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1970-13 Authorizing the Borrowing of $50, 000 for the Purpose of Supplying a Temporary Deficiency in the Revenue for Defraying the Current Expenses to the TOV• ~ • • ORDI?~iA?dCE N0. 13 Series of 197n A^I 0~'.DINANCE AUTNORIZIN~ THE BORROT~~I'~iG OF POSE OF SUPPLYI?dG A TF''PORARY DEFICIEIJCY FRAYING THE CURRENT EXPEPISES OF THE T0~••T~1 FORTH DETAILS RELATI?~IG T~FRETO. •r $50,000 FOR THE PUR- IN THE REt~E*•?UE FOR DF- OF VAT.L, A.rTD SETTING ~~~HEREAS, The Board of Trustees of the Town of flail requires immediate funds to discharge financial obligations which have been contracted for public rurooses in the amount of $50,000•• and, T~INEREAS, The Officers of the ToTan of Vail are able to negotiate a loan of $50,000 from the Bank of Mail to meet these obligations and the revenue from the Town of Vail for the immediate future caill be sufficient to discharge and re- pay said debt• NQ~~~, THEREFORE, BF IT nRDAI~~iEn B~ TI~E BOARD OF TRUSTEES OF TITS TO~~iTV pF ~~AIL, COLOFADO, THAT: tt ,. G~ Section 1. Authorization is hereby created to create indebtedness in the amount of $50,000 by borrowing said amount from the Bank of hail or other lending insti- tutions for a period of at least ninety (30) days but not exceeding one hundred eighty (1R0) days for the purpose of supplying a temporary deficiency in the revenue for defraying the current expenses of the Town of tail. The Officers of the Town of Vail are authorized to execute any necessary document to evidence said indebtedness, includin¢, prom- isory notes or other instruments which may be required. Section 2. This ordinance shall be irrepealable until the full amount of the indebtedness herein authorized shall be fully repaid. Section 3. The Board of Trustees find that this ordinance is necessary to protect the public health and wel- fare; that this ordinance shall become effective upon its introduction and adoption and shall be purlished in accord- ance with the laws of the State of Colorado. I^1TRODUCFD, READ AI`ID OR.DERFD PUBLISIa?'D THIS 12TP ~.Al~ OF OCTOBER, 1970. „ 1 YOR ATTEST: TOI~)N CLERK