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HomeMy WebLinkAbout1991-44 Amending Ordinance No. 29, Series 1989 Relating to the Town of Vail Sales Tax Revenue Bonds, Series 1989~° .f ORDINANCE NO. 44 SERIES OF 1991 AN ORDINANCE AMENDING ORDINANCE NO. 29, SERIES OF 1989, RELATING TO THE TOWN OF VAIL, COLORADO SALES TAX REVENUE BONDS, SERIES 1989. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO: Section 1. Definitions. Terms used in this Ordinance shall have the meanings specified in Ordinance No. 29, Series of 1989 {the "1989 Ordinance"), except where the context by clear implication otherwise requires. Section 2. Recitals. A. The Town is a rnunicipai corporation duly organized and existing under the Town's Charter adopted pursuant to Artiele XX of the Constitution of the State of Colorado. B. Pursuant to the 19$9 Ordinance, the Town has heretofore issued its 1989 Bands. C. Pursuant to the 1989 Ordinance, the Town is authorized to issue Aciclitional Bands if certain requirements set forth in the 1989 Ordinance are met. D. The Town desires to issue its Sales Talc Revenue Bonds, Series 1991 (the "1991. Bonds") in the principal amount of $2,525,000 for various municipal purposes but is unable to meet the limitations set forth in Section 17A of the 1989 Bond Ordinance for the issuance of Additional Bonds. E. Pursuant to Section 28B of the 1989 Ordinance, the Town may amend the 1989 Ordinance with the written consent of the Bond Insurer and without the written consent of the owners of the Outstanding 1989 Bonds so long as the Band Insurer is nc~t in default under the terms of the Bond Insurance Policy. F. The Town desires Co amend Section 17A of the 1.989 Ordinance to permit the .1991 Bonds to be issued as Additional Bonds pursuant to the 1989 Ordinance and the Bond Insurer, which is not in default under the Bond Insurance Policy, has given its written consent to such amendments. 3. Amendment of Section 1 of the 1989 Ordinance. The definition of Maximum Annual Debt Service and Reserve Fund Requirement in Section 1 of the 1989 Ordinance are amended to read as follows: 1 "Maximum Annual Deht Service Requirement" means the m~ucimum amount of all required payments of principal and interest on the Bonds which will become due in any Fiscal Year. For the purpose of Section 17 hereof only, Maximum Annual Debt Service Requirement shall also include the principal and interest on the 19$S Bonds until the 1.985 Bonds are paid or defeased. "Reserve Fund Requirement" means an amaunt equal to 10% of the principal amount of the Outstanding Bands plus an amount equal to all investment earnings on the Reserve Fund; provided that the Reserve Fund Requirement shall not exceed the Maximum Annual Debt Service Requirement. 