HomeMy WebLinkAboutMINUTES Town Board 1985-11-26V
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Minutes of a ...g1.t]_ar meeting of the Board of Trustees of the Town of Estes
Park,Carimer County,Colorado.Meeting held in the Town Hall in said Town of Estes Park
on the ..2.6th day of NQY.lTIr A.D.at regular meeting
hour.
Meeting called to order by Mayor ....
Present:Mayor H.B.Dannels Trustees:Norbert L.Aldrich,
Mark T.Brown,
Byron L.Graves,
George J.Hix,
Also Present:Town Administrator Paula L.Laing,Dale G.Hill,Richard A.WoodTownAttorney
Gregory A.White
Absent:None
Minutes of the regular meeting held November 12,1985 were
submitted and approved.
Trustee Laing moved the bills,as presented,be allowed and paid
and that the Clerk be authorized to draw warrants for same.(A
certified copy of the bills presented and allowed are on file in
the Office of the Town Clerk under this date,and made a part of
the record of these proceedings by reference thereto).Trustee
Hix seconded the motion and it passed by the following votes:
Those voting “Yes”Trustees Aldrich,Brown,Graves,Hix,Laing
and Wood.Those voting “No”none.
Mayor Dannels declared a public hearing concerning the issuance
and sale of industrial development revenue bonds —Series “A”for
Phase I of Stanley Village.Trustee Aldrich cited a “conflict of
interest”and stated he would not participate in discussion or
vote.Those persons speaking in “favor”of the Issuance and Sale
of Bonds:Mr.Bill Van Horn,partner,Stanley Commercial Devel
opment,Ltd.Mr.Van Horn advised the Trustees the Series “A”
Bonds would include all existing buildings excluding the Safeway
Store.There were no persons speaking in “opposition.”Mayor
Dannels declared the public hearing closed.Trustee Wood in
troduced,and Town Attorney White read in full,the following
Ordinance and moved it be adopted:
TOWN OF ESTES PARK.COLORADO
ORDINANCE NO.11-85
SERtES OF 1985
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF
TOWN OF ESTES PARK.COLORADO,
INDUSTRIAL DEVELOPMENT REVENUE BONDS,
(STANLEY VILLAGE SHOPPING CENTER PROJECT),SERIES 1985AINTHEAGGREGATEPRINCIPALAMOUNTOF$2,350,000;AND
APPROVING THE FORM AND AUTHORIZING
THE EXECUTION OF CERTAIN DOCUMENTS RELATING THERETO;
WHEREAS,The Town of Estes Park,Larirner County,Colorado (the
“Town),is by Title 29,ArtIcle 3,Part 1,Colorado Revised Statutes,asamended(the “Act),to Issue revenue bonds for the purpose of financingoneormoteprojects,including any land,building or other improvements
and all real or personal properties suitable or used for or in connection
with a manufacturing,Industrial,commercial,agricultural or business
enterprise,and to enter into a Loan agreement with a user providing forpaymenttotheTownofrevenuessufficientforthepaymentoftheprincipalofandInterestontheBonds;and
WHEREAS,by a Resolution No.39—84 duly adopted on November 23,1984,
as extended by Resolution No.19-85,duly adopted on October 22,1985.(the
“Inducement Resolution),the Town declared its intention to authorize an
Issue of its industrial development revenue bonds in an aggregate principal
amount not to exceed $9,500,000 in accordance with the provisions of theActforthepurposeofpayingthecostoffinancingaretailshoppingcenteratStanleyVillageShoppingCenter;and
Board of Trustees -November 26,1985 -Page two
WHEREAS,the Town now desires to authorize and issue its Town of Estes
Park,Canner County ,Colorado,Industrial Development Revenue Bonds,
(Stanley Village Shopping Center Project),Series 1985A,In the aggregate
principal amount of 52,350,000 (the “Bonds”);and
WHEREAS,the proceeds of the Bond Issue will be loaned to Stanley
Commercial Development,Ltd.,a Colorado limited partnership,(the
“Partnership”)for the acquisition,construction and installation of Phase
I of Stanley Village Shopping Center (the “Project”);and
