HomeMy WebLinkAbout1985-26 Annual Appropriation Ordinance: Adopting a Budget and Financial Plan and Making Appropriations to Pay the Costs, Expenses, and Liabilities of the Town of Vail for 1986~i i
ORDINANCE N0. 2fi
Series of 1985
ANNUAL APPROPRIATION ORDINANCE: ADOPTING A BUDGET AND
FINANCIAL PLAN AND MAKING APPROPRIATIONS TO PAY THE COSTS,
EXPENSES, AND LIABILITIES OF THE TOWN OF VAIL, COLORADO,
FOR ITS FISCAL YEAR JANUARY 1, 1986 THROUGH DECEMBER 31,
1986, AND PROVIDING FOR THE LEVY ASSESSMENT AND COLLECTION
OF TOWN AD VALOREM PROPERTY TAXES DUE FOR THE 1985 1"AX
YEAR AND PAYABLE IN THE 1986 FISCAL YERR: AND FEDERAL
REVENUE SHARING PROGRAMS.
WHEREAS, in accordance with Article IX of the Charter of the Town of Vail,
Colorado, the Town Manager prepared and submitted to the Town Council a proposed
long-range capital program for the Town and a proposed budget: and financial plan for
all Town funds and activities far the 1986 fiscal year; and
WHEREAS, notice of public hearing on the proposed Town budget and capital
program was published on the 25th day of October, 1985, more than seven days prior
to the hearing held an the 5th day of November, 1985, pursuant to Section 9.5 of the
Charter; and
WHEREAS, it is necessary for the Town Council to adapt a budget and financial
plan for the 1986 fiscal year, to make appropriations far the amounts specified in
the budget, and to provide for the levy, assessment and collE3ction of Town ad
valorem property taxes due for the 1985 tax year and payable in the 1986 fiscal
year.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE: TOWN OF VAIL,
COLORADO, THRT:
1. The procedures prescribed in Article Ix of the Charter of the Town of Vail,
Colorado, for the enactment hereof have been fulfilled.
2. Pursuant to Article IX of the Charter, the Town Council hereby makes the
following annual appropriations for the Town of Vail, Colorado, for its fiscal year
beginning an the first day of January, 1986, and ending on the 31st day of December,
1986:
FUND AMOl1NT
General Fund $ 8,110,709
Open Space/Capital Improvements Fund 3,83Ei,188
Recreation Amenities Fund 1(1,000
Transportation Center Operating Fund 1,07?,000
Dobson Arena Operating Fund 44'1,809
Recreation Program Operating Fund 530,884
Conservation Trust Fund 8,000
G
FUND
Federal Revenue Sharing Fund
Real Estate Transfer Tax
Heavy Equipment Service Fund
Debt Service Fund
~i s
AMOUNT
78,750
970,560
1,00:x,017
3,644,111
Total: $19,713,028
Less: Intergovernmental Transfers 4,589,183
Total Budget $15,123,845
3. The Town Council hereby adopts the full and complete Budget and Financial
Plan for the 1986 fiscal year for the Town of Vail, Colorado, which are incorporated
by reference herein and made part hereof, and copies of said public records shall be
made available to the public in the Municipal Building of the Town.
4. For the purpose of defraying part of the operating expenses of the Town of
Vail, Galorado during its 1986 fiscal year, the Town Council hereby levies a
property tax of 12.48 mills upon each dollar of the total assessed valuation of
$135,664,100 for the 1985 tax year of all taxable property within the Town, which
will result in a grass tax levy of $1,693,0$8 said assessment shall be duly made by
the County of Eagle, State of Colorado, and directs Revised Statutes (1973, as
amended} and as otherwise required by law.
5. This ordinance shall take effect five days after publication following the
final passage hereof.
INTRODUCEq, READ ON FIRST READING, APPROVEq, AND ORDERED PUBLISHED ONCE IN FULL,
this 5th DAY OF November 1985, and a public hearing on this ordinance shall
be held at a regular meeting of the Town Council of the Town of Vail, Colorado on
the 5th day of November 1985, at 7:30 p.m. in the Municipal Building of the
Town of Vail.
ATTEST:
Pamela A. Brandmeyer, Tow Clerk
~, `, ~~ ~u
r~---
Paul R.~ghnston, Mayor
--2-
~ ~~ ~
INTRODUCED, READ ON SECOND READING, APPROVED AND ORDERED PUBEISHED
in foil this 19~h day of Nove~ber 1985.
a....___..~~J ,~
{ j
Pau`~"'R. Johnston, Mayor
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ATTEST:
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Pamela A. Brandmeyer, To}~n Clerk
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• • •
BEOTIgN 7, APPROVAL OF COUNSEL.
The firm of Ballard,.Spehr, Arrdrewe and
Ingersoll is hereby approved as bond counsel In
connection with the faauenca o} the Sonde.
