HomeMy WebLinkAbout1975-15 Authorizing Muni8cipal Borrowing of Money in an Amount not to Exceed $150,000.00 to Supplement the General Revenues for the Fiscal Year 1975 and to Discharge Current Municipal Obligations~ ~-- ~ -
ORDINANCE NO. 15
series of 1975
AN ORDINANCE AUTHORIZING MUNICIPAL BORROWING
OF MONEY IN AN AMOUNT NOT TO EXCEED $150,000,00
TO SUPPLEMENT THE GENERAL REVENUES FOR THE
FISCAL YEAR 1975 AND TO DISCHARGE CURRENT
MUNICIPAL OBLIGATIONS; AUTHORIZING THE MAYOR
AND THE TOWN MANAGER TO JOINTLY EXECUTE ONE
OR MORE SHORT-TERM NOTES TO EVIDENCE SUCH
INDEBTEDNESS; AND PROVIDING FOR THE IRREPEAL-
ABILTTY HEREOF UNTIL SAID INDEBTEDNESS HAS
BEEN DISCHARGED
WHEREAS, the Town Council of the Town of Vail, Colorado,
hereinafter referred to as the "Town", previously adopted the
1975 Budget and Financial Plan for the Town and appropriated
revenues to meet expenditures set forth therein; and
WHEREAS, the Town Council considers that it is now nec-
essary and appropriate for the Town to barrow $150,000.00 for a
short term prior to and in anticipation of receipt of expected
revenues in order to obtain funds with which to discharge current
municipal obligations;
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 Author-
izing Short-Term Borrowing of $150,000.00".
Section 2. Authorization for Short-Term Municipal Bor-
rowing of $150,000.00.
The Town of Vail, Colorado, is hereby authorized pursuant
to Article X of the Charter of the Town to borrow through one or
more loans an amount of money, not to exceed $150,000.00, from any
national or state bank or savings and loan association, for a per-
iod not to exceed twelve (12) months after the effective date of
this ordinance, at a rate of interest not to exceed eight per cent
(8~) per annum, for the purposes of supplementing the general rev-
enues of the Town for the fiscal year 1975 and discharging current
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Ord. 15, 1975 Page 2
municipal obligations properly incurred in accordance with its
1975 Budget and Financial Plan.
Section 3. Execution of Promissory Notes.
The Town Council hereby authorizes the Mayor and the
Town Manager to jointly execute one or more promissory notes to
evidence the borrowing authorized in Section 2 hereof.
Section 4. Irrepealability.
This ordinance shall be irrepealable until the entire
indebtedness herein authorized, together with any accrued interest
thereon, has been fully paid or discharged.
Section 5. Effective Date.
This ordinance shall take effect five days after publi-
cation following the final passage hereof.
INTRODt3CED, READ ON FIRST READING, APPROVED, AND ORDERED
PUBLISHED ONCE IN FULL, this 19th day of August, 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 2nd day of
September, 1975, at 7:30 P.M., in the Municipal Building of the
Town.
ATTEST:
Tb~~n C
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Ord. 15, 1975
Page 3
INTRODUCED, READ ON SECOND READING, APPROVED, ENACI'Efl,
AND ORDERED PUBLISHED ONCE IN FULL, this 2nd day of September,
1975.
ATTEST.
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