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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 1 J, • • • 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