Vail prepares to issue bonds
Vail, CO Colorado
Who they spoke to: Vail Finance Director Judy Camp, Vail Manager of Budgets and Financial Reporting Kathleen Halloran
What they talked about: The appropriation of funds based on the tax increment financing bonds which the town approved Oct. 5. Town staff asked the Vail Town Council, acting as the Vail Reinvestment Authority, to approve a supplemental appropriation for $300,000, including $250,000 to facilitate the issuance of the bonds. The remaining $50,000 was requested in order to pay for planning costs, but council members denied that $50,000.
The supplemental appropriation includes bond proceeds of $12 million, a town cash-funded reserve fund of $1,030,000, and a cost of issuance of $250,000, also cash-funded by the town.
Camp said the town is running slightly behind on the bonds because it has yet to receive a bond rating. The town chose to issue $12 million in tax increment financing bonds because of statewide ballot initiatives that could affect the town’s ability to incur debt later.
“We still feel we will be able to market the bonds next week and have them issued prior to the results of the election, but we are running a few days behind,” Camp said.