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Home My WebLink Aboutresolution.council.062-93 tit e e ...-- -.. - A JOINT RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF PITKIN COUNTY, COLORADO, THE TOWN COUNCIL OF SNOWMASS VILLAGE, COLORADO, AND THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO, CONFIRMING THE TRANSPORTATION PROJECTS DESIGNATED TO BE FUNDED FROM THE PROCEEDS OF TRANSPORTATION REVENUE BONDS. Resolution /I &,2. RECITALS 1. The Aspen City Council (" Aspen"), the Pitkin County Board of County Commissioners ("County"), and the Town Council of Snowmass Village ("TOSV"), have jointly agreed to work together to solve common transportation problems; and 2. Aspen, TOSV and County have previously adopted joint resolutions to: 1) identify a conceptual framework for a comprehensive transportation strategy for the Roaring Fork Valley, and 2) approve a comprehensive valley transportation plan and endorse (me-half (1/2) cent county-wide sales/use taxes to fund elements of said plan; and 3. It is the intent of Aspen, TOSV and County to maximize other revenue sources prior to issuing public debt; and 4. Local public funding will be supplemented to the greatest extent possible by additional federal, state, and private funding for transportation improvements within the Roaring Fork Valley; and 5. The Roaring Fork Transit Agency ("RFTA") will continue to aggressively pursue federal grant revenues; and 6. RFT A fare structure, operating schedules and(or routes will continue to be evaluated and revised to maximize cost efficiency and effectiveness. NOW, THEREFORE, BE IT RESOLVED by Aspen, TOSV and County that the following project list (Exhibit A) shall be adopted' as those designated projects to be funded from the proceeds of transportation revenue bonds as issued at such times andin such amounts as the parties hereto may from time to time agree, subject to the approval by the electorate of all proposed bonds at a county-wide election(s). EXHIBIT "e" .. e TRANSPORTATION REVENUE BONDS: POTENTiAL PROJECTS 1993 Proiect~ Estimated Cost 5 replacement buses & spare engine 1,290,000 5 replacement buses 1,235,000 5 new buses for cl.v & s.v. 1,235,000 3 new buses for lot shuttle 741,000 Rio Grande ROW 5,000,000 9,501,000 e'< park-and-ride lots ~ . ~., 2,250,000 ll,751,OOO 1994 Projects Separate Dedicated Transit Way (A-Line and CoLine) Estimated Cost ? e Bond Size(l) 1,498,000 1,434,000 1,434,000 860,000 5,805,000 11,031,000 2,612,000 13,643,000 Bond Size ? EXHIBIT A Annual Debt Repayment Service (2) Funding Squrce ----------- -------------- 170,000 (12) existing 1 % sales tax 162,000 (12) new, to be determined 162,009 (12) new 1/2 % sales tax 97,000 (12) new parking revenues 532,000 (20) new 1/2 % use tax for $200,000 remndr from state & dv govts. 1,123,000 239,000 (20) state or privatel otherwise to be determined 1,362,000 Debt Source ? - New 1/2 % sales tax - Federal State - Fare box - Private .. APPROVED AND ADOPTED AT THE REGULARJiPETING OF THE PITKIN .. COUNTY BOARD OF COMMISSIONERS ON THIS \ '-I,' DA Y OF ":14 ' 1~3. ' BOARD OF COUNTY COMMISSIONERS PITKIN COU , COLORADO Jea?::::~fr- Deputy County Clerk MANAGER APPROVAL: APPROVED AS TO FORM: ~l~ \0\ l)'\3 Reid Haug 1ey County Manager APPROVED AND ADOPTED AT THE REGULAR MEETING 9,rTHE TOWN e, C~NCIL OF SNOWMASS VILLAGE, COLORADO, ON THIS 4'"uU DAY OF . )~U, 1993. " ~~- ,:Qu~: .Il)~ - ~ Trudy Worline, Town Clerk AGE TOWN COUNCIL MANAGER APPROVAL: , APPROVED AS TO FORM: Y:~ Gary SUIter, Town Manager Steve Conner, Town Attorney APPROVED AND ADOPTED AT THE REGULAR MEETING OF THE ASPEN CITY COUNCIL, COLORADO, ON THIS 1 DAY OF ~, 1993. k L~ <; '5 -~ - . ,~ John . Bennett, Mayor e " _MANAGER APPROVAL: ~ \\W ,- '. APPROVED AS TO FORM: ~1,~ Edward M. Caswall City Attorney ~ ~. . ~., e EXHIBIT "D" Ballot Question B - November 2, 1993, Election B 1(2% Sales and Use Tax to Fund Mass Transportation Improve- ments Shall Pitkin County taxes be increased up to $2,870,0001 annually by the imposition of an additional one-half of one percent sales tax and an additional one-half of one percent use tax2 commencing January 1, 1994, and thereafter, for the purpose of increasing and improving the public mass trans- portation system within the Roaring Fork Valley; Such mass transportation system improvements to be approved by intergovernmental agreement between Pitkin County, the City of Aspen, and the Town of Snowroass Village and to include but not be limited to (i) increased and improved