HomeMy WebLinkAbout1988-04 Establishing the Town of Vail Policy Regarding the Funding of Street ImprovementsRESOLUTION N0. 4
Series of 1988
A RESOLUTION ESTABLISHING TOWN OF VAIL
POLICY REGARDING THE FUNDING OF STREET
IMPROVEMENTS
WHEREAS, Uail streets are in need of major improvements due to a
lack of proper street construction during original installation; and
WHEREAS, the Town of Vail has deferred major street
improvements for a number of years; and
WHEREAS, continued deferment of major street improvements is
undesirable due to functional and financial considerations; and
WHEREAS, the Vail Town Council deems the use of special
improvements districts to fund major street improvements to be undesirable.
NOW, THEREFORE, be it resolved by the Town Council of the Town of
Vail, Colorado, that the following policies are adopted:
1. On April 1, 1988, the Town of Vail will call $475,000 of
outstanding bonds issued by the West Vail Local Improvement District No. 1.
These bonds will be redeemed out of the existing Capital Improvement Program
fund balance.
2. Improvement districts will not be utilized to complete the
Five Year Street Improvement Plan.
3. The mill levy for the Town of Vail shall be increased to a
level sufficient to raise an additional $914,000 in annual property taxes
for the collection years 1989-1992 only. The revenues generated by said
mill levy shall be earmarked for funding a portion of the Town's street
improvement plan.
4. This Resolution shall take effect immediately upon its
passage.
INTRODUCED, READ, APPROVED AND ADOPTED this 19th day of
January, 1988.
Kent R. Rose, Mayor
ATTEST:
Pamela A. Brandmeyer, Town Clerk