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Home My Public Portal AboutOrdinance #237ORDINANCE N0.237 AN ORDINANCE SUBl~u ~ Y u~TG TO i nr. VOTERS OF i ~ TOWN OF ERASER AT i n~ REGULAR MUNICIPAL ELECTION TO BE HELD ON APRIL 7,1998, BALLOT QUESTIONS TO AL i riORIZE Y tip ISSUANCE OF SALES AND USE TAX BONDS AND GENERAL OBLIGATION BONDS OF i ~ TOWN FOR i ~ PURPOSE OF CONSTRUa: i u'~TG AND IlVIPROVING STREETS AND PROVIDING FOR STORM DRAINAGE; DETERMINING Y riL BALLOT 11 t LE, SUBMISSION CLAUSE AND TEXT OF i trr: QUE~ i lONS TO BE SUB1Vu Y i ~~ AT SUCH ELE~: Y YON; AND AMENDING ORDINANCES OF i tom, TOWN, SUBJECT TO VOTER APPROVAL, RELATING TO i ~ ~ SALES AND USE TAX. WHEREAS, the Board of Trustees (the "Board of Trustees") of the Town of Fraser, Colorado (the "Town"), has determined that the public health, safety and welfare and the needs of the Town will be served if provision is made for the construction and improving of streets and provision for storm drainage (the "Project"); and WHEREAS, on April 7, 1998, the Town will hold its regular biennial municipal election; and WHEREAS, there are not sufficient funds on hand in the treasury of the Town and the Board of Trustees does not anticipate that existing sources of revenue will be sufficient to generate the moneys necessary in order to finance the Project; and WHEREAS, the Board of Trustees has determined that the issue of financing the Project should be presented to the voters of the Town in the form of a question authorizing the issuance of sales and use tax bonds of the Town, which bonds will be secured by all or a portion of the 4% sales and use tax of the Town, and a question authorizing the issuance of general obligation bonds of the Town, which bonds would be issued to enable the Town to complete the Project over a shorter period of time and would reduce the principal amount of sales and use tax bonds issued for such purpose; and WHEREAS, the Board and the registered electors of the Town, where required, have adopted and approved Ordinance Nos. 39, 41, 42, 95, 100, 106, 116, 142, and 167, all of which relate to the sales and use tax of the Town; and WHEREAS, in order to secure the payment of the proposed sales and use tax bonds, the Board has determined that it is in the best interest of the Town to amend Ordinance Nos. 95, 106, and 167 to permit the Board of Trustees of the Town to annually determine the amount of sales and use tax revenues to be pledged to and deposited in the "Sales and Use Tax Capital lmr~., cement Fund" and to provide for the repayment of sales and use tax bonds from moneys deposited to such Fund; 02/148063.2 NOW, t ~REFORE, BE IT ORDAINED BY t x~ BOARD OF TRUSTEES OF t ~ TOWN OF ERASER, COLORADO: Seddon 1. At the regular municipal election to be held on Tuesday, April 7, 1998, there shall be submitted to the registered electors of the Town a question authorizing the issuance of sales and use tax bonds of the Town for the purpose of constructing and improving streets and ~..~~~Jiding for storm drainage, and a question authorizing the issuance of general obligation bonds of the Town for the purpose of constructing and improving streets and providing for storm drainage and thereupon reducing the principal amount of sales and use tax bonds issued for such purpose. The questions shall be in substantially the following form: Ballot Title, Submission Clause and Tezt of Re:~.