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HomeMy WebLinkAbout1973-34 Approved the Acquisition of Certain Real Property within the Towny v ~i'" RESOLUTION NO. 34 WHEREAS, the electors of the Town of Vail at a special municipal election held on the 25th day of September, 1973, duly approved the acquisition of certain real property within the Town of Vail and approved the expenditure of $3,000,000.00 For said acquisition; and WHEREAS, the general obligation bands of the Town of Vai[ are presently in the process of being underwritten and sold, and the proceeds of said sale should be available on or about November 15, 1973, and in anticipation of said sale of the subject bonds the Town Council has deter- mined that money should be borrowed from a banking institution to meet obligations of the Town; novl~, therefore, be it RESOLVED: that the Town Council, a quorum being present, at a regular meeting held in the Town of Vail on Tuesday, November 6, 1973, upon a motion duly made and seconded, voted unanimously to approve the borrowing of $3,000,000.00 from the First National Bank of Denver, a national banking association, for a period not to exceed 90 days at a rate of interest not to exceed 6 1/2 percent per annum, It is further resolved that the proceeds of said borrowing will be applied to the acquisition of real estate in accordance with the provisions of Ordinance No. 6 (Series of 1973) and that the indebtedness shall be discharged and repaid prior to maturity by the proceeds of the sale of general obligation bonds of the Town aF Vail, the same being authorized at a special municipal election held on September ~5, 1973. It is further resolved that the Honorable John A. Dobson, Mayor for the Tawn aF Vail, and Terrell J. Minger, Town Manager, are hereby authorized in the name of the Town of Vail, to execute promissory notes and any other document evidencing or creating an indebtedness against the Town of Vail and its general funds and to further draw, endorse, sign, and deliver in the name of the Town of Vail any necessary or appropriate instruments verifying or substantiating the debt herein authorized. Dated this sixth day of November, 1973. ATTEST: Town Clerk r,. TOWN OF VAIL B ` Ff ~~~ _ ~~~ Mayor r i r..Y.~~---r,-.__._. m.r_~....._. .. .. .._.,_+'.`u1 _'~r_ m Lr j 1 J~C` y~ ~p~ m•~••'m aw-•- cmenm mcTrnm crow- ao•. a m m m~-~aMm ~+ Cs 'Q 1I~m b ~C o a t.. 1 ~ a a ~.' 4 K L M ~ ~' Q~ C Z {,I p ~ G r 0 ~' L' ~ ~ m rn J.1 ~ L ~ W ~ y' p ~ Q. n N ~ L ~ I r C C h ~ ~ ~ 4 ~ A G ~ g x~ ~ ~Y~ ~ ! fY'.. a ~~c o °m. ,. 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