HomeMy WebLinkAbout1970-13 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