HomeMy WebLinkAbout1993-12 Amending Ordinance No. 31, Series 1992, to Reduce the Interest Rate to be Paid on Installments of Special Assessments Against Affected Properties within the Booth Creek Local Improvement District,-' ~ ~ ~l
ORDINANCE NO. i2
SERIES OIF 1393
AN ORDINANCE AMENDING ORDINANCE NO. 31, SERIES OF 1992,
TO REDUCE THE INTEREST RATE TO BE PAID ON INSTALLMENTS OF
SPECIAL. ASSESSMENTS AGAINST AFFECTED PROPERTIES
WITHIN THE BOOTH CREEK LOCAL IMPROVEMENT DISTRICT.
WHEREAS, the Town Council of the Town of Vail (the "Town"} has heretofore by
Ordinance No. 13, Series 1989, authorized and ordered the construction and installation of
improvements therein described (the "Improvements")for the Tawn of Vail, Colorado, Booth Creek
Local improvement District (the "District"}, and determined to levy special assessments against
the affected properties in the District specially benefitted by the Improvements, according to the
method and within the limitations therein described; and
WHEREAS, the Town Council has heretofore by Ordinance No. 31, Series 1992 levied
the special assessments against the affected parcels in the District especially benefitted by the
Improvements; and
WHEREAS, the Tawn Council has heretofore issued special assessment refunding bonds
designated Town of Vail, Colorado, Booth Creek Local Improvement District, Local Improvement
Refunding Bands, Series 1993 in order to reduce the total interest payable on special assessment
installments against affected parcels in the District;
BE lT ORDAINED BY THE, TOWN COUNCIL, THE TOWN OF VAlL, COLORADO;
1. Section 12 of Ordinance No. 31, Series 1992, is hereby amended to read as
follows:
Assessments not paid on or before January 18, 1993, shall be payable in
ten substantially equal installments of principal, payable March 1, 1993,
and annually on fVlarch 1 of each year thereafter until and including March
1, 2002, with interest on the unpaid principal amount at the rate of nine and
one-half percent (9.5%} per annum through April 1, 1993 and commencing
April 2, 1993 with interest on the unpaid principal amount at the rate of
seven and three-quarters percent (7.75%} per annum, payable on each
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principal payment date.
2. The officers of the Town are hereby authorized and directed to take ail action
necessary or appropriate to effectuate the provisions of this Ordinance.
3. Ail action heretofore taken by the Tawn and by the officers thereof not inconsistent
herewith directed toward the levying of special assessments against parcels within the District
specially benefitted by the construction and installation of the improvements therein is hereby
ratified, approved and confirmed.
4. All acts, orders, ordinances, resolutions, or parts thereof, of the Town in conflict
with the Ordinance are hereby repeated, except that this repealer shalt not be construed so as
to revive any act, order, ordinance, resolution, or part thereof, heretofore repealed.
5. If any part, section, subsection, sentence, clause or phrase ofi 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, 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.
6. 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.
7. The repeal or the repeal and reenactment ofi any provision of the Municipal Code
of the Tawn of Vail as provided in this ordinance shall not affect any right which has accrued, any
duty imposed, any violation that occurred prior to the effective date hereof, any prosecution
commenced, nor any other action or proceedings as commenced under or by virtue of the
provision repealed or repealed and reenacted. The repeal of any provision hereby shah oat
revive any provision or any ordinance previously repealed or superseded unless expressly sta#ed
herein.
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' B. AA bylaws, orders, resolutions, and ordinances, or parts thereof, inconsistent
herewith are 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, theretofore
repealed.
INTRODUCED, READ, APPROVED, AND ORDERED PUBLISHED ONCE IN FULL ON
FIRST READING this 1st day of June, 1993, and a public hearing shall be held on this Ordinance
on the 15th day of June, 1993, at 7:30 p.m. in the Council Chambers of the Vail Municipal
Building, Vail, Colorado.
ATTEST;
l,~,c.~r C~'
Margar~A. Ostertoss, Mayor
~~w ~ .~Y,l~.dwlt.~.cG_~v
Pam Brandmeyer, Assistant #o the Town Manager
READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED by title
only this 15th day of June, 1993.
ATTEST:
Margare A. Ostertoss, Mayor
~• ~.v
Pam Brandmeyer, Assistan to the Town Manager
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