WHEREAS,the following documents have been submitted to the Board of
Trustees of the Town and filed In the office of the Town Clerk (the
“Clerk”)and are available for public Inspection:
(a)a Loan Agreement,dated as of November 1,1985,and to be
actually executed on the date of delivery of the Bonds (the “Loan
Agreement’),proposed to be made and entered into between the Town and the
Partnership;
(b)a Trust Indenture,dated as of November 1,1985,and to beactuallyexecutedonthedateofdeliveryoftheBonds(the “Indenture”),proposed to be made and entered into between the Town and Central Bank ofDenver,a banking corporation,in Denver,Colorado (the “Trustee”);
(c)a Letter of Credit,Reimbursement Agreement and Collateral PledgeAgreement,to be executed on the date of delivery of the Bonds (the “LetterofCredit”the “Reimbursement Agreement”and the “Pledge Agreement”),forthebenefitoftheTrusteeandtheBondholders;and
(d)a Bond Purchase Agreement,to be executed on the date of deliveryoftheBonds(the “Bond Purchase Agreement”),proposed to be made andenteredIntobetweentheTownandCapitalMarketsCorporation,(the“Underwriter”);and
WHEREAS,it is necessary to authorize the Issuance of the Bonds by
Ordinance and to approve the form and authorize the execution of documents
in connection with the Issuance thereof,
BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE TOWN OF ESTES PARK,
COLORADO:
Section 1.Approvals and Authorizations.The form,terms and
provisions of the Loan Agreement,the [ndenture,the Letter of Credit,the
Pledge Agreement,and the Bond Purchase Agreement in the forms presented to
the Board of Trustees are hereby approved.The Mayor and the Clerk areherebyauthorizedanddirectedtoexecutetheLoanAgreement,theIndenture,and the Bond Purchase Agreement and affix the seal of the Townthereto,and further to execute and authenticate such other documents,instruments or certificates as are deemed necessary or desirable by bondcounselinordertoIssueandsecuretheBonds.Such documents are to be
executed in substantially the form hereinabove approved,provided that such
documents may be completed,corrected or revised as the Mayor of the TownshallapproveinordertocarryoutthepurposesofthisBondOrdinance,the Mayor’s execution thereof being deemed conclusive of his approval ofsuchcompletion,correction or revision.Copies of all of the documentsshallbedelivered,filed and recorded as provided therein.
The proper officers of the Town are hereby authorized and directed toprepareandfurnishtobondcounselcertifiedcopiesofallproceedingsandrecordsoftheTownrelatingtotheBondsandsuchotheraffidavitsandcertificatesasmayberequiredtoshowthefactsrelatingtotheauthorizationandissuancethereofassuchfactsappearfromthebooksandrecordsinsuchofficers’custody and control or as otherwise known to them.Allsuchcertifiedcopies,certificates and affidavits,including anyheretoforefurnished,shall constitute representations of the Town as tothetruthofallstatementscontainedtherein.
The approval hereby given to the various documents referred to above
includes an approval of such additional details therein as may be necessaryandappropriatefortheircompletion,including interest rates and anynumbersderivedtherefrom,and such modifications thereto,deletionstherefromandadditionstheretoasnaybeapprovedbybondcounselpriortotheexecutionofthedocuments.The execution of any instrument by theappropriateofficersoftheTownhereinauthorizedshallbeconclusiveevidenceoftheapprovalbytheTownofsuchInstrumentinaccordancewiththetermshereof.
Section 2.Bond Details.The Town shall issue its Industrial
Development Revenue Bonds,(Stanley Village Shopping Center Project),Series 1985A,in the aggregate principal amount of $2,350,000,dated as ofNovember1,1985,as fully registered bonds numbered R—1 upwards,for thepurpose,in the form and upon the terms set forth in this Bond OrdinanceandtheIndenture.
