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HomeMy WebLinkAbout1985-15 Setting Forth Application and Issuance Fees for Industrial Development Bonds; Setting Forth and Industrial Development Revenue Bond Policy• • • ~~~ ORDINANCE NO. 15 SERIES OF 1985 AN ORDINANCE SETTING FORTH APPLICATION AND ISSUANCE r"EF.S FOR INDUSTRIAL DEVELOPMENT BONDS; SETTING FORTH AN INDUSTRIAL DEVELOPMENT REVENUE BOND POLICY FOR THE TOWN OF VAIL; AND PROVIDING DETAIL IN REGARD THERETO. WHEREAS, the Town of Vail, Colorado (the Town), has in t'~e past issued, and may in the future issue, development reven~~e bonds (the ~3onds) pursuant to part ]. of article 3 of title 29, Colorado Revised Statutes, as amended {the Act); and ~~, ... WHEREAS, the Act provides that ~-he Bonds shall not gave r=.se to a pecuniary liability of the Town and that the Tawn shall not pay from its own funds any costs of issuing the Bonds or costs of acquiring, constructing or installing the project to be financed therewith (the Project); and WHEREAS, the Town is ..authorized by art. XX page 5 of tt~e Colorado Constitution and the provisions of its home rule Char[er to impose an issuance fee {the Issuance Fee) in connection with the issuance of any Bonds. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, ASwFOLLOWS: Section 1. In connection with the issuance or proposed issuance by the Town of any Bonds, the applicant therefore shall be obligated to pay or reimburse the Town for all expenses incurred or to be incurred in connection therewith, including, but not limited to, casts of reviewing the application (including reasonable charges for staff time and overhead), preparing or reviewing notices, resolutions, ordinances, official statements and other .legal documents (including reasonable charges for stas.f time and overhead and all fees and expenses of bond counsel or special caunsei to the Town), publishing legal notices, resolutions and ordinances, printing Bonds and official statements and other such undertakings. In order to defray such cost„ the applicant sha:[1 be obligated to pay an application fee of $750.00 payable upon submission of the application. Any costs incurred by the Tawn in excess of said amount shall be billed to the applicant from time to time and shall be payable within thirty (30) days thereafter but in no event later than the Band closing. • • • ~_ 3 •' n ~ \ Section 2. In connection with the issuance by the r~.'own of any Bonds (except refunding Bonds), the applicant therefore shall be obligated to pay to the Town an Issuance Fee equal La on.^- half of one percent (.5~) of the present value of all scheduled payments of principal on the Bonds, using as discount factors the interest rates borne by the respective Bonds. For t~,~ purposes of this Section 2. options on the part of the Town or the applicant to redeem such Bonds prior to their stated maturity dates shall not be treated as scheduled payments of p:~a;zcip~s.i..; but mandatory redemptions ar options an the part of the owners of the Bonds to require redemption or purchase of the Bonds shall be treated as scheduled payments of principal. The Town shall ir. connection with the issuance of any Bonds (except refunding Bonds) waive the provisions of Treas. Reg, 1.103-14(b)(1} through (5) in order that the payment of the Issuance Fee will not cause the Bonds to be "arbitrage bonds" within the meaning of 103(c) of the Internal Revenue Code of,5 1954, as amended. The Issuar~~_: Fee sha11 be payable at Bond closing~=-and shall be in addition to a ny costs paid ar reimbursed to the Town under Section 1. here~~f, Section 3. Applicants seeking Town of. Vail issuance of industrial Development Revenue Bond financing will complete an application as required by the "Industrial Development Bond Policy'. .. Section 4. The Town of Vail will maintain a current Industrial Development Revenue Band Policy i~an~~al prav3_c~ing applicants with application requirementsr fee schedule and procedures. Section 5. The Town of Vail will evaluate the overall economic impact of all proposed projects based an criteria contained in the "Industrial Development Revenue Bond Policy". -Section 6. All actions heretrofare taken by the Town and by the officers thereof not inconsistent herewith are hereby ratified, approved and confirmed. Section 7. All ordinances, resolutions, acts- orders, or parts thereof of the Town in conflict with this Ordinance are hereby repealed, except that this repealer shall not be construed so as to revive any ordinance, resolution, act, order, or part thereof heretofore repealed. Section 8. If any section, paragraph, clause, or provision of this Ordinance is judicially adjudged invalid or unenforcpahle, such judgement shall not affect, impair or invalidate the remaining paragraphs, clauses or provisions hereof, the intention being that the various sections, paragraphs, clauses or provisions hereof are severable. • • • ~. ~ 1 • ` o,, °~ C C Sect_~nn 9. This Ordinance, after its final passage, sha7.l be recorded in a book kept for that purpose, shall be authenticated by the signatures of the Mayor and the Town Clerk, shall be published as provided in the Charter of the Town and shall take effect five (5) days after publication following fine ~~_:.:~.~:~ Vie. INTRODUCED, READ A1VD PASSED ON FIRST READI~iG 'T'HIS 3rd day of September , 1985, and a public hearing shall be held on this ordinance on the 3rd day of September , 1985; _~ t 7230 FM in the Community Room of the Vail Public Library, Vail , Colorado. Ordered published in full this 3rd day of September , 1985. 5- ..~~~~ r. '~ _. _ ._.._ ~~'~ ~ Iii' ~ .'l ~l~.L /`~~ . ~a~ia~:" R . Johnsto Mayor -~ v ATTEST: ~ ~ 5 ! ~J~ I `~"` ~1 ~'~~"~I I fl'~' vVKI Pamela A. Brandmeyglr, Town Clerk INTRODUCED, READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED ~n ~u11 this 17th day of September , 1985. .~- "~~ _ ~ _ ~ ~~ R. Jo/hnston, Mayor v ATTEST: Famela A. 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