HomeMy WebLinkAboutresolution.council.014-80RECORD OF PROCEEDINGS
100 Leaves
( Series
WHEREAS, the Aspen City Council has approved a settlement of
litigation between the Number Two Main Corporation and the City of
Aspen which requires in part, the assumption by the City of Aspen
of a loan payable by the Number Two Main Corporation and held by
the Bank of Aspen, and
WHEREAS, if the notes are rewritten as an obligation of the
City of Aspen, the Bank of Aspen can grant to the City a tax-
exempt interest rate, and
WHEREAS, it is the intent of the Council to either lease or
sell the Plum Tree Inn and the City Council anticipates funds from
such lease or sale sufficient to pay the debt incurred by the
City,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF ASPEN, COLORADO:
Section 1
That the City Council
to borrow from the Bank of
does hereby authorize the City of Aspen
Aspen One Hundred Forty-seven Thousand
and Sixty-five Cents ($147~271.65)
( ~z~ due and payable on
Two Hundred Seventy-one Dollars
at the annual rate of cent
or before June 5~ 1981.
Section 2
That the City Council does hereby authorize the City Manager
to execute, on behalf of the City of Aspen, all documents, includ-
ing a demand note, necessary to consummate the loan described in
Section 1 above for the purposes of satisfying the debt owed by
the Number Two Main Corporation to the Bank of Aspen described
above.
RECORD OF PROCEEDINGS
100 Leaves
Dated:
Herman Edel
Mayor
I, Kathryn S. Koch, hereby certify that the foregoing is a
true and accurate copy of that resolution adopted by the City
Council of the City of Aspen, Colorado, at ting held
~~ ~ , l~O.
Kathryn ~'~och
City Clerk