The Trustee shall act as Paying Agent,Transfer Agent,Tender AgentandRegistraroftheBonds.Principal of and premium,if any,on the Bonds
shall be payable at the principal corporate office of the Trustee,or itssuccessortrustee,upon maturity,prior redemption,or purchase,uponpresentationandsurrenderoftheBondtotheTrustee.Panent of interest
shall be made to the registered owner thereof by check or draft mailed bytheTrustee,on or before such interest payment date to the registeredownerthereofattheaddressshownontheregistrationbooksattheclose
of business on the record date for such interest payiiient date.
The Bonds are subject to mandatory redemption and optional redemptioninaccordancewiththeIndenture;notice of such prior redemption shall begivenbytheTrusteeInaccordancewiththeIndenture.
Board of Trustees -November 26,1985 -Page three
The maximum net effective Interest rate authotized for the Bonds shall
not exceed fourteen percent (14%).
Section 3.Bond Registration.The Bonds will be issued in the
denomination of $5,000,or any integral multiples thereof,registered as to
both principal and Interest.The person in whose name the Bond is regis
tered shall be regarded as the owner of that Bond for all purposes.Payment
of principal of or Interest on any Bond will be made only to the registered
owner or,upon a written order of the registered owner thereof,to his
legal representative.
The registration and exchange of the Bonds,and the authentication and
delivery of Bonds in substitution for mutilated,lost,stolen or destroyed
Bonds or Bonds not delivered for purchase shall be in accordance with the
Indenture.
Section 4.Form and Execution of Bonds.The form,terms and
provisions of the Bonds,substantially in the form set forth in the
Indenture,shall be and hereby are approved;and the Mayor is hereby
authorized and directed to execute the Bonds,and the Town Clerk Is hereby
authorized and directed to attest the Bonds,substantially in the form set
forth In the Indenture,but with such changes therein as shall be
consistent with the Indenture and this Ordinance and as the Mayor executing
the Bonds shall approve,his execution thereof being deemed conclusive of
his approval of any such changes.The Bonds shall be executed by the
manual or facsimile signatures of the Mayor and Town Clerk and shall be
authenticated by the manual signature of an authorized representative of
the Trustee.A manual or facsimile seal of the Town is hereby authorized
and directed to be affixed to or Imprinted on the Bonds.Should any
officer whose manual or facsimile signature appears on the Bonds cease to
be such officer before delivery of the Bonds to the purchaser,such manual
or facsimile signature shall nevertheless be valid and sufficient for all
purposes.
Section 5.Determinations.It Is hereby found,determined and
declared that:
(a)the Loan Agreement and the Letter of Credit and Reimbursement
Agreement provides that the Partnership shall maintain the Project and
carry all proper insurance with respect thereto;
(b)the Loan Agreement and the Letter of Credit and Reimbursement
Agreement require that the Partnership pay the taxes which the taxing
entities specified in Section 29—3—120(3)of the Act are entitled to
receive with respect to the Project;
(c)the amount necessary to pay the principal and Interest has been
calculated and the payments required in the Loan Agreement to be made are
sufficient to pay the principal of,interest on,and any premium due in
connection with the Bonds when due and to pay all other costs required in
the Loan Agreement to be made;
fd)the Project,as mote fully described In the Loan Agreement,
constitutes a project authorized by and described in Section 29—3—103(10)
of the Act,and will serve a valid public purpose;
(e)the issuance and sale of the Bonds,the execution and delivery of
the Loan Agreement,the performance of all covenants and agreements of the
Town contained in the Loan Agreement,and all actions required under the
laws of the State of Colorado to make the Loan Agreement and Bonds valid
and binding obligations of the Town in accordance with their terms,are
authorized by the Act;and
(f)Other than Trustee Aldrich,who has abstained from the discussion
and vote on this Ordinance,no member of the Board of Trustees having acted
upon this Bond Ordinance in his or her official capacity:(I)has a direct
or Indirect interest in the Project,the Loan Agreement,the Indenture,the
Letter of Credit and the Pledge Agreement,the Bond Purchase Agreement,or
the Bonds,(ii)owns any interest In the Project or the Partnership,(Iii)
Is a partner or employee of the Partnership,(lv)will be Involved in
supervising the completion of the Project on behalf of the Partnership,or
Cv)will receive any commission,bonus or other remuneration for or In
respect to the Project,the Loan Agreement,the Indenture,the Letter of
Credit and the Pledge Agreement,the Bond Purchase Agreement,or the Bonds.
