The URL can be used to link to this page

Home My WebLink About1986-20 Amending Ordinance No. 15, Series 1985 Regarding Bond Issuance Fees~~ ~;; ., I ORDINANCE ND, zD Series of 1986 AN EMERGENCY ORDINANCE AMENDING ORDINANCE N0. 1S, SERIES OF 1985 TD PROVIDE THAT WHEN AN APPLICANT WHO WISHES THE TOWN TO ISSUE BONDS REFUNDING PREVIOUSLY ISSIfED INDUSTRIAL DEVELOPMENT BONDS AND NO ISSUANCE fEE NAD BEEN PAID TO THE TOWN RT THE TIME THE BONDS WERE FIRST ISSUED, SAID FEE WILL SE DUE IN CONNECTION WITH THE ISSUANCE 8Y THE TOWN OF THE REFUNDING BONDS. WHEREAS, in Ordinance No. 1a, Series of 1985, the Tawn pursuant to Article 20, page 6 of the Colorado Constitution and provisions of its Nome Rule Charter imposed an issuance fee in connection with the issuance of any industrial development bands; and WHEREAS, said ordinance excepted all refunding bonds from the payment of such an issuance fee; and WHEREAS, the Town Council believes it is equitable to require applicants who wish to refund bonds but who have not paid any issuance fee in connection with the original issuance of those bonds tv pay said fee to the Town in connection with the refunding. NOW, THEREFORE, be it ordained by the Town Council of the Town of Vail, Colorado as follows. Section 1. Section 2 of Ordinance No, 15, Series of 1985, is hereby amended to read as fo110wS: Section 2. I n connection with the i ssuance by the Town of any bonds ~ ~::sEp 3i;~--~eft~ndi nS - -ba~~s-}-, the applicant therefore shall be a6ligated to pay to the Tawn an issuance fee equal to one-half of vne percent of the present value of all scheduled payments of principal on the bonds using as discount factors the interest rates borne by the respective bonds, THIS ISSUANCE FEE SHALL NOT BE PAID IN CONNECTION WITH ANY REFUNDING BONDS EXCEPT THOSE FOR WHICH THE APPLICANT HAS NDT PAID THE ISSUANCE FEE IN CONNECTION WITH THE ORIGINAL ISSUANCE BY THE TOWN DF THE BONDS. For the purpose of this Section 2, options on the part of the Tawn or the applicant to redeem such bonds prior to their state of maturity date shall not be treated as scheduled payments or principal, but mandatory redemptions or options an the part of the owners of the bands to require redemption or purchase of the bands shall be treated as scheduled payments or principal. The Town shall in connection with the issuance of any bonds -(-~~spt Nam-i~g bsnds~- {EHCEPT IN THE CASE DF REFl1NDIN6 BONDS FDR ., ~ ,, i • r WHICH THE APPLICANT HA5 PREVIOUSLY PAID AN ISSUANCE FEE IN CONNECTION WITH THE ISSUANCE OF THE ORIGINAL BONGS BY THE TOWN) waive the provisions of Treas. Reg. 1.103-14{b){1) through {5) in order that the payment of the issuance fee will not cause the bonds to be "arbitrage bonds" within the meaning of 103{c) of the Internal Revenue Cade of 1954, as amended. The issuance fee shall be payable at bond closing and shall be in addition to any casts paid or reimbursed to the Town under Section 1 hereof. Section 2. Because there is presently before the Tawn Cauncii an application to refund previously issued industrial development bonds and because the applicant far the refunding has not previously paid an issuance fee to the Tawn and because it is and has been the intention of the Town Council that in cases where the issuance fee has not previously been paid it should be paid at the time the refunding bond is issued by the Town, it is determined by the Town Gouncil that this as an emergency ordinance necessary for the preservation of the public property, health, welfare, peace or safety and shall take effect immediately upon final passage. Section 3. If any