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HomeMy WebLinkAbout1978-47 Establishing a Debt Service Contingency Fund; Stating the Purpose of Such Fund; Providing for Council Procedure to Use Said Fund: Specifying the Use of Interest From Said Fund~~ ;i 1 ;, .~Y - ~ 7 ORDINANCE N0. 47 Series o~ 1978 AN ORDINANCE OF THE TOT~VN COUNCIL ESTAB- LISHING A DEBT SERVICE CONTINGENCY FUND; STATING THE PURPOSE OF SUCH FUND; PRO- VIDING FOR COUNCIL PROCEDURE TO USE SAID FUND; SPECIFYING THE USE OF 3NTEREST FROM SAID FUND; AND SETTING FORTH DETAILS RELATING THERETO WHEREAS, sound fiscal planning requires that the Town set aside funds for debt service use during years of low snow- fa11 or other slowdowns in the economy; and WHEREAS, the Town Council is of the opinion that a con- tingency fund be established to continue from one budget year to the next to provide for debt service funds in the future; NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF' THE TOWN OF VAIL, COLORADO, THAT: Section 1. There is hereby adopted the following additions to the Vail Municipal Cade, Title 3, Revenue and Fin- ance, to read as follows: 3.12.010 Debt Service Contingency Fund Established There is hereby established a Debt Service Contingency Fund to be used for the payment of the Town's banded debt service. At the time that the Town's annual budget is adopted, the Town Council may designate that certain funds be set aside in the Debt Service Contin- gency Fund for use as hereinafter specified. 3.12.020 Restricted Use of Fund The funds in the Debt Service Contingency Fund may be used to pay debt service payments on the Town's bonded indebtedness. The Town Council, by resolution, adopted by an affirmative vote of five members of the Council, may, when it deems proper, authorize the expenditure of funds from the Debt Service Contingency Fund for the payment of the Town's bonded indebtedness. The Town Council may authorize the use of the funds in the Debt Service Contingency Fund for any other appropriate public purpose of the Town upon the adoption of a resolution of the Town Council by an affirmative vote of no less than seven members of the Council. 3.12.030 Budget Status Report A~ the time the annual budget is submitted to the Town Council for its review, there shall be included in the budget a report of the status of the Debt Service Contingency Fund. e ., ~ z Ox'd . Page ;~ 3.12.p40 Interest At such time time as the Town Council adopts the Totan's annual budget, any interest that array be earned on the Debt Service Contingency Fund array be appro- priated to any public purpose other than debt service. Section 2. Tf any part, section, subsection, sentence, clause or phrase of this ordinance is for any reason held to be invalid, such decision shall not affect the validity of the remain- ing portions of this ordinance; and the Town Council hereby declares it would have passed this ordinance, and each part, section, sub- section, sentence, clause or phrase thereof, regardless of the fact that any one or more parts, sections, subsections, sentences, clauses or phrases be declared invalid. INTRODUCED, READ ON FIRST READING, APPROVED, AND ORDERED PUBLISHED ONCE TN FULL, this 5th day of December, 197$, and a public hearing on this ordinance shall be held at the regular meeting of the Town Council of the Town of Vail, Colorado, on the 19th day of ' December, 197$, at 7:30 P.M. in the Municipal Building of the Town. _~ Mayor l _~" ' ATTEST: Town Clerk fdTRODUCED, READ ON SECONll READING, APPROVED, APJD ORDERED PUSLiSHED RY TITL.E ~ 0~'JLY THIS 9th day of December, 1978. t ~~ MAYOR / ~ !I ' (attest) Town Clerk i ~~ '! , ~~ o n ~ o ~N ~ - n~ n ~ ~.. 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