HomeMy WebLinkAboutresolution.council.149-18 RESOLUTION NO. 149
SERIES OF 2018
A RESOLUTION EXPRESSING THE INTENT OF THE
CITY OF ASPEN,COLORADO TO BE REIMBURSED FOR
CERTAIN EXPENSES RELATING TO CERTAIN CAPITAL
EXPENDITURES ASSOCIATED WITH THE FINANCING
OF NEW ADMINISTRATIVE OFFICES.
WHEREAS,the City of Aspen,Colorado(the"City")is a legal and regularly created,established,
organized and existing municipal corporation under the provisions of Article XX of the Constitution of
the State of Colorado and the Charter;and
WHEREAS,the members of the City Council of the City(the"Council")have been duly elected and
qualified; and
WHEREAS,it is the current intent of the City to make certain capital expenditures for the construction of
new City administrative offices(the"Project");and
WHEREAS,the Council has determined that it is in the best interest of the City to finance the Project by
the execution and delivery of a lease purchase agreement pursuant to Section 10.8 of the City Charter(the
"Financing");and
WHEREAS,the Council has determined that it is necessary to make capital expenditures in connection
with the Project prior to the time that the City arranges for the financing of the Project;and
WHEREAS,it is the Council's reasonable expectation that when such Financing occurs,the capital
expenditures will be reimbursed with the proceeds of the Financing;and
WHEREAS,in order to comply with the provisions of the Internal Revenue Code of 1986,as amended
(the"Code"),it is the Council's desire that this resolution shall constitute the"official intent" of the
Council to reimburse such capital expenditures within the meaning of Treasury Regulation§ 1.150-2.
NOW,THEREFORE,be it resolved by City Council:
Section 1.All action(not inconsistent with the provisions of this resolution)heretofore taken by the
Council and the officers,employees and agents of the City directed toward the Financing is hereby
ratified,approved and confirmed.
Section 2.The City intends to finance up to$28,732,000 to pay the costs of the Project,including the
reimbursement of certain costs incurred by the City prior to the receipt of any proceeds of a Financing,
upon terms acceptable to the City,as authorized in an ordinance to be hereafter adopted and to take all
further action which is necessary or desirable in connection therewith.
Section 3.The officers,employees and agents of the City shall take all action necessary or reasonably required
to carry out,give effect to and consummate the transactions contemplated hereby and shall take all action
necessary or desirable to finance the Project and to otherwise cant'out the transactions contemplated by the
resolution.
Section 4.The City shall not use reimbursed moneys for purposes prohibited by Treasury Regulation§ 1. 150-
2(h).This resolution is intended to be a declaration of"official intent"to reimburse expenditures within the
meaning of Treasury Regulation§ 1.150-2.
Section 5.If any section,paragraph,clause or provision of this resolution shall for any reason be held invalid
or unenforceable,the invalidity or unenforceability of such section,paragraph,clause or provision shall not
affect any of the remaining provisions of this resolution.
Section 6.All acts,orders and resolutions of the Council,and parts thereof,inconsistent with this resolution
be,and the same hereby are,repealed to the extent only of such inconsistency.This repealer shall not be
construed to revive any act,order or resolution,or part thereof,heretofore repealed.
Section 7.The resolution shall in full force and effect upon its passage and approval,this 10th day of
December 2018.
Steven Ska on,Mayor
I,Linda Manning,duly appointed and acting City Clerk of the City of Aspen,Colorado,do hereby certify that
the foregoing is a true and accurate copy of the Resolution adopted by the City Council at its meeting held on
the I Oth day of December 2018.
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OiiiL—ing,City Clerk