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HomeMy WebLinkAbout1979-17 Authorizing the Execution and Delivery by the Town of a Note Purchase Agreement in Connection with the Issuance by the Town of Notes for the Purpose of Constructing Residential Housing Facilities for Low and Middle Income Families and Persons''' j ,~ • • ;,. TOWN OF VAIL, COLORADO ORDINANCE NO. _;~ ~(~rrLc'.~.o t ~ 7 9 AN ORDINANCE AUTHORI7ING THE EXECUTION AND DELIVERY BY THE TOWN OF A NOTE PURCHASE AGREEMENT IN CONNECTION WITH THE ISSUANCE BY THE TOWN OF NOTES FOR THE PURPOSE OF CONSTRUCTING RESIDENTIAL HOUSING FACILITIES FOR LOW- AND MIDDLE-INCOME FAMILIES AND PERSO2dS; RATIFYING ACTION PREVIOUSLY TAKEN; AND DECLARING AN EMERGENCY. f WHEREAS, the Town of Vail, Colorado (the "Town") is authorized to issue its notes for the purpose of defraying the cost of constructing residential housing facilities for low- and middle-income families and Persons (the "Construction Project"); and WHEREAS, the To~,m desires to take necessary steps to issue and sell its Town of Vail, Colorado, Residential Facili- ties Notes (Secured by Pledge of Construction Loans) (the "Construction Notes") for the Construction Project; and WHEREAS, there has been presented to the Town Council (the "Council") a proposed form of_ note purchase agreement re- lating to the Construction Notes (the "Note Purchase Agreement") between the Town and E. F. Hutton & Company, Inc.; and WHEREAS, on April 25, 1979, there was introduced in the United States House of Representatives a bill numbered H.B. 3712, ~•~hich, if enacted into law in the form in which it was introduced, would eliminate the exemption from federal income taxation of interest on the Construction Notes. NOW, THEREFORE, BE IT ORDAINED BY THE TOrrTN COUNCIL OF THE TOWN OF VAIL, COLORADO: ~~~ ±. ~ • Section 1. All action (not inconsistent with the provisions of this ordinance) heretofore taken by the Council and the officers of the Town in connection with the Construc- tion Project and the issuance and sale of the Construction Notes is ratified, approved and confirmed. Section 2. The terms and provisions of the Note Pur- chase Agreement are approved, and the Town shall enter into the Note Purchase Agreement in the form filed with the Town Clerk prior to the enactment of this ordinance. The Mayor of the Town is hereby authorized and directed to execute and deliver such Note Purchase Agreement and the Town Clerk is hereby authorized and directed to affix the Town seal and to attest such Note Purchase Agreement. As so executed, such Note Pur- chase Agreement shall constitute a written binding obligation to sell the Construction Notes. Section 3. If any section, paragraph, clause or provision of this ordinance shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this ordinance. Section 4. All bylaws, orders, resolutions and ordinances, or parts thereof, inconsistent herewith and with the Bond Purchase Agreement, are hereby repealed to the extent only of such inconsistency. This repealer shall not be con- strued as reviving any bylaw, order, resolution or ordinance, or part thereof. Section 5. By reason of the introduction on April 25, 1979 in the United States House of Representatives of H.B. 3712, the extreme shortage of and need for residential housing facili- ties for low- and middle-income families and persons in the Town, and the consequent need for early ratification of the Note Purchase Agreement, the Council finds that this ordinance is necessary for the immediate preservation of public property, health, welfare, peace and safety. An emergency is therefore _2_ I ,~~ ~ = ~ ~ ~ r declared to exist, and this ordinance shall be in full force and effect upon its final passage at this meeting. This ordinance shall be published once within ten (10) days after passage in a newspaper of general circulation in the Town. INTRODUCED, FINALLY APPROVED AND ORDERED PUBLISHED this first day of May, 1979. ,. ~~~C. ~" ll~Iayor ~ Town of Vail, Colorado (SEAL) Attest: . //' ~~" C~ /~~t- ~~Gf~/~{.