HomeMy WebLinkAbout1975- 8 Making a Supplemental Appropriation from the Open Space/Capital Improvements Funds to purchase a portion of Lot 8, Blcok 2, Vail/Potato Patch~,
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ORDINANCE NO. $
Series of 1975
AN ORDINANCE MAKING A SUPPLEMENTAL APPRO-
PRIATION FROM THE OPEN SPACE/CAPITAL
IMPROVEMENTS FUND OF THE 1975 BUDGET AND
FINANCIAL PLAN FOR THE TOWN OF VAIL,
COLORADO, AND AUTHORIZING THE EXPENDITURE
OF SAID APPROPRIATION FOR THE PURCHASE OF
A PORTION OF LOT 8, BLOCK 2, VAIL/POTATO
PATCH, AN UNDEVELOPED 4.301 ACRE TRACT OF
LAND SITUATED IN THE TOWN; AUTHORIZING
SHORT-TERM INDEBTEDNESS OF $220,000.00;
AUTHORIZING THE MAYOR AND THE TOWN MANAGER
TO JOINTLY EXECUTE A SHORT-TERM PROMISSORY
NOTE FOR PART OF THE PURCHASE PRICE AND
OTHER INSTRUMENTS RELATING TO SAID PURCHASE;
AND PROVIDING FOR THE IRREPEALABILITY HEREOF
UNTIL SAID INDEBTEDNESS HAS BEEN DISCHARGED
WHEREAS, contingencies hereinafter indicated have
arisen during the fiscal year 1975 which could not have been
reasonably foreseen or anticipated by the Town Council at the
time it enacted Ordinance No. 30, Series of 1974, adapting
the 1975 Budget and Financial Plan for the Tawn of Vail, Colorado;
WHEREAS, the Tawn of Vail, Colorado, hereinafter
referred to as the "Town", has received certain revenues not
budgeted for previously;
WHEREAS, the Town previously adopted a Budget which
has not taken into consideration the increased revenues received
by the municipality this fiscal year, nor has said Budget taken
into consideration the increased expenditures required to purchase
a site for a public elementary school in the municipality;
WHEREAS, the Assistant Town Manager has certified to
the Town Council that sufficient funds are available to discharge
the appropriation, referred to herein, not otherwise reflected
in the Budget, in accordance with Section 9.10{a) of the Charter
of the Town of Vail, Colorado;
WHEREAS, the Town Council finds that it is in the
interest of the Town to now acquire a site in the municipality
to be used for a public elementary school;
Town~lerk
i
Ord. 8, 1975 Page 2
WHEREAS, S. Douglas McLaughlin and Jay ~{. Peterson
offered to sell to the Town an undeveloped 4.301 acre tract
of land, being a portion of Lot S, Block 2, Vail/Potato Patch,
for the sum of $220,000.00, of which the Town would pay
$135,000.00 to Vail Associates, Inc., and $85,000.00 to the
sellers;
WHEREAS, the Town Council considers that it is timely,
reasonable, and appropriate for the Town to purchase said 4.301
acre tract at the present on the aforesaid terms and to create
short-term indebtedness of $220,000.00 to make said purchase;
and
WHEREAS, due to said contingencies the Town Council
finds that it should make a supplemental appropriation in anti-
cipation of receipt of expected revenues in order to purchase
said 4.301 acre tract in the 1975 fiscal year;
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF
THE TOWN OF VAIL, COLORADO, AS FOLLOWS:
Section 1. Title.
This ordinance shall be known as the "Ordinance
Making a Supplemental Appropriation for the Purchase of a 4.301
Acre Tract and Authorizing Short-Term Indebtedness for the
Purchase Price".
Section 2. Supplemental Appropriation from Open
Space/Capital Improvements Fund; Authorization for Expenditure
of Said Appropriation for the Purchase of a 4.301 Acre Tract.
Pursuant to Section 9.10(a) of the Charter of the
Town of Vail, Colorado, the Town Council hereby makes a supple-
mental appropriation in the sum of $220,000.00 from the Open
Space/Capital Improvements Fund of the 1975 Budget and Financial
Plan for the Town of Vail, Colorado, and authorizes the expendi-
ture of said appropriation for the purchase by the Town of a
portion of Lvt 8, Block 2, Vail/Potato Patch, an undeveloped
4.30]. acre tract of land situated in the Town.
