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~~
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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
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