The council may authorize, by ordinance, without an election, the issuance of refunding bonds or other like securities for the purpose of refunding any of the bonded indebtedness of the town of Vail, whether due or not, or which has or may become payable at the option of the town, or by the consent of the bond holders or by any lawful means, whether such bonded indebtedness be now existing or may hereafter be created. The proceeds derived from the issuance of any refunding bonds under the provisions of this section shall either be immediately applied to the payment, or redemption, and retirement of the bonds to be refunded, and the costs and expenses incident thereto, or shall immediately be placed in escrow to be applied to the payment of said bonds upon their presentation therefor, and the costs and expenses incident thereto, as may be provided by the town council. Any funds of the town legally available therefore may be placed in any escrow account established under the provisions of this section, and may be used for the purposes specified in the escrow agreement, if such procedure is deemed by the town council to be in the best interests of the town.
(1972 Charter)