HomeMy WebLinkAboutresolution.council.038-92 RESOLUTION NO. ~
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO liN
SUPPORT OF PITKIN COUNTY BALLOT QUESTION #2 - SALES TAX REVENUE
BONDS FOR THE ROARING FORK TRANSIT AGENCY
WHEREAS, the County of Pitkin in the State of Colorado (the
"County" and the "State," respectively), is a duly created
political subdivision of the State, organized and operating as a
home rule county pursuant to the general statutes of the State and
a county home rule charter (the "Charter") adopted pursuant to the
Colorado County Home Rule Powers ACT; and
WHEREAS, the County and the city of Aspen formed the Roaring
Fork Transit Agency by intergovernmental agreement and funded lit
with a 1% county sales tax imposed by Resolution Number 83-29 (the
"transit sales tax"); and
WHEREAS, the County has authority pursuant to C.R.S. 29-2-112
to issue sales tax revenue bonds for capital improvement purposes;
and
WHEREAS, RFTA budgeted for the acquisition of new buses in
1992 to replace old buses in the fleet, with such acquisitionlto
require financing, and the other listed capital improvements
enumerated below are contemplated in 1993; and
WHEREAS, based upon the recommendation of the RFTA Board iof
Directors, the Aspen city Council and the Board of County
Commissioners of the County (the "Board") have determined thatlit
is necessary and desirable to finance the capital improvement
projects enumerated below; and
WHEREAS, since the interest on municipal bonds is at the
lowest rate in over a decade, sales tax revenue bonds are the most
cost-effective way to finance needed capital improvements without
raising taxes; and
WHEREAS, the proposed RFTA sales tax revenue bonds will be
retired using the existing Pitkin County one (1) penny sales tax
dedicated to transit, and, therefore, will not increase taxes; and
WHEREAS, the proposed RFTA sales tax revenue bond issue has
been placed on the ballot of the Pitkin County Primary Election
which will occur on August 11, 1992, as Question #2 Sales Tax
Revenue Bonds For RFTA; and
WHEREAS, Question #2 reads as follows: Shall Pitkin Countylbe
authorized to issue not more than $1,700,000 of sales tax revenue
bond, to be secured by a pledge of revenues accruing to the County
from its existing 1% transit sales tax and not from general taxes,
and to be used to finance the following projects for the Roaring
Fork Transit Agency: (i) acquiring and equipping buses, (i!i)
acquiring and equipping a new vehicle for the transportation
senior citizens, (iii) connecting the bus maintenance facility ito
the municipal sewer system, (iv) installing fuel tank monitors, ~nd
(v) improving the Rubey Park Transit Center; such bonds:
1. to bear interest at a net effective interest rate not
exceeding 9% per annum;
2. to be payable within 15 years from their date; and
3. to be on such other additional terms as the County may
determine?
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF ASPEN, COLORADO:
Section 1. The City Council has determined, and hereby
determines that the interest of the city, County and the public
interest and necessity require (i) the acquisition of vehicles and
improvement of transit facilities for RFTA, (ii) the borrowingiof
funds for such purposes by the issuance of sales tax revenue bondst
and (iii) the pledging of revenues accruing to the County from its
1% transit sales tax as security for such borrowing.
Section 2. The city Council supports and recommends the
passage of Question ~ 2 - Sales Tax Revenue Bonds For RFTA.
CITY OF ASPEN
John Bennett, Mayor
ATTEST:
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