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RESOLUTION NO.
(Series of 1992)
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO
WITH RESPECT TO LOWER UTE AVENUE IMPROVEMENT DISTRICT
DECLARING ITS OFFICIAL INTENT TO REIMBURSE ITSELF WITH
PROCEEDS OF A FUTURE TAXABLE OR TAX-EXEMPT BORROWING FOR
CERTAIN CAPITAL EXPENDITURES TO BE UNDERTAKEN BY THE CITY
AND/OR THE DISTRICT FOR WHICH MONEYS HAVE NOT BEEN, AND ARE
NOT REASONABLY EXPECTED TO BE, ALLOCATED ON A LONG-TERi~ BASIS
TO SUCH CAPITAL EXPENDITURES; IDENTIFYING SAID CAPITAL
EXPENDITURES AND THE FUNDS TO BE USED FOR SUCH PAYMENT;
PROVIDING FOR THE AVAILABILITY OF THIS RESOLUTION TO THE
PUBLIC; AND PROVIDING CERTAIN OTHER MATTERS IN CONNECTION
THEREWITH.
WHEREAS, Lower Ute Avenue Improvement District (the
"District") has been established as a local improvement within the
city of Aspen, Colorado (the "city") with requisite power to
construct certain capital projects within the boundaries of the
District; and
WHEREAS, the City Council has determined that the incurring
of certain capital expenditures described in this Resolution!is
necessary and desirable in the District; and
WHEREAS, such capital expenditures are to be initially
financed with moneys that are not, and are not reasonably expected
to be, allocated to such capital expenditures on a long-term basis;
and
WHEREAS, the City acting through the District currently
intends and reasonably expects to participate in a taxable or tax-
exempt borrowing to finance such capital expenditures, including
an amount not to exceed $328,232 for reimbursing the City for such
capital expenditures, within one year of the date of such capital
expenditures or the placing in service of such capital projects,
whichever is later; and
WHEREAS, the city Council hereby desires to declare its
official intent, pursuant to 26 C.F.R. §1.103-18, to reimburse the
City and the District for such capital expenditures with the
proceeds of future taxable or tax-exempt borrowing.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF ASPEN, COLORADO THAT:
1. The city and the District presently intend and reasonably
expect to finance certain street, curb, gutter, drainage,sidewalk
and lighting improvements and related work within the District (the
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"Project") with moneys currently contained in the City's General
Fund, which funds have not been, and are not reasonably expected
to be, allocated to the Project or budgeted to be available for
such capital expenditures and are not available to finance such
capital expenditures on a long-term basis.
2. The City and/or the District presently intend and
reasonably expects to participate in a taxable or tax-exempt
borrowing within one year of the date of the expenditure of moneys
on the Project or the date upon which the Project is placed!in
service, whichever is later, and to allocate an amount not ito
exceed $328,232 of the proceeds thereof to reimburse the City for
its expenditures in connection with the Project.
3. This Resolution shall be continuously available for
inspection by the general public at the main administrative office
of the city during normal business hours on every business day for
the period beginning not more than 30 days after the date hereof
until the date of the issuance of a taxable or tax-exempt
borrowing, the proceeds of which will be used to reimburse the city
for its expenditure of funds on the Project.
4. That all prior acts and doings of the officers, agents
and employees of the City or the District which are in conformity
with the purposes 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.
5. If any section, paragraph, clause or provision of this
Resolution shall for any reason be held to be 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.
6. Ail bylaws, orders and resolutions, or parts thereof,
inconsistent herewith are hereby repealed to the extent onlyiof
such inconsistency. This repealer shall not be construed ias
reviving any bylaw, order or resolution or part thereof.
7. This Resolution shall be in full force and effect upon
its passage and approval.
Adopted this 27th day of April 1992.
[SEAL]~ CITY OF ASPEN, COLORADO
Attest ? Mayo~
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