4. Amendment of Section 17A of the 1989 Ordinance. Section 17A of the 1989 Ordinance is amended to read as follows: A. Limitations Unon Issuance of Additional Bonds. Nathing in this Ordinance shall be construed in such a manner as to prevent the issuance by the Town of additional bonds or other obligations, payable fram and constituting a lien upon the Pledged Revenues on a parity with the lien of the 1989 Bonds (the "Additional Bands"). Such Additional Bonds may be payable solely from Pledged Revenues or they may be payable fram Pledged Revenues and another revenue or fund of the Town ("Additional Pledged Revenues"}. Regardless of whether payable solely from Pledged Revenues or fram Pledged Revenues and Additional Pledged Revenues, before any such bonds or other obligations are authOrl'Led or actuapy issued the following condition shall he satisfied: for the Fiscal Year immediately preceding the issuance of any Additional Bonds, the amount of Pledged Sales Tax Revenues in such Fiscal Year must equal or exceed 12S% of the Maximum Annual Debt Service Requirement pn the Bonds (including the Additional Bands proposed to be issued} and the amaunt of Pledged Revenues in such Fiscal Year must equal or exceed 140% of the Maximum Annual Debt Service Requirement an the Bands (including the Additional Bands proposed to he issued). For the purpose of saiisl'ying the aforemcntianed 125% test and 14Q% test, any tax, now existing or hereafter imposed, which legally becomes a part of the Pledged Revenues during the Fiscal Year preceding the issuance of Aclciitional Bonds, or any tax which is to legally became a part of the Pledged Revenues immediately prior to the issuance of Additional Bonds, or any increase in the rate of any tax which is a part of the Pledged Revenues which increase is imposed -z- • Y during the Fiscal Year preceding the issuance of Additional Bonds or any such increase which is to be imposed immediately prior to the issuance of Additional Bonds can be considered for its estimated effect nn the amount of the Pledged Revenues as if such tax or increase had been in effect for the Fiscal Year immediately preceding the issuance of such Additional Bonds. Any tax which is no longer in effect at the time of issuance of the Additional Brands shall not be considered fnr purposes of satisfying such tests. Any Pledged Revenue which is not a tax shall be considered similarly for purposes of satisfying the such tests. If the ordinance authorizing a series of Additional Bonds will pledge Additional Pledged Revenues to the Bands, the estimated effect of the amount of such Additional PIedged Revenues may be considered as if such revenues had been received for the last Fiscal Year immediately preceding the issuance of such Additional Bonds. Nothing in this Ordinance shall prohibit the Town from issuing Additional Boncis in a maximum principal amount of $2,SSS,000 if such Additional Bonds are issued prior to January 1 S, 1992. Section S. Deleeated Powers. The officers of the Town be, and they hereby are, authorized and directed to take all action necessary or appropriate to effectuate the provisions of this Ordinance. Section 6. Severability. If any one or more sections, sentences, clauses ar parts of this Ordinance shall for any reason be held invalid, such judgment shall not affect, impair, or invalidate the remaining provisions of this Ordinance, but shall be confined in its operation to the specific sections, sentences, clauses or parts of this Ordinance so held unconstitutional or invalid, and the inapplicability and invalidity of any section, sentence, clause nr part of this Ordinance in any one or more instances shall not affect or prejudice in any way the