HomeMy WebLinkAboutresolution.council.007-80RECORD OF PROCEEDINGS
100 Leaves
RESOLUTION NO. ~
(Series of 1980)
A RESOLUTION AUTHORIZING THE FINANCING OF CERTAIN RESIDENTIAL
HOUSING FACILITIES FOR FAMILIES OR PERSONS OR LOW AND MIDDLE
INCOME IN THE CITY OF ASPEN, COLORADO, INCLUDING THE ISSUANCE OF
ITS REVENUE BONDS
WHEREAS, the City of Aspen, Colorado (the "City"), is
authorized by the County and Municipality Development Revenue Bond
Act, constituting Title 29, Article 3 of the Colorado Revised
Statutes 1973, as amended (the
to finance in whole or in part
residential housing facilities
"Act"), to issue its revenue bonds
the cost of the acquisition of
for families or persons who lack
financial ability, as determined Dy the City, to induce private
enterprise to build such facilities and which are intended for use
as the sole place of residence by the owners or intended occupants
("Residential Facilities"); and
WHEREAS, it is deemed necessary and advisable for the promo-
tion of the public health, welfare, safety, convenience and
prosperity of the citizens of the City that the City issue its
revenue bonds for the purpose of financing the costs of acquisi-
tion of Residential Facilities by purchasing from approved mort-
gage lending institutions new mortgage loans for Residential
Facilities originated by such mortgage lending institutions; and
WHEREAS, the City deen~ it necessary and advisable to appoint
a managing underwriter to assist the City in issuing its revenue
bonds for such purposes and to authorize the taking of such fur-
ther steps by its officials and employees as may from time to time
be required and necesary.
NOW, THEREFORE, BE
CITY OF ASPEN, COLORADO:
Section 1
The issuance
IT ORDAINED BY THE CITY COUNCIL OF THE
of revenue bonds by
making of ]nortgage loans by approved mortgage
to low- and middle-income families or persons
the City to finance the
lending institutions
for Residential
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Facilities will serve the purposes of the Act by
adequate residential housing facilities for low-
families or persons (as defined
public health, welfare, safety,
people of the City.
Section 2
There is hereby authorized to be
providing more
and middle-income
in the Act), thereby promoting the
convenience and prosperity of the
issued and this City Council
hereby determines to issue and sell
gate principal amount not
proceeds of which will be
approved mortgage lending
its revenue bonds in an aggre-
to exceed $15 million (the "Bonds"), the
used to purchase mortgage loans from
institutions for Residential Facilities
and provide funds for mortgage and debt service reserves and cost
of issuance expenses related thereto. Bonds so issued by the City
shall be special limited obligations of the City, payable solely
out of the payments derived from mortgage loan repayments and the
reserves and income thereon and shall
rise to, a pecuniary liability of the
general credit or taxing powers.
Section 3
Kirchner Moore & Co., Denver, Colorado, be
appointed managing underwriter for the issuance
not constitute, nor give
City of a charge against
and hereby is
and sale of the
Bonds. The underwriter shall employ such experts and consultants
as they deem necessary and shall take such steps as may be
required in issuing the Bonds in accordance with and subject to
Section 2 herein. All expenses are to be paid from the proceeds
of the Bonds.
its
2
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Section 4
The officials and employees of the City be, and hereby are,
authorized to cooperate with the underwriter and are further
authorized to take such additional steps as may be required and
necessary in order to cause the City to issue the Bonds in accord-
ance with and
Dated:
that the foregoing
subject to Section 2 herein.
Mayor Pro Tem
~ j~ , hereby certify
is a true and accurate copy of that resolution
adopted by the City Council of the City of Aspen, Colorado, at a
meeting held ~/~~.~ /~ , 1980.
City Clerk