bus service, includ- ing, where feasible, the conversion of diesel-powered buses to cleaner-burning alternative fuels, (ii) park-and-ride facili- ties, (iii) participating with Roaring Fork Valley governments and(or others to acquire the Denver and Rio Grande Railroad right-of-way for transportation and related trails and open space uses, and (iv) a fixed guide-way public transportation system on a separate right-of-way (such as a busway, monorail, light-rail or similar mechanical transit system) connecting Aspen, Snowmass and downvalley locations within the Roaring Fork Valley and developed with the participation of federal, state, and private entities; The proceeds of such one-half of one percent use tax to be utilized first for the acquisition of the Denver and Rio Grande Railroad right-of-way (unless an acceptable purchase agreement cannot be reached) and then for other public mass transportation system improvements; The proceeds of both taxes to be supplemented to extent possible by additional federal, state, funding for public mass transportation system within the Roaring Fork Valley; the greatest and pr i vate improvements IThe estimated maximum amount to be collected in 1994 from the proposed sales and use tax, calculated as the amount that would have been collected in 1992 ($2,049,159 from the sales tax plus $246,746 from the use tax) and increased by 25%. 2Use tax is collected on motor vehicles and building materials purchased outside of the County and brought into the County for use. <It <It e And the receipt, collection and expenditure of the full proceeds of such sales and use taxes to not be limited by Article X, section 20 of the Colorado Constitution (except that the first full fiscal year's collections may not exceed the estimated dollar amount stated above) and to not thereby otherwise limit the receipt, collection or spending of any other revenues or funds by Pitkin County? Note: As authorized by state statute, approval of this question will result in an aggregate sales tax rate in the incorporated areas of the County in excess of the current seven percent statutory limit. The aggregate sales tax raote in the remainder of the County would be 6.5%. jwl014.1 ~, '. . . EXHIBIT "E" Ballot Question C - November 2, 1993, Election C Transportation Revenue Bonds Shall Pitkin County debt be increased a principal amount of up to $13,650,000 with a repayment cost of up to $29,725,0001 by the issuance and payment of revenue bonds at the best avail- able net effective interest rate not to exceed 8 1(2% per annum, and with a maturity date not to exceed 21 years from the date of issuance, for the purpose of increasing and improving the public mass transportation system within the Roaring Fork Valley; Such mass transportation system improvements to be approved by intergovernmental agreement between Pitkin County, the city of Aspen, and the Town of Snowroass Village and to include but not be limited to (i) increased and improved bus service, includ- ing, where feasible, the conversion of diesel-powered buses to cleaner-burning alternative fuels, (ii) park-and-ride facili- ties, and (iii) participating with Roaring Fork Valley governments and(or others to acquire the Denver and Rio Grande Railroad right-Of-way for transportation and related trails and open space uses; Such bonds to be issued in one or more series, with or without a premium for redemption prior to maturity, and upon such other terms as the Board of County Commissioners of pitkin County may determine, Pitkin County being authorized (i) to refund the bonds; (ii) to pledge sales and use taxes and any legally available revenues of the transportation system in an amount sufficient to pay the principal of, premium, if any, and interest on the bonds and any refunding bonds when due; and (iii) to receive, collect and spend the proceeds of the bonds and any refunding bonds and the revenues from such taxes and revenues and any earnings from the investment of such proceeds and revenues without application of the revenue and spending limitations of Article X, section 20, of the Colorado Constitution and without thereby otherwise limiting the receipt, collection or spending of any other revenues or funds of Pitkin County? jw1014.2 IMaximum repayment cost calculated as the sum of the equal annual installments required to repay principal of $13,650,000 plus interest at 8 1(2% over 21 years. The actual interest rate, term and repayment cost could be lower but not higher.