applicability and validity of this Ordinance in any other instances. Section 7. Repealer. AiI bylaws, orders, resolutions and ordinances, or parts thereof, inconsistent herewith are hereby repealed to the extent only of such inconsistency. This repealer shall not be construed to revise any bylaw, order, resolution or ordinance, or part thereof, heretofore repealed. Section 8. Disposition of Ordinance. This Ordinance, as adopted by the Council, shall be numbered and recorded by the Town Clerk in the official records of the Town. The adoption and publication shall be authenticated by the signatures of the Mayor, and Town Clerk, and by the certificate of publication. -3- ` ~ ~ • Section 9. Effective Date. This ordinance shall be in full force and effect upon the later of five days after its publication upon linal passage as provided in Section 4.9 of the Charter or receipt of written consent to the amendments to the 19$9 Ordinance from the Bond Insurer. INTRODUCED, READ AND SET FOR PUBLiC HEARING 'T`HIS 5th day of November, 1991. ADOr t t/D AND APPROVED THIS 19th day of November, 1991. ~~~J~~, Mayer Town of Vail, Colorado (SEAL) Attest: L~~~.~ Town Clerk Town of Vail, Colorado -4- e t ~ . • +! r~oo~ o~ Pue~icAnorv srnTE ar= ca~or~nc~o S5 ca~rTty OE EAGiE r...__~-._ --AT,LEN KN[)X-----~ do slalemnry swear fihat t am T'uhT izaher ttln W _ - -.__._ ... ___ of rf IE V!1!L TRAIL; Thal ihv same Is a weekly nvwsparx?r pfinlpd, in whale or In tx r1 ctnd published In rho ColTnly of Eagle. Slaly of CUlorado, alai has a [aprTeral circulr111on Ihvrvln: thclf sold nvws~xT xTr has k>E:c3n published ccmtinuotlsly anti lrninrcyfrupfr~clly in sold County of Eagle >For a period of morn than (iffy-two ransvcutlvp weeks nvxf p~rior fo fhe first pubEicatian of fhc9 annexed legal noHcv of aclvnrilsralTlvnt; that salc.i newspaper has been admitted to the United Siatns rnails as second class maf Ivy under fhe provisions or the Acf oI March 3, 11379, or anyy amandmenfs thvrt3o#, and RTat Bald newspaper Is a weekly newspaper duly c[ualifled for publlshinR Ipgal notices and aclverfisementswithin the meaning of the laws of the 5fafe of Colorado. Thal iho annpxad tc~7al notice ar advvrtlsempnt was published In the regurar and entire Issue of every number of said wl~ekly newspaper #tx the period pf ~~~'.c . consvcutiv©insvrtlons; and f hat thcT first publication of Bald notice was in the Issue of Bald newspaper dafcxf ._L~.~_ __ _~_ ~:.._._.~~ A D. 19 _! and that the fast pubEicatian oT sold notlc+3 was In the Issue oI sold newspaper defied ,i1. f_AD. 1V ~1, In witness whe[vpf f hav[d hereunto set my hand ttris ~~ T f day of - /~ ~ ~~ SubsCrik9vc! c7nd sw7orn to tapicxp rev, a notary publi~l arc or the ou~nly 1 Eagle, SiafpatCororado,this ~__~f____..day0#, <'''.~.~ 'ir•~' ~._ AD. 19 r 1 tVty COmn1i5510n 9Xpirps __._.~.------_~_-~ . .