Section 6.Nature of Obligation.Under the provisions of the Act,and
as provided in the Loan Agreement,the Bonds shall be special,limited
obligations of the Town payable solely from,and secured by a pledge of,
the revenues derived from the Loan Agreement and shall be further secured
by a Letter of Credit issued by the First Federal Savings Bank of Colorado
(the “Bank’)in the principal amount of $2,350,000,plus 181 days’Interest
thereon,the obligations of the Bank thereunder secured by the Pledge
Agreement.The Town will not pledge any of its property or secure the
paynent of the Bonds with its property.The Bonds shall never constitute
the debt or Indebtedness of the Town,within the meaning of any provision
or limitation of the state Constitution,statutes,or home rule charter,
and shall not constitute nor give rise to a pecuniary liability of the
Town,its agents,employees or officers,or a charge against its general
credit or taxing powers.In entering Into the loan Agreement,the Town
will not obligate Itself,except with respect to the application of the
revenues derived from the loan Agreement and the lending of the bond
proceeds for the Project.The Town will not pay out of its general fund or
otherwise contribute any part of the Project’s Costs (as said term Is
defined in the Loan Agreement).
Board of Trustees -November 26,1985 —Page four
Section 7.Bond Fund.The “Industrial Development Revenue Bond,
(Stanley Village Shopping Center Project),Bond Fund”(the TMBond Fund”)Is
hereby created and further established under the Indenture and all deposits
Into the 8ond Fund shall be applied solely for the payment of the principal
of,premium,If any,and Interest on the Bonds,until the Bonds shall be
fully paid,satisfied,and discharged.
SectIon 8.Revenue Fund.The “Industrial Development Revenue Bond,
(Stanley Village Shopping Center Project),Revenue Fund”(the “Revenue
Fund”),Is hereby created and further established in the Indenture in an
amount indicated in the Indenture,for the purpose of paying the principal
of,premium,if any,and Interest on the Bonds.Payments made by the
Partnership,monies drawn under the Letter of Credit or payable under the
Pledge Agreement,or Interest paid or Investment of moneys on deposit In
the Project Loan Fund or in the Bond Fund will be deposited Into the
Revenue Fund and shall be transferred by the Trustee to the Bond Fund.
In addition,upon the occurrence of an Event of Default under the
Indenture or the Loan Agreement and the exercise by the Trustee of the
remedy of declaring the principal and accrued interest on all outstanding
Bonds due and payable,any moneys In the Revenue Fund shall be transferred
by the Trustee to the Bond Fund and applied in accordance with the
Indenture.
SectIon 9.Project Loan Fund.The “Industrial Development Revenue
Bonds,(Stanley Village Shopping Center Project)Project Loan Fund”(the
“Project Loan Fund”)Is established under the Indenture.A portion of the
proceeds of the Bonds (after deposits of accrued Interest to the Bond Fund)will be deposited to the Cost of Issuance Account and the balance to theProjectCostAccountandexpendedasprovidedIntheLoanAgreement.
Section 10.ElectIon Under Internal Revenue Code.The Town shall do
all acts necessary to complete the election for the application of the$10,000,000 small—issue exemption pursuant to Section 103(b)(6)(D)of the
Internal Revenue Code of 1954,as amended,and all regulations thereunder.
Section 11.Opinion of Bond Counsel.The Issuance of the Bonds by
the Town is subject to the receipt of an unqualified opinion by a nation
ally recognized bond counsel firm regarding the tax—exempt status of the
Bonds.
Section 12.Bond Ordinance Irrepealable.After the Bonds are Issued,
this Bond Ordinance shall constitute an Irrevocable contract between theTownandtheBondholdersandshallbeandremainirrepealableuntilthe
Bonds,both principal and interest,shall be fully paid,cancelled anddischarged.
