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.
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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