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Home My WebLink Aboutresolution.council.119-17 RESOLUTION NO. 119 (Series of 2017) A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO, SUBMITTING TO THE ELECTORATE OF THE CITY OF ASPEN A QUESTION SEEKING AUTHORITY FOR THE ISSUANCE OF GENERAL OBLIGATION BONDS FOR THE PURPOSE OF THE PURC14ASE OF CERTAIN PROPERTY . LOCATED IN THE COUNTY OF PITKIN, COLORADO FOR USE AS STORAGE OF MUNICIPAL WATER SUPPLIES OR OTHER MUNICIPAL PURPOSES. WHEREAS, the City of Aspen, Colorado (the "City"), is a duly organized and existing home-rule municipality of the State of Colorado, created and operating pursuant to Article XX of the Constitution of the State of Colorado and its Home Rule Charter of the City of Aspen, Colorado(the"Charter"); WHEREAS, the members of the City Council of the City of Aspen (the "Council") have been duly elected and qualified; WHEREAS,the City has identified property located in the County of Pitkin, State of Colorado and described and known as Pitkin County Parcel Numbers 8003161 and R015286, Raceway Drive, Woody Creek, Colorado (the "Property") that would be suitable to provide storage of water to replace potential storage sites located on Castle and Maroon Creeks and has entered into a contract for the purchase of such property; WHEREAS, Section 10.2 of the City Charter authorizes the City to issue bonds to which the full faith and credit of the City is pledged upon approval of a majority of the qualified electors of the City voting on the question of authorizing such bonds; , WHEREAS, Article X, Section 20 of the Colorado Constitution ("TABOR") requires voter approval for any increase in debt; WHEREAS, TABOR requires the City to submit ballot issues (as defined in TABOR)to the City's electorate on limited election days before action can be taken on such ballot issues; WHEREAS, November 7, 2017, is one of the election dates at which ballot issues may be submitted to the electorate of the City pursuant to TABOR; WHEREAS, the Council hereby determines that it is in the interests of the City and its residents to call a special election to be held on November 7, 2017, and to submit to the electorate of the City, at the election, the question of authorizing the issuance of debt for the purpose of financing the acquisition of the Property; WHEREAS, the Pitkin County Clerk and Recorder (the "County Clerk") is conducting a coordinated election pursuant to the Uniform Election Code of 1992, being Articles 1 to 13 of Title 1, C.R.S. (the "Uniform Election Code") on November 7, 2017; 1 WHEREAS, pursuant to C.R.S. §1-1-102 and C.R.S. §31-10-102.7, the Council may elect to utilize the provisions of the Uniform Election Code in order to participate in the coordinated election on November 7,2017; WHEREAS, on August 14, 2017, the Council passed Resolution #111, Series of 2017 calling for and establishing a special municipal election on November 7, 2017 and authorizing the City Clerk to execute an Intergovernmental Agreement with the Pitkin County Clerk and Recorder concerning the November 7, 2017 election; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO, THAT: Section 1. All action heretofore taken (not inconsistent with the provisions of this resolution) by the City and the officers thereof, directed towards the election and the objects and purposes herein stated is hereby ratified, approved and confirmed. Section 2. Unless otherwise defined herein, all terms used herein shall have the meanings defined in the Uniform Election Code. Section 3. The following ballot issue, certified in substantially the form set forth below, is hereby referred to the electorate of the City and shall appear on the ballot of the City at the election with the following ballot title which is set pursuant to C.R.S. §31-11-111: General Obligation Bonds for the Purchase of Property. SHALL CITY OF ASPEN DEBT BE INCREASED BY UP TO $3,000,000, WITH A MAXIMUM TOTAL REPAYMENT COST OF $5,500,000, BY THE ISSUANCE OF GENERAL OBLIGATION BONDS OR OTHER EVIDENCE OF INDEBTEDNESS FOR THE PURPOSE OF PURCHASING PROPERTY LOCATED IN PITKIN COUNTY, COLORADO TO BE USED FOR THE STORAGE OF MUNICIPAL WATER SUPPLIES OR OTHER MUNICIPAL PURPOSES, WHICH DEBT SHALL BE PAYABLE FROM (1) WATER UTILITY FEES AND (2) TO THE EXTENT THE CITY COUNCIL DETERMINES THAT THE REVENUES PROJECTED TO BE AVAILABLE FROM SUCH WATER UTILITY FEES WILL BE