~ Public Notice ORDINANCE N0.4~ 6arfes of loot AN ORDIS'7~irJGE AMENOINQ ORDNANCE NO. 29, SEAIt:A DF 1888, AELATINO YO THE TOWM qF VAIL, COLORADO SALES TAX REVENUE Sf71#D5, SERIES 1989. NOW, THI::REFDRE, BE li pRDANEO SV T! IE TOWN [:OUNCIL OF THE TOWN OF VAIL, COLORADO: SECTrDIJ 1. Delhhbns. Temr used W thfa Ordinance fhcr bees the rrnerlings - M Urdinente Nn, 74, 3eriaa d f9B6 (the-•1669 Ordinenoe•J, eacept when Ilr oadexl 6Y dear Inpticelfon plhamisn tar~ukN, SECTION 7. Radals A. Tha Town is ^ municipal oarportlton duly aganeM rd e,iginq under llv Town's Chaney +davtfd pvfuanf to AnicN xx d lM Can•filNan d IM St«r d Cobrado. B, purwarx to IM 19159 Ordiaan,: s, ds Town naf he,«dae i.fued r• 1906 Sala. c. PunwM to rM f984 aa.,amGw. the Taws n aunnrized to isue Add;tionaF SaKla i cerise requ~•emrersf eel lath n IM 1989 O~d'.,ar ~ tyre ~. D. The Tcwn del ie• to glue ii• Sala Taf Revenw Bands. 9erirs t991 (tha'1 ~1 Bonds'! 'rn thw gnCpal annum d SZ.525,DO1} is variou niepal purpmee but ie unabrw b meet IM In.lalionr ser Forth ~ Section 17A d d,e IBB9 fiord Ordnance for 8s ia•uanoe d Addkicnal Sad.. E. Pursuant to Section 789 d the t4S6 Ordiwnoe, tfr Yown mmy anrnd fM 1959 Or- dnance with [M wr?ISn oarsasR d the Sond In- surer and wilhod the rmalen Confers! d 8,s owners d the Outftan6nq 1459 Sad. sa brp as IM Bond InwrM 'r nd in default under thr fears d the Bond rrwursrne Poicy. F, The Town dsfires Io amend Sediont7A d the 198p Ordinance to pemal the 1661 90rda la Ix blued ea AddAio,al Sonde purauard b IM t949 OrdinenF• sad rM Band rmur«. vfiiclt i na in deraui under the Send fn•ur•rro• Poiry, has given its wrillen aen•ent to such amendmen!•. SECTION 3. ~-- i nld Section l7Adthe r949 Ordinance, The fdbtHnp fenlsrrw h added la Section IlA: For Ihs purposes d ihb eedloA, the debt ser- vice an Ihs aeries 1655 Bonds mllurinq M and she: December I. 4968, need not fie taken Fto ooCOUnI in caledalinp the Alaalmum AmuAr Debt Sarvioe Requirement so beg u a the Ilene d crdculaticn, Ihs lawn b nd fn delaui d ih oblipmfon b moJrs depae$f Punuara fa Section < of Ordinance Na. 39, Series d 1689 i•Drdfnarros Na. 30') end ro lone u fhe Term N et fhe time d Cafctilalion oblfgatsd to ererclfe iV CP'liar7 to redeem the Senn 1985 Bands pursued to Sso- [ion 5 d Drdinance Nn, 80. SECTION ~. Delegated power, The dl',Fers d the Town be, eM they badly ors, alrlhorifed and diredad to lake aA sctiorr neoes•ary a ap- propriafe 4e Mleduu• the gav{abna d fhta 4rd~nenw. 3ECTgN 5. Setirwdfry. a an7' Fee w mare feC[renf. Mnleney. FIeJ{ef p pant d Ih4 a~ d'nFnce fhrdl far any reason ba hold irwaad. audr Judgement gibes rwt gilled, hrpa4, a invelidwle the rernelninp provifbna d !hi Ordinance, trd shall be cadined In hs rperdion to the fplCBle ' rsedbm, senlanees. nLtuses a parts d this tlr~ dinancs sa hold uncontlilul'ansl a lmalid, artd the IneppioehABy and imvsid'h d Any ssclbn, i sonlerwe, clause or pert d this t7rdfnpnpe N arty , one or more rnslsncae shall eat alrecl Or preiudica in uty way !ha appicabifly and wildly d this Ordlnanaa it any other InHanaee. SECTION e. Rapeabe, N bylaws, orders, ~. II resalutlanf and ordYnanoas., a pans tharsd, In• ~. ~, mnablad MrswMh are hereby repealed to the ~~ edenk only d tuah hcartdatsnq. This repeebr shall nd M adnsirued to reels any bylaw, cedar, ' resoMlan W wdlnar7oa, apart Ihsreof, heMdore rspaabd. BECTXXV 7. Dlepakion d Drdhanw. This OrdlrtAr7w, a adopted by the Caur7cA, offal he numbered end retarded by the Tawn Cbrk In the oFlicid records d the Town. The adnpiion and pvblicallon ahal be sulhenlicaled by Ihs signa- Nraa d the Maya, and lawn Cbrk and by the eegHl4rle d publiFalkm. SECTION 9. EfredHe Dab. A,W ordinance shall be In fvl forty and oleo upon rho later d five days wryer ks publ'vatbn uMn IMaI pefsage u govided b S.dlon 1.9 d the Cheney or ' receipt d wriasn oonfenl l0 1he amendment fo 1h• 1959 Ordinann from iha Bond Insurer. INTRODUCED, READ AND SET FOR PUBLIC IfEARNO This 5th day d November. 