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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 2- t 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 3- 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 4- t~ 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": D 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 5_