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HomeMy WebLinkAbout1993-12 Amending Ordinance No. 31, Series 1992, to Reduce the Interest Rate to be Paid on Installments of Special Assessments Against Affected Properties within the Booth Creek Local Improvement District,-' ~ ~ ~l ORDINANCE NO. i2 SERIES OIF 1393 AN ORDINANCE AMENDING ORDINANCE NO. 31, SERIES OF 1992, TO REDUCE THE INTEREST RATE TO BE PAID ON INSTALLMENTS OF SPECIAL. ASSESSMENTS AGAINST AFFECTED PROPERTIES WITHIN THE BOOTH CREEK LOCAL IMPROVEMENT DISTRICT. WHEREAS, the Town Council of the Town of Vail (the "Town"} has heretofore by Ordinance No. 13, Series 1989, authorized and ordered the construction and installation of improvements therein described (the "Improvements")for the Tawn of Vail, Colorado, Booth Creek Local improvement District (the "District"}, and determined to levy special assessments against the affected properties in the District specially benefitted by the Improvements, according to the method and within the limitations therein described; and WHEREAS, the Town Council has heretofore by Ordinance No. 31, Series 1992 levied the special assessments against the affected parcels in the District especially benefitted by the Improvements; and WHEREAS, the Tawn Council has heretofore issued special assessment refunding bonds designated Town of Vail, Colorado, Booth Creek Local Improvement District, Local Improvement Refunding Bands, Series 1993 in order to reduce the total interest payable on special assessment installments against affected parcels in the District; BE lT ORDAINED BY THE, TOWN COUNCIL, THE TOWN OF VAlL, COLORADO; 1. Section 12 of Ordinance No. 31, Series 1992, is hereby amended to read as follows: Assessments not paid on or before January 18, 1993, shall be payable in ten substantially equal installments of principal, payable March 1, 1993, and annually on fVlarch 1 of each year thereafter until and including March 1, 2002, with interest on the unpaid principal amount at the rate of nine and one-half percent (9.5%} per annum through April 1, 1993 and commencing April 2, 1993 with interest on the unpaid principal amount at the rate of seven and three-quarters percent (7.75%} per annum, payable on each 1 ,r ~ ~ . principal payment date. 2. The officers of the Town are hereby authorized and directed to take ail action necessary or appropriate to effectuate the provisions of this Ordinance. 3. Ail action heretofore taken by the Tawn and by the officers thereof not inconsistent herewith directed toward the levying of special assessments against parcels within the District specially benefitted by the construction and installation of the improvements therein is hereby ratified, approved and confirmed. 4. All acts, orders, ordinances, resolutions, or parts thereof, of the Town in conflict with the Ordinance are hereby repeated, except that this repealer shalt not be construed so as to revive any act, order, ordinance, resolution, or part thereof, heretofore repealed. 5. If any part, section, subsection, sentence, clause or phrase ofi this ordinance is for any reason held to be invalid, such decision shall not affect the validity of the remaining portions of this ordinance; and the Town Council hereby declares it would have passed this ordinance, and each part, section, subsection, sentence, clause or phrase thereof, regardless of the fact that any one or more parts, sections, subsections, sentences, clauses or phrases be declared invalid. 6. The Town Council hereby finds, determines, and declares that this ordinance is necessary and proper for the health, safety, and welfare of the Town of Vail and the inhabitants thereof. 7. The repeal or the repeal and reenactment ofi any provision of the Municipal Code of the Tawn of Vail as provided in this ordinance shall not affect any right which has accrued, any duty imposed, any violation that occurred prior to the effective date hereof, any prosecution commenced, nor any other action or proceedings as commenced under or by virtue of the provision repealed or repealed and reenacted. The repeal of any provision hereby shah oat revive any provision or any ordinance previously repealed or superseded unless expressly sta#ed herein. 2 .. ~ ~' ~~ ' B. AA bylaws, orders, resolutions, and ordinances, or parts thereof, inconsistent herewith are repealed to the extent only of such inconsistency. This repealer shall not be construed to revise any bylaw, order, resolution, or ordinance, or part thereof, theretofore repealed. INTRODUCED, READ, APPROVED, AND ORDERED PUBLISHED ONCE IN FULL ON FIRST READING this 1st day of June, 1993, and a public hearing shall be held on this Ordinance on the 15th day of June, 1993, at 7:30 p.m. in the Council Chambers of the Vail Municipal Building, Vail, Colorado. ATTEST; l,~,c.~r C~' Margar~A. Ostertoss, Mayor ~~w ~ .~Y,l~.dwlt.~.cG_~v Pam Brandmeyer, Assistant #o the Town Manager READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED by title only this 15th day of June, 1993. ATTEST: Margare A. Ostertoss, Mayor ~• ~.v Pam Brandmeyer, Assistan to the Town Manager c:tia~ass.~x 3 .has ~~~e~i° ~~R$ ~g~~ gs.~8. mc°im~~t wz^~°~_ ~ 6~~ ~~ ~I ~e~ ~ ~~$ o~~p~ ~~~~ ~~ ~r~ . 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