~E~%G-C Town Clerk' Town of Vail, Colorado -3- • • STATE OF COLORADO ) COUNTY OF EAGLE ) SS. TOWN OF VAIL ) ~'~~ ~~~ The Town Council of the Town of Vail, Colorado met in a duly called, open regular session pursuant to due notice and in full conformity with law and the ordinances and rules of the Council, at the Town Hall, in Vail, Colorado,•on Tuesday, July 31, 1979, at 2:00 p.m. There were present at said meeting the following, consti- tuting a quorum: Present: Mayor: Other Council Members: Absent: constituting all the members thereof. There were also present: Town Clerk: Colleen Kline Town Attorney: Lawrence C. Rider Council Member introduced the following ordinance which was read by title and is as follows: • r • • • ORDINANCE NO. SERIES 1979 AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE BY THE TOWN OF VAIL, COLORADO, OF ITS $12,885,000 SINGLE-FAMILY MORT- GAGE REVENUE BONDS, SERIES 1979 (SECURED BY PLEDGE OF MORT- GAGE NOTES), TO FINANCE RESIDENTIAL FACILITIES FOR LOW- AND MIDDLE-INCOME FAMILIES OR PERSONS; RATIFYING CERTAIN ACTION HERETOFORE TAKEN; AUTHORIZING THE EXECUTION AND DELIVERY BY THE TOWN OF AN ORIGINATION AND SERVICE AGREEMENT, TRUST INDENTURE, AMENDATORY BOND PURCHASE AGREEMENT, CLOSING DOC- UMENTS, AND SUCH BONDS IN CONNECTION THEREWITH; MAKING DETERMINATIONS AS TO "LOW- AND MIDDLE-INCOME FAMILIES AND PERSONS," AS TO THE SUFFICIENCY OF REVENUES AND AS TO OTHER MATTERS RELATED TO THE RESIDENTIAL FACILITIES; REPEALING ACTION HERETOFORE TAKEN IN CONFLICT HEREWITH; AND DECLARING AN EMERGENCY. WHEREAS, the Town of Vail, Colorado (the "Town"), is a duly created political subdivision of the State of Colorado (the "State") organized and existing as a home rule municipality under the provi- sions of the Constitution of the State and Charter of the Town; and WHEREAS, the County and Municipality Development Revenue Bond Act, Article 3 of Title 29, Colorado Revised Statutes 1973, as amended (the "Act"), authorizes the Town to finance any land, build- ings or other improvement and all real or personal properties, whether or not in existence, which shall be suitable or used for or in connection with any residential facilities for low- and middle- incom e families or persons intended for use as the sole place of res- idence by the owners (the "Project"); and WHEREAS, the Town is authorized by the Act to enter into financing agreements with others for the purpose of providing revenues to pay the bonds authorized to be issued; and I • • • WHEREAS, the Town is further authorized by the Act to issue revenue bonds for the purpose of defraying the cost of financing the Project, including the payment of principal and interest on the pro- posed revenue bonds for not exceeding three years, the funding of any reserve funds which the governing body of the Town (the "Town Council") may deem advisable to establish in connection with the retirement of the proposed revenue bonds and all incidental expenses incurred in issuing such bonds, and to secure payment of such bonds as provided in the Act; and WHEREAS, the Town Council has determined and does hereby redetermine that the Town is experiencing a serious shortage of hous- ing for low- and middle-income families and persons; and WHEREAS, the Town does hereby find and determine that the making of Mortgage Loans under the terms of the 0 & S Agreement (as herein defined) will further the purposes of the Act and will benefit low- and middle-income persons and faimilies; and WHEREAS, the Town Council has determined that the public health, welfare, safety, convenience, and prosperity of the Town and its residents require the issuance by the Town of its Single-Family Mortgage Revenue Bonds, Series 1979 (Secured by Pledge of Mortgage Notes) in the aggregate principal amount of $12,885,000 ("the Bonds") to finance the Project by making mortgage loans (the "Mortgage Loans") therefor; and WHEREAS, by a resolution duly adopted on July 11, 1978, and an agreement duly executed pursuant thereto, and by a resolution adopted on April 17, 1979, the town took official action toward the issuance of the Bonds; and WHEREAS, pursuant to Ordinance No. 16, Series 1979, duly adopted on May 1, 1979, the Town entered into a bond purchase agree- ment, dated May 1, 1979 (the "Bond Purchase Agreement") with E. F. Hutton & Company, Inc. (the "Underwriter") for the purchase of the Bonds; and -2- " • • • WHEREAS, Qrdinance No. 16, Series 1979, was duly published on May 4, 1979, which publication gave public notice of the issuance of the Bonds; and WHEREAS, concurrently with the issuance of the Bonds, First Denver Mortgage Company, a Colorado corporation, with its principal office in Denver, Colorado ("FDMC"), will enter into an origination and service agreement with the Town (the "0 & S Agreement") providing for the origination and servicing of the Mortgage Loans by FDMC on behalf of the Town; and WHEREAS, there have been presented to the Town Council (1) the proposed form of an agreement amending and supplementing the Bond Purchase Agreement, (2) the proposed form of the 0 & S