Section 13.RatIfication.All actions heretofore taken by the TownandbytheofficersthereofnotInconsistentherewithdirectedtowardtheLoanoftheProjectandtheIssuanceandsaleoftheBondsarehereby
ratified,approved and confirmed,Including the adoption and publication of
the notice of hearing for TEFRA purposes.
Section 14.Repealer.All acts,orders,ordinances,or partsthereof,taken by the Town and In conflict with this Bond Ordinance are
hereby repealed,except that this repealer shall not be construed so as toreviveanyact,order,ordinance,or part thereof heretofore repealed.
Section 15.SeverabilIty.If any part or parts of this Bond
Ordinance are for any reason h1d to be invalid,such decision shall not
affect the validity of the remaining portions hereof.The Board hereby
declares that it would have passed this Bond Ordinance and each part orpartshereof,Irrespective of the fact that any one part or parts be
declared Invalid.
Section 16.lImitation of Actions.Pursuant to Section 29—3—122 oftheAct,no action shall be brought questioning the legality of the LoanAgreement,the Indenture,the Deed of Trust,the Bond Purchase Agreement,
or the Bonds,or any other contract or proceeding executed in connection
with the Project on or after thirty days from the effective date of this
Bond Ordinance.
Section 17.Official Statement.The Preliminary Official Statement,
dated November 13,1985,relating to the issuance and sale of the 8onds is
hereby approved In the form heretofore presented.The Mayor and other
members of the Board of Trustees and employees of the Town are hereby
authorized and directed to assist In completing an Official Statement
including such changes as the officials and employees of the Town deemnecessarytoupdatetheinformationinthePreliminaryOfficialStatement.Copies of the Preliminary Official Statement and the Official Statement areherebyauthorizedtobedistributedtoallinterestedpartiesinconnectionwiththesaleoftheBonds.The Mayor Is hereby authorized and directed toexecutetheOfficialStatementsubstantiallyIntheformofthePreliminaryOfficialStatement,with such changes therein as shall be consistent withthisOrdinance,the Indenture and the Loan Agreement and as he shallapprove,his execution thereof being deemed conclusive of his approval ofsuchchanges.
Section 18.Direction to Take Action.The appropriate officers andmerthersoftheBoardotTrusteesareherebyauthorizedanddirectedtotakeallotheractionsnecessaryorappropriatetoeffectuatetheprovisionsofthisOrdinance,including,but not limited to,the execution of suchcertificatesandaffidavitsasmayreasonablyberequitedbythepurchaseroftheBonds.
Board of Trustees -November 26,1985 -Page five
Section 19.Emerqency,Recording and Authentication.The Board of
Trustees herewith finds,determines and designates that this Ordinance is
necessary for the Inmediate preservation of public peace,health and safety
in view of the favorable financing terms now available and because of the
extremely unstable conditions relating to the marketing of,and interest
rate on,the Bonds;an emergency Is declared to exist;and this OrdinanceshalltakeeffectandbeInforceinmediatelyafteritspassage,adoption
and signature of the Mayor.This Ordinance,inniiediately on its passage,shall be numbered and recorded in the official records of the Town kept for
that purpose and shall be authenticated by the signatures of the Mayor and
Town Clerk.This Ordinance shall be published in a legal newspaper of
general circulation in the Town.
INTRODUCED,READ APPROVED,ADOPTED AND ORDERED PUBLISHED,this 26thdayofNovember,1985.A Public Hearing on this Ordinance was held at the
reaular meeting of the Board of Trustees of Estes Park,Colorado,on the26thdayofNovember,1985 prior to adoption.
Trustee Wood moved the approval of Ordinance 11-85 Series of1985.The question being the adoption çf the motion,the roTlwas calledwiththefollowingresult:
Those voting YES:
Trustees:Mark T.Brown
V Byron L.Graves
George J.Hix
Paula C.Laing
Richard Wood
Those voting NO:None
Those abstaining:Norbert C.Aldrich
Trustee Hix seconded the motion.Whereupon Mayor Dannels
declared said Ordinance duly passed and adopted and ordered it
number 11-85 and published according to law.
