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HomeMy WebLinkAboutresolution.council.081A-97 RESOLUTION #81A (Series of 1997) A RESOLUTION APPROVING THE REISSUANCE OF THE SERIES 1995 BONDS IN THE PRINCIPAL AMOUNT OF $1,875,000 FOR THE HUNTER LONGHOUSE PROJECT WHEREAS, THE ABOVE-captioned bonds (the "Series 1995 Bonds") were previously issued to finance and refinance a multi-family housing project (the "Project") located within the City of Aspen, Colorado, (the "City"), which project is owned by the Aspen/Pitkin County Housing Authority (the "Authority") and located on land leased from Pitkin County; and WHEREAS, it is proposed that the ownership of the project be transferred from the Authority to Aspen-Pitkin Employee Housing, Inc. a 501(c)(3) nonprofit corporation, and such transfer will cause a technical reissuance of the Series 1995 Bonds for federal tax law purposes; and WHEREAS, the purpose of this approval certificate is to satisfy the public approval requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), in order to continue to qualify the interest of the Series 1995 Bonds for exclusion from the gross income of the owners thereof for federal income tax purposes pursuant to the applicable provisions of the Code upon reissuance of the Series 1995 Bonds for federal tax law purposes following a change in ownership; and WHEREAS, a public hearing was held with respect to the Series 1995 Bonds and the change in ownership of the Project after reasonable public notice was given in accordance with applicable law. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO: Section 1 As Mayor of the City, I am the chief elected executive officer of the City elected-at-Iarge by popular vote of the residents of the City; and Section 2 For the sole purpose of qualifying the interest on the Series 1995 Bonds for. exclusion from the gross income of the owners thereof for federal income tax purposes pursuant to the applicable provisions of the Code, I hereby approve the reissuance of the Series 1995 Bonds in the principal amount of $1,875,000, and the financing and refinancing of the Project thereby, provided that in no event shall the City be liable for such Series 1995 Bonds. Dated: ~ /-'( /99t-- J ~1'~.. 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 October 14, 1997. ~vi~ . Kathry . Koch, City Clerk -.-.......