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1976-34 • ~ • • ORDINANCE NO. 34 Series of 1976 ~J AN ORDINANCE MAKING SUPPLEMENTAL APPROPRIATIONS FROM THE GENERAL FUND, THE VAIL TRANSPORTATION CENTER SPECIAL REVENUE FUND, FEDERAL REVENUE SHARING FUND, YOUTH SERVICES PROJECT FUND, AND THE ICE RINK CONSTRUCTION FUND OF THE 1976 BUDGET AND FINANCIAL PLAN FOR THE TOWN OF VAIL, COLORADO, AND AUTHORIZING THE EXPENDITURE OF SAID APPROPRIATIONS AS SET FORTH HEREIN WHEREAS, contingencies hereinafter indicated have arisen during the fiscal year 1976 which could not have been reasonably foreseen or anticipated by the Town Council at the time it enacted Ordinance No. 25, Series of 1975, adopting the 1976 Budget and Financial Plan for the Town of Vail, Colorado; WHEREAS, the Town 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 for additional legal publication costs, town prose- cutor, salary for special assistant to the Town Manager, additional legal fees related to the County sales tax issue, Town Code, CETA Grant funds for additional personnel for admin- istrative support and the Community Development Department, employee ski passes, additional electrical inspection fees, Federal Fiscal assistance payments, judgment against the Town regarding the Cornice Building, operation of new ice skating facility, Symposium expenses, Christmas decorations and music, Vail Transportation Center utilities, Federal Revenue Sharing payments, funds to cover timing differences between the Town's fiscal year and the Youth Services Project Grant's fiscal year, and appropriation of anonymous gift for ice rink construction; • ~ . . • Ord. 34 Page 2 WHEREAS, the Town Manager has certified to the Town Council that sufficient funds are available to discharge the appropriations 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 fund the above mentioned items; WHEREAS, in order to accomplish the foregoing, the Town Council finds that it should make supplemental appropria- tions in anticipation of receipt of expected revenues; NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, THAT: (1) Pursuant to Section 9.10(a) of the Charter of the Town of Vail, Colorado, the Town Council hereby makes a supplemental appropriation in the sum of $99,500.00 from the General Fund of the 1976 Budget and Financial Plan for the Town of Vail, Colorado, and authorizes the expenditure of said appropriation as follows: (a) Town Clerk Additional legal publication costs $ 1,000 (b) Municipal Court Town Prosecutor 3,000 (c) Town Manager Salary for special assistant 4,000 (d ) Town Attorney Additional legal fees regarding County sales tax issue 5,000 Publication of Town Code 5,000 (e) Administrative Support CETA Grant funds for additional personnel 3,000 Ski passes 5,000 (f) Community Development CETA Grant funds for additional personnel 4,000 Additional electrical inspection fees 2,000 I~ i• i• • . ~ • Ord. 34 Page 3 (g) Finance Federal Fiscal assis~ tance payments $ 500 (h) Public Works/Legal Judgment against Town regarding Cornice Building 3,000 (i) Ice Arena Operation of new facility 15,000 (j ) Symposium University of Colorado portion of expenses 20,000 (k) Special Events Christmas decorations and music 4,000 (1) Contingency 25,000 TOTAL GENERAL FUND $99,500 (2) 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 $20,000.00 from the Vail Transportation Center Special Revenue Fund of the 1976 Budget and Financial Plan for the Town of Vail, and authorizes the expenditure of said appropriation for utilities payments. (3) Pursuant to Section 9.10(a) of the Charter of the Town of Vail, the Town Council hereby makes a supplemental appropriation in the sum of $3,500.00 from the Federal Revenue Sharing Fund of the 1976 Budget and Financial Plan for the Town of Vail, Colorado, and authorizes the expenditure of said appropriation for Revenue Sharing payments which are in excess of the Budget. (4) Pursuant to Section 9.10(a) of the Charter of the Town of Vail, the Town Council hereby makes a supplemental appropriation in the sum of $4,000.00 from the Youth Services Project Fund of the 1976 Budget and Financial Plan for the Town of Vail, Colorado, and authorizes the expenditure of said appropriation to cover timing differences between the Town's fiscal year and the Grant's fiscal year. • • • ~ • Ord. 34 Page 4 (5) Pursuant to Section 9.10(a) of the Charter of the Town of Vail, the Town Council hereby makes a supplemental appropriation in the sum of $363,000.00 from the Ice Rink Construction Fund of the 1976 Budget and Financial Plan for the Town of Vail, Colorado, and authorizes the expenditure of said appropriation for ice rink construction. (6) The