O ~i O W 'per O A ~
N vOi ~ a r$ N b
aa+ •ryi ~ ~ a+ O` n I
U] ~rl b ~ 8 H W 4
00 ~ ~} n n
i~+ H d N tVC N 1
y N o G q UV J
6~ ~ H d W {7.5~ Fi 1
~ ~ C N N H 0. ~
W f~ P ~ M .C 1
O y u •~ G u ~
cTi '. ~ n. u '~
~ Y ~ w 3 2 a
,.(, ,
~ N N
f tU
1 H M
m G
a
r.
v w -
i m o O ~ ~ a
0
w ei c H m ~ >,
o .G w° w° zs `~
b ° >; v o o w
t v ~ ~ op y _
- N
a u >, a+ ro a a H
~ H FL CO a H +P~+ .C
i SL •rl a, a
~ N N p O ~ H v
1 N Fai O N .~ 'a
i E N d N ~y I ~ ,°C
1 N •~ N ~ O O
s a C y ,~
a a Y ~ u
0. ~ b E .`°~ f°-~
C. iFtl V~1 ~ V .G
~ •H a .C G u ro
a ° •r ~ w a
~ a e
a ~ z ~ ~ ~ ..
~ '°
1 .C
X
~ N N
~ Y.
p •.i
1 .•i u •a ~ z
1 ro o v ~ a. c "
~4 N Y. ,
Y a
,
i O - u
~ F F v a ~ er
w A -
N .
i
W n .p
l .G' •
i L
L ~ U ,~ EVl n °
1 ~ y O ~ d w .C
1 ryi X ~ U ^r ~ ~ i
~ ~ ~ o ~ w «
N N .L
{ D, P m u
r ~ 0 ~ ~ ~ h
0. i A.
p P
i •r•1 , P. N .C b .
ro
m `~
ate-.'
z° x
y .r
L 3
1.1
O W •~~
y ° N
•.Ni N .C
'O H
O .C p
A O IN-'
b u ~
V~1 .G H
E w 'a6
w y ,°C
a
N ` a
ro ~
~ ~ Y
H0. ~ O
o N p
N G ~.
u a
~ a
V 3
.+ c
m •.+ o
O ~ M
N w a
e•1 !.
A FI
IC ~ d
O L 'TI
~ F N
a
m u
c a~i
.~ ~
~ s
•rl
N
.~1
w
•. ,.. ._. _ ,. ,.v.•,g,.
Y ~~
`~ ~.
Fo e E' m ~ `~ n co
~
' ~ ~ ~ '
{~ ~
~ n
a .
'
~
~ . ~ ~' ~
m
s
p'
~ ~ a
o
v
~
~
C,
:`.,
~
~ ~, ~ ~ ;;
o °
m ' G `° .
.
o
a
~
•
o ~ ° ~9 ~ a ~
•
~
c~ p. o ~ ~
~ m w m ~~~ ~ w ~ "~
~ ~ " m ~ ~ ~
~ p ~ ~ ~ ~ . . ~ ~ a
~ O vim, `D
~ ~s' w a ~ v~~~
~p'w ' ~ 'Z7
m e q n. ~ ~
o ww
n ~
~ ' o
' ~ ([~ ~ `~
_t . v~ O
'
~
~ ~ C7
~,m m ~ ~ p" M ~ ro ~ ~ ~o ~ ~ ~' r. C ~
~
~• ~' ma ~
~ ~ ~ ~ f3. i1q G w m m ,
~• w t \ ~-r
-„
y
•C ~
er1 ~ ~, ~ e-~
o w rr ~ '~' ~b ~
+ 4~
_ ~.~~:~
7 y ~ ~ ~
~ q
~ m ~ ~
~ ~ , zi ~
~
~
`~
' ~
CU ~' ~ w
G ~ ~
"~ y ~
'
«,7 w ~ w ~
Q ~'t3 tJ
~ 4
D
v. . ~ t
~~ ~ / ~ ~ ~ ~ ~ y ~ ~+ rtl ro o w ~
~ ^ " a' m ~
~
~
~
q
~
~ O ,
,
~ ~
~ ~
' W .