1991. ADOPTED ANO APPROVED th» 51h day d ' Novarrber, 1691. TOWN OF VAIL Karl A. Rex Mayor ATTEST; Pamela A. Brendmeyar Town Cbrk [SEAL) pudifhed h7 The Vah Trai on Navsnber 8, 199t - ~ ~ ~ Pubiic Not ORDINANCE N0.1A ~ smla. e1 eggs AN DROINAtJCE AMENDING ORDINANCE NO. 29, SERIES OF 1888, RELATING TO TIIE ' TOWN OF VAIL, COLORADO SALES TAX REVENUE BONGS, SERIE9 1989. NOW, THEREFORE, BE IT GROANED BY THE TOWN COUNCIL OF THE TOWN OF VAlL, COLORADO: SECTION 1. Cdinition. Terms used in Ihle Or PROOF OF PUBLICATION tad b e.a lot 9 { d~~a ' 011 h ~ 9n z8, Seri . U89 Ord;nanoe'F, eseept where IM aenteat by dear STATE OF COLORADO krplical'gn olherwisa sequkes. ~ ~' SECTION 2. Reciels. COUNTY Ol" E/iGLE A. The Town Is . munidpal co+pwelicn duly «gsnlzd r,d sabtinq under fM TownY Charter addpled puauanl le Artids XX d !fie Consl;luibn t ,ALLEN KNOX Ctp Sglerr9nly sorest that I am d 16bPugauanlotha 1889 Ordinance, tM Taan )?LI~~. ~.8t7t!T the ~_ _ __~~._____~.-_ of 1! IE VA1L TftAft,' that the same Is a wc3ekiy newspaper has heralolore Issued hs t9BB Bonds. C. Punuanl to the i988 Ord'ganoe, Iha Town prirlt¢d Ill 4vIlOIO r7F In pelt and pilbllshed In tt1¢ County of Ea le State Of Colora 9o 6 authorized le 6sue Addilianel Bonds 9 Deviate . g , L , sect has a secret clrculallnn 1hXTroln; that sold news F7 po t has bcac3n pubfishe3d r~quiremeds eel forth k, Iha 19890rd4+anoe are t continuously clod unintonuptadly in sakt County o1 Eagle fora x~rlod o! more than ~ , D. Tne town deshe+ 1a iss~i. u. sales Ta. fifty-two ct~nwcufl~b weoks nQxF friar to file first ~Tublication o the onn¢xed Itsyal Flevanue Honda, Series 199! phn'1991 Bondi l notice or ac ~eltlserrx~nF that sold newspaper tTas been admillnd to the United in the principal a„ounl d 52,5?.5,000 for various SfateS mails a5 SeCOfld Glass fTT(7ttef under th9 FOVISIanS Ot the ACt pt March .3 1879 p municpal purposes 6v1 is unable b meet me , , a any amenctryx3nts thereof, and that sold newspaper is a we¢kiy newspa{~r duly limrtatians sal Icrth in Section 17A d the 1889 Bond Ordinance for the issuance d Addsional quati it7t1 for publishing toga! notices and adverHselrlenfs within the moaning of the Barrie. raw$ Of 11Te Stufe Of COIoTada E Purwant l0 5aclion 286 0l the 1989 . That the annexed Iegal no11G¢ or advertisement was publlstled In the regular and Ordinance, the Town rosy soloed the 1988 Or• dinance with the writon zgnserd d the Band Im Buret and without She wrNlen ronsenl o! Iha entire issue pf ¢very number pf sold wkly newspaper for the period pf yid' ? ~~ " ownen o! the tlulstanding 1989 Bonds ao bog as the Sand Insurer a nd in delauh under the consecuthre Insertions; and Thor the }Irst publication of sa[d notice was In the Issue of lenm he raven a e arl~aempeone sedlan 17A d % ] . ~ i `, j r , ~ said newspaper doted " ~ I1.D. 19 ~' / and that the last 1hs 1989 Ordinance to perrrit Ihs 