~ . Ed Measure A: SHALL THE TOWN OF ERASER DEBT BE INCREASED BY AN AMOUNT NOT TO EXc:r~D $2,200,000, WITH A MA~GMUM REPAYMENT COST OF $4,100,000, (BUT WITH NO INCREASE IN THE TOWNS EXISTING SALES AND USE TAX), FOR THE PURPOSE OF CONSTRUCTING AND IlVIPROVING STREETS AND PROVIDING FOR STORM DRAINAGE, INCLUDING ALL NECESSARY OR INCIDENTAL COSTS RELA 1 ~li THERETO; SUCH DEBT TO CONSIST OF SALES AND USE TAX REVENUE BONDS OR OTHER FINANCIAL OBLIGATIONS PAYABLE FROM ALL OR A PORTION OF THE TOWNS SALES AND USE TAX TO BE DEPOSi i ~li INTO THE SALES AND USE TAX CAPITAL IMPROVEMENT FUND OF THE TOWN AND UTII.T~.~.~) SOLELY TO PROVIDE THE CAPITAL IMPROVEMENTS AUTHORi~,rli HEREIN OR FOR REPAYMENT OF THE BONDS; SUCH DEBT TO BE ISSUED, DA 1 tt~ AND SOLD IN MULTIPLE SERIES AT SUCH TIMES, AT SUCH PRICES (AT, ABOVE, OR ts~LOW PAR) AND CONTAINING SUCH rrxMS, NOT INCONSISTENT HEREWITH, AS THE BOARD OF TRUS~rtrtrS MAY DE~t~t/xMIl~IE; SHALL SECTION 2, SECTION 3, AND SECTION 4 OF ORDINANCE NO. 237 OF THE TOWN BE ArrtcOVED, WHICH SECTIONS PROVIDE, AMONG OTHER THINGS, THAT THE BOARD OF TRUS t ~;r S SHALL BE AUTHORI~t~ TO DE t r x1NIINE THE AMOUNT OF SALES AND USE TAX REVENUE DEPOSrr~li INTO THE SALES AND USE TAX CAPITAL IMPROVEMENT FUND; AND SHALL ALL SALES AND USE TAX REVENUES DEPOSrrtrll IN THE CAPITAL IlVIPROVEMENT FUND AND ANY EARNINGS FROM THE INVESTMENT OF THE PROCF~S OF SUCH BONDS CONS rrrUTE AVOTER-ArrxOVED REVENUE CHANGE? Ballot Title, Submission Clause and Tezt of Referred Measure B: SHALL THE TOWN OF ERASER DEBT BE INCREASED BY AN AMOUNT NOT TO EXc:tr~D $600,000, WITH A MA3~MMUIVI REPAYMENT COST OF $1,100,000, AND SHALL TOWN TAXES BE INCREASED BY $80,000 ANNUALLY FOR THE PURPOSE OF CONSTRUCTING AND IMPROVING STREETS AND PROVIDING FOR STORM DRAINAGE, INCLUDING ALL 02/148063.2 ýÿ NECESSARY OR INLtt~ENTAL COSTS RELA t Wit} THERETO; SUCH DEBT TO BE ISSUED ONLY IN THE EVENT THAT TOWN ELECTORS ArrxOVE THE ISSUANCE OF SALES AND USE TAX REVENUE BONDS AT THE ELECTION HELD ON THIS DATE AND THAT THE PRINCIPAL AMOUNT OF SUCH SALES AND USE TAX REVENUE BONDS BE REDUt;~ty BY THE PRINCIPAL AMOUNT OF THE DEBT AUTHORIZED HEREIN; SUCH DEBT TO CONSIST OF THE ISSUANCE AND PA~'MENT OF GENERAL OBLIGATION BONDS, WHICH SHALL BEAR IlV t rxEST AT A NET ~rr~~ t t JE Ilv t tJxEST RATE NOT TO EXCEED 7.25% AND MATURE, BE SUBJECT TO REDEMr t tON, WITH OR WITHOUT PREMIUM, AND BE ISSUED, DA t ~t~ AND SOLD AT SUCH TIME OR TIMES, AT SUCH PRICES (AT, ABOVE OR ts~t,OW PAR) AND IN SUCH MANNER AND CONTAINING SUCH t ~xMS, NOT INCONSISTENT HEREWITH, AS THE BOARD OF TRUS t r ~S MAY DE t ~xRtIINE; SHALL AD VALOREM PROPERTY TAXES BE LEVIED IN ANY YEAR, WITHOUT LIlVIITATION AS TO RATE OR AMOUNT OR ANY OTHER CONDITION, TO PAY THE PRINCIPAL OF, PREMIUM, IF ANY, AND IN r~xEST ON SUCH BONDS; AND SHALL ANY EARNINGS ON THE REVENUES FROM SUCH TAXES AND FROM THE INVESTMENT OF THE PROCEEDS OF SUCH BONDS CONS t t t tJTE AVOTER-ArrtcOVED REVENUE CHANGE? Section 2. Article 12 of Section 1 of Ordinance No. 95, as amended, is hereby amended to read as follows (capital letters indicate new wording to the Ordinance): Article 12: Capital Improvement Fund. There is hereby created, as authorized in Section 29-2-111, Colorado Revised Statutes, as amended, a special fund of the Town of Fraser, Colorado, to be known