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ORDINANCE # 5'9
(Series of 1986)
AN ORDINANCE AUTHORIZING THE BORROWING OF THE SUM OF $220,000 IN
THE 1987 FISCAL YEAR IN ANTICIPATION OF THE COLLECTION OF TAXES
OR OTHER REVENUES FOR THE PURPOSE OF FINANCING THE ACQUISITION OF
OPEN SPACE AND AUTHORIZING THE ISSUANCE OF A SHORT-TERM NOTE TO
EVIDENCE THE AMOUNT SO BORROWED;
WHEREAS, pursuant to Ordinance #17,(Series of 1985) the City
Council consummated an agreement to purchase open space; and
WHEREAS, pursuant to Section 10.2 of the City Charter, the
City, upon affirmative vote of a majority of the entire Council,
may borrow money without an election in anticipation of the
collection of taxes or other revenues and to issue short-term
notes to evidence the amount so borrowed; and
WHEREAS, the City Council desires to refinance the aforesaid
transaction by borrowing the sum of $220,000 during the 1987
fiscal year from First National Bank of Aspen and to issue a
short-term note to evidence the amount so borrowed, such loan to
originate no earlier than January 1,
1987, and to mature before
the end of the 1987 fiscal year.
NOW, THEREFORE BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF ASPEN, COLORADO:
Section 1
That the City Council does hereby authorize the borrowing of
the sum of $220,000 in fiscal year 1987 and the issuance of
short-term notes
to evidence
the amount
so borrowed in
anticipation of the collection of taxes or other revenues, and
the City Manager is hereby empowered to execute such documents as
may be necessary to borrow the money aforesaid;
provided,
however, that any such short-term note shall mature before the
close of the 1987 fiscal year.
Section 2
If any section,
subsection,
sentence,
clause, phrase or
portion of this ordinance is for any reason held invalid or
unconstitutional in a court of competent jurisdiction, such
portion shall be deemed a separate,
distinct and independent
provision and shall not affect the validity of the remaining
portions thereof.
Section 3
A public hearing on the ordinance shall be held on the 8th
day of December, 1986, at 5:00 p.m. in the City Council Chamber,
Aspen City Hall, Aspen, Colorado.
INTRODUCED READ AND ORDERED published as provided by law of
the City Council of the City of Aspen on the 24th day of
November, 1986.
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William L. Stirling, Mayor
ATTEST:
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Kathryn S. Koch, City Clerk
FINALLY adopted, passed and approved this ~th day of
December, 1986.
ATTEST:
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Kathryn S. Koch, City Clerk
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William L. Stirling, Mayor