HomeMy WebLinkAboutresolution.council.066-98
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RESOLUTION NO. "
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RESOLUTION OF THE CITY OF ASPEN DECLARING ITS OFFICIAL
INTENT TO REIMBURSE ITSELF WITH PROCEEDS OF A FUTURE
TAXABLE OR TAX-EXEMPT BORROWING FOR CERTAIN CAPITAL
EXPENDITURES TO BE UNDERTAKEN BY THE CITY; IDENTIFYING
SAID CAPITAL EXPENDITURES AND THE FUNDS TO BE USED FOR
SUCH PAYMENT; AND PROVIDING CERTAIN OTHER MATTERS IN
CONNECTION THEREWITH.
WHEREAS, the City of Aspen (the "City") in the County of Pitkin and the State of
Colorado (the "State") is a municipal corporation duly organized and existing pursuant to the
laws of the State; and
WHEREAS, the City Council of the City (the "Council") is the governing body of the
City; and
WHEREAS, the City has determined that it is in the best interests of the City to make
certain capital expenditures on the Project defined in this Resolution; and
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WHEREAS, the City currently intends and reasonably expects to participate in a
taxable or tax-exempt borrowing to fmance such capital expenditures, including an amount not
to exceed $1.5 million for reimbursing the City for the portion of such capital expenditures
incurred or to be incurred subsequent to the date which is 60 days prior to the date hereof but
before such borrowing, within 18 months of the date of such capital expenditures or the
placing in service or abandonment of the Project as hereinafter defined, whichever is later (but
in no event more than 3 years after the date of the original expenditure of such moneys); and
WHEREAS, the Council hereby desires to declare its official intent, pursuant to 26
C.F .R. ~ 1.150-2, to reimburse the City for such capital expenditures with the proceeds of the
City's future taxable or tax-exempt borrowing.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF ASPEN THAT:
Section 1. Declaration of Official Intent. The City shall, presently intends and
reasonably expects to finance the acquisition and improvement of parks, trails, The Ice
Garden, open space, and the golf course (collectively, the "Project") with moneys currently
contained in its General Fund, Open Space and Parks Fund, and Golf Fund.
Section 2. Dates of Capital Expenditures. All of the capital expenditures covered
by this Resolution were made not earlier than 60 days prior to the date of this Resolution.
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Section 3. Issuance of Bonds or Notes. The City presently intends and reasonably
expects to participate in a taxable or tax-exempt borrowing within 18 months of the date of the
o expenditure of moneys on the Project or the date upon which the Project is placed in service or
abandoned, whichever is later (but in no event more than 3 years after the date of the original
expenditure of such moneys), and to allocate an amount not to exceed $1.5 million of the
proceeds thereof to reimburse the City for its expenditures in connection with the Project.
Section 4. Confirmation of Prior Acts. All prior acts and doings of the officials,
agents and employees of the City which are in conformity with the purposes and intent of this
Resolution, and in furtherance of the Project, shall be and the same hereby are in all respects
ratified, approved and confirmed,
Section 5. Severability. If any section, paragraph, clause or provision of this
Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or
unenforceability of such section, paragraph, clause or provision shall not affect any of the
remaining provisions of this Resolution.
Section 6. Repeal of Inconsistent Resolutions. All other resolutions of the
Council, or parts thereof, inconsistent with this Resolution are hereby repealed to the extent of.
such inconsistency.
Section 7. Effective Date of Resolution. This Resolution shall be effective
inunediately upon its adoption.
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APPROVED AND ADOPTED this $
day of AIe~, 1998.
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CITY OF ASPEN, COLORADO
By
7-
May r ~~
Attest:
BY~) ;I~
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