Town Council hereby authorizes and ratifies the execution by the Mayor and the Town Manager of any contracts or other necessary instruments to carry out the acts for which funds are appropriated herein. (7) This ordinance shall take effect five days after publication following the final passage hereof. (8) Upon its enactment this ordinance shall be an • amendment to the 1976 Annual Appropriation Ordinance, Ordinance No. 25, Series of 1975, of the Town of Vail, Colorado. INTRODUCED, READ ON FIRST READING, APPROVED, AND ORDERED PUBLISHED ONCE IN FULL, this 7th day of December, 1976, and a public hearing on this ordinance shall be held at the regular meeting of the Town Council of the Town of Vail, Colo- rado, on the 21st day of December, 1976, at 7:30 P.M, in the Municipal Building of the Town. r~ ;~ .~ 1,' .~ H Mayor ATTEST: w, .. J~~~~~t t'- 4.~~v Town C lerk (~ GI /J • • Ord. 34, 1976 • Page 5 INTRODUCED, READ, ADOPTED AND ENACTED ON SECOND READING, ORDERED PUBLISHED BY TITLE ONLY this 21st day of December, 1976. • ~~ i• ATTEST: ,~Gt,~ ~ 't'own Cle TOWN OF VAIL, C LORADO ~~~ l~ / Mayo' 1 i• • . • ~ • town of rail box 100 office of the town manager • vail, Colorado 81657 (303) 476-5613 December 7 197 6 , Town Council Town of Vail, Colorado P. O. BOX 100 Vail, Colorado 81657 Re: Supplemental appropriations from the General Fund, Vail Transportation Center Special Revenue Fund, Federal Revenue Sharing Fund, Youth Services Project Fund, and Ice Rink Construction Fund for additional legal publication costs, town prosecutor, salary for special assistant to Town Manager, additional legal fees related to County sales tax issue, Town Code, CETA Grant funds for additional personnel for admin- istrative support and Community Development Depart- ment, employee ski passes, additional electrical inspection fees, Federal Fiscal assistance payments, judgment against the Town regarding Cornice Building, operation of new ice skating facility, Symposium expenses, Christmas decorations and music, Vail Transportation Center utilities, Federal Revenue Sharing payments, funds to cover timing differences between the Town's fiscal year and Youth Services • Project Grant's fiscal year, and ice rink construction Councilmembers: 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 1976 Budget and Financial Plan for the Town of Vail which will enable the Town Council to make a supplemental appropriation of X99,500.00 from tYie General Fund for additional legal publication costs, Town Prosecutor, salary for special assistant to Town Manager, additional legal fees regarding County sales tax issue, publication of Town Code, CETA Grant funds for additional personnel for adminis- trative support and for the Community Development Department, employee ski passes, additional electrical inspection fees, Federal Fiscal assistance payments, judgment against the Town regarding the Cornice Building, operation of the new ice • . ~ • • Town Council December 7, 1976 Page 2 • skating facility, University of Colorado portion of Symposium expenses, and Christmas decorations and music; a supplemental appropriation of $20,000.00 from the Vail Transportation Center Special Revenue Fund for utilities payments; a supple- mental appropriation of $3,500.00 from the Federal Revenue Sharing Fund for Revenue Sharing payments which are in excess of the Budget; a supplemental appropriation of $4,000.00 from the Youth Services Project Fund to cover timing differences between the Town's fiscal year and the Grant's fiscal year; and a supplemental appropriation of $363,000.00 from the Ice Rink Construction Fund for ice rink construction. Accordingly, I recommend that the Town Council promptly enact a supplemental appropriation ordinance for these purposes. Sincerely, errell linger Town Manager TJM/sjm Subscribed and sworn to before me . this 7th day of December, 1976. Notary Publ~ ~~~~" County of Eagle, State of Colorado My commission expires: " ~ ~ 1917, ,. ...` ORDINANCE NO. ~ ,' 3 `I- -t Series of 1976 ' AN ORDINANCE AMENDING SECTION 8 OF ORDINANCE NO. 2~i , SERIES 1976, AS AMENDED, OF THE TOWN, AUTHORIZING THE ISSUANCE OF ITS GENERAL OBLIGATION REFUNDING BONDS IN THE PRINCIPAL AMOUNT OF $6,345,000, DATED NOVEMBER 1, 1976, FINALLY ADOPTED ON SEPTEMBER 21 ," 1976, -AND PROVIDING FOR THE ADOPTION OF THIS ORDINANCE AS AN EMERGENCY MEASURE AND DECLARING AN EMERGENCY. • r WHEREAS, the Town of Vail in the County of Eagle and State of Colorado (herein the "Town"), is a political subdivision of the State, a body corporate and politic, and a home-rule Town pursuant to Article XX of the State Constitution, and Article 2 of Title 31, C.R.S. 1973, as amended; and WHEREAS, the