HomeMy WebLinkAbout1980-01 Relating to the Creation of the Capital Improvement and Open Space Fund of the TownCERTIFIED RECORD
OF
PROCEEDINGS OF THE TOWN COUNCIL OF
THE TOWN OF VAIL, COLORADO
RELATING TO THE CREATION OF
THE CAPITAL IMPROVEMENT AND OPEN SPACE FUND
STATE OF COLORADO )
COUNTY OF EAGLE ) ss.
TO~TN OF VAIL )
The Town Council of the Town of Vail, Colorado, met in regular
sF+ssion at the Vail Municipal F3uilding, Vail, Colorado, tk~e regular
meeting place thereof, on Tuesday, the 8th day of January, 1980, at
the hour of~: 3p .m,
The following members of the Town Council, constituting a quorum
thereof, were present:
Mayor: Rodney E. Slifer
Council Members: Paula Palmateer
John Donovan
Thomas Steinberg
Bi11 Wilto
Scott Hopman
Ro n Todd
The following members of the Town Council were absent:
m ~tl C
The following persons were also present:
Town Manager: Richard Caplan
Town Director
of Finance: William Pyka
Town Attorney: Lawrence C. Rider
Town Clerk: Colleen Kline
Thereupon the following proceedings, among others, were had and
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RESOLUTION N0. ~ ~~'Jc~-rS i~l1~c?
A RESOLUTION RELATING TO THE
CREATION OF THE CAF.T.TAL
IMPRUVEbiENT AND OFTEN SPACE
F Ix1T D OF THE TOWN
BE TT RESOLVED BY Tf7E TOWN COUNCIL', OF THE TOWN OF VAIL, CO~,ORAi30,
THAT:
Section ~. Recitals.
1.01 Ordinance No. 11. Pursuant to Ordinance No. lI, Series of
1973 (Ordinance No. 11), of the Town of Vail, Colorado {the Tawny, as
amended, the Town has established a sales tax (the Sales Tax) upon the
sale of tangible personal property at retail and the furnishing of
services within the Town in such percentage as may be set forth in
Ordinance No. 11, or any supplements or amendments thereof, from time
to time. Section 7 of Ordinance No. 11 provides in part that
so much of the fifty percent of all of the revenues derived from
the sales tax as may be necessary from time to time for the
acquisition of real estate and also the acquisition, construction
and equipping of buildings and facilities, including the
amortization of any bonds, shall first be devoted to and
specifically earmarked for such purposes and the remainder of the
revenues, if there are any from time to time, shall revert to the
general fund of the town for the given year only, subject to
annual appropriation by the town council."
1.02 Segregation of Sales Tax Revenues. In order to implement
Section 7 of Ordinance No. 11, facilitate the earmarking of fifty
percent of the revenues derived from the Sales Tax to the acquisition
of real estate for the public purposes of the Town and the
acquisition, construction and equipping of buildings and facilities
for the use and benefit of the residents of the Town {the Capital
Portion) and provide for the pledge of the Capital Portion of the
Sales Tax to the payment of the principal of and interest on certain
outstanding bonds of the Town, the financial officers and accountants
of the~~Town have segregated and accounted for the use of the Capital
Portion of the 5a1es Tax on the books and records of the Town,
together with certain other revenues of the Town, in a fund separate
and distinct from all other funds of the Town entitled the Capital
Improvements and Open Space Fund.
Section 2. Capital Improvements and Open Space Fund,
2.01 Creation of Fund. In order to further define and specify
the source of payment of and security for certain outstanding and
future bonds and warrants of the Town, a special fund is hereby
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created and designated as the "Town of Vail, Colorado, Capital
Improvements and Open Space Fund," and the prior creation of this fund
by the finance officials and accountants of the Town is hereby
ratified and confirmed. The Capital Portiorj of the Sales Tax sha]_I be
deposited in the Capital Improvements and Open Space Fund and shall be
used and withdrawn only for the purposes set forth in Ordinance No.
11. To the extent that funds other than the Capital Portion of the
Sales Tax are deposited to the Capital Improvements and Open Space
Fund, such funds shall be held in an account ar accounts within the
Capital Improvements and Open Space Fund separate and distinct from
that account in which the Capital Portion of the Sales Tax is held
the Sales Tax Account) .
2.02 General Administration of Fund. The Sales Tax Account of
Capital Improvement and Open Space Fund shall be maintained in a
commercial bank as a book account kept separate and apart from all
other accounts or funds of the Town as a trust account solely far the
purposes designated in Ordinance No. 11.
Such book account shah be continuously secured to the fullest
extent required or permitted by the laws of the State of Colorado far
the securing of public funds and shall be irrevocable and not
withdrawable by anyone for any purpose other than the designated
purposes of Ordinance No. ll.
Any moneys- in the Capital Improvements and Open Space Fund may be
deposited, invested, or reinvested in any manner permitted by law.
Securities or obligations purchased as such an investment shall either
be subject to redemption at any time at face value by the holder
thereof at the option of such holder, or shall mature at sucY~ time or
times as shall most nearly coincide with the expected need for moneys
from the fund in question. Securities or obligations so purchased as
an investment of moneys in the Capital Improvements and Open Space
Fund shall be deemed at all times to be a part of that fund.
Adopted this ~ day of January, 1980.
iii tl~ .~~r~, ~ ~ ~ ~/
Town of Vail, Colorado
TOWN)
SEAL)
ATT~ST• ,
1/Lf ~'~// ~~~C
Town Cler
Town of Vail, Colorado
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Council member then moved the passage
and adoptio~a of Resolution Na. ~ Council r~en~ber
l~j/,yyKQ~ seconded the motion, and the riuestinn being
upon the passage and adoption of said Resolution, the roll was called
with the fallowing rasult:
Council members voting "Yes":
Mayor
Council members:
Rodney E. Slifer
Paula Palmateer
John Donovan
Thomas Steinberg
Bi11 Wi1to
Scott Hopman
Ran Todd
Council members voting "No":
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7 members of the Council present having voted in favor of
the adoption of Resolution No. f the presiding officer thereupon
declared said Resolution finally passed and adopted.
Thereupon, after consideration of other business to come before
the Council, the meeting was adjourned.
TOr~N)
SEAL)
ATTEST:
Town Clerk
Town o£ Vail,Colorado
j ~ ~ ,
Town of Vail, Calorado
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