1991 Bands to be aaued a Addsional Bands pursuant lc the 1989 Ordinance and !ba Bond bwrer, which is pUblfCaTioTl pf SC71d optics was In the Issue Of said newstx7per dated na1 In delaul under the Band Imuranoe Policy, ha, given Ha wsillsn con ssnl !o such .l',r, A / ;' ,~ {, I ~ L ~~; r D 19 ! ~ unandrmnts. • . . SECTION 3. A l d Sedian t d the { t989 Ordnance. The deliniien d Maahtrm An• .a,-.,~ in witness wl,.,,z, „! I tTave he3r6untq set my tTand this ~' ~' ~^~ pf nun natx servse. •^~ • Fand Regae« i 9 D ; ' T / '~ ~~Y, ! ~ k j ~ 1 A.p, 99 - -• ~- _ ms„t on I d IM 188 err n sed - arr,madsd le read as Idbws: •Marirrtum Mnual Detx Service Requ4amenr means IM rrvsimum amount d a1 required pay- mania d principal and Inbred on Iha Bonds _ - wh;ch veil beconw rive in any Fecal Year, for IM i / purytosa d Sadlm 17 hared an1y, MaMirtwm A„- /~ oust Osbt service Regvirsmeni shag also i,ufude khs pr;nc'pal and Interest ors the 1985 Bonds unit lM 1985 Bondr are pad a deleaaed. 'Reserve Fund Raquiremenl' m s an $l1bSCrit.~ed and SWgf1T tp before rT90, a notary pub! c in and County of Ed91e, emounl equal td 1094 d the prindpnl amsunl d ~ ~ ~ r I ~ the Outstanding Bands give an ernoum equal to h R F d ihiS dCry Of ~'`'~ ' '' i ~ ' ~ AD $tatB Ot COlaralt0 LJ ~ ~9 / e eserve un ; ~a# {nveslrnenl euMngs on t , _ . prwfded Iha! 1M Reserve Fund RequiramaM ahe1E nd exceed Iha Maximum Annual Osbl Sm- vice RequiatbnL ~ " ~ 1 I S 1 _ Jl r , ~ 1 , j ( ~ . • i ~ , ~ 'jf " ' . d the 1988 Or- 1889 Ordlnsnea. Ssdion 17A / - ~ I + dinance a ar~nded to red u fdtows: ! A- LlrrvTalbrta Upon luuar,s d Addiiasn.l ` ' ; ~ ~ ' I Bands. Ndhing In this Ordinuws .hat! w aen• rrerrr,x as tp prevem the ~- d h h _ _ _ _ _. MY commission expires .___. . prua suc a nds other l b ddi f d e e one o w W the Town ehigetbns, payable from art0 censlNoling l Ilan upon the Pledged Revenues on a Partly w;lh Iha Amt d the 1989 Sonde {lM 'AddNionat Borda•l. Such Addilontl Bonds troy 6s psyabls rddry Irom Pledged Revenues a Ihey may i» payable Irom Pledged Revenues and andhm revenue a ' 'land of the Town I•Addilia oaf Pledg sd ~ Rsvenuel• Regardbsa d whalhm payable sda- ' ly Irom Pisdgsd Rswnun m Item Pledged', 1 Revenues and AddBbnal Pbdgsd Rwanuet, beige sty such bads ar dhe: abligal;ona ere aulhorlxed p WualFy asued lM loiawing oondi-; i tbn shall be stlafied: fa the Fuca! Ysar inr r ~ '~ medistely praced~g Ihs Msuanoe d any Addi- S . ~ lional Bands. Sts amount d Pbdgd Sales Ton } ~` Revenues Ms such Flacd Year must equal or ex- I ' Deed 125%d lM Max4num Annua10e61 3arvlw i '~ RaquYsmem on 1M Bonds {including IM AddF V ` {tonal Bonds proposed !o be Ysued{ and tM ~'~ entouH d Pbdged Revenues h such Fiscal Year ' must equal ar exceed 1 dOx d tM Maximum An• :~ noel Dst% Servke RequSrvrnsd ors gee Bwsds ' {indudinq IM Additional Bands proposed t9 M ' iaswdJ. For Ihr purpose d salLlyinq the ~~, afonmenlloned 126% teat and 1a0% lest, sarrry,y ;' teal, r+ow ashllrtg or Mraaksr lrrposed, whlds .. ~. {legally'. a pert d 1M Pledged Rwenuee " during IM Flsml Year Preceding tl,s Hsuanee d:, Addilgnaf Bonds, or any lac whkh h 1e legally' • beoorue a part d the Pledged Revenue im~ ~:'~ mediatey pda to 1M lasuanoe d Addiland'. ' Bonds. a any