HomeMy WebLinkAbout1989-69 Establishing a Tax Anticipation Note Fund(Tan Fund) of the Town of VailRESOLUTION N0. 69
Series of 1989
A RESOLUTION ESTABLISHING A TAX ANTICIPATION NOTE FUND
TAN FUND"} OF THE TOWN OF VAIL; AND SETTING FORTH
DETAILS IN REGARD THERETO.
WHEREAS, the Town of Vail in Ordinance No. 33, Series of 1989, issued a tax
anticipation note, series 1990, in a principal amount of two million dollars
2,000,000) dated January 5, 1990 ("note") to be sold to FirstBank of Vail; and
WHEREAS, Section 3 of Ordinance No. 33, Series of 1989, provides that "beginning
on January 5, 1990 and on the fifteenth day of every month thereafter, general
obligation tax receipts or other funds in the amount of one hundred sixty-six
thousand six hundred sixty-seven dollars {$166,667.00} together with the accrued
interest to the next interest payment date on the tax anticipation note are to be
deposited in a 1990 TAN Fund; and
WHEREAS, the Town Council now wishes to establish said fund.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO
that:
1. A special fund of the Town of Vail to be known as the 7.990 TAN Fund is
hereby created.
2. Beginning on January 5, 1990, and on the fifteenth day of every month
thereafter, general obligation tax receipts or other funds in the amount of one
hundred sixty-six thousand six hundred sixty-seven dollars ($166,667.00), together
with the accrued interest as specified in the tax anticipation warrant shall be
deposited in the 1990 TAN Fund.
3. This Resolution shall take effect immediately upon passage.
INTRODUCED, READ, APPROVED AND ADOPTED this 29th day of December 1989.
Kent R. Rose, Ma~+or ~
ATTEST:
Pamela A. Brandmeyer, Town Clerk