Town lerk
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~- ~ ~~
Ord. 8, 1975 Page 3
Section 3. Authorization for Short-Term Indebtedness
of $220,000.00.
The Town of Vail, Colorado, is hereby authorized
pursuant to Sections 4.8, 10.1, and 10.2 of its Charter to
create short-term indebtedness in the amount of $220,x00.00,
for a period not to exceed twelve (12) months after the effect-
ive date of this ordinance, at a rate of interest not to exceed
8 per cent per annum in the aggregate, for the purpose of pur-
chasing a 4.301 acre tract of land in accordance with Section 2
hereof; of said $220,000.00, the Town will execute a $135,000.00
promissory note to Vail Associates, Inc., payable within said
twelve (12) months at a rate of interest not to exceed 6 per
cent per annum; and, further, the Town is authorized to borrow
$85,000.00 from The Bank of Vail for a period not to exceed said
twelve (12) months at a rate of interest not to exceed 8 per cent
per annum.
Section 4. Execution of Purchase Agreement, Deed of
Trust, Short-Term Promissory Notes, and any other Appropriate
Instruments Relating to Purchase of a 4.301 Acre Tract.
The Town Council hereby authorizes and ratifies the
execution by the Mayor and the Town Manager of the purchase
agreement, deed of trust, $135,000.00 promissory note to Vail
Associates, Inc., $85,000.00 promissory note to The Bank of Vail,
and any other appropriate instruments relating to the purchase
by the Town of the aforesaid 4.301 acre tract of land.
Section 5. Irrepealability.
This ordinance sha11 be irrepealable until the entire
indebtedness herein authorized, together with any accrued inter-
est thereon, has been fully paid or discharged.
Section 6. Effective Date.
This ordinance shall take effect five days after pub-
lication following the final passage hereof.
Town Clerk
., -~ ~ ~
Ord. 8, 1975
Section 7. Amendment to Annual Appropriation
Ordinance.
Page 4
Upon its enactment this ordinance shall be an amend-
ment to the 1975 Annual Appropriation Ordinance, Ordinance No.
30, Series of 1974, of the Town of Vail, Colorado.
INTRODUCED, READ ON FIRST READING, APPROVED, AND
ORDERED PUBLISHED ONCE IN FULL, this 3rd day of June, 1975, and
a public hearing on this ordinance shall be held at the regular
meeting of the Town Council of the Town of Vail, Colorado, on
the 17th day of June, 1975, at 7:30 P.M., in the Municipal
Building of the Town.
ATTEST:
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~Towri p C elk
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Ord. 8, 1975 Page 5
INTRODUCED, READ ON SECOND READING, APPROVED, ENACTED,
.AND ORDERED PUBLISHED ONCE IN FULL, thzs 17th day o~ June, 1975.
ti
Mayor
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nail, coloredo 81657
(3031 476-5813
Town Council
Town of Vail, Colorado
P. O. Box 100
Vail, Colorado 81657
office of the town manager
June 3, 1975
Re: Supplemental appropriation for the purchase of a
4.301 acre tract to be used as a public elementary
school
Gentlemen and Ms. Klug:
Pursuant to Section 9.10(a) of the Charter of the Town of Vail,
Colorado, I hereby certify that based on apparently reliable
information from the Finance Department there are available for
appropriation expected revenues in excess of those estimated in
the 1975 Budget and Financial Plan for the Town of Vail which
will enable the-Town Council to make a supplemental appropriation
of $220,000.04 for the purchase of a tract of land for a school
site.
I am making this certification in the absence of the Town Manager
who is attending a seminar at the Massachusetts Institute of
Technology in Cambridge, Massachusetts.
Accordingly, I recommend that'the Tawn Council promptly enact
a supplemental appropriation ordinance for this purpose.
Sincerely,
Stanley F. Bernstein
Assistant Town Manager
,' Subscribed and sworn to before me this
3rd ,day of June, 1975.
~' S ~ ~ . 1 4
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Notar~~ ,Pub~t'ic v -~
Cot?nt;~ of Eagle, State of Colorado
My Commission expires: June"27, 1978
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