as the "Sales and Use Tax Capital Improvement Fund" for the deposit of all or any portion of the revenue from the Town sales tax or the Town use tax or both and to be used solely to ~,:~., /ide capital improvements for the Town OR FOR THE REPAYMENT OF BONDS ISSUED FOR SUCH PURPOSE. Section 3. Article 13 of Section 1 of Ordinance No. 95, as amended, is hereby amended to read as follows (capital letters indicate new wording to the Ordinance, dashes through words indicate deletions fi.,~~ the Ordinance): Article 13. Revenues Derived -Disposition. All revenues derived or received pursuant to this Ordinance shall be deposited into the General Fund of the Town except that ~~-~er~ent-(~8g/~} THE BOARD OF TRUS t ~r S OF THE TOWN SHALL ANNUALLY DE t r ttN1IrTE THE AMOUNT of such revenues sl~l TO be pledged to and deposited in the "Sales and Use Tax Capital Improvement Fund" to be used solely to ~.. ~ /ide capital improvements for the Town OR FOR THE REPAYMENT OF BONDS ISSUED FOR SUCH PURPOSE; PROVIDED HOWEVER, IN THE EVENT THAT THERE ARE OUTSTANDING BONDS OF THE TOWN PAYABLE FROM THE SALES AND USE TAX CAPITAL M'ROVEMENT FUND, THE AMOUNT OF SALES AND USE TAX REV'ENf1ES DEPOSITED TO THE SALES AND USE TAX 02/1480632 ýÿ CAPITAL IlVIPROVEMENT FUND SHALL NOT BE LESS THAN THE AMOUNT NECESSARY TO PAY THE PRINCIPAL OF AND INTEREST ON SUCH BONDS WHEN DUE. Section 4. Section I, Article 3 Ordinance No. 106, as amended, is hereby amended to read as follows (capital letters indicate new wording to the Ordinance, dashes through words indicate deletions from the Ordinance): Article 3. Revenues Derived. All funds received pursuant to this Ordinance shall be deposited into the Town's General Fund except that ~er~e~fl°v) THE BOARD OF TRUS 1 ~r,S OF THE TOWN SHALL ANNUALLY DE 1 ~KMINE THE AMOUNT of such revenues TO be pledged to and deposited in the "Sales and Use Tax Capital Improvement Fund" to be used solely to provide capital im~~~~ements for the Town OR FOR THE REPAYMENT OF BONDS; PROVIDED HOWEVER, IN THE EVENT THAT THERE ARE OUTSTANDING BONDS OF THE TOWN PAYABLE FROM THE SALES AND USE TAX CAPITAL IMPROVEMENT FUND, THE AMOUNT OF SALES AND USE TAX REVENUES DEPOSI t t/ll TO THE SALES AND USE TAX CAPITAL IMPROVEMENT FUND SHALL NOT BE LESS THAN THE AMOUNT NECESSARY TO PAY THE PRINCIl'AL OF AND Ilvtt;xEST ON SUCH BONDS WHEN DUE. Section 5. On the effective date of this Ordinance, the questions shall be certified to the Town Clerk for the election to be held on April 7, 1998. Section 6. The election shall be conducted as a polling place election in the Town pursuant to the r~~„ visions of the Colorado Municipal Elecrion Code of 1965, article 10 of title 31, Colorado Revised Statutes (the "Municipal Election Cade"). Section 7. The precincts and polling places for the election shall be the Town general election precincts and the designated polling places therein, as established by the Town Clerk. Section 8. All acts required or r;,~r~.itted by the Municipal Election Code relevant to voting by absentee ballots and emergency absentee ballots shall be performed by the Town Clerk, who shall be the designated election official of the Town for this election. Section 9. No later than March 8, 1998, the Town Clerk shall cause to be mailed to the registered voters of the Town the Notice of Election required by Article X, Section 20(3)(b) of