HomeMy WebLinkAboutresolution.council.022-80RECORD OF PROCEEDINGS
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RESOLUTION NO. 22
(Series of 1980)
A RESOLUTION OF INTENTION TO ISSUE INDUSTRIAL REVENUE
BONDS TO FINANCE RESIDENTIAL RENTAL FACILITIES FOR LOW
AND MIDDLE INCOME FAMILIES OR PERSONS
WHEREAS, the City of Aspen, Colorado ("Issuer") is a politi-
cal subdivision of the State of Colorado, authorized by the pro-
visions of the County and Municipality Development Revenue Bond
Act 29-3-101 et seq., Colorado Revised Statutes 1973, as amended
(the "Act"), to issue industrial development revenue bonds for the
purpose of defraying the costs of financing, refinancing, acquir-
ing, improving and equipping any project consisting of residential
rental facilities for low and middle income persons and families
and to enter into financing agreements (as defined in the Act)
with respect to any such project, upon such terms and conditions
as it may deem advisable; and
WHEREAS, the City Council if the Issuer ("Council") deems it
necessary and advisable to provide more adequate residential
rental facilities for low and middle income families or persons
intended for use as the sole place of residence by the intended
occupants; and
WHEREAS, Leonard W. Koval, acting on behalf of a partnership
or other similar business entity to be formed for such purpose
("the Partnership"), has met with officials of the Issuer and has
advised the Issuer of the Partnership's interest in constructing
residential rental facilities for low and middle income persons
and families intended for use as the sole place of residency by
the intended occupants (the "Project") within the Issuer, subject
to the willingness of the Issuer to issue industrial development
revenue bonds for financing all or a portion of the cost of the
Project.
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NOW, THEREFORE, BE
CITY OF ASPEN, COLORADO;
Section 1
In order to
the Isuser
effect the
IT RESOLVED BY THE CITY COUNCIL OF THE
induce the Partnership to construct the project,
agrees to take all steps necessary or advisable to
issuance of industrial development revenue bonds, in
one or more series, in the maximum aggregate principal amount of
$1,000,000 or such lesser amount as shall be mutually agreed upon
to finance all or a portion of the cost of the Project. No costs
are to be borne by the Issuer in connection with the transaction.
Section 2
Prior to the execution of the necessary financing documents,
such documents shall be subject to approval and authorization by
Council.
Section 3
Nothing contained in this resolution shall give rise to a
pecuniary liability of the Issuer or a charge against its general
credit or taxing powers.
Section 4
All commitments by the Issuer herein are subject to the con-
ditions that on or before six months from the date of this resolu-
tion, the Issuer and the Partnership shall have agreed to mutually
acceptable terms for such bonds and for the sale and delivery
thereof, and the Issuer shall have made a clear determination of
the economic feasibility of the Pro3ect and the financing there-
of.
Dated;
Herman Edel ~
Mayor
I, Kathryn S.
the City of
Koch, duly appointed and acting City Clerk of
Aspen, Colorado, hereby certify that the foregoing is
RECORD OF PROCEEDINGS
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a true and accurate copy of that reso±ution adopted by the City
Council of the City of Aspen, Colorado, at a meeting held on the
? aay of /'~/~-"~-7-~£-~,'~'-~,---~_~t.~ , 1980.
Kathryn ~. Koch
City Clerk