Agreement, and (3) the proposed form of Trust Indenture (the "Indenture") between the Town and The First National Bank of Denver as Trustee (the "Trustee"). NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO: Section 1. All action (not inconsistent with the provi- sions of this ordinance) heretofore taken by the Town Council and the officers of the Town directed toward financing the Project and the issuance and sale of the Bonds therefor be, and the same is hereby ratified, approved, and confirmed. Section 2. The Town shall finance the Project by issuing the Bonds to make the Mortgage Loans, to fund certain reserve funds in connection with the retirement of the Bonds and to pay incidental issuance expenses. The proceeds of the Bonds shall be deposited with the Trustee for disbursement in accordance with the provisions and conditions of the Indenture and the 0 & S Agreement. Section 3. An issue of revenue bonds is hereby authorized and created to finance the Project as aforesaid, designated as "Town of Vail, Colorado, Single-Family Mortgage Revenue Bonds, Series 1979 -3- • • (Secured by Pledge, of Mortgage Notes)," in the aggregate principal amount of $12,885,000, issuable as coupon bonds registrable as to principal only in the denomination of $5,000, and as fully registered bonds in the denominations of $5,000 and any integral multiple there- of, dated as of August 1, 1979 (except as provided in the Indenture with respect to fully registered Bonds), and which shall bear inter- est from such date payable on August 1, 1980, and semiannually there- after on August 1 and February 1 of each year, at the rates per annum set forth below, and maturing on August 1 in the designated years and in the principal amounts as follows: Interest Rates Amounts Maturing (Per Annum) Year Maturing 115,000 6.0 1982 125,000 6.1 1983 135,000 6.2 1984 145,000 6.3 1985 155,000 6.4 1986 165,000 6.5 1987 175,000 6.55 1988 190,000 6.6 1989 205,000 6.7 1990 220,000 6.8 1991 235,000 6.9 1992 250,000 7.0 1993 270,000 7.1 1994 295,000 7.2 1995 315,000 7.3 1996 340,000 7.35 1997 370,000 7.4 1998 400,000 7.4 1999 8,780,000 7.625 2010 -4- .. ~ • • • The Bonds shall be payable, shall be subject to redemption prior to maturity, and shall be in substantially the forms as pro- vided in the Indenture. Pursuant to the Bond Purchase Agreement, as amended, the Bonds shall be sold to the Underwriter at a private sale at a purchase price equal to 97.3 of the principal amount of the Bonds plus accrued interest from August 1, 1979, to the date of their payment and delivery. The net effective interest rate on the Bonds is 7.526$, which rate is hereby determined to be the maximum net effective interest rate on the Bonds. Section 4. Pursuant to Section 29-3-103(10)(d) of the Act, the Town Council of the Town hereby finds and determines that "low- and middle-income persons and families" within the Town are persons and families with a Maximum Household Income of not to exceed $32,000, and that such persons and families lack the financial abil- ity to pay prices or rentals sufficient to induce private enterprise in the Town to build a sufficient supply of adequate, safe, and sani- tary dwellings without the special assistance afforded by the Act. The Maximum Purchase Price of a Single-Family Residence shall be $99,000, and in no event may such purchase price exceed $90 per square foot of occupied space; and after the Mortgage Loan Account, as defined in the Indenture, shall have been fully loaned out at least one-half of the total number of the Mortgage Loans originated will have been made to persons and families with Maximum Household Incomes not to exceed $25,000. Both the Maximum Household Income and the Maximum Purchase Price shall be adjusted annually in accordance with the increase or decrease in the Consumer Price Index, using the adjustment defined in the 0 & S Agreement. Section 5. The following determinations and findings are hereby made in accordance with Sections 29-3-113, 29-3-114, and 29-3-120 of the Act: (a) The amount necessary in each year to pay the principal of and the interest on the Bonds is as follows, -5- • • • including those Bonds called for mandatory sinking fund redemption in the years 2000 through 2009, inclusive: Annual Period to and Interest Principal to be Annual Debt Including fir such Retired in such Service August 1 Period Period Requirement 1980 940,688 0 940,688 1981 953,938 0 953,938 1982 953,938 115,000 1,068,938 1983 947,038 125,000 1,072,038 1984 939,412 135,000 1,074,412 1985 931,042 145,000 