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HomeMy WebLinkAbout2009-01 an Emergency Ordinance Amending the Town of Vail's Debt Service Fund Budget for 2008, Making Supplemental Appropriations and Declaring an Emergency i ORDINANCE NO. 1 SERIES OF 2009 AN EMERGENCY ORDINANCE AMENDING THE TOWN OF VAIL'S DEBT SERVICE FUND BUDGET FOR 2008; MAKING SUPPLEMENTAL APPROPRIATIONS THERETO; AND DECLARING AN EMERGENCY. WHEREAS, the Town of Vail, in the County of Eagle and State of Colorado (the "Town"), is a home rule Town duly existing under the Constitution and laws of the State of Colorado and its home rule charter (the "Charter'); and WHEREAS, the members of the Town Council of the Town (the "Council") have been duly elected and qualified; and WHEREAS, the Council has previously passed and adopted Ordinance No. 20, Series of 2008 on September 16, 2008 and Ordinance No. 32, Series of 2008 on December 16, 2008, (the "Bond Ordinances"), authorizing the issuance of the Town's Sales Tax Revenue Refunding Bonds, Series 2008 (the "Bonds"); and WHEREAS, the financial details of the transaction became known when the Bonds were priced on December 18, 2008 and were finalized when the Bonds closed on December 30, 2008, which date is included in the Town's 2008 fiscal year; and WHEREAS, this transaction could not have been reasonably foreseen or anticipated by the Town Council at the time it enacted Ordinance No. 29, Series of 2007, adopting the 2008 Budget and Financial Plan for the Town of Vail, Colorado; and, WHEREAS, the Town Manager has certified to the Town Council that sufficient funds are available from the Bond issuance 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; and, WHEREAS, Section 4.11 of the Charter provides that an ordinance may be passed as an emergency measure for the preservation of the public property, health, welfare, peace or safety, upon unanimous vote of all members of the Council present or a vote of five members of the Council, whichever is less, and WHEREAS, in order to properly reflect the bond issuance as a 2008 transaction and promptly pay costs of issuance, the Town Council finds that it should make certain supplemental appropriations and budget adjustments as set forth herein. 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 the following supplemental appropriations and budget adjustments for the 2008 Budget and Financial Plan for the Town of Vail, Colorado, and authorizes the expenditure or (reduction) of said appropriations as follows: Debt Service Fund $ 6,503,221.00 Ordinance No.1, Series of 2009 ~ 2. Due to the immediate need by the Town to record the bond closing in the proper fiscal year and to promptly pay costs of issuing the bonds, an emergency exists which requires the immediate passage of this ordinance as an emergency measure, and it is hereby declared that the approval of this ordinance as an emergency measure is necessary for the preservation of the public property, health, welfare, peace or safety. 3. Pursuant to Section 4.11 of the Charter, this ordinance shall be finally passed on the date hereof and shall be effective on the date hereof. This ordinance, as adopted by the Council, shall be numbered and recorded by the Town clerk of the Town in the official records of the Town. The ordinance shall be authenticated by signatures of the Mayor and Town Clerk of the Town, and shall be published within ten days of the date hereof as required by the Charter. 4. If any part, section, subsection, sentence, clause or phrase of 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. 5. The repeal or the repeal and reenactment of any provision of the Municipal Code of the Town 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 shall not revive any provision or any ordinance previously repealed or superseded unless expressly stated herein. 6. All 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 AND FINALLY PASSED AS AN EMERGENCY MEASURE AND ORDERED PUBLISHED ONCE IN FULL this 6TH day of January, 2009. ( Dick CI e an , May r ATTEST: - + _ r .~?a w. /,C~00 •~i~~ Ldrelei Donaldson, Town Clerk % ~Q~'~•.....•••~r ORAD~ 9 ¢ Ordinance No.1, Series of 2009 i ~ ~ ~ ~