'
ro
C~
~ w
• ~ ~ ~ ro ~
'~ N
ro Cr1 w C1. O
~ ,.w
ff
ti
~
„° O
•»~
R. ~i,
e+
~ ~
R. ~ ``~ ~ tU
co ~C ~o-n O cp ~ '.7 r~-+,
~~s
o3$~w~t,Emk ^d°.. ~ n~ a ., ow'a ;.ty m~ ~m_-+~.~n aaa -'-- W. .. _ _
4i ~c .. ox•o b~aa N~ O~{A~pN ~~~ p~Gt T-1 -ITnD
~-•`L~~01~a'~maNi~L-.-. R.vi{°' mm~~`~'e.~~e`~~~OIS~e `fit AmxOxoez
•E~ aEEE ~tr ~ d~o°iT~ m`~xR-^~'=y'n^`$asr°.x~'~ar-i,~ _~~ 7SN~,2~'~`-'~~ 2-' ~a'3~wS ~z-G20~mO-i -:
i,.a - ~'~' a ~~fi--g~ ~m8 EfA tim'~~iQm2 .;aom-.°.--gm~ ~a3ornm~°-'°~m°~~a~~'°$m n~m;z~~x
uy ~p ~ ~y3~8C~~'^ > ~amy~ mS'~ac N.m ~+<~m ma3 ~~~m~Rb ~cmo<i ~c$m ~4 $~ ~ny gmzm
i~~c=._ ~•_ ~ u ~ m g ~ ~» D ~~~ Aa~~+, „ymm. -'in 2o~_m n r AZ'0~~ ~ ''
~ x ~'~= ~~ ~'$D.~ Dw ~ 'ivi "9~a;n i ~rnir"~~~-y an ., r~omm N O
i$ b~L^- q ~~'~ acn yr ~-•_, to ao, mu.~ `nm~~m $- C-_m
i .£ma a6~m _ ~ mc• bS"' ~ b_- ~ a ~`~` a` c ~o~'.~ ~u~N r^ .'~,m+nn- 7R ~
'A~ ~g c=~~~i E ~ ' ~ ~ -Da o i ~ 5-~ $•$` _ lvzA D wrR ~i
A'0 p A'v p'°• t c '~~. ~y~oc~~ g b .° ~~ C~ ~ wamn•,o,~ FT~~rmmz ~~ r
dl ~~ ~~ b•^~ °~iti ~ bA~~o ~a n m ~ ~8m ~mu~~~~''.~, v m '"` 47D~n~...m ~iZ ~
~m,~ w ~~'~~q•$~ ~~ ~~ m c .m~ti .~, ~n ~~ 1e..a < ~b~~s~,~~„~n c > ~zn A ~ Y'~
' ~~+En~ ~' ma•...a~ ~~ti '~'.,.»m in .y•~ oA-y• •~~ a ~ ~+ ~~ a.-' z z rn~z }~
ig?q.~•-~ €a E ~~m ~ a• ~ 3r a b y a'a~' -In -I 1n x
45~ Qinq~'«E•$~ yErE ~ ~aT c a~ m ¢ bT X~'' ~'~~'~ ~ 3 ~nR7c~,~^go N ;;,'.Nx`pillTmmm< ~~ i
:~s inc ~ d' ~ ti ~a$ n ~~',~ ~"~ ~~~i3 n~_`~'-'P;'";$`c3" o '~, 4~mm$b,~coa3 ~~ ;:y Zn ~A m
E ~ p n ~ Rc ~ n aN. ~- 7 -1V1t_
,C !. ,_£ ~'A•- ~ aim .~a~ a._ a~aS,a~ a ,o ~ ~b~..~~P< a ~pm ~~• ;,.~ 00 -~~; ~~ Q ~
;!DY `~ E~E~ ~~ ~3`g.•.~ yYtt E db" ~,.n~~,.~~a ~~,+gC~..o~!b~~~ ~;g~~~ET~a abo~-,.diG1 !A^mOOTp ~e ~- ~i
yL'S u~ ~„y" ~"qiF-mo b~i~~ ~m 3~ Si ~ 3Tga 3 ~ .~.~~ ~o tdi~f~ zo
i$-W~QQ~p'd !. ~ G ~ ~ ~`~~•°~~ ~ ~~ a~_ ~.' ~ ~ d05~ ~~3~~~ o Azv~ wrEM J
U V~ w ~ -'~ ~m a aN ~ ~c Q.. ti~ ~ C s~mA.. {RCOmD- .-~
Q = ~ ~~ ~'~~~ 7S $, A~ ..m a b~~ g~ ~~m 3~m_.~ ~ qq T.~3.a ._.xm~, n uzz \/
!~ ~ a O~~'S ~i'"~pv`~~'"~ $ ~ ~~ 2 ~ `~+$am$o ,~a~. eo'x°4'"$~ ^,..nn, ATm•" jnD ~
~txtim,_~e gg cc"~ or ~b~ ~i' br. ~i ~ a-•~ b' a m-a-- xazn
:'~~:- my .,bGF~$~ 8t .~ .~ ~b '- y»N ~„ - 3to ~ o ~ a ~~„ mao
:~ ~m€a3rp~hm~aA'mmr~ ~°~yS;E~WN~ i63 on ~3~~ ~S~n~, a°~. „`$. ~~asR ~._b.~m'~ _`vmu,~,rnm«m .'~