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RESOLUTION NO. W
Series of 1997
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO,
APPROVING A SHORT TERM CONSTRUCTION LOAN FROM THE ALPINE BANK OF
ASPEN OF UP TO $3,500,000.00 TO FINANCE THE CONSTRUCTION OF THE CITY'S
WATER PLACE HOUSING PROJECT AND TO AUTHORIZE THE CITY MANAGER TO
EXECUTE REQUISITE LOAN DOCUMENTS.
WHEREAS, Section 10.1 of the Aspen City Charter authorizes the City to borrow
money and issue short term notes as security for such borrowing; and
WHEREAS, the City Council desires to obtain a short term construction loan of up to
$3,500,000.00 to finance the construction of the City's Water Place Housing Project; and
WHEREAS, the Alpine Bank: of Aspen, in response to an invitation to bid, has offered
the best terms and conditions for said loan.
e NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ASPEN,
COLORADO:
That the City Council of the City of Aspen hereby authorizes the City Manager, on
behalf of the City of Aspen, to execute a short term note pledging the full faith and credit of the
City and that repayment of the financial obligation shall be a general obligation of the City of
Aspen; provided, however, that (a) the proceeds of the loan shall be deposited in the City of
Aspen's "Water Place Housing Fund", (b) the loan term shall not be extended beyond December
31, 1997, (c ) the interest rate shall be no greater than 8.25 % , (d) the note amount shall not
exceed $3,500,000.00, and (e) that the repayment of the note shall be made out of the City's
"Water Place Housing Fund". The City Manager is hereby further authorized to execute such
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other documents on behalf of the City of Aspen that may be required to consummate the loan
documentation referenced herein.
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INTRODUCED, READ AND ADOPTED by the City Council of the City of Aspen on
the e24 day of ~ , 1997.
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John S. Bennett, Mayor
I, Kathryn S. Koch, duly appointed and acting City Clerk do certify that the foregoing is
a true and accurate copy of that resolution adopted by the City Council of the City of Aspen,
Colorado, at a meeting held on the day hereinabove stated.
loan.rcs