HomeMy WebLinkAbout1982-19 Authorizing and Ratifying the Borrowing by the Town of Vail From Chuck Rosenquist the Principal Amount of $76,408.38 Payable with Interest Thereon ant the Rate of 12% Per Year- • • •
ORDINANCE # 19
(Series of 1982)
AN ORDINANCE AUTHORIZING AND RATIFYING
THE BORROWING BY THE TOWN OF VAIL FROM
CHUCK ROSENQUIST THE PRINCIPAL AMOUNT
OF $76,408.38 PAYABLE WITH INTEREST
THEREON AT THE RATE OF 12% PER YEAR
AND EVIDENCED BY A SHORT TERM NOTE
MATURING WITHIN 12 MONTHS AND FURTHER
AUTHORIZING THE ENTERING INTO RENEWAL
NOTES BY THE TOWN SHOULD THAT BECOME
NECESSARY AND AGREED UPON BY THE LENDER.
WHEREAS, Chuck Rosenquist wished to construct improvements
on property which was partly owned by himself and partly owned by
the Town; and
WHEREAS, the Town was of the opinion that said improvements
would benefit the health., safety and welfare of the Town of Vail;
and
WHEREAS, it was economically sound and logical to utilize
the same contractor to do the improvements on both the Town property
and the Rosenquist property; and
WHEREAS, Mr. Rosenquist was willing to advance the total contract
amount for the construction of said improvements;
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN
OF VAIL, COLORADO, THAT:
Section 1. The borrowing by the Town of $76,408.38 on June 31,
1981, from Chuck Rosenquist is hereby authorized and ratified.
Section 2. The Town Manager is hereby authorized to enter into
a short term note to mature within twelve months of said date in the
principal amount of $76,408.38 at a per annum interest rate of 12%.
evidencing said debt.
Section 3. That the Town Manager is hereby authorized to enter
into renewal notes with a term of not more than 12 months for any of
said outstanding balance of principal and interest which is not paid
in full within the original twelve month period should the lender be
willing to enter into such renewal notes.
Section 4. If any part, section, subsection, sentence, clause or
phrase of this ordinance is for any reason held to be invalid, such
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decision shall not e~~ect 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, subsection, 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 5. 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 AND PASSED ON FIRST READING THIS 6th day of July,
1982 and ordered published in full in the Vail Trail.
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Rodney E .< Slifer , a or
~~ ATTEST:
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Colleen M. Kline, Town Clerk
INTRODUCED, READ AND PASSED ON FIRST READING THIS 20th day of
July, 1982 and ordered published bye,title only in the Vail Trail.
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Rodney E Slifer, ~j+laybr
ATTEST:
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Colleen M. Kline, Town Clerk