1,076,042 1986 921,908 155,000 1,076,908 1987 911,988 165,000 1,076,988 1988 901,262 175,000 1,076,262 1989 889,800 190,000 .1,079,800 1990 877,260 205,000 1,082,260 1991 863,524 220,000 1,083,524 1992 848,564 235,000 1,083,564 1993 832,350 250,000 1,082,350 1994 814,850 270,000 1,084,850 1995 795,680 295,000 1,090,680 1996 774,440 315,000 1,089,440 1997 751,444 340,000 1,091,444 1998 726,454 370,000 1,096,454 1999 699,074 400,000 1,099,074 2000 669,474 430,000 1,099,474 2001 636,688 465,000 1,101,688 2002 601,232 505,000 1,106,232 2003 562,724 550,000 1,112,724 2004 520,788 595,000 1,115,788 2005 475,418 645,000 1,120,418 2006 426,238 700,000 1,126,238 2007 372,862 760,000 1,132,862 2008 314,912 820,000 1,134,912 2009 252,388 890,000 1,142,388 2010 184,524 2,420,000 2,604,524 (b) The Town Council has deemed it advisable to establish for contingent use in connection with the retire- ment of the Bonds, among other purposes, the trust funds created and established by the Indenture designated as the -6- • • Mortgage Reserve Fund, Capital Reserve Fund, and Accumulation Reserve Account. Moneys on deposit in such funds and account shall be used to provide a reserve for the payment of ,the principal of, premium if any, and inter- est on the Bonds. Amounts shall be paid into such reserve funds each year as provided in, and in accordance with, the Indenture. (c) The terms of the 0 & S Agreement under which the Mortgage Loans are to be made provide that FDMC shall cause the properties which are the subject of the Mortgage Loans to be maintained in good repair and carry all proper insur- ance with respect thereto in the event that the owners or occupants of such properties do not do so. (d) Except as they are to be initially funded with the proceeds of the Bonds, the revenues payable under the 0 & S Agreement are sufficient to pay, in addition to all other requirements of the 0 & S Agreement and this ordi- nance, all sums referred to in paragraphs (a), (b), and (c) of this Section. (e) The O & S Agreement requires the owners or occu- pants of the properties which are the subject of the Mortgage Loans to pay the taxes which all taxing entities are entitled to receive from such persons with respect to such properties. (f ) The 0 & S Agreement provides that Mortgage Loans shall only be made to purchasers of "Single-Family Residences" which are part of an "Approved Project," desig- nated by the Town of Vail pursuant to standards established by the Town in Resolution No. Series 1979, dated July 31, 1979, as amended from time to time. Section 6. The forms, terms, and provisions of the 0 & S Agreement, the Indenture, and the agreement amending and supplementing the Bond Purchase Agreement be and they hereby are -7- • • • approved and the Mayor is hereby authorized and directed to execute and deliver, and the Town Clerk to affix the Town seal to and to attest, such documents in substantially the forms heretofore filed with the Town Clerk, with such omissions, insertions, endorsements, and variations as to any recitals of fact or other provisions as may be required by the circumstances, be required or permitted by this ordinance or the Act, or be consistent with this ordinance and the Act, and as may be necessary or appropriate to conform to the rules and requirements of any governmental authority or any usage or requirement of law with respect thereto. Section 7. The forms, terms, and provisions of the Bonds, as set forth in the Indenture, be and they hereby are approved; and the Mayor is hereby authorized and directed to execute the Bonds (including any temporary bonds issued pursuant hereto) and the cou- pons appertaining to coupon Bonds and the Town Clerk is hereby autho- rized and directed to attest the Bonds and each is authorized to deliver the Bonds. The seal of the Town is hereby authorized and directed to be affixed to the Bonds. The signatures of the Town Clerk on the Bonds shall be manual, but the signature of the Mayor and the seal of the Town upon the coupons and the Bonds may be by facsimile. Section 8. The Mayor is hereby authorized and directed to execute and deliver to the Trustee the request and authorization of the Town for the authentication and delivery of the Bonds by the Trustee, in accordance with Section 2.07 of the Indenture. Section 9. The First National Bank of Denver is hereby appointed as Trustee, paying agent, and bond registrar under the Indenture. Section 10. The officers of the Town shall take all action in conformity with the Act necessary or reasonably required by the