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HomeMy WebLinkAbout1988-04 Establishing the Town of Vail Policy Regarding the Funding of Street ImprovementsRESOLUTION N0. 4 Series of 1988 A RESOLUTION ESTABLISHING TOWN OF VAIL POLICY REGARDING THE FUNDING OF STREET IMPROVEMENTS WHEREAS, Uail streets are in need of major improvements due to a lack of proper street construction during original installation; and WHEREAS, the Town of Vail has deferred major street improvements for a number of years; and WHEREAS, continued deferment of major street improvements is undesirable due to functional and financial considerations; and WHEREAS, the Vail Town Council deems the use of special improvements districts to fund major street improvements to be undesirable. NOW, THEREFORE, be it resolved by the Town Council of the Town of Vail, Colorado, that the following policies are adopted: 1. On April 1, 1988, the Town of Vail will call $475,000 of outstanding bonds issued by the West Vail Local Improvement District No. 1. These bonds will be redeemed out of the existing Capital Improvement Program fund balance. 2. Improvement districts will not be utilized to complete the Five Year Street Improvement Plan. 3. The mill levy for the Town of Vail shall be increased to a level sufficient to raise an additional $914,000 in annual property taxes for the collection years 1989-1992 only. The revenues generated by said mill levy shall be earmarked for funding a portion of the Town's street improvement plan. 4. This Resolution shall take effect immediately upon its passage. INTRODUCED, READ, APPROVED AND ADOPTED this 19th day of January, 1988. Kent R. Rose, Mayor ATTEST: Pamela A. Brandmeyer, Town Clerk