HomeMy WebLinkAbout1998-15 Amending Ordinance No. 25, Series 1992 Concerning the Town's Sales Tax Revenue Refunding and Improvement Bonds, Series 1992B}
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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
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(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.
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• 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:
,.
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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
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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.
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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)
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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
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A:\ORD98.15
11/4/98 8:54 am
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