Mayor Dannels declared a public hearing concerning the issuance
and sale of industrial development revenue bonds —Series “3”for
Phase II of Stanley Village.Trustee Aldrich cited a “conflict
of interest”and stated he would not participate in discussion or
vote.Those speaking in “favor”of the issuance and sale of
Series “B”bonds:Mr.Bill Van Horn.Mr.Van Horn requested the
public hearing be continued to December 16,1985.There were no
persons speaking in “opposition.”Trustee Hix moved the public
hearing to consider the industrial development revenue bonds —
Series “B”be continued to December 16,1985.Trustee Wood
seconded the motion and it passed by the following votes:Those
voting “Yes”Trustees Brown,Graves,Hix,Laing and Wood.Those
voting “No”none.Those “Abstaining”Trustee Aldrich.
Minutes of the Administrative Committee meeting held November 13,
1985 were read.Trustee Hix,Chairman of the Committee,moved
the minutes be approved.Trustee Laing seconded the motion and
it passed unanimously.
Minutes of the Light and Power Committee meeting held November
13,1985 were read.Trustee Graves,Chairman of the Committee,
moved the minutes be approved.Trustee Laing seconded the motion
and it passed unanimously.
Minutes of the Water Committee meeting held November 13,1985
were read.Trustee Hix,Chairman of the Committee,moved the
minutes be approved.Trustee Wood seconded the motion and it
passed unanimously.
Trustee Hix introduced,and Town Administrator Hill read in full,
the following Ordinance and moved it be adopted:
AN ORDINANCE AMENDING CHAPTER 13.32 OF THE
MUNICIPAL CODE OF THE TOWN OF ESTES PARK,
COLORADO,THE SAME PERTAINING TO WATER
RATES AND CHARGES
Trustee Aldrich seconded the motion and it passed by the follow
ing votes:Those voting “Yes”Trustees Aldrich,Brown,Graves,
Board of Trustees -November 26,1985 -Page six
Hix,Laing and Wood.Those voting “No”none.Whereupon Mayor
Dannels declared said Ordinance duly passed and adopted and
ordered it numbered 12-85 and published according to law.
Minutes of the Public Works Committee meeting held November 21,
1985 were read.Trustee Wood,Chairman of the Committee,moved
the minutes be approved.Trustee Brown seconded the motion and
it passed unanimously.
Minutes of the Code and Sanitation Committee meeting held Novem
ber 22,1985 were read.Trustee Aldrich,Chairman of the Commit
tee,moved the minutes be approved.Mr.George Clausen,Rocky
Mountain Consultants,addressed the Trustees requesting theW-a-e-r—
j,i’’Committee reconsider their recommendation to the Estes Park
Sanitation District whereby the Committee recommended McLaughlin
Water Engineers be awarded the contract to perform the Sewer Rate
Study.Mr.Clausen provided additional information concerning
his firm’s familiarity with the District,thus indicating a low
bid of $5,000.00,and several projects now underway that have
been accomplished through efforts of Rocky Mountain Consultants.
Town Engineer Widmer clarified factors that were considered by
the Committee in making their recommendation.Trustee Graves
stressed the fact that the Committee had made a recommendation to
the Estes Park Sanitation District;the District would actually
award the contract.Trustee Wood seconded the motion and it
passed unanimously.
Minutes of the Stanley Park Committee meeting held November 25,
1985 were read.Trustee Wood,Chairman of the Committee,moved
the minutes be approved.Trustee Hix seconded the motion and it
passed unanimously.
Minutes of the Estes Park Planning Commission meeting held
November 19,1985 were submitted.