Underwriter to effectuate the provisions of the Bond Purchase Agreement, as amended, and shall take all action necessary or desirable in conformity with the Act to carry out, give effect to, -8- ., ~ • • • and consummate the transactions contemplated by this ordinance, the 0 & S Agreement, the Indenture, and the Bond Purchase Agreement, as amended, including, without limitation, the execution and delivery of any necessary closing documents (including a certification with respect to the Official Statement) in connection with the sale and delivery of the Bonds. Section 11. The cost of financing the Project shall be paid out of the proceeds of the Bonds, and none of the Bonds shall be the. general obligations of the Town, nor shall any of the Bonds, including interest thereon, constitute the debt or indebtedness of the Town within the meaning of any provision or limitation of the Constitution or statutes of the State of Colorado or of the charter of the Town. Nothing contained in this ordinance or in the Bonds, 0 & S Agreement, Indenture, Bond. Purchase Agreement, as amended, or any other instrument shall constitute or give rise to a pecuniary liability or a charge upon the general credit or taxing powers of the Town. The breach of any agreement contained in this ordinance or any of the above-mentioned instruments shall not impose any pecuniary liability upon the Town or any charge upon its general credit or against its taxing powers, the Town having no power to pay out of its general fund or otherwise contribute any part of the costs of financ- ing the Project and no power to operate the properties which comprise the Project as a business or in any manner. The Town shall not con- demn any land or other property for the properties comprising the Project or contribute any land or other property to the properties comprising the Project. Section 12. After any of the Bonds are issued, this ordi- nance shall be and remain irrepealable until the Bonds and the inter- est thereon shall have been fully paid, canceled, and discharged. Section 13. If any section, paragraph, clause, or provi- sion of this ordinance shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, -9- ~ ~ ~ paragraph, clause, or provision shall not affect any of the remaining provisions of this ordinance. Section 14. All bylaws, orders, resolutions, and ordi- nances, or parts thereof, inconsistent herewith and with the docu- m ents hereby approved, are hereby repealed to the extent only of such inconsistency. This repealer shall not be construed as reviving any bylaw, order, resolution, or ordinance, or part thereof. Section 15. By reason of the introduction on April 25, 1979, in the United States House of~ Representatives of H. R. 3712, the extreme market uncertainties created thereby, the consequent risk that the Bonds cannot be later issued and sold to achieve the desired results, and the urgent shortage of and need for residential housing facilities for low- and middle-income families and persons in the Town, the Town Council finds that this ordinance is necessary for the immediate preservation of public property and the public health, wel- fare, peace and safety. An emergency is declared to exist, and this ordinance shall be in full force and effect upon its final passage at this meeting. This ordinance shall be published once within ten days after passage in a newspaper of general circulation in the Town. INTRODUCED, READ BY TITLE, FINALLY ADOPTED, AND ORDERED PUBLISHED THIS 31ST DAY OF JULY 1979. ~~ ~ ~'"~ / MAYCSR [SEAL] ATTEST: ~J / , TOWN CLERK -10- ~ ~ Whereupon~it was moved by Council Member and seconded by Council Member that all rules of the Town Council which might prevent, unless suspended, the final passage and adoption of said ordinance at this meeting be, and the same hereby are, suspended for the purpose of permitting the final passage and adoption of said ordinance at this meeting. The motion was put to a vote, the vote being as follows: Those Voting Yes: Those Voting No: Those Absent: A motion to adopt the foregoing ordinance was then duly made by Council Member and duly seconded by Council Member , was put to a vote, the vote being as follows: Those Voting Yes: Those Voting No: Those Absent: Thereupon the Mayor declared said motion carried and said ordinance d m y passed and adopted, according to the procedures required for the passage of an emergency ordinance. -11- f ~ After action on business not related to the foregoing resolution, on motion duly made, seconded and adopted, the meeting thereupon adjourned. ~~ l~ ~, Mayor U (SEAL) ATTEST: /~ ~ -~~~~' `-'Town Clerk P~ ~~ ~ PUBLISHED in ,~~/,~ //~~G~ on the-..