Town of Vail, Colorado, by Ordinance No. 2~0 Series of 1975, as amended, finally adopted September 21, 1976, has authorized the issuance of its General Obligation Refunding Bonds, dated November 1, 1976, in the amount of $6,345,000; and WHEREAS, the Town Council deems it necessary and advisable that Section 8 of said Ordinance No. 2~ , Series of 1976, be amended by the adoption of this Ordinance as an emergency measure. • BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO: Section 1. That Section 8 of Ordinance No. 2~0 Series 1976, finally adopted September 21, 1976, be and the same is hereby amended as follows: • "Section 8. The proceeds derived from the sale~at discount of the Refunding Bonds authorized herein in an amount not less than $6,218,100, less -2- the sum of $55,000 representing the expenses in issuing the bonds authorized herein, plus cash in the amount of $283,371.25, including accrued interest on the bonds being refunded, shall be deposited with The Cd~c~rado tJational Bank .., Denver, Colorado (hereinafter the "Bank") in a separate fund and escrow account hereby created and known as "Town of Vail General Obligation Bonds, Series 1974 and 1975, Refunding Escrow Account" herein designated as the "Refunding Escrow Account" or "Escrow Account", which account shall at all times be sufficient, together with any interest to be derived from the investment and any temporary reinvestment of the deposits or any part thereof only in direct obliga- tions of, or the principa-1 and interest of which obligations are unconditionally guaranteed by, or agency obligations of, the United States of America, to pay the principal of and interest on the outstanding 1974 and 1975 Issues being refunded, as the same become due and payable under and in accordance with the following schedule: 1974 Issue: Bonds numbered 4 to 1100, inclusive, maturing in the years 1976 to 1994, inclusive, shall be paid and retired at their respective maturity dates, according to their original terms, at Security National Bank, Denver, Colorado. 1975 Issue: Bonds numbered 1 to 172, inclusive, maturing in the years 1976 to 1995, inclusive, • shall be paid and retired at their respective -3- • - . maturity dates, according to their original terms, at United Bank of Denver National Association, Denver, Colorado. Interest on the outstanding bonds of the 1974 and 1975 Issues shall be paid as the same accrues, according to the original terms of said bonds." Section 2. Except as herein modified all of the provisions of Ordinance No. ~p Series 1976, as amended, finally adopted September 21, 1976, authorizing General Obli- gation Refunding Bonds dated November 1, 1976, in the principal amount of $6,345,000, shall remain in full force and effect. Section 3. By reason of the fact that the muni- cipal bond market and the government bond market are subject to sudden and unpredictable changes, the savings and other advantages afforded to the Town by refunding the issues of General Obligation Bonds described in this Ordinance and Ordinance No. ~ , Series 1976, as amended, finally adopted September 21, 1976, could be drastically reduced or eliminated, thus jeopardizing the entire plan of refunding, ali to the detriment of the Town and its inhabitants, and by reason of the fact that the price of the federal securi- ties to be used to fund the escrow will be fixed only until November 2, 1976, it is hereby declared that an emergency exists, and that this Ordinance is necessary for the immediate preservation of public property, health, welfare, peace or safety, and that this Ordinance shall become effective upon final passage, shall be published within ten days thereafter, and shall be numbered and recorded in the official records of the Town and authenticated by the signatures of the Mayor and the Town Clerk. INTRODUCED, PRESENTED AND FINALLY PASSED this r -4- :,• 26th day of October, 1976. (S E A L) ATTEST: ~~~! Town Cle / -5- ~ ~ • STATE OF COLORADO ) COUNTY OF EAGLE ) ss. TOWN OF VAIL ~ TOWN CLERK'S CERTIFICATE I, Rosalie Jeffrey, Town Clerk of the Town of Vail, Colorado, hereby certify that I caused a true copy of Emergency Ordinance No. 3~ Series of 1976, adopted Tuesday, October 26, 1976, at a regular meeting of the Town Council of the Town of Vail, to be published in The Vail Trail, the official newspaper of the Town, in its issue dated October 29, 1976, and that the affidavit of publication has not been issued, but when issued will be attached to page 8 of the proceedings adopting said Emergency Ordinance. IN WITNESS WHEREOF, I hafave hereunto set my hand and the seal of said Town this 1(~'~ day of November, 1976. ` Town ~ ^~ I (S E A L)