HomeMy WebLinkAboutresolution.council.012-80RECORD OF PROCEEDINGS
100 Leaves
RESOLUTION NO. /~-.
(Series of 1980)
A RESOLUTION AUTHORIZING THE ISSUANCE OF MUNICIPAL REVENUE BONDS
TO FINANCE THE CONSTRUCTION OF LOW AND MODERATE INCOME HOUSING IN
THE CITY OF ASPEN, COLORADO
WHEREAS, the City of Aspen,
electorate on February 26, 1980,
the purpose of constructing low and moderate income housing
City; and
WHEREAS, we are advised by
for
the
Colorado, was authorized by the
to issue general obligation bonds
in
our bond underwriter that the
conditions currently applicable to the municipal bond market make
it temporarily impossible to sell the Donds as authorized; and
WHEREAS, investors represented by Edward Lucero ("Purchaser")
have indicated their willingness to purchase Four Million Dollars
($4,000,000) in municipal revenue bonds to allow for the immediate
construction of said low and moderate income housing at terms
which will enable the City to call said revenue bonds at such
future time as the general obligation bond market improves
allowing for the issuance of the voter approved municipal bonds,
and
WHEREAS, it is determined necessary and advisable for the
promotion of the public health, welfare, safety, convenience and
prosperity of the citizens of the City that the City issue its
bonds for the purpose of financing the cost of acquisition and
construction of low and moderate income residential facilities,
it necessary and advisable to
further steps by its officials and
and
WHEREAS, the City deems
authorize the taking of such
employees as may from time to time be required and necessary,
NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF ASPEN, COLORADO:
RECORD OF PROCEEDINGS
100 Leaves
Section 1
The issuance of revenue bonds by the City to finance the
acquisition and construction of low and moderate income residen-
tial facilities will serve the purposes of promoting the public
health, welfare, safety, convenience and prosperity of the people
of the City.
Section 2
It is hereby authorized to be issued and the City Council
hereby determines to issue and sell its revenue bonds in an
aggregate principal amount not to exceed Four Million Dollars
($4,000,000), the proceeds of which will be used to acquire and
construct low and moderate income residential facilities. Bonds
so issued will be on terms which are mutually agreeable to the
City and said purchasers.
Section 3
The officials and en~loyees of the City be~ and hereby are,
authorized to take such steps as may be required and necessary in
order to cause the City to issue revenue bonds in accordance with
and subject to Section 2 herein.
DATED:
Herma~ Edel
Mayor
that the foregoing i~a true and accurate
adopted by the City Council of the City of
meeting held ~ /~z,/
F
Kathryn
City Cler~
, hereby certify
copy of that resolution
Aspen, Colorado, at a
, 1980.