HomeMy WebLinkAboutordinance.council.039-87 ORDINANCE NO. ~
(Series of 1987)
AN ORDINANCE AUTHORIZING THE ACCEPTANCE OF AN INTEREST-FREE LOAN
IN THE PRINCIPAL AMOUNT OF $100,000.00 FROM PARK TRUST, LTD. IN
ANTICIPATION OF THE COLLECTION OF TAXES OR OTHER REVENUES FOR
THE PURPOSE OF FACILITATING THE ACQUISITION OF OPEN SPACE AND
ALSO AUTHORIZING THE ISSUANCE OF A SHORT-TERM NOTE TO EVIDENCE
THE AMOUNT OF THE LOAN
WHEREAS, Park Trust, Ltd., an affiliate of the Pitkin County
Parks Association ("PCPA") has offered the City Council a non-
interest loan in the amount of $100,000.00, annually renewable at
the option of the City Council for a period of five (5) years, as
an inducement to the City Council to purchase that open space
parcel, commonly known as the "Zoline Foundation Parcel"; and
WHEREAS, pursuant to Ordinance 30 (Series of 1987), the
City Council consummated the acquisition of the Zoline parcel and
now desires to accept the loan from Park Trust, Ltd. as a means
of facilitating said acquisition; and
WHEREAS, pursuant to Section 10.2 of the City Charter, the
City, upon the affirmative vote of a majority of the entire city
Council, may borrow money without an election in anticipation of
the collection of taxes or other revenues and issue short-term
notes to evidence the amount so borrowed; and
WHEREAS, the City Council desires to evidence the aforesaid
transaction by issuing a short-term note, annually renewable at
the option of the City Council for a period of five (5) years, to
evidence the amount of such loan, which loan shall originate as
of the date of this ordinance, 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 acceptance
of a non-interest loan in the sum of $100,000.00, and the
issuance of a note to evidence the amount of the loan in
anticipation of the collection of taxes or other revenues, in the
form appearing hereto as Exhibit "A", and the City Manager is
hereby empowered to execute such documents as may be necessary
to evidence the loan as aforesaid; provided, however, that
irrespective of the renewable nature of the note, the original
term of the 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
Nothing in this ordinance shall be construed to affect any
right, duty or liability under any ordinances in effect prior to
the effective date of this ordinance, and the same shall be
continued and concluded under such prior ordinances.
Section 4
A public hearing on the ordinance shall be held on the ~8~
day of ~ , 1987,
in
the
city
Council
Chambers, Aspen City Hall, Aspen, Colorado.
INTRODUCED, READ AND ORDERED PUBLISHED as provided by law by
the City Council of the City of Aspen on the_ /~gA~-~ day of
William L. SA r
ATTEST:
Kathryn ~ Koch, City Clerk
FINALLY~ adopted, passed and approved this ~~ day of
~~ , 1987.
William L. ~
ATTEST:
K~ch-, City Clerk
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