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RESOLUTION NO. 58
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; and
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WHEREAS, on March 24, 1997, the City Council adopted Resolution No. 20, Series of
1997, in which it authorized the above referenced short term construction loan, but specified an
incorrect interest rate and failed to specify the correct collateral for the note.
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 certificates of deposit in the
aggregate amount of $3,500,000.00 currently on deposit with Alpine Bank of Aspen; provided,
however, that (a) the Finance Director for the City of Aspen is hereby directed to maintain a
minimum of $3,500,000.00 in certificates of deposits with Alpine Bank of Aspen during the term
of the note; (b) the proceeds of the loan shall be deposited in the City of Aspen's "Water Place
Housing Fund", (c) the loan term shall not be extended beyond December 31, 1997, (d) the
interest rate shall be no greater than the Chase Manhattan Bank: prime rate, adjusted daily; and
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(e) the note amount shall not exceed $3,500,000.00. The City Manager is hereby further
authorized to execute such other documents on behalf of the City of Aspen that may be required
to consummate the loan documentation referenced herein.
INTRODUCED, READ AND ADOPTED by the City Council of the City of Aspen on
the /1 day of ~r' 1997.
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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.
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Kathry . Koch, City Clerk
loan.res