HomeMy WebLinkAboutresolution.council.040-05RESOLUTION NO. 40
Series of 2005
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 IN CONNECTION WITH THE ACQUISITION OF REAL
PROPERTY FOR OPEN SPACE PURPOSES 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 legally and regularly created, established, organized and existing
municipal corporation under the provisions of Article XX of the Constitution of the State of
Colorado and the home rule charter of the City; 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
capital expenditures for the purpose of acquiring real property for open space purposes; and
WHEREAS, the City currently intends and reasonably expects to participate in a taxable
or tax-exempt borrowing to finance such capital expenditures, including an amount not to exceed
$24,220,000 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 each 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 of real property for parks and open space purposes
(as more particularly described in the Schedule corresponding to such property to be attached
hereto, each, a "Project") with moneys currently contained in its Parks and Open Space Fund.
Prior to or upon each acquisition of real property by the City for such purpose, the Council
hereby authorizes and directs the City Director of Finance and Administration (the "Finance
Director") to attach a schedule ("Schedule") to this Resolution, which Schedule shall identify the
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real property so acquired and state the amount expended by the City for such property. Upon
attachment of each Schedule to this Resolution, such Schedule shall be incorporated herein and
thereupon form a part of this Resolution as if fully set forth herein.
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.
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
expenditure of moneys on each Project or the date upon which each 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 the proceeds thereof, in an amount not to exceed
the lesser of (i) $24,220,000 and (ii) the sum of the City's expenditures on all Projects (as set
forth on the Schedules attached hereto), to reimburse the City for its expenditures in connection
with all Projects, as identified on the Schedules hereto attached by the Finance Director.
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 each 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
unenfomeability 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.
immediately upon its adoption.
This Resolution shall be effective
APPROVED AND ADOPTED this 13th day of June 2005.
[SEAL]
Attest:
S. Koc~J~City Clerk
Kathryn
CITY OF ASPEN, COLORADO
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