Mr.Tom Curren,Director,Larimer—Weld Council of Governments
(COG)reported on projects currently underway by COG:208 Water
Quality Plan (the Plan has been submitted and adopted by the
State,the Colorado Forecast 2001 Highway System Report,the
Technical Assistance Program,Energy Impact Program and the Grant
Assistance Program.Two projects have been added for 1986:a
feasibility study for revolving loan project addressing economic
development,and improving communications.Mr.Curren presented
Town Administrator Hill with an informational notebook prepared
by COG and stated his office would be willing to provide assis
tance in gathering information concerning the possibility of a
circuit rider Fire Marshal and any Federal Grant Programs in
which the Town of Estes Park might have an interest.
Trustee Wood introduced,and Town Administrator Hill read in
full,the following Resolution and moved it be adopted:
R E S 0 L U T I 0 N 22-85
BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE TOWN OF ESTES
PARK,COLORADO:
That the filing date of the application for a Beer and Wine
Liquor License to serve malt and vinous liquor filed by Hospi
tality Specialists,dTba MOLLY B RESTAURANT,200 Moraine Avenue,
Estes Park,Colorado,is November 21,1985,and it is hereby
ordered that a public hearing on said application shall be held
in the Board Room of the Municipal Building,170 MacGregor
Avenue,on January 14,1986 at 7:30 P.M.,and that the neighbor
hood boundaries for the purpose of said application and hearing
shall be the area included within a radius of 2.25 miles as
measured from the center of the applicant’s property.Trustee
Hix seconded the motion and it passed unanimously.
Mayor Dannels declared a public hearing to consider adoption of
the 1986 Budget.Those speaking in “favor”of the 1986 Budget,
none.Those speaking in “opposition”,Mr.Louis O’Riordan.Mr.
Board of Trustees -November 26,1985 -Page seven
O’Riordan requested the allocation of $251,500 for the Chamber of
Commerce be deleted.Mayor Dannels declared the public hearing
closed.Trustee Wood introduced,and Town Administrator Hill
read in full,the following Resolution and moved it be adopted:
RESOLUTION TO ADOPT BUDGET 23-85
A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUE FOR EACH FUND,
AND ADOPTING A BUDGET FOR THE TOWN OF ESTES PARK,COLORADO,FOR
THE CALENDAR YEAR BEGINNING ON THE 1st DAY OF JANUARY,1986,AND
ENDING ON THE LAST DAY OF DECEMBER,1986.
WHEREAS,the Board of Trustees of the Town of Estes Park
have appointed Dale G.Hill,Town Administrator,to prepare and
submit a proposed budget to said government body at the proper
time,and;
WHEREAS,upon due and proper notice,published in accordance
with the law,said proposed budget was open for inspection by the
public at a designated place,a public hearing was held on
November 26,1985,and interested taxpayers were given the
opportunity to file or register any objections to said proposed
budget,and;
WHEREAS,whatever increases may have been made in the
expenditures,like increases were added to the revenues so that
the budget remains in balance,as required by law.
NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF TRUSTEES OF
THE TOWN OF ESTES PARK,COLORADO:
General Fund $
General Revenue Sharing
Stanley Park Fund
Conservation Trust Fund
Museum Fund
Public Library Fund
Light and Power Fund
Water Fund
Self Insurance Fund
Policemen’s Pension Fund
Firemen’s Pension Fund
4,413,525
60,737
348,467
5,000
43,460
188,845
6,060,822
1,147,950
641,215
16,690
34,350
$12,961,061
Section 2.That the estimated resources for each fund are
as follows:
General Fund:
From unappropriated
surpluses $1,159,871
From sources other than
general property tax 3,531,200
From the general property
tax levy
__________
TOTAL GENERAL FUND
Section 1.That estimated expenditures for each
follows:
fund are as
TOTAL
106,700
$4,797,771
General Revenue Sharing:$60,737
Stanley Park Fund:$348,467
Conservation Trust Fund:$5,000
Museum Fund:$43,460
Public Library Fund:$188,845
Board of Trustees -November 26,1985 -Page eight
Light and Power Fund:
From unappropriated
funds $1,778,862.
