HomeMy WebLinkAboutresolution.council.017A-80RECORD OF PROCEEDINGS
RESOLUTION NO. /~'~
(Series of 1980)
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 Central Bank of Denver, and
WHEREAS, if the notes are rewritten as an obligation of the
City of Aspen, the Central Bank of Denver 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,
CITY
NOW, THEREFORE, BE IT
OF ASPEN, COLORADO:
Section 1
That the City Council
RESOLVED BY THE CITY COUNCIL OF THE
does hereby authorize the City of Aspen
to borrow from the Central Bank of
Hundred forty-one dollars
annual rate of ten percent
May 1, 1981.
Section 2
Denver Forty-Seven Thousand Seven
& Fifty One Cents ($47,741.51) at the
(t0%) due and payable on or before
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 Central Bank of Denver
described above.
RECORD OF PROCEEDINGS
Dated:
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 a meeting held
, 1980 .
City Clerk