the Colorado Constitution. Section Y0. For p~t..,ses of the Municipal Election Code, the ballot title and submission clause for the questions contained in this Ordinance are hereby determined to be the text of the question itself. Any protest to the ballot titles shall be filed in writing with the Town Clerk within 5 days of the effective date of this Ordinance and shall be resolved thereafter by the Board of Trustees following a hearing with published notice. oviasobsa ýÿ Section 11. The officers and employees of the Town are hereby authorized and directed to take all action necessary or appropriate to effectuate the ,~a., visions of this Ordinance in accordance with the Municipal Election Code and Colorado law. No actions taken pursuant to this Ordinance shall materially, adversely affect the outstanding principal amount of the Town's outstanding sales and use tax revenue bonds. Section 12. Any authority to c.,i.l.«ct indebtedness, if conferred by the results of the election, shall be deemed and considered a continuing authority to contract such indebtedness so authorized at one time, or from time to time, and neither the partial exercise of the authority so conferred, nor any lapse of time, shall be considered as exhausting or limiting the full authority so conferred. Section 13. All actions not inconsistent with the provisions of this Ordinance, heretofore taken by the members of the Board of Trustees, and the officers and employees of the Town, directed toward holding the election are hereby ratified, arr.., /ed and confirmed Section 14. All prior acts, orders, ordinances or resolutions, or parts thereof, by the Town in conflict with this Ordinance are hereby repealed, except that this repealer shall not be construed to revive any act, order, ordinance or resolution, or part thereof, heretofore repealed. Section 1 S, ff any section, paragraph, clause or ~.., vision of this Ordinance shall be adjudged to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or Y~~~ision shall not affect any of the remaining sections, paragraphs, clauses or provisions of this Ordinance, it being the intention that the various parts hereof are severable. Section 16. Because the streets within the Town are greatly in need of improvement, and in order that the Town may take advantage of the cu~~~~,t environment of low interest rates and submit the question set forth herein prior to the November 1998 general election and, if authorized by the results of this election, issue bonds at the lowest net effective i~~t~.est rate, it is hereby declared that an emergency exists, that this Ordinance is necessary to the immediate preservation of the public peace, welfare, health and safety of the residents of the Town, and that this Ordinance shall take effect immediately upon its passage by the Board of Trustees; Y.~., sided however, Section 2, Section 3, and Section 4 hereof shall take effect only if Referred Measure A set forth in Section 1 hereof is a~rp,~.~.r~ed by a majority of the electors of the Town voting at the regular municipal election. INTRODUCED, PASSED AND ADOtrr~D AS AN EMERGENCY ORDINANCE at a regular meeting of the Board of Trustees of the Town of Fraser on this 11th day of February 1998. [TOWN SEAL] By ~r ~ r r ,~,,~. ~ ~ ~: i; oanaao63.2 A i ~ SST: _~ By ~ Ul~t (I ~~uV'~ ~` J wn Clerk 02/148063.2 ýÿ