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HomeMy WebLinkAbout1996-12 Allocatin the Balance of the Town's Sales Tax Refunding and Improvement BondsRESOLUTION N0.12 . SERIES OF 199fi A RESOLUTION ALLOCATING THE BALANCE OF THE TOWN'S SALES TAX REFUNDING AND IMPROVEMENT BONDS, SERIES 1992B. WHERF~S, on October 22, 1992 the Town issued Sales Tax Refunding and Improvement Bonds that resulted in proceeds of $5.7 million to build a public project ;and WHEREAS, the public project, which was the police building expansion, resulted in an expenditure of $3,302,491.00 and WHEREAS, Town Council has not allocated the balance of those proceeds for use on specific projects; WHEREAS, in 1993 there was a street project in the amount of $868,094.00 for which the bond proceeds were utilized; and Wf-IEREAS, there remains a balance of $1,529,415.00 to be utilized and allocated. NOW, THEREFORE, be it resolved, by the Town Council of the Town of Vail, Colorado that: 1. From the 1992 bond proceeds the amount of $888,094.00 is hereby allocated to the 1993 street project. 2. The remaining balance of $1,529,415.00 from the bond proceeds is to be allocated. to the remodel of the Public Works Facility which is being completed in 1996. 3. The Town Council hereby finds, determines, and declares that this resolution is necessary and proper for the health, safety, and welfare of the Town of Vail and the inhabitants thereof. 4. This resolution shalt take effect immediately upon its passage. INTRODUCED, READ, APPROVED AND D„this 7r~c1 day of .I Lc.~u , 1996. W. Armour, Mayor Holly L. McCutcheon, 'T'own Clerk Resolution No. 12, Series of 1396