HomeMy WebLinkAbout1975-09-09 Town Council MinutesMINUTES
SPECIAL MEETING
TOWN COUNCIL OF THE TOWN OF VAIL
9 SEPTEMBER 1975
A special meeting of the Town Council of the Town of Vail was convened
at 8:00 P.M. on Tuesday, September 9, 1975, in the Council Chambers
of the Vail Municipal Building.
Mayor John Dobson and the following councilmembers were present:
Josef Staufer
John Donovan
Kathleen Klug
Tom Steinberg
Jim Slevin
Also present were:
Terrell J. Minger, Town Manager
• Stan Bernstein, Finance Director
Gene A. Smith, Town Attorney
Daniel Herrington, bonding agent, Boettcher & Co.
Mayor Dobson opened the special meeting with an explanation concerning
the purpose of the meeting. With regard to long-term financing of
projects authorized by the Town Council during this fiscal year, a
bond election is the suggested method of financing. To call an election,
a resolution must be passed by the Council at least thirty days before
such election. Mayor Dobson noted that the date set for the election
is October 14, 1975, in the Vail Municipal Building. The ballot would
be divided into three questions which, in total, would allow the issuance
of $1.16 million for the long-term financing of items already approved.
The town manager commented that facilities to be included in the issue
are part of the Vail Plan and have evolved over the last 6 to 18 month
period. Question one would consider the athletic field, the K-4 school,
the teen center and the ski museum; question two would include the
rental space in the teen center; and question three would finance the
I-70 overpass construction at Sandstone-Lionshead. Stan Bernstein
explained the fiscal implications of servicing such a debt; he stated
that it would be prudent to spread the burden of the cost over twenty
years. He commented that there are marketing advantages in getting
better interest rates in the fall and winter; smaller amounts issued
at a time; budgetary and planning reasons; and the need for a guideline
regarding the I-70 overpass. Mr. and Mrs. Colgrove spoke against the
idea of a bond issue, stating that as non-resident taxpayers they cannot vote and
have no say in the issuance of this amount of money although they,
as taxpayers, are liable for the debt. Dan Herrington, of Boettcher
& Co., then explained the bonding process as it applies to the Town
of Vail. He noted that the security to the municipality in issuing
bonds lies in three areas: property tax; sales tax revenues; and
revenues from revenue -type projects. Discussion followed. The Mayor
then asked whether the people of Vail want the various projects as
outlined in the Vail Plan. There was a show of hands in favor of
the direction of the town with regard to planning for the community.
The Mayor then asked what would be the best way for the community
to finance the projects. Several citizens then spoke for and against
the decision to have such programs and facilities. Carl Oppenheim
spoke in favor of the programs and projects being undertaken by
the Town and commented on the community values and quality of life.
There was applause following his comments.
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Minutes
Special Meeting
September 9, 1975
Page 2
The town manager then posed the question, "Why are we here tonight?"
He commented that Vail is both a community and a business and that the
product we offer is quality of life. Mr. Minger also noted that in the
past 14 years there has never been one Town of Vail taxpayer dollar
pledged to service debt. He commented that citizens should talk about
the community and its viability rather than making election platforms.
Applause followed his comments. He noted that all the items to be
voted on in the bond election had debate at public meetings.
Dan Herrington then read Resolution No. 6 in full, commented on the
three questions to be considered and the various details related
thereto. He noted that these general obligation bonds would be
backed by a 2% sales tax collected by the Town, as outlined in the
ordinance created for that purpose. The security for the bonds is
the tax dollar. Mery Lapin then requested that the Town government
consider a competitive bid for the issuance of the bonds if they are
approved. He commented that, from a long-range point of view,
it would be beneficial to the Town to have other bonding houses
interested in the Town of Vail. The town manager commented that it
might be a disadvantage to change the market at this time.
With regard to the Town's financing of a portion of a gymnasium in
the K-4 school to be constructed in Sandstone, there was a question
by members of the audience regarding the cost to people who already
pay county taxes for the school. It was agreed that this was a
good opportunity to provide a facility the size of a gymnasium for
a small cost compared to building an entire building.
With regard to the possible construction of an overpass on 1-70,
the town manager explained that it would be possible to construct
an underpass, but that the Highway Department indicated that they
would not favor it.
With regard to the Resolution in question, Councilman Staufer moved
to approve the resolution and adopt it; Councilman Donovan seconded
the motion; all present voted in favor (6:0); and the motion carried
to call the bond election.
As there was no further business, the meeting was adjourned at 9:50 PM.
ATTEST: Mayor
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