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HomeMy WebLinkAbout1991-15 Setting Forth the Intent of the TOV to Issue Bonds to Finance Various ProjectsRESOLUTION #15 A RESOLUTION SETTING FORTH THE INTENT OF THE TOWN OF VAIL, COLORADO TO ISSUE BONDS TO FINANCE VARIOUS PROJECTS. WHEREAS, the Town of Vail, Colorado (the "Town") is authorized pursuant to Article X of the Town Charter to issue bonds to finance public projects of the Town; and WHEREAS, the Town Council has been advised of the need to construct a new facility to house the Town Police Department and to construct an addition to an existing Town public works facility. WHEREAS, the Town Council expects to incur certain expenditures relating to such projects prior to obtaining permanent financing, and the Town intends to reimburse itself for such prior expenditures with proceeds of the permanent financing. WHEREAS, this Resolution is intended to constitute the Town's declaration of official intent to reimburse itself for such expenditures. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO: Section 1. In order to permit the Town to reimburse itself for prior expenditures relating to the Projects (as defined below) with the proceeds of bonds, the interest on which will be excluded from gross income for federal income tax purposes, the Town Council hereby determines and declares as follows: a) The projects to be financed by the issuance of the Bonds will be a building of approximately 22,000 square feet to be constructed on land currently owned by the Town to house the Town Police Department and other Town functions with an approximate cost of $3,500,000, and an addition to an existing Town public works facility of approximately 3,000 square feet at a cost of approximately $400,000 (the "Projects"); b) The Town intends to incur expenditures with respect to the Projects prior to the issuance of Bonds for financing the Projects and to reimburse those expenditures from the issuance of Bonds; and c) It is reasonably expected that the expenditures which will be reimbursed will be made from the Town's Capital Projects Fund and that the source of funds to pay debt service on the Bonds will be the Town's sales, use, or other excise tax or a combination thereof). d) The payment of costs related to the Projects from the Town's Capital Projects Fund and the reimbursement of such costs from the proceeds of the Bonds is consistent with the Town's budgetary and financial circumstances as of the date of this Resolution. The Town does not currently have moneys which are, nor does the Town reasonably expect moneys to be, allocated on a long-term basis, reserved or otherwise available pursuant to the Town's budget to pay the expenditures which the Town intends to reimburse. Section 2. This Resolution shall be available in the records of the Town Clerk at the Town Hall for inspection by the general public from the date of adoption until the date of issuance of the Bonds. 1- Section 3. The officers of the Town be, and they hereby are, authorized and directed to take all action necessary or appropriate to effectuate the provisions of this Resolution. Section 4. All resolutions, or parts thereof, in conflict herewith are hereby repealed to the extent only of such inconsistency. This repealer shall not be construed to revive any resolution or part of any resolution heretofore repealed. Section 5. If any section, paragraph, clause, or provision of this Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause, or provision shall in no way affect any remaining provisions of this Resolution. Section 6. This Resolution shall take effect immediately upon its passage and adoption by the Town Council. PASSED, ADOPTED AND APPROVED this 6th day of August, 1991. Kent R. Rose, Mayor ATTEST: LL,)Jcu.-) Pamela A. Brandmeyer, Town Clerk