part, section, subsection, sentence, clause, ar phrase of this ordinance is for any reason held to be invalid, such decision shall not affect the validity of the remaining portions of this ordinance; and the Town Council hereby declares it would have passed this ordinance, and each part, section, subsection, sentence, clause or phrase thereof, regardless of the fact that any one or more parts, sections, subsections, sentences, clauses ar phrases be declared invalid. Section 4, The Town Council hereby finds, determines and declares that this ordinance is necessary and proper for the health, safety and welfare of the Town of Vail and the inhabitants thereof. Section 5. The repeal ar the repeal and reenactment of any provision of the Vail Municipal Code as provided in this ordinance shall not affect any right which has accrued, any duty imposed, any violation that occurred prior to the effective date hereof, any prosecution commenced, nor any other action or proceedings as commenced under or by virtue of the provision repealed or repealed and reenacted. The repeal of any provision hereby shall not revive any provision or any ordinance previously repealed or superseded unless expressly stated herein. _~.. c* ~- F rNTRODUCED, REAP ANSI APPROVED RS AN EMERGENCY ORDINANCE THIS 15th day of Ju~1v 1986, in the Council Chambers of the Vail Municipal Building, Vail, Colorado. Ordered published in full this 15th day of July 1986. Paul R. .Iohn~~ Mayor ATTEST: ~R Pamela A, Brandmeyer, T~Irvn Clerk ~. . ~~_ • PROOF OF PUBLICATION OLORApO )) ss. F EAGLE k/tI0)C do solemnly swear that I am ~ of THE VAIL TRAIL; th the same Is a weekly newspaper whole or in part and published In the unty of Eagle, State of Colorado, general circulation therein; that said ewspaper has been publlshed ly and unlntarruptediy In said County of gle for a }period of mare than nsecutive weeks next prior to the first pub' anon of the annexed legak dvertisement; that said newspaper has be n admitted to the United 1s as second class matter under the provisions the Act of March 3, 1879, ndments thereof, and that Bald newspoper Is eekly newspaperduly r publishing legal notices and advertisements wl in the meaning of the State of Colorado. nnexed legal notice or advertisement was publishe n the regular and of every number of said weakly newspaper for the pe od of .Q/~(E e Insertions; and that the firs# publication of Bald notice wa n the Issue of aper dated ~ A,b, 192 and t t the last n of said notice was in the Issue of said newspape dated S A.D. 19$~ whereof !have hereunto set my hand t/hls'~1Z~ f- da o1 ~~• A.D.19~~ / 1 1I and sworn to before me, a notary iorado, this 1 Z~ day of h~ r~LGL~ expkes 1 ~-~ `g`~ Inn the Cou ty of Eagle, ~J .,,. ~,: .~ ....ri,~.,.~~,M..m.....w .~~ . , . ... .` ... ,. ~. . 0 ~~ 0 x b oQ, r~ ~ . c ~ Q. o ~ Q ~~Q~o~aQ~.~ o ~ ~• ~ ^ ~~~o nOyQ~ o ~ ~ ~ ~ ~ m ~ acQ-y~~4Jo ~ ~ ~ ro~~ ~ 7 O ~ fl Q U' ~ ~0~700~~~gO~ 3 Q ~ N ~ cp n~~~~~o~.n~ Q O Q Q ~ C ~ ~m ~'~~ ~ ~'na N -„ p m p ~ -,. -.~ aQON3Na~go rn C7 N Q o m-°~c~Qmm°Q~ ~ 7 ~ ~ ~ ~ p ~ Q~Q ~~ ~ m o_ ~ .Q -+ .a ~ Q n a c ~ ~o ~n ~ a ~ m~`°a:~.~mo'C p ~ ~~~ ~ ~ L ~ Ofl~~O~~•7.~ o ~ I ~ ~ c~ ~ a"~~oa'-mom ~ ~ ~ a' -< m Q~~g ~o a QD ff Q N Q Zr 7 ~~ p~ y~Qp fl rt ~ rt ~ ~ ~ ~ ~ ~ ~fl~•Q~~~O~ ~. `^ ~ p ~ ~ ~ -p O ~ m cD ~ cp ~ Q Q ~ ~ ~wH((DD(~(Q__O~fl O Q _ Q ~ ~ O ~ ~ po~~~Otn(D ti N O. O 3 3 _~~CpQ.O~~in' (D ~ ~ ~ ~ ~ ~ Q. ~mD~°~~~o ~ _ ~C ~ ~ O ~ N 7 ro~ ~~ ~~-~ ~N 7 A o ~ ~ ~ a ~ ~m~~~~.~~~ a ~ ~ $ ~ ~ o Q~~~~°~o~ o ~ ~ ~ ~ ~ ~ ~ O ~c~cxD O~ n0 ~ p4 m ~ Q ~ ~. ~ Q O~ ~Cp-N 6p~ Q ~~~ n Q ~ m ° ~~~~~flQ~~~ Q O D c ~ O O ~j O ~ O m D O ...~..`. 'n T D ~1 Z