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HomeMy WebLinkAbout1998-15 Amending Ordinance No. 25, Series 1992 Concerning the Town's Sales Tax Revenue Refunding and Improvement Bonds, Series 1992B} _ ~ • • s ORDINANCE NO. 15 ORDAINS: AN ORDINANCE AMENDING ORDINANCE N0.25, SERIES OF 1992 CONCERNING THE TOWN'S SALES TAX REVENUE REFUNDING AND IMPROVEMENT BONDS, SERIES 1992B. NOW, THEREFORE, THE COUNCIL OF THE TOWN OF VAIL, COLORADO, Section 1. Definitions. As used herein, unless the context requires otherwise, the capitalized terms used herein shall have the same meaning as in Ordinance No. 25, Series of 1992 except that the capitalized terms used below shall have the following meanings: Maximum Annual Debt Service Requirement: the maximum amount of all required payments of principal and interest on the Bonds which will become due in any Fiscal Year. Pled_eed Revenues: (a) the revenues derived from the Pledged Sales Tax; (b) any additional taxes (other than a general ad valorem tax), funds or revenues which the Town hereafter pledges to the payment of Bonds; (c) proceeds of the Bonds or other legally available moneys deposited into and held in the Bond Fund and the Reserve Fund; and (d) interest or investment income on the Income Fund, the Bond Fund and the Reserve Fund; all to the extent that such moneys are at any time required by Section 15 hereof to be deposited into and held in the Income Fund, the Bond Fund and the Reserve Fund. The following definitions are deleted: General Operating Expenses, Gross Revenues, Net Revenues, and Parking Facilities. Section 2. Recitals. (a) The Council has heretofore authorized the issuance of the 1992B Bonds pursuant to Ordinance No. 25, Series of 1992. (b) Section 35.B. of Ordinance No. 25, Series of 1992 permits amendments to Ordinance No. 25, Series of 1992 with the consent of the Bond Insurer. (c) The Council has determined, and hereby determines, that it is to the best interest of the Town to amend Ordinance No. 25, Series of 1992 to eliminate the pledge of the revenues of the Parking Facility and to amend certain definitions and covenants. Section 3. Amendment to Section 1. The following definitions in Section 1 of Ordinance No. 25, Series of 1992 shall be amended to read as follows: Maximum Annual Debt Service Requirement: the maximum amount of all required payments of principal and interest on the Bonds which will become due in any Fiscal Year. Pledged Revenues: (a) the revenues derived from the Pledged Sales Tax; (b) any additional taxes (other than a general ad valorem tax), funds or revenues which the Town hereafter pledges to the payment of Bonds; (c) proceeds of the Bonds or other legally available moneys deposited into and held in the Bond Fund and the Reserve Fund; and ~ ! • (d) interest or investment income on the Income Fund, the Bond Fund and the Reserve Fund; all to the extent that such moneys are at any time required by Section 15 hereof to be deposited into and held in the Income Fund, the Bond Fund and the Reserve Fund. The following definitions in Section 1 of Ordinance No. 25, Series of 1992 are deleted: General Operating Expenses, Gross Revenues, Net Revenues, and Parking Facilities. Section 4. Amendment to Section 16 (Bl. Section 16(8) of Ordinance No. 25, Series of 1992 is hereby amended to read as follows: (B) Places and Times of Deposits. Each of the special funds created in Section 15 hereof shall be maintained by the Town as separate book accounts solely for the purposes herein designated therefor. For purposes of investment of moneys, nothing herein prevents the commingling of moneys accounted for in any two or more such book accounts pertaining to the Pledged Revenues or to such funds and any other funds of the Town to be established or continued under this Ordinance. Such book account shall be continuously secured to the fullest extent required by the laws of the State for the securing of public funds and shall be irrevocable and not withdrawable by anyone for ariy purpose other than the respective designated purposes of such funds or accounts. Each periodic payment shall be credited to the proper book account not later than the date therefor herein designated, except that when any such date shall be a Saturday, a Sunday or a legal holiday, then such payment shall be made on or before the next preceding business day. Section 5. Amendment to Section 20 (Ml. Section 20(M) of Ordinance No. 25, Series of 1992 is hereby amended to read as follows: M. Performance of Duties. The Town will faithfully and punctually perform or cause to be performed all duties with respect to the Pledged Revenues required by the laws of the State and the resolutions of the Town, including without limitation the proper segregation of the Pledged Revenues as set forth in Section 14 hereof and their application to the respective funds as herein provided. Section 6. Amendment to Section 2~. Section 20 of Ordinance No. 25, Series of 1992 is hereby amended to delete paragraphs N, O, P, Q, R, and S. Section 7. Ratification and Approval of Prior Action. All actions heretofore taken by the officers of the Town and the members of the Council, consistent with the provisions of this Ordinance, relating to the authorization, issuance, and delivery of the 19928 Bonds are