~ aay of 6~ 1979. Mario r~ [SEAL) Attest: Town Cler -12- STATE OF COLORADO ~) ,) COUNTY OF EAGLE ) SS. TOWN OF VAIL ) I, Colleen Kline, the duly qualified and acting Town Clerk of the Town of Vai1,.Colorado, do hereby certify: 1. The foregoing pages numbered 1 to 12, inclusive, are a true, perfect and complete copy of the record of proceedings of the Town Council of the Town of Vail had and taken at a lawful regular meeting of the Council held at the Town Hall in Vail, Colorado, on Tuesday, July 31, 1979, commencing at the hour of 2:00 p.m., as recorded in the regular official book of the proceedings of the Town kept in my office. Said proceedings were duly had and taken as therein shown, the meeting therein sizown was duly held, and the per- sons therein named were present at said meeting as therein shown. 2. All members of the Town Council were duly notified of said meeting, pursuant to law. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the Town this %,~'{ day of +'fv~L''~'',;~r 1979. (SEAL) ,..~ ~~~ ~ wi Town Clerk -13- • • • '~ ' ~ J ORDINANCE NO. 17-~ Series of 1979 AN ORDINANCE AMENDING THE VAIL MUNICIPAL CODE BY THE ADDITION OF SECTION 8.16.125 ENTITLED "HAULING OF REFUSE", REQUIRING ALL VEHICLES HAULING REFUSE, RUBBLE, RUBBISH, OR GARBAGE, TO COVER THE SAME TO INSURE THAT THE MATERIAL HAULED I5 NOT SPILLED, DEPOSITED, OR LEFT ON THE PUBLIC WAY; PROVIDING THAT SAID REGULATIONS SHALL APPLY TO ALL VEHICLES INCLUDING THOSE USED FOR THE BUSINESS OF REFUSE HAULING; AND, SETTING FOR DETAILS RELATING THERETO. WHEREAS, the hauling of trash within the Town of Vail has resulted in the spilling, depositing, and leaving of refuse, rubbish, rubble, and garbage on the public ways; and, WHEREAS, it is the opinion of the Town Council that it would be in the public interest to require that the people hauling refuse, rubbish, rubble, or garbage shall secure the same so it may not be spilled or deposited on the public way. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, THAT: Section 1. The Vail Municipal Code is amended by the addition of Section 18.16.125 entitled "Hauling of Refuse" to read as follows: Section 8.16.125 Haulinq of Refuse (a) All vehicles operated by persons, companies, or other entities in the business of hauling refuse, rubble, rubbish, or garbage shall provide a tightly enclosed body to prevent the refuse, rubbish, rubble, or garbage from spilling out of the vehicle. Every such vehicle must also have a durable, secure canvas or similar covering, large enough to cover all of the materials hauled, and said covering shall be tied down on other- , wise securely fastened in place at all times that such vehicle is driven or operated on the public streets and ways within the Town of Vail. _- .. • ~ ~ • - Ord. 17 Page 2 (b) All vehicles whether privately owned, or regularly used for the business of hauling refuse, rubble, rubbish, or garbage, while being used for the hauling of such materials shall haul or carry the rubbish, rubble, refuse or garbage in an enclosed part of the vehicle which is covered by a durable and secure covering large enough to cover all said material to prevent the same from spilling on the public street or way. Said covering shall be tied down or other- wise securely fastened in place while said vehicle is being used on the public streets or ways within the Town of Vail. (c) It shall be unlawful for any person to own, operate, or control a vehicle that is being operated on the public streets or ways of the Town of Vail in violation of this section. Section 2. If 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 remaining 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. Section 3. The Town Council hereby finds, determines and declares that this ordinance is necessary and proper for the health, safety and welfare of the Town of Vail and the inhabitants thereof . INTRODUCED, READ ON FIRST READING, APPROVED, AND ORDERED PUBLISHED ONCE IN FULL this ~.5 day of /~~ 1/ , 1979, and a r public hearing on this ordinance shall be held at the regular meeting of theT Town Council of the Town of Vail, Colorado, on the ~ day of ~i,11~ ~ 1979, at 7:30 P.M., in the Municipal Building of the Town. G ayor / ~ ATTEST: ~ ,n i~ , f ~-~~ Town C`~erk ~ ' r '! ~ • ~ • .~ _- PAGE ORD. # _ f _~ __ -- INTRODUCED OW St~COND READING, READ, APB ROVf.D AVID ORDERED PPU81_I ~ffED BY TIT1_E ONLY THIS - ~ _ DAY OF _ 2?L-~ _ __> 19. !__ ATTEST: ,~ ~ ~ _ _L-- / TOIJPd ERK ~~f