HomeMy WebLinkAbout1998-13 Allocating the Reserve Fund of the Town's 1991 Sales Tax Revenue BondsRESOLUTION NO. 13
SERIES OF 1998
A RESOLUTION ALLOCATING THE RESERVE FUND OF THE TOWN'S 1991
SALES TAX KEVENUE 130NllS
WHEREAS, on October &, 1998 the Town issued Sales Tax Refunding Bonds that
resulted in eliminating the bond reserve that had been required under the 1991 Sales Tax
Revenue Bonds; and
WI-IEREAS, the balance of the bond reserve was $322,312.92 on October 6, 1998; and
W[-ILREAS, that bond reserve is held in a separate money market account; and
WI-IEREAS, the interest rate on the reserve funds cannot exceed 6.09321 %; and
WI-IEREAS, the Town Council has not allocated the balance of the bond reserve for a
specif c purpose; and
WIICREAS, the 'town will be purchasing buses costing $2,027,970.
NOW, TI-IEREF'ORE, be it resolved, by the Town Council of the Town of Vail, Colorado
that:
1. The money market account of $322,312.92 be moved to the Capital Projects
T'und.
2. This amout~t, plus earned interest, will be used toward the purchase of new buses.
The Town Council hereby finds, determines, and declares that this resolution is
necessary and proper for the health, safety, and welfare of the Town of Vail and
its inhabitants thereof.
This resolution shall take effect immediately upon its passage.
INTRODUCED, READ, APPROVED AND ADOPTED this 20th day of October,
l 998.
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o~ele,' Donaldson, 't'own Clerlc
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Ludwig K ,Mayor Pro-Tem