hereby ratified, approved, and confirmed. Section 8. Severability. If any section, paragraph, clause, or provision of this Ordinance shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause, or provision shall not affect any of the remaining provisions of this Ordinance, the intent being that the same are severable. Section 9. Repealer. All orders, resolutions, bylaws, ordinances or regulations of the Town, ar parts thereof, inconsistent with this Ordinance are hereby repealed to the extent only of such inconsistency. Except as expressly amended hereby, Ordinance No. 25, Series of 1992 remains in full force and effect. Section 10. Statutes Superseded. Pursuant to Article XX of the Colorado Constitution and the Charter, all statutes of the State of Colorado which might otherwise apply in connection with the Bonds are hereby superseded. 2 • Section 11. T)isnosition 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, or Mayor Pro Tem, and Town Clerk, and by the certificate of publication. Section 12. Effective Date. This ordinance shall be in full force and effect five days after publication following final passage. INTRODUCED, READ AND APPROVED on first reading by a vote of ~ to ~ this 20th day of October, 1998 and ordered published in full together with notice of hearing in Vail Trail, a newspaper of general circulation in the Town of Vail; and further order that a Public Hearing on the Ordinance and consideration on final passage be set for 3rd day of November, 1998, at 7 p.m. at the Town Hall. (SEAL) Attest: ,. ~. ~ ~ _. _. - i •,,r,;,.....,~;. r Town Clerk ~ ~ ~.,%Y , ~, 1. ~~ei Donaldson, Town of Vail, Colorado Ludwig Kur(~, Mayor Pro-Tem Town of Vail, Colorado INTRODUCED, READ, APPROVED, AND ORDERED PUBLISHED in full in Vail Trail, a newspaper of general circulation in the Town of Vail on second and final reading by a vote of ~ to ~ ,this 3rd day of November, 1998. % ..,,,,.,..~„„,,,,,,,r, ~ / /, Robert E. Ford, Mayor _- Town of Vail, Colorado (SEAL) Attest: ~~'~~.,,, ~ ~L GR ~~ .: r •burut;upuu~'a ,,, ;~ `~ .._~ Lorelei Donaldson, Town Clerk Town of Vail, Colorado 3 • STA~ OF COLORADO ) COUNTY OF EAGLE ) SS. TOWN OF VAIL ) I, the Town Clerk of the Town of Vail, Colorado, do hereby certify 1. That the foregoing pages are a true, perfect and complete copy of the Ordinance adopted by the Town Council constituting the governing board of the Town of Vail (the "Council"), had and taken at an open, regular meeting of the Council held at the Town Hall, in Vail, Colorado, on November 3, 1998, convening at the hour of 7 p.m. as recorded in the regular book of official records of the proceedings of said Town of Vail kept in my office. 2. That the Ordinance was read by title, duly moved and seconded and the Ordinance was approved on first reading by a vote of 5 to 1 of the members of the Council at the regular meeting of the Council held at the Town Hall, in Vail, Colorado, on October 20, 1998, convening at the hour of 7 p.m., as follows: Those Voting Yes: Bob Armour Michael Arnett Michael Jewett Ludwig Kurz Sybill Navas Those Voting No: Kevin Foley Those Abstaining: Those Absent: Rob Ford, Mayor 3. That the ordinance, as well as the notice of public hearing was published after first reading in Vail Trail, a newspaper of general circulation within the Town on October 23, 1998. The affidavit of publication is attached hereto as Exhibit A. 4. That following said public hearing, the passage of the Ordinance on second reading was duly moved and seconded, and the Ordinance was finally adopted at the meeting of November 3, 1998, by an affirmative vote of a majority of the members of the Council as follows: Those Voting Yes: Bob Armour Michael Arnett Michael Jewett Ludwig Kurz Sybill Navas Rob Ford, Mayor Those Voting No: Kevin Foley Those Abstaining: Those Absent: 5. The members of the Council were present at each of the meetings and voted on the passage of such Ordinance as set forth above. 6. There are no bylaws, rules or regulations of the Council which might prohibit the adoption of said Ordinance. 7. The Ordinance was published in full in Vail Trail, a newspaper of general circulation in the Town, on November 6, 1998, and the affidavit of publication is attached hereto as Exhibit B. 4 • 8. Notice of the meetings of October 20, 1998 and November 3, 1998, in the forms attached hereto as Exhibit C was posted at the Town Hall, not less than 24 hours prior to each meeting in accordance with law. WITNESS my hand and the seal of said Town affixed this November 4, 1998. `~`~gmnn-nnnnr~,n~, ~ _ ,`oft vqi~'''%,~~ ~~ ~ L t t ! ~ ' h C i~G~ z `' Town Clerk SEAL (SEAL) 5 • • EXHIBIT A AFFIDAVIT OF PUBLICATION (published October 23, 1998) A-1 i ~ EXHIBIT B AFFIDAVIT OF PUBLICATION (published November 6, 1998) B-1 C7 C-1 • • DOCUMENT LOCATER PAGE A:\ORD98.15 11/4/98 8:54 am In order to locate this document quickly, Please keep this page with the attached document. Thank You C-2 m ~~~ y p Q o p~~ C7 ~• C Q ~~ m m~ -+ a m ~ m O D ro I~, ~~ Q o m~~ n ~' ~ D z O C o ~- ~ .~ CD _,, O O r d ~ T ~ ~~ q: %~ n Q. N ~ ~ Q O C1 ~~ n Q ~ `n ~ n~l•~.e •~"•p ~a ~Q ~m Q_o 0 oa~m ~~~ ~ ~O ? ~ ~ ~ ~ ~ a ? ~ m ~, m o 0 N p ,~ Q E~~ ~ (D p p (Q ~" O I~~~ ~ Q ~ Q ~ 3 ~ ~ (~D ~ ~ ~ O Q Q ~? 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