increase Yt the sob d •^l' lsx ~ :. which 6 a part d the Pedged Revenues whidt t ~ ~ lneraue is Imposed during the Flseal Yaar~ ~ ptecsdlrtg the Iwuance d pdd'dlond Bonds ar l any svaes btresar wfileh k to M irrpased Inv t ~,; medaley prior to the issuenas d Addilonal ~ i Bonds tan M oonsidsrod la ha elimaled egetl ;'; on the amcunl d iM Pledged Rwerwst v H ~ ~ ~'~; such lax or Enaease had been In eHvcl for the ' ~:'~ Fiscal Year Imrnedlalely prewdlr,p the isauanos ' ";i d ouch Add'liond Bade. My Ian which k ne ' ; bngm Tn shed tl 1M 11me d Issuance d the Ad• diliontl Bonds shag nd M considered tar pur- .'~~pobaa d-eterying alsch leis. Arry Pedged ': ~ Revenue whlds b ttol a lax anal 6e oenaidmsd ' ~: ; aimisdy in purpaee d aallafyFng lM such Inri h Ihs erdlnarroa aufhodsing w aeries d Addi• ~ .I Bond Bands will Pledge AddhlonN Pbdgad ',~'~~ Revenuee to gss Bwds, Ilte shtblWrd Nled d `i IM anteuM d such Additonai Pbdgd Rwenves ~:: may 6e aonskNrd a # suds nwnue had 6sen v: rsufvd fa Bte Isrsf Fiaeal Yw frnrndltlaly '; preceding Iha laeuanae d such Addkbmd Bonds. ' Ndhbq M Ihfs Ordinmw shall peMbs the ::~ 7awn item iswlrq Addhhnal Benda M • mad• .: mum pdndpal amount d !2656.000 N sash Ad- ~.. ? d#onrl Bomb s+e 4evad wlrr to Ja„uW 10. :. 1992, GTION 0. Oelpeted Powe,e. Tl,. nNb.ra„ ' ~~: I d the Tovm ba, and Ihey hereby art auShoria.a , ' '~. ~ and d'sedd to takr all adbn necessary W ep- '~ propdats >o sdleetlasta IFra prrrvfabM d this ' : fhdinuwa. ' SECTh7N 6. 3averablGly. N any one a rron ;' secsioaa, aenlerKea, clauses or parts d thb Or- dinance shalt fw any reason W held IrnaSd, such ' Iudgrnent shall not allsct, yrpair, d iiwafida[a she ' remaining pmdsions d this Ordiner,ce, bur shat - 6a wnlinsd in ha aperalion 1a the apeciric ' sectiom, sanlerwea, cbvses or pane d Iha tk- dinance w held uneonalilu[ianal or invalid, end SECTION 9, ENecINr Dale. Thin ordinance ~ the Ineppscabiity and irwagdily d any section, shsil be in fur tau and stied upon tl,r later d ,;, senlerwe, clause a part d Iha Ordinance ~ any live days eher it publictlion upon Iinal passage one or more instance shall not allatl or ' i m govided lea Ssdlon 4.9 d Iha Chedm or , prejudce in arty way the appGCabiGly and valdiry I rece4t d wrNlen consent to the a,..- - ~ ~° 10 ~ d this Ordinance in any dher instances. [he 19B90rdinann Irom Iha Bond InaUrsr- , T FOR ~ SECTION 7. Repeater, AN bylaws, ciders, l i i ' IN TR OOUCEO, READ AND SE , n- resetuUnna azd adinanoe6 or paAS Ihereo PUBLIC HEARWO Ibis 6th dpy d November, acnsislent herewAh an hereby repealed to the ; 1991 OPIEO ANO APPRDVEp thh 191>+ day d edenl only d ouch Inconsistency. This repealer ~ shell nd be ronslrued 1o mvlse any 6ylnw, order. Ap 1991. November ,' resolu9an or ardlnana, or peA lMred, heretofore ' , TOWN OF VAIL repeaed, Ksra R. Rose ' ~ SECTION 8. Uisposilian d Ordinnna--~. The '~ Mayor Ordinance. 6a adupled by the Counci. vhn9 be ATTEST: ~ numbered and recorded by She Tawn [",;k in the Pamela A. Brendr„sym '~ ;_ official recede d the Town. The adc; Fors and ; ' • , Town Cblk ' gna- ~: r s pubM1satidr shat M aulhenliraled by 1 . '~ PuNishd Ft The Vail Trai tares d the Mayor, and Term Clerk, and by the on Nave~,Wr 22. 1801 wrl'dicale d publicallnn.