INSUFFICIENT TO PAY THE PRINCIPAL OF, PREMIUM, IF ANY, AND INTEREST ON SUCH DEBT AND TO OTHERWISE COMPLY WITH THE COVENANTS OF THE ORDINANCE OR OTHER INSTRUMENTS GOVERNING SUCH DEBT IN ANY YEAR, FROM THE TAXES DESCRIBED BELOW; SHALL CITY TAXES BE INCREASED BY UP TO $225,000 ANNUALLY IN ANY YEAR BY THE LEVY OF AD VALOREM PROPERTY TAXES, WITHOUT LIMITATION AS TO RATE OR AMOUNT OR ANY OTHER CONDITION, TO PAY THE PRINCIPAL OF, PREMIUM, IF ANY, AND INTEREST ON SUCH DEBT AND TO OTHERWISE COMPLY WITH THE COVENANTS OF THE ORDINANCE OR OTHER INSTRUMENTS GOVERNING SUCH DEBT IF AND TO THE EXTENT THE CITY COUNCIL DETERMINES THAT 2 THE REVENUES PROJECTED TO BE AVAILABLE FROM SUCH WATER UTILITY FEES WILL NOT BE SUFFICIENT THEREFORE; SHALL SUCH DEBT MATURE,BE SUBJECT TO REDEMPTION, WITH OR WITHOUT PREMIUM, AND BE ISSUED, DATED AND SOLD AT SUCH TIME OR TIMES, AT SUCH PRICES (AT, ABOVE OR BELOW PAR) AND IN SUCH MANNER AND WITH SUCH TERMS, NOT INCONSISTENT HEREWITH, AS THE CITY COUNCIL MAY DETERMINE; AND SHALL THE CITY BE AUTHORIZED TO COLLECT, RETAIN AND EXPEND ALL OF THE REVENUES OF SUCH TAXES, THE PROCEEDS OF SUCH BONDS AND THE EARNINGS THEREON; NOTWITHSTANDING THE LIMITATIONS OF ARTICLE X, SECTION 20 OF THE COLORADO CONSTITUTION OR ANY OTHER LAW? Section 4. The City Clerk is hereby appointed as the designated election official of the City for purposes of performing acts required or permitted by law in connection with the election. Section 5. If a majority of the votes cast on the question to incur debt submitted at the election is in favor of incurring debt as provided in such question, the City, acting through the Council, shall be authorized to proceed with the necessary action to incur debt in accordance with such question. Such authority shall be deemed and considered a continuing authority to incur the debt so authorized at any one time, or from time to time, and neither the partial exercise of the authority so conferred, nor any lapse of time, shall be considered as exhausting or limiting the full authority so conferred. If a majority of the votes cast on the question to incur debt submitted at the election is in favor of incurring debt as provided in such question, the City intends to issue such debt in the approximate aggregate principal amount of$3,000,000 to pay the costs of the project described in the debt question, including the reimbursement of certain costs incurred by the City prior to the execution and delivery of such debt, upon terms acceptable to the City, as authorized in an ordinance to be hereafter adopted and to take all further action which is necessary or desirable in connection therewith. The officers, employees,and agents of the City shall take all action necessary or reasonably required to . carry out, give effect to, and consummate the transactions contemplated hereby and shall take all action necessary or desirable to finance the project and to otherwise carry out the transactions contemplated by this resolution. This resolution is intended to be a declaration of"official intent" to reimburse expenditures within the meaning of Treasury Regulation §1.150-2. The City shall not use reimbursed moneys for purposes prohibited by Treasury Regulation §1.150-2(h). Section 6. Pursuant to C.R.S. §1-11-203.5, any election contest arising out of a ballot issue or ballot question election concerning the order of the ballot or the form or content of the ballot title shall be commenced by petition filed with the proper court within five days after the title of the ballot issue or ballot question is set. Section 7. The officers of the City are hereby authorized and directed to take all action necessary and appropriate to effectuate the provisions of this resolution. 3 Section 8. 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 in no manner affect any remaining provisions of this resolution. Section 9. All resolutions or parts of resolutions inconsistent herewith are hereby repealed to the extent only of such inconsistency. This repealer shall not be construed to revive any resolution or part of any resolution heretofore repealed. Section 10. The effective date of this resolution shall be immediately upon adoption. INTRODUCED, READ AND ADOPTED by the Ci ouncil of the City of Aspen on the 28`x'day of August, 2017. c� Steven Ska ron,Mayor I, Linda Manning, 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. I AXI inda Manning, City Clerk 4