HomeMy WebLinkAboutresolution.council.008-80RECORD OF PROCEEDINGS
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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 "Act"), to issue its revenue bonds
to finance in whole or in part the cost of the acquisition of
residential housing facilities for families or persons who lack
financial ability, as determined by 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 lenaing institutions; and
WHEREAS, the City deems 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 IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF ASPEN, COLORADO:
Section 1
The issuance of revenue bonds by the City to finance the
making of mortgage loans by approved mortgage lending institutions
to low- and middle-income families or persons for Residential
RECORD OF PROCEEDINGS
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Facilities will serve the purposes of the Act by providing more
adequate residential housing facilities for low- and middle-income
families or persons (as defined in the Act), thereby promoting the
public health, welfare, safety, convenience and prosperity of the
people of the City.
Section 2
There is hereby authorized to be
hereby determines to issue and sell its
gate principal amount not to exceed $10
issued and this
revenue bonds
million (the
City Council
in an aggre-
"Bonds" ) , the
proceeds of which will be used to purchase mortgage loans from
approved mortgage lending institutions for Residential Facilities
and provide funds for mortgage and debt service reserves and cost
of issuance expenses related thereto. Bonds so issued Dy 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 not constitute, nor give
rise to, a pecuniary liability of
general credit or taxing powers.
Section 3
Boettcher & Company, Denver,
the City of a charge against its
Colorado, be and hereby is
appointed managing underwriter for the
Bonds. The underwriter shall employ such experts
as they deem necessary and shall take such steps
required in issuing the Bonds in accordance with
Section 2 herein.
of the Bonds.
issuance and sale of the
and consultants
as may be
and subject to
Ail expenses are to be paid from the proceeds
2
RECORD OF PROCEEDINGS
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that the
adopted by the City Council of the City
meeting held ~ /~ ,
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 subject to Section 2 herein.
Dated: ~'~~ ~ /~ . ~ ~
H. Michael Behrendt
Mayor Pro Tem
./~~~ J~_~ ~ , hereby certify
foregoing is a true and accurate copy of that resolution
of Aspen, Colorado, at a
1980.
Kathryn S. ~Sch
City Clerk