HomeMy WebLinkAbout1979-5a Supplemen the Provisions of Resolution 5, 1979RESOLUTION No.
Series of 1979
A RESOLUTION OF THE TOWN COUNCIL
TO SUPPLEMENT THE PROVISIONS OF
RESOLUTION N0. S, SERIES of 1979,
TO PROVIDE THAT IN ADDITION TO THE
QUESTIONS SUBMITTED TO THE REGISTERED
QUALIFIED ELECTORS BY SAID RESOLUTION
N0. 5, THAT THERE SHALL BE SUBMITTED
TO THE ELECTORS AT A SPECIAL BOND
ELECTION, THE QUESTION OF ISSUEING
DEVELOPMENT REVENUE BONDS FOR THE
PURPOSE OF VATL ASSOCIATES BUILDING
AND MAINTAINING 100 LOW AND MIDDLE
INCOME RESIDENTIAL UNITS FOR RENTAL `
TO LOW OR MIDDLE INCOME PERSONS OR
FAMILIES WHO RESIDE OR INTEND TO
RESIDE IN THE TOWN OF VAIL; PROVIDING
THAT BOTH QUESTIONS SUBMITTED BY
RESOLUTION No. S and 5A MUST BE
APPROVED BY A MAJORITY OF THE ELECTORS
VOTING THEREON AND IF EITHER IS NOT
APPROVED BY A MAJORITY, NO BONDS WILL
BE ISSUED FOR THE PUBLIC PARKING
FACILITY OR EMPLOYEE HOUSING; DIRECTING
THAT ALL OTHER PROVISIONS OF RESOLUTION
N0. 5 SHALL APPLY HERETO; AND SETTING
FORTH DETAILS RELATING THERETO.
WHEREAS, the Town Council has adopted Resolution 5,
Series of 1979, providing for a special bond election for the
purpose of submitting to the registered qualified electors of the
Town of Vail for their approval of the question of issueing.~6;000,000
General Obligation Parking Facility Bonds for the purpose of acquiring,
constructing, improving and equipping a public parking facility; and,
WHEREAS, the Town Council wishes to submit an additional
question to the registered qualified electors for their approval
of issueing Development Revenue Bonds for the purpose of Vail
Associates building and maintaining 100 low and middle income
residential units for rental to low or middle income persons ar
families who reside or intend to reside in the Town of Vail; and,
WHEREAS, it is the intention of the Town Council that
if the electors fail to approve either question by the majority
of the votes cast, that the Town of Vail will not issue the General
Obligation Bonds for the Public Parking Facility or the Development
Revenue Bonds for the Employee Housing.
NOW, THEREFORE, BE IT RESOLVED BY THE TO'+n~N COUNCIL OF
THE TOWN OF VATL, COLORADO, THAT:
Section 1. In addition to the question to be submitted
to the registered qualified electors at a special bond election to
be held on Tuesday, April 10, 1979, there shall be submitted the
Resolution No. 5A
following question:
h
Page 2
Shall the Town of Vail, Colorado issue development
revenue bonds (which bonds shall not constitute an
indebtedness of the Town of Vail, shall not be payable
from any assets of the Town of Vail nor from taxes
levied by the Town of Vail) substantially all of the
proceeds of which shall be made available to Vaal
Associates for the purpose of constructing within
the Town of Vail residential facilities consisting
of approximately 100 living units for low and middle
income families or persons who reside in or intend
to reside in the Town of Vail. and which facilities
are intended as the sole plane of residence of such
families or persons? The Sonds wi11 be issued
pursuant to the County and Municipality Development
Revenue Bond Aet of the State of Colorado, shall not
give rise to any pecuniary liability of the Town of
Vail nor give rise to a charge against its general
credit or taxing powers, but shall be payable from
and secured by a pledge of revenues derived from the
ownership and operation of the residential facility.
It is the present intention of the Town Council of
the Town of Vail not to issue either the general
obligation bonds for parking facilities or the
development revenue bonds for residential facilities
unless both questions are approved by a majority of
the registered electors voting thereon.
Section 2. It is the intention of the Town Council
that of either question submitted to the electors at a special
bond election on Tuesday, April 10, 1979, does not receive the
approval of a majority ofi the votes cast at said special election,
that the Town of Vail will not issue the General Obligation Bonds
for the Public Parking Facilities as submitted by Resolution No. 5
or the Development Revenue Bonds for the Employee Housing as submitted
by Resolution No. 5A.
Section 3. All other provisions, instructions, dates,
and conditions contained in Resolution No. 5 shall apply hereto and
be considered a part hereof.
Section 4. This Resolution shall take affect immediately
upop its adoption.
INTRQDUCED, READ, APPROVED AND ADOPTED THxS 6th day of
MARCH, 1979.
ATTEST:
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