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RESOLUTION NO, ~ jA:
(Series of 1999)
A RESOLUTION OF THE CITY OF ASPEN, COLORADO DECLARING ITS
OFFICIAL INTENT TO REIMBURSE ITSELF WITH THE PROCEEDS OF A
FUTURE TAXABLE OR TAX-EXEMPT BORROWING FOR CERTAIN
CAPITAL EXPENDITURES TO BE UNDERTAKEN BY THE CITY;
IDENTIFYING SAID CAPITAL EXPENDITURES AND THE FUNDS TO BE
USED FOR SUCH PAYMENT; AND PROVIDING CERTAIN OTHER
MATTERS IN CONNECTION THEREWITH.
WHEREAS, the City of Aspen (the "City"), in the County of Pitkin and the State of
Colorado (the "State"), is a municipal corporation duly organized and existing pursuant to
constitution and laws of the State; and
WHEREAS, the City Council of the CitY (the "Council") is the governing body of the
City; and
WHEREAS, the City has detennined that it is in the best interest of the City to make
certain capital expenditures on the Project defined in this Resolution; and
WHEREAS, the City currently intends and reasonably expects to participate in a taxable
or tax-exempt borrowing to finance such capital expenditures, including an amount not to exceed
$5,000,000 for reimbursing the City for the portion of such capital expenditures incurred or to be
incurred subsequent to the date which is 60 days, prior to the, date hereof but beforc such
borrowing, within 18 months of the date of such capital expenditures or the placing in serJice of
the Project as hereinafter defmed, whichever is later (but in no event more than 3 years after the
date of the original expenditure of such moneys); and
WHEREAS, the Council hereby desires to declare its official intent, pursuant to
26 C.F.R. ~ 1.150-2, to reimburse the City for such capital expenditures with the proceeds of the
City's future taxable or tax-exempt borrowing.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
\ OF ASPEN, COLORADO, THAT:
SectioD 1. Declaration of Official Intent. The City shall, presently intends and
reasonably expects to finance certain road improvements (the "Project") with moneys currently
contained in its General Fund.
Section' 2. Dates of Capital Expenditures. All of the capital expenditure covered by
this Resolution were made not earlier than 60 days prior to the date of this Resolution.
Section 3, Issuance of Bonds or Notes. The City presently intends and reasonably
expects to participate in a taxable or tax-exempt borro'Wing within 18 months of the date of the
expenditure of moneys on the Project or the date upon which the Project is placed in service or
abandoned, whichever is later (but in no event more than 3 years after the date ,of the original
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expenditure of such moneys), and to allocate an amount of not to exceed $5,000,000 of the
proceeds thereof to reimburse the City for itse"Penditures in connection with the Project. '
Section 4. ResoJutionNumber, This is the firS! resolution of the City concerning all or
a portion of the Project described in paragraph 1 hereof adopted on or after Jtily 1, 1993.
Section 5. Confirmation 'of Prior Acts. All prior acts and doings of the officials, agents
and, employees of the City which are inconfonnity with the purpose and intent of this
Resolution, and in furtherance of the Project, shall be and the same hereby are in all respects
ratified, approved andconfmned.
Section 6. Repeal of Inconsistent Resolutions. All other resolutions of the Council, or
parts of resolutions, inconsistent with this Resolution are hereby repealed to the extend of such
inconsistency.
Section 7. Effective Date of Resolution. This Resolution shaIltake effect immediately
upon its passage.
IN1RODUCED, READ AND ADOPTED by the City Council of the City of Aspen on
the J Oth day of May 1999.
[SEAL]
CITY OF ASPEN, COLORADO
"
, Attest:"
BY~r )'~
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