From other revenue
sources 5,500,500
TOTAL LIGHT &POWER FUND $7,279,362
Water Fund:
From unappropriated
funds $425,136
From other revenue
sources 907,814
TOTAL WATER FUND $1,332,950
Self Insurance Fund:$641,215
Policemen’s Pension Fund:$539,647
Firemen’s Pension Fund:$271,566
GRAND TOTAL $15,509,020
Section 3.That the budget,as submitted,amended,andhereinabovesummarizedbyfund,be and the same hereby isapprovedandadoptedasthebudgetoftheTownofEstes Park,Colorado,for the year stated above.
Section 4.That the budget hereby approved and adoptedshallbesignedbytheMayorandTownClerkandmadeapartofthepublicrecordsoftheTown.
Trustee Laing seconded the motion and it passed unanimously.
Trustee Laing introduced,and Town Administrator Hill read in
full,the following Resolution and moved it be adopted:
RESOLUTION TO APPROPRIATE SUMS OF MONEY 24-85
A RESOLUTION APPROPRIATING SUMS OF MONEY TO THE VARIOUS FUNDS AND
SPENDING AGENCIES,IN THE AMOUNTS AND FOR THE PURPOSES AS
SETFORTH BELOW,FOR THE TOWN OF ESTES PARK,COLORADO,FOR THE
1986 BUDGET YEAR.
WHEREAS,the Board of Trustees has adopted the annual budget
in accordance with the Local Government Budget Law on November
26,1985,and;
WHEREAS,the Board of Trustees has made provision therein
for re jes in an amount equal to or greater than the total
proposed expenditures as setforth in said budget,and;
WHEREAS,it is not only required by law,but also necessary
to appropriate the revenues provided in the budget to and for the
purposes described below,so as not to impair the operations of
the Town.
NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF TRUSTEES OF
THE TOWN OF ESTES PARK,COLORADO:
THAT the following sums are hereby appropriated from the
revenue of each fund,to each fund,for the purposes stated:
General Fund:
Current Operating Expenses $3,097,935
Capital Outlay 1,315,590
TOTAL GENERAL FUND $4,413,525
General Revenue Sharing Fund:$60,737
Stanley Park Fund:$348,467
Conservation Trust Fund:$5,000
Museum Fund:$43,460
Board of Trustees -November 26,1985 -Page nine
Library md:
Current Operating Expenses $173,378
Capital Outlay 15,467
TOTAL LIBRARY FUND $188,845
Light and Power Fund:
Current Operating Expenses $4,550,322
Capital Outlay 1,510,500
TOTAl LIGHT and POWER FUND $6,060,822
Water Fund:
Current Operating Expenses $819,210
Capital Outlay 328,740
TOTAL WATER FUND $1,147,950
Self Insurance Fund:$641,215
Policemen’s Pension Fund:$16,690
Firemen’s Pension Fund:$34,350
GRAND TOTAL $12,961,061
Trustee Hix seconded the motion and it passed unanimously.
The “Pro Hidden Valley Group”presented a request to place a sign
(4’x8’plywood thermometer)on the Horse Show Ticket Booth
located in Parking Lot #2.The thermometer would indicate the
Group’s goals and progress in raising funds for Hidden Valley.
The sign would be placed January 5,1986 and removed February 15,
1986.Mr.Louis O’Riordan stated the sign would not comply with
the Sign Code and therefore illegal.Town Attorney White stated
by adoption of an ordinance,provision is made authorizing the
erection of signs pursuant to Section 17.66.190 of the Municipal
Code.Trustee Hix moved Town Attorney White be directed to
prepare and submit an ordinance for review December 16,1985 and
that the “Pro Hidden Valley Group”submit a sketch of the
proposed sign.Trustee Brown seconded the motion and it passed
unanimously.
Mayor Dannels submitted the name of Eric Meyer for appointment to
the Estes Park Public Library Board.Mr.Meyer will replace
Spencer Rugaber whose term expires December 21,1986.Trustee
Hix moved Eric Meyer be appointed to serve on the Estes Park
Public Library Board.Trustee Brown seconded the motion and it
passed unanimously.
Mayor Dannels noted the next and only Town Board meeting in
December will be Monday,December 16,1985.
There being no further business,the meeting adjourned.
(L’.--t’...