HomeMy WebLinkAbout1985-15 Setting Forth Application and Issuance Fees for Industrial Development Bonds; Setting Forth and Industrial Development Revenue Bond Policy• • •
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ORDINANCE NO. 15
SERIES OF 1985
AN ORDINANCE SETTING FORTH APPLICATION
AND ISSUANCE r"EF.S FOR INDUSTRIAL DEVELOPMENT
BONDS; SETTING FORTH AN INDUSTRIAL
DEVELOPMENT REVENUE BOND POLICY FOR THE
TOWN OF VAIL; AND PROVIDING DETAIL
IN REGARD THERETO.
WHEREAS, the Town of Vail, Colorado (the Town), has in t'~e
past issued, and may in the future issue, development reven~~e
bonds (the ~3onds) pursuant to part ]. of article 3 of title 29,
Colorado Revised Statutes, as amended {the Act); and
~~, ...
WHEREAS, the Act provides that ~-he Bonds shall not gave r=.se
to a pecuniary liability of the Town and that the Tawn shall not
pay from its own funds any costs of issuing the Bonds or costs of
acquiring, constructing or installing the project to be financed
therewith (the Project); and
WHEREAS, the Town is ..authorized by art. XX page 5 of tt~e
Colorado Constitution and the provisions of its home rule Char[er
to impose an issuance fee {the Issuance Fee) in connection with
the issuance of any Bonds.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE
TOWN OF VAIL, COLORADO, ASwFOLLOWS:
Section 1. In connection with the issuance or proposed
issuance by the Town of any Bonds, the applicant therefore shall
be obligated to pay or reimburse the Town for all expenses
incurred or to be incurred in connection therewith, including,
but not limited to, casts of reviewing the application (including
reasonable charges for staff time and overhead), preparing or
reviewing notices, resolutions, ordinances, official statements
and other .legal documents (including reasonable charges for stas.f
time and overhead and all fees and expenses of bond counsel or
special caunsei to the Town), publishing legal notices, resolutions
and ordinances, printing Bonds and official statements and other
such undertakings. In order to defray such cost„ the applicant
sha:[1 be obligated to pay an application fee of $750.00 payable
upon submission of the application. Any costs incurred by the
Tawn in excess of said amount shall be billed to the applicant
from time to time and shall be payable within thirty (30) days
thereafter but in no event later than the Band closing.
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Section 2. In connection with the issuance by the r~.'own of
any Bonds (except refunding Bonds), the applicant therefore shall
be obligated to pay to the Town an Issuance Fee equal La on.^-
half of one percent (.5~) of the present value of all scheduled
payments of principal on the Bonds, using as discount factors
the interest rates borne by the respective Bonds. For t~,~
purposes of this Section 2. options on the part of the Town or
the applicant to redeem such Bonds prior to their stated maturity
dates shall not be treated as scheduled payments of p:~a;zcip~s.i..;
but mandatory redemptions ar options an the part of the owners of
the Bonds to require redemption or purchase of the Bonds shall be
treated as scheduled payments of principal. The Town shall ir.
connection with the issuance of any Bonds (except refunding
Bonds) waive the provisions of Treas. Reg, 1.103-14(b)(1} through
(5) in order that the payment of the Issuance Fee will not cause
the Bonds to be "arbitrage bonds" within the meaning of 103(c)
of the Internal Revenue Code of,5 1954, as amended. The Issuar~~_:
Fee sha11 be payable at Bond closing~=-and shall be in addition to
a ny costs paid ar reimbursed to the Town under Section 1. here~~f,
Section 3. Applicants seeking Town of. Vail issuance of
industrial Development Revenue Bond financing will complete an
application as required by the "Industrial Development Bond
Policy'. ..
Section 4. The Town of Vail will maintain a current
Industrial Development Revenue Band Policy i~an~~al prav3_c~ing
applicants with application requirementsr fee schedule and
procedures.
Section 5. The Town of Vail will evaluate the overall
economic impact of all proposed projects based an criteria
contained in the "Industrial Development Revenue Bond Policy".
-Section 6. All actions heretrofare taken by the Town and by
the officers thereof not inconsistent herewith are hereby ratified,
approved and confirmed.
Section 7. All ordinances, resolutions, acts- orders, or
parts thereof of the Town in conflict with this Ordinance are
hereby repealed, except that this repealer shall not be construed
so as to revive any ordinance, resolution, act, order, or part
thereof heretofore repealed.
Section 8. If any section, paragraph, clause, or provision
of this Ordinance is judicially adjudged invalid or unenforcpahle,
such judgement shall not affect, impair or invalidate the remaining
paragraphs, clauses or provisions hereof, the intention being
that the various sections, paragraphs, clauses or provisions
hereof are severable.
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Sect_~nn 9. This Ordinance, after its final passage, sha7.l
be recorded in a book kept for that purpose, shall be authenticated
by the signatures of the Mayor and the Town Clerk, shall be
published as provided in the Charter of the Town and shall take
effect five (5) days after publication following fine ~~_:.:~.~:~ Vie.
INTRODUCED, READ A1VD PASSED ON FIRST READI~iG 'T'HIS 3rd day
of September , 1985, and a public hearing shall be held on
this ordinance on the 3rd day of September , 1985; _~ t
7230 FM in the Community Room of the Vail Public Library, Vail ,
Colorado.
Ordered published in full this 3rd day of September ,
1985.
5-
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~~'~ ~ Iii' ~ .'l ~l~.L /`~~ .
~a~ia~:" R . Johnsto Mayor
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ATTEST:
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! ~J~ I `~"` ~1 ~'~~"~I I fl'~' vVKI
Pamela A. Brandmeyglr, Town Clerk
INTRODUCED, READ AND APPROVED ON SECOND READING AND ORDERED
PUBLISHED ~n ~u11 this 17th day of September , 1985.
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R. Jo/hnston, Mayor
v
ATTEST:
Famela A. Brandmeyer,~Town Clerk
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