HomeMy WebLinkAboutresolution.council.041-05RESOLUTION NO. 41
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 ON WATER REUSE SYSTEMS AND FACILITIES FOR
IRRIGATION PURPOSES; DENTIFYING SUCH CAPITAL
EXPENDITURES AND THE FUNDS TO BE USED FOR SUCH PAYMENT;
AND PROVDING 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 goveming body of the
City; and
WHEREAS, the Council has determined that it is in the best interests of the City to make
capital expenditures in connection with the acquisition, maintenance and improvement of water
reuse systems for the purpose of irrigating recreational facilities with reclaimed water, which
generally consists of the construction of a transmission system to transport reclaimed water to the
Aspen Golf Course, a public golf course, for irrigation purposes and includes replacement of the
existing liTigation system at the golf course (the "Project"); 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
$3,000,000 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 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 Project with moneys currently contained in its Water Utility
Fund and Parks and Open Space Fund.
Kutak Rock - Firm Library-48324749-7472.1
Section 2. Dates of CapitalExpenditures. 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 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 $3,000,000 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 unenfomeable, 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.
irmmediately upon its adoption.
This Resolution shall be effective
APPROVED AND ADOPTED this 13th day of June 2005.
[SEAL]
CITY OF ASPEN, COLORADO
Kathryn S. Ko2~fi, City/Clerk
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