SECTION 6. INCIDEMTAL ACTION. Tha
Mayor and Town Clark of the Town are hereby
authorized and directed to axeeule and deE;ver
such other documents, Includlrtg ecceplencea
and conveyances of property interests, 4nd to
take such other action as may be necessary or
appropriate In order to elfeetuate the execution
and delivery 4} the aforesaid Agreement,
Indontura and Bond Purchase Agreement, the
performance of the Town's obligations
thereunder, and Iha Issuance ahd delivery o!
the Bonds. all in accordance with the foregoing
Sections hereof. Notwithdending any other
provision at this Ordinance, the Mayor and
Town Manager are hereby suthodzed to make
or approve ouch revisions Irt the Agreement,
Indenture and Band Purchase Agreement ae, in
the opinion of counnei to the Town, mayy be
necessary or convenient to carry actor sestet to
carrying out [he purposes of ibis Ordinance and
the financing at the Prajaet, including but not
ifmitod lo, the actual pdneipal amount of the
Bonds, the fixatl or varlabls Interest rates or
method for daterminallon lhereol on the Bonds
and changes in the 6atea of the Bonds and
related documents,
SEC710N fit. BONDS SHALE NOT-
CONSTITUTE APECUNIARY LIABILITY OF
TH E TOWN. As uirad by the Act, the Bonds
shall be special, Ilmnetl obligatlans o1 the
Town, pa aplesoteiyfromtharavenuesdarivetl
from the Prolaet and ahali never constitute the
debt or Inds tadnarre of the Tows within the
maaninp of any prayisian or limitation of the
Colorado Canstitutian, Colorado t3tatutas, 4r
the Towne Home Rule Charter, and shad not
conaflluie 4r give rise tv a pecuniary Iiabitily of
[he lawn yr a charge against Ito genorat credit
or taxing powers.
SECTION 'Iii, .REPEAL. Any prior
ortlinancas or resolutions or parts thereof
Inconsistent herewith are hereby repealed.
SECTION ' 11. SEVERABILITY. If any
paragraph, clause or provision at this
Ordinance is judirlally adjudged Invalid or
unentorcaable, such I"udgmeni shall not affect,
impelr or fnvalidaie the remaining paragraphs,
clauses or pravlaions hereof, the Intention
beengg that the various paragraphs, clauses or
provislona horeof are severable.
S~GTION 12. ORDINANCE 'IAA@PEAL-
ABLE. This Ordinance Is, and shaft conetltute,e
lagislahve measure of the Tawn, and attar the
Bonds hereby authorized are issued, sold, end
are outstanding, this Ordinance shat) constitute
a caniract between the Town and the registered
owner or owners of the Bonds end shat l 6e and
remain irrepealable until the Bonds and the
interest accruing thereon shall have Even fully
paid, satisfied and tlfachargetl.
SECTION 13. RECORDING; EFfECTIVE
DATE. This Ordinance, after 11na1 passage,
shall be recorded Ina book kept for Yhat
purpose, shall be published as provided in the
Home Rule Charter of the Town and shall be
authenticated byy the signatures of the Mayor
and the Town Olark and by the certificate of
publication. This Ordinance shall fake effect
live days after publlcetlon lollowing the finrll
paesaga upon second reading herrrv},
8[CTION 14. PUBLIC HEARING. As
required by Sectlan 103(kl of the Internal
Ravenna Coda of 1854, ae amended, a public
hearing shag ba held by the Town Counelf of
the Tawn, at the time and place as la indicated in
the form of notice set forth below, for the
purpose of vOnsidering the Issuance by the
Town Of Its Bonds to inace the Prajact. Tha
hearing shell be conducted In a manner that
provides a reesonable.apportunlty for persons
with dHfarin~ views to be heard 4n fho issuance
of the Town s Bonds. .
NOTICE iS HEREBY GIVEN THAT THE
TgWN COUNCIL OF THE TOWN OF VAIL,
COLORADO, WILL HOLD A PUBLIC
HEARING AT THE VAIL MUNICIPAL
BUILDING, 75 SOUTH FRONTAGE ROAD,
VAIL, COLORADO, 6N DECEMBER 17, 1985,
AT THE HOUR OF 7:30 P.M., OR AS SOON
THEREAFTER AS POSSIBLE, DN THE
PROPOSED ISSUANCE BY THE TOWN OF
ITS INDUSTRIAL DEVELOPMENT REVENUE
BONDS {N AN AGGREGATE PRINCIPAL
AMOUNT NOT TO EXCEE^ $10,000,000, FOR
THE PURPOSE OF FINANCING THE
ACQUISITION AND REHABILITATION OF AN
EXISTING MOTEL LOCATED AT 250 SOUTH
FRONTAGE ROAD WEST, IN THE TOWN OF__
vA1L. 1NHICH I5 dWNED BY VAIL HOLDINGS,
WILT BE THE FINAL PUBLIC HEARING HELD
PRIOR TO THE ISSUANCE DF THE BONDS.
iT IS HEREBY CERTIFIED that on the 5th day
of November, iB85, this Ordinance was
introducod, read on fhsl readingg, approved anti
ordered published once In full In The Vail Trail
on November 8, 1988 and that this Ordinance
will ba presented for final passage and a public
hearing on ihle Ordinance has been scheduled
for the regular meating of the Town ~ouncll of
the Tvwn of Vail, Colorado, on the 19th day a1
November, 1985 ai 7:30 p.m. in the Municipal
Building o! the Town.
INT1iODUCED, READ ON'FIAST READING,
APPROVED ANO ENACTED AND ORDERED
PUBLISHED ONCE 1N FULL this 5th day of
November, 1885.
(TOWN SEAL]
TOWN OF VAIL
Paul Johnston
Mayor
ATTE87: '
Pamela A. Brandmeyer
Town Clerk
Published in Tha Veil Trail
on November $, 1685