HomeMy WebLinkAbout1992-09-29 Town Council Minutes41
M
MINUTES
VAIL TOWN COUNCIL SPECIAL EVENING MEETING
SEPTEMBER 29, 1992
7:30 P.M.
• A special meeting of the Vail Town Council was held on Tuesday, September 19,1992, in the
Council Chambers of the Vail Municipal Building. Mayor Osterfoss, Jim Shearer, and Bob
Buckley were not present as the meeting was called to order at 7:30 P.M. by Mery Lapin.
MEMBERS PRESENT: Peggy Osterfoss, Mayor
Mery Lapin, Mayor Pro -Ter
Jim Gibson
Jim Shearer
Tom Steinberg
Rob LeVine
Bob Buckley
TOWN OFFICIALS PRESENT: Ron Phillips, Town Manager
Larry Eskwith, Town Attorney
Pam Brandmeyer, Assistant to the Town Manager
Martha Raecker, Town Clerk
• The first item on the agenda was Citizen Participation of which there was none.
Second on the agenda was Ordinance No. 24, Series of 1992, an emergency ordinance
authorizing the issuance of the Town of Vail, Colorado, General Obligation Refunding Bonds,
Series 1992A for the purpose of refunding a portion of the Town's outstanding General
Obligation Refunding Bonds, Series 1985; prescribing the form of said bonds; providing for
the levy of general ad valorem taxes to pay the principal of and the interest on the Bonds;
providing other covenants and details in connection therewith; and repealing all ordinances
in conflict therewith; and declaring an emergency. Mery Lapin read the title in full. Mayor
Osterfoss, Jim Shearer, and Bob Buckley arrived at this time. Steve Barwick briefly
explained the rationale behind this ordinance, and then introduced Larry Aubrecht,
representing Hanifen Imhoff. Mr. Aubrecht discussed marketing of the bonds, and
distributed documents showing comparisons of Colorado Municipal Issues for the week ending
September 25, 1992, and the Telerate matrixes for 9/23192 - 9/25/92. He stated the bonds in
this ordinance and in Ordinance No. 25, Series of 1992, had been marketed on Thursday,
September 24, 1992, based on their observations of the market during that week. Input on
marketing of the bonds was also given by Steve Jeffers, representing George K. Baum, and
Jack Wolfe, representing Kemper Securities. After discussion about different strategies for
bond marketing, Jim Gibson moved for approval of Ordinance No. 24, Series of 1992, as an
emergency ordinance. Rob Levine seconded that motion. Before a vote was taken, Randy
• Garman suggested there was a need for TOV to approach these issues differently in the
future. Mr. Garman commented on bond years, timing, repricing, concessions, coupon yields,
sinking funds, and serial and long term bonds. Mayor Osterfoss commented that Colorado
bonds were more attractive to Colorado buyers due to double tax exempt status. At this
point, Rob LeVine called the question, but two-thirds Council consensus to do so was not
achieved. Tom Steinberg felt there was a need for guidelines for Council to follow during any
future marketing of bonds. Jim Gibson then called the question again. A vote was taken and
the motion passed unanimously, 7-0.
Item No. 3 was Ordinance No. 25, Series of 1992, an emergency ordinance authorizing the
issuance of Town of Vail, Colorado Sales Tax Revenue Refunding and Improvement Bonds,
Series 1992B; providing the form, terms and conditions of the Bonds, the manner and terms
of issuance, the manner of execution, the method of payment and the security therefore;
pledging sales tax and parking revenues of the Town for the payment of the bonds; providing
certain covenants and other details and making other provisions concerning the Bonds and
the sales tax and parking revenues; ratifying action previously taken and appertaining
thereto; and repealing all ordinances in conflict herewith; and declaring an emergency.
Mayor Osterfoss read the title in full. There was Council consensus for action on Tom
Steinberg's request that staff develop future guidelines for Council to follow during any future
marketing of bonds. After brief discussion, Mery Lapin moved to approve Ordinance No. 25,
Series of 1992, as an emergency ordinance. Tom Steinberg seconded the motion. A vote was
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taken and the motion passed unanimously, 7-0.
There being no further business, a motion to adjourn the meeting was made and passed
unanimously. The meeting was adjourned at 9:00 P.M.
Respectfully submitted,
ATTEST:
mAkz% ly- IPa.PCAW
Martha S. Raecker, Town Clerk
Minutes taken by Dorianne S. Deto
CAMUSEP29.92
��et A. Osterfoss, Mayo