HomeMy WebLinkAboutresolution.council.014-73RECORD OF PROCEEDINGS
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RESOLUTION NO.
Series of 1973
WHEREAS, the City Council by its adoption of Ordinance
No. 20, Series of 1973, has established a pedestrian mall
for the City of Aspen pursuant to the provisions of the 1970
Mall Act; and
WHEREAS, the City Council is desirous of funding the costs
of initial improvements and purchases for the establishment of
said Mall by the acquisition of One Hundred and Fifty Thousand
($150,000.00) Dollars through a short term loan, and
WHEREAS, the Bank of Aspen has proposed a loan arrangement
acceptable to the City Council, now,
THEREFORE, BE IT RESOLVED, that the City Manager shall,
and he is hereby empowered to, borrow the sum of One Hundred
Fifty Thousand ($150,000.00) Dollars upon the following terms
and conditions:
1. A promissory note for this amount shall be dated
July 1, 1973, and mature on or before December 31, 1973.
2. Said note and loan shall bear an interest rate of
4-7/8% per year, simple interest;
3. Said note shall specify that payment may be made
prior to its maturity date and hve no prepayment penalty.
BE IT FURTHER RESOLVED, that the acting Mayor and City
Clerk shall execute such not on its presentation to them.
Dated this llth day of June, 1973.
or
I, Lorraine Graves, duly appointed City Clerk of the
City of Aspen, Colorado, do hereby certify that the foregoing
is a true and correct copy of the Resolution adopted by the
Aspen City Council at'a regular meeting held July 11, 1973.
~ Lorraine Graves