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HomeMy WebLinkAboutresolution.council.028-92 RESOLUTION NO. X& (Series of 1992) RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN~ COLORADO WITH RESPECT TO UPPER 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-TERM 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, Upper Ute Avenue Improvement District (the "District") has been established as a local improvement within the city of Aspen, Colorado (the "city") with requisite power ito 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 Resolutionlis 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 $213,104 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, trail, drainage and related work within the District (the "Project") with moneys currently contained in the City's General Fund, which funds have not been, and are not 3 reasonably expected to be, allocated to the Project or budgetedito 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 expect 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 $213,104 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 fnvalid for unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this Resolution. 6. All bylawst orders and resolutions, or parts thereof, inconsistent herewith are hereby repealed to the extent onlylof such inconsistency. This repealer shall not be construed !as 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: : Mayor