HomeMy WebLinkAboutresolution.council.023-01 RESOLUTION NO. 23
(Series of 2001)
A RESOLUTION OF THE CItY COUNCIL OF THE CITY OF ASPEN, COLORADO,
SUBMITTING TO THE ELECTDRATE OF THE CITY OF ASPEN CERTAIN QUESTIONS
AT THE MAY 8, 2001, MUNICIPAL ELECTION.
WHEREAS, the City CoUncil desires to place before the electorate of the City of Aspen
certain ballot questions; and
WHEREAS, the City coqncil is authorized pursuant to Section 5.7 of the Aspen City
Charter to, on its own motion, suhmit questions to a vote of the electorate; and
WHEREAS, the electioni provisions of Article X, Section 20(3) of the Colorado
Constitution requires that financial ballot issues be decided only in g state general election,
biennial local election, or on the first Tuesday in November of odd numbered years.
NOW, THEREFORE, BE!IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF ASPEN, COLORADO, THAi:
Section 1.
The following question shal! be submitted to the electorate at the May 8, 2001, municipal
election:
CITY OF ASPEN TRUSCOTT PI~.ACE BONDS
SHALL CITY OF ASPEN DEBT BE INCREASED BY UP TO $12,740,000, WITH A
MAXIMUM REPAYMENT C~)ST OF $22,578,000, FOR THE PURPOSE OF
CONSTRUCTING AND EQUIPPING ADDITIONAL AFFORDABLE HOUSING UNITS
AND INFRASTRUCTURE IMP~ROVEMENTS AT OR NEAR TRUSCOTT PLACE,
WHICH DEBT SHALL BE PAYABLE FROM (1) RENT AND OTHER REVENUES FROM
THE OPERATION OF TRUSCOTT PLACE AND MONEYS IN THE CITY'S
HOUSING/DAYCARE FUND THAT ARE AVAILABLE FOR SUCH PURPOSE (THE
"TRUSCOTT AND HOUSING/DkYCARE FUND REVENUES") AND (2) ALTHOUGH,
BASED ON HISTORICAL COLLECTIONS, TRUSCOTT AND HOUSING/DAYCARE
REVENUES ARE EXPECTED TO BE SUFFICIENT TO PAY THE PRINCIPAL OF,
PREMIUM, IF ANY, AND INTEREST ON SUCH DEBT AND TO OTHERWISE
COMPLY WITH THE COVENANTS OF THE RESOLUTION OR OTHER
INSTRUMENTS GOVERNING SUCH DEBT, IF AND TO THE EXTENT THE CITY
COUNCIL DETERMINES THAT THE PROJECTED TRUSCOTT AND
HOUSING/DAYCARE FUND iREVENUES WILL NOT BE SUFFICIENT FOR SUCH
PURPOSE IN ANY YEAR, FROM THE TAXES DESCRIBED BELOW; SHALL CITY
TAXES BE INCREASED BY UP TO $1,213,000 ANNUALLY IN ANY YEAR BY THE
LEVY OF AD VALOREM PROPERTY TAXES, WITHOUT LIMITATION AS TO RATE
OR AMOUNT OR ANY OTHER CONDITION, TO PAY THE PRINCIPAL OF,
PREMIUM, IF ANY, AND )NTEREST ON SUCH DEBT AND TO OTHERWISE
COMPLY WITH THE COyENANTS OF THE RESOLUTION OR OTHER
INSTRUMENTS GOVERNING SUCH DEBT IF AND TO THE EXTENT THE CITY
COUNCIL DETERMINES THAT THE PROJECTED TRUSCOTT AND
HOUSING/DAYCARE FUND REVENUES WILL NOT BE SUFFICIENT THEREFOR;
AND SHALL SUCH DEBT MATURE, BE SUBJECT TO REDEMPTION, WITH OR
WITHOUT PREMIUM, AND BE ISSUED, DATED AND SOLD AT SUCH TIME OR
TIMES, AT SUCH PRICES (AT, ABOVE OR BELOW PAR) AND IN SUCH MANNER
AND WITH SUCH TERMS, i NOT INCONSISTENT HEREWITH, AS THE CITY
COUNCIL MAY DETERMINE?i
YES
NO
Section 2.
The following question shall be submitted to the electorate at the May 8, 2001, municipal
election:
EXTENSION OF ONE PERCENT REAL ESTATE TRANSFER TAX - EMPLOYkl,;
HOUSING i
Shall the City of Aspen one percent~ (1%) real estate transfer tax authorized by Section 23.48.070
of the Aspen Municipal Code, earmarked for the purchase of land, and the construction and
maintenance of employee housing, be extended beyond its current expiration date of December
31, 2004, to December 31, 2024?
YES
NO
Section 3.
The following question shall be submitted to the electorate at the May 8, 2001, municipal
election:
.CITY OF ASPEN .20 % SALES TAX INCREASE - ISIS THEATER:
SHALL CITY OF ASPEN T ,AXES BE INCREASED UP TO $880,000.00 ANNUALLy
(FIRST FULL FISCAL YE~ TAX INCREASE) BY THE IMPOSITION OF AN
ADDITIONAL .20% SALESI TAX COMMENCING ON JULY 1, 2001, AND
TERMINATING JUNE 30, 2005, TO LEASE AND OPERATE THE ISIS THATER
BUILDING, AND TO EQUIP THE THEATERS WITH ALL NECESSARY SCREENS,
FIXTURES, FURNISHINGS AND EQUIPMENT; PROVIDED, HOWEVER, THAT THE
· CITY IS ABLE TO NEGOTIATE A LEASE WITH THE OWNERS OF THE ISIS THEATER
BUILDING THAT INCLUDES A MINIMUM TERM OF FOUR YEARS, AND MINIMUM
LEASE EXTENSIONS OF SIXTEEN YEARS; AND, PROVIDED FURTHER, THAT ALL
PROFITS OR EXCESS INCOME GENERATED DURING THE PERIOD OF THE LEASE
SHALL BE REINVESTED IN THE EXTENSION OF THE LEASE AND OPERATION OR
PURCHASE OF THE BUILDIN¢, AND ANY EXCESS FUNDS SHALL BE DEDICATED
TO FUNDING ARTS PROGRAMS AND EVENTS FOR THE YOUTH OF ASPEN?
NO
INTRODUCED, READ AND ADOPTED by the City Council of the City of Aspen on
the 12~ day March, 2001.
I, Kathryn S. Koch, duly appointed and acting City Clerk do certify that the foregoing is
a tree and accurate copy of that r{solution adopted by the City Council of the City of Aspen~
Colorado, at a meeting held on the day hereinabove stated.
Kathryn S~Koch, City Clerk
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