HomeMy WebLinkAboutresolution.council.033-12 RESOLUTION 3 3, 0/
• A RESOLUTION OF THE CITY OF ASPEN DECLARING ITS OFFICIAL
INTENT TO REIMBURSE ITSELF WITH THE PROCEEDS OF A MUNICIPAL
BOND FINANCING FOR CERTAIN CAPITAL EXPENDITURES INCURRED
• OR TO BE INCURRED BY OR ON BEHALF OF THE ISSUER;'GENERALLY
IDENTIFYING SAID CAPITAL EXPENDITURES; AND PROVIDING CERTAIN
OTHER MATTERS IN CONNECTION THEREWITH.
WHEREAS, the City Council of the City of Aspen (the "Issuer"), a political subdivision and
body corporate of the State of Colorado (the "State"), is duly organized and existing pursuant to the
constitution and laws of the State; and
WHEREAS, the Board has determined that it is in the best interest of the Issuer to make or
have made on the Issuer's behalf certain capital expenditures relating to the acquisition,
construction and improvement of Wagner and Rio Grande Park Improvements, Open Space
Acquisition(Droste), Bob Helm Bridge, Golf Course Pump House improvements, and Galena
Plaza improvements (collectively, the "Project"); and
WHEREAS, the Board currently intends and reasonably expects to participate in a
municipal bond financing in a maximum principal amount that is not expected to exceed $4,100,000
including an amount which is currently estimated not to exceed $2,000,000 (the "Advanced
Amount"), to reimburse the Issuer for all or a portion of such capital expenditures incurred by the
• Issuer, or on the Issuer's behalf, or to be incurred subsequent to a period commencing 60 days prior
to the date hereof, and ending prior to the later of 18 months of the date of such capital expenditures
or the date on which the Project is placed in service (but in no event more than 3 years after the date
of the original expenditure of such moneys); and
WHEREAS, the Board hereby desires to declare its official intent, pursuant to 26
C.F.R. § 1.150-2, to reimburse the Issuer for such capital expenditures with the proceeds of the
Issuer's lease-purchase or municipal bond financing.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE ISSUER:
Section 1. Declaration of Official Intent. The Issuer shall,presently intends, and
reasonably expects to initially finance all or a portion of its share of the costs of the Project with
legally available funds. The Issuer presently intends and reasonably expects that the initial capital
expenditures incurred by the Issuer in connection with the financing of the Project will be originally
paid from Parks and Open Space Fund.
Section 2. Dates of Capital Expenditures. All of the capital expenditures covered by this
Resolution were or will be made on and after the date which is 60 days prior to the effective date of
this Resolution.
Section 3. Issuance of Tax-Exempt Obligations. The Issuer presently intends and
illreasonably expects to participate in a lease purchase or municipal bond financing within 18 months
of the date of the expenditure of moneys on the Project or the date upon which the Project is placed
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in service, whichever is later(but in no event more than 3 years after the date of the original
• expenditure of such moneys), and to allocate from said financing an amount not to exceed the
Advanced Amount to reimburse the Issuer for its capital expenditures incurred in connection with
the Project.
Section 4. Confirmation of Prior Acts. All prior acts and doings of the officials, agents and
employees of the Issuer which are in conformity 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 and
confirmed.
Section 5. Effective Date of Resolution. This Resolution shall take effect immediately
upon its passage.
PASSED AND.ADOPTED this 42-3 day of , 2012.
[SEAL]
By: /,/
Mayor
Attest:
By: /401 Ast.
• City Clerk
•
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